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Vigilance on Parade as New York’s Thanksgiving Tradition Sails On

Firms Cut
What’s
Buybacks
News
As Stocks
Become
Business & Finance
hare buybacks have

S
Expensive
slowed to a five-year
low as companies earmark
more money for capital
spending and mergers. A1
BY BEN EISEN
Uber’s new CEO learned
AND CHRIS DIETERICH
of a massive data breach at
the company more than two
Large companies are repur-
months before he notified
chasing their shares at the
customers and drivers. A1
slowest pace in five years, as
More consumers are using record U.S. stock indexes and
phones to shop, making the an expanding economy propel
24-hour period that began more money out of flush cor-
Thursday evening the year’s porate coffers into capital
biggest for online sales. A1 spending and mergers.
ANDRES KUDACKI/ASSOCIATED PRESS
Companies in the S&P 500

The GOP tax plan would
are on pace to spend $500 bil-
eliminate an exemption for
lion this year on share buy-
advanced refunding bonds,
backs, or about $125 billion a
used by governments to re-
quarter, according to data
finance debt earlier. B1
from INTL FCStone. That is
Retailers are contending the least since 2012 and down
with a UPS surcharge on de- from a quarterly average of
liveries during the holiday $142 billion between 2014 and
season’s busiest weeks. B1 RIDING SHOTGUN: Heavily armed police patrolled the parade route during the Macy’s Thanksgiving Day Parade in New York on Thursday. 2016.
Security was greater and more intensive this year following a deadly terrorist truck attack in Manhattan on Halloween. Buybacks have been popu-
Rovio shares plunged 22%
lar in recent years, in part be-
after a surprise loss raised
cause tepid economic growth
questions about the maker of
Shoppers Flock to Phones

limited perceived investment
the “Angry Birds” game. B1
opportunities as well as ex-
Facebook plans to notify pected returns on new plant
users who liked or followed and expanded operations.
pages created by Russians in Adding to their appeal, re-
an alleged misinformation purchases can make shares
campaign last year. B3 Consumers shun Black Better mobile e-commerce grew 17% to $1.52 billion, while pared with 99 million in stores, more attractive to investors
sites and easy one-click pay- traffic from smartphones in- according to a National Retail by lowering the share count
Icahn purchased a 13.5% Friday for the mall in ment options—as well as ear- creased 15% year-over-year. Federation survey. and accordingly increasing
stake in SandRidge, joining a
list of shareholders who op- their pockets as retailers lier deals—are making the 24 Consumers last year spent The ease of shopping on earnings per share.
hours that started Thursday 19% more online on Black Fri- phones has helped push that The postcrisis surge in
pose a deal the energy com- ease mobile buying evening the biggest online day than on Cyber Monday, ac- trend, prompting consumers buybacks has been frequently
pany struck last week. B3
spending period of the year, according to Salesforce.com Inc.’s who previously just researched cited by stock-market bears as
European stocks traded BY LAURA STEVENS cording to retail experts. The Commerce Cloud, which ana- deals online to actually click a sign that the market’s eight-
flat after Chinese shares had period is expected to eclipse lyzes data from 500 million the buy button, said Rob Garf, year-long advance has been
their worst day in months. Millions of consumers are Cyber Monday three days away shoppers world-wide across vice president of industry strat- driven more by financial engi-
Stock markets in the U.S. and using their smartphones to and give brick-and-mortar more than 2,750 retail sites. egy and insights at Salesforce, neering than by long-term
Japan were closed. B11 shop instead of lining up at stores new competition for Salesforce expects the pattern which works with companies growth.
stores after chowing down on Black Friday. to repeat this year. Over Please see PHONE page A4 Please see STOCKS page A2
Tesla is set to power up
turkey this year, accelerating a Software company Adobe Thanksgiving weekend last
a giant wind-powered bat-
fundamental change in retailing Systems Inc. reports that online year, an estimated 109 million Extra shipping fees pressure Heard on the Street: Tax cut?
tery system in Australia. B4
as more people spend online. sales as of 5 p.m. Thursday people shopped online, com- retailers.......................................... B1 Firms are spending anyway... B12
Citgo executives arrested
by Venezuela’s intelligence
agency include Americans. B6
Bond Moves Spark Market Debate
World-Wide The yield gap between short- and long-term Treasurys has shrunk to
its narrowest level since 2007, when the financial crisis was brewing.
In Shadowy Russia-Ukraine
Myanmar and Bangladesh
agreed to begin repatriating
ethnic Rohingya Muslims
But analysts are split over what the signal means now. B12
Yield spread between the 10-year and two-year U.S. Treasury
1.5 percentage points
Battle, an Assassin Speaks
who fled a crackdown in Bud-
dhist-majority Myanmar. A6
Pope Francis, who has ad- A doomed hired gun unburdens himself in a jailhouse interview
vocated for refugees and out- 2007
1.0
reach to Muslims, begins a When they arrested Timur Makhauri with had numerous identities over the years—
visit to Myanmar Monday. A6 two unregistered pistols and a bogus pass- and sometimes acted like an assassin to
Trump spoke with troops port in downtown Kiev earlier this year, po- catch the real Kremlin agents performing
in Afghanistan, criticized his lice thought they made a breakthrough in a what, in Russian underworld parlance, was
0.5
2017* string of unsolved contract murders. A known as “wet work.”
predecessor and poked fun
at the media during his first In a jailhouse interview with The Wall
Thanksgiving in office. A3 By Alan Cullison in Kiev and Street Journal in February, Mr. Makhauri ex-
Thomas Grove in Tbilisi, Georgia panded upon the murky world he inhabited,
Lebanese Premier Hariri politely answering questions about his life
said he was suspending his 0
judge saw Mr. Makhauri had a dark history for two hours while handcuffed in a hallway.
resignation, rolling back a of allegedly assassinating critics of the He worked as an agent, he said, wherever
decision that had sparked Kremlin in Turkey, and ordered him held on there was a fight against Moscow’s influ-
a political crisis. A9 a high bond. ence, including Chechnya, Georgia, Turkey
Argentina said a blast –0.5 But soon police learned that nothing and Syria. Ukraine, his last place of employ-
was detected near a missing about Mr. Makhauri was quite what it ment, would turn out to be more hazardous
Jan. Dec.
submarine’s last known po- seemed. Ukraine’s intelligence service began than he reckoned.
*Year to date
sition, leaving the crew’s Source: WSJ Market Data Group THE WALL STREET JOURNAL. calling the police to urge his release, inte- Ukraine has become a magnet for hired
rior ministry officials said. Mr. Makhauri, guns as Kiev tries to fight its former master
families grief-stricken. A8
who was mute at first, explained that he Please see KILLER page A13
The Hague tribunal found
Ratko Mladic, a former Bos-
nian Serb general, guilty of
genocide in the 1995 Sre-
Absinthe Was Once Banned INSIDE
brenica massacre. A11
For Being Evil—Now It’s Just Meh
Republican Rep. Barton
i i i
of Texas said Capitol police
have started an investiga-
tion into the release of a Drink with wicked aura has no green fairy,
nude photograph of him. A4
just a licorice flavor; ‘my mom might like it’
Democrats are wary of a
$20 million ad campaign
funded by a California bil- BY DAVID MARCELIS The resulting ban, which
lionaire that calls for
Trump’s impeachment. A4
began in 1912, removed ab-
During its heyday in the sinthe from U.S. shelves, but it
BLUE WATER, THE ONLY NAFTA’S LINK
An Australian report calls
19th century, absinthe was one wasn’t necessarily bad for its WHITE SAND— RIVALRY THAT TO HOW MUCH
for stronger ties with neigh-
of the world’s most popular li- romantically wicked image. By
quors—a fixture on bar menus the time scientists cleared it
ALL ARTIFICIAL MATTERS YOUR TV COSTS
bors, a sign of concern about
U.S. commitment to Asia and from Paris to New Orleans and of wrongdoing, allowing it to
a particular favorite among be reinstated in 2007, adven- MANSION, M1 SPORTS, A16 WORLD NEWS, A8
China’s growing sway. A6
artists. turous drinkers
Global night light is get- It was long ru- were eager for a
ting bigger and brighter, blot- mored to cause hal- taste.
ting out the stars of the Milky
Way for one-third of human-
kind, a study found. A12
lucinations: Oscar
Wilde said he once
saw flowers spring
Ten years later,
they have reached a
verdict: meh.
Uber CEO Knew of Hack for Months
up around him at a “It was a tough BY GREG BENSINGER 2016 and affected some 57 mil- ment in the ride-hailing com-
CONTENTS Opinion.............. A17-19 cafe while drinking swallow,” said Sean AND ROBERT MCMILLAN lion accounts—about two pany, according to other people
Business News.. B3,6 Sports........................ A16
Crossword.............. A16 Streetwise................ B6 it. Some say it even Connors, a 43-year- weeks after he officially took familiar with the matter.
Heard on Street. B12 Technology............... B4 influenced Vincent old attorney who While the massive data the helm on Sept. 5, one of the Uber officials, including its
Life & Arts...... A14-15 U.S. News............. A2-4 van Gogh’s decision tried absinthe in the breach at Uber Technologies people said. Mr. Khosrowshahi chief security officer, knew at
Mansion................ M1-8 Weather................... A16
Markets............. B11-12 World News..... A6-12
to slice his ear off. Absinthe Czech Republic, one Inc. didn’t happen under the said he immediately ordered an the time of the breach that per-
Absinthe’s de- of the few places it watch of its new chief execu- investigation, which he wanted sonal information had been ac-
tractors (including the wine was still found, before the U.S. tive, he knew of it more than to complete before making the cessed. Uber informed custom-
> industry) vilified the spirit, ban was lifted. He said he or- two months before he notified matter public. ers and drivers on Tuesday.
and a grisly family murder in dered the drink hoping he affected customers and drivers About three weeks ago, An investigation led by Fire-
Switzerland that was blamed would hallucinate. He didn’t. of the incident, people familiar though, Uber disclosed the in- Eye Inc.’s Mandiant forensics
on absinthe sealed its fate. A “I was just left with a licorice- with the matter said. vestigation and the broad out- arm was under way at the time
s Copyright 2017 Dow Jones &
top U.S. official called the tasting liquor,” he said. “My CEO Dara Khosrowshahi lines of the breach to SoftBank of the disclosure to SoftBank.
Company. All Rights Reserved herbal liquor “one of the worst mom might like it.” learned of the breach—which Group Corp., which is consider- Uber had to conduct multiple
enemies of man.” Please see DRINK page A13 Uber said happened in October ing a multibillion-dollar invest- Please see UBER page A8
A2 | Friday, November 24, 2017 * *** THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
No Need for Radiologists to Be Negative on AI

This month, can now capture all three, analyze new images to try to Facebook hopes that some Then, notes Dr. Dreyer, the
a team of com- generating hundreds or even figure out whether tumors are day AI will be able to police Food and Drug Administration
puter scien- thousands of detailed images. present. for objectionable content. must approve the system and
tists at Stan- In one experiment, IBM But determining what’s ob- doctors then integrate it into
S
ford University ome 800 million radiol- Watson diagnosed the pres- jectionable requires a Face- their practices.
said their arti- ogy exams are con- ence of melanoma on images book member to report some- While some commercial AI
ficial-intelligence program had ducted annually in the of skin lesions with 76% accu- thing to the “community applications for medical imag-
diagnosed pneumonia on U.S. generating roughly 60 racy, higher than the 71% av- operations” team, which then ing exist, IBM Watson has yet
chest X-rays more accurately billion images, or one every erage of eight dermatologists. decides whether it should be to release any; a spokes-
than human radiologists. two seconds for every radiolo- The company hopes that some removed. Thereafter, AI woman says proposed appli-
“Should radiologists be gist, estimates Steve Tolle, day a doctor or nurse will be watches for similar content cations for breast and skin
worried about their jobs?” vice president of global strat- able to take a photo of a skin and prevents it from being cancer will depend on regula-
one of the scientists, Andrew egy at International Business lesion and upload it to an AI shared. Facebook is hiring tory timelines.
Ng, tweeted. Machines Corp.’s Watson application that can tell you thousands of humans to make
T
Probably not. In fact, they Health Imaging. “And we have how likely it is to be cancer. those calls. he panic over AI steal-
ought to be relieved: AI is an expectation they are get- Since AI learns from pat- In “many of the everyday ing jobs is reminiscent
more likely to make their jobs ting it right every time,” he terns identified by humans, it AI applications, the machine of the worry nearly two
easier than redundant. says. can’t know more than hu- predicts the most relevant op- decades ago over offshoring
Radiologists today face the The strain of all that data, mans, but it can be more con- tions and sorts them, but the of jobs of all types. Some
same problem of most profes- he says, is why some images sistent and less biased in ap- human makes the actual economists predicted interna-
sionals: too much data. Ma- in Britain go weeks without plying that knowledge. choice,” says Avi Goldfarb, an tional broadband connections
chine learning, the latest iter- being read, why many radiolo- Radiologists tend to look economist specializing in AI meant much of the reading of
ation of AI, can sift through gists are burned out, and why for things they have seen re- at the University of Toronto. medical images would be out-
that data and spot patterns radiologist shortages loom de- cently, says John Park of Anne An algorithm can be sourced to radiologists in In-
humans might miss. But ma- spite high pay. Arundel Medical Center in An- what an image shows. It “may trained to look for a specific dia earning a fraction of
chines don’t know what to do IBM thinks AI can relieve napolis, Md., who is working point out to me things I may condition, but “most of the American salaries. It never
with that information—at those strains. It is one of with IBM Watson. By con- have missed, but then I have time you don’t even know happened.
least not yet. Only humans do. many companies developing trast, he says, once AI has to ascertain whether that what you are looking for,” U.S. regulators didn’t want
In recent decades, the vol- AI applications for medical seen something, it never for- reading is accurate or not,” says Keith Dreyer, chief data unregulated doctors reading
ume of medical images has imaging. IBM scientists feed a gets, and brings that knowl- says Jaime Murillo of Sentara science officer for the Ameri- American patients’ images,
skyrocketed, reflecting grow- computer with thousands of edge to bear on every image. Healthcare, which serves Vir- can College of Radiology. and the requisite skills and
ing patient loads, more types images for which humans This could be of particular ginia and North Carolina. Maximum accuracy re- experience were too scarce in
of scans and the number of have already determined if tu- value in poor countries with This is what limits AI quires that the algorithm be emerging markets. The num-
images each exam produces. mors or some other condition too few trained radiologists. wherever it is applied. Face- trained separately for every ber of U.S. radiologists has
CT scans that once captured are present. The computer But AI can only assert book, like radiology, struggles condition and disease, a costly thus risen more than 40%
one dimension of the body generates a model that can probability, not certainty, of with too much information. and labor-intensive process. since 1995.
U.S. WATCH
Bye-Bye Buybacks The pace of buybacks among S&P 500 companies is expected to have slowed this year.
Average quarterly buybacks by year
Share repurchases, long a Wall Street $160 billion GLOBAL ECONOMY PUERTO RICO
favorite for their capacity to boost 140 U.S. Is an Exception Whitefish Sues Over
earnings per share, have tailed off 120 To Rising Tax Levels Rebuilding Contract
this year with stock indexes at
100 Taxes are going up around The company hired to rebuild
records, as companies show a
80 the world, but the U.S. is buck- Puerto Rico’s power grid has
renewed inclination to invest and ing that trend. The Organization filed a lawsuit blaming one of its
to seek mergers. 60 for Economic Cooperation and subcontractors for a work stop-
40
Development on Thursday said page that has slowed progress
the share of economic output on repairing one of the island’s
20 taken by governments in devel- major electrical arteries.
oped economies as taxes has A Whitefish Energy Holdings
0
risen to its highest level since LLC spokesman said Wednesday
2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17* records began 50 years ago. it had “no choice but to seek re-
A measure of expected CapEx over the next six months was recently at a three-decade high. But in the U.S., taxes as a lief in the courts” after the sub-
Future Capital Expenditures Diffusion Index†
share of gross domestic product contractor, Arc American Inc., al-
fell in 2016 to below the level legedly snarled payments from
$40 billion recorded in 2007, the year be- Puerto Rico’s public power com-
30
fore the financial crisis hit and pany under a contentious $300
briefly reduced tax revenues for million grid construction deal.
20 governments around the world. Arc American executives
According to the OECD, the didn’t respond to a request for
10
U.S. government raised the comment.
0 equivalent of 26.2% of GDP in —Andrew Scurria
taxes last year, placing it 31st
–10 out of the group’s 35 members. NAVY
–20 —Paul Hannon
Three Missing After
2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 GYMNASTICS Aircraft Crashes
Shareholder returns as a portion of sales this economic cycle have
been high, while capital expenditures have been low.
Shares of companies that repurchase their shares have
started to trail the S&P 500.
Olympic Ex-Doctor The U.S. Navy said it has
Pleads Guilty ended search-and-rescue opera-
Buybacks and dividends as a share of sales** 15% tions for three missing sailors,
Capex as a share of sales** A former sports doctor ac- after one of its cargo planes
8% RECESSION cused of molesting at least 125 crashed near Japan.
S&P 500
10 girls and young women while he A C2-A Greyhound aircraft
6
worked for USA Gymnastics and carrying 11 passengers and crew
4 Michigan State University from Japan crashed on Wednes-
5 pleaded guilty Wednesday to day en route to the aircraft car-
2 multiple charges of sexual as- rier USS Ronald Reagan, which
PowerShares Buyback
sault. is operating in the Philippine
Achievers ETF
0 0 Larry Nassar, 54, admitted to Sea.
1996 2000 ’05 ’10 ’15 2017 digitally penetrating seven girls, Eight people were rescued
*Preliminary †Through Oct. 31 **Excludes financial and commodity-sensitive sectors
mostly under the guise of treat- and are in good health, the Navy
Sources: INTL FCStone (buybacks); Federal Reserve Bank of Philadelphia (diffusion index); Morgan Stanley Wealth Management GIC via FactSet (share of sales); FactSet (S&P 500, PowerShares) ment, between 1998 and 2015. said.
THE WALL STREET JOURNAL. —Associated Press —Alastair Gale
STOCKS Lynch. Meanwhile, mergers

and acquisitions among that
group of companies had their
biggest quarter of the year,
climbing to scores of fresh re-
cords this year.
Corporations are still ma-
jor buyers of their own shares
of the tax code mean that
“companies may be less likely
to favor buybacks over other
uses of cash in 2018,” analysts
CORRECTIONS AMPLIFICATIONS
Continued from Page One analysts at the bank said. and are expected to remain so at Goldman Sachs said in a re- The Korean War Armistice port article on Wednesday in-
But this year, companies Software giant Microsoft next year. Analysts at Gold- port this week. was signed in 1953. A World correctly said Hines is the
have pulled back from buy- Corp., which enacted a $40 man Sachs Group Inc. forecast But other changes in the News article on Wednesday owner of Atlantic Station.
backs, reflecting in part an billion buyback program in a 3% uptick in buybacks to economy, markets and the about the defection of a North
uptick in the global economy, September 2016, repurchased $510 billion in 2018. regulatory environment could Korean soldier incorrectly Rep. Jim Clyburn is the
rising consumer and investor $2.6 billion in the July-to- One wild card for future increase repurchase activity said in some editions that the third-ranking Democrat in the
sentiment and expectations September period, down from buybacks is the tax-overhaul next year. The largest U.S. fi- armistice has held for seven House. A U.S. news article on
that a rally that has taken the $4.4 billion in the same pe- legislation being negotiated nancial firms are becoming decades. Wednesday about sexual-ha-
Dow industrials up 19% this riod a year earlier. on Capitol Hill. free to return more cash to rassment allegations against
year cannot continue indefi- The Redmond, Wash., com- Multinational companies shareholders. Property giant Hines Rep. John Conyers and a Page
nitely. pany’s chief financial officer, have parked over $1 trillion in After the financial crisis, bought the Atlantic Station One World-wide item about the
“Persistently high business Amy Hood, said on a confer- profit earned overseas to regulations required the Fed- mixed-use project in Atlanta article incorrectly said Mr.
sentiment since the election ence call earlier this year avoid paying the 35% U.S. cor- eral Reserve to sign off on on behalf of another institu- Conyers was the No. 3 House
of [U.S. President Donald] that, “After a period of accel- porate tax rate. The House tax banks’ capital plans. tional investor and manages Democrat. Mr. Conyers denies
Trump has convinced corpo- bill approved this month The improving health of fi- the property. A Property Re- the sex-harassment allegations.
rate chieftains that cash can would impose a reduced one- nancial firms should clear the
$2.6
be put to better use than re- time tax rate on such offshore way for more bank buybacks Readers can alert The Wall Street Journal to any errors in news articles by
tiring stocks,” said Vincent cash, an incentive to bring in the years ahead, analysts emailing [email protected] or by calling 888-410-2667.
Deluard, INTL FCStone’s head money back home. say.
of global macro strategy. It is not clear to what de- There are some signs that
Capital expenditures by Amount of stock, in billions, gree companies would use re- investors are no longer as THE WALL STREET JOURNAL
U.S. companies have been Microsoft bought in latest quarter. patriated cash to fund capital drawn to companies that buy (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
muted for most of the postcri- expenditures and acquisitions, back shares in large quanti-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
sis recovery. buy back shares or raise divi- ties. Published daily except Sundays and general legal holidays.
But a Federal Reserve Bank dends. The PowerShares BuyBack Periodicals postage paid at New York, N.Y., and other mailing offices.
of Philadelphia index that erated buyback, we’ve re- The decline in buybacks Achievers Portfolio, a $1.3 bil- Postmaster: Send address changes to The Wall Street Journal,
forecasts such spending for sumed a buyback pace consis- this year, and an uptick in lion exchange-traded fund 200 Burnett Rd., Chicopee, MA 01020.
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which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
over the next six months trends.” dividends, is prompting some decreased share counts over the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
climbed to its highest level in Alphabet Inc., parent of analysts to predict that a tax- the past year, has had more Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
more than 30 years over the Google, didn’t repurchase any law change in this cycle could than $200 million in outflows Letters to the Editor: Fax: 212-416-2891; email: [email protected]
summer. of its shares last quarter. The play out differently than it did since the end of last year, ac-
Buyback activity among Mountain View, Calif., com- in 2004, when much of the cording to data provider XTF. NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
top-rated nonfinancial debt pany had bought back $2.7 money that companies To be sure, many compa- By web: customercenter.wsj.com; By email: [email protected]
issuers, many of which have billion through September, brought back from overseas nies are still returning piles of By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechat
regularly borrowed money to down by about a quarter from was funneled directly into cash to investors. Dividend
finance share repurchases, de- the same period a year earlier, share repurchases. payments by S&P 500 compa- REPRINTS & LICENSING
clined for the third straight according to company filings. Factors including high nies are poised to set a sixth By email: [email protected]; By phone: 1-800-843-0008
quarter in the July-to-Sep- A slowing pace of buybacks stock price, historically high consecutive record in 2017,
tember period, according to hasn’t hindered stock prices share valuations and uncer- according to S&P Dow Jones GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
Bank of America Merrill much, with major indexes tainty over the future shape Indices.
THE WALL STREET JOURNAL. Friday, November 24, 2017 | A3
U.S. NEWS
©T&CO. 2017
A TIFFANY HOLIDAY
DAMIAN DOVARGANES/ASSOCIATED PRESS
Marchers in Hollywood this month protested sexual assault and harassment after a series of high-profile cases.
Sex Claims Face Hurdles

Federal law imposes quirement makes sense, as it
tight deadline, high Defense Lawyers Relaxing the law, they say, ensures employees “give em-
800 843 3269 | TIFFANY.COM
might encourage workers to ployers an opportunity to in-
burden of proof; trial Back Current Law run to federal court over griev- vestigate” and possibly fix a
ances that have little to do problem, said Anthony Oncidi,
victories are rare with discrimination. an employment defense lawyer
Statistics show that the Plaintiffs’ lawyers say the at Proskauer Rose LLP.
BY SARA RANDAZZO deck is stacked against people bar is set too high. Employees But some plaintiffs’ lawyers
making sexual harassment using the federal law face tight say the requirement fails to
The number of inquiries claims, plaintiffs’ lawyers say. statutes of limitations, em- address that victims fear retal-
hitting California attorney Legal analytics company ployer-friendly court precedent iation or may not know the of-
John Winer’s office each week Lex Machina found that while and high burdens of proof re- ficial channel to report bad
has risen sharply since the more than 75% of employment quired to show harassment behavior.
Harvey Weinstein scandal cases settle, almost always un- was severe or pervasive. Some Morgan Cramer was a 17-
broke. der nonpublic terms, when the states and cities offer broader year-old high-school student
Women who endured un- courts do reach a determina- legal protections for employees when she started working
wanted touching at work, gay tion on sex or gender discrimi- than the federal law. part-time shifts at a Bojangles
men harassed by co-workers, nation under the Title VII of Coming forward is often restaurant outside Atlanta in
and others who say they were the Civil Rights Act of 1964, personally challenging and pro- 2010.
terminated for reporting inap- they favor defendants more fessionally risky, plaintiffs’ law- When a co-worker made
propriate behavior have all than 95% of the time. yers say, resulting in many graphic, lewd remarks to her
asked him to consider taking Title VII broadly covers people missing the time frame. several times, she told the
their cases. workplace discrimination based Defense lawyers argue the branch manager he was saying
But because of hurdles in on race, color, religion, sex and statutes of limitations ensure nasty things, according to her
the laws meant to protect national origin. employers still have access to Title VII lawsuit.
workers from harassment, Defense lawyers say the evidence and witnesses needed After the co-worker forced
many of the inbound calls low win rate for plaintiffs re- to complete investigations and her against a wall and forcibly
won’t become lawsuits. “We’re flects that many meritorious don’t have the threat of liabil- tried to touch and kiss her, she
getting a lot of cases we just claims settle before reaching a ity hanging over them for quit. That incident led to his
can’t bring,” Mr. Winer said. judge or jury. years after alleged misconduct. termination less than a month
To some potential clients who later, court filings show.
say they are finally ready to In 2012, a judge found she
have their day in court, “I rassment cases, plaintiffs have tiffs looking to bring work- didn’t bring her complaint
have to tell them their day is either 180 or 300 days from place discrimination claims through the right channels—
passed.” the most recent incident, de- under federal laws. The agency the handbook called for her to
In recent weeks, many ac- pending on the state, to file a saw a fourfold increase in visi- tell higher-up managers—and
cusing powerful figures of sex- claim under Title VII. tors to the sexual-harassment that she wasn’t specific
ual impropriety have done so Those facing discrimination section of its website the week enough when she did tell her
through the press and social or harassment at work can after the Weinstein news came local manager.
media. But increasingly, those “fear retaliation, loss of pro- out. “I was crushed,” said Ms.
with complaints of workplace motion potential...physical or In court, employers can de- Cramer, now 25, of the court’s
harassment are looking for emotional abuse,” said Chris- feat Title VII claims by show- decision. “I thought, nobody
help through the courts, tine Saah Nazer, a spokes- ing they have an internal was taking me seriously. They
prompting calls for changes to woman at the Equal Employ- mechanism in place to report were calling me a liar.”
Title VII of the federal Civil ment Opportunity harassment and that the plain- Bojangles said in court fil-
Rights Act of 1964. Commission, which serves as a tiff didn’t use it. ings it took prompt action
In employment-related ha- mandatory first stop for plain- Defense lawyers say the re- once it learned of the assault.
Trump Gives Thanks to the Military

BY MICHAEL C. BENDER
President Donald Trump

criticized his predecessor,
poked fun at the media and
visited his golf course in South
Florida, putting his own
unique twist on a day of tradi-
tional holiday activities during M Y L A G O S M Y W AY
his first Thanksgiving in office.
Speaking with troops in Af-
ghanistan from his Mar-a-Lago
resort in Palm Beach, Fla., Mr.
Trump told a group of Marines
they were “really winning,”
suggesting that was a change
since he succeeded President
Barack Obama.
In August, Mr. Trump ex-
ALEX BRANDON/ASSOCIATED PRESS
panded the U.S. role in Af-

ghanistan, a reversal from his
previously stated preference
to pull out of the country.
“We’re being talked about
again as an armed forces,” Mr.
Trump told Marines with the
Marine Special Operations, 2nd
Marine Raider Battalion during
the teleconference. “We’re re- Mr. Trump spoke with troops via video conference from his Mar-a-Lago resort on Thanksgiving.
ally winning. We know how to
win. But we have to let you ress you’ve made in the last few mark line from “The Appren- saving 16,000 lives after Hurri-
win. They weren’t letting you months since I opened it up.” tice,” his reality TV show, tell- cane Harvey hit Texas.
win before.” “We’re not fighting any- ing reporters, “You’re fired.” “You know, the Coast
Visiting with troops on more to just walk around, On a call with the U.S. Guard, always respected, but if
Thanksgiving has become a we’re fighting to win,” Mr. Coast Guard near Kuwait, Mr. you were looking at it as a
holiday custom for sitting Trump said. Trump expressed thanks for brand, there’s no brand that
presidents. Another classic ac- With club members sitting their “incredible work in the went up more than the Coast
tivity: releasing the menu for outside Mr. Trump’s office en- Arabian Gulf,” and relayed Guard, with what happened in
the president’s dinner. The joying the warm weather, the news of positive economic in- Texas,” Mr. Trump said.
fare for Mr. Trump and his president regretfully informed dicators, one of his favorite The president also told the
family included turkey, stuff- the troops that reporters were talking points in recent weeks. Coast Guard about the stock-
ing, mashed potatoes and in the room with him. “I know it’s hard to be away market gains and his adminis-
gravy, sweet potatoes with “Surrounding me is a lot of from home at this time of the tration’s moves to cut back on
marshmallows, a variety of press—better me than you, be- year,” Mr. Trump said. “We’re regulations before passing out
baked goods, local produce lieve me fellas,” he said, add- doing well at home. The econ- sandwiches, shaking hands C AV I A R C O L L E C T I O N S
and cheeses, red snapper and ing that he was thankful for omy is doing really great.” and marveling at the physique
Florida stone crab. “the blessing of freedom, he- After the calls, Mr. Trump of the troops. AVA I L AB LE AT L A G O S . C O M
In the morning, Mr. Trump roes, tremendous courage.” and his wife, Melania, visited Mr. Trump then spent the
said on a call with the 82nd Later, before wishing the with about 50 Coast Guard afternoon at Trump Interna- BLOOM I NGDALE’S 59TH ST
Airborne Division that “every- media a happy Thanksgiving, members, crediting their tional Golf Club in West Palm
body’s talking about the prog- Mr. Trump recalled his trade- branch of the military with Beach.
A4 | Friday, November 24, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.
U.S. NEWS
Birth-Control Battle Divides Notre Dame

BY LOUISE RADNOFSKY ers include birth-control bene- ily to prevent the government from the U.S. Conference of baffle us.” fin, an alumnus of Notre Dame
AND IAN LOVETT fits in workers’ health plans. from forcing it to accept a Catholic Bishops, which led the Sara Ratcliffe, a vice presi- Law School and now a lawyer
Democratic attorneys gen- compromise designed by then- initial campaign against dent at the advocacy group in Colorado who specializes in
The University of Notre eral are suing the GOP presi- President Barack Obama’s ad- the contraception-coverage re- Catholics for Choice, described religious-liberty issues.
Dame fought in court for five dent to block the rules, which ministration in which contra- quirement and backed the in- Notre Dame as a “cultural Mr. Kniffin said that Notre
years to limit the government’s would allow employers with ceptive coverage was included stitutions that agreed to sue. icon.” Dame had told the courts that
ability to push religiously affili- religious or moral objections to in their health plan but funded “We rejoiced when Notre “The fact that the Notre providing coverage “would
ated employers to offer contra- omit birth-control coverage. On and administered by a third- Dame united with us in our ex- Dame administration is no lon- cause scandal, as the term is
ception benefits. Now, the uni- Tuesday, the Little Sisters of party company. pression of deep concern that ger being an obstacle to folks defined in Catholic catechism.
versity is voluntarily allowing the Poor, an order of nuns that Paul Browne, a university the federal government was in- getting access to care and a And now it’s doing it volun-
birth-control benefits, exposing runs nursing homes, moved to spokesman, said the university truding on the realm of con- service that 99% of sexually ac- tarily—what are we as alumni
a divide among Catholic insti- intervene in the case in sup- “engaged in the recent lawsuit science. Thank God Notre tive Catholic women use, de- supposed to make of that?”
tutions. port of the Trump rules. to protect its freedom to act in Dame was with us,” said Cardi- spite what the bishops feel Michael Galligan-Stierle,
The university’s shift comes Notre Dame drew both accord with its principles.” nal Timothy Dolan, the arch- about it, that’s great,” she said. who heads the Association of
as the litigation enters a fresh praise and criticism when offi- “Recognizing, however, the bishop of New York, earlier Some alumni said that, be- Catholic Colleges and Universi-
phase after two U.S. Supreme cials said this month that the plurality of religious and other this month. yond the legal issues, they ties, an industry group, said
Court cases and new rules Indiana university would allow convictions among its employ- Cardinal Dolan added that thought Notre Dame could be that his members had consis-
championed by President Don- birth-control coverage to be of- ees, [the university] doesn’t in- “we cannot understand’’ why seen as misrepresenting Catho- tently been “incredibly diverse
ald Trump’s administration. fered to employees, their fami- terfere with the provision of the university, having pursued lic teaching. in how we approach the gov-
These rules, if implemented, lies and students by its plan contraceptives that will be ad- the legal case, is now saying, “With their plan to allow ernment.’’
would reverse a requirement administrator. ministered and funded inde- “‘It wasn’t all that important coverage, they’re doing exactly “We’re always going to have
set by Mr. Trump’s Democratic The university said it had pendently of the university.” to us, anyway. We’re going to what they said they couldn’t do 30 opinions about 20 topics,”
predecessor that most employ- pursued its court case primar- The move drew criticism allow it, anyway.’ That does in the lawsuit,” said Eric Knif- he said.
Photo of Lawmaker Billionaire Promotes Impeachment

Spurs Investigation BY JULIE BYKOWICZ
AND NATALIE ANDREWS
California billionaire Tom

BY DAVID HARRISON on social media this week. It is Steyer is personally funding a
unclear who posted the images. $20 million advertising cam-
Rep. Joe Barton (R., Texas) In an interview with the Wash- paign calling for the impeach-
said Capitol police have ington Post, the woman in ques- ment of President Donald
started an investigation into tion, who wasn’t named, said Trump. The move is causing
the release of a nude photo- she didn’t post the images. anxiety among lawmakers—
graph of him. The Dallas Morning News within the Democratic Party.
“Today, the Capitol Police reported Wednesday that Democratic leaders fear in-
reached out to me and offered posting the photo may violate dependent and Republican
to launch an investigation and a “revenge porn” law enacted voters will view impeachment
I have accepted,” Mr. Barton in Texas in 2015 criminalizing talk as Democratic overreach
said Wednesday. The Capitol the intentional disclosure of and undercut the party’s mes-
Police didn’t respond to a re- images showing another per- sage in the midterm elections.
SPENCER PLATT/GETTY IMAGES
quest to comment Thursday. son’s “intimate parts” or “en- “I’ve been a very harsh critic
Mr. Barton said he sent the gaged in sexual conduct” with- of this president....but the im-
photo to a woman with whom out that person’s consent. peachment message right now
he was engaged in a “consen- Mr. Barton has apologized is not helpful to the possibility
sual relationship.” to his constituents. of retaking the House,” said
“When I ended that relation- “While separated from my Rep. Jim Himes (D., Conn.),
ship, she threatened to publicly second wife, prior to the di- chairman of the fiscally moder-
share my private photographs vorce, I had sexual relation- ate New Democratic Coalition.
and intimate correspondence in ships with other mature adult Mr. Steyer says he doesn’t Tom Steyer, shown on Monday in Times Square, made his money as co-founder of a hedge fund.
retaliation,” he said. He called women,” he said. “Each was care. “I understand that there
the release of the photo “a po- consensual. Those relationships are people who think that from concludes each with a reference whether Mr. Trump’s firing of Commission reports. His expen-
tential crime against me.” have ended. I am sorry I did a tactical political standpoint to a website where people can James Comey as Federal Bu- ditures have been aimed at
A blurry photo of the politi- not use better judgment during it may not be clever,” said Mr. add their names and email ad- reau of Investigation director helping Democrats win elec-
cian and an image of a text mes- those days. I am sorry that I let Steyer, a top donor to Demo- dresses to an impeachment pe- obstructed justice. Mr. Mueller tions and raising environmental
sage of a sexual nature emerged my constituents down.” cratic political groups. “We’re tition. He also is promoting the and three congressional com- issues, such as defeating the
not trying to be clever.” petition in New York’s Times mittees are looking into U.S. Keystone XL pipeline.
WASHINGTON WIRE
White House spokeswoman Square and on Twitter. intelligence agencies’ findings In that time, Democrats
Sarah Huckabee Sanders re- More than 2.6 million peo- that Russia interfered in the have lost their hold on the
jected Mr. Steyer’s call for im- ple have signed in the month 2016 presidential election and Senate, the White House and
peachment as “a complete since the campaign began, ac- whether Mr. Trump’s presiden- state-level offices across the
ADMINISTRATION NSA waste of money.” cording to a signature counter tial campaign cooperated. Mr. country. The Keystone XL pipe-
“How sad, with all the real on the website. Mr. Steyer says Trump has denied any collu- line is now under construction.
Professor Considered Federal Judge Tosses problems in the world, he his goal is to build support so sion or wrongdoing, and Rus- Mr. Steyer said he is spend-
For Census Position Surveillance Suits can’t find a better way to that lawmakers become more sia has said it didn’t interfere. ing to build a lasting political
spend his money,” she said. aggressive in their approach to Mr. Steyer, who made his operation, which includes two
The Trump administration A federal judge threw out two Mr. Steyer stars in his two Mr. Trump, who he says “has money as co-founder of a hedge super PACs. “If it looks like
plans to pick Thomas Brunell, a long-running lawsuits challenging TV ads, which have run on CNN, obstructed justice at the FBI,’’ fund, has spent more than $170 there is something where I
Texas political science professor, the National Security Agency’s MSNBC and Fox News, in addi- among other actions. million on Democratic politics could actually make a differ-
as the deputy director of the U.S. collection of phone records under tion to local broadcast stations Special Counsel Robert over the past three years, ac- ence, then I would be willing
Census Bureau, according to two a surveillance program that Con- in California and elsewhere. He Mueller is investigating cording to Federal Election to try,” he said.
people familiar with the matter. gress curbed in 2015.
Mr. Brunell, if selected, would The 2013 lawsuits, filed by
fill a role that has historically
been a career civil-service posi-
tion held by someone with sig-
nificant experience in the federal
conservative legal activist Larry
Klayman, alleged the government
violated the Constitution when it
gathered millions of Americans’
PHONE Holiday Shopping on the Move
Online commerce on Thanksgiving has soared in recent years, with mobile purchases
taking an increasing share of the total.
statistical system. The deputy di- phone records to search for pos- Continued from Page One
rector position has been filled by sible ties to terrorists. including L’Oréal SE, Adidas Share of e-commerce Share of e-commerce traffic on mobile, by hour (2016)
a temporary career civil servant U.S. District Judge Richard AG and PetSmart Inc. Mobile traffic on Thanksgiving
65%
since the former deputy director, Leon said this week that the devices have helped “equal the done on mobile
Nancy Potok, left in January. cases had run their course. playing field as technology Peak traffic
—Sarah Chaney —Joe Palazzolo caught up with demand.” 59% 60
More than half of Ama-
zon.com Inc.’s shoppers last 51% Thanksgiving
Thanksgiving used their mo- 55
Black Friday
bile, the company said. 40%
“Honestly, I think there’s a 50 Cyber-Monday
time during Thanksgiving fes-
Light up her tivities where you’re a little
burnt out on too many people, 45
season. too much conversation,“ said
Dorion Carroll, vice president
of mobile shopping at Amazon. 40
People sneak off to do a little
gift shopping. He admits, “I do 35
that.”
So did Rachel Guffey. After 2014 ’15 ’16 12 a.m. 6 noon 6 p.m. 12 a.m.
her Thanksgiving dinner and a Source: Salesforce.com THE WALL STREET JOURNAL.
round of family trivia, the 33-
year-old dog treat baker from tifying sales associates of shop- most of her shopping on her limits the need to browse.
Lawrence, Kan., started shop- per preferences, pinging Samsung S7. “It’s infinitely eas- As retailers have improved
ping on her phone “right here customers with deals and using ier for me to check out deals on the mobile shopping experi-
in my pocket” for cheap video- in-store beacon technology to my phone,” she says. ence, payment options have
games and DVDs on Amazon direct shoppers to express The San Diego resident is in also caught up. Apple Pay, Pay-
and Target Corp. checkout lines. This helps se- the market this weekend for Pal, Amazon Pay and other mo-
“It’s just a lot more conve- cure purchases as customers bigger ticket items including a bile payment options have re-
nient,” she says. check prices on their phones. crib mattress and an elliptical moved the need to enter
Horizon Pendant Amazon is the largest bene- “Even if you go to the store, machine, as well as some payment and shipping informa-
with Lapis Inlay and Pavé Diamonds ficiary by far of the boom in you are still shopping on mo- smaller gifts from sites like tion, greasing the process.
in 14K Yellow or White Gold mobile e-commerce starting on bile,” adds Nitin Mangtani, Etsy Inc. and Sephora. It’s a Salesforce this holiday season
Thanksgiving. It has captured founder and chief executive of hassle to pull out the computer, expects as many as 10% of all
from $979 about 42 cents of every dollar mobile commerce platform Pre- but her phone is always there. orders placed on iPhones to use
Chain included spent online this year on aver- dictSpring and former head of That helps explain why on Apple Pay versus almost noth-
Matching Earrings available age, according to market re- Google Shopping. He works Thanksgiving last year, the mo- ing last year when the service
search firm Slice Intelligence, with retailers including Calvin bile share of online browsing was still new.
HAWAII: Oahu, Maui, Kauai, Big Island of Hawaii which tracks a panel of more Klein and Charlotte Russe. peaked at 62% at 6 p.m. in local Brandon Intelligator, a Los
BOSTON: Natick Mall, Northshore Mall than 5 million U.S. shoppers. As more people shop online time zones as shoppers finished Angeles-based attorney, expects
CHICAGO: Woodfield Mall, 600 N. Michigan Avenue Traditional retailers are hop- earlier in the holiday weekend, up their meals, according to to browse deals on his phone
DALLAS: NorthPark Center • DENVER: Cherry Creek Shopping Center ing to get in on some of the ac- stores are adapting. Some Salesforce. Purchases con- this weekend. He downloaded
LAS VEGAS: Grand Canal Shoppes at The Venetian
NEW YORK: Roosevelt Field • ORLANDO: Disney Springs
tion. Companies including Wal- stores, like outdoor retailer ducted on phones peaked in the Amazon’s app a year ago,
PHILADELPHIA: The Plaza at King of Prussia Mart Stores Inc. and Target are Recreational Equipment Inc., early morning on both Thurs- something that has fundamen-
PLEASANTON: Stoneridge Mall • PORTLAND: Washington Square spending heavily on e-com- are closed for Thanksgiving and day and Friday as shoppers tally changed the way he shops.
ROSEVILLE: Galleria • SAN DIEGO: Fashion Valley merce by improving shipping Black Friday, while others have woke up. “As soon as I downloaded
SAN FRANCISCO: PIER 39 • SAN JOSE: Valley Fair speeds or website infrastruc- cut back on or changed hours. Traditional and e-commerce the app, I was like: ‘I can do
SEATTLE: Bellevue Square • WASHINGTON, D.C.: Tysons Corner Center ture. But they haven’t given up Improved technology is driv- retailers alike are working to this from my phone,’” Mr. Intel-
on foot traffic. Lower prices ing the shift in spending behav- improve shopping by phone, ligator said. He estimates he
and different deals in store—as ior. Employees no longer wait making websites that better fit makes 80% of his purchases on
well as offers to pick up online to get back to the office on the smaller screen size and Amazon, excluding groceries.
orders—are among the tactics Monday for better computers apps that make it easier to see “My credit card information is
brick-and-mortar retailers are and faster internet access. items and purchase them. Many saved in there. My shipping in-
NaHoku.com • 1-866-296-9374 attempting this holiday season. Smartphones suffice. now employ artificial intelli- formation is saved in there. It
FREE FEDEX SHIPPING ON ALL ORDERS OF $200 OR MORE Physical stores are also add- Kat Furtado, a mother of gence technology that makes seems foolish not to do it that
ing mobile perks, including no- two young children, now does better product suggestions and way.”
PAID ADVERTISEMENT
A6 | Friday, November 24, 2017 THE WALL STREET JOURNAL.
WORLD NEWS
Deal Opens Rohingya Return to Myanmar
Bangladesh agreement
Pushed Out
paves way for Muslim There are now more Rohingya in
minority to come back, relief camps in neighboring
Bangladesh than in Myanmar.
but hurdles remain
900,000
BY BEN OTTO Nov. 21
AND MYO MYO 834,000
YANGON, Myanmar—Ban- 600,000

gladesh and Myanmar agreed
to begin repatriating ethnic
Rohingya Muslims who fled a
crackdown in Buddhist-major- 300,000
ity Myanmar, in a process that
could take years to complete
MUNIR UZ ZAMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
and bar people from returning

to their own homes. 0
More than 620,000 people A M J J A S O N
have crossed the border to Source: International Organization
Bangladesh since the crack- for Migration
down began in August, some THE WALL STREET JOURNAL.
providing chilling accounts of
killings and rape by Myanmar tary at the Bangladesh Embassy
military forces after a series of in Yangon. More details are to
militant attacks on govern- be released over the weekend,
ment outposts. an official at the Ministry of
Myanmar has denied such Foreign Affairs in Dhaka said.
accounts, amid international Bangladesh Prime Minister
pressure on the country and Sheikh Hasina has called on
its civilian leader, Aung San Myanmar in recent months to
Suu Kyi, to begin taking back A Rohingya refugee walked with a child through the Balukhali refugee camp in the Bangladeshi district of Ukhia on Thursday. “take their nationals back.”
the refugees, whom it denies She told lawmakers this week
citizenship and regards as ille- global concern over the crisis. idency in Myanmar. That will the process would take years. China also has encouraged that Dhaka is committed to
gal immigrants. The announce- Myanmar said the agreement be difficult for refugees who On Wednesday, U.S. Secre- the two countries to strike a taking steps to send the Roh-
ment of the agreement comes signed on Thursday is based fled with little more than the tary of State Rex Tillerson deal allowing Rohingya to re- ingya back “to their home-
ahead of a visit to both coun- on a 1990s accord between the clothes they were wearing. warned of possible sanctions turn, and has emphasized that land,” local media reported.
tries by Pope Francis, who has two countries that provided Myanmar’s minister of so- against Myanmar and described the international community Myanmar responded to in-
called for the Rohingya to re- for the return of Rohingya ref- cial welfare and resettlement, the Myanmar military’s clear- shouldn’t interfere. ternational pressure in a state-
ceive their “full rights.” ugees after an earlier outbreak Win Myat Aye, said recently ance of Rohingya villages as Bangladesh and Myanmar ment about the repatriation
The repatriation process of violence. That arrangement that the government could ver- “ethnic cleansing,” echoing lan- agreed to begin the repatriation agreement, saying it saw the
will likely move slowly and allowed only for the return of ify as many as 300 potential guage used by the United Na- process by the end of January, situation as an issue to be
may do little to diminish people able to prove their res- returnees a day. At that rate, tions and some governments. said Reyad Hossain, first secre- worked out with Bangladesh.
Pope’s Visit to Test Muslim Outreach Australian Government

Pope Francis has made ad-
vocacy for refugees and out- Small Church
with the military and has
faced international criticism
Seeks Closer Asia Ties
reach to the Muslim world sig- Pope Francis aims to promote reconciliation during his visits to two for her refusal to criticize the BY RACHEL PANNETT “The U.S. has been the
nature themes of his countries where Catholics are a minority. crackdown, in which the mili- dominant power in our region
pontificate. In a visit to Myan- tary has been accused of burn- SYDNEY—Australia should throughout Australia’s post-
Myanmar ing villages and killing and strengthen ties with like- Second World War history. To-
By Francis X. Rocca Buddhist 74.4% raping villagers. Myanmar au- minded neighbors, a new for- day, China is challenging
in Vatican City and Ethnoreligionist 9.8% thorities reject refugee ac- eign-policy blueprint says, America’s position,” the for-
Niharika Mandhana Non-Catholic Christian 6.7% counts of such atrocities. showing just how concerned eign-policy paper says.
in Yangon, Myanmar Muslim 3.8% Next week’s visit, which the U.S. ally is about America’s U.S. President Donald
Hindu 1.7% ends Thursday, will be the first wavering commitment to Asia Trump’s “America First” ap-
mar starting on Monday, those Confucianist 1.5% to the majority-Buddhist coun- proach and decision to with-
and China’s growing sway.
Catholic 1.2%
priorities will put him at odds try by a pope, coming seven The blueprint by Australia’s draw from the 12-nation
Other 0.9%
with his host, Nobel laureate months after the Holy See and Foreign Affairs Department, Trans-Pacific Partnership
Aung San Suu Kyi, and with Bangladesh Myanmar established relations. which was unveiled on Thurs- trade pact has left Asian gov-
some of his own bishops. Muslim 88.8% The pope said in a video issued day by Prime Minister Mal- ernments questioning his com-
A crackdown by the Myan- Hindu 9.4% last week that he intends to colm Turnbull, calls for Can- mitment to the region.
mar military has driven hun- Buddhist 0.7% bring a “message of reconcilia- berra to build stronger Australia should do more to
dreds of thousands of ethnic Ethnoreligionist 0.5% tion, forgiveness and peace.” security and diplomatic ties to encourage the U.S. to remain
Rohingya Muslims into Ban- Catholic 0.3% That applies as well to his Japan, India and other re- engaged in Asia, the report says,
gladesh, in what the U.S. de- Non-Catholic Christian 0.2% subsequent stop, in majority- gional nations. predicting that if it withdraws,
scribed on Wednesday as “eth- Other 0.1% Muslim Bangladesh, where he The document lays out the China will step into the void.
nic cleansing”—a finding Source: Todd M. Johnson and Gina A. Zurlo, eds. World Christian Database will take part in a public inter- stakes for Australia as it “Without sustained U.S. sup-
Myanmar said was made THE WALL STREET JOURNAL. religious event at which he will treads a delicate path: China is port, the effectiveness and lib-
“without any proven facts.” meet a small group of Rohingya. its top trading partner and eral character of the rules-based
Bishops in Myanmar are most senior Catholic cleric. gan its crackdown in response The pope’s advocacy for the largest buyer of Australian order will decline,” the blue-
urging Pope Francis to refrain Even referring to the group to attacks by Rohingya militants Rohingya has enhanced his im- commodities such as iron ore, print says. “Power is likely to
from expressing support for as Rohingya, the cardinal on security outposts, the pope age in the Muslim world and beef and coal, while the U.S. is shift more quickly in the region,
the group during his visit. warned, could weaken the de- lamented what he called the raised international pressure its longstanding diplomatic and it will be more difficult for
Pope Francis “has to be very mocracy movement and pro- persecution of “our brothers the on the government of Myan- partner and security guaran- Australia to achieve the levels of
careful so that we can still voke a backlash by militant Rohingya,” and called for them mar, said Khairudin Aljunied, tor. The blueprint also calls for security and stability we seek.”
communicate with the new Buddhists against the coun- to receive their “full rights.” an expert on Islam in South- a greater focus on Southeast China’s Foreign Ministry
government, with the military, try’s Christian minority. Myanmar doesn’t recognize east Asia at Georgetown Uni- Asia, amid worries that coun- called the document “an objec-
as well as with the people in Pope Francis has been out- the Rohingya as citizens. versity. “Muslims very much tries there aren’t strong tive look at China-Australia re-
general,” said Cardinal Charles spoken about the group’s plight. Ms. Suu Kyi, Myanmar’s ci- appreciate that the pope has enough to fight Islamist ter- lations,” but took exception
Bo of Yangon, the country’s In August, after the military be- vilian leader, shares power spoken up for them,” he said. rorism on their own. with its criticisms.
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WORLD NEWS
Grim Sub News Prompts Anguish Brazil

Curtails
Blast detected near
vessel’s last known
location; families
Pension
assume the worst Overhaul
BY ALBERTO MESSER BY PAULO TREVISANI
AND JEFFREY T. LEWIS
BRASÍLIA—Brazil’s govern-
MAR DEL PLATA, Argen- ment is scaling back a pro-
tina—The distraught families posal to overhaul the coun-
of the 44 crew members try’s insolvent pension system,
aboard Argentina’s missing part of a last-ditch effort to
submarine began mourning get congressional support for
their loved ones Thursday af- the unpopular bill ahead of
ter navy officials revealed that general elections next year.
an explosion was detected Fixing the pension system
near the vessel’s last-known has proved particularly diffi-
EITAN ABRAMOVICH/AGENCE FRANCE-PRESSE/GETTY IMAGES
position. cult in Brazil, where corrup-

A Vienna-based organization scandals and political
tion that verifies nuclear test- stalemate have been the norm
ban compliance reported an for the past few years.
“anomalous, singular, short, President Michel Temer’s
violent nonnuclear event” at administration is urging Con-
10:31 p.m. on Nov. 15 when the gress to overhaul a pension
ARA San Juan was 270 miles system that consumes nearly
off the country’s southern half of the national budget and
coast, said Capt. Enrique is set to have a $56 billion def-
Balbi, a spokesman for the Ar- icit this year.
gentine Navy. Details and data The shortfall saps funds
collected by the specialists that could be used to improve
were provided to Argentina to the country’s infrastructure,
support the search. health and education, officials
Although the navy did not Relatives of the crew of the missing submarine ARA San Juan console each other at the vessel’s home base in Mar del Plata. say.
say the submarine had sunk or Investors worry the coun-
that the crew had been con- ber, told a local radio station. for the San Juan now had the sound was detected. have more concrete evidence try’s growing debt load could
firmed dead, the news left the “No human being can survive what could be key information For many of the families of about where the ARA San spiral out of control if nothing
families, who are being housed that. They’re all dead.” that could lead them to the the crew members, though, Juan submarine and our 44 is done.
at the submarine’s home base Cmdr. Erik Reynolds, a U.S. vessel. “The noise was not news of an explosion conjured crew members are, we will “This is a very slow-motion
here, grief-stricken and crying. Navy spokesman, said that af- consistent with normal marine the worst conclusions. continue the search,” he said. train wreck,” said Robert
“There’s nothing else to be ter several miscues in the activity,” he said, adding that Capt. Balbi said despite the “Until we have more certainty, Abad, founder of the emerging
done,” Luis Tagliapietra, fa- search, aircraft and ships several ships were narrowing news, Argentina would not we can’t conclude what hap- markets advisory firm
ther of Damián, a crew mem- scouring the South Atlantic their search to an area where abandon the search. “Until we pened.” EM+BRACE.
Joined at the Hip: Nafta and Cheap Flat-Screen TVs

BY ROBBIE WHELAN Ending the North American brands. der to distribution centers in
AND SANTIAGO PÉREZ Free Trade Agreement risks Screen Grab A closer look at how TVs Southern California.
shifting more production of The prices of LCD televisions in ...and have pushed aside other are made shows why. Under Nafta, TV manufac-
TIJUANA, Mexico—One of TV components to Asia, North America have dropped in technologies to dominate Nearly all a television’s turers, who employ about
the biggest potential casual- prompting higher prices for recent years... the market. value comes from Asia. The 15,000 workers in Mexico, get
ties of the trade scuffle under U.S. consumers and no new majority—between 60% and to skip import tariffs of 5% un-
way between Mexico and the American jobs, according to Average retail price of LCD TVs Market share of LCDs among 80%, depending on the size—is der World Trade Organization
U.S. is also one of America’s manufacturing executives and in the U.S. and Canada TVs shipped in North America locked in one part alone: the rules—tariffs that apply to al-
favorite consumer products: analysts. 32" HD 40" 1080p glass LCD panel. Only seven most all the TVs assembled
the cheap, high-definition, President Donald Trump 100% companies in the world pro- outside Mexico.
55" 1080p 55" 4K
flat-panel television set. has called Nafta, which en- duce panels large enough for “If Nafta ends, that compet-
Every year, U.S. consumers ables those televisions to en- $6,000 flat-screen sets, and they are itive advantage ends,” said
80
buy more than 40 million flatter the U.S. tariff-free, a “total all in China, Japan, Taiwan Sergio Langarica, regional
screen TVs, as many as three- disaster” that has cost the U.S. 4,500 and South Korea. head of Mexico’s electronics
60
quarters of them assembled in millions of jobs, and pledged The only components that industry group Canieti and di-
factories here in Mexico’s elec- to pull out of the deal if it is are produced in North Amer- rector of international trade
tronics-producing hub on the not renegotiated to benefit 3,000 40 ica are typically Mexican-made and compliance for Sony Elec-
border with California. And American workers. A fifth packaging and molded plastic tronics Inc.
every year, prices for flat- round of Nafta talks, this time 1,500 20
or metal casings for the TV’s With no Nafta, the assem-
screens decline as new models in Mexico City, ended on Tues- exterior. Almost all other bly work now done in Mexico
enter the market and retailers day with no major advances. parts, including image- and would shift to other low-cost
outdo one another to offer For some industries, includ- 0 0 audio-processing chips, tran- locations like Vietnam, agrees
deeper discounts. ing auto making, an updated 2005 ’10 ’15 ’17* 2005 ’10 ’15 ’17* sistors, capacitors and even Mr. Lin.
But behind this annual holi- Nafta with tighter rules could *Forecast screws, get their start in facto- If Nafta is killed and tariffs
day tradition is a fragile busi- lead to some job gains in the Source: IHS Markit TV Sets Market Tracker THE WALL STREET JOURNAL. ries in Asia and arrive by con- are imposed, manufacturers
ness model that relies on ra- U.S., economists say. But not tainer ship to the Port of Los will have to absorb those
zor-thin profit margins, for flat-screen TV makers. because U.S. salaries to assem- the price,” said James Lin, Angeles and Long Beach. higher costs because U.S. con-
nimble production networks That is because for decades, ble those components are too chief executive of Unis Co., an Once in the U.S., they are sumers are generally unwilling
and tariff-free trade between most electronic components high to compete with them. importer in the City of Indus- trucked over the border—tariff to pay higher prices for televi-
Mexico—the world’s top pro- have been manufactured ex- “America doesn’t even have try, Calif., that distributes mil- free—to assembly plants in Ti- sions, said Paul Gagnon, direc-
ducer of sets—and the U.S., clusively in China and other the components in place to lions of televisions made by juana, put together, packed tor of TV sets research at con-
the top buyer. low-wage Asian countries, and produce this product at twice Samsung, LG, Vizio and other and trucked back over the bor- sulting firm IHS Markit.
WORLD WATCH
WEST BANK AND GAZA nounced in a statement in Cairo PAKISTAN that targets India, had been put NORTH KOREA called the U.S. decision “a violent
by 13 Palestinian political fac- under house detention in Janu- infringement” of North Korea’s
Palestinian Parties tions, including Hamas and Fa- India Attack Suspect ary, as Pakistan came under in- Terror Listing by U.S. dignity and “tantamount to an-
Agree to Elections tah. It said Palestinian Authority Is Given His Liberty ternational pressure to do more Elicits Official Scorn other declaration of war.”
President Mahmoud Abbas to combat militants operating North Korea’s response came
Palestinian political parties would ultimately need to sign A Pakistani court Wednesday from its soil. Pyongyang lashed out at the two days after President Donald
agreed to hold presidential and off on elections—the first major lifted the house arrest of Hafiz Three high court judges de- U.S.’s decision to redesignate it Trump on Monday announced
parliamentary elections before contests in the West Bank and Saeed, the man accused by India cided to end Mr. Saeed’s house as a state sponsor of terrorism, the long-expected move to re-
the end of next year, as reconcil- Gaza Strip since 2006 when and the U.S. of masterminding a arrest as “nothing tangible was calling the move an “impudent turn North Korea—which he
iation talks between major fac- Hamas won the most seats in a 2008 terror attack in Mumbai produced” in evidence against provocation” that undermines called a “murderous regime”—to
tions Hamas and Fatah make parliamentary vote—and set a that killed 166 people. him, according to his lawyer, A.K. Washington’s stated desire for the U.S. roster of state sponsors
slow but steady progress. date for polling. Mr. Saeed, head of the Isla- Dogar. diplomacy. of terror.
The elections were an- —Abu Bakr Bashir mist group Jamaat-ud-Dawa —Saeed Shah A Foreign Ministry statement —Jonathan Cheng
FROM PAGE ONE
UBER Both companies have said they

reported the incidents as
quickly as possible.
“In the U.S. today, most laws
your new management in or-
der,” said Deirdre Mulligan, a
University of California, Berke-
ley, professor who served as an
publicly until this week that it
had earlier notified SoftBank of
the probe.
“We informed SoftBank that
Continued from Page One allow six to eight weeks for adviser to lawmakers during we were investigating a data
interviews with employees and companies to notify regulators the creation of California’s breach, consistent with our
others, as well as review ac- and consumers,” said Bo Hol- breach-notification law. That duty to disclose to a potential
counts, to determine how many land, the chief executive of All- law requires companies to no- investor, even though our infor-
ANDRE COELHO/BLOOMBERG NEWS
customers and drivers were im- Clear ID Inc., a firm that helps tify consumers as soon as pos- mation at the time was prelimi-
pacted, one of the people said. corporations respond to data sible after a breach but doesn’t nary and incomplete,” Uber said
The company disclosed the breaches. Even companies that specify a time period. The Cali- in a statement Wednesday. “We
breach to the public only after meet this standard can suffer fornia Department of Justice also made clear that our foren-
it could put a firm number on tarnished reputations because declined to comment, citing its sic investigation was ongoing.
how many accounts were af- consumers and investors ex- policy of not commenting on However, once our internal in-
fected and cut ties with two expect a speedier response, Mr. possible investigations. quiry concluded and we had a
ecutives who it said mishandled Holland said in an email. Uber said its investigation, more complete understanding
the response, this person said. Because there are no federal which included outside foren- of the facts, we disclosed to
Uber disclosed on Tuesday Dara Khosrowshahi, left, became Uber CEO in September. laws on breach notification, in- sics experts, found no evidence regulators and our customers in
that it had paid hackers cidents such as the Uber hack that consumers’ financial infor- a very public way.”
$100,000 to destroy the stolen took Uber more than a year to that allowed employees to are covered by a patchwork of mation was taken or that the Uber has been trying to
data and decided not to inform disclose the breach. Uber says track customers’ movements. 48 state laws, the strongest of personal information obtained shore up its investment deal
consumers or authorities. Those it is cooperating with various Other companies have been which require companies to no- was used to commit fraud, such with SoftBank, worth as much
actions occurred under its for- government offices to discuss criticized for the time they tify consumers directly as soon as identity theft. as $10 billion. The process has
mer chief executive, Travis Ka- the matter. It isn’t clear what took to disclose data breaches. as possible after personally After being contacted by the been slowed by talks over the
lanick, who resigned as CEO in penalties, if any, Uber may face. Equifax Inc., for example, was identifiable information is com- hackers, Uber convinced them price at which SoftBank would
June. He learned of the attack Mr. Khosrowshahi was faulted by lawmakers last promised. Uber, which is based to join the company’s “bug offer to buy shares from exist-
in November 2016 and autho- brought in to put a new face on month for taking almost six in San Francisco, is subject to bounty” program, which pays ing stakeholders, according to
rized the payment, according to the company after a year of weeks to go public after learn- these laws in states where it people for information about people familiar with the matter.
people familiar with the matter. scandals and legal setbacks. ing of a breach affecting more does business. Non-compliance flaws in company software, ac- Uber needed to disclose the
Several states, along with Uber has in the past faced criti- than 145 million consumers. Ya- exposes Uber to a range of cording to people familiar with data breach before that tender
the Federal Trade Commission cism for putting its business in- hoo Inc. faced similar criticism state penalties and to con- the matter. Uber said it was as- offer because it could be con-
and at least three European terests ahead of its customers, for revealing it didn’t promptly sumer lawsuits. sured by the hackers the stolen sidered material to investors,
government agencies, opened including by using a since-dis- investigate a 2014 incident in- “The provisions that allow data was destroyed. people familiar with the matter
inquiries this week into why it continued software program volving 500 million accounts. for delay are not about getting The company didn’t disclose said.
WORLD NEWS
Lebanon Steps In Tradeoff, Saudis Ease Social Rules

Back From Brink
BY NAZIH OSSEIRAN I would hold off handing it in
so that we can discuss the rea-
BEIRUT—Lebanese Prime sons and the background be-
Minister Saad Hariri said he hind it,” he said from the pres-
was suspending his resigna- idential palace. “I said I will MIDDLE EAST
tion, rolling back a decision comply with this wish,” he
that had fueled speculation his added, according to a state- CROSSROADS
country had become a pawn in ment carried by the state-run By Yaroslav Trofimov
a regional power struggle be- National News Agency.
FAYEZ NURELDINE/AGENCE FRANCE-PRESSE/GETTY IMAGES

tween Iran and Saudi Arabia. Mr. Hariri’s plan to step
The capital erupted in cele- down set off a political crisis, RIYADH, Saudi Arabia—In
bration after his statement on shaking the fragile balance of asserting himself over Saudi
Wednesday, with crowds of power among Sunni Muslims, Arabia, 32-year-old Crown
supporters and convoys of Shiite Muslims and Christians Prince Mohammed bin Salman
cars and motorcycles pouring in Lebanon, a nation that re- is imposing a
into the streets of downtown mains deeply scarred by its trade-off that
Beirut. Thousands made their 1975-90 sectarian civil war. appeals to
way to Mr. Hariri’s home, In announcing his resigna- many young
where he stepped outside and tion, Mr. Hariri—the political Saudis.
mingled with the crowd. leader of Lebanon’s Sunni The prince,
Mr. Hariri returned to Leba- Muslims—cited Shiite Iran’s in essence, is
non on Tuesday night for the influence in his country broadening so-
first time since he declared his through its proxy militia, Hez- cial liberties in exchange for
intention to resign on Nov. 4 bollah, the most powerful mil- closing off the limited political
while on a visit to Saudi Ara- itary and political force in the freedoms that existed in the A poster of Saudi Crown Prince Mohammed bin Salman at the Misk Forum in Riyadh on Nov. 15.
bia, shocking his countrymen. country. He also said that he kingdom.
On Wednesday morning, he at- believed his life was in danger That approach has worked power ahead of succeeding his transform the kingdom when Saudis lament—and many
tended Independence Day cel- and that circumstances were for other Gulf monarchies, no- father, King Salman. its economy is unable to keep cheer—the woes of the old
ebrations, still in his role as reminiscent of 2005 when his tably the United Arab Emir- Prince Mohammed rounded up with the growing youth elites.
head of government. father—a former prime minis- ates. There, no hint of politi- up many liberal and conserva- population. “It’s a lot easier to get on
After a meeting with Presi- ter—was assassinated. cal dissent is tolerated but tive dissidents, as well as cler- “He is steamrolling deep stage now, and people are
dent Michel Aoun, in which he Mr. Aoun, a Hezbollah ally, social and religious rules are ics and some princes, in a structural change that has to more and more open,” said
had been expected to formally and others accused Saudi Ara- relatively relaxed. Women en- wave of arrests in September be done very quickly, and Saleh Almubaddel, a guitarist
hand in his resignation, he bia of pressuring Mr. Hariri to joy many rights denied to that followed the deposing of there is no time to develop a in a two-man band that played
said he had changed his mind. resign and holding him against them in Saudi Arabia. An his predecessor as crown consensus,” said Ali Shihabi, some 10 gigs in public this
“I offered my resignation to his will—a claim Riyadh de- abundance of entertainment prince, Mohammed bin Nayef, executive director of the Ara- year. “Before, we used to play
the president, who hoped that nied. and shopping options keeps in June. Then came the un- bia Foundation, a Washington just to men, and now we play
potential troublemakers busy. precedented Nov. 4 purge, think tank that works with the to men and women together.”
with simultaneous detentions Saudi government. “He has
Russia Dominates
S T
have backed warring parties in audi Arabia, one of the of senior princes, officials and the right conception of what he reforms have elicited
the Syrian war and intervened world’s most conserva- key members of the business Saudi Arabia should become, surprisingly little back-
Summit on Syria directly in the conflict. Moscow tive societies, strictly community as part of a cor- and you need a benevolent lash from religious con-
and Tehran are allies, with Iran enforces a strict interpretation ruption investigation. dictatorship to do that.” servatives whose influence
providing advisers and foot sol- of Islam’s religious rules. But With this campaign reach- was long cited by the House of
I
Russian President Vladimir diers and Russia providing air the kingdom had allowed a de- ing hundreds of the kingdom’s n the most visible struc- Saud as a reason to keep ev-
Putin pressed his efforts to power to support the forces of gree of political openness. Un- elite, few Saudis these days tural change pushed erything static.
shape a postwar political set- Syrian President Bashar al- til this year, dissidents, liberal dare to criticize the new re- through by Prince Moham- In a recent night, a park
tlement in Syria at a summit Assad. In contrast, Ankara has and conservative, felt rela- gime, even in private. med, the kingdom has decided was buzzing with young Sau-
Wednesday with the leaders of supported rebel groups seeking tively free to speak to foreign “The detentions have cre- to allow women to drive. The dis browsing food trucks and
Turkey and Iran in Sochi. to oust Mr. Assad, as well as journalists, sometimes criti- ated a climate of fear, so as to powers of the religious police knickknack stalls. Women
Russian state television deploying forces inside Syria. cizing important government prevent people from discuss- have been curbed, the segre- walked with their heads un-
showed Mr. Putin greeting Ira- The three have found com- policies. Senior clerics made ing what is going on in the gation of sexes is not enforced covered as techno music
nian President Hassan Rouhani mon ground in recent months, their often-controversial opin- country,” said Saudi academic as rigidly as before, and the blared from a tent offering
and Turkish President Recep backing negotiations and ions public on social media, as Madawi al-Rasheed, a visiting government is staging con- mobile-phone plans.
Tayyip Erdogan. agreeing on “de-escalation did senior members of the professor at the London certs and performances that “What is happening now is
Mr. Putin said Syria was zones” in Syria. Moscow has House of Saud. Nothing of the School of Economics. would have been unthinkable very tangible changes, ones
entering a “postconflict period” taken on a dominant role in kind was possible in the Prince Mohammed’s sup- a few years ago. that affect your day-to-day
that would require a long-term mediating, overshadowing U.N. U.A.E., Qatar or Oman. porters argue that such a All that is popular among life,” said Omar Hussein, a 31-
reconstruction effort. talks. That era has ended now, forceful approach is needed to Saudi Arabia’s youth, the ma- year-old Saudi YouTube celeb-
Russia, Iran and Turkey —Nathan Hodge with Prince Mohammed’s re- break up the power of reli- jority of the kingdom’s popu- rity who now stars in a Saudi
cent moves to consolidate gious conservatives, and to lation. Few ordinary young TV show.
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Brad Arkin Kfir Godrich Brad Rable
Adobe BlackRock Inc. Stewart Information Services Corporation
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ARRIS International Plc Allstate Insurance Company MrOwl
Atish Banerjea Zack Hicks Ashwin Rangan
Facebook Toyota Motor North America, Inc. ICANN
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21st Century Fox HCL Technologies Limited Fortune Brands Home & Security Inc.
Anil Cheriyan Elena Kvochko Sri Shivananda
SunTrust Banks, Inc. Barclays Bank Plc Paypal
Jack Clare Madelyn Lankton Mark Sims
Dunkin Brands Group Inc. The Travelers Companies, Inc. The Scotts Miracle-Gro Company
David Colville Jim Lott Sukhvinder Singh
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Equinox Workday H.I.G. Capital
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Cisco Systems, Inc. Mastercard UPC Insurance
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AARP Target McCormick & Company Inc.
Ann Dozier Vincent Melvin Graeme Thompson
Southern Glazer's Wine & Spirits Arrow Electronics, Inc. Informatica
Dana Drysdale Ross Meyercord Andrew Timm
SJW Group Salesforce, Inc. PTC
Paul Eddy Todd Miner Atticus Tysen
Wellmark Inc. Yelp Intuit Inc.
John Engates Shamim Mohammad Raja Ukil
Rackspace CarMax, Inc. Wipro Ltd
Liv Fiksdahl Gregory Morrison Vic Verma
DNB ASA Cox Enterprises Inc. International Flavors & Fragrances Inc.
Marc Frons Krishna Nathan Edward Wagoner
News Corporation S&P Global, Inc. Jones Lang Lasalle Inc.
Martha Gallo Leslie Ottolenghi Philip Wiser
AIG Caesars Entertainment Corp. Hearst Corporation
Sonny Garg Tom Pageler Angela Yochem
Uptake Neustar Rent-A-Center, Inc.
Rob Gaudette Mike Parisi Sigal Zarmi
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WORLD NEWS
Mladic Found Guilty of Balkan Genocide

BY DREW HINSHAW cades to find, investigate and
AND LAURENCE NORMAN try Mladic, who was arrested
in 2011 after a 14-year pursuit.
In the summer of 1995, as The trial took four years and
war rumbled across the for- included almost 600 witnesses
mer Yugoslavia, a brawny of the Bosnian events.
general from the Bosnian Serb Mladic, who sat in court to
army approached a crowd of hear the verdict, began
fearful civilians and assured shouting an hour and a half
them they would be bused to in: “Everything is a lie!” Offi-
a peaceful town controlled by cers removed him from the
DIMITAR DILKOFF/AGENCE FRANCE-PRESSE/GETTY IMAGES

fellow Muslims. Gen. Ratko court.
Mladic’s soldiers passed out The judge found Mladic to
candy to the children hud- be directly involved in and re-
dling near the eastern Bos- sponsible for Srebrenica, as
nian town of Srebrenica. well as for the shelling and
Hours later, his troops be- terrorizing of the people of
gan lining up and executing Sarajevo during the long and
roughly 8,000 boys and men— bloody siege of the city, now
some at gunpoint, others by Bosnia’s capital.
grenade—in what became He was “so instrumental to
known as the Srebrenica mas- the commission of the crimes
sacre, the worst killing on Eu- that without them the crimes
ropean soil since World War would not have been commit-
II. ted as they were,” said Judge
On Wednesday, a panel of Alphons Orie of Mladic’s in-
judges in The Hague sen- Victims’ relatives react to the life sentence handed the former Serb general by the International Criminal Tribunal in the Netherlands. volvement in the Srebrenica
tenced Mladic to life in prison killings. About 140,000 people
after finding him guilty on 10 manity and war crimes during verdict expected by the tribu- warlords in collapsing states today resonates from Syria to died in the Bosnian conflict.
of 11 counts, including for the Bosnian war. nal—signals an end to a 22- could be brought to interna- Congo. Nearly half of the dead were
genocide, crimes against hu- The ruling—the last major year quest to show that even tional justice, a question that It took more than two de- Bosnian Muslims.
U.K.’s Reward for Brexit Concessions May Be Meager

BY LAURENCE NORMAN will be ready to adopt guide- hard border on the island of the EU’s opening positions on pean governments both want
lines for future trade talks Ireland following Brexit, those the transition and future trade to provide certainty as soon as
OWEN HUMPHREYS/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.K. Prime Minister Theresa even if they say in December discussions were rudimentary. talks are likely to be. possible about what happens
May appears ready to offer that enough progress has been The EU27 held three semi- On the transition, EU offi- after March 2019—preferably
politically painful concessions made on the major divorce is- nars looking at future ties, cials and diplomats say the by the spring, officials say.
to the European Union in com- sues. diplomats said, but that work bloc has limited room for flex- That suggests largely sticking
ing days to advance Brexit ne- At the last EU summit in has now been frozen. The ibility to relax the obligations to current rules.
gotiations, but October, leaders of Britain’s 27 seminars were essentially an Britain currently has as an EU In a speech in Brussels on
ANALYSIS the eventual re- EU counterparts ordered offi- exercise taking a look at member, including respecting Monday, chief EU negotiator
ward for doing cials to start “internal prepa- agreements the EU already has decisions of the European Michel Barnier fleshed out his
so—moving talks ratory discussions.” The idea with other third countries that Court of Justice, paying its thinking of what a future trade
onto the future trade relation- was that the bloc would be are nonmembers, such as Nor- membership fee and allowing deal would—and wouldn’t—al-
ship and a post-Brexit transi- ready in the new year to start way, Canada and Switzerland. free movement of people. The low.
tion—may prove meager. negotiations on future ties if European officials say it U.K. will be a rule-taker after He said Britain “will lose
EU officials are setting out sufficient progress was made isn’t clear if EU leaders will its March 2019 exit, losing its the benefits of the single mar-
tough principles for shaping a on divorce issues. These in- adopt formal guidelines for vote on EU decisions. ket” of goods and services
future trade relationship, sig- clude citizens’ rights, the EU’s the talks in December. The There may be some carve- once a transition is over, say-
naling Britain may have to ap- financial settlement demands chances they will do so are U.K. Prime Minister May is out allowing Britain not to ap- ing that is the “legal reality”
ply broad swaths of European and the Irish border issue. better if Britain offers conces- trying to advance Brexit talks. ply new post-Brexit EU laws, once Britain decides to curtail
rules and standards to gain However, with Britain and sions on the financial settle- “but only if those bits of legis- free movement of people and
privileged access to the single the EU still bogged down in ment and Ireland well ahead tions, since the EU27 are still lation have no material im- disregard EU court rulings.
market. There appears to be talks on how much of its past of the Dec 14-15 summit. But waiting for London to spell pact” on the key rules of the He suggested there was lit-
little flexibility for Britain to spending promises Britain is even so, it isn’t guaranteed. out what it wants as part of a EU single market, said Simon tle willingness to agree to
escape the full force of EU prepared to stand by after Even if they do agree on deep and special future rela- Tilford, deputy director of the Mrs. May’s appeal for a deal
rules during a transition pe- leaving and how to assuage guidelines, these may offer tionship. Center for European Reform. on financial services, saying
riod after it leaves the EU, and Irish demands for greater clar- only a set of fleshed-out prin- EU officials have been It isn’t just a question of that in this sector, too, “Brexit
it isn’t clear that EU leaders ity on avoiding the return of a ciples, not detailed prescrip- sketching out ideas on what willingness. British and Euro- means Brexit.”
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A12 | Friday, November 24, 2017 * * THE WALL STREET JOURNAL.
WORLD NEWS
Mugabe’s Reign Soaked Economy Lighting

At Night
Lengthy term of as land held as collateral for
Worse Off
Zimbabwe’s ex-leader Zimbabweans are poorer today
fed reversal of fortune than they were in 2000...
because of lower production in
agriculture and other industries
...especially in major exports like
tobacco.
loans was rendered largely
worthless.
“The biggest of the govern-
Has a
in Africa’s breadbasket GDP per capita*
$4,000 Zimbabwe
Agriculture as a share of GDP
25%
Tobacco production
250 thousand metric tons
ment’s faults is that they took
the land off the market. That
market value used to support
Dark Side
BY MATINA STEVIS-GRIDNEFF Sub-Saharan Africa loans and businesses,” said BY ROBERT LEE HOTZ
20 200 John Robertson, a Harare-
3,000
Zimbabwe, one of Africa’s based economist. Global night light is getting
most resource-rich nations, 15 150 That will be no easy matter bigger and brighter, blotting
suffered a steep economic de- 2,000 to reverse, but taming the out the stars of the Milky Way
10 Zimbabwe 100
cline under the decadeslong country’s leviathan state ap- for one-third of humankind,
1,000 Sub-Saharan Africa
rule of Robert Mugabe, and his 5 50 paratus may well prove even according to a new study of
successor will face an arduous harder, Mr. Robertson sug- federal satellite data measur-
task in reviving the economy. 0 0 0 gested. ing outdoor lighting.
Unlike most other sub-Saha- 1990 ’00 ’08 ’10 ’12 ’14 ’16 1990 2000 2010 1980 ’90 2000 ’10 Citing official labor-force Spurred by a shift to more
ran Africans, Zimbabweans are data, he said some one million energy-efficient illumination
considerably poorer today than The failing economy has led to growing numbers …and the risk of hyperinflation is always near. people were in full-time em- in many areas, artificial night
they were some three decades of undernourished people… ployment in the 1990s, 10% in lighting world-wide has been
ago, according to the World government jobs. Today, only expanding steadily, with po-
Undernourished people† Implied inflation‡
Bank and other agencies, with 800,000 are fully employed in tential consequences for hu-
fewer people employed and 8% 150% the formal economy, and man health, wildlife and foli-
more people going hungry. 300,000 of them work for the age, scientists led by the GFZ
Once considered Africa’s 6 100 state. Separately, an additional German Research Center for
breadbasket for its productive 200,000 people are war veter- Geosciences in Potsdam re-
agricultural sector, Zimbabwe 4 50 ans and others receiving state ported Wednesday in the jour-
is now the 22nd-poorest na- pensions. nal Science Advances.
tion in the world, according to 2 0 Government wages and sal- “Earth’s night is getting
International Monetary Fund aries consumed nearly 70% of brighter,” said study lead au-
data. Millions of its citizens 0 –50 state revenue last year, the thor Christopher Kyba, a phys-
have emigrated in search of 2017
IMF said, a share about three icist at the GFZ German Re-
2001 ’05 ’10 ’15
work after a cycle of crises times the average on the con- search Center who studies the
*Purchasing-power parity †Three-year moving average ‡Rate calculated using Old Mutual Share price in London and Harare and
stoked an inflation rate that purchasing-power parity
tinent. That could make cut- ecological impact of light.
peaked in 2008 at 79.6 billion Sources: World Bank (GDP, agriculture); Zimbabwe Tobacco Industry and Marketing Board (tobacco); Food and Agriculture Organization of the ting public spending a tall or- By their calculations, artifi-
percent. United Nations (undernourished); BMI Research, Bloomberg (inflation) THE WALL STREET JOURNAL. der for Mr. Mugabe’s cial outdoor lighting world-
The country’s economy is successor. wide grew in both area and in-
again on a precipice. With the from when Robert Mugabe and one of its only net grain The approach triggered a col- An IMF bailout could be tensity by 2.2% a year between
budget deficit ballooning to took its helm in 1980, ending exporters, according to the lapse in economic output. By one option for Zimbabwe, but 2012 and 2016. They took ad-
10% of gross domestic prod- white-minority rule after years Food and Agriculture Organi- the early 2000s, production it can be requested only once vantage of data collected by
uct, U.S. dollars—Zimbabwe’s of armed struggle amid wide- zation, a United Nations body. of tobacco, the country’s top the government clears arrears an orbital sensor normally
effective currency—are in such spread jubilation. His first 15 A growing manufacturing base export, had begun to plummet totalling some $9 billion with used by the National Oceanic
scarce circulation that people years in power were broadly and an increasingly healthy in the wake of the land mea- the World Bank, the African and Atmospheric Administra-
have begun sleeping outside reformist, characterized by and better-educated popula- sures, and it still hasn’t fully Development Bank and the Eu- tion to track cloud patterns
banks. consensus building and large tion showcased the country’s recovered. ropean Investment Bank. Any for weather forecasts. The
“Macroeconomic stability is investments in education and economic ascent. As the ramifications of the such arrangement would also
threatened by high govern- infrastructure. In those years But in the late 1990s, Mr. land redistribution and gross require Zimbabwe to agree to
ment spending, the foreign-ex- the economy continued to ex- Mugabe launched a set of new government overspending a raft of painful policy reforms
change regime is untenable, pand. policies to nationalize and re- worked through the economy, and negotiate debt restructur-
Experts worry that
and the pace of reform inade- By the mid-1990s, when distribute land—ostensibly to child mortality skyrocketed ing with its lenders. overexposure to night-
quate,” said Gene Leon, the many other African nations correct colonial-era inequali- and life expectancy plummeted “There’s not a government
IMF’s Zimbabwe mission chief. were grappling with famine ties that benefited white amid an HIV/AIDS pandemic. on Earth that can claim it has
time lighting can
The country’s stubborn and conflict, Zimbabwe was farmers—and to greatly in- Millions became poorer. The more power than the market,” adversely affect health.
state of economic emergency the second-most-industrialized crease state-funded payouts land program also tore Mr. Robertson said. “We need
marks a spectacular decline nation in sub-Saharan Africa to his political constituency. through bank balance sheets to fix what we did wrong.”
sensor is sensitive to many of
Caution Trumps Celebration in Ex-Leader’s Village the same wavelengths of light

as the human eye.
The data reveal that the
area encompassed by outdoor
BY GABRIELE STEINHAUSER 1980, the name topping the lighting expanded throughout
GABRIELE STEINHAUSER/THE WALL STREET JOURNAL
AND BERNARD MPOFU ticket won’t be one of their own, Asia, Africa and South Amer-
but Emmerson Mnangagwa, Mr. ica. Also, the radiance of
KUTAMA, Zimbabwe—Far Mugabe’s former vice president, night-time lighting in the
from the streets of Harare, who was set to be sworn in on world’s most well-lit regions,
where thousands loudly wel- Friday to serve out the rest of including the U.S., Italy, the
comed their incoming president his term. The president stepped Netherlands and Spain, has
on Wednesday, Robert Mugabe’s down after a military takeover become even more blinding.
home village clung to its silence. of his government and impeach- Only in countries racked by
The wild celebrations that ment proceedings initiated by armed conflicts, such as Syria
rocked Zimbabwe’s cities and his own party. and Yemen, did the night
spontaneous outbursts of an- On Thursday, an official lighting dim.
ger against Mr. Mugabe, who from Mr. Mugabe’s ruling Until recently, it was mostly
resigned on Tuesday after 37 ZANU-PF party said the presi- astronomers and naturalists
years in power, haven’t Some Kutama residents hope Robert Mugabe will return to his hometown after leaving the presidency. dent was assured he wouldn’t who complained about the
reached Kutama, a small col- be prosecuted if he resigned, vanishing night sky. For much
lection of homesteads about an meager gains relied entirely on pital and police station. But lieve this is where the 93-year- the Associated Press reported. of the world, it no longer gets
hour’s drive from the capital. the patronage of its most unemployment is high and old will soon come to retire. Within hours of tanks rolling dark enough for the human
While many Zimbabweans prominent resident. most of its inhabitants poor, Across the road, a small row into the capital last week, Zim- eye to adjust to night vision,
declared Tuesday their new In- “We have no problem with surviving on subsistence farm- of shops marks Kutama’s main babwe’s state media switched experts said.
dependence Day, proudly giv- the president. What for? We ing or money sent back by rel- market square, where shared from defending Mr. Mugabe to But now public-health ex-
ing their names to reporters are very grateful for our presi- atives in the city. taxi buses await their passen- hailing Mr. Mnangagwa, his perts worry that overexposure
when attacking Mr. Mugabe’s dent,” a graying man on a bicy- For years, Mr. Mugabe has gers and police in a large cam- military-backed successor. to nighttime lighting can ad-
legacy, people here still weigh cle said. “We are even planning visited most weekends; con- ouflage tent register voters for Broadcaster ZBC carried a versely affect human health
their words carefully—a legacy a party to welcome him home.” crete walls and iron fences next year’s elections. story on Zvishavane—the vil- and well-being, with studies
of years lived in fear of the se- Unlike other villages of its block the view of his private For the first time since lage where Mr. Mnangagwa linking it to the risk of depres-
cret police in a village whose size, Kutama has its own hos- compound. Some villagers be- white-minority rule ended in was born. sion, obesity and cancer.
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IN DEPTH
KILLER Life in the Shadows

1999—Timur Makhauri fights
commander, Mr. Basayev, re-
ceived a load of explosives
from a truck driven from
Georgia into Russia. The ship-
rated the story. Givi Targama-
dze, the former chairman of
the defense and security com-
mittee of the Georgian Parlia-
Continued from Page One Russian soldiers trying to re-es- ment blew up, killing him and ment, said Georgian authori-
Moscow’s bid to reassert con- tablish Moscow’s control over much of the rebel leadership. ties knew about Mr.
trol. With a stalemate on the Chechnya. Retreating to the Mr. Makhauri, it was rumored, Makhauri’s meeting with FSB
battlefront between Russian- mountains, Mr. Makhauri serves had planted a booby trap in officers and that the opera-
backed rebels and the govern- under Chechen rebel com- the truck. tion was carried out to ascer-
ment, Moscow and Kiev ap- mander Shamil Basayev. In the interview in Kiev, Mr. tain whom Russian intelli-
pear to have turned to Makhauri denied involvement gence services were targeting.
contract killings to settle 2002—Mr. Makhauri relocates in Mr. Basayev’s death, and The court didn’t convict
scores and winnow the ranks to Georgia where he continues said that Russia’s security ser- Mr. Makhauri but didn’t re-
of commanders in the war, to help insurgents fighting Rus- vices were behind the rumors. lease him either for four years
Western diplomats say. sia. “So many times they shot me, as it cited various procedural
Most of those killings have blew me up and did every- hold ups. Finally, Mr.
been carried out far from the 2006—Mr. Makhauri works for thing they could to kill me,” Makhauri was acquitted on
almost daily volleys of artil- Georgian secret services, meets he said. “So they tarnished my lack of evidence in 2016, his
lery in eastern Ukraine, turn- with a Russian agent who had name.” lawyer in Istanbul, Dursun
ing Kiev into a hotbed of spies been sent to kill him. The Robert Schaefer, a retired Uçar, said.
and hit men. agent, successfully turned by U.S. Special Forces officer who A picture of him with his
Victims have included the Georgia, becomes a public rela- helped train Georgian troops wife in Istanbul shows he had
head of a Ukrainian special tions coup for the anti-Russian in the early 2000s, said in an grown a beard to his chest,
KYIV OPERATIV
forces unit, Maksim Shapoval, president at the time, Mikheil interview that Moscow often and she wore a traditional
who was blown up in his car Saakashvili. tried to disrupt rebels by sow- head scarf. But soon he
at an intersection in downing phony reports of turncoats trimmed his beard and moved
town Kiev in June, and a for- July 10, 2006—Mr. Basayev is in their midst. But he added to Ukraine, where he found
mer Russian prosecutor and killed when a truckload of Timur Makhauri is placed under arrest in Kiev. that many defeated rebels work with a volunteer battal-
parliament member, Denis weapons blows up. Because Mr. needed work and the money ion fighting Russian-backed
Voronenkov, who had recently Makhauri was coordinating lo- killing in Turkey. Syria and a compass. for paid hits overtook consid- rebels in the east of the coun-
fled to Kiev for protection and gistics, some Chechens believe erations of loyalty or friend- try.
was shot dead on a chestnut he was behind the death. 2012—Mr. Makhauri leaves 2016—Mr. Makhauri is acquitted ship. Mr. Makhauri said he spent
tree-lined boulevard in March. Georgia and meets an agent in Turkey. He moves to Ukraine, They may have become sol- little time on the actual battle
There have also been mys- 2009—A bomb packed with from Russia’s Federal Security where the former Georgian diers for patriotic reasons, but front. Instead he stayed
terious attacks in rebel-held nuts and bolts explodes outside Service in Istanbul, bartering president, Mr. Saakashvili, is in- “soon they start going down mostly in Kiev on the lookout
areas, where a mix of civilians Mr. Makhauri’s apartment build- over the price of killing three involved in politics. this spiral of what had been for agents sent by Moscow. In
and pro-Russian soldiers in- ing. Miraculously, he survives dividuals. Mr. Makhauri later legitimate special operations January, he said, he noticed
habit the shelled-out remains the blast with a few scrapes. said he taped the meeting in a February 2017—Mr. Makhauri into wet work that they never that he himself was being fol-
of the country’s industrial Georgians blame Russia. ruse to glean information from is arrested in Kiev and charged thought they would have been lowed, and in February he was
heartland. One rebel com- Moscow. with illegal possession of weap- involved in earlier,” Mr. arrested by police in the cen-
mander, Mikhail Tolstykh, was 2009—Chechen rebel envoy Ali ons. Schaefer said. tral market for possession of
killed by a rocket fired into Osaev is killed outside his 2012—While passing through Many former Chechen reb- his handguns, a Glock and a
his office in the provincial city home in Istanbul. Mr. Makhauri, passport control at Istanbul’s Sept. 8, 2017—Mr. Makhauri is els ultimately left Georgia, de- Stechkin automatic pistol.
of Donetsk in February. An- who said he was friends with Ataturk Airport, Mr. Makhauri is killed by a bomb hidden in the camping to Turkey with their In the interview, Mr.
other, Arsen Pavlov, was killed Mr. Osaev, is later tried for the detained carrying a map of armrest of a friend’s car. families, while others went to Makhauri said he suspected
last year by a bomb planted in Syria to join jihadist groups that Russian agents were
his elevator. fighting the Russian-backed looking for him in Ukraine,
The conflict in eastern government of Bashar al- but that there was no other
Ukraine erupted in 2014 after Assad. Mr. Makhauri said in country for him to go to. “Ev-
protesters in Kiev toppled a his interview in Kiev that he erywhere is dangerous,” he
Russia-friendly president and also began spending time in said.
established a pro-Western Turkey, and in 2012 also vis- When he was released from
government. Moscow invaded ited Syria for three months jail in April after he pleaded
and annexed the country’s Cri- “just to see the situation.” guilty to illegal firearms pos-
mea peninsula. At the height In Turkey, Mr. Makhauri’s session, he told friends that
of fighting, the country’s in- name was tied to mysterious he sensed he was still being
dustrial east was awash with killings that made it hard to followed—by whom he wasn’t
fighters of all stripes, from shake suspicions that he was a sure.
SERGEY DOLZHENKO/EPA/SHUTTERSTOCK
Ukrainian nationalists to pro- double agent. The victims, all Early in September, Mr.
Kremlin soldiers of fortune to former Chechen fighters, were Makhauri had coffee at a cafe
bored men and women from gunned down either on the
post-Soviet backwaters look- street or near their homes be-
ing for adventure. tween 2008 and 2011.
In Kiev, many of the trig- In 2012, Mr. Makhauri was
Moscow and Kiev
germen appear to be freelanc- passing through passport con- appear to have turned
ers, moonlighting from their trol in the airport in Istanbul
jobs in the Ukrainian armed when Turkish police arrested
to contract killings to
forces or police, say law-en- him, later charging him with settle scores.
forcement officials and West- A bomb in the arm rest of this car set off by remote control killed Timur Makhauri in Kiev. murder. At trial, prosecutors
ern diplomats. cast him as a possible double
Valentyn Nalyvaichenko, agent, and presented lurid ev-
former head of the Ukraine in- cials in Georgia, where he he never had the chance be- cused Georgia of funding idence of Mr. Makhauri’s in the center of Kiev and ac-
telligence services, said in an worked for several years with cause he, like others his age, Chechen rebels in their fight meetings with agents from cepted a ride from a friend
interview the mix has been the state security service, con- was caught up in the region’s against Russia—something the Russia’s Federal Security Ser- who was driving her daughter
made more murderous by for- firmed parts of his story, as two wars for independence Georgian government offi- vice, or FSB. home, according to police. The
eign mercenaries who recog- did Ukrainian government of- from Moscow. He said he cially denies. A key piece of evidence was car pulled out of an under-
nize Ukraine as a new place to ficials who investigated his joined rebellion full-time in But Zurab Maisuradze, who a videotape, shot by Mr. ground garage and stood in
ply their trade. past. 1999. ran Georgia’s antiterrorism Makhauri himself through a rush-hour traffic. Police say
Earlier this year, a man Mr. Makhauri came to Most of his classmates center, acknowledged in an in- camera concealed in the but- Mr. Makhauri was riding in
posing as a French journalist Ukraine, he said, to hunt down were wiped out early in the terview that he took Mr. ton of his shirt, of one meet- the passenger seat, likely
in Kiev invited a battalion the agents Moscow sent to war when Russian troops Makhauri under his wing. He ing in which he bargained leaning toward the center of
commander to an interview, eliminate opponents abroad. stormed the Chechen capital, said he arranged for the with a Russian agent over the the vehicle when a bomb det-
then allegedly shot him. The “I know who to look for he said. For several years, he young Chechen to receive two price of killing three men who onated in the arm rest, rip-
attempted hit went awry and to stop them before they said, he fought in the moun- Georgian passports—one in had fallen out of favor with ping off his arm and part of
when the victim’s wife pulled do anything,” he said from un- tains in the southern reaches the name of Ruslan Papaskiri Moscow. Speaking over a his torso and killing him in-
a gun of her own out of her der a mop of long black hair, of the province, staging hit- and another made out to lunch in Istanbul, Mr. stantly.
purse and fired back, dis- speaking politely in a vernacu- and-run attacks on Russian Timur Makhauri. Makhauri poked at a plate of The bomb, which police say
abling him with two shots. lar Russian that earned him forces and ambushing supply Mr. Maisuradze called Mr. fish as he asked for $1 million likely weighed about two kilo-
She herself was gunned down the nickname “Zone,” refer- convoys. Makhauri “a great Georgian per head, but then settled for grams and was set off by re-
and killed four months later. ring to someone from a penal He gained the trust of patriot” always willing to un- half that for the first hit. mote control, was fashioned
Even amid this mayhem, colony. “There is a small num- Chechen field commander dertake a mission against the “This work is something to direct its blast against the
Mr. Makhauri’s career stands ber who do this kind of thing.” Shamil Basayev, who was no- Russians, whom they saw as a I’ve always dreamed of,” he passenger, although it maimed
out. In a monotone, Mr. Kremlin spokesman Dmitry torious inside Russia for plan- common enemy. In 2006, Mr. said in a reedy monotone. the driver. Her daughter
Makhauri described his path Peskov denied Mr. Makhauri’s ning grisly hostage-taking op- Makhauri proved his loyalty, “Like films about hunters and wasn’t seriously hurt.
from Chechnya, where he al- accusations that Moscow erations, according to a fellow he said, when the Chechen the hunted.” Ukraine’s Interior Ministry
lied himself with rebels for in- sends hired guns to Kiev to do Chechen fighter interviewed agreed to meet a Russian In the jailhouse in Kiev, Mr. spokesman, Artem
dependence from Russia; to away with opponents. “This is by phone. agent who was sent to Tbilisi Makhauri said that the trial Shevchenko, issued a state-
Georgia, whose side he fought the first time we hear that,” As rebel losses mounted, to kill him. The Georgians against him and the videotape ment after the blast that a
on during its brief war with he said. Mr. Basayev decided Mr. eventually flipped the agent to were all a farce. He held the motive for the killing hasn’t
Moscow in 2008; to Syria, Mr. Makhauri said he was Makhauri was too valuable to work for their side, he said. meeting, he said, on behalf of been determined. But he
where Russian-speaking jihad- dealt his career by accident. lose and ordered him back to But in the fog of spy in- the Georgian security services noted that Mr. Makhauri was
ists flocked to fight against He said he was born in Georgia to ferry supplies for trigue, rumors began to circu- to lure the Russian agent into “known quite well in the crim-
Russia’s interests, many under Grozny, Chechnya, in 1978 and the fight inside Chechnya, the late that Mr. Makhauri was an embarrassing situation and inal world.”
the flag of Islamic State. For- although he had wanted to fighter said. working for the Russians, too. perhaps recruit him. Former —Natalie Gryvnyak in Kiev
mer Chechen rebels and offi- study piano as a young man The Kremlin has long ac- In 2006, the Chechen rebel Georgian authorities corrobo- contributed to this article.
DRINK don’t see it becoming the next

bourbon.”
Last year, U.S. absinthe sales
were 42% lower than in 2008—
mand. Customers who favor it
tend to be in their early 20s,
she said. She usually warns
guests requesting it that she is
former chemist, who played a
key role in getting the spirit re-
authorized in the U.S., said the
compound is a convulsant, but
Continued from Page One the first full year the spirit was about to burn most of the alco- studies that he co-wrote
Bartenders weren’t crazy reauthorized—according to re- hol out of the drink, but she showed absinthe contains only
about the drink’s elaborate search firm IWSR. Absinthe ex- doesn’t try to dissuade them a trace amount, even in pre-ban
serving ritual, which involves perts say they don’t believe the further. “They just want to get varieties.
pouring a measure of absinthe numbers fully reflect a market smashed,” she said. “The sage in your Thanksgiv-
into a glass and balancing a mostly composed of small local Absinthe’s herbal ingredi- ing stuffing will give you more
DAVID MARCELIS/THE WALL STREET JOURNAL
sugar cube on a slotted spoon players, but they acknowledge ents, which include grand thujone than any normal ab-
on the rim. Ice water is then overall sales are indeed likely to wormwood, green anise and sinthe,” the Wormwood Soci-
dripped through the sugar from be lower than a decade ago. fennel, may be part of the prob- ety’s Mr. Robinson said.
a specially made decanter Brian Robinson of the lem. William Elliott, bar direc- Mr. Breaux said the resur-
called a “fountain” to dilute the Wormwood Society, a nonprofit tor at Maison Premiere in Wil- gence of classic cocktails has
drink—most absinthes are focused on dispelling myths liamsburg, Brooklyn, said anise helped the sales of absinthe. He
about 120 proof. about the spirit, said bars are isn’t a flavor many Americans said the Savoy Cocktail Book, a
“The guests weren’t always mostly to blame for lagging are familiar with. “All over the 1930 publication that serves as
super into it,” said Dave Kaplan, sales. The Virginia financial ad- world, it’s a major component many bartenders’ bible, fea-
one of the founders of the bar viser said that out of the 200- in baking, confections and alco- tures dozens of drinks that call
Death & Co in New York’s East plus places where he has tried hol,” he said. “Only America has for absinthe.
Village, who said the excitement absinthe, “maybe three or four this big childhood problem of Bartender Hali Barnett serves absinthe at Lovecraft in New York. Mr. Elliott, the bar director
only lasted about six months. A of them served it properly. disliking the flavor.” at Maison Premiere, said he is
big turnoff was absinthe’s Maybe you only dilute it one to In France, while the flavor is Ohio, said he first wanted to try drunk,” he said. introducing absinthe to patrons
strong anise taste, which is sim- one, or you serve it straight, or popular, drinkers have mostly absinthe after watching “Eu- Absinthe was originally be- by using it in a broad range of
ilar to black licorice. “Most of you set it on fire—nobody likes moved on to a similar-tasting roTrip,” a 2004 comedy featur- lieved to be psychedelic, and cocktails where it is the domi-
the time,” Mr. Kaplan said, “the that because it doesn’t taste spirit—pastis. Even though ab- ing a group of American teen- toxic, because of thujone, a nant ingredient.
drinks would go unfinished.” good.” sinthe is for sale again in agers crisscrossing Europe. compound found in grand “We have an absinthe piña
Bartender Tyson Buhler said The fire-setting ritual origi- France, few there are switching Shortly after downing shots of wormwood—or Artemisia ab- colada on the menu,” he said.
instead of a fountain service, nated in the Czech Republic. back. “It’s easy to lose a taste absinthe in a Bratislava night- sinthium, after which the spirit When the drink was introduced
Death & Co now offers a jug of Many Americans had their first for something that hasn’t been club, some characters see a is named—but also in many about five years ago, “I was
sweetened water for customers experience with absinthe in around for a century,” said green fairy—as the spirit is of- other herbs, including sage and sort of rolling my eyes,” he
to pour as they please. Even so, Prague bars in the 1990s. Marc Thuillier, a Frenchman ten called—flying around them. oregano. said. Today, it is one of Maison
he said most customers first try Hali Barnett, a bartender at who runs two websites about “It wasn’t the same,” Mr. It is a myth that thujone is Premiere’s most popular. “You
the extremely high-proof drink Lovecraft in the East Village, absinthe. King said, after he bought a hallucinogenic, said Ted Breaux, have to tempt people to enjoy
neat. “It’s a jarring experience said her bar offers the fire rit- Jeremy King, a 30-year-old bottle and tried it at home. All an absinthe distiller and something that they haven’t
for a lot of people,” he said. “I ual mostly due to popular de- firefighter from Lakewood, absinthe did was “get you really founder of Jade Liqueurs. The historically enjoyed,” he said.
A13A | Friday, November 24, 2017 NY * **** THE WALL STREET JOURNAL.
GREATER NEW YORK

Parade Viewers Endure Cold, Extra Security N.Y. Hotel
Millions gathered in Will Lose
Its Trump
Manhattan to watch
Macy’s Thanksgiving
Moniker
Day extravaganza
BY JOSH BARBANEL
BY CHRIS KIRKHAM
Beneath a thick blanket of
security, the Macy’s Thanksgiv- The Trump name will no
ing Day Parade stepped off on longer adorn a lower Manhat-
Thursday morning in Manhat- tan hotel once considered a
tan in an annual ritual of inno- jewel in the family’s interna-
cence and commercial branding. tional real-estate portfolio.
At a time of national political The Trump Organization
and social squabbles and rising said it is ending its manage-
fears of terrorist attacks, the ment and licensing agreement
parade marched to its own tra- with the owners of the Trump
ditional drumbeat, with its SoHo Hotel by the end of the
bands, clowns, floats, glitter, year. A statement released
PETER FOLEY FOR THE WALL STREET JOURNAL (3)
confetti and 17 giant helium- Wednesday by the Trump Or-

filled balloons. ganization called the deal a
Security has been tightened “buyout of the remaining
in each of the past few parades term” of the agreement with
and was more intensive than CIM Group, a California real-
ever this year, the police said, estate investment firm.
following a deadly Halloween Neither the Trump Organi-
attack by an alleged terrorist zation nor CIM Group re-
who drove a rental truck at sponded to requests for addi-
high speed down a Manhattan tional information.
bike lane taking aim at cyclists President Donald Trump
and pedestrians. first announced plans for the
Two police helicopters hov- Trump SoHo on his television
ered above the parade route, as Olaf, a snowman from Disney’s animated feature ‘Frozen,’ was one of the new characters to join clowns, cheerleaders and other attractions. show “The Apprentice” in
trucks filled with sand and 2006, and he and his family
other large vehicles blocked helped market the property.
many intersections throughout The luxury property opened
the area. Heavily armed officers in 2010 as a 391-unit condo-
stood up and down nearby minium-hotel, but the devel-
streets. Spotters and sharp- opers, the Sapir Organization
shooters were posted high on and Bayrock Group, struggled
neighboring buildings. to sell enough units to keep
Even a once-casual occasion the property afloat, The Wall
Wednesday evening, when by- Street Journal previously re-
standers witnessed the filling of ported. CIM Group, a lender to
the balloons on the West Side, the original developers, took
was turned into a hardened, control of the project in 2014
protected event. after a foreclosure auction.
But inside the cocoon of pa- Trump Hotels, a part of the
rade security on Thanksgiving Trump Organization led by
Day, millions of people, some Mr. Trump’s adult sons, Don-
who had to wait for many hours ald Jr. and Eric, had no own-
in the cold, cheered as the pa- ment officers came by and told ple participated in the parade, ership interest in the hotel.
rade moved down from Central them the area was being closed not counting the police, includ- Student Performers Spirit of America Produc- The Trump Organization li-
Park West to Sixth Avenue and off for security. So they went ing dancers, cheerleaders, tions, a private company, pro- censed its name and managed
on to Macy’s flagship store in back to their hotel on the West Broadway performers, celebri- Enjoy Fleeting Fame vides the performances with- the hotel as part of an agree-
Herald Square, a distance of 2½ Side to warm up, then returned ties and Macy’s employees. out charge to Macy’s after ment with the owners.
miles. to find a perch on Sixth Avenue Danielle Erdogan, a Warwick, bringing the young dancers to
Brenda Cook, who is 68 just below Central Park. They R.I., Macy’s supervisor, boarded It may not be Broadway. New York, said Laura Davis, a
years old, and her husband said they were chilled but a bus at 2 a.m. and arrived in But for 1,200 girls, and a few Spirit co-owner who has
Dundas Winn, 70, came to New happy to be there. New York in the early morning boys, who came to dance and worked on the performances
Soho hotel is popular
York this week from their home The parade included 17 gi- hours. She carried a basket of flash pompoms, performing at for 32 years. among athletes but
in Mount Vernon, Wash., north ant balloons, with characters plastic cranberries and marched the Macy’s Thanksgiving Day Spirit selects participants
of Seattle, to experience from cartoons and video- alongside a float for the cran- Parade is close enough. from dance and cheerleading
some have said they
Thanksgiving in New York. games. The tallest was a new berry cooperative Ocean Spray. Marching in the parade competitions, summer training won’t stay there.
They got up at 4 a.m. and balloon, showing a 60-foot It featured an 18-foot tall turkey along Sixth Avenue in front of programs and via two-minute
took up a position in Columbus high version of Olaf, a snow- and goose and 400 oversize cheering crowds, with the taped auditions.
Circle by 5:30, sitting on a yel- man from the animated fea- cranberries. bands, floats and big balloons, The efforts culminate in a
low plastic suitcase they had ture “Frozen” released by Dis- Like other participants and is a peak moment in the young fleeting moment of fame—90- Eric Danziger, chief execu-
found in the street and wheeled ney in 2013. There was also a viewers, she said she wasn’t lives of many of the high- second performances broad- tive of Trump Hotels, said the
with them. new balloon of Chase, a police afraid for her safety. “I know school students from around cast across the country in company has “truly enjoyed
“We came for the parade,” pup from the animated televi- what these guys, the NYPD do,” the country who converge on front of Macy’s flagship store our relationship” with CIM
Ms. Cook said. sion series PAW Patrol. she said. “I know they know Manhattan each Thanksgiving. on West 34th Street. Group, adding “we look for-
But New York Police Depart- In all, more than 8,000 peo- how to make us safe.” ward to exploring new oppor-
tunities in the future.”
Bill Doak, a CIM Group ex-
Penn Station’s Glory Days Inspire Campaign for Its Future ecutive, said that “under the
seasoned management of the
Trump Organization, the hotel
has been established as one of
BY PAUL BERGER the current station. the finest in New York City,
In June, The Empire State with recognition among top
Campaigners are stepping Development Corporation critics.”
up their fight to restore New opened a $300 million con- Some Trump hotel proper-
York Penn Station to its former course for Long Island Rail ties have done well since Mr.
grandeur. Road commuters under Eighth Trump, a Republican, was
Armed with an artist’s ren- Avenue. The concourse is the elected in 2016. The Trump In-
derings of soaring Corinthian first phase of a $1.9 billion ternational Hotel in Washing-
columns and platforms bathed project to transform the James ton, D.C., a favorite among vis-
in natural light, the National A. Farley Post Office Building iting diplomats, outperformed
JEFF STIKEMAN FOR REBUILD PENN STATION
Civic Art Society has launched into a skylit train hall for Am- expectations this year on prof-
an advertising campaign across trak and Long Island Rail Road its and daily rates, according
NJ Transit trains and stations. passengers. It is expected to to federal documents.
The Washington, D.C.-based open in 2020. But there are signs that the
society, which promotes art New York state also plans to Trump name hasn’t been good
and architecture, is calling for overhaul Penn Station’s main for business elsewhere. The
construction of an improved Long Island Rail Road con- Trump International Hotel and
version of the early 20th cen- course and to redesign its two Tower in Toronto dropped the
tury station that was knocked subway stations on the Eighth Trump name earlier this year.
down in 1963 to make way for Avenue and Broadway—Sev- Koi, the flagship restaurant
Madison Square Garden and enth Avenue lines. at the Trump SoHo, closed
the subterranean station that Advocates say it would cost up to $3.5 billion to build a version of the early 20th century station. Mr. Shubow said those proj- earlier this year, though a new
commuters tolerate today. ects don’t go far enough. restaurant, Spring & Varick,
Volunteers at Penn Station “We think that something cause it requires relocating Each weekday, the station Neither Stephen Gardner, opened in its place earlier this
are also handing out leaflets to has to happen with Penn Sta- Madison Square Garden, but handles about 600,000 passen- Amtrak’s executive vice presi- month. The hotel had been
New Jersey, Amtrak and Long tion,” said Justin Shubow, the also because the station is gers. dent for public affairs, nor a popular among professional
Island Rail Road passengers. executive director of Rebuild owned by Amtrak and operated A massive renovation of the spokeswoman for NJ Transit athletes, but some, including
The campaign estimates the Penn Station. in different sections by Am- Penn Station complex is al- commented on the idea of re- Cleveland Cavaliers star Le-
project would cost up to $3.5 Redeveloping Penn Station trak, the Long Island Rail Road ready under way, but it is building the original Penn Sta- Bron James, have said they
billion. is complicated not only be- and NJ Transit. mostly taking place outside of tion. won’t stay in the hotel.
THE WALL STREET JOURNAL. * * NY Friday, November 24, 2017 | A13B
GREATER NEW YORK
THAN YOU EVER

MARK SHELBY PERRY
A scene from Company XIV’s ‘Nutcracker Rouge,’ which features some performers in a state of undress.
THOUGHT POSSIBLE
Holiday Shows Move Our members charter to major destinations worldwide and
enjoy never-before-seen low pricing, guaranteed availability,
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New York producers push the envelope with some offerings

BY CHARLES PASSY a seasonal show that is Nutcracker,” another version NEW YORK SOUTH FLORIDA FROM $1,990
billed as “combining of the classic ballet—in this
W NEW YORK CHICAGO FROM $3,980

hen it comes to hol- women’s rights and humor.” case, with a contemporary
iday entertainment, A sample song from the lat- sensibility, replete with an
New Yorkers have ter: “Have Yourself a Merry onstage DJ. NEW YORK LOS ANGELES FROM $7,950
no shortage of safe choices, Little Wage Gap.” The show bowed in New
from the “Radio City Christ-
mas Spectacular” to the New
Perhaps the club’s most
popular show in this tradi-
York and New Jersey three
years ago and has since taken
AND MANY OTHER POPULAR ROUTES
York City Ballet’s production tion is the “Joe Iconis to the road, with a tour
of “George Balanchine’s ‘The Christmas Extravaganza,” an schedule this season that en-
“Nutcracker.’” anything-goes affair orga- compasses more than 25 halls CALL US TODAY
Or they can catch Company
XIV’s “Nutcracker Rouge,” an
nized by the composer-lyri-
cist. An inebriated Mr. and
across the country. In the
metro area, it will be seen at
+1 (866) 980-2758
adults-only version of the fa- Mrs. Claus usually put in an New Jersey Performing Arts
miliar children’s appearance. Center, the Newark venue
FOOD & tale. It blends that produces the national
J
CULTURE ballet, circus, ennifer Ashley Tepper, tour, plus the Kings Theatre
theater, opera creative and program- in Brooklyn and the United
and burlesque ming director of Fein- Palace in upper Manhattan. USE PROMO CODE JS17
and features some performers stein’s/54 Below, says alter- Sometimes a “new” twist
in “a state of undress,” as native holiday shows are on a classic turns out to be
Company XIV founder and di- finding their niche because an old one, however.
rector/choreographer Austin audiences are getting tired That is the case with a
McCormick puts it. of the sugarcoated classics, one-man production of “A Purchase of membership is required. JetSmarter offers a number of programs including private charters, for
which JetSmarter acts solely as your agent in arranging the flight, and Public Charters, for which JetSmarter
The five-year-old produc- especially in our snark-filled Christmas Carol,” based on acts as principal in buying and reselling the air transportation. JetSmarter does not own or operate any
tion, now being staged at era. the Charles Dickens story, aircraft. All flights are performed by FAA-licensed and DOT-registered air carriers. Prices displayed above are
Company XIV’s new 200-seat that is set to play at a Chel- for a select number of seats on a custom shared flight. Additional restrictions may apply.
theater in Brooklyn’s Bush- sea townhome starting Nov.
wick neighborhood, is prov- 30.
ing to be a success story.
The tweaking of
T
Tickets are already 75% sold tradition is moving he show, produced by
for the current run, which the Origin Theatre
ends in mid-January.
into the realm of the Company, uses a little-
“It’s become the sexy, performing arts. known script that was devel-
date-night” holiday experi- oped by Dickens as a perfor-
ence, said Mr. McCormick. mance vehicle for himself. It
Company XIV isn’t alone calls for one person to play
in pushing the envelope “The Christmas season all the characters in the
when it comes to seasonal isn’t just let’s sing ‘O Holy story, from Ebenezer
fare. A number of presenters Night,’” she said. Scrooge to Bob Cratchit.
and producers are putting Of course, the idea of So while the production
their own spins on tradition making fun of the holidays may be a somewhat unfa-
as well. isn’t entirely new. It has miliar take on the holiday Join The Wall Street Journal’s editors at our
The Midtown Manhattan been a part of popular cul- story, it is just as Dickens
cabaret venue Feinstein’s/54 ture for decades, be it in the envisioned it, says Elmore breakfast series to discuss the future with
Below has a variety of holi- form of movies like “Home James, the actor who will the leaders who are shaping it.
day shows slated for Decem- Alone” or songs like be behind the new staging.
ber, including several with “Grandma Got Run Over by a No updating or other
an off-center sensibility. Reindeer.” tweaking is necessary, he
Offerings include “A Well- But now, this tweaking of adds.
Strung Christmas,” with a tradition is moving into the After all, said, Mr. James,
string quartet playing holi- realm of the performing arts. “It’s one of the most beauti-
day songs, or “Bitch Carols,” Consider “The Hip Hop ful stories ever written.”
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A14 | Friday, November 24, 2017 NY THE WALL STREET JOURNAL.
LIFE&ARTS TELEVISION REVIEW | By John Anderson
‘Mrs. Maisel’: Not So Kosher

WATCHING the relentlessly cheery, reflexively
funny, fabulously fashionable Miriam “Midge”
Maisel organize everyone’s life during the
early moments of “The Marvelous Mrs. Mai-
sel,” I started to sense a certain obsessive-
compulsive pathology behind all the ruthless
domestic efficiency.
“How would you describe her?” I asked
out loud, meaning psychologically.
“Not Jewish,” said a viewing companion.
It’s no small point. Almost everything
about “The Marvelous Mrs. Maisel” concerns
the Jewishness of its characters. Everything
wrong about “The Marvelous Mrs. Maisel,”
developed by “Gilmore Girls” creator Amy
Sherman-Palladino and starring the very
wonderful Rachel Brosnahan, is about the ap-
propriation of an ethnicity—and a commu-
nity, and a historical moment—by people who
don’t seem to have had a cultural clue. There
are great one-liners, endearing performances
and a visually opulent representation of New
York in the nascent “Mad Men” era. But the
world of the show simply doesn’t make
sense.
Exhibit A is Midge, who exists in a color-co-
ordinated universe of plum-colored gloves and
matching hats, lives in an apartment the size
AMAZON PRIME VIDEO

of the old Penn Station, and has finally suc-
ceeded in getting the rabbi to come for Yom
Kippur dinner. It’s such a coup that even her
butcher knows about it—the butcher who’s Rachel Brosnahan, center, as
busy selling pork chops to another customer. Miriam ‘Midge’ Maisel.
Pork chops? It’s 1958 on the Upper West Side
and she doesn’t have a kosher butcher?
What seems like a setup for a gag—the Westchester. Her mother, Rose (Marin Hinkle), 1943—and put to work in his sweatshop. already have Lenny Bruce in a patrol car
pork, maybe, will be fed to the rabbi?—goes greets the news of the separation with the Whether it was even possible to extract Jews outside. Midge’s career as a transgressive
nowhere. Which isn’t a shanda, necessarily, kind of highly refined hysteria that belongs to from ’43 Germany seems dubious, but so is artist and possible First Amendment icon is
but it’s certainly a mistake, one of many another species entirely. Who are these peo- the eye-rolling of Abe that greets Moishe’s under way. So is her partnership with Susie,
that taxi through the story of Mrs. Maisel, ple? The actors don’t seem to know either. Holocaust story. It’s only 1958—too soon for who knows genius when she sees it topless.
who is herself a misfire—not in terms of Ms. For all its valuable lessons about Midge’s jokes about being bored by the Holocaust. Ms. Brosnahan is, again, delightful. “Mrs.
Brosnahan’s often electric comedic impulse, liberation, “The Marvelous Mrs. Maisel” (epi- Joel has his own dream, of being a Maisel” is breathlessly paced, the set design
but in background and identity. Midge is liv- sode 1 is already available to Amazon Prime standup comedian; Midge, ever-supportive, is sumptuous and there are certain perform-
ing a well-manicured bourgeois dream, until users; all eight of season 1 become available gets him better start times at the renowned ers, like Caroline Aaron as Joel’s mother,
her husband, Joel (Michael Zegen), says he’s Wednesday) undercuts its humor by availing Gaslight Café by using her brisket to bribe who deliver genuine, believable portrayals of
leaving her for his secretary, at which point itself of a specific milieu without paying any the manager. Club fixture Susie (the causti- familiar-seeming people. It’s a shame,
she careens from upper-middle-class con- attention to the specifics. Or, for that matter, cally funny Alex Borstein) looks askance at though, that the people who would most ap-
tentment to a career as a Lenny Bruce-style its own narrative: Midge’s father-in-law, the the whole Maisel family shtick, but her tune preciate the show will spend more time
comic; Lenny Bruce, played by Luke Kirby, is rag-trade vulgarian Moishe Maisel (Kevin Pol- will change: In the wake of Joel’s departure, scratching their heads than laughing, as
even a recurring character early on. lak), keeps his sweatshop open on Yom Kip- Midge knocks back too much kosher wine, ”Mrs. M” repeatedly topples off the comedic
But how did she get here? She may be Bryn pur so his gentiles don’t lose any money—or stumbles down to the Gaslight, up onto its knife edge it so eagerly wants to walk.
Mawr-educated, but she’s the daughter of a so he says in episode 1. Then, in episode 2, he stage and delivers an improvised, stream-of-
math professor at Columbia, Abe Weissman boasts over dinner with the Weissmans about consciousness rant that kills, and ends with The Marvelous Mrs. Maisel
(Tony Shalhoub), not a plastic surgeon from the 13 Jews from Germany he brought over in her flashing her breasts. Enter the cops, who Wednesday, Amazon
Gary Oldman,
GLO
BAL
SPO center, stars
NSO
R
as Winston
Churchill.
FOCUS FEATURES
FILM REVIEW | By Joe Morgenstern
ECCENTRIC, MAGNETIC
LEADERSHIP
THE FIRST GLIMPSE we get of Winston grungy offices, narrow corridors and under-
Churchill in “Darkest Hour” doesn’t flatter ground bunkers. That’s where policy is be-
him, and isn’t meant to. He’s an unkempt ing devised, and where Churchill’s uncer-
old man in pajamas and a pink bathrobe, sit- tainties and doubts are exposed to the dim
ting in bed, cigar in mouth, with a breakfast light of night. Should Britain fight to the
tray that includes wine and a newspaper bitter end, as he believes with all his heart
whose pages have been ironed flat by a du- and most of his soul, or should the govern-
tiful servant. “He’s a man, like any other,” ment explore peace talks with the devouring
his wife says dryly, trying to reassure a new monster in Berlin, as Neville Chamberlain
and nervous secretary. and his allies in appeasement insist?
But he isn’t. He’s the man who will shortly The film succeeds at the elusive task of
become prime minister, the man who, more portraying Churchill’s spiritual and political
than any other, will set his nation’s course isolation as Europe is engulfed. With the wis-
during the early days of World War II, when dom of hindsight we know that negotiations
Hitler’s war machine seems unstoppable and with Hitler would have been futile, as well as
a Nazi invasion of Britain imminent. And suicidal, and that Churchill advocated the
Gary Oldman, who plays Churchill, isn’t an only correct path. It’s moving, then, to see
actor like any other. At once formidable and him struggling with himself, before anyone
self-effacing, he has inhabited and ignited an else. And it’s surprising, though the filmmak-
extraordinary assortment of roles, from Sid ers claim they’re on firm factual ground, to
OPENS TONIGHT Vicious of the Sex Pistols to John le Carré’s
George Smiley. He’s superb in this one, a
be told that it was Churchill who initiated
Operation Dynamo, the civilian flotilla that
study in eccentric but magnetic leadership, evacuated Allied troops from Dunkirk.
and in masterly acting. A word about appearance, as it relates to
Much of Churchill’s audible authority re- essence. Richly satisfying as Mr. Oldman’s
sides in the percussive words, and soaring performance is, he wasn’t born, as the
November 24 through December 31 sentences, of his formal oratory. Mr. Old-
man’s interpretations of the great man’s
phrase has it, to play the role. He doesn’t
have a pudgy face, and he isn’t a corpulent
speeches elevate this film, which was di- man of 65, as Churchill was at the beginning
rected by Joe Wright from a screenplay by of World War II. Enter Kazuhiro Tsuji, the
Anthony McCarten. Churchill also does spon- legendary prosthetic designer and makeup
VIP Sweet Seats Available taneous battle with his political rivals in Par- artist. Old-age makeup can wreck a film if it
nycballet.com / 212-496-0600 liament during a succession of debates that isn’t done well; see Billy Crystal’s “Mr. Sat-
are shamelessly overwrought, as staged by urday Night.” Mr. Tsuji’s transformation of
Mr. Wright, though enjoyable all the same. Gary Oldman’s physiognomy is subtle, since
Yet most of “Darkest Hour” plays out in Please see FILM page A15
LIFE & ARTS

THEATER REVIEW
A Grown-Up ‘Peter Pan’

Tapping into its ambiguous, disturbing and surreal aspects
entwines herself in his arms. roles really are variations of
BY EDWARD ROTHSTEIN
She is a mother who, in this each other, and that so much
reimagining, clearly once had of adulthood involves role-
THOSE OF US who can recall an experience with Peter like play. Peter Pan, frightened by
a black-and-white televised Wendy is about to have. In playing out a parental fantasy
Mary Martin, as Peter Pan, fact, so haunted is Mrs. Dar- with Wendy as mother, wants
being held aloft by a visible ling by her Never-Land past reassurance: “It is only pre-
wire in the now-classic musi- that she reproduces it in sex- tend, isn’t it, that I am their
cal might assume that J.M. ual fantasies with Mr. Darling father?” The reassurance may
Barrie’s original play (first (Mr. Tucker), who obligingly be that so much of the real is
staged in 1904) was also wears green tights and a also pretend—or we would
about children—and for them green felt hat. As for Wendy like it to be, which is why we
as well. Barrie, after all, came (Kelley Curran, vulnerable and envy children.
to maturity in the late Victo- commanding), she lies fully
rian era as new forms of chil- atop Peter when reattaching Peter Pan
dren’s literature arose. And his severed shadow, her posi- Bedlam, The Duke on 42nd
Barrie himself noted that his tion not really one associated Street, 229 W. 42nd St., $39-
JEREMY DANIEL
play was an attempt to evoke with darning. $99, 646-223-3010, through
the sensibility of childhood. This erotic notion, though, Dec. 23.
Credit the theater com- is inconsistently applied,
pany Bedlam, then, with rec- since Peter is later portrayed Mr. Rothstein is the
ognizing that the original as a contemporary child, ig- Journal’s Critic-at-Large. Zuzanna Szadkowski and Brad Heberlee in Bedlam’s production of ‘Peter Pan.’
work is far more ambiguous, noring Wendy so he can play
disturbing and surreal than videogames. But there might
it might seem, that despite have been intriguing results
drawing on children’s adven- had the theme been followed
ture stories (about pirates,
Indians, sea creatures, or
magical lands far, far away)
through, particularly since
an unsettling erotic under-
current shapes the original
“A MUST-SEE
and despite its title charac- play as well. Mr. Darling ulti-
ter, whose name has now be-
come associated with a re-
fusal to relinquish childhood,
“Peter Pan” is really about
adults—their longing for
It is really about
adults—their longing
CLASSIC ”
HOLIDAY CLASSIC! WE LIVE ENTERTAINMENT
that receding world as they

struggle with demands that
for the receding
Peter perversely avoids. world of childhood
Bedlam has been ac-
claimed since its founding in
2012 for rethinking classic
stagecraft. Actors play multi- mately confines himself to a
ple roles. And the drama is dog kennel. And the charac-
stripped of accouterments to ters in Never-Land—the pi-
lay bare its empathic essence. rates, the Indians (edited out
The company has presented in deference to contempo-
such plays as Shaw’s “Saint rary sensitivities), the mer-
Joan” and Shakespeare’s maids—indulge in abduction
“Hamlet” and now, under the and are possessed by obses-
direction of Eric Tucker, one sion. Barrie himself, who in
of the founders and the com- ordinary life engaged in
pany’s artistic director, it has some peculiar behavior—in-
distilled Barrie’s cast of 25 cluding perhaps deliberately
actors down to six, who altering a dead friend’s will
morph into multiple roles in order to become guardian
(and even into each other) as to her five children (for
this continuous hour-and-40- whom he had written this
minute show unfolds. play)—clearly knew some-
It isn’t really a performance
of the play; it is a remaking of
thing about these matters.
But this production takes
“IT CAN’T HELP BUT
it, set as if in a tacky subur- some of the play’s more subtle WARM YOUR HEART
HEART.”
ban backyard with an inflated aspects—the way, for example, – SUSAN WLOSZCZYNA,
pool (design by John McDer- the father figure is embodied
mott), and punctuated by mu- not only by Mr. Darling but
sic from sources including a Hook and Peter—and makes
“UPBEAT SATISFYING.
SATISFYING...
UPBEAT AND SATISFYING
spaghetti western, “Citizen
Kane” and Mozart. It also rad-
them literal. It bluntly ensures
we see how similar various
IN PERFECT ACCORD WITH CHRISTMAS ITSELF.”
– GARY GOLDSTEIN,
ically reorganizes the text, so events are, even repeating the
it is not really for children at opening domestic dialogue
all. Unfortunately, the result is throughout the play, spoken “A MAGICAL JOURNEY INTO
more interesting to think by varying characters. The
about than to experience in point is driven home when it
THEE STORY-BEHIND-THE-STORY
STORY BEHIND THE
real time.
The most important trans-
might have instead insinuated
itself.
OF A CHRISTMAS CAROL.”
– NEIL POND,
formation is that Barrie’s play- We are also meant to be
ful allusions to Peter Pan’s unsettled. Wendy’s sibling
sexual innocence—Peter John is personified by the
doesn’t know what a kiss is hulking, portly Edmund
and assumes it is a thimble Lewis; her youngest brother,
Wendy gives him—are here Michael, is played by Susan-
put aside: Pan, living up to his nah Millonzi as a kind of
name (and mercurially rei- magical sprite. In practice,
magined by Brad Heberlee), though, much turns tedious.
has some of the sensual long- In order to get what is hap-
ing of a nonchild and even in- pening, we have to keep the
spires erotic fantasies in Mrs. original steadily in mind.
Darling (intriguingly portrayed Perhaps one point of Bed-
by Zuzanna Szadkowski), who lam’s remake is that these
DAN CHRISTOPHER JONATHAN

STEVENS PLUMMER PRYCE
FOCUS FEATURES
Lily James as Elizabeth Layton and Gary Oldman as Churchill.
FILM
of Churchill, as the movie has
it, that “he mobilized the
English language and sent it
into battle.” It was Edward R.
Continued from page A14 Murrow, and he said it in
his facial prosthesis moves 1954, almost a decade after
and even seems to breathe in the end of the war.
a lifelike way, yet so com- Those are small matters,
plete as to be unnoticeable. though, in a film that informs,
Another few words about and even inspires, while it en-
derailment and misappropria- tertains. Lily James is quietly
tion. “Darkest Hour” goes touching as Elizabeth Layton,
temporarily off the rails when the secretary Churchill tries,
Churchill ventures into the and fails, to tyrannize. Kristin
Underground to learn what Scott Thomas is fine as Win-
ordinary Britons think he
should do. The sequence is
ston’s loving, long-suffering
wife, Clementine. “I’m getting
Based on the inspiring true story.
THEMATIC ELEMENTS
effective, in a cheesy, manipu- the job,” he tells her early on, AND SOME MILD
LANGUAGE.
lative way, but also ludicrous when he seems certain to ©2017 BLEECKER STREET MEDIA, LLC. ALL RIGHTS RESERVED.
in its synthetic feel-good take over from Chamberlain,

echoes of Frank Capra. And “because the ship is sinking.”
shame on all concerned for That may have been so, but
misappropriating a great thanks in large measure to
phrase from a great Yank. It him the ship stayed defiantly CHECK LOCAL LISTINGS FOR THEATER LOCATIONS AND SHOWTIMES
wasn’t Chamberlain who said afloat.
SPORTS
COLLEGE FOOTBALL
The Only Rivalry That Matters

Other games this weekend are merely the undercard for the Iron Bowl, which has become the sport’s marquee annual matchup
BY ANDREW BEATON
AND BEN COHEN
We’d like to express our sincere

apologies to any fans of Michigan
and Ohio State, Florida and Florida
State, Ole Miss and Mississippi
State, Oklahoma and Texas, Wash-
ington and Washington State and
the dozens of other schools that
claim ownership of the best rivalry
in college football.
But it’s time to acknowledge
what the last decade has made
clear. There is no longer any de-
bate. The most important, most in-
sane and most just-about-every-
thing rivalry is Alabama versus
Auburn.
Here’s a brief list of the insanity
surrounding recent Iron Bowls:
There was the 2009 game when
Alabama needed a wild fourth-
quarter drive to stay undefeated
en route to its first national title
under Nick Saban. There was the
2010 game when Auburn had an
even wilder second-half comeback
on the road to its own national
championship behind a phenom
named Cam Newton. There was
the 2013 game that ended on the
single wildest play in the sport’s
history. All that happened in be-
tween was the statewide ruckus
that resulted from an Alabama fan
KEVIN C. COX/GETTY IMAGES

calling into a local radio show and
bragging about poisoning trees on
a hallowed part of Auburn’s cam-
pus that fans toilet-paper in cele-
bration of big wins.
But there is a better reason that
Alabama and Auburn’s annual ri-
valry game is unlike any other this
weekend. It really does matter the Alabama quarterback Jalen Hurts, right, tries to break a tackle by Auburn’s
most: The winner of the last 10
Iron Bowls, including this year’s,
Iron Fist Johnathan Ford during last year’s Iron Bowl. The Crimson Tide won 30-12.
How the winner of the Iron Bowl fared that season:
on the last weekend of the regular tween Michigan and Ohio State, years. But they were only exciting
season has positioned itself to win YEAR IRON BOWL WINNER RESULT for example, dates all the way back because Texas hasn’t exactly been
the national title. 2009 #2 Alabama 26-21 Beat Texas in National Championship to 1979. Bo Schembechler was worthy of the name Texas lately.
Auburn has won two of those 2010 #2 Auburn 28-27 Beat Oregon in National Championship coaching Michigan. Woody Hayes Notre Dame-USC actually had
Iron Bowls. The Tigers played for 2011 #2 Alabama 42-14 Beat LSU in National Championship had retired from Ohio State the some spice this year. Then again,
the national title in both seasons. 2012 #2 Alabama 49-0 Beat Notre Dame in National Championship year before. Harbaugh and Urban the high-point for these two teams
Alabama has won the other seven. 2013 #4 Auburn 34-28 Lost to Florida St. in National Championship Meyer weren’t coaches. They were lately was Notre Dame earning the
The Crimson Tide made the South- high-school students. right to be humiliated by Alabama
2014 #2 Alabama 55-44 Lost to Ohio St. in Sugar Bowl
eastern Conference title game, Col- Florida vs. Florida State hasn’t in the national championship.
lege Football Playoff or national 2015 #2 Alabama 29-13 Beat Clemson in National Championship been this irrelevant in more than a But the Iron Bowl is here to de-
championship every time. 2016 #1 Alabama 30-12 Lost to Clemson in National Championship half-century. The last time they liver again. It seems unlikely that
The last time mere bragging Source: Sports-Reference; WSJ met when both schools were under either team can afford to lose an-
rights were at stake in the Iron .500, as they are this year, was in other game and still win the na-
Bowl was 2007. That was Saban’s 1959. The winner of Saturday’s tional championship. Which means
first year back in college football. Auburn is surging and ranked No. only upset the No. 1 team in the game will have a claim to be the this is essentially the beginning of
It was so long ago that no one had 6 with a chance to play for the country, Georgia, earlier this fifth-best team in the state of Flor- a four-round College Football Play-
even bothered to notice that a SEC championship now. And no- month but actually beat them so ida—maybe. off for both teams.
quirky Stanford football coach body in Auburn’s Jordan-Hare Sta- badly that they’re now ahead of The Egg Bowl on Thursday was There’s only one theoretical
named Jim Harbaugh seemed to dium this weekend needs to be re- the Bulldogs in the rankings de- a fairly rotten matchup, too. The game this year that could possibly
have an odd fascination with khaki minded about the way that game spite having one more loss. only tension heading into the be more interesting than the Iron
pants. ended—with Chris Davis returning But let’s put this glorious 10- game was Ole Miss fans wondering Bowl. It would have the Crimson
The matchup on Saturday feels a missed field goal 109 yards as year run in context before what- if Mississippi State was secretly Tide playing the only team they
an awful lot like the classic they time expired in the most incredi- ever happens on Saturday over- behind the downfall of ousted might care about beating more
played in 2013. Alabama was unde- ble play most had ever seen. whelms any iota of perspective. coach Hugh Freeze. And it’s been than Auburn. That school also
feated and ranked No. 1 then; Ala- Alabama has the 11-0 record of And the easiest way to understand more than 50 years since either wears orange and also calls them-
bama is undefeated and ranked No. past Alabama teams, but injuries this golden age of the Iron Bowl is team won the SEC anyway. selves the Tigers and also has
1 now. Auburn was surging and to key players have left the Crim- to compare the rivalry with others. The Red River rivalry between played Alabama the last two sea-
ranked No. 4 with a chance to play son Tide more vulnerable than The list of nine games with Texas and Oklahoma produced sons: defending national champion
for the SEC championship then; usual. Auburn, meanwhile, not championship implications be- some exciting upsets in recent Clemson.
Weather The WSJ Daily Crossword | Edited by Mike Shenk

40s
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IT’S WHAT’S INSIDE THAT COUNTS | 10 “A Doll’s House” villains grin
By Matt Gaffney lead 48 See 57-Across
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OPINION
The Modern Epic of Denunciation BOOKSHELF | By Anna Mundow
By Crispin Sartwell because, if he wins, he will be of others. Every minute that Why is Mr. Trump waiting so Hard-Boiled
H
hung around their necks for Mr. Trump or Senator Y fails long to condemn the Hells An-
omer told the story of years. They will be called to produce the denunciation gels rally in Nowheresville?
ancient Greece in the
“Iliad,” Virgil of Rome
in the “Aeneid,” John Milton
of the fall of man in “Paradise
upon repeatedly to denounce
him, repudiate him, distance
themselves from him. Like
Odysseus, they will be on a
constitutes a new and trou-
bling development. But then
we have a question for Gov-
ernor Z: Does he condemn
The president hasn’t de-
nounced North Korea in the
past six hours: Does that sig-
nal a change in policy?
In California
Lost,” and Alexander Pope of long, difficult, epic journey. Mr. Trump’s failure to con- What the “Denunciad” de-
18th-century England in the Unlike the “Odyssey,” how- demn Person X’s remark? mands, rather, is a public
The Ross Macdonald Collection
“Dunciad.” If we had a poet of ever, their story will have no Why does he think Senator Y, performance of self-righ- Edited by Tom Nolan
that scope, he might well title end or point. an old friend, is taking so teousness—a moral dramati- (Library of America, 2,618 pages, $112.50)
O
his epic of contemporary long? How about Movie Star zation. The show is rigidly
America the “Denunciad.” A? Did he condemn the non- stylized, so the audience ver the past decade or so, the hard-boiled detective
We seem to have entered a The media drives the condemnation? knows what to expect. It’s a novel, once American to the core, has acquired a variety
period of nonstop mutual de- It’s a potentially endless contest to see who condemns of accents and identities. There are Scottish, Nordic and
nunciation. This is particu- story, but Americans circle. Every time someone in whom, first, hardest, and Japanese versions, for example, and a Russian series involving
larly useful to the media, are all caught up in public life slips up, out come with the most clichés. Sincer- a penguin. So widespread is the allure of the slouch hat and
which can fill pages and air- squads of reporters, not to ity is precluded or irrelevant, cigarette, the blonde and the bottle, that even “mainstream”
time with nonevents that re- the moral drama. cover the event, but to ask though some sort of simula- writers like John Banville and Thomas Pynchon have tried
porters and pundits invent every other findable famous tion of it is required. them on for size. Not that this is anything new. “There has
and then cover. It is useful, person whether he or she I ask in all seriousness: Is been so much of this sort of thing,” Raymond Chandler
too, in providing simple What mainly drives the will condemn it in exactly the this making anything better? complained in “The Simple Art of Murder” (1944), “that if a
moral guidelines by which a events of the “Denunciad,” as prescribed terms within the Is it making us better? Is it character in a detective story says, ‘Yeah,’ the author is auto-
person can establish superior the gods do the “Odyssey,” is permitted time frame—and doing anything to address any matically a Hammett imitator.”
virtue without having to do the media, which has discov- then whether they condemn substantive problem? Amer- Chandler went on to argue that Dashiell Hammett and his
anything. ered an endless fount of one another for failing the ica’s very own national epic, contemporaries had founded a literary movement when, in
People have quickly culti- news—a sort of fire hydrant test. like England’s “Dunciad,” the 1920s, they started to write “realistic mystery fiction.” He
vated the skill. It once took of youth. Suppose that Person This does strike me as a seems mostly to deliver les- was right. And some 70 years later, the Library of America
48 hours for a politician to X makes an inappropriate re- fairly new phenomenon, at sons about how concerned we proved the point by publishing
castigate a member of his mark, and you are a news di- least the thoroughness with are with keeping up appear- the major novels of Hammett
own party for ancient harass- rector charged with covering which it is now being prose- ances and establishing some and Chandler in superb hard-
ment or an untoward tweet. the story. By itself, it’s liable cuted. The people doing the sort of moral pecking order. cover omnibus editions.
Yet Democratic condemna- to fade pretty quickly, yet reporting—CNN is particu- Unlike Alexander Pope, how- Now comes the concluding
tions of Al Franken began there are 24 hours of live up- larly adamant about this—in- ever, the people composing volume of the LOA edition of a
flowing within minutes of the dates to fill. sist they are merely provid- the “Denunciad” can’t write third writer—many critics say
story’s breaking. It became a But there is hope: Did Pres- ing facts: It is an objective at all. the finest writer—of hard-boiled
sort of competition, a contest ident Trump denounce the re- truth that Mr. Trump hadn’t American detective fiction.
of moral appearances. Some mark by Person X? Did he do condemned Mr. Moore, or Mr. Sartwell teaches at “Four Later Novels” completes
even condemned Mr. Franken so quickly enough? Did he do that some senator hadn’t re- Dickinson College in Carlisle, “The Ross Macdonald Collec-
for his own condemnation of so in the rigidly mechanical pudiated Mr. Trump’s non- Pa. His most recent book is tion,” a three-volume set that
Harvey Weinstein. Well, who terms demanded? What about condemnation. “Entanglements: A System of also contains “Four Novels of the
demanded that scripted hy- Senator Y? Did he denounce it But, objectively speaking, Philosophy” (SUNY Press, 1950s” (2015) and “Three Novels
pocrisy from him in the first full-throatedly? Did he say, many other things didn’t hap- 2017). of the Early 1960s” (2016), all
place? verbatim, that “this is not who pen today either. Editors don’t scrupulously edited by Tom Nolan.
Pundits speculate that Re- we are as Americans”? pluck other non-occurrences Kimberley A. Strassel is (Mr. Nolan, the author of a biography of Mac-
publicans would prefer Roy Suddenly the first story has from the ether and then send away. donald, has been the crime-fiction columnist for this news-
Moore to lose his Senate race spawned an infinite number people out to cover them. paper since 1990.) As a gift for giving this holiday season,
the set is available in a glossy red-and-black slipcase—hand-
some, compact, and pleasing to handle.
An Egyptian Goes to Israel Admirers of Ross Macdonald (1915-83) will be gratified.

New readers will be astonished, first by the world that
Macdonald creates, so immediately present that Southern
HOUSES OF Thousands of But this story came to a in Israel, where his upper- Some continue to harbor a California seems to shimmer on the page. The novel “The
WORSHIP years ago, crushing end for most Jews in middle class parents had to bitterness that drives them to Underground Man” opens on “a bright September morning.
By Haisam Abraham and Arab lands in 1948, when work in construction to earn support Israel’s far-right par- The edges of the sky had a yellowish tinge like cheap paper
Hassanein Sarah went states like Yemen and Libya a living. Living in a land set- ties. “The Ashkenazim will darkening in the sunlight. There was no wind at all now, but
from Israel responded to the creation of tled and dominated by Euro- never understand the Arabs I could smell the inland desert and feel its heat.” Characters,
to Egypt. So the state of Israel by forcing pean Jews, or Ashkenazim, as we do,” a friend recalled however minor, also materialize with startling clarity—a
did Jacob and his sons. In my out their Jewish populations. they often felt denigrated by his grandmother’s admoni- motel clerk, for example, wearing “a string of fake pearls
lifetime, I have made the re- Since 2014, the Israeli govern- their Jewish brethren. “They tion. “They only know about dirtied by her neck”—while Macdonald’s protagonists,
verse journey, traveling from ment has designated Nov. did not know that we Egyp- the Holocaust.” including his recurring private detective Lew Archer, are
Egypt to Israel by way of the 30—the day in 1947 when the tians were more cultured, po- But today the landscape psychologically complex or elusive.
U.S. During my travels I United Nations voted to parti- lite, and not troublemakers,” has changed as Israeli society That kind of thing can sink a suspense narrative, but
quickly discovered that the tion Palestine into Jewish and he told me last year. becomes more inclusive. East- these novels are too tightly constructed to founder. Their
presence of the Jewish people Arab states—as the “Day to ern Jewish culture is honored. dovetailed plots turn elegantly, again and again, on identity:
in Arab lands did not end with Mark the Departure and Ex- Intermarriage between Ashke- lost, found or faked. “My mind had been haunted for years
the Exodus. pulsion of Jews from the Arab I was shocked to see a nazim and Mizrahim is a non- by an imaginary boy,” Macdonald wrote in a 1969 essay,
As a child in Egypt, my Countries and Iran.” issue. The Mizrahi Jew Avi “whom I recognized as the darker side of my own remem-
image of my Jewish country- When I attended graduate man speaking perfect Gabbay heads the Israeli La- bered boyhood. By his sixteenth year he had lived in fifty
men was shaped by the nu- school at Tel Aviv University, Iraqi Arabic—and bor Party, the current main houses and committed the sin of poverty in each of them.”
merous Egyptian television I befriended Egyptian Jews opposition party and historic (Destitution and abandonment haunted the life of Ross
dramas that depicted them as who were good, kindhearted therein lies a lesson. domain of Ashkenazi Jews go- Macdonald—born Kenneth Millar, in Los Gatos, Calif.—even
spies, thieves and fifth col- people. They invited me to ing back to the Zionist ideo- after success arrived. Here, as always, the Library of
umnists. I never knew any their Shabbat dinners, where logues of Europe. America’s chronology is invaluable.)
Jewish people personally. we ate delicious Egyptian Like many immigrant As a Muslim, I am acutely
Naturally it came as a shock dishes, shared our love of Ar- groups, Mizrahi Jews some- aware of the hundreds of
when, during my first visit to abic music and culture, and times felt the price of accep- thousands of Palestinian refu- In his series of novels narrated by private eye
Israel in 2014, I met a man discussed politics. I felt at tance was full assimilation, or gees who have been left to Lew Archer, Ross Macdonald explored the
who spoke to me in perfect home. abandoning their old culture. languish in camps for de-
Iraqi Arabic, laced generously In the heart of Tel Aviv I Many of the succeeding gen- cades, unwelcome in the lands mystery of identity—lost, found and fake.
with profanity. He introduced met Rachmo, a vivacious 73- erations do not speak Arabic of their Arab and Muslim
me to the concept of “Miz- year-old Egyptian Jew whose or observe their unique cus- neighbors. Most recently, Syr-
rahi Jews,” or those from the restaurant served falafel toms. One of my professors in ian refugees are isolated in This boy appears throughout Macdonald’s fiction, most
eastern lands. made of beans in the Egyp- Tel Aviv once said in class tent cities or face discrimina- memorably in “The Galton Case,” an autobiographical master-
For more than a thousand tian style, rather than the Is- that as a child of Iraqi immi- tion when they try to inte- piece that sets Lew Archer on the trail of a missing father and
years the Mizrahi Jews lived raeli-Levantine version made grants, he used to brag among grate into new countries. The a lost son. “The lawn was the color of the ink they use to print
and thrived in a wide swath of chickpeas. Still a proud his peers that his father spoke successful absorption of Jews the serial numbers on banknotes,” Archer observes of the
of land, from Morocco to In- Egyptian, he had mounted English and French. He never from eastern countries in Is- Galton estate, a world away from the dingy hotel where, later,
dia and Central Asia. Some pictures of the pyramids and mentioned Arabic. rael—across linguistic and a wine-softened blonde attests that her lover “never hurt
arrived in biblical times while the sphinx at the entrance of At the same time, Mizrahi cultural barriers—is a mod- nobody in his life. Except me, and you expect that from any
others came after their expul- his shop. Jews remember all too well ern-day success story that de- man.” Within a few pages Macdonald does what he does in
sion from Spain in 1492. Of- In perfect Egyptian Arabic, the discrimination they suf- serves to be remembered, cel- the other 10 Lew Archer novels collected here: He transforms
ten treated as second-class he described the trauma of fered in the old country. ebrated and emulated. conventional scenes into subtle revelations. In “The Far Side
citizens, they nonetheless cre- immigrating to Israel with his Many Iraqi and Morrocan of the Dollar,” for example, Archer contemplates a young
ated a culture as diverse and family at age 13. After escap- Jews in Israel were alive Mr. Hassanein is a fellow runaway, cornered: “I’d seen a hundred boys standing as he
distinctive as the places in ing persecution in Egypt, his when persecution was at its at the Washington Institute was standing against cars both hot and cold, on the curb of a
which they settled. family was placed in a camp worst in the 1940s and ’50s. for Near East Policy. street or the shoulder of a highway, while men in uniform
questioned them. The sound of the distant highway faintly
disturbed the edges of the silence I was listening to now.”
Rename a Brand, or Brand a Name? It could be an Edward Hopper painting. For Macdonald,
above all, makes us see: blood “tangled like tar” in a dead
woman’s hair; blue jays descending “like chunks of broken
By Gregg Opelka Curiously, one industry in Monty,” “Legally Blonde” and play about a Cockney flower sky”; men watching a wildfire “in waiting attitudes, as if by
‘W
which name rebranding is others all proudly proclaim girl and a phonetics fanatic, behaving modestly and discreetly they could make the fire
hat’s in a name?” fairly common is the Ameri- their origin. the original title “Pygmalion” stay up on the mountain and die there, like an unwanted
asks Shakespeare’s can musical theater. Most This wasn’t always the was deemed too obscure a god.” But this is not art for art’s sake. Every image serves to
love-struck heroine new musicals are adapted case. Only the most avid fans mythological reference. Exit draw us deeper into the flawed lives at the heart of his
Juliet Capulet. If you ask Vic- from a pre-existing, usually of Rodgers and Hammer- the enamored Greek sculptor, flawless mysteries. When a character in “The Far Side of the
tor Luis, chief executive officer successful, work—a novel, a stein’s groundbreaking 1943 enter “My Fair Lady,” of Lon- Dollar” asks Archer why a particular detail matters, he
of luxury retail brand Coach, stage play, a film, a television musical “Oklahoma!” know don Bridge nursery rhyme replies, “Because you can’t explode reality. Life hangs
the answer is “Plenty.” show. Rare indeed is the mu- the legendary tuner was fame. together in one piece. Everything is connected with every-
The company has an- sical that boasts an original based on Lynn Riggs’s 1930 Thornton Wilder himself thing else. The problem is to find the connections.”
nounced that beginning this Broadway play “Green Grow rebranded his original play In Mr. Nolan’s selection of novels—from “The Way Some
month it will do business the Lilacs.” Fewer still have “The Merchant of Yonkers,” People Die” of 1951 to “The Underground Man” of 1971—
under the new name Tapes- Some need facelifts. read it. Good thing Riggs re- remounting it years later un- Macdonald weaves together those threads and then unspools
try. The move, Mr. Luis Others ain’t broke ceived a healthy royalty for der the new name “The them; always deftly, never mechanically. And never losing
claims, better reflects the his contribution because Rod- Matchmaker.” Soon it re- sight of the innocents: the lost boy, the courageous girl, the
expanding company, which and don’t need fixin’. gers and Hammerstein’s “Sur- emerged as “Hello, Dolly!” haunted drifter, all making their way through “a world of
recently acquired shoe re- rey With the Fringe on Top” Jerry Herman’s instanta- treacherous little hustlers.” On that shifting terrain, his laby-
tailer Stuart Weitzman and (immortalized in their fa- neously world-famous song rinthine plots keep us in queasy suspense. But it is the sheer
Coach’s erstwhile rival Kate story, like the 2002 Tony- mous song) promptly drove was simply too infectious not beauty of Macdonald’s laconic style—with its seductive
Spade. Coach investors quickly winner “Urinetown.” Far Riggs’s delightful home-state to become the musical’s title. rhythms and elegant plainness—that holds us spellbound.
voiced their opinion of the re- more often creators of new homage into permanent box Hungarian playwright Ferenc “Hard-boiled,” “noir,” “mystery,” it doesn’t matter what you
christening, sending shares musicals seek to capitalize on office oblivion. Molnar’s play “Liliom” call it. Macdonald, with insolent grace, blows past the
lower by nearly 3% the day of the popularity of a recent fa- In the golden era of the whirled into Broadway his- barrier constructed by Dorothy Sayers between “the litera-
the announcement. miliar crowd-pleaser. While musical, renaming was the tory as “Carousel.” And when ture of escape” and “the literature of expression.” These
Such corporate name adapting from a successful norm. Ernst Lubitsch’s mem- Cole Porter decided to brush novels, triumphs of his literary alchemy, dare to be both.
changes aren’t uncommon, source is no guarantee of a orable film “The Shop up his Shakespeare, “The
but they often experience ini- hit, it does tilt the odds in Around the Corner” (itself Taming of the Shrew” turned Ms. Mundow writes the column “Crime and Punishment”
tial pushback from the public. your favor, a fact not lost on adapted from Miklós László’s into the tersely-titled tuner for the Barnes & Noble Review.
Steve Jobs’s 2007 decision to producers. 1937 Hungarian play “Par- “Kiss Me, Kate.”
shorten Apple Computer’s Lately, Broadway musicals fumerie”) became “She Loves Maybe someday someone
name was brilliant both for based on movies and TV Me,” named for a sprightly will turn the dictionary into a Coming in BOOKS this weekend
its succinctness and its accu- shows have tended to retain song from Jerry Bock and musical. They could call it The life of Richard Avedon • The wild side of Lou Reed
racy. On the other hand, the title of their source for Sheldon Harnick’s hit musi- “Alphabet.” • The Port Royal earthquake of 1692 • New fiction from
apart from Wall Street ana- one simple reason—it sells cal. When Alan Jay Lerner France • The madness of Ezra Pound • Democracy’s
lysts, who calls Google’s par- tickets. “The Addams Family,” and Frederick Loewe musical- Mr. Opelka is a musical crisis • The best director you’ve never heard of • & more
ent company Alphabet? “The Producers,” “The Full ized George Bernard Shaw’s theater composer-lyricist.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Trump’s Dubious Trust-Busting Science, the Courts and the Public’s Interest
D
oes President Trump’s right hand know The reality is that competition in media con- Roger Pielke Jr. is wrong when he many, which Merton wrote about in
what his left is doing? Despite the Ad- tent and distribution has intensified, and tradi- writes in “A Litigious Climate Threat- his “Science and the Social Order.”
ens Scientific Norms” (op-ed, Nov. 16) Were Merton alive today he would re-
ministration’s laudable regulatory roll- tional pay-for-TV distributors including cable
that climate scientist Michael Mann’s ject Mr. Pielke’s claim that science is
back, the Justice Department companies and DirectTV are defamation lawsuit against the Na- stronger when scientists must turn
on Monday intervened in the The assault on AT&T- losing customers. AT&T has 25 tional Review Online and the Competi- the other cheek to attacks on their
fast-evolving media and broad-
band markets with an antitrust
Time Warner seems to million video subscribers,
down half a million this year.
tive Enterprise Institute is “weakening
the norms that make science robust.”
character.
PETER J. FONTAINE
lawsuit to block AT&T’s acqui- be more about politics The largest cable companies Mr. Pielke characterizes Prof. Mann’s Philadelphia
sition of Time Warner. The boast fewer than 50 million lawsuit as an improper attempt to
lawsuit misconstrues markets
than antitrust law. customers. Acceleration in “settle” a scientific debate through le- Maybe Prof. Pielke is wrong. Maybe
and undermines the rule of cord-cutting is harming con- gal action, which Mr. Pielke claims de- the scientific community should actu-
law—whether or not it was in- tent producers like Time War- viates from Robert Merton’s scientific ally encourage the use of lawsuits to
spired by the White House. ner that charge cable companies per subscrip- norms. As one of the lawyers repre- settle scientific debates, especially
senting Mr. Mann, I can say confi- ones like climate change that have
i i i tion and sell ads based on viewership.
dently that nothing could be further been politicized.
Start with the fact that the AT&T-Time War- Increased competition is forcing innovation from the truth. It is surprising that his article
ner deal is a “vertical merger,” meaning that the and consolidation in business models. Deals be- Mr. Mann’s lawsuit doesn’t squelch doesn’t mention the infamous Scopes
two companies operate in distinct markets and tween broadband and mobile providers have re- scientific debate as his case isn’t Monkey Trial of 1925, when a prevail-
don’t directly compete. Time Warner is mainly cently been floated to attract more millennials, about science but rather the latest in- ing political view (fundamentalism)
a content producer. AT&T, which also owns Di- more than half of whom stream videos on their stallment in a smear campaign to de- argued its case against the teaching of
rectTV, is mainly a distributor. phones. T-Mobile is nipping at AT&T and luring stroy his reputation through verifiably an alternative science (evolution).
Justice last sued to block a vertical merger customers by offering free Netflix. false and malicious assertions of fact Weeks before the trial, the State of
under Section 7 of the Clayton Act in 1977 in AT&T like Comcast wants to purchase con- about his professional conduct. The Tennessee had passed the Butler Act,
United States v. Hammermill Paper Co. It lost. tent and use its ability to mine user data to bet- D.C. Court of Appeals affirmed Mr. which banned the teaching of evolu-
Unlike horizontal mergers of businesses that di- ter target ads at viewers. This could help the Mann’s right to proceed holding that tion as anti-religion.
“defamatory statements that are per- The trial focused the debate be-
rectly compete, the government in vertical combined company better compete with Google sonal attacks on an individual’s hon- tween competing theories. It was the
deals must marshal evidence to prove that ver- and Facebook, which already draw 60% of digi- esty and integrity . . . if false, do not first court proceeding to be carried
tically integrated companies would reduce com- tal ad revenues in the U.S. More ad revenues enjoy constitutional protection and live on radio. It pitted the most promi-
petition and harm consumers. could also allow AT&T to reduce its prices, may be actionable.” Nor do Merton’s nent advocates directly against one
In many of the two dozen or so vertical which could impel rivals to follow. All of this scientific norms prevent scientists, another. And it drew the lines between
mergers since 1977 in which the government would make the market more competitive and like all free people, from defending the two sides starkly and compellingly.
has raised antitrust concerns, Justice negoti- offer consumers more choices. their good name through the courts if In the end, the public won. Now an-
ated a settlement imposing behavioral remedies i i i necessary. Mr. Pielke’s invitation to other scientific debate is preoccupying
to blunt speculative anti-competitive effects. So why is Justice rolling out dubious anti- muzzle scientists confronting ad ho- our national conversation. Perhaps it
That includes its 2011 approval of NBCU’s trust theories? Our guess is the populist poli- minem fallacies under the guise of is time for another “monkey trial,”
“scientific debate” would strike a this time between global warming and
merger with Comcast in which it barred the ca- tics on the left and right. Conservatives hate
grievous blow at the institution of sci- its deniers. Sometimes science is
ble giant from withholding its content from CNN, which Time Warner owns, and liberals ence by chilling free inquiry and served best when it ventures beyond
competitors. Justice hasn’t said that the Com- hate big business in general. Mr. Trump, in his thought, the bedrock of a vibrant sci- its norms.
cast restrictions were insufficient to curb anti- shoot-from-the-lip fashion, said in October entific community. This notion is as JON FOX
trust abuses, but it won’t entertain such limits 2016 when the deal was proposed that he’d try true today as it was in 1937 Nazi Ger- Linwood, N.J.
for AT&T and Time Warner. to block it. Thirteen Democratic Senators in-
Justice’s odd antitrust theory is that AT&T cluding Elizabeth Warren, Al Franken and Ber-
“would use its control over Time Warner’s valu- nie Sanders in January wrote a letter to AT&T
able and highly popular networks to hinder its CEO Randall Stephenson and Time Warner Small Businesses Embrace ‘Good Enough’ Tax
rivals.” Supposedly AT&T would threaten to CEO Jeffrey Bewkes fretting about the “consol-
withhold Time Warner content from its diverse idation in the telecommunications and media Regarding your editorial “A Solu- the oh-so-tired talking-point rheto-
tion for Ron Johnson” (Nov. 17): The ric—“this is a bill for the rich” or
competitors to force them to pay more. Distrib- industries.”
Senate tax bill’s 17.4% small-business “this is a bill that is a scam”—and
utors who don’t pony up would thus lose mil- Antitrust Division Assistant Attorney Gen- pass-through deduction doesn’t just provide real solutions for real people
lions of customers, which Justice claims would eral Makan Delrahim, who lobbied for Comcast apply to the proposed top individual instead of blind obstruction and
sign up for AT&T. in 2010 and worked in the White House coun- tax rate. The Hatch Amendment to party-line fear mongering.
No doubt AT&T and Time Warner wish they sel’s office earlier this year, said last year that the bill means that all small business STEVEN B. CARUSO
enjoyed that much market clout. But Time War- he didn’t see the deal “as a major antitrust pass-throughs earning $500,000 Darien, Conn.
ner accounts for less than 10% of broadcast and problem.” That’s why his about-face since his ($250,000 if filing individually) or
cable viewership while DirectTV makes up just confirmation in September is so curious and less can take advantage of this de- Congress’s unseemly haste to pass
20% of the national multi-channel video pro- seemingly political. duction as well. a bill—any bill—by the end of the
gramming market. CNN and HBO hardly provide Mr. Trump said again on Tuesday that “I’ve According to the Tax Foundation, year has created situations where
97% of pass-throughs earn less than taxes on everyday corporate transac-
invaluable or indispensable programming, and always felt that was a deal that’s not good for
this $500,000 threshold, meaning the tions are significantly increased. For
in any case Time Warner would be giving up the country,” adding that “I’m not going to get overwhelming majority of the na- example, the House bill repeals a
hundreds of millions of dollars in revenue if it involved. It’s litigation.” Yet uttering his opin- tion’s small businesses would see longstanding provision that a corpo-
withheld its content from other distributors. As ion feeds inferences of political interference needed and long-overdue tax relief ration pays no tax on contributions
for raising prices, Time Warner can do that now and a willingness to bend antitrust law in ways from the bill. Small businesses appre- to its capital. As a result of the new
if it can get away with it. Merging with AT&T that undermine business confidence. ciate Sen. Johnson’s advocacy for provision, if a 99% shareholder con-
hardly gives it more ability to do so. The good news is that AT&T plans to defend even greater relief, but we don’t want tributes $100 to a corporation to
Justice’s even stranger claim is that the the merger in court, and a trial should be expe- his quest to scuttle the significant fund its operations, the corporation
merger would “impede disruptive competi- dited given Justice’s drawn-out investigation. small-business tax relief that already now has to pay tax on that $100. This
tion” from “emerging online competition.” Justice will have to demonstrate that AT&T’s exists. is a significant change in the law that
Emerging? That adjective will surprise Net- market power exceeds that of its various com- ALFREDO ORTIZ has received little attention and will
President and CEO make it more difficult to fund every-
flix, with its 110 million subscribers and more petitors and that it would use its clout to harm-
Job Creators Network day operations. Both the House and
than two dozen original shows; or Amazon, ful effect. That’s a high bar that Justice can’t Washington Senate bills contain numerous other
with its original TV series and movies and its meet on all the available evidence. examples of provisions that Congress
90 million Prime members. Google this year A government defeat could set a healthy It is astonishing that not a single appears not to have thought through
launched an over-the-top streaming service precedent that reduces Justice’s leverage and Democrat in the House found any- that will increase the tax bills for
that bundles 40 channels for $35 a month. latitude to restrict mergers using market theo- thing in the bill that would benefit a many companies.
These are large and thriving vertically inte- ries that respond to populist politics rather single constituent and cause them to ROBERT M. GORDON
grated companies. than the rule of law. support this bill. It is time to drop Wilmette, Ill.
ObamaCare’s Death Payments SALT in the Wounds of the Profligate States
O
Jonathan D. Kaufelt (Letters, Nov. erosion can only be managed by state
bamaCare has caused hard-to-quantify duced. Yet the 30-day mortality rate increased 17) touts the progressive line that in- and local government reform. It is a
economic damage, but some of the to 8.6% from 7.2%—about 5,400 additional terstate tax competition is a barrier to free country.
law’s regulations may be lethal—liter- deaths per year. Over a one-year period the re- a more efficient (read “higher rate”) I’m happy in Arizona.
ally. Consider a Medicare hos- admission rate fell by 0.9 per- tax regime. Mr. Kaufelt laments that ROGER HERD
pital payment initiative, which A program to reduce centage points while the mor- lower-tax states erode the tax bases of Mesa, Ariz.
a new study in the Journal of hospital admissions may tality rate rose by five. In higher-tax states thereby creating an
the American Medical Associ- other words, while fewer pa- unfair “competition.” While progres-
ation Cardiology suggests may have led to more deaths. tients were being readmitted, sives see this as a bad thing, conserva- Document Those Puppies
have contributed to an in- many more were dying. tives rejoice that competitive market
Regarding Adam O’Neal’s “What
crease in deaths. forces on taxation still exist. As a resi-
The researchers hypothe- Will Tax Reform Do for Puppies?”
dent of California (individual income-
Readers are likely familiar with Obama- size that the penalties might “incentivize hos- tax rate of 9.3% starting at $53,000 in
(op-ed, Nov. 20): If history can be re-
Care’s mandate and subsidies to impel individ- pitals to ‘game’ the system, using strategies lied upon, Mr. O’Neal’s suggestion of
income), I know that the presence of
uals to obtain health insurance. But the law such as delaying admissions beyond day 30, in- extending the child tax credit to ca-
Nevada (0% income tax) and Arizona
also included monetary incentives and penal- creasing observation stays, or shifting inpa- nines would quickly usher in abuse
(top rate of 5.4%) on our border is one
ties aimed at inducing changes in health-care tient-type care to emergency departments.” aplenty. Tax filers would soon need to
of the few factors that keep the Demo-
prove proof of pet ownership. Let us
delivery and spending reductions. The govern- These tricks may end up hurting patients. crats who control the California legis-
not forget the more than seven mil-
ment rolled out these payment models nation- Hospitals with above-average readmissions lature from continuously jacking up
lion American children who vanished
ally without careful study, and they are having are also more likely to care for low-income pa- income taxes. Far from being a “race
in 1987 when the IRS required tax-
unintended side effects. tients and deal with complicated medical cases. to the bottom,” interstate tax competi-
payers to report the Social Security
A case in point is the Hospital Readmissions They are usually financially strapped due to tion and the ability of citizens to vote
numbers of dependents.
with their feet forces states to be
Reduction Program, which penalizes hospitals low Medicaid reimbursements, and the Obama- F.X. BERGMEISTER
mindful of how they tax and spend
with above-average readmissions for Medicare Care penalties may make it even harder to de- their constituents money.
Stafford, Va.
patients. Readmissions are expensive, and the liver quality care. KEN DAVENPORT
goal of the penalties is to encourage providers ObamaCare effectively enrolled Medicare San Diego
to take measures that reduce repeat hospital- patients and hospitals without their consent Pepper ...
izations—for instance, providing patients with in a mandatory policy experiment—you’ll be What an amusing letter from James
clearer discharge instructions and coordinating better off, trust us—but then neglected to Gebhard. I lived in California’s Bay
And Salt
with primary-care physicians. evaluate the adverse effects. A drug trial with Area for 25 years, Texas for 10 years THE WALL STREET JOURNAL
Hospitals are graded on a curve and dunned the same results would have been shut down and was raised here in Arizona where
if their 30-day readmission rate exceeds the na- long ago. I live in retirement. I can tell you the
tional average. Hospitals can thus be penalized The JAMA researchers conclude that, “like extra tax burden California demands
isn’t worth the cost. Waste is ram-
even if they reduce readmissions. The penal- drugs and devices, public health policies
pant. The reason people flee states
ties, which are assessed as a share of hospitals’ should be tested in a rigorous fashion—most like California is pure economics.
Medicare payments, have been applied to an preferably in randomized trials—before their Comparing the “The Great Progres-
increasing number of medical conditions in- widespread adoption.” Sounds like good ad- sive Tax Escape” (Review & Outlook,
cluding knee and hip replacements. vice, but not the sort that ObamaCare archi- Nov. 14) trend to Europe, as Mr.
Liberals have touted data showing that read- tects and masters of the economic-planning Kaufelt does, is laughable. It happens
missions have fallen since the penalties took universe like Peter Orszag and Jonathan Gru- there too. Californians should stop
effect in 2013, but the JAMA researchers exam- ber are inclined to take. whining and deal with the state’s lop-
ined whether quality of care has improved as The Trump Administration is seeking to resided and spendthrift legislature. Tax
a result. Their observational study examined design some of ObamaCare’s payment pro-
115,245 fee-for-service Medicare beneficiaries grams, including making policy experiments Letters intended for publication should
hospitalized with heart failure across the U.S. voluntary for providers. This has caused a be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
in the four years prior to and first two years fury among those on the left who believe that or emailed to [email protected]. Please
following implementation of the program. government coercion is the cure for all include your city and state. All letters
Researchers found that the 30-day readmis- health-care maladies. Testing incentives on are subject to editing, and unpublished
sion rate (adjusted for patient risk) declined to a small scale could prevent untold economic letters can be neither acknowledged nor “We don’t do bad things,
returned.
18.4% from 20% after the penalties were intro- harm and deaths. we’re just a bit hyper.”
OPINION
George Soros’s $18 Billion Tax Shelter

By Stephen Moore this deduction for five years. Congress to apply the capital-
C
This double write-off may be gains tax to assets of more
ongress is still scrambling the sweetest deal in the tax than $1 million before they are
to find ways to pay for its code. transferred to a charity. This
tax cut, so perhaps it should The donors also can retain could even finance cutting the
pay closer attention to last control of the money within capital-gains rate to 15% for
month’s news that George the private foundation for everyone.
Soros had transferred $18 billion of years or even decades before it Alternatively (or perhaps in
his fortune to a private charity that is disbursed. Since the founda- addition) Congress could cap
he controls. There it will be sheltered tion can employ family mem- deductions for any given
from the Internal Revenue Service bers at six-figure salaries for household to $250,000 a year.
forever. This may be the single big- life to “administer” it, the um- Under this kind of plan, Mr.
gest tax dodge in U.S. history, yet no bilical cord to the donor never Soros would be able to write
one on the right or left seems to have has to be cut. off only a tiny fraction of his
raised an eyebrow. Congress should stop ignor- multi-billion dollar gift.
BARBARA KELLEY
True tax reform is predicated on ing this tax-avoidance scheme. This isn’t an argument
the principle that all income should The super rich have already against charity. But selfless
be taxed at a low rate once, and only poured hundreds of billions and effective giving is not mo-
once. But much of the wealth that Mr. into private foundations, but tivated by tax breaks. Two-
Soros spent years moving into his the figure could soon be in the thirds of Americans don’t
trillions. Mark Zuckerberg has effective tax rate of 23%, but the top lobbying operations for bigger gov- itemize their deductions, yet millions
pledged to give away 99% of his Face- 0.001% pay only 18%. ernment and liberal causes like higher give until it hurts. In the 1980s, indi-
The wealthy have tucked book shares, currently estimated to Mr. Buffett has sanctimoniously de- minimum wages, gun control, univer- vidual donations to charities surged,
be worth somewhere around $70 bil- nounced the fact that he pays a lower sal health care, and a carbon tax. Mr. even as the top tax rate—and thus
billions into private lion, and much of it will go to a foun- effective tax rate than his secretary. Soros’s $18 billion gift alone is the the maximum value of the write-off—
nonprofits—where dation his family controls. Bill Gates His suggestion is that Congress raise equivalent of maybe 100 Heritage fell from 70% to 28%.
and Warren Buffett have each put taxes on capital gains. But even if the Foundations. This kind of weaponized The question is whether a tax code
the IRS can’t touch it. roughly $30 billion tax-free into the tax rates were lifted, say, to 50%, Mr. philanthropy has the potential to un- that encourages dynastic family foun-
Bill and Melinda Gates Foundation. Buffett still wouldn’t have to pay it on dermine the American free enterprise dations is good for America. If Con-
This has left the foundation so flush the tens of billions of dollars he puts system. gress stopped letting billionaires
Open Society Foundations will never that it spent $500 million on a 12- into private foundations, and he would Yes, billions go to groups on the pour money tax free into the founda-
be taxed. A gift of billions of dollars acre, 900,000-square-foot office com- still be able to deduct a fifth of that right, too, from Mr. Koch and others. tion-industrial complex, it would go a
of appreciated stock escapes any cap- plex in Seattle for its 1,500 employ- contribution on future tax returns. But regardless of ideology, why long way toward lowering rates and
ital gains tax, and the estate tax as ees. This is philanthropy? This tax favoritism might be de- shouldn’t tax be collected before the making the tax code fairer for every-
well. So Mr. Soros can donate appre- I don’t question these billionaires’ fensible to promote genuine philan- money is given away? What message one. This would help the economy
ciated stock that Open Society Foun- right to do with their money as they thropic activities. Many billionaires, does it send that the Republican tax- grow faster, which is the best way to
dations can liquidate without the wish. I’m simply arguing that Con- such as the Gateses and David Koch, reform bills retain this trillion-dollar help those in need.
government ever taking a cut. gress shouldn’t let the rich and polit- have heroically donated to fight can- loophole for the super rich, at the
There’s more. When a person do- ically powerful use private founda- cer and malaria or provide relief to same time as the House plan elimi- Mr. Moore is an economic consul-
nates untaxed, appreciated assets to tions to escape taxation. This hurricane and earthquake victims. nates the adoption credit for mid- tant with FreedomWorks and a
a private foundation, he may also de- loophole is one reason for an anom- But others, including Mr. Soros and dle-class families who want to help founder of the Committee to Unleash
duct up to 20% of its market value on aly in our otherwise progressive tax Michael Bloomberg, have turned pri- children? Prosperity. He was a senior economic
his personal return, carrying forward code: The top 1% of earners pay an vate foundations into massive de facto One simple solution would be for adviser to the Trump campaign.
Theresa May’s Warning for the Republican Party

London its record, after the 2008 financial left office, today’s Tories by and unassailable conviction. They really imperil Germany’s current 2.5%
British politics is panic, of delivering the highest GDP large avoid mentioning growth on believe redistribution is what poli- growth.
undergoing a re- growth of any major European its own. Instead they talk about how tics is for, and voters trust them In France, the center-right Re-
markable transfor- economy. to redistribute economic gains more more to do it. publicans are suffering their own
mation, and it It’s even stranger when you con- competently than Labour could. Mrs. May is losing her voters be- spasms. Formerly one of the coun-
isn’t Brexit. Voters sider who the Tories are running This is why Mrs. May’s manifesto cause parties of the right have no try’s two major parties, they aban-
POLITICAL are steadily losing against. Mr. Corbyn promises to re- before the June election promised a choice but to focus relentlessly on doned economic reform and growth
ECONOMICS confidence in The- nationalize railways and utilities, strong economy followed by a huge economic growth, to explain why under Jacques Chirac and Nicolas
resa May’s Con- introduce rent controls and blow “but” about an “equitable” distribu- expanding the pie is the only fail- Sarkozy. This year they couldn’t
By Joseph C.
servative Party out the budget. Brits know that tion of the benefits of growth. It safe way to ensure everyone gets a even make it into the second round
Sternberg
when it comes to agenda doesn’t work, which is why then focused primarily on higher bigger piece. Voters do trust the of a presidential election against a
the economy. they’ve repudiated it for nearly 40 right to know how to do this, former Socialist, Emmanuel Macron,
A poll released this month from years under Thatcher, Tony Blair, thanks in no small part to the eco- running on an unabashed supply-
Opinium found that 36% of voters David Cameron, and lesser prime If the main political nomic successes of the Thatcher side platform.
trust the economic competence of ministers in between. and Reagan years. As for America, congressional
Mrs. May and her Chancellor of the So why, then, is faith in Mrs. May task is divvying up an The oddity is that so few politi- Republicans will decide soon
Exchequer, Philip Hammond, while sliding? The explanation lies only unchanging pie, the left cians on the right today are willing whether they want to stand on the
28% trust the Labour Party’s far-left partly in the Brexit process’s slow to play to this strength. Mrs. May winning or losing side of this di-
leader, Jeremy Corbyn. Sounds posi- and chaotic unfolding, which is des- will always win. isn’t alone. German Chancellor An- vide. Tax reform is a more signifi-
tive? A year ago, the same poll tined to annoy and alienate large gela Merkel’s attempt to form a co- cant test than health care because,
found trust for Mrs. May at 44% numbers of voters. It also lies only alition government collapsed this more than any other political activ-
and Mr. Corbyn at only 18%. partly in Mrs. May’s acts of political minimum wages, gender pay gaps, week amid bickering among smaller ity, tax-code writing can be used ei-
The polling firm YouGov finds a malpractice, such as needlessly call- and caps on energy prices. Mr. Ham- parties about tax, environmental ther to foster economic growth or
similar shift under way. The propor- ing an election in June in which the mond eschews further cuts to the and immigration policies. to divide a static pie.
tion of respondents saying they Conservatives lost seats. corporate tax rate and instead Why couldn’t a three-term center- Centrist Republicans are deter-
trust the Tories more on the econ- The bigger problem by far is that pitches a Keynesian industrial strat- right German chancellor win enough mined to throw in the towel on
omy has fallen to 33% from a high under Mrs. May, and Mr. Cameron egy as the path to Brexit success. votes in September’s election to growth, hoping instead to buy
of 40% in April and May, while the before her, the Tories forgot how to But if the main political task is form a government on her own, or enough votes with child tax credits
figure for Labour has risen to 23% talk about economic growth, its divvying up an unchanging pie, the in a more plausible right-leaning to hobble through a midterm elec-
from a low of 13% in February. causes and benefits. In line with a left will always win. Labour, along coalition? Because she resolutely tion. Colleagues tempted to follow
This worrisome trend is aston- Tory “modernization” movement with Europe’s other Socialist par- refused to campaign on a platform them should first take a close look
ishing for the party of Margaret that’s been percolating in various ties and America’s Democrats, of economic dynamism instead of at Mrs. May’s deteriorating political
Thatcher, a party that still runs on forms since before Thatcher even bring to that knife fight the gun of the green-energy boondoggles that fortunes.
Amazon Has Everything—Except, Maybe, Santa Claus

By Bob Greene The long-gone, locally owned de- a fingerprint. You could roam the decorated with such care, and think to stores routinely wore 20-years-of-
T
partment stores that once proudly world, but if you came home for the himself: “Heaven will be like this.” service pins.
here are ghosts that come out anchored America’s downtowns and, holidays and walked inside, you felt For readers too young to remem- Christmas was the time when it all
during the holiday season. especially in November and Decem- centered. Many stores were run by ber, it probably sounds like science came together. The parades through
They’re not the ghosts of peo- ber, played such a role in making someone whose family name was on fiction to report that women and town, the Santa Claus villages with the
ple, but of places. And it’s funny: At home feel like home. the door: storekeepers in every sense girls really did wear hats and white long lines of children waiting—those
certain moments, when there’s a bite Where did they go? Swallowed up of the word, sometimes with carna- gloves when they went downtown to sorts of celebrations are still present
in the chill air, or the faint scent of by national chains and renamed, tions in their suit lapels as they shop. Lazarus operated 11 different in many cities, with different sponsors
cinnamon and chocolate wafts out of some of them. Others were pushed strolled the floors. or underwriters now. Yet those long-
nowhere, those ghosts can be longed out of business by discount giants Those proprietors were responsi- departed stores took it upon them-
for with the same kind of pang usu- and freeway-exit malls. A few just ble for every cranny. Nothing was Online shopping delivers selves to assume tacit responsibility
ally reserved for loved ones. faded away. vendored out; there were no bou- for their own towns’ winter-warmth
They once resided in just about ev- Today the big growth is in online tiques sublet to outside concerns. And on prices and variety, but and sense of seasonal joy. It’s a feeling
ery city. In many cases, they were the shopping. Some of those old depart- the array of what they offered, under the old department store that’s tough to franchise.
very heartbeats of those towns. ment stores filled a city block and one downtown roof: cameras, lug- Online shopping, quick and effi-
There was the Hecht Company in Bal- more, bursting with every manner of gage, baseball bats, paint, trombones, still feels like Christmas. cient, is the future. There’s no getting
timore. Polsky’s in Akron. Woodward merchandise. But no brick-and-mortar jewelry, living-room furniture, phono- around it. You don’t need a pair of
& Lothrop in the District of Columbia. store, however massive, carries more graph records (with private booths white gloves—you don’t need to get
Loveman’s in Birmingham. L.S. Ayres goods than Amazon. Macy’s, which against the wall to allow a trial lis- restaurants inside the store: There dressed at all—to hit the “order” but-
in Indianapolis. John A. Brown Com- purchased, renamed and homogenized ten). The stores had their own por- was the Chintz Room, the Buckeye ton. But as the holidays arrive, I think
pany in Oklahoma City. Shillito’s in many of the classic local stores, began trait studios, their own travel agen- Room, the Colonial Room, the Cop- of Mike Harden, who died in 2010,
Cincinnati. The Joseph Horne Com- 2017 with an announcement that it cies, their own rare-stamp counters. per Kettle, the Highlander Grill, a and I’m wondering if it came true: if,
pany in Pittsburgh. Auerbach’s in Salt would be closing 68 locations. An old newspaperman friend of mine 1,500-seat employee cafeteria. The for him, heaven really did turn out to
Lake City. Bamberger’s in Newark. The idiosyncrasies of the local named Mike Harden, who didn’t grow store at one point had on staff two look just like those Christmas win-
Miller & Rhoads in Richmond. Hig- stores were what endeared them to up in the fanciest of circumstances, full-time nurses, who would drive to dows on South High Street.
bee’s in Cleveland. Donaldson’s in their customers. Your town’s leading once said that as a boy at Christmas- ailing employees’ homes to provide
Minneapolis: department store was as personal as time, standing outside the F&R Laza- free care. Working at a locally owned Mr. Greene is completing a new
rus store in downtown Columbus, he department store could be a career, novel, “Yesterday Came Suddenly,”
would look in the display windows, not just a job. Employees at those about an America with no internet.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY

Rupert Murdoch
Executive Chairman, News Corp
Gerard Baker
Robert Thomson
Chief Executive Officer, News Corp
William Lewis
Notable & Quotable: Haidt on Identity Politics
Editor in Chief Chief Executive Officer and Publisher Jonathan Haidt delivering the power. Here’s your lens, kid. Look at return today and tour our nation’s
Matthew J. Murray DOW JONES MANAGEMENT: 2017 Wriston Lecture to the Man- everything through this lens. Every- top universities, he would be
Deputy Editor in Chief Mark Musgrave, Chief People Officer; hattan Institute, Nov. 15: thing is about power. Every situa- shocked at the culture of fear, the
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS:
Anna Sedgley, Chief Operating Officer & CFO;
tion is analyzed in terms of the bad tolerance of error, and the shackles
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President Today’s identity politics . . . people acting to preserve their placed on reason. . . .
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: teaches the exact opposite of what power and privilege over the good I am actually pessimistic about
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; we think a liberal arts education people. This is not an education. America’s future, but let me state
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; should be. When I was at Yale in the This is induction into a cult. It’s a very clearly that I have very low
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; 1980s, I was given so many tools for fundamentalist religion. It’s a para- confidence in my pessimism. Be-
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; understanding the world. By the noid worldview that separates peo- cause until now, it has always been
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International time I graduated, I could think ple from each other and sends them wrong to bet against America, and
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: about things as a utilitarian or as a down the road to alienation, anxiety it’s probably wrong to do so now.
Almar Latour, Publisher; Kantian, as a Freudian or a behav- and intellectual impotence. . . . My libertarian friends constantly re-
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: iorist, as a computer scientist or as Let’s return to Jefferson’s vi- mind me that people are resource-
Joseph B. Vincent, Operations; Christopher Lloyd, Head; a humanist. I was given many lenses sion: “For here we are not afraid to ful—this is what many people for-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head to apply to any given question or follow the truth wherever it may get. When problems get more
EDITORIAL AND CORPORATE HEADQUARTERS: problem. lead, nor to tolerate any error as severe, people get more inventive,
1211 Avenue of the Americas, New York, N.Y., 10036 But what do we do now? Many long as reason is left free to com- and that is actually happening right
Telephone 1-800-DOWJONES
students are given just one lens— bat it.” Well if Jefferson were to now.
A20 | Friday, November 24, 2017 A THE WALL STREET JOURNAL.
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TECHNOLOGY: RICH OPPORTUNITIES EMERGE IN CHINA’S ENTERPRISE MARKET B4
BUSINESS & FINANCE

© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Friday, November 24, 2017 | B1
S&P Closed (2597.08) S&P FIN Closed S&P IT Closed DJ TRANS Closed WSJ $ IDX g 0.09% LIBOR 3M 1.462 NIKKEI (Midday) 22446.13 g 0.34% See more at WSJMarkets.com
UPS Move Pressures Retailers Tax Bill

Shakes Up
Holiday surcharge to homes around Black Friday fort House, is one retailer who then returns mid-December, to UPS’s retail sector, said the
and the week before Christmas, isn’t using UPS as much this smooth out the volume of pack- company has been working
forces stores to
consider delaying
hoping to persuade companies
to send their orders outside
those peak periods—or to make
holiday season.
He declined to say how much
he anticipates saving by switch-
ages it delivers during the holi-
day season. The Atlanta-based
carrier expects it will deliver
with businesses to try to iden-
tify what orders placed during
peak periods may not need to
Muni Debt
shipping, shift to FedEx
BY PAUL ZIOBRO
more money from ones that
must be delivered then.
The surcharge has prompted
ing some orders to other carri-
ers, a change he began making
in October. He saw the added
more than 30 million packages
daily on 17 of the 21 delivery
days between Thanksgiving and
be rushed out the door. Many
electronics, toys, sporting
goods and clothing, for exam-
Planning
e-commerce retailers large and fees as another challenge for Christmas in the U.S. ple, are Christmas gifts that BY HEATHER GILLERS
Retailers are contending small to consider other delivery smaller retailers. “Carriers im- Last year UPS said it ex- don’t need to be delivered right
with a new challenge as this options, such as FedEx Corp. or plementing surcharges are pun- ceeded that level on just 11 days away. That can help retailers The North Olmsted City
year’s holiday shopping season the U.S. Postal Service, passing ishing small merchants at the over the same period. It sees avoid bottlenecks, both in UPS’s school district in suburban
heats up: extra shipping fees the additional costs to their expense of larger e-commerce the change this year as evi- network and in their own ware- Cleveland was planning to wait
during the busiest weeks. customers or delaying ship- players,” Mr. Gornstein said. dence that the surcharge is suc- houses. a few years before refinancing
United Parcel Service Inc. ments to cheaper times. UPS expects the surcharge, cessfully evening out its vol- “I don’t think it’s going to $48 million in outstanding
for the first time is tacking on a Jeffrey Gornstein, president which went into effect on Nov. ume. change buying patterns dramat- bonds used to build a new
surcharge on packages shipped of home-and-garden site Com- 19 and lasts through Dec. 2, Greg Brown, president of Please see UPS page B2 middle school and high school.
Now Treasurer Robert Matson
is hoping to get the deal done
STREETWISE Where to Bag the Bargains before Christmas.
The reason: The Republican
By James Mackintosh
tax plan in Congress would
The Wall Street Journal asked retail-price tracking company Thinknum to follow prices for 10 toys at four retailers. eliminate a tax exemption on
Those 2017 Collective cost for 10 toys being tracked at four popular e-commerce sites
Toys 'R' Us Amazon Target Wal-Mart
some types of bonds issued by
state and local governments to
refinance their old debt.
Predictions: $1,000
Follow these and other toys at
wsj.com/graphics/giftbag/
“It just made all the sense
in the world to do it,” Mr. Mat-
son said.
So Wrong
Readers can subscribe to a
twitterbot to keep up-to-date The GOP proposal targets
975 the exemption for advanced
on the latest prices.
refunding bonds, which allow
We all like 950 governments to refinance old
to remember bonds earlier to take advan-
our successes 925 tage of low interest rates and,
and forget our $918.40 occasionally, to postpone com-
failures, and 900
ing debt payments.
finance is no The House approved its ver-
different. As investors’ in- $885.50 sion of the tax measure this
boxes once again become 875 month, and the GOP has said it
clogged with annual outlooks $864.30 aims to get agreement on the
from Wall Street’s scribblers, 850 $862.38 bill by year’s end. It is one of
there is little admission of several municipal-market ex-
Oct. 1 8 15 22 29 Nov. 5 12 19
the nearly universal failure emptions that could be phased
to predict what happened out under the legislation. The
this year—even though the Individual costs being tracked at four popular e-commerce sites, by item nonpartisan Joint Committee
things the analysts missed Toys 'R' Us Amazon Target Wal-Mart on Taxation estimates that
are much more interesting ending advance refundings
than their forecasts. $15.39 would mean an additional
BARBIE
There are two big lessons DOLL $15.39 $15.39 $17.3 billion in revenue to the
to learn from the mistakes of $19.19 federal government over the
the year-end crystal-ball gaz- next decade.
ing. The first is that when STUFFED $129.99 Analysts said the move is
everyone agrees that prices $93.99 likely to reduce the yearly sup-
ANIMAL
can go only in one direction, ROBOT ply of municipal bonds and in-
$93.99 $93.99
it is dangerous. The second crease borrowing costs for
is more nuanced: We really governments.
$77.99
know an awful lot less about NERF $77.99 $77.99 $77.99 The expected change in pol-
how the economy works GUN icy is already prompting cities
than we thought. and states to fast-track their
Last year, almost everyone Note: As of Nov. 22. Prices for some items based on previous value. Some details about the toys aren't shown, to reduce the risk of their prices being selectively lowered. advance refunding offerings
was bullish about the pros- Source: Thinknum THE WALL STREET JOURNAL. before the end of the year. One
pects for the “reflation trade” under way is from the state of
of higher bond yields, stock Wisconsin, which last week
prices and the dollar, driven circulated preliminary ad-
Trump Signals Big Regulatory Shift

by rising wages and Donald vanced refunding documents
Trump’s tax-cut plans. for $375 million of transporta-
A year on, and inflation tion revenue bonds.
hasn’t materialized, the tax “We just want to get ahead
discussion is bogged down in BY JOHN D. MCKINNON experiences. oritization,” that would give ease back on its rules and of the possible large amount of
Congress and almost every But the actions reveal one fast lanes to some kinds of hand a measure of oversight supply that could hit the muni
analyst was wrong. Bench- WASHINGTON—Over just consistency, in what might be content at a price. authority to antitrust watch- market in December,” said the
mark 10-year Treasury yields two days this week, the Trump seen as an emerging Trump And the Obama administra- dog the Federal Trade Com- state’s capital finance director,
are down, not up; the dollar administration both sued administration regulatory phi- tion carried that approach into mission, a deliberate action David Erdman, who had origi-
is down, not up, and the S&P AT&T Inc. to block its planned losophy: Instead of new the antitrust realm, insisting outlined Tuesday by FCC nally expected to refinance the
500 has delivered more than takeover of Time Warner Inc. bright-line rules, it is stressing in Comcast Corp.’s acquisition Chairman Ajit Pai. debt in 2018 or 2019.
double the gains of even the and proposed allowing inter- the enforcement of longstand- of NBCUniversal that Comcast “As a result of my pro- New York’s Metropolitan
most bullish Wall Street net-service providers—like ing laws and regulations. conform to elaborate net-neu- posal, the Federal Trade Com- Transportation Authority sold
prognosticators. AT&T—to form closer alliances The moves are a shift in trality restrictions as part of mission will once again be $2 billion in transportation
Strategists mostly shrug with content companies, like emphasis from the approach so-called behavioral remedies able to police [internet pro- revenue bonds last week,
their shoulders and move on Time Warner. taken by the Obama adminis- that were conditions of gov- viders], protect consumers partly to get ahead of any po-
to their 2018 predictions. The two government moves tration, which in 2015 adopted ernment approval. and promote competition, just tential change in tax policy,
Their forecasts out so far seem to go in opposite direc- highly specific rules governing In other words, net-neutral- as it did before 2015,” Mr. Pai spokesman Aaron Donovan
suggest the stock rally will tions, on the one hand re- internet providers in the name ity regulation took the place of said. “Notably, my proposal said.
continue and bond yields fi- stricting a major telecommu- of “net neutrality,” the princi- an antitrust challenge. will put the federal govern- Advance refundings have
nally start to rise, if a bit less nications merger and on the ple that all web traffic should Now the tables are turning. ment’s most experienced pri- been allowed for decades, as
than they thought before. other giving internet provid- be treated equally. The provid- When it comes to internet vacy cop, the FTC, back on the long as governments have
Cynics will look at what ers broad new powers to ers were prevented from cut- policing, the Federal Commu- beat to protect consumers’ been issuing tax-exempt
Please see STREET page B2 shape their customers’ online ting deals, known as “paid pri- nications Commission will Please see TRUMP page B2 Please see DEBT page B2
INSIDE Shares of ‘Angry Birds’ Maker Are Now Depressed

BY STU WOO
Fleeting Fancy
Shares of “Angry Birds” Mobile-game developers struggle
maker Rovio Entertainment to keep players.
Corp. fell 22% after a surprise
third-quarter loss raised fresh 40%
Percentage of people who
questions about the company’s open game apps after
ability to navigate the fickle downloading*
ICAHN JOINS tastes of mobile gamers.
Thursday’s rout came after
30
CRITICS the Finnish company reported

OF SANDRIDGE its first results since going pub-
lic in September. That listing—
20
envisioned years ago when “An-

ANDRES KUDACKI/ASSOCIATED PRESS
ENERGY, B3 gry Birds” was a runaway hit

and Rovio was one of Europe’s 10 5.9%
most promising tech startups—
was scaled back sharply. Inves-
tors valued the company at 0
about $1 billion, far short of the 1 3 6 10 16 21 27
$2 billion underwriters had Days after downloading
hoped to hit. *Game app is downloaded on day 0.
Rovio’s fast ascent as one of Sources: AppsFlyer
the pioneers of mobile gam- THE WALL STREET JOURNAL. The maker of ‘Angry Birds’ posted a quarterly loss as it spent heavily to attract mobile-game players.
ing—and its various attempts at
TESLA BUILDS remaking itself since then—has
made it a poster child for the
like “Clash of Clans” maker Su-
percell. The model offers play-
turing a very small slice of dedi-
cated players. Only 2.5% of all
wants to make fewer games and
“run them like a service.”
the quarter, compared with
year-earlier profit of €3.9 mil-
BEHEMOTH challenges of the nascent indus- ers the game free of charge and, mobile-game players ever spend Rovio’s third-quarter revenue lion. Analysts were expecting a
BATTERY try as a whole.
After starting out charging
instead, relies on in-game pur-
chases and advertising to gen-
money, according to analytics
firm AppsFlyer.
rose 41% from a year earlier to
€70.7 million ($83.7 million).
hefty profit. Shares fell to €9.21
on Thursday, off 20% from their
players to download its games, erate revenue. Rovio’s head of games, Wil- However, there were €22.2 mil- initial offering price of €11.50.
TECHNOLOGY, B4 Rovio adopted the “free-to- Rovio and competitors now helm Taht, said in an interview lion in “user acquisition” costs, —Sarah E. Needleman
play” tack taken by competitors find themselves focused on cap- last month that the company leading to an €800,000 loss for contributed to this article.
B2 | Friday, November 24, 2017 * **** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
ABM Industries .......... B4
Adaptive Insights.......B4
F
Facebook......................B3
Fair Isaac...................B10
PPG Industries..........B12
Qudian.......................B10
R
DEBT Rush to Refinance
Advance refundings allow borrowers to take advantage of low
interest rates and sometimes to postpone debt payments.
sometimes issue new, longer-
dated bonds to advance refund
bonds that are coming due so
they can postpone big debt
Adobe .......................... B4 FedEx...........................B1 Radial .......................... B2 Continued from the prior page payments. That move often
Akzo Nobel................B12 H RBL Bank .................. B10 Percentage of all munis that are advanced refundings
Alibaba Group Holding
bonds. In 1986, as part of the adds to those cities’ interest
HSBC ......................... B10 Rockwell Automation.B4 tax overhaul under President 30% costs, compounding financial
...................................B10 Rovio Entertainment..B1
Alphabet......................B3 I Royal Dutch Shell.......B6
Ronald Reagan, Congress lim- pressures.
Altice.........................B11 Insulet.........................B6 ited government borrowers to 20 If the proposal becomes
Amazon.com ............... B2
S
J one advance refunding per law, municipalities could start
American Airlines Group Salesforce.com............B4 10
Jianpu Technology....B10 SandRidge Energy ...... B3
bond issue. writing earlier refinancing
...................................B11
K SAP..............................B4 Government borrowers have 0 dates into their bond contracts
Anaplan.......................B4
ARO Liquidation ......... B2 Kobe Steel...................B4 Sherwin-Williams.....B12 sold an average of $60 billion to maintain their flexibility,
1998 2000 ’10
AT&T............................B1 Kotak Mahindra Bank SoftBank Group..........A1 in advance refunding bonds a some analysts said. But be-
Avis Budget Group...B11 ...................................B10 Southwest Airlines .. B11 year over the past decade, Falling yields have motivated municipalities to refund. cause many investors prefer
Axalta Coating Systems Space Exploration about 15% of total municipal longer-dated bonds, that move
L Technologies.............B4
...................................B12 issuance. Last year, advance Average yield on 30-year A-rated muni bonds could drive up borrowing costs
Levi Strauss................B2 T
B refundings swelled to $125 bil- 8% as much as a quarter of a per-
M Tandem Diabetes Care
Bonanza Creek Energy lion, or 30% of total issuance. 6 cent, said John Mousseau, di-
.....................................B3 Macy's.........................B2 .....................................B6
Microsoft.....................B4
With advance refundings, rector of fixed income at Cum-
BP................................B6 Tesla............................B4 4
Mitsubishi Materials..B4 Time Warner...............B1
borrowers invest the proceeds berland Advisors, an
C in safe, short-term securities, 2 investment-management firm.
Cannell Capital............B3
N Total ............................ B6
Twitter ........................ B3 and those funds are used to 0
Government-finance offi-
Centrica.....................B11 Nippon Paint Holdings
...................................B12 U make payments on older bonds cials say the benefits of ad-
Chevron ....................... B6 1998 2000 ’10
Citgo Petroleum..........B6 Norfolk Southern......B11 Uber Technologies......A1 that typically can’t be refi- vance refunding to local tax-
Comcast.......................B1 O United Continental nanced until a decade has Sources: Thomson Reuters; Thomson Reuters Municipal Market Data (yield) payers are significant.
CSX............................B11 Holdings..................B11 passed. THE WALL STREET JOURNAL. Florida’s bond finance director,
Oracle .......................... B4
D Outcome Health..........B6
United Parcel Service.B1 Advance refundings make Ben Watkins, estimated the
U.S. Postal Service.....B1 the most sense for borrowers provide investors with interest “As a bond manager, we state has saved $3 billion over
Deere....................B4,B12 P-Q
Dick's Sporting GoodsB2 W when short-term rates are high exempt from federal taxes. could be looking at less attrac- the past 10 years with advance
Petróleos de Venezuela
E .....................................B6
Wintrust Financial......B4 relative to long-term rates. In Participants in the munici- tively priced interest levels for refundings.
Workiva.......................B4 that scenario, the income pro- pal market said they have sev- bond investors,” said Dan “The vast majority of state
Eli Lilly ........................B6 P.F. Chang's China
Emerson Electric.........B4 Bistro ........................ B4 Z duced by the shorter-term se- eral concerns about the possi- Heckman, senior fixed-income and local government refundings
Exxon Mobil................B6 PPDAI Group.............B10 ZhuiYi Technology ...... B4 curities bought with the pro- ble policy change. They worry strategist at U.S. Bank Wealth are for economic savings rather
ceeds of the advance refunding public-finance officials would Management. than as a budgetary gimmick,”
bonds will approach the bor- no longer be able to take ad- Ending advance refundings said Mr. Watkins, a former
INDEX TO PEOPLE rowing costs on those bonds.
Both sets of bonds remain
vantage of low interest rates,
and municipal bond investors
would also take away a crutch
some governments have used
chairman of the Government Fi-
nance Officers Association debt
outstanding until the first set and traders would have less for short-term budgetary re- committee who serves on the
A Grohowski, Leo.........B11 Mulhern, Brendan.....B11 can be refinanced, and both debt to buy and sell. lief. Cash-strapped cities group’s executive board.
Anand, Monish..........B10 I Musk, Elon..................B4
Assaf, Samir.............B10 Icahn, Carl...................B3 P
B J Phillips, Robin...........B10
Bell, Jim......................B4 Pichoud, Adrien.........B11
Jacobsen, Brian.........B12 Pride, Jason .............. B11
Brown, Greg................B1
Jones, Brian................B4 Prieto, Scott ............... B2
C
K S
Chakravarthy, Anita....B4
Collins, Michael ........ B12 Kyba, Christopher.....A12 Spath, Terri...............B11
F L T
Flint, John.................B10 Lago, Isabelle Temer, Michel.............A8
Mateos y..................B11 Tucker, Mark.............B10
G
Garrett, Mark..............B4 M W
Gofshteyn, Ilya ......... B12 Macklow-Smith, Weitz, Stefan..............B2
Gohc Cheng Liang.....B12 Stephen...................B11 Westerman, Matthew
Gornstein, Jeffrey ...... B1 Markezich, Ron...........B4 ...................................B10
STREET classic example. Analysts

thought stocks would do well
as Mr. Trump cut taxes and
inflation picked up, while
Continued from the prior page many also predicted more
happened in the past and volatility because of the
wonder why anyone bothers. political and geopolitical
Predictions have a dire track uncertainty. They were
LUKE SHARRETT/BLOOMBERG NEWS

record, and have been sadly wrong, at least so far, about
predictable themselves. taxes and inflation, but
Treasury yields have been stocks went up anyway. They
forecast to rise every year were right about political and
for the past decade, geopolitical uncertainty, but
according to forecasts volatility failed to appear.
collected by Consensus
T
Economics, yet they have he key to what went
gone down more often than wrong for the
not. Even when they went forecasters this year The U.S. Postal Service expects to deliver more packages because of UPS’s surcharge for shipments during stretches of the holiday rush.
up, the moves were only was the lack of inflation,
once anywhere near what
was predicted, back in 2008.
Forget using a dartboard to
plan investments; on average
something Federal Reserve
Chairwoman Janet Yellen
has described as a
“mystery.” As the year went
UPS Amazon.com Inc.’s “no-rush
shipping,” in which shoppers
can forgo free two-day shipping
in exchange for slower delivery
Congestion Pricing
UPS is adding a surcharge on
most packages shipped to
set plans to raise them during
next year’s holiday season.
FedEx isn’t adding peak-pe-
riod surcharges, but like UPS, it
a coin toss would be better. on, investors became Continued from the prior page and credits for videos, music or homes around Black Friday and is tacking on extra fees for
The same goes for stock increasingly convinced that ically,” said Mr. Brown. “What other items. the week before Christmas. oversize packages shipped dur-
prices. Only rarely is the inflation would stay we’re trying to help retailers do This fall, Levi Strauss & Co. ing the holidays. Patrick
average S&P 500 forecast of dormant, bringing down is shape demand a little bit.” added “economy shipping,” a Dates with extra shipping fees Fitzgerald, FedEx’s senior vice
strategists anywhere near long-term bond yields and Retailers are also attempting cheaper and slower option than NOVEMBER president of communications,
the actual result. More than the dollar even as decent to adjust customers’ expecta- standard ground shipping that S M T W T F S said its peak-pricing strategy
half the time since 2000 the economic growth boosted tions. Macy’s Inc., which ships is aimed at online holiday shop- was set with small and me-
1 2 3 4
miss has been either too high profits and stock prices. exclusively through UPS, is for pers getting an early start, said dium-size businesses, as well as
or too low by an amount Not many of the year- the first time offering “no hurry Marc Rosen, its president of 5 6 7 8 9 10 11 consumers shipping gifts, in
bigger than the S&P’s 9% ahead treatises have landed shipping” this holiday season, global e-commerce. Economy 12 13 14 15 16 17 18 mind.
long-run annual gain. yet, but those that have giving all online shoppers the shipping, which takes up to The U.S. Postal Service,
Don’t blame Wall Street for almost all, once again, option of longer delivery times seven days, “allows us to work 19 20 21 22 23 24 25 which hasn’t added additional
getting it wrong, though. predict bond yields rising in exchange for “Macy’s with transport providers to 26 27 28 29 30 charges, expects to deliver
When markets work, they over the next year along Money” that can be applied to take advantage of lower ship- more packages because of UPS’s
incorporate an average with stock prices. It is future purchases. ping rates and pass that to con- move and will be monitoring its
DECEMBER 1 2
prediction already, so tempting to regard that Macy’s tested the shipping sumers,” said Mr. Rosen. “It network to see if there is a
forecasting markets involves forecast as a contrarian option in some markets a year gives us more flexibility.” 3 4 5 6 7 8 9 bump, Postmaster General Me-
assessing when the average indicator and bet on the ago and more broadly during UPS’s surcharge tacks an ad- gan Brennan said.
10 11 12 13 14 15 16
prediction will change, as opposite. But while that Mother’s Day and Father’s Day ditional 27 cents onto ground Radial, which provides e-
well as fundamentals such as approach would have worked this year and said a “fair per- packages shipped during the 17 18 19 20 21 22 23 commerce services to retailers
the economy. Both are pretty for bonds and the dollar this centage” of customers signed peak period around Thanksgiv- 24 25 26 27 28 29 30 such as Dick’s Sporting Goods
unpredictable. year, it would have meant up. ing and Black Friday, ending Inc. and Aéropostale Inc.,
“It’s doubly silly,” says missing out on a stunning “More often than not, it is Dec. 2. It doesn’t apply to next- 31 asked clients over the summer
M&G fund manager Eric share-price rally. more of a ‘want’ basis instead day or second-day shipments, whether they would like to of-
Lonergan. “You can’t predict Strong consensus is a of a ‘need’ basis,” said Scott which are already more expen- Source: the company fer the option over the holidays.
what’s going to happen [with warning sign worth watching Prieto, Macy’s executive vice sive. THE WALL STREET JOURNAL. “We didn’t have any takers,”
events] and even if you are for. But the value in Wall president of logistics and oper- The week before Christmas, said Stefan Weitz, Radial’s exec-
fortuitous enough to be Street’s year-end ations. steeper fees go into effect, 30. Moody’s forecast that UPS utive vice president of technol-
right, it doesn’t help you publications comes from the Macy’s will offer the delayed starting at 27 cents for ground could generate up to $200 mil- ogy services. “There is still a
when you’re investing.” analysis they contain, not shipping option for several days orders and increasing to 97 lion in revenue from the peak real question as to whether or
This year has been a the prices they predict. around Black Friday, when Mr. cents for packages delivered in surcharges, which also include not consumers will accept the
Prieto said Macys.com orders two and three days. higher fees on oversize pack- option, especially as Amazon
can be 10 times what they are UPS generated an average ages. continues to offer two-day
Getting It Wrong on a typical weekday, and in the $8.31 in revenue on each UPS has declined to say how [shipping] free.”
Economists almost always predict rising U.S. bond yields. week before Christmas. ground package shipped in the much it expects to make from —Sarah Nassauer
The offering is similar to U.S. in the quarter ended Sept. the extra charges. It has already contributed to this article.
Mostly they are wrong.
5% 10-year Treasury yield Average 12-month forecast
3
TRUMP It isn’t clear whether finan-
cial regulators will maintain the
streak of aggressive enforce-
ment actions that began under
the EPA’s actions so far this
year don’t suggest a robust
emphasis on enforcement. The
agency counters that those
chairman of the FCC’s Open
Internet Advisory Committee.
The agency can only take “in-
dividual enforcement action
2
Continued from the prior page the Obama administration. groups’ estimates are low be- on the vague notion of unfair
online privacy.” Fines levied by the Securi- cause it can take months or trade practices,” he said.
1 In the case of net neutrality, ties and Exchange Commission years before such actions can Conservatives who believe
Mr. Pai’s FCC moved quickly fell to a four-year low in the be completed. in a lighter regulatory touch,
0 by regulatory standards. It is last fiscal year, though SEC of- Consumer groups argue like Mr. Pai, generally argue
2009 ’10 too soon to know whether this ficials caution against reading that clear regulations are nec- that hard-and-fast rules are
enforcement emphasis will ex- too much into a single year’s essary across industries to overly prescriptive and will
Wall Street strategists rarely predict the tend to other parts of the data. keep companies from harming slow investment and innova-
year-ahead S&P 500 correctly. Trump deregulatory agenda, At the Environmental Pro- consumers. With the internet, tion.
which involves rolling back a tection Agency, Administrator they say, antitrust enforce- Some free-market advo-
2500 S&P 500 Average 12-month forecast broad range of Obama-era Scott Pruitt has touted a ment is too cumbersome, slow cates go even further, saying
rules covering power-plant “back-to-basics” approach in- and potentially arbitrary to the antitrust action this week
2000 emissions, financial services volving the reversal of numer- keep up with the speed of went too far, especially given
and other industries. ous Obama regulations and technological change. that the AT&T-Time Warner
1500 In the financial sector, Mr. has said he would emphasize Because the FTC doesn’t tie-up is a “vertical” merger,
Trump’s regulatory team has enforcement. have the authority to create or one that combines two
1000 launched a review of stricter “There’s a difference be- and enforce broad rules, it companies that operate at dif-
rules adopted after the 2008 tween creating regulatory cer- isn’t in a position to police ferent stages of a supply
bailouts. In general, officials tainty and holding polluters fast and slow lanes that may chain.
500
say they want to recalibrate accountable for violating envi- harm competition, said Jona- —Douglas MacMillan,
2000 ’10 standards governing bank ronmental laws,” said EPA than Zittrain, professor of law Ryan Knutson, Ryan Tracy
Sources: Thomson Reuters Datastream (actual); Consensus Economics via FactSet lending and other areas with- spokeswoman Liz Bowman. and computer science at Har- and Timothy Puko
(Treasury forecasts); Bloomberg (S&P 500 forecasts) THE WALL STREET JOURNAL. out scrapping them entirely. Environmental groups say vard University and a former contributed to this article.
THE WALL STREET JOURNAL. NY Friday, November 24, 2017 | B3
BUSINESS NEWS
Facebook to Tell Users

If They Followed or
Icahn Gets SandRidge Stake
Investor joins other
shareholders against
Liked Russian Pages proposed acquisition
BY JACK NICAS Facebook’s disclosure to of Bonanza Creek
users is “really the bare mini-
Facebook Inc. said it plans mum,” said Elevation Part- BY DAVID BENOIT
to tell millions of users who ners co-founder Roger Mc- AND RYAN DEZEMBER
liked or followed any of the Namee, an early Facebook
290 Facebook and Instagram investor and adviser who has Carl Icahn has purchased a
pages created by Russian ac- become a critic of social me- 13.5% stake in SandRidge En-
tors that they were ensnared dia’s effect on democracy. ergy Inc., joining a list of
in an alleged misinformation Facebook’s “reluctance to shareholders who say a deal
campaign around the U.S. both accept responsibility for the oil-and-gas producer
presidential election last year. what happened in 2016 and, struck last week makes little
Yet Wednesday’s disclosure more importantly, to take sense.
falls short of notifying more steps to prevent similar The stake, Mr. Icahn’s first
than 100 million other users things happening in the fu- new activist position this year,
who came across the pages’ ture is just both horribly dis- makes him the biggest holder
ads and posts, and may have appointing and really danger- of SandRidge shares. He had
liked, shared or commented on ous.” already been buying in Octo-
them. And it provides little in- Sen. Blumenthal requested ber on the belief they were
formation to those users who Facebook reach all users who cheap, but scooped up millions
did follow the pages. came across any content from more in the wake of the an-
By the end of the year, us- the Internet Research Agency nouncement that SandRidge
ers will have access to a tool and tell them “exactly what would buy Bonanza Creek En-
SANDRIDGE ENERGY
to check if they followed any content they saw so they can ergy Inc. for about $750 mil-
understand and evaluate what lion, according to people fa-
they may see in the future,” miliar with the matter.
Disclosures will reach according to a letter he sent to
the company.
In a filing Wednesday, Mr.
Icahn called the deal “nonsen-
only a fraction of the Sen. Blumenthal on sical” and questioned “what Shares of oil-and-gas producer SandRidge Energy are down 26% this year. A SandRidge site in Colorado.
over 120 million users Wednesday called Facebook’s
move “an encouraging step”
possible justifications manage-
ment could have.” Shares rose while boosting the company’s
who saw posts. and added, “I hope that 8.6% to $19 in post-market SandRidge Deals Gulf of Mexico oil fields, at- purchasing power, he said.
Google and Twitter will follow trading, after The Wall Street tracted activist investors who The activist investor’s pres-
Facebook’s lead.” Journal reported the stake. Stirred Prior Interest called for Mr. Ward’s ouster. He ence will likely escalate the
U.S. intelligence agencies, Like the other investors, landed a severance package pressure on Mr. Bennett, who
of the pages, which were de- lawmakers and tech firms say Mr. Icahn believes the Bon- worth roughly $90 million. took over the company in 2013
signed to look as if they were Russian actors aimed to influ- zana Creek deal echoes a prior u SandRidge was started in when a heated investor fight
run by Americans but were ac- ence the presidential election ill-fated acquisition binge at 2006 by Tom Ward, who had u Though Carl Icahn wasn’t felled his predecessor, founder
tually created by a single pro- last year by pushing false and the company. The investors, earlier founded Chesapeake En- part of the original fight with Tom Ward. SandRidge filed for
Kremlin firm called the Inter- misleading information and which include Fir Tree Part- ergy Co. with the late Aubrey SandRidge, he has a history bankruptcy in May 2016 amid
net Research Agency. Sen. sowing division among Ameri- ners, also question the quality McClendon. SandRidge was with the company, having falling oil-and-gas prices and
Richard Blumenthal (D., Conn.) can voters. of Bonanza Creek’s properties, valued at over $11 billion, but booked a sizable profit when he hefty debts the company piled
this month, following a con- One pillar of the Russians’ argue the price is too high and its value plunged in the finan- sold Mr. Ward some small com- up while attempting to find a
gressional hearing, asked strategy, which U.S. intelli- complain SandRidge is using cial crisis. panies. Mr. Icahn has long been sustainable strategy. It emerged
Facebook, Twitter Inc. and Al- gence agencies say was di- undervalued stock to pay for involved with energy stocks, in October 2016, with Mr. Ben-
phabet Inc.’s Google to tell us- rected by the Russian govern- the acquisition. The investors u A series of deals, culminat- helping oust Mr. McClendon nett still at the helm.
ers who saw posts by the In- ment, was to create fake say they expected SandRidge ing with one in 2012 involving from Chesapeake, for example. Fir Tree, which holds about
ternet Research Agency, and accounts on popular U.S. tech to run a disciplined oil-and- a 7% stake in common stock,
asked for a reply by Wednes- sites, including Facebook, In- gas producer in Oklahoma and blasted the proposed Bonanza
day. stagram, Twitter and Google’s Colorado, not strike big deals. company a market value just last week that the combination Creek deal in a public state-
Facebook’s disclosures, YouTube. On Facebook and In- SandRidge’s stock tumbled shy of $600 million. “creates a more balanced port- ment on Monday. Susque-
however, will reach only a stagram, the Russian accounts as much as 20% the day the “We believe our Bonanza folio” of mature drilling fields hanna Investment Group LLC
fraction of the more than 120 ran thousands of ads as a way Bonanza Creek deal was an- Creek acquisition will drive in Arkansas and Oklahoma and Cannell Capital LLC,
million users who saw the to amass followers to their nounced, and as of Wednesday strong risk-adjusted returns for that can help generate cash to which own over 4% and 1.5%,
posts, the company said. A pages. afternoon remained down SandRidge stockholders and be fund development. It would respectively, have also said
Facebook spokesman said it is Google and Twitter de- even amid the heavy buying of accretive to cash flow per also give SandRidge more ex- they oppose it.
too difficult to reach all af- clined to comment on whether Mr. Icahn and some others. As share,” said SandRidge spokes- posure to oil, as opposed to Because of the stock issu-
fected users, in part because it they plan to tell users who of Wednesday’s close, the man David Kimmel. natural gas, add drilling loca- ance it involves, the Bonanza
can’t reliably identify who came across such Russian con- shares had dropped 26% this SandRidge Chief Executive tions that offer higher returns, Creek deal would require a
came across the content. tent on their sites. year, giving the Oklahoma City James Bennett told analysts and produce cost savings vote of SandRidge holders.
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TECHNOLOGY WSJ.com/Tech
CHINA CIRCUIT | By Li Yuan

Corporate
Let a Hundred Oracles, SAPs Bloom Finance
Cuts Back
As much as do outnumber mobile-inter-
Yawning Gap
the world her-
alds the rise
of China tech,
Businesses and government
agencies in China spend a fraction
net startups, the hottest sec-
tor in recent years.
At the forefront of the
On Excel
its success is of what their U.S. counterparts do battle for the enterprise BY TATYANA SHUMSKY
confined on software. market is the chatbot, a soft-
largely to consumer business. ware program that answers Adobe Inc.’s. finance chief,
Where the U.S. has Facebook, $300 billion U.S. China questions. For many compa- Mark Garrett, says his team
Amazon and Google, China nies, a boom in consumer struggles keeping track of
has Tencent, Alibaba and 250 business means heavy de- which jobs have been filled at
Baidu—companies good at mand for customer service. the software company.
developing applications that 200 These companies are finding The process can take days
help hundreds of millions of that it’s cheaper and easier and requires staff to pull data
150
consumers shop, pay, chat to train a machine to inter- from disparate
QILAI SHEN/BLOOMBERG NEWS
and play games. 100 act with customers. CFO systems into Mi-
In the enterprise-applica- JOURNAL crosoft Corp.’s
O
tion market, it’s a different 50 ne chatbot maker, Excel spread-
story. China has nothing Shenzhen-based Zhu- sheets. From
comparable with Oracle, 0 iYi Technology Co., re- there, they can see which
SAP or Salesforce.com. 2014 ’15 ’16* ’17 ’18 ceived $21 million in series B groups are hiring and how sal-
In fact, the Chinese enter- *Estimate
Forecasts funding this month. Founded ary spending affects the budget.
prise market looks like the Source: Forrester 18 months ago by a group of “I don’t want financial plan-
tech consumer market in the Alibaba Cloud leads what is a fast-growing tech sector in China. THE WALL STREET JOURNAL. former Tencent program- ning people spending their time
country 10 years ago. Cus- mers, ZhuiYi already counts importing and exporting and
tomers—in this case, compa- and Baidu for the enterprise see the fragmentation as a pirate software. Cloud-based as customers ride-sharing gi- manipulating data, I want them
nies—are reluctant to pay market. As with the con- plus, setting the stage for a services are usually much ant Didi Chuxing, China’s big- to focus on what is the data
for software and pirate it sumer internet sector, for- fast uptake in enterprise ap- cheaper than traditional en- gest online travel site, telling us,” Mr. Garrett said.
when they can. They’d rather eign players are expected to plications. More businesses terprise software. And, as Ctrip.com International, and CFOs at companies includ-
throw labor at problems be- encounter barriers to market are turning to cloud-based companies accumulate cus- China’s biggest credit-card is- ing P.F. Chang’s China Bistro
cause investing in technol- access, including rules for lo- services for data storage and tomer data and move to the suer, China Merchants Bank. Inc., ABM Industries Inc. and
ogy is expensive and doesn’t calizing products and local software applications. In a cloud, they’re looking to ar- When China Merchants Wintrust Financial Corp. are
always work. control of cloud services. Deutsche Bank survey this tificial-intelligence technolo- Bank went looking for a on a similar drive to reduce
Those attitudes are chang- year of chief information of- gies for help. chatbot for its credit-card how much their finance teams
B
ing as labor costs rise and usinesses and govern- ficers at about 50 Chinese An AI startup boom is un- business, ZhuiYi outper- use Excel for financial plan-
app options multiply. Many ment departments in companies in a variety of der way. In the first five formed IBM’s Watson soft- ning, analysis and reporting.
companies now want to tap China spent 122 billion sectors, 84% of respondents months of this year, 175 AI- ware, says Chen Kunde, the Finance chiefs say the ubiq-
into the power of artificial yuan ($18.5 billion) on soft- said they plan to make related startups received 15.2 bank’s chief information offi- uitous software hasn’t kept up
intelligence and cloud com- ware in 2016, compared with “heavy use of cloud services” billion yuan in venture in- cer. Yibot demonstrated bet- with the demands of corporate
puting to increase efficiency $245 billion in the U.S., ac- by 2019, up from 4% in 2016. vesting, close to the total for ter understanding of the Chi- finance units. Instead, compa-
and cut costs. cording to Forrester. While Alibaba Cloud, the biggest in 2015, which was nearly triple nese language, he says, and nies are turning to cloud-based
That spells huge opportu- Salesforce has a market capi- China by market share, dou- the amount for 2014, accord- the bank is now looking to technologies from Anaplan
nity in a growing market de- talization of $78 billion, its bled its revenue last quarter ing to Beijing-based Zero2IPO expand chatbot services to Inc., Workiva Inc., Adaptive
void of a dominant player. dozens of Chinese wannabes from a year earlier. Group. While not all these customer relations. IBM says Insights and their rivals.
Investors and startups are are startups, with none val- As small- and medium- companies aim to serve en- it doesn’t comment on the Adobe switched to Anaplan
betting there’s a chance to ued at $1 billion. size businesses move to the terprises, announcements of specifics of customer en- last year, and many tasks previ-
create a Tencent, Alibaba At this point, investors cloud, they’re less likely to financing suggest those that gagement. ously performed in spread-
sheets are now done in the sys-
tem, maintaining “one source of
Tesla Delivers the World’s Biggest Battery

truth,” Mr. Garrett said.
P.F. Chang’s finance chief,
Jim Bell, said he switched to
Adaptive Insights because it
BY ROB TAYLOR Weatherill said Thursday, call- fosters collaboration and cuts
ing the system a clear message down on administrative tasks.
JAMESTOWN, Australia— that South Australia will be a Excel has evolved to better
Tesla Inc. Chief Executive Elon leader in renewable energy. serve its specialized custom-
Musk may have overpromised Mr. Musk tweeted, “Con- ers, including in the financial
on production of the com- gratulations to the Tesla crew community, said Brian Jones,
pany’s latest electric car, but and South Australian authori- head of Microsoft’s Excel
he is delivering on his auda- ties who worked so hard to product strategy. Excel has
cious Australian battery bet. get this manufactured and in- broad reach. Office 365, which
An enormous Tesla-built stalled in record time!” includes Excel, has more than
battery system—storing elec- The battery will provide 120 million monthly users,
tricity from a new wind farm backup power through its said Ron Markezich, Micro-
and capable of supplying evaluation over coming weeks, soft’s corporate vice president
30,000 homes for more than an Mr. Weatherill said, but the of Office 365.
hour—will be powered up over real test will come with the Wintrust, which operates 15
the coming days, the govern- Australian summer, between chartered community banks in
ment of South Australia state December and March, when Illinois and Wisconsin, dropped
said Thursday. Final tests are temperatures regularly soar Excel in favor of Workiva be-
MARK BRAKE/GETTY IMAGES
set to be followed by a street above 100 degrees Fahrenheit. cause of error rates.
party that Mr. Musk, founder Mr. Weatherill’s government “The CFO would ask: can
of both Tesla and rocket maker tapped Tesla in July, after a you tell me how many loans
Space Exploration Technolo- tender to build a large-scale were paid off and how many
gies Corp., or SpaceX, was ex- storage system connected to did you refinance in the last
pected to attend. the 33 million Australian dollar quarter, and we got different
Success would fulfill the (US$25 million) Hornsdale answers from different teams,”
risky pledge Mr. Musk made in Elon Musk’s Tesla-built system stores electricity from a new wind farm in South Australia state. wind farm, being built by said Anita Chakravarthy, se-
March, to deliver a working French company Neoen along nior vice president of perfor-
system in “100 days from con- outs left 1.7 million people withstanding, the country’s per makes it the world’s largest, low hills forming the southern mance measurement.
tract signature or it is free.” He without power, some for weeks. person greenhouse emissions tripling the previous record tail of the Flinders Ranges. Kayla Davis, who runs fi-
was answering a Twitter chal- Mr. Cannon-Brookes then are among the world’s highest. array at Mira Loma near On- The site, known as the “whis- nancial planning at ABM, re-
lenge from Australian IT bil- brokered talks between Mr. South Australia’s govern- tario, Calif., also built by Tesla pering plains,” lies among val- lied on Excel to pull data from
lionaire and environmentalist Musk and Australian Prime ment has yet to say how much and U.S. power company leys that funnel strong Southern disparate accounting systems.
Mike Cannon-Brookes to help Minister Malcolm Turnbull, the battery will cost taxpayers, Southern California Edison. Hemisphere winds and adjacent Since switching to Anaplan in
fix electricity problems in who has faced criticism from although renewable-energy ex- “An enormous amount of to lines powering Australia’s May, her team can give the
South Australia—which relies climate groups for winding back perts estimate it at US$50 work has gone into delivering eastern seaboard grid, which CFO information more quickly
heavily on renewable energy— renewable-energy policies in fa- million. Tesla says the sys- this project in such a short supplies nine million customers because it doesn’t require as
after crippling summer black- vor of coal. South Australia not- tem’s 100-megawatt capacity time,” state Premier Jay across five states. much verification, she said.
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THE WALL STREET JOURNAL. Friday, November 24, 2017 | B5
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B6 | Friday, November 24, 2017 * * THE WALL STREET JOURNAL.
BUSINESS NEWS
U.S. Citizens Working for Citgo Detained

Arrests of executives spokesman declined to com- Embassy had called on Vene- said the latest arrests owe tion in government. ton’s “economic war” against
ment, citing privacy laws. An- zuela to free the executives, an more to the turf wars inside The Citgo officials were de- his government.
in Venezuela are part other U.S. official said the assertion American officials the authoritarian government tained at a PdVSA event at its Mr. Saab said they would be
of what authorities call American government is moni- hadn’t publicly made. “I talked than to a serious effort to root Caracas headquarters in front charged with money launder-
toring the arrests, citing “sig- to the attorney general,” Mr. out corruption. It is improba- of the company’s management, ing and embezzlement. “Orga-
anticorruption purge nificant congressional interest.” Maduro thundered in a speech ble, they said, that Citgo’s ex- a person familiar with the nized crime has been taking
In a statement, Houston- carried on national television. ecutives would embark on a matter said. root in the ranks of PdVSA,”
BY ANATOLY KURMANAEV based Citgo said it was look- “These people were born in The U.S. citizens among Mr. Saab told reporters on
ing into the corruption allega- Venezuela. They’re Venezue- them are refining Vice Presi- Tuesday.
CARACAS, Venezuela— tions. A Citgo spokesman lans and they’ll be tried for President dent Tomeu Vadell, supply PdVSA President Nelson
American citizens were among declined to comment further. corruption, for being thieves Nicolás Maduro Vice President Jorge Toledo, Martínez, a Maduro appointee,
the executives at Citgo Petro- Relations between the and traitors against the fa- has accused Vice President for Shared Ser- on Wednesday said he sup-
leum Corp. that the Venezue- countries are already tense. therland.” the U.S. of vices José Luis Zambrano and ported the investigation to
lan intelligence agency ar- President Donald Trump has As part of what he called a trying to the head of the Corpus Christi “root out corruption.”
rested here on Tuesday, a called Venezuelan President cleanup of Citgo, Mr. Maduro overthrow his refinery, Alirio Zambrano. The Since taking office in Au-
development that has exacer- Nicolás Maduro a dictator named a cousin of late Presi- government. Citgo official said all four are gust, Mr. Saab has arrested
bated strains between Wash- and Washington has imposed dent Hugo Chávez, Asdrúbal company veterans who grew about 50 managers at PdVSA
ington and Caracas. financial and travel penalties Chávez, to head Citgo. up in Venezuela and later be- and its contractors for alleged
Venezuela arrested six top on the leader and dozens of Venezuela Attorney General $4 billion deal without the came U.S. citizens. The gov- overpricing and theft, which
executives of the U.S. subsid- his top officials. The U.S. has Tarek Saab on Tuesday said consent of Mr. Maduro, who ernment also detained Citgo the government says has hurt
iary of state-oil company accused members of his ad- the detained executives tried has installed people close to acting CEO José Pereira and the company’s revenue.
Petróleos de Venezuela SA, in- ministration of drug traffick- to defraud the nation through him to run PdVSA. head of public affairs Gustavo Mr. Saab’s anticorruption
cluding its acting president, as ing and undermining democ- a planned $4 billion financing Transparency International, Cárdenas. campaign is highly selective
part of what officials called an racy. Mr. Maduro has deal with U.S. and Dubai in- a Berlin-based nonprofit group None of the executives and is driven by politics rather
anticorruption purge. At least responded by accusing Wash- vestment funds. He didn’t pro- that monitors perceptions of could be reached to comment. than pursuit of justice, said
four of those arrested are natu- ington of trying to overthrow vide further details about the graft, rates Venezuela as the Mr. Maduro on Tuesday Mercedes de Freitas, director
ralized U.S. citizens, a Citgo of- his government. alleged fraud. 10th-most corrupt country in called Citgo’s alleged planned of Transparency Venezuela,
ficial said on Wednesday. Speaking late Wednesday, People close to state-owned the world. Venezuelan officials financing deal “treason” and the local branch of Transpar-
A U.S. State Department Mr. Maduro claimed the U.S. oil company, known as PdVSA, dismiss any systemic corrup- said it forms part of Washing- ency International.
Lilly Plans Insulin-Delivery Device Energy Firms Commit

BY PETER LOFTUS
CAMBRIDGE, Mass.—Eli
To Cut Gas Pollution
Lilly & Co., one of the biggest BY SARAH KENT sions that occur when it leaks
makers of insulin, has been AND BRADLEY OLSON into the atmosphere is start-
planning a risky new business ing to draw negative attention.
venture: making the high-tech LONDON—Exxon Mobil Exxon and its partners said
devices that deliver insulin to Corp. has joined with seven they have signed up to a set of
diabetes patients. other big energy companies to guiding principles, committing
In a research laboratory reduce pollution from natural to drive down methane emis-
Lilly opened here in 2015, sci- gas production, an effort by sions from their assets, en-
entists have been developing a the industry to present itself courage better performance
wearable, automated insulin- as part of the solution as gov- from their peers, improve
delivery device designed to re- ernments and consumers de- transparency and data accu-
duce the decision-making and mand more environmentally racy on the matter and advo-
guesswork of conventional in- friendly energy. cate for better regulation.
SHAWN G. HENRY FOR THE WALL STREET JOURNAL
sulin injections. They are also Big oil companies like “The commitment was
developing a “smart pen” in- Exxon and Royal Dutch Shell made as part of wider efforts
jection device that can wire- PLC have increasingly touted by the global energy industry
lessly transmit dosing infor- natural gas as a core tool to to ensure that natural gas con-
mation to a patient’s phone, to combat climate change, since tinues to play a critical role in
ensure proper dosing. it produces fewer greenhouse- helping meet future energy,”
Lilly’s previously undis- gas emissions than coal, the the companies said in a joint
closed projects are an unusual fuel it often replaces in elec- statement. “Its role in the
example of diversification at a tricity production. transition to a low-carbon fu-
time when much of the drug The rare trans-Atlantic ture will be influenced by the
industry is moving in the op- alignment was first reported extent to which methane emis-
posite direction—shedding by The Wall Street Journal, sions are reduced.”
nondrug businesses to focus ahead of the companies’ an- A recent International En-
on pharmaceuticals. A Lilly engineer holds a prototype circuit board at the company’s research lab in Cambridge, Mass. nouncement Wednesday. The ergy Agency study found
Indianapolis-based Lilly, the collaboration by companies in- around 76 million tons of
first company to mass produce bridge lab this month. “To me, competition in the diabetes- drug Cialis next year. Its stock cluding Exxon, Shell, BP PLC methane are emitted every
insulin in 1923, faces competi- it’s clear where the business is device field is fierce, with sev- price has risen 8.5% in the and Total SA, shows the oil year from global oil and gas
tive pressures including the going.” Lilly’s insulin products eral companies racing to de- past 12 months, less than ri- and gas sector is proactively operations.
expected arrival of lower-cost currently generate about 20% velop insulin-delivery systems vals such as Novo Nordisk A/S trying to address burgeoning Exxon’s decision to join the
copies of its top-selling insu- of the company’s total reve- that advance toward an “arti- and Sanofi SA and below the concerns about natural-gas group leaves Chevron Corp.
lin, Humalog. And it sees nue. ficial pancreas,” or a device 11% gain in the NYSE Arca emissions to ensure that its as the only major U.S. oil
growth in the market for ad- Still, the projects are a that would completely remove Pharmaceutical index. big bet on the fossil fuel pays company that has yet to join
vanced insulin-delivery de- risky bet because Lilly will patient decision-making from Mr. Conterno declined to off. the initiative. Both of the U.S.
vices. compete with medical-device insulin delivery. specify how much Lilly is Major energy companies oil companies have lagged be-
Enrique Conterno, head of heavyweights like Medtronic Lilly has been introducing spending on its device pro- have made big investments in hind their European peers on
Lilly’s diabetes business, said PLC, which received U.S. mar- new drugs for diabetes and gram, but said “it’s a major ef- gas in recent years and are the issue of climate and
he believed Lilly’s insulin busi- keting approval for an auto- other diseases such as cancer fort.” steadily increasing their pro- Exxon hasn’t participated in
ness would become “obsolete” mated insulin-delivery device and psoriasis in recent years Lilly expects it will take duction volumes. They argue previous similar efforts to
if the company remained last year. to try to offset a wave about two to three years to that it will prove a vital source build an industry voice on
largely an insulin provider Other companies includ- of sales-eroding patent expi- get the devices to market, if of energy stability even as re- such subjects.
without delivery systems. ing Roche Holding AG, Insulet rations for former top-selling they succeed in patient studies newables increase their mar- Still, under pressure from
“Do we want to be just an Corp. and Tandem Diabetes drugs. While results have im- and pass muster with regula- ket share. investors over the past year,
insulin provider that just goes Care Inc. are also developing proved since 2014, Lilly faces tors. The company expects to But methane, the main both of the U.S. companies
into a system, or do we want automated pump systems. more challenges ahead includ- begin clinical trials in Decem- component in natural gas, is have undergone an evolution
to be the integrator of the sys- Danielle Antalffy, an analyst ing expected generic competi- ber. Lilly declined to discuss also a potent greenhouse gas in the way they address cli-
tem?” he said at the Cam- with Leerink Partners, said tion for erectile-dysfunction its pricing plans. and the issue of fugitive emis- mate change publicly.
Borrowing Benchmarks | WSJ.com/bonds

Money Rates November 23, 2017 Whistleblower Alert Scrutinized
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. BY ROLFE WINKLER founders. In their lawsuit filed their investment. In an adden-
on Nov. 16, investors allege dum to their stock-purchase
November 22, 2017 Other short-term rates Outcome Health’s chief ex- that Outcome manipulated agreement dated Feb. 28, 2017,
International rates Inflation ecutive was sent a whistle- third-party reports summariz- a copy of which was also filed
Week 52-Week
Week 52-Week Oct. index Chg From (%) Latest ago high low blower letter last year by a ing ad campaigns to make by the investors in Delaware,
Latest ago High Low level Sept. '17 Oct. '16 salesman accusing the com- them appear to be more suc- Outcome said it “does not be-
Call money
U.S. consumer price index pany of committing “ongoing cessful than they were. lieve that [the whistleblower]
Prime rates 3.00 3.00 3.00 2.25
All items 246.663 –0.06 2.0 fraud” by misleading its cus- Outcome has called both claims have any merit and is
U.S. 4.25 4.25 4.25 3.50 Commercial paper (AA financial) tomers about its services, alle- lawsuits’ allegations baseless evaluating its options for re-
Core 253.638 0.28 1.8
Canada 3.20 3.20 3.20 2.70 90 days 1.33 1.29 1.36 0.67 gations that the advertising and the company and its found- solving this matter.”
Japan 1.475 1.475 1.475 1.475 International rates
Libor startup told investors had no ers have denied wrongdoing. The investors argue in their
Week 52-Week One month 1.32750 1.26600 1.32750 0.59200 merit, according to documents “Outcome Health counsel legal brief that the claim
Policy Rates Latest ago High Low Three month 1.46233 1.42190 1.46233 0.93011
Euro zone 0.00 0.00 0.00 0.00 Six month 1.65211 1.61810 1.65211 1.27989
filed in an investor lawsuit. who received this communica- shows Mr. Shah was “put on
Switzerland 0.50 0.50 0.50 0.50 Prime rates One year 1.93400 1.88622 1.93400 1.62956 The claim was made in a tion acted responsibly by en- inquiry notice” of alleged
Britain 0.50 0.50 0.50 0.25 U.S. 4.25 4.25 4.25 3.50 Euro Libor
letter dated Oct. 21, 2016, sev- gaging outside lawyers to re- fraud at the company.
Australia 1.50 1.50 1.50 1.50 Canada 3.20 3.20 3.20 2.70 One month -0.399 -0.399 -0.376 -0.405 eral months before investors, view the matter, and the The letter, filed by the
Japan 1.475 1.475 1.475 1.475 Three month -0.380 -0.379 -0.325 -0.381 including funds run by a unit outside lawyers determined plaintiffs on Wednesday as an
Overnight repurchase Six month -0.315 -0.317 -0.219 -0.322 of Goldman Sachs Group Inc. exhibit, was sent by a lawyer
Policy Rates One year -0.243 -0.251 -0.080 -0.251
U.S. 1.14 1.29 1.38 0.24 and Google parent Alphabet for Sean Bogdany, then a
Euro zone 0.00 0.00 0.00 0.00 Euro interbank offered rate (Euribor) Inc., invested nearly $500 mil- salesman at Outcome, which at
Other short-term rates Switzerland 0.50 0.50 0.50 0.50 One month -0.371 -0.372 -0.366 -0.375 lion in Outcome at a valuation
Outcome Health told the time was called Context-
Britain 0.50 0.50 0.50 0.25 Three month -0.329 -0.329 -0.313 -0.332
Week 52-Week Australia 1.50 1.50 1.50 1.50 Six month -0.272 -0.275 -0.216 -0.276
the Chicago startup said was investors allegations Media Health.
One year -0.186 -0.192 -0.076 -0.192 $5.5 billion. According to court “In the course of his em-
Latest ago high low
Overnight repurchase documents, the company told
of ‘ongoing fraud’ ployment with Context, Mr.
Value 52-Week
Call money U.S. 1.14 1.29 1.38 0.24 Latest Traded High Low investors before the funding had no merit. Bogdany has learned that Con-
3.00 3.00 3.00 2.25 DTCC GCF Repo Index round that the letter had no text is committing ongoing
U.S. government rates
Treasury 1.118 32.600 1.366 0.264 merit. Outcome streams phar- fraud against its customers by
Discount MBS 1.154 73.350 1.506 0.280 maceutical advertising and ed- lying about its sales metrics,”
Libor 1.75 1.75 1.75 1.00 Open Implied ucational clips to screens it these allegations were without wrote Mr. Bogdany’s lawyer
Settle Change Interest Rate
One month 1.32862 1.28267 1.32862 0.60256 places in doctors’ offices. merit,” Outcome said in a Vince McKnight of Sanford
Federal funds DTCC GCF Repo Index Futures
Three month 1.46206 1.43567 1.46233 0.93067 The investors on Nov. 7 statement. “The company has Heisler LLP.
Effective rate 1.1700 1.1700 1.2000 0.3500 Treasury Nov 98.795 0.005 6810 1.205
Six month 1.65211 1.63171 1.65211 1.28878 1.3125 1.3125 0.5625 98.665 0.005 2027 1.335
sued Outcome and its co- always been transparent with “Context knowingly misrep-
High 1.3125 Treasury Dec
One year 1.93011 1.90067 1.93400 1.63900 Low 1.0000 1.0300 1.1600 0.2500 Treasury Jan 98.550 -0.005 459 1.450 founders, CEO Rishi Shah and information and all legal mat- resents to its customers that it
Bid 1.1600 1.1600 1.1700 0.3000 President Shradha Agarwal, in ters were fully disclosed dur- can offer them wider exposure
Euro Libor Notes on data: a New York state court alleging ing diligence. Goldman Sachs than it can. Customers are
Offer 1.1700 1.1700 1.1900 0.3200
U.S. prime rate is the base rate on corporate
One month -0.401 -0.399 -0.376 -0.405
loans posted by at least 70% of the 10 largest the executives knowingly pro- and the other investors are purchasing Context’s services
Three month -0.380 -0.379 -0.325 -0.381 Treasury bill auction U.S. banks, and is effective June 15, 2017. Other vided them with false data and now trying to destroy this pa- based on Context’s false repre-
Six month -0.316 -0.317 -0.219 -0.322 4 weeks 1.130 1.045 1.300 0.340 prime rates aren’t directly comparable; lending
financial reports before the tient-focused business and sentations that it reaches
practices vary widely by location; Discount rate
13 weeks 1.285 1.240 1.285 0.480
One year -0.248 -0.251 -0.080 -0.251 is effective June 15, 2017. DTCC GCF Repo Index funding round earlier this year. putting jobs in jeopardy for thousands of physicians/prac-
26 weeks 1.415 1.360 1.415 0.590 is Depository Trust & Clearing Corp.'s weighted
average for overnight trades in applicable The investors separately their own self-serving goals.” tices when, in fact, Context
Euro interbank offered rate (Euribor) sued a subsidiary of Outcome In a revised brief filed reaches significantly less.”
Secondary market CUSIPs. Value traded is in billions of U.S. dollars.
One month -0.372 -0.372 -0.366 -0.375 Federal-funds rates are Tullett Prebon rates as
of 5:30 p.m. ET. Futures on the DTCC GCF Repo in Delaware seeking to tempo- Wednesday in the Delaware Mr. McKnight and Mr.
Three month -0.329 -0.329 -0.313 -0.332
Fannie Mae
Index are traded on NYSE Liffe US. rarily freeze $225 million of Court of Chancery, investors Bogdany both declined to
Six month -0.271 -0.275 -0.216 -0.276 30-year mortgage yields Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; SIX Financial Information;
the investment held by the said Outcome told them about comment.
One year -0.186 -0.192 -0.076 -0.192 30 days 3.482 3.459 3.865 3.253
General Electric Capital Corp.; Tullett Prebon subsidiary that was allocated the whistleblower claim during —Peg Brickley
60 days 3.502 3.479 3.899 3.281 Information, Ltd.
as a cash distribution to the due diligence before they made contributed to this article.
MARKETS DIGEST Data as of Wednesday, November 22, 2017

except where noted.
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23526.18 t 64.65, or 0.27% Trailing P/E ratio 20.71 20.82 2597.08 t 1.95, or 0.08% Trailing P/E ratio 24.44 24.19 6867.36 s 4.88, or 0.07% Trailing P/E ratio * 26.10 23.75
High, low, open and close for each P/E estimate * 19.17 17.74 High, low, open and close for each P/E estimate * 19.36 18.25 High, low, open and close for each P/E estimate * 21.25 19.12
trading day of the past three months. Dividend yield 2.16 2.49 trading day of the past three months. Dividend yield 1.93 2.14 trading day of the past three months. Dividend yield 1.05 1.25
All-time high 23590.83, 11/21/17 All-time high: 2599.03, 11/21/17 All-time high: 6867.36, 11/22/17
Current divisor 0.14523396877348

23500 2600 6900
23000 2560 6750
22500 2520 6600
22000 2480 6450

Session high
65-day moving average
DOWN UP
21500 2440 65-day moving average 6300
t
Session open Close

65-day moving average Close Open
t
21000 2400 6150

Session low
Bars measure the point change from session's open
20500 2360 6000
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
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 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 667,859,751 10,306,495
Industrial Average 23605.77 23507.61 23526.18 -64.65 -0.27 23590.83 19083.18 23.3 19.0 9.7 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 378,850,775 6,064,086
Transportation Avg 9651.55 9609.71 9626.66 11.94 0.12 10038.13 8783.74 7.0 6.4 1.9 Most-active issues in late trading Decl. volume* 275,010,169 3,939,407
Utility Average 759.44 755.01 757.73 -0.24 -0.03 774.47 626.66 20.2 14.9 8.3 Volume After Hours Issues traded 3,064 327
Company Symbol (000) Last Net chg % chg High Low Advances 1,659 176
Total Stock Market 26979.60 26922.12 26936.00 -18.41 -0.07 26954.41 22773.93 17.3 15.7 7.9
SPDR S&P 500 SPY 7,977.2 259.61 -0.15 -0.06 260.07 259.51 Declines 1,300 134
Barron's 400 699.28 696.01 696.02 -1.78 -0.26 697.81 583.16 17.4 15.7 8.7
Marathon Oil MRO 5,920.4 14.85 -0.03 -0.20 14.90 14.85 Unchanged 105 17
Nasdaq Stock Market iShares MSCI Emg Markets EEM 4,034.4 47.75 -0.06 -0.13 47.86 47.37 New highs 179 8
Nasdaq Composite 6874.52 6859.28 6867.36 4.88 0.07 6867.36 5251.11 27.6 27.6 13.4 Weatherford International WFT 3,709.5 3.30 0.01 0.30 3.30 3.29 New lows 30 4
Nasdaq 100 6391.16 6371.74 7.49 6386.12 4734.10 31.3 Closing tick 38 17
6386.12 0.12 31.6 14.5 Intel INTC 3,363.6 44.64 -0.01 -0.02 44.67 44.55
Closing Arms† 0.84 0.80
Ford Motor F 3,067.0 12.07 … unch. 12.09 12.06
Standard & Poor's Block trades* 5,912 103
iSh Core S&P Small-Cap IJR 2,600.7 76.06 … unch. 76.06 76.03
500 Index 2600.94 2595.23 2597.08 -1.95 -0.08 2599.03 2191.08 17.8 16.0 8.0 Nasdaq NYSE Arca
Microsoft MSFT 2,211.6 83.13 0.02 0.02 83.31 83.05
MidCap 400 1863.97 1857.54 1857.91 -1.05 -0.06 1858.96 1623.28 13.6 11.9 8.8 Total volume*1,565,000,791 179,851,266
SmallCap 600 930.89 925.57 925.88 -1.93 -0.21 927.81 808.59 12.7 10.5 11.0 Percentage gainers… Adv. volume* 821,479,117 110,767,453
Decl. volume* 725,583,100 66,917,797
Other Indexes Net 1 UEPS Techs UEPS 38.3 13.25 0.97 7.90 13.52 12.28
Issues traded 3,041 1,310
Russell 2000 1524.18 1516.76 1516.76 -2.13 -0.14 1518.89 1313.80 13.0 11.8 9.0 SandRidge Energy SD 12.1 18.88 1.38 7.89 19.00 17.50
Advances 1,515 821
NYSE Composite 12416.75 12380.29 12390.82 4.94 0.04 12430.52 10808.63 14.3 12.1 4.0 Halozyme Therapeutics HALO 19.9 19.14 0.90 4.93 19.15 18.24 Declines 1,387 470
Value Line 550.25 548.30 548.43 0.13 0.02 548.43 496.60 9.0 8.3 3.0 WisdomTree Investments WETF 7.0 11.83 0.53 4.69 11.83 11.30 Unchanged 139 19
NYSE Arca Biotech 4201.12 4171.54 4194.17 16.84 0.40 4304.77 3075.02 25.4 36.4 7.9
Enel Chile ADR ENIC 29.0 5.50 0.18 3.34 5.50 5.42 New highs 245 281
New lows 30 34
NYSE Arca Pharma 537.96 534.95 536.14 0.53 0.10 560.52 463.78 14.1 11.3 -0.4 ...And losers
Closing tick 55 8
KBW Bank 99.92 99.18 99.19 -0.28 -0.29 102.31 85.30 14.4 8.1 10.9 WPX Energy WPX 25.4 11.34 -1.18 -9.42 12.52 11.34 Closing Arms† 0.96 1.17
PHLX§ Gold/Silver 81.88 81.12 81.75 1.09 1.35 96.72 73.03 3.6 3.7 3.5 Tahoe Resources TAHO 39.6 4.49 -0.23 -4.87 4.72 4.49 Block trades* 5,249 1,079
PHLX§ Oil Service 132.05 131.21 131.56 1.37 1.05 192.66 117.79 -22.1 -28.4 -19.2 CBRE Group CBG 95.2 40.86 -1.63 -3.84 42.66 40.86 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1340.47 1327.04 1329.10 -8.82 -0.66 1337.92 836.79 49.5 46.6 26.1 Delphi Technologies Wi DLPH@ 21.4 50.00 -1.90 -3.66 50.20 50.00 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 9.88 9.32 0.15 16.04 9.14 -20.5 -29.6 issues with the volume of shares rising and falling. An
9.88 1.54 -8.5 Michaels Cos. MIK 47.7 18.50 -0.56 -2.94 19.06 18.50 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes on Thursday 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 The Global Dow 2984.37 3.73 0.13 17.9 Cleantech Solutions Intl CLNT 7.10 2.65 59.55 12.40 2.31 133.6 CHF Solutions CHFS 4.35 -3.53 -44.80 576.00 3.60 -96.0
DJ Global Index 388.42 0.44 0.11 19.1 Riot Blockchain RIOT 15.99 4.73 42.01 16.14 2.66 481.5 Atlantic Acquisition ATAC 9.89 -5.11 -34.07 15.00 9.75 ...
DJ Global ex U.S. 262.22 0.59 0.23 22.6 Social Reality Cl A SRAX 5.82 1.59 37.59 6.85 1.11 -4.6 PPDAI Group ADR PPDF 8.18 -2.62 -24.26 14.63 8.05 ...
Americas DJ Americas 625.22 0.05 0.01 15.7 LM Funding America LMFA 3.01 0.77 34.38 5.93 1.11 -36.1 Iconix Brand Group ICON 2.05 -0.50 -19.61 10.80 1.44 -79.4
Brazil Sao Paulo Bovespa 74486.58 –32.22 –0.04 23.7 Eltek ELTK 4.88 1.13 30.13 8.95 0.53 454.5 Diana Containerships DCIX 7.37 -1.62 -18.02 226894.50 1.56 -100.0
Canada S&P/TSX Comp 16074.30 0.72 0.004 5.1 Net 1 UEPS Techs UEPS 12.28 2.16 21.34 13.81 8.87 9.8 Baozun ADR BZUN 29.51 -6.03 -16.97 40.65 10.87 82.2
Mexico S&P/BMV IPC 48136.24 –60.65 –0.13 5.5 CASI Pharmaceuticals CASI 3.63 0.61 20.20 4.84 0.91 125.5 Qudian ADR QD 16.15 -3.16 -16.36 35.45 16.00 ...
Chile Santiago IPSA 3816.12 –73.74 –1.90 18.4 Atomera ATOM 4.67 0.78 20.05 7.64 2.45 -31.8 Ekso Bionics Holdings EKSO 3.49 -0.64 -15.50 4.90 0.99 -21.2
0.02 Remark Holdings MARK 8.54 1.39 19.44 9.35 1.93 86.9 Guess GES 15.62 -2.33 -12.98 18.30 9.56 -2.4
EMEA Stoxx Europe 600 387.12 0.06 7.1
0.25 Iteris ITI 6.82 1.07 18.61 8.17 3.20 102.1 Jianpu Technology ADR JT 5.75 -0.85 -12.88 8.43 5.50 ...
Eurozone Euro Stoxx 389.14 0.96 11.1
Belgium Bel-20 3978.19 9.00 0.23 10.3 Aytu BioScience AYTU 3.03 0.43 16.54 6.82 0.17 163.5 Collegium Pharmaceutical COLL 16.30 -2.28 -12.27 19.21 7.37 -4.3
France CAC 40 5379.54 26.78 0.50 10.6 Ovid Therapeutics OVID 11.21 1.47 15.09 15.93 5.28 ... ELEMENTS Rogers Energy RJN 2.36 -0.30 -11.28 3.72 1.94 -3.3
Germany DAX 13008.55 –6.49 –0.05 13.3 Ashford AINC 105.00 12.00 12.90 108.00 39.82 163.7 Novelion Therapeutics NVLN 4.02 -0.50 -11.06 13.80 3.92 -55.8
Israel Tel Aviv 1432.71 14.99 1.06 –2.6 Yulong Eco-Materials YECO 4.23 0.48 12.80 9.00 0.50 -46.8 Internet Gold-Golden IGLD 6.76 -0.84 -11.05 12.89 5.86 -43.4
0.37 16.4 Central European Media A CETV 4.85 0.55 12.79 5.10 2.40 79.6 Fidelity D&D Bancorp FDBC 39.50 -4.50 -10.23 44.00 22.70 64.6
Italy FTSE MIB 22397.78 82.54
Netherlands AEX 541.35 1.33 0.25 12.0
Russia RTS Index 1158.62 –0.49 –0.04 0.5 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10032.80 18.90 0.19 7.3
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 576.28 –1.59 –0.28 7.8 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9315.56 23.72 0.26 13.3
iShares MSCI Emg Markets EEM 56,730 16.8 47.81 0.25 47.93 33.94 Riot Blockchain RIOT 12,958 1945 15.99 42.01 16.14 2.66
U.K. FTSE 100 7417.24 –1.78 –0.02 3.8
General Electric GE 52,621 -25.2 18.15 1.79 32.38 17.46 Virtus Newflt Dyn Credit BLHY 287 1534 25.10 0.42 26.98 23.01
Asia-Pacific Square Cl A SQ 44,271 364.2 48.81 1.56 49.55 12.32 CHF Solutions CHFS 3,014 1079 4.35 -44.80 576.00 3.60
Australia S&P/ASX 200 5986.20 –0.20 –0.003 5.7 Hewlett Packard Ent HPE 41,735 211.6 13.10 -7.22 15.12 12.70 KraneShs Bosera China A KBA 553 981 36.01 -0.28 36.13 26.55
China Shanghai Composite 3351.92 –78.55 –2.29 8.0 SPDR S&P 500 SPY 37,004 -40.3 259.76 -0.09 260.20 219.15 Vanguard Russ 1000 Value VONV 273 841 104.81 -0.01 105.65 95.39
Hong Kong Hang Seng 29707.94 –295.55 –0.99 35.0 Bank of America BAC 36,617 -43.0 26.66 -0.26 27.98 20.20 PDF Solutions PDFS 1,527 800 16.72 5.42 24.44 14.11
India S&P BSE Sensex 33588.08 26.53 0.08 26.1 Ford Motor F 33,114 -6.4 12.07 -0.41 13.27 10.47 Axalta Coating Systems AXTA 21,790 716 35.50 4.81 36.10 24.72
Japan Nikkei Stock Avg 22523.15 … Closed 17.8 Vale ADR VALE 32,671 15.8 10.77 2.96 11.72 7.47 PIMCO Short Term Mun Bd SMMU 39 675 50.14 -0.22 50.80 48.75
Singapore Straits Times 3423.17 –6.85 –0.20 18.8 VanEck Vectors Gold Miner GDX 30,965 -20.5 22.92 0.88 25.71 18.58 Resonant Inc. RESN 762 648 5.95 2.59 6.23 3.82
South Korea Kospi 2537.15 –3.36 –0.13 25.2 Finl Select Sector SPDR XLF 30,465 -40.5 26.23 -0.49 26.93 22.00 Guggenheim BS 2021 HY BSJL 722 647 25.08 0.12 25.32 24.31
Taiwan Weighted 10854.57 31.98 0.30 17.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days
CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency
Thurs YTDchg
in US$ per US$ (%) Country/currency
Thurs YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Europe
A consumer rate against its Money market accounts
3.75% Argentina peso .0575 17.3945 9.6 Czech Rep. koruna .04660 21.458 –16.5
benchmark over the past year 10% Brazil real .3104 3.2218 –1.0 Denmark krone .1592 6.2808 –11.2
Bankrate.com avg†: 0.32% s
3.00 Euro Canada dollar .7864 1.2716 –5.4 Euro area euro 1.1850 .8439 –11.2
American Express Bank, FSB 1.25% 5
Chile peso .001575 635.10 –5.2 Hungary forint .003792 263.69 –10.4
Federal-funds 0.90% New York, NY 866-215-8754 2.25 Ecuador US dollar 1 1 unch Iceland krona .009658 103.54 –8.3
t
target rate 0
Capital One 360 1.30% Mexico peso .0537 18.6241 –10.2 Norway krone .1229 8.1358 –5.9
Wednesday
t
0.60 1.50 Uruguay peso .03406 29.3600 0.03 Poland zloty .2816 3.5518 –15.2
Glen Allen, VA 877-464-0333 –5
s Yen Venezuela b. fuerte .097334 10.2740 2.8 Russia ruble .01711 58.456 –4.6
0.30 Goldman Sachs Bank USA 1.30% 0.75 –10 Sweden krona .1205 8.2973 –8.9
t s Asia-Pacific
One year ago
t
New York, NY 855-730-7283 WSJ Dollar index Switzerland franc 1.0185 .9818 –3.6
Money market 0.00 –15 Australian dollar .7626 1.3113 –5.6
0.00 DollarSavingsDirect 1.50% Turkey lira .2551 3.9201 11.3
account yields China yuan .1519 6.5836 –5.2
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0377 26.5450 –2.0
New York, NY 866-395-8693 Hong Kong dollar .1280 7.8115 0.7
–0.30 month(s) years UK pound 1.3307 .7515 –7.2
Salem Five Direct 1.50% India rupee .01548 64.584 –5.0
D J F MAM J J A S O N maturity Indonesia rupiah .0000742 13483 –0.3 Middle East/Africa
2017 Salem, MA 800-850-5000
Japan yen .008992 111.21 –4.9 Bahrain dinar 2.6477 .3777 0.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003030 330.05 –1.1 Egypt pound .0565 17.6893 –2.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1245 8.0340 1.5 Israel shekel .2848 3.5107 –8.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2434 4.1082 –8.4 Kuwait dinar 3.3118 .3020 –1.2
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields New Zealand dollar .6891 1.4512 0.5 Oman sul rial 2.5970 .3851 0.02
Pakistan rupee .00950 105.295 0.9 Qatar rial .2747 3.641 0.02
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr Philippines peso .0198 50.514 1.8 Saudi Arabia riyal .2666 3.7504 –0.01
Libor, 3-month 1.46 1.42 0.93 l 1.46 1.23 Singapore dollar .7434 1.3452 –7.1 South Africa rand .0720 13.8822 1.4
Money market, annual yield 0.32 0.33 0.26 l 0.36 -0.11 Treasury, Ryan ALM 1465.688 2.147 2.143 2.237 1.818 2.809 2.053 South Korea won .0009225 1084.00 –10.3
Five-year CD, annual yield 1.48 1.48 1.19 l 1.49 -0.08 .0065053 153.72 3.6 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1738.674 2.322 2.335 2.609 2.058 2.581 1.864 Sri Lanka rupee
30-year mortgage, fixed† 3.91 3.92 3.73 l 4.33 -0.09 Taiwan dollar .03333 30.004 –7.6 WSJ Dollar Index 86.52 –0.08–0.09 –6.90
DJ Corporate 380.287 3.113 3.157 3.390 2.879 6.149 4.063
Thailand baht .03061 32.670 –8.8 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.31 3.31 2.99 l 3.50 0.11 Aggregate, Barclays Capital 1944.810 2.650 2.640 2.790 2.380 3.509 2.432 Vietnam dong .00004400 22727 –0.2
Jumbo mortgages, $424,100-plus† 4.29 4.28 4.21 l 4.88 -0.01 High Yield 100, Merrill Lynch 2848.789 5.534 5.835 6.144 4.948 8.133 4.084
Five-year adj mortgage (ARM)† 3.72 3.54 3.20 l 4.03 0.22
Fixed-Rate MBS, Barclays 1989.630 2.900 2.870 3.120 2.660 2.341 2.041
New-car loan, 48-month 3.01 3.01 2.85 l 3.36 -0.18
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
Muni Master, Merrill 519.740 2.126 2.024 2.516 1.736 4.600 2.568 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 802.608 5.562 5.635 6.290 5.279 10.227 5.683 Commodities Wednesday 52-Week YTD
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 615.91 4.40 0.72 616.58 532.01 11.21 8.58

Get real-time U.S. stock quotes and track most-active Track the Markets 191.60 0.94 195.14 2.09 -0.47
WSJ
TR/CC CRB Index 1.78 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 58.02 1.19 2.09 58.02 42.53 20.98 8.00
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 2.968 -0.049 -1.62 3.93 2.56 -1.92 -20.30
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1291.60 10.50 0.82 1346.00 1127.80 8.62 12.31
B8 | Friday, November 24, 2017 THE WALL STREET JOURNAL.
COMMODITIES WSJ.com/commodities
Futures Contracts | WSJ.com/commodities Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept .7541 .7541 .7533 .7606 .0032 63
Metal & Petroleum Futures Nov 98.845 98.845 98.843 98.843 … 205,856 Dec … … s … .7605 .0033 3
Jan 1231.00 1243.00 1225.00 1242.00 8.00 8,876
Contract Open
March 1263.00 1271.00 1259.00 1271.50 8.50 1,488 Jan'18 98.605 98.610 t 98.605 98.610 .005 339,462 Mexican Peso (CME)-MXN 500,000; $ per MXN
Open High hi lo Low Settle Chg interest 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec .05300 .05353 .05286 .05350 .00050 178,696
Wheat (CBT)-5,000 bu.; cents per bu.
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 424.75 426.25 420.75 422.75 –2.00 108,758 Dec 100.828 101.250 100.797 101.234 .375 28,112 March'18 .05219 .05271 .05208 .05269 .00049 804
Nov 3.1345 3.1360 3.1345 3.1345 0.0090 358 March'18 441.25 444.50 438.50 440.75 –.50 250,604 1 Month Libor (CME)-$3,000,000; pts of 100% Euro (CME)-€125,000; $ per €
March'18 3.1505 3.1665 3.1405 3.1590 0.0085 135,187 Wheat (KC)-5,000 bu.; cents per bu. Dec 98.5250 t 98.5000 98.5200 –.0025
98.5250 2,764 Dec 1.1752 1.1844 1.1749 1.1840 .0081 450,036
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 420.00 424.75 418.00 421.00 .75 50,849 Jan'18 98.5200 t 98.5200 98.5425 .0200
98.5200 1,927 March'18 1.1824 1.1912 1.1821 1.1910 .0081 7,434
Nov 1284.70 1284.70 1282.90 1291.60 10.50 9 March'18 437.00 442.50 435.25 438.50 .75 170,769 Eurodollar (CME)-$1,000,000; pts of 100%
Dec 1280.60 1294.60 1278.60 1292.20 10.50 205,662
Wheat (MPLS)-5,000 bu.; cents per bu. Dec 98.4475 98.4525 98.4450 98.4500 .0025 1,663,111
Index Futures
Feb'18 1284.80 1299.00 1283.10 1296.80 10.60 243,459
Dec 626.50 631.50 624.75 626.75 –.25 20,712 March'18 98.2600 98.2900 98.2600 98.2850 .0200 1,471,338
April 1289.30 1303.10 1288.50 1301.10 10.60 24,700
June 1295.00 1307.30 1292.30 1305.50 10.60 23,490
March'18 640.25 646.25 639.25 641.25 … 35,691 June 98.1150 98.1500 98.1150 98.1450 .0300 1,293,478 Mini DJ Industrial Average (CBT)-$5 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 97.9450 98.0000 97.9400 98.0000 .0500 1,658,430 Dec 23550 23599 s 23476 23485 –58 152,920
Dec 1310.10 1319.90 1310.10 1318.90 10.60 12,218
Nov 157.775 157.925 157.575 157.775 … 2,642 March'18 23550 23593 s 23478 23481 –56 2,636
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'18 152.750 153.425 152.475 152.725 1.100 26,226
Dec 997.05 1003.30 994.00 1001.95 5.45 12,193 Currency Futures S&P 500 Index (CME)-$250 x index
March'18 995.70 1000.95 992.30 1000.05 6.05 21,817
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2595.00 2599.90 s 2593.30 2594.60 –1.70 67,511
Dec 119.200 119.825 118.825 119.050 1.075 45,988 Japanese Yen (CME)-¥12,500,000; $ per 100¥ March'18 2599.50 2599.50 s 2595.50 2595.70 –1.80 5,220
Platinum (NYM)-50 troy oz.; $ per troy oz.
Feb'18 125.000 125.950 124.850 125.475 1.425 155,591 .8899 .9007 .8899 .9005 .0103 253,684
Nov 928.20 928.20 926.40 937.60 2.80 4 Dec Mini S&P 500 (CME)-$50 x index
Jan'18 935.80 944.30 932.50 940.70 2.70 68,439
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'18 .8965 .9052 .8959 .9052 .0102 4,773 Dec 2595.75 2600.00 s 2592.75 2594.50 –1.75 3,213,608
Dec 61.250 62.900 60.950 62.825 2.125 37,599
Silver (CMX)-5,000 troy oz.; $ per troy oz. Canadian Dollar (CME)-CAD 100,000; $ per CAD March'18 2596.75 2601.25 s 2594.00 2595.75 –1.75 108,743
Nov 17.101 0.152 1 Feb'18 67.150 69.150 66.875 69.100 2.150 93,004
Dec .7828 .7880 .7825 .7874 .0044 137,336 Mini S&P Midcap 400 (CME)-$100 x index
March'18 17.050 17.255 17.030 17.216 0.154 104,383 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'18 .7841 .7885 .7836 .7883 .0043 3,738 Dec 1856.30 1863.70 s 1854.60 1857.30 –1.40 94,485
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan 435.00 435.30 426.70 427.50 –3.80 5,467
March 422.40 422.40 416.40 417.10 –3.20 964
British Pound (CME)-£62,500; $ per £ Mini Nasdaq 100 (CME)-$20 x index
Jan 57.12 58.15 57.03 58.02 1.19 592,315 1.3252 1.3340 1.3222 1.3330 .0085 168,749
Milk (CME)-200,000 lbs., cents per lb. Dec Dec 6381.3 6395.3 s 6375.3 6389.5 10.0 291,741
Feb 57.26 58.13 57.10 58.02 1.10 204,290
Nov 16.80 16.84 16.78 16.80 –.02 4,285 March'18 1.3300 1.3379 1.3270 1.3373 .0084 4,067 March'18 6396.5 6411.5 s 6392.8 6406.3 10.3 2,583
March 57.19 58.05 57.10 57.94 0.98 297,369
Dec 15.38 15.55 15.31 15.42 .05 4,404 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Russell 2000 (ICE-US)-$100 x index
April 57.07 57.88 57.04 57.78 0.86 131,174
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1.0103 1.0207 1.0101 1.0202 .0105 82,547 Dec 1517.10 1526.20 s 1495.00 1516.50 –2.10 68,763
June 56.71 57.37 56.63 57.24 0.67 240,127
Dec 54.65 55.27 54.61 55.16 0.56 264,921 Dec 2,119 2,119 2,119 2,119 17 407 March'18 1.0185 1.0279 1.0181 1.0276 .0105 312 March'18 1524.00 1527.40 s 1506.60 1518.00 –2.10 112
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'18 2,116 2,131 2,109 2,124 14 135,706 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Russell 1000 (ICE-US)-$100 x index
Dec 1.9395 1.9543 1.9243 1.9326 –.0033 51,955 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec .7575 .7622 .7553 .7612 .0031 129,909 Dec 1441.80 1442.20 s 1439.40 1435.70 –5.40 323
Jan'18 1.9459 1.9577 1.9270 1.9357 –.0024 130,241 Dec 124.10 125.10 123.85 124.55 .70 3,790 Jan'18 .7577 .7620 .7559 .7611 .0032 814 U.S. Dollar Index (ICE-US)-$1,000 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March'18 126.50 127.80 126.35 127.00 .35 121,375 Feb .7557 .7606 .7555 .7610 .0032 402 Dec 93.86 93.88 93.12 93.14 –.74 36,626
Dec 1.7661 1.7825 1.7600 1.7679 –.0052 61,369 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March .7580 .7614 .7550 .7608 .0031 1,509 March'18 93.53 93.55 92.82 92.82 –.73 2,724
Jan'18 1.7604 1.7774 1.7537 1.7619 –.0030 176,028 March 14.92 15.31 14.90 15.28 .40 380,098 April .7612 .7612 .7612 .7608 .0031 11
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 14.93 15.24 14.92 15.21 .31 133,867 June .7583 .7614 .7581 .7607 .0032 264 Source: SIX Financial Information
Dec 3.013 3.027 2.955 2.968 –.049 47,920 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Jan'18 3.110 3.120 3.049 3.059 –.051 341,172 March 27.38 27.38 27.38 27.38 .13 2,788
Feb 3.111 3.120 3.054 3.064 –.046 117,417 May 27.25 27.25 27.06 27.06 –.21 2,135
March
April
3.076
2.934
3.087
2.941
3.025
2.901
3.034 –.044
2.910 –.030
183,828
126,515
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Dec 70.90 72.41 70.50 70.74 –.16 2,898
Bonds | WSJ.com/bonds
May 2.922 2.928 2.893 2.902 –.026 99,970 March'18 70.14 71.76 69.88 71.14 1.00 154,202
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Tracking Bond Benchmarks
Agriculture Futures Dec … … s … 166.80 … Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan'18 165.70 167.05 165.05 166.75 … 8,146
Corn (CBT)-5,000 bu.; cents per bu. highs and lows for different types of bonds
Dec 344.25 347.00 344.00 345.25 .25 365,980 Total Total
March'18 355.50 358.00 355.25 357.00 .75 707,909 Interest Rate Futures return YTD total return YTD total
Yield (%) Yield (%)
Oats (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 256.25 259.00 250.50 250.75 –5.00 1,965 Dec 154-060 154-200 153-170 154-160 13.0 672,441
March'18 272.25 274.75 266.50 266.50 –5.00 4,999 March'18 153-000 153-160 152-140 153-120 13.0 172,619 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan 988.50 999.50 987.50 997.25 8.25 318,586 1944.81 3.5 U.S. Aggregate 2.650 2.380 2.790 1989.63 2.5 Mortgage-Backed 2.900 2.660 3.120
Dec 124-235 125-045 124-195 125-035 13.5 2,999,705
March 999.50 1010.50 998.75 1008.50 8.25 147,932 March'18 124-150 124-285 124-110 124-275 14.0 602,696 U.S. Corporate Indexes Bloomberg Barclays 1955.75 1.9 Ginnie Mae (GNMA) 2.850 2.630 3.090
Soybean Meal (CBT)-100 tons; $ per ton. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 318.40 325.30 317.80 324.40 6.10 52,185 Dec 116-225 117-000 116-215 116-315 9.7 2,693,379 2786.95 5.9 U.S. Corporate 3.210 3.030 3.520 1167.27 2.7 Fannie mae (FNMA) 2.910 2.670 3.120
Jan'18 320.30 327.40 319.90 326.70 6.30 122,861
March'18 116-160 116-255 116-147 116-252 9.7 814,732
3.8 Intermediate 1797.11 2.7 Freddie Mac (FHLMC) 2.930 2.680 3.130
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 2619.48 2.800 2.530 3.010
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec 34.17 34.48 33.96 34.05 –.12 78,226 519.74 4.2 Muni Master 2.126 1.736 2.516
Dec 107-125 107-160 107-125 107-157 3.2 1,575,755 3885.51 10.5 Long term 4.090 4.090 4.710
Jan'18 34.29 34.64 34.10 34.20 –.12 144,024 March'18 107-065 107-100 107-065 107-100 3.5 416,578
568.68 4.4 Double-A-rated 2.710 2.470 2.870 363.40 4.6 7-12 year 2.112 1.744 2.618
719.51 6.5 Triple-B-rated 3.500 3.340 3.870 408.51 5.9 12-22 year 2.521 2.213 3.047
Macro & Market Economics High Yield Bonds Merrill Lynch 395.15 6.5 22-plus year 2.924 2.770 3.622
Watching the Gauges: U.S. Supply and Demand 415.75 7.0 High Yield Constrained 5.769 5.373 6.579 Global Government J.P. Morgan†
415.98 8.2 Triple-C-rated 10.780 9.584 12.718 545.67 1.6 Global Government 1.400 1.300 1.560
Inventories, imports and demand for the week ended November 17. Current figures are in thousands of barrels
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas 2848.79 6.2 High Yield 100 5.534 4.948 6.144 758.46 0.7 Canada 1.980 1.570 2.190
import Natural-gas import and demand data are available monthly only. 377.66 7.2 Global High Yield Constrained 5.235 4.934 6.222 373.77 1.3 EMU§ 1.010 0.933 1.363
Inventories, 000s barrels Imports, 000s barrels per day 306.45 6.8 Europe High Yield Constrained 2.262 1.897 3.814 717.10 1.5 France 0.740 0.710 1.210
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year U.S Agency Bloomberg Barclays 510.49 -0.8 Germany 0.420 0.210 0.620
Current change week ago avg avg Current change week ago avg avg
1640.70 2.2 U.S Agency 2.060 1.660 2.100 288.75 0.2 Japan 0.380 0.270 0.460
Crude oil and
1464.98 1.3 10-20 years 1.920 1.470 1.970 564.26 -0.4 Netherlands 0.530 0.360 0.760
petroleum prod 1,259,721 ... 1,260 1,341 1,261 1,191 9,795 ... 9,981 9,951 9,739 9,766
3390.84 8.4 20-plus years 2.890 2.730 3.460 922.20 1.0 U.K. 1.580 1.340 1.790
Crude oil
excluding SPR 457,142 -1,500 459 489 457 423 ... 7,898 7,578 7,680 7,727 2460.37 4.9 Yankee 2.880 2.610 3.090 802.61 8.6 Emerging Markets ** 5.562 5.279 6.290
7,873
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Gasoline 210,475 ... 210 224 211 215 514 ... 349 855 452 644
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Finished gasoline 21,810 100 21 24 22 35 40 ... 13 53 18 32
Reformulated 50 ... 0 0 0 0 0 ... 0 0 0 0 Global Government Bonds: Mapping Yields
Conventional 21,760 ... 21 24 22 35 40 ... 13 53 18 32 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Blend. components 188,665 ... 189 200 189 180 474 ... 336 803 434 613 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Natural gas (bcf) 3,772 ... 4 4 4 4 ... ... ... ... ... ... Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Kerosene-type 1.500 U.S. 2 1.731 l 1.731 1.581 1.126
jet fuel 41,240 ... 40 42 41 39 162 ... 309 143 233 59 2.250 10 2.319 l 2.319 2.369 2.353
Distillates 125,032 -1,400 125 149 126 129 190 ... 161 136 144 176 2.750 Australia 2 1.773 t l 1.784 1.952 1.743 4.2 5.3 61.7
Heating oil 9,771 ... 10 15 10 19 6 ... 102 36 37 31 2.750 10 2.520 t l 2.535 2.808 2.718 20.1 21.7 36.6
Diesel 115,260 ... 115 135 116 110 183 ... 59 100 106 145 0.000 France 2 -0.563 s l -0.575 -0.527 -0.625 -229.4 -230.5 -175.1
Residual fuel oil 34,133 ... 34 40 34 39 210 ... 207 92 169 231 0.750 10 0.678 s l 0.669 0.713 0.788 -164.1 -165.0 -156.5
Other oils 296,088 ... 295 275 295 246 701 ... 909 980 917 776 0.000 Germany 2 -0.690 s l -0.696 -0.717 -0.696 -242.1 -242.7 -182.2
0.500 10 0.350 t l 0.352 0.436 0.263 -196.9 -196.6 -208.9
Net crude, petroleum
0.050 Italy 2 -0.297 s l -0.311 -0.162 0.049 -202.7 -204.2 -107.7
products, incl. SPR 1,927,196 ... 1,929 2,036 1,930 1,885 2,783 ... 3,839 5,139 3,067 5,822
2.050 10 1.778 s l 1.766 2.008 2.132 -54.0 -55.3 -22.1
0.100 Japan 2 -0.192 l -0.192 -0.134 -0.161 -192.3 -192.3 -128.7
Weekly Demand, 000s barrels per day Natural gas storage 0.100 10 0.025 l 0.025 0.070 0.030 -229.3 -229.3 -232.3
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals 2.750 Spain 2 -0.354 s l -0.362 -0.287 -0.144 -208.5 -209.3 -127.0
Current change week ago avg avg 1.450 10 1.459 t l 1.459 1.623 1.593 -85.9 -76.0
-86.0
Total petroleum 1.750 U.K. 2 0.450 t l 0.470 0.440 0.131 -128.1 -126.1 -99.5
4250
product 19,289 ... 19,755 20,034 19,882 19,553 4.250 10 1.252 t l 1.279 1.315 1.321 -106.7 -103.9 -103.1
Finished Natural gas, 3250 Source: Tullett Prebon
lower 48 states t
motor gasoline 9,595 ... 9,172 9,024 9,431 9,003
Kerosene-type
t
2250 Corporate Debt
Five-year average in that same company’s share price.
jet fuel 1,630 ... 1,794 1,919 1,722 1,506
for each week 1250
Distillates 4,057 ... 4,029 4,121 4,027 3,631 Investment-grade spreads that tightened the most…
Residual fuel oil 323 ... 79 384 216 275 Spread*, in basis points Stock Performance
Propane/propylene 1,119 ... 1,522 820 1,186 ... 250 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Other oils 2,565 ... 3,160 3,765 3,302 ... D J F M A M J J A S O N
2017
JPMorgan Chase JPM 7.900 April 30, ’49 50 –29 n.a. 98.64 –0.29
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Viacom VIA 5.875 Feb. 28, ’57 353 –19 n.a. 32.90 –1.35
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires Qualcomm QCOM 2.600 Jan. 30, ’23 93 –18 122 68.13 2.19
Teva Pharmaceutical Finance IV TEVA 3.650 Nov. 10, ’21 288 –17 390 … …
General Electric GE 5.000 Jan. 21, ’49 114 –13 138 18.15 1.79
Cash Prices | WSJ.com/commodities Thursday, November 23, 2017 HSBC Bank HSBC 4.125 Aug. 12, ’20 35 –12 50 … …
Comcast CMCSA 3.400 July 15, ’46 113 –9 123 36.41 –0.03
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Cameron International SLB 4.000 Dec. 15, ’23 123 –9 n.a. … …
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months. …And spreads that widened the most
Thursday Shell International Finance BV* RDSALN 2.125 May 11, ’20 43 15 28 ... ...
Wednesday Wednesday
Metals Maple Leaf-e 1357.39 SoybeanMeal,Cent IL,rail,ton48%-u 320.90 Morgan Stanley MS 3.625 Jan. 20, ’27 103 10 111 49.09 –0.59
American Eagle-e 1357.39 Soybeans,No.1 yllw IL-bp,u 9.5800 PNC Bank NA PNC 2.300 June 1, ’20 50 9 38 … …
Gold, per troy oz Mexican peso-e 1566.67 Wheat,Spring14%-pro Mnpls-u 7.6675
LBMA Gold Price AM *1283.95 Austria crown-e 1270.15 Wheat,No.2 soft red,St.Louis-bp,u 4.3750 Sherwin–Williams SHW 3.450 Aug. 1, ’25 90 9 n.a. 390.56 0.11
LBMA Gold Price PM *1286.95 Austria phil-e 1357.39 Wheat - Hard - KC (USDA) $ per bu-u 3.8600
Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 5.2638
Sammons Financial SAMMON 4.450 May 12, ’27 168 7 n.a. ... ...
Silver, troy oz.
LBMA spot price £12.8400 Engelhard industrial 17.2200 Kraft Heinz Foods KHC 5.200 July 15, ’45 184 5 188 … …
(U.S.$ equivalent) 17.0950 Food
Engelhard fabricated 20.6640 Omega Healthcare Investors OHI 4.750 Jan. 15, ’28 245 5 246 27.21 0.41
Other metals Handy & Harman base 17.1450 Beef,carcass equiv. index
LBMA Platinum Price PM *938.0 Handy & Harman fabricated 21.4310 choice 1-3,600-900 lbs.-u 188.43 SES S.A. SESGFP 3.600 April 4, ’23 135 5 n.a. ... ...
Aluminum, LME, $ per metric ton *2085.0 LBMA spot price £12.8100 select 1-3,600-900 lbs.-u 170.31
(U.S.$ equivalent) 16.9650 Broilers, National comp wghtd-u,w 0.8580 High-yield issues with the biggest price increases…
Coins,wholesale $1,000 face-a 12938 Butter,AA Chicago 2.2225
Fibers and Textiles Cheddar cheese,bbl,Chicago 167.50
Bond Price as % of face value Stock Performance
Other metals Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Cotlook 'A' Index-t *80.75 LBMA Platinum Price PM *927.0 Cheddar cheese,blk,Chicago 161.00
Platinum,Engelhard industrial 940.0 Milk,Nonfat dry,Chicago lb. 71.25
Cocoa,Ivory Coast-w 2381
RR Donnelley & Sons RRD 6.500 Nov. 15, ’23 95.500 1.50 n.a. 8.37 2.20
Platinum,Engelhard fabricated 1040.0
Palladium,Engelhard industrial 1007.0
Coffee,Brazilian,Comp 1.2273 MEG Energy MEGCN 7.000 March 31, ’24 91.000 1.37 88.313 ... ...
Wednesday, November 22, 2017 Coffee,Colombian, NY 1.4176 7.875 Dec. 15, ’21 58.000 1.25 56.000 0.33 –1.23
Palladium,Engelhard fabricated 1107.0 Walter Investment Management WAC
Eggs,large white,Chicago-u 1.5750
Aluminum, LME, $ per metric ton *2062.0 EP Energy EPENEG 8.000 Feb. 15, ’25 67.630 1.13 66.500 ... ...
Wednesday Flour,hard winter KC n.a.
Copper,Comex spot 3.1345
Hams,17-20 lbs,Mid-US fob-u 0.73
Iron Ore, 62% Fe CFR China-s 65.6 California Resources CRC 8.000 Dec. 15, ’22 74.063 1.06 69.750 14.99 3.24
Energy Shredded Scrap, US Midwest-s,w 276
Hogs,Iowa-So. Minnesota-u 62.05
Pork bellies,12-14 lb MidUS-u n.a. Endo Dac ENDP 6.000 July 15, ’23 80.000 1.00 75.750 … …
Propane,tet,Mont Belvieu-g 1.0074 Steel, HRC USA, FOB Midwest Mill-s 627 Pork loins,13-19 lb MidUS-u 0.8691 Revlon Consumer Products REV 6.250 Aug. 1, ’24 57.500 1.00 60.938 … …
Butane,normal,Mont Belvieu-g 1.0421 Fibers and Textiles Steers,Tex.-Okla. Choice-u 118.00
NaturalGas,HenryHub-i 2.930 Steers,feeder,Okla. City-u,w 166.38 Uniti UNIT 7.125 Dec. 15, ’24 90.250 1.00 89.250 16.17 2.28
NaturalGas,TranscoZone3-i 2.880 Burlap,10-oz,40-inch NY yd-n,w 0.6200
NaturalGas,TranscoZone6NY-i 3.000 Cotton,1 1/16 std lw-mdMphs-u 0.7039 Fats and Oils …And with the biggest price decreases
NaturalGas,PanhandleEast-i 2.360 Cotlook 'A' Index-t *81.50 Corn oil,crude wet/dry mill-u,w 34.8500
NaturalGas,Opal-i 2.480 Hides,hvy native steers piece fob-u 61.000 Grease,choice white,Chicago-h 0.2500 FMG Resources FMGAU 9.750 March 1, ’22 111.625 –1.76 111.625 ... ...
NaturalGas,MarcellusNE PA-i 2.340 Wool,64s,staple,Terr del-u,w n.a. Lard,Chicago-u 0.4100 KeyCorp* KEY 5.000 Sept. 15, ’49 104.125 –0.88 103.500 18.16 –0.66
NaturalGas,HaynesvilleN.LA-i 2.810 Grains and Feeds Soybean oil,crude;Centl IL-u 0.3318
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850 Tallow,bleach;Chicago-h 0.2650 J. C. Penney JCP 5.650 June 1, ’20 92.220 –0.66 88.500 3.24 0.62
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Barley,top-quality Mnpls-u n.a. Tallow,edible,Chicago-u 0.3400 Vistajet Malta Finance VSTJET 7.750 June 1, ’20 93.875 –0.63 n.a. ... ...
Bran,wheat middlings, KC-u 93
Metals Corn,No. 2 yellow,Cent IL-bp,u 3.1950 Wynn Las Vegas WYNNLV 5.500 March 1, ’25 103.550 –0.58 103.000 ... ...
Gold, per troy oz Corn gluten feed,Midwest-u,w 95.8 CDK Global CDK 4.875 June 1, ’27 102.053 –0.57 102.000 69.19 0.79
Corn gluten meal,Midwest-u,w 485.1
Engelhard industrial 1290.84 KEY TO CODES: A=ask; B=bid; BP=country elevator T–Mobile USA TMUS 6.125 Jan. 15, ’22 103.200 –0.55 103.375 61.35 1.56
Cottonseed meal-u,w 230 bids to producers; C=corrected; E=Manfra,Tordella &
Engelhard fabricated 1387.65
Hominy feed,Cent IL-u,w 92 Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas 1011778 Bc Unlimited Liability BCULC 4.250 May 15, ’24 100.000 –0.53 99.375 ... ...
Handy & Harman base 1286.95
Meat-bonemeal,50% pro Mnpls-u,w 218 Intelligence;
Handy & Harman fabricated 1428.51 L=livericeindex.com; M=midday; N=nominal; n.a.=not
Oats,No.2 milling,Mnpls-u 2.8325 *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.
LBMA Gold Price AM *1280.00 quoted or not available; R=SNL Energy; S=Platts-TSI;
Rice, 5% Broken White, Thailand-l,w 374.00 Note: Data are for the most active issue of bonds with maturities of two years or more
LBMA Gold Price PM *1283.30 Rice, Long Grain Milled, No. 2 AR-u,w 25.00
T=Cotlook Limited; U=USDA; W=weekly, Z=not
Krugerrand,wholesale-e 1344.46 quoted. *Data as of 11/21 Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Sorghum,(Milo) No.2 Gulf-u 7.6388 Source: WSJ Market Data Group
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. s GrubHub GRUB 67.70 0.91 McCormickVtg MKC.V 99.05 -1.28 SK Telecom SKM 26.72 1.02 VornadoRealty VNO 76.75 0.11 CitrixSystems CTXS 86.68 0.12 MaximIntProducts MXIM 53.52 -0.69
Arca, NYSE MKT and Nasdaq Stock Market listed t-New 52-week low. GpoAvalAcc AVAL 8.57 0.06 McDonalds MCD 169.05 0.75 SLGreenRealty SLG 100.75 -0.31 VoyaFinancial VOYA 42.31 0.12 s Cognex CGNX 143.15 -1.71 s MelcoResorts MLCO 26.57 0.26
securities. Prices are composite quotations that dd-Indicates loss in the most recent four GpFinSantMex BSMX 8.30 0.13 McKesson MCK 145.80 2.93 Salesforce.com CRM 106.83 -1.97 VulcanMatls VMC 122.85 0.11 CognizantTech CTSH 71.71 -0.06 MercadoLibre MELI 265.89 -2.87
include primary market trades as well as trades quarters. GrupoTelevisa TV 18.59 -0.11 Medtronic MDT 82.34 -0.32 Sanofi SNY 45.37 0.58 WABCO WBC 144.19 -0.87 s Coherent COHR 314.83 -4.61 MicrochipTech MCHP 90.40 -1.47
reported by Nasdaq OMX BXSM (formerly FD-First day of trading. Guidewire GWRE 81.88 -0.16 Merck MRK 54.37 0.10 SantanderCons SC 16.95 -0.14 WEC Energy WEC 68.27 0.08 Comcast A CMCSA 36.41 -0.01 s MicronTech MU 49.14 -0.26
Boston), Chicago Stock Exchange, CBOE, National h-Does not meet continued listing HCA Healthcare HCA 77.07 1.18 MetLife MET 51.71 ... Sasol SSL 31.22 0.80 W.P.Carey WPC 71.48 -0.84 CommerceBcshrs CBSH 56.86 0.14 Microsemi MSCC 54.64 -0.58
Stock Exchange, ISE and BATS. standards HCP HCP 26.71 -0.09 MettlerToledo MTD 626.35 -1.27 Scana SCG 43.49 0.09 Wabtec WAB 73.08 -0.25 CommScope COMM 35.56 0.47 Microsoft MSFT 83.11 -0.61
The list comprises the 1,000 largest companies lf-Late filing HDFC Bank HDB 97.92 1.24 MichaelKors KORS 56.61 0.28 Schlumberger SLB 62.14 0.26 Wal-Mart WMT 96.41 -0.11 s Copart CPRT 41.01 4.31 Middleby MIDD 118.15 1.57
based on market capitalization. q-Temporary exemption from Nasdaq HP HPQ 21.34 -1.12 MicroFocus MFGP 35.88 0.07 SchwabC SCHW 45.80 -0.28 WasteConnections WCN 68.54 -0.38 CoStar CSGP 308.80 0.83 Momo MOMO 32.11 -0.20
Underlined quotations are those stocks with requirements. HSBC HSBC 49.18 0.83 MidAmApt MAA 104.12 -0.47 ScottsMiracleGro SMG 97.06 -0.73 WasteMgt WM 80.26 -0.61 Costco COST 172.48 -0.94 Mondelez MDLZ 42.33 0.01
large changes in volume compared with the t-NYSE bankruptcy Halliburton HAL 41.43 0.26 MitsubishiUFJ MTU 6.78 0.15 SealedAir SEE 45.31 0.17 Waters WAT 196.57 -1.49 Ctrip.com CTRP 48.03 -0.08 MonsterBev MNST 61.27 ...
issue’s average trading volume. v-Trading halted on primary market. Hanesbrands HBI 19.82 0.31 MizuhoFin MFG 3.58 0.03 SemicondctrMfg SMI 7.70 0.29 Watsco WSO 164.10 -0.31 CypressSemi CY 17.18 -0.15 Mylan MYL 37.28 0.05
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being HarleyDavidson HOG 47.68 1.00 MobileTeleSys MBT 10.76 0.16 SempraEnergy SRE 118.66 -0.16 Wayfair W 68.25 0.16 DISH Network DISH 50.43 0.39 NXP Semi NXPI 115.15 -0.17
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Harris HRS 142.52 -1.48 MohawkInds MHK 274.01 -0.24 SensataTech ST 48.93 -0.14 WellCareHealth WCG 201.37 -1.32 DentsplySirona XRAY 67.59 0.58 Nasdaq NDAQ 77.17 -0.07
previous closing price was $2 or higher. or securities assumed by such companies. HartfordFinl HIG 55.78 -0.31 MolsonCoors B TAP 79.54 0.22 ServiceCorp SCI 35.88 0.01 WellsFargo WFC 54.06 -0.46 DiamondbkEner FANG 109.25 0.10 NatlInstruments NATI 44.39 -0.31
HealthcareAmer HTA 30.81 -0.14 Monsanto MON 118.22 -0.26 ServiceMaster SERV 47.16 -0.21 Welltower HCN 68.17 -0.12 DiscovComm C DISCK 16.72 0.51 NektarTherap NKTR 49.75 -0.23
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Heico HEI 92.23 -0.02 s Moody's MCO 149.40 -0.06 ServiceNow NOW 127.45 -0.62 WestPharmSvcs WST 98.58 -1.21 DiscovComm A DISCA 17.79 0.54 s NetApp NTAP 56.05 0.97
changes in the closing prices from 4 p.m. the previous day. Heico A HEI.A 77.10 0.10 MorganStanley MS 49.09 -0.29 ShawComm B SJR 22.22 -0.07 WestarEnergy WR 56.04 0.42 s DollarTree DLTR 99.77 0.31 Netease NTES 347.70 2.70
Helm&Payne HP 56.61 0.77 Mosaic MOS 23.89 0.28 SherwinWilliams SHW 390.56 0.43 WestAllianceBcp WAL 55.05 -0.32 E*TRADE ETFC 44.74 -0.16 Netflix NFLX 196.32 0.09
Herbalife HLF 68.09 0.87 MotorolaSol MSI 91.83 -0.62 ShinhanFin SHG 44.26 0.40 WesternGasEquity WGP 36.22 -0.16 EXACT Sci EXAS 59.17 -0.57 Neurocrine NBIX 71.81 -2.38
Wednesday, November 22, 2017 Net Net Hershey HSY 108.12 -0.39 NRG Energy NRG 29.22 -0.25 Shopify SHOP 110.41 0.24 WesternGasPtrs WES 45.46 0.34 NewsCorp B NWS 15.90 -0.05
EastWestBncp EWBC 58.01 -0.23
Net Stock Sym Close Chg Stock Sym Close Chg Hess HES 43.45 0.38 s NTTDoCoMo DCM 25.60 0.12 SimonProperty SPG 158.33 -0.82 WesternUnion WU 19.55 -0.15 eBay EBAY 35.94 -0.02 NewsCorp A NWSA 15.77 -0.02
Stock Sym Close Chg HewlettPackard HPE 13.10 -1.02 s NVR NVR 3417.22 40.22 SmithAO AOS 60.86 0.09 WestlakeChem WLK 94.79 0.38 EchoStar SATS 59.60 -0.39 Nordson NDSN 128.12 -0.06
BaxterIntl BAX 64.04 -0.21 s DCT Industrial DCT 61.07 -0.35 Smith&Nephew SNN 35.79 0.21 NorthernTrust NTRS 94.39 -0.07
Hilton HLT 75.68 0.04 t NationalGrid NGG 58.68 0.98 WestpacBanking WBK 24.23 -0.07 ElbitSystems ESLT 142.39 2.24
BectonDicknsn BDX 224.23 -2.60 DTE Energy DTE 112.62 -0.02 NorwegCruise NCLH 55.31 -0.17
NYSE Berkley WRB 66.42 -0.58 DXC Tech DXC 97.79 -1.23
HollyFrontier HFC 44.39 -0.40 NatlOilwell NOV 31.94 0.14 Smucker
Snap
SJM 112.70
SNAP 12.62
-0.84
0.28
WestRock WRK 58.79 0.13 ElectronicArts EA 107.32 -0.39
NVIDIA NVDA 214.93 -0.97
s HomeDepot HD 172.06 -0.80 NatlRetailProp NNN 42.55 -0.11 Weyerhaeuser WY 36.19 0.08 Equinix EQIX 472.37 -1.89
ABB 25.40 -0.15 BerkHathwy A BRK.A275000 ... s Danaher DHR 93.76 -0.42 SnapOn SNA 161.37 0.25 OReillyAuto ORLY 218.65 2.96
ABB HondaMotor HMC 33.16 0.04 NewOrientalEduc EDU 89.31 -1.08 WheatonPrecMet WPM 21.34 0.40 Ericsson ERIC 6.39 -0.04
AECOM ACM 36.33 -0.32 BerkHathwy B BRK.B 182.56 -0.62 Darden DRI 79.76 -0.57 s Honeywell NY CmntyBcp NYCB 12.84 SOQUIMICH SQM 56.52 -0.81 WHR 166.64 -2.24 OldDomFreight ODFL 123.26 0.04
HON 148.99 -0.36 -0.03 Whirlpool ErieIndemnity A ERIE 121.81 -1.41
AES AES 10.68 0.05 BerryGlobal BERY 59.48 -0.47 DaVita DVA 55.39 0.22
NewellBrands NWL 28.20 0.23 Sony SNE 47.22 0.11 Williams WMB 27.75 0.51 s ON Semi ON 21.37 -0.57
HormelFoods HRL 34.27 -0.25 Exelixis EXEL 26.13 0.08
Aflac AFL 85.05 -0.03 BestBuy BBY 56.49 0.43 s Deere DE 145.25 6.02 s DR Horton Southern SO 51.36 0.06 WilliamsPartners WPZ 35.19 0.14 OpenText OTEX 33.02 -0.89
DHI 49.58 0.23 NewfieldExpln NFX 30.66 0.48 Expedia EXPE 126.98 2.10
AT&T T 34.87 0.54 Bio-RadLab A BIO 258.69 3.01 DellTechs DVMT 80.79 -1.44
HostHotels HST 19.78 -0.01 NewmontMin NEM 36.71 0.34 SoCopper SCCO 43.81 0.07 Wipro WIT 5.28 -0.06 PTC PTC 65.10 0.07
BlackKnight BKI 45.95 -0.25 DelphiAuto DLPH 100.78 -1.22
ExpeditorsIntl EXPD 59.82 -0.13
AbbottLabs ABT 55.80 -0.32 HuanengPower HNP 27.00 -0.25 NextEraEnergy NEE 155.18 -0.04 SouthwestAir LUV 55.09 -0.34 WooriBank WF 44.00 0.89 Paccar PCAR 67.87 0.18
BlackBerry 10.73 0.19 DeltaAir DAL 50.41 -0.26
ExpressScripts ESRX 62.12 0.93
AbbVie ABBV 94.47 -0.21 BB Hubbell HUBB 121.00 0.84 NielsenHoldings NLSN 36.59 0.59 SpectraEnerPtrs SEP 40.25 0.10 Wyndham WYN 109.64 -0.63 PacWestBancorp PACW 45.12 -0.30
BLK 478.94 -2.42 18.91 -0.10
F5Networks FFIV 122.02 -0.43
Accenture ACN 147.11 -0.90 BlackRock DeutscheBank DB Humana HUM 238.30 1.88 Nike NKE 59.07 -0.32 SpectrumBrands SPB 114.28 0.53 s XPO Logistics XPO 76.65 -0.59 Paychex PAYX 64.68 -0.44
31.85 -0.03 DevonEnergy DVN 37.99 0.44
Facebook FB 180.87 -0.99
AcuityBrands AYI 161.49 -0.98 Blackstone BX HuntingIngalls HII 234.07 -1.85 NiSource NI 27.04 -0.18 SpiritAeroSys SPR 82.87 0.16 XcelEnergy XEL 50.53 -0.08 PayPal PYPL 77.57 -0.20
BA 265.15 -1.84 DEO 137.62 -0.30
Fastenal FAST 48.75 0.30
Adient ADNT 77.65 -0.21 Boeing Diageo Huntsman HUN 30.82 -0.18 NobleEnergy NBL 25.88 0.31 Sprint S 6.15 0.07 Xerox XRX 28.29 -0.14 People'sUtdFin PBCT 18.20 0.01
FifthThirdBncp FITB 28.42 -0.06
AdvanceAuto AAP 89.62 0.69 BorgWarner BWA 52.89 0.24 DigitalRealty DLR 117.21 -1.07 s HyattHotels H 70.91 0.26 Nokia NOK 5.05 ... s Square SQ 48.81 0.75 s Xylem XYL 67.35 -0.06 PilgrimPride PPC 35.31 -0.30
BostonProps BXP 125.00 -0.20 DiscoverFinSvcs DFS 65.50 -0.14
FirstSolar FSLR 60.51 0.27
Priceline PCLN 1759.19 -7.48
AdvSemiEngg ASX 6.31 0.04 ICICI Bank IBN 9.75 0.02 NomuraHoldings NMR 5.71 0.01 StanleyBlackDck SWK 165.99 ... YPF YPF 23.17 0.21 FISV 127.71
Fiserv -0.56 QGEN 31.87
Aegon AEG 6.03 0.01 BostonSci BSX 28.47 -0.33 Disney DIS 102.74 -0.26 ING 17.91 JWN 41.16 -0.14 StarwoodProp STWD 21.78 0.09 YumBrands YUM 79.23 -0.30 Qiagen -0.25
ING Groep 0.12 Nordstrom Flex FLEX 18.79 -0.18
AerCap AER 50.81 0.10 Braskem BAK 29.39 0.18 s DolbyLab DLB 62.85 0.38 NorfolkSouthern NSC 129.23 0.13 StateStreet STT 92.67 -0.39 YumChina YUMC 40.63 -1.05 Qorvo QRVO 79.61 -0.98
Invesco IVZ 35.23 -0.40 FlirSystems FLIR 46.84 -0.19
Aetna AET 176.24 -0.21 Bristol-Myers BMY 61.14 -0.10 DollarGeneral DG 87.23 0.58 IQV 103.95 -0.41 NorthropGrum NOC 302.02 -2.29 Statoil STO 20.34 0.23 ZTO Express ZTO 17.01 -0.03 Qualcomm QCOM 68.13 1.46
IQVIA s Fortinet FTNT 41.77 0.45 RandgoldRscs GOLD 96.41 1.73
AffiliatedMgrs AMG 189.99 -0.34 BritishAmTob BTI 66.80 -0.61 DominionEner D 82.16 0.79 s IDEX IEX 130.31 0.19 Novartis NVS 84.48 0.20 Steris STE 87.90 -0.68 ZayoGroup ZAYO 35.70 0.01
88.75 -1.95 DPZ 176.55 -0.33
Gaming&Leisure GLPI 36.03 -0.01 RegenPharm REGN 387.54 3.10
AgilentTechs A 68.69 -1.22 BroadridgeFinl BR Domino's IllinoisToolWks ITW 159.62 0.16 s NovoNordisk NVO 51.84 0.09 STMicroelec STM 24.10 -0.58 ZimmerBiomet ZBH 113.07 -0.49
BrookfieldMgt BAM 41.45 0.08 47.86 0.31
Garmin GRMN 61.53 -0.96 RossStores ROST 72.30 -0.37
AgnicoEagle AEM 44.92 0.47 Donaldson DCI Infosys INFY 15.20 0.08 Nucor NUE 56.15 0.17 Stryker SYK 154.79 -0.94 Zoetis ZTS 71.07 -0.29
43.33 0.16 s DouglasEmmett DEI 40.67 -0.35
GileadSciences GILD 72.82 0.31 RoyalGold RGLD 87.24 0.32
Agrium AGU 108.73 0.51 BrookfieldInfr BIP Ingersoll-Rand IR 84.59 -0.69 OGE Energy OGE 34.91 0.09 SumitomoMits SMFG 7.98 0.09
Goodyear GT 30.69 -0.13
AirProducts APD 161.62 -0.67 Brown&Brown BRO 50.36 -0.15 Dover DOV 94.71 -0.08 Ingredion INGR 135.01 0.08 ONEOK OKE 50.58 0.38 SunComms SUI 93.17 -0.28 NASDAQ Grifols GRFS 23.04 -0.13
Ryanair RYAAY 120.05
SBA Comm SBAC 166.98
-0.72
-0.85
AlaskaAir ALK 65.58 -0.61 Brown-Forman A BF.A 58.77 -0.33 DowDuPont DWDP 70.60 -0.66 ICE ICE 67.66 -0.62 OccidentalPetrol OXY 68.23 0.35 SunLifeFinancial SLF 39.63 -0.11
Brown-Forman B BF.B 58.67 -0.20 DrPepperSnap DPS 86.40 -0.63 SuncorEnergy SU 35.42 0.20 AGNC Invt AGNC 20.42 0.21 GpoFinGalicia GGAL 57.05 0.08 SEI Investments SEIC 68.55 -0.04
Albemarle ALB 135.25 -1.45 InterContinentl IHG 57.54 0.13 Olin OLN 36.92 -0.23 HD Supply HDS 35.20 0.04
BuckeyePtrs BPL 46.71 0.69 DrReddy'sLab RDY 35.87 -0.93 SunTrustBanks STI 57.62 -0.11 ANGI Homesvcs ANGI 11.88 0.01 Sina SINA 112.05 1.54
Alcoa AA 42.64 1.25 IBM IBM 151.77 -0.18 Omnicom OMC 68.87 -0.67 Hasbro HAS 95.03 -0.02
s AlexandriaRlEst ARE 126.95 Bunge BG 65.48 0.18 DukeEnergy DUK 88.63 -0.18 SynchronyFin SYF 33.67 -0.10 Ansys ANSS 150.48 -2.92 SS&C Tech SSNC 40.50 -0.51
-1.01 IntlFlavors IFF 150.98 -0.73 Oracle ORCL 48.58 -0.05 HenrySchein HSIC 69.95 1.98
s Alibaba BurlingtonStrs BURL 102.21 -2.73 DukeRealty DRE 29.22 -0.08 Syngenta SYT 92.40 0.03 ASML ASML 183.00 -2.37 SVB Fin SIVB 214.08 -0.84
BABA 189.84 -1.06 IntlGameTech IGT 27.97 -0.54 Orange ORAN 16.74 0.15 Hologic HOLX 40.88 0.28
CBD Pao CBD 23.03 0.30 ENI E 33.00 0.41 Sysco SYY 54.90 0.25 Abiomed ABMD 198.86 -0.72 ScrippsNetworks SNI 80.81 0.71
Alleghany Y 553.00 -4.78 IntlPaper IP 54.75 0.04 OrbitalATK OA 132.35 0.02 JBHunt JBHT 104.01 0.79
CBRE Group CBG 42.49 -0.33 EOG Rscs EOG 101.59 -0.07 TAL Education TAL 27.80 -0.09 ActivisionBliz ATVI 65.14 0.64 Seagate STX 40.33 0.19
Allegion ALLE 83.16 -0.24 Interpublic IPG 18.72 ... Orix IX 83.59 0.16 HuntingtonBcshs HBAN 13.54 -0.01
CBS A CBS.A 56.99 -0.96 EQT EQT 58.18 -0.14 TE Connectivity TEL 94.51 -1.04 AdobeSystems ADBE 182.90 -1.25 SeattleGenetics SGEN 59.13 0.08
Allergan AGN 174.83 4.16 InvitatHomes INVH 23.50 0.13 Oshkosh OSK 85.90 -0.33 IAC/InterActive IAC 130.93 1.61
CBS B CBS 56.24 -0.50 EastmanChem EMN 90.90 -0.11 Telus TU 38.11 ... AdvMicroDevices AMD 11.37 -0.03 Shire SHPG 149.78 4.95
AllianceData ADS 221.81 -2.03 IronMountain IRM 41.14 -0.21 OwensCorning OC 87.29 0.31 IdexxLab IDXX 154.06 -1.53
CF Industries CF 36.31 -0.14 Eaton ETN 76.22 -0.08 TIM Part TSU 18.75 0.11 AkamaiTech AKAM 55.69 0.01 SignatureBank SBNY 130.53 -0.83
AlliantEnergy LNT 44.19 0.04 IsraelChemicals ICL 3.88 -0.04 PG&E PCG 53.89 0.16 IHSMarkit INFO 43.43 0.20 SiriusXM SIRI 5.44 -0.02
ALL 99.30 -0.40 s CGI Group GIB 53.88 0.02 s EatonVance EV 52.98 0.80 TJX TJX 70.57 -0.66 AlexionPharm ALXN 107.60 -0.45
Allstate ItauUnibanco ITUB 13.26 0.02 PLDT PHI 32.56 0.04 s IPG Photonics IPGP 239.48 -6.80 Skyworks SWKS 108.54 -1.71
AllyFinancial ALLY 26.37 -0.02 CIT Group CIT 47.94 0.33 Ecolab ECL 132.99 0.54 TaiwanSemi TSM 42.41 -0.17 AlignTech ALGN 254.38 -2.05
JPMorganChase JPM 98.64 -0.29 PNC Fin PNC 133.04 -0.07 IRSA Prop IRCP 58.45 0.47 Splunk SPLK 83.53 -0.25
ATUS 19.33 -0.77 CMS Energy CMS 49.40 -0.08 Ecopetrol EC 11.89 0.33 s JacobsEngg JEC 64.78 Tapestry TPR 41.03 -0.22 Alkermes ALKS 50.15 0.79
AlticeUSA -0.14 POSCO PKX 72.04 0.16 IcahnEnterprises IEP 53.63 1.07 Starbucks SBUX 57.14 -0.12
MO 65.49 -0.16 CNA Fin CNA 53.37 -0.12 EdisonInt EIX 80.15 -0.07 TargaResources TRGP 43.28 1.05 AlnylamPharm ALNY 132.33 0.32
Altria JamesHardie JHX 16.53 0.11 PPG Ind PPG 115.27 -0.07 Icon ICLR 118.35 0.90 SteelDynamics STLD 37.72 0.22
AlumofChina ACH 16.68 -0.10 CNOOC CEO 137.81 1.55 EdwardsLife EW 108.81 -0.71 Target TGT 57.49 0.24 Alphabet C GOOG 1035.96 1.47
JanusHenderson JHG 36.41 0.05 PPL PPL 36.06 0.04 s Illumina ILMN 215.35 3.30 Symantec SYMC 28.43 0.32
ABEV 6.40 0.05 CPFLEnergia CPL 17.00 0.14 EmersonElec EMR 61.88 1.53 TataMotors TTM 32.89 0.17 Alphabet A GOOGL 1051.92 1.62
Ambev J&J JNJ 137.29 -1.05 PVH PVH 135.27 -0.84
s Incyte INCY 99.00 0.05 Synopsys SNPS 89.34 -0.04
AEE 62.92 -0.24 CRH CRH 35.12 -0.22 EnbridgeEnPtrs EEP 13.15 0.30 TechnipFMC FTI 27.06 0.46 Altaba AABA 72.60 -0.25
Ameren JohnsonControls JCI 36.79 0.79 PackagingCpAm PKG 112.07 0.03
s Intel INTC 44.65 -0.29 TD Ameritrade AMTD 48.99 -0.21
AmericaMovil AMX 17.55 0.20 CVS Health CVS 71.48 -0.02 Enbridge ENB 36.98 0.18 TeckRscsB TECK 23.05 0.63 Amazon.com AMZN 1156.16 16.67
JonesLang JLL 148.81 -1.42 PaloAltoNtwks PANW 151.39 1.99
s InteractiveBrkrs IBKR 55.26 -0.26 T-MobileUS TMUS 61.35 0.94
AmericaMovil A AMOV 17.48 0.34 s CabotOil COG 29.44 0.37 Encana ECA 11.75 0.11 TelecomArgentina TEO 34.97 0.55 Amdocs DOX 64.64 -0.14
JuniperNetworks JNPR 27.01 0.03 ParkHotels PK 29.08 -0.06 Intuit INTU 151.63 -0.16 s TRowePrice TROW 97.72 -0.01
CalAtlantic CAA 53.93 0.15 EnelAmericas ENIA 10.01 -0.09 TelecomItalia TI 8.12 0.20 Amerco UHAL 354.87 -3.54
AmCampus ACC 42.52 0.01 KAR Auction KAR 48.69 0.41 ParkerHannifin PH 184.61 0.32 IntuitiveSurgical ISRG 396.59 -1.90 TakeTwoSoftware TTWO 117.94 -1.08
CamdenProperty CPT 93.18 -0.64 EnelGenChile EOCC 25.24 -0.53 TelecomItalia A TI.A 6.72 0.13 AmerAirlines AAL 48.66 0.01
AEP AEP 76.59 -0.18 KB Fin KB 51.80 0.41 ParsleyEnergy PE 26.54 0.21 IonisPharma IONS 54.34 -0.18 Tesla TSLA 312.60 -5.21
CampbellSoup CPB 46.77 0.93 EnergyTransferEq ETE 16.17 0.12 TeledyneTech TDY 183.81 -1.19 Amgen AMGN 169.96 0.12
AmerExpress AXP 93.82 -0.59 KKR KKR 19.52 0.02 Pearson PSO 9.33 0.10 JD.com JD 39.79 -0.09 TexasInstruments TXN 98.08 -1.11
CIBC CM 90.29 0.50 EnergyTransfer ETP 16.31 -0.02 Teleflex TFX 266.55 -1.05 AnalogDevices ADI 88.65 -1.54
AmericanFin AFG 102.13 -0.34 KT KT 14.75 0.50 PembinaPipeline PBA 34.86 0.17 JackHenry JKHY 114.22 0.87 TractorSupply TSCO 64.72 -0.15
CanNtlRlwy CNI 79.61 -0.16 Entergy ETR 85.51 -0.10 TelefonicaBras VIV 15.24 0.03 Apple AAPL 174.96 1.82
AmerHomes4Rent AMH 21.80 -0.05 KSCitySouthern KSU 105.95 1.01 Pentair PNR 69.51 0.16 JazzPharma JAZZ 138.04 0.85 Trimble TRMB 41.95 -0.09
CanNaturalRes CNQ 34.60 0.31 EnterpriseProd EPD 24.64 0.28 Telefonica TEF 10.02 0.06 ApplMaterials AMAT 57.68 -1.02
AIG AIG 59.23 -0.40 Kellogg K 64.71 0.36 PepsiCo PEP 115.08 -0.97 JetBlue JBLU 19.90 -0.08 21stCenturyFoxA FOXA 30.61 -0.27
CanPacRlwy CP 173.60 3.10 Equifax EFX 109.81 -0.51 TelekmIndonesia TLK 31.07 0.25 ArchCapital ACGL 95.60 -1.41
AmerTowerREIT AMT 145.31 -1.28 KeyCorp KEY 18.16 -0.12 PerkinElmer PKI 73.04 -0.22 JunoTherap JUNO 60.33 1.56 21stCenturyFoxB FOX 29.94 -0.16
Canon CAJ 38.51 0.03 EquityLife ELS 89.81 -0.85 Tenaris TS 29.36 0.26 Atlassian TEAM 51.74 -0.47
AmerWaterWorks AWK 88.66 0.08 KeysightTechs KEYS 45.19 0.04 Perrigo PRGO 86.70 -0.05 KLA Tencor KLAC 104.47 -0.26 UltaBeauty ULTA 212.30 2.34
CapitalOne COF 87.26 -0.69 EquityResdntl EQR 68.14 0.04 Teradyne TER 43.28 -0.74 s Autodesk ADSK 127.77 0.06
Ameriprise AMP 159.58 -0.18 KilroyRealty KRC 75.29 0.08 PetroChina PTR 68.47 1.63 KraftHeinz KHC 79.82 -0.19 UltSoftware ULTI 196.98 -1.72
CardinalHealth CAH 56.97 1.25 EssexProp ESS 249.97 -2.14 TevaPharm TEVA 13.48 0.15 ADP ADP 110.21 -0.35
AmerisourceBrgn ABC 81.40 1.94 KimberlyClark KMB 116.05 -0.95 PetroleoBrasil PBR 10.26 0.23 Textron TXT 53.53 -0.16 s LKQ LKQ 38.14 0.39 s UnivDisplay OLED 189.60 3.10
Carlisle CSL 110.75 0.21 EsteeLauder EL 125.84 0.34 Baidu BIDU 249.65 5.35
Ametek AME 70.24 -0.11 KimcoRealty KIM 18.78 0.04 PetroleoBrasilA PBR.A 9.97 0.23 ThermoFisherSci TMO 192.75 -0.18 LamResearch LRCX 215.17 -3.74 VEON VEON 4.05 0.05
CarMax KMX 67.99 -0.76 EverestRe RE 219.24 -3.01 BankofOzarks OZRK 44.30 -0.15
Amphenol APH 89.90 -0.94 KinderMorgan KMI 17.10 0.23 Pfizer PFE 35.43 -0.11 ThomsonReuters TRI 44.08 0.10 LamarAdv LAMR 75.56 -0.74 VeriSign VRSN 115.77 -0.29
Carnival CCL 66.79 0.24 EversourceEner ES 63.81 -0.12 Biogen BIIB 309.80 0.74
AnadarkoPetrol APC 48.35 0.33 Knight-Swift KNX 39.92 0.25 PhilipMorris PM 103.54 0.18 ThorIndustries THO 136.90 -0.71 LibertyBroadbandC LBRDK 89.05 -0.72 s VeriskAnalytics VRSK 93.82 0.24
Carnival CUK 67.06 0.13 Exelon EXC 41.50 0.11 BioMarinPharm BMRN 82.99 0.08
Andeavor ANDV 103.95 -1.39 Kohl's KSS 44.63 0.42 Phillips66 PSX 93.29 -0.33 LibertyBroadbandA LBRDA 87.38 -0.77 VertxPharm VRTX 147.04 1.93
Caterpillar CAT 138.01 0.41 ExtraSpaceSt EXR 87.42 -0.24 3M MMM 231.58 -1.33 s BlueBuffaloPet BUFF 30.06 0.56
AndeavorLog ANDX 43.92 0.04 KoninklijkePhil PHG 39.18 0.17 PinnacleFoods PF 55.61 0.04 Tiffany TIF 94.09 0.55 LibertyGlobal A LBTYA 30.64 0.11 Viacom B VIAB 26.68 -0.58
Celanese A CE 105.93 -1.15 ExxonMobil XOM 81.10 0.23 bluebirdbio BLUE 167.20 -0.05
AB InBev BUD 115.75 0.13 KoreaElcPwr KEP 17.20 0.06 PinnacleWest PNW 89.28 -0.10 TimeWarner TWX 90.01 0.45 LibertyGlobal C LBTYK 29.63 0.14 Viacom A VIA 32.90 -0.45
Cemex CX 7.85 0.03 FMC FMC 93.17 -1.25 BrighthouseFin BHF 57.45 0.54
AnnalyCap NLY 11.88 0.06 Kroger KR 23.14 0.36 PioneerNatRscs PXD 154.08 1.85 s Toll Bros TOL 48.07 0.12 LibertyLiLAC A LILA 21.56 0.01 Vodafone VOD 30.40 0.10
CenovusEnergy CVE 9.71 0.10 s FactSet FDS 197.59 0.83 Broadcom AVGO 275.37 -1.22
AnteroResources AR 18.89 0.11 Kyocera KYO 71.47 0.06 PlainsAllAmPipe PAA 19.57 -0.04 Torchmark TMK 85.17 -0.10 LibertyLiLAC C LILAK 21.72 0.15 WPP WPPGY 84.47 0.68
Centene CNC 96.95 3.03 FederalRealty FRT 131.75 0.15 CA CA 32.45 -0.13
Anthem ANTM 220.42 0.40 LATAMAirlines LTM 13.74 0.10 PlainsGP PAGP 20.61 0.13 Toro TTC 62.72 0.28 s s LibertyQVC B QVCB 25.13 ... WalgreensBoots WBA 71.33 0.17
CenterPointEner CNP 29.15 0.06 FedEx FDX 217.83 0.51 CDK Global CDK 69.19 0.54
Aon AON 139.24 -2.20 L Brands LB 48.80 -0.29 PolarisIndustries PII 123.58 0.48 s TorontoDomBk TD 58.67 0.59 LibertyQVC A QVCA 24.94 -0.20 Weibo WB 117.45 -2.09
CentraisElBras EBR 6.38 0.20 Ferrari RACE 111.82 0.33 CDW CDW 66.30 0.10
Apache APA 41.54 0.10 LG Display LPL 14.47 0.11 Potash POT 19.43 0.11 Total TOT 56.11 1.18 LibertyVenturesA LVNTA 57.89 -0.56 WesternDigital WDC 92.91 0.56
CenturyLink CTL 14.34 -0.19 FiatChrysler FCAU 17.60 -0.31 CH Robinson CHRW 79.24 0.45
ApartmtInv AIV 44.64 -0.28 LINE LN 43.87 -0.17 s Praxair PX 151.72 0.37 TotalSystem TSS 73.77 -0.25 LibertyFormOne C FWONK 39.03 0.19 WillisTowers WLTW 158.79 -1.01
Chemours CC 52.86 -0.11 FibriaCelulose FBR 16.08 -0.26 CME Group CME 141.87 -0.71
ApolloGlbMgmt APO 30.43 0.27 L3 Tech LLL 189.20 -1.28 PrincipalFin PFG 68.40 -0.15 ToyotaMotor TM 126.08 0.30 LibertyFormOne A FWONA 37.23 0.07 Workday WDAY 115.15 -0.14
Chevron CVX 115.91 0.74 s FidNatlFin FNF 40.11 -0.38 CSX CSX 51.01 0.79
AquaAmerica WTR 36.54 0.09 LabCpAm LH 151.91 -0.93 Procter&Gamble PG 88.33 -0.39 TransCanada TRP 49.58 -0.68 s LibertyBraves A BATRA 22.79 -0.28 s WynnResorts WYNN 158.69 0.12
s ChinaEastrnAir CEA 31.35 2.95 FidNatlInfo FIS 91.59 -0.15 CadenceDesign CDNS 45.00 -0.33
Aramark ARMK 41.07 -0.19 s LambWeston LW 54.25 0.51 Progressive PGR 51.68 -0.19 TransDigm TDG 268.99 1.84 LibertyBraves C BATRK 22.76 -0.36 Xilinx XLNX 72.24 -0.97
ChinaLifeIns LFC 17.47 -0.24 58.com WUBA 79.20 0.66 CaesarsEnt CZR 13.15 0.10
ArcelorMittal MT 29.19 0.26 LasVegasSands LVS 67.70 -0.09 Prologis PLD 66.89 -0.51 TransUnion TRU 55.22 0.20 YY YY 121.62 2.82
ChinaMobile CHL 50.59 0.22 FirstAmerFin FAF 54.60 -0.50 Carlyle CG 21.40 0.05 LibertySirius C LSXMK 40.75 -0.32
ArcherDaniels ADM 39.24 -0.10 Lazard LAZ 47.63 0.14 PrudentialFin PRU 109.70 -0.36 Travelers TRV 130.01 -0.62 s LibertySirius A LSXMA 40.83 -0.26 Yandex YNDX 33.90 -0.38
ChinaPetrol SNP 71.98 1.17 FirstData FDC 16.72 -0.05 Cavium CAVM 88.60 1.40
Arconic ARNC 23.75 0.01 Lear LEA 176.20 -0.44 Prudential PUK 50.01 -0.77 TurkcellIletism TKC 9.18 -0.01 LincolnElectric LECO 87.70 -0.39
ZebraTech ZBRA 108.56 -0.21
s ChinaSoAirlines ZNH 47.27 3.60 FirstRepBank FRC 92.98 0.19 CboeGlobalMkts CBOE 119.35 -0.28
AristaNetworks ANET 239.01 -2.42 Leggett&Platt LEG 46.65 0.25 PublicServiceEnt PEG 51.43 -0.17 TurquoiseHill TRQ 3.10 0.05 LogitechIntl LOGI 35.93 -0.46
Zillow A ZG 41.77 0.37
ChinaTelecom CHA 49.34 0.08 FirstEnergy FE 34.24 0.01 Celgene CELG 105.16 0.66
ArrowElec ARW 78.68 -0.28 Leidos LDOS 61.10 -0.35 PublicStorage PSA 211.29 -0.03 s Twitter TWTR 22.27 0.39 Zillow C Z 41.70 0.34
ChinaUnicom CHU 15.17 0.16 FleetCorTech FLT 178.64 -1.28 CentennialRsc CDEV 20.78 0.44 LogMeIn LOGM 119.20 1.10
AstraZeneca AZN 33.83 0.10 Lennar A LEN 60.61 0.08 s PulteGroup PHM 32.84 0.11 TylerTech TYL 176.63 -1.27 ZionsBancorp ZION 46.35 -0.54
Chipotle CMG 281.27 1.76 Fluor FLR 47.26 -0.30 Cerner CERN 70.03 3.35 lululemon LULU 66.80 0.22
Athene ATH 49.30 0.07 Lennar B LEN.B 50.03 -0.03 QuantaServices PWR 36.47 -0.42 s TysonFoods TSN 79.63 0.57
Chubb CB 148.25 -0.93 FomentoEconMex FMX 90.06 1.21 CharterComms CHTR 334.27 -4.15 MKS Instrum MKSI 104.65 -0.50
NYSE AMER
AtmosEnergy ATO 89.10 -0.32 LennoxIntl LII 196.15 -0.83 QuestDiag DGX 92.52 0.06 UBS Group UBS 17.20 0.09
ChunghwaTel CHT 34.45 0.25 12.07 -0.05 CheckPoint CHKP 103.62 -0.33 MarketAxess MKTX 187.98 -0.43
Autohome ATHM 64.83 1.33 FordMotor F LeucadiaNatl LUK 25.36 -0.31 s RELX RENX 23.03 0.03 UDR UDR 39.66 -0.09
ForestCIty A FCE.A 25.14 -0.13 ChinaLodging HTHT 123.22 0.67 Marriott MAR 126.39 -1.23 CheniereEnergy LNG 47.89 -0.01
Autoliv ALV 123.95 0.17 Church&Dwight CHD 44.76 -0.04 s LibertyProperty LPT 45.16 -0.03 s RELX RELX 23.74 0.01 UGI UGI 47.73 0.17 CincinnatiFin CINF 72.66 -0.80 s MarvellTech MRVL 23.83 0.55 CheniereEnerPtrs CQP 27.90 0.34
AutoZone AZO 638.24 5.84 Cigna CI 200.72 -1.27 Fortis FTS 37.74 0.49 EliLilly LLY 83.68 0.17 RPM RPM 52.23 -0.14 US Foods USFD 27.39 0.13
CimarexEnergy XEC 115.41 0.45 Fortive FTV 72.00 -0.38 Cintas CTAS 147.36 -0.22 MatchGroup MTCH 29.96 0.19 CheniereEnHldgs CQH 25.93 0.04
Avalonbay AVB 184.60 -0.42 LincolnNational LNC 73.59 0.09 RSP Permian RSPP 36.48 0.48 UltraparPart UGP 22.75 0.10
Citigroup 72.26 -0.12 FortBrandsHome FBHS 64.85 -0.34 CiscoSystems CSCO 36.45 -0.20 Mattel MAT 18.81 0.28 ImperialOil IMO 31.23 0.29
Avangrid AGR 51.73 0.04 C LionsGate A LGF.A 32.98 0.13 RalphLauren RL 91.94 1.67 Unilever UN 56.93 -0.23
AveryDennison AVY 111.10 0.68 CitizensFin CFG 37.83 -0.07 Franco-Nevada FNV 84.23 0.15 LionsGate B LGF.B 31.32 0.09 RaymondJames RJF 84.97 -0.18 Unilever UL 55.84 -0.17
s AxaltaCoating AXTA 35.50 1.63 Clorox CLX 134.95 -0.20 FranklinRscs BEN 41.40 -0.18 LiveNationEnt LYV 44.42 0.53 Raytheon RTN 185.46 -1.13 UnionPacific UNP 117.86 0.74
BB&T BBT 46.49 -0.08 Coca-Cola KO 45.84 0.06 FreeportMcM FCX 14.24 0.09 LloydsBanking LYG 3.53 -0.01 RealtyIncome O 56.29 -0.25 UnitedContinental UAL 59.69 -0.02 IPO Scorecard
BCE BCE 48.48 0.24 Coca-Cola Euro CCE 38.59 0.50 FreseniusMed FMS 48.92 -0.21 LockheedMartin LMT 314.87 -2.07 RedHat RHT 126.59 -1.92 UnitedMicro UMC 2.67 -0.02
BHPBilliton BHP 42.27 0.61 Coca-Cola Femsa KOF 69.23 0.33 GGP GGP 23.34 -0.01 Loews L 49.36 -0.02 RegencyCtrs REG 67.67 -0.14 UPS B UPS 113.77 -0.15 Performance of IPOs, most-recent listed first
BHPBilliton BBL 37.27 0.48 ColgatePalm CL 71.75 -0.47 Gallagher AJG 66.62 -0.34 Lowe's LOW 79.56 -1.03 RegionsFin RF 15.56 -0.10 UnitedRentals URI 153.27 -0.42 % Chg From % Chg From
BP BP 39.78 0.65 ColonyNorthStar CLNS 12.36 0.13 Gap GPS 29.17 -0.54 LyondellBasell LYB 103.42 -0.40 s ReinsGrp RGA 152.34 0.24 US Bancorp USB 51.91 0.02 Company SYMBOL Wed’s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
BRF BRFS 12.77 -0.16 Comerica CMA 79.34 -0.06 s GardnerDenver GDI 30.98 0.25 M&T Bank MTB 159.92 -0.27 RepublicSvcs RSG 62.35 -0.65 UnitedTech UTX 116.73 -0.31 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
BT Group BT 16.79 0.37 SABESP SBS 10.53 0.58 Gartner IT 115.99 -1.20 MGM Resorts MGM 33.45 0.11 ResMed RMD 85.27 -0.39 UnitedHealth UNH 211.22 -1.38
BWX Tech BWXT 61.04 0.24 ConagraBrands CAG 35.51 -0.03 Gazit-Globe GZT 9.89 0.01 MPLX MPLX 34.86 0.48 RestaurantBrands QSR 65.86 -0.01 UniversalHealthB UHS 100.58 1.81 AMERI Hldgs 3.17 –23.1 –9.2 scPharmaceuticals 14.16 1.1 0.4
BakerHughes BHGE 30.71 0.05 ConchoRscs CXO 140.29 0.66 GeneralDynamics GD 200.04 -0.06 MSCI MSCI 127.50 ... RioTinto RIO 49.01 0.96 UnumGroup UNM 53.90 0.03 AMRH Nov. 17/$4.12 SCPH Nov. 17/$14.00
Ball BLL 39.52 -0.08 ConocoPhillips COP 50.22 0.21 GeneralElec GE 18.15 0.32 Macerich MAC 64.27 0.74 RobertHalf RHI 54.59 -0.28 VEREIT VER 8.05 -0.08
BancoBilbaoViz BBVA 8.36 0.10 ConEd ED 86.66 0.18 GeneralMills GIS 53.65 0.13 Macy's M 20.63 0.21 Rockwell ROK 191.02 -2.00 s VF VFC 73.35 0.76
Bluegreen Vacations 14.22 1.6 9.4 Sterling Bancorp 12.80 6.7 5.3
BancodeChile BCH 85.56 0.47 ConstBrands A STZ 220.45 0.69 GeneralMotors GM 44.29 -0.68 MagellanMid MMP 65.99 0.94 RockwellCollins COL 132.53 -0.23 Visa V 110.82 -0.63 BXG Nov. 17/$14.00 SBT Nov. 17/$12.00
BancoMacro BMA 99.68 3.00 ContinentalRscs CLR 46.24 0.70 Genpact G 31.56 0.12 MagnaIntl MGA 54.12 0.10 RogersComm B RCI 53.93 -0.50 VailResorts MTN 230.01 0.08
s Manpower
Legacy Acquisition 10.00 ... ... Stitch Fix 17.35 15.7 14.5
BcoSantChile BSAC 28.81 -0.45 Cooper COO 238.90 -1.21 GenuineParts GPC 86.91 0.96 MAN 127.55 -0.84 Rollins ROL 45.32 -0.08 Vale VALE 10.77 0.31
BancoSantander SAN 6.46 0.06 Copa CPA 134.87 -2.81 Gildan GIL 31.37 0.07 ManulifeFin MFC 21.13 0.02 s RoperTech ROP 260.58 0.10 ValeroEnergy VLO 82.35 -1.45
LGC.U Nov. 17/$10.00 SFIX Nov. 17/$15.00
BanColombia CIB 39.50 0.24 Corning GLW 31.80 -0.13 GSK GSK 35.06 0.25 MarathonOil MRO 14.88 0.36 RoyalBkCanada RY 79.79 0.84 Vantiv VNTV 71.36 0.02 Level Brands 5.50 –8.3 –0.9 Arsanis 16.16 61.6 15.2
BankofAmerica BAC 26.66 -0.07 Coty COTY 16.98 0.11 GlobalPayments GPN 102.43 -0.78 MarathonPetrol MPC 62.01 -0.28 RoyalBkScotland RBS 7.30 -0.04 VarianMed VAR 108.79 0.39 LEVB Nov. 17/$6.00 ASNS Nov. 16/$10.00
BankofMontreal BMO 78.35 0.77 s Credicorp BAP 212.31 0.24 GoDaddy GDDY 50.43 -0.06 Markel MKL 1080.12 -4.62 RoyalCaribbean RCL 125.45 0.66 Vedanta VEDL 19.16 -0.16
BankNY Mellon BK 52.43 0.01 s CreditSuisse CS 16.57 0.17 Goldcorp GG 13.36 0.13 Marsh&McLen MMC 82.65 -0.80 RoyalDutchA RDS.A 62.15 0.67 VeevaSystems VEEV 62.63 -0.07
BkNovaScotia BNS 66.15 0.33 CrownCastle CCI 111.84 -0.27 GoldmanSachs GS 236.43 -1.59 MartinMarietta MLM 207.13 -0.31 RoyalDutchB RDS.B 64.25 0.77 Ventas VTR 64.24 -0.08
SailPoint Tech 15.10 25.8 16.2 Jianpu Technology 5.75 –28.1 –31.5
Barclays BCS 10.04 0.04 CrownHoldings CCK 58.79 -0.25 Graco GGG 130.87 -1.23 Masco MAS 39.94 -0.07 SAP SAP 113.85 -1.44 Verizon VZ 47.10 0.92 SAIL Nov. 17/$12.00 JT Nov. 16/$8.00
Bard CR BCR 335.18 -1.48 Cullen/Frost CFR 95.48 -1.00 Grainger GWW 200.40 0.77 Mastercard MA 151.25 -1.26 S&P Global SPGI 163.22 -0.48 VistraEnergy VST 19.44 0.54
BarrickGold ABX 14.14 0.22 Cummins CMI 163.39 2.75 s GreatPlainsEner GXP 34.26 0.12 McCormick MKC 99.01 -1.05 SINOPEC SHI 60.40 0.79 VMware VMW 123.59 -1.80 Sources: WSJ Market Data Group; FactSet Research Systems
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
GuggBRIC EEB 38.49 0.8 PwrShRuss2000Grw PXSG 31.62 0.4 VangdS&P600Val VIOV 131.42 -0.1 TelInstrElec TIK 2.30 3.4 FT DevIntlEquity RNDM 51.55 ... LibertyQVC B QVCB 25.13 ... SunHydraulics SNHY 63.63 -0.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE GuggChinaAllCap YAO 36.61 ... PwrShS&PIntlDev IDMO 28.04 1.0 VangdSC VB 145.98 ... FT DevMktsXUS FDTS 43.42 0.2 Littelfuse LFUS 215.00 -2.4 Surmodics SRDX 32.85 -0.6
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in GuggChinaTech CQQQ
GuggS&P500EW RSP
67.24
98.09
0.3
...
PwrShS&P400LowVol XMLV
PwrShS&P600LowVol XSLV
45.73
47.54
-0.2
-0.4
VangdTotalStk VTI
VangdTotlWrld VT
134.00
73.10
-0.1
0.1
Nasdaq highs - 245 FT DorseyDyn5 FVC
FT DorseyFoc5 FV
25.55
27.46
...
-0.1
LivaNova
Luminex
LIVN
LMNX
86.22
22.42
0.3
-1.9
TRowePrice
TabulaRasaHlth TRHC
TROW 98.01
36.60
...
-0.8
the latest session. % CHG-Daily percentage change from the previous trading session. AdamasPharm ADMS 34.13 8.4 FT DorseyIntl5 IFV
GuggS&P500PureGr RPG 105.60 -0.3 ProShS&P500xEner SPXE 54.71 0.1 WBITacticalRotatn WBIR 25.44 0.1 22.27 ... MarvellTech MRVL 24.22 2.4 TowerSemi TSEM 35.51 -0.3
GuggS&P500PrVal RPV 63.36 -0.1 ProShS&P500xTech SPXT 50.24 0.4 WisdTrAPxJp AXJL 69.60 0.3 Aegion AEGN 27.92 -0.8 DorseyWrightPeople DWPP 27.92 ... MelcoResorts MLCO 26.76 1.0 TrilliumTherap TRIL 11.75 10.0
Wednesday, November 22, 2017 GuggS&P400PrGrwth RFG 152.70 -0.1 ProShShtVIXST SVXY 114.23 0.9 WisdTrCBOES&P500 PUTW 29.91 0.2 AllenaPharm ALNA 13.45 -2.5 FT GerAlpha FGM 49.70 -0.6 MicronTech MU 49.89 -0.5 tronc TRNC 17.51 1.2
52-Wk % 52-Wk % 52-Wk % GuggS&P400PureVal RFV 66.71 0.2 ProShrUltraDow30 DDM 120.39 -0.6 WisdTrGlbXMexico XMX 29.03 0.6 AllotComms ALLT 5.73 -0.4 FT LC CoreAlpha FEX 57.16 -0.2 Mindbody MB 34.65 0.7 TwinDisc TWIN 29.35 -0.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GuggS&P600PrGrwth RZG 112.96 ... ProShXinhuaChina25 XPP 88.92 0.4 WisdTrGlbxUSQual DNL 58.61 0.3 AlmostFamily AFAM 66.15 4.9 FT MC CoreAlpha FNX 64.70 -0.1 MonolithicPower MPWR 126.80 -1.8 2U TWOU 68.06 -0.3
GuggInsider NFO 61.99 -0.2 ProShUltMSCIEM EET 94.53 0.2 WisdTrUSMCDivFd DON 34.30 -0.1 Altaba AABA 73.25 -0.3 FT MC US Equity RNMC 21.25 0.1 MonotypeImaging TYPE 25.40 1.0 USA Truck USAK 17.98 -2.6
KoreaFund KF 44.62 1.0 BlackstnGSOSrFloat BSL 17.01 -0.5 ProShrUMdCp400 MVV 118.29 -0.2 Amazon.com AMZN1160.27 1.5 FT MC ValAlpha FNK 35.02 0.3 MORN 93.30 -0.1 20.99 -1.0
GuggS&P500Top50 XLG 184.57 ... WisdTrUSMCEarn EZM 38.60 0.1 Morningstar Umpqua UMPQ
NYSE highs - 179 KornFerry
LambWeston
KFY
LW
43.96
54.27
-0.3
0.9
BlueApron
Cannae
APRN
CNNE
2.94 -0.7
16.80 -0.2
GuggS&PGlblWtr CGW 35.78 0.2 ProShrUltraQQQ QLD 73.36 0.3 WisdTrUSSCDiv DES 28.72 -0.2 AmerSoftware
AmplifyOnlineRet
AMSWA 12.60 ... FT MCGrAlpDX FAD
IBUY 38.38 1.1 FT MuCValAlpha FAB
65.04 -0.1 NVE NVEC 91.82 -2.1 UnivDisplay OLED 189.90 1.7
AMN Healthcare AMN 47.65 3.0 GuggS&PMC400EW EWMC 62.71 0.4 ProShrUltraRus UWM 69.80 -0.2 WisdTrUSSCEarn EES 35.96 -0.1 54.65 0.1 NetApp NTAP 56.10 1.8 UnivLogistics ULH 23.00 -0.4
LazardGlblFd LGI 17.41 1.2 ChinaOnlineEduc COE 11.62 -4.1 ProShrUlSemi USD 137.58 -1.2 AnaptysBio ANAB 81.85 -1.3 FT NasdCybersec CIBR
AXIS CapPfdE AXSpE 25.67 0.6 GuggS&PSC600EW EWSC 54.00 0.2 WisdTrUSTotalDivFd DTD 90.10 -0.1 22.57 0.3 NuvNasd100Dyn QQQX 24.24 0.3 VangdIntlDivApp VIGI 66.27 ...
LexingtonRltyPfC LXPpC 54.43 1.5 ClearBridgeAmEn CBA 7.27 -0.7 ArcBest ARCB 35.60 -0.3 FT NasdSmartphone FONE
AberdeenSingapore SGF 12.60 0.4 GuggTR Bond GTO 53.09 0.4 ProShrUlSmC600 SAA 96.86 0.2 WisdTrUSTotalEarn EXT 30.97 0.9 53.73 0.2 Ollie'sBargain OLLI 47.50 -0.3 VangdLTCorpBd VCLT 95.17 0.5
LibertyProperty LPT 45.39 -0.1 ClearbridgeEngyMLP EMO 10.23 0.6 ArchCapitalPfdE ACGLP 25.14 0.5 FT NasdSemicon FTXL
AcornIntl ATV 19.51 1.8 HartfordMultiGlbSC ROGS 31.19 0.4 ProShUltDow30 UDOW 82.03 -0.7 XtrkrsRussell1000 DEUS 31.39 -0.2 32.83 -0.8 ON Semi ON 22.15 -2.6 VangdRuss1000 VONE 119.68 ...
LomaNegra LOMA 23.92 1.6 ClearbridgeEnMLPTR CTR 10.84 -0.2 Arsanis ASNS 16.79 4.9 FT Nasd100 EW QQEW
AlamoGroup ALG 117.93 -0.9 HartfordMultiUSEqu ROUS 30.19 -0.4 ProShUltMC400 UMDD 108.46 0.4 XtrkrsRussell2000 DESC 34.38 -0.1 57.61 0.1 Orbotech ORBK 56.44 0.5 VangdRuss1000Grw VONG 135.95 -0.1
Luxfer LXFR 14.42 0.4 Despegar.com DESP 26.59 -3.2 AspenTech AZPN 69.11 -0.2 FTRisingDivAch RDVY
AlbanyIntl AIN 64.25 -1.2 IQGlobalResources GRES 27.68 0.5 ProShUltRus2000 URTY 81.10 -0.4 28.75 -0.4 OrganicsETF ORG 33.33 0.7 VangdRuss3000 VTHR 119.75 0.1
MFS HiIncoMuni CXE 5.44 0.9 Doubleline Oppor DBL 22.21 0.5 ASMB 39.55 4.2 FT RiverFrDynEM RFEM
AlexandriaRlEst ARE
AlgonquinPwr AQN
128.29
11.27
-0.8
1.9
MI Homes
ManchesterUnited
MHO 35.81
MANU 21.40
0.2
2.2
EXCO Res XCO 0.76 -5.7
IQHedgeMktNeut QMN
InnovatorIBD50 FFTY
25.66
35.14
0.1
-0.5
REXGoldHdgS&P500 GHS
RenaissanceIPOETF IPO
33.14
28.70
1.5
0.8
NYSE Arca lows - 34 AssemblyBiosci
Autodesk ADSK 128.69 ... FT RiverFrDynEur RFEU
70.79
68.45
0.5
0.4
Overstock
PDLCommBncp PDLB
OSTK 62.20
15.85
1.0
0.6
VangdRuss2000 VTWO
VangdRuss2000Grw VTWG
121.84
134.08
-0.2
-0.1
EtnVncFR2022 EFL 9.50 -1.2 RivFrDynUSDiv RFDA 30.99 0.2 AdvShRangerEqBear HDGE 8.19 -0.5 AvidTechnology AVID 7.21 7.0 FT SMID CapRising SDVY 20.17 0.3 PatrickIndustries PATK 96.75 -0.3 VangdTotalCpBd VTC 85.09 0.4
Alibaba BABA 191.75 -0.6 Manpower MAN 129.06 -0.7 Inspire100ETF BIBL 25.75 0.3
FT SpecFin FGB 6.27 0.4 RivFrDynUSFlex RFFC 32.13 ... iPathS&P500VIXST VXX 31.61 -1.0 AxcelisTechs ACLS 36.73 -3.4 FT SC CoreAlpha FYX 60.13 ... PinnacleEnt PNK 29.54 -1.1 VangdTotIntlStk VXUS 56.53 0.3
AllianzGIEqtyConv NIE 21.21 0.4 MaxarTech MAXR 64.25 1.6 iPathCBOE S&P500BW BWV 77.70 0.9
GNC Holdings GNC 5.18 -5.4 SPDRBloomBarCvSecs CWB 52.67 -0.1 DirexEM Bear3 EDZ 9.06 -0.8 AxoGen AXGN 26.45 -1.7 FT SC GrwthAlpha FYC 42.31 0.4 PwrShDWA DevMkt PIZ 27.74 0.1 VSInverseVIXSTerm XIV 119.24 1.0
AlonUSAPartners ALDW 15.65 3.9 Maximus MMS 67.89 -0.4 iPathShortTmFturs XXV 39.88 4.9
GenieEnergy GNE 4.25 3.2 SPDRGlobalDow DGT 82.76 0.4 DirexChinaBr3 YANG 5.55 -0.7 BeaconRoof BECN 60.61 0.6 FT SKoreaAlpha FKO 29.10 1.3 PwrShDWA EM PIE 20.79 0.9 VeriskAnalytics VRSK 94.26 0.3
AmRltyInv ARL 10.69 -3.2 MeritageHomes MTH 51.55 -0.2 iPathPBBroadCmod BCM 32.00 2.8
Glaukos GKOS 23.44 -3.4 SPDRMFSSysValueEqu SYV 64.23 ... DirexMcBear3 MIDZ 14.44 -0.3 Bio-Techne TECH 132.87 0.2 FT TotalUSMkt TUSA 32.17 0.3 PwrShDWAMom DWLV 31.04 ... VicShUSDiscEnhVol CSF 44.69 ...
ArmstrongWorld AWI 56.53 4.0 Moelis MC 47.15 ... iShAggrAllocation AOA 54.95 ...
KingswayFin KFS 5.10 0.9 SPDRMSCIACWIIMI ACIM 78.00 0.4 DirexS&P500Br1 SPDN 31.56 ... Blackbaud BLKB 104.55 -1.3 ForescoutTechs FSCT 28.87 4.2 PwrShDWA Mom PDP 51.72 -0.3 VicShUS500EnhVol CFO 47.31 -0.1
ArtisanPtrsAsset APAM 38.80 0.1 MonmouthRealEst MNR 17.76 -0.1 iShGrwthAllocation AOR 45.66 0.2
NationalGrid NGG 58.46 1.7 SPDREMFossilFuelFr EEMX 70.19 0.6 DirexSemiBear3 SOXS 13.79 1.9 BlueBuffaloPet BUFF 30.25 1.9 ForresterResearch FORR 47.10 -0.3 PwrShDWANasdMom DWAQ 105.53 -0.6 VicShUS500Vol CFA 47.39 -0.1
AxaltaCoating AXTA 36.10 4.8 Moody's MCO 149.89 ... iShCoreMSCIEmgMk IEMG 57.73 0.2
NuvEMDebt2022 JEMD 9.83 -0.5 SPDRMSCIEMStrat QEMM 64.54 0.3 DirexScBear3 TZA 12.63 0.4 Bruker BRKR 35.42 0.2 Fortinet FTNT 42.00 1.1 PwrShDWASCMom DWAS 48.60 -0.3 VicShUSSCVolWtd CSA 45.61 0.2
BB&T Pfd H BBTpH 27.04 0.1 NQ Mobile NQ 4.47 3.7 iShMSCIIntlDev IDEV 57.69 0.3
BlackstoneMtg BXMT 32.89 0.2 NuvMN QualMuni NMS 14.76 -0.6 SPDRPtfEM SPEM 38.23 0.1 FrankFTSEItaly FLIY 25.06 -1.1 BuildersFirstSrc BLDR 19.78 0.4 GSV Capital GSVC 6.66 2.5 PwrShDivAch PFM 25.54 -0.1 VidentCoreUSEquity VUSE 32.42 0.1
NTTDoCoMo DCM 25.61 0.5 iShModAllocation AOM 38.44 0.2
BluegreenVac BXG 14.39 2.7 NuvNJ MuniVal NJV 14.24 0.8 SPDRPtfLTCorpBd SPLB 28.42 0.5 iPathCurrCarry ICI 35.77 -7.6 CDK Global CDK 69.32 0.8 GladstoneLandPfd LANDP 26.94 -0.5 PwrShDynTech PTF 56.42 -0.7 WestBancorp WTBA 25.75 0.8
NVR NVR 3421.90 1.2 iShCoreS&P MC IJH 186.19 -0.1
Box BOX 23.58 1.9 NatlRetailPropPfdF NNNpF 25.47 0.5 NuvNY MuniVal2 NYV 14.20 -0.4 SPDRPtfMC SPMD 33.13 -0.1 MasterIncomeETF HIPS 17.22 1.6 CEVA CEVA 50.30 0.6 GlbXConsciousCos KRMA 18.90 ... PwrShFTSEIntlLow IDLB 29.73 0.1 WestellTech WSTL 4.34 1.0
iShCoreS&P SC IJR 76.54 -0.2
CGI Group GIB 54.13 ... NewGermanyFund GF 19.36 0.1 NuvShrtDurCrOppFd JSD 16.70 0.7 SPDRS&P500Growth SPYG 32.55 ... ProShShtDow30 DOG 15.66 0.1 CRA Intl CRAI 47.30 -2.3 GlbXFinTech FINX 22.38 -0.2 PwrShUS1500 PRFZ 129.72 -0.1 WisdTrEMConGrwth EMCG 26.34 0.9
iShS&PTotlUSStkMkt ITOT 59.70 -0.1
CabotOil COG 29.48 1.3 NewMediaInvt NEWM 17.23 0.8 PPDAI PPDF 8.05 -24.3 SPDRPtfSC SPSM 29.86 ... ProShShtMSCI EM EUM 17.94 -0.2 CVD Equipment CVV 12.90 4.9 GlbX Health&Well BFIT 16.64 0.2 PwrShGlbWater PIO 25.51 0.7 WisdTrUSQltyDiv DGRW 39.98 -0.1
iShUSConsumerSvcs IYC 170.67 0.2
CapitalOnePfdH COFpH 27.09 0.1 NewRelic NEWR 57.96 0.4 PatriotNational PN 0.27 -66.0 SPDR Ptf TSM SPTM 32.41 -0.1 ProShShortQQQ PSQ 35.61 -0.1 CabotMicro CCMP 102.92 -2.1 GlbXInternetThings SNSR 20.61 -0.2 PwrShGoldDragon PGJ 46.39 0.3 WynnResorts WYNN 159.55 0.1
iShU.S.Technology IYW 165.44 -0.2
Carters CRI 107.58 -0.5 NewResidInvt NRZ 17.95 0.7 RubiconProject RUBI 1.77 -1.1 SPDRPtfWorldxUS SPDW 31.43 0.3 ProShShtRus2000 RWM 42.67 0.2 CadenceDesign CDNS 45.49 -0.7 GlbXMillThematic MILN 19.07 0.6 PwrShIntlBuyBack IPKW 36.69 0.2 ZAGG ZAGG 23.70 -2.8
iShEdgeMSCIIntQual IQLT 29.52 ...
CenturyComm CCS 30.30 1.2 NortelInversora NTL 45.54 2.4 SandRidgeMS SDT 1.08 1.8 SPDRMomentumTilt MMTM 113.46 ... ProShShrtSC600 SBB 34.73 -0.2 CatalystPharma CPRX 3.39 2.8 GlbX Robotics&AI BOTZ 24.87 0.5 PwrShNasdInternet PNQI 116.95 0.3 Zynga ZNGA 4.15 -1.2
iShEdgeMSCIMultif ACWF 30.71 -0.1
Chemed CHE 241.57 ... NorthstarRltyEur NRE 14.67 0.6 SeaWorldEnt SEAS 10.58 -1.8 SPDR S&P500MidGr MDYG 155.68 -0.1 ProShUltVIXST UVXY 13.16 -2.1 CathayGenBncp CATY 42.65 ... GlbXS&P500Catholic CATH 32.28 0.2 PwrShQQQ 1 QQQ 155.84 0.1
iShEdgeMSCIMlIntSC ISCF 31.93 0.6
ChesapeakeLodging CHSP
ChesapeakeUtil CPK
28.79
84.35
-0.3
-1.1
NovoNordisk
NuSkinEnts
NVO
NUS
51.99
66.50
0.2
1.3
Switch SWCH 17.65 -0.7
iShEdgeMSCIUSASC SMLF
iShEdgeMSCIUSASize SIZE
39.59
81.89
-0.3
-0.1
SPDR S&P400MidVl MDYV
SPDRS&P600SmallCap SLY
101.40
134.14
...
0.2
ProShUltShtDow30 SDOW
ProShShtMC400 SMDD
22.59
11.02
0.7
-0.1
Cavium
CentralEurMedia
CAVM 88.84 1.6 Groupon
CETV 5.10 12.8 H&E Equipment HEES
GRPN 5.70
37.23
1.1
-0.4
PwrShRuss1000Low USLB
PwrShS&P SC Fin PSCF
30.53
55.08
0.4
-0.3
Nasdaq lows - 30
ChimeraInvPfdA CIMpA 26.48 0.4 NuvBuildAmBdOpp
NuvCoreEqAlpha
NBD
JCE
22.87
16.11
0.2
0.7
NYSE Arca highs - 281 iShACWILowCarbon CRBN 116.07 0.1 SPDR S&P600SCpGr SLYG
SPDR S&P600SCapVal SLYV
236.29
129.77
-0.3
-0.1
ProShShtRus2000 SRTY 33.34 0.4 Charles&Colvard
ChartIndustries
CTHR 1.27 0.8 HamiltonLane HLNE
GTLS 46.75 1.3 HeritageCommerce HTBK
33.55 -0.5 PwrShS&P ScHealth PSCH 96.72 0.6 AkersBiosciences AKER 0.52 -4.2
0.20 1.6
ChinaEastrnAir CEA 31.42 10.4 iShMSCIEmgMarkets EEM 47.93 0.3 ProShUlt3xShCrude OILD 12.21 -5.4 15.61 -0.5 PwrShS&P SmInds PSCI 63.15 -0.5 ArcadiaBiosci RKDA
OM AssetMgmt OMAM 16.30 ALPS EqSecWgh EQL
0.2 68.10 0.1 SPDRS&PGlbDividend WDIV 69.22 0.6 CleantechSolns CLNT 12.40 59.6 HimaxTechs
ChinaFund CHN 22.34 0.1 iShMSCIEmgMktSC EEMS 52.12 0.1 ProShUltBloomCrd SCO 26.61 -3.5 HIMX 13.88 -0.5 PwrShS&PSCMatls PSCM 51.73 0.4 BIO-key BKYI 1.50 0.6
OasisMidstream OMP 18.61 ARKIndlInnovation ARKQ
... 34.61 -0.2 SPDRS&PHlthCareEqp XHE 66.61 -0.3 ClearBr AC Grw CACG 27.13 0.1 HinghamSvg
ChinaSoAirlines ZNH 47.70 8.2 iShMSCIFrontier100 FM 32.93 2.3 ProShXinhuaChina25 FXP 16.38 -0.3 HIFS 210.75 2.8 PwrShWaterRscs PHO 29.88 0.4 BlueknightEner BKEP 5.05 ...
ObsidianEnergy OBE 1.40 ARKInnovationETF ARKK
3.8 36.78 0.9 SPDRS&PSft&Svs XSW 70.35 0.3 Cognex CGNX 145.98 -1.2 Hortonworks
ChinaYuchai CYD 25.29 0.3 iShMSCIJapanSC SCJ 78.91 0.2 ProShrUS MSCI EAFE EFU 23.55 -0.4 HDP 20.61 0.3 PrincplMillennials GENY 33.87 0.1 BroadwindEnergy BWEN 2.35 0.8
OneLiberty OLP 27.05 ARKWebx.0ETF ARKW
-0.1 45.44 0.2 SPDRS&PTechHardwr XTH 82.49 2.9 COHR 320.73 -1.4 II-VI
Cooper-Standard CPS 123.28 0.1 iShMSCIKokusaiETF TOK 64.31 0.3 ProShUltMC400 MZZ 19.50 -0.6 Coherent IIVI 52.55 -0.1 ProShUltPrQQQ TQQQ 139.11 0.4 CemtrexWt CETXW 0.20 -30.0
214.28 0.1 Oppenheimer A OPY 26.95 AdvShKIMKorea KOR
... 32.69 1.0 SPDRGenderDivers SHE 71.63 -0.1 COLM 68.59 0.2 IPG Photonics IPGP
Credicorp BAP ProShUltShtQQQ QID 13.45 -0.3 ColumbiaSportswr 248.23 -2.8 QAD A QADA 42.00 -4.6 Check-Cap CHEK 1.02 -5.6
PBF Energy PBF 33.75 AdvShNewTech FNG
0.7 23.48 ... iShMSCIPacificxJp EPP 47.94 0.4
CreditSuisse CS 16.69 1.0 SPDR US SC LowVol SMLV 97.87 ... ProShrUlShtRus TWM 17.79 0.3 CommVehicle CVGI 11.60 -2.8 IQ Chaikin US SC CSML 28.09 -0.5 Qualys QLYS 61.40 -1.0
32.81 Barrons400ETF BFOR
0.5 40.92 -0.1 iShMSCIRussiaCpd ERUS 35.19 1.6 CheckpointTherap CKPT 3.70 -6.7
Cubic CUB 64.95 2.1 PeabodyEnergy BTU SPDRSSgAGlbAll GAL 37.92 0.2 ConcertPharm CNCE 22.59 0.3 Illumina ILMN 215.96 1.6 ROBOGlblRobotics ROBO 42.46 0.3
PebblebrookHotel PEB 38.05 BuzzUSSentLdrs BUZ
-0.5 32.13 ... iShMSCISingapore EWS 26.46 0.5 ProShrUlShtSmC600 SDD 16.12 -1.0 CitizensHolding CIZN 22.65 -2.4
CurtissWright CW 121.85 -0.7 SPDRSSgAIncmAllctn INKM 33.59 0.2 Control4 CTRL 35.24 -0.1 Immucell ICCC 9.25 0.7 Radware RDWR 20.50 -0.9
PennyMacFinS PFSI 19.95 CSOPFTSEChinaA50 AFTY
0.5 19.60 0.3 iShMSCISouthAfrica EZA 64.00 -0.2 ProShsVIXSTFut VIXY 26.22 -0.9 ConcordiaIntl CXRX 0.45 5.6
DCT Industrial DCT 61.53 -0.6 SchwabEM Equity SCHE 28.38 0.2 Copart CPRT 41.38 11.7 InfinityPropCas IPCC 110.60 -0.8 Rambus RMBS 15.50 0.4
PlanetFitness PLNT 31.42 ColumbiaEMCoreXCh XCEM
0.2 29.59 0.8 iShMSCISouthKorea EWY 77.45 0.4 UBSProSh3xInvCrd WTID 17.40 -5.6 Criteo CRTO 31.82 -3.4
Danaher DHR 94.24 -0.4 SchwabFundEmgLrg FNDE 30.00 0.9 Crocs CROX 11.18 1.2 IntegratedMedia IMTE 10.00 40.4 RavenIndustries RAVN 37.85 -0.7
Praxair PX 152.49 ColumbiaSustGlb ESGW
0.2 30.80 0.3 iShMSCITaiwanCap EWT 38.42 0.3 USAACoreST USTB 50.03 0.1 EdgewaterTech EDGW 6.04 -2.7
DaqoNewEnergy DQ 49.78 6.8 SchwabFundUSBrd FNDB 35.90 0.1 CumberlandPharm CPIX 7.96 6.4 IovanceBiotherap IOVA 9.15 4.7 RedRockResorts RRR 28.71 1.2
ProtoLabs PRLB 93.00 CnsmrDiscSelSector XLY
-0.2 94.58 0.1 iShMSCIThailandCap THD 90.58 0.2 US ShortOilFd DNO 58.87 -1.8 EyegatePharmWt EYEGW 0.06 -8.0
DeckersOutdoor DECK 75.41 1.7 SchwabFundUSLrgCo FNDX 36.03 ... Cytosorbents CTSO 6.80 4.6 iRhythmTechs IRTC 57.70 0.6 Remark MARK 9.35 19.4
PublicStoragePfdF PSApF 25.42 ...
DiamondHillVal DHVW 31.04 ... iShMSCIUSAESGSelct SUSA 108.62 -0.1 US3xShrtOilFd USOD 13.02 -5.7 FTD FTD 6.76 4.4
Deere DE 146.00 4.3 SchwabFundUSSmCo FNDA 37.35 -0.1 DataIO DAIO 14.60 3.1 iSectorsPostMPT PMPT 27.72 0.5 Resonant RESN 6.23 2.6
PulteGroup PHM 32.95 0.3
DirexAllCapIns KNOW 42.64 0.2 iShMSCIUSAEqWeight EUSA 54.00 ... Velocity3xInvCrude DWT 15.94 -5.3 FibrocellScience FCSC 1.36 -0.7
DelekUS DK 32.08 3.9 SchwabIntEquity SCHF 34.33 0.3 DavisWorldwide DWLD 25.83 ... iShCoreMSCITotInt IXUS 62.93 0.3 RigelPharm RIGL 4.47 7.9
Dividend&IncomeFd DNI 13.35 0.4 PureStorage PSTG 18.57 2.5
DirexCSIChinaInt CWEB 58.00 0.3 iShMSCIWorldETF URTH 86.65 ... GlobalBrokerage GLBR 0.50 -38.8
SchwabIntlSC SCHC 36.58 0.5 DSGX 31.23 0.6 iShCoreS&PUSGrowth IUSG
DolbyLab DLB 63.00 0.6 QuakerChemical
RELX
KWR 165.93
RENX 23.11
-1.5
DirexEM Bull3 EDC
0.1
127.99 0.8
37.86 0.6
iShMornLCGrowth JKE
iShMorningstarMC JKG
154.30
180.80
-0.1
-0.1
Schwab1000Index SCHK 25.59 -0.1 NYSE American highs - 8 Descartes
DollarTree DLTR 100.74 0.3 iShGlbTimber WOOD
53.13
70.95
-0.1
-0.2
RiotBlockchain RIOT
SMART Global SGH
16.14
40.98
42.0
11.3 HaymakerAcqWt HYACW 0.90 -5.3
DouglasEmmett DEI 41.15 -0.9 DirexChinaBl3 YINN SchwabUS BrdMkt SCHB 63.01 -0.1 DraperOakwoodRt DOTAR 0.55 11.1 iShMSCI ACWI ACWI 71.24 0.1 SafetyInsurance SAFT 83.50 -0.7 iPathSteepener STPP 30.64 -2.0
RELX RELX 23.79 ... iShMorningstarSC JKJ 170.16 0.2 AmpioPharm AMPE 1.93 27.7
DriveShack DS 6.20 -4.5 DirexHmbldrBull3 NAIL 84.01 -0.1 SchwabUS LC SCHX 62.21 -0.1 Ebix EBIX 76.65 -0.5 iShMSCIACWIexUSETF ACWX 49.94 0.3 ScientificGames SGMS 52.95 -0.4 MartinMidstream MMLP 13.10 1.9
Rayonier RYN 31.72 0.2 iShMornSCGrowth JKK 178.78 0.3 Ashford AINC 108.00 12.9
DynexCapPfdB DXpB 25.02 0.6 DirexMcBull3 MIDU 44.90 -0.2 SchwabUS LC Grw SCHG 69.40 0.1 ElectroSci ESIO 27.08 ... iShMSCI EAFE SC SCZ 63.46 0.4 1.59 12.0
EtnVncMI MIW 14.39 0.4 Senomyx SNMX NovelionTherap NVLN 3.92 -11.1
EPAM Systems EPAM 106.55 -0.1 ReinsGrp RGA 152.54 0.2
DirexPharmBl3X PILL 26.00 2.4 iShRussell1000Gwth IWF 132.58 -0.1
SchwabUS MC SCHM 52.28 ... Majesco MJCO 6.43 ... Eltek ELTK 8.95 30.1 iShMSCIEMESGOpt ESGE 74.80 0.1 Sigmatron SGMA 9.90 2.5 OcularTherapeutix OCUL 4.11 -2.8
EatonVance EV 53.10 1.5 Rogers ROG 168.07 -2.5
DirexS&P500Bull2X SPUU 47.22 -0.1 iShRussell1000 IWB 144.95 -0.1 SchwabUS SC SCHA 69.02 ... IndxPlus 03-1 IPB 28.50 0.5 EnsignGroup ENSG 24.78 1.5 iShMSCIEmMkAsia EEMA 76.03 0.1 Silicom SILC 77.05 -1.2 ProShUltProShQQQ SQQQ 21.69 -0.4
Entergy1stMtgBd EAI 25.29 0.6 RoperTech ROP 261.88 ...
DirexS&P500Bl1.25 LLSP 34.88 ... iShRussell2000Gwth IWO 185.08 -0.2 SPDR DJIA Tr DIA 236.06 -0.2 PalatinTech PTN 1.05 2.1 EsquireFinancial ESQ 17.72 4.4 iShMSCIEMxChina EMXC 53.61 0.4 SiliconLab SLAB 96.93 -1.8 SalemMedia SALM 4.60 -4.2
EntergyLA Bd ELU 25.55 1.2 RymanHospitality RHP 69.59 -0.9
DirexSemiBl3 SOXL 171.80 -2.0 iShRussell2000 IWM 151.77 -0.1 SPDR MSCI exUS CWI 39.05 0.4 PlymouthREITPfdA PLYMpA 26.07 0.5 ExlService EXLS 62.99 -0.6 iShMornMCValue JKI 153.69 0.1 SkyWest SKYW 51.85 -1.9 SVB Cap II Pfd SIVBO 25.30 -7.2
FactSet FDS 197.76 0.4 StoreCapital STOR 26.58 0.5
DirexScBl1.25 LLSC 35.42 0.4 iShRussell3000 IWV 154.47 -0.1 SPDREmMktSmlCp EWX 51.18 0.4 UQM Tech UQM 1.54 5.0 ExtremeNetworks EXTR 14.34 -2.6 iShPHLXSemicond SOXX 181.88 -0.6 SouthernFirstBcsh SFST 41.75 ...
FidNatlFin FNF 40.61 -0.9 SailPointTechs SAIL 15.11 11.3
DirexSCBull3 TNA 69.18 -0.3 iShRussellMid-Cap IWR 203.87 -0.1 TapImmune TPIV 2.60 2.5
SiteOneLandscape SITE 73.16 -0.9 SPDR S&PMdCpTr MDY 339.36 -0.1 Fanhua FANH 23.94 -1.5 iShS&PSC600Growth IJT 170.29 -0.3 SprottFocus FUND 7.99 0.6
FirstIndRlty FR 32.86 -1.0 DirexKRBull3 KORU 66.40 1.3 iShRussellMCValue IWS 86.87 ... trivago TRVG 7.01 -0.1
FirstRepBkPfdH FRCpH 25.68 0.3 Square
StateStreetPfdG
SQ 49.55
STTpG 28.10
1.6
DirexTechBull3 TECL
0.4
114.32 -0.4 iShRussellTop200Gr IWY 72.06 -0.1
SPDR S&P Home XHB
SPDR IntlSC GWX
42.26
36.32
...
0.6 NYSE American lows - 4 Ferroglobe
FirstBancorpNC
GSM 16.50 3.5 JanusSGGlbQualIncm SGQI
FBNC 37.50 -0.6 LGI Homes LGIH
29.07
67.92
1.9
-0.5
StaarSurgical STAA
StarBulkNts22 SBLKZ
16.75
24.90
-0.9
0.5
TrovaGene TROV 0.55 -2.7
FT EnhEquity FFA 15.72 ... Direx iBillionaire IBLN 32.02 ... iShRussellTop200 IWL 59.85 ... SPDR S&P Semi XSD 74.91 -0.7 VantageEnerA VEAC 9.65 ...
SteelPtrsPfdA SPLPpT 21.24 0.3 BallantyneStrong BTN 4.40 4.2 FirstInternetBncp INBK 39.40 -1.7 LKQ LKQ 38.17 1.0 StateBankFin STBZ 29.93 0.1
FirstCash FCFS 66.40 0.3 DirexNasd100EW QQQE 42.95 0.1 iShS&PMC400Growth IJK 213.49 ... USAA EM ValMom UEVM 50.89 0.7 VS2xVIXShortTerm TVIX 7.18 -2.3
SummitHotelPfdE INNpE 25.67 0.2 ContangoO&G MCF 2.87 -2.7 FT APxJapan FPA 35.49 0.6 LeggMasonEMDivCore EDBI 33.21 0.7 StemlineTherap STML 14.95 1.7
Flaherty&CrumDyn DFP 26.99 1.5 ETFMG PrimeMob IPAY 34.92 -0.2 iShS&P500Growth IVW 150.71 -0.1 USAA USA SC Val USVM 51.11 -0.2 VSVIXShortTerm VIIX 13.36 -0.9
TelecomArgentina TEO 34.97 1.6 Network1Techs NTIP 2.50 -5.7 FT BICK BICK 30.70 0.4 LeggMasonSCQualVal SQLV 26.57 3.4 SterlingBancorp SBT 12.94 1.5
Forestar FOR 20.80 -0.5 ElemntsRogrEngy RJN 3.72 -11.3 iShIntlDevProperty WPS 39.16 0.4 USAA USA ValMom ULVM 51.20 -0.3
TemplMktFd EMF 17.76 0.9
FourCornersProp FCPT 26.70 -0.2 EthoClimateLeader ETHO 33.90 -0.1 iShGlobalConsDiscr RXI 106.14 0.2 US3xOilFd USOU 40.28 4.6
TerrenoRealty TRNO 38.54 0.6
GTT Comm GTT 40.95 -1.0 FidelityHiDiv FDVV 27.92 0.3 iShS&PMC400Value IJJ 156.36 ... VanEckAfrica AFK 24.50 1.0
ThaiFund TTF 11.18 0.5
GabelliUtilPfdA GUTpA 26.50 1.6 FidelityLowVol FDLO 29.73 -0.1 iShS&PSC600Value IJS 152.41 -0.2 VanEckAgribus MOO 60.90 0.3
Toll Bros TOL 48.23 0.3
Gannett
GardnerDenver GDI
GCI 11.85
31.88
0.9
0.8
TorontoDomBk
Trex
TD 58.76
TREX 113.84
FidelityMSCICnDisc FDIS
1.0
FidelityMSCIIT FTEC
-0.4
37.43 0.2
50.82 -0.2
iShNorthAmerTech IGM
iSh10+YCreditBond CLY
170.73
62.87
-0.1
0.5
VanEckGaming BJK
VanEckNDRCMGLg LFEQ
44.94
26.50
0.1
-0.1
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
GoldmanSachsPfN GSpN 27.96 0.6 FidelityMomFactor FDMO 31.17 ... iShDowJonesUS IYY 130.44 -0.1 VanEckRetail RTH 86.00 0.4
TriNet TNET 44.99 -1.2
GreatPlainsEner GXP 34.32 0.4
Trinseo TSE 73.70 FidelityQualFactor FQAL
-0.8 30.93 -0.1 iShChinaLC FXI 48.36 0.2 VanEckSemiconduc SMH 105.83 -0.7 Dividend announcements from November 22. JPM Alerian MLP AMJ 7.2 .4741 Q Dec07 /Nov29
GrubHub GRUB 67.84 1.4 FidelityValFactor FVAL 31.54 -0.1 iShRussellMCGrowth IWP 118.83 -0.1 VangdExtMkt VXF 110.51 -0.1 Lazard Div & Income Fd LOR 6.5 .06045 M Dec22 /Dec12
Triple-S Mgmt GTS 28.64 -0.4
GpoSupervielle SUPV 27.38 2.7 FT ConsDscAlpDx FXD 40.00 0.2 iShUSBrokerDealers IAI 59.48 -0.5 Amount
Twitter TWTR 22.40 1.8 VangdInfoTech VGT 167.37 -0.3 Payable / Lazard Global TR Fund LGI 5.6 .08183 M Dec22 /Dec12
GuggStratOpps GOF 21.61 0.3 FT DJ Internet FDN 110.13 0.3 HancockLC JHML 34.02 0.1 VangdCnsmrDiscr VCR 149.51 0.1
TysonFoods TSN 79.79 0.7 Company Symbol Yld % New/Old Frq Record
HFF HF 46.45 -1.1 35.64 EqCompassRiskMgr ERM
0.7 21.43 0.4 HancockMC JHMM 33.50 0.1 VangdSC Val VBR 130.46 ...
USG USG Stocks
HealthSouth HLS 50.06 1.9 VF VFC 73.40 FT DJ SelMicro FDM
1.0 47.88 -0.2 HancockMultiSC JHSC 25.55 0.2 VangdSC Grwth VBK 159.90 ...
HercHoldings HRI 57.70 -0.1 Valhi VHI 5.89 FT FinlsAlpDx FXO
6.0 30.72 -0.2 JPM DivRetEM JPEM 58.93 0.4 VangdDivApp VIG 98.69 -0.3
Increased Eltek ELTK 1:5 /Nov22
HomeDepot HD 172.94 -0.5 FTHeitmanPrmRlEst PRME 20.59 0.3 JPM DivRetGlEq JPGE 62.04 0.2 Mid Penn Bancorp MPB 2.0 .15 /.13 Q Jan12 /Dec21
Honeywell HON 149.81 -0.2
VectorGroup VGR 22.48 -0.1 VangdAWxUSSC VSS 117.87 0.5 MDC Holdings MDC 2.7 8.00% Dec19 /Dec05
Verso VRS 10.86 6.5
FT Chindia FNI 40.30 0.2 JPM Div US SC JPSE 29.49 -0.2 VangdFTSEDevMk VEA 44.51 0.3 York Water YORW 1.8 .1666 /.1602 Q Jan16 /Dec29
DR Horton DHI 49.67 0.5 KnowldgLdrDevWrld KLDW 33.11 0.1
HyattHotels H 71.22 0.4
Vishay VSH 23.45 -0.4
FT IndlsAlpDx FXR 38.38 ... VangdFTSE EM VWO 45.84 0.3 Foreign
VishayPrecision VPG 27.85 -4.2
FT USEquityOpp FPX 67.50 -0.1 MadronaIntl FWDI 30.83 0.9 VangdFTSE Pac VPL 72.84 0.2 Initial
IRSA IRS 30.71 5.8 Vonage VG 9.97 2.4
FT ValueLine100 FVL 23.58 -0.4 NationRiskBasedUS RBUS 25.55 0.1 VangdFTSEAWxUS VEU 54.40 0.3 Gazit-Globe GZT 4.0 .09918 Jan02 /Dec15
IDEX IEX 130.98 0.1 WarriorMetCoal HCC 30.49 3.5
FT Water FIW 48.16 ... NatixisSeeyondIntl MVIN 46.20 0.1 VangdGrowth VUG 139.24 -0.1 USAA Core Interm Bd UITB .09838 Nov29 /Nov24 Horizons S&P 500 Cov Call HSPX 1.6 .06708 M Nov28 /Nov24
IndependenceHldg IHC 29.45 -0.2 WattsWater WTS 73.40 -0.8 OppenheimerLgCpRev RWL 49.10 ... USAA Core Short-Term Bd USTB .05649 Nov29 /Nov24
FlexShSelBdFd BNDC 25.61 0.1 VangdLC VV 119.58 -0.1
Ingevity NGVT 77.79 -1.8
InstalledBldg IBP 75.05 1.5
WellsFargoPfdW WFCpW 26.44 0.4
FlexShEM FactTilt TLTE 59.05 0.4 OppenheimerMdCpRev RWK 58.65 0.3 VangdMegaCap MGC 89.40 -0.1 Special
InvescoMtg IVR 18.22 0.2
WhitestoneREIT WSR 14.93 0.8
FrankFTSEBrazil FLBR 25.24 1.1 PIMCO DynMultEM MFEM 25.69 0.5 VangdMegaGrwth MGK 110.03 ... Funds and investment companies Duke Realty DRE 2.7 .85 Dec12 /Dec01
Winnebago WGO 51.60 -0.1
FrankFTSE SKorea FLKR 26.40 ... PwrShDynBldg&Con PKB 33.83 -0.1 VangdMC VO 151.60 ...
InvestorsRE PfdC IRETpC 25.76 -0.2 XPO Logistics XPO 77.90 -0.8
FranklinLibEM FLQE 33.11 0.2 PwrShDynSemicon PSI 55.53 -1.3 VangdMCGrowth VOT 127.21 -0.1
Dreyfus Hi Yd Strat Fd DHF 8.4 .0235 M Dec20 /Dec06 Hingham Institution Savs HIFS 0.7 .34 Jan17 /Jan05
JELD-WEN JELD 39.56 -1.6 Xylem XYL 67.90 -0.1 First Tr Engy Infr Fd FIF 7.5 .11 M Dec15 /Dec04
JacobsEngg JEC 65.80 -0.2
FranklinGlbEquity FLQG 30.20 ... PwrShDynSoftware PSJ 67.28 -0.5 VangdS&P500 Grw VOOG 135.20 -0.1 Mid Penn Bancorp MPB 2.0 .10 Jan05 /Dec21
GS ConnS&PGSCI GSC 24.75 1.1 PwrShFTSE US1000 PRF 109.61 ... VangdS&PMC400 IVOO 125.66 ... First Tr Mortgage Incm Fd FMY 5.5 .065 M Dec15 /Dec04 Oritani Financial 4.2 .45 Dec22 /Dec08
JohnBeanTech JBT
Kaman KAMN
116.95
58.40
-1.5
...
NYSE lows - 30 GlbX ChinaFinls CHIX 18.67 0.5 PwrShDynLC Grwth PWB 41.24 -0.2 VangdS&P400Grwth IVOG 132.45 ... FT Interm Duration Pfd FPF 7.4 .1525 M Dec15 /Dec04
ORIT
GlbX FTSE SE Asia ASEA 16.49 ... PwrShRussMCGrw PXMG 42.26 0.5 VangdS&P400Val IVOV 120.00 0.1
Kemper KMPR 69.83 -0.4 BellatrixExplor BXE 1.97 -1.7 FT Sr Floating Rate 2022 FIV 5.4 .0417 M Dec15 /Dec04 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
25.99 0.2 GS Active US SC GSSC 43.13 0.3 PwrShRuss1000EqWt EQAL 30.34 0.2 VangdS&P600 VIOO 139.78 -0.2
KimcoRealtyPfdL KIMpL BlackRockFRIncm FRA 13.70 -0.1
GSHedgeIndVIP GVIP 53.24 -0.1 PwrShRussTop200G PXLG 45.40 -0.3 VangdS&P600Grwth VIOG 145.86 -0.2 Horizons NASDAQ-100 Cvd QYLD 6.5 .13217 M Nov28 /Nov24 S2:1: stock split and ratio; SO: spin-off.
B10 | Friday, November 24, 2017 * *** THE WALL STREET JOURNAL.
BANKING & FINANCE
Indian Lenders Mine Phone Data Beijing

Gets Tough
BY CORINNE ABRAMS
MUMBAI—Indian banks
On Online
have started mining data on
customers’ smartphones for
fast loan approval, testing out
Microloans
cutting-edge technology in BY CHAO DENG
what is potentially a huge mar-
ket for such products. BEIJING—Chinese authori-
Long hampered from lend- ties acted to halt the prolifera-
ing to the hundreds of millions tion of small online consumer
of Indians without credit histo- lenders, the latest restraint on
ries, banks hope to lower risk- China’s fast-evolving financial-
assessment costs and trigger a technology sector.
new wave of consumer lending A top regulatory body that
with apps that look at every- includes the central bank di-
EPA/RAMINDER PAEPA/RAMINDER PAL SINGHL SINGH
thing from Facebook connec- rected local governments to

tions to online-shopping habits stop approving licenses for
to rate potential borrowers. companies that make online
India’s most sophisticated microloans—typically small,
banks are working with local short-term loans that carry
and international financial- high interest rates—and to
technology startups to de- prohibit lenders from operat-
velop, test and launch a ver- ing outside the province in
sion of a technology used by which they are registered, ac-
microlenders in Africa, China cording to a notice reviewed
and elsewhere. by The Wall Street Journal.
“This is not an exact sci- Though the directive, dated
ence, but actually it is a much Tuesday, covers small compa-
better science than looking at Many Indian banks are exploring how the phone-scanning apps can reduce risk-assessment costs for loan applicants. nies, it sparked a selloff in the
static data” on long loan appli- U.S.-listed shares of Chinese
cation forms, said Rajeev phone-probing methods. To work with such consum- online lenders, including sev-
Ahuja, executive director at Lending Club “If we manage to do it right ers, Indian lenders have tradi- eral that went public in recent
RBL Bank Ltd., which is work- Indian banks are testing out mining customers' cellphones for clues as a country, potential for ap- tionally visited borrowers’ weeks and now trade below
ing with partners to use social about their creditworthiness in a fast-growing personal-loan market. plication is the largest” in the homes to see where they live, their offering price.
media to score customers world, said Rajesh Kumar, co- talk to their families and The American depositary
without credit histories. Ecommerce activity Social media head of retail risk at HDFC neighbors, and inspect docu- receipts of Qudian Inc., which
Companies can share data on A profile could reveal if an
America’s largest credit-rat- users’ purchase and payment applicant has told the truth Bank Ltd., India’s second-larg- ments. This process is costly is backed by Alibaba Group
ings firm, Fair Isaac Corp., history. about job and family. est private-sector lender for small loans. Holding Ltd., tumbled as
better known as FICO, last SMS Call logs which could start using the al- Working together with fin- much as 20% before recover-
month began offering credit Banks can look at SMS Information shows missed ternative data as early as next tech companies, many private ing to end down 4% in New
scores in India for the first inboxes to analyze messages calls and how often they year. Indian banks, including Kotak
time using these methods. they get about transactions. respond to them. Commercial banks had Mahindra Bank and HDFC, are
FICO used alternative data Location Phone type around $1.09 trillion of loans exploring how the phone-scan-
sources to “evaluate millions A phone's location can reveal Lenders can see what type outstanding in September, ac- ning fintech apps can reduce
Regulators sparked a
an applicant's address. of phone or connection an
more consumers who were applicant is using. cording to the Reserve Bank of risk-assessment costs. selloff in U.S.-listed
previously unscorable,” said India. Of that, about $270 bil- Bangalore-based payments
Sally Taylor-Shoff, a FICO vice Borrowing Boost lion was personal loans, a por- startup Simpl is sharing a risk
shares of Chinese
president. 20% Change from tion whose growth is outpacing score it developed from look- online lenders.
In the U.S., credit agencies a year earlier the overall loan market. ing at its users’ online-shop-
have been cautious in digging 15 Personal But about 40% of HDFC’s ping habits with its financial
deep into customers’ phones loans between 8 million and 12 mil- partners for clues on their
10
due to regulatory hurdles and Overall lion loan applications a month credit risk. York trading Tuesday. They
consumer concerns. There is 5 lending are from people without credit Singapore-based Lenddo, fell 16% Wednesday. Qudian
also less of a need because of a histories. Most Indians have which is working with FICO as raised $900 million last month
robust nationwide database of 0 never had a credit card or well as banks in India, looks at in one of the largest U.S. ini-
information on borrowers. In Jan. ’17 Feb. March April May June July Aug. Sept. taken a home loan. the number of contacts a per- tial public offerings this year.
India, banks say they are cau- Sources: the banks, scoring company Lenddo (examples); “People are invisible to the son has in their phone book PPDai Group Inc. plunged
tiously moving ahead as they Reserve Bank of India (lending) THE WALL STREET JOURNAL. bank” because it is too expen- and how often they interact 14% Tuesday and 24% Wednes-
await regulatory guidance on sive to nail down how much with them, among 12,000 day and Jianpu Technology
privacy and develop systems Mainstream Indian banks were too expensive to lend to debt they can handle, said other data points. Regular in- Inc. dropped 11% and 13%, re-
to get permission from appli- using the methods on a large before. Until now, primarily fi- Monish Anand, chief executive teraction with the same group spectively.
cants for access to their scale could bring the technol- nancial startups and micro- of fintech startup Datasigns of people is considered a sign Fintech firms providing on-
phones. ogy to millions of people who lenders have dabbled in the Technologies. of a good borrower. line loans and investment prod-
ucts have multiplied in China in
recent years, forcing regulators
HSBC Global Banking Executive Will Leave

to play catch-up. After the spec-
tacular crash of several online
investment platforms, Beijing
last year capped the amount in-
BY MARGOT PATRICK Middle East and Africa when He was seen as helping parts Mr. Westerman didn’t re- Mr. Westerman’s departure dividuals could borrow via
he was recruited by Mr. Gul- of the bank reset their ap- spond to requests to comment comes as Mr. Gulliver pre- peer-to-peer platforms, which
LONDON—HSBC Holdings liver and other HSBC execu- proach to winning clients and Thursday. pares to cede the top role to match lenders and borrowers.
PLC’s global banking co-head, tives. It was regarded as a as a positive force for intro- Samir Assaf, chief execu- retail head John Flint in Feb- This week’s measures target
Matthew Westerman, will trophy hire, and expectations ducing measures making tive of global banking and ruary. Mr. Gulliver said in the numerous startups that of-
leave after a turbulent 18 were high that Mr. Westerman bankers and other employees markets, said Mr. Westerman February he would retire from fer loans as small as $100 to
months at the bank, staff would push HSBC to raise its more accountable for their the bank in 2018, setting off a university students, rural mi-
were told in a memo Thurs- game in areas of investment time. Product and sector CEO search by the bank’s new grants, blue-collar workers and
day. banking where it long had teams were combined to bet- HSBC’s Stuart chairman, Mark Tucker. other mostly young consumers
Mr. Westerman had been lagged behind rivals. ter cover the bank’s clients. Gulliver, left, Mr. Assaf had been a con- who lack the personal credit
hired from Goldman Sachs Those ambitions were ap- Pretax profit across HSBC’s will cede the tender for the CEO job and if histories to get bank loans.
Group Inc. in February parent when, within weeks of global banking and markets chief executive he had secured it, or decided A government-backed in-
2016 by departing HSBC Chief starting, Mr. Westerman and operation rose to $4.9 billion officer’s post to leave, Mr. Westerman dustry group estimates there
Executive Stuart Gulliver and Mr. Phillips announced a rein the first nine months of in February to would have been a leading are nearly 2,700 online micro-
started at the bank that May. vamp of the global banking 2017, from $4.1 billion in the John Flint. candidate to succeed him, ac- lending platforms serving al-
His sudden departure leaves unit and pushed out several corresponding 2016 period. cording to analysts and peo- most 10 million consumers.
Robin Phillips as the sole veteran HSBC business Revenue rose 6%. ple familiar with the matter. According to the central bank,
head of the global banking heads. Others departed as But Mr. Westerman also in his time at HSBC had “en- In October, when Mr. Flint more than 8,600 online and
unit. No reason was given for their responsibilities were ruffled feathers with his sured the business is better was named CEO, Mr. Tucker brick-and-mortar firms make
Mr. Westerman’s departure. shifted and Mr. Westerman more-aggressive approach, ac- placed to serve our client told The Wall Street Journal small loans, with nearly 1 tril-
Mr. Westerman was a 16- consolidated his control. cording to former and current base with the products, advice that he expected Mr. Assaf lion yuan ($151 billion) in out-
year veteran of Goldman Analysts for the most part employees, at a bank whose and services they need” and and other internal candidates standing loans as of mid-2017.
Sachs and chairman of its in- had welcomed the shake-up colonial past still underpins “reinvigorated our approach passed over for the CEO role —Grace Zhu and Yifan Xie
vestment bank in Europe, that Mr. Westerman espoused. aspects of its culture. to collaboration.” to remain at the bank. contributed to this article.
Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
GlBond A p 12.10 -0.05 3.4 IncomeFd NA ... NA MuIntAdml 14.10 -0.03 4.1 WellsIAdml 65.52 +0.07 8.5 PrmcpCor 27.27 -0.07 22.9 WndsrII 38.94 +0.02 11.9 InstPlus 237.25 -0.15 18.1
Explanatory Notes Data provided by Growth A p 26.92 +0.20 14.3 PIMCO Funds P MuLTAdml 11.63 -0.02 5.5 WelltnAdml 73.94 +0.05 11.7 SelValu r 33.45 +0.03 16.2 VANGUARD INDEX FDS InstTStPlus 58.41 -0.04 17.6
FrankTemp/Temp Adv IncomeP NA ... NA MuLtdAdml 10.91 -0.01 2.1 WndsrAdml 79.61 -0.02 15.9 STAR 27.43 +0.03 16.6 500 240.40 -0.16 18.0 MidCpInst 41.39 -0.02 16.2
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of GlBondAdv p 12.05 -0.05 3.5 Price Funds MuShtAdml 15.74 -0.01 1.1 VANGUARD FDS STIGrade 10.66 +0.01 2.1 ExtndIstPl 206.18 -0.08 15.9 MidCpIstPl 204.15 -0.08 16.2
at least $500 million each. NAV is net asset value. Percentage performance figures Harbor Funds BlChip 98.54 -0.27 35.7 PrmcpAdml r137.85 -0.31 26.7 DivdGro 26.48 -0.06 14.8 TgtRe2015 16.00 +0.01 10.3 SmValAdml 55.77 -0.01 8.6 SmCapInst 69.67 -0.02 13.8
are total returns, assuming reinvestment of all distributions and after subtracting CapApInst 77.24 -0.22 36.3 CapApp 29.79 -0.02 13.7 REITAdml r 120.19 -0.29 5.7 HlthCare r 211.47 +0.79 17.7 TgtRe2020 31.80 +0.04 12.5 TotBd2 10.74 +0.02 3.4 STIGradeInst 10.66 +0.01 2.2
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. IntlInst r 70.49 +0.24 20.7 EqInc 34.96 ... 12.6 SmCapAdml 69.68 -0.01 13.8 INSTTRF2020 22.66 +0.02 12.5 TgtRe2025 18.65 +0.02 14.1 TotIntl 18.08 +0.04 25.1 TotBdInst 10.78 +0.02
3.5
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date Harding Loevner EqIndex 69.91 -0.05 17.9 STBondAdml 10.41 +0.01 1.3 INSTTRF2025 22.95 +0.02 14.1 TgtRe2030 33.71 +0.03 15.4 TotSt 65.09 -0.04 17.6 TotBdInst2 10.74 +0.02 3.5
return. 3-YR%RET is trailing three-year return annualized.
IntlEq NA ... NA Growth 70.91 -0.11 33.2 STIGradeAdml 10.66 +0.01 2.2 INSTTRF2030 23.15 +0.02 15.5 TgtRe2035 20.72 +0.02 16.8 VANGUARD INSTL FDS TotBdInstPl 10.78 +0.02 3.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Invesco Funds A HelSci 74.15 +0.10 25.5 TotBdAdml 10.78 +0.02 3.5 INSTTRF2035 23.36 +0.01 16.8 TgtRe2040 35.70 +0.03 18.2 BalInst 34.29 +0.01 11.8 TotIntBdIdxInst 33.02 +0.01
2.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA 11.27 +0.01 7.9 InstlCapG 40.07 -0.08 37.0 TotIntBdIdxAdm 22.01 +0.01 2.5 INSTTRF2040 23.57 +0.02 18.2 TgtRe2045 22.43 +0.02 18.7 DevMktsIndInst 14.29 +0.05 24.0 TotIntlInstIdx r120.97 +0.32
25.2
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r John Hancock Class 1 IntlStk 19.43 ... 27.1 TotIntlAdmIdx r 30.25 +0.08 25.2 INSTTRF2045 23.72 +0.02 18.8 TgtRe2050 36.08 +0.02 18.7 DevMktsInxInst 22.33 +0.07 24.0 TotItlInstPlId r120.99 +0.32
25.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not LSBalncd 16.08 +0.02 13.9 IntlValEq 15.22 +0.07 18.8 TotStAdml 65.12 -0.04 17.7 IntlVal 39.85 +0.18 25.5 TgtRetInc 13.63 +0.01 7.7 ExtndInst 83.55 -0.03 15.9 TotStInst 65.13 -0.04
17.7
available due to incomplete price, performance or cost data. NE-Not released by Lipper; LSGwth 17.30 +0.03 17.7 MCapGro 93.24 -0.08 23.7 TxMIn r 14.27 +0.05 24.0 LifeCon 19.97 +0.02 9.9 TotIntBdIxInv 11.01 +0.01 2.4 GrwthInst 71.56 -0.02 26.0 ValueInst 39.81 -0.04
11.9
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. John Hancock Instl MCapVal 31.62 +0.05 8.8 ValAdml Western Asset
39.81 -0.04 11.9 LifeGro 33.40 +0.02 16.9 WellsI 27.05 +0.03 8.5 InPrSeIn 10.54 +0.03 2.5
DispValMCI 24.16 -0.05 12.5 N Horiz 55.89 +0.01 29.0 WdsrllAdml 69.12 +0.05 12.0 LifeMod 27.10 +0.02 13.3 Welltn 42.81 +0.03 11.6 InstIdx 237.22 -0.16 18.1 CorePlusBdI NA ... NA
Wednesday, November 22, 2017 JPMorgan Funds N Inc 9.51 +0.02 3.9
Net YTD Net YTD Net YTD MdCpVal L 40.03 +0.02 10.0 OverS SF r 11.41 +0.04 25.8
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret JPMorgan R Class R2020 23.36 +0.02 14.5
American Century Inv
Ultra 45.65 -0.01
IntlVal
30.9 IntSmCo
19.97 +0.11
21.56 +0.14
21.9
26.0
Freedom2025 K
Freedom2030 K
14.58 +0.02
18.29 +0.02
NS
NS
CoreBond
Lazard Instl
11.67 +0.03 3.9 R2025
R2030
18.03 +0.01
26.59 +0.02
16.3
18.0 Exchange-Traded Portfolios | WSJ.com/ETFresearch
American Funds Cl A IntSmVa 23.32 +0.15 23.3 Freedom2035 K 15.36 +0.02 NS
EmgMktEq 20.01 +0.15 26.0 R2035 19.45 +0.01 19.4
Loomis Sayles Fds R2040 27.96 +0.01 20.5 Closing Chg YTD
AmcpA p 32.12 -0.03 19.7 US CoreEq1 22.27 -0.01 16.9 Freedom2040 K 10.79 +0.01 NS Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
AMutlA p 41.35 +0.02 13.9 US CoreEq2 21.12 -0.02 14.8 Fidelity Invest LSBondI 14.19 +0.03 7.1 Value 39.06 -0.05 16.1
Lord Abbett A PRIMECAP Odyssey Fds SPDR S&PMdCpTr MDY 338.19 –0.07 12.1
BalA p 27.55 ... 12.7 US Small 36.75 -0.07 9.3 Balanc 23.84 +0.01 14.9 Wednesday, November 22, 2017 Closing Chg YTD
BondA p 12.95 +0.04 3.5 US SmCpVal 39.03 -0.04 4.8 BluCh 89.40 -0.02 35.5
ShtDurIncmA p NA ... NA Growth r 37.30 -0.08 30.2 ETF Symbol Price (%) (%) SPDR S&P 500 SPY 259.76 –0.09 16.2
Lord Abbett F Principal Investors Closing Chg YTD SPDR S&P Div SDY 93.59 0.05 9.4
CapIBA p 63.14 +0.20 12.2 US TgdVal 25.35 +0.01 6.4 Contra 128.29 -0.22 31.2 ETF Symbol Price (%) (%)
ShtDurIncm NA ... NA DivIntlInst 14.04 +0.02 27.6 iShMSCIEmgMarkets EEM 47.81 0.25 36.6 TechSelectSector XLK 64.14 –0.19 32.6
CapWGrA 52.90 +0.12 22.6 USLgVa 39.20 -0.05 13.3 ContraK 128.29 -0.23 31.3 –0.02
Metropolitan West Prudential Cl Z & I AlerianMLPETF AMLP 10.19 0.79 –19.1 iShMSCIEurozone EZU 43.21 24.9 UtilitiesSelSector XLU 55.79 ... 14.9
EupacA p 58.08 +0.06 31.4 Dodge & Cox CpInc r 10.30 ... 10.9 iShMSCIJapan EWJ 59.56 0.07 21.9 VanEckGoldMiner GDX 22.92 0.88 9.6
FdInvA p 63.92 -0.01 19.6 Balanced 109.11 -0.16 9.0 DivIntl 41.76 +0.07 25.4
TotRetBd 10.68 +0.02 3.1 TRBdZ 14.56 +0.03 6.1 CnsmrDiscSelSector XLY 94.39 0.10 16.0
TotRetBdI 10.68 +0.02 3.4 Schwab Funds CnsStapleSelSector XLP 54.81 –0.13 6.0 iShNasdaqBiotech IBB 312.52 0.58 17.8 VangdInfoTech VGT 166.81 –0.26 37.3
GwthA p 52.01 ... 23.7 GblStock 13.97 ... 17.3 GroCo 186.25 +0.17 36.2 iShNatlMuniBd MUB 110.34 –0.16 2.0 VangdSC Val VBR 129.84 –0.02 7.3
TRBdPlan 10.05 +0.02 3.4 S&P Sel 40.64 -0.03 18.1 EnSelectSectorSPDR XLE 67.69 0.40 –10.1
HI TrA p 10.40 ... 6.3 Income 13.85 +0.03 4.2 GrowCoK 186.21 +0.17 36.3 iShRussell1000Gwth IWF 132.33 –0.07 26.1 VangdSC Grwth VBK 159.53 –0.01 19.8
MFS Funds Class I TIAA/CREF Funds FinSelSectorSPDR XLF 26.23 –0.49 12.8
ICAA p 41.34 +0.05 15.4 Intl Stk 46.73 +0.25 22.7 InvGB 7.94 +0.02 3.8 iShRussell1000 IWB 144.70 –0.08 16.3 VangdDivApp VIG 98.13 –0.31 15.2
ValueI 40.53 -0.08 13.1 EqIdxInst 19.52 -0.01 17.7 GuggS&P500EW RSP 97.94 –0.04 13.0
IncoA p 23.43 +0.01 10.5 Stock 201.99 -0.61 12.7 InvGrBd 11.30 +0.02 4.2 iShRussell1000Val IWD 119.86 –0.05 7.0 VangdFTSEDevMk VEA 44.44 0.34 21.6
MFS Funds Instl IntlEqIdxInst 20.36 +0.07 23.0 HealthCareSelSect XLV 81.58 –0.04 18.3
N PerA p 45.60 -0.03 29.1 DoubleLine Funds LowP r 53.30 -0.03 16.3 iShRussell2000Gwth IWO 184.07 –0.22 19.6 VangdFTSE EM VWO 45.77 0.33 27.9
IntlEq 25.64 +0.06 26.6 Tweedy Browne Fds IndSelSectorSPDR XLI 71.41 0.11 14.8
NEcoA p 48.83 -0.08 35.8 TotRetBdI NA ... NA LowPriStkK r 53.26 -0.03 16.4 iShRussell2000 IWM 150.89 –0.13 11.9 VangdFTSE Europe VGK 58.17 0.33 21.3
Mutual Series iShIntermCredBd CIU 109.65 0.20 1.3
NwWrldA 68.02 +0.09 32.2 Edgewood Growth Instituti MagIn 106.68 -0.07 23.6 GblValue 28.44 +0.04 13.6 iShRussell2000Val IWN 125.04 –0.05 5.1 VangdFTSEAWxUS VEU 54.30 0.31 22.9
iSh1-3YCreditBond CSJ 104.84 0.05 –0.1
SmCpA p 57.42 +0.10 24.9 EdgewoodGrInst 29.88 ... 34.5 GlbDiscA 32.20 +0.01 7.1 VANGUARD ADMIRAL iShRussell3000 IWV 154.19 –0.06 15.9 VangdGrowth VUG 138.98 –0.07 24.7
OTC 111.13 +0.39 39.5 iSh3-7YTreasuryBd IEI 122.93 0.26 0.3
TxExA p 12.98 -0.02 4.7 Federated Instl Oakmark Funds Invest 500Adml 240.45 -0.15 18.1 iShRussellMid-Cap IWR 203.48 –0.07 13.8 VangdHlthCr VHT 152.14 0.01 20.0
Puritn 23.29 ... 16.7 iShCoreMSCIEAFE IEFA 65.48 0.32 22.1
EqtyInc r 34.11 -0.05 12.1 BalAdml 34.29 +0.02 11.9 iShRussellMCValue IWS 86.69 0.03 7.8 VangdHiDiv VYM 82.91 –0.06 9.4
WshA p 45.46 -0.04 15.3 StraValDivIS 6.44 +0.03 12.1 SrsEmrgMkt 22.04 +0.01 40.4 iShCoreMSCIEmgMk IEMG 57.63 0.24 35.8
Oakmark 84.72 -0.18 16.9 CAITAdml 11.76 -0.01 4.4 iShS&PMC400Growth IJK 212.92 –0.01 16.9 VangdIntermBd BIV 84.39 0.26 1.6
Baird Funds Fidelity SrsGroCoRetail 18.29 +0.02 36.9 iShCoreMSCITotInt IXUS 62.85 0.30 24.5
OakmrkInt 28.78 +0.12 26.8 CapOpAdml r158.03 -0.24 iShS&P500Growth IVW 150.38 –0.09 23.5 VangdIntrCorpBd VCIT 87.77 0.29 2.4
AggBdInst 10.92 +0.03 4.2 500IdxInst 91.06 -0.06 18.1 SrsIntlGrw 16.49 +0.02 28.8 27.2 iShCoreS&P500 IVV 261.54 –0.07 16.2
Old Westbury Fds iShS&P500Value IVE 109.57 –0.08 8.1 VangdLC VV 119.35 –0.09 16.6
CorBdInst 11.27 +0.02 4.5 500IdxInstPrem 91.06 -0.06 18.1 SrsIntlVal 10.86 +0.06 18.6 EMAdmr 37.95 +0.05 30.0 iShCoreS&P MC IJH 185.54 –0.06 12.2 iShUSPfdStk PFF 38.61 0.18 3.8 VangdMC VO 151.32 –0.03 15.0
BlackRock Funds A 500IdxPrem 91.06 -0.06 18.1 LrgCpStr 15.02 +0.03 17.1 EqIncAdml 76.59 -0.09 14.3 iShCoreS&P SC IJR 76.06 –0.21 10.6
TotalBond 10.68 +0.02 4.1 iShTIPSBondETF TIP 114.28 0.30 1.0 VangdMC Val VOE 107.56 –0.05 10.7
GlblAlloc p 20.38 +0.08 12.1 ExtMktIdxPrem r 63.60 -0.02 15.9 Oppenheimer Y ExplrAdml 96.63 +0.04 20.2 iShS&PTotlUSStkMkt ITOT 59.60 –0.07 16.2
First Eagle Funds iSh1-3YTreasuryBd SHY 84.10 0.08 –0.4 VangdREIT VNQ 84.84 –0.22 2.8
BlackRock Funds Inst IntlIdxPrem r 43.40 +0.16 23.0 DevMktY 43.22 ... 35.2 ExtndAdml 83.55 -0.03 15.9 iShCoreUSAggBd AGG 109.55 0.17 1.4 iSh7-10YTreasuryBd IEF 0.32 VangdS&P500 –0.07
GlbA 60.54 +0.08 11.6 106.37 1.5 VOO 238.62 16.2
EqtyDivd 23.04 +0.02 12.9 SAIUSLgCpIndxFd 13.96 -0.01 18.1 FPA Funds
IntGrowY 43.58 +0.07 25.7 GNMAAdml 10.50 +0.01 2.0 iShSelectDividend DVY 95.61 –0.01 7.9 iSh20+YTreasuryBd TLT 127.15 0.32 6.7 VangdST Bond BSV 79.46 0.11 0.0
GlblAlloc 20.51 +0.07 12.3 TMktIdxF r 75.62 -0.05 17.7 Parnassus Fds GrwthAdml 71.55 -0.03 26.0 iShEdgeMSCIMinEAFE EFAV 72.19 0.31 17.9 iShRussellMCGrowth IWP 118.52 –0.11 21.7 VangdSTCpBd VCSH 79.75 0.23 0.5
FPACres 34.87 -0.03 8.2
HiYldBd 7.81 ... 7.5 ParnEqFd 42.04 -0.02 14.3 HlthCareAdml r 89.22 +0.34 17.7 iShEdgeMSCIMinUSA USMV 51.84 –0.29 14.6 PIMCOEnhShMaturity MINT 101.79 0.03 0.5 VangdSC VB 145.45 –0.03 12.8
TMktIdxPrem 75.61 -0.05 17.7 FrankTemp/Frank Adv
PIMCO Fds Instl HYCorAdml r 5.92 +0.01 6.5 iShGoldTr IAU 12.42 0.98 12.1 PwrShQQQ 1 QQQ 155.69 0.12 31.4 VangdTotalBd BND 81.88 0.21 1.3
StratIncOpptyIns 9.93 ... 4.2 USBdIdxInstPrem 11.62 +0.03 3.5 IncomeAdv 2.33 +0.01 6.8
AllAsset 12.23 +0.06 12.4 InfProAd 25.89 +0.08 2.5 iShiBoxx$InvGrCpBd LQD 121.33 0.39 3.5 PwrShS&P500LoVol SPLV 47.14 –0.36 13.4 VangdTotIntlBd BNDX 55.13 0.15 1.5
Bridge Builder Trust Fidelity Advisor I FrankTemp/Franklin A
TotRt 10.29 +0.03 5.1 IntlGrAdml 96.76 -0.08 iShiBoxx$HYCpBd HYG 87.81 0.16 1.5 PwrShSrLoanPtf BKLN 23.03 ... –1.4 VangdTotIntlStk VXUS 56.39 0.28 22.9
CoreBond NA ... NA NwInsghtI 33.76 ... 26.4 CA TF A p 7.44 -0.02 5.1 43.7
PIMCO Funds A iShJPMUSDEmgBd EMB 115.86 0.42 5.1 SPDR BlmBarcHYBd JNK 36.96 0.22 1.4 VangdTotalStk VTI 133.80 –0.07 16.0
Dimensional Fds Fidelity Freedom IncomeA p 2.35 +0.01 6.6 ITBondAdml 11.42 +0.03 4.0
IncomeFd NA ... NA ITIGradeAdml 9.80 +0.02 iShMBSETF MBB 106.84 0.24 0.5 SPDR Gold GLD 122.63 0.92 11.9 VangdTotlWrld VT 72.98 0.14 19.6
5GlbFxdInc 11.03 +0.02 2.3 FF2020 16.84 +0.02 14.1 RisDv A p 61.03 -0.19 16.9 4.3 iShMSCI ACWI ACWI 0.13 20.2
PIMCO Funds D 71.15 SchwabIntEquity SCHF 34.26 0.32 23.8 VangdValue VTV 102.04 –0.11 9.7
EmgMktVa 30.65 +0.27 29.8 FF2025 14.58 +0.02 15.2 FrankTemp/Franklin C LTGradeAdml 10.72 +0.04 10.6 iShMSCIBrazilCap EWZ 40.86 1.06 22.6 SchwabUS BrdMkt SCHB 62.92 –0.06 16.1 WisdTrEuropeHdg HEDJ 64.38 –0.65 12.2
EmMktCorEq 22.91 +0.13 33.9 FF2030 18.29 +0.03 17.8 IncomeFd NA ... NA MidCpAdml 187.38 -0.08 16.2
Income C t 2.38 +0.01 6.5 iShMSCI EAFE EFA 69.77 0.27 20.9 SchwabUS LC SCHX 62.12 –0.06 16.6 WisdTrJapanHdg DXJ 57.54 –1.08 16.1
IntlCoreEq 14.26 +0.06 24.5 Freedom2020 K 16.85 +0.03 NS PIMCO Funds Instl MuHYAdml 11.38 -0.02 6.9
FrankTemp/Temp A iShMSCI EAFE SC SCZ 63.44 0.44 27.3 SPDR DJIA Tr DIA 235.17 –0.24 19.1 XtrkrsMSCIEAFE DBEF 31.71 –0.50 13.0
THE WALL STREET JOURNAL. * * * * Friday, November 24, 2017 | B11
MARKETS
Bonds
Gain for 5
Transport Warning Is Shrugged Off
Weak performance is quarter that disrupted thou- ated a better environment for
sands of flights among airlin- Transports Hit a Pothole stock pickers, some investors
attributed to downbeat
Of Past 7 earnings rather than
ers, including United Conti-
nental Holdings Inc.,
American Airlines Group Inc.
An index of 20 railroad, airplane and other transportation stocks are
on track for their biggest quarterly decline in more than a year.
added.
“Stock disparity is picking
up, and that’s an opportunity
deeper economic woes Dow Jones Transportation Average, quarterly change
Sessions BY MICHAEL WURSTHORN

and Southwest Airlines Co.,
and caused service disruptions
for railroad and shipping com-
12%
8
for active managers,” said Ja-
son Pride, director of invest-
ment strategy at wealth-man-
BY AKANE OTANI panies at a time when most agement firm Glenmede.
Shares of planes, trains and transportation businesses are “Stocks are showing signs of
U.S. government bonds automobiles are skidding, and grappling with rising costs. 4 moving away from one an-
strengthened Wednesday ahead that often spells trouble for “There’s pretty good diver- other.”
0
of the Thanksgiving holiday. the rest of the market. But gence there. But the latest Concerns around how Re-
The yield on the benchmark some analysts and investors pullback in transports was publicans proceed on their tax
–4
10-year Treasury note settled aren’t heeding the century-old more due to disappointing overhaul contributed to recent
at 2.322%, compared with warning sign this time around. third-quarter earnings,” said declines in the Dow Jones In-
–8
2.361% Tuesday. Yields fall as The Dow Jones Transporta- Leo Grohowski, chief invest- dustrial Average, causing the
bond prices rise. tion Average is on track for its ment officer of BNY Mellon 1Q 2016 2Q 3Q 4Q 1Q ’17 2Q 3Q 4Q* index to snap an eight-week
Treasurys have mostly first quarterly decline in more Wealth Management, adding *Through Wednesday Source: FactSet THE WALL STREET JOURNAL. winning streak and swing be-
drifted higher in recent sessions, than a year, as the index has that airlines were particularly tween gains and losses in re-
with the yield on the 10-year fallen 2.9% so far this quarter. weak. said while discussing third- CSX Corp. beat profit expecta- cent sessions. Sectors that had
note notching its fifth decline in The Dow Jones Industrial Av- Still, the quarterly decline quarter results. tions but revenue fell short been performing better earlier
seven trading days Wednesday. erage is up 5% in the year’s fi- in transport stocks is note- Both American Airlines and due, in part, to service delays this year, such as industrials,
The bond market nal three-month period. worthy given how closely the Southwest Airlines reported that stemmed from the hurri- are now trailing, while con-
CREDIT was closed Thurs- The index of 20 of the larg- two indexes tend to trade. improved revenue in the previ- canes and derailments. Its cerns about the market’s
MARKETS day in observance est U.S. airlines, railroads and Since 1900, the Dow industri- ous quarter, while maintaining shares have fallen 3.5% since it health picked up following
of Thanksgiving trucking firms is used by some als and Dow transports have prices that helped offset rising released earnings Oct. 17. losses in the junk-bond market.
and closes early in the market as a proxy to traded above their 200-day fuel, labor and other costs. Another big laggard in the Lofty valuations, especially
on Friday. gauge the health of the U.S. trading average in tandem Still, the hurricanes shaved off index: Avis Budget Group Inc. among technology companies
Bond yields declined economy since those compa- more than 50% of the time, millions of dollars in profit The car-rental company’s that have contributed signifi-
Wednesday after U.S. Com- nies are responsible for the vi- according to data from Ned and revenue at both carriers. shares tumbled 16% since it cantly to the market’s gains
merce Department data tal movement of raw materi- Davis Research. American shares have fallen said on Nov. 6 that higher fleet this year, have also kept inves-
showed orders for long-lasting als, goods and people. Airlines in the Dow trans- 4.6% since it reported earnings costs and weaker international tors on edge, with some be-
factory goods declined in Octo- So when the index diverges ports were among the hardest- on Oct. 26, while Southwest pricing had hurt the car-rental lieving those stocks could pull
ber from the prior month. from the broader Dow Jones hit stocks. Shares of United has declined 3.6%. company, causing it to miss back on geopolitical concerns
They then fell further after Industrial Average, some in- have fallen 12% since it re- Railroad companies haven’t earnings and revenue expecta- or due to developments in
minutes from the Federal Re- vestors take it as a sign to sell. ported earnings last month. fared much better in recent tion and lower its sales guid- Washington.
serve’s Oct. 31-Nov. 1 meeting However, several analysts and United said storms such as months, despite the double- ance for the rest of the year. “The albatross for the mar-
showed officials thought infla- investors say the Dow trans- Hurricane Harvey disrupted its digit gains they had already As the transports index ket is valuations at this point,”
tion could stay below the cen- ports’ weak performance is operations and caused it to in- notched. Norfolk Southern lurches toward its first three- said Terri Spath, chief invest-
tral bank’s 2% annual target due to a spate of downbeat cur higher costs, while the Corp. posted upbeat results month decline since the sec- ment officer of Sierra Invest-
for longer than expected. earnings rather than a deeper rollout of new low-cost, no- last month, beating revenue ond quarter of last year, stock- ment Management, an invest-
The Fed’s preferred mea- economic funk. frills fares, known as “Basic and profit estimates, yet its market volatility has picked up ment firm with $2.7 billion in
sure of inflation, the price in- Analysts pointed to a series Economy,” all contributed to a stock has fallen 2.3% since it slightly relative to much of the assets. “They’ve been too high
dex for personal-consumption of hurricanes in the previous drop in revenue, executives reported earnings on Oct. 25. rest of the year. That has cre- for a while.”
expenditures, has lagged be-
hind the central bank’s 2% tar-
Chinese Stocks Slide, Leaving Europe Flat

get for much of the year, puz-
zling officials who have
expected price pressures to
pick up as other areas of the
economy, including the labor BY JON SINDREU
market, have strengthened. AND KENAN MACHADO
The lack of inflationary
pressure has been a boon to European stocks traded flat
Treasurys, which have largely Thursday after Chinese shares
had their worst day in months.
Chinese regulators sug-
gested they will further
The 10-year Treasury tighten their
note’s yield settled at THURSDAY’S grip on fi-
MARKETS nancial mar-
2.322%, down from kets. The
2.361% Tuesday. Stoxx Europe
600 closed broadly unchanged
from Wednesday, reversing
earlier losses on the back of
traded in a narrow range in re- the falls in China.
cent months after coming un- The Shanghai Composite
der selling pressure at the end dropped 2.3% to a two-month
of 2016. low and the Shenzhen Com-
“The fact that yields have posite slid 2.9%. Early Friday,
mostly been moving side- the Shanghai index was down
ways—that’s a testament to 0.4% and the Shenzhen index
how large global quantitative was off 0.4%. Hong Kong’s
easing continues to be,” said Hang Seng Index was up 0.4%
Anujeet Sareen, a portfolio early Friday after dropping 1%
manager at Brandywine Thursday.
Global. Even as the Fed has Stock markets in the U.S.
begun to unwind its balance and Japan were closed for
sheet, other central banks, in- their Thanksgiving holidays
cluding the European Central Thursday. At the lunch break
BOBBY YIP/REUTERS
Bank, have continued to ex- Friday, Japan’s Nikkei was

tend their bond-buying pro- down 0.3%.
grams, which has helped keep European markets were
bond yields in other devel- helped by surveys of purchas-
oped markets in check, Mr. ing managers released Thurs-
Sareen said. day, which suggested the euro- Hong Kong’s Hang Seng fell 1% after topping 30000 on Wednesday for the first time in a decade. The Hong Kong financial district.
One thing that could jolt the zone economy expanded in
Treasurys market: passage of a October at the fastest pace in large debt piles and disap- ing to rein in increasing ment products sold by finan- a two-year rally in risky assets
tax bill in Washington. The almost seven years. Global eq- pointing revenue. On Thursday amounts of debt and cool ex- cial institutions. New draft to continue throughout 2018.
Senate might vote on a tax uities remain close to their it closed up 3.9% following re- cesses in financial markets. regulations unveiled recently “As long as people are confi-
overhaul in the coming week. peaks. ports that it would sell its Do- Thursday was the first time spooked Chinese asset manag- dent about growth prospects,
Some analysts say a tax over- “Valuations are still attrac- minican Republic business. By since Aug. 25 that the Shang- ers, who are dumping stocks to you won’t see a run for the
haul could send bond yields tive in Europe,” said Stephen contrast, British energy sup- hai Composite finished with a shore up liquidity, said Nathan exit,” said Isabelle Mateos y
higher by expanding the fed- Macklow-Smith, head of Eu- plier Centrica PLC plunged drop or gain of at least 1%, the Chow, a senior economist at Lago, global macro strategist at
eral budget deficit, which rope equity strategy at J.P. 15% after saying it will miss longest period of calm for DBS. BlackRock Investment Institute.
would push the government to Morgan Asset Management. full-year earnings estimates. what has been a historically Brendan Mulhern, global Meanwhile, the WSJ Dollar
sell more bonds. “On a historical earnings basis, “We expect growth to con- volatile benchmark. This year, strategist at Newton Invest- Index slipped 0.1%. It fell 0.8%
But even that scenario, Mr. Europe looks expensive, but tinue being positive in Europe the index has had only 11 ment Management, believes Wednesday after the release of
Sareen said, may have a muted we are in a very early stage of and the U.S., with limited moves of such magnitude, investors could be caught off minutes from the last Federal
impact. “The market is still a an earnings recovery.” downside risk,” said Adrien compared with 65 in 2016 and guard in 2018 because the Chi- Reserve meeting. Even though
little bit suspicious that some- Among the biggest risers of Pichoud, chief economist at 141 in 2015. nese debt problem is larger officials suggested interest
thing will get put through,” he the day in the Stoxx Europe SYZ Asset Management. Beijing is now taking steps than it looks. rates are likely to go up again
said, and the current bill looks 600 was telecommunications However, international to halt the proliferation of But most investors seem in December, investors focused
more like “moderate stimulus,” company Altice, which has money managers are also small online lenders, days after confident that China will man- on signs that they remain un-
not something that would send created concerns in corporate- keeping a close eye on China, saying it plans to streamline age to deal with corporate- certain about why inflation is
yields sharply higher. bond markets because of its where the government is mov- oversight of asset-manage- debt piles, paving the way for so low.
Global Oil Benchmark Declines

SEC Accuses Long Island Town of Fraud
BY HEATHER GILLERS taurants at town facilities. The that a 2016 indictment against oversee its disclosure practices
SEC also charged John Ven- Mr. Venditto alleges he ac- for five years and prohibit Mr.
The Securities and Ex- ditto, who served as Oyster cepted bribes from the vendor. Venditto, 68 years old, from
change Commission charged Bay’s supervisor and treasurer “It is paradoxical to claim being involved in bond sales.
the Long Island town of Oyster from 1998 through January of that the town should have dis- The SEC also wants Mr. Ven-
Bay, N.Y., with defrauding this year, with defrauding the closed illegal agreements that ditto and the town to pay
bondholders by failing to tell bondholders. were entered into in secret and monetary penalties, according
them about four private loan Though terms of the four were unknown to and con- to the complaint. It didn’t say
deals. private loans could have forced cealed from the town board,” how much money.
The charges come during a Oyster Bay to make a $16 mil- Oyster Bay said in its response The complaint was filed in
multiyear push by the SEC to lion payment on short notice, to a Wells notice from the SEC U.S. District Court for the
improve the information local using up 16% of its operating informing the town of a pend- Eastern District of New York.
governments give bondhold- budget, the town didn’t dis- ing enforcement action. The U.S. Attorney’s Office for
DRONEBASE/REUTERS
ers. Last year, 71 municipal close these loans to investors An attorney representing the Eastern District of New
borrowers from Minnesota to in bonds sold between August Mr. Venditto in connection York also filed securities fraud
Hawaii agreed to stricter dis- 2010 and December 2015, the with the 2016 indictment charges against Mr. Venditto
closure practices as part of an SEC said. didn’t respond to a request to on Tuesday.
agreement with the SEC. The town of Oyster Bay said comment. Mr. Venditto de- Government borrowers file
CRUDE BEHAVIOR: The darkened ground of an oil spill which The SEC complaint alleges in a submission to the SEC ear- clined to testify before the information about their fi-
shut down the Keystone pipeline between Canada and the U.S. that Oyster Bay didn’t inform lier this year that the town had SEC, invoking his Fifth Amend- nances at the time they issue
Oil prices eased Thursday, after the U.S. market hit a more than investors in the town’s bonds been “victimized” and that new ment right against self-incrim- bonds and on a continuing basis
two-year high on reduced crude flow from Canada and falling that it had agreed to indirectly loan terms were inserted into ination, according to the com- while the bonds are outstand-
supply. Brent crude fell 0.4% to $63.55. guarantee $20 million in pri- the town’s agreement with the plaint. ing. The records are posted on
vate loans to a local vendor vendor without the town The SEC is asking the the Municipal Securities Rule-
who owned and operated res- board’s knowledge. It noted courts to appoint a monitor to making Board’s website.
B12 | Friday, November 24, 2017 THE WALL STREET JOURNAL.
MARKETS
Yield Curve Narrows, but Few Are Worried
Last time gauge was Shifting Signal Yield spread between the 10-year and two-year U.S. Treasury three times since December
1.4 percentage points 2016 and is forecasting four
so low, a crisis brewed; The gap between short- more increases through 2018,
1.2
this time, investors and long-term Treasury 2006–2007
2016–2017
citing its forecasts that infla-
tion will soon perk up. Yet in-
split on what it means yields has narrowed lately. 1.0
flation, using the Fed’s pre-
0.8 ferred measure, has persisted
BY DANIEL KRUGER below its 2% target.
0.6 There is additional uncer-
The yield gap between tainty from Washington, as
0.4
short- and long-term Trea- some of the curve’s widening
surys has shrunk to its nar- 0.2 at the beginning of 2017 came
rowest level since 2007, the from expectations that Presi-
year the financial crisis gath- 0 dent Donald Trump would be
ered steam. But few investors able to pass plans to boost in-
and economists are worried –0.2 frastructure spending and cut
that a repeat of the 2008 melt- corporate and personal taxes.
down is in store. That led to a surge in expecta-
While analysts have long
Federal-funds rate target Consumer-price index (all items), change from a year earlier tions for faster growth and
considered the gap, known as 6% 5% higher inflation, which lifted
the yield curve, a key barome- 5 10-year Treasury yields to
4 2006–2007
ter for the health of the econ- 2.609%, the highest since 2014.
4 2016–2017
omy, many are split about “As it became apparent
3
what the signal means now. 3 2006–2007 none of these things were hap-
Much of their disagreement is 2016–2017 2 pening, you’ve seen the curve
rooted in the exceptional con- 2 Range of 1–1.25% flatten,” said Ilya Gofshteyn, a
ditions of the past decade: 1 macro strategist at Standard
1
emergency measures from Chartered Bank.
global central banks that have 0 0 The yield curve Wednesday
produced little inflation, un- narrowed to about 0.59 per-
employment falling with few centage point from 1.25 per-
signs of wage pressure, and U.S. wage growth, quarterly, change from a year earlier U.S. real GDP, quarterly, change from a year earlier centage points at the start of
stock markets that continue to 4.0% 3.5% the year, near the narrowest
climb with little volatility. 2006–2007 gap since November 2007.
The uncertainty is accentu- 3.5 2016–2017 3.0 2006–2007 Most of that change has been
ated by the contrast in eco- 2016–2017 from a climb in two-year Trea-
nomic conditions from the last 3.0 2.5 sury yields, which tend to rise
time the yield curve was simi- on expectations of interest-
larly compressed. In 2006 and 2.5 2.0 rate increases from the Fed.
2007, as short-term rates The 10-year Treasury yield,
2.0 1.5
matched and even exceeded which typically reflects expec-
long-term rates, a phenome- Seasonally adjusted annual rate tations for growth and infla-
1.5 1.0
non known as an inverted yield tion, has fallen to 2.322% from
curve, there were clear signs 2.446% at the end of 2016.
that the economy was over- Sources: Ryan ALM (yields); FactSet (rate, GDP); Bureau of Labor Statistics (CPI, wage growth) THE WALL STREET JOURNAL. Yields rise when bond prices
heating. Housing prices, which fall.
had been surging for several and fueled recently by hopes that will profit if the gap consumer prices in Europe and sen, head of multisector strat- The yield curve’s pinch has
years, were seen as unsustain- that U.S. tax cuts can provide a shrinks. If the central bank Japan may be holding down egy at Wells Fargo Asset Man- been especially apparent in
ably high, securitized products further boost. continues to raise interest U.S. interest rates. Central agement. “What everybody’s bank stocks. The KBW Nasdaq
had spread risk throughout the Some investors today sup- rates, “the yield curve is going bank rates that are below zero worried about is how long can Bank Index of large U.S. com-
financial system, and stock port the traditional view that to get flat, stocks are going to there are fueling demand for this last. As it gets longer in mercial lenders has slipped
prices were supported by a the narrowing gap is a signal sell off, and the economy’s go- relatively high-yielding U.S. the tooth, people are going to roughly 2.2% this month as the
wave of increasingly aggres- that excessive policy tighten- ing to get hit,” he said. government debt, holding worry more and more.” S&P 500 has gained around
sive leveraged buyouts. ing by the Federal Reserve But with few signs of a down the benchmark 10-year The lack of inflation pres- 0.8%. A steepening yield curve
Today’s flattening comes risks pushing the economy slowdown, others speculate Treasury yield when it might sures, particularly on hourly tends to boost banks’ lending
even as the economy seems to into a recession. that the forces at work are un- otherwise be rising to reflect wages, has befuddled policy profitability, since they can
be humming along, sending an “The markets are pushing like other times. Just as the solid growth prospects in the makers who have been expect- borrow at low short-term rates
unclear signal at a time when back against the Fed,” said Mi- Fed’s expansion of its bond U.S. ing the lowest unemployment while lending at higher long-
stocks keep pushing to records chael Collins, a senior portfolio portfolio to $4.2 trillion has “We are in a global synchro- rates since the dot-com boom term rates.
in a rally propelled by signs of manager with PGIM Fixed In- failed to spur inflation, mone- nized recovery—everybody to force employers to lift sala- —Michael Wursthorn
synchronized global growth come, which has placed trades tary policies intended to boost knows that,” said Brian Jacob- ries. The Fed has raised rates contributed to this article.
Email: [email protected]
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Paint Industry Draws Excitement OVERHEARD As Good as

It Gets for
The otherwise quotidian investment vehicle of Singa- Regulators are watching
Color Palette
world of paint is turning into
a feeding frenzy of merger
activity. Money is to be made
Global coatings sales 2016, in billions
porean billionaire Goh Cheng
Liang. Mr. Goh distributed
Nippon paint for decades be-
over the American public,
even in cases where people
really ought to know better.
Deere Stock
betting on the prime targets. Sherwin-Williams* $15.8 fore his son, now director of The Food and Drug Admin- The future looks bright for
The latest news: Japan’s the board, spearheaded a istration posted a new notice Deere & Co. That should actu-
Nippon Paint is interested in PPG 14.3 2014 merger. on its website Tuesday really make investors nervous.
Axalta Coating Systems, Akzo Nobel 10.7 Akzo’s inability to compete garding gene therapy, which Fiscal fourth-quarter re-
pushing aside a bid by Dutch with Nippon Paint leaves it aims to alter genetic material sults out Wednesday showed
RPM 4.8
rival Akzo Nobel, which itself vulnerable. PPG has done its as a way to fight serious dis- that Deere’s business is gain-
has been a target for industry Nippon Paint 4.3 best to temper expectations of eases. Companies are studying strength, thanks to im-
leader PPG Industries. It is Axalta 4.1 another round of bidding, but ing the technology to treat proving agricultural and con-
unclear what price Nippon this could just be a negotiat- cancer and hereditary dis- struction markets world-wide.
BASF Coatings 3.6
has offered for Axalta, though ing ploy. The numbers should eases, among other uses. Sales of $8 billion and earn-
it will need to be more than Kansai 2.9 still work: The dollar has That doesn’t mean the ings of $1.57 a share grew by
its current enterprise value of Asian Paints 2.6 weakened against the euro general public needs to do 23% and 74%, respectively,
$11.7 billion including debt. this year, but PPG’s share price any studying of their own from a year ago. Deere re-
Akzo’s retreat before a Masco 2.1 has outperformed Akzo’s, however. The agency said it ported higher volumes and
smaller rival isn’t as odd as which is still 18% below the “is aware that gene therapy higher prices in both of its
*Pro-forma including Valspar.
it sounds. This year, the Sherwin-Williams's acquisition of Valspar completed in June 2017. level of PPG’s final bid. PPG’s products intended for self-ad- main operating segments.
Dutch company refused to Sources: Coatings World, Sherwin-Williams THE WALL STREET JOURNAL. “put-up-or-shut-up” quiet pe- ministration and ‘do it your- The company expects the
negotiate over three separate riod expires next month. self’ kits to produce gene good times to last: Guidance
bids from Pittsburgh-based support of a punchy take- value equivalent to $10.6 bil- There is an outside chance therapies for self-administra- issued Wednesday calls for
PPG, which vies with Cleve- over. The Axalta deal, billed lion, it is slightly smaller Sherwin-Williams could also tion are being made available about 20% profit growth for
land-based Sherwin-Wil- as a “merger of equals,” al- than Axalta. The offer looks be interested in Akzo. In the to the public. The sale of fiscal 2018. Shares rose 4%
liams for the top spot in the ways looked like a poison pill serious, though. The Japa- spring it had its hands full with these products is against the Wednesday and have about
global paints industry. Inves- to keep PPG away, but inves- nese company has no net the acquisition of smaller rival law. FDA is concerned about doubled since January 2016.
tors, noisily led by New York tors were happy to swallow debt and a clear ambition to Valspar, but this was com- the safety risks involved.” That move makes some
activist Elliott Management, it as long as Akzo could be a global player. pleted in June. Hopefully some good will sense. It is a bull market for
wanted Akzo to negotiate. promise merger synergies Crucially, Nippon Paint’s In a consolidating market come of the FDA’s vigilance. industrial stocks, after all,
Chairman Antony Burg- without a hefty takeover pre- key shareholder implicitly it makes sense to own the Of course, would-be medical and Deere is increasing sales
mans blocked PPG by invok- mium. Nippon’s all-cash offer stands behind its manage- takeover targets. It is clearer pioneers shouldn’t need to and profits faster than most
ing arcane clauses of Dutch has made that impossible. ment. Almost two-fifths of than ever that these include have won the genetic lottery companies of its size.
law, leaving him little credit Nippon Paint is making a the company’s shares belong Akzo Nobel as well as Axalta. to figure out to stay away. But that stellar perfor-
with investors to draw on in huge bet. With an enterprise to Wuthelam Holdings, the —Stephen Wilmot mance is already priced into
the stock. The company’s
debt-adjusted market value is
Who Needs a Tax Cut? Companies Are Spending Anyway about 21 times forward earn-
ings before interest, taxes,
depreciation and amortiza-
Tax cut or no tax cut, shipments of nondefense for the first time in a long buybacks over companies tion, near a 15-year high.
companies could be spending Steadying Up capital goods excluding air- time the rest of the world is that focused on growth. Frothy valuations aren’t
a lot more money in the year Annualized change in real craft—something economists chugging along with it. Com- Lately, however, investors necessarily a reason to sell a
ahead. spending on capital equipment look to in order to gauge panies that want to maintain are favoring growth, provid- stock, of course. But Deere
There was an awkward capital spending—rose 0.4% or expand their market share ing companies with an incen- shares have historically
moment during an onstage 15% in October from September. need to keep up, and that re- tive to get into the club. turned down before business
interview with White House 10 It was the ninth gain in a quires more equipment. For a U.S. economy that conditions shift. During the
5
economic adviser Gary Cohn row for the typically volatile Moreover, a low unemploy- for years has relied almost last farm cycle, Deere’s sales
0
at The Wall Street Journal –5
series, marking the longest ment rate and the specter of solely on consumers for and profits peaked in fiscal
CEO Council this month. –10 winning streak since 1994. rising labor costs is pushing growth while companies un- 2013. The stock, however, had
Asked if the tax bill would –15 Tax cut or no tax cut, companies to make their derspent, the pickup in capi- hit its apex in January 2011,
spur them to boost companies have had the workers more productive. tal spending counts as a nearly three years earlier.
2014 ’15 ’16 ’17
investment, only a smatter- means to invest for a while. There has also been a good thing. It could help Analysts, not surprisingly,
ing of executive raised their Source: Commerce Department Their balance sheets are shift in investor attitudes temper any shift lower in see sales and profit growth
hands. “Why aren’t other healthy, and their cost of that is intensifying the need consumer spending if house- through fiscal 2020, accord-
hands up?” wondered Mr. equipment has risen at a capital is extraordinarily low. to step up capital spending. holds opt to boost their low ing to FactSet. If history re-
Cohn. 7.3% annual rate, the fastest What they needed was a rea- For years—indeed, even be- saving rates. And if it goes peats itself, the peak may be
But the thing is that com- pace in three years. The son, and the biggest reason fore the financial crisis on long enough, it could help at hand. Investors should be
panies already have been in- pickup in spending contin- to invest is demand. struck—investors were re- boost productivity, allowing happy with their profits and
vesting more. Through the ued in the current quarter: Demand is looking a lot warding companies that the economy to move along set themselves up for the
first three quarters of this Wednesday, the Commerce better. The U.S. economy were paying shareholders at a faster clip. next buying opportunity.
year, capital spending on Department reported that continues to chug along, and through dividends and stock —Justin Lahart —Charley Grant
MANSION
Rose Marie on growing ‘All things come to him who waits,

up a child star—with but they are mostly leftovers from
fans in the mob those who didn’t wait.’
M5
—Evan Esar
HOMES | MARKETS | PEOPLE | UPKEEP | VALUES | NEIGHBORHOODS | REDOS | SALES | FIXTURES | BROKERS
© 2017 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Friday, November 24, 2017 | M1
RAU+BARBER FOR THE WALL STREET JOURNAL (3); EVERETT COLLECTION (ROSE MARIE)
ALL FOR UNO Nicole and Greg Jennings with their children, from left to right, Amya, Aice, Alea and Ayva, play cards in the kitchen seating area of their 10,150-square-foot mansion in Edina, Minn., be-
low left. While the feel was to be curated and modern, Mr. Jennings says it had to be homey—not a ‘don’t touch this and don’t touch that’ kind of place. Below right, the living room.
A Former NFLer’s Home Turf

Greg Jennings deferred his design dream to pursue a career in football. Now retired
from the game, he took the lead building his home; helmets around the pool table.
BY A.J. BAIME
WHEN HE WAS IN COLLEGE, Greg Jennings

faced a life-changing decision. He was following
his passion for architecture while studying at
Western Michigan University. But the course-
work was getting in the way of football. So he
switched majors to focus on his game, eventu-
ally playing 10 years in the NFL, winning a Su-
per Bowl ring with the Green Bay Packers in
2011. No regrets.
But when the two-time Pro Bowl wide receiver
retired after the 2015 season, he was finally able
to redevote himself to architecture, and the re-
sult is a contemporary 10,150-square-foot man-
Please turn to page M8
BLUE WATER, WHITE SAND—ALL ARTIFICIAL INSIDE
Crystal Lagoons are in the works at 16 upscale developments across the U.S. A Chilean entrepreneur says his
patented technology uses a fraction of the chlorine and other chemicals found in traditional swimming pools.
BY ARIAN CAMPO-FLORES
CHRISSY AND EDDIE BALL

already enjoy plenty of ame-
nities at their master- GREENWICH TIME
planned community north of A $25 million sale
Dallas—swimming at the in Connecticut M2
zero-edge pool, working out
at the fitness center and run-
ning and Rollerblading on
trails with their two chil-
dren. But the most prized
feature of all is still to come:
a 5-acre, artificial lagoon
ringed by white-sand
beaches, with shimmering
turquoise water where resi-
dents can swim, kayak and
windsurf.
“Our minds are blown,” ART OF DISPLAY
said Ms. Ball, a 39-year-old London’s top art
stuntwoman and yoga in- consultants M3
structor. “It’s hard to fathom
how they’re even going to
create that.”
CRYSTAL LAGOONS; LUIGI PARISE (ART OF DISPLAY)
The couple bought a four-

bedroom, 3,600-square-foot
brick home with movie and
play rooms in 2015 for
$472,000, in the first phase
of the 2,000-acre Windsong
Ranch, in Prosper, Texas.
Windsong Ranch is among BY THE SEA San Alfonso del
the earliest projects in the Mar, a resort in Algarrobo, Chile,
U.S. to incorporate Crystal features a Crystal Lagoon. PILGRIMS’ POINT
Lagoons—enormous pools Provincetown, Mass.,
Please turn to page M4 homes for sale M6
M2 | Friday, November 24, 2017 NY THE WALL STREET JOURNAL.
MANSION
PRIVATE PROPERTIES
Billionaire Trader Sells Greenwich Estate

point last year.
The house is located just a
few properties away from one
owned by Starwood CEO Barry
CLOCKWISE FROM TOP LEFT: DURSTAN SAYLOR (2); ZIGNAVISUAL; ENGEL & VÖLKERS
Sternlicht, who declared Green-

wich to be the worst housing
market in the country while
speaking at an investment
conference last year, Ms. McEl- ZAHA HADID’S
wreath noted.
The Druckenmillers, who live
MIAMI HOME
primarily in New York City, REDUCED 35%
bought the estate in 2004 for
$23 million, Ms. McElwreath
TO $6.5 MILLION
said. She said they are selling
because they haven’t been A South Beach condomin-
spending as much time there ium owned by Pritzker-winning
as they had planned. architect Zaha Hadid, who died
Mr. Drucken- unexpectedly last year, is relist-
miller, a former ing for $6.5 million, or 35% be-
investment low its initial asking price of
strategist for $10 million nine months ago.
George Soros, The new list price reflects
now invests the fact that “we are in a buy-
through his ers’ market in Miami,” said Ivan
Billionaire trader Stanley agent Leslie McElwreath of later restored by Mr. Drucken- after a pro- own family of- Chorney of ONE Sotheby’s In-
Druckenmiller has sold his Sotheby’s International Realty. miller and his wife, Fiona, fea- longed pricing fice. He declined ternational Realty, who with
sprawling Connecticut estate The more than 19-acre estate tures plaster tracery ceilings slump. The to be interviewed. colleague Angelica Garcia took
for $25 million, in Greenwich’s includes a 12,238-square-foot and a mural depicting the transaction marks Carolyn Sarsen of over the listing from another
priciest deal so far this year. main house as well as a three- search for the Holy Grail, Ms. the third home to have David Ogilvy & Associ- agent. “There is currently a
Mr. Druckenmiller listed the bedroom guest cottage with its McElwreath said. sold for more than $20 million ates, the buyer’s agent, de- four-year supply of luxury con-
property, known as Sabine own driveway, a swimming The agent said the deal is year-to-date in Greenwich, she clined to comment on the dos over $1 million, so the right
Farm, for $31.5 million in pool and landscaped gardens. further evidence that the said. By comparison, there identity of her client. price point and design features
March, according to listing The house, built in 1910 and Greenwich market is picking up were no sales above that price —Katherine Clarke are more important than ever.”
In the W South Beach build-
ing, the 2,541-square-foot
ACRES • OCEANFRONT ESTATE REAL-ESTATE DEVELOPER LISTS IN CORAL GABLES property has two bedrooms
and three bathrooms plus an
adjacent studio apartment,
which has a separate entrance.
Ms. Hadid renovated the space
in her signature style, with cur-
vaceous lines and metallic sur-
faces that reflect the light from
an expansive ocean view, the
agents said.
Ms. Hadid bought the two
units that make up the main
LIVE
LIVE apartment in 2010 for a total
ABSOLUTE of $2.79 million, and purchased
AUCTION the studio for $1.38 million in
2015, according to public re-
ON-SITE
ON-SITE cords. She had many friends in
Miami and used the property
while working on the 1000 Mu-
seum condo building, which is
currently under construction,
said Christian Gibbon, general
Real-estate developer Don back garden were damaged He and his wife are selling manager of Zaha Hadid Hold-
Peebles and his wife, Katrina, during this season’s hurri- because their 15-year-old ings in London.
are listing their home in Coral canes, the oak trees have been daughter is pursuing her Ms. Hadid was 65 when she
Gables, Fla., for $12.9 million. standing strong for about a equestrian career in Welling- died from a heart attack in
The Mediterranean Revival- century, he said. A tree swing ton, and it doesn’t make sense March last year, Mr. Gibbon
Saturday, December at AM, PT
style property sits on 2.87 the couple built for their to keep driving between the said. Born in Baghdad, she
Camino Capistrano, Dana Point, California
acres and comprises 15,795 daughter also is intact, and two cities. They are currently studied architecture in London
square feet with 22 rooms, in- the home is in good condition. looking for a new home closer and became known for com-
OPEN HOUSE EVERY WEEKEND from - PM
cluding 10 bedrooms and 12½ The couple bought the to Wellington, he said. missions like the London
Private Appointments & Phone Bidding Available
bathrooms. It features marble property for $5.45 million in Mr. Peebles’s company, the Aquatics Center, built for the
floors, a home theater, a game 2004, public records show; Peebles Corp., has offices in 2012 Olympics, the Guangzhou

V I D EO TO UR & D E TA I L S room, a gym, a pool, a dining Mr. Peebles said they put sev- Miami and New York and Opera House in China and the
AT DECAROAUCTIONSCOM room for more than 20, and eral million dollars into reno- owns a multibillion-dollar port- Maxxi National Museum of 21st
lighted tennis and basketball vating it. It was still under folio of condo projects, hotels Century Arts in Rome. She was
courts. The master wing in- construction when they and office properties. A life- the first woman to win the
In cooperation with Julia Jackson-Brown (CalBRE #

) cludes a large bedroom with a bought it—designed by the long Democrat, he said he has Pritzker Architecture Prize in
and Ramona Maney (CalBRE #

) of balcony overlooking the pool previous owner as three hosted various political fund- 2004. —Katy McLaughlin
CENTURY Award (CalBRE #
)
and the grounds. homes under one roof to ac- raisers at his homes.
This property is listed for sale by Julia Jackson-Brown (CalBRE #

) and Ramona Maney (CalBRE
#

) of CENTURY Award (CalBRE #
). DeCaro Real Estate Auctions, Inc., is a licensed
The driveway is distinct for commodate children from pre- Lourdes Alatriste and Irving See more photos of notable
California Auction Firm (CA Bond #
) performing auction and auction marketing services as part of this the nearly 100 oak trees that vious marriages. The couple Padron of Engel & Völkers Mi- homes at WSJ.com/Mansion.
transaction, and is not performing any real estate brokerage services. Neither Century 21, Fine Homes & Estates
nor any of their affiliated companies is providing any product or service in connection with this event other than frame it, Mr. Peebles said. Al- combined the three residences ami have the listing. Email: privateproperties
as required by applicable law. Brokers and agents are fully protected and encouraged to participate. Review the
Terms and Conditions for further details at DeCaroAuctions.com. though the ficus trees in the into one. —Katherine Clarke @wsj.com
PALM BEACH
PA L M B E AC H
ONE OF A KIND OCEAN TO INTRACOASTAL
SPECTACULAR
SPECTACULAR OCEAN
OCEAN TO
TO INTERCOASTAL
INTERCOASTAL
ESTATE
ESTATE
First Time on the Market in 30 Years

Built by Addison Mizner in the early 20th Century, this private
compound sits on nearly 2.5 acres of irreplaceable Palm
Beach oceanfront land. High on a ridge, the home is situated
with optimum views to the west over the Intracoastal, while
the eastern facing rooms are bathed by Atlantic Ocean
sunrises. Nearly 300’ of beach & oceanfront are accessed by
10635 WITTINGTON AVE a private gate & wooden walkway, one of many pathways that
wind through the entire estate and lead to hidden sculpture
5 BEDROOMS 5 FULL AND 1 HALF BATHS $3,595,000
gardens, ponds and pools. Offered at: $46,000,000
Shaped rafter tails and cream stucco walls accent the timeless elegance
of this classical Windsor home set before the polo field. A series of tall
windows flood the home with light and air. This versatile home includes
a charming carriage house with covered balcony overlooking the sunny
pool courtyard.
The best built & most unique custom home of its kind! Highest quality
finishes & features exclusive to this home. Soaring 10’ glass sliding
doors create simultaneous views & access to Ocean & Intercoastal.
Price upon request
Linda Gary 561-346-5880
JIM MCCANN, Broker Associate
561.296.8720 | [email protected]
201 Worth Avenue • Palm Beach, Florida 33480 Equal Housing Opportunity. All information furnished regarding property for sale or rent or regarding
772 388 8400 WINDSORFLORIDA.COM Office: 1-561-655-6881 Email: [email protected] financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the
accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed
propertyconditions,andwithdrawalofthepropertyfromthemarket,withoutnotice.Alldimensionsprovided
www.LindaAGary.com are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.
THE WALL STREET JOURNAL. Friday, November 24, 2017 | M3
MANSION
THE TRADE
The Fine Art of Art Collecting

How London’s buying consultants, framers and lighting specialists find and display clients’ masterpieces
ART HOUSE
BY RUTH BLOOMFIELD
An American art
collector is offering
ART BUYERS MAKE global head- his London apart-
lines when they pay record prices ment for lease at
for a new addition to their collec- almost $5,000 a
tion, such as the recent sale of a week. The new
da Vinci painting for over $450 tenant will be able
million. to enjoy works by
But behind every art collector, Cindy Sherman,
there is an entourage of buying Candida Hofer, Ed-
consultants, gallerists, framers and ward Burtynsky
lighting specialists to make sure and Annie Leibo-
they buy the right piece and dis- vitz, among oth-
play it just so. ers. Below left,
Broadly speaking, there are two images from
three classes of art buyers, says custom frame
Polly Robinson, executive director shop John Jones.
of Galerie Thaddaeus Ropac Lon- Elaborate gilded or
don. Some simply want something metal frames can
beautiful for their home. Some are cost up to
knowledgeable and voracious col- $24,000, says
lectors with a “huge appetite” for a Matt Jones, in
particular genre. And then there plaid shirt. Below
are those shopping for a status right, architect Gi-
symbol in the form of a Matisse or anni Botsford cre-
Picasso. “They have the real estate, ated a gallery be-
the yacht, the car…they want some- hind a historic
thing that will give them a kind of townhouse in Fitz-
intellectual kudos,” she adds. rovia.
Whatever their motivation, high-
end buyers tend to outsource the
effort of finding suitable pieces to
people like art consultant Angus
Maguire, who spends his days
scouring auction houses and com-
mercial galleries around the world
in search of pieces to add to his cli-
ents’ collections. He can also assist
if they decide to sell a piece later
on. The job also includes advising
on a work’s authenticity and prove-
nance: “The art world is really ex-
posed to criminal activity, fakes and
stolen works,” he says.
CLOCKWISE FROM TOP: SOTHEBY’S INTERNATIONAL REALTY; LUIGI PARISE; VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (2)
The services of an art consul-
tant don’t come cheap.
Mr. Maguire says the typical fee
is 5% of a piece’s buying price,
plus 10% of any resale profit.
Some clients prefer to hire their
consultants on an annual retainer,
with the fee depending on how
much they spend—around 10% if
their annual budget on art is
£200,000 ($264,000), or around
5% if they plan to spend £500,000
($660,500).
Recently, one of Mr. Maguire’s
clients—he declined to disclose the
name—spent $10 million on a
painting by Jean-Michel Basquiat.
But the piece was too large for the
client’s London home and had to
be left in storage. Instead Mr. Ma-
guire sourced a smaller prepara-
tory drawing that the client has
been able to hang up and enjoy.
Once purchased, buyers typi-
cally turn to custom framers. Matt
Jones, chairman of John Jones,
says a simple wood frame can be
completed in around three weeks,
at an average cost of $700. More
elaborate gilded or metal frames
can cost up to $24,000. Mr. Jones
is currently advising an Asian col-
lector on the framing of a Robert Harry Triggs co-director of TM pieces to their best advantage. He their hangings at their homes ev- high-security warehouse, for rea-
Mapplethorpe photograph pur- Lighting, says one of his clients uses LED lighting to avoid fading ery now and again,” she says. “It is sons of space and practicality.
chased at Christie’s Auction House has 47 Picassos hung in the living while “bringing out the color and done to their own rhythm, but “If you have spent $1 million on
last month. Although confidential- room—and he casually lists other vibrancy” of the work. perhaps they decide they want to a Picasso drawing, you are specu-
ity is key in the art world, the clients’ works by everyone from Some collections are so large look at a piece they bought a few lating that it is going to go up in
piece Mr. Jones is likely referring Degas to Caravaggio, and from van their owners need to relocate years ago.” value,” says Mr. Maguire. “Pretty
to is a self-portrait of the artist Gogh to Titian. works regularly, says Alma Luxem- That’s because many pieces sold much everyone is speculating and
from 1988, which sold for almost “I saw a collector recently who bourg, a partner at Luxembourg & at major international art fairs and stockpiling.” Having art on the
$600,000. had £1 billion worth of art in their Dayan, a gallery with locations in auctions around the world don’t wall “is very expensive in terms of
Mr. Jones jokes that his work- house,” adds Mr. Triggs, whose London and New York. end up on the walls of their buy- insurance, and they run out of
shops are currently “a bit of a role it is to display these master- “A lot of the collections change ers. Instead they’re placed in a space.”
Banksy hospital.” He’s referring to
the smart buyers who picked up
prints, in basic frames, by the
anonymous graffiti artist for just
over $100 and that are now worth
$18,000 to $26,000. Art-Centric Homes for Sale
Ms. Robinson, the gallerist, says
some clients buy art with a spe-
cific location in mind. “Very often
there will be a major wall in their
salon or behind a fireplace, and
they need a trophy piece,” she
says. A few elite collectors, how-
FROM LEFT: GALLIARD HOMES; K10 GROUP
ever, want an entire private gal-

lery.
The architect Gianni Botsford
recently designed a gallery behind
a historic townhouse in Fitzrovia,
in London’s West End. The show-
stopping geometric steel-and-glass
gallery features semitransparent
steel mesh panels on which works
are displayed. These panels slide
along ceiling tracks to reveal mul-
tiple layers of hanging space. $7.13 million $132.1 million
Nearby, the artist Damien London’s Marylebone district London’s Richmond neighborhood
Hirst’s ongoing renovation of a Two bedrooms, three bathrooms 10 bedrooms
mansion in the Regent’s Park
neighborhood, which he bought in In central London, the final apartment at the Chilterns, a boutique development The former home of Sir Francis Cook, a Victorian linen and textiles merchant
2014 for a reported $57 million, by Galliard Homes, is a 2,738-square-foot, split-level unit. Apartments have who had a 125-foot gallery built for his art collection. This included Leonardo
features a new double-height base- high-end kitchen appliances and an integrated home-automation system. The da Vinci’s Salvator Mundi, which recently sold for over $450 million. It is under-
ment where he will be able to dis- building’s lobby features an art gallery with commissioned works by the pho- going a $82.7 million renovation by developer K10 Group, scheduled for com-
play a selection of his extensive tographer David Bailey, who has taken 46 images of the local area. Other lei- pletion in 2019. The art gallery in the 38,000-square-foot house, built in 1769,
collection. sure facilities include a movie theater, wine cellar and restaurant. will double as a ballroom.
M4 | Friday, November 24, 2017 THE WALL STREET JOURNAL.
MANSION
FROM TOP: TAVISTOCK DEVELOPMENT COMPANY (RENDERING); MEI-CHUN JAU FOR THE WALL STREET JOURNAL (4); CRYSTAL LAGOONS (RENDERING)
THE LATEST AMENITY: LUXURY LAGOONS
INLAND BEACH RESORT A rendering of a Crystal Lagoons project that is part of a planned luxury resort in Orlando, Fla. According to the developer, Tavistock Development Co., the project, called Lake
Nona Resort, will have 250 guest rooms and 80 condominium units. The manmade lagoon will measure 15 acres and offer swimming, sailing and paddleboarding.
Continued from page M1 the pop of the color.” Wading in Epperson for $253,000 in February tems and vats of chlorine. Soon to overtake it is a 90-acre
that use technology patented by a felt “like swimming in bottled wa- and lives there with her two chil- Instead, the lagoons periodically lagoon under construction in
Chilean entrepreneur to create ter,” said Mr. Singleton, whose dren. “There are things for each of inject small amounts of chemicals Dubai in the United Arab Emirates.
mesmerizing blue water with only company now has four develop- us to do,” she said. “I’m excited to at times of the day when bacterial It is part of a sprawling develop-
a fraction of the chlorine and ments under way in Florida that put my toes in the sand and have a growth is highest. Sensors in the ment slated for 1,500 homes—of-
other chemicals typical of tradi- include Crystal Lagoons. Building drink.” water monitor its quality, and fered in Mediterranean, contempo-
tional swimming pools. There are each of them costs between $5 Real-estate developer Fernando Crystal Lagoons facilities can re- rary or modern Arabic
now 16 such developments in the million and $10 million, he said. Fischmann created the first Crystal motely keep tabs on readings at architectural styles—with prices
works in the U.S., from Las Vegas One of his company’s projects— Lagoon more than a decade ago af- different projects and direct the in- starting at about $4 million for a
to the Dallas suburbs to the Lake Epperson, a 2,000- ter a project he built jection of additives as needed. Ul- four-bedroom villa and $14 million
Nona area of Orlando, Fla. Devel- unit master-planned on the coast of Chile trasound pulses in the water cause for an eight-bedroom mansion.
opers hope the lagoons will draw community in Wes- in the 1990s faltered. dirt to collect on the floor as sedi- Now, Crystal Lagoons are arriv-
affluent beach-lovers willing to ley Chapel, Fla., Developers hope He had envisioned ment that can be vacuumed up. ing in the U.S. The $4 billion, 183-
pay top dollar for clean water and north of Tampa—is making an enormous The lagoons, which are lined acre SoLeMia development that re-
pristine sand. Currently on the expected to be the
the lagoons will pool with lucid water with a white rubbery material, can cently broke ground in Miami is
market at Windsong Ranch is a first in the U.S. to draw affluent in which residents be filled with saltwater or fresh- slated to include more than 4,300
five-bedroom, 5,300-square-foot debut a Crystal La-
house with a wood-beamed study goon. The 7.5-acre
beach-lovers willing could swim safely.
But soon after filling
water, and portions can be heated.
They achieve their signature bril-
posh residential units in numerous
towers as well as a town center
and other upgrades listed for just pool will include a to pay top dollar for it, the water “be- liant blue color at a depth of 8 to with restaurants and entertain-
under $1 million. tidal area for chil- came contaminated 12 feet, Mr. Morgan said. ment venues. Construction is un-
When Greg Singleton, president dren, a floating plat-
clean water and and turbid,” said In the U.S., they are in the early der way on the first phase of
of Metro Development Group in form with an obsta- pristine sand. Kevin Morgan, exec- stages of development and remain about 400 rental apartments, but
Tampa, Fla., wanted to see a Crys- cle course for utive vice president untested, though state and local prices aren’t yet available.
tal Lagoon firsthand, he visited the teenagers, and a of Mr. Fischmann’s regulatory bodies review lagoon At the heart of the property will
Diamante resort in Cabo San Lucas, swim-up bar for adults. company, Crystal Lagoons. “Home- plans before approval. be two, 8-acre lagoons surrounded
Mexico. There, a 10-acre lagoon is Home sales began in February, owners were totally distraught.” Crystal Lagoons has opened by lush landscaping and offering
surrounded by properties including with prices under $300,000 for a Mr. Fischmann, who is also a more than 50 lagoons around the water sports like sailing and pad-
four-bedroom hacienda-style villas four-bedroom house. Subsequent biochemist, set out to find a solu- world, from Peru to Thailand, and dleboarding. “It’s interactive with
with courtyards and infinity pools, phases are expected to have homes tion, visiting experts around the has hundreds more in various the community,” said Jeffrey Sof-
starting at $2.2 million. priced in the $400,000 to world and creating his own lab to stages of planning or development. fer, co-chief executive of Turnberry
“Wow, this is incredible,” he re- $600,000 range, Mr. Singleton experiment. After about seven So far, the largest one is a 30-acre Associates, which is building the
called thinking when he first saw said. years, he found a way to create lagoon in Sharm El Sheikh, Egypt, project in a joint venture with Le-
the lagoon. “When you see it live, Jennifer Rose bought a five-bed- crystalline bodies of water that which is surrounded by lavish ho- Frak. “We think it’s going to be
you get a better sense of the scale, room, 2,500-square-foot house at don’t require costly filtration sys- tels and residences. huge.”
PROSPER POOL Eddie and Chrissy Ball, shown at top with their two children, paid $472,000 for a four-bedroom home
at Windsong Ranch in Prosper, Texas. It currently has pools, lakes and a cafe with outdoor seating, shown at left, but will
eventually have a 5-acre artificial lagoon with white-sand beaches, depicted in rendering above.
MANSION
HOUSE CALL | ROSE MARIE
The Mob Treated Her Like a Daughter

The ‘Dick Van Dyke Show’ actress began her career at 4; today, she lives in the house she bought in 1950
at the Terrace Room in Newark,

In 1933, when I was 10, I was working the Pal- N.J. He turned out to be Bobby Guy,
ace Theatre in Chicago when a guy told my the trumpet player. In 1946, after
the war, Bobby and I eloped and
father that someone wanted to see us. Out- drove to Los Angeles. We were so
side the stage door, a heavyset man with a happy. But my father was furious.
CLOCKWISE FROM LEFT: NBCU PHOTO BANK/GETTY IMAGES; KATHY STRONG/ROSE MARIE ARCHIVES; CBS/GETTY IMAGES
Turns out, he was using my income
scar on his face was standing in front of a to support both his families.
limo. I later learned it was Al Capone. One night in 1947, I was asked to
open the Flamingo in Vegas. I had
Capone knew my father and said no idea where Vegas was. Bugsy
he wanted to take me to “meet the Siegel ran it, so I did it for him. In
boys.” The next day, a car picked us the ’50s, I began appearing on TV
up and drove us to a house in Ci- in “Gunsmoke” and other shows.
cero, a Chicago suburb. Inside, 24 In 1961, I got a call from a cast-
guys were sitting at a long table ing office about a new TV sitcom
having dinner. called “The Dick Van Dyke Show.” I
Capone gave me a hug and asked, “What’s a Dick Van Dyke?” I
picked me up. He said, “The boys got the part, but they needed a
love you.” Then he went around in- third comedy writer.
troducing me to people with horri- I recommended Morey Amster-
ble names like Jimmy the Ice Pick. dam. They said great. When I called
Capone said, “Call me Uncle Al. Morey and told him, he asked,
Don’t worry about a thing. We’ll “What’s a Dick Van Dyke?” I said,
take care of you.” “Your guess is as good as mine.
By then I was an old pro. I was Just get your ass out here.”
born in New York and lived with Today, I live in the San Fernando
my mother and her parents on the Valley north of L.A. I have a nice
bottom floor of a building on East house that I bought with Bobby in
17th Street. My father, Frank, was 1950 from the owner who built it. I
known as “Happy Hank” and did sang together. love every inch of it. I have a pool
work for the mob. He didn’t live After, she asked my and a couple of walnut trees. Most
with us. Later I found out he was name. My father of my Early American furniture was
married and had a family. said, “Dainty Rose made by actor George Montgomery,
When I was 3 in 1926, my Marie.” Evelyn who was a superb craftsman.
mother, Stella, began taking me to said, “She’s just a BIG VOICE Rose Marie on her 94th birthday, Aug. 15, at her My husband and I were deeply in
see vaudeville shows on 14th baby. Call her Baby home; on the radio in 1928; and with cast members Mary Tyler love. Then in 1964, he came down
Street, which back then was New Rose Marie.” Moore, Morey Amsterdam and Dick Van Dyke in early ‘60s. with some sort of blood infection
York’s theater district. I’d come The name stuck, and died that May, at 48. I wore a
home and imitate everyone I saw. but I couldn’t get a ery Sunday. Mother My father took all the money I black ribbon in my hair ever since.
Mom liked to take me upstairs to job in New York because rehearsed me at home made to feed his other family and Bobby was very special. I miss
sing for her friends. When I was 4, of child-labor laws. My on our piano. I was a quick gave my mother just $100 a month. him. I still have his trumpet. It’s
the couple entered me in an ama- grandmother told my mother, study. But I had an adult’s voice, My mother didn’t push. She the most beautiful thing I own. His
teur contest at the Mecca Theatre. I “You have to get her out of here.” and listeners thought I was 45. So thought she was rich. My father soul is in that horn.
sang “(What Can I Say) After I Say So we moved to nearby Grantwood, NBC sent me on a national tour to was mean. I hated him. She pro- —As told to Marc Myers
I’m Sorry?” and won. N.J. There, we lived on the bottom headline at its RKO theaters. tected me from him in every way.
My parents and I went down to floor of a house while the owners I was a huge hit before Shirley When I was 16, I became known Rose Marie, 94, is an actress,
Atlantic City for a vacation and lived on the top floor. Temple was born. I wasn’t making as Miss Rose Marie, but my New singer and comedian whose TV sit-
went to hear Evelyn Nesbit sing. Our new address allowed me to a fortune then, but my grand- York bookings had slowed. Joe Fis- coms include “The Dick Van Dyke
At some point, I started singing work in the city. I was 5 when my mother insisted my mother buy us chetti, Capone’s cousin, booked me Show.” She is the subject of “Wait
along with her from my seat. She father signed a contract with NBC. a house. Mother found a beautiful in Lake Tahoe. for Your Laugh,” a new documen-
called me up on stage, and we I sang three songs on the radio ev- one nearby in Palisades Park. During the war, I met a soldier tary about her nine-decade career.
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MANSION
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HOMES WHERE THE PILGRIMS FIRST LANDED

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MONOMOY PHOTOGRAPHY (2)

ELYSSA COHEN (4)
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This 2,608-square-foot, four-level contemporary home has views This freshly renovated late-19th-century, three-story, 2,426- This newly built, 1,758-square-foot, two-story Colonial-style home
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ing gas fireplace, and double-height windows to let in sunlight. grand main-level beachside deck for outdoor entertaining. Agent: Joe DeMartino, Coldwell Banker Pat Shultz
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please contact: [email protected] | 800.366.3975
DISTINCTIVE

PROPERTIES
LIST YOUR PROPERTY TODAY

(800) 366-3975

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MANSION
AN EX-NFL PRO DESIGNS HIS HOME TURF
Continued from page M1

sion in Edina, Minn.
The story of this home begins in
2014. Mr. Jennings was playing for
the Minnesota Vikings, and his
four kids were enrolled in school
in a neighborhood outside the
Twin Cities. Mr. Jennings, now a
Fox Sports television analyst, and
his wife, Nicole, owner of the Min-
neapolis-based women’s clothing
business Queen Anna, were renting
a home at the time. Because they
both worked, they had a live-in
nanny. They were looking to buy a
house, but found nothing with
seven bedrooms that worked.
“We didn’t plan on building, but
it kind of just happened,” says Mr.
Jennings. “I was like, ‘You know
what? This is it. This is going to HOME WORK The kitchen, top, is
be my baby.’ ” just off the living room. A large is-
Mrs. Jennings, busy launching land, left, does double duty for both
her business, was more than happy food prep and the children’s home-
to let her husband take the reins. work. Above, the stairway in the foyer
Mr. Jennings partnered with Alex- is the home’s centerpiece. Below, a
ander Design Group, a local archi- seating area in the kitchen; a wet bar
tecture design firm, and hired a lo- and sport court on the lower level.
cal builder, David Bieker of Denali
Custom Homes. He purchased a
teardown for $1.6 million on 1.2
acres just down the street from
where the family was renting. The
location was perfect: 10 minutes
from downtown Minneapolis, 15
minutes to the airport and a seven-
minute drive to their children’s
school. As a bonus, the property
was flanked by two golf courses.
(Mr. Jennings is a 13-handicap.)
The pen hit the paper. Mr. Jen-
nings took his initial inspiration
from a home that he had seen on
the design website Houzz, a con-
temporary mansion set at the base
of a Utah mountain. “He had a
very clear image of what he
wanted,” recalls Kathy Alexander
of the Alexander Design Group. by a window encasement that runs
“He had this vision of a modern from top to bottom, offering a
mountain look. He wanted it edgy broad view of the backyard, with
but not over the top,” she says. natural light flooding in. To the
The home would be unusual for an right is the living space, and to the
area where domiciles are more tra- left is the master wing and office.
ditional, but not so much that re- A contemporary kitchen is an-
sale would be risky. It would stand chored by a big island that does
out, but not stick out. double duty for both food prep and
Future resale also figured into the children’s homework. The kids
the design aesthetic. “We went (Amya, Alea, Ayva and Aice, who
into it with the mentality that it range from 5 to 10 years old) each
would feel timeless,” says Mr. Jen- have a bedroom with a bathroom
nings, who is 34. “I wanted some- (two of those bathrooms are joined
one to be able to walk through by a jack-and-jill sink setup). A bo-
those doors in 20 years and say, nus room above the garage serves
RAU + BARBER FOR THE WALL STREET JOURNAL (6)
‘Wow, whoever designed this home as the nanny’s quarters.

was a forward thinker.’ That’s why The finished basement is where
you see a lot of clean lines, not a Mr. Jennings did his most detailed
lot of trim, and open space. I don’t work. Winter is long in Minnesota,
like walls. They restrict. They so for much of the year, this is
don’t promote the beauty of the where the family would spend lei-
bone structure.” sure time. “The entire lower level, I
The house was designed to be laid out,” he says. “I thought, ‘OK, I
useful also. According to Mr. Jen- am walking downstairs. What is the
nings, all but 300 square feet of it first thing I want to see? I want a
(namely, the bar area, built for spe- glass of wine. Where will the bar
cial occasions) is used on a daily ba- be? The last thing you want when
sis. “I wanted all the rooms to func- you want a glass of wine is to have
tionally flow into each other,” he to go a long way to get it.’” space spills into a backyard that Naturally, there’s plenty of NFL “Architecture has been something
says, “from the kitchen to the great Now complete, the bottom floor features an outdoor kitchen and memorabilia on display in the I’ve been passionate about and
room and the dining room.” And contains a theater room, a guest dining spot, a fire pit and a pool. home. Mounted on walls around a wanted to do more of but I never
while the feel was to be curated and bedroom, a family room, a bath- In all, the project took almost pool table, Mr. Jennings has a hel- could because of football,” he says.
modern, it had to be homey—not a room with a sauna, an indoor sport two years from start to finish, and met he wore for each of the teams Even as a high-school student he re-
“don’t touch this and don’t touch court with a basketball hoop, a as Mr. Jennings points out, when he played for, from his Western calls his interest in architecture,
that” kind of place, he says. kids’ playroom (that could be easily building a home this ambitious, Michigan Broncos helmet to one once designing a floor plan for a
The front entrance opens into a turned into a workout space, Mr. “there are always setbacks.” While he wore for his last pro team, the church he wanted to build for his
foyer that has a dramatic view of Jennings says), and the bar, which digging out the area for the indoor Miami Dolphins. Also on display is father, who is a pastor. “Football
the home’s centerpiece: a three- has a nook where Mr. and Mrs. sport court, groundwater became a football he caught for a touch- stunted the furthering of my educa-
story staircase with walnut treads Jennings can have a glass of wine an issue. Winter also caused major down in Super Bowl XLV. Still, the tion in this way,” he says. “I
and a railing accented by stainless- with some privacy from the chil- headaches, delaying construction house itself might be Mr. Jennings’ couldn’t pursue this passion like I
steel cable. The staircase is backed dren. The flow of this downstairs on the outdoor kitchen. favorite trophy of all. wanted, until now.”

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