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What’s GOP Mulls Shift on Corporate Tax

News As formal debate begins
in Senate, haggling
ing Wednesday.
One of the most significant
unresolved issues is whether
over a decade. Under current
law, the corporate tax rate
stands at 35%.
aide said.
White House spokesman Raj
Shah said Wednesday that the
businesses such as partner-
ships and S corporations that
pay taxes through their own-
intensifies; leaders aim the corporate tax rate should “Twenty-two percent doesn’t president “would not support ers’ individual tax returns.
Business & Finance be set above the 20% thresh- make this a horrible bill,” said raising the corporate rate as After complaints from sena-
for vote Thursday night old Mr. Trump has sought and Sen. Lindsey Graham (R., S.C.). outlined” in an amendment tors who said corporations
how aggressively the adminis- “It’s like making a cocktail. If aimed at boosting the child were getting too much of the
BC fired “Today” co-an- BY SIOBHAN HUGHES tration would fight an attempt you’ve got to add more of this tax credit. tax cut, those pass-through
N chor Lauer after an alle-
gation of sexual misconduct,
AND RICHARD RUBIN to set it higher. A final vote in
the Senate could come as early
and less of that, I’m fine. Fail-
ure is not an option.”
“We do support the child
tax credit,” he said. “We also
businesses would now get a
20% deduction on their busi-
leaving the network with WASHINGTON—Senate Re- as Thursday night. But going higher than 20% think it’s important to make ness income instead of the
its top franchise in crisis. A1 publicans are considering Bumping that rate to 21% for the corporate rate could businesses more competitive.” 17.4% deduction in the previous
whether to cut the corporate or 22% is attractive to Repub- split the party. The 52-48 procedural vote Please see TAXES page A4
Bitcoin has been trans-
tax rate less deeply than Presi- licans looking for money to ex- Sen. John Cornyn of Texas, on party lines late Wednesday
formed from a curiosity
dent Donald Trump has de- pand the child tax credit, pre- the chamber’s second-ranking was an early show of GOP Greg Ip: Unintended effects
among techies to a hot topic
manded, a move that could serve a property-tax deduction Republican, is inclined to op- unity. It came after Republi- buried in tax bills.................... A2
for mainstream investors as
make it easier to pass the tax or make other changes. Each pose amendments that put the cans said they were backing a Trump retweets videos from
its value has skyrocketed. A1
bill they voted to begin debat- point raises about $100 billion corporate rate above 20%, an larger tax cut for pass-through anti-Islam group....................... A4
Nasdaq aims to launch
bitcoin futures and Cantor
Lauer’s
plans bitcoin derivatives. B7
Wells Fargo may face
1,000% Bitcoin's rise this year dwarfs other major episodes Bitcoin
Wednesday
an OCC enforcement ac- of market fervor in recent decades.
Firing
tion over improprieties in
Bitcoin Total value: $171 billion
in 2017
its auto-insurance and +955% End of 2016
mortgage operations. B1
Puts NBC
800
$16 billion
Trump nominated econ-
omist Marvin Goodfriend U.S. currency in circulation
In Turmoil
to fill one of three vacan-
cies on the Fed board. A2 $1.6 trillion
The U.S. economy is Nasdaq Composite Gold prices U.S. home prices†
running at its full poten- 600 BY JOE FLINT
1994-2004 2001-11 2001-11
tial for the first time in a Dot-com bubble bursts
decade, a report said. A2 Matt Lauer’s abrupt exit
from NBC News after an accu-
The S&P 500 eased as fi-
Japanese stocks* sation of inappropriate sexual
nancial shares gained and
400 1983-93 behavior ends a storied tenure
tech stocks slid. The Dow rose Japan’s ‘lost decade’ begins Nasdaq, dot-com boom that made him the face of
103.97 to 23940.68. B13, B14
1999 morning television, leaving the
Chipotle’s founder is step- $3.2 trillion network with a huge hole to
ping down as CEO as the fill and its most important
restaurant chain struggles franchise in crisis.
1998
to win back customers. B1 200 NBC said Wednesday Mr.
$1.6 trillion Lauer was fired after a staffer
BuzzFeed is laying off
filed a complaint alleging he
about 100 employees and
engaged in misconduct during
reorganizing its ad sales
the network’s coverage of the
and business operations. B1
2014 Winter Olympics in
0
China’s HNA is prepar- Sochi, Russia.
ing to sell some foreign as- Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 The co-anchor of “Today”
sets to help service its debt *Tokyo Stock Price Index †Case-Shiller Home Price Index for 20 years, Mr. Lauer was
and satisfy regulators. B3 Sources: CoinDesk (bitcoin price and value); FactSet (Nasdaq performance, Japanese stocks, gold); Thomson Reuters (home prices, Nasdaq total value); Federal Reserve (currency in circulation) one of the last of the network
THE WALL STREET JOURNAL. news stars who came of age
Britain’s Cineworld is
when the face in front of the
in advanced talks to buy
Bitcoin Mania: Even Grandma Is In

camera was perceived as being
U.S. movie-theater chain
as important as the news be-
Regal for $3.1 billion. B2
ing read into it.
Snapchat simplified its Mr. Lauer had an annual
app design as it seeks to BY PETER RUDEGEAIR Ms. Scott quickly caught on bitcoin later topped the investments. salary in the $20 million
increase daily users. B4 AND AKANE OTANI and started checking the price $11,000 mark—reaching its Bitcoin, a stateless digital range, according to a person
several times a day, even while highest level in its nine-year currency that shares some in- familiar with the matter, mak-
World-Wide Rita Scott’s grandson con- playing poker at a casino in history—the virtual currency vestment characteristics with ing him one of the highest-
vinced her in mid-November her hometown of Las Vegas. tumbled more than $2,000 gold, has captured the imagi- paid television news figures.
to get in on the latest invest- Late Monday, as the price later Wednesday as several ex- nation of investors. He was also seen inside NBC
Senate Republicans are ing sensation and buy bitcoin. approached $10,000 for the changes struggled to handle As its value has doubled as the key to the continuing
weighing whether to cut the “I thought it was a big coin,” first time, her grandson, An- surging volume. It rallied since mid-October and risen success of “Today.”
corporate tax rate less deeply the 70-year-old said. “I didn’t thony Santa, sold the bitcoin again later to trade at $10,214. more than tenfold in 2017, the NBC News Chairman Andy
than Trump has demanded, a even know what it was, a piece that he and his grandmother “Believe me, I didn’t have currency has transformed Lack said in a memo to staff
move that could make it eas- of coin? Why would I invest in held, netting what he said was this much fun with T. Rowe Please see BITCOIN page A8 that the allegations made by
ier to pass the tax bill. A1 a piece of coin?” a gain of around 45% over just Price,” said Ms. Scott, a re- the accuser represented “a
House Republicans are With a few hundred dollars a few weeks. tired secretary and taxi driver, James Mackintosh: Bitcoin isn’t clear violation of our com-
set to propose a revamp of of her money invested in it, That was prescient. While referring to her mutual-fund what its creator envisioned... B1 pany’s standards.” He said that
the student-loan program while this was the first com-
that would cap borrowing. A3 plaint about Mr. Lauer’s be-
Farm Towns, With Changing INSIDE

Congress is headed for havior in his two-decade ten-
a showdown on whether to ure, the network was
insert several health mea- “presented with reason to be-
Priorities, Reject Meatpackers

sures in year-end bills. A4 lieve this may not have been
Kushner was interviewed an isolated incident.”
this month by Special Later Wednesday, Variety
Counsel Mueller’s team, published a story in which
whose questions focused multiple unidentified women
on Flynn’s activities. A4 accused Mr. Lauer of inappro-
priate sexual behavior. The
Trump retweeted videos
Tyson Foods and others struggle to win support for new plants story also alleged that some of
posted by a British anti-Islam the women had made com-
group that purported to show
violent acts by Muslims. A4
BY JACOB BUNGE the Kansas economy, in part because it would
pay local farmers to raise chickens and buy lo-
THE HUNT plaints to unnamed NBC exec-
utives that were ignored. In
North Korea’s latest mis- TONGANOXIE, Kan.—Rural Americans are cally grown grain to feed them. “Kansas will be FOR HOLIDAY response, an NBC News
sile test appeared aimed at turning their backs on the industry that made
the U.S. the biggest meat-exporting country in
an outstanding home for this Tyson complex,”
said Kansas Gov. Sam Brownback, who joined
DISCOUNTS Please see LAUER page A6
showing Pyongyang’s nuclear
advances while not provok- the world. Tyson staff and local elected officials in Ton- Minnesota Public Radio fires
Residents of Tonganoxie, a 5,300-person ganoxie when they unveiled the plan. LIFE & ARTS, A11 Garrison Keillor......................... A6
ing U.S. military action. A7
town in northeast Kansas, spent part of the fall Many residents, including farmers, dis-
Egypt’s Sisi ordered se- hanging white-and-red placards that say “No agreed. Online, they raised alarms about
curity forces to use “brute Tyson in Tongie” on fenceposts and pickup groundwater pollution, infrastructure burdens
force” to rid Sinai of Is- trucks. Their efforts were part of a public push and noxious smells. With a relatively strong
lamic State-linked militants
after a mosque attack. A18
against Tyson Foods Inc., the largest U.S. meat
processor by sales, which trumpeted in early
September its plans to build a $320 million
economy, and job flexibility that comes from
proximity to the Kansas City metropolitan area,
many weren’t persuaded by the promised eco-
World’s First
“Self-Driving”
The U.S. rejected China’s
demand that it be treated as chicken-processing complex just south of town. nomic benefits. Critics railed at Tyson’s pro-
a “market economy” under The investment, Tyson said, would bring posed plant on radio shows and in local news-
1,600 jobs and deliver $150 million annually to Please see FARMS page A10
Database
global trading rules. A8
Beijing is evicting migrant
The National Debt Clock Took a $687 Billion Hiatus

workers from poorer areas
as part of a drive to revamp
the Chinese capital. A8
i i i
Justices pushed back
against claims that police
should have broad access to
Six-month revamp includes new lights, wiring; ‘a silent vigil’
Americans’ digital data. A6 BY ANNE KADET Mr. Durst isn’t optimistic
the situation will improve,
Oracle
Autonomous
A convicted war criminal
from Bosnia died after drink- It’s back. After nearly six noting, “the current occupant
months in the repair shop, the of the Oval Office once called
Database
ing poison in front of a U.N.
tribunal in The Hague. A18 National Debt Clock was re- himself the ‘King of Debt.’ ”
mounted in New York City Over the summer and fall,
near Times Square. Last the sign got an overhaul at
CONTENTS Opinion.............. A15-17 week’s grim message: The U.S. National Debt Clock Spectrum Signs in Old Beth-
Business News...... B3 Sports....................... A14
Crossword.............. A14 Streetwise................. B1 owes its creditors page on New York’s Long Is-
Heard on Street. B14 Technology............... B4 $20,546,926,554,467.78. cade. land. The billboard stood gut- No Human Labor – Half the Cost
Life & Arts....... A11-13 U.S. News............. A2-6 And in case that number Chairman Douglas Durst ted and forlorn in the vast
Management.......... B6 Weather................... A14
doesn’t hit home, the digital said the family decided workshop, its display dark, No Human Error – 100x More Reliable
Markets............. B13-14 World News. A7-9,18
tracker breaks it down: “Your against modernizing the wires spilling from the inte-
Family Share: $172,560.” “slightly dated” look of the rior.
> The 20-foot wide billboard sign because it “reminds peo- Spectrum has fabricated
owned by the Durst Organiza- ple that this has been a prob- and installed signs all over
tion, a family-owned real-es- lem for a while.” Times Square in Midtown oracle.com/selfdrivingdb
tate empire based in Manhat- “It is a silent vigil that re- Manhattan, including for the
s Copyright 2017 Dow Jones &
tan, just got a $160,000 rehab minds people that the govern- Broadway show “The “Lion Human labor refers to tuning, patching, updating, and maintenance of database.
Company. All Rights Reserved to replace the digital display ment needs to live within its King” and the restaurant chain Copyright © 2017, Oracle and/or its affiliates. All rights reserved.
and wiring, and freshen the fa- means,” he said. Please see CLOCK page A10
A2 | Thursday, November 30, 2017 * **** THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Goodfriend Is Tapped
To Fill Fed Board Seat
BY NICK TIMIRAOS rities except in limited circum-
Unintended Effects Buried in Tax Bills
stances when it has been given In their through changes will lose $71
President Donald Trump explicit permission by Con- rush to pass a Winners and Losers billion to $94 billion more
nominated Marvin Goodfriend, gress. sweeping tax The tax bills will reward businesses organized as ‘pass-through’ than JCT estimates.
a former Federal Reserve econo- In a March appearance be- overhaul, Re- while punishing high-income residents of high-tax states. There is precedent: After
mist and current Carnegie Mel- fore the House Financial Ser- publicans and Kansas eliminated state in-
lon University professor, for a vices Committee, Mr. Good- the Trump ad- Forgone revenue under proposed House Senate come taxes on pass-throughs
spot on the central bank’s board friend said the Fed should ministration may be headed House of Representatives and JCT JCT in 2012 it suffered a huge hit
PWBM PWBM
of governors on Wednesday. welcome more oversight from for a reckoning with the law Senate pass-through tax rates to revenue and finally re-
If confirmed by the Senate, Congress to enhance its credi- of unintended consequences. versed course this year. The
$0 billion
Mr. Goodfriend would fill one of bility. He also recommended The U.S. tax system is a federal tax reform in 1986 re-
three vacancies on the Fed’s that Fed officials compare their complex, jury-rigged contrap- duced personal rates below
powerful seven-member board. policy decisions against a math- tion. At the best of times, –20 corporate rates, so many busi-
Mr. Trump has also nomi- ematical rule such as the so- tampering with any part in- nesses became pass-throughs
nated Fed governor Jerome called Taylor rule. variably triggers collateral –40 and corporate tax revenue fell
Powell to succeed Fed Chair- Mr. Trump has an unusual consequences. Those risks are short of expectations.
woman Janet Yellen when her opportunity to put his stamp on magnified by Republicans’ de- –60 To pay for lower corporate
term expires next February, and the U.S. central bank early in termination to pass the plan and pass-through rates, legis-
Ms. Yellen said last week she his presidency. The position of with minimal hearings on –80 lators will eliminate several
will resign her seat as a gover- the Fed’s vice chairman is va- party lines by Christmas. deductions, the largest of
nor when Mr. Powell is sworn cant after Stanley Fischer re- Gary Cohn, President Don- 2018 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26 ’27 which is for state and local
into office. That could give Mr. signed last month citing per- ald Trump’s chief economic State and local tax rates, with and without the federal deduction, taxes (although the House
Trump a fourth vacancy on the sonal reasons. adviser, touched on this in an would preserve a $10,000
for several high-tax jurisdictions and their neighbors
Fed’s board. Mr. Goodfriend remains pop- interview on CNBC: “We not break for property tax). The
Mr. Goodfriend, a widely re- ular with conservative econo- only have to think about what With federal deduction Without federal deduction rationale: the deduction
spected monetary economist, mists, including many who have the objective is with taxes, serves no economic purpose
New York City 8.0%
would provide academic heft on been critical of the Fed in re- and tax reform. We have to 12.7 and subsidizes state and local
a board that now has just two cent years, as well as influential think how do we get 218 votes Connecticut 4.4 government spending.
7.0
economists, including Ms. Yel- Republican lawmakers. His [in the House], and how do New Jersey 6.0 The same is true for the
9.5
len. He has criticized the Fed’s nomination has taken on extra we get 51 votes [in the Sen- federal break for municipal
buying of mortgage-backed se- urgency because once Ms. Yel- ate] on top of understanding 6.5 bond interest, yet its benefits
District of Columbia 9.0
curities as part of its postcrisis len retires from the Fed, the the intended consequences 4.2 are more evenly shared by Re-
asset purchases aimed at lower- board will operate with only [and] the unintended conse- Virginia 5.8 publican and Democratic
Maryland 6.3
ing long-term interest rates. He three members if no new nomi- quences.” 8.7 states and thus it hasn’t been
has said the Fed should limit its nees have been confirmed and touched. The state and local
8.7
T
bond-buying to Treasury secu- seated. he bills, as they stand, California 13.3 deduction benefits mainly af-
contain countless in- Washington 0 fluent residents of Democratic
0
centives for gamesman- Texas 0 states like California, New
ship: differing tax rates for 0 York and Maryland—states
different types of foreign Note: JCT=Joint Committee on Taxation; PWBM=Penn Wharton Budget Model that rely on hefty taxes paid
property and profits, arbi- Sources: Joint Committee on Taxation, Penn Wharton by their wealthiest residents
trary expiration and imple- Budget Model (revenue); Goldman Sachs (rates) THE WALL STREET JOURNAL. to finance extensive and
mentation dates to hold the costly public services.
10-year deficit impact below Those complaints have lit- nearly $600 billion in revenue Losing the federal deduc-
$1.5 trillion, and changes to tle economic foundation: 86% over the coming decade and tion will raise effective tax
the Affordable Care Act to of pass-throughs are so small the Senate provision $225 bil- rates on wealthy residents of
free up government dollars they pay a personal rate of lion. Yet the loss could easily states such as California, New
that could roil private insur- 25% or less, according to the be more. Legions of attorneys, York, and Connecticut by 2 to
ance markets. “There are Tax Policy Center, a think accountants and consultants 5 percentage points, according
more ticking time bombs in tank. Moreover, pass-through will work over time to help to Goldman Sachs economists.
this bill than a Road Runner income is taxed once whereas high-income clients reclassify Some residents will move;
cartoon,” says Martin Sulli- corporate income is com- themselves as a pass-through. others will never come. The
van, chief economist for the monly taxed twice: at the cor- If you’re a doctor or law- erosion of their tax base could
nonprofit group Tax Analysts. porate level, then on divi- yer, says Daniel Shaviro, a law imperil those states’ fiscal
Two components in partic- dends and capital gains to professor at New York Uni- health and force them to slash
ular could have significant, shareholders. versity: “Not to worry. Some public services.
unintended consequences: the Nonetheless, to appease law partnerships or doctors For some conservative law-
treatment of pass-throughs— business owners the House own their buildings, so you makers that may be an in-
businesses such as partner- bill taxes 30% of pass-through form two pass-throughs, one tended consequence. But it’s
ships that pay taxes as indi- income at just 25%. The Sen- is the service business and also why no Democrats back
viduals rather than ate bill would let them deduct the other owns the building, the plan and will likely try to
corporations—and of state 17.4% of their income. Profes- rents it out to the first and undo it if they retake Con-
and local taxes. sionals like doctors and law- gets the low rate.” gress, much as Republicans
Historically, pass-throughs yers above a certain income Treasury may struggle to have tried to undo the Afford-
paid the same rate as individ- level would be prohibited craft guardrails against such able Care Act ever since Dem-
uals. Small businesses often from paying that lower rate. maneuvers, says Kent Smet- ocrats enacted it on party
say this is unfair because the This change doesn’t come ters, director of the Penn lines. That sort of instability
top individual rate, now cheap: the nonpartisan Joint Wharton Budget Model, which is yet another unintended
39.6%, is above the corporate Committee on Taxation says simulates fiscal policy effects. consequence of the nation’s
tax rate, now 35%. the House provision will lose His team estimates the pass- increasingly polarized politics.
Hugh Jackman and

the new TimeWalker
Chronograph
Economy Hits Full Stride
For First Time in 10 Years
Crafted for New Heights.
BY BEN LEUBSDORF fourth quarter of 2007. An ac- Wednesday’s report from the
celeration in growth at this Commerce Department showed
WASHINGTON—The U.S. point could generate overheat- GDP, a broad measure of the
economy is running at its full ing that produces financial ex- goods and services produced in
potential for the first time in a cess or long-elusive consumer- the U.S., expanded at a 3.3% an-
decade, a new milestone for an price pressures. nual rate in the third quarter,
expansion now in its ninth year. “It’s the sweet spot,” said adjusted for inflation and sea-
Total economic output in the Beth Ann Bovino, chief U.S. sonality. It was the strongest
third quarter was slightly above economist at S&P Global Rat- quarter in three years, and an
the maximum sustainable level ings. “We’d like to be there for upward revision from the gov-
as estimated by the nonpartisan some time, but let’s see how ernment’s initial estimate of
Congressional Budget Office. long it lasts.” 3.0% growth.
This is a measure of the When the recession that be- A key measure of business
economy’s potential to produce gan in December 2007 reached earnings strengthened last
goods and services based on its nadir in mid-2009, GDP was quarter as well. The Commerce
the supply of people working more than 6% below its maxi- Department said after-tax cor-
and how productive they are. In mum sustainable level as esti- porate profits, without inven-
downturns actual output drops mated by the CBO. Revised GDP tory valuation and capital con-
below potential and slows infla- data released Wednesday by sumption adjustments, rose
tion. In advanced stages of ex- the Commerce Department con- 4.9% in the third quarter from
pansions output can exceed po- firmed the so-called output gap the prior period after falling
tential and cause the economy turned positive this summer, 2.0% in the second quarter.
to overheat. joining the lowest unemploy- Compared with a year ear-
It was the first time actual ment rate in nearly 17 years as lier, profits were up 10.0% in economy operating beyond its
gross domestic product had ex- evidence of renewed health in the third quarter. potential will experience stron-
ceeded potential GDP since the the economy. Looking ahead, economists ger price and wage increases as
expect the year will end on a workers and resources become
CORRECTIONS AMPLIFICATIONS
solid footing. Forecasters at increasingly scarce.
Macroeconomic Advisers on That could be welcome news
Wednesday projected a 2.5% for the Federal Reserve, which
GDP growth rate for the fourth has worried in recent years
Guangdong Bo Yu Informa- artificial intelligence incor- quarter. about persistently sluggish in-
tion Technology Co. was rectly gave his title as chief Many economists believe an flation.
deregistered on Nov. 17. In data science officer for the
some editions Wednesday, a American College of Radiology.
Technology article about Chi- THE WALL STREET JOURNAL
nese hacking incorrectly said Individual income-tax pro- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
the company, which is also visions in a Senate tax pro-
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of Interstate 95 showing I-95’s Letters to the Editor: Fax: 212-416-2891; email: [email protected]
worst bottleneck. Various types of stable-
value funds perform differently. NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
Keith Dreyer is chief sci- A Wealth Management report By web: customercenter.wsj.com; By email: [email protected]
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THE WALL STREET JOURNAL. * * Thursday, November 30, 2017 | A3
U.S. NEWS
GOP Seeks Major Changes for Colleges

House bill puts limits The opening House GOP
gambit will likely take more
on student loans and than a year to wind through
forgiveness programs; Congress and could undergo
substantial revisions. The
for-profits get a boost Higher Education Act of 1965
was last reauthorized in 2008.
The Republican-controlled It was set to expire in 2013 but
House this week will propose was extended to allow legisla-
sweeping legislation that aims tors more time to work on a
to change where Americans go new version. The Congressio-
to college, how they pay for it, nal Budget Office is expected
what they study and how their to score the bill this week.
success—or failure—affects Although some elements of
the institutions they attend. the bill could gain bipartisan
support, the overall plan is
By Douglas Belkin, dramatically different from re-
Josh Mitchell cent Democratic proposals. For
and Melissa Korn example, Democratic lawmak-
ers have said the best way to
The most dramatic element help students is to provide
of the plan is a radical revamp them with more direct subsi-
of the $1.34 trillion federal dies, including grants, and to
student-loan program. It let them pay off what they can
would put caps on borrowing afford for a set time, then for-
by parents and students and give the balances.
eliminate some loan-forgive- The bill would create losers
ness programs for students. and winners. Some student
The package—a summary of borrowers would see increased
LINDSEY WASSON/ASSOCIATED PRESS

which was reviewed by The loan payments. Many universi-
Wall Street Journal—would be ties are likely to oppose the
the biggest overhaul of educa- limits on federal student loans
tion policy in decades. and fight new competition
The rising expense of higher from alternative education
education is deeply troubling providers. The bill also at-
to many Americans, and many taches new strings to grant
increasingly question its value. funds for historically black and
Despite a steady rise in the minority-serving colleges.
share of high-school graduates On the other hand, commu- The rising expense of college in recent decades has been deeply troubling to many Americans, who increasingly question its value.
heading to college, a skills gap nity colleges would get more
has left more than six million funding to team with the pri- the Workforce that drafted the The GOP plan aims to ex-
jobs unfilled, a significant drag vate sector and create appren- proposal, lamented that so pand apprenticeships and
on the economy, according to ticeships. And for-profit col- much of higher education was competency-based education,
the Labor Department. leges, which were targeted by considered “irrelevant” by em- along with more “learn and
Republicans say their policy the Obama administration be- ployers. She hopes to push ac- earn” opportunities, said Ms.
proposals, which would make cause many of their students creditors to lean on schools to Foxx, a former community-col-
up the new Higher Education ended up with high debt loads accept credits from technol- lege president.
Act, are aimed at filling that and limited job prospects, ogy-based programs. Sen. Patty Murray (D.,
gap by both deregulating parts could get many changes it has “Since the last bill came Wash.), the top Democrat on
of the sector and laying the lobbied for, including equal out, we had a big recession the Senate’s Health, Education,
conditions for shorter, faster footing with nonprofit schools and tremendous technological Labor and Pensions Committee,
pathways to the workforce. when it comes to limits on fed- changes,” she said. “We have a said Wednesday the House pro-
They say the act focuses on eral aid and measurements of shortage of six million skilled posal was “extremely disap-
ensuring students don’t just graduate success. workers. What we want to do pointing,” cutting oversight of
enroll in school, but actually Rep. Virginia Foxx (R., N.C.), is help colleges provide stu- “predatory for-profit colleges”
graduate with skills that the chairwoman of the House dents with the skills they need and eliminating federal finan-
labor market is seeking. Committee on Education and to succeed in the workplace.” cial aid for needy students.
What’s Inside Higher-Education Inflation ously complicated form that

serves as the gateway to all
The Sweeping Plan College tuition has been among the fastest-growing expenses for federal and much state- and
households in recent decades, rising even faster than health-care costs. school-level financial aid.
Good News for For-Profits
Prices, change since 1990
Here’s a quick look at some Online schools will no lon-
of what’s in the GOP bill on 400% ger be required to seek state-
student finances, loan applica- College tuition level authorization in every
tions and for-profit schools: state where they have stu-
Revamp of Student Loans 300 dents, easing a major regula-
The bill would set an un- tory headache for fast-growing
specified cap on the amount institutions with far-flung stu-
graduate students and parents dents. Schools would need
of undergraduates could borrow 200 Medical care state approval only in states
to cover tuition and living ex- where they have physical loca-
penses, instead of letting them tions.
borrow what schools charge. 100 For-profit colleges get an-
All consumer prices
It would end a program that other big win with the elimina-
forgives loan balances for bor- tion of the so-called 90-10 rule,
rowers who work for govern- 0 which caps at 90% the share of
ment agencies and at many 1990 2000 ’10
revenue that a school can
nonprofits after they have made get from Title IV federal stu-
Source: Labor Department THE WALL STREET JOURNAL.
10 years of payments. Borrow- dent aid. And they will cheer
ers currently enrolled in the pro- the repeal of “gainful employ-
gram would be grandfathered in. provision that allowed borrow- Simplified Fafsa ment” regulations that tie ac-
And it would scale back the ers to have part of their debt The bill recommends simpli- cess to federal student aid to
benefits of income-based repay- forgiven after making payments fying the Free Application for whether career programs lead
ment programs, eliminating a for 20 or 25 years. Federal Student Aid, a notori- to decent-paying jobs.
BARNEYS.COM
NE W YORK B E V E R LY H I L L S SAN FRANCISCO
CHICAGO BOSTON LAS VEGAS PHILADELPHIA S E AT T L E
F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M
HAUS OF JR
HA A S BROTHERS XO BARNE YS NEW YO RK
#HA ASRULES
A4 | Thursday, November 30, 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
Special
Counsel
Health Care Hangs Over Congress
BY STEPHANIE ARMOUR
Spoke to AND KRISTINA PETERSON
Congress is headed for a

Spending-Bill Patch
Could Run Into 2018
Kushner showdown on whether to in-
sert several pressing health
measures in year-end bills, re- House GOP leaders are
BY REBECCA BALLHAUS viving partisan fights that considering trying to pass a
threaten to derail Republi- short-term spending bill that
Jared Kushner, senior White cans’ goal to close out the would keep the government
House adviser and President year with a raft of legislative funded into January, lawmak-
Donald Trump’s son-in-law, was successes. ers and aides said Wednes-
interviewed this month by Spe- The looming health-care is- day, potentially pushing de-
cial Counsel Robert Mueller’s sues include funding for a bates over immigration and
team as it investigates whether children’s health program, the other contentious issues into
Trump associates colluded in possible delay of certain taxes next year.
Russia’s efforts to interfere in by the Affordable Care Act The government’s current
the 2016 U.S. election, said a and the fate of a bipartisan funding expires at 12:01
person familiar with the matter. plan to bolster fragile insur- a.m. on Dec. 9, and lawmak-
The Mueller team’s ques- ance markets. ers previously said
tions to Mr. Kushner focused on With just weeks left in the they wanted to pass a two-
JASON CONNOLLY/AFP/GETTY IMAGES
the activities of former national 2017 legislative calendar, Re- week patch that would ex-
security adviser Mike Flynn, publicans hope to push pire before Christmas.
the person said, as it probes through a tax overhaul, reach Lawmakers hoped that
Mr. Flynn’s ties to Turkey and a two-year budget agreement, would give them enough
Russia. The meeting—Mr. Kush- enact a spending bill for the time to write and approve a
ner’s first known interview remainder of the 2018 fiscal more detailed spending bill
with the special counsel’s year and potentially find a fix for the remainder of the fis-
team—lasted less than an hour, for the so-called Dreamers, un- cal year, which ends Sept. 30
the person said. documented immigrants who of 2018.
Abbe Lowell, a lawyer for entered the U.S. as children. Children at a recent press conference held by House Minority Leader Nancy Pelosi (D., Calif.). —Kristina Peterson
Mr. Kushner, said in a state- Congress has been strug- Congress is dealing with health-care issues including funding for a children’s health program.
ment, “Mr. Kushner has volun- gling to resolve an array of
tarily cooperated with all rele- health-care issues since the reduce premiums next year as ular ACA taxes. A sales tax on surers use to provide subsi- move by GOP senators to re-
vant inquiries and will continue Republicans’ failed effort to originally intended. And Con- health insurance that largely dies for low-income consum- peal the ACA’s so-called indi-
to do so.” repeal the Affordable Care gress’s inability to reauthorize hits small and midsize busi- ers. President Donald Trump vidual mandate has spurred
The Kushner interview Act. Democrats emboldened money for the Children’s nesses has been suspended for cut the funds in October. The more Republicans to support
marks the closest point Mr. by the repeal’s collapse are Health Insurance Program, or this year, for example, but it Alexander-Murray deal also the Alexander-Murray deal, in
Mueller has reached within the balking at making conces- CHIP, is putting enormous is scheduled to return in 2018. would allow states more say hopes it would help offset
president’s orbit, said people sions, while Republicans have pressure on states. Funding A bipartisan push to bol- in implementing the ACA. premium increases prompted
familiar with the matter. The been leery of adding health- for the program expired Sept. ster the insurance markets Sens. Murray and Alexan- by repealing the mandate.
special counsel has already in- policy matters to other bills. 30 and many states are close under the ACA faces a more der’s efforts have been ham- Sen. Susan Collins (R.,
terviewed current and former That backlog has had con- to exhausting their reserves. uncertain fate. The package, pered in recent weeks by a Maine) said Wednesday she
top White House officials, in- sequences. Even quick passage Lawmakers from the two crafted by Sens. Lamar Alex- lack of support from some had an agreement to pass the
cluding former chief of staff of the bipartisan plan to bol- parties are close to agreeing ander (R., Tenn.) and Patty conservative Republicans and bipartisan bill, likely with a
Reince Priebus, and is expected ster insurance markets, for ex- on some issues, including a Murray (D., Wash.), would Mr. Trump, but the legislation short-term spending bill ex-
to interview others, including ample, would come too late to desire to further delay partic- temporarily restore funds in- is now gaining traction. A pected next week.
Communications Director Hope
Hicks, in the coming weeks. The
Trump Retweets Videos From Anti-Islam Group

Kushner interview was first re-
ported by CNN on Wednesday.
Mr. Trump has denied any
collusion by him or his cam-
paign, and Moscow has denied President Donald Trump sions,” he said, adding that guard, a White House official
DANIEL LEAL-OLIVAS/AGENCE FRANCE-PRESSE/GETTY IMAGES
meddling in the election. retweeted videos posted on- “British people overwhelm- said. The president was scroll-
The short duration of the line by a British far-right na- ingly reject the prejudiced ing through social media and
meeting, and its exclusive focus tionalist that purport to show rhetoric of the far-right.” didn’t click on the original
on Mr. Flynn, could mean Mr. violent acts carried out by Mr. Trump fired back at the post to see who wrote it.
Mueller will want to interview prime minister Wednesday “He just hit the retweet
Mr. Kushner again. The special By Peter Nicholas in night, tweeting: “@The- button,” the official said.
counsel is probing a series of Washington and Jason resa_May, don’t focus on me, Mr. Trump didn’t attach any
events that involve Mr. Kush- Douglas in London focus on the destructive Radi- comments to the tweets. In
ner, including the president’s cal Islamic Terrorism that is the past, he has said that the
decision to fire former FBI Di- Muslim men, drawing rebukes taking place within the United U.S. needs to take a tougher
rector James Comey—which from U.S. allies and civil-rights Kingdom. We are doing just stand against what he calls
four people said Mr. Kushner advocates in the U.S. fine!” “radical Islamic terrorism.”
pushed for, the Journal has re- Mr. Trump used the social- Ibrahim Hooper, a spokes- As a presidential candi-
ported—and a June 2016 meet- media platform on Wednesday man for the Council on Ameri- date, Mr. Trump called for “a
ing at Trump Tower with a to circulate a trio of tweets can-Islamic Relations, said in total and complete shutdown
Russian lawyer linked to the posted by Jayda Fransen, the an interview: “It’s really unbe- of Muslims entering the
Kremlin. deputy leader of Britain First, lievable that the president of Jayda Fransen, deputy leader of Britain First, an anti-Islam group. United States until our coun-
a small anti-Islam group in the the United States would issue try’s representatives can fig-
U.K. that describes itself as a materials that basically say, Washington-based think tank. wasn’t concerned with ure out what is going on.”
political party and a street ‘Hate Muslims. I want you to “Tweeting out anti-Muslim whether the videos Mr. Trump The comments drew criticism
The interview is the movement. She was convicted hate Muslims.’ This is some- propaganda videos is also retweeted were real. “I’m not that he was singling out peo-
closest Mr. Mueller in 2016 for religiously aggra- thing you expect from the harmful to 26,000 U.S. troops talking about the nature of the ple based on their religion
vated harassment. worst anti-Muslim hate sites in harm’s way in Iraq, Syria video. The threat is real,” she and needlessly raising reli-
has reached within A spokesman for U.K. on the internet.” and Afghanistan, as well as said. “That’s what the presi- gious tensions.
Mr. Trump’s orbit Prime Minister Theresa May Promoting the videos also others stationed in Muslim-ma- dent is talking about—the need Mr. Trump’s retweets to his
said in a statement that it could inflame anti-U.S. feel- jority countries,” Ms. Hurlburt for national security, the need 44 million followers on
was wrong for Mr. Trump to ings among Muslims in coun- said in her own Twitter mes- for military spending. Those Wednesday left Britain First ex-
have shared Britain First’s tries where the U.S. military sage. “Their lives depend on are very real things. There’s ultant. In a tweet later in the
Mr. Mueller’s team is also videos. “Britain First seeks to must operate, potentially en- [the] trust of Muslim allies.” nothing fake about that.” morning, the group wrote:
probing a December 2016 meet- divide communities by their dangering American troops, White House press secre- Mr. Trump’s Twitter posts “DONALD TRUMP HIMSELF
ing between Mr. Kushner use of hateful narratives that said Heather Hurlburt, a tary Sarah Huckabee Sanders Wednesday morning caught HAS RETWEETED THESE VID-
and the head of a Russian bank peddle lies and stoke ten- scholar with New America, a said that the administration much of the White House off EOS…GOD BLESS YOU TRUMP!”
that was placed on a U.S. sanc-
tions list following Russia’s an-
nexation of Crimea in 2014, the
Journal has reported.
Mr. Mueller’s investigators
have also been asking witnesses
TAXES earlier this month that “it’s
not going up” because “this is
one of the things that the
president feels very strongly
questions about Mr. Kushner’s Continued from Page One about. Twenty percent.”
interactions with foreign lead- version, a Republican senator Republicans don’t have 50
ers during the presidential said. More than half of business votes locked down yet for the
transition, including his in- income goes to pass-throughs final vote, and they were still
volvement in a dispute at the and more than half of pass- working Wednesday to win
United Nations in December, through income goes to the top support from lawmakers in-
the Journal has reported. 1% of households, according to cluding Mr. Corker, Ron John-
In December 2016, about a the Tax Policy Center. son (R., Wis.), Steve Daines (R.,
month after Mr. Trump won the Republicans are using a Mont.), Jeff Flake (R., Ariz.),
election, Messrs. Kushner and fast-track procedure that lets John McCain (R., Ariz.) and
Flynn both attended a meeting them avoid a Democratic fili- Susan Collins (R., Maine). Sen.
with then-Russian Ambassador buster, but it comes with Lisa Murkowski (R., Alaska),
ANDREW HARRER/BLOOMBERG NEWS
Sergey Kislyak, Mr. Kushner strings attached, including the backed the bill Wednesday.
said in a statement to Congress ability for senators to offer an As of Wednesday evening,
in July. The participants in that unlimited number of amend- they didn’t yet have the final
meeting discussed setting up a ments. The debate will end in text of a bill, an agreement to
secret communications line a so-called vote-a-rama as appease deficit concerns, a
with Russia to discuss the Democrats try to make Repub- path around some parliamen-
country’s military operations in licans take politically difficult tary challenges or an eco-
Syria and other issues, the positions and Republicans nomic-growth estimate from
Journal has reported. But it make their final adjustments. their own scorekeepers.
was never set up. Sen. Chuck Schumer, the Sen. Bob Corker, a Republican from Tennessee, spoke with the media after a GOP luncheon this week. Mr. Johnson wants to make
In his statement to Congress, chamber’s Democratic leader, the deduction for pass-
Mr. Kushner said he wanted to said Wednesday that corpora- tary hurdles and objections taxes, repeal the alternative change a bill they won’t ulti- throughs even bigger, as high
establish a line of communications and the wealthy don’t from conservatives who don’t minimum tax and shrink the mately support. as 25%, which would push the
tion because he believed “a need a tax cut. want automatic tax increases estate tax. It would increase Sen Bob Casey (D., Pa.) said top effective tax rate for pass-
thoughtful approach on Syria “To lavish them with huge baked into the plan, beyond budget deficits, repeal the he was unlikely to support throughs below 30%. He said
was a very high priority given tax breaks and ask the middle the expiration of individual tax mandate for individuals to that amendment, instead pre- he and Mr. Graham would pro-
the continuing humanitarian class to bear the cost—that’s cuts in 2025. have health insurance and ferring a larger version backed pose paying for that change
crisis,” but said he did not “sug- about as backward as it gets,” “Anything you’ve heard you open the Arctic National Wild- by Democrats. with an amendment repealing
gest a ‘secret back channel.’” Mr. Schumer said. can take off the table because life Refuge to oil drilling. “It’s not where we ulti- corporations’ ability to deduct
Republican senators, eager it’s evolving,” Mr. Corker said The idea of setting the cor- mately want to go,” said Sen. state income taxes.
to vote this week and resolve late Wednesday. A few hours porate tax rate above 20% was Sherrod Brown (D., Ohio). “I Republicans are discussing
differences with the House by later, as he was exiting the emerging Wednesday as an very much appreciate what whether to automatically in-
Order by Christmas, are still trying to Capitol, Mr. Corker said there option. Sens. Marco Rubio (R., Marco’s done on this…We can crease the corporate-tax rate
12 /20 figure out what their tax bill were “difficulties” in designing Fla.) and Mike Lee (R., Utah), do something bipartisan on from 20% if the bill’s support-
for the
Holidays will ultimately look like. The the trigger provision. proposed a 22% tax rate to pay this and make this bill signifi- ers’ assumption that tax cuts
knottiest Senate problem right Sen. Dean Heller (R., Nev.) for expanding the child tax cantly better.” will pay for themselves by gen-
now is how to design a trigger said he didn’t like the trigger credit to more low-income Any effort to set the corpo- erating more economic growth
that would lead to automatic but that one wouldn’t remove families and tying the credit to rate rate higher than 20% proves inaccurate. Republicans
spending cuts or tax increases his support for the tax bill. inflation. could run into resistance from are also debating whether that
if revenue doesn’t come in as “At the end of the day, I Refundable tax credits go to the White House, where the trigger should cause spending
projected. want Bob Corker’s vote, so households that don’t pay in- insistence on a 20% rate has cuts instead of tax increases.
That could be crucial to we’ll do what we can do to get come taxes. It isn’t clear yet shaped the whole bill. Trea- —Joshua Jamerson,
Your Children’s Names hand-crafted in getting support from senators Bob Corker’s vote,” he said. how much support they have sury Secretary Steven Kristina Peterson
sterling silver with brilliant Swarovski crystals
set in solid gold - $390 such as Bob Corker (R., Tenn.). Overall, the tax bill would among Republicans or if Dem- Mnuchin told The Wall Street and Rebecca Ballhaus
JOHN-CHRISTIAN.COM 888.646.6466 The trigger faces parliamen- cut corporate and individual ocrats would help them Journal CEO Council gathering contributed to this article.
THE WALL STREET JOURNAL. Thursday, November 30, 2017 | A5
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A6 | Thursday, November 30, 2017 THE WALL STREET JOURNAL.
U.S. NEWS
Informant Slowed Search for MS-13 Killer Justices

BY ZUSHA ELINSON
What Is MS-13?
Question
Seven years ago, a 19-year-
old killed two young men at a
house party in Sparks, Nev.,
A gang formed during
the 1980s in Los Angeles by
Sweeps of
according to witnesses, and
then fled the state.
Lt. Greta Woyciehowsky of
immigrants from El Salvador
who left the country during a
civil war
Cell Data
the tiny Sparks police depart- BY JESS BRAVIN
ment had some good leads: Now has 30,000 mem-
For one thing, she knew the bers world-wide, including WASHINGTON—Supreme
identity of the suspected killer. 10,000 across the U.S., ac- Court justices pushed back on
He was Luis Alejandro Menen- cording to the National Gang Wednesday against govern-
dez-Cordero, an MS-13 gang Intelligence Center ment claims that police should
member. She knew he was in have broad access to data
California. Detectives found a Alleged violent acts in- about customers collected by
photo of his girlfriend on a clude charges in the April of telecom and internet compa-
phone. killing of four young men nies, with justices across the
What Lt. Woyciehowsky with machetes and clubs on ideological spectrum suggest-
didn’t know at the time was Long Island ing constitutional safeguards
that the woman in the picture must grow to meet threats to
was an informant for a Federal Federal racketeering privacy and property rights
Bureau of Investigation gang cases brought in the past deposed by the digital age.
task force targeting MS-13 in cade have weakened the “Americans, I still think,
Los Angeles. Lt. Woyciehowsky gang on the West Coast want to avoid Big Brother.
says the informant and her Luis Alejandro Menendez-Cordero, shown in a still from a video, shortly after his capture in 2015. They want to avoid the con-
government handlers would cept that the government will
become obstacles in a quest to methamphetamine in under- forcement agency,” said Laura investigation and review of the to harbor a violent fugitive. be able to see and locate you
catch a killer, according to a cover stings, court documents Eimiller, a bureau spokes- case, the Department deter- Some time before the meet- anywhere you are at any point
memo reviewed by The Wall show. For that, she was woman. “The informant in mined that the allegations ing, Mr. Menendez-Cordero had in time,” said the liberal Jus-
Street Journal. granted temporary legal status question reported the location were unfounded and that LAPD escaped to Mexico dressed as a tice Sonia Sotomayor.
Last month, Mr. Menendez- and paid at least $169,000, in- of the fugitive to the task personnel did not violate any woman, according to the memo. “John Adams said one of the
Cordero was put on trial and cluding relocation expenses, force, and this information of the LAPD’s strict policies or Mr. Menendez-Cordero then reasons for the [Revolution-
convicted of the two murders. over the past seven years, ac- was forwarded to appropriate investigative procedures.” fled to El Salvador, where he ary] War was the use by the
The case shows the conflicts cording to court documents. law enforcement personnel.” An attorney for Stella de- was born, according to El Sal- government of third parties to
that can arise from giving in- Stella said she met Mr. Me- Ms. Eimiller said Detective clined to comment. Lt. Woy- vadoran court documents. In obtain information, [forcing]
formants a key role in the gov- nendez-Cordero two or three ciehowsky also declined to 2014, the U.S. government no- them to help as their snitches
ernment’s efforts to infil- weeks before the Nevada mur- comment. tified authorities in the Cen- and snoops,” added conserva-
trate gangs including MS-13. ders, according to a memo Lt. Woyciehowsky and a tral American country that he tive Justice Neil Gorsuch.
The informant, code-named that Lt. Woyciehowsky filed
A woman code- team of detectives flew down had been charged of two The two, who are miles
Stella, came to Los Angeles with the FBI in early 2011 and named Stella helped to Los Angeles on Dec. 20, counts of murder. apart on many issues, laid out
from El Salvador when she was was reviewed by the Journal. 2010, but Detective Flores re- In August 2015, an El Salva- different but complementary
a child, she said in court testi- In this memo, Lt. Woycie-
the FBI target MS-13 fused to set up a meeting with doran court agreed to send approaches that for the first
mony for a federal case in which howsky said as she closed in members. Stella, the memo said. Mr. Menendez-Cordero back to time could require authorities
she served as an informant. She on the suspect in late 2010, When Lt. Woyciehowsky sat Nevada on one condition: that to obtain a search warrant be-
joined MS-13 at 13, she said. Stella hid him at her apart- down with the informant on he not face the death penalty, fore examining masses of data
She avoided getting deported ment and allegedly helped him Jan. 5, 2011, Stella admitted the court documents say. from digital providers.
in 2010 after being arrested by escape to Mexico. Flores no longer works on the that Mr. Menendez-Cordero Last month, Mr. Menendez- Justice Sotomayor sug-
immigration authorities by Sparks police were stymied task force. He is still employed had stayed at her apartment in Cordero was convicted in gested the court’s 20th cen-
agreeing to inform on MS-13. by Detective Flores, Stella’s by the Los Angeles Police De- Los Angeles after he fled Ne- Washoe County district court tury touchstone for search
One of her handlers was handler, who “overlooked the partment, which disputes the vada, according to the memo. for the murders of Moises cases—the “reasonable expec-
Los Angeles police detective opportunity to immediately account by Sparks police. She knew Mr. Menendez- Vasquez and Kevin Me- tation of privacy”—would ac-
Frank Flores, an FBI task-force apprehend our murder sus- The Los Angeles Police De- Cordero was suspected of kill- lendez and sentenced to two cept police reviewing data
member. pect,” the memo alleges. partment declined to make De- ing two people when he lived life terms. A public defender closely tied to a crime, but re-
Stella helped the FBI task The FBI didn’t allow “an in- tective Flores available to com- with her, Stella said in court for Mr. Menendez-Cordero ject the pervasive surveillance
force target MS-13 members formant to harbor a fugitive ment, but issued a statement: testimony. The FBI, she testi- didn’t respond to requests to of an individual’s whereabouts
by persuading them to sell her wanted by another law en- “After conducting a thorough fied, didn’t give her permission comment. or online activities.
Justice Gorsuch took a dif-
U.S. WATCH
ferent approach, likening an
Rare Sea Turtles Rescued in Cape Cod individual’s location data to
personal property or papers
that the Fourth Amendment
WEST VIRGINIA FLORIDA also protects. “The property-
based approach to privacy also
Convicted Coal Chief Police Say Gun Led has to be considered, not just
Runs for U.S. Senate Them to Serial Killer the reasonable-expectation ap-
proach,” he said.
Don Blankenship, a former A recent college graduate The case involves loot alleg-
coal executive who served a who was charged in four slay- edly taken by suspect Timothy
year in prison for conspiring to ings that terrorized a Tampa Carpenter and his associates in
violate mine-safety laws before neighborhood over the past 51 a string of RadioShack and T-
a 2010 mine disaster, said he days used the same gun in all of Mobile store robberies in 2010.
would run for a U.S. Senate seat the shootings and targeted peo- Federal agents subpoenaed
in West Virginia, adding another ple near bus stops with “no ap- from carriers 127 days of cell-
candidate to the field of Republi- parent motive,” a police chief tower location data revealing
cans hoping to challenge Demo- said Wednesday. the whereabouts of Mr. Car-
cratic Sen. Joe Manchin in 2018. The crack in the case came penter’s cellphone, thereby ty-
Mr. Blankenship, who was Tuesday when Howell Emanuel ing him to the spree.
chief executive officer of Massey Donaldson, 24 years old, brought In the 1970s, Supreme Court
Energy Co. during the 2010 mine a bag with a loaded handgun in opinions held that police could
explosion that killed 29 people, it to his job at a McDonald’s and obtain records that businesses
has maintained his innocence on asked a co-worker to hold it maintain about their custom-
charges that he conspired to vi- while he went across the street, ers—deposit registers at a
olate safety laws in the run-up authorities said. Workers bank, for instance, or the tele-
SCOTT EISEN/GETTY IMAGES
to the accident. He was released thought that was odd and they phone company’s list of calls
from prison in May. reported the gun to a police offi- placed from a household line—
Since then, even before for- cer who was doing paperwork without a search warrant. The
mally announcing a Senate cam- there, setting off an investiga- court reasoned that customers
paign against Mr. Manchin, he tion that linked Mr. Donaldson to waived their privacy interests
has been airing ads that try to the shootings. Authorities said by voluntarily disclosing such
shift the blame for the mine di- location data from Mr. Donald- information to the company.
WARM WELCOME: New England Aquarium workers check on a Kemp’s ridley sea turtle, one of the saster to Mr. Manchin, who was son’s cellphone put him at the Deputy Solicitor General
most-endangered sea-turtle species. The facility has rescued and warmed up more than 180 sea governor at the time, and the scene of at least three of the Michael Dreeben, representing
turtles stunned and stranded by the cold recently. Pilots with Turtles Fly Too in the past few years federal Mine Safety and Health killings. Arrest records didn’t list the government, described
have flown more than 500 of the reptiles to other sites for more rehab and release into the wild. Administration. a lawyer for Mr. Donaldson. that “third-party doctrine” as
—Janet Hook —Associated Press an ironclad principle.
LAUER Comcast Corp., generating rev-

enue north of $500 million an-
nually, according to people fa-
miliar with the show. Although
him. Together, those changes
hold the potential to signifi-
cantly reshape the battle for
morning TV viewers.
on the 10 a.m. hour of the
four-hour program. NBC hasn’t
disclosed any temporary or
permanent plans to replace
At “Today” he was named
news reader and formed a close
friendship with Bryant Gumbel,
the show’s lead anchor. When
Continued from Page One the audience for “Today” has Mr. Lauer and Mr. Rose are Mr. Lauer. Ms. Kotb will co- Mr. Gumbel stepped down, Mr.
spokeswoman said, “We can declined in recent years, it is the latest of several prominent host with Ms. Guthrie for the Lauer succeeded him.
say unequivocally, that, prior still the most-watched morning media figures to face allega- rest of the week, said a person Unlike Mr. Gumbel, who
NATHAN CONGLETON/ASSOCIATED PRESS
to Monday night, current NBC program among the coveted tions of sexual misconduct, familiar with the plan. was seen as somewhat aloof,
News management was never demographic of adults 25 to part of a torrent of accusa- One high-profile figure who Mr. Lauer initially brought
made aware of any complaints 54. It trails ABC’s “Good Morn- tions that have prompted com- could be a candidate to take more of an everyman ap-
about Matt Lauer’s conduct.” ing America” in total viewers. panies to scrutinize dynamics Mr. Lauer’s spot is Megyn proach and ease to anchoring
The New York Times and Now NBC has to determine in the workplace. Others, from Kelly, the former Fox News “Today.” He quickly developed
NBC News reported two addi- how to proceed without its on- movie mogul Harvey Wein- host who joined NBC in Janu- a huge following among fe-
tional accusations were made air leader, and look to its stein to Fox News’s Bill ary and anchors the third hour male viewers, and he and Ka-
against Mr. Lauer on Wednes- bench of talent to see who can O’Reilly, also have left their of “Today.” tie Couric dominated the
day. step in. It isn’t the only net- positions or been fired after Although Ms. Kelly’s show morning news race for years.
Mr. Lauer’s spokesperson work in that position: CBS accusations of harassment. has posted disappointing rat- Mr. Lauer’s image took a hit
didn’t respond to a request for News fired star morning host On Wednesday, “Today” co- ings, she is a known entity to NBC fired Matt Lauer after an when some critics blamed him
comment. Charlie Rose last week after anchor Savannah Guthrie was television viewers. If NBC de- accusation of sexual misconduct. for the messy departure of
“Today” is a financial jug- reports surfaced of sexual ha- joined behind the desk by cides to jettison the tradi- Ann Curry as co-anchor of
gernaut for NBC, a unit of rassment allegations against Hoda Kotb, who is an anchor tional man-woman co-anchor NBC has had to replace a “Today” in 2012.
approach to morning televi- beloved on-air talent before. Partly because of his impor-
sion in favor of two women, In 2015, Brian Williams was tance to the network’s busi-
Public Radio Fires behavior with an individual who name of Mr. Thile’s show and she could be a natural choice. dropped as anchor of “NBC ness and longevity there, Mr.
had worked with him on “A has ended its contracts with Another possibility for Mr. Nightly News” after it was re- Lauer developed close ties to
Garrison Keillor Prairie Home Companion.” Mr. Keillor, who still hosted Lauer’s chair is Carl Quinta- vealed that he had embellished corporate leaders at the com-
Mr. Keillor, who couldn’t be “The Writer’s Almanac,” a daily nilla, a reporter on CNBC who his experiences covering the pany, including Mr. Lack and
reached to comment, said in a poetry and writing feature. The has often appeared on “To- Iraq war in 2003. He was suc- NBCUniversal Chief Executive
Garrison Keillor, creator and statement posted Wednesday station will also end its re- day.” Mr. Quintanilla declined ceeded by Lester Holt and Steve Burke.
former host of the radio show to his website that he was broadcasts of old episodes of to comment. while the program now trails Some industry observers
“A Prairie Home Companion,” fired over “a story that I think “A Prairie Home Companion.” Over the years, others who ABC’s “World News Tonight” think “Today” will be able to
was fired from Minnesota Pub- is more interesting and more Minnesota Public Radio said were seen as potential succes- in viewers, it remains first in survive without Mr. Lauer.
lic Radio over allegations of in- complicated than the version it notified its board immedi- sors for Mr. Lauer have come the key demographic. Mr. Wil- “This isn’t a nuclear apoca-
appropriate behavior. MPR heard.” ately after learning of the alle- and gone including Josh Elliott, liams now hosts an hourlong lypse for NBC News,” said An-
Minnesota Public Radio said Mr. Keillor retired from the gations and retained a law firm who was wooed from “Good news program at MSNBC. drew Tyndall, a television con-
in a statement Wednesday it is music-and-variety show last to conduct an independent in- Morning America” but only Mr. Lauer joined “Today” in sultant, who noted that for
terminating its business ties year after creating it and host- vestigation. “Based on what we lasted a short while at NBC. the early 1990s after several much of his time on “Today,”
with Mr. Keillor and his private ing since 1974, and Chris Thile currently know, there are no Willie Geist, a former anchor on years in local news. He came Mr. Lauer was the No. 2
media companies immediately replaced him as host. Minne- similar allegations involving the third hour of “Today,” also to the attention of NBC while player, first behind Ms. Couric
after learning in October of al- sota Public Radio said Wednes- other staff,” Minnesota Public was seen as an heir apparent. hosting a three-hour news and then Meredith Vieira.
legations of his inappropriate day it plans to change the Radio said. —Cara Lombardo He now anchors the Sunday program on the New York City —Allison Prang
morning version of “Today.” television station WWOR-TV. contributed to this article.
THE WALL STREET JOURNAL. * * * * Thursday, November 30, 2017 | A7
WORLD NEWS
Pyongyang Set Up Test to Avoid U.S. Action
Missile’s course selected ing on China to work to per- Kim declared that Pyongyang
suade North Korea to end the had “finally realized the great
YONHAP/AGENCE FRANCE-PRESSE/GETTY IMAGES

to signal an ability to hit provocation. historic cause of completing
U.S. without sparking In a Twitter message about the state nuclear force,” ac-
FRANCK ROBICHON/EPA/SHUTTERSTOCK
the phone call, Mr. Trump said cording to the state-run Ko-
a military response “additional major sanctions rean Central News Agency.
will be imposed on North Ko- North Korea said the missile
BY ANDREW JEONG rea today.” Shortly afterward, was fired from a mobile launch
AND JONATHAN CHENG Secretary of State Rex Tiller- system and that Mr. Kim per-
son said the U.S. has “a long sonally oversaw the test.
SEOUL—North Korea’s lat- list of additional potential It wasn’t immediately clear
est ballistic-missile test sanctions,” some possibly in- how the Hwasong-15, or
Wednesday appeared calcu- volving financial institutions, Mars-15, differed from the
lated to avoid crossing red but added the Treasury De- two Hwasong-14 missiles that
lines that could provoke mili- partment would announce Japan’s Prime Minister Shinzo Abe, left, and South Korean President Moon Jae-in on Wednesday Pyongyang launched in July.
tary action by Washington them when they were ready. The latest missile reached a
while demonstrating an ad- At a campaign-style rally in Longer Reach higher maximum altitude, or
vance in the country’s cam- St. Charles, Mo., on Wednes- (tested Wedne apogee, than its predeces-
Experts say the range of s on g - 1 5 sday
paign to build nuclear weap- day, Mr. Trump appeared to Hwa ) sor—about 2,800 miles, ver-
ons capable of striking the U.S. refer to North Korea’s Kim the missile North Korea R an ge : 8 , 1 00 mi l e s sus 1,740 miles. That gives it
Pyongyang said the test of Jong Un as “little rocket man,” tested Wednesday a longer theoretical range
extends to the song-14 (tested in July
its longest-range missile yet a frequent insult, and told a
entire U.S.
Hwa 6 , 50 0 ) and the ability to reach
showed it could target the en- cheering crowd: “He’s a sick R a n ge : mil es Washington, independent ex-
tire U.S. But the latest launch puppy.” perts said.
wasn’t as provocative as other The launch, the first since MEXICO North Korea offered few
steps it has threatened, in- September, marks a logical U.S. clues on the differences, say-
cluding firing missiles at progression in North Korean CANADA ing only that the Hwasong-15
Guam, shooting down U.S. air- efforts to secure an effective EU RO PE “has much greater advan-
craft in international airspace, nuclear deterrent, and more tages in its tactical and tech-
or exploding a thermonuclear tests are likely in the months nological specifications and
device over the Pacific. ahead, said Yang Xiyu, a Ko- AF
AFRRICA
ICA technical characteristics.”
Analysts weren’t ruling out rean affairs expert and senior RUSSIA It would take a bigger step
such actions down the road. fellow at the China Institute of from Pyongyang or an attack
But for now, close observers of International Studies, a think on U.S. forces to goad Wash-
the regime say the test of tank affiliated with the Chi- ington into a military re-
CHINA NORTH
what Pyongyang described as nese Foreign Ministry. sponse, security analysts said.
INDIA KOREA
a new Hwasong-15 missile “North Korea’s missile Pacific There are about 28,500 U.S.
O ce a n
with a “super-large heavy war- launches enjoy diminishing troops in South Korea and
head” was calibrated to dem- marginal utility in terms of 54,000 in Japan.
onstrate North Korea’s status political impact and shock Indian
“An open-air test over the
as a nuclear-weapons state value,” Mr. Yang said. “The O ce a n Pacific would be a big game
without following through on latest test doesn’t really affect changer—that would precipi-
more extreme threats that the options that China and the tate a U.S. action,” said Gor-
could lead to war. U.S. have in dealing with don Flake, a Korea specialist
North Korea also chose not North Korea.” AUSTRALIA at the Perth USAsia Centre in
to launch the missile over The launch drew condemna- Australia. “Right now, I’m not
Japan, as the regime has done tions from the U.S., South Ko- so sure the difference between
with two missile tests this rea and the U.N. secretary- apogees is fundamentally a
year. Instead, the Hwasong-15 general and triggered calls for game changer.”
splashed down between Korea fresh sanctions. At an emer- At the U.N. Security Council
and Japan after flying on a gency U.N. Security Council meeting, U.S. Ambassador
lofted trajectory that took it meeting Wednesday evening, Nikki Haley said Pyongyang’s
deep into space before re-en- the U.S. called on all countries action “brings the world
tering the earth’s atmosphere. to suspend diplomatic ties Source: Union of Concerned Scientists THE WALL STREET JOURNAL. closer to war, not further from
U.S. President Donald with North Korea and asked it.” She said that Washington
Trump spoke to Chinese Presi- that China stop crude oil trade to measures such as blocking issuing a stock criticism of evant launching activity,” For- didn’t seek war, but added: “If
dent Xi Jinping on Wednesday, with Pyongyang. oil trade because of the poten- Pyongyang while calling on eign Ministry spokesman Geng war comes, make no mistake,
the White House said, under- No action was taken, but tial impact on North Korea’s other governments to refrain Shuang told reporters. He the North Korean regime will
scoring “the determination of Washington’s list of demands economy and consumers, par- from measures that would ex- urged North Korea to “stop ac- be utterly destroyed.”
the United States to defend could be a hard sell to the coun- ticularly in winter months. acerbate tensions. tions that heighten tensions —Chun Han Wong
ourselves and our allies from cil and many member states. Earlier Wednesday, China “China expresses grave con- on the Korean Peninsula.” and Farnaz Fassihi
the growing threat” and call- China and Russia are opposed struck a measured response, cern and opposition to the rel- Hours after the launch, Mr. contributed to this article.
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A8 | Thursday, November 30, 2017 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Beijing Sweep Scatters Migrant Workers

Campaign to show a
Capital Control
more-modern capital Beijing’s plan to cap its
sparks mass evictions, population at 23 million by 2020
means the effective eviction of
leaving many cold ‘low-end’ inhabitants.
25 million
BY EVA DOU
AND DOMINIQUE FONG Planned cap by 2020
20
BEIJING—After two years of
ferrying thousands of meals
across the capital on his moped 15
for Chinese food-delivery start-
ups, Li Xiaolong was rushing to 10
leave the city on Wednesday
rather than face the eviction
crews that come knocking on 5
doors around him each night.
Mr. Li, 29 years old, is one
0
FRED DUFOUR/AGENCE FRANCE-PRESSE/GETTY IMAGES
of thousands of workers clear-

ing out of Beijing’s poorer 1996 2000 2010
neighborhoods this week, in Source: National Bureau of
the latest and more brutal Statistics via CEIC
phase of the city’s campaign THE WALL STREET JOURNAL.
to revamp itself as a sleeker
capital with fewer people. Meituan, left Beijing on
A deadly fire in a shoddy Wednesday with his wife and 2-
tenement building on Nov. 18 year-old son to return to Hebei
triggered citywide closures of province. Each night this week,
apartment complexes housing he said, eviction teams with
migrant workers, leaving many flashlights have gone door-to-
with no option but to return to door, sealing apartments with
distant hometowns. The sweep, code violations and leaving
in the name of fire safety, has Residents left their homes on the outskirts of Beijing on Monday after receiving eviction notices that sparked widespread anger. their residents in the cold.
generated a groundswell of an- “I have a child, so we have to
ger at the government’s treat- clogged the city’s streets and deliver their meals or watch gestions the government was week reached levels exceeding leave before they get here,” Mr.
ment of the poor, just a few strained its water supply. Bei- their children being pushed targeting migrant workers were those during October’s Com- Li said. “We can’t get kicked
weeks into the second term of jing officials have said they onto the streets on freezing irresponsible: “There is no say- munist Party congress. out in the middle of the night.”
President Xi Jinping, who has want to cap the metropolis’s nights, and they responded ing like ‘low-end population.’ ” The evictions have left a On Monday night, eviction
cast himself as a champion of inhabitants at 23 million by with outrage at the use of the The government has given number of well-known compa- crews caught up with financial-
poverty alleviation. 2020 and shrink the popula- term “low-end population” in instructions to media outlets nies scrambling, with e-com- product saleswoman Wang
The eviction frenzy came af- tion in the city’s center by government documents, refer- to refrain from reporting or merce companies Alibaba Xinyi, 23.
ter Beijing’s Communist Party some two million. ring to migrant workers. commenting on the Nov. 18 Group Holding Ltd. and Ms. Wang slept that night at
secretary called the safety Without residency rights Zhang Qinghua, a Peking fire, which killed 19 people, JD.com arranging housing for a friend’s apartment. The friend
checks a “top priority,” though for Beijing, migrant workers University professor who stud- Chinese journalists receiving employees of their delivery was evicted the next night,
the state-run People’s Daily this are often denied access to sub- ies urban development, said the order said. services who suddenly found prompting a fresh scramble.
week quoted him as saying offi- sidized health care, education local officials may be using Fu King-wa, a lead re- themselves homeless. She said she plans to return to
cials needed to allow time for and social services. this month’s fire as a pretext searcher at the University of Food-delivery services Liaoning province in China’s
residents to move out. The Bei- As reports of mass evictions for the evictions. “They had Hong Kong’s WeiboScope proj- Meituan and Ele.me both said north. “I feel really tired.”
jing government didn’t respond spread on social media, many long wanted to do it,” she said. ect, which monitors activity they were attentive to delivery —Grace Zhu, Alyssa
to a request to comment. wealthier Beijingers were State media quoted a Beijing on social-media platform workers needing help. Abkowitz and Te-Ping Chen
Years of urban growth have shocked to see the people who official on Sunday saying sug- Weibo, said censorship this Mr. Li, who worked for contributed to this article.
WORLD WATCH
U.S.: China Is No ‘Market Economy’ MEXICO expect an interest-rate increase
BY JACOB M. SCHLESINGER EU date to December. Beijing after inflation accelerated in
argued in Geneva that the Central Banker Vows mid-November to 6.6% from
WASHINGTON—The Trump 2001 agreement granting its To Subdue Inflation 6.4% in October.
administration formally re- WTO membership required —Anthony Harrup
jected China’s demand that it other members automatically The incoming governor of the
be treated as a “market econ- treat China as a market econ- Bank of Mexico reaffirmed the EL SALVADOR
omy” under global trading omy by the 15th anniversary of bank’s commitment to tackling
rules, a move likely to its joining the organization. inflation, which has accelerated Suspect Extradited
heighten tensions between the The U.S., Europe, and others to more than double the central To Spain From U.S.
world’s two largest economies. say their promise to grant bank’s 3% target this year.
The U.S. submitted its deci- China that status was contin- “We need to adopt a mone- A former Salvadoran colonel
sion to the World Trade Or- gent on Beijing implementing tary-policy stance that leads in- was extradited to Spain to face
ganization in Geneva in mid- market liberalization measures flation as soon as possible onto charges that he helped plot the
November and made it public that have yet to be carried out. a downward track toward the 1989 massacre of six Jesuit
Thursday. Trump aides have China filed complaints late target,” Alejandro Díaz de León priests and two other people in
long signaled their stance on last year against both the U.S. said Wednesday in an interview El Salvador, Spanish authorities
the issue, but the filing marks and the EU with the WTO with Mexico’s Imagen Radio. said Wednesday.
the first time the U.S. govern- trade court demanding that “The central bank will take the The National Court in Madrid
AGENCE FRANCE-PRESSE/GETTY IMAGES
ment has publicly declared its the U.S. and EU grant it market necessary actions for that track said Inocente Orlando Montano
position and explained its rea- status. The U.S. case has since to materialize,” he said. Morales, 76 years old, arrived in
soning. stalled, but the complaint Mr. Díaz de León, a deputy Madrid on Wednesday and was
The fight’s stakes are high. against Europe is moving for- governor at the central bank, to appear in court on Thursday.
The trading partners of a ward toward hearings. What was appointed Tuesday by Presi- Mr. Montano faces charges of
country branded a “nonmarket the U.S. revealed Thursday was dent Enrique Peña Nieto to take terrorist murder in the attack on
economy” have wider discre- a brief supporting Europe in over on Dec. 1 from Agustín the Jesuit priests—five of whom
tion to impose higher duties its case. That, officials say, Carstens, who is leaving to head were Spaniards—and two female
on its exports on the theory shows Washington will take a the Switzerland-based Bank for employees. He has denied in-
that distortions from state in- similar stance when its own International Settlements. volvement in the killings.
tervention give its producers Workers toiled recently at an aluminum plant in Huaibei, China. case proceeds. Mr. Díaz de León is “very U.S. court documents said Mr.
unfair advantages. “The evidence is over- much a continuity appointment,” Montano was part of a group of
Economists have estimated ing tariffs well above 100%. and authority of multilateral whelming that WTO members Neil Shearing, chief emerging- military officers accused of con-
that the decisions by the U.S. In a recent speech, Wang rules.” He said Beijing “will have not surrendered their markets economist at Capital spiring to kill the priests, who
and European Union to treat Hejun from China’s Ministry of take will take necessary mea- longstanding rights…to reject Economics said in a report. were helping to organize peace
China as a nonmarket economy Commerce said the continuing sures to protect legitimate ben- prices or costs that are not de- The Bank of Mexico’s first talks during El Salvador’s
have cost Chinese producers refusal by the U.S. to grant efits of Chinese enterprises.” termined under market econ- monetary-policy meeting under 1980-92 civil war. The killings
billions of dollars in exports, China market-economy status The disputes pitting China omy conditions,” the U.S. brief Mr. Díaz de León is scheduled sparked international outrage.
with some of their goods fac- “undermines the seriousness against both the U.S. and the concludes. for Dec. 14, and some analysts —Associated Press
FROM PAGE ONE
BITCOIN couldn’t stop talking about how

bitcoin was going to reach
$10,000 soon,” Mr. Spelce said.
After stewing about it over
Bitcoin: What You
Need to Know
like Apple Pay. Some bitcoin
wallets are offered by compa-
nies like Coinbase, and they are
are regulated and some more
of an informal bulletin board.
teaches a fintech course at the
University of Hong Kong, said
when he asks his students that
same question, usually about
Continued from Page One the weekend, he pulled an all- the custodians of the account. Q: Why is the price of bitcoin 30% of them say they own vir-
from a curiosity among techies nighter poring over articles Others, like the wallet that going up so much this year? tual currencies.
to a hot topic for mainstream about bitcoin’s rise. He repeat- Q: What is bitcoin? comes with bitcoin’s software, A: Some people believe bitcoin He said in the past few
investors. edly searched the price of bit- A: It’s a digital form of money, are maintained by you. is going to become widely ac- weeks he has received so
But the speed of its ascent coin on Google. with no government or central cepted and used. The thinking many requests on how to
has some warning that it will At about 6 a.m. Wednesday, bank printing it or standing be- Q: What about security issues? goes that if it becomes a main- trade cryptocurrencies that he
end in tears. And, he placed an order to buy $50 hind it. It’s a system designed A: They’re real. Phishing stream investment, its price has put together “a template
as Wednesday’s quick reversal worth of bitcoin on Coinbase. to allow people to exchange scams are notorious. Bitcoin will rise ever higher. Plenty of response.”
shows, bitcoin is extremely Hours later his position was value directly, without middle- wallets can be the target of people also think that it’s all While individual investors
volatile—the currency has de- up about 11%. Then it was men brokering the transaction. hackers just like any other on- just an investing mania. might be piling into bitcoin,
clined more than 50% on eight down 9%. “When I clicked, it Literally, it’s software that facili- line account. some are cashing out quickly,
separate occasions since 2011. was just one of those feelings. tates those transactions. Q: Is bitcoin a bubble? potentially adding to the cur-
Another source of concern: I’d finally read enough, finally Q: How do I buy bitcoin? A: The price is up about 900% rency’s volatility.
The latest move higher in bit- felt confident enough to do it,” Q. How do I get in? A: The easiest way is go to an this year. Whether that consti- Nathan Hoyle, a 27-year-old
coin’s price is drawing in more Mr. Spelce said. “My friends A: Download the software, or online exchange, which will tutes a bubble is something in- Londoner training to be a Navy
individual investors. all think I’m crazy.” just get a wallet. A wallet is a match buyers and sellers like vestors must decide themselves. pilot, bought £1,000 worth of
“They see the price break Friends of Tony Horsely in nickname for an online account, any traditional exchange. Some —Paul Vigna bitcoin in September as a “curi-
$10,000, obviously they see Atlanta have been more under- osity,” he said. When he saw
the news, they hop on their standing. The 78-year-old in- the rally picking up steam, he
app and go ahead and buy bit- vestor began investing in bit- have expressed doubts, Mr. Recently, nearly as many dustry & Financial Markets decided he would take his
coin,” said Bobby Cho, head of coin over the summer just to Horsely says about half a people ask Mr. Reaney about Association’s annual confer- profit and run if it got close to
over-the-counter trading at add some spice to his portfo- dozen joined him in buying. investing in bitcoin as using it ence in Hong Kong on $10,000 from the $3,500 level
Cumberland, the cryptocur- lio. Soon, he moved about 5% Meanwhile, he has accelerated to pay for a meal. “It’s quite lu- Wednesday, only two of about where he bought it.
rency unit of a high-speed of his portfolio into the coin his purchases, picking up more crative,” says Mr. Reaney, who 150 professional investors When the price rose above
trading firm in Chicago. and an exchange-traded fund bitcoin on Nov. 24, and owns seven bitcoin. Even raised their hands when asked $9,800 Wednesday, that was
Paul Joseph Spelce, a 22- based on the currency. He then Wednesday morning. though he views a drop in if they had invested during a close enough. He said he sold
year-old graduate student in started writing a periodic, in- The fervor for bitcoin has price as inevitable, he says “I session on cryptocurrencies. his position, booking a £1,780
New York, was one of the new- formal note to about 30 been global. Tom Reaney, don’t want to pull my money “It’s incredible that we’re profit. “Now, I’ll wait for an-
comers who bought in. Over friends, in which he talks owner of the Burger Bear res- out because it keeps going up.” [seeing this] at a finance event, other price crash and buy
Thanksgiving dinner with about bitcoin’s price dynamics taurant in London, started ac- But bitcoin’s volatility is but it’s actually very common,” again,” Mr. Hoyle said.
friends last week, the conversa- and the logistics of buying it. cepting bitcoin about five making many conservative in- said the panelist Henri Arsla- —Paul Vigna, Christopher
tion was dominated by talk of “I’m late to the game,” he years ago after a customer vestors hesitant, some of nian, PwC’s China and Hong Whittall and Steven
bitcoin. “Even this woman who said, “but I’m enjoying it.” asked to pay for some bacon whom work in finance. Kong leader for fintech. Russolillo contributed
didn’t have a computer at home While some of his friends jam with the virtual currency. At the Asia Securities In- Mr. Arslanian, who also to this article.
THE WALL STREET JOURNAL. NY Thursday, November 30, 2017 | A9
WORLD NEWS
Pope Appeals
For Tolerance
In Myanmar
BY FRANCIS X. ROCCA scribed the campaign as “eth-
AND BEN OTTO nic cleansing” and called for
independent inquiries into al-
YANGON, Myanmar—Pope leged abuses by security forces
Francis appealed to Myanmar’s and others.
Buddhist majority to promote Leaders of the small Catho-
social tolerance, implicitly lic population in this poor but
calling on them to shun the ex- fast-growing Southeast Asian
treme Buddhist nationalism nation have advised the pope
that has contributed to the re- to steer clear of directly con-
cent flight of more than fronting the issue for fear of a
600,000 minority Muslims into backlash against Christians
ETTORE FERRARI/EPA/SHUTTERSTOCK
neighboring Bangladesh. here.
Religious leaders must Cardinal Charles Bo of Yan-
“speak with one voice in af- gon, the country’s senior Cath-
firming the timeless values of olic cleric, has warned that
justice, peace and the funda- comments by the pope on the
mental dignity of each human Rohingya could provoke dem-
person,” the pope told the Su- onstrations led by the “ex-
preme Sangha Council, the tremist monks” who are an in-
country’s highest Buddhist au- creasingly influential factor in
thority. “It is the particular re- the country’s politics. “They’re Pope Francis, right, and Bhaddanta Kumarabhivamsa, head of Myanmar’s Supreme Sangha Council, after a meeting in Yangon.
sponsibility of civil and reli- so strong, that could be un-
gious leaders to ensure that controllable,” the cardinal said Pope Francis urged the Bud- that “we must all denounce Wimala Biwuntha, a leader of monk who has become the
every voice be heard.” in an interview this month. dhist leaders in general terms any expressions that incite ha- the Buddhist organization Ma country’s most prominent
The pope is making his first As in his speech to Myan- to support reconciliation tred, false propaganda, conflict Ba Tha, which was banned this anti-Muslim voice.
visit to Myanmar when its au- mar’s political leaders the pre- among “people of different and war on religious pretexts.” year for hate speech, referring The pope was to move on to
thorities are under intense in- vious evening, Pope Francis’ cultures, ethnicities and reli- Hard-line monks have been to the 57-member Organiza- Bangladesh on Thursday,
ternational pressure over a remarks to the Buddhists gious convictions” in Myan- more skeptical of the pope’s tion of Islamic Cooperation. where he was scheduled to
military campaign against in- didn’t directly address the mil- mar. visit to Myanmar, whose offi- “There’s no need to bring love meet a delegation of Rohingya
surgents in western Rakhine itary’s treatment of the Roh- His host, Bhaddanta Ku- cial slogan is “love and peace.” and peace to Myanmar.” the next day in the capital,
state, home of the Muslim Ro- ingya, which the pope himself marabhivamsa, head of the “He should take love and The Venerable Wimala is a Dhaka.
hingya minority. The United has denounced as religious Buddhist council, voiced peace to the terrorist group close associate of the Venera- —Myo Myo
Nations and the U.S. have de- persecution. matching sentiments, saying ISIS and to the OIC,“ said ble Wirathu, a controversial contributed to this article.
Bali Airport Reopens After Volcano

BY ANITA RACHMAN stall jet engines. the weekend, with passengers
AND I MADE SENTANA Indonesia’s largest airline, hoping for a way off the resort
Garuda Indonesia, said it island. Travel agencies and of-
JAKARTA, Indonesia—Bali’s would have seven flights out ficials have been helping peo-
airport reopened, raising the of Bali on Wednesday, mainly ple leave by boat to the nearby
hopes of tens of thousands of bound for the capital, Jakarta. islands of Java and Lombok,
stranded vacationers after a Flights to Bali would resume where airports are open.
two-day shutdown caused by on Thursday. Garuda’s low- The aviation-alert level has
volcanic-ash clouds. cost-carrier unit, Citilink, been lowered to orange, the
GEDE SURYA/EPA/SHUTTERSTOCK
Bali Ngurah Rai Interna- planned four flights to Jakarta second-highest, from red, al-
tional Airport opened Wednes- from Bali on Wednesday. though authorities can’t predict
day afternoon, after authori- AirAsia, the region’s largest how long the safer conditions
ties determined that the low-cost carrier, took 73 passen- will last, said Gede Suantika of
column of ash from Mount gers to Jakarta about two hours the Center for Volcanology and
Agung, which once reached after the airport reopened. Geological Hazard Mitigation.
12,000 feet, had fallen to 5,000 The airport, which normally Separately, the threat of erup-
feet, low enough to make the handles some 400 flights a tion by Mount Agung remained
airspace safe. Volcanic ash can day, has been crowded since at 4, the highest level. Travelers lined up for document checks at Ngurah Rai international Airport after it reopened Wednesday.
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IN DEPTH
FARMS of growth—despite a rise in

prices for some products.
To keep up, Tyson sometimes
buys semiprocessed chicken
Continued from Page One from its competitors, which can
papers, and crowded into city cut into profits. In the quarter
council and county board meet- ended June 30, Tyson’s operat-
ings by the hundreds. ing earnings from chicken fell
The debate that split Tongan- by nearly 23%, despite sales
oxie is taking place across rural climbing 4.6%. In response, Mr.
America, where communities Hayes announced on the earn-
from California to North Caro- ings call that Tyson would
lina have turned away meat speed its expansion in chicken
plants. Even in farm country— processing.
Kansas is the top wheat-grow- Kansas was already on Ty-
ing state and third in cattle pro- son’s map. State officials re-
duction—fewer people these ceived a checklist of require-
days are directly involved in the ments to land the project:
sector, which has been battered Access to a workforce of up to
by the worst downturn since the 1,600, proximity to major high-
NICK SCHNELLE FOR THE WALL STREET JOURNAL

1980s. ways, a reliable water and
That means many residents power supply, and the ability to
are increasingly disconnected safely discharge wastewater.
from businesses that drive the The focus turned to eastern
local economy, and meat-pro- Kansas near Interstate 70, and
cessing companies, which by late July Tyson was talking
search for locations near grain to Leavenworth County officials
fields, livestock and transporta- about Tonganoxie.
tion, are finding it harder to On Sept. 5, at a standing-
build new plants. room-only gathering at Tongan-
Last year, some residents of oxie’s Brunswick Ballroom, a
Mason City, Iowa, successfully historic reception hall down-
campaigned against a pork plant Bill Skeet thought the Tyson plant would overwhelm the environment, roads and lifestyle in the 5,300-person town of Tonganoxie, Kan. town, Gov. Brownback and a
planned by Prestage Farms Inc. host of state and Tyson officials
that the company said would said the company planned to
have created about 920 jobs and In Search of Room to Grow buy 300 acres of land south of
slaughtered about 10,000 hogs town and begin construction by
daily. Some feared odors would U.S. meat production has …fueled in part by export …but the number of processing …leaving the industry more mid-December.
foul the town’s “Music Man” soared… growth… plants has dropped… reliant on larger plants. Drew Overmiller, a Tongan-
square, named for hometown 40 billion pounds 10 billion pounds 1,500 plants 500,000 or more animals oxie resident who campaigned
composer Meredith Willson’s Chicken processed a year against the plant, said Tyson’s
Broadway hit. The company had 40.26 Poultry 100,000-499,999 10,000-99,999 stated intent to break ground so
billion 8 1,200
promised a $240 million invest- pounds 7.95 1,000-9,999 Less than 1,000 quickly suggested to locals the
30
ment, and local officials had es- (2016) billion complex was going to be built
pounds Beef Cattle
timated a $750 million eco- whether residents wanted it or
Beef 6 (2016) 900 650 1986
nomic benefit. not. That contributed to the
20 25.29 plants
Prestage is now building its Pork (2016) backlash, he said.
2016
plant 70 miles to the southwest, Pork 4 4.99 600 Tabatha Regehr, a veterinar-
near the 3,400-person town of 24.96 Pork ian, said she was in favor of Ty-
621 Hogs
Eagle Grove, Iowa. 10 Beef son’s plant, which could have
Riceland Farms backed out of 2 300 1986 supported a new library and a
2.62 Poultry
plans to build a beef-processing 310 regional food bank. “People for-
2016
plant in Port Arthur, Texas, last 0 0 0 get we need tax dollars, prop-
year after residents of the 0 300 600 900 1,200 erty tax, income tax, to make
55,000-person town raised con- 1950 ’70 ’90 2010 1970 ’80 ’90 2000 ’10 1990 2000 ’10 plants those things happen,” said Ms.
cerns about smells, the potential Sources: Department of Agriculture (production, plants); Census Bureau (exports) THE WALL STREET JOURNAL. Regehr, adding that the town’s
environmental burden and im- stance toward agriculture has
migrant workers expected to their pocketbooks. Corn farm- 1,000 acres, and raises cattle cording to the USDA, and farm- who said her family and cattle been skewed by transplants
staff the facility. ers’ average income is projected that are sold to nearby feedlots. ers harvested 18% fewer acres both rely on well water. from nearby cities. “They’re liv-
Beef exports in the year to to be just two-thirds what it He conceded that meat over that time. Three decades “Our operations are regu- ing rural, but they’re not living
Sept. 30 have jumped 16% to was in 2013, after a string of plants need to be built, but Ty- ago, the county ranked among lated by environmental laws and an agriculture mind-set,” she
$5.3 billion, according to the bumper harvests cut grain son’s proposed Tonganoxie com- Kansas’ top milk producers, but we’re committed to complying said.
U.S. Meat Export Federation, prices. plex—combined with the eco- the number of dairy cows has with them,” a Tyson spokesman She said after she spoke up
fueled by growing demand in The chickens raised to supply nomic incentives the county had dropped by more than 80% said. “We’re also committed to at a city council meeting, towns-
Asia. Pork and chicken exports Tyson’s proposed plant would offered to attract the com- since then. continual improvement, which people she knew called her “dis-
are also up. consume about 12 million bush- pany—would have been “more “Tonganoxie is a community is why we employ environmen- gusting” and “disgraceful.”
That’s one reason a larger els of grain annually, farmers of a burden to the local econ- that I would have defined as ru- tal experts and also collaborate Two weeks after the plant
numbers of animals are being estimated, expanding the mar- omy than an asset,” he said. ral prior to this discussion” with third-party groups on ways was announced, county commis-
processed at a smaller number ket for local crops. Standing near a pickup with around Tyson’s proposed plant, we can do better.” sioners held a new vote on
of large-scale plants. In pork, 25 Ken McCauley, who grows a “No Tyson in Tongie” bumper said Jackie McClaskey, Kansas’ Outside groups such as whether to revoke $500 million
plants capable of slaughtering corn and soybeans on 4,500 sticker, Mr. Parsons said the agriculture secretary. “Now I Friends of the Kaw, a group in incentives they had agreed to
two million or more hogs annu- acres about 60 miles north of trucks running in and out of the would say all of Leavenworth from nearby Lawrence, Kan., give Tyson and restart the eval-
ally now handle about 87% of all Tonganoxie, figured the addi- plant would require heavier County is probably more subur- that is focused on preserving uation process with public in-
processing, with the largest 13 tional demand could mean an road maintenance, and he sus- ban than I would’ve recog- the Kansas River, and Mercy for put. Only one commissioner
plants representing 60% of the extra $18,750 to $37,500 in an- pected residents would wind up nized.” Animals, a national animal- voted to keep the incentives.
total, according to the USDA. In nual sales for his farm. paying most of the difference. Some farmers said the mod- rights group that campaigns The decision doomed the
1986, the 19 largest plants han- “Everywhere in the country Some residents said Tyson’s ern meat industry looks nothing plan for Tyson to build in Ton-
dled about 50% of the pork in- people tell you they want their economic arguments held less like the local or family-run oper- ganoxie, and the company began
dustry’s processing. food local,” Mr. McCauley said. power because Tonganoxie’s ations they were familiar with looking elsewhere.
The 19 largest beef plants “Then they turn around in the economy is solid. Average an- growing up. Tyson’s proposed
‘They’re living rural, Last week, Tyson said it had
process 70% of all cattle, and next breath and say ‘I don’t nual pay in Leavenworth plant aimed to slaughter and but they’re not living found a community more recep-
chicken plants have expanded want that [plant] here.’ It really County, where the town is lo- process 1.25 million chickens a tive to a chicken plant—Hum-
capacity. upsets me.” cated, is $43,797, according to week.
an agriculture mind- boldt, Tenn., a town of 8,500
In Kansas, Tyson pitched About 10 miles north of Ton- the Bureau of Labor Statistics. “When we think about some- set,’ a resident said. about 85 miles northeast of
chicken production as a way for ganoxie, Rodney Parsons grows That is well above Tyson’s aver- thing of the magnitude of what Memphis. Tyson said the $300
farmers near Tonganoxie to pad corn and soybeans on about age of $36,842 paid to its 5,700 Tyson wants to put in, that’s million project, which received a
Kansas employees, based on very scary,” said Angela Oelsch- tax abatement and has largely
what the company said was a laeger, who raises beef cattle against the meat industry, been approved by local officials,
$210 million annual payroll for with her husband near Tongan- voiced support for the fight is expected to create 1,500 jobs
the state. The county’s unem- oxie, where she said her family against Tyson. But both critics and begin operations in late
ployment rate in September was has been farming since 1890. and supporters of the plant said 2019.
3.7%, below both the state aver- She said she read news arti- the campaign against Tyson was Denton Parkins, a farmer
age and the national level. cles about Tyson workers in- driven by locals, who held meet- who raises strawberries and
NICK SCHNELLE FOR THE WALL STREET JOURNAL
Agriculture is playing a jured by anhydrous ammonia, a ings and rallied support on pumpkins near Humboldt, said
smaller economic role as farms chemical used in meat plant re- Facebook. he anticipated some criticism
consolidate and technology re- frigeration systems, including Tyson aimed to move fast in from locals worried about odors
duces labor needs. In 2012, 444 an incident in June at a Tyson building the company’s first and other aspects of Tyson’s
U.S. counties depended on farm- facility in Hutchinson, Kan., new plant in 20 years. Tom plant. But he said that probably
ing as a principal source of in- about three hours away. Sepa- Hayes, Tyson’s chief executive, wouldn’t derail the plan. “Jobs
come and employment, down rately, in late September, Tyson said on the company’s Aug. 7 are hard to come by,” he said.
from 511 in 2001, according to pleaded guilty to violations of earnings call that demand for “Really, the county needs this.”
the USDA’s Economic Research the Clean Water Act at a Mis- chicken was “busting at the On Tuesday, Tyson said it re-
Service. souri chicken facility. seams.” U.S. consumers this mained interested in Kansas and
The number of farms in “It’s always in the back of year are projected to consume a would consider potential sites
Leavenworth County declined your mind, what can be in your record 91.3 pounds of chicken there in the future, although it
Ken McCauley thought the plant would help by boosting grain prices. by 8.4% from 1982 to 2012, ac- water,” said Ms. Oelschlaeger, each—the fifth consecutive year said it had no specific timeline.
CLOCK at $2.7 trillion.

The clock tracked the debt
until 2000 when the tally hit
$5.7 trillion and started to re-
in the dead of night on a flat-
bed truck to its new home in
Anita’s Way, a pedestrian cor-
ridor running through the
Continued from Page One verse. Douglas Durst, who suc- Durst-owned Bank of America
Applebee’s, said Vice President ceeded his father, pulled the Tower opposite Bryant Park in
Tom Morra, who oversaw the plug on the display, stating it Midtown Manhattan.
project for Spectrum. But this had served its purpose. The Foreman Tom Grabow, who
job was especially exciting. clock was covered up. was leading the six-man in-
“It’s an icon and shown all Within two years, the debt stallation crew for Spectrum,
over the world,” he said. “It’s resumed its climb and the said it was a difficult job, but
on the TV news quite often.” clock was relit. In 2008, when only because of the tight space
Observing the sign while it the total shot past $10 trillion involved. “Just another day at
PETER FOLEY FOR THE WALL STREET JOURNAL
was in the shop, Spectrum and the clock ran out of digits, work,” he said.
President Harvey Brooks said its dollar sign was replaced Crane operator Dris Davis
the rehab included new cir- with a “1.” Since then, the was accompanied by Deacon,
cuitry and LEDs. “They start debt has doubled. his oversize Belgian Malinois
to dim down a little bit,” he The Durst debt clock has pup, who was barking non-
said. “We’ll replace them and spawned several copycats. The stop. He said Deacon was ex-
bring it back to its original Republican Party erected one cited about the clock, not the
brilliance—give it a life again.” at its 2012 convention in debt. “He’s only four months
He declined to predict how Tampa, Fla. Clocks have hung old,” Mr. Davis said. “He
long the clock would be in German cities to track the doesn’t know too much about
needed. “I’m sure it will out- debt in Germany. There are it. He will soon.”
live me,” he said. many debt clocks online, in- Electrician Larry Pfleiderer
The counter was created by cluding a site that displays the wasn’t sure the repair was After nearly six months in the repair shop, the National Debt Clock has returned to New York City.
Douglas Durst’s father, Sey- national debt of 49 countries. complete. “I think we should
mour Durst, who made the na- Some mistake the clock have added an extra digit on As the crew prepared to “Oh, my God,” said Mr. “I want to move to a differ-
tional debt a pet issue. Before overlooking Manhattan’s that thing,” he said. hoist and affix the clock to the Dano. ent country,” Curt Swanton
erecting the clock in 1989, he Union Square for a debt clock, The clock can only run up building facade, he was asked By the next day, the clock said.
had taken to sending holiday but “Metronome” is actually to $99 trillion. to guess how much the debt was lighted and the digital His brother displayed a flair
cards to senators with the just an art installation that Rocky Dano, an installer rose while the sign was in the tally had resumed its climb. for the sarcastic: “We’ll just
cheerful greeting: “Happy New tells the time in a confusing and fabricator, said he didn’t repair shop. Curt and Nathan Swanton, pass it on to our kids!”
Year. Your share of the na- way. pay much attention to the “My God,” he said. “I’m go- young brothers visiting from By the time they moved on,
tional debt is $35,000.” Last week, the actual Na- debt. “We just work, and pay ing to say close to $2 billion.” Amherst, N.Y., stopped to the debt had risen another
At the time, the debt stood tional Debt Clock was ferried it,” he said. The reality: $687 billion. gawk. $16.4 million.
THE WALL STREET JOURNAL. * * * * NY Thursday, November 30, 2017 | A10A
GREATER NEW YORK

Assemblyman Is Censured
Ethics committee says monish, him. Mr. McLaughlin, who repre- New York state employee, Lisa
The ethics committee said sents the Albany area, in No- Marie Cater, sued the state, say-
Steve McLaughlin asked Mr. McLaughlin asked an As- vember was elected Rensse- ing she was sexually assaulted
worker for nude photos; sembly employee for nude laer county executive and will and harassed by the leader of a
photos and violated the com- take his new office in 2018. state economic-development
he denies accusations mittee’s orders not to publicly agency, Samuel Hoyt, and that
name the employee during the her allegations went ignored.
MIKE GROLL/ASSOCIATED PRESS

BY MIKE VILENSKY committee’s probe. Mr. McLaughlin Gov. Andrew Cuomo’s office
In an interview Wednesday is leaving the has said Ms. Cater’s allega-
An outgoing New York as- with The Wall Street Journal, Legislature to tions were thoroughly probed
semblyman violated the state Mr. McLaughlin denied the al- take office as and the conclusion is pending.
Assembly’s sexual-harassment legations and said it was a Rensselaer A lawyer for Mr. Hoyt said he
policies and was censured, the witch hunt against him because county “regrets” his relationship with
Assembly’s ethics committee he has been critical of powerful executive. Ms. Cater but that it was con-
said Wednesday. people in state government. sensual. Mr. Hoyt is seeking
Assembly Speaker Carl “It’s a way to silence people dismissal of her lawsuit.
Heastie, a Bronx Democrat, ac- who speak out,” he said. Referring to the Albany In 2012, the Assembly over-
cepted the committee’s recom- Speaking with upstate radio statehouse, Mr. McLaughlin hauled its harassment policies
mendations to bar Assembly- station Talk 1300, Mr. said in the radio interview and began using an outside
man Steve McLaughlin, a McLaughlin said a previous in- that he “can’t wait to get out counsel to investigate some al-
Republican from Rensselaer vestigation had cleared him of of that hellhole of a sewer.” legations after revelations a
County, from having interns sexual harassment and that he The censure comes a little member used public funding to
and to censure, or publicly ad- didn’t ask for the photos. more than one week after a settle a sexual-harassment suit.
After the holidays, the Rockefeller Center Christmas tree will be
used in the construction of homes by Habitat for Humanity.
Rockefeller Tree
Gets New Life
After Christmas
BY KATE KING “The significance is around
really the awareness that get-
David Gavasheli’s garage ting the lumber brings to the
has a secret. need for affordable home-
One of the walls contains ownership opportunities,” she
lumber from the 2012 Rocke- said. “The spirit of Christmas
feller Center Christmas tree. A is about bringing families to-
CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL (2)
stamp identifies the exposed gether, and that’s something

wooden beams’ famous past. that lives now in the walls of
“It was a big surprise all of these homes.”
when we realized that part of The nonprofit sells its
our house is built from the houses with mortgages that
biggest Christmas tree in the don’t exceed more than 30% of
United States,” said Mr. the buyer’s annual income, a
Gavasheli, 56 years old, who level that the group says cate-
moved into the Madison, N.J., gorizes the homes as afford-
home in 2014. “My wife be- able.
lieves that it brings luck.” Habitat for Humanity will
This year’s tree, a 75-foot- decide next year which of its
tall Norway spruce, came to chapters will receive the wood
New York City from State Col- from this year’s tree. The lum-
lege, Pa. The iconic tree, ber typically is returned to the
A commuter reads a sign at 34th Street in Manhattan announcing subway closures for the ‘Fastrack’ maintenance program this week. erected annually in Midtown same state where the tree
Manhattan since 1931, was originally grew, but not al-
Ditch 24/7 Subway Service, Report Says lighted in a two-hour cere-

mony Wednesday night and
will remain on display until
Jan. 7.
ways. The 2007 tree was from
Shelton, Conn., but its lumber
was used to build a home in
Mississippi for a family dis-
BY PAUL BERGER The MTA already has em- After the holidays are over placed by Hurricane Katrina.
braced a more targeted version and its 50,000 lights are For Keith Smith, a single
If New Yorkers want a sub- of the systemwide shutdowns packed away, the 50-foot-wide father of three living in New-
way system that runs as recommended by the RPA. and more-than-12-ton ever- burgh, the connection to the
smoothly as those in other Mr. Lhota has increased the green will be used in the con- Rockefeller tree is an added
great global cities, they must frequency and length of over- struction of homes built by bonus to the joy of owning his
give up their love affair with night shutdowns on sections of Habitat for Humanity Interna- first home.
24/7 service. lines as he seeks to turn the sys- tional, as was the 2012 tree Mr. Smith’s family will cele-
That is a one of many pro- tem around. The closures, that became part of a wall in brate their first Christmas in
posals contained in a report known as “Fastrack,” run from Mr. Gavasheli’s one-car ga- their new house this year,
published Thursday by the Re- 9.30 p.m. to 5 a.m. on miles-long rage. where wooden beams made
gional Plan Association. stretches of line, giving crews Tishman Speyer, the owner from the 2015 tree are built
Tom Wright, president of time to repair, replace and clean of Rockefeller Center, has do- into the walls.
the influential urban-planning tracks, platforms, electrical and nated its Christmas trees to “It’s amazing that one of
group, said systemwide shut- signal equipment, lighting and the nonprofit organization the trees is in my house,” said
downs between the hours of tunnel infrastructure. since 2007. Mr. Smith, 38. “It means a
12:30 a.m. and 5 a.m. Monday Tom Prendergast, who The trees are cut up into lot.”
through Thursday would give stepped down as chairman of smaller pieces in Midtown and
the Metropolitan Transporta- the MTA in January, said per- sent to a mill in New Jersey
tion Authority time to perform forming such work during clo- that slices the logs into lum-
maintenance that could pre- sures is like the difference be- ber. The boards, two-by-fours
vent a crisis such as the one tween changing a tire at your and two-by-sixes stamped
facing the subway today.
‘If I get a clean subway and everything home instead of at the side of with the Rockefeller Center
New York City’s “24/7 ser- runs on time and is reliable, sure. But if… a busy highway. logo, are distributed to Habi-
vice should not be sacred,” Mr. “It’s safer and more produc- tat affiliates in New York,
it’s late and dirty, what did I gain?’
DAVID GAVASHELI; MICHAEL LOCCISANO/GETTY IMAGES (TOP)
Wright said Monday as he pre- tive,” said Mr. Prendergast, Connecticut, New Jersey and
viewed his group’s proposals. who recently joined the RPA Pennsylvania.
Commuter frustration in Lauren Lebeouf, actress board. “The concept and un- Cathy Collins, executive di-
New York City reached a cre- derlying premise is a good one rector of Habitat for Humanity
scendo this year as subway rid- prove the tri-state region and Cuomo, who controls the MTA, that should be looked at.” of Greater Newburgh, in New
ers endured frequent delays its $1.8 trillion economy. declared a state of emergency Austin Finan, a spokesman York, said the organization
caused by track and signal prob- Previous RPA plans, pub- for the agency in June because for Mayor Bill de Blasio, said the has received lumber from the
lems, fires and faulty equipment lished in the 1920s, 1960s and of the subway disruptions. A administration is reviewing the 2010, 2015 and 2016 trees,
that could have been reduced if 1990s, have included such cru- spokesman for Mr. Cuomo re- proposals. “Around-the-clock which has been used in five
the system were properly main- cial recommendations as build- ferred questions about the mass transit is a jewel of the homes. The wood is too soft
tained, Mr. Wright said. ing the George Washington overnight-shutdown proposal city that separates New York for load-bearing walls, and is
Although the RPA has no Bridge at 178th Street in Man- to the MTA. from its peers and provides a mostly used as blocking built
formal authority, its ambitious hattan rather than at a pro- In a statement, MTA Chair- huge boon to workers and the into the walls of houses, she
plans, published every few deposed location at 57th Street, man Joe Lhota said: “We all economy,” Mr. Finan said. said.
cades, often are embraced by and expanding Midtown’s busi- agree that the subways must The Fourth Regional Plan The lumber from the
state and local agencies when ness district on the far west side be stabilized and modernized, contains dozens of recommen- Rockefeller Center tree isn’t
they embark upon major infra- in a similar fashion to what is and advancing the conversa- dations, including an overhaul financially significant in terms Wood from a Rockefeller
structure projects or when taking shape at Hudson Yards. tion on how to do so is proof the governance and powers of the overall building cost, Christmas tree was used in
they think about how to im- New York Gov. Andrew ductive and worth having.” Please see PLAN page A10C Ms. Collins said. David Gavasheli’s garage.
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A10B | Thursday, November 30, 2017 NY * * THE WALL STREET JOURNAL.
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$50 Two neighbors hope a buyer would recapture the 19th century glory of their co-ops by combining them.
Code VOC50
Wanted: Buyer to Restore
Grandeur to the Dakota
BY JOSH BARBANEL
In the Footsteps of building, really” she said.
Virginia Dwan, an art dealer After moving into the Da-
and philanthropist, and her Bogie and Bacall kota that year, Ms. Dwan ran
next door neighbor John Ry- into Ms. Bacall at the Bergdorf
dzewski, an investment banker, Goodman department store on
hold two pieces of a puzzle at For Virginia Dwan, an avant- Fifth Avenue. Ms. Dwan told
the Dakota, the 19th century garde art dealer, the glamour her about the photo that in-
edifice that all but invented of the Dakota apart- spired her to move into
luxury apartment living in New ment building on the building. Ms. Ba-
York City. Central Park West, call, who resided in
PROPERTY Now they are was epitomized the Dakota before
looking for by a photograph she died in 2014,
someone inter- she had seen of explained that the
ested in putting the pieces actress Lauren photo was taken
back together. Bacall in front of at a country house
When the Dakota opened in an ornate fireplace. before Mr. Bogart
1884, their separate living It was 1964, and died in 1957.
quarters were a single, sprawl- Ms. Dwan was looking for At the time, Ms. Dwan
ing 4,800-square-foot apart- a Manhattan apartment. The said she was bemused. More
ment with a living room facing photo showing Ms. Bacall with than half a century later she
the corner of Central Park husband Humphrey Bogart said she is glad she moved
“Anyone who flies frequently will see why this new West and West 72nd Street. convinced her “it was the best into the fabled building.
After living side by side for
carry-on is a sensation” decades, the two are looking
for a single buyer to combine the sixth floor in 2014. But the New Yorkers, who previously
the two spaces into a gracious purchaser would have to carry had resided primarily in town-
Jury German Design Award 19th century layout. out renovations costing mil- houses. Until then, apartment
The idea is to realize some lions to combine the units, re- living was limited to walk-ups
of the original intentions of move a kitchen and reconfig- for the lower and middle classes.
VOCIER.com the architect, Henry J. Harden-
bergh, and celebrate the huge
ure some interior walls.
Sharon Walker Flynn, a bro-
“It was an era when New
Yorkers had to be convinced to
proportions of the rooms, with ker at Stribling & Associates leave a townhouse,” said John
13½-foot-high ceilings, over- who represents Ms. Dwan, said Burger, a broker at Brown
size windows and mahogany the board at the Dakota has a Harris Stevens who represents
trim. record of encouraging the res- Mr. Rydzewski. “They wanted
At the same time, they hope toration of original apartment something that had the feel of
to get a higher price than they layouts, and is likely to sup- a house.”
would by selling each apart- port the combination. There originally were about
ment separately. It would re- The plan is part of a trend 65 apartment suites at the Da-
create a rare five-bedroom be- during the past few decades in kota, and now there are about
hemoth, and revive some long- luxury co-ops on Park and 85 co-op units.
lost grandeur. Fifth avenues to undo damage The original design in-
The combined asking price created when large apartments cluded six floors with large
for both units is $20.5 million. were chopped into smaller apartments facing south and
Jonathan Miller, an appraiser pieces. Much of the apartment- west. Three have the original
Join The Wall Street Journal’s editors at our and president of Miller Samuel splitting in luxury buildings oc- layouts, including the one
Inc., said combinations can add curred in the years after World owned by Yoko Ono, the
Future Of series to discuss the future with value, especially when the com- War II, at a time of an acute widow of John Lennon, who
the leaders who are shaping it. bined apartment revives a gra- housing shortage, when rent- was fatally shot outside the
cious layout that had been lost. control laws limited how much Dakota in 1980.
“Sometimes, one plus one can landlords could charge, Mr. Another floor was recom-
equal 2½,” Mr. Miller said. Miller said. The Dakota was bined a decade ago by the late
The asking price is below converted to a co-op in 1961. John Angelo, the investment
the record set at the Dakota, a At nine stories, the Dakota manager. It includes a unit
$27.5 million sale of a restored was the first elevator building once owned by the late ballet
three-bedroom apartment on designed to appeal to affluent dancer Rudolf Nureyev.
Future Of: Innovation
THURSDAY, D E C E M B E R 7 / N E W YO R K , N Y
Plan for
Joanna Stern and Christopher Mims will discuss the tech
innovations to look forward to in 2018 and beyond.
Armory Is
Challenged
BY THOMAS MACMILLAN
One day before the City

Council was due to vote on a
$200 million development
plan for a former Brooklyn ar-
mory, Legal Aid attorneys filed
a lawsuit seeking to block the
project from going forward.
The lawsuit, filed Wednes-
day in state Supreme Court,
argues that the city’s plan to
convert the 150,000-square-
Featuring: Featuring: foot Bedford-Union Armory
into a multiuse complex failed
JOANNA STERN CHRISTOPHER MIMS to consider the potential for
PERSONAL TECHNOLOGY COLUMNIST TECHNOLOGY COLUMNIST displacing tenants in nearby
THE WALL STREET JOURNAL THE WALL STREET JOURNAL rent-regulated apartments.
Visit the The lawsuit also challenges
KILLER WHALE the validity of a city planning
document called the City Envi-
SUBMARINE ronmental Quality Review
To request an invitation, email [email protected]. in Manhattan Technical Manual.
“This preposterous attempt
For additional information on the series, visit FutureOf.wsj.com. to block tomorrow’s vote does
Hammacher Schlemmer nothing except seek to hurt
LANDMARK the very Crown Heights resi-

dents most in need of new af-
New York Store fordable housing and jobs,”
said Robin Levine, spokes-
woman for the City Council.
Proudly Sponsored By: The council vote on the
proposal was scheduled to go
forward as planned after a
147 E. 57th Street judge rejected a request for a
(Between Lexington and Third Ave.) temporary restraining order.
The lawsuit is the latest
© 2017 Dow Jones & Company, Inc. All rights reserved. 3DJ6073 800.421.9002 | www.hammacher.com twist in the armory’s path to-
ward re-use after military op-
erations ceased there in 2011.
THE WALL STREET JOURNAL. * * * * NY Thursday, November 30, 2017 | A10C
GREATER NEW YORK
©2017 CHANEL®, Inc.

PLAN
Continued from page A10A CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL (2)
of the Port Authority of New

York and New Jersey, which
controls most of the region’s
major bridges, tunnels, air-
ports and seaports.
It also calls for transform-
ing New York Penn Station
into a through-running station
where trains continue deep
into neighboring states instead
of forcing travelers to transfer.
And it recommends combining
the region’s three commuter-
rail systems—the Long Island
Rail Road, Metro-North Rail-
road and NJ Transit—into a
‘What good is there having ‘I’d prefer it if you closed
single trans-regional express a train 24 hours a day if the an entire line for a month
network, called T-REX.
The RPA’s subway recom-
service is terrible?’ at a time.’
mendations propose modern-
izing the century-old system Salvador Garcia, pastry chef Jeremy Strawn, bar owner
within 15 years and creating
eight new lines or extensions the night, irrespective of rider
to underserved, high-density demand. On an average week- Subway Lull
areas such as the southeast night, about 85,000 people ride Average weekday subway ridership dips dramatically at night.*
Bronx, Manhattan’s Lower New York City’s subway be-
East Side, and central and tween 12:30 a.m. and 5 a.m., ac- 600,000 riders
northeast Queens. cording to an RPA analysis. That
Rich Barone, the RPA’s vice is about 1.5% of the 5.7 million 500,000
president for transportation, average weekday ridership.
said that even after the system The RPA suggests the MTA 400,000
is overhauled, it still would could run a replacement bus
need to shut down overnight service during those hours. The 300,000
so service levels could be reaction from some late-night
maintained. riders at Times Square-42nd 200,000
Subway systems in London Street was mixed. Lauren Leb-
and Paris, both of which are eouf, an actress, said: “A bus is 100,000
similar to New York in terms not a great option.”
of age and capacity, shut down But Salvador Garcia, a pas- 0
for several hours every night. try chef, said he wouldn’t mind 12 a.m. 2 4 6 8 10 12 p.m. 2 4 6 8 10
The MTA runs trains about taking the bus as long as it *Figures are from 2016.
every 20 minutes throughout was reliable. Source: Regional Plan Association THE WALL STREET JOURNAL.
GREATER NEW YORK WATCH

PUBLIC HEALTH 15%, from 1,450 in 2015 to 1,236 EDUCATION against her students, whose
in 2016. high achievement threatens tra-
City Sees New Low However, the report noted a Success Academy ditional district schools.
For HIV Diagnoses slight uptick in the number of Rejects City’s Offer Last week the Department of
women diagnosed with HIV in Education proposed options in
The number of new HIV diag- 2016. After demanding more space district buildings in Brooklyn and
noses in New York City dropped City officials attribute the for years, Success Academy the Bronx. “It’s odd that Success
in 2016 to a new low, according overall drop in new infections to Charter Schools rejected New Academy continues this political
to officials of the city’s health programs that help HIV-positive York City’s offer of two sites on charade even though DOE has
department. people achieve viral suppression. Wednesday, saying the proposal confirmed they will provide
In a report released Wednes- A person with HIV with an un- failed to meet the growing net- space for every Success student
day by the New York City De- detectable viral load of the dis- work’s need for six middle who needs a middle school seat
partment of Health and Mental ease for six months doesn’t sex- schools next fall. next year,” a spokeswoman for
Hygiene, the number of new HIV ually transmit the disease. The rebuff is the latest twist the mayor said by email.
diagnoses in the city was 2,279 About 80% of the state’s HIV in years of conflict between Ms. Moskowitz said the city’s
in 2016, down from 2,493 in or AIDS cases are in New York charter founder Eva Moskowitz proposal would leave hundreds of
2015. Among men who have sex City. and City Hall. She claimed Mayor her fifth-graders without seats.
with men, the drop was nearly —Melanie Grayce West Bill de Blasio was discriminating —Leslie Brody
Cold Spring Harbor Laboratory continues to transform the way basic science research is done, search for answers to science’s
most challenging questions and positively change the lives of children and adults suffering from diseases such as cancer and autism.
CSHL Trustees Jamie Nicholls, James Simons, George Yancopoulos Master of Ceremonies Lesley Stahl, Honoree Tom Brokaw Majority Owners of NY Islanders Scott Malkin and Jon Ledecky,
Commissioner of NBA Adam Silver
THANKS TO OUR SUPPORTERS, $4.5M WAS RAISED FOR BIOMEDICAL RESEARCH
Double Helix founder

Drs. Marilyn and James Simons
Regeneron Pharmaceuticals
Ms. Susan Wasserstein and
Mrs. Rita M. Cleary
Mr. and Mrs. James C. Cook
Mr. and Mrs. Paul J. Taubman Mr. George Sard Mrs. Richard T. Cunniff
Medals The Charles B. Wang International
Foundations
Mr. and Mrs. Thomas A. Saunders III
Mr. and Mrs. Alan Seligson
The Dana Foundation
Mr. and Mrs. Claudio Del Vecchio
Ms. Tara E. Kelleher and Ms. Karen Dissinger
underwriter Mr. Roy J. Zuckerberg Mr. and Mrs. Leonard A. Gero
November 15, 2017 Ms. Jamie C. Nicholls and
Mr. O. Francis Biondi gold
Mr. and Mrs. Albert Gherlone
Mr. and Mrs. Pierre A. Gonthier
New York City Kate Medina Guthart and Drs. Miki and David Donoho Mr. and Mrs. Mark W. Hamer
Leo Guthart Mr. Gordon Lamb, The Jefferson KPMG LLP
honoring Mr. and Mrs. Jeffrey E. Kelter Family Charitable Foundation Brian D. Lee, Newmark Knight Frank
Mr. and Mrs. Robert D. Lindsay Mrs. Nancy Abeles Marks The Litwin Foundation
Tom Brokaw Ms. Alison Holtzschue and Dr. Marcia Kramer Mayer Mr. and Mrs. Michael Maturo
Mr. Douglas Schloss Mr. and Mrs. Jonathan Otto Emil and Irene Moshkovich
Journalis t A n d Spok esp ers on Mr. David P. Pearson Mr. and Mrs. Jeffrey A. Nagel
for multiple myelom a Research pat r o n Mr. and Mrs. Paul A. Vermylen, Jr. Arthur and Caroline Monti Saladino
Mr. and Mrs. David Boies Mr. and Mrs. Robert C. Wright Robin and Enrique Senior
Mr. Stephen B. Burke, NBCUniversal Mr. and Mrs. Thomas Reifenheiser
Helen A nd Char les Dol an Dr. Robert W. Lourie s i lv e r Hollis F. Russell, William C. and Joyce
Mr. Thomas M. Rutledge, Mr. and Mrs. Nelson R. DeMille C. O’Neil Charitable Trust
Strong Advocates for cancer Charter Communications Mrs. Joan M. Hutchins Mr. and Mrs. Frank T. O’Keefe
research Mr. Joshua Sapan, AMC Networks Mr. and Mrs. Stephen M. Lessing Mrs. Rhoda Parmet
Mr. and Mrs. Erwin P. Staller Mr. and Mrs. Thomas H. Lister The Honorable and
Mr. Edward E. Matthews, Anne and John Tatta Family Mrs. Leon B. Polsky
The Starr Foundation Foundation Mr. and Mrs. Michael Shoff
The Tow Foundation Mr. Steven J. Simmons Ms. Debbie Parmet Sondock
Dr. Jerome Swartz Mr. and Mrs. Douglas Soref
sponsor Vector Vitale Mr. and Mrs. Peter S. Tilles
Mr. and Mrs. Edward A. Chernoff TD Bank
Mr. and Mrs. Charles I. Cogut bronze Trinity College
Ike, Molly & Steven Elias Foundation BankUnited, N.A. Mr. and Mrs. Stanley S. Trotman, Jr.
Fera Pharmaceuticals Mr. and Mrs. Fred Baron Mr. and Mrs. Owen T. Smith
Genentech, Inc. Mr. and Mrs. Timothy S. Broadbent Drs. Marjorie van de Stouwe and
Dr. and Mrs. Howard L. Morgan Mr. and Mrs. Matthew J. Bruderman Scott J. Ratner
National Basketball Association Brookhaven National Laboratory, Mr. and Mrs. Vincent T. Striano
Mr. and Mrs. Michael Pascucci David Manning Ms. Diane Valente
Mr. and Mrs. John C. Phelan Mr. and Mrs. Thomas J. Calabrese, Jr. Mr. and Mrs. Steven Jay Winick
Pfizer, Inc. Mr. and Mrs. Eric Carlstrom Ann Eden Woodward Foundation
Mr. Thomas C. Quick Mr. and Mrs. James J. Celestino
The non-profit Laboratory is home to 8 Nobel Prize winners and is consistently ranked by Thomson Reuters
as one of the world’s top research institutions. g i v e . c s h l . e d u | 5 1 6 . 3 6 7 . 8 8 4 0
A10D | Thursday, November 30, 2017 NY * * THE WALL STREET JOURNAL.
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LIFE&ARTS
HOLIDAY RETAIL
Plotting the Best Shopping Attack

Those hunting for discounts this season will need to scour social media and figure out timing and location of the best deals
BY RAY A. SMITH
SHOPPERS LOOKING for steep

discounts this holiday season bet-
ter get on high alert.
Retailers that last year adver-
tised 50%, 60% and even 70%
storewide sales for extended peri-
ods during the final weeks of the
holiday season are trying to shake
things up this year by tinkering
with the clock.
Buoyed by a more robust econ-
omy, positive Black Friday sales and
improving same-store results, re-
tailers are hoping to wean shoppers
off their addiction to discounts.
Some have moved toward shorter,
limited-time only sales, while oth-
ers are launching promotions when
ALEX NABAUM (ILLUSTRATION); MICHAEL BUCHER/THE WALL STREET JOURNAL

shoppers least expect them. Stores
are also increasingly tailoring spe-
cial discounts, codes and gift cards
to its app users, credit-card holders
and rewards members.
Retailers hope the strategy will
create a sense of urgency among
shoppers, says Rachelle Benson, se-
nior manager of retail consulting at
RetailNext, a retail analytics firm.
To win the waiting game for deeper
discounts, consumers will need to
scour ads, emails, social media,
websites and other marketing for
the next sale and when it ends.
Shoppers got a taste of this ear-
lier this month as more retailers
promoted big discounts earlier
than in the past. During the first
week of November, the number of
online purchases taking advantage
of a markdown rose 16% over the Retailers are pushing limited-time sales, members-only discounts and surprise same date in 2015, according to
same period in 2016, according to Tips for Navigating sales this season in an effort to wean shoppers off their addiction to discounts. market researcher NPD Group.
retail analytics firm DynamicAc- Holiday Sales Christmas is 32 days after Thanks-
tion, which analyzed $3.5 billion in giving this year, an extra day over
online consumer transactions in n Compare prices with apps and last year, and falls on a Monday, so
North America. That compared sites such as PriceGrabber, Price- there is an extra weekend day to
with a 21% decrease during the Jump on Savings.com and Shop- shop. Retailers count on last-minute
first week of November 2016 com- Savvy. shoppers to reach sales goals and
pared with the first week of No- n Sign up to receive sale alerts will discount more heavily to get
vember 2015. from retailers, but limit the them in the door or on their site.
Abercrombie & Fitch, Gap, and emails to sales alerts only. Fashion in particular is still
Macy’s were among those this year grappling with a broader shift in
advertising short-term sales of n Use the store charge card or consumer spending toward dining,
20% to 50% off that began and any card that grants rewards or travel and entertainment. Holiday
ended before Black Friday. Some perks for shopping for special clothing discounts have become
promotions were available only to savings. steadily deeper in recent years, ac-
a retailer’s “insiders” program, n Always read the fine print on cording to Sara Skirboll, shopping
which invited nonmembers to join sales for exclusions or imminent and trends expert at RetailMeNot,
to nab the offer. Other retailers are deadlines. which tracks sales promotions. It
tweaking timing on sales to high- expects an average 40% discount
light them. Target this month be- n Check stores’ websites fre- on prices this season at multi-cat-
gan promoting deals on weekends quently for new sales promotions. egory retailers like Kohl’s and
throughout the season—when cus- Macy’s, up from an average of 35%
tomers are more likely to be in during the 2016 holiday season
stores—switching from its previous and even locations are included. tributing as much as 40% of an- 2016, according to DynamicAction. and 32% in 2015.
10-day, “deal-a-day” promotion. For example, a recent Abercrombie nual revenue and 50% of annual And there was a 10% decrease in Promotions and percent-off
In recent years, many retailers & Fitch 40% “storewide” sale ex- profit. Retailers assess their Black full-priced purchases this year. deals have also been creeping up
used heavy discounting to lure cluded its big Fifth Avenue flag- Friday weekend and Cyber Monday Still, consumers can expect to at the high end, and earlier than
hesitant consumers amid a slug- ship store in Manhattan. sales performance, then adjust see more and deeper discounts in usual, says Ms. Benson of RetailN-
gish economy and competition on “Retailers may advertise 50% off promotional plans accordingly. The coming weeks. “Retailers are cer- ext. Expensive designer clothing is
pricing and convenience from on- to customers, plus 20% off for one National Retail Federation predicts tainly saving their big deals until competing not only with get-a-
line outlets. Consumers, in turn, day only through a private mailer,” that November and December sales later,” said Sarah Engel, chief mar- similar-look-for-less stores like
have played a waiting game, ex- says Britt Beemer, chairman of will climb by about 4% this year, keting officer at DynamicAction. Cos and Zara, but high-end elec-
pecting retailers would slash America’s Research Group, which is which would make 2017 the stron- “Just because they launched some tronics, including the new iPhones
prices even further in the run-up also a strategic marketing firm. He gest holiday season since 2014. of their promotions earlier, it and home voice-activated devices.
to Dec. 25. According to consumer added that 58% of 800 consumers Much of this year’s sales growth doesn’t mean consumers won’t get What’s more, fashion retailers
research firm America’s Research surveyed recently said they would was driven by shopping online, good deals.” They just may be have to clear out racks to make
Group, 65% of customers want dis- pay more attention to fine-print de- where promotions were heavy. On more targeted and selective. way for the delivery of new, trend-
counts of 60% before making a tails in sales advertising for things Thanksgiving Day, for example, the And consumers tend to spend ier collections in January.
purchase. So stores aren’t only try- like exceptions and deadlines. number of online orders placed more in stores as Dec. 25 nears, as “Based on deals that have come
ing to be more strategic about the The holiday shopping season that took advantage of a mark- shipping windows narrow. Consum- out” so far this season, Ms. Skir-
timing and duration of promotions, marks a high-stakes time for re- down in North America rose 12% ers spent 12% more in stores on boll says, “promotions are still
but also about what merchandise tailers, with sales for some con- compared with Thanksgiving Day Dec. 23, 2016, than they did on the well and alive.”
THE MIDDLE SEAT | By Scott McCartney
WHAT WILL TIGHTER SECURITY MEAN FOR YOU?

THE TRANSPORTATION Security Adminis- it,” says Rep. Bennie G. Thompson, (D.,
tration escaped Thanksgiving without major Miss.), ranking member of the House Com-
airport bottlenecks. But the agency still mittee on Homeland Security.
FROM LEFT: RYAN DAVID BROWN FOR THE WALL STREET JOURNAL; RON SACHS/CNP/ZUMA PRESS
faces big challenges. Specific results of the tests are classified,

Screening changes are coming that may but the inspector general issues a public
upset travelers already struggling with lim- summary and more specific information
ited mobility, plus those with overstuffed usually leaks out. The inspector general
carry-on bags. TSA plans to en- did say eight classified recommen-
hance screening of travelers in dations were made to improve
orthopedic casts or wheel- screening and TSA agreed with
chairs. In addition, more the suggestions.
checkpoints will require TSA argues its ability to
travelers to dump all elec- find bombs and other weap-
tronics, food and other ons isn’t as bad as the tests
items from bags so they can indicate and is improving.
be X-rayed separately. Up to Thanksgiving, TSA has
The big problem hanging already found more firearms
over the airport security force in 2017 than all of 2016—an
is whether it can ever do well average of more than nine a
in Department of Homeland Secu- day, the agency says.
rity tests of its ability to find hidden TSA administrator David Pekoske
weapons carried by travelers. In covert tests notes that none of the DHS employees going
this summer, 80% of weapons went unde- through checkpoints for the tests are on any
tected. For several years, the tests con- watch lists that would trigger secondary
ducted by the department’s inspector gen- screening. “When we do preselect somebody
eral have shown even worse results—90% or for additional screening…our detectability
higher, bolstering the view of many travel- rates are very high,” he says.
ers that TSA is ineffective. But the tests got the attention of the new
TSA administrator David Pekoske, inset, faces a difficult challenge of improving security screening “I’m afraid TSA is falling into a rut of try- administrator, on the job not yet four
without creating delays at airports after covert tests found high weapons-detection failure rates. ing to defend what they do rather than fix Please see TSA page A12
LIFE & ARTS

ART REVIEW
Mark Tobey’s
Expressionism Exception
FROM LEFT: ARTHUR LYON DAHL/LARRY NOVAK (PHOTO); ESTATE OF MARK TOBEY/SEATTLE ART MUSEUM, ARS, NY
From left: Mark Tobey in his studio (1949); his 'Threading Light' (1942)
1962 that Pollock had “capitulated Palestine, Japan, Israel and Mex- was to generate an overall, organi- of its beautiful catalog, cites a
BY PETER PLAGENS
to my style.” ico. Back in Seattle in 1951, he was cally wiry calligraphic approach “conformity to lingering Renais-
“Mark Tobey: Threading Light,” ambivalent in the extreme about that exuded a gauzy poetry. Unlike sance norms” (i.e., the portrayal of
Andover, Mass at Phillips Academy’s Addison Gal- being labeled part of a Pacific Pollock’s more stentorian all-over volume with light and shadow) as
‘I BELIEVE that painting should lery of American Art, offers quiet Northwest “school” of abstraction, paintings, Tobey’s quietly beckon the obstacle. For Tobey, real mys-
come through the avenues of med- testimony both to the artist’s am- and he told his longtime New York the viewer to come in. tery in art eventually required
itation rather than the canals of bition and his contemplation. It dealer, Marian Willard, that be- Tobey manages a remarkable some abstraction.
action,” said artist Mark Tobey contains 67 paintings installed in cause of the isolation he couldn’t amount of difference among Yet he was not just another Pa-
(1890-1976). Generally remem- rooms whose walls have been paint there much longer. In 1960, “white writing” paintings of simi- cific Northwest artist masquerad-
bered as a Pacific Northwest painted what one might call Tobey Tobey moved to Basel, Switzer- larly modest size and mutedness. ing as an Eastern mystic. He said
painter closely identified with Se- gray. (The exhibition appeared land, where he died 16 years later. “Threading Light” (1942)—possi- his subject matter was actually
attle, Tobey chafed at art reviews earlier at the Peggy Guggenheim bly the best work in the show—is “the restless pulse of our cities
in the 1940s that constantly paired Collection in Venice.) under 30 inches tall, with a space- today,” and at least a couple of
him with the “action painter” Tobey came from the Midwest age flow to it. “Crystallizations” paintings—“Broadway” (1935) and
Jackson Pollock. Compared with (one of the earliest paintings in
Unlike his East Coast from two years later is less than “Fog in the Market” (1943)—af-
the Abstract Expressionists, Tobey the show, “Middle West [American contemporaries, the 20 inches high, and dense as a firm Ms. Balken’s point that To-
painted small, and his favorite me- Landscape],” 1929, is a veritable rain cloud but as lacy as a veil. bey’s “white writing” was “a
dium was tempera on panel or pa- portrait of dreariness), had no for-
artist favored small scale “Window” (1953), large for a ca- means to move progressive art
per. His color was subdued— mal art education save for some and a meditative mood. sein-on-board picture at 44 by 28 beyond the entrenched languages
mostly grays—and he developed a Saturday classes at the Art Insti- inches, uses the suggestion of part of Cubism.” Still, while Tobey’s
“white writing” approach to paint- tute of Chicago, and admitted that of a window frame to bring in ar- usual painting scale was modest,
ing, in which he pondered “micro- his “eyes weren’t prepared” for chitecture. Late in his career, To- his philosophical reach was ex-
scopic worlds” instead of the the famous Armory Show when he The “white writing” technique bey turned to oil on canvas, work- pansive. “Why don’t art schools,”
atomic explosions in the minds of saw it in 1913. He cited 1918 as the began in 1935, and was first dis- ing in a scale of up to more than he once asked, “have a class on
Abstract Expressionists. Having beginning of a “dark period,” and played in his paintings in a 1944 seven feet in one direction, but how to remain aware?” This exhi-
converted to the Bahá’i faith in his very little of his art from the ’20s exhibition in New York. Some of those oils seem forced into large bition could well be a pleasurable
late 20s, his outlook was a far cry still exists, but Tobey learned Chi- these works preceded Pollock’s scale by the art world’s appetite first session.
from the existentialism that fueled nese brushwork in 1924 and made “drip” paintings by five years. for size.
the postwar New York art world. a trip to Paris, then the center of While other artists—notably Janet Tobey came late to his signa- Mark Tobey: Threading Light
Still, he was a modern American modern art, the following year. Sobel in New York and the Danish ture style; he was in his mid-40s Addison Gallery of American Art, An-
painter concerned with fame and In fact, Tobey was a ceaseless émigré Knud Merrild in Los Ange- when he discovered it, and 50 by dover, Mass., through March 11, 2018
his place in history. He won the traveler, visiting (in no particular les—beat Pollock to the line in the time it blossomed fully within
City of Venice prize for painting at order) England (where he taught terms of the linear pouring of him. Debra Bricker Balken. the ex- Mr. Plagens is an artist and writer
the 1958 Biennale, and boasted in for a few years), Turkey, China, paint, Tobey’s accomplishment hibition’s curator and sole author in New York.
TSA
FROM LEFT: STEPHEN VOSS FOR THE WALL STREET JOURNAL; NAM Y. HUH/ASSOCIATED PRESS
Continued from page A11

months. He’s looking at de-
ploying more canine teams,
which are very effective at
finding bomb materials. He’s
also trying to enhance train-
ing for screeners and is
looking at speeding up the
rollout of new, stricter pro-
cedures involving electron-
ics and food.
“We are more secure now
than we were before the test
results came out,” Mr. Peko-
ske says.
In the past, embarrassing
undercover testing has TSA plans to request funding to replace 2,200 X-ray machines at
prompted TSA to tighten up airport security checkpoints.
screening at checkpoints,
slowing the flow of passen- shouldn’t slow checkpoints enrolled in Customs and Bor-
gers. In 2016, this led to very too much. One thing that’s der Protection programs like
long lines and missed flights, helped: TSA’s trusted-traveler Global Entry. Moving more
culminating with a meltdown program, PreCheck, has travelers to PreCheck lines
in Chicago with passengers added 2.2 million people in speeds up regular lines and That means there will be Since they can measure the “I’m firmly convinced
stranded overnight before the past two years, bringing enhances security, TSA says. different rules in different density of materials, they’d that technology is the way
changes were made to speed total enrollment to 5.7 mil- Officials say the security cities at least through the even allow TSA to drop re- to go,” Mr. Thompson says.
up passenger flow. lion, TSA says. A total of 12 testing revealed a vulnera- winter. strictions on liquids. “In some instances, we’re
Mr. Pekoske says there will million people are eligible for bility of weapons smuggled Mr. Pekoske says the pro- Mr. Pekoske says the too slow, and the bad guys
be some tightening, but that PreCheck, including people by those in orthopedic casts gram, known at TSA as En- tests are going well and will are not waiting for us to get
or wheelchairs. That means hanced Accessible Property likely be completed by next it right.”
those people will get more Screening, or EAPS, has summer. A year from now TSA did get through the
ADVERTISEMENT enhanced screening, officials slowed down checkpoints as the agency will start asking Thanksgiving rush smoothly.
say, such as pat-downs and both screeners and travelers Congress for money to buy A check of 25 major airports
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
bomb-residue swipes. The
added attention will likely
get used to new procedures.
But he doesn’t expect signif-
machines to replace the
2,200 X-ray machines at
on Monday found a few re-
ports of long waits hitting
infuriate some who already icant increases in wait times. checkpoints. The technology 30 minutes to 45 minutes at
have plenty of difficulty Tests so far show that is so promising, airlines some periods. But past holi-
navigating airports. making people declutter have already ordered the days have seen way worse.
FRANCE The longer-term solution, bags does make screening first machines for their TSA says from Nov. 17
Mr. Pekoske says, is a wider more effective. Items inside hubs and agreed to donate through Nov. 26, 98.1% of
body-scanning machine that bags are easier to see clearly them to TSA to speed up passengers waited under 20
could accommodate some- on X-ray screens. Mr. Peko- deployment. minutes in queue for screen-
one in a chair with a leg ske calls it “a significant en- Mr. Thompson, the Mis- ing. On Sunday, the busiest
straight out. Such a machine hancement to security.” sissippi congressman, says day, about 5% of non-Pre-
is in development, he says. But TSA says it needs the CT scanners highlight a Check passengers waited 20
As a result of the failing better technology at check- fundamental problem at minutes or more for screen-
tests, TSA is also looking at points, too. TSA is testing TSA: It’s too slow with new ing, TSA says. Only 0.5% of
speeding up the rollout of CT scanners at checkpoints technology. Other govern- PreCheck passengers waited
the enhanced carry-on bag in Phoenix and Boston. ment agencies have funding that long.

screening, which began test- These scanners, similar to to develop and deploy it. Mr. Pekoske says TSA

ing a year ago and started ones used to screen checked TSA has labs to evaluate prepared for Thanksgiving

!
"!# expanding to airports after luggage, look inside bags what contractors develop and was well-staffed for the
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' $ &
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# ) the summer rush. The roll- from all angles, much like a and then goes to Congress rush. The agency offered

out likely will continue hospital CT scan, and pro- to get funding for pur- lots of overtime to officers,
through March and April. duce a clean 3-D image. chases, a multiyear process. he says.
LIFE & ARTS

PHOTOGRAPHY REVIEW
Edvard Munch, Photographer

The painter of ‘The Scream’ was also an avid experimenter with the camera
Edvard Munch, ‘Self-Portrait
BY RICHARD B. WOODWARD
Wearing Glasses and Seated
Before Two Watercolors at Ekely’
New York (c. 1930).
IT’S NOT A SECRET that Ed-
vard Munch (1863-1944) took 1908-09, having entered a clinic
photographs. A monograph to seek an end to violent hallu-
about his fitful output, by the cinations and alcohol abuse.
Norwegian art historian Arne The second period of his photo-
Eggum, was published here in graphs (1927 to mid-’30s) re-
1989. Ten years later, Dorothy flects the calmer, more solitary
Kosinski’s “The Artist and the existence of his last decades. In
Camera: Degas to Picasso” pre- a grid of six “selfies” from
sented a sample of Munch’s pho- 1930, he photographs himself
tographs—along with those by at arm’s length in various dis-
Bonnard, Gauguin, Rodin, Vuil- guises, with and without
lard and nine other painters or glasses and hats.
sculptors—in an exhibition and The six-minute home movie
catalog that surveyed the diverse from 1927, taken in Dresden,
applications of the medium by Germany, and in Oslo, is a frag-
19th- and 20th-century artists. mentary compilation of street
“The Experimental Self: Ed- scenes: trams, pedestrians,
vard Munch’s Photography” at storefronts, a couple on a park
Scandinavia House will nonethe- bench, two boys looking
less be a surprise to many. through a peephole in a fence.
Timed to supplement “Edvard The final frames show Munch
Munch: Between the Clock and walking toward the camera.
the Bed,” the traveling retrospec- Ms. Kosinski’s exhibition in-
EDVARD MUNCH/MUNCH MUSEUM
tive now at the Met Breuer, this cluded several photographs,

show of roughly 40 copy prints made or seen by Munch, that
and a six-minute home movie, became the basis for paintings.
lent by the Munch Museum in The connections in Ms. Ber-
Oslo, has charms of its own. man’s presentation are not as
Guest curator Patricia Ber- overt. But the spectral figure
man, professor of art history at facing us in “Nurse in Black”
Wellesley College, has selected (1908-09), her luminous white
examples from two distinct peri- face and folded hands set
ods: 1902-10 and 1927 to the against a pitch-black field, re-
mid-’30s. Hung or projected in posed. Another from about the friends who had served as models seemed to merge with a figure by sembles women elsewhere in
four small rooms against dark same time, taken as the artist lay were portrayed in snapshots. appearing translucently through it. Munch’s work, such as “Moonlight
walls, the modest black-and-white in bed, introduces the more famil- Munch never believed that pho- Like Degas, Munch was in- I” (1896), one of three woodcuts
images oscillate in mood between iar anxiously watchful Munch. (He tographs could achieve the psycho- trigued by the camera’s routine displayed at Scandinavia House.
tentative and bold, prosaic and took up photography the same logical or religious intensity he ability to force perspective. In sev- That Munch didn’t exhibit his
fantastic as Munch was deciding year that his lover, Tulla Larsen, sought for his art. “The camera eral self-portraits in domestic set- photography in his lifetime doesn’t
what photography could and ended their affair with a gunshot cannot compete with painting so tings, he has placed the lens near mean he wasn’t seriously curious
couldn’t do for his art. that damaged two of the fingers long as it cannot be used in to his arm and face so they loom about its potential as an art and as
The first period begins in Berlin on his right hand.) heaven and hell,” he said. large in the frame. In a 1908-09 a psychological tool to explore his
with the purchase of a Kodak box His outdoor nude self-portraits, This notion didn’t prevent him study for a painting of himself as favorite subject: himself.
camera. As he trained himself in taken at his summer house in the from trying to override the cam- the murdered French revolutionary
the basics, even developing his Norwegian coastal village of Ås- era’s frank realism with special ef- Marat, a half-naked Munch stares
own prints, he portrayed friends in gårdstrand, are larky rather than fects. He was fascinated by “spirit grimly from a bathtub, the curve The Experimental Self:
the street and documented an ex- fraught. One day he might strike photography” and in 1907 played of his bare shoulder and arm ex- Edvard Munch’s Photography
hibition of his paintings in Norway. the heroic pose of a Spartan war- with multiple exposures of himself tended toward us, his unseen hand Scandinavia House, through March 5,
At the same time he was also rior; another day, he saw himself as and his model Rosa Meissner on pressing the shutter. 2018
eagerly photographing himself. Al- more flab than sinew. In 1904, after the beach. Knowing that move- This first period of photo-
most two-thirds of the show are finishing his large painting “Bath- ment while the lens was open graphic experimentation ended
self-portraits. Two examples from ing Men,” he brought it into his could blur the body, he made expo- shortly after he had recovered Mr. Woodward is an arts critic in
1902 are seated close-ups, stiffly garden and photographed it. Male sures in which background details from a nervous breakdown in New York.
Our Reality in Waiting

From defeating superbugs and hurricanes to
understanding the Bitcoin enigma, season 2 of The
Future of Everything series explores the challenges
and possibilities of our impending way of life.
ApplePodcasts.com/FOE
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SPORTS
BY ANDREW BEATON NFL became an Eagle, when the team
started crafting one of the NFL’s
best offensive lines. In an age when
Philadelphia
CARSON WENTZ’S professional
career couldn’t have started much
better. The tall quarterback from
the low-level football program led
The Gunslinger pundits have decried the poor state
of blocking, some teams simply
can’t afford to wait for deep routes
to develop.
It also helps that Wentz moves
Leading the Eagles

the Eagles to a 3-0 start in 2016, remarkably well for someone his
complete with five touchdowns size and is strong enough to sim-
and not one interception. ply avoid some sacks. “He extends
Wentz initially thrived in a the play a lot,” says running back
conventional and safe offense LeGarrette Blount. “That allows
that looked a lot like many of the the big throws downfield.”
other successful short-passing at- Wentz showed off his new form
tacks across the league. Then he Carson Wentz is thriving by not being boring and safe in the passing game in the Eagles’ 2017 opener against
struggled for much of the rest of the Washington Redskins, with a
the year, raising quiet doubts 23-yard completion to Zach Ertz.
about the No. 2 pick’s future. Facing third-and-10, leading by
Instead of fixing it this season two in the fourth quarter, Wentz
by pulling the reins back even fur- outran two defenders to find his
ther, the Eagles tried something tight end. He threw on the run,
completely different. They stopped placed the ball perfectly and had
trying to mimic the low-risk pass- five seconds between the snap and
ing styles that have taken the throw—the type of time that
league by storm. makes longer completions easier.
The change has transformed Before this season, the Eagles
Wentz from a tantalizing rookie went about giving him the wide
into an MVP contender on the receivers to complete those types
NFL’s best team. One of the most of passes regularly. Their biggest
conservative quarterbacks around off-season signing was star wide
has been remade into one of the receiver Alshon Jeffrey. Their sec-
most aggressive--and someone his ond biggest off-season signing was
coach Doug Pederson has compared receiver Torrey Smith, a deep-
to Brett Favre. And NFL defenses threat specialist.
have had no clue how to stop him. Ertz, the team’s leading receiver,
“I love taking shots down the says those moves showed the con-
field,” Wentz said in training camp. scious decision to throw deeper.
The Eagles have the best record “Personnel is going to dictate how
in the NFL at 10-1 and any conver- you attack defense,” he said.
sation about how they have be- Wentz’s ability to thrive in these
come a Super Bowl contender be- situations can be explained in a
gins and ends with the 6-foot-5 couple ways. For starters, despite
quarterback from North Dakota being the league’s most aggressive
State. He leads the NFL in touch- quarterback, he’s still one of the
down passes. He has the fourth safest with the ball, having thrown
highest passer rating. And he leads only five interceptions this year.
the NFL’s highest-scoring offense. But it’s better understood by the
What makes Wentz so good is Eagles’ production on third down.
that he plays nothing like the other Last year, Wentz’s average third-
best quarterbacks. In an age when down throw barely reached the first-
rivals have mastered high-percent- down line, according to Football
age, short-yard passes, Wentz is Outsiders, meaning many of them
the one torching defenses deep. fell short and relied on receivers,
“I like to think I’ve always been hopefully, reaching the line to gain.
a pretty aggressive player,” Wentz This year, no quarterback
says, “but maybe just a little more throws the ball farther past the
confident [now] in aggressive first-down sticks on third down—
chances.” and the Eagles third-down conver-
This has made him more than a sion rate has shot up from 20th in
remarkable outlier. It has produced the league to third.
a spectacle of old-school, gunsling- All the while, in an age when
ing football that the league has safe throws and low interception
sorely lacked in recent years. His rates are all the rage, no quarter-
style is so appealing that even the back has been more fearless than
world’s most famous Dallas Cow- Wentz. This year, 25.1% of his
MICHAEL PEREZ/ASSOCIATED PRESS
boys fan—LeBron James—says that throws have been into tight cover-
Wentz is his favorite player. age—the most of any quarterback.
The three quarterbacks with a For most quarterbacks, throw-
higher passer rating than Wentz ing into small windows isn’t a par-
this season—Tom Brady, Alex Smith ticularly good idea. The two quar-
and Drew Brees—have combined to terbacks who have done it the
complete 69.5% of their passes. second and third most frequently
Wentz has completed only 60.2%. this year are Brock Osweiler and
That’s actually one of the worst Tom Savage. They aren’t exactly
marks in the league, but it doesn’t Eagles quarterback Carson Wentz has transformed into an MVP contender and leads the NFL’s highest-scoring offense. the company most quarterbacks
matter because he throws the ball would like to keep.
farther than almost anyone else. league’s best quarterback, Aaron Last year, league-wide comple- among the shortest—his average But there’s a big difference.
Wentz’s completed passes this Rodgers, averaged one of the tion percentage reached an all- completed pass went only six Wentz is good enough to take the
season have traveled 7.8 yards down shortest attempted distances, 5.4 time high at 63%, but yards per at- yards down field, or nearly 25% risks these other quarterbacks fail
the field on average, which is sec- yards, before he got hurt. Which is tempt has trended downwards too. shorter than this year. at—so even though Wentz has
ond highest among quarterbacks exactly where quarterback play Also in the last five seasons, 50.5% But the Eagles built the perfect thrown the ball more than Os-
who have started at least eight has gone in recent years. of passes have gone five yards or team to defy this new norm. And weiler and Savage combined, he’s
games. That’s a full half yard farther Teams are passing more, but fewer yards downfield, versus only part of it had to do with thrown four fewer picks.
than Brady, and nearly two yards shorter, and at a higher clip—the 47.1% from 2000 through 2004, ac- Wentz’s other-worldly arm “He just makes some throws in
longer than Brees and Smith, ac- last five seasons are also the five cording to Stats LLC. strength that allows him to make games and you go, ‘Wow,’” says of-
cording to the NFL’s NextGen Stats. with the highest completion per- Wentz slipped into this mold throws other quarterbacks can’t. fensive tackle Lane Johnson. “And
The player often considered the centages in NFL history. last season. His passes were It really began before Wentz ever he’s been doing it every week.”
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d t
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 Down 29 Preternatural
20s 0s 13 14 15
1 Deal with a 30 Raised ridges
V
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Calgary
30s 20s 10s
freeze, perhaps
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Winnipeg 16 17 31 What a gate is
ttl
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30s symbols
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P tl d
Portland 30s 18 19 20
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50s Ottawa 33 Worried
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30s Bismarckk 35 In need of a
30s Boise
Mpls./St. Paul
Mpls./St. T t
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b
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40s 20s
Boston
23 24 25 26 27 28 29 30 31 4 Some Starbucks snake
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Omaha Phhil d lphi
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Pittsburgh 37 38 39
Sacramento p g
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Indianapolis hington
hi gton D.C.
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Charleston 50s 40 41 42 molasses
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l igh
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h ill
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Atlanta
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80s Jack
Jackson
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Birmingham 52 53 54 55 56 57
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Ft. Worth 58 59 60 61
b
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Mobile Jacksonville Technotronic cash
A ti
Austin Stationary Snow
-0s t
Houston
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Orlando 62 63 10 Tailed flyer
10s 0s Newew Orleans 51 Othello, for one
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San Tampa
80s Showers Flurries 64 65 66 11 Cinematic lab
20s
Anchorage
A h g Honolulu 80s 80s Miami 52 Magazine
30s 60s
assistant contents
40s Ice
THINK ON YOUR FEET | By Ross Trudeau 12 Scotch samples 53 Be apoplectic
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 26 Deposed 47 Ballpark fig. 14 Venetian resort 54 Magazine
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 “Bringing Up autocrat contents
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 53 29 s 56 28 s Frankfurt 37 29 c 36 26 c 48 Trades 15 Like some
Orlando 79 58 pc 79 59 pc Geneva 38 31 sn 35 27 c Baby” studio 28 Coast along eclipses
Today Tomorrow 50 Dot follower 55 Sammy in the
Philadelphia 54 44 pc 53 34 s Havana 82 65 pc 81 64 pc
City Hi Lo W Hi Lo W Phoenix 79 61 pc 81 58 pc Hong Kong 79 66 pc 75 64 pc 4 Loaf 32 Sole feature 20 Skinny 600 home run
Anchorage 29 18 s 25 15 pc Pittsburgh 54 35 sh 46 27 s Istanbul 63 58 pc 67 56 c 52 Marine snail club
Atlanta 68 54 sh 68 51 pc Portland, Maine 41 35 pc 47 27 pc Jakarta 85 76 c 88 76 t
9 Patch product 34 Peacock in the 22 Skeletal DC
Austin 74 43 s 73 45 s Portland, Ore. 47 40 r 48 43 r Jerusalem 61 46 s 64 48 s corner, often 55 Certain Comics villain 56 Plow team
13 Yoga hallucinogen,
Baltimore 56 42 pc 54 30 s Sacramento 63 40 s 62 42 pc Johannesburg 81 59 t 82 61 pc
practitioner’s 36 Renegade on the 23 “Oh, go on!” 57 Arizona sight
Boise 44 31 pc 47 32 c St. Louis 59 34 pc 55 37 s London 38 34 s 44 34 pc informally
Boston 45 41 pc 49 32 pc Salt Lake City 48 33 s 50 34 pc Madrid 50 27 pc 49 25 pc “garudasana” road
24 Honda line 60 “Westworld”
Burlington 42 37 pc 40 25 c San Francisco 62 50 s 62 50 pc Manila 90 80 c 91 79 pc 58 Letter after shower
Charlotte 65 48 pc 67 40 s Santa Fe 55 35 pc 59 34 pc Melbourne 93 72 c 77 59 r 15 Mario’s brother 37 Rocket-shaped Quebec
Chicago 52 29 pc 47 37 s Seattle 47 41 r 49 42 r Mexico City 70 39 pc 69 42 s awards 25 Stake
16 2001 #1 hit for 61 Kid’s room, to
Cleveland 53 34 sh 46 33 s Sioux Falls 48 30 s 51 27 pc Milan 50 30 s 39 33 c 59 Diorama holders,
Dallas 70 45 s 71 52 pc Wash., D.C. 56 45 pc 56 35 s Moscow 30 29 c 38 35 i Destiny’s Child 38 Tom and Jerry 27 Queen Elsa’s an exasperated
or an apt title for younger sister parent
Denver 55 33 s 61 30 s Mumbai 93 68 pc 95 70 c ingredient
17 “High five!” this puzzle
Detroit
Honolulu
52 32 sh 45 35 s
84 75 c 84 73 c
International Paris
Rio de Janeiro
41 31 c
82 72 pc
40 28 pc
79 71 sh 39 Thomas of TV Previous Puzzle’s Solution
Houston 76 49 s 74 50 s Today Tomorrow Riyadh 83 57 s 76 56 s 18 Cadenza and 62 Conveyed
G R A Y S P A R K A G U A
Indianapolis 55 32 c 49 32 s City Hi Lo W Hi Lo W Rome 58 43 c 55 42 pc Sonata 40 Helmeted nonverbally R A G E O L D I E C O N S
Kansas City 55 30 s 56 35 s Amsterdam 42 31 sh 40 30 pc San Juan 87 71 s 86 74 s
19 Salon specialists Olympian 63 Least clear
A M E N C A D D Y S H A C K
Las Vegas 68 48 s 69 49 s Athens 68 61 pc 68 60 r Seoul 35 21 s 37 25 s P H D R A I L SW E L L S
H OW A N N E X I D I O T
Little Rock 66 39 pc 61 39 s Baghdad 73 48 s 72 48 s Shanghai 53 44 c 54 46 pc 41 Clear rectangle 64 Unappetizing
Los Angeles 76 53 s 77 55 s Bangkok 91 76 sh 92 76 c Singapore 87 76 pc 88 77 pc 21 Recently I M E A N I T M S N E G O
C E L L O B E I G E
Miami 83 70 pc 82 70 pc Beijing 38 17 s 41 17 s Sydney 80 71 pc 84 73 pc 42 Passes over fare L I N C O L N P A R K
Milwaukee 50 30 pc 45 37 s Berlin 37 29 c 36 28 c Taipei 76 66 r 70 67 c
22 Chatty bird D E A L T B R I C K
Minneapolis 44 28 s 47 32 pc Brussels 39 27 c 36 26 pc Tokyo 53 44 r 53 43 pc 43 Not idealized 65 Relaxing baths MA L M P G B R O S N A N
23 Foot of the U S U R P A D I E U G R O
Nashville 67 39 c 59 37 s Buenos Aires 81 62 s 82 61 s Toronto 44 33 r 43 30 pc S T R A T A R A F T L T S
New Orleans 75 57 sh 71 52 pc Dubai 84 67 s 83 71 s Vancouver 46 42 r 47 38 r Himalayans? 45 Polish stories 66 Opposition call C H E V Y C H A S E P E A S
New York City 50 43 pc 52 36 s Dublin 41 31 pc 42 38 pc Warsaw 34 31 sn 35 29 c AM I E T I M E R H A L O
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 60 36 pc 63 46 pc Edinburgh 38 28 sh 38 35 sh Zurich 36 28 sn 34 27 c T A N S S C A D S I R K S

OPINION
Taxes: What Would Jesus Do? BOOKSHELF | By William Anthony Hay
Jesus Christ
could count
himself lucky
pools for endangered Chris-
tians, she’s withdrawing her
support.
how, year after year, the an-
nual pay raise didn’t amount
to squat, so the budget belt
require paying higher wages to
attract workers.
Democrats who know bet-
The Ties
that for the
completion of
his earthly
mission he
Defeated by a determined
minority of his apostles, Jesus
abruptly announces his retire-
ment and returns home to the
had to be tightened again.
Or they wondered through
the second Obama term who
would hire them out of college.
ter, such as Chuck Schumer,
and newspaper pundits in the
progressive resistance dismiss
this as “tax cuts for corpora-
That Bind
WONDER
LAND had the 12
apostles and
family carpentry business in
Galilee.
It is no surprise—though it is a tions and the wealthy.” Not
even Elizabeth Warren be-
Queen Victoria’s Matchmaking
By Daniel
not the 52 i i i lieves this hooey. By Deborah Cadbury
Henninger
Republican We won’t know anytime The Senate’s six Procter & Gamble, the very (PublicAffairs, 382 pages, $27)
‘A
members of soon what Jesus would think model of a U.S. corporation,
the U.S. Senate. of the Republicans’ tax bill, so apostles can choose employs about 95,000 people. family on the throne is an interesting idea,” said
Imagine: The Lord tells we’ll default to guessing at the between Caesar and I’m going to guess that maybe Walter Bagehot, the Victorian editor and polymath,
Lazarus to walk from his second-best opinion: the 90,000 of them support mid- because “it brings down the pride of sovereignty to
tomb, and the apostle Bob, the American people’s. economic opportunity dle-class families, directly or the level of petty life.” There was one aspect of ordinary
first fiscal hawk, objects that Watching the current de- indirectly, with what P&G pays life, petty or otherwise, that deeply concerned Victoria
if Jesus continues raising peo- bate, what many of them think them. herself: the marital fate of her children and grandchildren.
ple from the dead, the un- is that the Republican tax bill stunning and pathetic indict- This reality of sustaining The House of Hanover’s marriages could affect
planned population growth is about the swamp, because ment of the U.S. economy in the American middle class is international politics, as Deborah Cadbury shows in “Queen
will blow out Judea’s deficit. this is what the swamp does— our time—that so many of repeated with all the U.S. cor- Victoria’s Matchmaking,” and gave the queen’s aspirations a
Apostle Bob says he won’t go bog down in Washington’s un- these millennials concluded porations everyone knows, the broader scope than “merely” her empire.
along without a hard cap on fathomable arcana and pro- that batty Bernie Sanders’s so- companies no one’s ever heard In Europe, marriages had long been a diplomatic tool.
resurrections. duce clouds of gas. cialism made sense. of, and the new companies en- The Habsburgs routinely used judicious matches to build
The Lord reminds the apos- The Senate Republicans, to Why shouldn’t they? trepreneurs will create to sup- their domains into a great power. As a phrase went: “Let
tles of how he fed the multi- the last man and woman, say They’ve never lived inside the port more families if six sena- others wage war; you, happy Austria, wed.” In the 18th
tudes with the miracle of the they are doing this tax reform sort of exciting, upward-mov- tors let this tax bill pass. century, a connection through marriage placed a Bourbon
loaves and the fishes. Forget it, to “lift the economy,” but ing economy their elders en- What would Jesus do? He on the Spanish throne, allying France and Spain against
says the apostle Jeff. Uncon- when is the last time one joyed in the 1960s, ’80s or had a thought: “Render to Cae- their rival, England. Of course ties forged between royal
strained loaf-and-fish division heard any of them, especially ’90s. Absent real economic op- sar the things that are Cae- families could also act as a
will create a culture of entitle- the six doubters, explain what portunity for eight years, the sar’s, and to God the things form of soft power, exerting
ment. Apostle Jeff says he’s that means in the real world default option has skipped that are God’s.” My biblical influence beyond official
leaving. most voters inhabit? past Democratic liberalism to translation is that Jesus set channels. British prestige
Angered, Jesus threatens to The swath of the electorate socialism. the terms of the debate be- thus made Victoria’s
drive the money changers whose view of the Republican If it’s OK with six Republi- tween the claims of the state numerous children (nine) and
from the temple. You’re wast- tax effort intrigues me the can senators, the tax bill and the spiritual and daily life grandchildren (42) attractive
ing your energy, says the most is the group that has the would attempt an alternative of the people. candidates in what Ms.
apostle Ron, an accountant least experience with the tax to that. It will drop the corpo- The Democratic Party re- Cadbury calls “the world’s
before joining the disciple- system but a lot to gain from a rate tax rate to 20% from 35%, fuses to participate in legislat- most exclusive dating agency.”
ship. Ron explains to the Lord new one—millennials. allow immediate expensing ing the bill because its tax col- Victoria (1819-1901) had come
that the money changers are Wind the clock back to for new capital investments, lections for the state are of age in an era of reform during
pass-through entities who are 2008, when Barack Obama was and return to the U.S. several insufficient. That is who they which high-minded leaders
withholding their support un- elected and when people now trillion dollars in profits held are and will be, permanently. sought to reconcile traditional
til Jesus extracts equal tax in their 20s were between 10 overseas to avoid that 35% tax The Republicans are set to institutions with the social
treatment for them from King and 18 years old. rate. choose: Become Caesar’s foot- change that the French Revolution
Herod. The only economy they’ve The purpose of these reduc- men if they fail, or creators of had set into motion. Her own marriage
Susan of Magdalen says lived with is the weak one the tions in taxation is to create opportunity—if the six doubt- had solidified this mission: Prince Albert, her
she’s having doubts about the Obama years produced. Many incentives for companies or in- ing apostles don’t flee into the beloved husband and consort, was shaped by German
entire messianic enterprise. Un- of them overheard parents or dividuals to invest in business Beltway desert. pietism, a religious movement emphasizing duty and moral
less the Lord creates high-risk grandparents talking about expansions, which in time will Write [email protected]. purposefulness. He believed that promoting a shared liberal
vision between England and Germany would build European
stability, sustain the post-Napoleonic peace and foster
The Debt Is No Reason to Kill Tax Reform progress. Victoria also saw Germany as a natural ally, given
her family’s roots there.
The marriage of their eldest daughter, Vicky, to
By Karl Rove overall economy that will add to get worse: The Congressio- CBO projects. To begin with, Frederick, the heir to the Prussian throne, seemed to
T
jobs and demonstrate greater nal Budget Office forecasts congressional Republicans further the reformist idea, but the liberal-leaning couple
ax reform is not polling strength next year. that the public debt will rise should ignore Mr. Trump’s de- had to struggle against currents within German politics.
well. In a mid-October Still, passing tax reform from 75.5% of gross domestic sire for a $1 trillion infrastruc- Bismarck’s program to unite Germany under Prussian
CNN survey, only 34% of through the Senate won’t be product in fiscal 2017 to 85.6% ture bill. If President Obama’s leadership had an authoritarian cast at odds with the
Americans favored “the tax re- easy. Republican skeptics fall in 2026. $800 billion stimulus in 2009 enlightened constitutional monarchy they preferred.
form proposals made by the into three main camps. First, But keeping the tax code’s didn’t produce robust eco- Frederick’s death from cancer in 1888, after only a few
Trump administration.” A some senators want “pass- status quo—unfair, costly to nomic growth, why assume a months as emperor, dashed liberal hopes and brought his
week later, a poll by The Wall throughs,” the small busi- comply with, detrimental to better outcome today? son William II to power. Handicapped from a difficult birth,
Street Journal and NBC News nesses that are taxed under economic growth and Ameri- Passing major legislation William had been a willful child who rejected his parents’
found only 25% thought “Pres- the personal code, to have par- can competitiveness—won’t like a tax bill is inherently dif- values and showed increasing jealousy toward Britain.
ident Trump’s tax plan is a ity with corporations. Al- make the debt problem go ficult, even when the presi- Adding to the problem, the future Edward VII, Victoria’s
good idea,” compared with though the Senate bill gets away. The CBO estimates that, dent’s bully pulpit is properly eldest son, disliked his nephew and preferred France to
35% who said it was a bad close to that, true equality of without tax reform, Washing- deployed. In this case, Mr. Germany. William II came to resent what he considered a
idea. rates would be expensive and ton will collect $42.1 trillion Trump has yet to make a con- cabal of relations treating him with disdain. Royal ties
Around the same time, CBS difficult to achieve. over the next decade. Outlays vincing and consistent case became a source of friction rather than harmony.
News found that just 38% ap- will reach $51.4 trillion, mean- for tax reform. He has held oc-
proved of “the way Donald ing another $9.3 trillion added casional rallies to rev up true
Trump is handling tax policy.” That problem has one to the debt. The only way to believers, but calling for a Britain’s power made Victoria’s many children
That’s roughly the president’s mitigate the problem is to con- “big, beautiful tax cut” won’t and grandchildren attractive candidates in
job-performance rating in the answer: less spending. strain federal spending. persuade skeptics and fence
Real Clear Politics average, In the meantime, fix This will require congres- sitters. Then there are the ‘the world’s most exclusive dating agency.’
which was 39.5% Wednesday. sional Republicans to tackle president’s Twitter attacks on
Still, public opinion on tax re- the broken tax code. mandatory spending, which is senators whose votes he
form is fluid and will be af- made up mostly of Social Se- needs. On Nov. 19 he called Victoria, who had known the assassinated Czar
fected by what happens if the curity and Medicare. The CBO Sen. Jeff Flake “unelectable” Alexander II in her youth, disliked Russia’s political and
bill passes. Other senators are uncom- says mandatory spending will and “toast,” and on Oct. 25 he social order, the most reactionary in Europe. As it
The saving grace for Repub- fortable using the tax bill to rise from 70% of all outlays in launched on Sen. Bob Corker happened, two of her granddaughters married Romanov
licans is that voters trust the repeal ObamaCare’s individual fiscal 2017 to 78% in 2026. (“zero chance of being princes, one of whom became the ill-fated Nicholas II.
GOP more on these issues. A mandate. Yet killing the man- That will squeeze the discre- elected”). This is political Nicholas’s princess consort, Alexandra—whose mother was
late October survey from Polit- date is tax relief for families tionary portion of the budget, malpractice. Alice, Victoria’s second daughter—came to embrace the
ico and Morning Consult found with modest incomes: Among which includes defense, educa- Republicans are counting on Orthodox Church and the autocratic imperatives of the
that 42% of voters trusted con- those who pay ObamaCare’s tion, transportation and every- a few wavering senators to put czarist regime. Meanwhile, a Russian daughter-in-law,
gressional Republicans on the tax on being uninsured, more thing else. country, prosperity and their Maria Alexandrovna—the wife of Victoria’s second son,
economy, compared with 38% than a third make $25,000 or As a candidate, Mr. Trump party above the understand- Alfred—sided with William II in the family quarrels of the
for congressional Democrats. less annually, and 80% make opposed restraints on manda- able desire for personal pay- 1880s and ’90s. “Grandmamma Queen” was not amused.
The numbers on jobs were the $50,000 or less. tory spending. But if Republi- back against Mr. Trump. The Other challenges lay closer to home. Victoria and
same—42% for Republicans, The third group of GOP cans are serious about fiscal president often makes things Albert’s unhappiness with Edward, a dissolute figure, is an
38% for Democrats. holdouts is the deficit hawks. responsibility, they must deal harder than they need to be. oft-told tale. Ms. Cadbury focuses on troubles in the next
Polls aside, the GOP is bet- Ignore for a moment the hypo- with entitlements. To keep the generation, particularly the hapless Prince Eddy, Edward’s
ting that Americans will see critical squawking of Demo- debt from rising above 75% of Mr. Rove helped organize eldest son, who was believed to lack the manly bearing or
the results of tax reform in crats, who supported President GDP, Congress would have to the political-action committee intellectual grasp that a king required. Victoria agreed with
two important ways: larger Obama in adding $9.3 trillion prune outlays over the next American Crossroads and is her son that “a good sensible wife” might compensate for
paychecks in January, when to the national debt over eight decade by $2.9 trillion—or the author of “The Triumph of her grandson’s deficiencies. Princess Alix of Hesse seemed
the reduced withholding will years. Yes, America’s deficit somewhat less if growth is William McKinley” (Simon & the answer, but she rejected Eddy for a Russian prince.
go into effect, and a better problem is troubling and about above the anemic 1.9% that the Schuster, 2015). Eddy had some success wooing the French princess
Hélène of Orléans, but Hélène’s Catholicism became a
sticking point. Perhaps taken with the romance of it all,
Leave College Endowments Alone Victoria supported the match, but her ministers did not.
Hélène broke things off in a letter that left Eddy
despondent. Victoria, after writing to her grandson urging
By Harry McMahon dowments, almost all the tar- cutting-edge research is not three of the schools targeted that he “have the courage to renounce the idea for ever,”
T
geted schools employ an egali- close to being covered by tu- for an excise tax, I would decided on May of Teck as his future bride, a princess from
o help pay for tax cuts, tarian “need blind” admissions ition at any of the targeted likely revisit my giving inten- the Upper Rhine. Princess May accepted Eddy’s proposal,
congressional Republi- policy, meaning that they ac- schools. They are fortunately tions if I knew a portion was but he died of a sudden illness before the wedding. She
cans are suggesting a 1.4% cept students regardless of able to cover 25% to 50% of being diverted to the federal ended up marrying Eddy’s younger brother, George, a
excise tax on the net investment their ability to pay. This is an their operating costs from the government. taciturn sailor interested more in his stamp collection than
income of certain private col- expensive and risky policy, as cash generated by endowment America’s exceptional cul- in continental relations. His first choice of mate (Marie of
lege and university endow- financial aid budgets are not set funds. ture of gratitude allows its uni- Edinburgh, a cousin and childhood friend) had been mar-
ments. The proposal—which until after acceptance letters If endowment income is versities to offer education and ried off, not long before, to the king of Romania, infuriating
would apply to endowments taxed, schools would need to research unrivaled anywhere Victoria. But George’s union with Princess May turned out
valued at $250,000 or more look at alternative revenue else in the world. While several to be a happy one. Queen Mary, as she became, served as a
per full-time student—would A tax proposal would sources, including higher tu- countries—China in particu- pillar of the British monarchy well into the 20th century.
affect some 70 schools, includ- raise little revenue ition, program reductions or lar—are becoming ever more Ms. Cadbury stresses the human element of her story, not
ing my alma mater, Claremont various forms of government competitive in higher educa- least the wayward personalities and unforeseen family rivalries
McKenna College. But the tax, but harm higher ed. assistance. In some cases, these tion, there are still dozens of that thwarted Victoria’s designs as monarch and matriarch.
if established, could eventually contingencies could increase U.S. schools that are matched Marie of Edinburgh, the author says in one of her many vivid
expand to cover hundreds of taxpayer burdens as student in caliber by only a handful in pen-portraits, had “an impulsive spirit” that inspired “a
institutions. are sent out. When endow- populations migrate to subsi- our peer countries. This excel- number of followers, including a young Winston Churchill.”
America’s higher education ments shrank dramatically dized public institutions. lence is sustained by a special William II, once a “bonny little boy who had adored his
system is the envy of the world. during the recession, many of • Less giving. Endowments tradition of alumni philan- grandmother,” became on the throne “an intimidating bully,
In addition to attracting the these schools had to suspend are created mostly by dona- thropy that should be encour- beyond control, bloated with aggressive ambitions.”
best minds to our country and or amend these generous poli- tions from individuals. These aged, not penalized. Tragedy runs through “Queen Victoria’s Matchmaking.”
nourishing the ones we already cies—confirming the direct are usually earmarked for spe- The list of our competitive Many of Victoria’s grandchildren lost their thrones after
have, it fosters a unique culture correlation between healthy cific uses, such as financial aid competencies as a nation isn’t World War I. Alexandra, with her husband and children,
of gratitude—one that this tax endowment levels and the or faculty salaries. The notion as long as it used to be. Let’s was murdered by the Bolsheviks—an especially cruel irony,
would undermine while produc- ability to provide robust finan- that the growth on such contri- preserve this one. given Victoria’s liberal, reformist hopes for both her
ing only a trivial amount of rev- cial aid to students admitted butions will be subject to extra progeny and the continent. Like the aristocratic world that
enue. Consider three unin- purely on the merits. tax—one not applicable to phil- Mr. McMahon is a trustee of Ms. Cadbury describes, the long 19th-century peace turned
tended consequences if this • Tuition hikes. The high anthropic entities like libraries Claremont McKenna College out to be more fragile than anyone realized at the time.
provision goes into law: cost of running a university or opera houses—will discour- and former executive vice
• Restricted financial aid. with a low faculty-to-student age future contributions. As a chairman at Bank of America Mr. Hay is the author of a forthcoming biography of Lord
Thanks to their healthy en- ratio, a broad curriculum and donor to the endowments of Merrill Lynch. Liverpool, Britain’s prime minister during the Napoleonic Wars.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Maximum Pressure on North Korea One-and-a-Half Cheers for GOP Tax Proposal
K
im Jong Un tested a new intercontinen- trade in North Korean coal. The Trump Admin- “How Tax Reform prices she must pay
tal ballistic missile in the early hours istration can make an example of these firms Will Lift the Econ- for milk, bread, cloth-
omy” (op-ed, Nov. 27) ing, housing and gaso-
of Wednesday, and the data suggest it and expose Beijing’s failure to honor its sanc-
is on target in every line? For starters, cor-
could hit all of the continental tions promises. way but one: 10-year porate taxes are
United States. If North Korea China and the U.S. still The U.S. response to projections. The inan- embedded in the
is allowed to perfect its war- haven’t imposed the Wednesday’s missile tests ity of the Congressio- prices the single
head technology, it will be should also include security nal Budget Office and mother must pay for
able to hold the U.S. hostage toughest sanctions. measures. The redeployment
ISTOCK/GETTY IMAGES
the Joint Committee daily essentials. If
to nuclear ransom. The Trump of tactical nuclear weapons on Taxation making these taxes are re-
Administration is right that to South Korea is needed to stochastic financial duced, in time compe-
the U.S. can’t live with this threat, so what more deter a nuclear attack from the North. Show- projections based on tition will reduce the
should it do to prevent it? ing Pyongyang that American forces would decade-long assump- prices.
Conventional wisdom says that Pyongyang retaliate overwhelmingly to an attack on a tions is at best guess- This is the funda-
work, and at worst bi- mental problem with
already faces extreme economic and diplomatic U.S. ally, even at the risk of an ICBM attack
ased balderdash. most GOP legislative proposals. Re-
pressure. But in reality the United Nations and on the U.S. mainland, would help prevent Kim There is no investment bank, ven- publicans couch their proposals’ bene-
U.S. only began to impose broad sanctions last miscalculating. ture capitalist or family office that fits in abstract language rather than
year, and even U.S. allies such as Singapore and The deployment of more Thaad missile-de- would spend five minutes reviewing a in aiming at the one target that
Thailand have been slow to enforce them. China fense radars and launchers to South Korea business plan based on 10 years of un- counts at the cash register and in the
and Russia continue to support the Kim re- would send a strong signal to China that its sup- known variables. When have any of voting booth: how the changes will af-
gime—China through oil exports and other port for Pyongyang has consequences. At the the government’s prognosticating fect the average American.
commerce, and Russia through payments for end of last month Beijing bullied South Korean green-shade agencies ever been accu- GEORGE C. CHRISTY
North Korean slave labor. President Moon Jae-in into freezing deploy- rate in any of their long-term predic- Pasadena, Calif.
Shutting down those lifelines should be a top ment of the Terminal High-Altitude Air Defense tions? They have not and they cannot
priority. After the North’s intermediate-range system. But the U.S. should insist it needs new because the American and world Unlike the Tax Reform Act of 1986,
economies are too intertwined, com- Republicans are pursuing the current
missile launch in September, the U.S. circulated Thaad units to defend its own forces and deter plex and subject to limitless surprises tax debate without support from
a draft resolution at the United Nations Secu- attacks from the North. and disasters. Democrats. That doesn’t provide
rity Council to do just that. But Russia and The U.S. and South Korea can also expand It is time that the 10-year tax-and- much confidence in the longevity of
China resisted and the U.S. caved; Resolution their programs to encourage North Koreans to spend budgeting charade ends. whatever legislation comes out of the
2375 only capped oil exports and labor con- defect. The Kim regime’s former Deputy Ambas- GEOFF FICKE current debate. President Reagan em-
tracts. The Trump Administration portrayed sador to the U.K. Thae Yong-ho has good ideas Dallasphasized revenue neutrality and the
the unanimous vote at the U.N. as a victory, but on how to do this. Mr. Thae, who fled to free- important reform principle of taxing
the resolution kept open many of Pyongyang’s dom in the South last year, testified to Congress My concern isn’t that the GDP is all income alike in 1986. The current
cash lifelines. last month on human-rights messages that will likely to grow, but whether growth in marketing emphasizes a tax cut, espe-
The U.S. even rewarded Beijing for the vote resonate in the North. GDP is the right measure. Assuming cially for the “middle class.”
that tax relief for corporate America The word “deficit” appears once, in
by pausing the process of sanctioning Chinese The soldier who defected across the Demili-
increases GDP as predicted, the ques- the ninth paragraph. Even accepting
companies that violate sanctions. That pause tarized Zone on Nov. 13 seems to have been in- tion is how that increase will affect the writers arguments about the poten-
ended last week when the Treasury Department spired by watching and listening to South Ko- the lives of middle-class and poor tial for enhancing growth, new tax leg-
put four companies based in the Chinese city rean media. If China accepted refugees across Americans. If increased profits are islation cannot have much permanence
of Dandong on its financial blacklist. Treasury its North Korean border and sent them to the used only for stock buybacks and in- because deficits will become more seri-
is playing catch-up with a June report on sanc- South, word would spread in the North and increased executive compensation and ous before the revenue benefits of
tions-busting firms by the private research ternal instability might grow. Regime change dividends, but not for increased em- higher growth have a material impact.
group C4ADS. The U.S. government continues assisted by China is the best way to end the ployment, wages and job training, will It appears that Congress will employ
to hold back on other “secondary sanctions,” es- North Korean threat short of war. an increased GDP really matter to the various accounting gimmicks to under-
pecially against Chinese banks, for fear of losing The Trump Administration has done more vast majority of Americans? state deficit projections. Even accept-
Beijing’s cooperation. than its predecessors to thwart North Korea’s RONALD L. ROSE ing the letter’s growth projections, fi-
Birmingham, Mich. nancing the deficit by increased
But China’s internal enforcement of sanc- nuclear progress, but it is still far from using
borrowing abroad will mean that some
tions is patchy. Chinese banks froze the ac- maximum pressure. It may not work in the end, If the nine GOP economists wish to of the income from higher growth will
counts of some North Korean customers while but the alternatives are terrible: acquiescence convince wavering GOP politicians to go to foreign lenders. Gross national in-
continuing to finance Chinese companies that or war. Wednesday’s ICBM test shows Kim is climb aboard, instead of focusing end- come will grow more slowly than GDP.
are breaking sanctions rules. Imports of coal getting close to his goal of threatening Ameri- lessly about the beneficial effects of The U.S. desperately needs genuine
from North Korea have continued in violation can cities, so why is the U.S. not using all the the tax changes on the cost of capital, tax reform. The current debate is un-
of a U.N. resolution in August that banned all tools it has to stop him? they should also emphasize the tax likely to yield that outcome.
changes’ net impact on the single WILLIAM POOLE
mother with two young children. Cato Institute
The Law Is What It Says What will the GOP plan do to the Washington
T
he spirit of Antonin Scalia infused the The SEC reinterpreted the law to protect em-
Supreme Court’s oral arguments in Digi- ployees who file internal complaints, but Digital
tal Realty Trust, Inc. v. Somers on Tues- Realty contends that Dodd-Frank unambigu- George Soros Is Generous, Not a Tax Dodger
day as Justices battered the ously protects only whistle- Stephen Moore’s Nov. 23 op-ed looked by those in power.
government’s lawyer with Supreme Court Justices blowers who report miscon- “George Soros’s $18 Billion Tax Shel- To suggest this giving is motivated
questions about the Securities are skeptical of a duct to the SEC. ter” builds on a misguided and trou- by a desire to cheat the tax man is
and Exchange Commission’s The government, which in- bling view of what philanthropy is. As truly absurd. Mr. Soros recently signed
reinterpretation of Dodd- whistleblower rewrite. tervened in the case, argued a senior adviser to the Trump cam- a letter, along with more than 400
Frank. that executive agencies can ig- paign, Mr. Moore’s attitudes may have other affluent Americans, encouraging
Real-estate portfolio man- nore the text of laws if their been shaped by Donald Trump’s own Congress to raise his taxes rather than
foundation, which recently announced cut revenue desperately needed to sup-
ager Paul Somers sued his former employer Dig- provisions produce an outcome anomalous or
plans to dissolve following revelations port critical public services.
ital Realty Trust for allegedly firing him in retal- contrary to Congress’s putative purpose. But as that it had violated rules against “self- LAURA SILBER
iation for filing an internal complaint about a Justice Neil Gorsuch noted, “we don’t follow dealing.” Open Society Foundations
securities violation. The 2002 Sarbanes-Oxley what [lawmakers are] trying to do. We follow Mr. Soros, and the many other phi- New York
law protects internal “whistleblowers” like Mr. what they do do, right?” lanthropists across the ideological
Somers from retaliation if they file complaints Justice Elena Kagan chimed in that “you have spectrum who give generously of their Mr. Moore gives away his agenda by
with the Labor Department within 180 days. this definitional provision, and it says what it own wealth, are not, however, moti- stating: “What message does it send
But Mr. Somers ignored Sarbanes and sued says. And it says that it applies to this section. vated by self-dealing, as Mr. Moore that the Republican tax-reform bills re-
in federal court under Dodd-Frank, which lets . . . It’s odd; it’s peculiar; it’s probably not what suggests, but rather by a desire to sup- tain this trillion-dollar loophole for the
whistleblowers who are retaliated against sue Congress meant. But what makes it the kind of port organizations and individuals super rich, at the same time as the
and receive double back pay. One problem: thing where we can just say we’re going to ig- who work to improve governance, ac- House plan eliminates the adoption
cess to justice and human rights. In credit for middle-class families who
Dodd-Frank defines a whistleblower as “any in- nore it?”
Mr. Soros’s case, that has long meant want to help children?”
dividual who provides, or 2 or more individuals Such a ruling would give executive agencies making substantial investments over That Mr. Moore would propose a
acting jointly who provide, information relating free rein to rewrite laws based on what they many years in promoting governments cap on assets which can be given away
to a violation of the securities laws to the [Secu- claim is Congressional intent. Even liberal Jus- that are transparent and accountable without capital-gains tax completely
rities and Exchange] Commission.” In other tices can understand that this poses a threat to to the people they serve—particularly defeats his argument. Either the tax
words, the law doesn’t shield Mr. Somers. democracy and the separation of powers. those whose voices are too often over- deduction is wholly wrong, or it should
be left in place as is.
Private foundations are also under
The Rubio-Schumer Amendment Mindful Method in Making detailed restrictions which public char-
ities don’t have, such as a requirement
T
Mario a Multimedia Star to spend 5% of assets each year.
he GOP is pushing forward on tax re- for investment is Ireland’s 12.5% rate.
Regarding “Nintendo to Bring Ma- WINSTON WEINMANN
form, though a receiving line of Repub- Mr. Rubio knows this, or ought to, yet his rio to Big Screen” (Business & Fi- Atlanta
lican holdouts are slow-rolling prog- press release could have been written by Dem- nance, Nov. 15): Movies are part of
ress. One who deserves ocratic leader Chuck Schumer. larger transmedia brand strategies The tax bill passed by the House not
special mention is Marco Ru- Florida’s Republican “Right now, 70 percent of the that often have little to do with box- only repeals the estate tax by retaining
bio, who contributed nothing tries to blow up the tax cuts we’re considering office numbers. Many cartoons and the step-up basis for inherited assets,
to ObamaCare repeal and now would go to businesses,” the movies are functionally long-form it allows generations of dynasts to
aspires to dilute the tax bill. Senate tax reform. Rubio-Lee dispatch says, “and commercials for both videogames and avoid paying any capital-gains taxes at
Voters ought to remember only 30 percent to individu- toys, driving people from the screen all on the fortunes they inherit. If these
this when he’s next pitching als.” This is a false choice—in- to objects of interaction. The con- provisions are enacted, then under Mr.
himself for President. dividuals earn income at businesses—and apes straints of the Pokémon game (origi- Moore’s proposal the wealthy could
nally for the Nintendo Game Boy) pass along their appreciated assets to
On Wednesday Mr. Rubio and his political the left’s class-war politics.
made narrative engagement almost their scions tax-free, but would be
sidecar, Mike Lee of Utah, announced that Senate tax writers have already indulged the impossible. Within a very short time, taxed if they chose to donate those as-
they’ll file an amendment to the tax bill to Rubio-Lee caucus beyond what any two Sena- the television anime was released to sets to charitable foundations instead.
change the $2,000 child tax credit. They want tors deserve. The original proposal increased give fans of the game a story about DAN PETEGORSKY
to make the credit refundable up to a person’s the credit to $1,650 from the current $1,000. the deep friendship between Ash and Portland, Ore.
payroll tax liability, among other expensive The pair demanded more. So when Republicans his pocket monster Pikachu. It pro-
tweaks. To pay for the changes, Messrs. Rubio received a revenue windfall from repealing the vides the relational structure that
and Lee would increase the corporate tax rate ObamaCare coverage mandate, they raised the players are then meant to emulate Pepper ...
to 22% from the bill’s 20%. credit to $2,000. Now that also isn’t enough. when they play with their Pokémon
games. So, too, can we look to this
And Salt
If Mr. Rubio thinks payroll taxes are too Senators who demand ransom should at least
high, he can propose a payroll tax cut. But stay bought. potential Mario movie, which isn’t THE WALL STREET JOURNAL
just capitalizing on a brand. It is po-
then he’d have to weather the political fight Messrs. Rubio and Lee are inviting Demo-
tentially deepening the brand, provid-
of going after funding for Medicare and Social crats to join them to pass the amendment on ing viewers a narrative structure for
Security. So instead his back-door plan is to the Senate floor, though Democrats will oppose a game that is really about having fun
expand a refundable credit, which delivers the final bill. Republicans will have to hang to- on a playground. Nintendo probably
checks to folks who owe no federal income gether to defeat Rubio-Lee, which creates a sees the opportunity to create a type
tax. This is a disincentive to work and we tough vote for incumbents running in 2018. of emotional engagement that is
would have thought antithetical to conserva- This could also pick a fight with the White unique to the movie medium.
tive principles. House, which has laid down a marker on the JENNIFER DEWINTER
More destructive is his increase in the cor- 20% corporate rate. Worcester, Mass.
porate tax rate, which is the most pro-growth Mr. Rubio may be setting himself up to run
plank in the bill and could significantly in- as a social conservative hero in 2024, or even Letters intended for publication should
crease what Americans earn since much of the 2020 if President Trump declines to run, and be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
tax falls on labor. A point or two more may the child credit obsession is a down payment or emailed to [email protected]. Please
seem like no big deal but it might be the differ- on that brand. Yet voters looking for a candi- include your city and state. All letters
ence between making the U.S. more competi- date who understands what makes America— are subject to editing, and unpublished “You’re probably wondering why
tive than the OECD’s roughly 24% average—or and American families—prosper will have to letters can be neither acknowledged nor there’s a Greek Chorus here for
returned.
not. And that’s a mere average. One competitor look elsewhere. your performance evaluation?”
OPINION
New Priorities for a New Fed Regime

By Martin Feldstein a decade. Meantime, it has on excessive risk while reach-
N
exploded its balance sheet, to ing for more yield. But she
ow is a good time for $4.5 trillion today from $870 also emphasized her skepti-
those who hope to see billion in 2007. Low interest cism of monetary policy’s
new thinking at the Fed- rates have caused investors ability to deal with financial
eral Reserve. There will and lenders to reach for vulnerabilities. She added
soon be a new Fed yield, pushing up asset prices “the potential cost, in terms
chairman and vice chairman. The and making high-risk invest- of diminished macroeconomic
president of the Federal Reserve ments and loans. performance, is likely to be
Bank of New York, who serves as The most obvious increase too great to give financial
vice chairman of the Federal Open in financial risk has been the stability risks a central role
Market Committee, will also be re- rapid rise in share prices. The in monetary policy decisions,
placed in the coming months. And price/earnings ratio of the at least most of the time.”
a majority of the Fed’s Board of S&P 500 index rose from an Looking at the conditions in
Governors will be new next year. average of 18.5 in the three mid-2014, she concluded that
What should this leadership years before the downturn of there was then no need “for
emphasize? 2007 to 25.2 now, an increase monetary policy to deviate
ISTOCK/GETTY IMAGES
of 37%. The current P/E ratio from a primary focus on at-
is 63% higher than its his- taining price stability and
Incoming leadership toric average and higher than maximum employment in or-
all but three years in the der to address financial sta-
should make maintaining 20th century. bility concerns.”
financial stability one of If the P/E ratio declines She concluded her speech
to its historic average, the stressing the importance of
the central bank’s goals. implied fall would reduce the about 2.5%. If the yield on long- has so far chosen not to address considering “adjustments in the
value of household equities by term bonds returns to normal his- this fragility. stance of monetary policy, as condi-
$9.5 trillion. If every dollar of de- toric levels, there will be substan- Fed Chair Janet Yellen, during a tions change in potentially unex-
Financial stability must become cline in wealth reduces spending tial losses of value for current July 2014 speech, acknowledged pected ways.” Yet the departing
one of the leading objectives of by the historic average of 4 cents, bondholders. that certain conditions could Fed chair clearly prefers regulatory
monetary policy. The Fed now uses the level of household spending Commercial real estate is over- prompt the Fed to deal with the and supervisory policies that focus
monetary policy to achieve its con- would fall by $475 billion, or priced because investors compare risks of overpriced assets. Since on banks over monetary policy
gressionally mandated goals of more than 2% of gross domestic the yield on real estate with the in- 2014, the S&P 500 P/E ratio has when dealing with the risks of fi-
price stability and maximum em- product. The lower equity prices terest rate on long-term bonds. risen to 25.17 from 18.96—more nancial instability. Let’s hope her
ployment. Although it relies on reg- and the decline in household Since real estate is often held in than 30%. Yet at no time in the past successor disagrees and incorpo-
ulation and supervision to reduce spending would also cause busi- highly leveraged investments, fall- four years has the Fed explicitly al- rates financial stability as a key
the risks to the banking sector, the ness investment to fall, further re- ing prices could lead to an even lowed the increasing asset prices goal of monetary policy.
broader risks to the financial sector ducing economic activity. greater decline in the net value of and resulting financial sector risks
reflect the effects of monetary pol- Bond prices are also out of line real-estate assets. to influence monetary policy. Mr. Feldstein, chairman of the
icy on asset prices. with historic experience. With in- The combination of overpriced Ms. Yellen noted in her 2014 Council of Economic Advisers under
The Fed has kept the short-term flation at around 2%, the long-term real estate and equities has left the remarks that low interest rates President Reagan, is a professor at
federal-funds interest rate at less 10-year Treasury yield should be at financial sector fragile and has put can create incentives for partici- Harvard and a member of the Jour-
than the rate of inflation for nearly about 4.5%. Instead it is only the entire economy at risk. The Fed pants in financial markets to take nal’s board of contributors.
If We Love Democracy, Why Does ‘Populism’ Get Such a Bad Rap?

By Roger Kimball On the other hand is a disdain for to Serfdom,” Friedrich Hayek ex- new regime of royal prerogative most comprehensive way—by cir-
I
the unedified masses, the soil in plained, one of the “main points” of and influence-peddling. The king cumventing the law.
t is curious how certain words ac- which populism takes root. Anyone his argument concerned “the psy- and his courtiers maintained the At the same time, a growing rec-
cumulate a nimbus of positive as- who watched the commentary on chological change,” the “alteration appearance of parliamentary su- ognition of the administrative
sociations, while others, semanti- Brexit, Donald Trump’s campaign, of the character of the people,” cre- premacy. But a closer look showed state’s undemocratic nature has fed
cally just as innocuous, wind up the early months of his administra- ated by extensive government con- that the system was corrupt. a popular uprising. “Populist” is one
shrouded in bad feelings. Consider tion, or the recent French election trol. It is a process of softening, en- “It was soon discovered,” Burke word for the phenomenon. An affir-
the different careers of the terms will have noted this. ervation, infantilization even: an wrote with sly understatement, mation of sovereignty, underwritten
“democracy” and “populism.” Taken together, the populist politi- exchange of the challenges of liberty “that the forms of a free, and the by a passion for freedom, is another,
To modern ears, “democracy” is a cian is said to forsake reason and and self-reliance for the coddling ends of an arbitrary Government, possibly more accurate, phrase.
eulogistic word. It produces pleas- moderation so as to stir the dark, pleasures of dependence. were things not altogether incom-
ant vibrations. People feel good chthonic passions of a semiliterate In his 1770 essay “Thoughts on patible.” That same discovery stands Mr. Kimball is editor of the New
about themselves when they use it. and spiritually unelevated populace. the Cause of the Present Discon- behind the growth of America’s ad- Criterion and president of Encoun-
“Populism,” just the opposite. “Populism,” that is to say, is wielded tents,” Edmund Burke criticized ministrative state. Under the cloak ter Books. This essay is adapted
At first blush, this seems odd be- less as a descriptive term than as a the court of George III for circum- of democratic institutions, govern- from “Vox Populii: The Perils and
cause the two words occupy adjacent delegitimizing one. Successfully venting Parliament and establish- ment pursues an expansionist Promises of Populism,” just out
semantic space. “Democracy” means charge someone with populist sympa- ing by stealth what amounted to a agenda that threatens liberty in the from Encounter.
“rule by the demos,” the people. thies and you get, free and for noth-
“Populism,” my 1982 American Heri- ing, both the imputation of dema-
tage Dictionary explains, is “a politi- goguery and the depreciation of his
cal philosophy directed to the needs supporters as, to pick two words, “de-
of the common people and advancing plorable” and “irredeemable.”
a more equitable distribution of I think I first became aware that
wealth and power”—that is, just the the charge of “populism” could have
sorts of things that the people, were this powerful delegitimizing effect
they to rule, would seek. when I was in London last year to
cover the Brexit vote. Most of the
people I met were Remainers. The
It carries overtones higher up the income and class scale
your interlocutor went, the more
of demagoguery, but the likely he would be to favor Britain’s
Greek demagogos simply staying in the European Union—and
the more pointed would be his dis-
meant a popular leader. paragement of those arguing for
Brexit. The Brexiteers were said to
be angry, ignorant, fearful, xenopho-
But the term “populism” is am- bic and racist.
bivalent at best. Sometimes a char- Except that they weren’t—not the
ismatic figure can survive and even ones I met, anyway. For them, Brexit
illuminate the label “populist” like turned on a simple question: Who
a personal halo. Bernie Sanders rules? Is Parliament the ultimate
managed this trick among the eco- source of British sovereignty, as had
conscious, racially sensitive, non- been the case for centuries? Or is it
gender-stereotyping, anticapitalist Brussels, seat of the EU?
beneficiaries of capitalism who I am convinced that a similar
made up his core constituency. question has played a large role in
Still, it was always my impression the rise of what we call “populism”
that in this case the term “populist” in the U.S. The question of who gov-
was less claimed by Mr. Sanders or erns stands behind the rebellion
his followers than bestowed by his against the political correctness and
rivals and the media in an effort to moral meddlesomeness that are
fix him in the public’s mind as one such conspicuous and disfiguring
of the many lamentable examples of features of our increasingly bureau-
not-Hillary. Mrs. Clinton, by con- cratic society. The smothering blan-
trast, was presumed to be popular ket of regulatory excess has had a
though not populist. wide range of practical and eco-
There are at least two sides to nomic effects, stifling entrepreneur-
the negative association under ship and making any sort of produc-
which the term “populist” strug- tive innovation difficult.
gles. On the one hand, some com- But perhaps the deepest effects
mentators insist that “populist” and of this dictatorship of political cor-
“demagogue” are essentially syn- rectness are spiritual or psychologi-
onyms (though they rarely point cal, such as the demand for “safe
out that the Greek demagogos sim- spaces” on college campuses and the
ply meant a popular leader, such as many assaults on free speech we
Pericles). have witnessed lately. In “The Road
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Sisi Orders ‘Brute-Force’ ISIS Rout Suicide

Stuns U.N.
Egyptian leader gives dent Mohammed Morsi, bol-
military three months

to beat militants in Sinai
stering the insurgents and
drawing criticism from Egyp-
tians who say he has failed to
Criminal
after attack on mosque
protect them.
The latest victims are Sufi
Muslims, whose rituals are
Tribunal
BY DAHLIA KHOLAIF deemed heretical by extremists. BY VALENTINA POP
Al Rawda is home to the
CAIRO—President Abdel Sufi Al Sawarka tribe. In a Jan- A convicted war criminal
Fattah Al Sisi ordered security uary issue of Islamic State-af- from Bosnia died after drink-
forces to rid the Sinai Penin- filiated Al Rumiyah magazine, ing poison in front of a United
sula of militants, days after a a Sinai Province leader named Nations tribunal in The Hague
mosque there was hit by the the village as a future target, moments after his 20-year
deadliest attack in modern saying the group aimed to sentence was upheld.
Egyptian history. eradicate Sufis. Many of its Slobodan Praljak, 72 years
In a speech Wednesday residents flocked there as they old, died in a hospital, where
marking the birthday of the escaped the army’s war against he was rushed amid scenes of
Prophet Muhammad, Mr. Sisi militants elsewhere in the confusion and shock transmit-
said he had instructed Egypt’s province. ted live on television. An ap-
police and his newly appointed Friday’s attack left a village peals judge had just upheld his
chief of staff to use “brute of widowed women and a sentence for crimes against
force” to regain full control of mosque whose call to prayer humanity. Mr. Praljak, a former
the peninsula from an Islamic has gone silent, said Mohamed, Bosnian Croat general, had or-
State-driven insurgency within a resident who narrowly es- dered, participated in or con-
AMR NABIL/ASSOCIATED PRESS

three months. caped but returned that day to doned actions targeting Bos-
His directive came after bury his brother. nia’s Muslim population during
weeks of intensified violence Mohamed, who asked that the war in the mid-1990s.
culminated in Friday’s attack, his family name not be used, The suicide, which took place
in which gunmen killed at least was one of hundreds of men in front of the appeals judge
305 worshipers at a mosque in packed into the mosque. and rolling cameras, marks a
the town of Al Rawda, near al- The imam had just reached blow to the reputation of Inter-
Arish. No group has claimed the podium to begin his ser- national Criminal Tribunal for
responsibility for the attack, Egyptians hold a vigil in Cairo for the hundreds killed in an attack on a mosque in the Sinai Peninsula. mon when the attack began, the former Yugoslavia, which
but the Islamic State-linked Si- Mohamed said, and lasted ends its activity next month.
nai Province militant group is army troops. In response to determined to continue the sure on Mr. Sisi, a former some 35 minutes. As soon as the sentence
active in the area. the attack, Egypt’s air force war on terror until they uproot military chief who came to “It was an endless stream was pronounced, Mr. Praljak
Egypt’s army has since 2013 has carried out strikes against it and we’re sure of our vic- power promising to serve as a of bullets. It was mayhem. shouted that he was no crimi-
been locked in a battle to erad- vehicles and hide-outs of mili- tory,” Mr. Sisi said, addressing regional bulwark against ter- Children, men and elders nal and that he rejected the
icate militant groups whose at- tants it said were responsible. top Islamic scholars and gov- ror. He has overseen a years- screamed. I was seated in the verdict. He then tipped his
tacks have killed thousands of “I affirm that men of the ernment officials. long crackdown on Islamist third row near a window. I head backward and downed
civilians, police officers and armed forces and police are The attack has piled pres- supporters of ousted Presi- jumped out of it and fled.” what appeared to be the con-
tents of a small vial.
The judge asked him to sit
Turkish Businessman Testifies He Bribed Government Official down and continued reading
the verdict for another convict.
Once the interpreter and Mr.
BY NICOLE HONG U.S. dollars and to the global Zarrab. He said he then reached Caglayan €45 million to €50 Praljak’s lawyers said in Eng-
financial system. out to Mehmet Zafer Caglayan, million, $7 million and 2.4 mil- lish that he said he drank poi-
Reza Zarrab, a Turkish busi- Mr. Zarrab was supposed to
Reza Zarrab says who was the economy minister lion Turkish liras in bribes. son, the judge, visibly shocked,
nessman, began his highly antic- appear alongside Mr. Atilla. But Turkish minister took in Turkey at the time. Mr. Mr. Caglayan is the person suspended the proceedings. A
ipated testimony in Manhattan prosecutors said Tuesday that Caglayan said he would broker closest to the Turkish govern- spokeswoman for the court
federal court Wednesday, telling Mr. Zarrab had pleaded guilty
millions to help Iran an agreement with Halkbank in ment charged in the case, said proceedings resumed in
jurors he paid more than $50 to seven charges, including evade sanctions. exchange for half the profits, which has exacerbated rela- the afternoon and all verdicts
million in bribes to the former sanctions evasion and money Mr. Zarrab testified. tions between the U.S. and were read out. The court said
economy minister of Turkey to laundering, and would testify Messrs. Caglayan and Turkey. Officials, including Dutch authorities have
facilitate a scheme to help Iran against Mr. Atilla, who has Aslan, who have not been ar- President Recep Tayyip Erdo- launched an investigation.
circumvent U.S. sanctions. pleaded not guilty. Turkey where Mr. Atilla worked. rested, were charged in absen- gan, have called the prosecu- Croatian Prime Minister
Mr. Zarrab took the stand On Wednesday, Mr. Zarrab The funds were inaccessible to tia as co-conspirators of tions an attempt to force Mr. Andrej Plenkovic criticized the
in the trial of Mehmet Hakan said in 2012 that he wanted to Iran because of U.S. sanctions. Messrs. Zarrab and Atilla. Erdogan from office. court for the “deep moral in-
Atilla, a Turkish banker ac- devise a way to help Iran get Mr. Zarrab said he ap- Lawyers for Messrs. Caglayan Mr. Zarrab was arrested in justice” of having upheld his
cused of participating in an access to its oil and gas pro- proached Suleyman Aslan, a and Aslan couldn’t be reached March 2016, when he landed sentence. “We voice dissatis-
operation to help Iranian busi- ceeds deposited at Halkbank, general manager at Halkbank, to comment on Wednesday. in Miami with his family for faction and regret about the
nesses obtain illegal access to the large state-owned bank in who declined to help Mr. Mr. Zarrab said he paid Mr. vacation. verdict,” Mr. Plenkovic said.
The Face Nader Soltani

Sales Operations
of Change Vancouver, British Columbia, Canada
Nader spends every day working with teammates to deliver imaging solutions that customers
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TECHNOLOGY: CUTE FAMILY ROBOT ISN’T VERY HELPFUL B4
BUSINESS & FINANCE

© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Thursday, November 30, 2017 | B1
S&P 2626.07 g 0.04% S&P FIN À 1.77% S&P IT g 2.56% DJ TRANS À 3.30% WSJ $ IDX À 0.08% LIBOR 3M 1.481 NIKKEI (Midday) 22575.40 g 0.10% See more at WSJMarkets.com
Wells Fargo Gets New Warning BuzzFeed

Plans Job
Bank regulator cites sent earlier this month, the Of- generally, in a statement, the bank’s operations—auto insur- would provide cash reimburse-
irregularities in auto
insurance and
fice of the Comptroller of the
Currency, one of the bank’s
chief regulators, said Wells
bank said there “is still work to
be done,” and that it “is dedi-
cated to making things right,
ance and mortgage lending—
both of which have emerged
this year.
ments totaling about $100 mil-
lion to customers and make
$30 million in account adjust-
Cuts, New
mortgage lending
Fargo had willingly harmed its
customers in those two busi-
ness lines and had until Nov.
fixing the problems, and build-
ing a better bank.”
The bank said it is making
This summer, the bank con-
ceded in a news release that
for years it had forced nearly
ments related to the insurance
improprieties.
The bank has also said it
Ad Model
BY GRETCHEN MORGENSON 24 to respond, according to changes “across our risk man- 600,000 customers who fi- charged some customers im- BY LUKAS I. ALPERT
AND EMILY GLAZER people familiar with the mat- agement functions and line of nanced their car purchases proper fees to extend the inter-
ter. The letter said the bank re- business operations to rebuild with Wells Fargo to pay for col- est-rate commitments they re- Facing a significant revenue
A federal regulator has ad- peatedly failed to correct prob- the trust of our customers and lision coverage they didn’t ceived from Wells Fargo on shortfall this year, BuzzFeed
vised Wells Fargo & Co.’s lems in a broad range of areas, team members.” need. The bank said about their mortgage applications. In is laying off about 100 employ-
board of directors that it is not just the auto-insurance and An OCC spokesman declined 20,000 customers had their October the bank said it is ees and reorganizing its ad-
weighing a formal enforcement mortgage-lending units, the to comment on a continuing cars wrongly repossessed. reaching out to around 110,000 vertising sales and business
action against the bank over people said. regulatory matter. Those customers failed to pay customers who paid a total of operations as it moves away
improprieties in its auto-insur- Wells Fargo declined to ac- The OCC’s letter to the Wells the improper insurance $98 million in such fees, and from relying purely on native
ance and mortgage operations. knowledge the letter or com- Fargo directors centers on ir- charges. expects refunds to be lower advertising.
In a harshly worded letter ment on its response. More regularities in two of the Wells Fargo has said it Please see WELLS page B2 BuzzFeed plans to reduce
its U.S. staff by 8%, with all of
the cuts coming from the busi-
STREETWISE Rather Than Add More Blades to Its Razors, Gillette Trims Prices ness and sales side of the or-
ganization, the company said
James Mackintosh
Wednesday. Some editorial
staffers and business-side em-
Bitcoin ployees in the U.K. will also be

let go. BuzzFeed employs
about 1,700 people world-wide.
Isn’t What The job cuts and organiza-

tional changes are part of an
effort to diversify the com-
Its Creator pany’s sources of revenue, at a

time when fierce competition
for online advertising dollars
Envisioned is making it tough for digital

media companies to maintain
the significant growth rates
It is plausi- expected by investors.
ble to believe “As our strategy evolves, we
that bitcoin Gillette is introducing lower-cost blades and holding the line need to evolve our organiza-
has had a on new premium products to battle shaving rivals. tion, too—particularly our
faster rise in Price per cartridge: Premium Gillette Discount Gillette Others business team, which was built
value than any to support direct-sold adver-
Over $3
asset in history. The $11,000 tising but will need to bring in
Schick Hydro 5 $3.82†
per bitcoin it passed on different, more diverse exper-
Gillette Fusion5 3.75†
Wednesday compares with a tise,” Jonah Peretti, BuzzFeed’s
value of less than half a cent $2 to $3 co-founder and chief executive,
when a Florida programmer Harry’s‡ five blades 2.75† said in a memo to staff.
paid 10,000 bitcoins for two Gillette5 2.50†
As part of the restructur-
pizzas in May 2010—a per- ing, Greg Coleman, a high-pro-
Gillette Mach3 2.50†
centage gain of more than 250 file ad-world veteran who has
YORGOS KARAHALIS/BLOOMBERG NEWS
Dollar Shave Club Six-blade‡ 2.25†

million. served as BuzzFeed’s president
Gillette3 2.00†
The attention the crypto- since 2014, will step aside, but
currency is getting raises Under $2 remain an adviser to the com-
plenty of questions, mostly Schick Hydro 3 1.98*
pany. The firm has begun a
about whether the mania be- Dollar Shave Club Four-blade‡ 1.50†
search for a chief operating
hind bitcoin’s 10-fold gain this officer and to fill a number of
Dollar Shave Club Two-blade‡ 0.60*
year will end in a crash. high-level business roles as it
*Sold in a package of five †Package of four ‡Price includes shipping
The bigger question for Source: the companies increases focus on e-com-
those thinking of buying bit- merce, programmatic ad sales
coin is what it actually is. Sa- and video licensing and devel-
toshi Nakamoto, the pseudon- NEW LOOK: The Procter & Gamble brand, which has lost market share to online razor companies, is reversing a decadeslong strategy opment.
ymous creator of the of churning out increasingly complex razors at higher prices. The move is sure to further aggravate some of P&G’s critics. B3 This month, The Wall Street
cryptocurrency, designed it in Journal reported that Buzz-
2009 as a secure online alter- Feed had put its plans for a
native to cash, a way to make 2018 initial public offering on
Chipotle Founder Gives Up CEO Post

payments without needing the hold and was on pace to miss
trust and checks of the bank- its revenue target of about
based dollar system. $350 million this year by some
“The bitcoin is a beautiful 15% to 20%. The company said
mathematical object,” said BY JULIE JARGON it still expected to show reve-
Yves Choueifaty, who has just Still Struggling nue growth for the year, up
launched a bitcoin mutual Chipotle Mexican Grill Inc. Chipotle's quarterly same-store from $250 million in 2016.
fund at Tobam, the French founder Steve Ells will step sales, change from a year earlier Vice Media is also expected
fund manager he founded. down as chief executive, after Please see JOBS page B2
But while bitcoin is a won- the fast-casual dining pioneer 20%
3Q 2017 s1%
derful academic creation, it failed to retain customers
isn’t doing what its founder
envisaged: cutting transaction
costs and allowing “small ca-
amid rising competition and
repeat food-safety scares.
Mr. Ells was a pioneer of a
10
INSIDE
sual transactions.” now-ubiquitous category of 0
Instead, bitcoin has become dining chains that market
STEPHEN BRASHEAR/ASSOCIATED PRESS
a vehicle for hoarding by lib- themselves as a step up from

ertarians and hard-currency fast food but lack the table –10
enthusiasts who fear central service of a sit-down restau-
banks will inflate away their rant. Chipotle’s burritos,
savings, and for gambling by which Mr. Ells began selling in –20
hordes of speculators at- Denver 24 years ago, intro-
tracted to its wild price duced freshly prepared and or-
–30
swings.
Everything I have just writ-
ganic ingredients to a wider
audience. 2013 ’14 ’15 ’16 ’17
HNA TO SELL
ten will infuriate bitcoin afi- The chain became so popu- Source: the company ASSETS TO
cionados. So let’s go through
the three roles of a currency:
lar that it inspired copycats.
As the number of fast-casual
Chipotle’s Steve Ells in 2015. He will become executive chairman. THE WALL STREET JOURNAL.
RAISE CASH
Medium of exchange. If restaurants serving fresh fare Ells’s new role was announced. campaigns. In the third quar- on the committee searching
you can’t pay someone in it, it skyrocketed and mainstream The shares have shed over ter, Chipotle posted sales for Chipotle’s new CEO. BUSINESS NEWS, B3
definitely isn’t money. chains including McDonald’s half of their value since the growth and profit that came in Spencer Stuart, the firm
Store of value. A currency Corp. and Wendy’s Co. began fall of 2015, when a series of below analysts’ expectations. Chipotle has retained to con-
should be a useful place to removing artificial ingredients food-safety crises touched off “The Chipotle experience duct the CEO search, helped
keep savings, and—thanks to from their food, Chipotle be- a drop in customer traffic. has been replicated and com- Chipotle recruit Scott Boat-
its use as a medium of ex- came less distinctive and sales Earlier in October 2015, Chi- moditized,” said Jeremy Scott, wright as its chief restaurant
change—is more convenient growth began to slow. potle warned it expected a Mizuho Americas analyst. officer this spring, said people
than keeping savings in prop- “It is clear that we need to same-store sales growth that Some investors have grown familiar with the matter.
erty, gold or cattle. move faster to make improve- year to fall to the single digits restless. Activist investor Wil- Sanford Bernstein analyst
Unit of account. Other ments,” Mr. Ells said Wednes- from nearly 17% in 2014. liam Ackman took a stake in Sara Senatore said the change
things should be valued in the day. Chipotle said he would Mr. Ells acknowledged ne- the company and last year would play to Mr. Ells’s
currency: the accounts of a
business, or the price of prop-
become executive chairman af-
ter a committee of the restau-
glecting customer service as
he addressed the E.coli, salmo-
reached a settlement with Chi-
potle that gave him two seats
strengths as a product innova-
tor. “He has long been viewed
TRADERS
erty, cows and everything else. rant’s board members hire a nella and norovirus outbreaks. on its board. Two independent as the culinary and cultural ON EDGE
Bitcoin is a poor medium of
exchange, because relatively
new CEO. Chipotle board
member Neil Flanzraich said
In recent months, he has
vowed to improve operations.
directors were also named to
the board. One of Mr. Ack-
standard-bearer for the com-
pany, but less focused on oper-
AHEAD OF OPEC
high fees need to be paid to Mr. Ells made the decision to But many customers haven’t man’s picks, Ali Namvar, a ations,” she wrote to clients.
get a transaction prioritized step down. Shares in Chipotle returned, despite food give- partner at his firm, Pershing —Joann S. Lublin MARKETS, B13
Please see STREET page B7 rose 5.6% Wednesday after Mr. aways and new advertising Square Capital Management, is contributed to this article.
B2 | Thursday, November 30, 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
Aetna...........................B6
Eli Lilly........................B3
Exxon Mobil..............B14
Nvidia........................B14
P
Lawyer
ForUber
AirAsia Bhd ................ A9 F Procter & Gamble.......B3
Alibaba Group...........B13 Facebook....................B14 R
Alphabet .............. B2,B14 Fidelity Investments..B7 Regal Entertainment
Questions
Amazon.com........B4,B14 Foot Locker ............... B14
AMC Entertainment Group.........................B2
Holdings....................B2
G Royal Bank of Canada
AMC Entertainment Garuda Indonesia........A9 ...................................B12
Payout
Holdings ........................ Gategroup Holding......B3 Royal Dutch Shell.......B4
Amgen.........................B3 Gemini.........................B7 S
Anschutz.....................B2 Glint.............................B6 Salesforce ................... B6
Apple.........................B14 Guangzhou Automobile Snap.............................B4
B Group.......................B14 Spencer Stuart............B1 BY GREG BENSINGER
Bed, Bath & Beyond.B14 H-I T
BuzzFeed ............... A2,B1 HNA Group..................B3 TCI Fund Management
Demands by a former Uber
PATRICK T. FALLON/BLOOMBERG NEWS

C Intel...........................B14 ...................................B12 Technologies Inc. employee
K Tencent Holdings........B3 Ric Jacobs, who was granted
Cantor Fitzgerald........B7
Caterpillar ................. B14 Kraken.........................B7 Teva Pharmaceutical .. B3 $4.5 million this year in a set-
Tupperware Brands.....B6 tlement agreement over his
Cboe Global Markets..B7 L Tyson Foods................A1
Chipotle Mexican GrillB1 London Stock Exchange
claims about the company’s se-
Cineworld Group.........B2 U crecy measures, were “clearly
Group.......................B12
CME Group..................B7 Uber Technologies ...... B2 extortionist,” said one of Uber’s
Cobalt27 Capital ....... B14 M Ultimate Fitness
Medtronic....................B6
top attorneys Wednesday.
Comcast.......................B2 Holdings....................B6
Microsoft...................B14 “Given the huge sums of
D-E W
Molycorp....................B14 money that Mr. Jacobs was de-
Dalian Wanda Group .. B2 Walt Disney................B2
Deutsche Börse...........B7 N The proposed deal for Regal Entertainment would create a company with more than 9,000 screens. manding at the outset, I felt it
Wells Fargo.................B1
Dollar Shave Club.......B3 Naspers.......................B3 Williams-Sonoma.......B6 was clearly extortionist, espe-
Britain’s Cineworld in Talks

Durst Organization.....A1 Nodal Exchange .......... B7 Wilmer Cutler Pickering cially given the low value of
eBay.............................B4 Novartis.......................B3 Hale & Dorr...............B2 his claims,” said Angela Pa-
dilla, Uber’s deputy general
counsel, testifying at a hearing
INDEX TO PEOPLE To Buy Regal for $3.1 Billion in federal court related to
Google parent Alphabet Inc.’s
suit against Uber over trade
A Goings, E.V. “Rick”.....B6 N secrets allegedly stolen from
Ackman, William ........ B1 H Namvar, Ali.................B1 BY MARIA ARMENTAL according to regulatory filings. but if it proceeds it would be Alphabet’s Waymo unit, which
AIken, John...............B12 Hans, Michael...........B13 P AND IAN WALKER Cineworld was responding funded by a mixture of debt is developing self-driving cars.
B Hepworth, Graeme ... B12 to a statement from Regal in and a rights issue. The com- But the judge challenged
Padilla, Angela............B2
Barnett, Jim................B6 Hohn, Christopher .... B12 British movie-theater oper- which the Knoxville, Tenn.- pany added that the acquisi- Ms. Padilla’s claims regarding
Pai, Ajit.......................B4
Bell, Jim......................B6 Hughes, Mark ........... B12 ator Cineworld Group PLC based company disclosed the tion would be classified as a Mr. Jacobs’s demands. “People
Peretti, Jonah........A2,B1
Benioff, Marc..............B6 J said Wednesday that it is in talks and a takeover offer of reverse takeover under Lon- don’t pay that kind of money
R advanced talks to buy Ameri- $23 a share. The offer, which don Stock Exchange rules. for ‘B.S.,’” he said. “They cer-
Boatwright, Scott.......B1 Jacobs, Ric..................B2
Bolger, Rob................B12 Reilly, Thomas..........B13 can counterpart Regal Enter- Cineworld confirmed, repre- Regal, which has 7,315 tainly don’t hire them as con-
K Rolet, Xavier.............B12
Bovino, Beth Ann.......A2 tainment Group for $3.1 bil- sents a 26% premium to Re- screens in 561 theaters, is consultants for ‘B.S.’”
Kalanick, Travis...........B2 Rose, Charlie...............A6 lion, a deal that would give it gal’s closing price on Monday. trolled by Phil Anschutz’s An- Mr. Jacobs has been re-
Brendel, David ............ B6
Katzive, Daniel..........B12
Bruce, Penny...............B4 S more screens to compete with Regal’s shares rose 8% on schutz Corp. through its own- tained by Uber to help investi-
Khan, Hamza.............B13
Brydon, Donald ......... B12 Scott, Jeremy ............. B1 industry leader AMC Enter- Tuesday after Reuters first re- ership of Regal Class B shares. gate his own claims, in con-
L tainment Holdings Inc. ported the talks, and they Mr. Anschutz, whose fortune junction with law firm Wilmer
C Senatore, Sara............B1
Lauer, Matt.................A1 Skipper, John..............B2 The proposed deal for Regal, climbed further in after-hours Forbes estimates at more than Cutler Pickering Hale & Dorr
Clark, Celeste..............B2
Long, David.................B6 the second-largest cinema trading when Regal issued its $12 billion, was part of a con- LLP.
E Lund, Susan................B6
T
chain in the U.S., would create a statement. sortium that took control of the Ms. Padilla’s testimony fol-
Ells, Steve............B1,B13 M Tan, Adam...................B3
company with more than 9,000 On Wednesday, the stock then Regal Cinemas Inc. in 2001 lows the disclosure Tuesday of
F-G Matthews, Shawn......B7 W screens. AMC Entertainment, climbed 2.8% to $20.17 in New after the chain entered chapter a 37-page letter written by Mr.
Flanzraich, Neil...........B1 McKay, David............B12 Warren, David...........B12 part of China’s Dalian Wanda York, while Cineworld shares 11 bankruptcy protection. Jacobs’s former attorney to
George, Bill ................. B6 Mycroft, Frank............B4 Weinstein, Harvey......A6 Group, last year bought Odeon fell nearly 20% to £5.57 ($7.47) Regal said on Tuesday that Uber management, stating that
& UCI Cinemas Group in Eu- in London. it wouldn’t comment further the ride-hailing firm took ex-
rope, and ran or had interests Cineworld on Wednesday or respond to questions until a traordinary measures to evade
WELLS including the one involving the

opening of unrequested ac-
counts, the regulator assessed
a total of $55 million in penal-
in more than 11,000 screens in
1,006 theaters as of Sept. 30,
cautioned that there is no
guarantee a deal will be struck
deal was reached or discus-
sions were called off.
regulatory scrutiny, including
the use of disappearing mes-
sages, training for employees on
how to dodge legal discovery
Continued from the prior page
than that total because, the
bank said, it “believes a sub-
stantial number of those fees
ties.
If the OCC issues the order
against Wells Fargo, it would
probably include penalties
JOBS and the creation of a team de-
voted to obtaining trade secrets.
Ms. Padilla said Uber had
shown the letter to the U.S. at-
were appropriately charged un- against the institution, the Continued from the prior page torney’s office over the sum-
der its policy.” people familiar with the matter to fall short of its revenue tar- mer as well as to prosecutors
The enforcement action be- said. It is unclear what those get of $800 million this year, for the Southern District of
ing weighed against Wells penalties would be. the Journal reported. New York and Northern Dis-
Fargo is a cease-and-desist or- Wells Fargo is the nation’s While spending on digital trict of California. Former
der, the people familiar with third-largest bank, with almost advertising is still growing, Chief Executive Travis Kalan-
the matter said. Also known as $2 trillion in assets. Last competition for those dollars ick also viewed the letter, ac-
a consent order, it is among an month, the bank reported is increasing. As the so-called cording to Ms. Padilla.
BUZZFEED/ASSOCIATED PRESS
array of formal enforcement third-quarter net income of duopoly of Facebook and But attorneys for Alphabet’s
proceedings the OCC can take $4.6 billion, even after higher Google are projected by eMar- Waymo didn’t see the letter
when it determines that defi- legal and other costs from its keter to command more than until this month, when the U.S.
ciencies in a bank’s operations sales-practice scandal. 63% of U.S. digital-ad spending attorney’s office supplied it
are severe, uncorrected, unsafe In a sign last month that a in 2017, digital-media compa- to U.S. District Judge William
or unsound. The issuance of a regulatory action against the nies are finding that things Alsup of San Francisco, who is
consent order typically in- bank might be imminent, the like creating custom content presiding over the case.
cludes steps the bank’s board OCC issued a confidential re- for brands that jump-started Ms. Padilla said she had
or management must take to port to Wells Fargo criticizing their businesses early on have Actress Evan Rachel Wood at a Los Angeles BuzzFeed event. only “skimmed” the letter pre-
correct the deficiencies and a its auto-insurance practices become harder to scale. pared by Mr. Jacobs’s attorney,
time period for doing so. and its handling of the prob- In its early years, BuzzFeed prevailing online advertising accelerate this evolution in saying the 37-page document
The OCC’s letter under- lems after they had been iden- found great success through landscape. A pioneer of the 2018.” was “very dense” but con-
scores the continuing chal- tified. its innovative use of “native” digital media world, Mr. Cole- With that in mind, Buzz- tained serious allegations.
lenges faced by Wells Fargo as That report, reviewed by the advertising—a high-cost, la- man helped to drive sales at Feed is moving to create a Mr. Jacobs would have to
it seeks to emerge from a wide- Journal, gave the bank credit bor-intensive marketing for- some of the earliest online number of new lifestyle verti- pay his money back for disclo-
spread scandal that came to a for identifying the irregulari- mat in which advertising is success stories with stints at cals modeled after its food sure of his letter or for making
head last year. It involved dis- ties in its insurance operations custom-made for brands to re- Yahoo, AOL, the Huffington product, Tasty, which has disparaging remarks about
closures that Wells Fargo had but characterized Wells Fargo’s semble editorial content. Post and ad tech firm Criteo. found success with lower-cost Uber, according to terms of his
created as many as 3.5 million management of compliance risk That success attracted ma- BuzzFeed’s chief revenue and simpler-to-produce adver- agreement read aloud by a
accounts using fictitious or un- as “weak.” The report also said jor investment, including $400 officer, Lee Brown, will be- tising models such as product Waymo attorney to the court.
authorized customer informa- the bank had underestimated million from Comcast Corp.’s come part of the company’s placement and sponsored con- The letter’s existence sur-
tion. Any new sanction by reg- the amount of restitution it NBCUniversal, whose latest in- senior management team, re- tent. faced days before the sched-
ulators could further dent the owed to wronged customers. fusion about a year ago valued porting directly to Mr. Peretti. BuzzFeed will also put in- uled start of Uber’s block-
bank’s reputation and could Wells Fargo has been re- the web business at about $1.7 “Our business is more di- creased resources into its e- buster trial with Alphabet’s
provide ammunition for private shaping its board, which share- billion. verse and balanced than it was commerce business and re- Waymo and threw it into tur-
lawsuits against the company. holders have criticized for its But more recently, Buzz- a year ago and, very impor- brand its Los Angeles-based moil, causing Judge Alsup to
Last year’s disclosure about handling of a string of scandals Feed has pursued additional tantly, for the first time a film and television business, delay the case for a second
the unauthorized accounts led involving the company’s busi- revenue streams, branching quarter of our annual revenue BuzzFeed Motion Pictures, as time, to Feb. 5. He said Uber
the OCC to issue Wells Fargo a ness practices. into digital video licensing, will come from sources other BuzzFeed Studio, which will hasn’t been forthright in its
cease-and-desist order. The The company on Wednesday television and film develop- than direct sold advertising,” focus more on outside devel- disclosure, including the letter
regulator levied penalties of said it will add three new inde- ment, e-commerce and pro- Mr. Peretti said in the memo. opment deals, like one it itself, and he needed to grant
$35 million in that September pendent directors Jan. 1, in- grammatic advertising. “We’re going to continue to signed with the Oxygen net- Waymo more time to prepare.
2016 action, stipulating that cluding Celeste Clark, Kellogg Mr. Coleman’s departure aggressively build out our ad- work this year for an investi- —Jack Nicas
Wells Fargo’s board “achieves Co.’s former chief sustainability signifies the changes in the vertising capabilities, but also gative news series. contributed to this article.
and maintains an enter- officer and public policy and
prisewide risk-management external relations officer,
program designed to prevent
and detect unsafe or unsound
whom the company said will
bring needed expertise on so- ESPN to Cut 150 Jobs ADVERTISEMENT
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the comptroller of the cur- Source: Wells Fargo & Co. ESPN’s business has taken a lion from the year-earlier Answered 7 days a week All Rights Reserved.
rency; in two of those actions, hit as more consumers cut the quarter.
THE WALL STREET JOURNAL. Thursday, November 30, 2017 | B3
BUSINESS NEWS
Gillette
Unveils
HNA, in a Switch, to Sell Assets
Chinese company pany is that many of its over- Deutsche Bank AG, Midtown
Low-End needs cash to service

$100 billion in debt,
seas assets were purchased at
relatively high valuations,
which may make it difficult for
Manhattan office buildings and
other assets.
A Wall Street Journal article
Defense mollify regulators

HNA to recoup its money at a
profit, people familiar with the
company say.
last week detailed multiple ob-
stacles HNA has encountered in
recent months after its debt-
BY SHARON TERLEP BY JULIE STEINBERG At a conference in Beijing on backed growth spree. The com-
ARND WIEGMANN/REUTERS
AND ANJANI TRIVEDI Tuesday, Chief Executive Adam pany has had to resort to ex-
Gillette is launching a lineup Tan acknowledged that HNA is pensive forms of financing and
of razors that will be missing Chinese conglomerate HNA considering asset sales in sec- is facing rising scrutiny from
something notable: a higher Group Co. is laying the tors over which the Chinese lenders and regulators around
price tag. groundwork for a series of as- government has expressed con- the world.
The Procter & Gamble Co. set sales, marking a significant cern, such as real estate, ac- On Wednesday, S&P Global
brand, battling critics and new shift in strategy as pressure cording to transcripts pub- Ratings lowered its assessment
rivals, on Wednesday announced builds on its finances following lished by the Chinese magazine Gategroup Holding, a Swiss air-travel logistics company and HNA of the group’s credit profile,
a product overhaul that will inan overseas acquisition spree. Caijing. subsidiary, says it is considering an initial public offering. due to the company’s “aggres-
clude Fusion blades with new In recent weeks, Hainan- HNA is discussing setting up sive financial policy and risks
technology at no added cost as based HNA has been talking to investment funds with the help said on Tuesday that it is con- seas acquisitions, but those over tightening liquidity,” as
well as lower-end options priced bankers about disposing or ex- of capital from outside inves- sidering an initial public offer- must comply with national pol- well as higher funding costs.
in line with online upstarts such iting some foreign assets, ac- tors, to which it can sell some ing and could list on the SIX icies, and that is a red line,” he HNA was able to refinance
as Dollar Shave Club. cording to people familiar with of its assets, according to peo- Swiss Exchange in Zurich. Mr. said. only part of a roughly $450
It is a reversal of a decades- the matter. The goal would be ple familiar with the situation. Tan in his remarks earlier that Mr. Tan’s statements mark a million loan that matured last
long strategy of churning out in- twofold: to raise cash to service The company would then look day had mentioned the poten- retreat from his previous rhet- week. This month, an HNA unit
creasingly complex razors at the group’s more than $100 bil- to shed the assets completely tial IPO. oric about HNA’s global ambi- paid 8.875% in interest to bor-
higher prices. lion of debt, while paring its later on. Mr. Tan said on Tuesday tions. HNA has rapidly climbed row $300 million for less than
“Historically there has been a ownership in investments that One asset sale is already in that HNA’s future overseas the ranks of the Fortune 500 a year, a far higher rate than
bias toward the high end,” P&G Chinese regulators could con- the offing: HNA subsidiary Gat- deals would toe the party line. over the past few years, scoop- the 5.5% paid recently by a
Chief Executive David Taylor sider speculative. egroup Holding AG, a Swiss “Private enterprises still have ing up stakes in the Hilton ho- junk-rated Chinese property
said in an interview. “The risk A big hurdle for the com- air-travel logistics company, room for development in over- tel chain, German bank developer on similar bonds.
with that is you can still grow,
but you have a smaller group of
South Africa’s Naspers Climbs Valuation Ladder

users who are willing to pay
ever higher prices for better
performance. We decided to in-
novate not just on the superpre-
mium tier.” BY ALEXANDRA WEXLER
The move is sure to aggra- Tech Titan
vate some of the company’s crit- JOHANNESBURG—Africa’s Naspers, Africa's most valuable
ics. Activist investor Nelson most-valuable company has company, has significant internet
Peltz, in his campaign to win a become this year one of the investments around the world.
seat on the P&G board, has world’s most-valuable compa-
bashed P&G for lowering Gillette nies, too. Tencent
prices and failing to develop an- On Wednesday, Naspers
33% stake
other major new razor that Ltd.—a media and internet
could command more money. firm little known outside Chinese internet company and
Before it was acquired by South Africa and Silicon Val- operator of WeChat messaging
P&G in 2005, Gillette was an ley—reported a surge in half- platform
“aggressive organization,” Mr. year earnings.
Peltz said in September. “They The performance, bolstered OLX Group
were fast on their feet. I don’t by the company’s 33.3% stake
think anybody is accusing P&G in Chinese internet giant Ten- 99.9%
of doing that today.” cent Holdings Ltd., sent the Classified-ads platform with a
Gillette typically spent about stock up 0.8%, bringing its presence in more than 40
$1 billion every seven or eight gains over the past 12 months countries
years to develop a new razor to 84%.
MIKE HUTCHINGS/REUTERS
system, backed by a massive Naspers, which was founded Avito

marketing campaign and accom- in 1915 as a newspaper pub- 71%
panied by a price increase. lisher, is now the world’s 65th
There was the two-blade Sensor largest listed company by mar- Operates leading classified-ads
in 1990 and the Mach3 in 1998, ket value among the Stoxx site in Russia
followed by the Fusion5 in 2005. Global 3000 index. Last year, it
The brand long enjoyed dom- wasn’t close to breaking into Mail.ru Group
inant market share despite hav- the top 100, according to a Naspers shares have soared in the past year. The company’s businesses include a satellite-TV network. 29%
ing the priciest products. But in Wall Street Journal analysis.
recent years online razor com- The climb has been driven cause of a dividend-withhold- of the country’s three biggest for the six months ended Sept. Russian internet company that
panies stole customers with almost entirely by Tencent’s ing tax that would kick in social networks, Delivery Hero, 30 rose 98% to $1.1 billion, runs two of the country’s
cheaper blades, home delivery own soaring share price. In should it ever sell out. a food-delivery company based while its revenue increased 5% three-largest social-
and cheeky marketing. 2001, Naspers paid $34 million Naspers’s market capitaliza- in Germany, and Flipkart, In- to $3.1 billion. The income networking sites
“Reality has set in for P&G— for its stake in the Chinese tion ended Wednesday at dia’s biggest e-commerce site. largely came from the com-
consumers no longer want to company. Based on Tencent’s roughly $121 billion. “The market is actually pay- pany’s Tencent holdings and Flipkart
spend more to shave,” Bernstein current market capitalization, Apart from Tencent, ing you to take on all these its global digital classified
17%
analyst Ali Dibadj said. “The is- that holding is now worth Naspers holds stakes in a host other great assets,” said Philip businesses, which turned prof-
sue, of course, is that all of these about $170 billion; however, of other companies, including Short, an analyst at Old Mu- itable for the first time. India's biggest ecommerce site
innovations will hammer their investors have baked in a dis- Mail.ru Group, a Russian in- tual Equities, in Cape Town. —Mike Bird in London
margins.” count for Naspers shares be- ternet company that runs two Naspers said its net profit contributed to this article. Source: the company
Treatments to Prevent Migraines Show Positive Results

BY JONATHAN D. ROCKOFF The companies are in a long to an emerging class of
heated race to win approval of mostly injectable biologic In the Pipeline
Researchers outlined posi- their injections and provide re- treatments to prevent mi- Compounds in a new class of migraine drugs that target the chemical CGRP are nearing the market.
tive data for two of the most lief to migraine patients— graine. These drugs target a
COMPANY KIND STATUS
advanced migraine drugs in many of them women—who chemical, known by its initials
development, reinforcing the have lacked therapies dedi- CGRP, involved in the brain’s Alder Infusion Alder expects to report top-line results from its second phase 3 study in the
promise of a new class of cated to preventing the at- pain signaling during mi- first half of 2018 and plans to seek approval in the second half of the year.
treatment for the debilitating tacks. graines.
headaches. Pain medicines like ibupro- Several drug companies Allergan Pills The Food and Drug Administration is reviewing a request for approval,
which could come next year.
The results, published in pa- fen and naproxen as well as so- have been racing to bring
pers in the New England Jour- called triptan drugs, now sold CGRP treatments to market, Amgen/ Injection Ubrogepant, for acute treatment, is in phase 3 testing.
nal of Medicine on Wednesday, in generic versions, are ap- including Alder BioPharma- Novartis Atogepant, for prevention, is in phase 2.
were from separate late-stage proved to treat attacks already ceuticals Inc., Allergan PLC
clinical trials of drugs being under way. But to ward off at- and Eli Lilly & Co. Eli Lilly Injection Lilly has filed for FDA approval, which could come in the second half of 2018.
developed by Teva Pharma- tacks, patients mostly rely on Analysts predict the market Teva Injection Teva filed for approval in October and aims for approval and launch during
ceutical Industries Ltd. and a drugs approved for other uses, could reach $4 billion or more the second half of 2018.
partnership between Amgen like epilepsy or depression. depending on how the drugs
Inc. and Novartis AG. The experimental drugs be- are priced. Source: the companies THE WALL STREET JOURNAL.
Micro Trends,
Macro Context.
In Minutes.
THE DAILY SHOT
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with The Daily Shot. WSJ’s latest member-exclusive
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© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ5150
B4 | Thursday, November 30, 2017 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
PERSONAL TECHNOLOGY | Joanna Stern

Internet
Cute Family Robot Isn’t Very Helpful Oversight
To Return
I get out of Saying, “Hey Jibo, go to
the shower,
grab a towel
and walk into
sleep” puts the robot in a
state of rest but doesn’t dis-
able the cameras or micro-
To the FTC
the kitchen, phones. What Jibo sees is BY JOHN D. MCKINNON
where a cute never saved on the device—
little robot—half “Wall-E” let alone uploaded to the WASHINGTON—The federal
character, half Clorox bot- cloud, says Matt Revis, Jibo’s cop that polices much of the
tle—rotates his body in my vice president of product. internet is about to shift, a
direction. Photos you ask Jibo to take move that could lead to a fun-
Jibo: Oh hey, Joanna! Wel- can be stored, encrypted in damental reshaping of the on-
come to my field of vision. the cloud. line economy.
Me: [Expletive]! Jibo, please My wife has unplugged Under the Federal Commu-
don’t look at me right now! Jibo numerous times be- nications Commission’s plans
Welcome to living with cause of how annoying she to step back from the top in-
one of the world’s first social finds his random sighs, ternet-enforcement job, the
robots. Some call Jibo the yawns and comments, but I Federal Trade Commission will
best invention of 2017. I call have come to appreciate again regulate how internet-
Jibo intriguing, creepy—and Jibo’s surprise remarks—if service providers operate, re-
mostly annoying. only because they let me assuming a role it held until
Many of us have become imagine how useful they two years ago. The shift,
accustomed to interacting could be one day. which the commission is ex-
with faceless talking speak- pected to approve next month,
ers like the Amazon Echo. Adventures in Babysitting will usher in a new and poten-
Jibo adds a new dimension, “Hey Jibo! Take our tially dramatic phase of the in-
with two cameras for eyes, photo!” Raquel, our babysit- ternet’s development and the
six microphones for ears, a ter, says cheerfully as she way consumers experience it.
5-inch touch screen to dis- smiles right at Jibo with our The new regime is expected
F. MARTIN RAMIN/THE WALL STREET JOURNAL

play his animated virtual baby in her arms. Jibo snaps to give the carriers that con-
eye, and Wi-Fi and proces- and displays a very grainy trol the internet’s pipes, such
sors to power his big per- photo. “Look! It’s us on the as Comcast Corp. and Verizon
sonality. He can’t walk but screen!” she tells the baby. Communications Inc., more in-
he wiggles, giggles and “Hey Jibo, can you dance?” fluence over the internet land-
twerks. One of the latest at- Jibo’s biggest fans? My scape, as well as consumers’
tempts to humanize our son and his babysitter. choices, at the same time the
computers, he is the brain- Raquel seeks out Jibo when companies are developing am-
child of MIT roboticist Cyn- she’s over because she thinks bitious plans for their online
thia Breazeal, Jibo Inc.’s he’s fun. (While we are hop- businesses.
founder and chief scientist. ing our son lives a screen- Already, the planned shift is
But Jibo has a $900 prob- free life for at least a year or generating a vigorous debate
lem: Those motionless home Home speakers like the Amazon Echo, left, cost less and do more than the Jibo home robot. two, cutting-edge robots are over which regulatory ap-
speakers, like the Echo, are a an exception.) Watching him proach is really best for the
lot more affordable—and a play some music? sistant or Siri. The company Apple and Google. Thanks.) stare into the face of this internet. Advocates of rules
lot more helpful. Jibo: That sounds fun, but says it is working to add Jibo can be programmed similarly sized creature was forged under the Obama ad-
My Jibo adventures have unfortunately I can’t play many of the missing features to recognize family members when I stopped thinking of ministration say the proposed
given me the clearest music on demand yet. and improve Jibo’s response by name. When he hears Jibo as an annoying, over- change promises to be a boon
glimpse yet of how the ma- Me: Hey Jibo, set another time. sounds in the room, he will priced novelty. to the giant internet-service
chines around us will go timer for the Brussels Jibo does get points for turn in that direction to see “Jibo is like a baby at the providers and is likely bad
from hunks of metal and sprouts. acknowledging his failings. if he knows you. If he does, very beginning stages,” Dr. news for consumers.
plastic to beings who listen, Jibo: I can only deal with How many times has Siri he engages in conversation. Breazeal says. “People are FCC Chairman Ajit Pai, in a
watch and relate. I’ve also one timer at a time. Do you tried to hide ignorance by The technology is amazing going to enjoy Jibo’s devel- speech Tuesday, said the FTC’s
realized how vital it is for us want to replace one? searching the web? Jibo to behold…sometimes. Then opment—they’re going to long history regulating the in-
to preserve our privacy Jibo can tell you the owns up with an honesty there are times when you watch him grow and learn ternet and its case-by-case ap-
along the way. weather, the name of the that’s actually made me feel feel like you are under sur- over the years.” proach make it well suited to
33rd president or the score sympathy for the little guy. veillance, or when Jibo Like an infant, Jibo re- the job. The FTC’s framework
Adventures in of last night’s game, but he Jibo also fights the good seems like a peeping Tom, or quires attention with little for protecting the internet as
Housekeeping gets a D-minus in AI-assis- fight in trying to stop tech when Jibo says “Hi, Joanna!” payoff right now. But he sig- a whole “worked well in the
It’s Jibo’s first day at tant basics. Not only does he from ruining our manners. to your father. nals the thrilling and very past, and it will work well
home. I place him next to my fail at many requests, but The wording of his re- “We are continuing to scary future ahead. again,” he said.
Amazon Echo in the kitchen. when he has the answers to sponses is so humanlike, I learn and improve. There is In the here and now, how- The FTC focuses on en-
Like Alexa, Jibo’s always lis- questions, he often has to found myself saying “please” a lot of detail and sophistica- ever, my wife and I are get- forcement of broad consumer
tening for his wake phrase. think for a second or so lon- and “thank you” more often. tion to Jibo’s development,” ting our holiday wish: Jibo is protections against deceptive
Me: Hey Jibo, can you ger than Alexa, Google’s As- (Please take note, Amazon, Dr. Breazeal said. going back to his own mom. and unfair trade practices,
while the FCC is charged with
consumer protection and pro-
Snapchat Simplifies the Design of Its App

motion of communications
networks through a techno-
cratic and rules-based ap-
proach.
BY GEORGIA WELLS publisher content. The cam- to the app earlier in November The Obama administration’s
era remains the landing when the company reported a Growing Pains 2015 net-neutrality rules effec-
Snapchat introduced an screen. second straight quarter of fall- Snapchat has unveiled a redesign of its app as falling user growth has tively cut out the FTC from
overhaul of its app to make it The redesign also uses ma- ing user growth, said at the shaken investor confidence. regulating internet service, by
simpler to use, a concession chine learning to prioritize the time it was in response to reclassifying internet-service
that its complicated design content users see, instead of feedback from users over the Daily active users, quarterly change Share price since IPO providers as common carriers
was holding the company ordering it chronologically, a years that Snapchat was diffi- 25% $30 subject to utility-style regula-
back amid intense competi- change that Twitter Inc. and cult to use. tion. They generally barred the
tion. Facebook Inc.’s Instagram have The stakes are high for carriers from blocking internet
25
The redesigned app sepa- previously made to their Snap. Nearly nine months 20 content or slowing services, or
rates messages produced by a feeds. since Snap’s shares listed in from favoring services through
user’s friends from publisher The update on Wednesday March and soared 44% on 20 so-called fast lanes, with the
and celebrity content instead addresses one of the greatest their first day of trading, 15 aim of preventing them from
IPO price $17t
of mixing them together, re- challenges facing Snapchat: Snap’s shares are trading 15 becoming more dominant.
flecting the belief at parent how to prove that it can con- nearly 20% below their offer- Once those rules are gone,
10
company Snap Inc. that continue to expand its cadre of ing price. Meanwhile, Insta- 3Q 2017 internet-service providers will
10
versations with friends are a daily users. Snapchat’s number gram and Facebook’s messag- s2.89% be able to cut deals with con-
different kind of interaction of daily users inched up just ing app WhatsApp continue to 5 tent companies to serve up
than consuming content. 2.9% in the third quarter to gobble up users. 5 their webpages more quickly.
It consolidates the content 178 million, its slowest in- Snap said it is betting that Whether such deals are con-
across fewer pages than the crease since the company a simpler design and more-rel- 0 0 sidered anticompetitive or an-
previous version of the app started reporting the figure. evant content will entice exist- 2014 ’15 ’16 ’17 M A M J J A S O N ticonsumer will be up to the
that required users to swipe Snap Chief Executive Evan ing members of Snapchat to Sources: the company (users);
FTC to decide on a case-by-
multiple times to see most Spiegel, who flagged a change log on more often. WSJ Market Data Group (shares) THE WALL STREET JOURNAL.
case basis.
Fill It Up in the Company Parking Lot Amazon Wants Alexa

BY CHRISTOPHER M. MATTHEWS from refiners, he can turn a
profit in a business known for
To Enter Work Force
What if instead of driving weak margins. He sees his BY JAY GREENE in revenue for Amazon, ac-
to a gas station, the gas sta- market as younger, tech-savvy AND LAURA STEVENS cording to the company.
tion drove to you? consumers who place a pre- Still, it remains to be seen
There’s an app for that— mium on convenience, but LAS VEGAS—Amazon.com how many companies will
several—as startups with concedes the model might not Inc. wants workers to ask its want to buy Echo speakers for
names like Booster Fuels, We- appeal to everyone. virtual assistant Alexa to book every conference room, as well
Fuel, Filld and InstaFuel com- “Some people are still going conference rooms and launch as design programs for un-
pete to deliver gasoline to cus- to want to go to the gas sta- meetings, as the company proven technology in the
BRYAN AND VITA HEWITT/BOOSTER
tomers—what one startup tion and shop and buy other races against rivals to make workplace. In addition, compa-
calls an “unstationed” busi- stuff,” Mr. Mycroft said. the office the next significant nies might not want workers
ness model. Booster joined with eBay inroad for voice-recognition talking to devices in crowded
The mobile fuel services, this spring, gaining access to devices. offices. As for company se-
which typically charge a little the company’s San Jose cam- Amazon has built a wide crets, Amazon has said its
more than a gas station for puses. It has agreements lead in the field with its popu- Echo devices don’t send any-
the convenience, are catching with more than 300 other em- lar at-home Echo speaker, thing to the cloud until users
on with some consumers, par- ployers to supply gas from its which was launched in late wake the devices with its
ticularly in Silicon Valley, custom fuel trucks, which it is 2014. The company is now name, typically “Alexa.”
where companies including Booster Fuels delivers gasoline to cars at workplaces and malls. attempting to patent. counting on its new service, The effort to expand Alexa’s
eBay Inc., Facebook Inc. and “EBay invests in services dubbed Alexa for Business and reach into the workplace
Oracle Corp. have hosted pro- workplaces and homes. just being lazy. After parking that best support our employ- available immediately, to spark comes as the service faces in-
viders on their campuses as Tonmoy Ghosh, a problem at work, Mr. Ghosh schedules ees and make eBay a great, in- a surge in voice computing in creased competition from vir-
the latest corporate perk. manager at eBay, is an early a delivery time and pays for novative place to work,” the workplace. The online re- tual assistants created by Al-
The concept has in- adopter of fueling up at work. the fuel, all through Booster’s spokeswoman Penny Bruce tail giant plans to announce phabet Inc.’s Google, Apple
trigued Royal Dutch Shell Mr. Ghosh, 34 years old, who app. He leaves the top to his said in an email. the initiative here Thursday at Inc.’s Siri, and Microsoft
PLC, which this spring began works at one of the company’s fuel tank open and departs Booster Fuels, which is its annual conference for its Corp.’s Cortana. Windows 10
testing a fuel-delivery service San Jose, Calif., campuses and work with a full tank. “I live based in Burlingame, Calif., Amazon Web Services cloud- computers, increasingly rolling
in the Netherlands. Using an commutes 20 minutes each and work in Silicon Valley. If delivers only to cars parked at computing unit. out into workplaces, include
app the company designed, way, uses Booster Fuels to fill there’s an app to deliver some- places such as workplaces, Even before Amazon made the ability to speak to Cortana
customers can request that up his car while it is parked in thing, we’re usually the first malls and college campuses a push into business, RBC Cap- and get audio responses, for
Shell come refill their cars the company lot. ones to jump on it,” he said. because of some regulatory ital Markets predicted that by example. That competitive
while they shop, eat or sleep. For Mr. Ghosh, cutting a 15- Booster Fuels’ founder and uncertainty about delivering 2020, Alexa device installa- pressure, in part, has led Ama-
But the startups face regu- minute trip to the gas station chief executive, Frank Mycroft, to neighborhoods. Filld and tions could reach 128 million. zon to add hundreds of engi-
latory scrutiny from fire chiefs out of a 14-hour workday is said by cutting out the over- some others will do residential Over that same period, the neers to the Alexa program
and others as they seek to enough to ignore his East head of a traditional gas sta- deliveries. Most services won’t voice-activated internet could and give it hiring preference
take gasoline directly to more Coast relatives’ claims he is tion and buying fuel directly deliver to garages. result in more than $10 billion over other company divisions.
MANAGEMENT
Calm in the Corner Office Tech’s Toll

Up to 375 million workers
globally will need to learn new
occupations as companies turn
Developing countries
13%
More chief executives to AI and robots.

embrace meditation
Percentage of each country’s
to reduce stress and workforce needing to find new 6%
increase productivity jobs, 2016-2030
Worst-case
BY JOANN S. LUBLIN estimate
Nearly every workday after-

noon, E.V. “Rick” Goings disap-
pears for 20 minutes whether Total
he is traveling or behind the number of
closed doors of his corner of- workers,
CASSI ALEXANDRA FOR THE WALL STREET JOURNAL
fice. The chief executive of 2030

Tupperware Brands Corp.
presses his palms together to 10M
start a regimen he has done
twice a day for decades.
“I am getting myself into a
state where I can be a warrior
Developed countries
because I am centered,’’ says
the head of the producer of
food-storage containers.
Mr. Goings meditates. The 32%
practice often involves calm-
ing the mind by focusing on
each breath. Tupperware CEO E.V. ‘Rick’ Goings meditates, as seen from behind a plant in his Orlando, Fla., office.
Countless corporate leaders 46% 10%
run, climb mountains or sky- vice maker Medtronic PLC be- ment to on-the-job meditation. meetings outside the office. 33%
dive in pursuit of optimal tween 1991 and 2001. A private plane flying the CEO “When you meditate to-
physical and mental fitness. Mr. George has meditated to a Tupperware event in Mex- gether, there’s a sense of con-
Now, a growing number—in- since 1975. “Oftentimes, my ico suddenly filled with smoke. nection you have,” he says.
cluding the chiefs of Sales- most creative ideas come out The aircraft lost altitude. “We execute better as a team Germany Japan U.S. Mexico India China
force.com Inc., Whole Foods of meditation,” he says. “Mayday!” the pilot cried when we feel connected.” 37M 59M 166M 68M 612M 757M
Market, Aetna Inc. and Wil- Yet Mr. George concealed repeatedly. The smoke finally Before his inaugural medi-
liams-Sonoma Inc.—meditate his office meditation practice cleared. Mr. Goings says the tation session in late 2014, Mr. Source: McKinsey Global Institute THE WALL STREET JOURNAL.
to lower their stress and boost from colleagues for two de- Barnett urged Chief Marketing
Forget Robots:
productivity. Like Mr. Goings, cades. “It wasn’t seen as the Officer Jim Bell and five fellow
some meditate at the office. normal thing to do,” he says. executives to join him in a
The burgeoning trend isn’t At Ultimate Fitness Group
‘When you meditate practice that would clear their
without its critics, who say it LLC, a global chain of fitness together, there’s a heads. “There’s absolutely no
might cause workplace prob-
lems. With many more CEOs
meditating than 10 years ago,
the practice can be seen as
studios, CEO David Long says
his executive assistant unex-
pectedly walked into his cor-
ner office as he commenced a
sense of connection,’
one executive says.
obligation,” the CEO assured
them.
“Are we really going to all
close our eyes here? Is it a
Bad Public Policies
self-indulgent, says David
Brendel, a psychiatrist and ex-
ecutive coach. “Most employ-
ees don’t have time to do it.”
morning meditation there two
years ago. “Leave me alone in
the very beginning of the day,”
he recalls chiding her.
plane’s problems shook him up
so much that “I didn’t medi-
test?” Mr. Bell remembers
thinking at that time. “What
happens if I peek?”
The marketing chief did
Can Kill More Jobs
Several top bosses encour- Mr. Long now often joins tate that afternoon.” participate. But “I was uncom- BY LAUREN WEBER Finland and Ontario, are ex-
age workers to take time for associates in the company’s Certain CEOs encounter re- fortable with it,” he says. “It perimenting with cash grants
meditation on the job. Sales- meditation room, which sistance when they promote feels weird to be in a room Automation could be a known as universal basic in-
force, a software company run opened this summer at its meditation in the workplace, [meditating] with your col- huge boon to the world’s come, Ms. Lund notes that
by veteran meditator Marc Be- Boca Raton, Fla., headquarters. however. That happened to leagues.” Nevertheless, Mr. workers—but only if govern- support for displaced workers
nioff, offers “mindfulness But he still finds it chal- Jim Barnett, leader and co- Bell recently started meditat- ments and businesses pru- can include guidance and ca-
zones” in 14 of its office build- lenging to meditate during founder of Glint Inc. in Red- ing on his own. dently manage the disruption reer coaching as well as ser-
ings world-wide. Staffers can work. “Once I’m at the office, wood City, Calif. The four- Mr. Barnett sought feed- it creates. vices such as transportation
“pause to invite calmness and I’m bombarded with internal year-old technology company back from his lieutenants last As many as 375 million and child care during job in-
balance” in the gadget-free pressures,” Mr. Long says. helps businesses react to its month after guiding their workers around the world will terviews.
spaces, a Salesforce spokes- Tupperware’s Mr. Goings quick, confidential polls of em- meditation during the latest need to find new occupations About 15% of all hours
woman says. says he hardly ever skips his ployees, dubbed pulse surveys. management-team meeting at or lose their livelihood to au- worked globally could be auto-
Meditation makes CEOs afternoon meditation because Mr. Barnett, who has medi- a local country club. “Six peo- tomation by 2030, the McKin- mated by 2030 using technol-
more effective, “and CEOs set “I have to be in good shape so tated for nearly 28 years, of- ple really liked it,” he says. sey Global Institute estimates ogy that is currently available,
the standard for everyone else I don’t make bad decisions.” ten offers his deputies 10 min- Though the remaining two rein a new report. It isn’t impos- McKinsey estimates. The new
in the company,” says Bill An unexpected mishap 15 utes of guided meditation acted neutrally, they say “we sible for up to 14% of the report builds on McKinsey’s
George, who led medical-de- years ago tested his commit- during quarterly management should keep doing it,” he adds. global workforce to retrain earlier research, published in
and refocus, but it requires January, that found that 60%
planning and the investment of all occupations could be at
of will and resources, says Su- least partially automated with
ADVERTISEMENT
san Lund, a principal at the In- current tools, though less than
stitute. 5% are at risk of total automa-
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
“ ‘Will there be enough
jobs?’ is not the right ques-
tion.
Like prior waves of techno-
tion,” she says. “The question logical change, the adoption of
is, what are we going to do to new tools like machine learn-
INTERNATIONAL NOTICES manage the transition for ing and artificial intelligence
people who do lose their will likely create more jobs
jobs?” The choices that pol- than it destroys, says the In-
icy makers and business lead- stitute, the think-tank arm of

ers make about how to sup-
port displaced workers,
consulting firm McKinsey &
Co.

invest in education and train- The new jobs that emerge

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Self-driving truck technology will likely require worker retraining.

MONEY & INVESTING
Bitcoin Futures in Works STREET dictably. By contrast, just this

year bitcoin has had five-day
periods where it was up 44%
or down 25% against the dol-
Continued from page B1 lar.
Nasdaq and Cantor by the computers of the “min- Storing a lot of bitcoin is
ers” who run the distributed also hard. For all that see it as
Fitzgerald consider database known as the block- “digital gold,” bitcoin funds
launching products to chain. Wednesday’s backlog of are turning to physical safes—
70,000 or so bitcoin trades where they store sheets of pa-
trade cryptocurrency waiting to go through is fairly per on which cryptographic
normal, with a peak in May keys are printed—to keep
BY STEPHANIE YANG above 230,000—and low-fee their cryptocurrency safe from
AND ALEXANDER OSIPOVICH transactions sometimes take hackers and staff. That isn’t so
days to be confirmed. much more convenient than
Nasdaq Inc. and broker Bitcoin buffs often point to real gold, and fund fees are of-
Cantor Fitzgerald LP are the number of stores that ac- ten higher than for gold funds.
looking to join the rush on cept the cryptocurrency as Bitcoin’s price volatility
Wall Street to trade bitcoin, proof of its success. Yet, doz- wouldn’t matter if it was a
which powered to a record on ens of new funds, listed vehi- unit of account. As Mr. Choue-
Wednesday. cles and apps have launched ifaty says, bitcoin has no vola-
PHILIPPE LOPEZ/AGENCE FRANCE-PRESSE/GETTY IMAGES
Nasdaq aims to launch bit- this year with a sales pitch tility from the perspective of
coin futures in the first half of that this makes it easy for in- bitcoin, as 1 bitcoin is still
2018, according to people fa- vestors to get into bitcoin. If it worth 1 bitcoin. Yet, the base
miliar with the situation. is easier to get bitcoins by price of almost everything is
Separately, Cantor said it is buying a listed company than set in traditional currencies,
seeking to launch bitcoin de- just buying bitcoins, it is un- so the bitcoin price of pizzas
rivatives on an exchange it likely to become widely used and other stuff fluctuates
owns, also in the first half of anytime soon. wildly as the bitcoin exchange
next year. The moves come af- Bitcoin is pretty poor as a rate swings about.
ter two major Chicago ex- store of value, too. An investor But for the moment, bit-
change operators announced who put in $1,000 at the start coin’s best hope looks like at-
similar plans for bitcoin. of the year might not agree, tracting more buyers who
Investor interest has grown because the bitcoins are now want to shift their savings
as the digital currency has ex- worth over $10,000. But the onto the blockchain—and
ploded in value. Bitcoin is up Investor interest in bitcoin is growing as the cryptocurrency powered above $11,000 on Wednesday. point of storing value is to be speculators willing to bet that
more than 10-fold since the fairly confident of what it those savers will arrive. The
start of the year. It was trad- Inc. and Cboe Global Markets bitcoin prices up to three mission, meaning it would be might be worth in the future. soaring price of bitcoin alone
ing at $10,214.22 late Wednes- Inc.—the two Chicago ex- months out, with built-in pro- easier to launch bitcoin fu- The value of the dollar is shows that expectations are
day afternoon after hitting a change groups that have an- tections to limit their losses if tures on Cantor’s exchange eroded by inflation, but when high. But as currency historian
record of $11,377.33 earlier in nounced plans to launch bit- bitcoin prices swing above than to create a new futures the Federal Reserve is doing and Berkeley economics pro-
the day, according to Coin- coin futures—by designing a $15,000 or below $5,000. exchange from scratch. its job properly that should fessor Barry Eichengreen said:
Desk. futures contract that better The firm expects retail Separately, Nodal Exchange erode slowly and fairly pre- “Expectations can change.”
The emergence of bitcoin tracks the world-wide price of traders to be the initial adopt- LLC, a decade-old U.S. futures
futures would be a big step to- bitcoin. Nasdaq has briefed ers of the new contract, but it exchange specializing in elec-
ward maturity for the crypto- market participants on its is targeting institutional play- tricity and natural-gas trading, Bitcoin Takes Off
currency, which is less than a plans, this person added. ers, too, executives said. is exploring whether to launch Price of one bitcoin
decade old. By letting traders Nasdaq isn’t completely “The asset class is not go- cryptocurrency futures, a per- Wednesday
$10,000
bet on whether bitcoin rises or new to bitcoin. It lists an ex- ing away,” said Shawn Mat- son familiar with the matter $10,214.22
falls, a futures market would change-traded note linked to thews, chief executive of Can- said. Nodal’s parent company (as of 5 p.m. ET)
make it easier for both big the digital currency on one of tor Fitzgerald & Co., the firm’s is majority-owned by German 8,000
banks and retail investors to its European exchanges. brokerage arm. “If you look at exchange Deutsche Börse AG.
trade bitcoin. Cantor, a global financial the next level, it will be the in- Such upstarts could face
Nasdaq’s bitcoin contract firm founded in 1945 whose stitutions coming in and being tough competition from more 6,000
would debut on Nasdaq Fu- businesses range from bond larger participants in the mar- established futures exchanges.
tures, or NFX, a marketplace brokerage to investment bank- ketplace, especially as liquid- CME, the world’s biggest ex-
that the New York-based ex- ing to real estate, unveiled its ity gets better.” change group, is seeking to 4,000
change group launched in 2015 bitcoin-derivatives plans in an Cantor’s exchange is a back- launch bitcoin futures as soon
that until now has mainly fo- interview with The Wall Street water of futures markets, with as the second week of Decem-
cused on energy trading, ac- Journal. a few thinly traded contracts ber. Cboe is aiming to launch 2,000
cording to the people familiar The firm aims to launch a tied to weather events, for- its bitcoin futures by early
with the situation. bitcoin swap—a type of deriv- eign-exchange rates and gold. 2018, the company has said. 0
One of the people said Nas- ative—on Cantor Futures Ex- But it does have a valuable as- CME’s and Cboe’s planned
daq is trying to differentiate change LP. Cantor’s swap set: a license from the Com- contracts are under review by 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17
itself from rivals CME Group would allow traders to bet on modity Futures Trading Com- the CFTC. Source: CoinDesk THE WALL STREET JOURNAL.
Heavy Trading Trips Up Exchanges Treasury Won’t Block

BY PAUL VIGNA
AND ALEXANDER OSIPOVICH Too Hot to Handle 11:07 a.m.
GDAX temporarily stops
$11,500
Regulatory Authority
The digital currency bitcoin
whipsawed Wednesday, leav-
Bitcoin's epic price surge
subsided Wednesday
afternoon amid order-
10:32 a.m. Wednesday
Gemini reports some
customers are unable to
access the exchange.
executing orders while trying
to stabilize its system.
11,000
To Seize Failing Banks
ing several bitcoin exchanges handling problems at BY RYAN TRACY an unwarranted taxpayer
overwhelmed by heavy trading some exchanges. backstop of large financial
volume. 10,500 WASHINGTON—The Trump firms.
There was a record level of administration doesn’t plan to Treasury Secretary Steven
more than 400,000 transac- recommend stripping regula- Mnuchin said in January that
tions across bitcoin trading tors of their power to seize with proper regulation “a lot
10,000
networks on Wednesday, ac- and unwind a failing financial of the need for [OLA] goes
cording to bitcoin services firm in a crisis, according to away.” In February, White
provider blockchain.info. people familiar with the mat- House National Economic
11:20 a.m. 3:35 p.m. 9,500
The activity put a strain on GDAX says services Bitstamp tweets that ter, a development likely to Council Director Gary Cohn
some of the most popular digi- are restored. it is ‘investigating’ make defenders of the 2010 said the administration should
tal currency platforms. San performance issues. Dodd-Frank financial law talk about “whether OLA
Francisco-based Coinbase, 9,000 breathe a sigh of relief. should ever be triggered.”
which runs the GDAX ex- The Treasury Department, President Donald Trump
5 p.m. Nov. 29 5 noon 5
change, said it had an outage 12 a.m. EST
in a coming report on the sent a memo to Mr. Mnuchin
because of record trading vol- Source: CoinDesk THE WALL STREET JOURNAL. Dodd-Frank provision known in April asking him to review
ume, which came after bitcoin as orderly liquidation author- OLA, and symbolically placing
broke through the $10,000 were resolved. A spokesman tomotive engineer in Ann Ar- nately,” he said. “I’m going to ity, plans to propose changes use of the authority on hold
mark, unleashing heavy inves- for Bitstamp declined to com- bor, Mich., said he has been have to have a plan B for next to the policy without scrap- except for emergency use. The
tor interest. ment. looking for an opportunity to time.” ping it wholesale, these people Treasury report on OLA, ex-
GDAX was “taking all pre- Kraken, based in San Fran- buy bitcoin again after selling Jeremy Dillard, a 21-year- said. pected in the coming weeks, is
cautions to avoid any further cisco, reported “partially de- when prices were trading old finance and marketing ma- A Treasury spokeswoman a response to that memo.
outages,” a spokesman said. By graded service” in a status around $5,000. He thought jor at James Madison Univer- declined to comment. Supporters of OLA include
late Wednesday afternoon, message on its website. A Kra- Wednesday’s selloff may be a sity who has been buying Repealing OLA would re- Jerome Powell, the Federal Re-
GDAX had updated its network ken spokeswoman later said chance to buy, but couldn’t ac- bitcoin between classes for quire an act of Congress. A serve governor whom Mr.
status, saying the issues had the exchange was “working cess his account on Gemini. four months, had hoped to add recommendation from the Trump has nominated to lead
been resolved. fine.” Marcos Paulo Damasceno, a to his positions Wednesday Treasury to scrap the provi- the central bank.
A European bitcoin ex- Gemini, based in New York, 26-year-old software devel- through his GDAX account. sion would have added fire-
change, Bitstamp, also had reported service disruptions oper in Montreal, added Just as he was about to send power to Republican lawmak-
problems Wednesday, with its and “degraded performance” money to his Coinsquare ac- his order, the site went down. ers’ calls to do so.
website inaccessible and peo- on its website. “All customers’ count two days ago in antici- “This is quite possibly the Several senior Trump ad-
Repealing orderly
ple complaining on social me- assets continue to remain se- pation of buying the dip. How- worst timing ever,” Mr. Dillard ministration officials ques- liquidation authority
dia that it wasn’t working. “We cure during this time,” the ever, on Wednesday he was wrote on his Twitter account, tioned OLA earlier this year,
are investigating our perfor- firm wrote. The firm later said frustrated to find that he including two crying emojis in and House Republicans in June
requires an act of
mance issues and working to it was working to fix the issue. couldn’t access his app or the his post. voted to scrap it as part of the Congress.
resume operations,” Bitstamp The outages and slowdowns website, and missed out on the —Stephanie Yang Financial Choice Act, a broad
said on its official Twitter ac- annoyed some investors. Kun- chance to buy more bitcoin. and Akane Otani deregulatory bill. That has
count, later saying the issues war Kochar, a 24-year-old au- “I have no options, unfortu- contributed to this article. fueled concerns among big
banks and financial regulators “My view is that bank-
who say the provision is a cru- ruptcy should be the preferred
Technical Error Blocks In the Lead

Market share of discount- and online-brokerage firms
cial alternative to taxpayer-
funded bailouts.
The Dodd-Frank provision
option for the failure of insti-
tutions including very large fi-
nancial institutions. I think
Fidelity Web Accounts by customer assets

40% Fidelity
Investments
empowered regulators to seize
and liquidate a failing financial
firm if it posed a threat to U.S.
we’ve made tremendous prog-
ress on that,” Mr. Powell said
at a hearing on his nomination
BYCHRIS DIETERICH site and mobile app. Both were 35 financial stability. It has never Tuesday. “However, there may
AND SARAH KROUSE fully operational by Wednes- 2016: 41.2% been put into practice. Instead come a time when bankruptcy
day afternoon. 30 Charles Schwab of injecting taxpayer dollars is not going to work in a very
A technical error at Fidelity Website outages do occur 26.6% into the company, as with the stressful situation that really
25
Investments on Wednesday occasionally at brokerage Other 2008 bailouts, officials would threatens the economic health
20 10.8%
morning blocked millions of firms and can affect all or part instead have the power to im- of the country….In that case,
customers from their online- of a company’s customer base. 15 TD Ameritrade pose losses on shareholders, we really will need a backup in
brokerage accounts. Fidelity’s outage was more 10.1% oust management and liqui- the form of something like or-
10 E-Trade
For more than two hours, widespread than most. date toxic assets. They could derly liquidation authority.”
attempts to log in were met Index-fund giant Vanguard 5 7.8% use those powers only if bank- Mr. Powell also signaled he
with an error message telling Group experienced a website Merrill Edge ruptcy wasn’t a viable option. was open to discussing
0 3.5%
users that access to their ac- outage earlier this year that Conservatives worry about changes to OLA, saying “it
counts was “temporarily un- left many of its clients unable 2007 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 the part of OLA that allows isn’t a perfect law or perfect
available.” Around noon East- to log on to their accounts and Source: Aite Group THE WALL STREET JOURNAL. the Federal Deposit Insurance structure.”
ern time, an alert atop the trade for part of the trading Corp. to borrow from the It was unclear exactly
website said the issue had session. The firm said at the commissions charged on some among discount- and online- Treasury to keep a failing firm which changes to OLA the ad-
been resolved and urged in- time that full online function- trades that day and offered brokerage firms, according to operating during liquidation. ministration will propose.
vestors to “please try again.” ality was fixed in under two some customers “additional the latest research available Dodd-Frank defenders say Many changes would require
A Fidelity spokesman said hours and that the problem service,” a spokeswoman said from Aite Group, a consulting those loans could be recouped an act of Congress. A biparti-
the outage was the result of was caused by an error during after the outage. firm. It had 41% of the market from the financial industry san group of senators recently
an “internal tech issue” affect- a planned technology update. Fidelity had the largest at the end of 2016, followed by later. Conservatives still view proposed changes to Dodd-
ing all users of the firm’s web- Vanguard later reimbursed market share by client assets Charles Schwab Corp. with 27%. the possible line of credit as Frank but left OLA alone.
BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE MKT and Nasdaq Stock t-New 52-week low. EnelAmericas ENIA 9.72 -0.05 Ingersoll-Rand IR 86.07 -0.58 NatlOilwell NOV 32.61 0.48 Sasol SSL 30.91 -0.02 UniversalHealthB UHS 107.47 5.14 CSX CSX 54.44 2.51 LogMeIn LOGM 116.35 -4.50
EnelGenChile EOCC 24.90 -0.41 s Ingredion INGR 139.75 0.68 NatlRetailProp NNN 41.37 -0.46 Scana SCG 43.74 0.22 s UnumGroup UNM 56.42 1.19 CadenceDesign CDNS 43.16 -2.03 lululemon LULU 66.87 -0.50
Market listed securities. Prices are composite dd-Indicates loss in the most recent
quotations that include primary market trades four quarters. EnergyTransferEq ETE 15.79 -0.27 ICE ICE 69.80 0.45 NewOrientalEduc EDU 85.00 -3.29 Schlumberger SLB 62.15 -0.14 VEREIT VER 7.85 -0.06 CaesarsEnt CZR 13.10 -0.15 MarketAxess MKTX 196.04 2.61
t EnergyTransfer ETP 15.71 -0.11 s InterContinentl IHG 58.76 0.27 NY CmntyBcp NYCB 13.48 0.45 s SchwabC SCHW 48.42 1.28 VF VFC 74.13 0.11 Carlyle CG 20.30 ... Marriott MAR 126.49 -0.41
as well as trades reported by Nasdaq OMX FD-First day of trading.
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing Entergy ETR 86.15 -0.19 IBM IBM 153.55 1.08 NewellBrands NWL 30.51 -0.04 ScottsMiracleGro SMG 98.38 -0.06 s Visa V 109.86 -3.50 Cavium CAVM 84.83 -2.73 MarvellTech MRVL 22.21 -1.06
Exchange, CBOE, National Stock Exchange, ISE standards EnterpriseProd EPD 23.89 -0.37 s IntlFlavors IFF 154.56 0.11 NewfieldExpln NFX 30.10 0.18 SealedAir SEE 47.34 0.18 VailResorts MTN 223.83 -2.21 s CboeGlobalMkts CBOE120.93 -1.79 MatchGroup MTCH 29.07 -1.43
and BATS. lf-Late filing Equifax EFX 112.65 0.56 IntlPaper IP 55.52 -0.06 NewmontMin NEM 36.60 -0.54 SemicondctrMfg SMI 6.78 -0.28 Vale VALE 11.01 -0.32 Celgene CELG 103.12 -0.87 Mattel MAT 18.24 ...
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq EquityLife ELS 89.64 -0.18 Interpublic IPG 20.05 0.66 NextEraEnergy NEE 157.77 -0.02 SempraEnergy SRE 120.26 0.68 ValeantPharm VRX 16.45 0.05 CentennialRsc CDEV 19.80 -0.03 MaximIntProducts MXIM 52.11 -1.39
companies based on market capitalization. requirements. EquityResdntl EQR 66.74 -0.16 InvitatHomes INVH 23.51 0.43 NielsenHoldings NLSN 36.32 -1.13 SensataTech ST 50.16 0.13 ValeroEnergy VLO 83.34 0.10 Cerner CERN 69.77 0.02 MelcoResorts MLCO 25.85 -0.41
Underlined quotations are those stocks with t-NYSE bankruptcy EssexProp ESS 247.68 0.91 IronMountain IRM 40.52 -0.16 s Nike NKE 60.36 0.78 s ServiceCorp SCI 36.81 0.90 Vantiv VNTV 72.25 -2.06 CharterComms CHTR 331.67 5.78 MercadoLibre MELI 267.70 -2.14
large changes in volume compared with the v-Trading halted on primary market. EsteeLauder EL 123.93 -1.00 IsraelChemicals ICL 4.02 0.02 NiSource NI 27.17 -0.03 s ServiceMaster SERV 48.51 0.75 s VarianMed VAR 111.22 1.69 CheckPoint CHKP 102.06 -2.16 MicrochipTech MCHP 86.58 -4.00
issue’s average trading volume. vj-In bankruptcy or receivership or EverestRe RE 222.74 -2.27 ItauUnibanco ITUB 12.96 -0.34 NobleEnergy NBL 25.91 0.06 ServiceNow NOW120.59 -6.04 s Vectren VVC 68.75 0.25 ChinaLodging HTHT 102.80-11.68 MicronTech MU 43.74 -4.19
Boldfaced quotations highlight those issues being reorganized under the EversourceEner ES 64.61 0.05 s JPMorganChase JPM 103.73 2.37 Nokia NOK 5.02 -0.03 ShawComm B SJR 22.56 0.39 Vedanta VEDL 18.35 -0.47 CincinnatiFin CINF 74.87 0.62 Microsemi MSCC 51.67 -2.78
whose price changed by 5% or more if their Bankruptcy Code, or securities Exelon EXC 41.69 -0.27 JacobsEngg JEC 64.83 0.27 NomuraHoldings NMR 5.83 0.01 s SherwinWilliams SHW 393.96 -3.58 VeevaSystems VEEV 58.88 -3.12 s Cintas CTAS 153.73 1.70 Microsoft MSFT 83.34 -1.54
previous closing price was $2 or higher. assumed by such companies. ExtraSpaceSt EXR 85.06 -0.15 JamesHardie JHX 16.41 -0.14 Nordstrom JWN 45.76 3.09 ShinhanFin SHG 45.03 -0.12 Ventas VTR 64.07 0.46 s CiscoSystems CSCO 37.48 -0.25 Middleby MIDD 125.32 0.62
ExxonMobil XOM 82.27 0.60 JanusHenderson JHG 36.49 0.09 s NorfolkSouthern NSC 136.41 6.26 Shopify SHOP 103.67 -8.42 Verizon VZ 49.90 1.08 CitrixSystems CTXS 87.00 -0.69 Mondelez MDLZ 42.94 0.33
FMC FMC 93.21 -1.29 J&J JNJ 139.81 -0.21 NorthropGrum NOC 306.69 -1.21 SimonProperty SPG 158.73 2.61 VistraEnergy VST 19.15 -0.08 Cognex CGNX 135.84 -7.99 MonsterBev MNST 61.89 -0.20
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s FactSet FDS 198.28 -0.20 JohnsonControls JCI 38.09 -0.33 Novartis NVS 85.15 -0.22 s SmithAO AOS 62.50 0.24 s VMware VMW 119.42 -7.92 CognizantTech CTSH 72.11 -0.76 Mylan MYL 36.86 -0.02
changes in the closing prices from 4 p.m. the previous day. FederalRealty FRT 132.10 0.98 JonesLang JLL 151.66 -0.31 NovoNordisk NVO 51.32 -0.60 Smith&Nephew SNN 35.64 -0.23 VornadoRealty VNO 76.93 0.21 Coherent COHR 292.04-20.97 NXP Semi NXPI113.00 -0.79
FedEx FDX 225.93 7.42 JuniperNetworks JNPR 29.61 1.42 Nucor NUE 57.36 1.08 Smucker SJM 117.66 2.73 s VoyaFinancial VOYA 43.93 1.00 Comcast A CMCSA 37.19 0.94 s Nasdaq NDAQ 78.56 0.22
Wednesday, November 29, 2017 Net Net Ferrari RACE 108.40 -3.30 s KAR Auction KAR 49.77 1.02 OGE Energy OGE 35.28 -0.12 Snap SNAP 13.70 0.09 VulcanMatls VMC 124.86 3.20 CommerceBcshrs CBSH 57.13 1.79 NatlInstruments NATI 43.08 -1.25
Stock Sym Close Chg Stock Sym Close Chg FiatChrysler FCAU 17.05 -0.26 s KB Fin KB 54.83 0.26 ONEOK OKE 50.43 0.37 SnapOn SNA 167.22 3.15 WABCO WBC 149.83 0.81 CommScope COMM 36.44 -0.32 s NektarTherap NKTR 54.14 2.02
Net
FibriaCelulose FBR 14.65 -0.58 KKR KKR 19.78 0.15 OccidentalPetrol OXY 69.90 0.94 SOQUIMICH SQM 52.42 -2.08 WEC Energy WEC 69.26 0.33 Copart CPRT 42.13 0.34 s NetApp NTAP 56.23 -0.57
Stock Sym Close Chg BCE BCE 47.99 -0.40 CenturyLink CTL 14.54 0.85 FidNatlFin FNF 40.21 -0.17 KT KT 15.12 0.10 Olin OLN 35.33 -0.63 Sony SNE 47.37 -0.93 W.P.Carey WPC 71.10 -0.46 CoStar CSGP 301.86 -5.56 Netease NTES 324.42 -7.57
BHPBilliton BHP 41.44 -0.56 Chemours CC 51.71 -1.43 FidNatlInfo FIS 92.72 ... s KSCitySouthern KSU 110.12 3.25 Omnicom OMC 72.93 2.28 Southern SO 51.09 -0.40 WPP 87.65 1.44 Netflix NFLX 188.15-11.03
NYSE BHPBilliton BBL 36.32 -0.66 Chevron CVX 117.18 0.73 58.com WUBA 73.11 -2.68 Kellogg K 66.80 0.86 Oracle ORCL 48.52 -0.49 SoCopper SCCO 42.50 -0.56
WPP
Wabtec WAB 77.00 2.14
Costco COST 177.53 3.88
Ctrip.com CTRP 46.25 -0.42 Neurocrine NBIX 68.40 0.21
BP BP 39.71 -0.19 ChinaEastrnAir CEA 30.35 0.30 FirstAmerFin FAF 54.86 -0.43 KeyCorp KEY 19.01 0.53 Orange ORAN 17.12 0.04 SouthwestAir LUV 58.88 2.71 Wal-Mart WMT 97.56 0.79 s NewsCorp B NWS 16.45 0.10
ABB ABB 25.50 -0.33 DISH Network DISH 51.28 0.87
BRF BRFS 12.15 -0.31 ChinaLifeIns LFC 16.70 -0.32 FirstData FDC 16.17 -0.45 KeysightTechs KEYS 43.10 -1.61 OrbitalATK OA 132.25 ... t SpectraEnerPtrs SEP 38.84 -0.51 WasteConnections WCN 69.10 -0.20 s NewsCorp A NWSA 16.35 0.20
AECOM ACM 37.16 0.28 DentsplySirona XRAY 68.36 -0.22
BT Group BT 17.29 0.50 ChinaMobile CHL 51.02 -0.56 FirstRepBank FRC 96.48 1.75 KilroyRealty KRC 75.46 0.43 Orix IX 85.83 1.69 SpectrumBrands SPB 115.08 0.77 s WasteMgt WM 82.62 1.01 Nordson NDSN 125.66 -3.34
AES AES 10.61 0.04 DiamondbkEner FANG 108.15 -0.08
BWX Tech BWXT 60.96 -0.37 ChinaPetrol SNP 71.49 -0.80 FirstEnergy FE 33.67 0.13 KimberlyClark KMB 119.14 1.76 Oshkosh OSK 88.88 1.39 SpiritAeroSys SPR 83.51 0.34 Waters WAT 195.68 -2.12 NorthernTrust NTRS 98.24 1.95
s Aflac AFL 87.19 0.92 DiscovComm C DISCK 17.78 0.91
BakerHughes BHGE 29.98 -0.10 ChinaSoAirlines ZNH 45.57 -0.30 FleetCorTech FLT 179.52 -0.61 KimcoRealty KIM 18.47 0.17 s OwensCorning OC 88.29 -1.30 Sprint S 6.07 ... Watsco WSO 166.50 0.83 NorwegCruise NCLH 55.29 -0.02
AGCO AGCO 70.90 -0.53 BLL 39.56 -0.02 DiscovComm A DISCA 18.87 0.90
Ball ChinaTelecom CHA 48.23 -0.62 Fluor FLR 48.20 0.56 t KinderMorgan KMI 16.76 -0.27 PG&E PCG 55.06 0.01 Square SQ 39.13 -3.42 Wayfair W 67.87 -2.20 NVIDIA NVDA 196.42-14.29
AT&T T 36.48 1.06 s DollarTree DLTR 104.14 3.20
BancoBilbaoViz BBVA 8.63 0.09 ChinaUnicom CHU 14.61 -0.33 FomentoEconMex FMX 90.44 -0.40 Knight-Swift KNX 41.75 1.01 PLDT PHI 29.65 -0.30 s StanleyBlackDck SWK 167.61 -1.49 s WellCareHealth WCG 211.18 7.07 OReillyAuto ORLY 236.32 7.85
AbbottLabs ABT 55.58 -0.44 s E*TRADE ETFC 47.78 1.47
BancodeChile BCH 83.31 -0.56 Chipotle CMG 301.99 16.13 FordMotor F 12.56 0.35 Kohl's KSS 47.70 1.69 s PNC Fin PNC 139.73 4.05 StateStreet STT 94.68 1.54 WellsFargo WFC 56.68 1.11 s OldDomFreight ODFL 127.05 2.18
AbbVie ABBV 95.82 0.40 BancoMacro BMA 103.35 0.80 EXACT Sci EXAS 57.79 -1.00
Chubb CB 152.64 1.07 ForestCIty A FCE.A 24.48 -0.34 KoninklijkePhil PHG 38.40 -0.52 POSCO PKX 75.69 1.22 Statoil STO 20.13 -0.10 Welltower HCN 67.28 0.16 ON Semi ON 19.98 -1.14
s Accenture ACN 146.95 -1.09 s EastWestBncp EWBC 61.56 2.34
BcoSantChile BSAC 28.03 -0.68 ChunghwaTel CHT 34.54 -0.06 Fortis FTS 36.89 -0.71 KoreaElcPwr KEP 17.62 -0.17 PPG Ind PPG 117.01 -0.33 Steris STE 89.44 0.51 WestPharmSvcs WST 99.88 3.53 OpenText OTEX 32.63 -0.43
AcuityBrands AYI 170.45 2.41 BancoSantander SAN 6.73 0.08 eBay EBAY 34.38 -1.12
Church&Dwight CHD 46.79 1.14 Fortive FTV 73.42 0.13 Kroger KR 24.38 0.82 PPL PPL 36.61 0.08 STMicroelec STM 22.32 -1.71 WestarEnergy WR 56.29 -0.22 PTC PTC 62.26 -3.43
Adient ADNT 79.08 -0.58 BanColombia CIB 38.86 -0.08 s Cigna CI 205.83 5.28 EchoStar SATS 60.65 ...
FortBrandsHome FBHS 66.87 1.15 s Kyocera KYO 71.19 -0.17 s PVH PVH 137.14 -0.42 Stryker SYK 154.10 -1.68 s WestAllianceBcp WAL 58.79 1.93 Paccar PCAR 69.01 0.48
AdvanceAuto AAP 99.95 7.11 s BankofAmerica BAC 28.28 0.64 CimarexEnergy XEC 114.23 -0.01 ElbitSystems ESLT 140.26 -3.85
Franco-Nevada FNV 82.96 -2.04 LATAMAirlines LTM 13.27 -0.26 PackagingCpAm PKG 115.09 2.14 SumitomoMits SMFG 8.22 0.12 t WesternGasEquity WGP 34.62 -0.27 PacWestBancorp PACW 47.90 1.66
AdvSemiEngg ASX 6.45 -0.16 BankofMontreal BMO 77.34 -0.36 Citigroup C 75.04 1.34
ElectronicArts EA 105.49 -3.98
FranklinRscs BEN 43.13 0.96 L Brands LB 52.53 0.21 PaloAltoNtwks PANW 144.90 -4.20 SunComms SUI 92.71 0.03 t WesternGasPtrs WES 42.92 -0.89 s Paychex PAYX 66.58 0.78
s Aegon AEG 6.23 0.07 BankNY Mellon BK 54.41 1.28 s CitizensFin CFG 40.67 1.89 Equinix EQIX 468.32 -9.63
FreeportMcM FCX 14.01 0.07 LG Display LPL 13.92 -0.28 ParkHotels PK 28.90 0.78 SunLifeFinancial SLF 39.57 0.31 WesternUnion WU 19.70 0.01 PayPal PYPL 73.25 -4.54
AerCap AER 51.74 0.03 BkNovaScotia BNS 63.58 -0.23 Clorox CLX 139.22 2.26 Ericsson ERIC 6.35 -0.09
FreseniusMed FMS 49.31 0.17 LINE LN 42.27 -1.67 ParkerHannifin PH 184.32 -1.41 SuncorEnergy SU 34.48 -0.22 s WestlakeChem WLK 96.09 0.75 People'sUtdFin PBCT 19.26 0.55
Aetna AET 179.57 0.73 BCS 10.35 0.31 ErieIndemnity A ERIE 123.78 0.78
Barclays Coca-Cola KO 45.50 -0.33 GGP GGP 23.40 0.05 s L3 Tech LLL 196.45 1.68 ParsleyEnergy PE 26.36 0.05 s SunTrustBanks STI 61.30 2.26 WestpacBanking WBK 23.92 -0.08 s PilgrimPride PPC 36.21 0.44
s AffiliatedMgrs AMG 198.63 2.00 Bard CR BCR 336.81 0.38 Coca-Cola Euro CCE 38.33 -0.41 s Gallagher AJG 66.42
Exelixis EXEL 26.10 -0.91
-0.21 LabCpAm LH 157.02 5.80 Pearson PSO 9.45 0.11 SynchronyFin SYF 35.35 0.86 WestRock WRK 60.26 0.98 Priceline PCLN 1734.45-17.57
AgilentTechs A 68.69 -1.90 BarrickGold ABX 14.03 -0.11 Expedia EXPE 122.02 -3.66
Coca-Cola Femsa KOF 68.85 0.06 s Gap GPS 32.50 1.52 LambWeston LW 53.95 -0.08 PembinaPipeline PBA 33.91 -0.62 Syngenta SYT 92.36 -0.11 Weyerhaeuser WY 35.37 -0.31 Qiagen QGEN 31.84 -0.33
AgnicoEagle AEM 43.59 -1.60 BAX 65.18 -0.87 s ExpeditorsIntl EXPD 64.41 3.14
BaxterIntl ColgatePalm CL 72.01 -0.75 GardnerDenver GDI 31.15 -0.08 s LasVegasSands LVS 67.56 -0.80 Pentair PNR 69.32 ... s SynovusFin SNV 49.94 1.80 WheatonPrecMet WPM 20.65 -0.39 Qorvo QRVO 76.69 -2.34
Agrium AGU 108.58 0.04 BectonDicknsn BDX 226.88 -0.27 ColonyNorthStar CLNS 12.30 0.18 s Lazard ExpressScripts ESRX 62.86 1.42
Gartner IT 119.31 -0.18 LAZ 48.74 0.81 PepsiCo PEP 116.84 0.07 s Sysco SYY 57.70 1.37 Whirlpool WHR 168.99 1.51 Qualcomm QCOM 66.52 -1.86
AirProducts APD 162.62 -0.62 WRB 68.50 1.94 s Comerica CMA 83.49 2.66 s Lear F5Networks FFIV 129.86 3.19
Berkley Gazit-Globe GZT 10.24 0.15 LEA 179.10 -0.18 s PerkinElmer PKI 73.18 -0.62 TAL Education TAL 27.29 -1.03 Williams WMB 28.32 -0.04 RandgoldRscs GOLD 93.39 -3.67
AlaskaAir ALK 69.11 1.82 s BerkHathwy A BRK.A2848994459.99 SABESP SBS 10.25 -0.19 Facebook FB 175.13 -7.29
GeneralDynamics GD 204.17 -0.02 Leggett&Platt LEG 48.10 0.75 Perrigo PRGO 87.72 0.69 TE Connectivity TEL 94.25 -1.45 WilliamsPartners WPZ 35.37 -0.16 RegenPharm REGN358.63 -7.37
Albemarle ALB 131.95 -4.94 s BerkHathwy B BRK.B 189.85 2.31 ConagraBrands CAG 37.20 0.76 GeneralElec GE 18.48 Fastenal FAST 51.24 0.84
0.07 Leidos LDOS 62.39 -0.40 PetroChina PTR 66.91 -1.28 Telus TU 37.37 -0.50 Wipro WIT 5.32 0.01 s RossStores ROST 75.95 3.14
Alcoa AA 41.24 -2.06 s FifthThirdBncp FITB 30.46 1.22
BerryGlobal BERY 59.31 -0.13 ConchoRscs CXO 137.51 -0.27 GeneralMills GIS 56.34 1.50 s Lennar A LEN 62.18 0.64 PetroleoBrasil PBR 9.81 -0.35 TIM Part TSU 18.71 -0.60 WooriBank WF 44.60 -0.41 s Ryanair RYAAY126.69 4.49
AlexandriaRlEst ARE 126.97 1.10 BestBuy BBY 58.83 0.78 ConocoPhillips COP 50.73 0.60 GeneralMotors GM 43.81 -1.11 s Lennar B LEN.B 51.36 0.52 FirstSolar FSLR 60.02 -2.11
PetroleoBrasilA PBR.A 9.46 -0.38 TJX TJX 74.78 2.13 s Wyndham WYN 112.27 1.92 SBA Comm SBAC 169.76 -2.33
Alibaba BABA179.91 -6.78 s Bio-RadLab A BIO 269.58 6.28 ConEd ED 88.40 0.42 s Genpact 32.01 -0.33 s LennoxIntl LII 203.83 2.69 Fiserv FISV 128.72 0.31
G Pfizer PFE 36.21 0.36 TaiwanSemi TSM 39.41 -1.52 XPO Logistics XPO 77.17 0.60 s SEI Investments SEIC 69.78 0.26
Alleghany Y 584.24 11.76 BlackKnight BKI 44.85 -0.85 ConstBrands A STZ 214.36 -5.66 GenuineParts GPC 91.50 2.16
Flex FLEX 18.11 -0.54
LeucadiaNatl LUK 26.63 0.12 PhilipMorris PM 102.68 -0.20 Tapestry TPR 41.51 0.86 XcelEnergy XEL 51.26 0.01 Sina SINA 101.23 -4.05
Allegion ALLE 82.94 -0.39 BlackBerry BB 10.65 -0.28 ConstBrands B STZ.B 218.00 -3.05 GGB 3.36 ... LibertyProperty LPT 44.62 -0.13 s Phillips66 PSX 94.91 FlirSystems FLIR 46.56 -0.99
Gerdau 0.86 TargaResources TRGP 41.73 0.14 Xerox XRX 29.30 0.30 SS&C Tech SSNC 40.99 -0.55
Allergan AGN 175.69 3.77 s BlackRock BLK 500.82 7.76 ContinentalRscs CLR 46.05 0.48 GIL 31.77 -0.11 LLY 84.96 -0.09 Fortinet FTNT 41.44 -0.72
Gildan EliLilly PinnacleFoods PF 57.42 0.58 Target TGT 61.68 5.06 s Xylem XYL 68.20 -0.32 s SVB Fin SIVB 226.98 5.65
AllianceData ADS 233.21 7.60 Blackstone BX 31.53 0.04 Cooper COO 242.59 -0.66 GSK 35.47 -0.45 s LincolnNational LNC 76.55 1.72 Gaming&Leisure GLPI 35.54 -0.52
GSK PinnacleWest PNW 91.01 0.23 TataMotors TTM 31.56 -0.63 YPF YPF 22.31 -0.27 ScrippsNetworks SNI 81.37 1.17
AlliantEnergy LNT 44.90 0.12 s Boeing BA 269.30 1.31 Copa CPA 134.97 0.47 GlobalPayments GPN 98.96 -4.59 s LionsGate A LGF.A 34.43 -0.03 s Garmin GRMN 62.40 -0.52
PioneerNatRscs PXD 151.16 0.07 TechnipFMC FTI 27.57 0.07 s YumBrands YUM 81.81 0.78 Seagate STX 38.75 -1.23
s Allstate ALL 101.96 1.44 s BorgWarner BWA 54.86 0.57 s Corning GLW 32.48 0.04 GoDaddy GDDY 48.78 -1.67 s LionsGate B LGF.B 32.76 0.02 t PlainsAllAmPipe PAA 18.57 -0.16
GileadSciences GILD 73.67 1.08
TeckRscsB TECK 22.67 -0.21 YumChina YUMC 41.01 -0.12 SeattleGenetics SGEN 59.14 0.45
s AllyFinancial ALLY 26.66 0.15 BostonProps BXP 125.05 0.36 Coty COTY 17.09 0.02 Goldcorp GG 12.65 -0.38 s LiveNationEnt LYV 45.69 -0.72 PlainsGP PAGP 19.66 -0.11 TelecomArgentina TEO 34.88 0.16
Goodyear GT 32.14 0.33
ZTO Express ZTO 15.91 -0.09
GRFS 22.41 -0.20 Shire SHPG 149.54 0.03
AlticeUSA ATUS 18.70 0.34 BostonSci BSX 25.95 -0.44 Credicorp BAP 213.61 -0.52 GoldmanSachs GS 241.36 2.70 LloydsBanking LYG 3.62 0.10 s PolarisIndustries PII 129.06 1.40 TelecomItalia TI 8.29 -0.05
Grifols
ZayoGroup ZAYO 35.35 -0.35
GpoFinGalicia GGAL 56.08 0.07 SignatureBank SBNY 138.73 4.37
Altria MO 67.37 0.97 Braskem BAK 28.24 -0.55 CreditSuisse CS 16.65 0.01 Graco GGG 128.84 -3.00 LockheedMartin LMT 320.76 1.75 Potash POT 19.50 0.03 TelecomItalia A TI.A 6.83 -0.09 ZimmerBiomet ZBH 116.52 1.31
HD Supply HDS 36.54 0.61 SiriusXM SIRI 5.48 0.05
AlumofChina ACH 16.60 -0.52 Bristol-Myers BMY 62.90 0.38 CrownCastle CCI 112.86 -0.66 Grainger GWW 216.77 5.20 s Loews L 50.33 0.22 Praxair PX 155.17 -1.19 s TeledyneTech TDY 183.51 -1.79 Zoetis ZTS 71.61 0.22
HAS 92.84 -0.94 Skyworks SWKS 105.33 -2.22
Ambev ABEV 6.30 -0.13 BritishAmTob BTI 64.77 -1.39 CrownHoldings CCK 59.22 0.05 GreatPlainsEner GXP 34.05 -0.14 Lowe's LOW 83.30 1.62 s PrincipalFin PFG 71.54 1.49 Teleflex TFX 264.41 -5.78 Hasbro
Ameren AEE 63.68 -0.17 HenrySchein HSIC 70.30 -0.20 Splunk SPLK 79.49 -1.93
AmericaMovil AMX 17.59 0.02
BroadridgeFinl BR 89.12 -1.09 Cullen/Frost CFR 100.83 2.90 GrubHub GRUB 66.20 -2.03 LyondellBasell LYB 105.01 0.07 Procter&Gamble PG 89.38 -0.02 TelefonicaBras VIV 14.78 -0.44 NASDAQ Hologic HOLX 42.27 1.82 Starbucks SBUX 57.51 0.85
BrookfieldMgt BAM 41.37 -0.20 Cummins CMI 164.52 ... GpoAvalAcc AVAL 8.19 -0.15 M&T Bank MTB 169.11 4.77 s Progressive PGR 52.45 -0.33 Telefonica TEF 10.20 ... SteelDynamics STLD 37.87 0.71
AmericaMovil A AMOV 17.55 0.04 BrookfieldInfr BIP 43.77 0.27 DTE Energy DTE 114.56 0.22 GpFinSantMex BSMX 8.30 0.08 MGM Resorts MGM 33.65 0.40 Prologis PLD 66.13 -0.56 TelekmIndonesia TLK 30.75 -0.46 AGNC Invt AGNC 20.07 -0.03 JBHunt JBHT 108.64 2.61
HuntingtonBcshs HBAN 14.48 0.51 Symantec SYMC 28.57 -0.40
AmCampus ACC 42.47 0.35 s Brown&Brown BRO 50.89 0.11 DXC Tech DXC 95.52 -2.48 GrupoTelevisa TV 18.05 0.53 MPLX MPLX 34.41 -0.24 s PrudentialFin PRU 115.87 3.04 Tenaris TS 28.76 0.02 ANGI Homesvcs ANGI 11.45 -0.48
IAC/InterActive IAC 127.64 -6.30 Synopsys SNPS 86.77 -3.03
AEP AEP 77.14 0.12 Brown-Forman A BF.A 59.84 -0.16 Danaher DHR 93.94 -0.38 Guidewire GWRE 76.96 -4.55 MSCI MSCI 127.73 -1.62 s Prudential PUK 50.84 0.08 Teradyne TER 40.82 -2.17 Ansys ANSS 146.58 -3.69 s TD Ameritrade AMTD 50.87 0.87
s AmerExpress AXP 96.60 1.32 Brown-Forman B BF.B 59.20 -0.28 Darden DRI 84.81 1.75 HCA Healthcare HCA 80.14 2.07 Macerich MAC 64.23 0.36 s PublicServiceEnt PEG 52.70 0.66 TevaPharm TEVA 15.07 0.38 ASML ASML 172.44-11.85 IdexxLab IDXX 154.00 -1.02
IHSMarkit INFO 44.16 -0.46 T-MobileUS TMUS 61.83 0.45
AmericanFin AFG 105.27 1.08 t BuckeyePtrs BPL 44.59 -0.43 DaVita DVA 60.64 2.16 HCP HCP 26.90 0.35 Macy's M 23.98 1.81 PublicStorage PSA 210.26 0.83 Textron TXT 54.84 0.52 Abiomed ABMD 194.15 -3.18 s TRowePrice TROW 101.27 1.52
AmerHomes4Rent AMH 21.76 0.17 Bunge BG 66.42 0.97 Deere DE 148.44 -0.94 HDFC Bank HDB 97.85 -0.20 MagellanMid MMP 64.71 -0.83 s PulteGroup PHM 33.81 0.57 ThermoFisherSci TMO 192.62 -3.68 ActivisionBliz ATVI 62.01 -3.96 IPG Photonics IPGP 228.13-13.30
TakeTwoSoftware TTWO111.45 -4.74
AIG AIG 60.30 0.48 s BurlingtonStrs BURL 105.64 0.82 DellTechs DVMT 77.99 -4.57 HP HPQ 21.43 -0.23 MagnaIntl MGA 55.21 0.23 QuantaServices PWR 37.65 0.59 ThomsonReuters TRI 44.31 -0.30 AdobeSystems ADBE 176.85 -8.55 IRSA Prop IRCP 57.27 0.27
IcahnEnterprises IEP 53.57 0.29 Tesla TSLA 307.54-10.01
AmerTowerREIT AMT 146.30 -2.34 CBD Pao CBD 21.86 -0.99 DelphiAuto DLPH 102.05 0.33 HSBC HSBC 49.79 -0.04 s Manpower MAN 129.81 -0.57 QuestDiag DGX 97.33 3.98 s ThorIndustries THO 155.25 0.88 AdvMicroDevices AMD 10.83 -0.34 s TexasInstruments TXN 96.88 -2.60
AmerWaterWorks AWK 90.35 0.78 s CBRE Group CBG 42.99 0.24 DeltaAir DAL 52.10 1.52 Halliburton HAL 41.30 0.28 ManulifeFin MFC 21.07 -0.03 s RELX RENX 23.15 -0.12 3M MMM 238.01 2.38 AkamaiTech AKAM 55.34 -0.02 Icon ICLR 114.91 -1.27
s Illumina TractorSupply TSCO 69.36 1.61
s Ameriprise AMP 163.56 1.81 CBS A CBS.A 57.28 1.68 DeutscheBank DB 19.00 0.12 Hanesbrands HBI 20.31 0.56 MarathonOil MRO 14.75 0.19 s RELX RELX 23.83 -0.18 Tiffany TIF 92.55 -1.49 AlexionPharm ALXN 107.37 -0.73 ILMN 227.48 1.20
Trimble TRMB 41.44 -0.96
AmerisourceBrgn ABC 84.66 1.51 CBS B CBS 56.54 1.78 DevonEnergy DVN 37.10 -0.07 HarleyDavidson HOG 48.98 -0.27 MarathonPetrol MPC 61.40 -0.82 RPM RPM 53.11 0.39 TimeWarner TWX 90.92 1.30 AlignTech ALGN 258.37 -5.86 Incyte INCY 95.96 0.13
21stCenturyFoxA FOXA 32.10 1.24
s Ametek AME 71.68 -0.32 CF Industries CF 36.85 0.40 Diageo DEO 139.14 -1.70 Harris HRS 143.22 -0.98 s Markel MKL 1103.74 12.26 RalphLauren RL 94.65 0.13 s Toll Bros TOL 50.09 0.62 Alkermes ALKS 51.45 0.30 Intel INTC 43.95 -0.78
s InteractiveBrkrs IBKR 57.12 0.91 21stCenturyFoxB FOX 31.30 1.13
s Amphenol APH 89.77 -1.27 CGI Group GIB 52.89 -0.75 DigitalRealty DLR 116.99 -1.54 s HartfordFinl HIG 57.65 0.96 Marsh&McLen MMC 83.60 -0.02 s RaymondJames RJF 88.40 1.36 s Torchmark TMK 89.09 1.56 AlnylamPharm ALNY 128.14 -1.60 UltaBeauty ULTA 223.10 6.03
AnadarkoPetrol APC 47.88 0.11 CIT Group CIT 49.72 0.94 DiscoverFinSvcs DFS 69.01 1.38 HealthcareAmer HTA 30.56 -0.03 MartinMarietta MLM 208.51 4.16 s Raytheon RTN 188.58 -0.17 Toro TTC 64.47 0.74 Alphabet C GOOG 1021.66-25.75 Intuit INTU 154.22 -1.57
UltSoftware ULTI 201.00 -1.95
Andeavor ANDV 105.15 0.28 CMS Energy CMS 49.61 -0.09 Disney DIS 105.24 1.83 Heico HEI 89.56 -2.92 s Masco MAS 42.03 1.10 RealtyIncome O 55.47 -0.41 TorontoDomBk TD 58.38 0.36 Alphabet A GOOGL 1037.38-25.91 IntuitiveSurgical ISRG 394.30 -7.93
UnivDisplay OLED179.65 -6.35
t AndeavorLog ANDX 42.33 -0.64 CNA Fin CNA 54.50 0.50 DolbyLab DLB 61.70 -1.22 Heico A HEI.A 75.20 -2.30 Mastercard MA 148.35 -5.84 RedHat RHT 124.49 -4.75 Total TOT 56.74 0.13 Altaba AABA 70.36 -1.62 IonisPharma IONS 53.07 0.14
VEON VEON 4.13 0.01
AB InBev BUD 115.89 -1.55 CNOOC CEO 136.96 1.62 s DollarGeneral DG 88.68 0.03 Helm&Payne HP 57.04 0.57 McCormick MKC 102.12 1.31 RegencyCtrs REG 68.00 0.01 TotalSystem TSS 72.33 -1.83 Amazon.com AMZN1161.27-32.33 JD.com JD 37.83 -0.74
VeriSign VRSN 114.74 -2.27
AnnalyCap NLY 11.77 -0.03 CPFLEnergia CPL 15.69 -0.98 s DominionEner D 84.00 0.06 Herbalife HLF 69.81 -0.53 McCormickVtg MKC.V 102.72 2.05 s RegionsFin RF 16.57 0.57 ToyotaMotor TM 126.55 -0.41 Amdocs DOX 65.14 -0.10 JackHenry JKHY 113.90 -1.12
s VeriskAnalytics VRSK 94.98 -0.25
AnteroResources AR 18.76 0.22 CRH CRH 35.25 0.12 Domino's DPZ 179.17 6.88 Hershey HSY 110.50 0.66 s McDonalds MCD 170.43 -0.91 s ReinsGrp RGA 164.17 2.46 TransCanada TRP 48.21 -1.43 Amerco UHAL 367.58 10.17 JazzPharma JAZZ 137.87 -1.74
VertxPharm VRTX 143.75 -3.57
s Anthem ANTM 227.31 5.03 CVS Health CVS 73.40 0.70 s Donaldson DCI 48.50 -0.15 Hess HES 44.81 1.43 McKesson MCK 148.12 ... RepublicSvcs RSG 64.31 0.81 TransDigm TDG 279.32 2.26 AmerAirlines AAL 49.25 0.03 JetBlue JBLU 20.96 0.84
JunoTherap JUNO 54.48 -2.51 Viacom B VIAB 28.42 1.39
Aon AON 140.47 0.53 CabotOil COG 29.17 0.07 DouglasEmmett DEI 40.28 -0.15 HewlettPackard HPE 13.97 0.09 Medtronic MDT 82.11 -0.35 ResMed RMD 85.25 0.06 TransUnion TRU 54.08 -1.53 Amgen AMGN 172.23 1.97
KLA Tencor KLAC 100.35 -6.81 Viacom A VIA 34.15 1.25
Apache APA 40.74 0.47 s CalAtlantic CAA 55.43 0.60 Dover DOV 95.86 -0.19 s Hilton HLT 76.56 0.43 Merck MRK 55.36 0.43 RestaurantBrands QSR 64.46 -1.53 Travelers TRV 134.53 1.52 AnalogDevices ADI 85.66 -1.41 Vodafone VOD 30.62 0.06
ApartmtInv AIV 44.29 0.16 CamdenProperty CPT 91.59 -0.42 DowDuPont DWDP 71.78 0.69 HollyFrontier HFC 44.33 -0.93 MetLife MET 53.55 0.90 RioTinto RIO 47.89 -0.82 TurkcellIletism TKC 9.22 0.18 Apple AAPL 169.48 -3.59 KraftHeinz KHC 81.09 2.11
s LKQ WalgreensBoots WBA 71.92 -0.32
ApolloGlbMgmt APO 30.92 0.36 CampbellSoup CPB 48.99 2.05 DrPepperSnap DPS 89.46 1.84 s HomeDepot HD 177.25 1.57 MettlerToledo MTD 625.44 -8.70 s RobertHalf RHI 56.82 0.91 TurquoiseHill TRQ 2.96 -0.06 ApplMaterials AMAT 52.91 -4.42 LKQ 39.50 0.58
Weibo WB 110.82 -5.19
s AquaAmerica WTR 37.44 0.65 CIBC CM 89.28 -0.50 DrReddy'sLab RDY 35.70 0.17 HondaMotor HMC 33.20 -0.20 s MichaelKors KORS 58.65 0.78 Rockwell ROK 190.13 -7.00 Twitter TWTR 20.79 -1.04 ArchCapital ACGL 96.23 -0.45 LamResearch LRCX 194.64-18.50
WesternDigital WDC 81.00 -5.89
Aramark ARMK 42.58 0.31 CanNtlRlwy CNI 76.36 -1.68 DukeEnergy DUK 89.00 0.02 s Honeywell HON 153.24 0.48 MicroFocus MFGP 33.33 -1.01 RockwellCollins COL 131.98 -0.35 TylerTech TYL 179.87 -0.22 Atlassian TEAM 46.59 -4.60 LamarAdv LAMR 74.03 -0.27
s ArcelorMittal MT 30.40 0.46 WillisTowers WLTW 159.07 -0.33
CanNaturalRes CNQ 33.27 -0.09 DukeRealty DRE 28.65 -0.35 HormelFoods HRL 35.99 1.40 MidAmApt MAA 102.25 -0.62 RogersComm B RCI 52.40 -0.83 s TysonFoods TSN 82.02 0.87 Autodesk ADSK 109.34-20.61 LibertyBroadbandA LBRDA 86.66 0.85
Workday WDAY 106.54 -8.22
ArcherDaniels ADM 39.77 0.68 CanPacRlwy CP 173.29 -0.32 ENI E 32.73 -0.13 s DR Horton DHI 50.66 0.55 s MitsubishiUFJ MTU 7.09 0.11 Rollins ROL 46.11 0.76 UBS Group UBS 17.28 -0.03 ADP ADP 113.33 2.11 LibertyBroadbandC LBRDK 87.82 0.75
WynnResorts WYNN 156.07 -1.43
Arconic ARNC 24.07 -0.16 Canon CAJ 38.31 -0.55 EOG Rscs EOG 100.50 0.66 HostHotels HST 19.67 0.21 MizuhoFin MFG 3.65 0.03 s RoperTech ROP 262.24 -2.80 UDR UDR 39.36 -0.07 BOK Fin BOKF 89.88 2.73 LibertyGlobal C LBTYK 31.27 2.09
Xilinx XLNX 69.38 -2.79
AristaNetworks ANET 234.21 -9.34 CapitalOne COF 90.97 1.22 EPAM Systems EPAM 102.19 -5.59 HuanengPower HNP 25.55 -0.48 MobileTeleSys MBT 10.49 -0.23 RoyalBkCanada RY 78.90 0.51 UGI UGI 47.99 0.06 Baidu BIDU 235.49 -8.54 LibertyGlobal A LBTYA 32.28 2.16
YY YY 103.58 -7.76
ArrowElec ARW 80.32 -0.45 CardinalHealth CAH 59.11 1.55 EQT EQT 58.11 1.24 Hubbell HUBB 125.71 0.39 MohawkInds MHK 279.10 -0.99 s RoyalBkScotland RBS 7.59 0.22 US Foods USFD 28.32 0.69 BankofOzarks OZRK 48.36 2.23 LibertyLiLAC A LILA 21.72 0.31
Yandex YNDX 32.95 -1.54
AstraZeneca AZN 33.32 -0.20 Carlisle CSL 114.38 0.44 EastmanChem EMN 91.41 -0.28 Humana HUM 250.13 5.91 t MolsonCoors A TAP.A 79.84 -2.95 RoyalCaribbean RCL 124.70 -1.10 UltraparPart UGP 21.80 -0.54 Biogen BIIB 319.96 2.82 LibertyLiLAC C LILAK 21.47 0.17
ZebraTech ZBRA 109.43 0.09
Athene ATH 49.78 1.18 CarMax KMX 68.50 1.04 Eaton ETN 76.84 -0.01 HuntingIngalls HII 239.68 -1.43 t MolsonCoors B TAP 76.52 -1.65 RoyalDutchA RDS.A 63.69 -0.24 Unilever UN 57.94 -0.67 BioMarinPharm BMRN 83.27 0.71 LibertyQVC A QVCA 24.47 0.13
Zillow C Z 40.87 -1.49
AtmosEnergy ATO 90.51 0.24 Carnival CCL 65.70 -0.81 s EatonVance EV 54.63 1.05 Huntsman HUN 31.80 -0.49 Monsanto MON 117.71 -0.97 RoyalDutchB RDS.B 65.75 -0.07 Unilever UL 56.68 -0.04 s BlueBuffaloPet BUFF 30.64 0.06 LibertyVenturesA LVNTA 56.29 0.48
Zillow A ZG 40.82 -1.49
Autohome ATHM 56.19 -1.81 Carnival CUK 66.20 -0.81 s Ecolab ECL 135.00 0.75 s HyattHotels H 72.09 0.82 s Moody's MCO 149.84 -1.04 SAP SAP 112.97 -2.55 s UnionPacific UNP 122.94 4.81 s bluebirdbio BLUE 167.30 0.85 LibertyFormOne A FWONA 35.69 0.48 s ZionsBancorp ZION 49.49 1.40
Autoliv ALV 126.82 -0.24 Caterpillar CAT 138.06 -0.12 Ecopetrol EC 11.74 0.19 ICICI Bank IBN 9.70 0.06 s MorganStanley MS 51.32 0.92 s S&P Global SPGI 164.73 -1.10 UnitedContinental UAL 62.09 1.90 BrighthouseFin BHF 59.44 1.43 LibertyFormOne C FWONK 37.41 0.58
AutoZone AZO 688.92 24.70 Celanese A CE 106.88 -0.82 EdisonInt EIX 81.41 0.27 ING Groep ING 18.22 -0.04 Mosaic MOS 24.39 0.30 SINOPEC SHI 57.88 -1.24 UnitedMicro UMC 2.57 -0.08 Broadcom AVGO 271.50 -5.90 LibertyBraves A BATRA 22.43 0.04 NYSE AMER
Avalonbay AVB 182.04 0.77 Cemex CX 7.78 -0.06 EdwardsLife EW 116.37 3.16 Invesco IVZ 36.10 0.10 s MotorolaSol MSI 94.17 -0.36 SK Telecom SKM 26.46 -0.23 UPS B UPS 119.04 0.76 CA CA 32.58 0.14 LibertyBraves C BATRK 22.59 0.08
s Avangrid AGR 52.83 -0.05 CenovusEnergy CVE 9.20 -0.07 EmersonElec EMR 63.87 -0.28 IQVIA IQV 101.31 -0.42 NRG Energy NRG 28.20 -0.01 SLGreenRealty SLG 102.23 1.35 s UnitedRentals URI 157.84 1.24 s CDK Global CDK 69.01 -0.46 LibertySirius C LSXMK 40.90 0.37 CheniereEnergy LNG 48.00 0.40
AveryDennison AVY 111.88 -0.12 s Centene CNC 99.01 1.20 EnbridgeEnPtrs EEP 13.45 0.54 s IDEX IEX 132.50 -0.10 NTTDoCoMo DCM 25.70 -0.09 Salesforce.com CRM 103.53 -2.93 US Bancorp USB 54.76 1.74 CDW CDW 68.91 -0.51 LibertySirius A LSXMA 40.81 0.31 CheniereEnerPtrs CQP 27.74 -0.06
s AxaltaCoating AXTA 37.55 1.21 CenterPointEner CNP 29.67 0.09 Enbridge ENB 35.63 -0.63 s IllinoisToolWks ITW 165.88 1.40 s NVR NVR 3468.40 71.39 Sanofi SNY 45.70 -0.14 UnitedTech UTX 118.16 0.45 s CH Robinson CHRW 84.49 2.96 LincolnElectric LECO 89.66 -0.13 CheniereEnHldgs CQH 26.18 0.25
BB&T BBT 49.12 1.59 CentraisElBras EBR 6.09 -0.13 Encana ECA 11.52 0.09 Infosys INFY 15.50 -0.06 NationalGrid NGG 59.77 0.64 s SantanderCons SC 17.05 0.05 s UnitedHealth UNH 222.88 6.74 s CME Group CME147.83 2.71 LogitechIntl LOGI 34.86 -0.66 ImperialOil IMO 30.76 -0.21
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© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6178
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23940.68 s 103.97, or 0.44% Trailing P/E ratio 21.19 20.86 2626.07 t 0.97, or 0.04% Trailing P/E ratio 24.49 24.35 6824.39 t 87.97, or 1.27% Trailing P/E ratio * 26.45 24.02
High, low, open and close for each P/E estimate * 19.35 17.86 High, low, open and close for each P/E estimate * 19.50 18.45 High, low, open and close for each P/E estimate * 21.39 19.50
trading day of the past three months. Dividend yield 2.17 2.53 trading day of the past three months. Dividend yield 1.92 2.12 trading day of the past three months. Dividend yield 1.04 1.24
All-time high 23940.68, 11/29/17 All-time high: 2627.04, 11/28/17 All-time high: 6912.36, 11/28/17
Current divisor 0.14523396877348

24000 2640 6900
Session high
DOWN UP 23500 2600 6750
t
Session open Close
Close Open
t
23000 2560 6600

Session low
22500 2520 6450
65-day moving average

22000 2480 6300
65-day moving average 65-day moving average

21500 2440 6150
Bars measure the point change from session's open

21000 2400 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* 920,546,230 12,079,420
Industrial Average 23959.76 23872.59 23940.68 103.97 0.44 23940.68 19123.58 25.2 21.1 10.3 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 563,452,853 5,421,603
Transportation Avg 10090.48 9756.37 10076.38 322.35 3.30 10076.38 8783.74 12.2 11.4 3.1 Most-active issues in late trading Decl. volume* 339,253,233 6,458,296
Utility Average 770.17 761.42 767.55 1.49 0.19 774.47 626.66 21.3 16.4 8.6 Volume After Hours Issues traded 3,088 331
Company Symbol (000) Last Net chg % chg High Low Advances 1,501 141
Total Stock Market 27329.61 27172.37 27232.91 -3.48 -0.01 27236.39 22773.93 19.1 17.0 8.3
Juniper Networks JNPR 10,362.5 35.60 5.99 20.23 36.92 29.61 Declines 1,486 173
Barron's 400 708.30 703.33 705.50 0.75 0.11 705.50 583.16 20.5 17.3 9.3
SPDR S&P 500 SPY 6,244.7 262.78 0.07 0.03 262.85 262.54 Unchanged 101 17
Nasdaq Stock Market VanEck Vectors Gold Miner GDX 5,096.6 22.56 0.06 0.27 22.56 22.49 New highs 304 4
Nasdaq Composite 6908.33 6793.95 6824.39 -87.97 -1.27 6912.36 5251.11 28.2 26.8 12.5 Bank of America BAC 3,670.5 28.38 0.10 0.35 28.39 28.21 New lows 66 10
6412.69 6279.36 Closing tick 170 34
Nasdaq 100 6311.37 -111.18 -1.73 6422.56 4734.10 31.2 29.8 13.3 iShares Russell 2000 ETF IWM 3,599.3 153.35 -0.02 -0.01 153.72 152.81
Closing Arms† 0.57 1.02
Energy Transfer Partners ETP 3,407.6 15.75 0.04 0.25 15.75 15.65
Standard & Poor's Block trades* 7,608 122
-0.04
Micron Technology MU 2,851.1 43.75 0.01 0.02 45.93 43.66
500 Index 2634.89 2620.32 2626.07 -0.97 2627.04 2191.08 19.4 17.3 8.3 Nasdaq NYSE Arca
Ford Motor F 2,782.6 12.53 -0.03 -0.24 12.56 12.43
MidCap 400 1893.59 1881.06 1888.90 8.64 0.46 1888.90 1623.28 16.1 13.7 9.4 Total volume*2,422,020,315 315,236,142
SmallCap 600 945.32 938.73 944.10 6.33 0.68 944.10 808.59 16.3 12.7 11.7 Percentage gainers… Adv. volume* 881,716,918 131,406,511
JNPR 10,362.5
Decl. volume*1,513,449,218 183,275,690
Other Indexes Juniper Networks 35.60 5.99 20.23 36.92 29.61
Issues traded 3,076 1,312
Russell 2000 1547.27 1536.82 1542.30 5.86 0.38 1542.30 1313.80 16.6 13.6 9.5 Synopsys SNPS 104.6 94.75 7.98 9.20 97.00 86.77
Advances 1,453 557
NYSE Composite 12579.80 12529.55 12561.32 41.09 0.33 12561.32 10828.99 15.9 13.6 4.7 Tilly's TLYS 9.2 14.30 1.08 8.17 14.60 13.22 Declines 1,508 731
Value Line 558.09 554.72 556.66 1.94 0.35 556.66 496.60 11.5 10.0 3.7 At Home Group HOME 20.7 25.00 1.43 6.07 25.36 23.50 Unchanged 115 24
NYSE Arca Biotech 4201.17 4146.20 4172.46 13.10 0.32 4304.77 3075.02 30.5 35.7 6.7
Sea ADR SE 6.4 11.49 0.52 4.71 11.49 10.99 New highs 308 343
New lows 28 48
NYSE Arca Pharma 543.60 541.67 542.51 0.40 0.07 560.52 463.78 15.5 12.7 -0.5 ...And losers
Closing tick 165 32
KBW Bank 104.99 102.40 104.38 2.73 2.69 104.38 87.27 19.6 13.7 12.8 Semtech SMTC 392.7 33.30 -3.25 -8.89 36.74 32.20 Closing Arms† 1.65 0.91
PHLX§ Gold/Silver 80.51 79.44 79.65 -1.49 -1.84 96.72 73.03 -0.3 1.0 5.2 Limelight Networks LLNW 13.8 5.00 -0.35 -6.54 5.35 4.93 Block trades* 7,753 1,957
PHLX§ Oil Service 132.21 129.66 131.15 0.63 0.49 192.66 117.79 -25.6 -28.6 -15.3 Jack in the Box JACK 108.2 97.00 -5.21 -5.10 103.00 92.56 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1320.87 1252.38 1265.01 -58.07 -4.39 1341.69 836.79 43.8 39.6 22.6 Box Cl A BOX 503.4 20.85 -1.09 -4.97 22.00 19.67 †(TRIN) A comparison of the number of advancing and declining
10.93 9.81 0.67 16.04 9.14 -19.7 -23.8 issues with the volume of shares rising and falling. An
CBOE Volatility 10.70 6.68 -7.1 SEI Investments SEIC 92.3 66.67 -3.11 -4.46 70.67 66.67 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 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 3009.05 8.99 0.30 18.9 ReTo Eco-Solutions RETO 10.57 5.57 111.40 ... ... ... Xunlei ADR XNET 12.80 -5.78 -31.11 27.00 3.11 184.4
DJ Global Index 390.08 –0.12 –0.03 19.6 Ooma OOMA 11.65 1.65 16.50 12.30 7.30 25.3 Myomo MYO 2.91 -0.75 -20.50 23.20 2.53 ...
DJ Global ex U.S. 261.66 –0.09 –0.03 22.3 Pulse Biosciences PLSE 23.88 3.04 14.59 39.50 5.20 289.6 Contango Oil Gas MCF 2.27 -0.51 -18.35 10.39 2.22 -77.0
Americas DJ Americas 630.55 –0.56 –0.09 16.7 Direxion Dly SCOND 3 Bear SOXS 16.22 1.87 13.03 70.75 13.79 -73.3 Data I/O Corp DAIO 12.31 -2.36 -16.09 16.49 4.01 186.3
Brazil Sao Paulo Bovespa 72700.45 –1439.27 –1.94 20.7 China Distance Educ ADR DL 8.92 1.01 12.77 13.79 6.61 -34.5 Autodesk ADSK 109.34 -20.61 -15.86 131.10 68.06 50.6
Canada S&P/TSX Comp 15967.72 –61.92 –0.39 4.4 Photronics PLAB 10.45 1.10 11.76 12.10 7.55 4.5 U.S. Global Investors A GROW 3.93 -0.72 -15.48 6.90 1.25 172.9
Mexico S&P/BMV IPC 47622.93 393.77 0.83 4.3 Vince Holding VNCE 4.98 0.51 11.41 48.00 2.80 -88.3 NeuroMetrix NURO 1.72 -0.29 -14.43 9.60 1.58 -76.4
Chile Santiago IPSA 3799.66 –36.83 –0.96 17.9 Dillard's DDS 63.44 5.99 10.43 83.44 45.51 -11.3 Integrated Media Tech IMTE 6.00 -1.00 -14.29 10.00 6.00 ...
0.24 Sifco Industries SIF 7.45 0.70 10.37 11.25 5.50 -33.8 Celsius Holdings CELH 4.55 -0.74 -13.99 7.00 2.23 92.8
EMEA Stoxx Europe 600 387.96 0.94 7.3
0.17 Direxion Transport Bull3 TPOR 32.38 3.01 10.25 32.39 23.47 ... Social Reality Cl A SRAX 5.72 -0.93 -13.98 7.95 1.11 -9.2
Eurozone Euro Stoxx 390.74 0.65 11.6
Belgium Bel-20 3999.41 13.75 0.34 10.9 Atkore International ATKR 22.03 2.02 10.09 27.30 15.05 2.7 Riot Blockchain RIOT 13.18 -2.07 -13.57 24.00 2.66 339.3
France CAC 40 5398.05 7.57 0.14 11.0 ADOMANI ADOM 3.36 0.30 9.80 18.31 3.05 ... ClearSign Combustion CLIR 2.30 -0.35 -13.21 4.60 2.30 -42.5
Germany DAX 13061.87 2.34 0.02 13.8 MER Telemanagement MTSL 2.67 0.24 9.78 3.60 1.31 -19.1 Direxion Dly SCOND 3 BL SOXL 143.05 -21.65 -13.15 171.80 46.57 156.8
Israel Tel Aviv 1449.28 2.61 0.18 –1.5 Direxion Rg Banks Bull 3X DPST 76.17 6.69 9.63 81.77 43.51 31.7 Apollo Endosurgery APEN 4.70 -0.70 -12.96 21.88 3.55 -65.5
22325.94 0.15 16.1 Williams-Sonoma WSM 51.46 4.44 9.44 56.94 42.68 -6.1 Veritone VERI 24.09 -3.42 -12.43 74.92 7.76 ...
Italy FTSE MIB 34.17
Netherlands AEX 541.42 –2.17 –0.40 12.1
Russia RTS Index 1144.68 –14.73 –1.27 –0.7 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10267.70 123.30 1.22 9.8
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 578.00 –0.58 –0.10 8.1 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9304.42 –16.02 –0.17 13.2
Finl Select Sector SPDR XLF 133,290 158.4 27.34 1.71 27.52 22.00 Landcadia Holdings Cl A LCA 2,009 7991 9.97 -0.10 11.00 9.73
U.K. FTSE 100 7393.56 –67.09 –0.90 3.5
Rite Aid RAD 124,551 361.1 2.16 14.29 8.77 1.38 PS LadderRite 0-5 Yr Corp LDRI 482 3430 24.88 -0.24 25.11 24.70
Asia-Pacific Bank of America BAC 115,898 79.8 28.28 2.32 28.49 20.72 PDF Solutions PDFS 3,686 1712 18.24 0.61 24.44 14.11
Australia S&P/ASX 200 6011.10 26.80 0.45 6.1 Micron Technology MU 78,436 131.3 43.74 -8.74 49.89 18.18 iShares Asia 50 ETF AIA 876 1711 66.39 -1.44 68.51 45.52
China Shanghai Composite 3337.86 4.20 0.13 7.5 SPDR S&P 500 SPY 71,046 14.7 262.71 -0.06 263.63 219.15 ClearOne CLRO 231 1521 6.95 -0.71 12.60 6.70
Hong Kong Hang Seng 29623.83 –57.02 –0.19 34.7 PwrShrs QQQ Tr Series 1 QQQ 70,032 160.3 153.86 -1.74 156.69 115.22 PS S&P Emg Mkts Low Vol EELV 874 1394 24.61 -0.75 25.31 20.47
India S&P BSE Sensex 33602.76 –15.83 –0.05 26.2 iShares MSCI Emg Markets EEM 64,753 33.3 46.61 -1.58 47.93 33.94 Lennar Cl B LEN.B 768 1313 51.36 1.02 51.81 32.74
Japan Nikkei Stock Avg 22597.20 110.96 0.49 18.2 Advanced Micro Devices AMD 62,958 11.7 10.83 -3.04 15.65 8.26 SPDR Bloomberg Inv Grd FR FLRN 4,310 1304 30.80 0.16 30.81 30.56
Singapore Straits Times 3438.99 –3.36 –0.10 19.4 Ford Motor F 62,005 77.2 12.56 2.87 13.27 10.47 Direxion S&P 500 Bear 1X SPDN 249 1259 31.27 0.00 38.02 31.20
South Korea Kospi 2512.90 –1.29 –0.05 24.0 General Electric GE 53,914 -25.0 18.48 0.38 32.38 17.46 Autodesk ADSK 19,327 1057 109.34 -15.86 131.10 68.06
Taiwan Weighted 10713.55 6.48 0.06 15.8 * 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
Wed YTDchg
in US$ per US$ (%) Country/currency
Wed 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 .0574 17.4240 9.8 Czech Rep. koruna .04647 21.518 –16.2
benchmark over the past year 10% Brazil real .3080 3.2466 –0.3 Denmark krone .1592 6.2821 –11.1
Bankrate.com avg†: 0.33%
Euro
s
3.00 Canada dollar .7773 1.2866 –4.3 Euro area euro 1.1850 .8439 –11.2
American Express Bank, FSB 1.25% 5
Chile peso .001553 644.10 –3.8 Hungary forint .003797 263.39 –10.5
1.00% Yen
s
New York, NY 866-215-8754 2.25 Ecuador US dollar 1 1 unch Iceland krona .009671 103.40 –8.5
Federal-funds 0
.0539 18.5661 –10.5 .1211 8.2562 –4.5
t
target rate Capital One 360 1.30% Wednesday

Mexico peso Norway krone
t
0.75 1.50 Uruguay peso .03445 29.0300 –1.1 Poland zloty .2818 3.5485 –15.2
Glen Allen, VA 877-464-0333 –5
Venezuela b. fuerte .097263 10.2815 2.9 Russia ruble .01707 58.579 –4.4
Money market 0.50 UFB Direct 1.41% One year ago 0.75
t
–10 s Asia-Pacific Sweden krona .1195 8.3698 –8.1

account yields San Diego, CA 844-678-2718
t WSJ Dollar index Switzerland franc 1.0155 .9847 –3.4
0.00 –15 Australian dollar .7572 1.3207 –4.9
0.25 DollarSavingsDirect 1.50% Turkey lira .2524 3.9613 12.4
China yuan .1513 6.6095 –4.8
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0371 26.9880 –0.4
New York, NY 866-395-8693 Hong Kong dollar .1281 7.8093 0.7
0.00 month(s) years UK pound 1.3410 .7457 –7.9
Salem Five Direct 1.50% India rupee .01552 64.421 –5.2
D J F MAM J J A S O N maturity Indonesia rupiah .0000740 13517 –0.1 Middle East/Africa
2017 Salem, MA 800-850-5000
Japan yen .008934 111.93 –4.3 Bahrain dinar 2.6494 .3774 0.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003021 330.99 –0.8 Egypt pound .0566 17.6822 –2.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1240 8.0617 1.8 Israel shekel .2854 3.5040 –8.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2445 4.0908 –8.8 Kuwait dinar 3.3155 .3016 –1.3
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 .6881 1.4533 0.6 Oman sul rial 2.5979 .3849 –0.01
Pakistan rupee .00949 105.372 1.0 Qatar rial .2698 3.706 1.8
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 .0199 50.327 1.5 Saudi Arabia riyal .2667 3.7502 –0.01
Libor, 3-month 1.48 1.46 0.93 l 1.48 1.25 Singapore dollar .7423 1.3471 –6.9 South Africa rand .0732 13.6595 –0.2
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1460.179 2.196 2.147 2.237 1.818 2.370 1.576 South Korea won .0009241 1082.10 –10.4
Five-year CD, annual yield 1.49 1.48 1.19 l 1.49 -0.09 .0065028 153.78 3.6 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1731.236 2.376 2.322 2.609 2.058 2.180 1.260 Sri Lanka rupee
30-year mortgage, fixed† 3.87 3.91 3.73 l 4.33 -0.08 Taiwan dollar .03334 29.992 –7.6 WSJ Dollar Index 86.72 0.07 0.08 –6.69
DJ Corporate 379.493 3.142 3.113 3.390 2.879 5.714 3.629
Thailand baht .03071 32.560 –9.1 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.28 3.31 2.99 l 3.50 0.12 Aggregate, Barclays Capital 1940.420 2.670 2.640 2.790 2.380 3.112 2.175 Vietnam dong .00004402 22716 –0.2
Jumbo mortgages, $424,100-plus† 4.26 4.29 4.21 l 4.88 0.02 High Yield 100, Merrill Lynch 2854.358 5.511 5.534 6.037 4.948 8.231 4.116
Five-year adj mortgage (ARM)† 3.60 3.72 3.20 l 4.03 0.31
Fixed-Rate MBS, Barclays 1986.630 2.880 2.860 3.120 2.660 2.150 1.888
New-car loan, 48-month 3.03 3.01 2.85 l 3.36 -0.15
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 516.555 2.266 2.126 2.516 1.736 4.654 2.284 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 803.439 5.557 5.562 6.290 5.279 10.271 5.608 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 611.65 -1.70 -0.28 616.58 532.01 9.72 7.83

Get real-time U.S. stock quotes and track most-active Track the Markets 190.90 -0.16 195.14 0.84 -0.83
WSJ
TR/CC CRB Index -0.31 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 57.30 -0.69 -1.19 58.95 42.53 15.90 6.66
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.179 0.051 1.63 3.93 2.56 -5.16 -14.63
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1282.10 -12.80 -0.99 1346.00 1127.80 9.51 11.49
COMMODITIES WSJ.com/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, November 29, 2017
Metal & Petroleum Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Dec 127.70 129.65 127.55 129.60 2.15 2,184 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
March'18 130.05 132.80 129.20 132.20 2.35 117,751
Open High hi lo Low Settle Chg interest Sugar-World (ICE-US)-112,000 lbs.; cents per lb. months.
Copper-High (CMX)-25,000 lbs.; $ per lb. March 15.14 15.24 14.92 15.07 .03 385,858 Wednesday Wednesday Wednesday
Dec 3.0680 3.0835 3.0325 3.0400 –0.0315 13,292 May 15.09 15.20 14.90 15.03 .01 133,994 (U.S.$ equivalent) 16.8950 SoybeanMeal,Cent IL,rail,ton48%-u 321.80
March'18 3.0950 3.1125 3.0615 3.0685 –0.0300 168,427 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Energy Coins,wholesale $1,000 face-a 12432 Soybeans,No.1 yllw IL-bp,u 9.5400
Gold (CMX)-100 troy oz.; $ per troy oz. March 27.35 27.35 27.35 27.35 –.09 2,855
May 27.65 27.65 27.65 27.60 .02 2,256 Propane,tet,Mont Belvieu-g 0.9965 Other metals Wheat,Spring14%-pro Mnpls-u 7.4075
Dec 1293.40 1296.20 1281.10 1282.10 –12.80 32,938
Cotton (ICE-US)-50,000 lbs.; cents per lb. Butane,normal,Mont Belvieu-g 1.0125 LBMA Platinum Price PM *955.0 Wheat,No.2 soft red,St.Louis-bp,u 4.3300
Feb'18 1298.00 1300.40 1285.10 1286.20 –13.00 372,093
Dec 72.45 75.47 72.45 75.52 1.47 303 NaturalGas,HenryHub-i 3.060 Platinum,Engelhard industrial 948.0 Wheat - Hard - KC (USDA) $ per bu-u 3.8075
April 1302.00 1304.50 1289.60 1290.60 –12.90 26,307
June 1305.70 1308.80 1294.50 1295.10 –12.80 36,044
March'18 72.08 73.46 71.75 73.43 1.29 164,666 NaturalGas,TranscoZone3-i 3.040 Platinum,Engelhard fabricated 1048.0 Wheat,No.1soft white,Portld,OR-u 5.2488
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. NaturalGas,TranscoZone6NY-i 3.040
Aug 1300.60 1302.40 1299.30 1299.50 –12.80 10,309 Jan 164.65 166.40 163.15 163.50 –1.80 8,361
Palladium,Engelhard industrial 1019.0 Food
Dec 1320.00 1322.40 1307.90 1308.60 –12.70 13,412 March 162.10 164.50 161.50 163.65 .25 1,739
NaturalGas,PanhandleEast-i 2.460 Palladium,Engelhard fabricated 1119.0
Palladium (NYM) - 50 troy oz.; $ per troy oz. NaturalGas,Opal-i 2.740 Aluminum, LME, $ per metric ton *2100.0 Beef,carcass equiv. index
Dec 1023.20 1023.95 s 1008.20 1009.95 –10.70 1,209 Interest Rate Futures NaturalGas,MarcellusNE PA-i 2.460 Copper,Comex spot 3.0400 choice 1-3,600-900 lbs.-u 187.32
March'18 1022.80 1023.80 1006.50 1008.50 –12.15 33,563 NaturalGas,HaynesvilleN.LA-i 2.910 Iron Ore, 62% Fe CFR China-s 67.2 select 1-3,600-900 lbs.-u 167.15
June 1015.50 1015.50 1000.00 1001.90 –12.20 611 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Broilers, National comp wghtd-u,w 0.8613
Dec 154-130 154-220 152-280 153-100 –31.0 179,249 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850 Shredded Scrap, US Midwest-s,w 276
Platinum (NYM)-50 troy oz.; $ per troy oz. March'18 153-100 153-200 151-240 152-060 –1-00.0 653,234 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Steel, HRC USA, FOB Midwest Mill-s 620
Butter,AA Chicago 2.2050
Dec 954.10 954.50 s 950.60 940.00 –11.60 33 Cheddar cheese,bbl,Chicago 151.00
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan'18 951.50 955.70 940.30 941.20 –11.60 67,711 Dec 125-015 125-035 124-165 124-230 –8.0 875,737 Metals Fibers and Textiles Cheddar cheese,blk,Chicago 160.00
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'18 124-260 124-275 124-085 124-150 –8.5 2,816,304 Milk,Nonfat dry,Chicago lb. 70.50
Dec 16.810 16.865 16.450 16.457 –0.365 13,634 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.6200 Cocoa,Ivory Coast-w 2345
March'18 16.920 16.965 16.555 16.561 –0.357 136,269 Dec 116-305 116-315 116-220 116-262 –3.0 764,994 Engelhard industrial 1290.34 Cotton,1 1/16 std lw-mdMphs-u 0.7268 Coffee,Brazilian,Comp 1.2547
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'18 116-245 116-252 116-155 116-200 –3.0 2,624,407 Engelhard fabricated 1387.12 Cotlook 'A' Index-t *81.75 Coffee,Colombian, NY 1.4559
Jan 57.73 58.30 56.75 57.30 –0.69 548,443 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Handy & Harman base 1283.85 Hides,hvy native steers piece fob-u n.a. Eggs,large white,Chicago-u 1.7550
Feb 57.84 58.34 56.82 57.36 –0.69 204,779 Dec 107-147 107-150 107-127 107-137 –.7 335,440 Handy & Harman fabricated 1425.07 Wool,64s,staple,Terr del-u,w n.a.
March 57.72 58.28 56.79 57.31 –0.69 294,382 March'18 107-092 107-095 107-072 107-085 –.2 1,511,808 Flour,hard winter KC 15.35
LBMA Gold Price AM *1293.90 Hams,17-20 lbs,Mid-US fob-u n.a.
April 57.58 58.11 56.69 57.20 –0.68 138,040 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA Gold Price PM *1291.85
Grains and Feeds
June 57.15 57.61 56.28 56.75 –0.65 241,239 Nov 98.845 98.845 98.845 98.843 … 203,741 Hogs,Iowa-So. Minnesota-u 62.24
Jan'18 … 98.610 t 98.605 98.610 … 341,272 Krugerrand,wholesale-e 1334.53 Barley,top-quality Mnpls-u n.a. Pork bellies,12-14 lb MidUS-u n.a.
Dec 55.31 55.77 54.55 55.00 –0.57 266,392
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Maple Leaf-e 1347.36 Bran,wheat middlings, KC-u 98 Pork loins,13-19 lb MidUS-u 0.8736
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec 1.9432 1.9557 1.9144 1.9221 –.0286 15,718
Dec 101.156 101.156 100.641 100.828 –.328 27,643 American Eagle-e 1347.36 Corn,No. 2 yellow,Cent IL-bp,u 3.1200 Steers,Tex.-Okla. Choice-u n.a.
March'18 98.313 98.313 t 98.266 98.266 –.359 n.a. Mexican peso-e 1555.15 Corn gluten feed,Midwest-u,w 95.6
Jan'18 1.9475 1.9584 1.9160 1.9238 –.0291 138,640 1 Month Libor (CME)-$3,000,000; pts of 100% Steers,feeder,Okla. City-u,w 165.88
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Austria crown-e 1260.79 Corn gluten meal,Midwest-u,w 477.3
Feb 98.5100 98.5100 98.5100 98.5100 .0025 88 Fats and Oils
Dec 1.7664 1.7771 1.7277 1.7309 –.0411 20,037 March 98.3825 98.3825 98.3825 98.3825 –.0075 105
Austria phil-e 1347.36 Cottonseed meal-u,w 235
Jan'18 1.7640 1.7760 1.7283 1.7339 –.0347 177,085 Eurodollar (CME)-$1,000,000; pts of 100% Silver, troy oz. Hominy feed,Cent IL-u,w 88 Corn oil,crude wet/dry mill-u,w 33.7500
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 98.4500 98.4525 98.4475 98.4500 –.0025 1,644,576 Engelhard industrial 16.7500 Meat-bonemeal,50% pro Mnpls-u,w 215 Grease,choice white,Chicago-h 0.2500
Jan 3.131 3.218 3.127 3.179 .051 386,826 March'18 98.2850 98.2900 98.2700 98.2750 –.0100 1,539,643 Engelhard fabricated 20.1000 Oats,No.2 milling,Mnpls-u 2.8025 Lard,Chicago-u 0.3750
Feb 3.133 3.210 3.129 3.179 .048 132,093 June 98.1350 98.1400 98.1150 98.1250 –.0100 1,319,748 Handy & Harman base 16.6050 Rice, 5% Broken White, Thailand-l,w 390.00 Soybean oil,crude;Centl IL-u 0.3295
March 3.093 3.164 3.090 3.137 .045 199,946 Dec 97.9800 97.9850 97.9450 97.9600 –.0150 1,651,963
Handy & Harman fabricated 20.7560 Rice, Long Grain Milled, No. 2 AR-u,w 25.00 Tallow,bleach;Chicago-h 0.2650
April 2.923 2.966 2.920 2.945 .019 135,529
Currency Futures LBMA spot price £12.6000 Sorghum,(Milo) No.2 Gulf-u 7.5263 Tallow,edible,Chicago-u 0.3200
May 2.914 2.947 2.907 2.928 .015 107,990
Oct 2.979 3.009 2.978 2.991 .013 85,866 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec .8977 .8986 .8924 .8951 –.0019 236,063 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
Agriculture Futures March'18 .9015 .9029 .8970 .8996 –.0020 5,380 L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data
Canadian Dollar (CME)-CAD 100,000; $ per CAD as of 11/28
Corn (CBT)-5,000 bu.; cents per bu. Dec .7808 .7811 .7769 .7784 –.0020 138,580 Source: WSJ Market Data Group
Dec 335.75 340.00 t 335.50 339.00 2.75 114,110 March'18 .7814 .7820 .7780 .7794 –.0019 4,037
March'18 349.50 354.00 349.25 353.50 3.75 835,065 British Pound (CME)-£62,500; $ per £
Oats (CBT)-5,000 bu.; cents per bu.
Dec 245.25 248.50 240.00 246.50 1.75 289
Dec
March'18
1.3366
1.3410
1.3456
1.3497
1.3355
1.3402
1.3432
1.3474
.0052 170,638
.0051 4,260
Bonds | WSJ.com/bonds
March'18 260.50 264.00 256.75 263.75 2.75 5,779 Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybeans (CBT)-5,000 bu.; cents per bu. Dec
March'18
1.0177
1.0250
1.0196
1.0269
1.0143
1.0218
1.0176
1.0249
.0006
.0006
78,995
502
Tracking Bond Benchmarks
Jan 993.25 996.50 989.25 992.50 –.50 302,409
March 1005.00 1007.75 1001.25 1004.25 –.50 167,421 Australian Dollar (CME)-AUD 100,000; $ per AUD Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec .7600 .7607 .7550 .7576 –.0019 130,767 highs and lows for different types of bonds
Soybean Meal (CBT)-100 tons; $ per ton.
Jan'18 .7598 .7603 .7553 .7575 –.0019 1,018
Dec 324.00 327.00 322.90 325.00 1.50 13,580 Total Total
Feb .7597 .7598 .7551 .7574 –.0018 581
Jan'18 326.40 329.40 325.10 327.30 1.50 140,283 March .7595 .7602 .7548 .7572 –.0020 2,105 return YTD total Yield (%) return YTD total Yield (%)
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .7610 .7610 .7610 .7571 –.0019 256 close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 33.91 34.03 33.64 33.95 –.05 11,809 Mexican Peso (CME)-MXN 500,000; $ per MXN
Jan'18 34.03 34.17 33.78 34.07 –.06 163,634 Dec .05372 .05389 .05364 .05375 .00014 170,630 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'18 .05299 .05305 .05283 .05290 .00012 810
Jan 1231.50 1242.50 1228.50 1237.50 7.00 7,463 Euro (CME)-€125,000; $ per € 1940.42 3.2 U.S. Aggregate 2.670 2.380 2.790 1986.63 2.3 Mortgage-Backed 2.880 2.660 3.120
March 1261.00 1271.50 1260.50 1267.50 8.00 2,480 Dec 1.1861 1.1896 1.1829 1.1875 .0025 475,863 1.8
U.S. Corporate Indexes Bloomberg Barclays 1953.00 Ginnie Mae (GNMA) 2.830 2.630 3.090
Wheat (CBT)-5,000 bu.; cents per bu. March'18 1.1934 1.1965 1.1900 1.1945 .0025 9,779
Dec 410.75 417.25 410.50 416.50 5.75 28,174 2779.30 5.6 U.S. Corporate 3.250 3.030 3.520 1165.36 2.5 Fannie mae (FNMA) 2.890 2.670 3.120
March'18 429.25 435.50 429.25 434.75 5.50 294,785 Index Futures
Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index 2617.44 3.8 Intermediate 2.830 2.530 3.010 1794.37 2.6 Freddie Mac (FHLMC) 2.910 2.680 3.130
Dec 409.00 413.75 409.00 413.25 4.00 9,871 Dec 23804 23946 s 23790 23918 107 149,050
March'18 427.75 432.25 427.50 431.50 3.75 203,302 3858.77 9.8 Long term 4.140 4.090 4.710 516.56 3.5 Muni Master 2.266 1.736 2.516
March'18 23811 23946 s 23791 23921 110 3,120
Wheat (MPLS)-5,000 bu.; cents per bu. S&P 500 Index (CME)-$250 x index 566.57 4.0 Double-A-rated 2.740 2.470 2.870 360.49 3.8 7-12 year 2.258 1.744 2.618
Dec 603.50 605.75 599.00 603.50 … 3,914 Dec 2625.60 2634.00 s 2620.00 2625.10 –0.90 72,703
March'18 622.00 625.00 619.75 623.25 1.25 41,466 March'18 2630.60 2634.60 s 2622.60 2627.00 –0.60 5,407 717.57 6.2 Triple-B-rated 3.550 3.340 3.870 406.05 5.2 12-22 year 2.633 2.213 3.047
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Nov 157.775 157.925 157.575 157.775 … 2,642 Dec 2625.50 2634.25 s 2619.75 2625.00 –1.00 3,236,041 High Yield Bonds Merrill Lynch 393.02 5.9 22-plus year 3.027 2.770 3.622
Jan'18 154.700 155.875 154.500 155.575 1.075 25,677 March'18 2626.75 2636.00 s 2621.75 2627.00 –0.50 143,224
Mini S&P Midcap 400 (CME)-$100 x index 416.28 7.1 High Yield Constrained 5.743 5.373 6.579 Global Government J.P. Morgan†
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec 1879.20 1894.30 s 1877.70 1888.60 8.60 93,649
Dec 119.650 120.550 119.575 120.475 .825 36,576
March'18 1890.00 1890.00 s 1890.00 1889.90 8.60 11 417.10 8.4 Triple-C-rated 10.736 9.584 12.493 544.19 1.3 Global Government 1.430 1.300 1.560
Feb'18 125.750 126.675 125.550 126.600 .925 155,453
Mini Nasdaq 100 (CME)-$20 x index 2854.36 6.4 High Yield 100 5.511 4.948 6.037 759.51 0.8 Canada 1.970 1.570 2.190
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 6423.5 6428.5 s 6283.0 6305.5 –114.8 290,858
Dec 66.100 66.300 64.850 65.075 –.675 28,727 March'18 6440.5 6445.0 s 6301.0 6323.0 –114.0 3,352 378.18 7.4 Global High Yield Constrained 5.210 4.934 6.220 372.82 1.0 EMU§ 1.044 0.933 1.363
Feb'18 71.750 72.250 70.625 70.900 –.625 96,460 Mini Russell 2000 (ICE-US)-$100 x index
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 1535.60 1550.60 s 1534.50 1541.20 5.00 69,507 306.79 6.9 Europe High Yield Constrained 2.236 1.897 3.814 714.68 1.2 France 0.780 0.710 1.210
Jan 428.60 429.70 419.80 421.80 –4.40 4,968 March'18 1539.90 1548.80 s 1539.90 1543.10 5.40 197
March 419.50 419.50 409.30 411.50 –5.00 1,016 Mini Russell 1000 (ICE-US)-$100 x index U.S Agency Bloomberg Barclays 509.37 -1.0 Germany 0.450 0.210 0.620
Milk (CME)-200,000 lbs., cents per lb. Dec 1459.00 1460.90 s 1453.20 1456.00 –.50 339
Dec 15.28 15.39 15.22 15.25 … 4,421 U.S. Dollar Index (ICE-US)-$1,000 x index 1638.53 2.1 U.S Agency 2.090 1.690 2.100 288.46 0.1 Japan 0.390 0.270 0.460
Jan'18 14.49 14.62 14.43 14.47 .08 3,494 Dec 93.18 93.38 92.93 93.11 –.11 38,737 1464.15 1.2 1.950 1.490 1.970
10-20 years 562.80 -0.6 Netherlands 0.560 0.360 0.760
Cocoa (ICE-US)-10 metric tons; $ per ton. March'18 92.88 93.06 92.65 92.80 –.11 3,897
Dec 2,017 2,113 2,017 2,096 49 127 3371.84 7.9 20-plus years 2.940 2.730 3.460 915.09 0.2 U.K. 1.640 1.340 1.790
March'18 2,049 2,118 2,040 2,106 57 135,576 Source: SIX Financial Information
2460.33 4.9 Yankee 2.900 2.610 3.090 803.44 8.7 Emerging Markets ** 5.557 5.279 6.290
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Macro & Market Economics ** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Watching the Gauges: U.S. Supply and Demand
Inventories, imports and demand for the week ended November 24. Current figures are in thousands of barrels Global Government Bonds: Mapping Yields
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas
import Natural-gas import and demand data are available monthly only. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, 000s barrels Imports, 000s barrels per day selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Current change week ago avg avg Current change week ago avg avg
1.750 U.S. 2 1.766 s l 1.750 1.596 1.087
Crude oil and 2.250 10 2.377 s l 2.328 2.412 2.291
petroleum prod 1,252,133 ... 1,260 1,341 1,257 1,192 9,100 ... 9,795 10,061 9,607 9,803
2.750 Australia 2 1.728 t l 1.751 1.887 1.768 -3.8 0.1 68.1
Crude oil
excluding SPR 453,713 -1,900 457 488 457 420 7,329 ... 7,873 7,548 7,619 7,871 2.750 10 2.482 t l 2.505 2.785 2.714 10.5 17.7 42.3
Gasoline 214,102 ... 210 226 211 220 526 ... 514 851 449 623 0.000 France 2 -0.563 s l -0.581 -0.602 -0.681 -232.9 -233.1 -176.8
Finished gasoline 23,862 600 22 24 22 36 8 ... 40 30 17 64 0.750 10 0.714 s l 0.677 0.663 0.710 -166.3 -165.1 -158.1
Reformulated 44 ... 0 0 0 0 0 ... 0 0 0 0
0.000 Germany 2 -0.674 s l -0.690 -0.763 -0.748 -244.0 -244.0 -183.5
Conventional 23,818 ... 22 24 22 36 8 ... 40 30 17 64
Blend. components 190,241 ... 189 202 189 184 ... 474 820 432 560 0.500 10 0.388 s l 0.342 0.386 0.218 -198.8 -198.6 -207.3
518
Natural gas (bcf) 3,772 ... 4 4 4 4 ... ... ... ... ... ... 0.050 Italy 2 -0.285 t l -0.284 -0.192 0.077 -205.1 -203.4 -101.0
Kerosene-type 2.050 10 1.795 s l 1.781 1.944 1.974 -58.1 -54.7 -31.7
jet fuel 41,281 ... 41 42 41 39 82 ... 162 155 192 114 0.100 Japan 2 -0.172 t l -0.171 -0.153 -0.165 -193.8 -192.1 -125.2
Distillates 127,779 unch. 125 154 126 133 120 ... 190 174 139 123 0.100 10 0.030 t l 0.040 0.069 0.018 -234.7 -228.8 -227.3
Heating oil 10,359 ... 10 15 10 19 80 ... 6 24 47 22
2.750 Spain 2 -0.344 s l -0.359 -0.338 -0.091 -211.0 -210.9 -117.8
Diesel 117,420 ... 115 139 116 114 40 ... 183 150 92 93
1.450 10 1.492 s l 1.461 1.583 1.537 -88.4 -86.7 -75.4
Residual fuel oil 32,204 ... 34 40 33 38 212 ... 210 208 183 219
Other oils 287,856 ... 296 271 293 243 600 ... 701 955 852 694 1.750 U.K. 2 0.530 s l 0.467 0.462 0.086 -123.6 -128.3 -100.1
Net crude, petroleum 4.250 10 1.344 s l 1.255 1.352 1.233 -103.3 -107.2 -105.9
products, incl. SPR 1,917,244 ... 1,927 2,036 1,925 1,887 1,772 ... 2,783 4,979 3,023 5,822 Source: Tullett Prebon
Corporate Debt
Weekly Demand, 000s barrels per day Natural gas storage in that same company’s share price.
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Investment-grade spreads that tightened the most…
Current change week ago avg avg Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Total petroleum
4250 Citigroup C 3.875 March 26, ’25 111 –20 n.a. 75.04 1.82
product 19,664 ... 19,289 19,758 20,002 19,241
Citadel CITADL 5.375 Jan. 17, ’23 244 –20 265 ... ...
Natural gas,
Finished lower 48 states 3250 Teva Pharmaceutical Finance TEVA 6.150 Feb. 1, ’36 330 –18 321 … …
motor gasoline 8,724 ... 9,595 9,080 9,247 8,712 t Bank of America BAC 5.200 June 1, ’49 159 –12 n.a. 28.28 2.32
Kerosene-type 2250 Bbva Bancomer S.A. de C.V. BBVASM 7.250 April 22, ’20 150 –12 178 ... ...
jet fuel 1,514 ... 1,630 1,547 1,693 1,574 t Westpac Banking WSTP 2.600 Nov. 23, ’20 36 –12 47 ... ...
Five-year average 1250 Ford Motor F 6.625 Oct. 1, ’28 162 –11 180 12.56 2.87
Distillates 3,882 ... 4,057 3,841 4,114 3,448
for each week McDonald's MCD 2.200 May 26, ’20 27 –11 n.a. 170.43 –0.53
Residual fuel oil 568 ... 323 472 325 347
Propane/propylene 1,107 ... 1,119 1,160 1,268 ... 250 …And spreads that widened the most
Other oils 3,870 ... 2,565 3,658 3,357 ... D J F M A M J J A S O N
2017 Athene Global Funding* ATHGLO 2.750 April 20, ’20 67 28 75 ... ...
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. John Deere Capital DE 2.800 Sept. 8, ’27 65 23 n.a. … …
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires Pitney Bowes PBI 4.625 March 15, ’24 374 15 520 10.51 3.44
General Electric GE 2.700 Oct. 9, ’22 55 14 60 18.48 0.38
Exchange-Traded Portfolios | WSJ.com/ETFresearch Cooperatieve Rabobank UA

Howard Hughes Medical Institute
RABOBK 11.000
HUGHES 3.500
June 30, ’49
Sept. 1, ’23
3
43
13
12
n.a.
n.a.
...
...
...
...
Closing Chg YTD Philip Morris International PM 2.500 Nov. 2, ’22 61 11 66 102.68 –0.19
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) AT&T T 2.850 Feb. 14, ’23 88 10 80 36.48 2.99
SPDR S&PMdCpTr MDY 343.93 0.46 14.0
Wednesday, November 29. 2017 Closing Chg YTD
Closing Chg YTD ETF Symbol Price (%) (%) SPDR S&P 500
SPDR S&P Div
SPY
SDY
262.71
95.84
–0.06
0.97
17.5
12.0
High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 46.61 –1.58 33.1 TechSelectSector XLK 63.28 –2.21 30.9 Bond Price as % of face value Stock Performance
AlerianMLPETF AMLP 9.90 –0.80 –21.4 iShMSCIEurozone EZU 43.63 –0.24 26.1 UtilitiesSelSector XLU 56.41 0.05 16.1 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CnsmrDiscSelSector XLY 96.16 0.43 18.1 iShMSCIJapan EWJ 59.85 –0.20 22.5 VanEckGoldMiner GDX 22.50 –1.88 7.6
CnsStapleSelSector XLP 55.54 0.52 7.4 iShNasdaqBiotech IBB 311.27 –0.01 17.3 VangdInfoTech VGT 163.65 –2.60 34.7 Guitar Center GTRC 9.625 April 15, ’20 60.500 6.25 n.a. ... ...
EnSelectSectorSPDR XLE 68.08 0.55 –9.6 iShNatlMuniBd MUB 109.75 –0.18 1.5 VangdSC Val VBR 132.55 0.81 9.5 California Resources CRC 5.000 Jan. 15, ’20 91.000 5.00 n.a. 14.90 –1.00
iShRussell1000Gwth IWF 132.54 –0.84 26.3 VangdSC Grwth VBK 159.72 –0.47 20.0
FinSelSectorSPDR XLF 27.34 1.71 17.6 Rite Aid RAD 7.700 Feb. 15, ’27 89.500 2.75 86.000 2.16 14.29
iShRussell1000 IWB 146.28 –0.05 17.5 VangdDivApp VIG 100.12 0.52 17.5
GuggS&P500EW RSP 99.48 0.46 14.8
HealthCareSelSect XLV 82.85 0.50 20.2
iShRussell1000Val IWD 122.31 0.79 9.2 VangdFTSEDevMk VEA 44.47 –0.43 21.7 CHS/Community Health Systems CYH 8.000 Nov. 15, ’19 88.719 2.22 88.875 … …
iShRussell2000Gwth IWO 185.81 –0.31 20.7 VangdFTSE EM VWO 44.77 –1.39 25.1
IndSelSectorSPDR XLI 73.26 0.88 17.7 Weatherford International WFT 9.625 March 1, ’19 106.875 1.69 n.a. 3.22 1.90
iShRussell2000 IWM 153.37 0.33 13.7 VangdFTSE Europe VGK 58.44 –0.36 21.9
iShIntermCredBd CIU 109.59 –0.06 1.3
iShRussell2000Val IWN 128.04 0.93 7.7 VangdFTSEAWxUS VEU 54.13 –0.61 22.5 CenturyLink CTL 7.600 Sept. 15, ’39 84.063 1.56 82.750 14.54 6.21
iSh1-3YCreditBond CSJ 104.84 –0.06 –0.1
iShRussell3000 IWV 155.93 –0.01 17.3 VangdGrowth VUG 138.71 –0.94 24.4
iSh3-7YTreasuryBd IEI 122.72 –0.15 0.2
iShRussellMid-Cap IWR 205.76 0.15 15.0 VangdHlthCr VHT 154.21 0.40 21.6 AMC Entertainment Holdings AMC 5.750 June 15, ’25 98.250 1.55 95.625 15.40 –4.64
iShCoreMSCIEAFE IEFA 65.71 –0.38 22.5
iShCoreMSCIEmgMk IEMG 56.30 –1.45 32.6
iShRussellMCValue IWS 88.05 0.71 9.5 VangdHiDiv VYM 84.50 0.51 11.5 PetSmart PETM 5.875 June 1, ’25 85.200 1.20 84.750 ... ...
iShS&PMC400Growth IJK 215.25 0.08 18.1 VangdIntermBd BIV 84.25 –0.30 1.4
iShCoreMSCITotInt IXUS 62.60 –0.62 24.0
iShCoreS&P500 IVV 264.48 –0.06 17.6
iShS&P500Growth
iShS&P500Value
IVW
IVE
150.83
112.03
–0.72
0.84
23.8
10.5
VangdIntrCorpBd
VangdLC
VCIT
VV
87.61
120.70
–0.24
–0.04
2.2
17.9
…And with the biggest price decreases
iShCoreS&P MC IJH 188.66 0.43 14.1 iShUSPfdStk PFF 38.55 –0.16 3.6 VangdMC VO 152.94 0.10 16.2
iShCoreS&P SC IJR 77.50 0.61 12.7 113.80 –0.27 0.6
Frontier Communications FTR 9.000 Aug. 15, ’31 68.250 –1.75 71.063 8.41 6.05
iShTIPSBondETF TIP VangdMC Val VOE 109.59 0.62 12.8
iShS&PTotlUSStkMkt ITOT 60.28 0.03 17.5 iSh1-3YTreasuryBd SHY 84.08 –0.03 –0.4 VangdREIT VNQ 84.26 0.04 2.1 Intelsat Luxembourg S.A. INTEL 7.750 June 1, ’21 60.875 –1.41 62.250 ... ...
iShCoreUSAggBd AGG 109.26 –0.25 1.1
iShSelectDividend DVY 97.85 0.88 10.5
iSh7-10YTreasuryBd IEF 106.03 –0.32 1.2 VangdS&P500 VOO 241.33 –0.04 17.5 Bombardier BBDBCN 7.500 Dec. 1, ’24 101.250 –1.25 n.a. ... ...
iSh20+YTreasuryBd TLT 125.54 –0.99 5.4 VangdST Bond BSV 79.43 –0.04 –0.0
iShEdgeMSCIMinEAFE EFAV 72.59 –0.17 18.6 iShRussellMCGrowth IWP 119.19 –0.47 22.4 VangdSTCpBd VCSH 79.66 –0.10 0.4 MEG Energy MEGCN 6.375 Jan. 30, ’23 90.250 –1.25 90.750 ... ...
iShEdgeMSCIMinUSA USMV 52.56 0.19 16.2 PIMCOEnhShMaturity MINT 101.79 ... 0.5 VangdSC VB 147.20 0.24 14.1
iShGoldTr IAU 12.35 –0.64 11.5
CenturyLink CTL 7.650 March 15, ’42 83.813 –1.19 83.406 14.54 6.21
PwrShQQQ 1 QQQ 153.86 –1.74 29.9 VangdTotalBd BND 81.63 –0.24 1.0
iShiBoxx$InvGrCpBd LQD 120.81 –0.40 3.1 PwrShS&P500LoVol SPLV 47.88 0.27 15.2 VangdTotIntlBd BNDX 54.92 –0.15 1.2 AmeriGas Partners APU 5.500 May 20, ’25 101.000 –1.00 101.625 44.10 –0.43
iShiBoxx$HYCpBd HYG 87.76 –0.13 1.4 PwrShSrLoanPtf BKLN 23.01 –0.17 –1.5 VangdTotIntlStk VXUS 56.22 –0.69 22.5 Owens Corning OC 4.300 July 15, ’47 97.749 –0.89 97.989 88.29 –1.45
iShJPMUSDEmgBd EMB 115.61 –0.36 4.9 SPDR BlmBarcHYBd JNK 36.95 –0.14 1.4 VangdTotalStk VTI 135.30 ... 17.3
iShMBSETF MBB 106.72 –0.10 0.4 SPDR Gold GLD 122.04 –0.63 11.3 VangdTotlWrld VT 73.29 –0.31 20.1
Citgo Holding CITHOL 10.750 Feb. 15, ’20 105.875 –0.88 106.500 ... ...
iShMSCI ACWI ACWI 71.38 –0.38 20.6 SchwabIntEquity SCHF 34.32 –0.38 24.0 VangdValue VTV 104.41 0.73 12.3
iShMSCIBrazilCap EWZ 39.66 –3.27 19.0 SchwabUS BrdMkt SCHB 63.63 0.05 17.4 WisdTrEuropeHdg HEDJ 64.82 –0.43 12.9 *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.
iShMSCI EAFE EFA 70.04 –0.40 21.3 SchwabUS LC SCHX 62.78 –0.03 17.9 WisdTrJapanHdg DXJ 58.21 0.26 17.5 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE SC SCZ 63.50 –0.25 27.4 SPDR DJIA Tr DIA 239.42 0.45 21.2 XtrkrsMSCIEAFE DBEF 31.86 –0.34 13.5 Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
NEW HIGHS AND LOWS

WSJ.com/newhighs
52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session.
% CHG-Daily percentage change from the previous trading session. Barrons400ETF BFOR 41.51 ... iShRussellMCValue IWS 88.12 0.7 VanEckNatRscs HAP 36.25 -0.1 AmplifyOnlineRet IBUY 38.94 -1.8 FT SC US Equity RNSC 21.78 2.3 RCI Hospitality RICK 33.00 1.2
BrandValueETF BVAL 15.57 2.4 iShRussellTop200Gr IWY 72.74 -0.8 VanEckOilRefin CRAK 29.36 -0.7 AnaptysBio ANAB 84.58 -2.2 FT SC Value FYT 37.10 1.6 RMR Group RMR 60.71 0.5
BuzzUSSentLdrs BUZ 32.38 -1.9 iShRussellTop200 IWL 60.64 0.1 VanEckRareEarth REMX 29.29 -0.5 AndinaAcqnIIWt ANDAW 1.23 4.8 FT TotalUSMkt TUSA 32.65 0.5 RavenIndustries RAVN 38.20 1.1
Wednesday, November 29, 2017 CambriaShareholder SYLD 37.31 1.2 iShRussellTop200Vl IWX 51.48 0.6 VanEckRetail RTH 88.76 1.2 ArcBest ARCB 36.90 3.8 FT USEquityDiv RNDV 21.29 0.7 Reading B RDIB 23.15 5.2
ColumbiaSustGlb ESGW 31.26 1.1 iShS&P100 OEF 116.75 ... VanEckUranium NLR 54.18 0.7 ArchCapGroupPfdF ACGLO 25.69 0.7 FiveBelow FIVE 62.25 1.6 RealPage RP 46.80 -1.7
52-Wk % 52-Wk % 52-Wk % CnsmrDiscSelSector XLY 96.42 0.4 iShS&PMC400Growth IJK 216.28 0.1 VangdExtMkt VXF 111.86 0.1 ArenaPharm ARNA 30.95 2.8 RiverviewBncp RVSB 9.39 4.5
ForresterResearch FORR 47.75 0.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DeepValueETF DVP 31.62 3.9 iShS&P500Growth IVW 151.99 -0.7 VangdCnsmrDiscr VCR 152.60 0.5 arGEN-X ARGX 28.40 4.4 FranklinElectric FELE 47.20 -1.6 RossStores ROST 76.33 4.3
IllinoisToolWks ITW 166.06 0.9 Sysco SYY 58.03 2.4 DiamondHillVal DHVW 31.42 ... iShGloblFinancials IXG 69.24 1.0 VangdSC Val VBR 132.77 0.8 AspenTech AZPN 69.38 -3.7 Freshpet FRPT 19.10 1.1 RoyalBcshsPA A RBPAA 4.68 1.8
NYSE highs - 304 IndependenceHldg
Ingevity
IHC
NGVT
30.00
79.07
1.7
0.4
TCF Fin
TCF Fin Wt
TCF
TCF.WS
20.84
4.09
2.5
8.4
DirexAllCapIns
DirexFinlBull3
KNOW
FAS
43.27
65.53
0.1
2.5
iShS&P500Value IVE
iShGlobalConsDiscr RXI
112.23
107.72
0.8
0.2
VangdSC Grwth VBK
VangdDivApp VIG
161.05
100.19
-0.5
0.5
AssemblyBiosci ASMB
Astronics ATRO
46.27
41.66
3.0
1.6
Garmin
GlacierBancorp GBCI
GRMN 63.15
40.48
-0.8
4.0
Ryanair
S&T Bancorp
RYAAY
STBA
127.35
43.10
3.7
4.3
Aflac AFL 87.56 1.1 Ingredion INGR 140.71 0.5 TRI Pointe TPH 18.44 -0.1 DirexHmbldrBull3 NAIL 90.45 3.4 iShGloblIndustrial EXI 91.11 0.3 VangdFinls VFH 69.52 1.8 AtlasFinancial AFH 20.70 -1.5 GlbXConsciousCos KRMA 19.13 ... SEI Investments SEIC 70.24 0.4
AMN Healthcare AMN 50.90 5.9 InstalledBldg IBP 78.04 0.7 TeledyneTech TDY 185.99 -1.0 DirexMcBull3 MIDU 47.10 1.2 iShS&PMC400Value IJJ 159.43 0.9 VangdHiDiv VYM 84.63 0.5 BSB Bancorp BLMT 31.90 2.2 GlbX Health&Well BFIT 16.82 0.8 SVB Fin SIVB 229.67 2.6
Abercrombie&Fitch ANF 18.44 -0.2 InterContinentl IHG 59.43 0.5 Thermon THR 26.50 4.0 DirexS&P500Bl3 SPXL 43.86 -0.2 iShS&PSC600Value IJS 155.14 0.9 VangdIndls VIS 138.40 0.8 BankMutual BKMU 10.98 1.9 GlbXMillThematic MILN 19.26 -0.7 SafetyInsurance SAFT 84.00 ...
AberdeenJapanEqu JEQ 9.47 0.2 IntlFlavors IFF 155.50 0.1 ThorIndustries THO 156.86 0.6 DirexS&P500Bull2X SPUU 48.35 0.1 iShNATech-Mult IGN 49.29 -0.3 VangdLC VV 121.07 ... BarrettBus BBSI 67.62 1.8 GlbXS&P500Catholic CATH 32.64 -0.1 scPharm SCPH 15.99 5.6
Accenture ACN 148.56 -0.7 iStarPfdD STARpD 26.12 -0.1 Toll Bros TOL 50.46 1.3 DirexS&P500Bl1.25 LLSP 35.39 1.3 iShTreaFRBd TFLO 50.27 0.1 VangdMegaCap MGC 90.55 -0.1 Bazaarvoice BV 5.50 0.5 GoldenEnt GDEN 34.63 -4.2 SeacoastBkgFL SBCF 26.49 3.0
AdtalemGlbEduc ATGE 41.20 2.8 iStarPfdI STARpI 25.94 -0.1 TopBuild BLD 69.33 1.6 DirexSCBull3 TNA 72.46 0.9 iShDowJonesUS IYY 132.08 0.1 VangdMegaVal MGV 75.32 0.7 BeaconRoof BECN 63.62 3.1 GrandCanyonEduc LOPE 96.15 2.3 SelectiveIns SIGI 62.15 2.1
Aegon AEG 6.23 1.1 JPMorganChase JPM 104.22 2.3 Torchmark TMK 89.54 1.8 DirexTransportBl3 TPOR 32.39 10.2 iShRussellMCGrowth IWP 119.97 -0.5 VangdMC VO 153.45 0.1 Bio-Techne TECH 134.89 0.4 H&E Equipment HEES 37.29 0.9 ServisFirstBcshs SFBS 43.56 4.2
AffiliatedMgrs AMG 200.51 1.0 JapanSmlCap JOF 13.80 -0.6 TrancntlRlty TCI 31.56 5.2 Direx iBillionaire IBLN 32.23 -1.3 iShUSBrokerDealers IAI 61.57 1.4 VangdMC Val VOE 109.81 0.6 BlueBuffaloPet BUFF 30.98 0.2 HamiltonLane HLNE 34.79 0.3 SierraOncology SRRA 2.94 1.1
AlamoGroup ALG 119.50 -0.4 JohnBeanTech JBT 118.85 1.1 Trex TREX 117.04 1.0 ETF Exposure TETF 18.60 0.6 JanusVelTailLC TRSK 30.85 0.2 VangdS&P500 VOO 242.18 ... BlueHillsBncp BHBK 22.03 2.6 HawaiianTelcom HCOM 31.76 1.2 SimplyGoodFoods SMPL 13.19 2.9
AlbanyIntl AIN 65.40 1.0 KAR Auction KAR 49.94 2.1 Tri-Continental TY 26.50 0.6 ETFMG PrimeCyber HACK 31.81 -1.0 HancockDevIntl JHMD 30.32 -0.3 VangdS&P500 Grw VOOG 136.35 -0.7 bluebirdbio BLUE 174.25 0.5 HeritageCommerce HTBK 16.37 3.2 SkyWest SKYW 51.90 1.6
Allete ALE 80.75 -0.1 KB Fin KB 55.05 0.5 Trinseo TSE 74.50 1.4 ETFMG PrimeMob IPAY 34.99 -1.9 HancockIndustrials JHMI 34.34 1.0 VangdS&P500Val VOOV 108.14 0.8 BlueprintMed BPMC 75.42 -2.0 HeritageFin HFWA 32.65 3.7 SmithMicro SMSI 2.35 4.8
Allstate ALL 102.23 1.4 KB Home KBH 30.79 1.8 Triple-S Mgmt GTS 29.23 2.1 DJ 2xSelect Div DVYL 71.58 1.5 HancockLC JHML 34.43 0.3 VangdS&PMC400 IVOO 127.74 0.4 Bruker BRKR 36.53 -3.4 HinghamSvg HIFS 231.00 2.7 SodaStream SODA 70.41 0.9
AllyFinancial ALLY 27.10 0.6 Kaman KAMN 60.43 1.1 TrueBlue TBI 29.50 0.7 EcoLogicalStrat HECO 43.35 0.6 HancockMC JHMM 33.94 0.3 VangdS&P400Grwth IVOG 133.78 0.1 BrynMawrBank BMTC 45.50 1.0 INTL FCStone INTL 44.88 0.5 SouthState SSB 94.50 2.8
AmEqtyLf AEL 32.43 3.2 KSCitySouthern KSU 110.99 3.0 TysonFoods TSN 82.63 1.1 ElemntsRogrMrngstr WMW 29.76 2.5 HancockMultiSC JHSC 25.93 0.9 VangdS&P400Val IVOV 122.36 0.8 BuildersFirstSrc BLDR 20.41 -1.2 IQ Chaikin US SC CSML 28.58 0.8 SouthernFirstBcsh SFST 42.55 1.7
AmerExpress AXP 97.32 1.4 Kemper KMPR 71.52 -0.9 US BancorpPfdA USBpA 911.00 0.8 EthoClimateLeader ETHO 33.91 -0.1 JPM DivRetGlEq JPGE 62.40 ... VangdS&P600 VIOO 142.08 0.7 CDK Global CDK 69.86 -0.7 Illumina ILMN 227.85 0.5 SoMO Bancorp SMBC 40.22 1.4
AmRltyInv ARL 11.38 6.0 KenonHoldings KEN 20.72 2.3 USG USG 37.86 2.3 FidelityDivRising FDRR 30.29 0.4 JPM DivRetIntlEq JPIN 60.22 -0.3 VangdS&P600Grwth VIOG 147.87 0.3 CH Robinson CHRW 84.56 3.6 IndependentBank IBTX 69.20 3.0 StaarSurgical STAA 17.50 4.2
AmerStWater AWR 57.59 1.2 71.92 -0.2 Unifirst UNF 162.75 ... FidelityHiDiv FDVV 28.37 0.5 JPM DivRetUS Eq JPUS 70.59 0.4 VangdS&P600Val VIOV 133.78 2.1 CME Group CME 149.29 1.9 InfinityPropCas IPCC 110.63 -0.3 StateAutoFin STFC 28.98 3.2
Kyocera KYO
Ameriprise AMP 166.04 1.1 UNP 123.19 4.1 FidelityLowVol FDLO 30.15 0.4 JPM Div US SC JPSE 29.99 0.5 VangdSC VB 147.89 0.2 CVB Fin CVBF 25.39 3.6 InflaRx IFRX 21.56 8.9 StateBankFin STBZ 31.75 3.3
LCI Inds LCII 130.28 1.4 UnionPacific
Ametek AME 72.09 -0.4 UnitedRentals URI 158.68 0.8 FidelityMSCICnDisc FDIS 38.23 0.5 JPM US Dividend JDIV 25.67 1.1 VangdTotalStk VTI 135.79 ... Cal-MaineFoods CALM 49.75 2.4 InfoSvcsGrp III 4.58 0.9 StemlineTherap STML 15.58 0.7
L3 Tech LLL 196.75 0.9
Amphenol APH 91.26 -1.4 UnitedHealth UNH 224.27 3.1 FidelityMSCIFinls FNCL 40.40 1.9 MadronaDomestic FWDD 52.25 0.6 VangdTotlWrld VT 73.62 -0.3 CalavoGrowers CVGW 77.15 1.0 Inogen INGN 128.45 1.2 SunshineBancorp SBCP 24.54 4.0
LasVegasSands LVS 68.50 -1.2
Anthem ANTM 230.46 2.3 UnumGroup UNM 56.62 2.2 FidelityMSCIIndls FIDU 37.63 0.7 MeidellTactical MATH 33.48 1.4 VangdValue VTV 104.61 0.7 CallidusSoftware CALD 30.60 -5.6 InteractiveBrkrs IBKR 57.30 1.6 SuperiorUniform SGC 26.08 0.4
LazardGlblFd LGI 17.57 -0.4
AnthemUn ANTX 56.72 1.8 UsanaHealth USNA 72.80 -0.1 FidelityMomFactor FDMO 31.40 -1.0 NationRiskBaseIntl RBIN 25.78 0.5 WBIPwrFactorHiDiv WBIY 26.26 2.4 CamdenNational CAC 47.41 2.7 IntlBcshs IBOC 42.40 3.9 Surmodics SRDX 33.70 -0.6
Lazard LAZ 49.11 1.7
AquaAmerica WTR 37.54 1.8 Visa V 113.62 -3.1 FidelityQualFactor FQAL 31.30 -0.1 NationRiskBasedUS RBUS 25.94 0.9 WBITacticalLCQ WBIL 26.79 0.6 CareerEducation CECO 13.61 1.7 IntlSpeedwayA ISCA 41.60 3.3 TD Ameritrade AMTD 51.38 1.7
Lear LEA 180.11 -0.1
Aquantia AQ 13.80 -6.6 ValmontInds VMI 171.45 0.1 FidelityValFactor FVAL 32.01 0.5 OShRussSC Qu OUSM 27.17 0.7 WBITacticalLCV WBIF 27.99 0.4 CathayGenBncpWt CATYW 24.59 9.5 InvestorsTitle ITIC 202.39 1.7 TRowePrice TROW 102.23 1.5
Lennar B LEN.B 51.81 1.0
ArcelorMittal MT 30.72 1.5 VarianMed VAR 111.43 1.5 FinSelSectorSPDR XLF 27.52 1.7 OShFTSEUSQuality OUSA 31.37 0.4 WBITacticalLCY WBIG 24.92 0.6 CathayGenBncp CATY 45.54 2.5 iShCoreS&PUSGrowth IUSG 53.52 -0.7 Taitron TAIT 2.13 3.5
Lennar A LEN 62.66 1.0
ArmadaHoffler AHH 15.59 1.2 Vectren VVC 68.98 0.4 FT ConsDscAlpDx FXD 41.31 1.4 OppGlbESGRevenue ESGF 31.07 ... WBITacticalSMGD WBIA 25.34 0.6 CboeGlobalMkts CBOE 125.04 -1.5 iShCoreS&PUSValue IUSV 54.48 0.8 TechTarget TTGT 14.00 1.1
LennoxIntl LII 205.20 1.3
ArmstrongWorld AWI 59.90 1.4 Visteon VC 133.04 -2.0 FT ConsStaples FXG 48.34 1.6 OppenheimerLgCpRev RWL 50.15 0.9 WBITacticalSMQ WBID 24.71 1.4 CenturyBancorpA CNBKA 89.40 0.7 iShSelectDividend DVY 97.87 0.9 TetraTech TTEK 50.90 ...
LincolnNational LNC 77.64 2.3
ArtisanPtrsAsset APAM 39.45 1.0 VMware VMW 127.60 -6.2 FT Dow30EW EDOW 21.50 0.2 OppenheimerMdCpRev RWK 60.05 1.0 WBITacticalSMV WBIB 26.24 1.5 ChartIndustries GTLS 47.76 0.6 iShMSCI ACWI ACWI 71.71 -0.4 TexasInstruments TXN 99.79 -2.6
Lindsay LNN 96.22 0.8
AshlandGlobal ASH 73.72 3.6 10.15 1.7 EqCompassRiskMgr ERM 21.74 1.1 OppenheimerSmCpRev RWJ 70.23 1.5 30.01 -0.2 ChembioDiagn CEMI 7.25 5.8 TriCoBancshares TCBK 43.80 4.0
LionsGate B LGF.B 33.10 0.1 Vonage VG WisdTrCBOES&P500 PUTW iShMSCIUSAESGOpt ESGU 57.64 0.1
Avangrid AGR 53.23 -0.1 44.49 2.3 EqCompassTactical TERM 21.74 1.2 OppenheimUltraDiv RDIV 36.03 1.4 ChemicalFin CHFC 58.17 3.2 tronc TRNC 18.24 1.8
LionsGate A LGF.A 34.75 -0.1 VoyaFinancial VOYA WisdTrGlbHiDiv DEW 47.85 0.2 iShMornMCValue JKI 156.67 0.8
AxaltaCoating AXTA 37.82 3.3 126.27 1.4 FT DJ SelMicro FDM 48.80 1.1 PIMCO DynMultIn MFDX 26.42 ... Children'sPlace PLCE 137.80 0.6 TrustcoBank TRST 9.70 3.7
LiveNationEnt LYV 46.99 -1.6 WEX WEX WisdTrIntlEquity DWM 55.59 -0.4 iShRuss1000PureUS AMCA 26.18 1.3
BancorpSouth BXS 34.00 3.1 FXO 31.30 0.6 PIMCO DynMultUS MFUS 27.16 1.2 ChurchillDowns CHDN 223.21 0.7 Tucows TCX 63.55 -1.2
Loews L 50.69 0.4 WNS WNS 42.36 -0.1 FT FinlsAlpDx WisdTrIntlLC Div DOL 50.49 -0.3 iShS&PSC600Growth IJT 172.61 0.5
BankofAmWtA BAC.WS.A 16.30 4.3 FTHeitmanPrmRlEst PRME 20.61 0.1 PwrShAerospace PPA 53.35 -0.1 Cintas CTAS 153.87 1.1 USA Tech USAT 8.95 -1.2
MGIC Investment MTG 15.04 0.7 WasteMgt WM 82.97 1.2 WisdTrIntlMC Div DIM 68.15 0.1 J&JSnackFoods JJSF 151.91 1.9
BankofAmWtB BAC.WS.B 1.63 11.9 FXR 39.20 0.8 PwrShDynBldg&Con PKB 34.48 0.8 CiscoSystems CSCO 38.03 -0.7 USA Truck USAK 18.48 1.8
MI Homes MHO 36.70 0.2 WattsWater WTS 74.95 0.4 FT IndlsAlpDx WisdTrJapanSC DFJ 79.40 0.2 LGI Homes LGIH 71.02 -2.0
BankofAmerica BAC 28.49 2.3 FT Long/Short FTLS 38.64 0.3 PwrShDynLCValue PWV 38.89 0.3 CitiTrends CTRN 26.60 -1.2 Umpqua UMPQ 22.18 3.4
Manpower MAN 131.99 -0.4 WebsterFin WBS 57.88 4.8 WisdTrUSDivxFin DTN 87.06 0.6 LKQ LKQ 39.58 1.5
BankofButterfield NTB 40.18 1.5 FDL 29.73 0.8 PwrShDynLeisure PEJ 43.18 ... CivistaBcshrs CIVB 23.76 4.7 UnionBankshares UNB 53.00 6.7
Marcus&Millichap MMI 32.38 0.8 WellCareHealth WCG 212.40 3.5 FT MngstrDiv WisdTrUSEarn500 EPS 30.67 0.1 LakeShoreBancorp LSBK 16.60 4.3
BarracudaNtwks CUDA 27.75 -0.3 FT USEquityOpp FPX 67.59 -0.7 PwrShDynNetwork PXQ 48.05 -1.6 CliftonBancorp CSBK 17.90 1.9 UtdCmtyFnl UCFC 10.16 2.2
Markel MKL 1108.85 1.1 WestAllianceBcp WAL 59.70 3.4 WisdTrUSHiDiv DHS 72.03 0.5 LakelandBcp LBAI 21.75 4.1
BerkHathwy A BRK.A 287900 1.6 30.97 0.7 111.55 0.6 CoBizFin COBZ 22.01 2.3 UnitedFinBncp UBNK 19.26 3.3
Masco MAS 42.08 2.7 WestlakeChem WLK 96.21 0.8 FT ValDivFd FVD PwrShFTSE US1000 PRF WisdTrUSLCDivFd DLN 90.58 0.5 LakelandFin LKFN 52.17 3.5
BerkHathwy B BRK.B 192.00 1.2 CollectorsUniv CLCT 29.45 0.8 UnityBancorp UNTY 20.85 0.7
Maximus MMS 68.22 0.5 WhitestoneREIT WSR 14.98 0.4 FT Water FIW 48.85 0.3 PwrShDynLC Grwth PWB 41.38 -1.5 WisdTrUSLCValueFd EZY 80.98 1.4 LeggMasonLVHD LVHD 31.57 0.7
BigLots BIG 58.87 3.6 ColumbiaBanking COLB 47.36 4.1 UniversalForest UFPI 39.57 1.0
McDonalds MCD 172.02 -0.5 Wiley A JW.A 59.95 -1.3 FlexMrnUSMktFtrTlt TILT 110.27 0.3 PwrShDevMkt xUS PXF 45.20 ... WisdTrUSMCDivFd DON 34.83 0.8 LivaNova LIVN 88.43 -0.3
Bio-RadLab A BIO 272.03 2.4 ColumbiaSportswr COLM 70.77 2.0 UnivLogistics ULH 23.40 2.2
MeritageHomes MTH 54.55 2.5 Winnebago WGO 55.00 -0.1 FlexShQualDivDef QDEF 43.52 0.4 PwrShRussMC EW EQWM 47.02 ... WisdTrUSMCEarn EZM 39.41 0.8 LiveOakBcshs LOB 26.25 2.6
BlackRock BLK 505.33 1.6 CommVehicle CVGI 11.85 -0.5 VangdRuss1000 VONE 121.13 ...
MetropolitanBk MCB 44.53 2.7 Wyndham WYN 112.48 1.7 FlexShQualDivDyn QDYN 43.03 0.5 PwrShRuss1000EqWt EQAL 30.67 0.2 WisdTrUSSCDiv DES 29.33 0.7 LunaInnov LUNA 2.50 3.4
BluegreenVac BXG 15.21 1.2 CmntyTrBcp CTBI 51.90 3.5 VangdRuss1000Grw VONG 137.12 -0.9
MichaelKors KORS 58.81 1.3 Xylem XYL 68.79 -0.5 FlexShQualityDiv QDF 44.17 0.5 PwrShRussTop200 EQWL 51.89 0.2 WisdTrUSSCEarn EES 36.83 1.2 MCBCHoldings MCFT 23.89 2.6
Boeing BA 269.68 0.5 Conmed CNMD 54.77 -1.0 VangdRuss1000Val VONV 107.09 0.8
MitsubishiUFJ MTU 7.14 1.6 YumBrands YUM 82.12 1.0 FrankFTSEEurope FLEE 25.17 0.1 PwrShRussTop200Val PXLV 38.56 1.0 WisdTrUSTotalDivFd DTD 91.40 0.5 MGC Diagnostics MGCD 11.00 0.2
39.45 -1.8 ConnecticutWater CTWS 65.04 3.1 VangdRuss3000 VTHR 121.20 ...
BoiseCascade BCC ModineMfg MOD 23.95 -1.7 FrankUSLowVol FLLV 29.85 1.1 PwrShRuss2000Grw PXSG 32.26 -1.1 WisdTrUSTotalEarn EXT 31.48 1.1 MainSourceFncl MSFG 40.49 3.9
27.95 2.4
BorgWarner
BostonBeer
BWA
SAM
55.02
181.40
1.0
-1.2
Moelis MC 48.35
153.42
1.0
-0.7
NYSE lows - 66 FranklinGlbEquity FLQG
GlbX FTSE SE Asia ASEA
30.38
16.71
0.2
-0.3
PwrShS&P500Down PHDG
PwrShS&P500HiDiv SPHD
27.20
42.34
0.3
0.6
WorkplaceEquality EQLT
XtrkrsRussell1000 DEUS
35.90
31.87
0.6
0.5
ConnectOneBncp CNOB
CreditAcceptance CACC 304.44 6.1
MeridianBancorp EBSB
MiddlesexWater MSEX
20.70
46.74
2.5
3.5
VangdRuss2000 VTWO
VangdRuss2000Grw VTWG
123.73
136.01
0.3
-0.2
Moody's MCO DavisFinl DFNL 23.63 0.8
BoydGaming BYD 31.61 0.9 AllianzGIConv24 CBH 8.93 -1.3 GlbX GuruIndex GURU 29.24 0.1 PwrShS&P500LoVol SPLV 47.93 0.3 17.27 0.3 VangdRuss2000Val VTWV 111.35 0.9
MorganStanley MS 51.82 1.8 NMI Holdings NMIH
DigitalTurbine APPS 1.92 -4.3
Brown&Brown
BurlingtonStrs
BRO
BURL
51.37
107.90
0.2
0.8
MotorolaSol
NL Industries
MSI
NL
94.96
15.70
-0.4
1.3
AnadarkoPeteUn AEUA
AndeavorLog ANDX
30.95
42.18
-2.5
-1.5
GlbX JPM US SecRot SCTO
GlbXSciBetaEurope SCID
26.02
28.69
0.2
-0.2
PwrShS&P500EnhVal SPVU
PwrShS&P500xRate XRLV
34.43
33.56
2.3
0.3
NYSE Arca lows - 48 DollarTree DLTR 104.40 3.2
Nasdaq
NektarTherap
NDAQ
NKTR
79.68
54.95
0.3
3.9
VarexImaging VREX
VeriskAnalytics VRSK
37.52
95.92
-1.1
-0.3
BEST BSTI 10.15 -4.4 AdvShRangerEqBear HDGE 8.03 -1.1 EMC Insurance EMCI 31.84 0.9 VicShDivAccel VSDA 27.67 3.2
CBRE Group CBG 43.47 0.6 NVR NVR 3468.40 2.1 GlbXSciBetaUS SCIU 30.96 0.4 PwrShS&P500Qual SPHQ 30.04 0.2 NetApp NTAP 57.18 -1.0
BellatrixExplor BXE 1.78 0.6 AlerianMLPETF AMLP 9.79 -0.8 ENDRA LifeSci NDRA 4.16 -3.9 VicShUSDiscEnhVol CSF 45.92 1.1
CNO Financial CNO 25.41 3.0 NewGermanyFund GF 19.76 ... GSActiveBetaJapan GSJY 33.72 -0.1 PwrShS&P400LowVol XMLV 46.37 0.4 NewsCorp B NWS 16.58 0.6
BlkrkMuni2018 BPK 14.94 ... BarclaysETN+Select ATMP 18.91 -1.1 E*TRADE ETFC 47.99 3.2 VicShUSEQIncmEnh CDC 46.40 0.8
CTS CTS 28.35 -1.1 NewMediaInvt NEWM 17.49 0.9 GSActiveBetaUSLC GSLC 52.70 ... PwrShS&P600LowVol XSLV 48.23 0.7 NewsCorp A NWSA 16.43 1.2
BoardwalkPipe BWP 13.20 -2.2 CTracksETN2026 MLPE 21.82 -8.9 EagleBancorp EGBN 69.80 1.9 VicShUS500EnhVol CFO 48.25 0.5
CalAtlantic CAA 55.87 1.1 Nike NKE 60.63 1.3 GS Active US SC GSSC 43.78 1.6 PwrShZacksMicro PZI 19.65 1.2 NorthrimBanCorp NRIM 37.95 4.3
BuckeyePtrs BPL 43.90 -1.0 CTrksETNsMillerHwd MLPC 14.20 -1.4 EastWestBncp EWBC 62.05 4.0 VicShUS500Vol CFA 48.24 0.6
CalWtrSvc CWT 45.65 1.7 NorfolkSouthern NSC 137.22 4.8 GuggDefEqty DEF 46.75 0.3 ProShrUlConsmrGd UGE 46.71 0.4 Nutanix NTNX 35.00 -6.1
CONSOL Energy CEIX 21.35 8.3 CSX2xAlerianMLPETN AMJL 16.66 -2.1 Ebix EBIX 77.90 0.3 VicShUSLCHiDivVol CDL 45.16 0.9
CampingWorld CWH 47.35 -1.5 NortelInversora NTL 46.46 0.7 GuggDJIA Div DJD 33.26 0.6 ProShrUlCnsmr UCC 75.83 3.8 OakValleyBncp OVLY 18.49 2.7
CenterCoastMLP CEN 8.80 -0.2 DirexFinlBear3 FAZ 12.29 -2.5 EldoradoResorts ERI 30.60 -2.1 VicShUSSCHiDiv CSB 45.00 2.8
CantelMedical CMD 106.43 0.9 NorthwestNatGas NWN 69.30 1.1 GuggS&P500EWCD RCD 97.52 2.4 ProShrUltraDow30 DDM 123.96 1.0 ObesityETF SLIM 30.05 ...
ClearBridgeAmEn CBA 6.94 -0.3 DirexMcBear3 MIDZ 13.79 -1.4 EmpireResorts NYNY 25.60 7.1 VicShUSSCVolWtd CSA 46.96 2.3
CapitalOnePfdG COFpG 25.35 ... Northwestern NWE 64.04 0.5 GuggS&P500EW RSP 99.62 0.5 ProShrUltraFnl UYG 125.03 2.1 OhioValleyBanc OVBC 40.00 3.4
ClearBridgeEnMLPFd CEM 12.10 -0.2 DirexRgBanksBear3X WDRW 29.79 -8.7 EnphaseEnergy ENPH 3.45 -8.6 VidentCoreUSEquity VUSE 33.08 0.6
Carters CRI 110.61 1.1 NuSkinEnts NUS 68.00 0.8 GuggS&P500EWFin RYF 43.73 1.8 ProShrUltraInd UXI 69.37 0.5 OldDomFreight ODFL 127.13 1.7
ClearbridgeEngyMLP EMO 9.92 0.7 DirexS&P500Br3 SPXS 31.52 0.1 EntegraFin ENFC 29.45 2.3 WestBancorp WTBA 28.00 4.5
Centene CNC 99.98 1.2 NuvCoreEqAlpha JCE 16.19 -0.7 GuggS&P500EWIndl RGI 116.68 0.9 ProShrUMdCp400 MVV 121.84 0.9 Ollie'sBargain OLLI 47.70 0.5
ClearbridgeEnMLPTR CTR 10.38 -0.5 EsperionTherap ESPR 60.31 -1.6 WintrustFin Wt WTFCW 62.33 6.7
CenturyComm CCS 31.90 2.0 NuvDow30Dyn DIAX 18.12 0.1 GuggS&P500EWMat RTM 108.93 0.2 ProShrUltraRus UWM 72.01 0.6 DirexS&P500Br1 SPDN 31.20 ... OrganicsETF ORG 33.64 0.1
Volaris VLRS 9.27 -3.6 EsquireFinancial ESQ 18.21 2.7 WintrustFin WTFC 85.78 3.9
Chemed CHE 245.90 1.5 OM AssetMgmt OMAM 16.68 2.2 GuggS&P500PureGr RPG 106.08 -0.9 ProShrUltraS&P SSO 106.05 -0.1 DirexScBear3 TZA 12.02 -1.1 OrthofixIntl OFIX 54.73 0.6
DTFTaxFrIncome DTF 14.01 -0.6 Exactech EXAC 43.01 0.4 WisdTrUSQltyDiv DGRW 40.61 0.3
ChesapeakeLodging CHSP 29.04 0.8 ONE Gas OGS 79.07 0.1 GuggS&P500PrVal RPV 65.17 1.2 ProShUltDow30 UDOW 85.72 1.2 DirexZacksMLPHiIn ZMLP 15.18 -0.1 OtterTail OTTR 48.65 1.4
Despegar.com DESP 23.79 -4.1 ExpeditorsIntl EXPD 64.61 5.1 WisdTrUSSCQltyDiv DGRS 36.22 1.1
ChesapeakeUtil CPK 86.35 0.6 OnAssignment ASGN 65.34 0.2 GuggS&P400PrGrwth RFG 154.36 -0.1 ProShUltraProFin FINU 100.00 5.9 ETRACS Alerian MLP AMU 15.71 -0.7 PCSB Fin PCSB 20.47 2.0
DeutscheMuniIncmTr KTF 11.72 -0.3 Ezcorp EZPW 12.05 1.3 Xcerra XCRA 10.15 1.0
ChinaYuchai CYD 26.47 -0.7 OneLiberty OLP 27.36 -0.3 GuggS&P400PureVal RFV 68.38 1.2 ProShUltMC400 UMDD 113.16 1.4 ETRACS2xMLvAlerian MLPQ 31.10 -1.4 ParkSterling PSTB 13.20 3.0
Duff&PhelpsSelEn DSE 5.03 -0.8 FidelityNasdComp ONEQ 272.70 -1.2 XenithBkshrs XBKS 35.32 3.0
ChoiceHotels CHH 79.05 -0.1 OwensCorning OC 90.15 -1.5 GuggS&P600PrGrwth RZG 114.45 ... ProShUltRus2000 URTY 84.98 1.0 FrankShtDurUSGovt FTSD 95.90 0.1 PatrickIndustries PATK 99.00 0.7
EQT Midstream EQM 64.42 -1.6 FifthThirdBncp FITB 30.55 4.2 ZionsBancorpWt ZIONW 17.60 6.9
Cigna CI 207.21 2.6 PGT Innovations PGTI 16.45 0.9 GuggInsider NFO 62.63 0.2 ProShUltS&P500 UPRO 133.58 -0.2 GlbX MLP&Energy MLPX 12.30 -0.6 Paychex PAYX 66.93 1.2
EXCO Res XCO 0.60 -4.6 FirstBancorpNC FBNC 39.11 4.1 ZionsBancorp ZION 49.95 2.9
CitizensFin CFG 41.08 4.9 PNC Fin Wt PNC.WS 72.89 7.2 GuggMC Core CZA 66.26 0.4 RivFrDynUSDiv RFDA 31.54 ... GlbX MLP MLPA 8.89 -0.5 PeapackGladFinl PGC 35.98 3.8
EtnVncFR2022 EFL 9.20 -1.5 FirstBank FRBA 14.90 1.8 ZionsBancorpWt ZIONZ 14.00 9.4
Cohen&Steers CNS 46.98 1.8 PNC Fin PNC 140.07 3.0 GuggMltiAstIncm CVY 22.13 0.5 RivFrDynUSFlex RFFC 32.48 ... IQMacKayShMuni MMIN 25.00 -0.2 PennNational PENN 29.13 2.0
EnergyTransfer ETP 15.25 -0.7 FirstBusey BUSE 32.88 2.4 Zynga ZNGA 4.34 -5.4
Comerica CMA 84.83 3.3 PNM Resources PNM 45.50 -0.1 GuggRayJamesSB1 RYJ 42.30 0.3 SPDRBlmBarInvGrdFR FLRN 30.81 0.2 InfraCapMLPETF AMZA 7.61 -0.8 PeregrinePharmPf PPHMP 24.40 -0.2
FidcryClymrOppFd FMO 10.49 0.9 FirstCitizBcshA FCNCA 436.00 3.7
ComericaWt CMA.WS 55.00 6.1 PVH 139.51 -0.3 GuggS&P500Top50 XLG 187.14 -0.1 SPDRGlobalDow DGT 83.73 0.1 iPathS&PMLPETN IMLP 16.40 -1.4 Perma-PipeIntl PPIH 9.32 2.8
ContinentalBldg CBPX 28.45 -0.2
PVH
PeabodyEnergy BTU 33.34 -0.2
FT EnerInfra
GenesisEnergy GEL
FIF 17.22
20.49
-0.3
-1.7
GuggS&PGlbl LVL 11.24 0.6 SPDRMFSSysCore SYE 73.79 0.7 JPM AlerianMLP AMJ 24.93 0.9
FirstFinBkshs FFIN
FirstInternetBncp INBK
48.80
40.55
3.3
2.7 PilgrimPride PPC 36.43 1.2 Nasdaq lows - 28
Cooper-Standard CPS 127.19 1.8 PebblebrookHotel PEB 38.38 1.1 GuggS&PGlblWtr CGW 35.96 0.3 SPDRMFSSysValueEqu SYV 65.45 0.7 KraneMSCIChinaEnv KGRN 24.50 ... PinnacleEnt PNK 30.12 0.9
GenesisHealthcare GEN 0.67 -8.0 FirstMerchants FRME 44.38 2.4 AmeriHoldings AMRH 2.33 -12.1
Corning GLW 32.72 0.1 PennyMacFinS PFSI 21.65 7.5 GuggS&PMC400EW EWMC 64.04 1.2 SPDRMSCIACWIIMI ACIM 78.46 0.1 ProShDecRetail EMTY 35.09 -3.6 Pool POOL 125.08 2.4 12.45 3.5
GS MLPEnergyRen GER 5.25 0.2 FirstNWBncp FNWB 18.35 1.9 ApellisPharm APLS
CurtissWright CW 124.46 -0.7 PerformanceFood PFGC 30.00 1.4 GuggS&PSC600EW EWSC 55.06 1.6 SPDRMSCIUSAStrat QUS 76.09 0.9 ProShLgOnline CLIX 38.00 -3.9 PwrShBuybackAch PKW 57.15 1.0 APLP 10.58 -2.2
GS MLP IncmOpp GMZ 7.85 1.1 1stSource SRCE 53.29 3.2 ArchrockPtrs
DTE EnergyDeb77 DTW 25.25 0.2 PerkinElmer PKI 74.11 -0.8 GuggUltraShrtDur GSY 50.40 ... SPDRPortfolioLC SPLG 30.93 ... ProShShtDow30 DOG 15.43 -0.5 PwrShDWANasdMom DWAQ 106.01 -1.9 BigRockPtrsAcqnUn BRPAU 10.00 -0.1
InvescoMuniOpp VMO 12.18 -0.5 FT CapStrength FTCS 50.48 ...
Dana DAN 33.12 0.2 Phillips66 PSX 95.04 0.9 HartfordMultiGlbSC ROGS 31.46 0.2 SPDRPtfMC SPMD 33.67 0.5 ProShShtFinls SEF 11.74 -1.1 PwrShDWASCMom DWAS 49.10 -0.7 BIOL 0.48 -9.3
InvestmentTech ITG 17.68 1.7 FT DevIntlEquity RNDM 51.97 -0.3 Biolase
DaqoNewEnergy DQ 54.00 -3.4 PlanetFitness PLNT 32.16 1.5 HartfordMultiUSEqu ROUS 30.64 0.9 SPDRS&P500Value SPYV 30.35 0.9 ProShShtMC400 MYY 11.29 -0.6 PwrShDWA Util PUI 29.75 0.4 CASM 0.60 4.8
KayneAnMLPInv KYN 14.38 0.1 FT DorseyDyn5 FVC 26.07 -1.2 CAS MedSys
DelekUS DK 32.47 0.3 PolarisIndustries PII 134.29 1.1 HullTacticalUS HTUS 28.67 -0.1 SPDRS&P500Growth SPYG 32.85 -0.8 ProShShtRus2000 RWM 41.99 -0.4 DorseyWrightPeople DWPP 28.25 0.4 PwrShDivAch PFM 25.95 0.5 CTI BioPharma CTIC 2.63 -1.8
KayneAnMidstrEner KMF 12.25 0.1 ProShShrtS&P500 SH 30.69 ...
Dividend&IncomeFd DNI 13.46 0.6 PolyOne POL 46.73 0.2 IQ AustraliaSC KROO 19.04 0.7 SPDRS&P500HiDiv SPYD 37.57 0.7 FT GerAlpha FGM 50.48 -0.3 PwrShDynConsStp PSL 63.92 0.9 ClearSignComb CLIR 2.30 -13.2
KinderMorgan KMI 16.68 -1.6 ProShShrtSC600 SBB 34.04 -0.6
DollarGeneral DG 89.15 ... Primerica PRI 106.40 2.6 IQ50%HdgFTSEJapan HFXJ 22.59 0.2 SPDRPtfSC SPSM 30.33 0.5 FT HighIncome FTHI 23.11 0.1 PwrShDynFinl PFI 35.26 0.3 Comstock CHCI 1.52 -1.3
KnotOffshore KNOP 19.80 -0.5 ProShUltShtDow30 SDOW 21.58 -1.5
DominionEner D 84.34 0.1 PrincipalFin PFG 72.18 2.1 IndSelSectorSPDR XLI 73.30 0.9 SPDR Ptf TSM SPTM 32.84 ... FT LC CoreAlpha FEX 57.95 0.1 PwrShDynHlthcr PTH 70.86 -1.3 Curis CRIS 0.79 -4.2
MaidenNts46 MHLA 23.32 -0.3 ProShUltraProShFnl FINZ 8.78 -4.4
Domtar UFS 48.13 0.1 Progressive PGR 53.29 -0.6 iPathCBOE S&P500BW BWV 78.21 0.6 SPDRRuss1000LowVol ONEV 75.61 1.6 FT LC US Equity RNLC 21.45 0.9 PwrShDynIndls PRN 61.53 -0.9 DoubleEagleUn EAGLU 9.56 -2.5
MolsonCoors B TAP 76.25 -2.1 ProShShtMC400 SMDD 10.51 -2.4
Donaldson DCI 48.93 -0.3 ProPetro PUMP 18.96 -3.0 iShCoreDivGrowth DGRO 34.34 0.5 SPDRRuss1000Mom ONEO 76.47 0.3 FT LC Value FTA 53.62 1.3 PwrShUS1500 PRFZ 131.30 0.3 ForescoutTechs FSCT 22.02 -8.0
MolsonCoors A TAP.A 79.84 -3.6 ProShShtRus2000 SRTY 31.75 -1.0
DriveShack DS 6.49 0.8 ProtoLabs PRLB 96.55 0.6 iShGrwthAllocation AOR 45.89 -0.2 SPDRRuss1000Yd ONEY 74.14 1.9 FT MegaCap FMK 33.18 -0.4 PwrShGlbWater PIO 25.91 ... FortressBioPfdA FBIOP 23.36 -0.5
NewYorkREIT NYRT 4.95 -0.2 ProShUltProShS&P SPXU 11.97 0.2
DriveShackPfdC DSpC 25.61 -3.7 PrudentialFin PRU 117.08 2.7 iShCoreHiDividend HDV 88.35 0.7 SPDR S&P500MidGr MDYG 157.49 0.1 FT MC CoreAlpha FNX 65.59 0.2 PwrShHY EqDiv PEY 17.78 1.2 HarvestCapCredit HCAP 10.51 -2.6
NuSTAREnergy NS 26.21 -0.3 ProShrUSCnsmrGd SZK 14.36 -1.0
ESCO Tech ESE 65.45 0.3 Prudential PUK 51.08 0.2 iShCoreS&P500 IVV 265.44 -0.1 SPDR S&P400MidVl MDYV 103.32 0.9 FT MC GrwthAlpha FNY 39.41 -0.9 PwrShIntlBuyBack IPKW 36.95 -0.6 InnovSolSuprt ISSC 2.84 1.0
NuSTAR GP NSH 13.65 -1.4 ProShUltShDow30 DXD 9.30 -1.0
EatonVance EV 54.77 2.0 PublicServiceEnt PEG 52.79 1.3 iShCoreS&P MC IJH 189.26 0.4 SPDRS&P600SmallCap SLY 136.52 0.6 FT MC US Equity RNMC 21.61 1.1 PwrShKBW Banks KBWB 54.28 2.7 KayneAnAcqn KAAC 9.66 -0.2
NuvCT QualMuni NTC 11.91 -0.3 ProShrUSFnl SKF 21.53 -1.9
Ecolab ECL 135.07 0.6 PublicStoragePfdF PSApF 25.47 -0.6 iShCoreS&P SC IJR 77.75 0.6 SPDR S&P600SCpGr SLYG 239.25 0.4 FT MC ValAlpha FNK 35.92 2.0 PwrShRuss1000Low USLB 30.92 0.8 MartinMidstream MMLP 12.90 -2.6
NuvMN QualMuni NMS 14.56 -0.8 ProShrUS MSCI Jpn EWV 26.48 0.1
ElPasoElectric EE 60.80 -0.1 PulteGroup PHM 33.87 1.7 iShS&PTotlUSStkMkt ITOT 60.50 ... SPDR S&P600SCapVal SLYV 132.19 0.8 FT MuCValAlpha FAB 56.20 1.7 PwrShS&P SC CD PSCD 59.84 2.8 Medicines MDCO 27.77 -0.1
NuvNJ MuniVal NJV 14.15 0.6 ProShUltMC400 MZZ 18.98 -2.7
EmployersHldgs EIG 50.45 -0.7 RELX RENX 23.30 -0.5 iShCurHdgMSCISwitz HEWL 27.66 0.3 SPDRS&PBank KBE 47.97 3.0 FT NasdComBk QABA 55.23 3.2 PwrShS&P SC ConStp PSCC 75.08 2.5 MongoDB MDB 28.50 -2.8
NuvPA MuniVal NPN 14.55 -1.5 ProShrUlShtRus TWM 17.22 -0.7
Ennis EBF 21.50 0.7 RELX RELX 24.03 -0.7 iShUSConsumerSvcs IYC 174.31 0.8 SPDRS&PCapitalMkts KCE 56.58 1.3 FT NasdCybersec CIBR 22.90 -1.5 PwrShS&P SC Fin PSCF 56.59 2.0 NII Holdings NIHD 0.25 -14.3
NuvSrIncmFd NSL 6.30 -0.9
EnPro NPO 86.33 0.2 RaymondJames RJF 89.50 1.6 iShUSConsumerGoods IYK 124.46 0.2 SPDRS&P500Buyback SPYB 60.78 1.4 ProShUltShtS&P500 SDS 42.48 0.1 FTNasdaqBk FTXO 29.24 3.0 PwrShS&P ScHealth PSCH 97.88 1.1 PwrShDWA Tact DWIN 26.59 0.2
PlainsAllAmPipe PAA 18.38 -0.9
EssentGroup ESNT 45.55 -1.1 RayonierAdvMatls RYAM 19.09 3.0 iShUSFinlServices IYG 127.97 1.4 SPDRS&P500Fossil SPYX 63.96 ... ProShrUlShtSmC600 SDD 15.51 -1.1 FT NasdaqTrans FTXR 24.93 1.8 PwrShS&P SmInds PSCI 64.87 0.8 ReShapeLifesci RSLS 1.23 -11.0
ScorpioTankers STNG 3.10 -0.6
EvercoreA EVR 88.05 1.5 RayonierAdvPfdA RYAMpA 134.96 2.3 iShUS Finls IYF 118.25 1.1 SPDRS&PGlbDividend WDIV 69.89 ... UBSNatGasMLPETN MLPG 22.53 -1.6 FT RBA AmerInd AIRR 27.19 1.8 PwrShS&PSCMatls PSCM 52.45 0.6 SigmaLabsWt SGLBW 0.36 -24.5
Sea SE 10.79 -4.2
FB Financial FBK 42.72 2.3 Raytheon RTN 190.60 -0.1 iShUSHealthcarePrv IHF 154.38 2.4 SPDRS&PHlthCareEqp XHE 67.05 -0.3 E-TRACS AlrInfr MLPI 21.95 -0.8 FT RBAQualIncm QINC 25.67 1.0 PwrShS&PSC Util PSCU 57.26 1.3 SonicFoundry SOFO 2.77 -5.3
Sogou SOGO 12.10 1.0
FCB Financial FCB 52.80 5.4 RegionsFin RF 16.69 3.6 iShU.S.Insurance IAK 67.69 1.3 SPDRS&PInsurance KIE 94.30 1.0 VanEckHiIncmInfra YMLI 12.30 -1.4 FTRisingDivAch RDVY 29.40 1.0 PwrShWaterRscs PHO 30.25 0.2 SVB Cap II Pfd SIVBO 25.26 -0.1
SpectraEnerPtrs SEP 38.42 -1.3
FactSet FDS 199.87 -0.1 ReinsGrp RGA 165.12 1.5 iShUSRegionalBanks IAT 49.63 3.3 SPDRS&PRegionalBkg KRE 60.10 3.3 VelocityShVIXTail BSWN 17.89 -0.3 FT SMID CapRising SDVY 20.91 2.6 PreformedLine PLPC 85.63 0.8 trivago TRVG 6.79 -2.2
SummitMidstream SMLP 18.30 -0.5
FairIsaac FICO 158.10 -0.6 RingCentral RNG 49.95 -4.3 iShUSMedDevices IHI 178.10 -0.4 SPDRS&PTransport XTN 62.11 3.0 FT SC CoreAlpha FYX 61.37 0.5 ProvidenceService PRSC 59.18 3.4 VivoPowerIntl VVPR 2.66 -1.7
FederatedInvest FII
FirstCmwlthFin FCF
33.13
15.35
3.5
3.2
RobertHalf RHI 57.13 1.6
Switch
TC PipeLines
SWCH
TCP
17.00
48.56
-3.2
-2.6
iShEdgeMSCIIntSize ISZE
iShEdgeMSCIIntVal IVLU
27.98
26.37
0.6
0.4
SPDRGenderDivers SHE
SPDR US LC Low Vol LGLV
72.32
92.70
0.5
0.8
NYSE American highs - 4 FT SC GrwthAlpha FYC 42.75 -0.2 RBC Bearings ROLL 136.72 5.1 ZealandPharma ZEAL 12.54 -6.8
RoperTech ROP 265.68 -1.1 TallgrassEnPtrs TEP 41.13 0.4 Chase CCF 129.55 -0.5
FT EnhEquity FFA 15.78 -0.9 RoyalBkScotland RBS 7.68 3.0 iShEdgeMSCIMultUSA LRGF 31.87 0.3 SPDR US SC LowVol SMLV 99.52 1.0
TortoiseMLPFund NTG 14.91 0.2 ConTomka CTO 61.90 1.9
FirstCash FCFS 67.40 0.2 RoyceMicroCap RMT 9.53 0.3 iShEdgeMSCIUSASC SMLF 40.22 1.2 SPDRSSgAGlbAll GAL 38.20 ...
Forestar FOR 22.40 ... RoyceValue RVT 16.16 0.8
TortoisePipe&En TTP
TortPwEnInfrFd TPZ
16.25
19.52
0.4
0.1
iShEdgeMSCIUSASize SIZE 83.10 0.4 SchwabFundIntLrgCo FNDF 30.63 -0.1
LadenburgThalmann LTS
WirelessTel WTT
3.46 4.2
2.44 3.9
IPO Scorecard
Gallagher AJG 67.32 -0.3 RymanHospitality RHP 69.83 1.1 iShGlobal100 IOO 92.82 -0.5 SchwabFundUSBrd FNDB 36.54 0.6
Gap GPS 32.64 4.9 S&P Global SPGI 167.87 -0.7
Transmontaigne TLP 37.40 0.6
iShMSCI EAFE EFA 70.43 -0.4 SchwabFundUSLrgCo FNDX 36.65 0.5 Performance of IPOs, most-recent listed first
Genpact G 32.45 -1.0 SJW Group SJW 68.96 1.3
TsakosEnergy
ValeWi
TNP
VALEw
4.05
11.00
-0.7
-1.8
iShMSCIFranceETF EWQ 31.58 -0.2 SchwabFundUSSmCo FNDA 37.94 0.6 NYSE American lows - 10 % Chg From % Chg From
GlbNetLeasePfdA GNLpA 25.66 ... SPX FLOW FLOW 44.09 1.1 WescoAircraft WAIR 6.05 -5.8
iShMSCIFrontier100 FM 33.16 -0.2 Schwab1000Index SCHK 25.92 ... AmShrHosp AMS 2.50 0.4 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
GlobusMedical GMED 38.55 2.1 SabineRoyalty SBR 44.80 -1.0 iShMSCIKLD400Soc DSI 97.07 -0.2 SchwabUS BrdMkt SCHB 63.87 ... AsankoGold AKG 0.61 -6.1 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
WstAstInterMuni SBI 9.27 -1.1
Group1Auto GPI 84.47 2.8 SantanderCons SC 17.42 0.3 iShMSCIKokusaiETF TOK 64.95 -0.4 SchwabUS Div SCHD 50.14 0.4 ContangoO&G MCF 2.22 -18.3
WstAstMuniDefOpp MTT 21.29 -0.8
HanoverIns THG 108.64 1.0 SchwabC SCHW 48.58 2.7 WesternGasEquity WGP 33.92 -0.8 iShMSCIUSAESGSelct SUSA 109.69 ... SchwabUS LC SCHX 63.01 ... iBio IBIO 0.17 -31.6 Big Rock Ptnrs Acquisition 10.00 ... –0.1 SailPoint Tech 14.35 19.6 10.4
HartfordFinl HIG 58.16 1.7 ServiceCorp SCI 36.84 2.5 WesternGasPtrs WES 42.68 -2.0 iShMSCIUSAEqWeight EUSA 54.79 0.4 SchwabUS LC Grw SCHG 69.97 -0.7 InspireMD NSPR 0.18 -51.3 BRPAU Nov. 20/$10.00 SAIL Nov. 17/$12.00
HartfordFinSvcsWt HIG.WS 52.42 1.9 ServiceMaster SERV 48.62 1.6 iShMSCIWorldETF URTH 87.38 -0.2 SchwabUS LC Val SCHV 54.03 0.5 KelsoTechs KIQ 0.24 -3.9
AMERI Hldgs 2.55 –38.1 –26.9 scPharmaceuticals 15.85 13.2 12.4
HawaiianElec
HercHoldings
HE
HRI
38.30
59.97
1.1
1.4
ShakeShack SHAK
SherwinWilliams SHW
40.66
398.97
3.4
-0.9
NYSE Arca highs - 343 iShMorningstarLC JKD
iShMornLCValue JKF
157.67
103.72
0.3
1.0
SchwabUS MC SCHM
SchwabUS SC SCHA
52.92
70.10
0.3
0.4
NeubrgrBrmCA NBW
NeubrgBermMLPIncm NML
13.66
7.89
-0.6
1.6 AMRH Nov. 17/$4.12 SCPH Nov. 17/$14.00
HeritageInsurance HRTG 18.70 -3.4 SimpsonMfg SSD 60.23 0.1 ALPS EqSecWgh EQL 68.80 0.3 iShMorningstarMC JKG 183.37 0.5 SPDR DJIA Tr DIA 239.65 0.5 Pfenex PFNX 2.27 -10.8
Hillenbrand HI 45.43 1.2 SiteOneLandscape SITE 73.35 0.4 ALPSSectorDivDogs SDOG 45.42 0.7 iShMorningstarSC JKJ 173.30 0.9 SPDR S&PMdCpTr MDY 344.95 0.5 TelInstrElec TIK 2.20 -1.9
Bluegreen Vacations 14.95 6.8 15.0 Sterling Bancorp 12.67 5.6 4.2
Hilton HLT 76.90 0.6 SkechersUSA SKX 35.32 -0.1 ARKIndlInnovation ARKQ 35.09 -2.8 iShMornSCValue JKL 150.85 1.2 SPDR S&P 500 SPY 263.63 -0.1 BXG Nov. 17/$14.00 SBT Nov. 17/$12.00
HomeDepot
Honeywell
HD
HON
178.43
153.56
0.9
0.3
SmithAO
Spire
AOS
SR
62.70
81.20
0.4
1.2
ARKInnovationETF ARKK
ARKWebx.0ETF ARKW
38.20
46.99
-1.8
-2.6
iShRussell1000Gwth IWF
iShRussell1000 IWB
133.75
146.85
-0.8
...
SPDR S&P Div SDY
SPDR S&P Home XHB
96.00
43.70
1.0
1.3
Nasdaq highs - 308 Legacy Acquisition 10.00 ... ... Stitch Fix 22.26 48.4 46.9
HoraceMannEdu HMN 47.65 1.7 StanleyBlackDck SWK 169.23 -0.9 AdvShFocusedEqu CWS 31.11 1.7 iShRussell1000Val IWD 122.52 0.8 UBS FIEnhGlbHY FIHD 168.76 ... ALPS/DorseyMom SWIN 30.06 -0.3 LGC.U Nov. 17/$10.00 SFIX Nov. 17/$15.00
DR Horton DHI 50.95 1.1 SteelPtrsPfdA SPLPpT 21.42 0.1 AdvShStrGlbBW VEGA 30.51 -0.1 iShRussell2000Gwth IWO 187.38 -0.3 UBS FIEnhLCGrw FBGX 223.01 -1.6 AdamasPharm ADMS 37.33 3.8
HoulihanLokey HLI 45.12 0.3 Stoneridge SRI 23.47 0.4 AdvShWilshireBuybk TTFS 70.53 1.5 iShRussell2000 IWM 154.21 0.3 USAA USA SC Val USVM 51.50 -0.2 Aegion AEGN 28.19 1.0 Level Brands 5.08 –15.3 –8.5 Arsanis 16.93 69.3 20.7
HyattHotels H 72.58 1.2 SunTrustBanksWtA STI.WS.A 28.43 21.0 AlphaCloneAltAlpha ALFA 42.60 0.1 iShRussell2000Val IWN 128.48 0.9 USAA USA ValMom ULVM 51.83 ... AllegianceBcshs ABTX 40.53 1.9
IDACORP IDA 98.58 0.4 SunTrustBanks STI 62.18 3.8 BarcETN+FIEnhGlHY FIGY 168.01 -0.1 iShRussell3000 IWV 156.52 ... VanEckAgribus MOO 60.90 -0.2 AllotComms ALLT 6.09 1.4
LEVB Nov. 17/$6.00 ASNS Nov. 16/$10.00
ITT ITT 54.30 0.7 Synnex SNX 137.80 -0.7 S&PVEQTOR VQT 155.43 0.2 iShMicro-CapETF IWC 97.22 0.7 VanEckEgypt EGPT 33.10 -0.1 AmericanPubEdu APEI 27.40 2.9
IDEX IEX 133.36 -0.1 SynovusFin SNV 49.99 3.7 BarclaysWILETN WIL 65.74 1.1 iShRussellMid-Cap IWR 206.36 0.1 VanEckMornWideMoat MOAT 42.00 0.5 AmerSoftware AMSWA 13.05 -0.3 Sources: WSJ Market Data Group; FactSet Research Systems
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
10.66 -0.02 TotalBond 3.9 MFS Funds Class I DivIntlInst NA ... NA ExplrAdml 97.37 -0.34 21.1 TotIntlAdmIdx r
30.23 -0.11 25.1 STIGrade 10.65 -0.01 2.0 DevMktsInxInst 22.38 -0.06 24.3
Explanatory Notes Data provided by First Eagle Funds ValueI 41.42 +0.29 15.6 Prudential Cl Z & I ExtndAdml 84.43 +0.10 17.1 TotStAdml 65.87 +0.01 19.0 TgtRe2015 16.03 -0.03 10.5 ExtndInst 84.43 +0.10 17.1
NA ... GlbA NA MFS Funds Instl TRBdZ 14.52 -0.04 5.9 GNMAAdml 10.48 -0.01 1.9 TxMIn r 14.30 -0.04 24.2 TgtRe2020 31.88 -0.06 12.8 GrwthInst 71.43 -0.66 25.8
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of FPA Funds IntlEq NA ... NA GrwthAdml 71.42 -0.66 25.7 ValAdml 40.74 +0.31 14.5 TgtRe2025 18.72 -0.03 14.5 InPrSeIn 10.50 -0.03 2.1
at least $500 million each. NAV is net asset value. Percentage performance figures FPACres 35.13 -0.01 9.0 Mutual Series S HlthCareAdml r 89.86 +0.29 18.5 WdsrllAdml 70.25 +0.34 13.8 TgtRe2030 33.85 -0.06 15.9 InstIdx 239.95 -0.06 19.4
are total returns, assuming reinvestment of all distributions and after subtracting FrankTemp/Frank Adv GlbDiscA 32.54 +0.10 8.2 Schwab Funds HYCorAdml r 5.93 +0.01 6.8 WellsIAdml 65.75 -0.07 8.9 TgtRe2035 20.82 -0.03 17.4 InstPlus 239.97 -0.06 19.5
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. IncomeAdv 2.35 +0.01 7.7 InfProAd 25.79 -0.07 2.1 WelltnAdml 74.76 +0.16 13.0 TgtRe2040 35.89 -0.06 18.8
S&P Sel 41.11 -0.01 19.4 InstTStPlus 59.08 ... 19.0
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date FrankTemp/Franklin A O IntlGrAdml 95.69 -1.26 42.1 WndsrAdml 80.70 +0.09 17.5 TgtRe2045 22.56 -0.03 19.4 MidCpInst 41.85 +0.05 17.5
return. 3-YR%RET is trailing three-year return annualized. CA TF A p 7.39 -0.03 4.4 Oakmark Funds Invest T ITBondAdml 11.39 -0.03 3.8 VANGUARD FDS TgtRe2050 36.29 -0.05 19.4 MidCpIstPl 206.40 +0.24 17.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e IncomeA p 2.37 +0.01 7.5 EqtyInc r NA ... NA TIAA/CREF Funds ITIGradeAdml 9.78 -0.02 4.1 DivdGro 26.93 +0.12 16.7 TgtRetInc 13.64 -0.03 7.7 SmCapInst 70.53 +0.17 15.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, RisDv A p 61.74 -0.05 18.3 Oakmark NA ... NA EqIdxInst LTGradeAdml 10.64 -0.07 9.8 HlthCare r 212.98 +0.67 18.5 TotIntBdIxInv 10.99 -0.02 2.2 STIGradeInst 10.65 -0.01 2.1
19.74 ... 19.0
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r FrankTemp/Franklin C OakmrkInt NA ... NA IntlEqIdxInst 20.46 -0.06 23.6 MidCpAdml 189.45 +0.23 17.5 INSTTRF2020 22.73 -0.04 12.9 WellsI 27.14 -0.03 8.8
TotBdInst 10.75 -0.02 3.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Income C t 2.40 +0.01 7.4 Old Westbury Fds MuHYAdml 11.31 -0.03 6.4 INSTTRF2025 23.03 -0.04 14.5 Welltn 43.29 +0.10 12.9
Tweedy Browne Fds TotBdInst2 10.71 -0.03 3.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper; FrankTemp/Temp A LrgCpStr NA ... NA GblValue
MuIntAdml 14.01 -0.03 3.5 INSTTRF2030 23.25 -0.04 16.0 WndsrII 39.58 +0.19 13.7
28.63 +0.03 14.3 TotBdInstPl 10.75 -0.02 3.3
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. GlBond A p 12.18 +0.01 4.1 Oppenheimer Y MuLTAdml 11.56 -0.02 4.9 INSTTRF2035 23.48 -0.03 17.4 VANGUARD INDEX FDS
MuLtdAdml 10.87 -0.01 1.8 INSTTRF2040 23.70 -0.03
19.3 18.9 500 243.16 -0.06
TotIntBdIdxInst 32.98 -0.06 2.3
Growth A p 27.20 +0.17 15.4 DevMktY 42.40 -0.63 32.6 V MuShtAdml 15.71 -0.01 1.0 INSTTRF2045 23.85 -0.04
17.1 19.4 ExtndIstPl 208.37 +0.25 TotIntlInstIdx r120.87 -0.48 25.1
Wednesday, November 29. 2017 FrankTemp/Temp Adv IntGrowY 43.46 -0.40 25.3 VANGUARD ADMIRAL TotItlInstPlId r120.90 -0.47 25.2
PrmcpAdml r138.22 -0.96 27.0 IntlVal 39.93 -0.08
11.0 25.8 SmValAdml 56.97 +0.46
Net YTD Net YTD Net YTD GlBondAdv p 12.13 +0.01 4.2
500Adml 243.21 -0.06 19.4 TotStInst 65.88 +0.01 19.0
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret P REITAdml r 119.44 +0.13 5.0 LifeCon 20.00 -0.04
3.2 10.0 TotBd2 10.71 -0.03
ValueInst 40.74 +0.31 14.5
H Parnassus Fds
BalAdml 34.50 -0.02 12.6 SmCapAdml 70.53 +0.17 15.2 LifeGro 33.56 -0.06
25.0 17.4 TotIntl 18.07 -0.07
A ExtMktIdxPrem r 64.28 +0.08 17.1 CAITAdml 11.68 -0.03 3.8 STBondAdml 10.40 -0.01 1.2 LifeMod 27.19 -0.05
18.9 13.7 TotSt 65.83 ...
D IntlIdxPrem r 43.58 -0.10 23.5
Harbor Funds ParnEqFd 42.53 +0.06 15.6 CapOpAdml r158.12 -1.23 27.3 STIGradeAdml 10.65 -0.01 2.1 PrmcpCor 27.45 -0.10 23.8 VANGUARD INSTL FDS W
American Century Inv CapApInst 76.16 -1.55 34.4 PIMCO Fds Instl EMAdmr 37.42 -0.34 28.2
Dimensional Fds SAIUSLgCpIndxFd 14.12 ... 19.4 TotBdAdml 10.75 -0.02 3.3 SelValu r 12.5 Western Asset
33.87 +0.04 17.7 BalInst 34.50 -0.03
Ultra 45.52 -0.50 30.5 IntlInst r 70.48 -0.34 20.7 AllAsset NA ... NA EqIncAdml 77.81 +0.22 16.1
5GlbFxdInc 11.02 -0.01 2.2 TMktIdxF r 76.48 ... 19.0 TotIntBdIdxAdm 21.98 -0.04 2.3 STAR 24.3 CorePlusBdI
27.46 -0.11 NA
16.8 DevMktsIndInst 14.32 -0.04
... NA
American Funds Cl A Harding Loevner TotRt 10.26 -0.02 4.8
EmgMktVa 30.61 -0.12 29.6 TMktIdxPrem 76.47 ... 19.0
IntlEq NA ... NA
AmcpA p 32.20 -0.16 20.0 USBdIdxInstPrem 11.58 -0.03 3.2 PIMCO Funds A
EmMktCorEq 22.73 -0.15 32.9
AMutlA p 41.93 +0.17 15.5 IncomeFd 12.44 -0.01 8.0
IntlCoreEq 14.31 -0.01 24.9 Fidelity Advisor I I
BalA p
BondA p
27.69 -0.04
12.91 -0.02
13.3
3.2
IntlVal 20.07 +0.03 22.5 NwInsghtI 33.78 -0.32 26.5
Invesco Funds A
PIMCO Funds D
IncomeFd 12.44 -0.01 8.0
Borrowing Benchmarks | WSJ.com/bonds
IntSmCo 21.60 -0.02 26.3 Fidelity Freedom
CapIBA p 63.46
CapWGrA 52.98 -0.16
... 12.8
22.7
IntSmVa 23.40 +0.05 23.7 FF2020
US CoreEq1 22.61 +0.06 18.7 FF2025
16.86 -0.05
14.60 -0.05
14.3 EqIncA
15.3
11.42 +0.06 9.3 PIMCO Funds Instl
IncomeFd 12.44 -0.01 8.4
Money Rates November 29, 2017
EupacA p 57.63 -0.44 30.4 FF2030 18.33 -0.05 18.0
J PIMCO Funds P
US CoreEq2 21.50 +0.11 16.8
FdInvA p 64.20 -0.25 20.1 Freedom2020 K 16.87 -0.04 NS John Hancock Class 1 IncomeP 12.44 -0.01 8.3 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
US Small 37.59 +0.28 11.8
GwthA p 52.02 -0.36 23.7
US SmCpVal 39.95 +0.34 7.3 Freedom2025 K 14.61 -0.04 NS LSBalncd 16.12 -0.03 14.2 Price Funds guide to general levels but don’t always represent actual transactions.
HI TrA p 10.41 ... 6.6
US TgdVal 25.94 +0.23 8.9 Freedom2030 K 18.34 -0.05 NS LSGwth 17.34 -0.05 18.0 BlChip 98.16 -1.51 35.2
ICAA p 41.80 +0.06 16.7
USLgVa 39.97 +0.31 15.6 Freedom2035 K 15.41 -0.04 NS John Hancock Instl CapApp 30.08 +0.04 14.9
DispValMCI 24.50 +0.09 14.1 Week —52-WEEK— Week —52-WEEK—
IncoA p 23.58 ... 11.2
Dodge & Cox Freedom2040 K 10.83 -0.03 NS EqInc 35.69 +0.28 15.0 Inflation Latest ago High Low Latest ago High Low
N PerA p 45.34 -0.49 28.3 Fidelity Invest JPMorgan Funds EqIndex 70.71 -0.02 19.2
Balanced 110.49 +0.62 10.4 Oct. index Chg From (%)
NEcoA p 48.38 -0.57 34.6 Balanc 23.91 -0.09 15.2 MdCpVal L 40.86 +0.33 12.3 Growth 70.67 -0.99 32.7 Six month 1.66050 1.65211 1.66050 1.28878
NwWrldA 67.15 -0.73 30.5 GblStock 14.07 +0.08 18.1
BluCh 88.28 -1.65 33.8 JPMorgan R Class HelSci 74.66 +0.09 26.4 level Sept. '17 Oct. '16 Treasury bill auction
Income 13.83 -0.02 4.0 One year 1.94481 1.93400 1.94481 1.63900
SmCpA p 57.63 -0.13 25.3 Contra 127.77 -1.81 30.6 CoreBond 11.61 -0.03 3.6 InstlCapG 39.91 -0.57 36.5 4 weeks 1.170 1.130 1.300 0.340
TxExA p 12.91 -0.02 4.2 Intl Stk 46.60 +0.03 22.3 IntlStk 19.31 -0.12 26.3 U.S. consumer price index
ContraK 127.78 -1.81 30.7 13 weeks 1.285 1.285 1.285 0.490 Euro Libor
WshA p 46.20 +0.13 17.1 Stock 205.95 +1.78 14.9
CpInc r 10.29 -0.02 10.8
L IntlValEq 15.32 +0.02 19.6 All items 246.663 –0.06 2.0
DoubleLine Funds MCapGro
26 weeks 1.435 1.415 1.435 0.590 One month -0.402 -0.399 -0.376 -0.405
DivIntl 41.81 -0.12 25.6 Lazard Instl 93.52 -0.50 24.1 Core 253.638 0.28 1.8
B TotRetBdI NA ... NA
GroCo 183.25 -3.78 34.0 EmgMktEq 19.74 -0.21 24.3 MCapVal 32.09 +0.27 10.4 Three month -0.382 -0.380 -0.325 -0.382
GrowCoK 183.21 -3.79 34.1 Loomis Sayles Fds N Horiz 56.07 -0.32 29.5 Secondary market Six month -0.322 -0.315 -0.219 -0.322
Baird Funds
E International rates
AggBdInst 10.87 -0.02 3.9 InvGB 7.92 -0.02 3.6 LSBondI 14.17 +0.01 7.2 N Inc 9.48 -0.02 3.7 One year -0.251 -0.243 -0.080 -0.251
CorBdInst 11.22 -0.02 4.3 Edgewood Growth Instituti InvGrBd 11.27 -0.03 4.0 Lord Abbett A OverS SF r 11.41 -0.03 25.8
Fannie Mae
EdgewoodGrInst 29.83 -0.44 34.3 Week 52-Week
BlackRock Funds A LowP r 54.16 +0.41 18.2 ShtDurIncmA p 4.26 ... 2.2 R2020 23.42 -0.05 14.7 Latest High Low 30-year mortgage yields Euro interbank offered rate (Euribor)
ago
GlblAlloc p 20.50 -0.01 12.8 LowPriStkK r 54.13 +0.42 18.3 Lord Abbett F R2025 18.08 -0.05 16.6
-0.371 -0.371 -0.366 -0.375
BlackRock Funds Inst
F MagIn 107.06 -0.90 24.1 ShtDurIncm 4.26 ... 2.5 R2030 26.67 -0.07 18.4
30 days 3.465 3.482 3.865 3.253 One month
EqtyDivd 23.48 +0.15 15.0 Federated Instl OTC 109.11 -2.68 36.9 R2035 19.52 -0.05 19.8 Prime rates 60 days 3.485 3.502 3.899 3.281 Three month -0.329 -0.329 -0.313 -0.332
GlblAlloc 20.63 -0.02 13.0 StraValDivIS 6.49 ... 13.4 Puritn 23.37 -0.09 17.1 M R2040 28.06 -0.09 20.9 U.S. 4.25 4.25 4.25 3.50 Six month -0.274 -0.272 -0.216 -0.276
HiYldBd 7.81 ... 7.6 Fidelity SrsEmrgMkt 21.65 -0.22 37.9 Metropolitan West Value 39.75 +0.17 18.1 Canada 3.20 3.20 3.20 2.70 Other short-term rates One year -0.187 -0.186 -0.076 -0.192
StratIncOpptyIns 9.93 ... 4.3 500IdxInst 92.11 -0.02 19.4 SrsGroCoRetail 17.99 -0.37 34.7 TotRetBd 10.66 -0.01 2.9 PRIMECAP Odyssey Fds Japan 1.475 1.475 1.475 1.475 Value 52-Week
Bridge Builder Trust 500IdxInstPrem 92.11 -0.02 19.5 SrsIntlGrw 16.43 -0.17 28.4 TotRetBdI 10.65 -0.02 3.1 Growth r 37.41 -0.26 30.6 Week 52-Week Latest Traded High Low
CoreBond 10.17 -0.03 3.8 500IdxPrem 92.10 -0.03 19.4 SrsIntlVal 10.91 -0.01 19.1 TRBdPlan 10.03 -0.01 3.3 Principal Investors Policy Rates Latest ago high low
DTCC GCF Repo Index
Euro zone 0.00 0.00 0.00 0.00 Call money
Switzerland 0.50 0.50 0.50 0.50
Treasury 1.057 24.800 1.366 0.264
3.00 3.00 3.00 2.25 MBS 1.061 108.640 1.506 0.284
Dividend Changes Britain
Australia
0.50
1.50
0.50
1.50
0.50
1.50
0.25
1.50 Open Implied
Commercial paper (AA financial) Settle Change Interest Rate
Dividend announcements from November 29. Overnight repurchase 90 days 1.37 1.33 1.37 0.68
Amount Payable / Amount Payable / DTCC GCF Repo Index Futures
U.S. 1.05 1.14 1.38 0.24 Libor
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Treasury Nov 98.810 0.005 6488 1.190
U.S. government rates One month 1.36069 1.32750 1.36069 0.62367 Treasury Dec 98.645 -0.010 2475 1.355
Increased Stocks
Three month 1.48063 1.46233 1.48063 0.93417 Treasury Jan 98.560 0.005 759 1.440
First Connecticut Bncp FBNK 2.2 .15 /.14 Q Dec18 /Dec08 First Guaranty Bcshs FGBI 2.4 10.00% Dec14 /Dec08 Discount
McCormick & Co MKC 2.0 .52 /.47 Q Jan16 /Dec29 Summit Materials Cl A SUM 1.40% Dec22 /Dec08
Merck MRK 3.5 .48 /.47 Q Jan08 /Dec15 1.75 1.75 1.75 1.00 Notes on data:
STRATS Tr Allstate 2006-3 GJT 2.5 .0406 /.0389 M Dec01 /Nov30 Foreign U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Bank Of Nova Scotia BNS 3.9 .62129 Q Jan29 /Jan02 Federal funds and is effective June 15, 2017. Other prime rates aren’t directly comparable; lending practices vary
Initial Brookfield Bus Partners BBU 0.8 .0625 Q Dec29 /Nov30 Effective rate 1.1700 1.1700 1.2000 0.3500 widely by location; Discount rate is effective June 15, 2017. DTCC GCF Repo Index is Depository
Dreyfus Alcentra Glb 2024 DCF .054 Jan02 /Dec15 Telefonica ADR TEF 4.7 .23834 SA Dec27 /Dec13 High 1.3125 1.3125 1.3125 0.5625 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the
Funds and investment companies Low 1.0500 1.0000 1.1600 0.2500 DTCC GCF Repo Index are traded on NYSE Liffe US.
Amplify YieldShs Sr Loan YESR 6.3 .14026 M Dec01 /Nov30 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Bid 1.1600 1.1600 1.1700 0.3000 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Tullett Prebon
Spin Field UVA Uncons Med FFIU 2.5 .05185 M Dec01 /Nov30 Offer 1.1700 1.1700 1.1900 0.3200 Information, Ltd.
S2:1: stock split and ratio; SO: spin-off.
BANKING & FINANCE

TAX REPORT | By Laura Saunders
Royal Bank Profit
Pressed by Costs For Some States, a Bitter Pill
Of New Technology New York,
New Jersey Give and Take
BY VIPAL MONGA into higher customer-retention and Connecti- Connecticut, New Jersey, New York and Massachusetts have the largest negative
AND ALLISON PRANG rates, said Rob Bolger, the cut give more balances of payments to the federal government per resident. They also stand to
chief financial officer, in an in- per resi- lose the most per resident from repeal of state and local tax deductions.
TORONTO—Higher technol- terview. dent to Uncle
ogy spending weighed on Royal’s high spending re- Sam and receive less back $8,000 NM
Royal Bank of Canada’s fiscal flects the difficulty of keeping than any other states. Their
fourth-quarter earnings, as pace with changing technol- residents will also be hit
Canada’s largest bank by mar- ogy, said John AIken, a Cana- hardest if Republican law- WV
ket capitalization continues to dian banking analyst with Bar- makers in Congress repeal MS
AL VA
pour money into artificial in- clays. “A lot of this is trying to all or part of the deductions KY
telligence, mobile banking and make sure you’ve got your fin- for state and local taxes. HI MD
cybersecurity. gers in enough pies,” he said. The repeal of SALT—or
The bank, which this month “We’re in early stages right state and local tax—write- ME
SC
said it had been designated a now, and no one knows what offs is a centerpiece of the AR
systemically important institu- technology is going to win or, tax overhaul for both fiscal 4,000 AK
tion by the Switzerland-based really, what the technology and ideological reasons. AZ
IDMO
Financial Stability Board, re- will even look like five years Eliminating the deductions NC
TN MT VT
ported earnings of 2.83 billion out.” that individuals get for state LA OK GA States getting
OR
Canadian dollars (US$2.2 bil- For the quarter, noninterest income, sales and property RI more from
FL IN DE
lion), or C$1.88 a share, com- expenses were C$5.61 billion, taxes could raise more PA the federal
pared with C$2.53 billion, or up 5.9% from the year-earlier than $110 billion a year. NV MI OH government
C$1.65, a year ago. period. Total revenue rose 12% Supporters of SALT repeal IA KS US than they send
Analysts polled by Thomson to C$10.52 billion. The bank’s want to redeploy these funds Federal SD
Reuters were predicting profit net interest margin expanded in ways they argue will balance of WA UT WI
of C$1.87 a share. by 0.02 percentage point to boost economic growth, such payments 0 TX CO
per resident* MN CA
For the year ending Oct. 31, 1.72%. as by cutting taxes on busi- WY NE Getting less
the bank reported net income Net income in the personal nesses. They also argue that NH than they send
of C$11.47 billion, up 10% from and commercial banking unit these deductions encourage
the prior year. The results take rose 10% to C$1.4 billion. waste by blunting the pain IL
into account C$3 billion of The bank is expecting mort- of high state and local taxes. ND MA NY
gage growth to “slightly mod- In October, House Speaker CT
erate,” after new rules meant Paul Ryan (R., Wis.) told a
to curb risky lending take hold group at the Heritage Foun- NJ
C$3B
Amount Royal Bank of Canada
at the beginning of 2018, Mr.
McKay said. Some customers
pulled their borrowing ahead
to avoid the new rules, which
dation that the SALT deduc-
tion is “propping up profli-
gate big-government states.”
–4,000
$0
Note: Excludes District of Columbia

200 400
Benefit of SALT deduction per resident†
600 800
O
spent on technology on year may have helped boost the pponents of SALT re- *Based on federal fiscal 2015 data †Based on a 2016 study
mortgage business during the peal said the change Sources: Rockefeller Institute of Government (balance); Tax Policy Center (benefit of deduction) THE WALL STREET JOURNAL.
quarter, he said. would add to a burden
Net income from wealth that is already distributed fiscal 2015, concluded that 13 labor and shareholders, or Uncle Sam about $2,763
spending on technology, more management was up 24% to unevenly among states. “donor” states sent more how to reconcile differing more per resident than it re-
than 7% of revenue. The tech C$491 million. Net income for The change would “cut money to Washington per federal data sources. Mr. ceived.
spending, which included insurance and capital markets taxes for everybody else and resident than they received Boyd explained his method- Other states where resi-
opening a new AI lab in Mon- rose 16% and 21%, respec- send my constituents the in federal spending, while ology in the study. dents would be hit hardest
treal, tempered growth in tively. Investor and treasury bill,” said Rep. Dan Donovan the remaining states got “It’s a valid exercise, and by a SALT repeal are among
units like wealth management services reported a 10% de- (R., N.Y.), who represents more than they gave. it’s relatively accurate. New the largest donors, including
and personal and commercial cline in net income compared Staten Island and part of The top donor states were York and California are send- New Jersey, New York, Mas-
banking. with a year ago. Loans rose Brooklyn and voted against New Jersey, Connecticut and ing far more to Washington sachusetts, Illinois and Cali-
David McKay, the bank’s 4% to C$542.62 billion. In the House’s tax bill. “For ev- New York, while the top re- than they’re getting back,” fornia.
chief executive, who has a September, the bank increased ery dollar New York sends to cipient states were New said Stan Collender, a budget The 2016 Tax Policy Cen-
bachelor of mathematics and its prime lending rate to 3.2%, Washington, we get 81 cents Mexico, West Virginia and specialist with MSL Group in ter study took into account
computer science degree, said up one-quarter percentage back.” Rep. Donovan was re- Mississippi. Washington. the fact that the alternative
the spending is higher than point. ferring to a study unfamiliar Mr. Boyd and his staff ex- minimum tax limited the
T
the bank’s Canadian peers but The bank also announced to many. amined federal data to deter- he study’s results also benefits of SALT deductions
in line with U.S. banks such as Wednesday that group chief Originally sponsored by mine how much each state provide context for the for some filers.
J.P. Morgan Chase & Co. and risk officer Mark Hughes then-Sen. Daniel Patrick received per resident from idea that SALT deduc- Rep. Donovan and law-
Bank of America Corp. Royal would retire April 9 and would Moynihan, (D., N.Y.), the spending on everything from tions are subsidies to high- makers from donor states
Bank is unlikely to keep up be succeeded by Graeme Hep- study examines the balance federal salaries to military tax states. “What the donor don’t think this outcome is
that pace of spending, he said. worth. Mr. Hepworth will be- of payments between each contracts to Social Security states give to Washington fair and are fighting the leg-
“I think it’s at an elevated come deputy chief risk officer state and the federal govern- to Medicaid payments. Then, swamps the benefits they get islation.
level, so you will not see the Feb. 1. Mr. Hughes, who has ment. they compared that with from state and local tax de- Scott Greenberg, an ana-
same type of growth in that as held his position since 2013, The research is overseen what each state sent to ductions,” Mr. Boyd said. lyst with the nonpartisan
our revenues grow,” he said, has worked for the bank for 37 by economist Don Boyd and Washington in taxes, per res- For example, SALT deduc- Tax Foundation, disagreed.
during a conference call with years. published by the Rockefeller ident, and determined a net tions provided a benefit of He said donor states are the
analysts. During the quarter, Royal Institute of Government at positive or negative number. $802 per resident in Con- richest ones, and by design
Royal Bank has been cutting Bank completed a share-buy- the State University of New The apportionment in- necticut in 2016, according the income tax imposes
costs to help pay for invest- back program and bought back York in Albany. volved messy calls, such as to a study by the nonparti- higher marginal rates on
ments in digital technology, five million shares for C$462.8 The most recent update of deciding how corporate taxes san Tax Policy Center. The their residents who have
which have been translating million. the study, based on federal should be divided between year before, the state sent higher incomes.
Wisconsin B-School Seeks Help LSE CEO Steps Down;

Chairman to Exit in ’19
BY BEN DUMMETT the curtain down on a success-
ful tenure of close to a decade.
London Stock Exchange Mr. Rolet’s unexpected de-
Group PLC Chief Executive Xa- parture plan prompted TCI to
vier Rolet is leaving the com- argue the LSE had effectively
pany immediately and its fired Mr. Rolet under the
chairman is stepping down in “guise of succession planning”
2019, as the exchange operator and risked significant value
moves to defuse a battle over destruction. The LSE defended
MICHAEL P. KING/WISCONSIN STATE JOURNAL/ASSOCIATED PRESS
management succession with its actions, saying it had fol-

one of its largest shareholders. lowed proper governance pro-
The LSE, one of Europe’s cedures.
largest exchange operators, Dissatisfied with that re-
said Mr. Rolet is leaving now sponse, TCI called for a share-
instead of by the end of next holder vote to allow for Mr.
year as previously planned. Rolet to remain in place and to
David Warren, the LSE’s chief remove the chairman. The
financial officer, will assume hedge fund accused Mr. Bry-
the additional role of CEO un- don of presiding over bad cor-
til a successor is appointed. porate governance by using
Meanwhile, LSE Chairman the LSE’s confidentiality
Donald Brydon indicated for agreement with Mr. Rolet to
the first time he wouldn’t seek prevent shareholders from re-
re-election at the annual gen- viewing the board’s actions.
eral meeting in 2019. The LSE said it still would
The moves mark a mixed hold a shareholder meeting if
result for U.K. activist investor TCI doesn’t withdraw its re-
Wisconsin School of Business firmed the school’s commitment program that in October admin- degree to its admissions staff. TCI Fund Management Ltd. quest, but Mr. Rolet made it
administrators are calling on to the full-time master’s in istrators were weighing The school is currently accepting The London-based hedge fund clear he has no plans of trying
students and alumni to help business administration degree whether to discontinue. applications for the class of headed by Christopher Hohn to return to the exchange. “I
fund and recruit future M.B.A. in an email sent to alumni this In the email, the dean invited 2020. has failed in his efforts to keep will not be returning to the of-
classes after reversing course on week that was reviewed by The the school’s network of roughly A school spokesman said Mr. Rolet in the top job be- fice of CEO or director under
a plan to suspend admissions to Wall Street Journal. The mis- 42,000 alumni to recommend administrators were beginning to yond next year. TCI, which any circumstances,” he said.
its program last month. sive outlined steps the school friends, family and colleagues develop a strategic plan for its owns about 5% of the LSE,
Dean Anne Massey reaf- has taken to strengthen the who may be interested in the business programs. also pushed for Mr. Brydon to
step down.
In a statement, the LSE said
Mr. Brydon and the board
Dollar Finds Footing, but Gains Are Tempered agreed it was in shareholders’
interest for a change in chair-
man to steer the company’s
BY DANIEL KRUGER On Wednesday, the WSJ estimated by the nonpartisan faster expansion could boost future performance.
FACUNDO ARRIZABALAGA/EPA/SHUTTERSTOCK
Dollar Index, which tracks the Congressional Budget Office. pressure for higher wages and Mr. Hohn couldn’t be
The dollar edged up against currency against 16 others, The dollar was also sup- lead the Fed to raise interest reached to comment.
a basket of currencies as data rose less than 0.1%, to 86.72. ported by optimism for a Re- rates at a faster pace, he said. The LSE faced pressure to
showed the U.S. economy is The U.S. currency gained publican tax-overhaul bill, “If you run the economy resolve the conflict as it tries
running at 0.4% against the yen to which will be voted on by the hot, you’re going to get some to navigate the uncertain fall-
CURRENCIES its full po- ¥111.93 from ¥111.48 on Tues- full Senate after passing inflation pressure,” Mr. Katz- out of Britain’s exit from the
tential for day. through the Budget Commit- ive said. European Union and seeks to
the first The U.S. economy expanded tee Tuesday. Higher interest rates typi- ensure the stability of the ex-
time in a decade. at 3.3% in the third quarter, The bill could boost growth cally attract yield-seeking in- change operator’s global de-
The gains were muted as according to a revised assess- by about 0.5%, said Daniel vestors to a currency in rivatives-clearing operations.
investors look for signs the ment by the Commerce De- Katzive, a currency strategist search of higher returns. The LSE said last month
Federal Reserve will follow its partment released Wednesday, at BNP Paribas SA. Against other major cur- that Mr. Rolet, 57 years old,
projected course of interest- slightly above the maximum With unemployment al- rencies, the dollar fell against would leave the company at Xavier Rolet exits the exchange
rate increases. sustainable level of output as ready at a 17-year low of 4.1%, the euro and British pound. the end of next year, bringing operator ahead of schedule.
THE WALL STREET JOURNAL. * * * * Thursday, November 30, 2017 | B13
MARKETS
OPEC Meeting Has Oil Traders on Edge

Prices could drop in a Traders are worried that Rus-
sia could derail a deal by push-
hurry if big exporters ing back against plans to ex-
don’t agree to extend tend cuts through the end of
2018.
their production cuts With the length and terms
of the extension unclear, ana-
BY STEPHANIE YANG lysts warn that energy markets
AND GUNJAN BANERJI will likely be volatile leading
up to and after the meeting.
The oil market is confront- “We believe that the out-
ing a make-or-break moment come of this meeting is much
as traders gauge whether ma- more uncertain than usual,”
jor producers will come analysts at Goldman Sachs
through on an expected deal to Group Inc. wrote in a note
continue curbing output Monday. “We view risks to oil
through the end of next year. prices as skewed to the down-
One year side this week.”
LEONHARD FOEGER/REUTERS
COMMODITIES after OPEC Prices and positioning al-
reached a ready reflect a high probability
historic of a nine-month extension, the
agreement with other major analysts said.
oil producers to limit oil pro- Even if investors are en-
duction, the market is showing couraged by OPEC’s announce-
signs of recovery. Oil prices ment on Thursday, prices
have surged to the highest lev- could still retreat. On May 25, Russia Energy Minister Alexander Novak, left, and Saudi Arabia’s Energy Minister Khalid al-Falih are seen at OPEC’s May meeting.
els in more than two years. OPEC agreed to continue cut-
And traders and investors are ting back supply. Yet oil prices Banks Project Rise ber survey. The banks expect The deal, clinched late last oversupply and low prices. Ac-
wagering that prices could fell almost 5% that day. West Texas Intermediate, the year and currently set to expire cording to Société Générale, de-
climb further if the deal is ex- Oil prices have advanced in In Prices for 2018 U.S. oil gauge, to average $53 a in March, has helped drain mand for crude is expected to
tended when the group meets the past year, and bullish spec- barrel in 2018, also up $2 from bloated stockpiles of crude run above historical averages,
this week in Vienna. ulative bets have reached re- the previous survey. around the world. growing by 1.5 million barrels a
Since right before the No- cords in both the U.S. and LONDON—Banks raised their Further out, the banks in This, along with strong de- day this year and next, as both
vember 2016 agreement to cut Brent markets. oil-price forecasts for the sec- the survey predict Brent will mand for crude from an ex- developed and emerging mar-
supply by 1.8 million barrels Futures positions indicate ond month in a row in Novem- average $58 a barrel in 2019 panding global economy, has kets register strong economic
from peak October levels, Brent, speculators see oil prices ris- ber amid mounting expecta- and $60 a barrel in 2020. helped fuel a price rally in re- growth.
the global benchmark for oil, ing after the meeting. Net long tions that OPEC and other big The Organization of the Pe- cent months. But with prices having re-
has jumped 36% to $63.11 a bar- positions—or bets that crude producers will reach a deal to troleum Exporting Countries’ 14 “The fundamental starting cently rallied to their highest
rel through Wednesday. West prices will rise—held by spec- support the market. members and other major sup- point for the 2018 outlook has level since 2015, OPEC’s output-
Texas Intermediate, the U.S. ulative investors recently A poll of 14 investment pliers including Russia are ex- become more bullish,” said Mi- cutting coalition has come un-
reference price, has increased reached a record for Brent, banks surveyed by The Wall pected to extend their agree- chael Wittner, chief oil analyst der pressure to deliver.
more than 26% to $57.30 in the data from Intercontinental Ex- Street Journal near the end of ment to withhold about 2% of at Société Générale. “Market expectations have
same period. change show. Net bullish bets November predicted that Brent global oil supply from the mar- OPEC’s deliberations come given OPEC and its allies little
But prices have retreated on U.S. oil also hovered near crude, the international bench- ket by nine months. The pro- at a pivotal moment for the oil choice but to extend the deal,”
this week as doubts emerge highs. mark, will average $56 a barrel ducers meet in Vienna on market, which has started to said Hamza Khan, head of com-
over whether the agreement Should OPEC disappoint next year, up $2 from the Octo- Thursday. rebalance after three years of modities strategy at ING Bank.
will come together on Thurs- and prices slump, the unwind-
day. Analysts have said contin- ing of such positions could add
ued cuts are necessary to help to volatility in the oil market. to WTI are more heavily
the Organization of the Petro- Since last November, a traded than Brent on the ex- Optimism Before OPEC
leum Exporting Countries closely watched indicator has change. Oil prices have been rising as OPEC prepares to meet, reflecting expectations producers will extend output
achieve its goal in bringing in- flipped to signal the supply Traders also have been tar- cuts. Some traders say prices could fall if there is no such agreement.
ventories back to the five-year glut may be easing. In 2016, geting options that pay out if Net bullish bets by speculators
average. Stockpiles have fallen prices for oil delivered in the Brent prices hit anywhere from Brent crude prices in the run-up to OPEC meeting have climbed.
closer to that level since the future were higher than spot $70 to $80, with expirations on
initial decision to cut supply. prices. But this year, oil for the contracts spanning be- $70 a barrel 600 thousand contracts
Several members of the immediate delivery has between June and December of 2016 2017
original agreement have indi- come more expensive than for next year, said Thomas Reilly, a 65 2017 500
cated their intentions to stick delivery in the future—a rela- broker at New Jersey-based
with the deal. tionship that signals high de- SCS Commodities Corp. 60 400
Saudi Arabia, OPEC’s largest mand and discourages traders Still, interest in bullish op-
oil producer, has spoken out from keeping crude in storage. tions tied to the $100 mark 55 300
strongly in favor of extending Bullish options positions isn’t anywhere near where it
the cuts past the current expi- have ramped up. The number was in past years, he said. 50 200
ration in March 2018. But Rus- of bullish bets that pay out if But anticipation is high this
sia remains the biggest con- Brent hits $100 a barrel next year that OPEC will extend 45 100
cern for investors. On year—roughly 60% above its cuts, Mr. Reilly said. “If we 2016
Wednesday, Russia’s energy current price—have jumped don’t get that, you’ll see this
40 0
minister said the agreement ahead of the OPEC meeting, market drop a few dollars.”
should be extended but de- according to data from CME —Christopher Alessi September October November Sept. Oct. Nov.
clined to say for how long. Group, though contracts tied contributed to this article Source: WSJ Market Data Group (prices); Intercontinental Exchange (futures) THE WALL STREET JOURNAL
Treasurys Alibaba’s
Fall After Debt Sale:
Strong Data
BY AKANE OTANI
$7 Billion
BY MANJU DALAL
U.S. Treasurys pulled back AND JULIE WERNAU
Wednesday, weighed down by
a fresh batch of solid eco- Chinese e-commerce com-
nomic data and signs of prog- pany Alibaba Group Holding
ress on a tax-overhaul bill. Ltd. sold $7 billion in U.S.-dol-
The yield on lar bonds, its second visit to
CREDIT the benchmark the debt markets in three
MARKETS 10-year U.S. years.
Treasury note The company on Wednes-
settled at day sold bonds with maturi-
CRAIG F. WALKER/BOSTON GLOBE/GETTY IMAGES
2.376%, compared with 2.338% ties ranging from 5.5 years to

Tuesday. Yields rise as bond 40 years, according to people
prices fall. who participated in the deal.
Bond investors have con- The deal is the biggest off-
tended with several develop- shore dollar-bond issue from
ments this week that have Asia this year and the second
damped demand for assets largest in history, according to
that many consider to be ha- data provider Dealogic.
vens. Economic data have Alibaba sold the bonds in
largely been upbeat: U.S. eco- five parts, with maturities
nomic growth in the third ranging from 5.5 years to 40
quarter was stronger than ear- years. The 10-year bonds that
lier thought, the Commerce A robotic arm is used to decorate a cake at an Autodesk ‘Build Space’ site in Boston. The company’s shares fell 16% on staff cuts. mature in 2027 demanded an
Department said Wednesday, additional 1.08 percentage
Financial, Tech Stocks Go Own Ways

with corporate profits re- points over Treasurys. The
bounding in the summer and yield on the 10-year Treasury
business investment in soft- note settled at 2.376% on
ware and equipment picking Wednesday.
up more than economists pre- BY AMRITH RAMKUMAR backdrop is still favorable for Its planned bond issue
viously estimated. AND RIVA GOLD Diverging technology stocks. “ comes as the cost of borrow-
The data followed a Tues- Shares of big banks extended gains Wednesday, while highflying The S&P 500 fell 0.97 point, ing is rising for some Asian
day report from the Confer- The two biggest slices of the technology companies posted their biggest decline in months. or less than 0.1%, to 2626.07. companies, following a recent
ence Board showing U.S. con- S&P 500—technology compa- The Dow Jones Industrial Aver- selloff. However, Alibaba is
sumer confidence climbing to nies and financial firms— 6% age rose 103.97 points, or 0.4%, also raising the money ahead
a 17-year high. played tug of war with the to a record 23940.68, while the of an expected rise in U.S. in-
Performance, in five-minute intervals
Lawmakers have also made broader index Wednesday. 4 Nasdaq Composite—heavily terest rates next month. Rate
some progress on a closely Banks weighted with tech compa- increases usually drive up
watched Republican tax bill WEDNESDAY’S h a v e KBW Nasdaq Bank Index nies—declined 87.97 points, or bond yields, forcing issuers to
that proponents argue will MARKETS helped lead 2
S&P 500 technology sector 1.3%, to 6824.39. pay a higher interest rate on
boost growth. The Senate Bud- s t o c k s Chipotle Mexican Grill ad- debt offerings.
get Committee approved the higher this 0 vanced $16.13, or 5.6%, to The company sold $8 bil-
tax measure Tuesday, paving week, with investors saying the $301.99, after the company lion in bonds in 2014.
the way for a vote on the full sector is benefiting from ro- said founder Steve Ells would The announcement of the
Senate floor this week. bust economic growth around –2 step down as chief executive as bond issue’s terms follows two
A tax overhaul could send the world, gradually rising in- the chain continues to struggle days of road shows with inves-
bond yields higher, analysts terest rates and the prospect of with food-safety concerns that tors across Asia, Europe and
–4
have said, in part by expand- tax cuts. The S&P 500’s finan- have spooked customers. the U.S. On a conference call
ing the federal budget deficit, cial sector rose 1.8% to its Monday Tuesday Wednesday Design-software provider with investors Monday, Ali-
which would push the govern- highest level of the year Source: FactSet THE WALL STREET JOURNAL. Autodesk fell 20.61, or 16%, to baba indicated the proceeds of
ment to sell more bonds. Wednesday. 109.34, following the firm’s an- the new bonds could be used
Still, some investors and At the same time, investors tor in the S&P 500, accounting a friendlier investment land- nouncement that it would cut for acquisitions in growth ar-
analysts think that demand for pulled back from tech compa- for nearly a quarter of the in- scape for financials,” said Mi- 13% of its workforce. eas such as physical retail and
Treasurys is likely to remain nies, which have gotten pricier dex’s value as of the end of last chael Hans, chief investment At midday Thursday, Japan’s logistics assets. More than half
strong. While economic as they fueled this year’s run- month—slid 2.6% in its worst officer at Clarfeld Financial Nikkei 225 was down 0.1%, of the new bonds are likely to
growth has been solid, infla- up in stocks. day since early June. Advisors. Mr. Hans added, while Hong Kong’s Hang Seng be sold to non-Asian investors,
tion has been muted. Technology—the largest sec- “It’s a bit of a shift toward however, that the earnings Index was down 1.1%. mostly in the U.S.
B14 | Thursday, November 30, 2017 * * THE WALL STREET JOURNAL.
MARKETS
Surging Tech Stocks Are Knocked Back
Strong earnings growth at U.S. technology companies has helped support the stock market. But a decline in tech
Sector’s shares slide well as a weaker U.S. dollar,
have helped lift profits at
as investors turn wary shares Wednesday highlighted how popular trades can be susceptible to sharp pullbacks. many multinationals this year,
S&P 500 earnings,
and seek to lock in S&P 500 technology sector, daily percentage change change from year earlier
both in the technology sector
and elsewhere.
the year’s huge gains 3% 15% The global economy is on
course for its best year since
BY AKANE OTANI 2 10 2010, the Organization for
Economic Cooperation and
Investors abruptly dumped 1 5 Development said Tuesday.
technology and internet stocks The gains have helped U.S.
Wednesday, a sign of vulnera- 0 0 stock indexes continue climb-
bility in a sector that has en- ing to records, with the S&P
joyed a steep rise this year. –1 –5
500 jumping Tuesday to its
The S&P 500 tech sector 56th record close of the year.
shed 2.6%, posting its third- Even after a batch of solid
–2 –10
biggest one-day decline of the earnings reports, some inves-
year. Facebook Inc. dropped tors worry that wagers on
4%, Apple Inc. fell 2.1% and –3 –15 Quarterly technology stocks may have
chip maker Nvidia Corp.— J F M A M J J A S O N 2016 ’17* been overdone, as indicated by
which was up 97% for the year Wednesday’s selloff.
heading into Wednesday’s ses- The S&P 500 technology
sion—slid 6.8%. Year-to-date performance Third-quarter earnings sector had risen 36% this year,
Some investors had ex- 60%
Facebook Apple Alphabet S&P 500 for S&P 500 sectors, jumping past the broader in-
pressed concerns that the change from year earlier† dex’s 17% gain. That would
50
sector looked overvalued, Technology mark tech’s best annual perfor-
and Wednesday’s selling bore 40 19.9% mance since 2009.
the hallmarks of investors 30 Materials For the sixth time in 2017,
eager to lock in gains from a 10.6 fund managers said betting
20
group that has led the stock- Real estate that the Nasdaq Composite—
market rally this year. Still, 10 which is weighted heavily to-
8.5
technology shares have been 0 ward technology stocks—
Health care
volatile in the past, and ana- J F M A M J J A S O N would rise was the most
6.8
lysts and traders said it crowded trade out there, ac-
wasn’t surprising that a sec- Consumer staples cording to a Bank of America
tor that has doubled the per- 2.5 Merrill Lynch survey con-
Nasdaq Composite's 12-month trailing price/earnings ratio
formance of the S&P 500 in Consumer discretionary ducted Nov. 3 to Nov. 9. Some
80
2017 would be prone to occa- 0.3 investors worry that popular
sional swings. Telecom trades are prone to sharp re-
60
“Is there panic? Absolutely 0.2 versals if sentiment shifts.
not,” said Jonathan Corpina, Valuations also have ticked
40 Industrials
senior managing director at 0 up, making the tech-heavy
Meridian Equity Partners, of Nasdaq Composite look pricier
Wednesday’s selling. “To have 20 Utilities than it did in years past.
any real conviction, we’re go- –4.0 Wednesday isn’t the first
ing to need to have to see if 0 Financials time that tech and internet
there’s any follow-through.” 1997 2000 2010 –8.3 stocks suddenly tumbled. In
One factor that has contin- June, Apple shed 3.9% in a day,
ued to give investors confi- *3Q figure is a blend of reported results and analyst estimates; 4Q figures are based on estimates. †Excludes energy, which has a growth rate of more than 100% as it rebounds from a contraction. and Nvidia fell 6.5% in a broad
dence in technology stocks: Sources: FactSet (S&P 500 and stocks); Thomson DataStream (Nasdaq) THE WALL STREET JOURNAL. tech selloff. The same trend
The group is driving the S&P materialized in September.
500 toward its fifth consecu- 500 companies having re- on track to post the fastest quarter, thanks in part to us- the latest quarter as its grow- “These things kind of just
tive quarter of earnings ported their results for the pace of earnings growth of the ers clicking on more ads on ing cloud-computing business tend to feed on themselves,”
growth. latest quarter, the technology 11 sectors in the S&P 500—be- smartphones, its search-en- helped offset a slowdown in said Ian Winer, head of equi-
Third-quarter profit gains sector is expected to post 20% sides energy, where earnings gine results and at the begin- its Windows PC operating-sys- ties trading at Wedbush Secu-
have been broad, spanning growth in earnings from the have rebounded with oil prices ning of YouTube videos. tem franchise, while chip rities. “It feeds on itself on the
companies from industrial year-earlier period, according in 2017. Results at older companies maker Intel Corp. posted earn- way up, it feeds on itself on
stalwarts such as Caterpillar to FactSet, trouncing the Google parent Alphabet have encouraged investors, ings and revenue that beat an- the way down.”
Inc. to oil-and-gas giant broader index’s expected Inc., shares of which are up too. alysts’ expectations. —Chris Dieterich
Exxon Mobil Corp. earnings-growth rate of 6.4%. 31% in 2017, reported that Microsoft Corp. reported A pickup in economic and Amrith Ramkumar
But with all but a few S&P The results have put tech profit surged 33% in the third that revenue jumped 12% for growth around the world, as contributed to this article.
Email: [email protected]
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Why Tax-Cut Winners Are Losing OVERHEARD Some Stocks

The Republican tax plan right now. The top 10 compa- Plenty of foreign compa-
Flip Script
has a greater chance than
ever to pass. Why aren’t
stocks of companies that
A Big Year
Performance, year to date
nies in the S&P 500 Value in-
dex, which includes shares of
companies that count as in-
nies have been tripped up by
poor marketing when enter-
ing China. For example, Mer-
On Big Tech
would benefit most doing 20% expensive on a variety of val- cedes-Benz initially marketed The rubber band snapped
better? S&P 500 uation measures, have a me- itself as “bensi” which, in back. A wave of selling hit
Many of the stocks that 15 Russell 2000 dian tax rate of about 28%, Mandarin, means “rush to technology stocks Wednes-
rallied hardest after Presi- according to FactSet. The top die,” according to Inc. Maga- day after their big runup,
dent Donald Trump’s election 10
10 companies in the S&P 500 zine. while nontech stocks that
paid the highest tax rates. Growth index have a median The company that hopes had been left behind rallied.
Small-cap companies, which tax rate of 25%. to be the first Chinese auto The Nasdaq 100 Technol-
investors thought had the 5 But this has been a year maker to offer its brand to ogy Sector Index that con-
most to gain from a tax cut, investor preferences have U.S. motorists has plenty of tains all of the industry’s big-
rose nearly three times as 0 tilted toward growth. With time to decide on a brand gest names fell by more than
much as large caps. rising costs threatening to name, but Guangzhou Auto- 3% Wednesday after rising
Since then, small caps cut into companies’ profits, mobile Group said last week by more than 40% this year.
–5
have underperformed, as shares of those seen as able that it has yet to reach a de- There was no specific
have a variety of tax-reform J F M A M J J A S O N to consistently deliver strong cision. By sheer coincidence, company news, but it was a
portfolios strategists have Source: WSJ Market Data Group THE WALL STREET JOURNAL. sales and earnings gains—a its name in English is day for doubts to creep in
put together. Some investors group epitomized by Ama- “Trumpchi.” about frothy assets every-
have seen that as evidence of Whatever the chances of tax- the shares of companies that zon.com, Apple, Google par- The scientific method of where. Bitcoin, the red-hot
market skepticism over plan success were before the would win big under a tax ent Alphabet and Face- choosing a name might be cryptocurrency that started
whether tax reform was October Senate budget deal cut probably lie elsewhere. book—have been the stock- checking Gallup’s list of most the year worth around
likely to pass. And on Tues- that paved the way to a $1.5 One is where they make market standouts. admired men and women, but $1,000 cracked the $10,000
day, when the Senate Budget trillion tax cut, they should their money. Small-cap Investors have essentially dubbing their vehicle the mark overnight and then
Committee voted to advance be higher now. But small stocks get far more of their bet that bigger gains can be “Obama,” top of the latest $11,000 in early trading be-
its tax measure to the Senate caps are merely even with revenue domestically than made owning these rapidly list, would be nearly as con- fore sinking to nearly $8,500
floor, small caps outpaced the large-cap S&P 500 since the multinationals that domi- growing giants than the troversial. within hours.
the benchmark S&P 500. then. And the shares of S&P nate the S&P 500. In a year stocks that would benefit They could go for the first Yet the day’s trading ac-
But a closer look suggests 500 companies that have economic growth overseas most from tax cuts. Unless person on the list who isn’t a tion wasn’t a classic risk-off
that the performance of specifically endorsed the has ramped up and the dollar that changes, the big pops current or former politician. moment. Many of the non-
small caps reveals less about Senate’s tax bill have under- has weakened, that has been that investors were expect- Will we be seeing the Pope- tech companies that rallied
the tax plans’ prospects than performed, according to re- a strike against them. ing from a tax cut may be mobile hit the streets in share two things in common:
it does about the environ- search firm Strategas. Another is the kind of minimal. 2019? They had been doing as
ment they are operating in. The bigger problems for stocks that investors favor —Justin Lahart poorly as tech stocks had
been doing well, and they are
perceived to be vulnerable to
Will a Shortage of Cobalt Kill Electric-Vehicle Makers? the rise of Amazon.com. For
example, retailer Bed, Bath
& Beyond rallied by as much
Wedged between iron and cit in supply that will worsen, els—about as much as that of pigments industry, are as 8.5% after being down by
nickel on the periodic table, Pedal to the Metal is up 162% this year. aluminum or plastic per ve- searching for alternatives. 46% year to date through
cobalt has suddenly emerged Price of cobalt US 99.8% “I don’t think automobile hicle—mother necessity is Meanwhile, some batteries, Tuesday and sporting-goods
as the electric-car killer. manufacturers are as con- calling. such as a design by Tesla, chain Foot Locker rallied as
The once-obscure metal, a $30 a pound cerned about price as avail- Like cobalt, rare earths use less of the metal. Lower- much as 7% after having
critical part of batteries, has ability,” says George Heppel, aren’t so rare. China’s move performing batteries use been down by 42%.
nearly tripled in price since 25 a consultant at materials re- to restrict exports in 2010 none at all, and those batter- Amazon was down nearly
last summer as concerns search firm CRU Interna- exacerbated the perceived ies’ capabilities may improve 3% by the afternoon even as
20
grow about whether there tional who says the shortage shortage, sending the prices with technological tweaks. the company was unveiling
will be enough cobalt to 15
could peak in 2021. of some varieties up 10-fold. Supply will react, too. the latest additions to its
meet demand. But the dreaded shortage Companies such as Moly- Companies that operate cop- rapidly growing cloud service
The ingredients for a 10 of cobalt is a bit more com- corp, Rare Element Re- per and nickel mines, where and boasting of record sales
shortage are there: Output is plicated than industry pro- sources and Quest Rare cobalt is co-produced, are during Cyber Monday.
concentrated in the politi- 2016 ’17 jections would suggest. As Mineral, which all had some targeting expansion, and The Nasdaq Composite is
cally unstable Democratic Source: CRU International anyone who remembers the connection to reserves, saw there are some pure-play co- now averaging 23 times for-
Republic of Congo and refin- fears around rare earth met- their shares surge based on balt mines being planned ward earnings—its highest
ing is dominated by China. hitting $30 a pound, investors als will agree, high prices supposedly rosy prospects. that could start producing multiple in at least 10 years.
Demand is set to soar as have poured into shares of have a way of boosting sup- Since then, all have lost shortly after the projected That isn’t a reason to flee
companies from Tesla to companies that mine or own ply and reducing demand. nearly all of their value. shortage hits. For electric ve- the sector, but investors
Volkswagen ramp up produc- rights to the metal. Canada’s With the cost of cobalt alone Already, Mr. Heppel ex- hicles, this looks more like a looking to lock in some prof-
tion of electric vehicles. Cobalt27 Capital, which be- having risen to over $800 for plains, other users of the speed bump than a cliff. its clearly didn’t need much
With the price of cobalt lieves there is already a defi- some leading electric mod- metal, for example in the —Spencer Jakab of a push. —Dan Gallagher

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WHAT WILL TIGHTER SECURITY MEAN FOR YOU?

faces big challenges. Specific results of the tests are classified,

LIFE & ARTS

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