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Put Your Data Happy Aftershocks

From the Caucuses
Plan on a Diet
PERSONAL JOURNAL | D1 OPINION | A10
* * * * * * WEDNESDAY, FEBRUARY 3, 2016 ~ VOL. CCLXVII NO. 27 WSJ.com HHHH $3.00
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What’s
IOWA VOTE
The Battleground
The Battleground Shifts Shifts
Iowa's voting pool looks much different than those in states that
Democrats
News Battle Over
come next in the presidential nominating process. Republican
caucus winner Sen. Ted Cruz and Sen. Bernie Sanders, who nearly
won among Democrats, have a challenging road ahead.
Party’s Vision
Business & Finance CLINTON 49.9% DEMOCRATS SHARE OF LIBERALS
Iowa is more liberal 68%
IOWA
than states that vote
ahoo signaled a possi-
Y ble sale of its Web prop-
erties, saying it would explore
soon, reducing
Mr. Sanders's
NEW HAMPSHIRE 56
advantage with SOUTH CAROLINA 44
strategic alternatives and cut that group. BY LAURA MECKLER Then she’s not a progressive.”
about 15% of its workforce. A1 SUPER TUESDAY AVG. 45 For her part, Mrs. Clinton fre-
Hillary Clinton’s razor-thin quently describes herself as a
China National Chemical
win over Sen. Bernie Sanders in “progressive who gets things
is nearing a $43 billion deal SANDERS 49.6% NONWHITE VOTERS Iowa is magnifying a battle done.”
for Syngenta, marking one Iowa has a relatively 9% among Democrats over whether On issue after issue, Mr.
of China’s most ambitious low number of they should emphasize idealism Sanders sees a more robust role
overseas takeover efforts. A1 non-white voters. But 5 or pragmatism. for government than Mrs. Clin-
The Dow slid 295.64 more racially diverse As the Democratic presiden- ton does, and he calls for signifi-
points and U.S. oil futures electorates in future 57 tial race moved on to New cant new taxes and programs to
fell sharply as a global re- states could ultimately Hampshire on Tuesday, both address what he considers un-
treat from risk intensified. C1 benefit Hillary Clinton. 33 candidates signaled that they met needs. Enacting his agenda,
would press their cases in the he says, will require a “political
Exxon posted its weakest
ideological clash over the direc- revolution’’ in which Americans
annual results in over a de- CRUZ 27.6% REPUBLICANS EVANGELICAL CHRISTIANS tion of the party. demand change so loudly that
cade and BP had a $5.2 bil-
Evangelical Christians IOWA 64% In Keene, N.H., on Tuesday, Congress cannot ignore them.
lion loss, hit by oil’s slump. B1
in Iowa backed Mr. Mr. Sanders was asked In Mrs. Clinton’s view, a more
The U.S. and EU reached Cruz, but he may need N. H. 22 whether Mrs. Clinton is a pro- targeted and in some cases more
a deal on a data-transfer to improve his showing gressive. “Some days,” he re- Please see DIVIDE page A5
policy after the U.S. agreed among non-evangelicals SOUTH CAROLINA 65 plied. “Except when she an-
to privacy assurances. B1 to win future states. SUPER TUESDAY AVG. nounces she’s a moderate. Election 2016......................... A4-5
55
Chipotle said quarterly
New Risks for Trump

net fell 44%, as the chain
moves to revive its fortunes TRUMP 24.3% CONSERVATIVES
after E. coli outbreaks. B1 Few states top Iowa’s
85%
After Defeat in Iowa

Amazon plans to open share of ‘very
as many as 400 bookstores, conservative’ voters. 53
the CEO of mall operator More-centrist states
General Growth said. B1 could prove tougher 68
for Mr. Cruz.
Valeant and Turing 64
MILFORD, N. H.—Beaten in ture from recent Iowa GOP
boosted prices of newly ac- Note: Exit polls not available for all Super Tuesday states Iowa but unbowed, Republi- winners, who lacked the fi-
quired drugs to meet preset Sources: National Election Pool exit polls conducted by Edison Research
RUBIO 23.1% THE WALL STREET JOURNAL.
can Donald Trump re- nancial resources to build on
profit targets, congressio- (Iowa 2016); 2008/12 exit polls via CNN and NBC (others)
turned Tuesday to the state their victories and win the
nal investigators wrote. B4
that has served as his cam- nomination.
Starboard Value has The businessman also has
taken a 6.7% stake in Mar- By Beth Reinhard, seen his own stature dimin-
vell, a beleaguered semi- Janet Hook ished after failing to meet ex-
conductor company. B3 and Heather Haddon pectations in Iowa, where he
led in most polls in the days
UBS said its wealth-man-
JEFF STORJOHANN/ASSOCIATED PRESS
paign home base facing a new before Monday’s balloting.

agement unit saw $3.3 billion
set of challenges in what is And a new threat is emerging
in outflows last quarter and
likely to be a must-win pri- with the rise of Marco Rubio
issued a gloomy forecast. C2
mary. in the candidate pack. The
Iowa winner Ted Cruz ar- Florida senator finished third
World-Wide rived in New Hampshire in Iowa, just one percentage
Tuesday with momentum, point behind Mr. Trump.
money and a tested voter- Mr. Trump must now de-
Clinton’s razor-thin win turnout machine—one strong cide whether he is willing to
over Sanders in Iowa is enough to force Mr. Trump invest more of his own money
magnifying an ideological Republican party volunteers counting votes during a caucus in Carroll, Iowa, on Monday. into a second-place caucus into his campaign. He is cur-
battle among Democrats. finish. That is a sharp depar- Please see GOP page A4
Trump, meanwhile, faces
new challenges after his
China Yahoo Mulls Breakup as Losses Grow

second-place finish to Cruz
and Rubio’s rise. A1, A4-5
The EU outlined a possi-
ble deal on U.K. Prime Min-
ister Cameron’s demands
for a changed British rela-
Bids for BY DOUGLAS MACMILLAN
AND DANA MATTIOLI
Tumblr blogging site.
Yahoo’s move to mull its
expressed interest in purchas-
ing parts or all of the business,
portion of its roughly $27 bil-
lion market value to its stakes
tionship with the bloc. A6
An Islamist rebel leader
Industrial Yahoo Inc. has effectively
hung a for-sale sign on its Web
options, confirming a report
earlier Tuesday by The Wall
Street Journal, sets the stage
people familiar with the mat-
ter said.
Yahoo’s next step may be to
in Alibaba Group Holding Ltd.
and Yahoo Japan. Brian Wi-
eser, an analyst at Pivotal Re-
said he would accept a polit-
ical solution to end the Syria
war, as the U.N. struggled to
Might properties, signaling the possi-
ble end of a 20-year run by an
Internet icon.
for a possible bidding war be-
tween a wide range of poten-
tial buyers. About 1 billion
initiate a formal sale process,
which entails setting up a vir-
tual data room detailing the
search LLC, estimates Yahoo’s
core business, excluding the
Asian assets and its cash, is
get negotiations going. A6 The company on Tuesday people a month travel collec- company’s business metrics, worth around $3.4 billion.
China is pursuing one of its said it would explore “strate- tively to Yahoo’s home page, and proactively reaching out A sale process would also
Defense chief Carter said
most ambitious overseas take- gic alternatives” as part of a email and other sites, making to the most likely potential likely mark the end of Chief
the U.S. would direct more
over attempts yet, as China restructuring that will elimi- them an attractive asset to buyers. Or the board could Executive Marissa Mayer’s at-
funds to tackle challenges
National Chemical Corp. nears nate roughly 15% of its work- media conglomerates such as choose to wait until a suitor tempt to turn around Yahoo.
from Russia and China, as well
an agreement to buy Swiss force. The announcement came Wall Street Journal owner approaches them with an offer, Costs have risen, while reve-
as the battle against ISIS. A3
alongside a dismal fourth- News Corp and IAC/Inter- at which point it would weigh nue has shrunk in the 3½
A Zika case in Texas was By Rick Carew, quarter report card in which ActiveCorp, telecom giants in- that against any counteroffers. years since she took the reins.
attributed to sexual contact. Shayndi Raice Yahoo took a $4.5 billion cluding Verizon Communica- Estimating the value of Ya- Fourth-quarter revenue ex-
Drug firms are starting early- and Eyk Henning charge to write down the value tions Inc. and private-equity hoo’s business is difficult, be- cluding commissions paid to
stage vaccine research. A3, B3 of businesses including its firm TPG—all of which have cause investors ascribe a large Please see YAHOO page A8
pesticide and seed giant Syn-
Obama and Ryan both
genta AG for roughly $43 bil-
favor expanding the earned
income tax credit to in-
lion, according to people famil-
iar with the matter.
In Myanmar, Elected Officials Global Retreat From Risk
clude childless workers. A2
A GOP lawmaker plans to
These people said an agree-
ment between the two compa-
Head to the Dorms Performance this year Yield on the 10-year
Treasury note
unveil legislation to dramati- nies could be announced as i i i
cally reshape the nation’s air- soon as Wednesday, but also 0% 2.4%
traffic-control network. A3 cautioned that talks could still New members of parliament live in
fall apart. If an agreement is Dow
The White House de-
nounced North Korea’s plan
reached, it would be just the modest rooms; ‘life as a college student’ 7.3%
start of what could be a
to launch a satellite, saying it
fraught process gaining gov-
would be a provocation. A12
ernment and regulatory ap- BY SHIBANI MAHTANI try’s fresh intake of lawmakers –10 2.2
The FBI has joined a proval around the world, in- after the first democratic elec-
probe into the water con- cluding in the U.S., the home of NAYPYITAW, Myanmar— tions in decades are finding
tamination in Flint, Mich. A2 a sizable portion of Syngenta’s Myanmar’s remote capital was that their accommodations
seed and crop-spray business. built in part as a aren’t quite as re-
CONTENTS In the Markets....... C4 A deal would also mark a tribute to the splendent.
Arts in Review...... D5 Opinion................. A9-11
Business News.. B1-6 Property Report C6-8
fresh height for China’s deal- country’s ancient “Life as a mem- –20 2.0
Crossword................. B6 Sports.......................... D6 making ambitions as its gov- royal rulers. The ber of parliament
Global Finance........ C3 U.S. News.............. A2,3 ernment seeks to steer a slow- name Naypyitaw is just like life as a Nymex
Heard on Street. C10 Weather..................... B6 ing economy and build up its means “The Abode college student,”
Home & Digital D2-3 World News.. A6,7,12
agricultural capabilities to feed of Kings,” and it said Khin Maung
crude oil
a more affluent populace. comes with an Soe, a new mem- 20% 1.864%
> The global agricultural and 840-acre parlia- ber of parliament, –30 1.8
chemicals industries have been ment complex and NLD member sitting by a dormi- Jan. Feb. Jan. Feb.
reshaped in recent months by 20-lane highways tory bed lined
Sources: Ryan ALM (Treasurys); WSJ Market Data Group
deals, initiated by U.S. seed gi- snaking past a presidential pal- with a thin foam mattress cov-
ant Monsanto Co.’s unsuccess- ace. ered with printed fabric from ON EDGE: Investors around the world sold stocks, driving down
s Copyright 2016 Dow Jones &
Company. All Rights Reserved ful $46 billion takeover of Syn- But as the new parliament the 2006 Disney movie “Cars.” the Dow industrials and other indexes, and purchased government
Please see BID page A8 convened on Monday, the coun- Please see DORMS page A8 bonds, eroding yields, while U.S. crude futures dropped sharply. C1
A2 | Wednesday, February 3, 2016 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
Obama, Ryan Eye Tax-Policy Compromise
BY RICHARD RUBIN their agreement on this idea, workers between ages 21 and 24 2016, in its current form, the en-
AND ERIC MORATH which would double the credit newly eligible for the break. Mr. Extra Credit tire credit is projected to cost
to more than $1,000 and make Obama also supports adding President Barack Obama and House Speaker Paul Ryan are the government $73.3 billion,
President Barack Obama and workers as young as 21 eligible. workers aged 65 and 66. contemplating plans to expand the earned income tax credit to give a according to the congressional
House Speaker Paul Ryan have “There’s a misunderstanding The White House said its pro- greater benefit to workers without children. Joint Committee on Taxation.
the rare makings of a tax-policy that…childless adults don’t de- posal would benefit 13.2 million To pay for the expansion, Mr.
compromise: Both want to ex- serve the same opportunity,” low-income Americans, similar Earned income tax credit Average earned income tax Obama wants to rely on higher
pand a poverty-fighting tool said Sen. Cory Booker (D., N.J.). to the number that would bene- recipients credit per recipient taxes on private-equity manag-
some analysts say could draw “There is a bipartisan pathway fit from raising the federal mini- 30 million 27.5 million $3.0 thousand $2,425 ers and a change that would
millions of Americans into the forward on this.” mum wage to $10.10 an hour, ac- make it harder for some profes-
workforce. The proposal occupies a pol- cording to the Congressional 25 2.5 In 2014 dollars sionals to avoid payroll taxes.
Having formally met Tuesday icy sweet spot. Democrats see Budget Office. Mr. Ryan’s plan would eliminate
for the first time since Mr. Ryan billions of dollars of aid going to The American Action Forum, 20 2.0 other programs, including ones
became speaker, the two hold low-income households. Repub- a right-leaning think tank, esti- that provide fresh fruits and
widely divergent views on taxes, licans see a policy that encour- mates that doubling the maxi- 15 1.5 vegetables to low-income fami-
spending and government’s role ages work rather than depen- mum EITC available to childless lies and promote U.S. agricul-
in American life. But both sup- dence. workers would increase employ- 10 1.0 tural products overseas.
port a plan to increase the Still, it won’t be easy. Orrin ment by 8.3 million. That is an A spokeswoman for Mr. Ryan
earned income tax credit, Hatch (R., Utah), chairman of aggressive estimate based on an 5 0.5 deferred comment to the Ways
or EITC, to include childless the Senate Finance Committee, earlier expansion in the 1990s; and Means Committee. The
workers. said he opposes the expansion the gain would be larger than all 0 0 committee’s chairman, Rep.
To succeed, the president and as unnecessary. “EITC ought to the jobs added to the economy Kevin Brady (R., Texas) wel-
1999 2000 2010 1999 2000 2010
the Wisconsin Republican will be limited to families and chil- over the past three years. comes discussion, said his
have to overcome election-year dren, he said, adding that many Such an increase in the num- Source: IRS via Tax Policy Center THE WALL STREET JOURNAL. spokeswoman. Mr. Brady, she
inertia and disputes about how other programs exist to assist ber of U.S. workers would bring said, would want to pair any ex-
to cover the estimated $65 bil- adults who don’t have children. the labor-force participation The EITC is structured to en- that can be more attractive than pansion with efforts to prevent
lion cost over the next decade. Messrs. Obama and Ryan rate to near 66%, where the courage work and help parents, government benefits. Then, as fraud within the program.
Both men see the potential both support doubling the maxi- measure of slack stood just be- acting as a wage subsidy for the income rises further, the credit Messrs. Obama and Ryan will
for a deal. The only time Mr. mum credit for childless work- fore the recession began in lowest-income workers because phases out. The EITC is refund- have to move quickly. Congress
Obama mentioned Mr. Ryan by ers, now $506 and far below the 2007. The December rate, 62.6%, it increases with income—to a able, which means taxpayers re- has a light schedule and little
name in last month’s State of peak benefit available to paris near the lowest level since the point. The credit creates a com- ceive it even if the benefit ex- appetite for controversy this
the Union address was to note ents. Both men would make 1970s. bination of wages and tax breaks ceeds their income tax bills. In year.
FBI Probes Flint’s Water System Chicago Schools Race

BY KRIS MAHER
AND MELISSA KORN
To Avert Cash Crunch
BY MARK PETERS District officials have
The Federal Bureau of Inves- AND AARON KURILOFF played down the delay in the
tigation is part of a broad crim- $875 million deal.
inal investigation into the lead Chicago’s public-school offi- Still, the challenges have
contamination in Flint, Mich., cials unveiled a new round of mounted in recent days. The
that has left the city of nearly spending cuts Tuesday as they Chicago Teachers Union on
100,000 without safe drinking struggle to borrow from inves- Monday rejected a contract of-
water, the agency said Tuesday. tors increasingly wary of the fer and continues to threaten
The FBI, the U.S. Postal In- finances of one of the nation’s to strike again after walking
spection Service and two divi- largest districts. out in 2012. School officials
TIM GALLOWAY FOR THE WALL STREET JOURNAL
sions of the Environmental Pro- The district will lay off staff also face continued calls by
tection Agency are among the and require larger pension con- Gov. Bruce Rauner and Repub-
agencies working on the joint tribution from teachers in a bid lican lawmakers for a state
investigation with the U.S. at- to shed $250 million in annual takeover of the schools and
torney for the Eastern District costs in the coming weeks. The giving the district the option
of Michigan, according to Gina move comes as the school sys- to file for bankruptcy.
Balaya, a spokeswoman with tem seeks to close a bond deal “When you look at the
the U.S. attorney’s office. for a crucial infusion of cash numbers for the Chicago pub-
“Our role in all of this is to that has been stalled in recent lic schools, bankruptcy has to
determine if there were federal days. Officials expect to return be an option that’s on the ta-
violations of law,” said Jill to the bond market on Wednes- ble. They are so broken,” Mr.
Washburn, a spokeswoman for day after delaying the debt of- Rauner said Tuesday
the FBI in Detroit. Flint, Mich., residents have relied on bottled water since lead contaminated the water system. fering last week. Developments including
In recent weeks, the number “I think we’re sending a talk of allowing a bankruptcy
of state and federal probes has emergency manager, Darnell roughly 18 months later, in Oc- Gov. Snyder also appointed a very strong signal here that filing have left bond investors
multiplied as the severity of the Earley, said he would resign his tober 2015, not to drink the wa- task force to investigate. The we are going to right the fiscal with a lot of uncertainty, said
water crisis has become clearer, position as emergency manager ter from their taps. group’s preliminary findings in ship,” said Forrest Claypool, Daniel Solender, director of
as state officials, with the aid of of Detroit Public Schools. Mr. Mr. Earley has previously December said primary blame chief executive of the district. municipal-bond management
the National Guard and envi- Earley was appointed by Gov. said that while the switch to us- for the contamination rested Analysts and investors said at Lord Abbett & Co., which
ronmental experts, focus on Rick Snyder to the post in Janu- ing the Flint River occurred with the state Department of Chicago officials in the past oversees about $17 billion in
getting bottled water to resi- ary 2015. while he was emergency man- Environmental Quality for fail- week have been trying to ease state- and local-government
dents and repairing the city’s Mr. Earley had recently come ager, the decision to do so had ing to require the anti-corro- concerns of investors by debt. “It was tough going in,
damaged water infrastructure. under fire for both his role in been made earlier with input sion chemicals be added to the shrinking the size of the bond and with that stuff going on,
On Wednesday, the U.S. overseeing the troubled school from local elected officials. water. sale, adding new protections it’s hard to see a clear path to
House Oversight Committee is system and serving as emer- U.S. Attorney Barbara Mc- Mr. Earley’s departure from for buyers and offering an in- how it works,” he said.
scheduled to hold its first hear- gency manager of Flint when Quade announced in early Janu- the Detroit schools leaves the terest rate rarely seen in re- District officials dismissed
ing on the situation, including the city began using water from ary that she was assisting the district in the hands of another cent years in the municipal- the proposals of Mr. Rauner,
the EPA’s role in ensuring safe the Flint River in April 2014. EPA in investigating the con- state appointee. It marks a par- bond market. Interest rates which would need to win pas-
drinking water in the city. State environmental regula- tamination. Later that month, tial victory for the teachers, being discussed are around sage in a legislature that is
The water crisis has already tors failed to require that the Michigan Attorney General Bill whose union filed a lawsuit last 7.75%—about a 5-percentage- controlled by Democrats. And
led to the resignations of city, city treat the river water with Schuette appointed a former Thursday demanding that the point premium over what while disappointed the teach-
state and federal officials who chemicals to prevent the corro- Wayne County assistant prose- city fix school buildings, calling states and cities with top- ers union rejected the pro-
had oversight roles of the city’s sion of pipes, which caused lead cutor and a former Detroit FBI for Mr. Earley’s removal and rated credit pay and similar to posed contract, Mr. Claypool
water system. to leach into the drinking water. director to head an investiga- asking for a return to local con- what fiscally troubled Puerto said they will be returning to
On Tuesday, Flint’s former Flint residents were told tion by his office. trol of the system. Rico has paid in recent years. the bargaining table.
CORRECTIONS
AMPLIFICATIONS U.S.
Watch
Black Hawk County is in
northeastern Iowa and Mar-
PIROSCHKA VAN DE WOUW/EUROPEAN PRESSPHOTO AGENCY
shall County is in central Iowa.

Text in a graphic with a Page
One article Monday on Iowa MISSOURI
voter turnout incorrectly im-
plied that Black Hawk County
Museum Discovers
is in northwestern Iowa and Painting Is a Bosch
Marshall County is in southern A Midwestern art museum
Iowa. The map itself posi- found out that one of its paint-
tioned the counties correctly. ings that had been recently kept
Additionally, residents of ur- in storage is an authentic origi-
ban Iowa are more likely than nal by early Dutch painter Hier-
the average Iowan to be col- onymus Bosch.
lege graduates. The text in the Researchers from the Neth-
graphic incorrectly described erlands told the Nelson-Atkins
them as less likely to be col- Museum of Art in Kansas City,
lege graduates. Mo., that the painting is one of
only about two dozen original ‘The Temptation of St. Anthony’ by Hieronymus Bosch
Readers can alert The Wall Street Bosch works in the world.
Journal to any errors in news articles “We are delighted with this gazagoitia, the museum’s direc- on the state’s urban areas into
by emailing [email protected] or
by calling 888-410-2667. major discovery,“ said Julián Zu- tor, adding that the art commu- the fall, after determining that
nity will ”see this elevated abundant snow and rain this
THE WALL STREET JOURNAL (USPS 664-880) masterpiece through new eyes.” winter is still insufficient to off-
(Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) Dutch scholars from Den Bo- set a historic western drought.
(Western Edition ISSN 0193-2241) sch, the artist’s hometown, ex- The move by the State Wa-
Editorial and publication headquarters: 1211 Avenue of the Americas, amined the 15-by-10-inch panel, ter Resources Control Board
New York, N.Y. 10036 “The Temptation of St. An- came after electronic readings
Published daily except Sundays and general legal holidays. thony,” with infrared cameras to by the California Department of
Periodicals postage paid at New York, N.Y., and other mailing offices. determine the painting has ele- Water Resources showed a
POSTMASTER: Send address changes to The Wall Street Journal, 200 Burnett Rd., ments consistent with Bosch’s mountain snowpack in the Si-
Chicopee, MA 01020. style. They announced the au- erra Nevada mountains of 20.4
All Advertising published in The Wall Street Journal is subject to the applicable rate card,
thentication Monday. Bosch, inches, or 114% of average.
copies of which are available from the Advertising Services Department, Dow Jones &
Co. Inc., 1155 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the who lived from around 1450 to A manual survey con-
right not to accept an advertiser’s order. Only publication of an advertisement shall 1516, likely painted the panel af- ducted Tuesday by the agency
constitute final acceptance of the advertiser’s order. ter the turn of the century. in the northern Sierra, the well-
Letters to the Editor: Fax: 212-416-2891; email: [email protected] —Ben Kesling spring for much of the state’s
water supplies, showed a
NEED ASSISTANCE WITH YOUR SUBSCRIPTION? CALIFORNIA higher reading of 25.4 inches,
CONTACT CUSTOMER SUPPORT. or 130% of average, but offi-
By web: customercenter.wsj.com
State Extends Curbs cials had hoped for an even
By email: [email protected] On Water Use higher figure before lifting wa-
By phone: 1-800-JOURNAL (1-800-568-7625) California officials late Tues- ter cutbacks on cities.
Or by live chat at wsj.com/livechat
day extended water restrictions —Jim Carlton
THE WALL STREET JOURNAL. * * * * * * Wednesday, February 3, 2016 | A3
U.S. NEWS
Pentagon
Lays Out
FAA Overhaul Bill Stirs Uproar
Some industry groups, tion measure, the proposal sure, according to the official, Mirroring proposals cham- the bill and offer amendments
Budget Democrats oppose

plan to reshape air-
calls for creating a standalone,
nonprofit corporation funded
by user fees that would take
effectively exempts two cate-
gories of aircraft from user
fees: much of business aviation
pioned by the largest airline
trade association—and re-
cently backed by a handful of
for even-broader changes in-
tended to also shift many
other parts of the FAA to a
Priorities traffic-control system

over the agency’s responsibili-
ties for managing air-traffic
operations and oversee mod-
and all of general aviation, or
small planes primarily flown
by private pilots. Those groups
former senior government of-
ficials who had responsibility
for air-traffic operations—the
federally chartered corporate
entity.
Last week, veteran mem-
BY GORDON LUBOLD BY ANDY PASZTOR ernization of the system. have been most outspoken in bill, proponents contend, rep- bers of the Senate Appropria-
AND DOUG CAMERON AND SUSAN CAREY According to one industry objecting to the private corpo- resents the only way to end tions Committee sought to
official who has seen the lan- ration proposal. bureaucratic delays and roller- head off momentum for Rep.
WASHINGTON—Defense The House Transportation guage, it envisions an 11-mem- Since late 2014, Pennsylva- coaster budgets impeding the Shuster’s bill. In a strongly
Secretary Ash Carter on Tues- and Infrastructure Commit- ber governing board—with nia Rep. Bill Shuster has used system’s modernization. worded letter, two Democrats
day said the U.S. would direct tee’s Republican chairman on seats assigned to labor, airline his position as head of the Instead of relying on annual and two Republicans said “it
more funds to tackle the chal- Wednesday plans to unveil leg- and private-aviation inter- House panel to solicit backing congressional appropriations, does not make sense to break
lenges posed by Russia and islation to dramatically re- ests—and a three-year phase- from lawmakers and business user fees established by the apart the FAA, an essential
China as well as the continuing shape the nation’s air-traffic- in period. groups for such fundamental proposed board would pay for part of our success in avia-
battle against Islamic State. control network. But growing While most provisions are changes to the traffic-control operations and back bonds tion.” Three days later, four
The $583 billion budget re- Democratic and industry oppo- similar to previous versions of system’s funding and struc- that could be sold to fund fa- senior members of the House
quest for fiscal 2017, to be for- sition threatens to make the the bill circulated as early as ture. Yet despite efforts to gar- cility upgrades. Appropriations Committee
mally unveiled next week, also bill another victim of partisan last summer, this official said ner broad support, and brief- Rep. Peter DeFazio of Ore- weighed in with concerns
increases funding for cyberse- gridlock. one new funding wrinkle is ings for interest groups, gon, the panel’s senior Demo- about alleged lack of public ac-
curity and high-tech initiatives Part of a Federal Aviation likely to raise questions in opposition seems to be build- crat, has indicated he intends countability.
such as microdrones launched Administration reauthoriza- some airline circles. The mea- ing on and off Capitol Hill. to oppose major portions of Also recently, a new group,
from jet fighters and self-driv- Americans Against Air Traffic
ing boats that could be used in Privatization, launched a fight
the South China Sea. against the idea of hiving off
The proposed spending, air-traffic control from the
which is level with what Con- government. The organization
gress approved for fiscal 2016, is a coalition of advocacy
sets up months of horse-trading groups including Public Citi-
with lawmakers, likely influ- zen and Progressive Congress.
enced by how strongly defense Meanwhile, FAA Adminis-
emerges as an issue in the na- trator Michael Huerta, who
tional elections. has refused to back the GOP
“This budget marks a major House measure, indicated he
inflection point for the Depart- and White House officials re-
ment of Defense,” Mr. Carter main skeptical about how the
said at an event hosted by the proposed funding would work.
Economic Club of Washington, If lawmakers fail to agree
noting in what will likely be his on a package by the March 30
final budget that the Pentagon deadline when existing FAA
was taking “the long view.” legislation expires, congressio-
Defense officials and indus- nal leaders and the White
try executives have become in- House are likely to revert to
creasingly concerned over the another short-term extension.
past two years that U.S. mili- The last extension was passed
tary superiority is eroding as in the fall.
Russia and China develop more Airlines for America, the
advanced weapons. Mr. Carter trade group representing most
has led efforts to reverse the major U.S. airlines, strongly
decline in military research favors Rep. Shuster’s plan, ar-
spending and has sought to tap guing the proposed structure
tech leaders to aid the effort to could help address the FAA’s
JULIO CORTEZ/ASSOCIATED PRESS
keep the U.S. ahead. funding woes without ceding

While additional details will control of the new entity to
emerge when the budget is for- “special interests,” undermin-
mally presented on Feb. 9, some ing private aircraft owners or
analysts viewed it as less of a drastically raising costs for
tipping point. airspace users. The group also
“Some of the data points points out that many foreign
that were discussed…didn’t nations already have taken
scream growth,” said Byron A Republican bill would create a nonprofit corporation to take over the FAA’s air-traffic-control network, funded by user fees. this step, with good outcomes.
Callan, a defense analyst at
Capital Alpha Partners LLC.
Zika Case Is Attributed to Sexual Contact

The proposed budget in-
cludes $524 billion in base
spending and a further $59 bil-
lion for the so-called war-fight-
ing fund, which lawmakers have BY KAT LONG the patient is a resident of Dal- has confirmed 31 travel-associ- Sexual transmission of Zika a need for more study and
used to boost other projects. AND BETSY MCKAY las County but declined to re- ated cases in 11 states and the has been documented before in guidance for travelers about
Mr. Carter said the Pentagon lease further details. District of Columbia since at least two cases but is con- the risks of Zika transmission.
wants to double the budget to A person in Texas has con- “The timing of the travel, 2015. sidered to be extremely rare. The World Health Organiza-
fight Islamic State to $7.5 bil- tracted the Zika virus through the mosquito activity at that Zika is usually spread Scientists found Zika virus in tion declared Zika an interna-
lion. That money would help sexual contact, according to time of year, and the timing of through bites from infected the semen of a patient in Ta- tional public health emergency
the Centers for Disease Control the infection all point to sexual Aedes aegypti mosquitoes. In hiti who had been exposed on Monday because of con-
$7.5 billion
and Prevention. transmission, and not a mos- otherwise healthy adults, during an outbreak in French cerns about its potential link
The individual was a sexual quito bite,” said Chris Van De- symptoms include fever, rash, Polynesia in 2013. to microcephaly in infants.
partner of another individual usen, spokesman for the Texas muscle and joint pain and red- In 2008, an American scien- The CDC said it would “is-
Proposed annual spending who had recently traveled to Department of State Health dened eyes. Health officials in tist contracted Zika while sue guidance in the coming
to fight Islamic State, an area where Zika is circulat- Services. Brazil have linked Zika to a working in Senegal. His wife in days on prevention of sexual
double from previous year ing and tested positive for the “We’re continuing to evalu- spike in the number of babies Colorado, who didn’t travel transmission of Zika virus,
virus after returning home, the ate the information with Dallas born with unusually small with him, was infected after he with a focus on the male sex-
agency said. County and the CDC,” Mr. Van heads and brains, known as returned home in what ap- ual partners of women who
pay for more munitions, and The CDC said there was no Deusen said. microcephaly, as well as sev- peared to be a case of sexual are or who may be pregnant.”
with stockpiles running low, it risk to a developing fetus in There is no evidence of eral cases of Guillain-Barre transmission.
wants to spend $1.8 billion to this case. Zika-carrying mosquitoes in syndrome, a disorder that Experts said the Texas case, Drugmakers set their sights
buy 45,000 bombs and rockets. Texas health officials said Texas, officials said. The CDC causes temporary paralysis. like the two before it, point to on Zika vaccine..........................B3.
The longer-term goal of
countering Russian aggression
involves quadrupling to $3.4
Science Weighs In on Bedbugs
©T&CO. 2016
billion the budget of the Euro-

pean Reassurance Initiative,
which covers training and gear
for the U.S. and its European al- BY ROBERT LEE HOTZ team of researchers from
lies. “That’ll fund a lot of New Mexico State University
things—more rotational U.S. Researchers for the first and Virginia Polytechnic In-
forces in Europe, more training time have explored the entire stitute reported last week
ALEX BRANDON/ASSOCIATED PRESS
and exercises with our allies, genome of the bloodsucking that newer pesticides based
more pre-positioned war-fight- bedbug, locating dozens of on neonicotinoids are already
ing gear and infrastructure im- genes that may stiffen its re- losing their effectiveness
provements to support it,” Mr. sistance to pesticides, thicken against bedbugs because the
Carter said. its protective skin and help it insects have built up a toler-
Congress has in the past thrive despite so many frantic ance to them.
been more reluctant to expand efforts to eradicate it. In the new genome studies,
such programs. “I could see In findings announced the researchers found more
that being raided for other pri- jointly Tuesday, two indepen- than just bedbug DNA. The
orities,” said Doug Berenson, dent research teams identi- Bedbugs have genes that protect researchers also found ge-
managing director of consultant fied 36,985 genes responsible them from certain pesticides. netic traces of 400 different
Avascent. for the complicated lifestyle kinds of bacteria that form a
The proposed budget in- of a pinhead-sized pest that Taken together, the find- key part of the creature’s life-
cludes a bump in spending on is the bane of households and ings are testament to the support system by providing
new submarines and other un- hotel guests. Among them, powerful evolutionary biology nutrients missing from hu-
dersea technology, an area they found clusters of genes of bed bugs. man blood. One of them, a
where officials believe the U.S. associated with resistance to The common bedbug, for- parasite called Wolbachia,
has a comparative advantage. the pyrethroid compounds mally called Cimex lectular- provides its bedbug host with
However, the Pentagon is commonly used to combat in- ius, has infested humankind a “cocktail” of B vitamins es-
concerned Russia and China are festations. for so many centuries that to- sential for reproduction and
becoming more adept in cyber- “That’s a big deal,” said day it survives solely on hu- development, the researchers
space, as well as deploying George Amato, director of the man blood. Almost eradicated said.
more radar-evading jets and so- American Museum of Natural by DDT and other chemicals The scientists also used
phisticated long-range missiles. History’s Sackler Institute for just after World War II, bed- their genomic data to analyze
The Pentagon plans to tackle Comparative Genomics, one bugs today can withstand lev- how the insects vary across
rising threats at home and of 108 scientists involved in els of pesticides a thousand New York City, drawing on
overseas by boosting the cyber the effort. “Those will now times greater than the lethal DNA samples collected in ev-
budget to $7 billion from $5.5 become targets for control- dose of a few decades ago, ery borough and at each of
billion and maintain that level ling and eradicating bed- according to laboratory tests the city’s more than 460 sub-
over the next five years. bugs.” in the U.S., Africa and Eu- way stations. Bedbugs in
Mr. Carter offered few de- The two research groups— rope. They have rebounded Brooklyn, it seems, are TIFFANY ENGAGEMENT
tails on potential cuts to pay for one led by scientists at the world-wide. slightly different genetically
some of his proposals. Some museum and Weill Cornell “They all seem to find a than bedbugs in Queens. In
service chiefs have warned that Medical College, both in New way to become resistant,” fact, every district appears to
some big programs may have to York, and the other by re- said insect toxicologist John have a signature breed.
be curtailed to fund the chang- searchers at the University of Clark at the University of “They represent distinct
ing priorities. Two-thirds of the Cincinnati and the Baylor Massachusetts in Amherst, populations that, to some de-
Pentagon budget goes to pay, College of Medicine in Hous- who wasn’t involved in the gree, reflect the way they live
benefits and operations, with ton—published their work genome project. and whom they are biting,” 800 843 3269 | TIFFANY.COM
around a third directed at buy- Tuesday in Nature Communi- Underscoring the speed of said Weill Cornell geneticist
ing weapons and services. cations. adaptation, an independent Christopher Mason.
A4 | Wednesday, February 3, 2016 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.
Rubio Campaign Sees Opening After Iowa

Florida senator’s Jeb Bush are waging last-
chance bids to remain viable—
broad appeal could be and that means knocking Mr.
mixed blessing as Rubio down a notch or two.
Since his days in Florida leg-
voters seek outsiders islature, Mr. Rubio has awk-
wardly straddled the line be-
BY PATRICK O’CONNOR tween conservatives and more-
AND REID J. EPSTEIN centrist Republicans.
“That’s been Marco Rubio’s
EXETER, N.H.—Sen. Marco problem the entire cam-
Rubio’s stronger-than-expected paign—he hasn’t figured out
showing in Iowa may push him who he wants to be in this
to accept a label he has so far race,” said Mike Dennehy, an
shunned—the establishment fa- unaffiliated Republican strate-
vorite. gist in New Hampshire who
Since announcing his bid last advised Arizona Sen. John
PETE MAROVICH/GETTY IMAGES

spring, the first-term Florida McCain in 2008 when he won
senator has strained to present the GOP nomination and for-
himself to Republican primary mer Texas Gov. Rick Perry last
voters as a political outsider year before he dropped out.
and rock-ribbed conservative, “He wants to be the conserva-
every bit as committed to the tive, and he wants to be the
cause as Ted Cruz, one of his establishment. Like it or not,
top rivals. you can’t be both in this elec-
But in what is shaping up as GOP presidential candidate Sen. Marco Rubio after addressing supporters Monday at a caucus-night party in Des Moines, Iowa. tion.”
a three-way race with the Texas The Rubio camp stepped up
senator and businessman Don- New Hampshire, Mr. Cruz on finish, Mr. Rubio sold himself his highest levels of support candidate outside the party es- its efforts to nudge Messrs.
ald Trump, Mr. Rubio’s primary Tuesday took a shot at Mr. Ru- Tuesday as a candidate who can from Republican caucusgoers tablishment. Christie, Kasich and Bush from
appeal lies in his acceptability bio for his prior support for leg- straddle the establishment and who described themselves as New Hampshire presents a the race. On a conference call
to all segments of the Republi- islation creating a path to citi- activist wings of the party. “We “somewhat conservative,” as tricky challenge for Mr. Rubio. Tuesday morning with top Ru-
can Party, as well as his allure zenship for illegal immigrants. cannot win if we are not to- well as those voters who Nearly half of the Republican bio donors, deputy campaign
as a general-election candidate. New Jersey Gov. Chris Chris- gether,” Mr. Rubio told a packed wanted to nominate a candidate primary voters in the state in manager Rich Beeson made the
That has made him a favorite of tie on Tuesday likened Mr. Ru- town hall in Exeter. “That with the best shot at winning in 2012 described themselves as case to the campaign’s financial
some established elements in bio to “the boy in the bub- doesn’t mean we’re going to November, according to en- “moderate-to-liberal,” while backers that the candidates who
the party, a mixed blessing in ble…who never answers your agree on everything. If I’m our trance polls sponsored by major roughly a third of the electorate finished outside the top three
this year of the outsider. questions, who’s constantly nominee I will bring our party media organizations. was “somewhat conservative,” “have no chance of winning.”
The status ensures he will be scripted and controlled.” and the conservative movement Mr. Cruz, meanwhile, domi- representing a double-digit On the call, Mr. Beeson
attacked both from foes on the For his part, Mr. Rubio is em- together. I will unify us.” nated among those who con- drop from Iowa. warned that the race would get
right, who call him insuffi- phasizing his broader appeal, Conservative Solutions PAC, sider themselves “very conser- Further complicating his much nastier in New Hamp-
ciently conservative and a cap- talking up his ability to unite a super PAC supporting Mr. Ru- vative,” followed by Mr. Trump, path ahead, he faces much shire, with Mr. Christie and oth-
tive of business interests, as the party and connect with vot- bio, sought to amplify that according to the survey. Mr. Ru- stiffer competition for those ers desperate to derail Mr. Ru-
well as from more mainstream ers beyond its conservative message Tuesday, unveiling a bio underperformed among that less-conservative voters in New bio in a state where voters tend
candidates who see him as a base. new ad echoing the candidate’s most conservative segment of Hampshire than he did in Iowa. to back more centrist, business-
threat to their own viability. At his first New Hampshire electability argument. the electorate. He also strug- Mr. Christie, Ohio Gov. John Ka- friendly Republicans. “It’s not
In his post-victory debut in rally after his third-place Iowa In Iowa, Mr. Rubio generated gled with voters looking for a sich and former Florida Gov. going to be pretty,” he said.
Heard on the Stump

GOP POLITICS COUNTS | Max Rust and Randy Yeip
Palin Talks Up Trump

To Sixth-Graders
main stage because of these
pollsters. I want my money
back,” he said on MSNBC. “This
Continued from Page One
rently airing less than $1 mil-
Where They Won
Spotted in Des Moines Inter- is ridiculous. These are the guys lion in television ads this Iowa GOP caucusgoers dealt Donald Trump a setback, lifting Ted Cruz
national Airport on Tuesday: that were telling who should be week aimed at New Hamp- to a win and giving Marco Rubio a strong third-place finish. Here’s
Sarah Palin answering questions in the debate? Please.” shire ahead of next Tuesday’s
from a group of sixth-graders Mr. Graham spent $5.6 million primary, according to media what each candidates’ coalition may mean for coming contests.
from Santa Monica, Calif. in the GOP race before dropping trackers. He also must decide
The former Alaska governor out in December. whether his campaign has
and Republican vice-presidential —Daniel Nasaw enough time and connections KEY: Iowa voter types Counties won by: Cruz Trump Rubio Tie
pick weighed in on the results in the state to create a turn-
from Monday night’s Iowa cau- out operation that can com-
cuses, saying: “It’s exciting when pete with Mr. Cruz and other
it’s that close.” challengers who have been
She also stood behind her en- building get-out-the-vote ma- Sioux City Waterloo Dubuque
dorsement of Donald Trump, chines for months.
saying, “Trump is my favorite “He needs to be more fo-
Ames Cedar Rapids
candidate” because like him, cused in his attacks against Rural conservative More religious,
she’s a different sort of politi- Rubio and Cruz,” said Repub- lower incomes, fewer college graduates Iowa City
cian. She called the meeting the lican consultant Roger Stone, Des Moines
Population centers Less religious, Davenport
“nicest interview I’ve ever had.” a former campaign adviser to Council Bluffs
higher incomes, more college graduates
—Natalie Andrews Mr. Trump who is also advo-
cating for more TV ads. “He
Graham Demands needs to define Rubio and
Populist profile Less religious, lower
incomes, fewer college graduates
Refund Over Polling Cruz as career politicians
Onetime Republican presiden- who just talk a great game, Key to Mr. Cruz's win Monday: he Polling pointed to a Trump coalition Mr. Rubio won just five counties,
tial candidate Sen. Lindsey Gra- and talk more in a positive won most of the rural conservative that was more secular and populist, but they held some of the largest
ham said Tuesday that the qual- way about his economic counties that formed the core of a profile that matches Iowa's vote totals in the state. He scored
ity of opinion polling this
‘The guy who plan.” support for previous evangelical southern tier. But Mr. Cruz edged comfortable victories in more
election cycle was so lousy he does nothing but Mr. Trump has built his favorites while expanding his
reach into much of the more
Mr. Trump among voters without a
college degree, which may have
moderate Johnson and Story
counties, home to Iowa City and
wants a refund. biggest lead in New Hamp-
Mr. Graham, of South Caro-
win lost.’ shire, where he is currently
populist-oriented southern tier. helped him keep pace here. Ames, respectively.
lina, noted his low standing in polling 22 points ahead of Mr. Counties won by each candidate Monday ( )
the polls kept him off the main CHRIS CHRISTIE on Cruz, according to the Real Next three states Remaining contests through March
stage at the debates in the fall. Donald Trump’s second- Clear Politics average. The
“I got knocked out of the place finish in Iowa primary looms as a pivotal Median household income Pct. with college degree* Pct. religious adherents
Iowa Iowa Iowa
opportunity for Mr. Trump to
$40K $50K $60K $70K 20% 30% 40% 50% 20% 40% 60% 80% 100%
notch a win before the nomi-
nation fight heads to south- Cruz
Photography by Craig LaCourt
ern states viewed as friend-
©2016 Dow Jones & Co. Inc. All rights reserved. 2DJ2774
lier turf for his Texas rival.

After hours of unusual si- Trump
lence on Twitter after his
brief Iowa concession speech, Rubio
the New York billionaire
Tuesday demanded more Next
credit for his second-place contests
finish. “The media has not
covered my long-shot great S.C. Nevada N.H. Nevada S.C. N.H. Nevada N.H. S.C.
finish in Iowa fairly,” Mr. *Bachelor’s degree or higher among ages 25 and older
Sources: U.S. Census Bureau American Community Survey 2014 5-year estimate (demographics); Association of Religion Data Archives
Trump wrote. “Brought in re- (adherence); Associated Press (election results)
cord voters and got second THE WALL STREET JOURNAL.
highest vote total in history!”
Mr. Trump said Tuesday ant rallies. If he thinks he faded in polls and former Ar- she said.
evening in Milford that he needs to spend more money, kansas Gov. Mike Huckabee After a midday rally in
has “unlimited” funds to he will.” dropped out Monday. New Hampshire, Mr. Cruz
spend on his campaign if he Mr. Trump has invested “Most candidates like Cruz headed for Tuesday evening
chooses to do so. “I’m proba- more than $12 million of his who are seen as very conser- in Greenville, S.C. “We’re go-
bly $40 million under budget own money into his cam- vative have to suffer through ing to compete in New Hamp-
because frankly I haven’t had paign, according to recently New Hampshire rather than shire but we want to plant a
to spend very much,” he said. filed reports with the Federal compete there, biding our flag in South Carolina as
He also said he doesn’t Election Commission, and time until we get to South well,” said Rick Tyler, a
think he gets enough credit collected $6 million in dona- Carolina,” said Kellyanne spokesman for Mr. Cruz, who
for mostly self-funding his tions. He had $7 million in his Conway, head of a super PAC sought to lower expectations.
campaign. “I don’t know if campaign account at the end supporting Mr. Cruz. “We’ve “We’ve always been the un-
it’s appreciated really by the of the year, while Mr. Cruz always had this post-Iowa derdog in this race.”
voters,” he said. “It’s a shame reported almost $19 million Mr. Cruz’s victory in
because it’s a very big thing.” in cash on hand. Iowa Monday was grounded
Mr. Trump’s allies said While New Hampshire has
Mr. Trump’s allies in a strong turnout from
Karlie Kloss. Model, entrepreneur, philanthropist and Wall Street Journal reader.
they were confident he would typically embraced more expect him to keep evangelical Christians, but he
maintain his lead in New moderate candidates than Mr. didn’t modify his ideologi-
Hampshire, noting the state Cruz, the preacher’s son
his strong lead in cally-driven message Tuesday.
typically picks different win- has organized a network of New Hampshire. He said that if he won the
PEOPLE WHO DON’T HAVE TIME ners than Iowa and boasts a
better record of choosing the
pastors around the state and
set up a “Camp Cruz” for out-
White House, he would imme-
diately call for an investiga-
MAKE TIME TO READ eventual nominee. of-state volunteers at college strategy to get him through tion of Planned Parenthood
“Mr. Trump doesn’t like to dormitories. He had a similar all the early states.” and instruct the Justice De-
THE WALL STREET JOURNAL. lose and very rarely does he dormitory setup in Iowa. She said the PAC has spent partment that the “persecu-
lose, so it’s a little different, Mr. Cruz’s supporters see $1 million in New Hampshire, tion of religious liberty ends
but I think he’ll be fine,” said an opening for him as more South Carolina and Nevada, today.”
Find out why you should make time for the Journal. Visit WSJ.com/MakeTime Massachusetts billionaire car centrist candidates such as the next three states to hold Still, Fergus Cullen, former
dealer Ernie Boch Jr., who Florida Gov. Jeb Bush and nominating contests. Radio New Hampshire GOP chair-
has helped Mr. Trump raise New Jersey Gov. Chris Chris- ads and direct mail are man, said Mr. Cruz will have
money and is serving as a tie attack each other—and planned for New Hamp- a hard time cutting into Mr.
surrogate on local media. Mr. Rubio. Meanwhile, fellow shire, and the super PAC Trump’s base or picking up
“The plan remains the same, conservative Ben Carson, a plans television ads attacking voters leaning toward more
with of course media and gi- retired neurosurgeon, has Messrs. Trump and Rubio, establishment candidates.
THE WALL STREET JOURNAL. * * * * Wednesday, February 3, 2016 | A5
H H H H H
CAMPAIGN
WIRE
Clinton Raises Most Beltway Cash
BY BRODY MULLINS Clinton’s political backers Bernie Sanders, sought politi- more about “protecting an in- ists raised about $715,000 for
H H H H H AND REBECCA BALLHAUS raised more than $4 million cal gain from his lack of money dividual’s right to vote than a Mrs. Clinton in the period and
from large national labor from Washington and Wall corporation’s right to buy an about $675,000 for Mr. Rubio.
WASHINGTON—In a year in unions. Street. He said, “We don’t election.” Overall, lobbyists raised a
DEMOCRATIC PRIMARY which campaigning against To be sure, campaign dona- want their money, and I am Campaign money from lob- total of $1 million for Mr. Ru-
Washington is good politics, tions from lobbyists and the very proud to tell you that we byists can be tallied in two dif- bio’s campaign last year, far
Study: Sanders Tax Hillary Clinton is vacuuming Washington establishment are the only candidate on the ferent ways. Under the law, less than for Mrs. Clinton, but
Plan Doesn’t Add Up up campaign donations from make up a fraction of the total Democratic side without a su- candidates must file reports more than for any other Re-
Bernie Sanders’s plan to pay all corners of the city—and amount of money contributed per PAC.” with the Federal Election Com- publican. Former Florida Gov.
for government-provided health much of the suburbs. to the presidential candidates The three Republicans top- mission showing how much Jeb Bush raised $400,000 from
care falls more than $3 trillion Financial reports made pub- and super PACs each election. ping national polls—Donald money lobbyists have raised, lobbyists last year, according
short of his campaign’s esti- lic Sunday show Mrs. Clinton In 2012, lobbyists were re- Trump, Texas Sen. Ted Cruz or “bundled,” for their cam- to the reports.
mates, according to a budget and her backers are trouncing sponsible for about $1.7 mil- and Florida Sen. Marco Ru- paigns from clients, family A Wall Street Journal analy-
watchdog group. their opponents when it comes lion of the $850 million given bio—call themselves outsiders members and other parts of sis of fundraising reports also
The plan—which Mr. Sanders to raising money from lobby- to super PACs. on the campaign trail, promis- their fundraising networks. shows Mrs. Clinton outpaced
calls Medicare for All—would ists, Washington insiders and The lobbying industry ranks ing to “take on Washington” Candidates are also required to the field when it came to cam-
raise about $10.7 trillion over the large national labor unions. Of far below more lucrative sec- and complaining about being disclose the occupations and paign donations directly from
next decade, not the $13.9 tril- the 16 industries tracked by tors such as Wall Street, health attacked by the establishment. employers of their donors. lobbyists to her campaign.
lion the campaign projected, ac- the Center for Responsive Poli- care, Hollywood and home Mrs. Clinton, a former first A Wall Street Journal analy- Mrs. Clinton raised
cording to the Committee for a tics, a nonpartisan group that builders when it comes to lady, hasn’t attempted to dis- sis shows Mrs. Clinton leads $575,000 in donations from in-
Responsible Federal Budget, a tracks campaign giving, she campaign donations. But tance herself from the Wash- all others in donations from dividuals who work at the 20
bipartisan group. outraised all other candidates money from lobbyists and the ington establishment. But on lobbyists by either measure— largest lobbying firms in
His proposals include marginal in all but two business sec- Washington establishment the campaign trail, she has fre- though Mr. Rubio hovered Washington last year. Mr.
income-tax rates as high as 52%, tors—the tobacco industry and could prove more symbolic quently called for overhauling close to her on one of them. Sanders raised $6,650 from in-
which would effectively be even the oil and gas sector. this year, with so many candi- the campaign-finance system— The bundling reports show dividuals at the same firms
higher because of expanded pay- The former senator and sec- dates on both sides of the po- either through appointing jus- that Washington lobbyists last year.
roll taxes. He also would increase retary of state raised twice as litical spectrum talking up tices to the Supreme Court helped raise more than $2 mil- Mr. Bush led Republicans
estate taxes, limit deductions for much money last year from the their distance from the en- who would uphold campaign- lion for Mrs. Clinton last year, with about $150,000 in dona-
high-income households and tax city’s biggest lobbyists as all of trenched political class. contribution limits or through the largest of any candidate. tions from the top 20 lobbying
capital gains at the same rates as her Republican and Democratic In his speech after the Iowa a constitutional amendment. Mr. Rubio nearly matched her shops in 2015, followed by Mr.
wage income. opponents combined. Mean- caucuses Monday, Mrs. Clin- At a recent stop in Urban- total from lobbyists in the final Rubio with just more than
Mr. Sanders estimates higher time, a super PAC run by Mrs. ton’s chief rival, Vermont Sen. dale, Iowa, she said she cares three months of 2015. Lobby- $100,000.
capital-gains rates would raise
$920 billion over a decade. But
Cruz Win Chips Away at Ethanol’s Clout

the report says those taxes
would just discourage people
from selling assets. The report
also cites Congressional Budget
Office scores of payroll and in- BY AMY HARDER Since 2011, though, that who tracks ethanol policy,
come-tax increases to mark universal backing has been warned against reading too
down his other estimates. Sen. Ted Cruz’s Monday eroding. That year, Congress much into Mr. Cruz’s victory.
Mr. Sanders has urged voters victory in the Iowa caucuses decided not to renew a tax Noting that “72.3% of Iowa
to look at more than just the struck a blow against a seem- credit that companies received opposed Ted Cruz and his
taxes and to recognize that they ingly unshakable rule of presi- to blend biofuels, which cost ideas and 98% of the states
and their employers would no dential politics: A candidate the government $6 billion a hold their primaries after the
longer be paying health-insur- can’t win Iowa without enthu- year. Critics of the govern- Iowa Caucus,” Mr. Cheung
JIM LO SCALZO/EUROPEAN PRESSPHOTO AGENCY
ance premiums. The campaign siastically supporting the fed- ment’s ethanol policy then set added, “Good luck to the pres-
didn’t respond to a request for eral ethanol mandate. their targets on the ethanol idential candidate who ignores
comment Tuesday. A desire to court Iowa’s in- mandate, which requires refin- the political math.”
—Richard Rubin fluential corn growers has tra- eries to blend increasing In the past couple of weeks
ditionally prompted candi- amounts of biofuels into the before the caucuses, Mr. Cruz
REPUBLICAN PRIMARY dates of all stripes, whatever U.S. gasoline supply each year. faced mounting criticism for
their usual views of govern- The presidential Republican his opposition to the policy
Trump Comment ment, to embrace ethanol. Mr. nominee in 2008, John Mc- from his biggest rival, Mr.
Riles Some Veterans Cruz gambled, successfully, Cain, opposed the mandate Trump, and from Mr. Bran-
Donald Trump is being criticized that questioning the mandate and subsidies and opted not to stad, who took the rare step of
by some veterans for seeming to would cement his position as a campaign much in Iowa urging Iowa Republicans not
play down the sacrifices of U.S. small-government purist and largely for that reason. He to vote for Mr. Cruz because
troops in combat and the battle in- win the loyalty of the state’s GOP presidential candidate Ted Cruz, greeting backers Monday, came in fourth in the GOP cau- of his lack of support for the
juries they sustain. At a rally this conservatives. placed first in Iowa despite opposing the ethanol mandate. cuses. The GOP nominee in ethanol mandate.
week in Cedar Rapids, Iowa, the The Texas senator traveled 2012, Mitt Romney, supported In a statement Tuesday, a
presidential candidate criticized the the state, and the country, “The GOP nationally and in muster the political will to re- the mandate and came in sec- spokesman for Mr. Branstad
Obama administration’s judgment calling for phasing out the Iowa has become more conser- peal it. Republican leaders ond to Rick Santorum, who congratulated Mr. Cruz with-
in giving armored military vehicles mandate, which calls for vative, and part of the new have so far resisted calls by oil also backed the policy. out mentioning ethanol. “Sen.
to the Iraqi army, which lost many blending ethanol into gasoline, conservatism is a dislike of companies and others to elim- Whether Mr. Cruz’s opposi- Cruz proved last night that go-
of them when Islamic State over- and eliminating it altogether government subsidies—letting inate the rule, largely because tion to the mandate proves a ing to all 99 counties and fo-
took the city of Mosul in 2014. by 2022. He became the first Congress pick winners and their own party is divided. bellwether of a larger political cusing on retail politics is the
“Instead of losing their arms, candidate to win the caucuses losers,” said Larry Sabato, a Mr. Cruz garnered 27.7% of or policy shift remains to be recipe for success,” said Ben
their legs, or worse, they’re OK,” without supporting the man- political scientist at the Uni- GOP caucusgoers, compared seen. While Mr. Cruz garnered Hammes, Mr. Branstad’s com-
he said later, referring to U.S. date since Congress first cre- versity of Virginia. with 24.3% for second-place a plurality of caucusgoers, al- munications director.
troops when their armored vehi- ated it in 2005, weathering a The outcome chips away at finisher businessman Donald most three-quarters supported A request for comment to
cles are hit by improvised explo- rare rebuke from Iowa Gov. the political clout of Iowa’s Trump, who endorsed the other GOP candidates, most of Mr. Cruz’s campaign wasn’t
sive devices in combat. Terry Branstad. corn-ethanol industry, tradi- mandate. whom backed the mandate. immediately returned.
On Twitter, some veterans Mr. Cruz’s win raises the tionally considered a powerful Corn has long been king in Ethanol isn’t an issue in Sen. Marco Rubio (R., Fla.),
called those remarks callous and question of whether the turbu- force in one of the country’s Iowa, the nation’s top corn- most other states with key who came in third in Iowa,
unthinking. Alex Horton tweeted, lent conservatism roiling the most important presidential producing state. Iowa’s prized primary roles, including New joined Mr. Cruz in supporting
“An IED killed six men in my GOP electorate means that un- battlegrounds. position as the first nominat- Hampshire, which holds its an end to the mandate in
unit, plus a journalist. We found conditionally embracing etha- Opponents of the mandate ing state has made it hard for vote next week. 2022. But Mr. Rubio didn’t fa-
pieces of armor blown a quarter- nol is no longer a requirement are likely to cite Monday’s re- politicians to question the Timothy Cheung, an analyst vor phasing it out in the pre-
mile away.” —Ben Kesling in the Iowa caucuses. sult as evidence Congress can mandate. at ClearView Energy Partners ceding years.
DIVIDE
modest approach can best solve
problems. Better to find consen-
sus on something achievable
than to wage an extended battle
that will only lead to gridlock.
“It is rare that we have the
opportunity we do now: to have
a real contest of ideas, to really
think hard about what the Dem-
ocratic Party stands for,” Mrs.
Clinton said Monday night in
Des Moines, after the slimmest
of victories in the Iowa cau-
cuses, the opening contest in the
CJ GUNTHER/EUROPEAN PRESSPHOTO AGENCY
presidential nominating season.

The debate is important for
Democrats’ identity and for set-
ting the party’s course on policy,
as well as for its political impli-
cations.
Many Democrats fear Mr.
Sanders is too liberal to win a
general election, and some are
concerned Mrs. Clinton will be
pressured to take left-leaning
positions that could hurt her, if
she wins the nomination. Supporters listen to Democratic presidential front-runner Hillary Clinton at a campaign stop in Nashua, N.H., on Tuesday. She narrowly won Monday’s Iowa caucuses.
Others say there is strong
support for liberal policy and Democratic Party was ascen- scare off independents in a gen- By contrast, more than half of oric has risen, too. pocket costs.
that these positions would help dant, with Democrats seeking to eral election. But for many pri- the moderates were age 60 or Her backers tend to minimize Mr. Sanders has said nothing
either candidate in the fall. shed their image as tax-and- mary voters, it represents a older, and 60% of them didn’t the differences with Mr. Sand- in his agenda will come about
Final results from Iowa on spend liberals and address mid- commitment to fight for their have a college degree. The econ- ers, saying that many of Mrs. without a revolution, but he is
Tuesday showed the former sec- dle-class concerns. As president, causes. omy and jobs were their top is- Clinton’s plans—such as her vague about how the revolution
retary of state winning 49.9% to Bill Clinton declared that the “We love Bernie Sanders,” sues. $350 billion, 10-year college will come to pass.
Mr. Sanders’s 49.6%, or four “era of big government” was said Amy Noon, 28 years old, a The two groups also had dif- plan—are bold. But Mr. Sanders The two candidates’ perspec-
more state delegates out of over. He signed a welfare over- massage therapist in Iowa City, ferent views of the direction the and his aides see differences in tives differ in fundamental ways
more than 1,400 at stake. The haul, negotiated a balanced bud- Iowa. “He stands for everything nation should take once Presi- stark terms. on their view of how much gov-
race now moves to New Hamp- get and focused on reducing we wish the country was and is dent Barack Obama leaves office, “This is a fight for the soul of ernment is needed to address
shire, which holds its primary crime. not.” with “very liberal’’ caucusgoers the Democratic Party,” Sanders society’s problems.
this coming Tuesday. Since the 1990s, the party has In Iowa, the party’s “very lib- saying they wanted the next strategist Tad Devine said Tues- Mr. Sanders wants to expand
Before then, Democrats will moved to the left on a swath of eral’’ and “moderate’’ wings president to pursue more-liberal day. the suite of benefits offered to
have two opportunities to assess issues as voter anger over the fi- were equal in size at the Demo- policies, and moderates saying One clear divide is tactical. all Americans, while Mrs. Clin-
their choices—on Wednesday nancial crisis and slow recovery cratic caucuses but had different they wanted to “generally con- Mrs. Clinton regularly warns ton favors more targeted ideas.
evening at a CNN forum, and on has swelled. memberships, surveys taken tinue’’ Mr. Obama’s course. that trying to enact a single- For example, Mr. Sanders would
Thursday in the candidates’ first Nothing demonstrates the Monday at caucus sites showed. As her party has changed, payer health-care plan, as Mr. increase Social Security benefits
one-on-one debate. Late Mon- shift more clearly than the rise Caucusgoers who called Mrs. Clinton has shifted to the Sanders favors, would lead to across the board, while Mrs.
day, former Maryland Gov. Mar- of Mr. Sanders, a political inde- themselves “very liberal’’ tended left on some issues. In 2008, for gridlock and endanger progress Clinton wants an increase tar-
tin O’Malley dropped out. pendent from Vermont who to be younger, and more of them instance, she opposed new So- made under Mr. Obama’s Afford- geted to the poorest senior citi-
When Mrs. Clinton’s husband identifies himself as a demo- had at least a four-year college cial Security taxes on the able Care Act. Better to act in- zens.
was running for president in cratic socialist. Some Democrats degree. Their top issue was in- wealthy; now, she supports crementally to deal with linger- —Jennifer Levitz
1992, the centrist wing of the worry the term “socialist” would equality. them. Her anti-Wall Street rhet- ing issues, such as high out-of- contributed to this article.
A6 | Wednesday, February 3, 2016 * * THE WALL STREET JOURNAL.
WORLD NEWS
Brussels Outlines Possible Deal With U.K.
Proposals aim to meet European project is founded,”
he added. Some EU leaders
Cameron’s demands have said they wouldn’t accept
for changes to Britain’s any measures that breached
what they considered to be
relationship with bloc fundamental principles, such
as freedom of movement.
The European Union pre- Some lawmakers in Mr.
sented the outlines of a possi- Cameron’s own Conservative
ble deal on U.K. Prime Minis- Party pounced on the proposal
ter David Cameron’s demands as inadequate. One of the main
for a changed relationship groups campaigning for Brit-
with the bloc, sparking a polit- ain to withdraw from the EU,
ical battle in Britain over called Leave.EU, described the
whether the concessions build draft plan as “a fudge and a
the case for staying in the EU. farce.” Liam Fox, a euroskeptic
Conservative lawmaker and
By Laurence Norman former defense minister, said
in Brussels and none of the proposals “even
Jenny Gross in London come close to the fundamental
changes promised to the pub-
The proposals—the result lic.”
of intense negotiations be- In a blow to the campaign
tween EU and U.K. officials in for Britain’s exit, Home Secre-
recent weeks—kick-start what tary Theresa May, who has ex-
will likely be tough discus- pressed frustrations with the
sions among all of the EU’s 28 U.K.’s membership in the bloc,
governments over the next said Tuesday that the EU pro-
BEN PRUCHNIE/GETTY IMAGES

weeks. The bloc has set a Feb. posals showed the U.K. had
18-19 leaders’ summit as the made progress in its negotia-
target date for a final deal. tions.
By offering Mr. Cameron “As the prime minister has
several key concessions while said, more work needs to be
steering clear of any perma- done, but this is a basis for a
nent overhaul of EU treaties deal,” she said.
or key rules, Tuesday’s pro- Prime Minister David Cameron met Tuesday with staff at a plant run by German industrial giant Siemens AG in Chippenham, England. Mr. Cameron now also faces
posals could smooth the way the challenging task of con-
to a February agreement and a European Council President workers from elsewhere in the brake following a referendum. Instead, most of Mr. Tusk’s vincing the other 27 European
possible June U.K. referendum Donald Tusk in a 17-page doc- bloc for up to four years in the Mr. Tusk also proposed a proposals are based on legisla- leaders to sign on. One EU
on EU membership. ument to European leaders, in- case of an exceptionally large mechanism aimed at address- tive changes or clarifications diplomat warned of more diffi-
Mr. Cameron, who had clude a measure that would at inflow of people. Under the ing British concerns that the by EU leaders of how the cult negotiations ahead. “Don’t
pledged to secure a “better least partly address Mr. Cam- proposal, such workers would 19 countries of the eurozone, bloc’s rules should work. Mr. put the Champagne in the
deal” for the U.K. within the eron’s most controversial de- gradually win the right to which form a majority of the Tusk aims, though, for a final fridge yet—don’t even buy it,”
EU before holding the referen- mand: a way to restrict bene- claim some benefits. EU’s 28 member countries, deal to be lodged as an inter- the person said. “This is not
dum, said the document— fits for EU nationals coming to But the measure would only could drive through proposals national agreement to give it yet victory.”
while still short of detail— the U.K. so as to try to reduce be temporary, and it remains over the heads of the nine additional legal force. Mr. Cameron, who heads to
promised substantial change. migration. uncertain how long the mea- member states outside the “To my mind it goes really Poland on Friday, also must
His critics, including those Mr. Tusk’s proposals calls sure could remain in place and currency bloc, including the far in addressing all the con- persuade a cluster of Central
within his Conservative Party, for a so-called emergency exactly what conditions would U.K. cerns raised by Prime Minister and Eastern European govern-
denounced them as failing to brake mechanism that would be required to trigger it. Se- Mr. Cameron had originally Cameron,” Mr. Tusk said in his ments that have expressed
deliver on fundamental re- allow the U.K. or other EU nior EU diplomats said Tues- argued that a deal must be le- letter to EU leaders. “The line deep concerns about any deal
form. countries to limit access to day it could take months to gally binding and irreversible I did not cross, however, were that they believe would dis-
The proposals, laid out by benefits to newly arrived implement the emergency and pushed for treaty change. the principles on which the criminate against workers.
After Bold Talk, Cameron Scores a More Modest Win

When British Prime Minis- ble—including mechanisms the European Union.” them. The new rules will apply
ter David Cameron spoke
about resetting his country’s
limiting welfare payments to
newly arrived migrants from
Something Ventured, Something Gained But the main solution for
addressing the U.K.’s demand
only for new entrants—and
then for a limited time.
relationship with the European elsewhere in the EU. U.K. Prime Minister David through proposals over the to restrict benefits to migrants Jonathan Portes, a migra-
Union before his re-election In fact, EU officials involved Cameron’s main demands and heads of the nine EU members would be a temporary mecha- tion specialist at the National
in the negotiations that pro- how far the EU’s proposed deal outside the currency bloc. nism—not a permanent change Institute of Economic and So-
By Stephen Fidler, duced Tuesday’s proposals goes in meeting them: Proposed: A measure that lets that would alter the principle cial Research in London, said
Valentina Pop said the main focus of their Britain and other noneurozone of free movement of workers that if the text survives un-
and Laurence Norman work was to find legal ways to Goal: Gaining the power to countries flag concerns with EU within the bloc’s single market. changed, “it is likely to have
accommodate Mr. Cameron’s restrict benefits for EU nationals leaders. But there would be no What is clear is that if they some, but not much, impact on
last year, he pledged “proper, biggest demands within the coming to the U.K. veto over eurozone issues or vote in June, the British people benefit receipts by EU mi-
full-on” change to the funda- current EU treaties. In Eu- EU Proposed: An emergency delays to urgent decisions. won’t be able to see the final grants, but rather little on im-
mental treaties governing rela- rope’s current uncertain politi- brake that would let Britain limit form of the legislation on ben- migration.”
tions between EU states. cal climate, putting treaty such benefits for four years. The Goal: More say for national efits for EU migrants, politi- Mr. Cameron must still em-
What Mr. Cameron has in change to a vote, as is required mechanism would be a parliaments within the EU’s cally the most sensitive of Mr. bark on negotiations with the
fact achieved—assuming that in some countries, including temporary one, and it is unclear lawmaking process. Cameron’s demands. Because 27 other members of the EU. It
the final agree- France and its disillusioned how long the power would last. Proposed: A measure to enable the EU’s lawmaking procedures took a flurry of early-morning
ANALYSIS ment between electorate, would have been to national legislatures to block take time to wind their way to phone calls and text messages
the U.K. and its invite almost certain rejection. Goal: Safeguards to keep the 19 legislation if just over half of completion, that certainty with President François Hol-
27 EU partners “The legal form was a big eurozone countries from driving them support the move. would come at best several lande and his staff to green-
retains roughly the form of the challenge,” said one EU diplo- months after the referendum, light the proposals that
EU proposals released Tues- mat involved in the talks. “Mr. posed intergovernmental was the possibility of some fu- assuming the vote is to stay in. emerged Tuesday. France’s
day—is far more modest. Cameron wanted a legally agreement to be lodged with ture treaty change held out: It would also mean that concerns about handing the
Future treaty change does binding, irreversible deal, the United Nations. That is The first to embed safeguards those low-paid workers who U.K. effective veto powers over
remain a possibility, but Mr. which had to be squared with provided that Britons vote to for countries outside the euro- qualify for tax credits among eurozone affairs is just a fore-
Cameron’s strongest claim is the fact that there was no stay in the EU in their referen- zone, and the other to en- the estimated 1.9 million EU taste of likely tensions ahead if
that the negotiation seems set treaty-change appetite among dum on the matter, on course trench the principle that the migrants currently working in Mr. Cameron is to get a final
to achieve some important ob- member states.” to be held in June. U.K. “is not committed to fur- the country won’t have those deal, as he wants, at an EU
jectives once deemed impossi- The outcome was a pro- Only in two limited areas ther political integration into payments stripped away from summit on Feb. 18-19.
Rebel Chief at Syria Talks Open to Political Solution EU Moves

BY SAM DAGHER “We need to know with the Russians and Iranians have
To Improve
GENEVA—An Islamist rebel
whom we are going to have
these indirect talks,” Mr. Ja’afari
told him they are prepared to
begin a cease-fire, and that it Antiterror
MUMEN KHATIB/AGENCE FRANCE-PRESSE/GETTY IMAGES
Teamwork
who the Syrian government and said. “According to his own in- “should be doable.” He also
its allies Russia and Iran call a terpretation, Mr. de Mistura had said the U.S. didn’t expect the
terrorist said Tuesday that he the impression that circum- Syrian opposition to remain at
would accept a political solution stances were right to launch the the negotiating table during a BY VIKTORIA DENDRINOU
to end the war, even as the talks, but they are not.” prolonged bombing campaign.
United Nations struggled to get The confidence-building “We are all extraordinarily BRUSSELS—The European
the negotiations going. measures demanded by the op- sympathetic to the limits of pro- Union on Tuesday presented
Rebel commander Moham- position include the lifting of priety and common sense in the plans to better track and
mad Alloush’s appearance in Ge- regime sieges on rebel-held ar- opposition sitting at a table freeze terrorist financing
neva as one of 30 or so members eas, an end to aerial bombard- while somebody continues to across the bloc, a push that
of the opposition delegation has ment, especially by Russia, and bomb you,” he said in Rome. took on new momentum af-
added more friction to the al- the release of detainees. Moscow says it is targeting ter the November attacks in
ready fraught negotiations. But regime forces and their only “terrorists” including Is- Paris.
His Army of Islam is one of allies, including Iran-backed mi- lamic State. The U.S. and its al- The proposal from the Eu-
the largest Islamist rebel Rebel commander Mohammad Alloush arriving Monday in Geneva. litias supported by Russian war- lies say only about 30% of Rus- ropean Commission, the EU’s
groups in Syria, with about planes, on Tuesday escalated sian airstrikes have targeted executive arm, includes asset
10,000 fighters who are local activists said. It was un- The resolution calls for talks their attacks against rebel-held Islamic State, with the rest hit- freezes, limiting illicit move-
strongly backed by Saudi Ara- clear, however, if this gesture leading to a transitional govern- areas, especially around the ting other rebel groups, includ- ments of cash, and improved
bia. The Assad regime and its would be enough to get the ment within six months and a northern city of Aleppo. ing those backed by the West. sharing of financial intelli-
backers wanted him excluded. talks started. new constitution and elections In one of their largest mili- Overcoming all the enmity gence, as requested by France,
But Western officials say the The Syrian government dele- within a year after that. In tan- tary operations since the start and mistrust that has built up which has led efforts in the
involvement of people like him gation chief, who met Tuesday dem, all parties to the conflict— of Russia’s involvement at the over nearly five years of war bloc to crack down on terror-
as well as other, more moderate with U.N. special envoy Staffan including President Bashar al- end of September, pro-regime may be a more formidable ist groups.
rebels is crucial to implement- de Mistura, said afterward that Assad’s regime and groups such forces captured one village and challenge than world powers The plans attempt to choke
ing any deal reached in Geneva. the talks couldn’t start until he as the Army of Islam—would were close to threatening the have anticipated. off terrorist organizations’
Progress even in declaring knew exactly the makeup of the agree to a nationwide cease-fire. rebels’ main supply line to Tur- “Russians have killed our sources of revenue and use
the talks open has been slow. opposition delegation. “I challenge Bashar and Rus- key, according to Syrian state leader and there’s blood now be- movements of funds and as-
The opposition has set condi- Mr. de Mistura didn’t make sia’s [Vladimir] Putin to accept media and local activists. tween us,” Mr. Alloush said. sets to trace terrorists.
tions before it will start negoti- any public statements after the this resolution in full and imple- One local citizen journalist He said Russian missiles Many of the proposals will
ations on a political transition meeting, and a U.N. spokesman ment it on the ground in full,” said at least 33 people have been killed his cousin and brother-in- be incorporated into existing
in Syria, among them relief for later declined to comment. said Mr. Alloush. “I don't think killed over the past 24 hours and law Zahran Alloush, the founder anti-money-laundering legisla-
besieged, rebel-held areas. In an interview, Mr. Alloush they will ever comply.” that families in nearby villages of the Army of Islam, on Dec. 25 tion, which will be updated to
The regime on Tuesday al- said he endorsed the U.N. Secu- Bashar Ja’afari, Syria’s am- were now fleeing. in an attack claimed by the re- include more intelligence-
lowed the International Com- rity Council resolution passed bassador to the U.N. and chief A senior Turkish official said gime. But Russia never denied sharing and tracking mea-
mittee for the Red Cross and its last month that outlined a polit- envoy at the talks, said he spe- they have joined about 10,000 accusations it was responsible. sures. The amended rules will
local affiliate to deliver 14 ical solution to the nearly five- cifically brought up Mr. Al- people now amassed at the bor- —Asa Fitch in Geneva, Dana include a list of compulsory
trucks of aid to the rebel-held year conflict. “We have an- loush’s presence with Mr. de der since the fall. Ballout in Beirut and Felicia checks that banks should carry
town of Al-Tal near the capital nounced that we support Mistura, who has been meeting Secretary of State John Schwartz in Washington out on money coming from
Damascus, a U.N. official and Resolution 2254,” he said. separately with each side. Kerry said Tuesday that both contributed to this article. countries deemed high risk.
THE WALL STREET JOURNAL. NY Wednesday, February 3, 2016 | A6A
A6B | Wednesday, February 3, 2016 NY THE WALL STREET JOURNAL.
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THE WALL STREET JOURNAL. * * * * * Wednesday, February 3, 2016 | A7
WORLD NEWS
Food Firm Sees ZikaSapsBrazilTouristPush

Venezuela Crisis BY PAUL KIERNAN
AND ROGERIO JELMAYER
BY ANATOLY KURMANAEV ruler Hugo Chávez called the RIO DE JANEIRO—Brazil’s

IMF and World Bank imperial- status as ground zero in the
CARACAS, Venezuela—This ist puppets and eliminated of- latest global health scare is
country’s largest privately ficial meetings with the lend- raising fears that travelers are
owned company, a food-and- ers a decade ago. canceling plans and dashing
drink producer, has urged the President Nicolás Maduro hopes that this summer’s
cash-strapped government to has repeatedly called Mr. Men- Olympics would buff the coun-
seek international financial aid doza the chief saboteur behind try’s image as a tourist desti-
to avoid the collapse of the the deepening food shortages nation.
food supply amid the country’s gripping the country, which International concern has
deep economic crisis. saw oil revenue drop by 60% been mounting in recent weeks
“Venezuela is a member of over the past 12 months. after Brazilian authorities
many multilateral organiza- At the same time, authorities linked the little-understood
SILVIA IZQUIERDO/ASSOCIATED PRESS

tions which it will have to ap- have denied Polar dollars—allo- Zika virus to microcephaly, a
proach…to attend to the li- cated through a complex cur- rare birth defect in which ba-
quidity issue it’s facing,” rency-control system—to im- bies are born with undersized
Lorenzo Mendoza, the presi- port raw materials. They also heads and brains. The World
dent of Empresas Polar SA, raided company facilities more Health Organization on Mon-
said Tuesday. “Not doing that than twice a day last year. day declared the virus a global
will cause grave harm to ordi- The world’s highest infla- public-health emergency, two
nary Venezuelans.” tion has wiped out the value weeks after the U.S. Centers
Polar’s food-processing di- of regulated products Polar for Disease Control and Pre-
vision is in a “critical situa- has to provide to supermar- vention recommended that Viviane Oliveira danced by a sign reading ‘Get out, Zika!’ on Rio’s Ipanema beach on Sunday.
tion” after two years of nega- kets. A kilogram of Polar’s pregnant women avoid travel
tive cash flow caused by price corn flour, a Venezuelan sta- to countries affected by the December have largely been of bombarded with questions on
controls and shortages, Mr. ple, is priced by the govern- outbreak, including Brazil. weeping mothers, infants with Rapid Rise 5,000 the virus.
Mendoza said. Polar products ment at two U.S. cents at the Health officials there say as tiny heads, and soldiers clean- Cumulative Brazilian “It worries us just as it wor-
from mayonnaise to beer are black-market exchange rate. many as 1.5 million Brazilians ing out ditches and other mos- cases of microcephaly, ries the World Health Organi-
part of the daily diet of practi- Instead of allocating dollars may be infected by the mosquito breeding grounds. a birth defect that 4,000 zation and everyone else,” the
cally every Venezuelan. to domestic producers, the quito-borne virus. On Tuesday For Juliann Phan, a senior may be linked to spokesman, Mario Andrada,
Mr. Mendoza drew the gov- government has imported food the health ministry released at Virginia’s George Mason Zika virus said.
ernment’s ire in October, after worth billions of dollars from new figures showing that the University who was planning a infection* 3,000 Health scares can have a im-
a ruling-party chief aired an regional allies such as Brazil number of suspected and con- three-week trip to Brazil as a pact on tourism in countries
alleged taped phone conversa- and Nicaragua for as much as firmed cases of babies born graduation present in June, the seen as centers of an epidemic.
tion between the businessman 18 times the cost of locally with undersized skulls and news reports were enough to 2,000 Travel to Mexico declined
and Ricardo Hausmann, a Har- made foodstuffs, according to brains continues to rise. make her cancel her plans. sharply during the 2009
vard economics professor, dis- Venezuela’s association of pri- The news couldn’t come at a “I consciously decided to “swine flu” panic, for instance.
cussing Venezuela’s need for vate food processors. worse time for Brazil. The gov- cancel my trip because the vi- 1,000 Brazil, located in the oppo-
up to $60 billion of loans from “This model has failed, we ernment has spent billions of rus still seems relatively un- site hemisphere from most in-
the International Monetary need a new one,” Mr. Mendoza dollars in the past half-decade known,” Ms. Phan said. “Any- ternational travelers, has
Fund and the World Bank to said. “The country can’t bear preparing to host global sport- time there are medical dangers 0 struggled to draw visitors even
avoid economic meltdown. this anymore; the citizens ing events, a high-stakes gam- regarding a trip, I don’t take in the best of times.
Venezuela’s late Socialist can’t bear this anymore.” ble aimed at lifting the world’s the risk.” 2015 2016 In 2014, when it hosted soc-
fifth-biggest country out of its São Paulo-based hospitality *Suspected cases since Oct. 22, cer’s World Cup, Brazil notched
when reporting became mandatory;
lowly 42nd-place ranking for consultant Cristiano Vasques some cases have been ruled out.
6.4 million international tourist
international tourist arrivals. said Brazil’s brand can ill af- Source: Brazilian Health Ministry arrivals, up about 10% from the
“If there’s one thing that ford another blow after a year previous year. But that
FEDERICO PARRA/AGENCE FRANCE-PRESSE/GETTY
THE WALL STREET JOURNAL.

transforms a country into an of headlines about water pollu- amounted to a fraction of the
attractive tourist destination, tion in Rio de Janeiro, eco- Brazilian tourism officials 29.1 million guests to Mexico,
it’s the Olympics,” President nomic crisis and corruption, all say there hasn’t been a major Latin America’s most popular
Dilma Rousseff said in an Octo- on top of longer-standing con- impact from Zika. Vinicius destination country, that year.
ber speech. “The eyes of the cerns about violent crime. Lummertz Silva, president of Brazil’s distance from the
world are turned to Brazil….We With global fears of Zika be- government tourism agency rest of the world only partly
will make the Olympic year a coming “more dramatic by the Embratur, said he still expects explains its underperformance.
mark of consolidation as a day,” he said the virus could some 400,000 foreigners to ar- Experts say other factors—
tourist destination.” become a deciding factor for rive for the Olympics in Au- some self-inflicted—are also at
But instead of lush rain for- prospective visitors. gust. play. For instance, Brazil re-
ests, tropical beaches and ex- “It’s one more hit to the im- At a news briefing Tuesday, quires U.S. citizens to apply for
otic wildlife, the photos com- age of the country,” said Mr. the spokesman for Rio’s Olym- tourist visas before traveling,
Lorenzo Mendoza, head of food giant Empresas Polar, on Tuesday. ing out of Brazil since Vasques. pic organizing committee was an often cumbersome process.
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A8 | Wednesday, February 3, 2016 * *** THE WALL STREET JOURNAL.
FROM PAGE ONE
DORMS
“We get up at a stipulated
time, we live in a small hostel,
we go everywhere in groups.”
Newly elected lawmakers of-
ten have a hard time finding
somewhere suitable to live in
their nation’s capitals. In Wash-
ington, some lawmakers have
been known to make a virtue
out of camping in their offices
to show they aren’t part of the
mainstream political machine.
Myanmar’s new MPs,
though, the bulk of them from
Nobel Peace Prize winner Aung
San Suu Kyi’s National League
for Democracy, have to put up
with more than most. For the
next five years, many will bunk
down in rooms like Mr. Khin
Maung Soe’s—spartan, 15 by 15
feet rooms in long rows of pas-
tel-green dormitories. The
dorms were originally built to
provide opposition lawmakers
a place to stay.
The rooms are a far cry from
SOE ZEYA TUN/REUTERS

the sprawling compounds and
mansions where lawmakers
from the outgoing military-
linked government lived. The
former ruling party headquar-
ters was deserted on a recent
visit. National League for Democracy lawmakers arrive for the new parliament this week in Naypyitaw, Myanmar, where many stay in spartan dorm-style accommodations.
“It isn’t a good feeling, being
here,” said Kyaw Thein, one of house. He reckoned his room “a Worst of all might be Naypy- There is a gem museum lived together. Now it feels parliament building, which
the few Union Solidarity and bit small.” itaw itself. showcasing chunks of jade and very isolated.” boasts a new cafe selling dim
Development Party lawmakers The MPs aren’t compelled to The country’s old military re- blood-red rubies mined from Some lawmakers from Ms. sum and a souvenir shop. Their
who won a seat in November’s stay in the dormitories. But gime relocated the capital here the country’s north, and an Suu Kyi’s party who won their guesthouses too are slowly be-
election, who now lives in the with a salary of $3,880 a year, it from the main populations cen- herb garden displaying medici- seats in by-elections a few ing improved.
party headquarters. “We had so is their only realistic option. ter around Yangon, about 200 nal plants from all over the years ago say Naypyitaw just “They have started to up-
many seats before, but now we Many, like Ms. Suu Kyi, were miles south, in 2005, back when country. takes some getting used to. grade the bedding now that we
have so few, and this building is political prisoners or activists, many NLD lawmakers and Ms. Then there is the water park “For me, since I have spent are in government,” said Thin
now so empty.” and some don’t have much in Suu Kyi herself were still locked where a fountain lights up at such a long time in prison in Pa Pa Mying, who splits her
But many of the mansions the way of private financial away. The idea was to build a night and a zoo where the air- much more difficult conditions, time between Yangon and the
remain home to former generals means. Building their own monument to what the old conditioning in the penguin en- it isn’t too bad,” said Thein Naypyitaw guesthouse where
who are choosing to retire here. homes as some members of the junta believed would be its un- closure wasn’t cold enough, Swe, a lawmaker who has lived she accompanies her father, an
Furnishings in NLD’s dorms outgoing military government wavering power. killing all 10 birds over the in these guesthouses since NLD lawmaker elected in the
are little more than wooden did isn’t an option. Though much has changed course of two years. A zoo- 2012. He was a political pris- earlier round of by-elections.
beds lined with an inch-thick Kan Chon, a member of the since then, the capital still keeper said they never took to oner who spent about 10 years “For example we now have
foam mattress and a flat pillow. Naypyitaw city council, a gov- hasn’t attracted the kind of Naypyitaw’s hot and dry in prisons for his allegiance to new silicone pillows. Before
The small bathrooms attached ernment body that has jurisdic- crowds the army expected. Its weather. Ms. Suu Kyi. they were like one-time-use
to the rooms lack water heaters. tion over the dormitories, said oversize buildings dwarf the Many new MPs say it feels Many lawmakers said they objects,” she said.
Reddish-brown water comes it has been providing additional few people on the streets, most eerie. were so happy being able to —Myo Myo in Naypyitaw
sputtering out of the taps. furniture in the rooms, like of them gardeners tending to “The roads and buildings serve in government that the contributed to this article.
There are no stoves or facilities shelves, and has started provid- manicured plants and trees that here are so different from any- strangeness of their new
for cooking. ing meals to MPs living there. line the sidewalks. Its highways thing I have seen in the past,” homes was secondary. They VIDEO
“It isn’t so great for the old “Any big improvements would have just a handful of cars on said U Myo, a new lawmaker said they would enjoy having
MPs who live here, because the have to wait until the next gov- them at any one time. who visited the capital for the Wi-Fi or a library in their See video about
weather gets so cold sometimes
and there is no hot water,” said
Yan Lynn, a new NLD lawmaker
ernment is in power, because of
budget concerns,” he said. The
NLD government will fully take
There are some attractions
to divert the new MPs, many of
whom haven’t visited Naypyi-
first time last week. “There are
no people here, but I came
from a place that is highly
guesthouses.
Still, there is some good
news for the NLD. Improve-
WSJ
.COM
Myanmar’s
parliament living
quarters at
who just moved in to the guest- over in April. taw before. populated, where many people ments are being made to the wsj.com/ahedvideo.
YAHOO business, she said.

“I probably now understand
more of what the necessary
steps and ingredients are and
Too Many Yahoos
The Web company’s work force is still large compared with
the size of its business
and minds of users and adver-
tisers with a complex portfolio
of assets.”
Ms. Mayer is also betting
Maynard Webb said in a news
release. That represents a
broadening in stance from De-
cember, when Mr. Webb said the
Continued from Page One have a bit more realism in Yahoo can make headway in company wasn’t interested in a
retail partners was about $1 terms of how quickly they can Number of employees at Yahoo Revenue per employee in 2015 mobile search, even though sale but would entertain offers
billion, down 15% from a year be at companies as large as Goal by end Yahoo the company has failed to gain as part of the board’s fiduciary
ago and the lowest point dur- Yahoo,” Ms. Mayer said. 12,000 of 2016: $469,000 any ground in Web search duty.
ing Ms. Mayer’s tenure. Yahoo’s plan did little to ap- 9,000 per employee from Google and Facebook. Ya- Yahoo also said Tuesday that
Her efforts were compli- pease some shareholders in- hoo has been working on a finance-industry entrepreneur
cated in recent months by an cluding SpringOwl Asset Man- 9,000 search engine tailored to mo- Charles Schwab is resigning
exodus of top managers and agement LLC, which in Google bile phones that can help peo- from its board. Mr. Schwab was
growing impatience from in- December recommended the $1.2 million ple quickly find their personal among the seasoned executives
vestors, including hedge-fund company cut up to 75% of staff 6,000
information or the right apps, Ms. Mayer added to the board
activist Starboard Value LP, and bring in a more opera- Facebook people familiar with the mat- as she put her own stamp on its
who has called for new leader- tions-focused CEO. $1.4 million ter have said. “We really think governance.
ship and a sale of the com- “This is a company that has mobile search needs a much Mr. Schwab, whose depar-
3,000
pany. clearly suffered from a lack of deeper reimagination,” Ms. ture will leave the Yahoo board
In an interview, Ms. Mayer focus,” said Eric Jackson, man- Mayer said Tuesday. with seven directors, pointed
said she was confident a turn- aging director at SpringOwl. In the meantime, Yahoo also to his other professional com-
around could still be accom- “We believe there is much 0 Apple said it has begun to explore di- mitments and demands on his
plished. “I’m very much look- more that needs to be done to 2012 ’13 ’14 ’15 $2.1 million vesting itself of nonstrategic as- time and said his departure
ing forward to the turnaround improve the profitability of Note: Excludes part-time employees and contractors sets, such as patents, the sale of wasn’t related to any disagree-
plan that I have presented to- the business.” Source: the companies THE WALL STREET JOURNAL. real estate, and other noncore ment with the company.
day, and I think it will make us Investors have until March assets. Through the end of the Shares of Yahoo, down 35%
the best version of ourselves,” 26 to submit proxy proposals. vestors or buyers. Yahoo said In a call with analysts on year, the company estimated over the past year, fell 1.2% to
she said. Prior to Tuesday’s announce- that by the end of 2016, it an- Tuesday, Ms. Mayer said the that these efforts could generate $28.72 in after-hours trading.
Three years ago, Ms. Mayer ment, Starboard has indicated ticipates having about 9,000 restructuring would help Ya- between $1 billion and $3 billion Yahoo reiterated Tuesday
said she planned to return Ya- it would nominate a slate of employees and fewer than hoo improve its focus on three in cash. that it will continue exploring
hoo to a growth rate on par new directors. The investor 1,000 contractors, which rep- key areas: search, communica- “The board also believes that a separation of its operating
with competing Internet com- didn’t respond to a request for resents a workforce that is tions and digital content. exploring additional strategic al- business from its stake in Ali-
panies such as Google Inc. and comment. roughly 42% smaller than it “We will simplify the busi- ternatives, in parallel to the exe- baba. “I do feel comfortable
Facebook Inc. The new plan At the moment, Yahoo is fo- was in 2012. The company ness to improve execution,” cution of the management plan, we can do it this year,” Chief
represents a more realistic vi- cusing on trimming costs to sees the cuts resulting in sav- Ms. Mayer said on the call. is in the best interest of our Financial Officer Ken Goldman
sion for turning around the make it more attractive to in- ings of $400 million a year. “Yahoo cannot win the hearts shareholders,” Yahoo Chairman said on the earnings call.
BID on Wednesday.
A deal would need to pass a
gantlet of regulatory examina-
tions in Europe and the U.S.,
U.S. and 6% of U.S. corn seeds,
according to estimates from
Morgan Stanley. The company
was created in 2000 through
not only the country’s domes-
tic stock markets, but also
global shares, bonds and cur-
rencies—while contributing to
crops, analysts said.
Despite economic head-
winds at home, Chinese com-
panies last year spent more
Syngenta’s chief executive
at the time retired and John
Ramsay, its interim CEO, has
said the company was discuss-
Continued from Page One which bankers and lawyers the merger of the agribusiness a sharp fall in commodities than $112 billion on acquisi- ing possible deals with multi-
genta itself, as slumping said could prove difficult. They operations of European phar- prices world-wide. tions across the globe, accord- ple parties, a shift in its initial
commodity prices have pres- said U.S. authorities would maceutical giants Novartis AG Bankers said recent take- ing to Dealogic. ChemChina resistance to a takeover.
sured farmers’ spending. scrutinize the transaction. Ap- and AstraZeneca PLC. overs by Chinese acquirers has been especially prolific. Some analysts think Mon-
Terms of the deal with proximately one-quarter of The talks come amid global might suggest that executives Last month, it agreed to buy santo could make another at-
China National Chemical, Syngenta’s sales come from concerns about China’s slowing there are expecting more de- Munich-based equipment tempt. “If I’m an investment
known as ChemChina, call for a North America. economy and Beijing’s at- preciation is on the way. Doing maker KraussMaffei Group for banker and I’m unable to un-
price of about 470 Swiss Syngenta is the top pesti- tempts at managing that slow- deals now would make more $1 billion. The same month, it earth a counteroffer, that says
francs, or $461, a share in cash, cide seller in North America in down, partly by orchestrating a sense for Chinese buyers than took a 12% stake in Mercuria a lot about the state of this in-
according to people familiar terms of revenue, and it sells gradual easing of the country’s later, when any overseas acqui- Energy Group, a large, pri- dustry,” said Mark Gulley,
with the matter. Bankers and 10% of soybean seeds in the currency. That has whipsawed sitions could be more expen- vately held energy trader, for principal of New York-based
investors have said it would be sive. an undisclosed sum. chemicals consultancy Gulley
difficult for Monsanto, or any China’s government, mean- The deal would mark fur- & Associates LLC. A Monsanto
other company, to match such Growing Concentration while, has been pushing devel- ther consolidation of the seed spokeswoman declined to
an all-cash offer. However, an- Pending approval of recent deals, just a handful of companies will opment of its agricultural sec- and pesticide sectors after Du- comment.
other suitor could emerge. dominate the global seed and pesticide businesses. tor by consolidating domestic Pont Co. and Dow Chemical A deal with ChemChina
If completed, the transac- seed companies and research- Co. announced their merger in would likely need to get ap-
2014 sales in billions Pesticides Seeds
tion would represent the larg- ing biotech crops, which are December. Monsanto last proval from the Committee on
est foreign acquisition by a Dow Chemical/DuPont* $9.4 $9.2 genetically modified to resist spring set off the current deal- Foreign Investment in the U.S.,
Chinese company by far. That bugs and pesticides. making wave in the chemicals or CFIUS, the federal body
honor is now held by Cnooc Syngenta/ChemChina*† $15.0 $3.1 Though some biotech crops, sector when it proposed buy- that screens corporate take-
Ltd.’s 2013 purchase of Can- such as cotton, are allowed to ing Syngenta. overs for security concerns,
ada’s Nexen, an oil producer, Monsanto $4.9 $10.7 be grown in China, govern- After unsuccessfully court- observers say. Chinese acquisi-
for $18.2 billion. ment officials have cited ing Syngenta investors and tions have undergone more in-
Shares in Syngenta rose Bayer AG $11.1 $1.5 safety concerns in holding off sweetening its offer to $46 bil- tense scrutiny in the U.S. in
sharply after The Wall Street approving new ones while lion in cash and stock, Mon- recent years. Representatives
Journal reported the talks ear- $7.3
prodding its agricultural sec- santo dropped its pursuit in of CFIUS didn’t immediately
BASF SE
lier Tuesday. The stock closed tor to modernize. Acquiring August, sending Syngenta’s respond to requests for com-
up 3.7% at 392.30 francs in Zu- *Pending deal †Estimate includes $3.2 billion in pesticide sales by Adama Agricultural
Syngenta, which develops ge- shares lower and leaving many ment.
rich. Solutions co-owned by ChemChina and Koor Industries. netically engineered seeds, Syngenta shareholders frus- —Jacob Bunge
Syngenta is due to report Sources: Sanford C. Bernstein; Adama Agricultural Solutions could help further open the trated as challenges mounted and Brian Spegele
2015 full-year financial results THE WALL STREET JOURNAL. Chinese market to biotech for agricultural companies. contributed to this article.
THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | A9
OPINION
Behind Hillary’s Iowa Scare BOOKSHELF | By Ronald Bailey
Hillary Clin-
ton’s third-
place finish in
as their top concern.
As for the candidates’ per-
sonal qualities, Mr. Sanders led
Leaving Room
the 2008
Iowa caucuses
upended her
Mrs. Clinton by 3 to 1 among
voters who wanted someone
who “cares about people like
For Chance
POLITICS candidacy. By me” and by 8 to 1 among
contrast, she those most interested in a
& IDEAS
scored a nar- candidate who is honest and
A Crude Look at the Whole
By William
row victory trustworthy. But Mrs. Clinton By John H. Miller
A. Galston
M o n d a y led by an even larger margin (Basic, 245 pages, $29.99)
I
night. Beyond among the 28% of caucus-
SCOTT EISEN/BLOOMBERG NEWS

her having a much-improved goers who were looking for a n 2010, a fruit vendor, humiliated by a policewoman when
campaign organization, what candidate with the right expe- he couldn’t pay her a bribe, set himself on fire in protest in
changed over those eight rience to be president. And the remote Tunisian town of Sidi Bouzid. Discontent result-
years, and what does it teach among the one-fifth of at- ing from strongman rule, pervasive corruption and a lack of
us about the current state of tendees who identified win- opportunity for Arab youth had been building throughout the
the Democratic Party? ning in November as their top region for decades. Yet no experts would have predicted that
Let’s begin with what concern, Mrs. Clinton beat Mohamed Bouazizi’s fiery death would trigger the Arab Spring
didn’t change. Mrs. Clinton Mr. Sanders 77% to 17%. As uprisings, the consequences of which are still unfolding.
did better among women than In Nashua, N.H., the day after Monday’s Iowa caucuses. the nominating contest con- “Knowing the parts is not equivalent to knowing the
men in both contests. She did tinues, the focus on general- whole,” could be the slogan for economist John H. Miller’s
24 points better among Dem- among voters 30-44. She did of new participants, but not election victory is likely to book on the science of complex systems. In “A Crude Look at
ocrats than independents in better among voters 45-64 nearly as many as Mr. Obama intensify. the Whole,” Mr. Miller, citing the events that led up to the
2008 against Barack Obama, than she did eight years ago, did. If he had matched Mr. In addition to her strong Arab Spring revolutions, argues that societies are complex
and 30 points better among racking up a 23-point edge. Obama’s appeal, he would have ties with minority voters, systems in which endogenous tensions accumulate so that,
Democrats this year. She lost And she garnered 69% of the scored a handsome victory which will matter once the finally, one relatively small event like Bouazizi’s self-immola-
elderly vote compared with over Mrs. Clinton. nominating contest moves past tion provokes dramatic social upheaval.
just 26% for Mr. Sanders. The largest shift came along the second straight mostly The book’s title is taken from the observation by Nobel
The state’s Democrats Here’s what did change. what has emerged as a major white state, New Hampshire, physics laureate Murray Gell-Mann that it is necessary to
Mirroring national trends, fault line for both parties: edu- Mrs. Clinton enjoys another step back from the particularities of individual academic dis-
are significantly more Iowa Democrats and Demo- cation and class. Eight years advantage that is likely to be ciplines in order to get a sense of how technology, econom-
liberal than they were cratic-leaning independents ago, Hillary Clinton lost to significant in the long run. She ics, demography and politics interact to create the chal-
are significantly more liberal Barack Obama by 13 points beat Mr. Sanders by 42 points lenges that confront humanity in the 21st century.
when she ran in 2008. than they were eight years among voters earning more among caucusgoers (55% of Mr. Miller, a professor at Carnegie Mellon University, ar-
ago. In 2008, 18% of caucus- than $50,000 annually. (Mr. the total) who want the next gues that complexity science—the study of phenomena that
attendees reported that they Obama did even better among president to continue Presi- emerge unpredictably from components that function as a
to Mr. Obama by 16 points were very liberal, 36% some- voters earning in excess of dent Obama’s policies. whole—is providing insights to help business, scientific and
among caucusgoers who re- what liberal, and 40% moder- $100,000, trouncing Mrs. Clin- Not surprisingly, Mr. Sand- political leaders recognize how
garded themselves as “very ate. This time around, 28% ton by 22 points.) This time, ers led by 55 points among interconnected their spheres are
liberal”—and to Bernie Sand- were very liberal, a 10-point researchers asked about edu- those who prefer a shift to and how to manage them when
ers by 19 points. She trailed jump; 40% were somewhat cation rather than income, but more-liberal policies. Unfortu- they go unexpectedly awry. He
Mr. Obama by 12 points among liberal, up 4 points; the mod- the two are closely related. nately for him, however, that provides thought-provoking in-
first-time caucus attendees, a erates’ share fell by 12 points Mrs. Clinton fought Mr. Sand- support amounted to only one- sights, but ultimately he claims
group she lost to Sen. Sanders to only 28%. So Mrs. Clinton ers to a tie among college third of those who caucused. too much for this young science.
by 18 points. edged out Mr. Sanders in a graduates and topped him by And nationwide, according to “We inhabit a world where even
And in both races she did more left-leaning environ- 53% to 39% among caucus- the Pew Research Center, the the simplest parts can interact in
much better among middle- ment than she faced with goers with postgraduate edu- share of Democrats preferring complex ways, and in so doing cre-
aged and elderly voters. In then-Sen. Obama. cation. a candidate who continues Mr. ate an emerging whole that exhibits
2008 she lost voters 17-29 Compared with 2008, on Looking ahead, the strengths Obama’s plans and policies behavior seemingly disconnected
years of age by 46 points, and the other hand, the balance of and weaknesses of the two rises to 61%. from its humble origins,” observes
those in the 30-44 bracket by caucus veterans to first-time Democratic candidates are Unless Mr. Sanders can Mr. Miller. Examples of this process
19 points. She ran even with attendees worked in her favor. sharply etched. Mrs. Clinton change their minds, Mrs. Clin- include biological evolution, markets, the In-
Mr. Obama among voters 45 On Monday night, 56% of those prevailed among caucusgoers ton appears well-positioned to ternet and even human consciousness itself. Take the Inter-
to 64 years old and trounced who attended had gone at who cared most about the prevail in the end. She will net. From the relatively simple TCP/IP communications pro-
him by 27 points among vot- least once before, while 44% economy, health care and then face the task of persuad- tocol devised in the 1970s by Vint Cerf and Robert Kahn
ers 65 years and older. This had not. Eight years ago, only terrorism, while Mr. Sanders ing general-election voters arose the vast, elaborate and unanticipated digital network
time around she trailed Mr. 43% had attended previously; a won 60% support among that continuing President we now call the Internet. At the time, there were fewer than
Sanders among young adults stunning 57% were first-tim- those (27% of the total) who Obama’s policies will produce 200 host computers connected to the U.S. Defense Depart-
by 70 points and by 21 points ers. Mr. Sanders mobilized lots identified income inequality the change they say they want. ment’s Advanced Research Projects Agency Network, which
was largely used to send emails. In the early 1990s, Tim Bern-
ers-Lee developed the World Wide Web and Marc Andreessen
A Farewell to Entitlement Reform created the Web browser Mosaic. By 1996, there were 45 mil-
lion Internet users. In the years since, the Internet has ex-
panded to 3.3 billion users, radically transforming industry
Ted Cruz en- is now the front-runner. To the chronically unemployed, minorities) who typically vote and the economy.
gineered his those who think we’re not students, immigrants, minori- Democrat are viewed as a As an example of how unintended deleterious behaviors
Iowa victory done with weirdness, particu- ties and women. threat to the traditional, uni- can emerge from interconnected complex systems, Mr. Miller
by coaxing larly the Donald Trump weird- This political rationale was versal, “earned,” middle-class dissects the May 6, 2010, “flash crash” in U.S. securities mar-
hard-core ness, at least Mr. Rubio is in emerging in the 2012 Obama- retirement programs of Social kets. A retrospective analysis concluded that it occurred as a
evangelicals the running to become Mr. Mitt Romney race, though not Security and Medicare. result of a design flaw in a trading algorithm used by a small
to partici- Trump’s main rival. yet fully formed. It surfaced Mr. Obama didn’t help him- firm located in Shawnee Mission, Kan. The trades orches-
BUSINESS
pate in Mr. Trump will now have to again in the 2013 tea party self, in his phony-baloney bud- trated by the algorithm inadvertently created a positive
WORLD
Iowa’s quirky show he can do some coalition fight over the debt limit, a geting for ObamaCare, when feedback loop that was amplified by high-frequency com-
By Holman W.
caucus pro- expanding too, or he’s likely to Kabuki play that allegedly he specified in 2010 that his puter trading in the tightly connected derivatives markets.
Jenkins, Jr.
cess. His vic- fade. That means putting to threatened national default. new benefit program would be All market participants understood how each piece of the
tory hardly rest the fears of Republicans The Kabuki was driven, recall, financed by cuts to Medicare. trading system was designed to work but did not foresee
makes him a shoo-in for the who have something to lose Not only did Mr. Cruz live how their interactions could produce the flash crash.
nomination any more than from chaos in national policy- to fight another day. The un-
Mike Huckabee’s or Rick San- making—who aren’t treading After Iowa, the spoken tea party stance of de-
torum’s did. water and bereft of hope on fending the good old-fash- Knowing the facts is not the same as knowing
But now we know why ev- one hand, or living on Social populist dog whistle ioned entitlements of “real” the future. Who could have foreseen that the
ery third word out of Donald Security and Medicare on the in Republican politics Americans is increasingly, in
Trump’s mouth in the past other. dog-whistle terms, what dif- Arab Spring would begin with a fruit vendor?
week was “evangelical,” pro- Which brings us to the gets louder. ferentiates one Republican
nounced as if he had been meaning of Trumpism. One of from another.
practicing an unfamiliar locu- his consistent bits of wisdom, Chris Christie, who went So what lessons do we learn from this case? Mr. Miller
tion in front of a mirror. Mr. voiced last April even before by the demand of Mr. Cruz nowhere in Iowa, did himself suggests that “we might not ever be able to fully control such
Trump is a game theorist. He he launched his presidential and other tea party types that no favor by dragging Social systems, but we may be able to mitigate their downsides
clearly understood that shift- campaign, goes like this: “I am ObamaCare be “defunded.” Security and Medicare into through the clever introduction of metaphorical firebreaks
ing evangelical votes to his actually disappointed with a “Ted Cruz left with few every debate, however much such as the circuit breakers that are used in financial mar-
column from the Cruz column lot of the Republican politi- friends after ObamaCare fight those programs need to be ad- kets.” Unfortunately, readers looking for insights more con-
was his highest-leverage cians. I am a conservative Re- fails,” went a typical headline dressed. Marco Rubio was just crete than “metaphorical firebreaks” will be disappointed.
strategy for fending off the publican. . . . Every Republi- at the time. All the polls as quick to modify any impli- In a more immediately promising area involving complex-
Texas senator who had be- can wants to do a big number showed tea party Republicans cation that Republicans there- ity science, Mr. Miller describes his work with researchers at
come his main threat. on Social Security, they want the big losers in the show- fore are entitlement reform- the MD Anderson Cancer Center in Houston to find novel and
Though finishing one and to do it on Medicare, they down. Mr. Cruz earned the ers: “We are talking about effective chemotherapy cocktails. Even fixed-dose mixtures of
two, neither Mr. Cruz nor Mr. want to do it on Medicaid. enmity that still resonates reforms for future genera- the 19 different drugs they wanted to investigate would yield
Trump comes away with the And we can’t do that. And it’s among many professional tions. Nothing has to change more than a half-million unique cocktails. So they devised
aura of a coalition expander not fair to the people that Republicans today. Most for current beneficiaries. My and applied search algorithms to sort through an initial 20
who can prevail in the more have been paying in for years Republicans share his opposi- mother is on Medicare and randomly formulated chemotherapy combinations. They se-
diverse electorates down the and now all of the sudden tion to ObamaCare and his Social Security. I’m against lected the combination that either killed more cancer cells or
road, beginning with New they want [it] to be cut.” rhetorical commitment to re- anything that’s bad for my used fewer drugs as the template for new test variants cre-
Hampshire next week. Marco Mr. Trump is a political peal—but because they think mother.” ated by adding different drugs or dosages to it. Iterating this
Rubio, who finished third, harbinger here of a new ObamaCare is bad policy and Welcome to an important search procedure over just a couple of hundred mixtures, the
does come across as a coali- strand of populist Republican- are convinced Republicans new fault line in our slow- researchers converged quickly on a three-drug cocktail that
tion expander, while handily ism, largely empowered by have better approaches to growth, resource-constrained was 100 times more effective than a randomly generated one.
relegating the rest of the so- ObamaCare, in which the health-care reform. America. Though many of us That’s wonderful for cancer researchers, but it’s hard to
called establishment candi- “conservative” position is to The tea party animus to- believe the entitlement pro- see how complexity science is much help to current policy
dates into the also-ran cate- defend the existing entitle- ward ObamaCare is something grams need to be reformed, makers or citizens. The author asserts that “effective decen-
gory. ment programs from a per- different: Implicitly, such success will come increasingly tralized decision making may be one of the best new old
Mr. Rubio, to those willing ceived threat posed by a new- means-tested new entitle- to Republicans who pose as ideas to emerge from complex systems.” This observation
to bet on something resem- style Obama coalition of ments that benefit working- “conservative” defenders of acknowledges the plain fact that we human beings are terri-
bling a reversion to normalcy, handout seekers that includes age folks and people (read Social Security and Medicare. ble at foresight. Humanity advances economically, technolog-
ically, politically and, yes, morally only through a process of
trial and error. There are no trials without errors.
Notable & Quotable: Oh, the Humanities

In making this argument, Mr. Miller is more or less put-
ting a modern quantitative gloss on the observation of Scot-
tish Enlightenment thinker Adam Ferguson that complex in-
From former chairman of “Writing this book, I came liance, but that’s something I dives into seemingly arcane stitutions are “the result of human action, but not the
the National Endowment for to see the new scholar subject never understood. I suppose subjects. There was no more execution of any human design.” They emerge unintended as
the Humanities (2001-09) as a performative of passion- I’m very old-fashioned in fervent defender and sup- societies adopt combinations of simple rules aimed at solv-
Bruce Cole’s “What’s Wrong ate singularity, hybrid materi- believing that clear writing is porter of funds for The Com- ing their immediate problems.
With the Humanities?” in the ality and networked relation- the result of clear thought prehensive Aramaic Lexicon In the 18th century, some minor countries on the periph-
online publication Public Dis- ality. This is one sense in and that the use of jargon is or The Sumerian Dictionary ery of Europe happened upon a set of institutions, including
course, Feb. 1: which the humanities scholar sometimes the lazy way to than I, because these seem- strong property rights, free trade, freedom of religion, press
that is becoming is possibly avoid hard thinking. Whatever ingly obscure reference works freedom and limits on government. The spontaneous results
Let’s face it: Too many hu- posthuman, and a posthuman- the cause, too many books advance and enrich our of this combination of rules were a speed-up in technological
manities scholars are alienat- ist scholar. The locus of think- and articles written by hu- knowledge of their important innovation, rising incomes and recognition of civil liberties.
ing students and the public ing, for the prosthetically ex- manities professors are need- subjects. The problem was, It turns out that decentralized free markets are the most ro-
with their opacity, triviality, tendable scholar joined along lessly opaque. Moreover, great however, that many of the bust mechanism so far devised for delivering rapid feedback
and irrelevance. A good case the currents of networked numbers of the applications I fellowship proposals asked for on how decisions turn out. There’s no way that complexity
in point is this passage from relationality, is an ensemble read dealt with amazingly tiny support for projects that did science, for all its ability, would have ever foreseen that.
Manifesto for the Humanities, affair.” . . . fragments of the applicants’ neither. They were simply
a recent book by the director In some parts of the acad- fields, a sort of atomization of frivolous and added no dis- Mr. Bailey is the science correspondent for Reason and the
of an institute for the humani- emy, such obscurantist writ- inquiry. cernible value to their fields author of “The End of Doom: Environmental Renewal in the
ties at a major US university: ing is seen as a sign of bril- Now, I am not against deep of study. Twenty-First Century.”
A10 | Wednesday, February 3, 2016 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Happy Iowa Aftershocks Only the Big Boys Pay Less Tax and Can Flee
T
he candidates are off and running in of voters chose immigration as most important, Regarding your editorial “Wash- mately, markets and rational deci-
New Hampshire, but before the shout- well behind the other three. Government spend- ington’s Corporate Purge” (Jan. 27): sion-making by the masses will beat
Johnson Controls’ move has very lit- liberal, top-down desires every
ing gets loud again it’s worth sorting ing was number one at 32%, the economy was tle to do with U.S. corporate tax time—but President Obama, Hillary
through the voter and turnout second (27%) and terrorism rates and everything to do with the Clinton and Bernie Sanders seem un-
data from Monday’s Iowa cau- Encouraging political third (25%). $8.1 billion in profits it currently has able to learn this lesson. Even Chi-
cuses for some early election- news on ethanol Among the immigration- stashed offshore. Reincorporating nese leaders have recognized that
year lessons. There’s some first voters, Donald Trump abroad will allow the company to they can no longer fight a declining
good news for pro-growth Re- and immigration. (44%) and Ted Cruz (34%) did avoid ever paying a dime in U.S. in- stock market. It’s time for leadership
publicans. best while Marco Rubio won come tax on these profits and will that understands markets and basic
Start with King Ethanol, only 10%, well below his totals enable it to artificially shift even economic incentives.
whose throne looks wobbly after Ted Cruz be- among voters who cared more about the other more of its U.S. profits into low-rate DANA R . HERMANSON
came the first Republican in recent memory three issues. This isn’t surprising given the prior- tax havens. Acworth, Ga.
Between 2010 and 2014, Johnson
to win the caucuses while refusing to bow ity that Messrs. Trump and Cruz put on closing
Controls reported just over $6 bil- One is struck by how differently
down before the Iowa ethanol lobby. Corn is the U.S. borders and deporting illegals in the U.S. lion in U.S. pretax income, and it President Obama and Hillary Clinton
Iowa’s leading crop, and some 47% goes to In politics you are what you emphasize. paid a federal income-tax rate aver- view the merger of automotive com-
make ethanol. But immigration clearly wasn’t the killer app aging 12.2% over this period. This is ponents maker Johnson Controls
But this is an industry that exists largely be- in Iowa that Mr. Cruz hoped it would be against lower than the 12.5% tax rate that with Tyco and its “inversion” move
cause Washington decrees that the nation’s gas- Mr. Rubio. The Texan repeatedly threw the “am- Ireland applies to most corporate to an Irish domicile, compared with
oline include an increasing amount of the bio- nesty” charge at his Senate colleague for having profits. how their administration “saved” the
fuel. Republican philosophy rejects mandates voted for the Gang of Eight reform in 2013. Yet The reality is and has been that U.S. automotive industry in 2009.
and subsidies, but every presidential year this Mr. Rubio survived the attack and staged a rally big American corporations pay no- In 2009 the administration gave
principle runs up against ethanol and the Iowa in the final week to come close to beating Mr. where near the 35% tax rate, due 20% of Chrysler to Fiat of Italy with
caucuses. Most Republicans surrender. Trump for second place. to incentives, loopholes and dodges options and goals for Fiat to become
inherent in the tax code. Corporate a majority owner. By January 2014
That’s the path Donald Trump chose, but Mr. Rubio has disavowed the Gang of Eight
profits have soared under Presi- Fiat bought out the remaining
Mr. Cruz said he opposes all energy subsidies effort and now says such a large reform bill isn’t dent Obama, smashing all previous shares held by a United Auto Work-
and mandates, including ethanol. He also ar- possible because Americans don’t trust govern- records. ers trust and acquired the rest of
gued that a free market would be better for ment to police the border well enough. He fa- For U.S. politicians, tax reform Chrysler. Chrysler is now part of
Iowa farmers. For this brazen disrespect he vors incremental reform starting with border would take the form of closing tax Fiat Chrysler Automobiles NV, a
was attacked by Iowa Gov. Terry Branstad, who security. This is politically realistic even if Mr. loopholes to lower overall rates. But Dutch holding company with a tax
called on Iowa Republicans to defeat Mr. Cruz Rubio does sometimes seem to duck and cover big U.S. companies are enjoying domicile in the U.K., and with Italy’s
because he is the “biggest opponent of renew- a little too much. some of the lowest effective tax Agnelli family as the dominant
able fuels” and whose son is state director of Then again, Mr. Rubio has refused to call for rates around, thanks to those breaks, shareholder.
a pro-ethanol group. deporting the 11 million illegals estimated to be and corporations are in no hurry to Similarly, Delphi Corp., the for-
That’s a powerful lobby, but Mr. Cruz pre- in the U.S., and he says they could qualify for change that situation. mer component parts operations of
JOHN S. MITCHELL
GM and at one time the largest
vailed. Perhaps his supporters cared more legal working status (not citizenship) after a Houston
parts maker in the world, was reor-
about other issues, but in any case their votes lengthy process. He also exposed Mr. Cruz’s hy- ganized in bankruptcy. Under Trea-
showed that opposing ethanol subsidies is no pocrisy as a Trumpian-come-lately given the The three Jan. 27 editorials high- sury supervision, one of Delphi’s
longer the third rail of the Iowa caucuses. Texan’s support for an amendment to the Gang light how incredibly frustrating it largest divisions, Saginaw Steering,
We have our differences with Mr. Cruz. But of Eight bill that would have allowed legaliza- must be to be a liberal who can’t was sold back to GM. It was then
by taking the political risk of opposing ethanol tion for millions of illegals. prevent a rational CEO from moving sold to Chinese interests, renamed
mandates, he has liberated future Republican Conservative Iowa is supposed to be the red- the company headquarters overseas, Nexteer, and is now listed on the
candidates from feeling they must first genu- hot center of anti-immigration politics led by a liberal who can’t force rational Hong Kong stock exchange. Most of
flect before corporate welfare that even Al Gore Rep. Steve King, who backed Mr. Cruz. But even young people to sign up for costly Delphi’s other U.S. operations and
now admits was a mistake. in the Hawkeye State immigration doesn’t ap- ObamaCare coverage (“ObamaCare in their UAW workers were also trans-
Arrears”) or Chinese officials who ferred back to GM.
i i i pear to be the presidential litmus test for Re-
can’t prop up Chinese stocks forever LOGAN ROBINSON
Then there’s immigration, which we have publican voters that some on the right have (“Hope for Chinese Stocks”). Ulti- Bloomfield Hills, Mich.
been told by countless voices on the right is the tried to make it. GOP voters are smart enough
driving force behind populist anger against “the to know that reviving economic growth and
establishment,” whatever that is. But according preventing terrorism are higher priorities.
to the Iowa entrance polls, the anti-immigration
rage is overrated.
The immigration debate isn’t over this year,
and on Tuesday in New Hampshire Mr. Cruz
Deficit Has Many Fathers, Uncertain Future
Pollsters asked voters entering the caucus launched another assault on Mr. Rubio. But the Your editorial “The Deficit Rises Accountability Office said: “GAO’s cur-
sites to select the issue that was most impor- Iowa results suggest that the Floridian can neu- Again” (Jan. 26) criticizing President rent long-term simulations continue to
tant to them, offering four choices in the GOP tralize the attack if he isn’t defensive and fights Obama’s deficits in light of the most show ever-larger deficits resulting in a
contest: immigration, the economy and jobs, back. He’d be that much better positioned for recent Congressional Budget Office re- federal debt burden that ultimately
port fails to note some important past spirals out of control.” Since then, total
terrorism, and government spending. Only 13% the general election if he does.
GOP and CBO failures. federal debt has more than doubled.
From 2001-06 Republicans con- Finally, the 2016 CBO report states
Obama’s Democratic Divide trolled the federal government.

Spending increased, on average, 7%
that $1.5 trillion more in deficits are
now anticipated in the next decade
H
per year. Medicare Part D was added. compared to its last report, approxi-
illary Clinton is campaigning as a better The question is why this issue is resonating so We had a discretionary war with Iraq mately half of which is due to (biparti-
heir than Bernie Sanders to sustain much with Democrats this year, and we think Mr. that made our terrorism and financial san) legislation enacted since August.
President Obama’s legacy, but if she Obama gets the credit in two ways. The President problems much worse. With the possi- ALLEN BUCKLEY
wants to know why she’s hav- himself has made income in- ble exception of Ted Cruz, the tax pro- Atlanta
ing such a hard time closing How the President equality an abiding concern posals from the major Republican can-
the deal, she might want to across his time in office, and his didates do not come close to adding In the CBO’s recently posted projec-
blame . . . President Obama.
created Bernie’s followers have come to believe
up (i.e., covering anticipated spend- tions for 2016-26, nominal GDP is pro-
ing). Except for Chris Christie, not a jected to grow 4.11% a year. Net man-
That’s one of the intriguing best political issue. him. “I believe this is the defin- single candidate has proposed any en- datory spending (mostly Medicare,
messages from the entrance ing challenge of our time,” Mr. titlements solutions. Medicaid and Social Security) is pro-
polls of Democratic Iowa cau- Obama said on Dec. 4, 2013. The CBO has a history of being jected to grow 5.32% a year. Unfunded
cus voters. The pollsters asked caucus-goers to Mr. Obama’s other contribution is that his overly optimistic. In its 2008-18 out- liabilities are the greatest social issue
choose one of four issues that mattered most to economic policies have, if anything, widened the look, (identical to the 2016-2026 out- of our time, especially for our children
them in voting for a candidate. Mrs. Clinton eas- income gap. Middle-class income gains have look) it foresaw nothing but real and and grandchildren.
ily won on health care, terrorism, and even the been meager thanks to the historically slow eco- nominal GDP growth every year. The JOHN SCHUYLER
economy and jobs (51% to 42%). nomic expansion, while Americans who own 2008 report said: “Two relatively reli- Aurora, Colo.
But Mr. Sanders won big on the fourth issue: stocks or other assets have seen their wealth and able indicators of a recession . . . imply
a recession in 2008 is likely.” Yet the Shouldn’t there be another column
income inequality, which 27% of voters said was incomes increase thanks to Federal Reserve poli-
CBO’s outlook forecast real and nomi- in your chart showing all the fines,
most important. The Vermont socialist won 61% cies targeting asset prices. nal growth for that memorable year. penalties, etc., that the Obama admin-
of those voters while Mrs. Clinton settled for When a President calls an issue “defining” The U.S. averages a recession every istration (DOJ, EPA, FTC, FCC, SEC, et
34%. This no doubt reflects that Bernie has made and then makes the problem worse, it’s no sur- seven years. The next one is just al.) levied against U.S. corporations
inequality a major theme in his campaign, but prise that some other politician will take up the around the corner, and the Keynesians over the past seven years?
then again socialists have been railing about the cudgel. Mr. Sanders’s political obsession is Mr. will win the day (i.e., large deficits). LESTER BERRY
gap between rich and poor for decades. Obama’s creation. In January 2007, the Government Voorhees, N.J.
Parks and Political Recreation Rauner Is Doing What He Was Elected to Do
O
Regarding the Jan. 27 letter (“Gov. nanced the campaigns of Democratic
ne reason government is so dysfunc- Congress to reauthorize the fund for three years
Rauner Is Not Negotiating in Good politicians in return for decades of
tional is that so much of it is on auto-pi- in the December spending bill. Faith”) from Roberta Lynch, head of favorable treatment. It is easy to
lot, blocked from regular Congressional But now some Senators want to go further, American Federation of State County see why they fear the end of the
review. Now some in the Sen- and the draft of a new Senate and Municipal Employees Council 31: gravy train. Illinois’ state employees
ate want to make that problem Senators want to make energy bill would authorize Illinois’ fiscal problems did not start currently contribute only 6% of
worse by permanently autho- permanent a federal the fund permanently. That’s a with Gov. Bruce Rauner. They have what will be their eventual total
rizing a fund for grabbing pri- status typically reserved for been building for decades under pension payout. In addition, 96% of
vate property in the West. land purchase fund. programs like Medicare and Democratic rule in the state legisla- enrollees in the State Employees’
The Land and Water Con- Social Security and removes ture. The fiscal mess is worse yet in Retirement System are eligible for
servation Fund has existed the program from periodic re- Chicago, which has had a Democratic Social Security payments on top of
since 1965 to “provide recreation opportunities view. The energy bill is sponsored by Lisa mayor since 1931.s their pensions. The Afscme is having
Mayor Rahm Emanuel campaigned trouble drumming up sympathy for
to all Americans,” offering state grants for parks Murkowski (R., Alaska) and Maria Cantwell (D., as a reformer but caved in to the the prospect of a four-year wage
and the like, as well as purchasing property for Wash.), and the permanent fund seems intended teachers union, increasing our prop- freeze or an increase in health-care
conservation, at up to $900 million annually. But to win the support of Democrats who might oth- erty taxes significantly again this costs. Those are conditions that we
$10.4 billion of the $16.8 billion Congress has ap- erwise balk at some of Ms. Murkowski’s fossil- year—to bail out Chicago’s miserably in the private sector face on an an-
propriated for the fund since its creation has fuel provisions. underperforming, union-led public nual basis—and unions don’t finance
gone toward buying private land, which has be- The bill creates a separate $150 million an- schools. our benefits. That door only swings
come a bureaucratic core competency: Nearly nual fund for high-priority maintenance proj- The share per Illinois household of one way.
five in 10 acres in the Western U.S. are federally ects. It’d be better to redirect the original $900 pension debt is estimated to be The governor is not seeking con-
owned, including 80% of Nevada and more than million pot toward upkeep, instead of handing $42,000. For Chicagoans, our com- flict; he is doing what we elected
60% of Idaho. The states had to beg to get even a pay raise to the agencies that let the parks fall bined share of state and city debt is him to do.
said to be a staggering $61,000 per MARYANNE SPINNER
15% of the fund in 2015. into disrepair. The agencies also shouldn’t be
household. Florida and Texas look in- Chicago
Too bad the federal government is far less allowed to annex more acreage until the land on creasingly like better places to live,
competent at managing the more than 635 mil- the books is in good condition.
lion acres it already owns. The National Park The legislation purports to address this by di-
and with better weather to boot.
Our public-sector unions have fi-
CORRECTION
Service’s maintenance backlog tops $11 billion. recting Interior to think really hard before buy-
The Grand Canyon needed $329 million in tune ing more property, taking into account “signifi- Most Croats are Roman Catholics.
ups in 2014, including $200 million for busted cance” and “urgency,” among other subjective Will Obama Do a Jerry Ford? “Getting Away With Murder” (Book-
water pipes that threaten to turn the family criteria that the bureaucracy can easily ignore. shelf, Jan. 29) incorrectly suggested
camping trip into an episode of “Survivor.” The bill also does nothing to block the feds from In “Clinton’s Emails: A Criminal that they are Orthodox.
Upkeep can’t be financed by the conservation using the fund for eminent-domain seizures. Charge Is Justified” (op-ed, Jan. 22),
fund, one reason that House Natural Resources House Republicans aren’t likely to go along former Attorney General Michael Mu- Letters intended for publication should
kasey raises an interesting “what if” be addressed to: The Editor, 1211 Avenue
Chairman Rob Bishop briefly let the fund expire with this land grab, but Senate Republicans
concerning the present attorney gen- of the Americas, New York, NY 10036,
last fall. He’s suggested strict limits on acquisi- ought to block it first. No federal program eral deciding not to prosecute Hillary or emailed to [email protected]. Please
tion, freeing up money for maintenance and dedi- should escape regular review from Congress, Clinton. Another “what if” could be a include your city and state. All letters
cating more cash to state priorities. Environmen- and that’s especially true for a property-seizure full pardon by the sitting president. are subject to editing, and unpublished
talists accuse Mr. Bishop of wanting to sell scheme hiding among the foliage as a parks RICHARD WARRINER letters can be neither acknowledged nor
returned.
Yosemite to Disney, and their lobbying persuaded initiative. Tupelo, Miss.
THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | A11
OPINION
Rubio’s Rise Amid Trump’s Slump More Must

By Jason L. Riley whom Real Clear
Be Done
S
Politics shows
o, it turns out that you
can’t call Iowa voters
leading by 18
points. We some-
To Expose
“stupid,” skip a debate in how doubt that
Des Moines because you
don’t like the moderators
Mr. Bloomberg, a
billionaire who
Bad Doctors
and still expect to prevail in the could finance his
state’s caucuses. Who knew? own campaign, By Lawrence B. Schlachter
A
Donald Trump’s loss Monday has been reas-
night, which is far more consequen- sured that the study published last week in the
tial than Ted Cruz’s victory, could Democratic front- New England Journal of Medi-
mean a return to Republican nor- runner has every- cine reported that 1% of physi-
malcy in an election year that has thing under con- cians accounted for 32% of paid mal-
been almost freakish. Mr. Trump’s trol. practice claims over the past 10 years.
poll numbers have soared above his But even a Some may spin this as good news,
AARON P. BERNSTEIN/REUTERS
rivals’ for months—the Real Clear weakened Mrs. since almost all doctors can be trusted
Politics average puts him at nearly Clinton could win to meet at least the lowest acceptable
36%, while none of the other GOP against the standard of care. But the ugly truth is
candidates is above 20%—yet he wrong Republican that little is being done to hold the
lost handily in the state where the nominee. Mr. dangerous doctors accountable.
first votes were cast. Trump and Mr. The new study analyzed more than
Thanks to the voters of Iowa, Cruz are more 66,000 claims paid against more than
conservatives awoke Tuesday morn- popular among 54,000 physicians between 2005 and
ing to a political world that made GOP presidential contender Marco Rubio at his caucus-watch party in Des Moines, Iowa, Feb. 1. conservatives but 2014. Researchers noted that the small
sense again for the first time since fare worse than number of bad doctors showed “dis-
Mr. Trump’s rise began last summer. Mr. Cruz, which is the main reason a factor in the coming contests, he Mr. Rubio in head-to-head match- tinctive characteristics,” including
They learned that bluster and inci- he won. Perhaps more impressive, probably damages Mr. Cruz more ups with the former first lady having paid previous malpractice
vility have not become political however, was Mr. Rubio’s strong than Mr. Rubio. among the swing voters in battle- claims. This implied that “the ability to
virtues. Well-attended rallies are no showing in a state that doesn’t play The Republican field is poised to ground states who often decide reliably identify them at an early stage
to his strengths. He wasn’t sup- shrink significantly after New elections. Mr. Rubio polls better could guide efforts to improve care.”
posed to win, only to exceed expec- Hampshire, but there is still a than both GOP rivals among white Put another way, health-care providers
The Donald’s loss was tations, and he did. Mr. Rubio chance that the number of Demo- women, seniors and independents. could eliminate one-third of medical
finished third, one point behind Mr. crats running, perhaps in the guise Among moderates and suburban malpractice—along with patients’ pain
more significant than Ted Trump and five points behind the of an independent, could expand. women, he trails Mrs. Clinton, but and suffering, as well as the added
Cruz’s win as the GOP’s winner. Mr. Trump performed best Hillary Clinton’s narrow victory in unlike Messrs. Trump and Cruz, Mr. costs of corrective surgeries, long-
among caucusgoers who prefer Iowa did nothing to assuage liber- Rubio is at least within striking term care and indemnity payments—
political world finally someone who “tells it like it is,” als who are concerned about her distance. by removing the worst 1% of doctors.
starts to make sense. while Mr. Rubio won voters who weaknesses as the would-be nomi- Among Hispanics, all three Re- The obvious question: Why haven’t
said electability is their top candi- nee. Mrs. Clinton is not worried publicans trail Mrs. Clinton badly, they?
date quality. Put another way, about losing the nomination to Ber- but some of this may be guilt-by-as-
Trump supporters want to make a nie Sanders. She’s worried that sociation for Mr. Rubio. Of the
substitute for traditional campaign- point. Rubio supporters want to he’ll expose her vulnerabilities and three, he is the only one who hasn’t Over the past decade, 1%
ing. Sarah Palin is no GOP king- elect a president. invite others to hijack her corona- gone out of his way to antagonize
maker. And religious conserva- Mr. Trump’s defeat is a serious tion. Hispanics while discussing illegal of physicians accounted
tives—real ones in the mold of blow because a large part of his ap- Last month Mrs. Clinton assured immigration, which means he is for 32% of paid
Mike Huckabee and Rick Santo- peal is that he doesn’t lose. Iowa former New York Mayor Michael better positioned to make inroads
rum—still win the Iowa caucuses. Republicans performed a public Bloomberg, who is weighing an with this fast-growing voter bloc malpractice claims.
Hawkeye voters find Mr. Trump service in puncturing the media- independent White House bid, that should he become the nominee. Mr.
entertaining but not very presiden- generated Trump hype, and future she’ll win the nomination and so he Trump and Mr. Cruz are betting
tial. Many Republicans haven’t coverage of the candidate ought to needn’t run. Since then, we’ve that the GOP can win in November The answer lies at least partially
made up their minds, and among be more balanced. Heading into the learned that nearly two dozen by deepening its appeal. Mr. Rubio in the National Practitioner Data
those tasked with casting the first Feb. 9 New Hampshire primary, Mr. emails on the private server she wants to widen it. Bank, a clearinghouse for information
votes, Donald Trump ranked closer Cruz and Mr. Rubio both have the used as secretary of state were not on medical malpractice that Congress
to the third-place candidate, Marco momentum. But Mr. Rubio is in a only classified but so sensitive that Mr. Riley, a Manhattan Institute established in 1986 to help state
Rubio, than the winner. better position to win over eclectic no portion of them can be released senior fellow and Journal contri- licensing boards police the health-
According to CNN entrance sur- Granite State voters, who are less publicly, even in redacted form. butor, is the author of “Please Stop care industry. The New England Jour-
veys of Republican voters, evangeli- enamored of Mr. Cruz’s social con- And after barely surviving Iowa, Helping Us: How Liberals Make It nal of Medicine study drew on this
cals made up 64% of the Iowa elec- servatism than are Iowans. And to Mrs. Clinton may well lose big in Harder for Blacks to Succeed” database. So did a 2007 report by the
torate, and 34% of them went for the extent that Mr. Trump remains New Hampshire to Mr. Sanders, (Encounter Books, 2014). advocacy group Public Citizen, which
showed that, from 1990 through
2005, “just 2.3 percent of doctors,
A Mosque as Extremist Megaphone having three or more malpractice

payments, were responsible for 32.8
percent of all payments.”
By Steven Stalinsky Jews, Christians and other non-Mus- Maghrabi explained why Jews were ers,” the cleric said. “They are cou- The national database was sup-
P
lims, and praise for al Qaeda, Islamic killed in the Holocaust. “On Pass- rageous.” He added his wish that posed to help states identify danger-
resident Obama on Wednesday State, or ISIS, and other jihadist over,” he said, the Jews “would “Allah soon reward the Islamic ous doctors and prevent them from
will visit a U.S. mosque for the groups. knead the dough for these matzos nation with a second rightly guided harming more patients. But it is
first time in his presidency. Calls for the destruction of the with children’s blood. When this was caliphate.” Destroying “the Jewish virtually useless in holding doctors
According to the White House, dur- U.S. and the West, including prom- discovered, the Israelites were entity”—Israel—could then be accountable because, by federal law,
ing this visit he will “celebrate the ises that Islam will take over the expelled across Europe . . . It got to achieved, he said. none are listed by name. They are
contributions Muslim Americans world, are other common themes. the point where they were burned in Al Qaeda also comes in for praise assigned a random number to protect
make to our nation and reaffirm the On July 24 last year, Sheikh Ahmad Germany.” at Al Aqsa. The day Osama bin their identities.
importance of religious freedom to Al-Dweik—a frequent lecturer at the Such anti-Semitism is familiar at Laden was killed, May 2, 2011, an The Public Citizen study reported
our way of life.” Over the past two mosque and Palestinian cleric, like Al Aqsa. In another sermon there, on unnamed preacher eulogized him. In that Physician No. 33041 had at least
years, in the president’s efforts to the other religious leaders quoted Nov. 28, 2014, cleric Omar Abu Sara an Al Aqsa video uploaded to You- 31 malpractice payments between
counter violent extremism, he has here—said: “The caliphate will come called the Jews—to whom he said Tube, the speaker vowed that de- 1993 and 2005, totaling more than
emphasized the responsibility of “every single vile trait has been at- spite bin Laden’s death, the “nation $10 million in damages. Nine of those
Muslim “scholars and clerics” to tributed”—the “most evil creatures of one billion Muslims will give birth payments were related to “failure to
help ensure that mosques are not Even in leading Islamic to have walked this Earth.” He added to hundreds of millions” of bin Lad- use proper aseptic technique,” which
used as a platform to preach Isla- that “it was the Jews whom Allah ens. Then came a threat to President means the physician did not observe
mist extremism. institutions like Al Aqsa in turned into apes and pigs.” Obama: “You personally gave the the most basic precautionary mea-
Such extremism isn’t limited to Jerusalem, praising Islamist If incendiary sermons such as order to kill Muslims. . . . The day sures to prevent infection.
out-of-the-way mosques where radi- those at Al Aqsa were being deliv- will soon come when you find your- Physician No. 43923 had at least
cal clerics operate in the shadows. It radicalism is common. ered in any Western city, authorities self hanging from the gallows.” 21 malpractice payments between
is occurring in mainstream and lead- would not tolerate them. Over the Our research at Memri indicates 1992 and 2003, including eight
ing mosques world-wide, including past year in Europe, several sheikhs that the hateful rhetoric on display improperly performed surgeries,
at one of the most important reli- to be, and the nuclear bomb will be have been prosecuted or expelled for at Al Aqsa is hardly unique to that three unnecessary surgeries and two
gious institutions in Islam, the Al produced,” adding that this future similarly extremist rhetoric. In Ger- institution—similar incitements can surgeries on the wrong body part.
Aqsa mosque in Jerusalem. Islamic caliphate—will “fight the many, an imam from Denmark who be found at prominent mosques Operating on the wrong body part is
Consider a Jan. 16 sermon at Al U.S. and will bring it down” and spoke in 2014 at the Al Nur mosque and Islamic institutes throughout so egregious that the profession con-
Aqsa by Sheikh Abu Taqi Al-Din Al- “eliminate the West in its entirety.” in Berlin faced criminal charges the world. Our video archive at siders it a “never event,” meaning it
Dari, a Palestinian cleric who called On July 6, 2015, Sheikh Muham- after calling for the killing of Jews, memritv.org contains thousands of should never happen.
for jihad against the West and mad Abed, known as “Abu Abdal- saying: “Count them and kill them to examples. Neither doctor faced disciplinary
Europe, and for the burgeoning lah,” declared that from “the land of the very last one.” Two months ago, A year ago in Washington, D.C., at action from a state medical board,
Islamic State to “conquer Rome, the Prophet’s nocturnal journey”—a he was fined €1,300 ($1,420). Italian, the opening of the Summit on Coun- according to the database.
Washington and Paris.” reference to Jerusalem—“armies will Spanish and Danish authorities have tering Violent Extremism, President Even if doctors were identified in
Despite Al Aqsa’s importance to set out to conquer Rome, to conquer handled similar matters involving Obama urged Muslims to “push the data, as they should be, the public
Islam—it is considered the religion’s Constantinople,” and then he added hateful sermons. back” against extremism in mosques. would still be barred by law from
holiest site outside Saudi Arabia— to the list “Washington and At Al Aqsa, support is also strong He will have an opportunity to re- accessing the records. So vulnerable,
few Westerners are aware of the London.” for jihadist groups. On June 26 last state that message on Wednesday in sick patients sit in the waiting rooms
content of the sermons, lectures and In an Oct. 27 address at Al Aqsa, summer, Palestinian cleric Issam Baltimore. Acknowledging the Isla- of bad physicians without a clue about
lessons offered there. Many of these Sheikh Khaled Al-Maghrabi called Amira praised an ISIS-inspired mist threat, and those who support their poor record of performance.
sermons are posted on the mosque’s for the annihilation of the Jews all attack in the small French town of it, must be part of any realistic at- In most cases, a negligent doctor’s
two official YouTube channels and over the world, providing justifica- Saint-Quentin-Fallavier, southeast of tempt at countering violent extrem- insurance company pays the victim of
have been translated from the Ara- tion by quoting the well-known ha- Lyon, after an Islamist radical ism. malpractice, and the doctor goes back
bic by my organization, the Middle dith (sayings of the Prophet Muham- decapitated his employer and then to work. If he develops a bad enough
East Media Research Institute. mad) of the stone and the tree: “Oh crashed his vehicle, causing an Mr. Stalinsky is the executive di- reputation in one town, he can move
What we have found at Al Aqsa is Muslim there is a Jew behind me, explosion. “The Muslims have given rector of the Middle East Media Re- to a new state and continue practic-
a steady stream of calls for jihad and come and kill him.” Earlier at the rise to ISIS, and to vehicular attack- search Institute (Memri). ing. Unless patients are lucky enough
martyrdom, venomous attacks on mosque, on May 29, Sheikh Al- to live in a state such as Colorado,
where medical malpractice is a
matter of public record, all people
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY

Notable & Quotable have to go on are testimonies on
doctor-review websites.
From a Jan. 28 online editorial Carolina, and Ball State and Notre It’s time for patients and doctors
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp for the Herald-Times of Bloomington, Dame. To surmise any connection to alike to work for real transparency. A
Gerard Baker William Lewis Ind., regarding criticism of a grant the Koch foundation would ruin start would be to identify the doctors
Editor in Chief Chief Executive Officer and Publisher from the Charles Koch Foundation to SPEA’s reputation, as one opponent in the National Practitioner Data Bank
Rebecca Blumenstein, Matthew J. Murray DOW JONES MANAGEMENT:
an Indiana University professor in said, suggests few reputations should and open the database up to the pub-
Deputy Editors in Chief Ashley Huston, Chief Communications Officer; the School of Public and Environ- be held in high regard. lic. State licensing boards should also
DEPUTY MANAGING EDITORS: Paul Meller, Chief Technology Officer; mental Affairs: As an aside, it would be really dif- embrace their responsibility by revok-
Mark Musgrave, Chief People Officer;
Michael W. Miller, Senior Deputy;
Edward Roussel, Chief Innovation Officer;
ficult to excise the influence of Koch ing licenses for repeat offenders.
Thorold Barker, Europe; Paul Beckett, Asia;
Christine Glancey, News Operations and Talent; Anna Sedgley, Chief Financial Officer; If all Koch money should be off companies from any university com- Shielding the very worst doctors
Neal Lipschutz, Ethics and Standards; Katie Vanneck-Smith, Chief Customer Officer limits when it comes to research, munity. Their brands include Lycra not only harms patients. It also casts
Alex Martin, Enterprise; Ann Podd, Global
OPERATING EXECUTIVES: most research universities in the fiber worn by thousands of college a shadow on the overwhelming
Production; Andrew Regal, Global Head of Video;
Jessica Yu, Global Head of Visuals
Nancy McNeill, Corporate Sales; nation don’t realize it yet. According women in their yoga pants, Dixie majority of competent, vigilant doc-
Steve Grycuk, Customer Service; to a report from the Charles Koch brand cups and plates that can be tors, and on the reputation of the
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International;
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: Foundation from October 2015, the found as a staple in lots of student profession as a whole.
WALL STREET JOURNAL MANAGEMENT: Almar Latour, Publisher; Kenneth Breen, foundation supports programs at 250 housing units and Quilted Northern
Trevor Fellows, Head of Global Sales; Commercial; Edwin A. Finn, Jr., Barron’s; colleges and universities in the tissue that’s an inexpensive option Dr. Schlachter, a physician and
Chris Collins, Advertising; Jason P. Conti, Legal; Professional Information Business:
Suzi Watford, Marketing and Circulation; Christopher Lloyd, Head; United States. The list includes the for the bathroom. attorney, is the author of “Malprac-
Joseph B. Vincent, Operations; Ingrid Verschuren, Deputy Head main campuses of 10 universities in While the Koch name sets off tice: A Board-Certified Neurosurgeon
Larry L. Hoffman, Production the Big Ten and regional campuses of alarms about money and influence, Reveals How the American Health
EDITORIAL AND CORPORATE HEADQUARTERS: three others, with only the University they should not drown out this: The Care System Fails to Protect Patient
1211 Avenue of the Americas, New York, N.Y., 10036 of Iowa excluded. Harvard and Yale competence of the research is what Safety and Investigate Negligence,”
Telephone 1-800-DOWJONES
are on the list, as are Duke and North matters most. forthcoming from Skyhorse.
A12 | Wednesday, February 3, 2016 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Movie Sparks Bid to End Honor Killings

Pakistan documentary But the culprits still often go
unpunished because they are
has drawn attention forgiven by the victim or her
from prime minister; family members.
Ms. Obaid-Chinoy hopes the
tradition deeply rooted film will change the legal pro-
vision that allows such for-
BY SAEED SHAH giveness for honor-killing
cases.
KARACHI, Pakistan—A well- “Those who kill their
known female Pakistani film- daughters or sisters don’t go
maker’s new documentary to jail, so people believe that
about honor killings is giving this is not a crime,” said Ms.
impetus to a political effort to Obaid-Chinoy. “That just em-
strengthen laws to protect boldens people to do it.”
women—even before it has In the film, Ms. Qaiser is
been screened here. forced by pressure from her
The practice of honor kill- family, in-laws and the village
ings allows male elders to put to legally pardon her father,
to death women who disobey who is released from jail. Once
them in matters of love and released, her father boasts
SHARMEEN OBAID CHINOY FILMS

marriage. that he has won more respect
The 40-minute movie re- from the community.
counts the story of Saba In the film, he says he shot
Qaiser, whose father and uncle his daughter to restore his
shot her in the face, stuffed honor, adding that his other
her in a bag and tossed her in daughters now won’t dare to
a river in rural Punjab prov- disobey him.
ince, after she ran away to “The law practically
marry the man she loved. Ms. Saba Qaiser, featured in ‘Girl in the River,’ survived an attack by her father and uncle after she ran away to marry the man she loved. amounts to impunity for the
Qaiser, 18 years old at the killer,” said Zohra Yusuf, chair-
time, survived. ings and was committed “to the country. honor killings. But an early re- to try such cases in antiterror- person of the Human Rights
“I will never forgive them,” rid Pakistan of this evil by The politicians will be sponse to Mr. Sharif’s pro- ism courts, where convictions Commission of Pakistan, an in-
Ms. Qaiser says in the film, bringing in appropriate legis- shown the film, “A Girl in the posal shows the practice will are easier and quicker. dependent campaigning organ-
her face marked by the bullet lation.” River: the Price of Honor,” at be difficult to change. She said she was interested ization. “Most of the killers
wound. About three women die the prime minister’s official “There are basic principles, in making a film about honor are members of family and
When the film—directed each day in honor killings residence, in what is to be its of Qisas and Diyat,” or retribu- killings when she saw a brief they end up being forgiven.”
and produced by Sharmeen across Pakistan, according to first screening in Pakistan. tion and forgiveness, said Ha- story about Ms. Qaiser’s har- Ms. Obaid-Chinoy declined
Obaid-Chinoy and set to pre- human-rights groups. Most are The aide said the premier fiz Hussain Ahmed, a former rowing experience in a local to provide a phone number for
mier on U.S. cable network murdered by fathers, brothers hoped the documentary would senator from Jamiat Ulema-i- paper. Ms. Obaid-Chinoy went Ms. Qaiser, saying that while
HBO in March—was nomi- and other family members serve as the “driving force” for Islam-Fazl, one of the two to visit Ms. Qaiser in the hos- she wanted her story to be
nated for an Oscar in January, who feel their reputation has legal changes. “We need all main Islamic political parties. pital. told in the documentary, she
it caught the attention of Paki- been damaged, often because the stakeholders to be on “On those, there’s no question “Saba was very eager to tell didn’t want her contacts
stani Prime Minister Nawaz a woman has refused an ar- board,” the aide said. The is- of any amendment, as they’re her story,” Ms. Obaid-Chinoy passed onto the media.
Sharif. ranged marriage. sue is particularly sensitive from Allah.” said. In the film, Ms. Qaiser is
Mr. Sharif, a veteran con- An aide to Mr. Sharif said because it involves Islamic Ms. Obaid-Chinoy won an Since 2004, attacks on shown living with her in-laws
servative politician who has he planned to convene a meet- laws allowing for retribution, Academy Award in 2012 for women over honor have been in the same community as her
focused more on economic and ing of political leaders from forgiveness and the payment “Saving Face,” a film about treated like regular murder father. She said she no longer
security issues than social across the country this month of “blood money.” women disfigured in acid at- and attempted murder. Before, speaks with him or her uncle.
concerns, said his government to build consensus to tackle Most mainstream clerics tacks by spurned suitors. That such attacks could be de- “They should be shot in a pub-
would work to stop honor kill- the deeply rooted tradition in and politicians don’t condone film helped galvanize Punjab fended as crimes of passion. lic marketplace,” she said.
Xi Jinping Revives a Mao-Era Practice: Forced Confession be meeting with journalists. obtained illegally, and apolo- scandal, foreign companies
“If you handle this well you’ll gized to the Chinese govern- feel obliged to say sorry—
get lenient treatment,” one ment. “It was totally staged,” even if they later regret it.
AGENCE FRANCE-PRESSE/GETTY IMAGES
officer suggested. The mean- says Mr. Humphrey, speaking When a Chinese TV report
ing was clear: He should ad- from his home near London in 2014 suggested that U.S.-
mit his guilt and apologize. after his release last year on based OSI sold expired meat
Groggy as a result of his medical grounds. to fast-food chains, its CEO
medication, he sat handcuffed quickly assumed blame. Now
T
CHINA’S WORLD in a metal cage while journal- here isn’t much differ- facing ruin, OSI has changed
ANDREW BROWNE ists poked camera lenses at ence, he argues, be- its tune. This week, after a
him to record his words of tween his experience Shanghai court fined the com-
contrition. and victims of the Cultural pany and sent 10 people to
LONDON—On the day his This kind of humiliation is Revolution forced to walk the prison for selling “inferior
police guards collected him well known to Chinese as ji- Peter Humphrey says his televised ‘confession’ was staged. streets wearing dunce caps products,” OSI said the TV re-
for a televised “confession,” antao—self-confession. and boards around their port was staged.
Peter Humphrey says, he had Its origins trace back to with a blend of old-fashioned The jiantao shows are es- necks advertising their Televised confessions have
swallowed a tranquilizer pill the Soviet Union. Joseph Sta- socialist values and Confucian sentially a joint production crimes. little to do with the rule of
after a panic attack during lin used the technique against ethics. Foreigners have no im- between the state broad- At the time, he and his law that Mr. Xi publicly pro-
the night. imagined enemies during his munity from this ambitious caster, China Central Televi- wife hadn’t faced trial. They claims. But they feed into a
The British corporate in- Great Terror. Mao borrowed it effort. sion, and the security police. were later convicted, although narrative that the party is
vestigator had been held to torment his own adversar- Millions of television view- In recent weeks, a Swedish they maintain their inno- cleansing itself and society of
along with Yu ies. ers now regularly watch dis- rights worker and another cence. wrongdoers, burnishing its
Yingzeng, his traught victims of Mr. Xi’s Swedish citizen, a Hong A jiantao culture has made own legitimacy as the ulti-
P
American resident Xi Jinping has campaigns unburden their Kong-based bookseller who a comeback along with other mate arbiter of model social
wife and revived the practice as souls under duress on the specializes in often-salacious relics of China’s socialist past, behavior.
business he goes after corruption evening news. Mr. Humphrey works about Chinese leaders, like propaganda icon Lei Whether that strategy is
partner, in and dissent in a broad purge was caught in a crackdown on were hauled in front of the Feng, a selfless soldier who succeeding is far from clear.
2013 in a of the Communist Party, the malfeasance among multina- cameras. darned socks and carried ma- Chinese audiences widely un-
case involving one of their cli- corporate world and nongov- tionals; GlaxoSmithKline was In the clip that ran on nure until he was killed by a derstand jiantao as political
ents, the drugmaker Glaxo- ernmental organizations. It later fined for bribery. Chi- CCTV, Mr. Humphrey sounded falling telegraph pole. theater, not to be taken too
SmithKline PLC. Police at the goes hand-in-hand with his nese rights lawyers, social ac- contrite over charges that he Self-recrimination is on literally. Though for those
Shanghai No. 1 Detention Cen- efforts to purify modern Chi- tivists and journalists have profited from personal infor- the agenda at internal party dragged into the public spot-
ter had warned him he would nese society by infusing it been similarly paraded. mation about Chinese citizens meetings. At the first whiff of light, the drama is all too real.
World White House Criticizes

Watch Pyongyang Rocket Plan
BY ALASTAIR GALE Any launch of a space
AND CAROL E. LEE rocket by North Korea could
be seen by other nations as a
SAUDI ARABIA The White House on Tues- covert test of ballistic-missile
day denounced North Korea’s technology because of its simi-
Poet Wins Reprieve
NEDERLANDS POLITIE HANDOUT/ASSOCIATED PRESS
plan to launch a satellite this larity to rocket technology

On Death Sentence month, describing the move as used to deliver warheads.
A court overturned a death a “destabilizing provocation.” U.S. officials say North Ko-
sentence against a Saudi-born News of Pyongyang’s plan rea likely already has the tech-
Palestinian poet convicted of emerged after it sent notices nology to deliver a small nu-
apostasy and instead imposed to two United Nations agen- clear device on an inter–
an eight-year prison term and cies informing them about the continental ballistic missile.
800 lashes. proposed launch. Such notifi- North Korea is banned from
A court in the southwestern cations are typical ahead of testing ballistic-missile tech-
city of Abha ordered the poet, space launches and are in- nology by the U.N., which con-
Ashraf Fayadh, to repent and re- tended to warn ships and air- demned the 2012 launch.
nounce his poetry, his lawyer craft to avoid the area around Pyongyang attempted four
Abdulrahman al-Lahim said. the rocket’s expected path. such launches previously.
Mr. Lahim said his client, 35 DRONE PREDATOR: An eagle attacks a drone in a Dutch police experiment to train the birds to “The international commu- The country is also banned
years old, was innocent and capture drones in areas they are banned. A decision to use the birds will be made later this year. nity would regard a step like by the U.N. from testing nu-
would appeal the latest sen- that by the North Koreans as clear bombs, but this year det-
tence. Mr. Fayadh was first de- came after meetings with So- AUSTRALIA brought by a Bangladeshi just another irresponsible onated a device that it de-
tained by Saudi police in August cialist leader Pedro Sánchez and woman sent into an Australian- provocation and a clear viola- scribed as a hydrogen bomb.
2013 following a complaint that the incumbent prime minister,
Court Backs Canberra backed detention center on Na- tion of their international obli- The U.S. and its allies are
he had cursed Allah and the Mariano Rajoy. Mr. Rajoy, whose On Refugee Detention uru. Lawyers had asked the gations,” White House press seeking strong action by the
Prophet Muhammad, insulted Popular Party won the most Australia’s highest court court to rule the woman’s deten- secretary Josh Earnest said. U.N. in response to that test.
Saudi Arabia and distributed po- seats in parliament but lost its backed the government’s off- tion in a center dogged by accu- A launch could also further In Beijing last week, Secre-
etry that promoted atheism. majority, had said he lacked suf- shore detention of asylum seek- sations of rape and mental tor- inflame tensions with Pyong- tary of State John Kerry and
—Ahmed Al Omran ficient support from other par- ers in Pacific Island nations, ture of inmates was illegal “by yang after it tested a nuclear his Chinese counterpart, For-
ties to form a government. handing a setback to advocates reason that such conduct was bomb Jan. 6. eign Minister Wang Yi, agreed
SPAIN The Socialists could cobble hoping to dismantle the policy. not authorized by any valid law.” “This latest announcement to accelerate conversations at
together a majority with their In a ruling that is likely to be Australian governments since further underscores the need the United Nations on conse-
Socialists Attempt 90 seats, 69 from the far-left watched in Europe, where gov- 2001 have overseen policies of for the international commu- quences for Pyongyang. Wash-
To Form Government Podemos party and the rest ernments are grappling to stem sending asylum seekers to off- nity to send the North Koreans ington wants Beijing’s support
Spain’s king asked the Social- from regional parties. But they a tide of migrants, the High shore detention in Nauru and a swift, firm message that for tougher sanctions, but Chi-
ist leader to try to form a gov- would have to overcome policy Court of Australia rejected an ar- neighboring Papua New Guinea their disregard for the for U.N. nese officials indicated unwill-
ernment, but the push to break differences. Podemos supports gument that offshore detention while their claims for refugee Security Council obligations ingness to follow the U.S. pre-
the impasse from December’s in- allowing Catalonia to hold a ref- of asylum seekers in a third status are assessed, often for will not be tolerated,” U.S. scriptions.
conclusive election faces obsta- erendum on independence. country should be illegal. periods lasting more than a year. State Department spokesman —Felicia Schwartz
cles. King Felipe VI’s request —Matt Moffett The legal challenge was —Rob Taylor John Kirby said. contributed to this article.
URBAN GARDNER A14 | FOOD & DRINK A16 | HEARD & SCENE A17
Serious Fun Michigan Raids

STEVE REMICH FOR WSJ
New Jersey
Wry works at the Guggenheim ARTS | A17 SPORTS | A18
WSJ.com/NY * * * ** THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | A13
Former Partner Testifies

At shooting death trial, Court in Brooklyn, where Offi- ley at the time of the shooting, “What the f— happened?”
cer Liang faces manslaughter and testimony from an NYPD Officer Landau, 28, asked his
officer gives conflicting and other charges in the No- firearms instructor. partner, he testified.
accounts of rescue call; vember 2014 shooting death of Before the lunch break, ju- “ ‘It went off by accident,’ ”
Akai Gurley. rors were allowed to pull the Officer Landau recalled Officer
‘the shot just went off’ Lawyers for Officer Liang, trigger of Officer Liang’s un- Liang telling him. “ ‘I’m
now 28 years old, have said his loaded .22-caliber Glock. Last fired,’ ” Officer Liang added,
BY REBECCA DAVIS O’BRIEN weapon fired accidentally and week, a firearms expert testi- according to the witness.
that the officer didn’t realize fied that the triggers of depart- For four minutes the two
KEVIN HAGEN FOR THE WALL STREET JOURNAL

New York Police Depart- until later that he had shot Mr. ment-issued firearms are more rookie officers debated how to
ment Office Peter Liang used Gurley, who was unarmed. difficult to pull than other report the shot to their supe-
his right shoulder to push Prosecutors allege Officer Liang guns. On Tuesday, the NYPD in- riors, Officer Landau testified.
open the door, stepping into acted recklessly, failed to follow structor described safety fea- Neither made a call, he said.
the pitch-black stairwell of the NYPD training and didn’t im- tures and police training meant “I was just standing there,
Brooklyn housing project, his mediately call for help. to prevent accidental firing. decompressing,” he said.
gun in his left hand, his flash- Officer Landau, who testi- Officer Landau told the jury Officer Landau said he en-
light aloft in his right, the offi- fied for the prosecution under that Officer Liang retreated tered the stairwell with his
cer’s former partner testified an immunity agreement, took from the stairwell to the hall- flashlight out to see if the bul-
Tuesday. the stand at the end of a day way after his gun fired. Officer let had hit the wall, when he
“The shot just went off,” that included tearful testi- Landau said he was stunned heard a noise. It sounded “like
Officer Shaun Landau told a mony from Mr. Gurley’s girl- by the gunfire and his ears a person,” he said, “grunting,
jury Tuesday in state Supreme friend, who was with Mr. Gur- were ringing. Please see LIANG page A14 Officer Shaun Landau, left, with his attorney, after testifying.
Cuomo, de Blasio
Clash Anew Over
Housing Policies
BY JOSH DAWSEY ing the state bureaucracy. The
mayor also testified in Janu-
CLOCKWISE FROM LEFT: LEVI MILLER; LA CHINE AT THE WALDORF ASTORIA (2)
A battle over housing policy ary in Albany against the pro-

is quietly rekindling the feud posed bonding oversight.
between New York City Mayor The state says its approval
Bill de Blasio and New York process for projects isn’t
Gov. Andrew Cuomo. meant to unfairly punish the
The Cuomo administration city and it wants to endorse
wants to add oversight to the them quickly. Mr. Cuomo has
city’s affordable-housing previously said he was sur-
bonds, a measure the city fears prised at the end of 421-a and
will slow development and wants to help fix the situation.
cause uncertainty among de- To be sure, the feud also has
velopers—and imperil the top driven both men to press for
item on the mayor’s agenda. liberal policies that have heart-
“Everybody in the industry ened their Democratic base
is extremely concerned about and angered more conservative
our ability to operate and how voters in New York, including a
this is going to change it,” said $15 minimum wage statewide
Gary Rodney, who leads the
New York City Housing Devel-
opment Corporation, the
The divide is shaping
The double garlic Chinese eggplant, above, at Kings County Imperial. The yellow tail with agency that finances the cre- up as a new, lower-
Szechuan pepper oil, above right, and barbecue duck at La Chine at the Waldorf Astoria. ation and preservation of af-
fordable apartments in the
key conflict in their
fraught relationship.
Chinese Cuisine Goes Upscale
city. “Who knows what is go-
ing to happen when it goes
through those additional lay-
ers of review?” months after Mr. Cuomo said
BY SOPHIA HOLLANDER “You think about Italian ally backwards thinking.” lage, with plans for a new The proposed changes to $13 wouldn’t work. Both men
food 20 years ago in New York. Some question whether ef- cocktail program and dishes the bond process follows the also have announced separate,
On-tap offerings at the bar It was pasta and red-sauce forts to bring higher-quality featuring fiddlehead ferns and Jan. 15 expiration of 421-a, a billion-dollar packages to ad-
at Williamsburg’s Kings places, and now you get places dishes can be successful with- quail eggs. property-tax exemption crucial dress homelessness.
County Imperial include beer, like Babbo,” said David Garce- out changing the cuisine be- “We do want to move along to the development of afford- But affordable-housing pol-
cocktails—and soy sauce. lon, culinary director at the yond recognition. the path of becoming fancier, able housing, after Mr. Cuomo icy carries a special political
It’s one of a new wave of Waldorf Astoria New York, “The stigma is still that Chi- becoming a higher price and the Legislature inserted a resonance for Mr. de Blasio’s
Chinese restaurants trying to which in the fall opened La nese food cannot be, at this point,” Mr. Wang said. “But at provision requiring labor-union administration, and aides see
dispel the cui- Chine, a luxury Chinese restau- point, at this time, perceived the same time for our busi- support for a city deal with the Mr. Cuomo hampering the
FOOD & sine’s reputation rant. as a very fine type of cuisine,” ness, at least, we’re unable to real-estate community. mayor’s ability to accomplish
DRINK in New York City At La Chine, a special menu said Jason Wang, president of step away too far from where After several months of his goals. During his State of
as greasy takeout for the Lunar New Year to be Xi’an Famous Foods, which op- we started off as a hole in the publicly jousting on issues, the State speech on Jan. 13,
by relying on fresh offered later this month in- erates 12 restaurants in the wall.” and amid polls suggesting the Mr. Cuomo announced a sepa-
ingredients, an ambitious cludes Lo Hei Yusheng raw fish city based on the cuisine from The opportunity is there, public didn’t think much of the rate statewide plan and said he
drink selection and upscale salad ($68) served tableside. Xi’an, his hometown in north- restaurateurs say. China’s re- spat, Messrs. Cuomo and de only wanted to build more af-
ambience—with prices to But in New York City, en- western China. laxed travel policies and grow- Blasio cut down on their sharp fordable housing in New York.
match. trenched habits can die hard, “The only way to charge ing wealth has created a new exchanges. Now the divide “I don’t think most people
Proponents say it is the nat- especially when it comes to things up is to try things that class of Chinese tourists will- over housing policy is shaping should or want to worry about
ural evolution of a complex cui- price. are not traditional,” he said. ing to pay more for quality up as a new, lower-key conflict the gossipy machinations be-
sine that they say has been “People have this idea that “But when you do that, does Chinese food, some say. in their fraught relationship. tween the governor and the
dumbed down for decades in Chinese food has to be $5.99 that still fall under Chinese With looser borders, Chi- Mr. de Blasio’s administra- mayor or talking heads,” said
the U.S. They point to other and come with free rice and a food?” nese chefs are also discovering tion has begun cultivating al- Jerilyn Perine, who runs the
ethnic foods that have under- side of wonton soup,” said In January, the team behind a range of world cuisines, rein- lies for a push against the gov- Citizens Housing Planning
gone a similar journey in New Danielle Chang, who founded X’ian Famous Foods relocated vigorating traditional cooking, ernor’s proposed rule, talking Council, when asked about
York, yielding some of the city’s the annual Asian food festival its sit-down restaurant Biang! said Eddie Schoenfeld, a Chi- to developers about how it disagreements about housing
most celebrated restaurants. LuckyRice in 2010. “That’s re- from Flushing to the East Vil- Please see CUISINE page A16 could hurt them and criticiz- Please see FEUD page A14
60°
TODAY’S
Weather
Real Feel
‘Trump Store’ Kiosks Woodchuck Commotion
9 a.m. 35°
HIGH
5 p.m. 46°
Max. Humidity
Must Go, City Orders
81% BY JOSH BARBANEL paign contributions, and buy
“Make America Great Again”
HEAVY Sunrise/Sunset Donald Trump’s flagship baseball caps and other cam-
RAINS 7:04 a.m./5:16 p.m. property in Midtown was paign materials.
fined $4,000 by New York City Preservationists have long
Thursday’s High and directed to remove two complained that the installa-
unauthorized “Trump Store” tion of the sales counters and
53°
KEVIN P. COUGHLIN/OFFICE OF THE GOVERNOR
sales counters from the mar- the removal of a stone bench

ble lobby of Trump Tower. in the lobby violated terms of
The mixed-use skyscraper an agreement between Mr.
N.Y. Sports Lineup at Fifth Avenue and East 56th Trump and the city. He re-
6:30 p.m. Street serves as Mr. Trump’s ceived a zoning bonus in ex-
Wednesday corporate and presidential- change for creating a privately
St. John’s campaign headquarters, as owned public space.
@ Xavier well as the home of a Trump On Monday, a hearing offi-
Grill, Trump Bar and Trump’s cer with the city’s Office of
Ice Cream Parlor. Administrative Trials and
8:30 p.m. Both sales counters sell Hearings found that the 40-
Wednesday Trump-branded merchandise, foot-long sales counters vio-
Marquette from golf shirts to perfume to lated architectural plans that WEATHER FORECASTER: Staten Island Chuck couldn’t find his shadow on Tuesday, which means
@ Seton Hall Mr. Trump’s books. were part of a special permit an early spring, but still faced the glare of bright lights during his annual Groundhog Day outing. A15
At one counter, political issued in 1979. The permit al-
For N.Y. sports coverage, see A18 supporters can also make cam- Please see TRUMP page A14
CITY NEWS
LIANG Officer Liang’s lawyer, Rob-

ert E. Brown, read aloud from
transcripts in which Officer
Landau reported that his part-
Playing the Hits, With a New Spin
U
Continued from page A13 ner called over the radio that nder the assumption
crying,” coming from the a man had been shot, that a that it’s never too late
stairway below. police officer was involved and to pick up a new skill
“We ran down the stairs,” an ambulance was needed. to impress friends and fam-
Officer Landau testified, where Officer Landau said he ily, and perhaps graduate to
the lighting improved, and wasn’t sure when he had an entirely different, lucra-
then saw a man lying on his heard Officer Liang call in, but tive career, I attended DJ
back on the fifth-floor landing. recalled that at some point school recently.
A woman was on the floor, “he mentioned something It was held at Foxgrove,
crying over him, he said. about accidental discharge.” an electronic music and DJ
While the prosecution has “Your testimony was inaccu- academy on
said that neither officer as- rate,” Mr. Brown said. “You West 29th
sisted Mr. Gurley as he lay dy- don’t realize your partner’s on Street.
ing, or called for help, Officer trial for official misconduct, for My
Landau testified that Officer failing to call an ambulance?” daughters
Liang shouted, “ ‘Oh my God— Office Landau replied yes. had offered
someone’s shot,’ ” after they “But he did, in fact, call an URBAN anecdotal re-
spotted Mr. Gurley. ambulance,” Mr. Brown said. GARDNER porters of
JOHN TAGGART FOR THE WALL STREET JOURNAL (3)

Officer Landau said Officer “Yes,” Officer Landau replied. RALPH high school
Liang called in over his radio, Officer Landau faces admin- GARDNER JR. friends,
“Pink House Post One,” a ref- istrative charges in connection whose ge-
erence to their location in with the incident. He and Offi- nius had
Stairwell A in the Louis H. cer Liang are both on modified heretofore been disguised,
Pink Houses. duty at the NYPD. becoming rich and famous
Officer Landau told the jury When questioned on the spinning records.
that Officer Liang knelt on the stand, Officer Landau ap- So why not me?
ground next to Mr. Gurley. In peared unclear about the exact And I like to think I im-
his opening statement last terms of his immunity agree- pressed Foxgrove’s co-found-
week, Assistant District Attor- ment with prosecutors. ers, David Maurice and Nata-
ney Marc Fliedner said Officer Under cross-examination, lie Lam, with my passion by
Liang “never even knelt” down Officer Landau said he hadn’t being the only one among us
to see what he had done. agreed to cooperate against old enough to identify the
Officer Landau said neither his former partner and didn’t symbol on the Serato Nu-
of them called for an ambu- know why he wasn’t being mark controller they use to Foxgrove co-founder
lance. But later, under cross- prosecuted for failing to call in teach their classes. David Maurice, left,
examination, Officer Landau the shooting over the radio. “A logo?” somebody and above. with a
said he told investigators the “You’re not being charged,” guessed. DJ controller. Right,
day after the shooting that Of- Mr. Brown said. “You have no Not quite. Ralph Gardner Jr.
ficer Liang had tried to call for idea why that is?” The design was that of a uses a music
an ambulance. Officer Landau said no. 45-rmp record adapter, a production device.
small piece of plastic that
one inserts in the middle of a
45-rpm record, allowing it to
be played on LP turntables.
It appeared on the plat-
ANNUAL ter, the part of the controller

that simulates a turntable
and allows a DJ to show off
WATCH & JEWELRY his or her scratching tech-
nique, among other skills.
SALE When I think of DJing,

and how the world in gen-
eral has left me behind,
electronic dance music.
“It’s an exact tempo,” he
That’s precisely the prob-
lem: I don’t want to do new
fore recording technology
existed, music was 98% in
scratching, where DJs move explained with saintly pa- things with my old records, the amateur space,” Mr.
January 29th through a vinyl record back and forth tience, “128 beats per min- which I suppose limits how Maurice said.
on a turntable and call it ute.” far I can take this DJ fantasy. People sang and learned
February 13th music, seems as good a place He was referring to why I love them just the way they how to play musical instru-
to start as any. we would be remixing that are. ments and entertained them-
Except that there’s no vi- genre rather than something I’m not quite conceited selves and each other at
nyl involved these days. The more familiar, or even some- enough to believe I can im- home. “As soon as you could
platter probably isn’t even thing that I recognized as a prove the Beatles’ “A Day In record music, people became
necessary. The magic is ac- song with a beginning, mid- the Life” or Neil Young’s spectators rather than cre-
complished using software dle and an end. “The Needle and the Damage ators,” he went on.
displayed on large monitors Why not the Rolling Done.” If anything, the problem
at Foxgrove’s 12 learning Stones’ “She’s a Rainbow,” has gotten worse with music
stations. To my ignorant for example? having essentially become
eye, all the blinking colors I trace my declining inter-
The problem, at least free. People aren’t “interact-
and wave patterns signifying est in music and dancing to one of them, is that I ing with music other than
instruments and sounds ap- the day in the late 1970s that just listening to Spotify,” Mr.
peared approximately as disco displaced rock 'n' roll
don’t like electronic Maurice added.
comprehensible as the cock- as the dominant party dance music. Foxgrove’s goal is to do
pit of a 747 if the pilot told soundtrack. Electronic dance for music what Instagram
me to land the plane on my music seems but one more has done for photography.
own. milestone on that slippery Mr. Maurice’s and Ms. Releasing everybody’s inner
Mr. Maurice used a piece downward slope. Lam’s larger hope is that Ansel Adams. “Music is the
of electronic dance music to “You’re able to revisit a their students will become, if last frontier to go into the
show me how to program lot of records from the past,” not the next Grandmaster amateur space,” Ms. Lam
voices and instruments and Mr. Maurice explained cheer- Flash, players in the creative said.
remix songs on the control- fully, trying to pique my in- process, if only after leaving I applaud them. But I’ll be
ler. terest. “You can dive back their corporate jobs for the seeking my bliss elsewhere.
The problem, at least one into your old library and do night.
of them, is that I don’t like new things with it.” “A hundred years ago, be- [email protected]
FEUD opers now say they are less

likely to build affordable hous-
JUSTIN LANE/EUROPEAN PRESSPHOTO AGENCY
ing—and will focus on condos.

More important, they are
Continued from page A13 worried about the new bond
policy. “There’s a real-life rules. Deals in the city would
LOUISE WATERIDGE/ZUMA PRESS
three-dimensional world out need the approval of Mr.

there, and people are relying Cuomo’s economic develop-
on the government.” ment board and a three-mem-
Real-estate developers and ber board representing the As-
people close to Mr. de Blasio sembly speaker, Senate
JETSUITE CORE VALUE #5 blame Mr. Cuomo for the expi- president and governor. City
ration of 421-a. Real estate offi- officials worry both that the
cials thought when they reached new processes will add extra
DELIVER
ON COMMITMENTS
a deal last year with the city on
the tax abatement—which is
only available in the city—that
it would pass in Albany.
But Mr. Cuomo and the Leg-
islature gave construction
unions a spot at the table, say-
ing they deserved higher wages
time, and any of the three men
could veto a project.
The state says the board
meets frequently and approved
$18 billion in projects last year,
and that most projects get back-
ing. The state says most city
projects are already approved at
Gov. Andrew Cuomo, left, and Mayor Bill de Blasio are often at odds.
money and it decided how to

spend it. Mr. Rodney, of the
New York City Housing Devel-
opment Corporation, said he
had never discussed such
changes with state officials and
velopment community.
Two developers said the
rules simply didn’t make sense.
It is important, these people
said, to have certainty before
beginning projects and secur-
for some city projects and in the state level—and that politics was surprised when the budget ing financing—and a state ap-
effect questioning the mayor’s haven’t gotten involved. proposal included it this year. proval at the end for bonds
liberal bona fides. Some devel- “The reform proposal in- He said many developers are could chill development.
cluded in the budget will en- now unsure what it will mean. Mr. Rodney said many of the
sure projects being financed by Brad Lander, a city council- affordable-housing developers
We Want to Hear the state’s tax-exempt authority man and former affordable- aren’t deep-pocketed, and that
From You have maximum benefit,” said a housing developer, said the approvals sometimes already
Have something to say about spokeswoman for the governor. new layers of state regulation take 18 to 24 months.
an article in Greater New Previously, the city was were “poison pills” that trou- —Mike Vilensky
York? Email us, along with given two allocations of bond bled the affordable-housing de- contributed to this article.
your contact information, at
[email protected]. Your letter
TRUMP
OUR REPUTATION DEPENDS UPON HOW WELL AND HOW
could be published in our Mr. Cohen said he believed the At the hearing, Mr. Cohen
OFTEN OUR ACTIONS ALIGN WITH OUR WORDS. AT bench had been removed as said that the Trump Organi-
weekly Feedback column on
JETSUITE, WE ARE COMMITTED TO TRANSPARENCY. Friday. Letters will be edited part of approved renovations zation is in the process of
THAT IS WHY WE PROVIDE EXACT QUOTES ONLINE for brevity and clarity. Please when a Gucci store leased creating other public spaces
include your city and state. Continued from page A13 space in Trump Tower. The in the building, including one
BEFORE EVERY FLIGHT, AND PUT OUR COMPLETE lowed Mr. Trump to add Gucci store opened in 2008. on the third floor of a five-
MEMBERSHIP CONTRACT ON OUR WEBSITE. WE ALSO 105,436 square feet to the 58- But Mr. Cohen said he was story atrium, which will have
story building in exchange for unable to find any permits or seating near a “plaque in
CORRECTIONS
STRIVE TO COMMUNICATE THE STATUS OF OUR
public spaces in the building. plans justifying the change. honor of veterans.”
COMMITMENTS ACCURATELY AND OFTEN TO MAINTAIN “An examination of the ref- When a previous violation But the judge noted that
CLIENT TRUST, AND WHEN ELEMENTS BEYOND OUR AMPLIFICATIONS erenced plans shows the words,
‘marble bench seating,’ printed
for a sales counter in the
lobby was issued in 2006, Mr.
creating other spaces
wouldn’t diminish the obliga-
CONTROL INTERFERE, WE MAKE IT RIGHT.
in the area currently occupied Trump paid the fine but didn’t tion to comply with the per-
Bleecker Street was mis- by the right counter,” wrote the remove the counter. mit.
spelled as Bleeker Street in hearing officer, Susan Brand. “The space deserves a “We had a strong case, and
the Metro Money column on “The area currently occupied bench for the public,” said Jer- we’re pleased that the viola-
Saturday about New York City by the left counter is shown to old Kayden, a professor of ur- tion we issued has been up-
supermarkets. be an unoccupied space.” ban planning and design at the held,” said a spokesman for
JETSUITE.COM 866-779-7770 Michael Cohen, special Harvard University Graduate the Department of Buildings.
Readers can alert The Wall Street counsel to Mr. Trump, didn’t School of Design and an advo- “If the kiosks are not re-
©2016 JetSuite® All Rights Reserved. All flights operated by JetSuite Air, FAA Air Carrier Certificate #9SUA667M. Journal to any errors in news articles
by emailing [email protected] or respond to requests for com- cate for privately owned pub- moved, further enforcement
by calling 888-410-2667. ment. At a hearing Thursday, lic spaces. actions will be taken.”
CITY NEWS
Parents of Slain Teen Call for Action
With No Mayor Top Earners
Are Targeted
In Sight, Chuck In Proposed
Tax Increase
Braves Shadow BY ERICA ORDEN
BY MARA GAY “It’s probably for the best,” Many New Yorkers who
she whispered with a smile. earn more than a million dol-
New York City Mayor Bill de A necropsy showed the ani- lars a year would see a tax in-
Blasio was at a safe distance mal died from injuries related crease under the terms of a
Tuesday morning, en route to a fall. The U.S. Department proposal introduced Tuesday
from Iowa, but Staten Island of Agriculture cited the zoo for by Democratic Assembly
Chuck still seemed anxious. allowing an “untrained han- Speaker Carl Heastie.
Then the groundhog heard dler” to hold the groundhog. The proposal, which will
some words of encouragement. Zoo officials changed the cere- face significant resistance in
“He’s not here!” said the mony last year, barring may- the Republican-led Senate,
KEVIN HAGEN FOR THE WALL STREET JOURNAL

city’s public advocate, Letitia ors from holding the animal. would broaden the state’s
James, referring to Mr. de Bla- Ed Burke, the deputy bor- current top tax bracket to ap-
sio, who dropped a groundhog ough president, who served as ply to all filers, including tax-
two years ago at the same cer- the master of ceremonies, said payers who file jointly as a
emony at the Staten Island there was “no need to pray married couple, who earn $1
Zoo. “You’re safe with us!” while the mayor was away.” million or more annually.
Chuck then emerged from Turning to the young chil- That bracket, which carries
his thatched-roof home at the dren in the audience, Mr. Burke an 8.82% marginal tax rate,
zoo and began to roam around asked what they knew about now applies to singles who
a Plexiglas-walled enclosure. the history of the ceremony: earn more than $1 million,
Cheers erupted from some 200 “How many times has the head of household filers who
people gathered to watch. groundhog bit the mayor?” earn more than $1.5 million
And so went Groundhog “Once!” the children an- SAD ANNIVERSARY: Four years after her son was killed by a police officer, Constance Malcolm and and joint filers who earn
Day on Staten Island this year, swered. Mr. de Blasio’s prede- other family members rallied at New York City Hall Tuesday to demand that the officer be fired. more than $2 million.
skipped by Mr. de Blasio as he cessor, Michael Bloomberg, sus- Ramarley Graham, 18 years old, was shot in his Bronx home during a drug investigation. Mr. Heastie’s proposal
returned from Iowa, where he tained such an injury in 2009. would also establish two new
campaigned for Hillary Clin- Mr. de Blasio’s absence tax brackets for top earners:
ton. Events took a dark turn seemed to suit most people at a 9.32% rate for those making
here two years ago when Mr. the zoo just fine. Mr. Cornejo was fired from the broadcast Sunday, June 12 on $5 to $10 million, and a 9.82%
de Blasio accidentally dropped
the squirming groundhog as
“It’s safer for the groundhog.
Maybe it’s safer for New York,
Greater NYPD in January, authorities said.
He was arraigned Tuesday
CBS from the Beacon Theatre.
—Pia Catton
rate for anyone earning more
than $10 million. And it
schoolchildren gasped. That
groundhog later died.
too,” said Peter Schultheis, a
59-year-old legal assistant, who New York night and a bail hearing was set
for Wednesday. His attorney de- NEW JERSEY
would reduce taxes for the
lower and middle class by in-
“Poor Chuck. That was sad,
what happened to him,” Patri-
wore a groundhog-themed hat.
And yet, others said the Watch clined to comment.
—Pervaiz Shallwani
Defendants Want creasing tax credits for the
poor and by cutting the tax
cia Lopez, 45 years old, said as mayor missed an opportunity Bridge Case Dropped rate for married joint filers
she waited to see the new to show up to an event that is BROADWAY The two defendants in the earning between $40,000 and
groundhog, also named Chuck. a tradition on Staten Island. George Washington Bridge lane- $150,000 to 6.25% from
Ms Lopez said she didn’t mind “It’s not doing anything to
Late-Night’s Corden closing case are asking a judge 6.45%.
that the mayor wasn’t there. help his image,” said Laura Wil- NEW YORK CITY To Host Tony Awards to toss out the charges. On Tuesday, Senate Major-
liams, 35, who along with her James Corden, of “The Late In court papers filed late Mon- ity Leader John Flanagan, a
husband took their 5-year-old
Ex-Officer Promoted Late Show,” will host the 2016 day, attorneys for Bill Baroni and Republican, said his confer-
Prostitution: Officials
KEVIN P. COUGHLIN/OFFICE OF THE GOVERNOR
daughter, Ella, to the ceremony. Tony Awards, organizers an- Bridget Kelly argued impeding the ence would block the pro-
Headlining the event this A former New York Police De- nounced Tuesday. flow of traffic isn’t a civil rights posal in that chamber. “We
year was Lt. Gov. Kathy partment officer was charged Mr. Corden won a 2012 Tony violation. They also claim the don’t support raising taxes or
Hochul, along with Ms. James, Tuesday with ferrying women to for his comic role in “One Man, prosecution is hampering their asking hardworking New
city Comptroller Scott Stringer hotels throughout the area to Two Guvnors,” and he has defense by not sharing evidence. Yorkers to dig deeper into
and Staten Island District At- engage in prostitution, authori- hosted CBS’s “The Late Late An indictment unsealed last their pockets to pay more.”
torney Michael McMahon. ties said. Show” since March 2015. The year charges them with wire At a news conference in
None of them was bitten, Eduardo Cornejo, 33 years old, breakout hit from his late-night fraud and civil rights violations Albany on Tuesday, Mr.
and Chuck, who predicted an was observed transporting at show has been the viral-video for allegedly orchestrating the Heastie defended his plan.
early spring, wasn’t dropped. least 10 different women to mo- series “Carpool Karaoke,” in 2013 bridge lane closures to cre- “It’s not just about raising
But jokes abounded. tels in Long Island, New Jersey which he picks up celebrities in ate traffic jams to punish a revenue. It’s about tax cuts to
“I’m here because there had and elsewhere, according to the his car and sings along to their mayor for not endorsing Gov. middle-class families and
Staten Island Chuck, safe in been rumors of foul play in criminal complaint unsealed in songs with them. Chris Christie’s re-election. lower-income families,” he
the arms of a zoo handler. the past,” Mr. McMahon said. Brooklyn federal court. The Tony Awards is set to be —Associated Press said.
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FOOD & DRINK WEDNESDAY
LA CHINE AT THE WALDORF ASTORIA

Star anise and soy-flavored foie cherries, above, at La Chine at
the Waldorf Astoria, left. The Copper Well Street noodles, below,
at Kings County Imperial, bottom.
DANIEL KRIEGER
New York’s Chinese Food Revolution
LEVI MILLER
Continued from page A13 quickly proliferated, becoming “There’s kind of this little Chicken: $24 at Kings County
nese food expert who opened most Americans’ connection to revolution in higher-end Chi- Imperial. Whole barbecue
RedFarm in 2011, a restaurant the cuisine. nese food that’s slowly start- duck: $70 at La Chine.
that helped usher in New When it opened in the West ing to take place,” Mr. Schoen- But the dishes barely re-
York’s farm-to-table Chinese Village, RedFarm positioned it- feld said. semble their takeout counter-
movement. self within a broader food In 2013, Jonathan Wu, a for- parts. At Kings County Impe-
But that cuts both ways, he movement that “starts off with mer line cook at Per Se, and rial, the soy sauce comes from
said. Chinese chefs “can make the premise that really good in- his partners opened Fung Tu a third-generation family
more money in China now with a menu inspired by Mr. brewery in China that sun-fer-
than they can here,” Mr. Wu’s mother’s Chinese-Ameri- ments the product; tapping the
Schoenfeld said. And “they’re
RedFarm’s idea is can cooking during his child- soy sauce prevents oxidation,
appreciated more” in Hong that ‘really good hood in Connecticut, family they said. They harvest Chi-
Kong or Taiwan. stories and old Chinese cook- nese herbs and vegetables in
When La Chine was search-
ingredients make for books. their backyard garden.
ing for chefs, management in- really good food.’ A relative’s memory about For years, Chinese food was
terviewed about 100 candi- eating smoked black dates on a guilty pleasure for New York-
dates for 14 chef jobs. the streets of China evolved ers. “It’s greasy, it’s starch-
“That skill is just not here,” gredients make for really good into Fung Tu’s smoked-and- laden, it’s gloppy,” said Joshua
Mr. Garcelon said. food,” Mr. Schoenfeld said. fried date, stuffed with duck Grinker, Kings County Impe-
Upscale Chinese food is An instant smash, the res- confit. rial’s chef and co-owner. “You’d
hardly new in the city. A crop taurant has since expanded to Efforts to adopt a more up- be like, ‘OK, now I don’t need
of elite Chinese restaurants the Upper West Side, added a scale approach can lead to to do that for another month
KATIE BURTON
opened in the late 1960s and separate restaurant dedicated sticker shock. Vegetable fried because that was disgusting.’
early 1970s, including Shun to Peking duck and is planning rice: $16.95 at RedFarm. An That’s the renaissance—it’s not
Lee Palace. But takeout places a London expansion. egg roll: $13 at Fung Tu. Garlic disgusting. It’s amazing.”
ing were all updated in the reno- day. 90 Washington St.; clinton-
The Feed vation, which cost “north” of
$500,000, co-owners David Za-
hallny.com
Reserve a table at Gotham
blocki and Evan Giniger said. The West Market, on the far west
terrazzo floor was restored and of Midtown, for $100 per hour
the ovens refurbished. A glass (email events@gothamwestmar-
The New A Kossar’s Comeback

For months, Lower East Sid-
wall now separates the bakery
from the sleek public space, en-
abling customers to peer
through.
ket.com). The price might seem
steep, but it guarantees a table
at the food hall, where some
vendors are offering special Su-
Anti-Corruption ers have anxiously eyed the

brown paper covering the win-
dows at Kossar’s, the famous bi-
“While 99% of our work was
building this store, nobody
cares,” Mr. Giniger said. “It’s the
per Bowl packages. A case in
point: Genuine Roadside will
feature a Super Bowl box
Landscape aly store founded in 1936.

On Friday, the bakery will fi-
nally reopen with an expanded
menu, a modernized interior and
last 1%—what does my bialy or
bagel taste like—is all anybody is
going to care about.” 367 Grand
St.; 212-473-4810
($59.93) with 16 mini classic
burgers or mini fried chicken
sandwiches, plus fries. Patrons
are welcome without reserva-
a new line of packaged products, —Sophia Hollander tions on a first-come, first-
including custom cream cheese. served basis; items from market
Bialys will rise 10 cents, to $1 vendors can also be ordered to
T U E S D A Y, F E B R U A R Y 2 3, 2 0 1 6 each, and there are new fla- Super Bowl Specials go. 600 11th Ave.; gothamwest-
vors—olive tapenade, whole While no New York teams market.com
8. 3 0 A M – 1 0. 3 0 A M E S T wheat and apple cinnamon—and made it to this year’s Super New Jersey bakery Ava’s
spreads, including almond butter Bowl, there are still plenty of Cupcakes has put together a
and specialty cream cheeses like ways for New Yorkers to cele- menu of 12 game-day inspired
C O R E : club jalapeño caper, horse radish and brate game day. A number of cupcakes, including some fla-
pickle and everything bagel restaurants, bars and food mar- vored with beer (as in Caramel
6 6 E. 5 5 T H S T R E E T ($4.75 for 8 oz). kets are offering special items Stout and Corona & Lime variet-
A new grill counter will serve and packages. Among those that ies). The menu also features a
N E W Y O R K, N Y 1 0 0 2 2 up breakfast sandwiches, challah caught our eye: Sweet & Salty cupcake—a choc-
or babka French toast and Clinton Hall, a beer hall in olate cupcake with a potato chip
made-to-order pletzel pizzas. lower Manhattan, has unveiled a baked inside. 20 Wall St., Rock-
There are also sandwiches like 20/20 menu—choose from one away, N.J.; avascupcakes.com
the Yenta ($9.75), with whitefish of 20 burgers and a beer from a —Charles Passy
The U.S. Department of Justice introduced major salad, pastrami salmon, lettuce, list of 20 craft brews. Burger
changes to its anti-bribery enforcement, with shaved celery, tomato and red choices include fun options, such Notice to Readers
onion. While there is no pork in as the Truffle Shuffle (with
new guidelines and a focus on high-impact cases. the store, they developed a dou- black truffle aioli) and the Lettie Teague is away. The
Join our panel of government decision makers ble-smoked molasses-cured Cheeto Burger (with—what Uncorking the City column
and industry executives as they discuss the new salmon reminiscent of bacon. else?—Cheetos). The 20/20 will resume next Wednesday.
The wiring, roofing and vent- menu will continue after game
anti-corruption landscape.
Reserve your space at

dowjones.com/corruption-landscape
Space is limited to this exclusive event. RSVP today.
STEVE REMICH FOR THE WALL STREET JOURNAL
© 2016 Dow Jones & Co., Inc. All rights reserved. 3AO1490
On Friday, Kossar’s will reopen with an expanded menu, a modernized interior and a new products.
ARTS & ENTERTAINMENT
PETER FISCHLI AND DAVID WEISS/FISCHLI WEISS ARCHIVE, ZÜRICH

STEVE REMICH FOR THE WALL STREET JOURNAL (2)
‘Beagle Boys,’ above, and ‘Popular Opposites: Small and Big,’ above right, from Fischli and Weiss’s ‘Suddenly This Overview,’ at the Guggenheim starting Friday. Below right, ‘Rat and Bear (Sleeping),’ from 2008.
Fischli and Weiss: Art That Stays Playful

BY SUSAN DELSON sculptures, drawings, photo- and, thanks to a pair of small start of the series “Suddenly
graphs, slide projections and motors, breathe softly as they This Overview” that the cre-
To understand what drives videos that explore wide-rang- slumber. ative back-and-forth solidified
the work of Swiss artists Peter ing themes of art, life and the “It’s a show called ‘How to into an enduring partnership.
Fischli and David Weiss, it meaning of work. Work Better,’ and the first A wry, highly subjective pan-
helps to leave the usual art- If there is a common thread thing you see is the alter egos orama of human knowledge
world concepts behind. among the works, it is the art- of the artists sleeping in the and experience, the series in-
Instead, it might be more ists’ endless fascination with middle of the museum,” said cludes some 600 individual
useful to conjure up a combi- the banalities of life, from co-curator Nat Trotman, the works, rendered in the delib-
nation of theoretical physicist dog-food bowls to sewer Guggenheim’s curator of per- erately amateur medium of
Stephen Hawking and cartoon- maintenance, their enduring formance and media. “It’s unfired modeling clay.
ist-inventor Rube Goldberg. love of everyday objects as the lovely.” Close to 170 are on view at
Then throw in a Marxist econ- stuff of art, and an entrancing “Mostly we define work as the museum.
omist and a touch of the boy sense of just fooling around. something when you are pro- Wandering among the
down the block who likes to ductive,” noted Mr. Fischli in a small forest of pedestals, one
strap lizards to bottle rockets conversation at the museum might find such playful tab-
and never stops asking “what
One work shows the last week. “But there is also a leaux as “Snow White and
would happen if…?” artists’ alter egos kind of work outside of being Rose Red Confronted with the
Take, for example, “The productive.” Dwarf’s Problem” (his beard is
Way Things Go,” one of the
napping in the midst That second definition stuck under a fallen log) not
duo’s most admired works. A of the museum. might be said to apply to his far from “A Copy of Jack Ker-
30-minute fantasia of cause 33-year-long collaboration ouac’s Typewriter” or “Seven
and effect, the 1987 cult-clas- with Mr. Weiss, and the hours Aliens Marvel at Stonehenge.”
sic film documented a series “Where the brilliance really they spent in ostensibly un- As an active collaborator
of chain reactions involving, lies with Fischli and Weiss is productive conversation of on the show’s installation, Mr.
among other things, a flotilla that they make it all seem so one kind or another. Fischli has worked with cura-
JASON WYCHE/PUBLIC ART FUND, NY
of tires, controlled chemical casual—that it’s this lackadai- After they first met in tors to fine-tune selection and
reactions, languidly twisting sical, fun activity,” said the Zürich’s punk-music scene in placement of the works.
garbage bags and furiously show’s co-curator, Nancy the late 1970s, the two began As the installation took
steaming teakettles. Spector, the museum’s chief going to art shows together, shape, he came to appreciate
The film embodies the pen- curator and deputy director. hanging out in bars and talk- how the views across the ro-
etrating, yet playful spirit of In fact, she said, “it is so in- ing, said Mr. Fischli. Long con- tunda enrich one’s experience
discovery in the duo’s art, credibly precise, choreo- versations about art and ev- of the show, which is orga-
which gets its first major New graphed, calibrated, analyzed.” erything else ultimately nized more by themes than
York museum retrospective, The opening work, “Rat and formed the basis of their cre- chronology. These cross-views
“Peter Fischli David Weiss: Bear (Sleeping)” from 2008, ative collaboration: “Half of Outside the museum, a mural at the corner of Houston and Mott allow works in the same con-
How to Work Better,” at the sets the show’s subversive the day in the studio we were streets recreates the artists’ 1991 ‘How to Work Better,’ adapted ceptual “family” to be seen
Solomon R. Guggenheim Mu- tone, riffing on the artists’ sitting and talking about from a motivational list found in a Thailand factory. In addition, from multiple perspectives.
seum, starting Friday. penchant for what they called things.” the duo’s 2001 video ‘Büsi’ (Kitty) screens at 11:57 p.m. nightly in Normally, he said, an ex-
In addition to “The Way the deliberate “misuse” of The dialogue continued, he Times Square through February. hibit moves in a line, with the
Things Go,” which will run time. said, until Mr. Weiss died in start and end points far apart.
continuously on two large The scruffy, vaguely entre- 2012. graphs of scenes assembled and Styrofoam, a trip to the “But on a spiral, you come
screens on the rotunda ramp, preneurial animal duo, meant Their first collaborative art from bits of food and house- carpet shop showing deli cold back,” he said. “Or maybe
some 300 works are in- as stand-ins for the artists, are project came with the 1979 hold items—the sinking of the cuts stacked like Persian rugs. you’re just above it. This
cluded—a dizzying array of nestled on a packing blanket “Sausage Series,” 10 photo- Titanic using a plastic bottle It wasn’t until 1981, and the makes it super interesting.”
HEARD & SCENE
Arty Crowd Comes Out for Library

Though the librarians who
work there might not appre-
ciate it, it would be kinda
fun to move into the New
York Public Library for the
Performing Arts up at Lin-
coln Center.
First of all, we’d have a lot
more square footage than in
our current apartment.
And second—and probably
more impor-
ARIA ISADORA/BFA (3)
tant—we’d
have all the
time in the
world to watch
any and all of
MARSHALL the archived
HEYMAN performances Sen. Charles Schumer with actress Angela Lansbury, who was honored at the New York Public
we’d like. Library Performing Arts gala. Sting performed at the end of the evening.
It is safe to
say that many of the guests shuh, who most recently ap- come us, after they make us up short. I say, ‘What am I
at Monday’s 50th anniver- peared in a very funny epi- check our bags.” doing here?’ I guess I man-
sary gala for the institution sode of “My Crazy Ex- She explained her connec- aged to squeak out a few
feel the same way. Although Girlfriend” as the title tion to Mr. Baryshnikov in- numbers from time to time.”
most of them probably have character’s overbearing volved renting an apartment “I’m intimidated,” Mr.
nicer apartments than we mother, was pretty punchy he shared with Jessica Baryshnikov said of being in
do, and some of the high- as the party’s master of cer- Lange: “Various portions of the same company as Ms.
rolling donors may have emonies. his wardrobe were around. Lansbury and Ms. Norman.
homes that are nicer than “My name is Tovah Feld- Of course, they had moved “I can imagine them as the
even the library. shuh and my Hebrew name to other quarters.” mighty lionesses standing
A lot of members of the is Tovah Feldshuh,” said Ms. As for Ms. Lansbury, “I’ve guard outside the building
performing arts community Feldshuh, who added that had the honor of existing in and I am a little fly buzzing
came out to this event, she was wearing a dress of this era with her and the around their ears.”
which was held in the Ce- Deavere Smith and Jane Al- The evening was raising her mother’s that had been honor of losing two Tony He described putting to-
leste Bartos Forum at the exander. funds so that the archives— modeled after a dress Jackie awards to her.” gether his own archives for
New York Public Library’s They came in support of a the original production of Kennedy Onassis had worn. Though the evening felt the library as “truly strange,
Stephen A. Schwarzman panoply of honorees: the “Sweeney Todd,” for in- Ms. Feldshuh said she has long, ending with a special but who can complain?”
Building on Fifth Avenue. philanthropists Lewis B. stance—“will be preserved spent much time at the Per- performance by Sting, both He imagined in 25 years
Among them were Patricia Cullman and Barbara G. and widely available in the forming Arts Library, includ- Ms. Lansbury and Mr. Bary- someone taking a look at his
Clarkson; “Chicago” director Fleischman; dancer Mikhail future,” said Anthony W. ing a trip looking for infor- shnikov were a delight. work in the library and
Rob Marshall; Christine Ba- Baryshnikov; actress Angela Marx, the president of the mation on Sarah Bernhardt. “I’ve spent 73 years in wanting to do something
ranski; Christine Ebersole; Lansbury; and opera singer New York Public Library. “I found footage of Sarah New York. New York is my similar.
Julie Taymor; Michael Cerv- Jessye Norman, who was un- Much is being digitized; oth- Bernhardt without her leg,” town. New York is the place I “Or more likely they will
eris; Joel Grey; choreogra- able to attend. Ms. Taymor erwise, he explained, every- said Ms. Feldshuh. At the flowered,” said Ms. Lans- say, ‘S—, I can’t do better. I
pher Bill T. Jones; ballet accepted the honor on her thing is “turning to vinegar.” center, the librarians “treat bury, who is 90. “To be a want to do something com-
dancer Leanne Cope; Anna behalf. The actress Tovah Feld- us like family and they wel- tiny part of this brings me pletely different.’”
SPORTS
Plucking Crops From the Garden State
Michigan becomes the
latest program to plunder
New Jersey’s most prized
high-school football talent
BY ANDREW BEATON
When Kareem Walker decided in

December that he would attend the
University of Michigan, he called up
his new football coach on FaceTime
during his announcement.
“You’re a nugget of gold in our
eyes,” Jim Harbaugh told the prized
running back during the video call,
audible to everyone because of
Walker’s microphone.
If Walker, who starred for DePaul
Catholic High School in Wayne, N.J.,
is a “nugget of gold,” then the state
of New Jersey has become Har-
baugh’s personal gold mine. The Wol-
verines’ 2016 recruiting class already
includes five commitments from the
Garden State, including some of its
most coveted recruits. It’s a fairly
new destination for what has been a
decades-long parade of New Jersey’s
best talent to more prominent pro-
grams around the country.
But Harbaugh isn’t quite done. On
Wednesday, which is National Sign-
ing Day for high-school football play-
ers, Michigan is widely expected to
land the consensus No. 1 player in the
country: defensive lineman Rashan Jim Harbaugh, above, has lured four of New Jersey’s top recruits to Michigan, including Camden’s Brad Hawkins, below left. Below right, Paramus Catholic’s Rashan Gary.
Gary, from Paramus Catholic.
Gary, like many top prospects,
could opt to play just about any-
where in the country. In recruiting
(TOP): ZUMAPRESS.COM; (BOTTOM L) :APRIL SAUL FOR THE WALL STREET JOURNAL; (BOTTOM RIGHT): ASSOCIATED PRESS
hotbeds—such as California, Florida,
Georgia and Texas—in-state power-
houses have a natural advantage in
keeping their stars at home. But
when it comes to New Jersey, where
Rutgers has struggled to establish a
national reputation, it’s always open
season.
’Every school tries to

find some of those areas
that they can call home
outside of home.’
“Every school tries to find some of

those areas that they can call home
outside of home,” said Barton Sim-
mons, director of scouting for the re-
cruiting website 247sports.com.
“Michigan in particular wants to have
a strong national brand. New Jersey
is where they’ve planted their flag
most successfully out of all.”
That’s no accident. New Jersey
consistently produces high-level tal-
ent, making it a must-stop for any
big-time coach. “New Jersey is abso-
lutely one of those second-tier states
that needs to be a priority if you’re a
school with the ability to have that sudden dominance of the New Jersey went to work getting other New Jer- Hall of Fame. The list goes on. New Jersey. These three schools have
kind of recruiting footprint,” Sim- recruiting game. “He let Michigan sey players to join them. Rutgers’s leap to the Big Ten in combined to lure 14 New Jersey re-
mons said. know that we got athletes,” said The last time New Jersey pro- 2014 was meant to boost its profile, cruits in the past two years alone.
In all, four of the state’s top eight Dwayne Savage, who coaches Cam- duced a recruit as highly regarded as putting the Scarlet Knights in one of Now Rutgers—the only major-con-
recruits this year are committed to den High School. Gary was 2014, when Jabrill Peppers, college football’s premier confer- ference program within 150 miles of
Michigan. Gary, a 6-foot-5, 290-pound Simmons says Partridge deserves also from Paramus Catholic, chose ences. Top recruits, especially home- central Jersey—is, once again, hoping
defensive anchor, would make that credit, because lots of schools try to Michigan. At the time, Partridge, still grown, should want to play there. to change all that. In December, the
five and cap what may be the best re- hire staffers with connections to top Paramus’s coach, told The Wall Street But for several reasons, that hasn’t school hired Ohio State defensive co-
cruiting class in America. Michigan high-school players or areas, but few Journal that his players had gone to worked out as planned. ordinator Chris Ash as its head
will officially reveal its class during a have been able to follow through as schools in 10 different states in re- The stiffer competition has been coach, though the hiring likely came
high-profile event on Wednesday that successfully as Partridge. Two years cent years, but “not one in New Jer- difficult for Rutgers, which has gone too late in the recruiting cycle to se-
will reportedly feature Derek Jeter ago, Rutgers hired E.J. Barthel, an sey, which is fascinating.” 4-12 in two seasons of conference cure any big-time commitments this
and Tom Brady, who played quarter- independent strength and condition- Historically, many of the best col- play. There’s also the lingering spec- year. If Ash wants to turn the tide
back for the Wolverines. ing coach in New Jersey who had lege football players from New Jersey ter of potential NCAA violations, af- and reclaim new Jersey from schools
Gary’s interest in Michigan is no ties to top players such as Gary, as a have shunned Rutgers for schools ter coach Kyle Flood was suspended like Michigan, it will take at least two
accident. When Harbaugh became the key recruiter. But Rutgers hasn’t that are currently in the Big Ten— this season for pressuring a profes- things: winning more games, and
Wolverines’ head coach last year, he made much progress in keeping tal- which makes sense, given the sor to change a player’s grade. Flood landing the big-time recruit that al-
hired Chris Partridge, Gary’s coach at ent at home. schools’ relative proximity and their was later fired. ways seems to slip away.
Paramus Catholic, to become Michi- Savage coaches two of the highly high-level football. Ron Dayne, a Ber- Meanwhile, the Big Ten has re- “Rutgers just needs to find some
gan’s director of player personnel in regarded Wolverine commits: wide lin, N.J., set the NCAA rushing record cently welcomed some of the best re- stability,” Simmons said. “They ha-
recruiting. (Last month, Partridge receiver Brad Hawkins and defensive at Wisconsin. Franco Harris went cruiting coaches in college football— ven’t been able to have the kind suc-
was promoted to linebackers and end Ron Johnson. Both chose Michi- from Fort Dix, N.J., to Penn State namely Harbaugh, Ohio State’s Urban cess on the field to be able to com-
special-teams coach.) It’s easy to con- gan before their senior years even (which was independent at the time) Meyer and Penn State’s James Frank- pete with an Urban Meyer or James
nect Partridge’s post and Michigan’s began, and Savage says they quickly to the Pittsburgh Steelers to the NFL lin—and they in turn have invaded Franklin or Jim Harbaugh.”
What Can the Yankees Expect From Their Aged Stars in 2016?
With 23-year-old slugger Greg Bird tems—Bill James, Baseball-Reference,
set to miss the entire 2016 season Fangraphs/Steamer, Rotowire and
with a shoulder injury, the Yankees
Look Into the Crystal Baseball Baseball Prospectus—puts Teixeira
are suddenly more reliant on a couple Here’s how five of the leading baseball projection systems rate both (.794 aggregate on-base plus slugging
of older stars—after an off-season Alex Rodriguez and Mark Teixeira in 2016. percentage) above the league-average
during which the team made an ef- HITTER PROJECTION AB HR OPS first baseman last season (.773), and
fort to get younger. As the Journal’s Alex Rodriguez Bill James Handbook 503 24 .768 Rodriguez (.762) very close to the
Jared Diamond reported Tuesday, Bird Baseball-Reference 438 23 .783 designated-hitter average (.770). But
served as a valuable insurance policy Fangraphs/Steamer 483 19 .743 their 47 projected homers is 17 fewer
that the Yankees almost certainly Rotowire 506 21 .767
than in 2015, when Teixeira hit 31 and
would have utilized at some point Rodriguez 33.
Baseball Prospectus 502 22 .749
Rodriguez is projected for 486 at-
Take a Number Mark Teixeira
AVERAGE
Bill James Handbook
486
431
22
26
.762
.811
bats, and Teixeira just 431. That
means someone else will have to fill
Baseball-Reference 417 24 .778 in at both first base and DH fairly of-
this season, since incumbent first Fangraphs/Steamer 420 24 .779 ten. Now that player won’t be Bird,
baseman Mark Teixeira and desig- Rotowire 418 27 .823 who posted a sterling OPS of .871
nated hitter Alex Rodriguez sport a last year in 157 at-bats, trailing only
Baseball Prospectus 470 26 .780
combined age of 75. Teixeira (.906) among Yankees with
Now Teixeira and Rodriguez must AVERAGE 431 25 .794 significant playing time. General man-
stay healthy and maintain the unex- Source: WSJ ager Brian Cashman said he’s content
pected offensive gains they posted with Dustin Ackley in that role. While
in 2015. Both have undeniably en- Ackley was outstanding for the Yan-
joyed great careers—with Rodriguez’s The Wall Street Journal sampled of the campaign season, we aggre- Teixeira will be less effective than kees in limited 2015 action (.987 OPS
ranking as one of the most produc- five of the leading baseball projection gated them like polls to better predict they were in their resurgent 2015 sea- in 52 at-bats), his career OPS in
tive in baseball history—but what ex- systems that account for age, overall 2016 results. sons, during which each slugged more 2,064 at-bats is a subpar .680, with
actly can fans expect from the duo career success and recent perfor- The consensus, perhaps not sur- than 30 home runs. But the good only 46 homers.
in 2016? mance, and injury history. In the spirit prisingly, is that both Rodriguez and news is that combining the five sys- —Michael Salfino
ASSOCIATED PRESS
CAREERS B5 | CROSSWORD B6
BUSINESS & TECH.

Boeing Is on Course Drugmakers Join Race
To Deliver a Jet Early To Create Zika Vaccine
AVIATION | B6 HEALTH | B3
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | B1
Crude Slump Pressures Exxon, BP

BY SARAH KENT Exxon’s annual earnings were have been smacked by oil 50% in 2015. PLC is completed. The ratings
AND BRADLEY OLSON cut in half to $16.2 billion, prices that fell below $30 a Those four oil giants are on agency also placed Exxon and
forcing the Irving, Texas, com- barrel on Tuesday. Chevron track to report their lowest an- others on credit watch. Exxon
Exxon Mobil Corp. posted pany to put its share buyback Corp. said it would cut spend- nual profits since 1998, accord- is one of only a handful of cor-
DAVID RYDER/BLOOMBERG NEWS

its weakest annual results in plan on hold to preserve cash. ing by $9 billion and lay off ing to S&P Capital IQ, when porations in the world that
more than a decade and BP As oil prices have fallen 70% there was a similar oil-price holds a triple-A rating.
1998
PLC suffered a loss as big as since June 2014, the effect on downturn. It was a year or two A downgrade is unlikely to
that booked in the aftermath the most resilient energy firms before many of the firms affect the companies’ ability to
of the worst offshore oil spill has touched a nerve with in- nearly doubled in size through operate, but it does shine a
in its history, showing the ex- vestors, contributing to anxi- Last time oil-industry big four’s acquisitions of rivals, including spotlight on their spending.
tent of the damage that the ety over the ties between the combined results were weaker, the tie ups of Exxon and Mobil Exxon Chief Executive Rex
20-month crude-price slump global economy and the oil estimates S&P Capital IQ and BP and Amoco. Tillerson said in a news re-
can inflict on even the big- market. The Dow Jones Indus- The oil slump has brought lease that the company would Amazon’s bookstore in Seattle.
gest and most secure oil trial Average fell 1.8% Tuesday, pressure to bear on oil compa- slash spending by 25% this
companies.
BP posted a loss of $5.2 bil-
lion for 2015—on par with
dragged down by energy firms
like Exxon.
“2016 is going to be tough,”
4,000 workers this year after
reporting a surprise fourth-
quarter loss of more than half
nies’ relatively high credit rat-
ings. Standard & Poor’s down-
graded Chevron and Shell and
year. That is more than some
analysts expected, said Guy
Baber, an analyst at Simmons
Amazon
2010, when one of its Gulf of
Mexico oil rigs exploded, kill-
ing 11 workers and spilling 3.2
said BP Chief Executive Bob
Dudley at a news conference in
London.
a billion dollars. Anglo-Dutch
energy giant Royal Dutch
Shell PLC indicated last month
said it would review the latter
company’s status again once
its roughly $50 billion acquisi-
& Company International.
Exxon’s decision to pause
its buyback program is a major
Said to Plan
million barrels of oil. And BP, Exxon and their rivals that its adjusted earnings fell tion of smaller rival BG Group Please see OIL page B4
Bookstore
Fresh Ingredients Came Back to Haunt Chipotle Openings
BY GREG BENSINGER
Inside the probe and
After dipping its toes into
the chain’s safety brick-and-mortar retailing last
overhaul; source of year with its first physical
bookstore, online giant Ama-
outbreak is a mystery zon.com Inc. is poised to dive
into the deep end.
BY JULIE JARGON The Seattle company plans
AND JESSE NEWMAN to open as many as 400 book-
stores, Sandeep Mathrani,
Steve Ells built Chipotle chief executive of mall opera-
Mexican Grill Inc. into a res- tor General Growth Proper-
taurant-industry leader by ties Inc., said on an earnings
playing offense, brashly tout- call on Tuesday.
ing fresher and more virtuous “You’ve got Amazon open-
food than competitors. His ing brick-and-mortar book-
company boasted of “food with stores and their goal is to
integrity” and ridiculed rivals open, as I understand, 300 to
for using artificial ingredients. 400,” said Mr. Mathrani in re-
For much of the past few sponse to a question about
months, though, he has been mall traffic.
playing defense after E. coli That plan compares to the
outbreaks sickened dozens, set 640 stores Barnes & Noble
regulators on the elusive trail Inc. operates and the 255 loca-
STEPHEN BRASHEAR/ASSOCIATED PRESS
of the cause and sent investors tions Books-A-Million Inc.

fleeing from the once-hot said it had as of last summer.
leader in healthy fast food. Both companies spent years
Mr. Ells, Chipotle’s co-chief building their retail presence.
executive, must show he can In addition to its one book-
revamp its kitchens to avoid a store, Amazon also has a
repeat and revive its fortunes. presence in Westfield Corp.
Chipotle on Tuesday reported malls, where it has set up per-
fourth-quarter net income of manent kiosks selling devices,
$67.9 million, or $2.17 a share, cases and branded apparel.
down 44% from a year earlier, ‘The events of the last few months have shown us we need to do better,’ Chipotle founder and co-CEO Steve Ells told investors Tuesday. It wasn’t clear where Mr.
on a 6.8% drop in sales to Mathrani got Amazon’s store
$997.5 million. It was the first told employees during the cri- across America, as well as a handling, said people familiar The crisis has been deeply figure, but he could have spo-
decline in quarterly revenue sis, said a person familiar with smaller E. coli outbreak that with Chipotle. personal for 50-year-old Mr. ken with Amazon’s real-estate
since Chipotle went public in his pronouncements. Mr. Ells sickened five more. Chipotle Matthew Wise, who heads Ells, a trained chef who bor- executives about their plans.
2006. declined interview requests. executives publicly complained the CDC’s outbreak-response rowed from his father to start Spokesmen for Amazon and
Mr. Ells told investors Tues- What caused the E. coli may the CDC was issuing too many team, on Monday said it isn’t the first Chipotle in 1993. He GGP declined to comment.
day that Chipotle has prided remain a mystery after the updates. The CDC, in turn, bris- uncommon for an outbreak in- expanded the chain to more If Amazon were to open
itself on being a safe place to Centers for Disease Control tled at Chipotle’s going public vestigation to be inconclusive. than 2,000 restaurants, with hundreds of stores, it would
eat but that “the events of the and Prevention said Monday with statements. “Because many dishes have the $4.5 billion in 2015 revenue, take years to pick locations,
last few months have shown us the outbreaks appeared to be Behind the scenes, Chi- same ingredients and everyone making it a forerunner in in- reach leasing deals, and hire
we need to do better.” over and it had closed its in- potle also disagreed with health ate multiple ingredients in gredients like free-range meat. staff. Physical stores would
People who know Mr. vestigation without pinpoint- officials about the E. coli’s likely their meals” in the Chipotle But after years of rapid give Amazon customers a
Ells said he has thrown himself ing an ingredient source. source, said people familiar case, he said, “it was hard to store growth, and double-digit place to leaf through books
into overhauling Chipotle’s “Because we will probably with the discussions. Govern- pull out a common ingredient.” sales increases at existing res- before buying them.
food-safety practices. Some of never know for sure what ment officials leaned toward “It’s largely been a collabor- taurants in 2014, Chipotle’s Barnes & Noble shares slid
those efforts involve undo- caused this,” Chipotle spokes- produce. Chipotle concluded the ative relationship” with Chi- growth began to slow. It faced 2.4% to $7.90 and Amazon fell
ing practices he had trumpeted man Chris Arnold said Monday, E. coli was most likely from potle, Mr. Wise said last new competitors emulating its a fraction to $551.57 in after-
as contributing to the fresh- “we have taken significant contaminated Australian beef. month, “but these can be model of serving fresh fare hours trading.
ness or quality of ingredients, measures to improve safety.” Chipotle in 2014 began im- highly emotional situations.” fast, while traditional chains Amazon opened a physical
such as a move last year to Mr. Ells’s team sometimes porting grass-fed beef to meet Mr. Arnold said last month: like McDonald’s Corp. and Yum bookstore in Seattle in Novem-
start cutting produce in res- was at odds with the CDC, its demand for “responsibly “We have been diligent in our Brands Inc.’s Taco Bell invaded ber, its first foray into brick-
taurant kitchens. which helped investigate the raised” meat. It believed the E. efforts to provide CDC with its turf with moves to elimi- and-mortar retail. The store,
“Food safety is the most im- outbreak of E. coli tied to Chi- coli spread to other ingredi- the information it needs to nate artificial ingredients and in an outdoor mall, sells books
portant thing,” Mr. Ells has potle that sickened 55 people ents through improper food conduct its investigation.” Please see ELLS page B2 Please see AMAZON page B5
U.S., Europe Reach Noncompete Pacts Hobble Rookies

Deal on Data Transfer BY ARUNA VISWANATHA the practice to see if it vio-
lates New York labor laws, ac-
The U.S. and European promise by Secretary of State Stephanie Russell-Kraft cording to people familiar
Union reached broad agree- John Kerry to establish a gov- started work in September as with the matter. One of the
ment Tuesday on a new ar- ernment ombudsman to follow a reporter covering the busi- people said the office’s labor
rangement for protecting data up on any complaints from Eu- ness of law for New York- bureau in December sent a
privacy, providing breathing ropean citizens about poten- based Thomson Reuters subpoena to Law360, a LexisN-
room to thousands of compa- tial privacy breaches, the EU Corp., a job she says she con- exis Group unit that publishes
KHOLOOD EID FOR THE WALL STREET JOURNAL
said. sidered a step up after spend- online newsletters covering

By Natalia Drozdiak, Businesses will be subject ing two years at legal news- court cases and other legal
Sam Schechner to multiple new requirements, wire Law360. news.
in Brussels including binding arbitration Within weeks, however, Law360 said in a statement
and John D. McKinnon in some circumstances, ac- Thomson Reuters asked Ms. that the newswire “is aware of
in Washington, D.C. cording to U.S. officials. And Russell-Kraft to leave. Her pre- an investigation into certain
companies will have to pro- vious employer, Law360, also media-company employment
nies that move personal infor- vide additional information to in New York, had sent a letter practices and has received in-
mation from Europe to the European consumers to inform to the company citing a non- quiries in connection with that
U.S. them more fully about their compete agreement she signed investigation. As is our stan-
Under the last-minute deal, rights, a senior Commerce De- when she started at the news- dard practice, we do not com-
reached one day after the offi- partment official said. wire as a 25-year-old, her first ment on ongoing investiga-
cial deadline expired, the EU Negotiators from the EU full-time job in journalism. Reporter Stephanie Russell-Kraft has struggled to find a new job. tions and intend to give our
said the U.S. had agreed to and the U.S. had been scram- The letter, a copy of which full cooperation to investiga-
provide binding written assur- bling to pull together a new was reviewed by The Wall tary technology can be at they have spent time and tors to the greatest extent
ances that personal informa- data-privacy agreement since Street Journal, laid out her stake—are spreading to other money training. Since the possible.”
tion about Europeans wouldn't the EU’s highest court last fall obligations under the agree- industries and stretching fur- agreements are private con- Mr. Schneiderman’s office
be subject to bulk surveillance invalidated an earlier arrange- ment, though it didn’t call for ther down the corporate lad- tracts, they generally are en- also has been investigating the
when it is copied on to U.S. ment that had been in effect her dismissal. der. Labor-law experts say forced through lawsuits. sandwich chain Jimmy John’s
servers. for 15 years, saying it provided Noncompete agreements— some employers appear to New York Attorney General use of agreements that bar its
Tuesday’s deal, called the insufficient privacy guaran- common in computing and en- be using them to prevent turn- Eric Schneiderman has workers from taking jobs at
Privacy Shield, also includes a Please see DATA page B2 gineering jobs, where proprie- over among rookie employees launched an investigation into Please see JOBS page B5
B2 | Wednesday, February 3, 2016 * **** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS NEWS

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
Abrar International
Holding......................C8
Affiliated Managers
G
GeneOneLifeScience...B3
General Growth
Properties.................B1
Qila'a Jeddah for Real
Estate Investment ... C8
R
Royal Dutch ShellB1,C12
Holiday Online Sales Boost UPS
Group.........................C2 General Motors...........B3 BY LAURA STEVENS to enable us to handle bigger
Alibaba Group Holding GlaxoSmithKline..A12,B3
S and bigger peaks,” he added.
.....................................A1 Goldman Sachs Group C3 Saudi Binladin Group..C8 United Parcel Service Inc. UPS said it hired between
AllianceBernstein GoPro...........................C1 Snapchat......................C2
Southwest Airlines .... B6 reported profit nearly tripled 90,000 and 95,000 seasonal
Holdings....................C2 H-I
Ally Financial .............. C2 S&P 500.......................C4 in the fourth quarter, exceed- workers, as expected, but
Amazon.com ............... B1 Honda Motor...............B3 SpringOwl Asset ing Wall Street expectations, brought them on later, reduc-
Amoco ......................... B1 Inovio Pharmaceuticals Management ............ A8
.....................................B3 as more customers shipped via ing hours by 8%. Its summer
Archer Daniels Midland Square ......................... C2
.....................................B4 J Starboard Value....A8,B3 air and higher prices and cost- acquisition of Coyote Logistics
Autodata.....................B3 Jeddah Economic ........ C1 Syngenta.....................A1 saving efforts paid off during also lowered outside transpor-
B Jimmy John's..............B1 T its all-important holiday sea- tation costs.
Barnes & Noble...........B1 JLL ............................... C6 Takata..........................B3 son. Holiday volume came in
BG Group.....................B1 K Target..........................B5 The delivery giant also gave lower than UPS expected, as it
BlackRock....................C2 Kingdom Holding ........ C8 Third Avenue an upbeat earnings forecast delivered 612 million packages
Boeing ......................... B6 KraussMaffei Group...A8 Management.............C2
Books-A-Million..........B1 Third Point..................B3 for 2016 on strong e-com- between Black Friday and New
BP.........................B1,C12
L Thomson Reuters.......B1 merce demand even as indus- Year’s Eve, down from the ex-
JOHN SOMMERS II/REUTERS

Legg Mason.................C2 Toyota Motor..............B3 trial production falls in key pected 630 million. Chief Fi-
C
LVMH Moet Hennessy T. Rowe Price.........C2,C4
CBRE Group.................C6 countries amid a weaker nancial Officer Richard Peretz
Louis Vuitton............B4 TrueCar........................B3
Chevron................B1,C12 global economic outlook. in an interview attributed
Chipotle Mexican GrillB1
M Turing Pharmaceuticals
.....................................B4 UPS set out this past holi- that, in part, to more holiday
CIT Group .................... C2 Marathon
Cnooc...........................A8 Pharmaceuticals ..... C12 Twitter....................C2,C4 day to prove to investors it returns being shipped later
Credit Suisse Securities Marvell Technology U can balance costs with late- than expected, in January.
..................................... C4 Group.........................B3 UBS..............................C2 year surges in e-commerce Ground package volume
D Mobil ........................... B1 United Parcel Service.B2 volume—deliveries to consum- UPS said more customers shipped by air during the holidays. also grew below expectations,
Monsanto....................A1 V
Dow Chemical........A8,B3 ers accounted for about 60% due partly to slowing indus-
Dropbox ....................... C2 N Valeant Pharmaceuticals of all U.S. deliveries in Decem- because it over prepared for off, including driver-routing trial production, as well as
E Nasdaq.........................C2 International......B4,C12
NewLink Genetics.......B3 Verizon Communications ber, up from about 45% in the volume that came in unevenly. software Orion, now 70% in- UPS’s decision to drop some
Editas Medicine .......... C4 News Corp...................A1 ............................. A1,C12 third quarter. Both those years it overspent stalled, and the introduction low-yield customers.
DuPont........................A8
Emerson Electric.........B6
Nintendo .............. B4,C12 Volkswagen.................B3 Despite peak holiday vol- by $200 million. of Access Point locations An increase in air volumes
Nissan Motor..............B3 W umes coming in slightly under The company said it low- where customers can pick up helped make up for that, as its
Etsy..............................C2 Nomura Securities......C4
Express Scripts Holding Waddell & Reed forecast, UPS posted earnings ered costs by shifting more their packages. Just a 10% in- U.S. deferred air product grew
................................... C12 O Financial....................C1 of $1.33 billion, or $1.48 a than 35% of its SurePost pack- crease in packages per stop nearly 15%, while next-day
Exxon Mobil.........B1,C12 Oversea-Chinese Wal-Mart Stores.........B5
Banking ..................... C3 Westfield.....................B1
share, up from $453 million, age deliveries—typically deliv- creates about $200 million in overnight products were up
F or 49 cents a share, a year ered to the door by the U.S. operating profit improvement, 10%. Retailers were using air
Facebook....................C12 P-Q Y
Fiat Chrysler Palantir Technologies.C2 Yahoo ................... A1,C12
earlier. UPS missed earnings Postal Service—back into its Chief Commercial Officer Alan to ship packages farther and
Automobiles ............. B3 Pinterest......................C2 Yahoo Japan..............C12 expectations the previous two own network to increase the Gershenhorn told analysts faster, Mr. Peretz said, as they
Ford Motor..................B3 Pirelli...........................A8 Yirendai ....................... C4 holidays, first because it number of packages a driver Tuesday on an earnings call. aim for two-day delivery.
wasn’t able to deliver all its delivers at each stop. Other “The things that we’re doing —Anne Steele
INDEX TO PEOPLE packages on time, and then initiatives also started to pay to our network now are going contributed to this article.
ELLS
A Gartside, Nick ............. C4 Mayer, Marissa....A1,C12 Water Resources said: “Austra- similar scanners to better
al-Dabbagh, Amr.........C6 Goldman, Ken ............. A8 P Heading South lia has a long history of safe track incoming items.
Al Maiman, Talal.........C8 Gulley, Mark ............... A8 and successful beef exports As the investigation contin-
Pearson, Michael ...... C12 Chipotle quarterly same-store
Arnault, Bernard.........B4 H Petrus, Jim ................. D2 sales, change from a year earlier over many years and is very ued, the CDC issued public up-
Avery, Michael L.........C1 Hammoud, Mounib ..... C8 Plumb, Craig................C8 Continued from the prior page proud of its food safety re- dates about illnesses that oc-
B 20%
Herrmann, Hank..........C2 R switch to antibiotic-free meat. cord.” He said the problems in curred in October and
Bernstone, Rob...........C1 Humphrey, Peter ...... A12 Ramsay, John ............. A8 The illnesses sidetracked the 2014 report have been rec- November but had taken a
Bezos, Jeff..................B5 J Russell-Kraft, Stephanie growth further. In addition to tified and cited a yet-unpub- while to get through the pub-
bin Talal, Prince al- Jackson, Nicholas.......B3 .....................................B1 the E. coli cases that started sur- 10 lished 2015 USDA audit report lic-health reporting system.
Waleed ...................... C8 Jones, Paul Tudor.......B5 S facing in the Pacific Northwest that found no port-of-entry de- Chipotle executives felt that
Butch, Thomas............C2 Jourova, Vera..............B2 in late October, they include Au- tections of E. coli contamina- gave the mistaken impression
Salman, King...............C7
C K Schiller, Howard........C12 gust salmonella cases in Minne- tion in 2014 and 2015. Beef-in- people were still getting sick. On
0
Codel, Franklin ............ C6 Kotok, David................C4 Schneiderman, Eric.....B1 sota that sickened 64 and out- dustry experts said Australian Dec. 8, Chipotle co-CEO Monty
D Kuroda, Haruhiko........C4 Schwab, Charles.........A8 breaks of norovirus traced to beef is as safe as U.S. beef. Moran told investors that news
Shiono, Takashi...........C4 Chipotles in California in August The contamination risk of the outbreak was “fueled by
Devarajan, Sharad ...... B5 L
Siegel, Bill...................C2 and Boston in December that to- –10 from meat may have been
Diamond, Michael.......B3 LaNeve, Mark..............B3 the sort of unusual and even un-
Starr, Evan..................B5
E Link, Charles...............B3 gether sickened hundreds. higher for Chipotle than other orthodox way the CDC has cho-
T In December, Chipotle was chains, food-safety experts sen to announce cases.”
Liveris, Andrew...........B3
Ells, Steve...................B1 Takada, Shigehisa.......B3 4Q 2015: –14.6%*
Luciano, Juan..............B4 served with a grand-jury sub- –20 said, because it brings fresh Mr. Wise said “the only thing
Ermotti, Sergio...........C2 Thain, John..................C2
M poena as part of a federal crim- meat into its kitchens, unlike that’s different in this outbreak
F V inal probe seeking information 2013 ’14 ’15 many big chains. than others” is that the CDC did
Maatman, Gerald........B5
Fauci, Anthony............B3 Venditti, Andreas........C2 on the California norovirus *Estimate Source: the company Chipotle continues to use the daily updates in the early days
Malone, Michael.........B5
Fitterling, James........B3 Y outbreak. On Tuesday, Chipotle THE WALL STREET JOURNAL. Australian beef supplier but is because it wanted consumers to
Marchionne, Sergio .... B4
G Markopolos, Harry......C2 Yamamoto, Yuhki........C4 said it was served on Jan. 28 now testing meat for pathogens be informed.
Gardner, Kirt ............... C2 Mathrani, Sandeep.....B1 Yellen, Janet ............... C4 with a subpoena broadening Lindquist. Chipotle examined before it arrives at restau-
the investigation’s scope, re- all 64 ingredients it serves, rants, among other changes, said Outbreak is over
quiring Chipotle to produce ruling out many. people familiar with Chipotle’s On Jan. 5, Chipotle execu-
DATA urged European privacy regu-

lators to hold off on enforcing
the court ruling until the new
deal comes into force, which
documents related to company-
wide food-safety matters dat-
ing back to Jan. 1, 2013.
When the CDC on Nov.
20 reported the outbreak had
spread to Minnesota, California,
New York and Ohio, Chipotle’s
actions. In the past, restaurants
transferred arriving raw meat to
bowls, and workers hand-rubbed
it with adobo spices before mari-
tives met with the CDC, the
Food and Drug Administration
and the Agriculture Depart-
ment’s Food Safety and Inspec-
Continued from the prior page could take three months. Slide in sales distribution records convinced nating it in refrigerators tion Service, all involved in the
tees. That set off alarms for Republican congressional Sales at existing Chipotles the company the culprit was and cooking it. probe, for the first time in per-
numerous companies—from leaders also praised on the fell 14.6% in the fourth quarter, red onions, cilantro or beef, said Now, employees will add son to discuss the outbreak, in-
retail corporations to technol- agreement, reflecting its im- dropping 30% in December, the people familiar with its investi- the rub in sealed bags so they cluding their beef-cross-con-
ogy firms—that transfer infor- portance for U.S. technology company said Tuesday. Chi- gation. Onions seemed unlikely don’t directly handle raw tamination hypothesis.
mation on users, customers companies. “This agreement is potle’s stock has fallen more to Chipotle, because its supplier meat. Workers now marinate The CDC thought that sce-
and employees across the At- a needed victory for job cre- than 25% since Oct. 30. The shipped much of its harvest to meat after restaurants close to nario unlikely, because it
lantic, who feared such trans- ation efforts in an already tur- shares were down nearly 6% at other restaurants, but no ill- avoid possible contamination would mean similar errors were
fers could be blocked if a new bulent global economic situa- $448 in after-hours trading nesses tied to them had been with food prepared during the repeated in all affected states
deal wasn't reached. following its earnings release. reported. day. Each restaurant shift has simultaneously, said Mr.
Privacy is often a more sen- Associates described Mr. Two weeks later, the CDC designated food-safety lead- Wise. “The consensus is there’s
sitive issue in Europe than the Ells as a germaphobe and per- reported cases in Illinois, ers to ensure outlets are ad- still more work to be done be-
U.S., and Tuesday’s agreement fectionist who would close res- Maryland and Pennsylvania. hering to protocols. Half of fore we get to an ingredient we
still must be approved by the taurants if he noticed they were Chipotle crossed cilantro off restaurant managers’ bonuses feel caused the outbreak,” he
privacy regulators of the EU’s dirty and help clean them. the list, because it used a dif- are now tied to food safety. said after the meeting.
28 member states, who were After customers in Seattle ferent cilantro supplier in Illi- As Chipotle and health au- Still, Mr. Ells told investors on
meeting Tuesday and Wednes- and Portland, Ore., began re- nois. That left beef. As not all thorities sought answers, they Jan. 13 he was hopeful the CDC
day. Beyond that, numerous porting E. coli illnesses, Chi- sickened customers ate were often out of sync. The would soon declare the out-
details of the framework must potle shut all 43 restaurants in beef, it could have caused the CDC’s Mr. Wise said Chipotle’s break over. Mr. Wise said “that’s
be filled in, and the agreement the region, submitted thou- outbreak only if E. coli bacte- distribution records posed a usually a statement I would ex-
could face legal challenges sands of ingredient samples to ria passed from the meat to challenge. He declined to offer pect the CDC to make.”
from privacy advocates. the FDA for testing, and sani- other ingredients through im- specifics but said “having On Monday, investigators
“Whatever agreement is
Andrus Ansip, the tized and restocked restaurants proper food handling. traceability from field to said they couldn’t identify any
eventually reached, it’s going European Union before reopening them. It hired A 2014 USDA audit report of slaughterhouse to restaurant ingredient as the source for the
to be challenged,” said Ed- food-safety firm IEH Laborato- Australian meat facilities, the can help facilitate traceback. outbreaks.The FSIS said: “Dis-
uardo Ustaran, a privacy law-
executive overseeing ries & Consulting Group to help latest available publicly, noted Chipotle has articulated plans tribution data shared by Chi-
yer at Hogan Lovells who its digital project. identify and fix the problems. that port-of-entry records for on their end to make that sys- potle does not establish a link
works with U.S. technology None of the ingredients the latter part of 2013 and the tem more robust.” between Australian beef, or any
firms. “Companies face some tested positive for E. coli, Chi- first part of 2014 indicated that Mr. Arnold said Chipotle single source of beef, and the
difficult decisions.” tion,” said Sen. John Thune potle has said publicly, beef products shipped to the has provided investigators de- Chipotle restaurants where case
But officials on both sides (R., S.D.), chairman of the Sen- likely because the contaminated U.S. from Australia “continue to tailed records, adding “we are patients reported consuming
said the accord represented a ate Commerce Committee. food had been consumed or dis- be in violations of United States not aware of any issues.” It re- steak.”
major step forward. “We have But some European privacy carded. food safety standards,” citing cently began requiring suppli- “The investigation is over
agreed with our U.S. partners advocates lashed out at the Local health authorities ini- the presence of feces and diges- ers to label shipments with and was inconclusive in terms
a new framework that will en- deal, saying it doesn't go far tially suspected locally sourced tive-tract material on meat. item numbers that get scanned of identifying a cause, so that is
sure the right checks and bal- enough. “The emperor is try- produce, said Washington A spokesman for Australia’s at distribution centers. Soon, consistent with how things
ances for our citizens,” said ing on a new set of clothes,” state epidemiologist Scott Department of Agriculture and he said, restaurants will have ended,” Mr. Arnold said.
Andrus Ansip, the EU’s vice said Joe McNamee, executive
president who oversees digital director of European Digital
affairs. Rights, a Brussels-based advo- Tracing an Outbreak
U.S. officials were similarly cacy group. He called the deal Authorities linked a series of foodborne-illness outbreaks last year to Chipotle, roiling its business and its stock.
upbeat. “It’s been a long road, a “stopgap measure” that is
but we’ve turned the corner,” bound to fail. $800 a share Dec. 9: Health officials confirm presence of norovirus among Boston
Commerce Secretary Penny Jan Philipp Albrecht, a Ger- College students who ate at a Chipotle over the prior weekend.
Pritzker said of the negotia- man member of European Par- Dec. 21: The CDC reports another Chipotle-linked E. coli
tions, which she conceded had liament representing the outbreak with a different DNA fingerprint involving
been “difficult.” She called the Green Party, said privacy regu- people from Kansas, North Dakota and Oklahoma.
700
deal “essential to trans-Atlan- lators should challenge the
tic commerce.” deal, predicting it would end Jan. 6, 2016: Chipotle
The previous agreement, up again before the EU’s top discloses that it
called Safe Harbor, allowed court. “This is a sellout of the received a grand-jury
companies to transfer infor- fundamental EU right to data 600 subpoena in
mation about Europeans to the protection,” he said. July 2015: August: Oct. 30: First reports of new E. coli December seeking
U.S. if they promised to apply European Union Justice Small E. coli Norovirus at a infections among Chipotle customers in information about
a series of EU-style privacy Commissioner Vera Jourova, outbreak linked California Washington and Oregon. Chipotle shuts the Simi Valley, Calif.
rules. whose portfolio made her the
500 to Chipotle in Chipotle sickens all 43 restaurants in the two areas. norovirus outbreak.
The European Court of Jus- lead EU negotiator, said she Seattle though 234 people.
tice ruled that Safe Harbor would present the new frame- isn't publicized Separately,
didn’t sufficiently protect Eu- work to the national data pro- Nov. 20: The CDC reports E. coli outbreak spread
at the time. Salmonella
ropeans’ privacy, citing con- tection authorities Wednesday to Minnesota, California, New York and Ohio.
traced to
cerns that U.S. intelligence morning. 400 tomatoes at 22
services could access the in- The regulators are also con- Chipotles in Dec. 4: The CDC reports Chipotle-linked E. coli cases in Feb. 1: CDC says
formation. European privacy sidering whether to allow Minnesota Illinois, Maryland and Pennsylvania, bringing total to nine both E. coli outbreaks
advocates also have worried companies to continue using sickens 64. states. Company says it expects hit to sales and earnings appear over.
about how U.S. technology other legal mechanisms to in fourth quarter.
300
firms handle personal data. transfer information about Eu-
Technology trade groups ropeans to the U.S., such as J A S O N D J F
cheered Tuesday’s deal and standardized contracts. Sources: WSJ Market Data Group (stock price); news reports; public filings THE WALL STREET JOURNAL.
THE WALL STREET JOURNAL. * * * * * Wednesday, February 3, 2016 | B3
BUSINESS NEWS
Drugmakers Set Sights on Zika Starboard

Acquires
Any vaccine for virus
linked to birth defects
is likely years away
6.7% Stake
from reaching market In Marvell
BY NOEMIE BISSERBE BY DAVID BENOIT
AND BETSY MCKAY
Activist investor Starboard
PARIS—Drug companies are Value LP has taken a 6.7%
beginning early-stage research stake in Marvell Technology
to develop a new vaccine Group Ltd. and is betting
against the rapidly spreading the beleaguered semiconduc-
Zika virus, joining the race to tor company can boost mar-
control an outbreak that the gins among other improve-
World Health Organization ments, according to people
said constitutes a global pub- familiar with the matter.
lic-health emergency. The position, expected to be
It might be years, however, reported Wednesday, adds to
before any vaccine reaches the pressure on Marvell, which is
market, meaning the new facing investigations into its
wave of research is unlikely to accounting amid a sharp fall in
help curb the current out- its stock.
break. Though Zika generally Shares of the company,
MARIO ARTURO MARTÍNEZ/EUROPEAN PRESSPHOTO AGENCY
makes people only mildly ill which is incorporated in Ber-

for a few days, it has been muda but run from Santa
linked to a serious birth defect Clara, Calif., are down 44%
in which babies are born with over the past 12 months, with
undersized skulls and brains. most of the decline following
Zika’s explosive spread the September announcement
could give pharmaceutical of an internal review into its
companies a new opportunity accounting that was coupled
in an increasingly important with weaker-than-expected re-
category of drugs, but the im- sults. In December, the com-
pact of a vaccine would de- pany said it had received inqui-
pend on the prevalence of the ries from U.S. officials relating
virus when it hits the market to its accounting and disclosed
and the ability and willingness worsening results. The com-
of governments to launch mas- pany said it was cooperating
sive vaccination campaigns. A health worker fumigates a house in Oaxaca, Mexico, to fight the rapid spread of the Zika virus, which is carried by mosquitoes. with the investigations.
To attack Zika, French A Marvell spokesperson
drugmaker Sanofi SA said it give it a head start in develop- improve research and develop- tial to develop a Zika vaccine. this year and probably not wasn’t immediately available
would take advantage of the ing a Zika vaccine. U.S. biotech ment for epidemic diseases, in The U.S. National Institutes even in the next few years.” to comment late Tuesday.
research it did for its newly company NewLink Genetics the wake of the Ebola crisis in of Health also is accelerating The virus has become a ma- The company is run by hus-
approved vaccine for dengue Corp. said it too was working West Africa and as new epi- research into rapid diagnostic jor concern, mainly because of band-and-wife co-founders Se-
fever—the world’s first against on developing treatment op- demics such as Zika emerge. tests, vaccines, and drugs for its possible links to micro- hat Sutardja, who is chairman
the mosquito-borne illness. tions for the disease. “This is Last month, GeneOne Life Zika, said Anthony Fauci, di- cephaly in babies and Guillain- and chief executive, and Weili
The Zika and dengue viruses going to take some time and Science Inc., a South Korean rector of the National Institute Barré, a rare disorder in which Dai, who is president. Its chips
are in the same family. “Theo- effort,” said Charles Link, the company, said it had launched of Allergy and Infectious Dis- the body’s immune system at- are used primarily in storage
retically, there could be some company’s chief executive. a joint research program with eases, an arm of the NIH. tacks nerve cells. Health au- devices and for networking.
cross immunity,” said Nicholas Epidemic diseases typically U.S. biotech firm Inovio Phar- The institute is pursuing thorities in Brazil, where up to Starboard sees opportunity
Jackson, global head of re- draw little investment from maceuticals to develop a two different pathways to a 1.5 million people may be infor Marvell to boost its mar-
search at Sanofi Pasteur vac- drug companies because de- DNA-based vaccine to prevent Zika vaccine, and may get one fected with the Zika, have con- gins by slashing costs, for in-
cines unit. Michael Diamond, mand for those products is and treat Zika virus infection. into an early Phase I clinical firmed 404 microcephaly stance by exiting the mobile-
an infectious-disease specialist sporadic and unpredictable. U.K. drugmaker Glaxo- trial this year, he said. cases since October. device business that has failed
at Washington University in The WHO, the U.S. govern- SmithKline also said last week But, he cautioned: “We will —Peter Loftus to live up to expectations, the
St. Louis, said Sanofi’s exper- ment, the drug industry and that it was assessing its re- not have a widely available and Denise Roland people said.
tise on dengue would likely others are working on ways to search platform for the poten- safe and effective Zika vaccine contributed to this article. Marvell already said in Sep-
tember that it would scale
back that business and cut 17%
Takata U.S. Car Sales Ran Flat in January

of its workforce of more than
7,000.
The company has a market
Controls BY CHRISTINA ROGERS

AND ANNE STEELE Mixed Results
value of about $4.5 billion and
about $2.3 billion in cash,
which activists often say
Lacking, U.S. auto sales were mixed

in January as fewer selling
U.S. light vehicle sales in January should be handed to investors.
Starboard has a history of
investing in semiconductor
Panel Says days than a year earlier and a

blizzard along the East Coast
kept shoppers away from
companies, with 10 campaigns
in which it had a more than
5% stake requiring disclosure
BY MIKE SPECTOR dealer showrooms. 203,745 172,478 161,283 155,037 105,734 100,497 20,079 and several smaller ones.
Sales discounts and nation- Many of the companies wound
CHANGE FROM A YEAR EARLIER
Takata Corp., the company wide average gasoline prices up selling themselves after
that supplied defective air below $2 a gallon spurred buy- Starboard pushed for board
bags used in millions of vehi- ing despite the bad weather, and management changes.
cles world-wide, lacks clear helping several auto makers 0.5% 2.8% 4.7% 6.9% 1.6% 1.7% 14.6% For Marvell, Starboard has
processes for tackling poten- post gains, while others re- hired as advisers three semi-
tial safety defects and needs ported modest sales declines. conductor executives with
to improve its manufacturing, Low interest rates and em- Source: the companies THE WALL STREET JOURNAL. whom it has worked on other
said an outside panel the com- ployment gains also are pad- investments, the people said.
pany commissioned. ding consumers’ pockets and tor Co., Toyota Motor Corp., makers as consumers flock to four days of sales due to Win- They are Richard S. Hill, chair-
Takata employees responsi- steering them toward pricey and Honda Motor Co. re- trucks and SUVs. ter Storm Jonas but expects to man at Tessera Technologies
ble for raising safety concerns trucks and sport-utility vehi- ported sales fell in the month. Wall Street analysts and recover them in February. Inc., which previously fought
don’t have well-defined roles, cles. Average transaction There were red flags for car some dealers caution that U.S. Heavy snow, while denting Starboard in a proxy fight be-
and rely on auto makers’ re- prices in January rose 2% to makers in the results after re- auto sales have peaked. But showroom traffic, encourages fore settling; Oleg Khaykin,
ports of quality problems, in- $34,112 in what is typically a cord industry sales in 2015. In- car executives say steady em- consumers to purchase SUVs former CEO of International
stead of ferreting out prob- sluggish month for car sales, centive spending jumped 13% ployment gains and housing with all-wheel-drive, Mr. Rectifier Corp.; and Jeffrey S.
lems themselves, according to said automotive data provider last month to $2,932 a vehicle, market strength suggest gains Sheehy said. “You get stuck a McCreary, most recently of In-
the report from the panel led Kelley Blue Book. according to an online car- ahead. “We are certainly look- couple of times and watch tegrated Device Technology
by Samuel Skinner, a former Overall, auto sales were flat shopping firm TrueCar Inc., ing forward to February and your neighbor drive by in a Inc.
U.S. transportation secretary. for the month, declining less signaling auto makers are March being strong,” said SUV. That changes your think- Marvell has occasionally
The report found Takata than 1% to 1.15 million vehi- working harder to coax cus- Mark LaNeve, Ford’s U.S. sales ing,” he said. been flagged by analysts as a
lacked its own program for cles, according to researcher tomers into dealerships. chief. John Humphrey, senior vice potential takeover target, es-
spotting defects in air bags Autodata Corp. January’s sell- Ford and Fiat Chrysler deal- Some analysts forecast this president of the global auto- pecially as mergers in the
once they were installed in ve- ing pace was an annualized ers each had more than three year’s U.S. light-vehicle sales motive practice at researcher semiconductor sector have
hicles, which typically stay on 17.58 million compared with months’ worth of vehicles on could near 18 million units, J.D. Power & Associates, said boomed in recent years.
U.S. roads for more than a de- 17.34 million in December. their lots at the current sales beating last year’s record of Winter Storm Jonas dented re- In December, Cowen analyst
cade. In addition, Takata often Fiat Chrysler Automobiles rate, far higher than the 60 17.5 million. tail sales by 30%—or 15,000 Timothy Arcuri said the stock
has employees load air-bag-in- NV, General Motors Co. and days auto makers consider Vince Sheehy, president of new vehicles—on the East could be worth $17.35 a share
flater propellants by hand, and Nissan Motor Co. posted sin- healthy. Passenger-car sales Sheehy Auto Stores, which has Coast. “Despite the storm, if the company were broken
lacks enough automated man- gle-digit percentage gains over are declining at double-digit dealerships in Maryland and we’re still seeing a strong up and sold off. It closed at
ufacturing processes that can a year earlier, while Ford Mo- percentage rates for some car Virginia, said he lost about month,” he said. $8.67 Tuesday.
better ensure consistent prod-
ucts, the report found.
Dow Chemical CEO to Exit Following Merger

Takata Chief Executive
Shigehisa Takada said the
company planned to imple-
ment all of the panel’s recom-
mendations. “Takata’s prod- BY ALISON SIDER step down, Dow said Mr. Liv- In Dow’s plastics segment,
ucts play a critical role in AND LISA BEILFUSS eris “does not contemplate its largest, cheap raw materi-
protecting the driving public, serving” as CEO of the new als helped push that business’s
and we understand that the Longtime Dow Chemical material-sciences business that operating profit to a fourth-
quality of our operations Co. Chief Executive Andrew will emerge from the breakup. quarter record of $1.3 billion.
needs to be beyond question,” Liveris said he would leave by Third Point won’t be launch- In that quarter, the company
he said in statement. mid-2017, after the company ing a proxy fight for board separately completed its roughly
Takata appointed Mr. Skin- completes its planned merger changes at Dow this year, which $5 billion divestiture of Dow
ner to the panel in December with rival DuPont Co. Mr. Loeb privately had threat- Chlorine Products.
2014 to scrutinize the com- Midland, Mich.-based Dow, a ened in the past year, said peo- For the quarter, Dow re-
pany’s practices amid air-bag giant in the chemical and agri- ple familiar with the matter. ported a profit of $3.61 billion,
ruptures linked to nearly a culture industries, in December “We thank Mr. Liveris for his or $2.94 a share, up from $819
dozen deaths globally. Car struck a deal to combine with role in effectuating the Dow/ million, or 63 cents, a year ear-
companies are recalling more DuPont into a $120 billion com- DuPont merger and wish him lier. Per-share results reflect the
JONATHAN ERNST/REUTERS
than 24 million vehicles in the pany that would have about success in his next chapter,” Mr. payout of preferred dividends.
U.S. equipped with the air $90 billion in sales. Loeb said in a statement. Excluding a gain of $1.96 a
bags, which can explode and The merged company, if the Dow on Tuesday announced share resulting from the afore-
spray shrapnel. deal is approved, expects to cut the elevation of Vice Chairman mentioned divestiture, among
The panel didn’t examine some $3 billion in costs before and Chief Operating Officer other items, per-share earn-
events leading to the wide- splitting into three separate James Fitterling, who as presi- ings rose to 93 from 85 cents.
spread Takata recalls, instead businesses 18 to 24 months af- dent and operating chief will Revenue fell 20% to $11.46
focusing on the company’s cur- ter the merger closes. Andrew Liveris has been Dow’s CEO for more than a decade. help shepherd the merger and billion. Analysts projected 70
rent processes. U.S. regulators Mr. Liveris, who has served assist with the transition. cents in adjusted earnings per
fined Takata $70 million in No- as Dow’s chief executive for Late last year, Mr. Liveris In response to activist-in- Profit rose in its latest quar- share on $11.2 billion in revenue,
vember for failing to alert the more than a decade, said Tues- hinted that the deal was a cul- vestor Dan Loeb and his hedge ter as a result of a gain stem- according to Thomson Reuters.
government to defective air day he won’t stay on to lead mination of his tenure and that fund Third Point LLC, which ming from the sale of a chunk of —David Benoit
bags in a timely manner. one of the new businesses. he was nearing retirement. had called for Mr. Liveris to its chlorine business, Dow said. contributed to this article.
B4 | Wednesday, February 3, 2016 * *** THE WALL STREET JOURNAL.
BUSINESS NEWS
Drug Firms Are Faulted on Price Increases

Valeant and Turing Executives from both com- some cases by as much as drugs in the first quarter. from Congress, that we set Like Valeant, Turing raised
panies are expected to testify 800%, according to the Excluding the drug rights the price for these two drugs the price of a drug it had ac-
took steps to meet Thursday at a hearing of the memos. obtained through Marathon, too high, and we’ve responded quired. In 2015, the company
profit targets, say House Oversight and Govern- In February 2015, Canada- price represented about 60% by offering volume-based dis- purchased Daraprim, which is
ment Reform Committee. based Valeant purchased two of the company’s growth, accounts of up to 30% for each used to treat a parasite infec-
House investigators Democrats on the panel re- long-standing drugs that treat cording to Mr. Schiller’s email. of them,” according to the tion. Turing increased the
leased the memos Tuesday. heart problems—Isuprel and statement. price to $750 for a tablet from
BY STEPHANIE ARMOUR A number of pharmaceuti- Nitropress—from privately Going forward, the com- $13.50. Former pharmaceuti-
AND JONATHAN D. ROCKOFF cal companies have raised the held Marathon Pharmaceuti-
Valeant, Turing pany said it expects growth to cal executive Martin Shkreli,
prices of drugs after acquiring cals LLC. Valeant then raised price hikes spurred be driven more by volume who has been subpoenaed to
WASHINGTON—Drugmak- the rights to sell them in the their prices by 525% and 212% than by price. testify at the hearing, became
ers Valeant Pharmaceuticals U.S., a tactic that some Wall respectively overnight. After
public outrage and a The materials collected by the target of public ire after
International Inc. and Turing Street analysts say is contrib- the increases, Valeant saw congressional probe. the 43-member committee the price increase.
Pharmaceuticals AG boosted uting to higher spending on gross revenues of more than “confirm what Americans In a statement Tuesday, Tu-
the prices of newly acquired prescription medicines and $547 million and profits of across the country have expe- ring said revenue from the
drugs to meet preset profit has prompted criticism of about $351 million in 2015, ac- Valeant said in a statement rienced firsthand for years— Daraprim cost increase funds
targets, congressional investi- price gouging. cording to the memos. Tuesday that outside consul- that many drug companies are research, development, and
gators wrote in memos that From 2014 to 2015, Valeant Howard Schiller, Valeant’s tants the company had hired lining their pockets at the ex- patient-access programs. “We
summarized internal company raised the price of more than former chief financial officer determined that the prices of pense of some of the most are committed to ensuring
documents they obtained. 20 prescription products by who is now the company’s in- Nitropress and Isuprel didn’t vulnerable families in our na- that no patient will ever be
The price increases by more than 200%, the Demo- terim CEO, wrote in a May reflect their true value to hos- tion,” said Rep. Elijah Cum- denied access to Daraprim be-
Valeant and Turing spurred crats’ memos say. The com- 2015 email that 80% of pitals and patients. mings of Maryland, the top cause of cost, and to investing
public outrage and prompted pany increased the prices of Valeant’s revenue growth was “In this case, we’ve heard Democrat on the committee, net profits in groundbreaking
congressional investigations. several of these products in from price increases on its from hospitals, as well as who released the memo. research,” the statement said.
OIL Last month, Brent crude

prices fell to $27 a barrel.
“This is a cyclical industry,
and some of these companies
A Modest Outlook Pushes Down Ferrari’s Shares
Continued from page B1 lost sight of that when they
departure from its long-stand- built multibillion-dollar projects
ing practice given that the all over the world,” said Amy
company has long seen reduc- Myers Jaffe, executive director
ing share count as a way to re- for energy and sustainability at
turn cash to shareholders. the University of California, Da-
Excluding years when vis. “No one was prepared for
Exxon did major deals such as how low this trough could be
for Mobil in 1998 and XTO in and how much it would hurt
2010, the company has bought them if prices went down.”
back more than 3 billion Energy conglomerates such
shares in the last 25 years, ac- as BP and Exxon have long
cording to data compiled by sold themselves to investors as
S&P Capital IQ. a safe haven during price
Exxon said it plans to con- crashes. They are buffered by
tinue investing even as prices hefty balance sheets and refin-
fall, and the company has ing operations that turn oil
avoided mass layoffs in favor into products like gasoline and
of constantly evaluating the see higher demand when
productivity of its workers, prices fall. But BP’s refining,
said Jeff Woodbury, Exxon’s chemical and retail arm,
vice president and corporate known as downstream, was
ANDREW GOMBERT/EUROPEAN PRESSPHOTO AGENCY

secretary, in a call today with significantly weaker in the
investors. fourth quarter.
The long-term damage BP said Tuesday it would
lower spending could have on reduce the head count in its
the big oil companies’ busi- refining and marketing arm by
nesses was evident in BP’s fail- 3,000 by the end of 2017,
ure to replace all the oil it bringing the total number of
pumped this year with new re- job reductions announced this
serves. The company’s reserve year to 7,000.
replacement ratio—an impor- BP also is struggling to
tant measure that illustrates emerge from the shadow of
the extent an oil company is the Gulf of Mexico spill, which
replenishing the barrels of it said Tuesday has cost the
crude produces every year— company $55.5 billion before
was just 61%. tax over five years. The com- Ferrari NV on Tuesday re- The numbers are slight adjust- questions about the company’s since the company’s October
Exxon has yet to disclose pany is finalizing a settlement ported a steep drop in fourth- ments to preliminary figures claim that its cars, which sell initial share sale price of $52.
any details about its reserve with U.S. governments for quarter net profit and gave a Ferrari released last week. on average for about €250,000, Ferrari Chairman Sergio Mar-
replacement, typically reserv- $20.8 billion. muted outlook for 2016, hitting The stock fell 12.4% to are so high-end so as to be re- chionne had been counting on
ing that for later in the year. The pressure is expected to the company’s shares and un- $34.98 at 4 p.m. in New York cession proof. strong growth in China to help
Chevron, however, was able to remain on the oil sector as the derlining the difficult road trading on Tuesday. Brokers attributed the large fuel growth, though he dialed
replace the oil and gas it glut in supply that has caused ahead for the sports car maker With its independence, Fer- drop in the share price to disap- back such expectations, saying
pumped at a ratio of 107%. the downturn in prices shows as it looks to go it alone. rari is navigating through un- pointment regarding the mod- that North America and Europe
The prolonged downturn no sign of letting up. Analysts Ferrari, which was spun off charted territory as it has been est growth forecasts for this will be the growth engines go-
follows a period of frenzied and banks have cut their price from Fiat Chrysler Automo- part of Fiat Chrysler and Fiat year that include a 2.9% in- ing forward.
spending from 2004 to 2014, outlooks for 2016 to an aver- biles NV last month, said it SpA, before that, for 30 years. crease in adjusted gross operat- Mr. Marchionne once again
when oil prices were gener- age of $50 a barrel, down from earned a net profit of €55 mil- Industry watchers have won- ing profit to €770 million com- quashed any speculation that
ally on the rise and often $57 a barrel. lion ($59.7 million) in the final dered whether Ferrari will be pared with an analyst Ferrari might someday sell a
broke over $100 a barrel. BP’s Mr. Dudley, who was three months of 2015, a drop of able to generate the funds consensus of about €800 mil- sport-utility vehicle or cross-
French energy titan Total SA, among the most vocal last year about a third compared with the needed to roll out new models. lion. Revenue is seen rising 1.6%. over, saying “you’d have to
for example, has said the oil saying oil prices would remain same period the previous year. Now, the company’s muted Ferrari shares have lost shoot me first.”
price at which the company “lower for longer,” said Tues- Sales fell 1% to €744 million. growth forecasts may lead to about a third of their value —Eric Sylvers
broke even was $110 a barrel day that prices won’t remain
in 2014. “lower forever.”
U.S. dollar and a growing glut of $1.08 a share, a year prior. Ex- billion ($11.3 billion) in sales dur-
Under Pressure
A 20-month oil-price slump
Business grain supplies erode profits at
the agricultural giant.
cluding gains on sales, losses on
asset impairments and other
ing the last three months of
2015, was also optimistic that it
has dented oil-company
annual earnings
Watch Chief Executive Juan Luciano
said Tuesday that ADM is re-
special items, per-share earnings
fell to 61 cents a share from $1
would continue to grow despite
the unsteady economic outlook
viewing a potential sale and a year earlier. Revenue slid 21% and a major downturn in global
International oil companies’
other options for some U.S. corn to $16.45 billion. stock markets. The company’s
annual earnings, in billions
mills that produce ethanol and —Jacob Bunge overall organic revenue growth,
$30 BP animal feed, and may seek part- LVMH which strips out the effects of
NINTENDO ners to share ownership in facili- currency, grew 5% in the fourth
ties such as ports to make its
Luxury Conglomerate quarter. Chief Executive Bernard
20
Smartphone Game business more efficient. Shows Its Resilience Arnault said fears of a slowdown
Stokes Fans’ Hopes ADM shares tumbled 8.7% to LVMH Moët Hennessy Louis in spending among Chinese con-
Nintendo Co. on Tuesday $32.36 in 4 p.m. New York Stock Vuitton SE’s fourth-quarter reve- sumers, a demographic that in-
10 posted a sharp drop in quarterly Exchange composite trading af- nue rose 12% as the French lux- dustry experts estimate makes
profit, but the videogame giant ter it said fourth-quarter earn- ury conglomerate showed signs up over one-third of overall
stoked the hopes of fans by ings slid 39% from a year earlier, of resilience through weak global global luxury purchases, were
0 promising that its second smart- excluding gains on asset sales economic growth and the Nov. overblown.
phone game would feature one and other one-time items. 13 terrorist attack in Paris that “Analysts underestimate the
–10 2015 –$5.2B of the company’s best-known Over all, the company posted curbed tourist flows to the Chinese economy,” he said. “The
characters. earnings of $718 million, or $1.19 shopping hub. fundamentals are good.”
2005 ’10 ’15
Nintendo declined to say which a share, up from $701 million, or The firm, which rang in €10.38 —Jason Chow
of its franchises—which include
$30 Chevron Super Mario Brothers, The Leg-
$4.6B
end of Zelda and Donkey Kong—
would star in the coming mobile
20 offering, but the news gave gam-
ers something to chew on as
they await the release of Nin-
10
tendo’s first mobile app, Miitomo.
Nintendo said net profit for
0 its fiscal third quarter fell 36% to
¥29.1 billion ($241 million) from
2005 ’10 ’15
¥45.2 billion a year earlier, as a
lack of blockbuster game titles
Exxon Mobil compared with last year under-
cut sales of its hand-held 3DS
$40 $16.2B device. The company said it also
benefited less than last year
from the weakness of the yen.
30
Revenue at the Kyoto-based
company declined 18% to ¥221.5
MICHAEL NAGLE/BLOOMBERG NEWS
20 billion from ¥271.5 billion.

—Takashi Mochizuki
10 ARCHER DANIELS MIDLAND

Agricultural Giant
0 Looks to Cut Costs
2005 ’10 ’15 Archer Daniels Midland Co.
CORBIS
Source: the companies is pushing to cut costs and

THE WALL STREET JOURNAL. streamline assets as the strong A display of LVMH’s TAG Heuer watches in New York last year.. LVMH’s fourth-quarter revenue rose 12%.
THE WALL STREET JOURNAL. NY Wednesday, February 3, 2016 | B5
CAREERS
Deepak Chopra Offers Guidance to M.B.A.s famous friends such as Mr. Tu- to reduce anxiety and stay pres-
His course helps
dor Jones and Lauren Bush ent. For students at the start of
Columbia students Lauren, the presidential niece their careers and without Mr.
view capitalism as and chief of nonprofit FEED Chopra’s staff to handle logis-
Projects. The course has a sub- tics, the message was somewhat
vehicle for doing good stantial waitlist each year, ac- vexing. “How can we accom-
cording to Columbia. plish that at this stage?” asked
BY LINDSAY GELLMAN “Deepak has this sage aura the 29-year-old Ms. Slome.
to him, and I thought I could He also advised students to
In a classroom at Columbia absorb some of that,” said An- ditch the “old-school” model
Business School on a recent drew Asnes, an executive of philanthropy—amassing
afternoon, about 65 students M.B.A. student who took the wealth first, then giving back,
CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL

sat in silent meditation, eyes course this year. in the style of Bill Gates or Mr.
closed, their smartphones and Mr. Chopra often ventured Tudor Jones—and bake social
laptops stashed out of sight. out of the realm of business and cause into their enterprises
At the front of the class, into the personal during a re- from the outset. He cites snack
Deepak Chopra encouraged cent class. He drew a triangle on maker KIND LLC and eye-
them to direct their analytical the blackboard with a circle in- glasses retailer Warby Parker
skills inward. scribed in the center to illus- as examples of social enter-
“Bring your awareness into trate the elements of a mean- prises that haven’t sacrificed
your heart,” he instructed. ingful life, labeling the points of purpose for profit.
“Ask, ‘who am I?’ ” the triangle “health,” “wealth” A good number of Columbia
Intro to Accounting, it was and “love,” and the central cir- M.B.A.s likely will follow the
not. Mr. Chopra’s course, Just cle, “purpose.” Students duti- “old school” model, at least out
Capital & Cause-Driven Market- fully copied down the diagram. of school. About 37% of last
ing, invokes Hindu goddesses, During a session on story- year’s class landed jobs in fi-
features a band of urban yogis Deepak Chopra, left, an author of 84 books, spoke to students at Columbia Business School last month. telling, he invited students to nancial services, though more
and asks students to diagram come to the front of the class students arrive at the school
their “soul profile.” With guest ness or counsel executives and Co-taught with entrepre- board of JUST Capital. to recount a defining moment with an interest in bringing
lectures from chief executives clients on using meditation to neur Sharad Devarajan, the re- Now in its fifth year, the in their lives—for Mr. Asnes, a “social well being into the DNA
and story-telling exercises, the become better leaders. cent class focused on a suc- annual three-day course in former dancer with the Paul of their business organiza-
three-day seminar aims to teach Mr. Chopra charges a speak- cess story: JUST Capital, a January is among a number of Taylor Dance Company, it was tions,” said Michael Malone,
M.B.A.s how to design and mar- ing fee of at least $75,000— nonprofit index of corporate socially minded courses and his big break, when he took associate dean for M.B.A. and
ket ventures that both make though he sometimes lectures behavior backed by billionaire seminars appearing in the cat- the stage as an understudy for executive M.B.A. programs.
money and do good somehow. for free—and was paid about philanthropist Paul Tudor alogs of business schools an injured dancer. The class culminated with
Making money is something $9,000 at Columbia for the re- Jones that launched last year. world-wide. The offerings are Accounting or statistics can teams of students pitching
that Mr. Chopra, an author of cent course. He claims to have The idea for the index was in response to growing de- be gleaned from a textbook, their startup ideas, which
84 books who is worth an esti- never looked at a bank state- suggested by a student during mand from applicants inter- but “being able to challenge ranged from an all-natural pet
mated $80 million, knows ment. (His wife and his accoun- a class in 2013 and for Mr. ested in social causes, said yourself from a personal- food to a low-cost computer
something about. The affable tant attend to those details, he Chopra demonstrates that Laura Freedman, lead M.B.A. growth perspective is much for use in schools. Afterward,
spiritual guide to Oprah Win- said.) profit and purpose can coexist. admissions consultant at Ac- harder to do on your own,” students lined up to pose for
frey, Lady Gaga and Arianna In the classroom, Mr. “My hope is that these kids cess Education. Mr. Chopra said Gabby Slome, an M.B.A. photos with Mr. Chopra.
Huffington, among others, be- Chopra—dressed in acid-wash can create businesses that can also teaches a course on lead- and entrepreneur. “I would love to follow him
lieves that capitalism can be a jeans, sparkly eyeglasses and a satisfy both needs—satisfy the ership at Kellogg School of Mr. Chopra (who is 69 years around,” said Ms. Slome, who
vehicle for good. looping, crimson scarf that un- activist investor, give you a Management at Northwestern old, “but biologically 35”) works full time on her own
Companies such as Goldman raveled as he spoke—favors ac- good bang for your buck, a University, for executives. shared that he meditates two venture and recently started
Sachs Group Inc. and Morgan ronyms, PowerPoint decks with good return—and yet be Yet Mr. Chopra’s celebrity is hours daily and rarely knows meditating. “I’d love to be a
Stanley have invited him to rainbow font and phrases like cause-driven,” Mr. Chopra said the lure for many students— his schedule more than a day or fly on the wall of his life for a
teach employees about mindful- “slip into your inner being.” in an interview. He is on the plus the chance to encounter two in advance—a way, he says, couple days.”
JOBS and benefit forms on her first

day of work, but didn’t get a
copy or understand the impact
it could have. She said she for-
year. Its preliminary findings
were that more than 12% of
American workers have signed
such contracts, including at
ADVERTISEMENT
Career Opportunities
Continued from page B1 got about it. least 28% of those in the engi- To advertise: 800-366-3975 or WSJ.com/classifieds
any other sandwich shops “I didn’t hear a single word neering and computer fields,
near one of its location for about it over the course of the as well as more than 10% of CAREERS CAREERS CAREERS
two years, according to docu- next two years, during which workers in lower-skill
ments related to the probe time many colleagues left to jobs, including personal care

that were reviewed by the cover the same beat at com- and repair services. It also

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website. Online makeup-subscription gested another possible moti- :<<<=$ '& $ # " $$$%& 2%
The Seattle bookstore car- service Birchbox “is cutting vation for Amazon to open a Find Your
ries the same prices as Ama- their overhead to open bricks- chain of physical stores: re-

zon’s online store, generally at and-mortar stores,” he said. turns. The CEO of the Chicago- Future Chief

Hospitalist
a discount to other retailers. It Such stores also can serve based company said 38% of Merit Health River Region in Vicksburg,
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showcases customers’ online as mini warehouses for home online purchases for what are (800) 366-3975 or

book reviews for some titles delivery in urban centers, a known as softgoods, such as [email protected] Contact Physician Recruiter at

and, like many independent concept Wal-Mart Stores Inc., clothing and paper products, 601-883-5392.
© 2016 Dow Jones & Company, Inc.
stores, has curated sections Target Corp. and others have are returned to brick-and-mor- All Rights Reserved.
featuring selections from em- explored. Warby Parker has tar locations.
B6 | Wednesday, February 3, 2016 THE WALL STREET JOURNAL.
BUSINESS NEWS
Boeing Plans Early Delivery of Jet Emerson

Plans More
The 737 Max may be delays. Boeing’s test pilots
ready ahead of its

target date in the
said they plan nine months of
aerial tests for the Max, but
have given themselves 20
Cutbacks
months—the same as the 787, BY BOB TITA
third quarter 2017 despite that plane’s bigger
technological leap. Emerson Electric Co. said
BY JON OSTROWER “I don’t want to cut [the al- it would further restructure
lotted testing time] to the its operations as slumping oil
Boeing Co. is on pace to bone and have to add days on prices weigh on the industrial
achieve a rare feat in its in- to the end, and unfortunately conglomerate’s largest busi-
dustry: delivering a new jet- we have done that in the ness unit.
liner ahead of schedule. past,” said Keith Leverkuhn, Fiscal first-quarter sales for
The 737 Max, an updated Boeing’s program manager for Emerson’s process-manage-
version of its best-selling sin- the 737 Max. ment unit sank 14% from a
gle-aisle jet, completed its While big upgrades like the year earlier to $1.8 billion, as
first flight Friday, a key step Max are tied to advances in profit declined 31% to $271
toward Boeing’s goal of deliv- engine technology, Boeing has million. The business, which
ering the first plane to South- incrementally improved the accounted for nearly two-
west Airlines Co. in the third 737’s design over many years. fifths of Emerson’s total sales
quarter of 2017. The result is a deep pool of in the quarter, supplies instru-
Behind the scenes, say in- Boeing engineers who know ments and software to control
dustry officials, Boeing is tell- the plane well, making more- oil refineries, chemical plants
ing customers it might deliver extensive upgrades easier, say and other industrial processes.
the jet as much as six months current and former Boeing ex- “We’re going to have to
early. ecutives. The 737 Max adopts take some additional restruc-
Aerospace companies in re- some of the Dreamliner’s ad- turing in 2016 and 2017 in that
cent years have struggled with vances, such as consolidating space,” Chief Executive David
on-time deliveries of products, traditionally analog cockpit in- Farr told analysts on Tuesday.
including commercial jetliners, dicators onto laptop-sized “We’ll need to take [produc-
business jets, military trans- widescreen displays. tion] capacity off line.”
ports and fighter aircraft, be- But it retains some of the Emerson expects to spend
cause of technical and produc- 737’s 1960s attributes, such as about $70 million on business
tion problems. Boeing hasn’t its switch-laden overhead restructuring during its fiscal
BOEING; TOP: MUSEUM OF FLIGHT SEATTLE

been immune. Its flagship 787 panel and analog indicators, year ending Sept. 30. The St.
Dreamliner and the updated which helps airlines keep their Louis-based company spent
747-8 version of its iconic pilots trained and certified for $221 million to reduce costs
jumbo jet were years behind the new jet—critical for their and reorganize its businesses
schedule, and suffered billions cost calculations. in 2015. Of that amount, about
of dollars in cost overruns. While the list price of a 737 40% was spent on the process-
The 737 Max is the fourth has steadily increased—cur- management unit and one-
big change in the 50-year his- rently $110 million for the third was spent on Emerson’s
tory of the 737, the best-sell- most popular model of the network-power business,
ing jetliner of all time. Boe- Max, the cost to airlines after which Mr. Farr plans to sell or
ing received its first orders for discounts has come down. spin off later this year.
the model in late 2011 at a Above, a prototype of the original Boeing 737-100 cockpit. Below, a rendering of the 737 Max’s flight deck. A new 737 Max sells for “If the market continues to
time of high fuel prices. about $51 million, including get challenging, we will con-
The plane boasts new en- “The 737 has been the meat dominance of the single-aisle jet. Progress on the 737 Max average discounts, compared tinue to do additional restruc-
gines and improved aerody- and potatoes for the com- market, and it had a jump on could still hit obstacles. Flight with an inflation-adjusted $58 turing,” he said. Mr. Farr
namics that the company said pany,” said Herb Kelleher, a upgrading its own offering. testing, for example, could re- million for a new 737-400 in added he doesn’t expect capi-
could cut fuel consumption by founder and former chief exec- Airbus began signing up veal unexpected problems. 1990, estimates Avitas, an air- tal spending on equipment in
at least 14% compared with utive of Southwest. “I think it customers for a new version of Still, the 737 Max is an up- craft valuation and consulting the oil and gas industry to re-
prior models. Boeing needs a has been a sustaining element its competing A320 with more date, rather than an all-new firm. The same has been true cover until the middle of 2017.
smooth transition to the Max for Boeing for a considerable fuel-efficient engines a year model like the 787, requiring for Airbus jets. For the quarter ended Dec.
from the existing plane to en- period of time, something they before Boeing started selling fewer tests. The downward pressure on 31, Emerson reported a profit of
sure its cash-cow status con- could always count upon in the 737 Max. Boeing also is planning con- prices is reflected in airplane $349 million, or 53 cents a
tinues uninterrupted. bad times as well as good.” Airbus on Jan. 20 delivered servatively, allowing six years factories that have been trans- share, down from $525 million,
Analysts estimate Southwest only flies 737s to Deutsche Lufthansa AG the from program launch to deliv- formed over the past two de- or 75 cents, a year earlier. Ex-
the 737 accounts for between and has ordered 974 of them, first of those A320neo jets, ery, compared with just four cades. Boeing’s Renton, Wash., cluding costs for selling or spin-
40% and 45% of the operating including 200 Max versions. which through 2015 had gar- years it originally allotted for plant builds 42 737s a month, ning off businesses and other
profit of the company’s com- Rival Airbus Group SE has nered 4,471 orders, compared the 787—which ended up be- twice the rate of 10 years ago business portfolio reshaping,
mercial-airplane business. eroded Boeing’s traditional with 3,072 for the new Boeing ing nearly eight years after and all under the same roof. earnings were 56 cents a share.
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 -0s <0 1 2 3 4 5 6 7 8 9 10 11 12 66 Sight-related 28 JFK’s veep
10s 10s 0s
prefix 29 “The Death of
V
Vancouver C l ary
Calgary 13 14 15
0s 20s 10s
67 Legendary Ivan Ilyich”
40s Seattle 20s 16 17 18 Bruin author
ip
Winnipeg
30s 20s
20s 68 Crying shame 34 Waiter-to-patron
Montreal 30s 19 20 21
Portland
P d l
Helena 30s 40s address
Bismarckk 69 Bother with
Billings ttawa
Ottawa A g t
Augusta 40s 22 23 24 25 26
g
Eugene barks 36 Secret location?
Boise 20s T
Toronto 50s
Mpls./St.. Paul
Pau Albany
A b
bany t
Boston
27 28 29 30 31 70 Network: Abbr. 38 Surpasses
ff l
Buffalo rtford
Hartford 60s
Milwaukeek Detroit 50s oux FFalls
Pierre Sioux ll
Down 39 “Ya think?”
50s 10s New Yorkk
ew Y 70s 32 33 34 35 36
Reno Ch
Chic g
Chicago
Cheyenne Omaha
es Moines
Des Cleveland Ph hil d lphi
Philadelphia 1 John Grisham’s 40 A/C abbr.
10s Saltlt Lake h Pittsburgh
P b h 80s 37 38 39
Sacramento L ke City
C
City Sprin
p
Springfield di p
fi ld Indianapolis first bestseller 41 Hermione’s
Denver hington
Washingtongton D.C.
DC 90s
San
an Francisco 20s Colorad
C l d
Colorado Top k
Topeka Kansas C harles
Charleston 40 41 42 43 44 45 46 47 2 Royal eventual
City h
Richmond d 100+
LLas Springs
p St.. Louis
L
Lou Louisville
L
Lou entourage husband
Ve g
Vegas 30s Wichita hit
l igh
Raleigh h 48 49 50 51 52
Los A
Ange
Angeles
Nashville
h ill
50s Ch 3 MRI component 42 Goddess of
anta Fe
Santa Charlotte
l tt
LLittlee Rockk
Memphis
p 53 54 55 56 4 Emilia of “Game abundance
Phoenix
Ph Albuquerque C b
Columbia
San Diego 60s Oklahoma City
h
Birmingham Atlanta
A Warm Rain
of Thrones” 45 Fitting
Tucson 40s 57 58 59
Ft. Worth Dallas
D ll Jack
Jackson 70s 5 Hippy dance 46 Rocky phase of
Cold T-storms
El P
Paso
50s JJacksonville
k ill 60 61 62 63 64
6 Handling the spaceflight
-0s 60s b
Mobile
A ti
Austin Houston
t Stationary Snow situation 47 State you don’t
Orlando
l d 65 66 67
0s ew Orleans
New
want to be in
10s 80s an Antonio
San Tampa
80s 7 Quite zealous
Honolulu
l l Showers Flurries 68 69 70 50 “___ Little
20s Anchorage
A h 70s
Miami 8 Epitome of
30s 70s purity Teapot”
40s Ice
TAILOR SWIFTIES | By Samuel A. Donaldson 9 Lustful god 52 80 shares, say
54 Abrasive stuff
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 23 “Fine, I’ll remove 49 AFL partner 10 Flow out
1 Pod opening? the lining from 11 Copying 55 New Mexico’s
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 26 13 pc 30 13 s Frankfurt 45 36 sh 46 43 r 51 Fast food
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice your coat,” the state flower
Orlando 83 65 pc 76 50 t Geneva 46 35 sh 43 36 r 4 Guitar lesson introduction of 12 Small drink
Today Tomorrow Philadelphia 66 51 r 52 30 pc Havana 84 66 s 84 67 pc topic tailor ___ 1957 58 Take a second
City Hi Lo W Hi Lo W 15 Hoppy drink tour
Phoenix 58 38 s 65 41 s Hong Kong 60 54 pc 64 52 pc
9 House position 27 Hum right along 53 “I’ve torn the
Anchorage 26 22 i 30 25 sn Pittsburgh 62 32 r 37 22 sf Istanbul 58 51 s 58 43 pc 20 Still in the closet, 59 “Enchanted”
30 Frequent pants” was the
Atlanta 64 39 r 53 30 pc Portland, Maine 46 44 r 51 28 pc Jakarta 87 75 sh 88 76 c 13 Hesitate (like a perhaps role for Anne
Austin 59 28 s 60 28 s Portland, Ore. 46 43 r 51 41 sh Jerusalem 58 40 s 62 46 pc tailor?) WikiLeaks target tailor’s ____
Baltimore 63 45 r 51 27 c Sacramento 54 42 c 59 37 pc Johannesburg 86 58 pc 82 56 pc confession 21 Fluffy trio? Hathaway
31 World Cup cry
Boise 40 29 pc 40 24 sf St. Louis 43 25 pc 44 29 s London 47 39 pc 56 46 c 14 Like the Islamic 24 Complete 60 iPad download
Boston 52 50 r 53 33 c Salt Lake City 30 18 sf 33 22 sf Madrid 58 34 pc 54 36 s calendar 32 See 62-Down 56 More ominous
nonsense 61 Rightmost
Burlington 50 41 r 43 25 pc San Francisco 55 45 c 57 46 pc Manila 90 78 pc 90 77 pc 33 Mamie’s 57 “That’s exactly
Charlotte 68 48 t 61 31 pc Santa Fe 33 8 pc 39 16 pc Melbourne 69 59 c 71 58 pc
15 Cellist Casals 25 Archie Manning’s marking on
16 When the predecessor one yard of
Chicago 39 20 sf 31 22 pc Seattle 48 43 r 50 43 sh Mexico City 77 45 pc 72 41 pc youngest son some faces
Cleveland 59 30 c 35 24 sf Sioux Falls 21 10 pc 28 9 pc Milan 54 35 sh 54 36 s flight’s due, for 35 Forum language colored fabric,”
Dallas 53 29 s 56 34 s Wash., D.C. 64 49 r 51 32 c Moscow 37 33 i 35 25 pc said the tailor 26 Winter home, 62 With 32-Across,
short 37 “I can sew for some prisoner’s plea
Denver 29 7 pc 37 16 c Mumbai 90 71 pc 89 72 pc in a ___
them back
Detroit
Honolulu
54 28 c
82 69 pc 82 67 s
36 24 pc
International Paris
Rio de Janeiro
46 39 pc
91 75 s
52 44 c
93 77 pc
17 It might be
unshakable together” was 60 Needed a Previous Puzzle’s Solution
Houston 62 36 s 59 33 s Today Tomorrow Riyadh 69 44 sh 66 38 s the tailor’s ___ doctor
18 Up S T A R G A R S B T A O S
Indianapolis 46 25 pc 35 24 pc City Hi Lo W Hi Lo W Rome 59 43 pc 56 37 s A O N E E L I T O E X I T
Kansas City 32 20 pc 43 22 s Amsterdam 44 40 sh 49 45 r San Juan 82 72 pc 82 71 pc 19 “That customer 40 Yankee Stadium 63 Immune G O D S M A G O O A L L Y
Las Vegas 49 33 s 55 37 s Athens 67 51 s 63 50 pc Seoul 37 22 s 39 17 c could be a setting response T R A D I N G L P A C E S
H E M A N L I U
Little Rock 52 29 s 51 30 s Bangkok 92 69 pc 92 69 s Shanghai 44 34 s 45 33 c
model,” the tailor 43 What a prankster participant P H I L A D E L P H I A
Los Angeles 63 43 pc 69 47 s Beijing 45 19 s 39 20 pc Singapore 86 77 pc 87 79 c might drop A T O L L OM E N S A S H
Miami 80 70 pc 80 64 pc Berlin 44 35 sh 40 34 r Sydney 80 67 s 76 68 sh noted ___ 64 Org. concerned G E N E W A I F S S I L O
Milwaukee 37 20 sn 28 22 pc Brussels 43 36 sh 50 46 r Taipei 58 56 r 64 55 r 22 Wrong way to 44 Rooney of “Carol” with the class O A T G E T G O D A L E Y
G R O U N D H O G D A Y
Minneapolis 23 8 pc 26 10 sf Buenos Aires 84 66 s 88 67 pc Tokyo 45 36 pc 49 38 pc answer SAT 48 Blouse, for struggle? S U D A V O I D
Nashville 57 32 pc 44 26 s Calgary 30 15 pc 38 26 pc Toronto 53 31 r 36 25 pc T H E S I X T H S E N S E
New Orleans 68 45 r 59 40 s Dubai 71 62 pc 74 60 s Vancouver 47 40 r 48 43 r questions example 65 Sites with slips P I E D N O R A H A L UM
New York City 60 49 r 54 35 pc Dublin 46 42 r 52 46 c Warsaw 45 34 pc 40 33 sn E M I T G U I S E R A C E
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 45 24 pc 53 30 s Edinburgh 42 38 pc 48 46 sh Zurich 42 34 sn 41 40 r Z E R O S T O P S A M E X

© 2016 Dow Jones & Co., Inc. All rights reserved. 6DJ2113
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GLOBAL FINANCE C3 | IN THE MARKETS C4 | MARKETS DIGEST C5| INTERNATIONAL PROPERTY C6-8
VICTOR J. BLUE/BLOOMBERG NEWS
Coping, Even at
Sign of Tech Pain $30 a Barrel
HEARD ON
Startups buy staffers’ stock as IPOs stall MARKETS | C2 THE STREET | C12
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | C1
DJIA 16153.54 g 295.64 1.80% S&P 1903.03 g 1.87% NASDAQ 4516.95 g 2.24% 10–YR. TREAS. À 30/32, yield 1.864% OIL $29.88 g $1.74 EURO $1.0920 YEN 119.97 See more at WSJMarkets.com
Sea of Green
Trade-weighted U.S. Dollar Index
25%
Investors Retreat as Dow Plunges
Stock markets around Investors around the world Nikkei 225 and Hong Kong’s ing the promise of regular peri- highs reached in August’s mar-
Major sold stocks, registering losses of Hang Seng Index were both odic payouts that investors covet ket rout.
20 currencies the world swoon; 2% or more in many indexes down more than 3%. at a time when interest rates are “It tells me that perhaps the
Other bond yields fall, oil across Europe, and purchased The action came on a day that low and markets are in flux. panic isn’t there,” said Rob Bern-
important government bonds. The yield on had no major economic news be- Yet even as stocks tumbled stone, managing director in eq-
15 trading settles below $30 yond a few downbeat earnings and bonds gained Tuesday, uity trading at Credit Suisse.
partners By Dan Strumpf, reports. Selling was intense in closely watched sentiment “People don’t think the world is
The global retreat from risk Ira Iosebashvili economically sensitive sectors, gauges didn’t signal unusual lev- about to end, but they do think
10 intensified Tuesday, sending the and Min Zeng such as energy, banks, asset- els of fear, a sign that investors that, on a risk-adjusted basis, eq-
Dow industri- management firms and cruise said likely suggests that a whole- uities don’t deserve the valua-
TUESDAY’S als to a 295.64 the 10-year U.S. Treasury note lines, and in industries whose sale flight to the exits isn’t likely. tion that they had this morning.”
5 MARKETS point decline tumbled to 1.864%, a level last shares often led the market dur- Gold fell 60 cents, or less than Yields on two-year govern-
and pushing seen in the spring of 2015. Yields ing the long U.S. bull run start- 0.1%, and Wall Street’s fear ment bonds in Japan and Fin-
U.S. crude fu- fall when prices rise. ing in 2009, such as biotechnol- gauge, the CBOE Volatility Index land set all-time lows below
0 tures to their deepest two-day The stock selloff continued ogy. of options-derived trading ex- zero. Yields from Germany,
2014 ’15 drop since the financial crisis. early Wednesday in Asia. Japan’s Utility stocks rallied, reflect- pectations, remained far below Please see MARKET page C4
Source: Federal Reserve Bank of St. Louis
THE WALL STREET JOURNAL.
Manager’s
Fed Can’t Exit Hits
Duck the Stock Price
Dollar’s Of Waddell
Strength Shares of Waddell & Reed
Financial Inc. fell 14% in heavy
trading Tuesday after the in-
vestment firm announced weak
The U.S. dollar sits at the Richard Dreyfuss results and the retirement of a
center of a tangle of nega- and Blythe marquee fund manager, under-
tive feedback loops that are Danner in ABC’s scoring investor concerns
roiling financial markets and ‘Madoff.’ Bernard about the health of the U.S. as-
economies around the world. Madoff, inset, set-management sector.
It is coming to the point swindled billions
where the Federal Reserve from investors. By Matt Wirz,
may have to try to cut Sarah Krouse
through the snarl. and Mike Cherney
The dollar’s strength over
the past year and a half is Michael L. Avery, president
unprece- of the Overland Park., Kan.,
dented. It firm and portfolio manager of
has gained its largest mutual fund, the Ivy
23% against Asset Strategy Fund, will re-
the euro and tire June 30.
17% against ERIC LIEBOWITZ/ABC; JIN LEE/BLOOMBERG Ivy Asset Strategy was a
NEWS (INSET)
HEARD ON the yen— strong performer in the years
THE STREET moves that immediately following the fi-
JUSTIN are eclipsed nancial crisis, seeing large in-
LAHART by what it flows. But in recent years it
has done has taken losses on large bets
versus a host on gold and Chinese stocks,
‘Madoff’: Charmer, Egotist, Fiend

of emerging-market curren- among others, raising investor
cies. The dollar has gained concerns about the risks of
76% on the Brazilian real, concentrated bets at a time of
51% on the South African softening global growth, vola-
rand and 121% on the Rus- BY JAMIE HELLER pink jacket, is about to be- Mr. Madoff has been the sub- Madoff less physically than tile markets and rising risk
sian ruble. AND MICHAEL ROTHFELD come his next victim. Mr. Ma- ject of countless news ac- does Robert De Niro’s version aversion.
These moves are making doff shows not a hint of des- counts and several books since in HBO’s coming Madoff Assets under management
it difficult for U.S. companies Early in ABC’s two-part se- peration. “He’s waiting for me he admitted in December 2008 biopic. But he embodies Mr. at the fund hit $36 billion at
to compete globally on price, ries about Bernard Madoff, the to pitch him,” Mr. Madoff ex- to the multibillion-dollar Ponzi Madoff’s criminal aura, at its peak two years ago but
and also are cooling already legendary swindler is at a plains to the audience. “I don’t scheme that sent him to once charming, egotistical, de- have since dropped to $15 bil-
low inflation at a time when Connecticut coun- pitch—right now, only one prison for 150 years. vious, forceful, funny and lion, according to Morningstar
the Fed wants it to go REVIEW try club trying to thing counts. Whoever talks Now, the master fraudster verging on sociopathic. Mr. Inc.
higher. Further dollar reel in a wealthy first loses.” whose crimes shocked the Madoff walks the audience Waddell on Tuesday posted
strength risks making the investor. The camera zooms between world comes alive as a three- through the fraud as the a 22% decline in fourth-quar-
situation even worse, while Mr. Madoff is badly in need Mr. Madoff and Mr. North, dimensional character through movie’s narrator, introducing ter earnings and set plans to
intensifying global pressures of expanding to replenish his who capitulates. “So, I am glad actor Richard Dreyfuss in “Ma- key players, setting scenes and cut expenses.
that could put the U.S. econ- Ponzi scheme. Blake North, our lawyers put us together.” doff.” recalling the childhood trauma “Heightened market volatil-
Please see DOLLAR page C4 the fictional rich man in the The manipulative mind of Mr. Dreyfuss resembles Mr. Please see MOVIE page C2 Please see FUNDS page C2
GoPro: Can You Take This Ride?

The World’s Tallest Buildings
A skyscraper being built in Jeddah aims for a record-breaking height that’s expected to exceed 3,281 feet.
BY STEVEN RUSSOLILLO cast a skeptical eye toward wearable high-definition 3,000 feet
any future rallies. video recorders. But its ac-
From a big momentum For instance, since peak- tion cameras struggled to
play to a short seller’s ing in October 2014, there achieve widespread adop-
dream, GoPro Inc.’s stock have been six instances in tion. Meanwhile, increasing
has seen it all in less than which GoPro shares rallied at competition from overseas 2,000
two years on the public mar- least 10%. That includes the manufacturers and better
kets. whopping 64% rally between smartphone-camera technol-
AHEAD OF After surging March and October. Yet in ogy have weighed on GoPro’s
THE TAPE nearly 300% to that instance, it took less results.
its October than a month for those gains Plans for a consumer
1,000
2014 high, the to be wiped away. drone could be promising,
camera maker’s shares have For years, GoPro bene- but GoPro faces a crowded
since lost more than 90% of fited from strong brand hardware market. And while
their value and sit near re- identity among surfers and some bullish observers are
cord lows. cyclists who sported the pegging hopes on GoPro’s
With the stock trading media plans, the company 0
around $10, it is only natural has yet to show it can make Jeddah Tower Burj Khalifa Shanghai Makkah Royal One World Taipei Chrysler Building
for bargain hunters to sniff Anti-Hero real money from content. (under construction)
Saudi Arabia
(world’s tallest
building), Dubai
Tower,
Shanghai
Clock Tower, Trade Center,
Mecca New York
101,
Taipei
(61st tallest),
New York
around when GoPro reports GoPro's stock price since its GoPro does appear beaten
fourth-quarter results on initial public offering down. It fetches a price-to- > 1 km (3,281 ft.) 2,717 2,073 1,972 1,776 1,667 1,046
Wednesday. And since GoPro sales ratio of 0.81 times,
$100 COMPLETED Est. 2018 2010 2015 2012 2014 2004 1930
already unveiled disappoint- some 75% below its average
ing preliminary figures last as a public company. And it Note: Includes antennas Source: The Council on Tall Buildings and Urban Habitat THE WALL STREET JOURNAL.
80
month, much of the bad trades at 14 times forward
news for the period ending
in December might be priced
in already.
60
40
earnings, well below the
Nasdaq Composite’s average.
But it is cheap for a rea-
Jeddah Aiming for Towering Height
But as with most volatile son, looking more like a BY MARGHERITA STANCATI powerhouse. billion needed to complete the
stocks, GoPro shares in re- 20 value trap than a fun ride. The skyscraper, which will sprawling development around
cent months have repeatedly Investors should have JEDDAH, Saudi Arabia—The comprise condominiums, of- the tower will materialize, and
0
looked set to hit rock bot- learned by now to avoid builder of the world’s future fice space and hotel rooms, is whether demand for space
tom, only to then fall further. 2014 ’15 ’16 daredevil antics. tallest tower expected to open by 2019. But might dry up.
Without a specific catalyst to Source: FactSet PROPERTY hopes it will re- Saudi Arabia’s economy heav- Jeddah Economic Co., the
juice sales, investors should THE WALL STREET JOURNAL. Email: [email protected] REPORT define the city- ily depends on petroleum rev- private joint venture develop-
scape in this enue and has been hurt by the ing the project, has financing
INDEX CD Rates............................................................. C9 Futures............................................................... C12 Markets Digest.............................................. C5 New Highs & Lows............................... C8 desert region steep drop in oil prices. That to complete the $1.5 billion
Bond Tables............................................. C11 Dividend News.............................................. C11 Heard on the Street................................. C12 Money Rates.................................................. C11 Property Report...................................... C6 and project the Saudi king- has raised questions about tower at the center of the site.
Cash Prices................................................. C9 Exchange-Traded Funds......................... C9 In the Markets................................................ C4 Mutual Funds.................................................. C9 Stock Listings........................................ C10
dom’s ambition to be a global whether the estimated $20 Please see TOWER page C8
C2 | Wednesday, February 3, 2016 THE WALL STREET JOURNAL.
MONEY & INVESTING
FUNDS
Continued from the prior page
Problems in Wealth Unit Trip Up UBS
ity has been a consistent BY JOHN LETZING clients in Asia and Switzerland prompted by low energy that can bring sharp ups and
theme throughout 2015, chal- combined. prices, UBS Chief Financial Of- downs.
lenging performance and caus- ZURICH—After the financial Pretax operating profit at the ficer Kirt Gardner told ana- UBS has significantly re-
ing anxiety with investors,” crisis, UBS Group AG slimmed business fell 47% from a year lysts during a conference call. duced the size of its invest-
said Chief Executive Hank down its volatile investment earlier, to 344 million francs. Overall, UBS said, it re- ment bank, which now re-
ENNIO LEANZA/EUROPEAN PRESSPHOTO AGENCY

Herrmann. “In addition to bank and turned its focus on UBS issued a gloomy fore- duced the amount of client ceives about one-third of the
market challenges, we have the supposedly more consis- cast, warning that the eco- loans secured by assets held in lender’s allocated capital.
had to manage increased re- tent business of wealth man- nomic challenges, low interest custody. That may have been “Wealth management is, or
demption pressure and weaker agement. rates and poor market perfor- prudent, given market condi- can be, volatile as well,” Mr.
sales in some of our key strat- But the sweeping financial- mance that have affected the tions, but it also contributed Venditti said. “At the end of
egies due in part to underper- market turmoil and the stark bank’s recent results “are un- to the decline for the wealth- the day, if clients sit on their
formance in these funds.” flight of capital in emerging likely to be resolved in the management business. hands and don’t do anything,
The decline is the latest markets have made plain the foreseeable future.” Clients who switched to [wealth managers] will feel it.
sign of the problems facing weaknesses in that strategy. Investors pushed UBS’s cash also ate into UBS’s profit. That’s how this business
smaller asset managers that In fourth-quarter results shares down 6.8% in Zurich. Short-term interest rates in works.”
specialize in active investing, posted Tuesday, UBS said Wealth management is sup- Switzerland are negative, so Mr. Venditti said he buys
as investors migrate to larger wealth-management clients in posed to be a relatively stable funds that have to be invested into Mr. Ermotti’s message
firms that offer low-cost funds places such as the Middle East and profitable business. Rich in highly liquid assets can ac- UBS CEO Sergio Ermotti says, that UBS should focus on the
tracking market indexes. and Russia pulled money from clients bring large accounts tually shrink. UBS has sought ‘I’m not preoccupied’ by the quality of the assets it man-
Firms like Waddell & Reed their accounts; others stuck and keep them in place; the to preserve its profit, in some market reaction. ages, rather than the quantity.
that specialized in high-yield- with UBS but pulled back from bank earns fees for manage- cases by encouraging clients The analyst also suggested
ing funds invested in risky se- trades and sat on cash. ment and for ancillary services with big cash deposits to leave “I’m not preoccupied” by other banks should follow suit.
curities have suffered more All told, UBS’s wealth-man- and advice. during the quarter. the reaction, UBS Chief Execu- A wealth-management mar-
than most as market turmoil agement business recorded 3.4 But UBS’s clients were less Investors weren’t pleased by tive Sergio Ermotti said in an ket that Credit Suisse Group
and the Federal Reserve’s billion Swiss francs ($3.3 bil- stable than perhaps investors the results, despite an uptick in interview. Still, he said, he was AG abandoned recently, the
first interest rate increase in lion) in net outflows in the thought. Some of them, UBS the wealth business in the U.S. “puzzled by this short-term U.S., actually helped to bolster
nine years spurred investors fourth quarter. Clients in said, needed to pull money out and although net income for the view.” UBS’s quarterly report. UBS
to move into safer asset emerging markets pulled 3.5 as markets melted down. Cli- last three months of 2015 was Vontobel analyst Andreas said its wealth-management
classes. billion francs out during the ents in the Middle East and 949 million francs, up from 858 Venditti said UBS’s results business in the Americas
Waddell shares tumbled period, more than came in Russia, for example, had “li- million francs a year earlier, demonstrate that investment pulled in $16.8 billion in net
$3.81 to $22.69, putting them during the same period from quidity requirements” boosted by a tax benefit. banking isn’t the only business new money in the quarter.
within a dollar and change of
their 52-week low. Trading
volume Tuesday was triple the
daily average.
The shares have lost more
Startups Buy More
Stock From Workers
than a third of their value
since the asset-management
industry was hit by a post-
As IPO Market Slows

Thanksgiving selloff that was
punctuated by news that
Third Avenue Management
LLC, a unit of Affiliated Man-
agers Group Inc., had halted BY TELIS DEMOS ees. “When that ratio is
redemptions at a fund that changing, it suggests investors
had made large investments in Public companies weren’t have leverage to buy more
low-rated, hard-to-sell securi- the only ones buying back preferred than common,” Mr.
ties. stock last year. Siegel said.
Other asset managers were Nasdaq Private Market, a That sentiment likely stems
hit hard Tuesday as the Dow unit of exchange operator from the chill that fell over
industrials slumped nearly Nasdaq Inc. that provides the private-fundraising market
300 points and the KBW Nas- software to private companies in 2015, when big investors
daq Banks index of large com- to manage employee share pulled out of funding rounds
mercial lenders declined more sales, says private startups and marked down the value of
than 3%. bought back $940 million of their stakes in private start-
BlackRock Inc., the largest employee stock last year via ups, in part because of some
U.S. asset manager, fell 3.5%, its platform, an increase of disappointing public debuts.
GIOVANNI RUFINO/ABC
while AllianceBernstein Hold- more than 40% from 2014. A number of highflying
ings LP dropped 4.5% and The rise in these sales startups are under pressure
Legg Mason Inc. slid 5.5% and shows how investors and em- now. Some tech companies
T. Rowe Price Group Inc. ployees are adjusting to a that have gone public have
slipped 3%. much less hospitable fundrais- watched their shares fall be-
Affiliated Managers shares ing environment for technol- low their peak private valua-
fell 7.3% after the firm re- Blythe Danner’s Ruth Madoff is charismatic and expert at small talk; the sons, too trusting. ogy startups after several tions, while mutual funds have
ported net outflows in the fi- years of booming valuations. marked down the value of
nal quarter of the year but
beat some analyst expecta-
tions for fourth-quarter earn-
ings.
MOVIE While Mr. Madoff has his
tricks, the movie also makes
clear that he survived so long
due to the failings of others. It
ond-grader can understand it.”
Mr. Madoff’s brother, Peter
Madoff, the firm’s chief com-
pliance officer, is portrayed by
More private startups are
letting some employees cash
out because the market for
initial public offerings has
their private holdings.
Shares of mobile payments
company Square Inc., for ex-
ample, this week fell below
In January, U.S. junk bonds Continued from the prior page depicts Securities and Ex- Peter Scolari as a weak, sensi- slowed considerably, delaying their $9 initial public offering
lost 1.6% in total return, which of watching his father’s busi- change Commission regulators tive soul who doesn’t under- the opportunity to sell pub- price, ending Tuesday’s trad-
includes price changes and in- ness fail, and having neighbors who don’t make a call to check stand the extent of the fraud licly traded shares, said Bill ing at $8.47. The company’s
terest payments, the worst pity them. In that moment, he a phony account number that but knows something is amiss Siegel, head of Nasdaq Private
start to a year since 1990, ac- says, he was determined that could have exposed him. And as he signs fabricated corpo- Market.
cording to Barclays data.
Mr. Avery joined Waddell in
no one would ever feel sorry
for him.
there is the willingness by cli-
ents to gloss over red flags
rate documents.
The movie takes a strong
These organized employee
share sales, known as second- $940 million
the early 1980s and has been a Mr. Dreyfuss portrays a that might end a good thing. view on one of the biggest aries, are a way for employees The amount of stock private
co-portfolio manager on the compartmentalizer who gig- The production acknowl- questions to surround the to lock in profits at the com- companies bought from
asset-strategy fund since 1997. gles with his grandchildren in edges it takes liberties, which scandal: What did Mr. Mad- pany’s current valuation. employees through Nasdaq
The firm appointed two addi- his lush Montauk beach house let us in on the private conver- off’s sons, Mark and Andrew, “We’re seeing earlier-stage Private Market last year
tional co-portfolio managers a while plotting to protect his sations and dynamics of the know? They maintained noth- companies on a steep trajec-
year and a half ago. Ponzi scheme, and a con man Madoff clan. Those include ing, and the movie endorses tory doing these transactions
Thomas Butch, chief mar- burdened with the weight of a moments of intimacy—and that belief. It shows the men earlier in the life cycle,” Mr. November IPO price was sev-
keting officer at Waddell & secret but no guilt about his not in cahoots with their fa- Siegel said. “They see it as a eral dollars below the highest
Reed, said on a call with ana- deceits. ther, but too trusting of him. strategic retention tool for price at which it had raised
lysts Tuesday that executives The series is a reminder of
Mr. Madoff giggles Mark committed suicide in employees who are working money privately.
hoped clients would be com- the groupthink mentality that with grandchildren 2010, exactly two years after hard and want to see some re- Companies such as Twitter
fortable enough with the man- can grip investors, depicted as his father’s arrest. Andrew turn on their equity.” Inc. and Etsy Inc. also are
agers that joined the Ivy Asset more than willing to rely on
while plotting his died of cancer in 2014. Institutional investors also trading both below their IPO
Strategy fund in 2014 and that reputation than do their own Ponzi scheme. After Mr. Madoff discloses appear to be seeking more prices and their peak private
Mr. Avery’s retirement research, and of the adage that he has been running a protection for their bets on valuations. Twitter’s shares
wouldn’t be “a materially dis- that if it is too good to be Ponzi scheme, a bewildered tech startups, according to fell 10% to $16.08 after an ana-
ruptive event” for flows. true, it probably isn’t. later, betrayal—between Mr. Ruth Madoff gasps, “I don’t Nasdaq’s report. Companies lyst downgrade Tuesday, be-
Mr. Butch said he believes The movie, which airs Madoff and his wife, Ruth, understand this, you’re not a typically fund employee-stock low the $17 price at which
the heaviest outflows have Wednesday and Thursday at 8 who is charismatic and expert criminal!” buybacks with proceeds from some employees sold shares in
passed. He said broker-dealer p.m. EST, serves as a tutorial at small talk as played by “Yes, Ruthie, I am a crimi- a fundraising round. 2013 before it went public, ac-
reaction to poor performance from the consummate con man Blythe Danner. nal,” he retorts. In such deals, common cording to its IPO prospectus.
had already fueled outflows on how to attract—or as Mr. Overall, however, the events Mr. Madoff’s demise came shares, which offer investors Declining IPO prices, mean-
over the past year and the risk Madoff puts it, seduce—new are in line with the known arc after the bust of the housing no protections from falling while, are weighing on pri-
of further changes “is not any- investors, even when they are of Mr. Madoff’s fraud and his market, the subject of another valuations, are bought out and vate-company valuations.
where near what it used to marks. Cultivate an air of ex- downfall, and the many char- recent movie, “The Big Short.” the new investors get for pre- Dropbox Inc. and Snapchat
be.” clusivity. When asked, claim acters and institutions in the That implosion ruptured pub- ferred shares, which often Inc. were marked down by
Mr. Avery, who spoke on your methods are proprie- real-life drama. lic trust in the financial sys- contain provisions that guar- more than 20% last year by
the call, was cautious on the tary. Provide consistent re- Harry Markopolos, who tem broadly. The violations by antee them certain returns in mutual funds holding their
current market environment. turns. Exude a studied noncha- long insisted Mr. Madoff was a Mr. Madoff were far more per- the case of a sale or IPO. shares.
Managers of the fund had lance. fake, was tortured by his in- sonal. He looked people in the Last year, buybacks repre- The employee share-sale
about 37% of its assets in When a widow considers ability to get regulators’ atten- eyes, asked for their trust, and sented 58% of secondary sale trend, which recently included
“very liquid securities” includ- putting her Madoff money into tion. In one of many barbs the lied to their faces. sales via Nasdaq Private Mar- companies such as Pinterest
ing short-term bonds, longer- a savings account, Mr. Madoff movie throws at the SEC, Mr. Both films are good enter- ket, versus 44% in 2014. The Inc. and Palantir Technolo-
dated sovereign bonds and writes her a check. “Yeah, the Markopolos, who speaks in tainment. But years after the other deals were tender offers gies Inc., has extended into
gold, he said. They have used check’s no good,” he informs statistical formulas, is urged debacles they chronicled, they in which the buyers acquire 2016, with the IPO market off
derivatives to hedge the fund’s viewers. “But look at her eyes. by an ally at the agency to also underscore the value of common shares, without pro- to its slowest start in seven
exposure to equities. She trusts me.” “make it so simple that a sec- skepticism, and of acting on it. tection, directly from employ- years.
pursue a potential sale or ARGENTINA BONDS ian bondholders that agreed to ALLY FINANCIAL
Finance spinoff of its $11 billion commer-
cial-air unit. When asked on
Deal With Italian the deal, said that the govern-
ment would pay cash to settle
New Auto Loans
BUSINESS. Watch Tuesday if the rail business

would be spun off as well, Mr.
Creditors Is Set
Argentina has reached a pre-
about $900 million in defaulted
debt, plus interest. It said the to-
Fuel Profit Gain
Ally Financial Inc. said its
CULTURE.
Thain said the unit has attrac- liminary deal to pay thousands tal amount is equivalent to fourth-quarter profit soared
tive returns and doesn’t have of Italian holdout creditors that about 150% of the original princi- thanks partly to rising auto-loan
TECHNOLOGY.
some of the same issues as the refused previous government ef- pal, or $1.35 billion. originations and retail deposits.
air business. forts to restructure defaulted Argentine Finance Minister Ally lost a chunk of that busi-
CIT GROUP CIT said fourth-quarter profit debt, the government and repre- Alfonso Prat-Gay told a news ness last year when General Mo-
declined as expenses from acqui- sentatives of the bondholders conference that the deal repre- tors Co. largely squeezed it out
Profit Disappoints sitions and divestitures offset said. sents about 15% of Argentina’s of its lucrative subsidized-leasing
CIT Group Inc.’s outgoing higher revenue. Earnings were The agreement, which still re- debt that wasn’t restructured af- business. Ally has since worked
chief executive, John Thain, $144.5 million, or 72 cents a quires approval by Argentina’s ter the country’s substantial to recoup much of that lost busi-
hasn’t convinced investors that share, down 42% from $251 mil- congress, is an important first 2001 default. He said the gov- ness. In the fourth quarter, con-
his plan to overhaul the lender lion, or $1.37 a share, a year ear- step for President Mauricio ernment also would get a dis- sumer auto originations edged up
goes far enough. lier. Mr. Thain said that perfor- Macri’s government as it tries to count on the interest payments. to $9.3 billion from $9 billion a
CIT shares dropped 7% on mance of CIT shares and the resolve a long-running dispute The Italian bondholders had year earlier. Excluding GM, origi-
Tuesday after the company re- broader market indicate that with holdout creditors that have sought about $2.5 billion from nations jumped 35%. Ally re-
leased a disappointing earnings people think “a recession is im- prevented Argentina from ac- Argentina during arbitration at ported a profit of $263 million, up
report and Mr. Thain dismissed minent,” a perspective he thinks cessing global financial markets the World Bank’s International 49% from $177 million a year ear-
calls from some investors to sell is unfounded. during the last decade. Centre for Settlement of Invest- lier.
1WSJC1114 off more parts of the company. — Rachel Louise Ensign, Task Force Argentina, a group ment Disputes. —Lisa Beilfuss,
CIT said in October it would Lisa Beilfuss that represents the 50,000 Ital- —Ryan Dube Rachel Louise Ensign
THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | C3
GLOBAL FINANCE
Puerto Rico Debt Talks Gain in Congress
Capitol Hill staffers powerful enough to assure Re- highlight a growing acknowl- bankruptcy code to give sions.
publicans that Puerto Rico will edgment among GOP lawmak- Puerto Rico access to chap- Puerto Rico’s financial ad-
discuss plan to pair follow through on overdue fi- ers that Congress may need to ter 9. But meddling with visers project the territory
debt restructuring nancial overhauls but also take a more active role. chapter 9 has met heavy op- will run deficits of $28 billion
structured to respect the is- Senate Majority Leader position from other Republi- over the next five years. They
with greater oversight land’s self-governance, a con- Mitch McConnell (R., Ky.) said cans, including several con- say economic overhauls will
cern of Democrats. he spoke with President Ba- servatives on the House close less than half of that
BY NICK TIMIRAOS The talks also must find a rack Obama and House Judiciary Committee, which gap, requiring debt forbear-
AND KRISTINA PETERSON way to empower Puerto Speaker Paul Ryan (R., Wis.) has jurisdiction over the ance and restructuring for the
PABLO MARTINEZ MONSIVAIS/ASSOCIATED PRESS

Rico—or the oversight at their White House meeting bankruptcy code. balance.
Bipartisan discussions over board—to restructure some of on Tuesday about Puerto Rico The latest discussions The island’s creditors are
how to resolve Puerto Rico’s the island’s $72 billion debt and “grappling with a way would potentially avert that furious that Puerto Rico’s gov-
debt crisis suggest at least a load. Municipalities in U.S. that allows them to restruc- contentious debate by looking ernment is demanding hair-
slim legislative pathway has states can seek relief through ture.” Mr. McConnell also said at how to set up a separate re- cuts without providing a de-
opened for the Obama admin- chapter 9 of the bankruptcy Senate Republicans wouldn’t structuring mechanism exclu- tailed accounting of its
istration, which is seeking code, but the code doesn’t ap- approve any plan that requires sive to U.S. territories, using finances, which include a se-
congressional action before ply to territories. Congress to spend money. constitutional authority ries of complex intergovern-
potential defaults accelerate The goals of any legisla- Mr. Obama told congressio- granted to Congress to man- ment transfers.
this summer. tion are to give Puerto Rico a nal Democrats that a legisla- age federal territories. The Puerto Rico’s government
Republican staffers have one-stop shop for negotiating tive solution for the island’s talks are playing out in the faces chronic budgeting woes.
discussed in recent weeks with creditors that will be debt crisis is a top priority House Committee on Natural It hasn’t balanced its budget
with Treasury Department of- more orderly than piecemeal this year. “The most urgent Puerto Rico Gov. Alejandro Resources, which has jurisdic- since 2000. Generous federal
ficials how to pair a debt-re- litigation that creditors al- tool that we need right now— García Padilla tion over territories and is tax benefits encouraged bond
structuring authority, the top ready have filed while ending a comprehensive restructuring taking the lead shepherding investors to finance those def-
priority of Democrats, with a the island’s chronic deficits. authority—costs taxpayers Further tax increases and the bill in the House. icits.
strong oversight board, the Puerto Rico defaulted in Jan- nothing,” Mr. Obama said at public-sector cutbacks could The crisis is reaching a tip- While bankruptcy often is
main goal of the GOP. uary on $37 million in inter- the lawmakers’ annual retreat drive more residents, who ping point because Puerto viewed as an alternative to
Numerous political land est on bonds it said it in Baltimore last week. are U.S. citizens, to the main- Rico is unable to borrow in bailouts, critics have charac-
mines still loom, and the dis- couldn’t pay. Puerto Rico has been in re- land. the capital markets. To pay terized retroactive legal
cussions haven’t produced a While some conservatives cession for a decade and in Many Democrats—and at bondholders, the government changes that allow for write-
bill yet. One question is will balk at proposals granting that time its debt load has least two Republicans so has been delaying tax refunds downs as a “bailout,” even
whether both sides can agree the territory any debt-relief grown nearly 64% while its far—have endorsed separate and payments to vendors though they wouldn’t cost the
on an oversight structure authority, the discussions population has fallen 9%. bills that would amend the while borrowing from pen- U.S. government any money.
Hong Kong Rebukes Goldman Unit Over Advice to Lender

BY JULIE STEINBERG January 2014. of the trades, the SFC said. banking team about proper
The censure is tantamount Goldman also issued re- policies and also has en-
HONG KONG—Hong Kong’s to a public rebuke of the com- search materials covering hanced compliance proce-
securities regulator on Tues- pany. No fines or penalties Wing Hang Bank while acting dures, the SFC said.
day publicly censured an were levied on Goldman. as a financial adviser and “We take compliance with
Asian unit of Goldman Sachs Wing Hang Bank in Novem- without receiving permission our legal and regulatory obli-
Group Inc. for misconduct ber 2013 verbally engaged from the SFC. The materials gations extremely seriously,” a
while serving as a financial Goldman as a financial adviser didn’t comply with certain Goldman spokesman said.
adviser to Hong Kong lender to help with its potential sale, regulations under the take- “Upon becoming aware of the
Wing Hang Bank Ltd. during the SFC said. In that position, over code, the SFC said. issue we immediately re-
its $5 billion buyout by Sing- Goldman was supposed to dis- The SFC noted that Gold- ported the matter to the SFC
apore’s Oversea-Chinese close its dealings in “relevant man itself reported the and undertook necessary re-
Banking Corp. securities” of Wing Hang Bank breaches. medial measures. We have
BRENT LEWIN/BLOOMBERG NEWS
The Securities and Futures during the offer period, but it The misconduct stemmed conducted our own thorough
Commission said Goldman’s failed to do so for a certain from the failure of Goldman’s internal review of this issue
“conduct fell far short of the period, the SFC said. investment-banking team to and have implemented en-
standards expected” of a fi- Goldman executed 111 inform its compliance division hancements to our internal
nancial adviser under the trades in such securities be- of the start of an offer period controls.”
body’s codes governing take- tween Nov. 8, 2013, and Jan. for Wing Hang Bank in Sep- A spokesman for the SFC
overs and mergers. The activi- 6, 2014, and was supposed to tember 2013, the SFC said. declined to comment beyond
ties under scrutiny occurred have received permission Goldman has since issued re- the news release announcing
Wing Hang Bank in 2013 engaged Goldman as a financial adviser. between November 2013 and from the SFC to carry out 26 minders to the investment- the censure.
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IN THE MARKETS
Twitter Takeover Defenses May Fail
BY RONALD BARUSCH company needs to think about shareholders can’t force the having shares with more vot-
Biotech
Firms Snap
Twitter Inc. probably
needs to find a deal within
how it would fend off a hos-
tile bid or at least activists
seeking influence and board
amendment of corporate
charters to make elections an-
nual, they can submit propos-
ing rights. A different, but
innovative, system was ad-
opted by Alibaba Group
Drought
the next couple of years, at
least if it can’t get its share
seats. Although its best pro-
tection probably would be to
als recommending that the
board take such action. Once
Holding Ltd. before it went
public: A majority of its di- In IPOs
DAVID PAUL MORRIS/BLOOMBERG NEWS

price up another way. So it make business improvements shareholders approve them, rectors are selected by the
isn’t surprising that on Mon- to get its share price up, if it the pressure to eliminate binding nomination of a BY CORRIE DRIEBUSCH
day the rumors started flying relies exclusively on that, it staggered boards can be huge management partnership,
again that either a takeover could find itself in a mess because, among other rea- with shareholders having a Two biotech companies
or a substantial investment in similar to that of Yahoo Inc. sons, the powerful proxy-ad- right to vote that portion of ended the U.S. IPO drought
the company could be in the (Twitter’s stock fell 10% Tues- visory firms will recommend the slate only up or down. If Tuesday.
offing. In the absence of a day—more than giving back withholding votes for ob- voted down, the partnership Editas Medicine Inc., which
deal of its choosing, Twitter Monday’s gain—after an ana- structionist directors. Only chooses replacements. is in the early stage of develop-
could be- lyst downgrade and harsh about 50 of the S&P 500 com- Twitter doesn’t have these ing a treatment to correct dis-
DEALPOLITIK come vul- commentary on the companies still have staggered kinds of protections. So, al- ease-causing genes in patients,
nerable to a pany’s future.) The risk of a proposal to boards, one-sixth of the num- though in the short term it raised $94.4 million in its ini-
hostile take- With its staggered board— eliminate Twitter’s staggered ber just 15 years ago. may have good defenses from tial public offering late Tues-
over or an unwanted ap- Twitter directors serve three- board is substantial. The risk of a resolution a hostile offer, it ultimately day, according to a person fa-
proach from an activist. year terms so only about a recommending the elimina- has vulnerabilities. It miliar with the offering.
That conclusion may be third are up for election each tors. Since Twitter’s staggered tion of Twitter’s staggered wouldn’t be surprising for Separately, immuno-
counterintuitive based on a year—and an ability to adopt board forces a hostile bidder board in the next couple of Twitter to be seeking some IPOS oncology drug devel-
classic analysis of Twitter’s a so-called poison-pill defense to win at least two annual years is substantial. There is a more protection—such as a oper BeiGene Ltd.
takeover defenses. It has plan, the company is well-po- meetings, the company should project at Harvard Law School significant purchase of voting raised about $158
some state-of-the-art protec- sitioned to “just say no” to be able to resist any such bid; devoted to submitting these shares by a friendly investor million in its IPO, said a person
tions. But those defenses any hostile acquisition pro- a delay that long probably kinds of shareholder propos- or even a takeover by a larger familiar with the offering.
aren’t likely to give it full proposal. For now. makes such a takeover im- als at major companies. company it is comfortable be- The deals are the first U.S.-
tection as time goes on. With A poison pill is a mecha- practical. Some technology and coming part of. listed IPOs since Dec. 17, when
the popular social network’s nism that prevents the acqui- But a staggered board is other companies addressed —Mr. Barusch is a retired Chinese peer-to-peer lender
stock trading at a fraction of sition of a substantial portion unpopular with many institu- these kinds of issues before M&A lawyer who writes Yirendai Ltd. raised $75 mil-
its post-IPO high, as well as of a company’s stock without tional and activist investors going public by instituting about deal making for the lion in its stock-market debut,
the fact that it has a single board approval. The only way and has become an endan- dual classes of stock, with Journal’s MoneyBeat blog at according to Dealogic. January
class of common stock, the around it is to replace direc- gered species. Although management and founders wsj.com/moneybeat. was the first month without
any IPOs since September 2011.
Tumultuous trading across
MARKET refuge, rose just 0.1% against the

dollar.
“People don’t know what to
do,” said David Kotok, chief in-
global stocks has kept many
companies seeking to raise
money in public offerings at
bay in recent weeks, analysts
Continued from page C1 vestment officer at Cumberland and investors said. So far this
France, the U.K., Belgium, Den- Advisors in Sarasota, Fla. “Those year, the S&P 500 has fallen
mark and Sweden all fell. that are scared sell stuff and you nearly 7%, and biotech stocks
Yields have fallen in many de- have a self-fulfilling downward are down about 23%.
veloped nations since the start spiral that has an emotional “Even for the highest-quality
of the year as a big drop in component, and it lasts until the companies, there is less de-
global stocks and oil pushed in- sellers are exhausted.” mand than there was a few
vestors to focus on preserving Riskier investments whose months ago for IPOs,” said Ziad
capital. The slide in yields picked gains typically exceeded the Bakri, a health-care analyst at
up more momentum after the market average during the past mutual-fund firm T. Rowe
Bank of Japan surprised the seven-year bull market were hit Price. “It’s very tough.”
TOMOHIRO OHSUMI/BLOOMBERG NEWS
global markets Friday by lower- hard. The Russell 2000 index of Despite the tough market
ing some short-term interest small-cap stocks sank 2.3%. The environment, some people fa-
rates below zero, joining the Nasdaq Biotechnology Index lost miliar with the offerings said
ranks of central banks in the eu- 3% and has lost nearly one- they expected the BeiGene and
rozone, Switzerland and Den- fourth of its value so far this Editas deals to be helped by
mark in adopting negative rates. year. current investors buying more
“We have absence of growth, The KBW Nasdaq Bank Index shares in the IPOs. Two exist-
absence of inflation and contin- dropped more than 3%, taking ing BeiGene shareholders, Hill-
ued monetary stimulus,” said the gauge of large commercial house BGN Holdings Ltd and
Nick Gartside, international chief lenders down 16% for the year. Baker Bros. Advisors, had indi-
investment officer of global fixed Declines have foiled investors Bank of Japan Gov. Haruhiko Kuroda last week surprised investors with a minus-0.1% interest rate. cated an interest in purchasing
income at J.P. Morgan Asset who gambled that the Fed’s deci- 50% of the shares in the offer-
Management, which had $1.7
trillion in assets under manage-
ment at the end of December.
“The bond market signals that
sion to begin raising interest
rates would bolster the fortunes
of financial stocks by allowing
them to make more money from
BOJ Confounds the Robots ing, according to regulatory fil-
ings.
BeiGene sold 6.6 million
American depositary shares at
the era of low growth and low their lending businesses. BY MEGUMI FUJIKAWA mists’ expectations of gram that incorporates more $24 apiece, according to a per-
inflation is here to stay.” The decline in financial additional easing were rela- up-to-date data, including oil son familiar with the matter.
Tuesday’s action was the lat- shares raises fears that the U.S. TOKYO—Bank of Japan Gov. tively high. In fact, the central and stock prices, as well as The company planned to raise
est sign that financial markets could be headed for recession, Haruhiko Kuroda stunned bank stood pat. more recent statements from about $127 million by selling
are struggling to make sense of a but many investors said they be- economists and investors last The results of the BOJ’s pol- Mr. Kuroda. 5.5 million American depositary
constellation of unusual and of- lieve employment growth her- week when he set negative in- icy meeting last week, though, Nomura is revamping its AI shares at $22 to $24 apiece, ac-
ten contrary signals on the most alds a continued U.S. expansion. terest rates for the first time. count as a miss. Both indexes program by including outlook cording to regulatory filings
basic questions, such as whether —Saumya Vaishampayan He also stumped gave little indication that BOJ reports, which the central bank Editas sold 5.9 million
the U.S. economy is headed for and Aaron Kuriloff WORLD a pair of artifi- board members might hold the will release every quarter, as shares at $16 apiece, the per-
recession and whether the Fed- contributed to this article. RATES cial-intelligence view that additional monetary well as summaries of board son familiar with the matter
eral Reserve made a mistake in programs. easing was necessary, but the members’ opinions released said. The company had planned
December when it raised short- AUCTION RESULTS Nomura Secu- central bank rocked financial about a week after each policy- to raise more than $100 million
term interest rates for the first Here are the results of Tuesday's Treasury auctions.
All bids are awarded at a single price at the market-
rities Co. and Credit Suisse markets with a surprise intro- board meeting, said Yuhki Ya- by selling 5.9 million shares be-
time since 2006. clearing yield. Rates are determined by the difference Securities last year created AI duction of a rate of minus-0.1% mamoto, the brokerage’s se- tween $16 and $18 a share, ac-
between that price and the face value.
The turmoil this year has programs to analyze BOJ state- on some deposits in its vaults. nior quantitative analyst. cording to regulatory filings.
FOUR-WEEK BILLS
prompted many investors to dive Applications $197,328,792,900
ments for clues to possible Mr. Kuroda’s fake-out of the Complicating matters, for Editas plans to use the money
deeper into market entrails, Accepted bids $55,000,243,900 shifts in monetary policy. They two programs suggests that humans and algorithms, is Mr. raised in its IPOs for preclinical
" noncompetitively $319,483,900 use a process called text min- computers aren’t going to re-
searching for answers in arcane " foreign noncompetitively $0
Kuroda’s misdirection, appar- studies and clinical trials,
indicators and the correlations Auction price (rate) 99.979000 ing on central-bank statements place human analysts soon. ently for maximum market im- among other things, according
in seemingly loosely related (0.270%) and economic assessments Both securities firms use the pact. Ahead of meetings in Oc- to the company’s regulatory fil-
Coupon equivalent 0.275%
markets such as oil, which has Bids at clearing yield accepted 25.74% over time to create an index indexes to augment, not re- tober 2014 and last week, Mr. ings.
fallen 11% in two days to settle Cusip number 912796FZ7 measuring BOJ “sentiment.” place, human analysis. Credit Kuroda insisted there was no Editas and BeiGene are set
The bills, dated Feb. 4, 2016, mature on March 3, 2016.
at $29.88 a barrel, and large-cap The AI programs have very Suisse said its AI has only a “de- need for additional easing— to begin trading on the Nasdaq
U.S. stocks. Yet few have come 52-WEEK BILLS short track records by which to cent level of indicative value” right up until the central bank under the symbols “EDIT” and
Applications $64,612,737,300
away feeling they have a ham- Accepted bids $18,000,097,300
judge them. But Nomura and and only in the nearer term. announced additional easing. “BGNE,” respectively, on
merlock on what is happening. " noncompetitively $212,737,300 Credit Suisse recently pointed Credit Suisse economist He had denied repeatedly in re- Wednesday. The Editas deal
" foreign noncompetitively $0
On Tuesday, some well-known Auction price (rate) 99.464111
to readings in October as evi- Takashi Shiono said the firm cent weeks that the BOJ was was led by Morgan Stanley
fear indicators clashed. Japan’s (0.530%) dence of their objectivity and has decided to tweak its pro- even considering negative rates. and J.P. Morgan, while the
Coupon equivalent 0.541%
yen rallied, a classic haven sig- Bids at clearing yield accepted 50.70%
usefulness. Both indexes indi- gram after the BOJ’s decision But, “If he tells a lie repeat- BeiGene offering was led by
nal, but the Swiss franc, another Cusip number 912796JA8 cated a limited risk of BOJ ac- last week. He said it is testing edly, the AI will learn it,” Goldman Sachs, Morgan Stan-
mainstay of investors seeking The bills, dated Feb. 4, 2016, mature on Feb. 2, 2017. tion then, even though econo- a new version of the AI pro- Credit Suisse’s Mr. Shiono said. ley and Cowen & Co.
DOLLAR One channel for this is the

substantial amount of dollar
debt that has been extended to
nonbank borrowers outside of
globally. That is putting fur-
ther pressure on Chinese pol-
icy makers to further devalue
the yuan.
Dollar Discord
The rising dollar is creating negative-feedback loops among assets
and economies around the world.
cit, the pace of U.S. gross do-
mestic product would have
been 0.5 percentage points
higher in the fourth quarter.
Continued from page C1 the U.S. Many Turkish compa- Worry that this might hap- While the Fed’s mandate re-
omy at risk. Recognizing this, nies, for example, borrowed pen is adding to the pressure mains squarely focused on the
the Fed and its chairwoman, heavily in dollars in recent on commodity prices, since a U.S., those are hard things for
Janet Yellen, may end up not years, even though they had depreciated yuan would make the central bank to ignore, and
just pushing back rate in- little in the way of dollar reve- it harder for Chinese compa- show how globalization has
creases planned for this year, nues. The 38% rise in the dol- nies to buy raw materials. And steadily increased the U.S.
but tabling them for 2016 alto- lar versus the lira over the it also feeds back into weak- Chinese capital economy’s exposure to the
takes flight
gether. Already, futures mar- past 18 months has made ness in other currencies as the rest of the world.
kets, which at the beginning of those loans hard to service foreign-exchange market dis- Moreover, with the Bank of
the year put even odds on a and repay. counts the possibility of a de- DOLLAR IS UP Japan last week setting nega-
rate increase at the Fed’s Such debt strains darken valued yuan. tive rates on some reserves
March meeting, show inves- economic outlooks and inten- Yuan worries are contribut- China is pressured and the European Central
tors now expect the central sify the need for dollars. But ing to the massive capital out- Dollar debt to devalue Bank signaling it is ready to
is squeezed its currency
bank to take a pass. that serves to only send the flows China is experiencing, as provide further stimulus next
Among the several related dollar higher. Chinese citizens move their month, the divergence be-
forces behind the dollar’s rise: Dollar-indebted commodity money out of the country to tween the Fed’s and other cen-
The U.S. economy has per- producers are getting hit by a protect against future devalua- tral banks’ policy stances has
formed better than many double punch. The oil, iron ore tions. Chinese policy makers widened. This threatens to
other economies, making it a and soybeans that Brazil ex- have been liquidating U.S. give fresh impetus to the dol-
seemingly safer bet for global ports are quoted globally in Treasurys to hold the yuan lar’s rise, and bolsters the case
investors. The Fed has moved dollars. So when a rising dol- steady amid the outflows, but for the Fed to send a strong
to push rates higher, while its lar causes prices for those to as the decline in Treasury Other emerging signal that it is putting its
Oil/commodities
major counterparts are adding fall, these exporters earn less. yields this year shows, there go down markets are hurt rate-raising plans on hold.
to economic stimulus. Oil and Coupled with the deterioration have been plenty of ready buy- The risk is that won’t be
other raw-materials prices of the Brazilian real, this cre- ers for this debt. enough to stem the dollar’s
also have dropped sharply, ates an intense need for dol- In effect, the availability of THE WALL STREET JOURNAL. rise, and short circuit the
putting commodity producers lars that forces commodity these Treasurys may have feedback loops. It certainly
at risk and further straining producers to sell at even drained liquidity from other are taking place away from the pushing the Fed’s goal of wouldn’t be a panacea for the
global growth. deeper discounts. dollar-denominated debt, mak- U.S. But there is no escaping reaching its 2% inflation target world’s problems. But given
But the dollar’s rise is now Meanwhile, the weakness in ing an already bad situation their adverse impact. The ever further into the future. It the alternative of watching a
intensifying many of the other emerging-market cur- even worse. combination of overseas weak- is hitting the economy in dangerous situation get even
strains that have helped pro- rencies is making an already For the most part, the prob- ness and dollar strength has other ways, too: If it wasn’t more perilous, the Fed may
pel it higher. slowing China less competitive lems driving the dollar higher driven import prices lower, for the expanding trade defi- have no choice.
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
16153.54 t 295.64, or 1.80% Trailing P/E ratio * 16.68 16.95 1903.03 t 36.35, or 1.87% Trailing P/E ratio * 20.93 19.79 4516.95 t 103.42, or 2.24% Trailing P/E ratio * 21.15 23.75
High, low, open and close for each P/E estimate * 15.07 15.83 High, low, open and close for each P/E estimate * 15.89 16.98 High, low, open and close for each P/E estimate * 17.10 17.85
trading day of the past three months. Dividend yield 2.76 2.47 trading day of the past three months. Dividend yield 2.32 2.00 trading day of the past three months. Dividend yield 1.27 1.27
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15
Current divisor 0.14602128057775

18000 2100 5170
17500 2050 5020
17000 2000 4870

Session high
65-day moving average
DOWN UP 16500 1950 4720
t
Session open Close

65-day moving average
65-day moving average Close Open
t
16000 1900 4570

Session low
15500 1850 4420
Bars measure the point change from session's open

15000 1800 4270
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT 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 MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,068,087,654 6,416,002
Industrial Average 16420.21 16108.44 16153.54 -295.64 -1.80 18312.39 15666.44 -8.6 -7.3 4.9 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 101,651,311 1,422,171
Transportation Avg 6947.57 6740.72 6764.16 -204.67 -2.94 9178.48 6625.53 -24.0 -9.9 4.9 Most-active issues in late trading Decl. volume* 961,420,275 4,916,529
Utility Average 619.08 610.81 618.63 2.20 0.36 641.40 541.97 -3.6 7.1 9.2 Volume After Hours Issues traded 3,211 373
Company Symbol (000) Last Net chg % chg High Low Advances 642 125
Total Stock Market 19812.20 19427.75 19486.12 -389.69 -1.96 22287.78 19071.84 -8.8 -7.7 7.3
SPDR S&P N Amer Nat Rscs NANR 26,996.4 22.87 … unch. 22.87 22.87 Declines 2,508 238
Barron's 400 474.69 466.16 467.83 -11.37 -2.37 586.75 460.46 -13.5 -9.4 6.0
SPDR S&P 500 SPY 15,304.5 190.02 -0.14 -0.07 207.75 183.79 Unchanged 61 10
Nasdaq Stock Market Mkt Vectors Gold Miners GDX 15,193.7 14.37 0.07 0.49 14.65 14.29 New highs 69 10
Nasdaq Composite 4589.90 4503.12 4516.95 -103.42 -2.24 5218.86 4468.17 -4.5 -9.8 12.4 iShares MSCI Emg Markets EEM 4,136.2 29.29 -0.01 -0.03 30.35 29.28 New lows 125 10
4265.04 4180.57 Closing tick 417 22
Nasdaq 100 4193.10 -93.46 -2.18 4719.05 4016.32 -0.9 -8.7 14.9 Finl Select Sector SPDR XLF 2,521.0 21.00 -0.03 -0.14 21.08 21.00
Closing Arms† 2.29 1.67
Yahoo! YHOO 2,475.3 28.30 -0.76 -2.62 30.10 28.15
Standard & Poor's Block trades* 5,570 57
Microsoft MSFT 2,355.6 52.84 -0.16 -0.30 54.83 52.80
500 Index 1935.26 1897.29 1903.03 -36.35 -1.87 2130.82 1859.33 -7.2 -6.9 7.9 Nasdaq NYSE Arca
Fiat Chrysler Automobiles FCAU 1,999.2 6.72 … unch. 6.97 6.72
MidCap 400 1307.96 1285.68 1289.11 -27.84 -2.11 1549.44 1254.93 -12.5 -7.8 5.4 Total volume* 2,150,935,692 402,660,575
SmallCap 600 624.69 613.22 615.17 -12.67 -2.02 742.13 601.59 -10.9 -8.4 6.5 Percentage gainers… Adv. volume* 270,648,680 51,534,357
Decl. volume* 1,863,733,714 349,622,331
Other Indexes Boot Barn Holdings BOOT 41.7 6.28 0.75 13.56 6.55 5.51
Issues traded 2,944 1,410
Russell 2000 1030.56 1005.40 1008.84 -23.55 -2.28 1295.80 994.87 -15.7 -11.2 3.5 Wabash National WNC 7.9 11.74 1.04 9.72 11.75 10.70
Advances 597 331
NYSE Composite 9532.99 9386.12 9413.78 -202.91 -2.11 11239.66 9156.84 -13.2 -7.2 1.6 Myriad Genetics MYGN 24.9 41.50 3.07 7.99 41.50 36.90 Declines 2,264 1,067
Value Line 412.84 400.86 402.04 -10.80 -2.62 522.42 392.58 -19.8 -9.8 0.6 Govt Properties Income Tr GOV 151.7 14.39 1.01 7.55 14.39 13.36 Unchanged 83 12
NYSE Arca Biotech 2882.96 2760.44 2775.63 -124.98 -4.31 4431.87 2775.63 -23.7 -27.2 18.2
Edwards Lifesciences EW 86.6 81.60 4.69 6.10 81.60 76.85 New highs 22 9
New lows 154 20
NYSE Arca Pharma 506.75 500.27 502.30 -7.09 -1.39 605.94 500.72 -8.1 -7.2 8.1 ...And losers
Closing tick 191 90
KBW Bank 62.89 60.91 61.20 -2.05 -3.24 80.41 60.10 -12.0 -16.3 3.8 Chipotle Mexican Grill CMG 596.4 435.00 -40.67 -8.55 504.00 433.15 Closing Arms† 1.82 1.81
PHLX§ Gold/Silver 47.13 45.56 46.25 -1.12 -2.36 81.03 38.84 -41.4 2.1 -32.7 Illumina ILMN 37.5 147.01 -7.65 -4.95 158.94 147.00 Block trades* 7,755 1,873
PHLX§ Oil Service 143.62 136.16 136.90 -7.14 -4.95 224.32 128.61 -32.5 -13.2 -18.3 Carrizo Oil Gas CRZO 31.0 24.68 -0.87 -3.41 25.57 24.68 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 609.24 594.13 595.70 -20.91 -3.39 746.08 559.59 -10.7 -10.2 12.3 Boston Scientific BSX 111.9 17.26 -0.58 -3.25 17.92 17.26 †(TRIN) A comparison of the number of advancing and declining
22.42 21.06 2.00 40.74 11.95 20.7 issues with the volume of shares rising and falling. An
CBOE Volatility 21.98 10.01 26.8 19.4 Match Group MTCH 32.0 11.80 -0.39 -3.20 12.19 11.00 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 Latest Session 52-Week Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2141.74 –42.49 –1.95 –8.3 Westmoreland Resource WMLP 4.13 1.30 45.94 12.74 2.38 -57.3 Carbylan Therapeutics CBYL 0.66 -1.81 -73.28 9.22 0.65 ...
The Global Dow Euro 1850.07 –37.91 –2.01 –8.6 Carver Bancorp CARV 3.58 0.98 37.69 7.60 1.92 -40.3 Pixelworks PXLW 1.41 -0.71 -33.49 7.13 1.35 -73.4
DJ Global Index 284.50 –5.00 –1.73 –7.6 China Customer Relations CCRC 9.68 2.53 35.38 11.99 4.39 ... Plantronics PLT 32.55 -12.21 -27.28 58.73 32.13 -31.0
World DJ Global ex U.S. 193.78 –2.93 –1.49 –7.8 Pacific Biosciences CA PACB 12.67 2.48 24.34 14.00 3.58 52.1 Integrated Device Tech IDTI 18.67 -6.83 -26.78 29.04 14.50 -3.0
Michael Kors Holdings KORS 50.11 9.67 23.91 73.47 34.83 -30.6 Rent-A-Center RCII 9.89 -3.39 -25.53 33.59 9.76 -67.3
Americas DJ Americas 451.27 –9.26 –2.01 –7.4
Brazil Sao Paulo Bovespa 38596.17 –1973.87 –4.87 –11.0 OptimumBank Holdings OPHC 4.37 0.74 20.53 23.10 2.51 -56.8 Yirendai ADR YRD 4.88 -1.27 -20.65 10.39 4.70 ...
Canada S&P/TSX Comp 12442.26 –232.11 –1.83 –4.4
Lo-Jack LOJN 6.42 1.06 19.78 6.42 2.11 200.0 Direxion Brazil Bull 3X BRZU 7.88 -1.82 -18.76 84.76 6.60 -90.0
Vascular Biogenics VBLT 3.35 0.55 19.64 15.58 2.76 -75.8 Axovant Sciences AXON 13.66 -2.99 -17.96 31.17 9.99 ...
Mexico IPC All-Share 43092.49 –538.28 –1.23 0.3
Direxion Natl Gas Bear 3x GASX 52.36 7.74 17.34 158.95 37.50 ... DXN Dly NatGas 3X Bl GASL 2.74 -0.56 -16.97 247.00 1.53 -98.6
Chile Santiago IPSA 2897.93 –59.29 –2.00 –1.6
Westmoreland Coal WLB 6.46 0.90 16.19 30.92 3.44 -76.9 Banco Bradesco Ord ADR BBDO 4.42 -0.88 -16.54 11.54 4.15 -55.8
Europe Stoxx Europe 600 334.59 –7.02 –2.05 –8.5
Yulong Eco-Materials YECO 3.13 0.43 15.93 6.80 2.00 ... ADT Corp. ADT 24.94 -4.63 -15.66 42.88 24.22 -30.7
Euro zone Euro Stoxx 314.59 –6.83 –2.12 –8.9
DXN DLY RSSA BEAR 3X RUSS 42.65 5.49 14.77 84.48 24.08 -43.3 Anixter Intl AXE 41.15 -7.63 -15.64 79.88 40.15 -45.9
Belgium Bel-20 3434.80 –53.73 –1.54 –7.2
VelocityShares 3x DGAZ 16.55 2.08 14.37 29.44 4.45 119.8 Royal Caribbean Cruises RCL 71.70 -12.82 -15.17 103.40 65.91 -4.4
France CAC 40 4283.99 –108.34 –2.47 –7.6 VelocityShares 3x Inv DWTI 335.50 41.40 14.08 484.23 56.32 216.5 Cobalt Intl Energy CIE 3.08 -0.55 -15.15 11.20 2.68 -66.6
Germany DAX 9581.04 –176.84 –1.81 –10.8 Mattel Inc MAT 30.46 3.70 13.83 30.70 19.45 8.5 CombiMatrix CBMX 5.79 -1.01 -14.85 32.40 5.67 -79.6
Israel Tel Aviv 1457.40 –13.16 –0.89 –4.7
Italy FTSE MIB 17922.45 –563.50 –3.05 –16.3
Netherlands AEX 420.65 –9.03 –2.10 –4.8 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8528.70 –259.80 –2.96 –10.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 459.21 –7.30 –1.57 –9.1
Switzerland Swiss Market 8196.99 –114.00 –1.37 –7.0 SPDR S&P 500 SPY 167,131 20.0 190.16 -1.80 213.78 181.02 Lo-Jack LOJN 4,796 6525 6.42 19.78 6.42 2.11
5922.01 –2.28 –5.1 Bank Of America BAC 145,874 50.6 13.23 -5.23 18.48 12.94 PwrShs SP 500 Hi Quality SPHQ 6,279 1872 22.42 -1.19 23.94 18.67
U.K. FTSE 100 –138.09
VelocityShares 3x Lg UWTI 104,911 91.8 1.71 -13.69 43.20 1.41 Amer Campus Communities ACC 14,370 1806 43.17 1.77 44.99 32.12
Asia-Pacific DJ Asia-Pacific TSM 1283.95 –8.64 –0.67 –7.6 VelocityShares 3x Lg Nat UGAZ 76,719 177.1 1.50 -15.73 18.20 1.29 PwrShs S&P SmCp Util PSCU 336 1640 42.73 0.14 50.59 34.80
Australia S&P/ASX 200 4993.30 –50.30 –1.00 –5.7 iPath SP 500 VIX Sht Tm VXX 71,677 -1.3 25.40 6.54 35.22 15.48 PowerShares DB Engy Fund DBE 1,227 1527 9.45 -3.57 18.71 8.67
China Shanghai Composite 2749.57 60.72 2.26 –22.3
iShares MSCI Emg Markets EEM 71,360 6.7 29.30 -3.24 44.19 27.61 First Tr MCapGrAlphaDEX FAD 230 1440 45.76 -1.87 52.73 23.64
Hong Kong Hang Seng 19446.84 –148.66 –0.76 –11.3
Finl Select Sector SPDR XLF 67,467 32.2 21.03 -2.77 25.62 18.52 Guggenheim S&P MC 400 EWEWMC 155 1339 42.92 -2.45 53.61 30.60
India S&P BSE Sensex 24539.00 –285.83 –1.15 –6.0
Sirius XM Holdings SIRI 62,773 122.9 3.57 -4.03 4.20 3.31 First Tr Managed Mun ETF FMB 92 1283 52.82 0.54 54.22 50.76
Japan Nikkei Stock Avg 17750.68 –114.55 –0.64 –6.7
iShares MSCI Japan ETF EWJ 60,255 40.0 11.31 -1.05 13.35 10.64 Plantronics PLT 2,520 1274 32.55 -27.28 58.73 32.13
Singapore Straits Times 2579.23 –23.18 –0.89 –10.5 Facebook Cl A FB 59,258 102.3 114.61 -0.42 117.59 72.00 PwrShs Ex-Tr Tr Dyn Util PUI 821 1221 23.81 0.85 24.44 20.54
South Korea Kospi 1906.60 –18.22 –0.95 –2.8 * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
* Volumes of 100,000 shares or more are rounded to the nearest thousand
Taiwan Weighted 8131.24 –25.72 –0.32 –2.5 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Five-year ARM, Rate US$vs, US$vs,
A consumer rate against its Tues YTDchg Tues YTDchg
benchmark over the past year 5.00% 10% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 3.35% WSJ Dollar index Thailand baht .02789 35.850 –0.5
4.00 5
s Americas
Hanscom Federal Credit Union 2.50% Vietnam dong .00004486 22291 0.6
4.00% Hanscom AFB, MA Argentina peso .0708 14.1160 9.1
800-656-4328 3.00 Europe
0 Brazil real .2507 3.9895 0.7
2.63%
t
Arundel Federal Savings Bank Canada dollar .7116 1.4054 1.6 Czech Rep. koruna .04040 24.750 –0.5
3.00 Tuesday 2.00
t
5-year adjustable- Glen Burnie, MD 410-768-7800 –5 Chile peso .001400 714.50 0.8 Denmark krone .1463 6.8341 –0.6
rate mortgage s s Colombia peso .0002946 3394.66 6.9 Euro area euro 1.0920 .9158 –0.5
2.00 Millennium Mortgage Services Corp 2.63% 1.00 –10 Yen Euro
(ARM) Ecuador US dollar 1 1 unch Hungary forint .003500 285.75 –1.6
One year ago
t
Carrollton, TX 972-974-1115
0.00 Mexico peso .0541 18.4799 7.4 Iceland krona .007710 129.70 –0.4
t
5-year Treasury 1.00 Star One Credit Union 2.63% –15
Peru new sol .2863 3.493 2.3 Norway krone .1146 8.7222 –1.4
note yield 1 3 6 1 2 3 5 710 30 2015 ‘16
Sunnyvale, CA 408-742-2801 Uruguay peso .03221 31.0500 3.8 Poland zloty .2477 4.0364 2.9
0.00 month(s) years Venezuela b. fuerte .158595 6.3054 unch Russia ruble .01257 79.560 10.7
F M A M J J A S O N D JF Aurora Financial 2.75%
maturity Asia-Pacific Sweden krona .1169 8.5562 1.3
2015 2016 Vienna, VA 703-652-7210 Switzerland franc .9817 1.0186 1.7
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7037 1.4211 3.6
Turkey lira .3388 2.9519 1.2
China yuan .1519 6.5852 1.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0392 25.5080 6.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1282 7.7990 0.6
UK pound 1.4409 .6940 2.3
India rupee .01471 67.975 2.7
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000729 13726 –0.8 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008336 119.97 –0.3 Bahrain dinar 2.6537 .3768 –0.1
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002784 359.16 6.0 Egypt pound .1277 7.8297 unch
Libor, 3-month 0.62 0.62 0.26 l 0.62 0.32
Macau pataca .1247 8.0165 0.2 Israel shekel .2523 3.9639 1.8
Money market, annual yield 0.27 0.24 0.24 l 0.42 -0.23 Treasury, Ryan ALM 1452.343 1.520 1.645 1.957 1.394 0.943 2.930
Malaysia ringgit .2363 4.2326 –1.6 Kuwait dinar 3.2999 .3030 –0.1
Five-year CD, annual yield 1.29 1.34 1.29 l 1.53 -0.05 10-yr Treasury, Ryan ALM 1752.504 1.864 1.996 2.480 1.781 –0.727 3.317 New Zealand dollar .6514 1.5352 4.9 Oman sul rial 2.5953 .3853 0.1
30-year mortgage, fixed† 3.70 3.77 3.68 l 4.22 -0.08 DJ Corporate 343.740 3.356 3.402 3.462 2.641 –1.787 2.531 Pakistan rupee .00953 104.905 unch Qatar rial .2747 3.640 –0.1
15-year mortgage, fixed† 2.96 3.01 2.94 l 3.42 -0.13 Aggregate, Barclays Capital 1855.940 2.350 2.410 2.630 2.000 0.020 2.244 Philippines peso .0209 47.909 2.2 Saudi Arabia riyal .2667 3.7502 –0.1
Jumbo mortgages, $417,000-plus† 4.35 4.40 4.00 l 4.97 0.08 Singapore dollar .7002 1.4282 0.7 South Africa rand .0617 16.2139 4.8
High Yield 100, Merrill Lynch 2331.891 7.867 8.199 8.696 5.016 –7.267 0.384 South Korea won .0008248 1212.48 3.1
Five-year adj mortgage (ARM)† 3.35 3.27 3.14 l 4.00 0.30 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1933.350 2.530 2.560 2.900 2.320 2.004 2.661 Sri Lanka rupee .0069464 143.96 –0.2
New-car loan, 48-month 3.25 3.20 2.71 l 3.33 0.73 Taiwan dollar .02982 33.535 1.9 WSJ Dollar Index 91.38 0.08 0.09 1.34
Muni Master, Merrill 505.520 1.567 1.609 2.099 1.532 2.762 2.985
HELOC, $30,000 5.01 4.98 4.24 l 5.01 0.38
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 666.116 6.903 6.971 7.128 5.679 –0.437 0.184 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 434.59 -6.87 -1.56 584.70 420.23 -21.98 -4.24

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Reuters-Jefferies CRB 160.18 -3.31 -2.02 231.77 156.32 -29.57 -9.13
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INTERNATIONAL PROPERTY: SAUDI ARABIA

Real-Estate Companies Push to Expand
CBRE Group, JLL and its lavish energy subsidies to
offset the fall in oil revenue.
others see opening as There also are plans to intro-
kingdom shifts energy duce taxes and ease restric-
tions on foreign ownership.
from oil to diversify “Some of the reforms that
are being proposed will bring
BY NICOLAS PARASIE a level of modernization to
Saudi Arabia, especially the
DUBAI—The world’s biggest real-estate sector,” said Mr.
commercial-property firms are Maclean of CBRE. “We feel the
seeking to expand in Saudi opportunity is bigger than
Arabia at a time when the ever now,” he said.
kingdom’s economy is going Saudi authorities recently
through a rough spell as it approved a tax on undevel-
tries to reduce the country’s oped urban land. Many land-
historical oil dependence. owners in Saudi Arabia made
Firms like CBRE Group Inc., profits by simply keeping the
JLL, Cluttons and Colliers In- land and letting it increase in
ternational are looking to value rather than developing
open offices or build up exist- it, a trend that could come to
ing operations. These moves an end with the new tax.
come as big firms throughout The purpose of the tax law
the world are expanding to was “to increase the land in
fight for market share in a the market,” said JLL’s Mr.
consolidating commercial-real- Ghaznawi. He expects more
estate-services industry. land will be sold, which will
But the expansions in Saudi boost business for real-estate
Arabia also show that the firms.
WASEEM OBAIDI/BLOOMBERG NEWS

firms see opportunity as the Despite the bullish outlook,
country turns to real estate as international companies still
part of its diversification have to cope with the difficul-
strategy. “The oil prices shock ties in doing business in Saudi
is almost forcing a rebirth and Arabia. Travel visas, for exam-
creating a whole new econ- ple, remain hard to obtain and
omy, which is attracting the prevent international firms
interest of global businesses,” from bringing in specialists
said Faisal Durrani, head of re- from across the globe on short
search of Cluttons, a London- A view of the King Abdullah financial district in Riyadh. Big commercial firms are fighting for market share in a consolidating sector. notice. The domestic talent
based property consultant and pool also remains relatively
estate agent looking to open brokerage, property-manage- the kingdom, hopes to open hauls that could gradually In Riyadh, revenue per shallow, executives said.
an office in Saudi Arabia. “It’s ment and valuation services, more offices, possibly in the open up the country to more available hotel room was fall- In addition, financing for
a silver lining in an otherwise Mr. Maclean said. CBRE hopes western part of Saudi Arabia, international and nonoil busi- ing in the fourth quarter of real-estate projects may in-
lackluster economic environ- to be operational in Saudi Ara- said Imad Damrah, the manag- nesses. The country is trying 2015 while office rents were creasingly become harder to
ment.” bia by the end of the second ing director of the company’s to unburden its bloated public “bottoming out,” according to secure. Analysts have warned
CBRE Group, the world’s quarter, he said. Saudi office. sector by pushing the private a JLL report released in Janu- the economic slowdown will
largest commercial-real-es- JLL, the world’s second- These international firms’ sector to create more jobs. ary. Rental growth was slow- force banks to take more pro-
tate-services company by rev- largest property-services firm, growth plans in Saudi Arabia Saudi Arabia’s economy is ing in the retail and residen- visions while a slump in gov-
enue, has received preliminary has an “aggressive expansion coincide with a tumultuous likely to expand at its slowest tial sectors, the report said. ernment deposits could weigh
approval to obtain a license to plan” in place that already saw period for the largest economy pace in more than a decade as Despite the worsening out- on lending.
do research and consulting in its workforce in the kingdom in the Arab world. a result of lower oil receipts. look, property firms are taking “We still don’t know what
the kingdom, according to nearly double in the past two Around 80% to 90% of The International Monetary heart from the Saudi leader- is the banks’ appetite to fi-
Nicholas Maclean, managing years, said Jamil Ghaznawi, Saudi Arabia’s revenue stems Fund recently said the growth ship’s apparent commitment nance projects,” said Mr. Dam-
director of the group’s Middle head of the group’s Saudi of- from oil. With crude prices in the world’s largest oil ex- to diversify the Gulf country’s rah of Colliers. “Do the banks
East business. CBRE also is in fice. dropping below $30 a barrel, porter will slow to 1.2% this economy. Saudi Arabia at the have provisions, do they have
discussions with a prospective Colliers International, the Saudi leadership has had year, revising it downward end of 2015 said it would cut a strategy in place to fund real
local partner required to start which has had a presence in to accelerate economic over- from 2.2% previously. spending and reduce some of estate?” he said.
U.S. Sets Problems Dog the Progress of Planned City

Rules on BY AHMED AL OMRAN
AND NICOLAS PARASIE
Mortgage KING ABDULLAH ECO-

NOMIC CITY, Saudi Arabia—In
Disputes 2005, Saudi Arabia’s King Ab-

dullah backed a grandiose plan
to build six new cities from
BY JOE LIGHT scratch in the desert kingdom
to provide housing and jobs
Fannie Mae and Freddie for millions of Saudis, attract
Mac said Tuesday they have foreign investors and help de-
come to terms with lenders on velop an economy that was
how to resolve mortgage dis- less dependent on oil.
putes, capping an effort that Today, a visit to the only
regulators hope will make one of those proposed cities to
loans cheaper and easier to become functional under-
AHMED AL OMRAN/THE WALL STREET JOURNAL(2)
get for some risky borrowers. scores the challenges to eco-

The announcement marks nomic development in Saudi
the end of a four-year push by Arabia that go beyond the
Fannie, Freddie and their reg- country’s current economic
ulator, the Federal Housing Fi- downturn brought on by the
nance Agency, to ease mort- plummet in the price of oil.
gage companies’ fears of being Located 140 kilometers (87
slapped with penalties for miles) north of Jeddah near a
faulty loans. small fishing village on the
Under the new rules an- Red Sea coast, King Abdullah
nounced Tuesday, lenders will Economic City, better known
have the ability to appeal a as KAEC, welcomes visitors
mortgage-related penalty to with a gate carrying a large
an independent arbiter, a step portrait of the late king, who King Abdullah Economic City, better known as KAEC. So far only one city is functional out of six that were part of a grand project.
meant to speed up the resolu- died in 2015. The asphalt on
tion of disagreements between its new streets is still shiny would-be investors. “Even if leadership is grappling with
regulators and lenders. with colorful banners over you had any chance of success, crises both at home and
Fannie and Freddie don’t them carrying slogans about the financial crisis killed it,” abroad.
make mortgages. They buy “vibrant life.” said Fahad al-Rasheed, chief For Nicholas Maclean, man-
them from lenders, wrap the But around the streets executive of Emaar, the Eco- aging director of property
loans into securities and pro- many empty plots remain cov- nomic City, the lead developer firm CBRE Middle East, the
vide guarantees to make inves- ered in sand. There are only of KAEC. concept of developing eco-
tors whole if the loans default. about 4,000 people living here Today Saudi Arabia faces nomic zones is an important
When Fannie and Freddie now, far short of the planners’ even more economic chal- pillar of the Saudi govern-
determine that a lender has goal of 50,000. Another 4,000 lenges because collapsing oil ment’s efforts to create jobs
made mistakes on a mortgage people work in KAEC but com- prices have crimped the state’s for its nationals and to diver-
or that it doesn’t meet their mute from Jeddah and other main source of income, forcing sify the economy. But a major
requirements, the companies neighboring cities. the government to tap the do- hurdle remains the lack of
have sometimes forced lenders Yellow cranes move con- mestic bond market and to ease by which foreign compa-
to buy back the loans. tainers from ships in KAEC’s burn through billions of its nies can set up in the king-
As billions in loans de- new King Abdullah Port but it foreign reserves to plug a wid- dom.
faulted during the financial remains a work in progress. ening budget deficit. “The key weakness is that it
crisis, Fannie and Freddie said Officials say they aim to make can’t be done on a national ba-
many of the mortgages didn’t it one of the 10 largest ports sis alone, they have to em- Many empty plots remain covered in sand in KAEC.
meet their requirements. That, in the world with a capacity to
There are only about brace international companies
combined with major lawsuits handle 20 million 20-foot 4,000 people living as well,” Mr. Maclean said. port. the government as he pushed
and federal settlements, equivalent container units “The Saudis have to radically The Saudi Ministry of Fi- for the ambitious economic
prompted some lenders to pull when completed, but that is
in King Abdullah overhaul the way foreign insti- nance, which was expected to cities vision, was succeeded in
back from making some mort- now slated to be in 2025. Economic City. tutions and businesses can set provide funding for infrastruc- May 2012 by Abdul-Latif al-
gages to categories of borrow- KAEC (pronounced “cake”) up shop there,” he said. ture in the new cities, wasn’t Othman, a soft-spoken former
ers eligible for federal backing has been subject to the same The contrast with Dubai is as enthusiastic about the proj- Saudi Aramco executive who
but more prone to default. political and economic forces Meanwhile, unemployment telling. Several free zones, in- ect. attempted to repair the au-
Some lenders have said that that caused plans for two of is high among the kingdom’s cluding a state-of-the-art fi- As the budgets for each thority’s relations with other
Fannie’s and Freddie’s changes the other six cities to be com- youth, adding additional social nancial center, have lured government department were government departments.
have led them to feel more pletely scrapped and three to and budgetary strains on a many of the world’s largest expanding thanks to increas- Mr. Othman conceded that
comfortable lending to riskier be scaled down and delayed, government that also is wag- companies to establish their ing oil revenue, the budget al- the economic cities, launched
borrowers. officials say. Problems have in- ing a costly war in Yemen and headquarters in the glitzy located by the finance minis- 10 years earlier, “did not take
Bill Emerson, CEO of cluded the hurdles facing for- is increasingly fearful of a re- emirate. The Jebel Ali Free try for the Saudi Arabian off as anticipated.”
Quicken Loans Inc., said the eign companies trying to set surgent Iran. Zone is home to one of the General Investment Authority, “Today we are seeing vary-
nonbank lender now will make up in the kingdom and the In many ways, the slow de- busiest ports in the world. which envisioned the eco- ing degrees of success. The
any loan that Fannie and Fred- lack of support for the cities velopment of KAEC and the Saudi Arabia has lacked a nomic cities project, during government sees the impor-
die will accept. in some parts of the govern- other cities reflects Saudi Ara- legal framework to regulate the tenure of former head Amr tance of creating these eco-
Franklin Codel, head of ment. bia’s main economic challenge: such developments. Even more al-Dabbagh was “flat as a pan- nomic zones that offer com-
home lending for Wells Fargo The global financial crisis to grow the nonoil economy at serious, not everyone in the cake,” said a former official. petitive regulations,” Mr.
& Co., said the change “brings of 2008 also had an impact on a time when revenues are government bought into the Mr. Dabbagh, who clashed Othman told The Wall Street
greater certainty.” the planned city, discouraging shrinking and the country’s idea despite the king’s sup- with many other ministers in Journal in a November.
INTERNATIONAL PROPERTY
Saudi Law
Will Target
Unused Land
BY AHMED AL OMRAN In an era of cheap oil, the
AND MARGHERITA STANCATI Saudi government also hopes
that housing development will
RIYADH—When King Sal- stimulate the economy. Saudi
man ascended to the throne of Housing Minister Majed al-
Saudi Arabia last year, he said Hugial said the kingdom is ex-
solving the country’s housing pecting hundreds of billions in
shortage was a priority. investments over the next five
“We are determined, God years to satisfy the demand
willing, to develop practical for some 1.5 million residential
and urgent solutions to ensure units.
the provision of adequate “There is opportunity, in-
housing for citizens,” he said ternally, that could offset in-
in his first address to the na- come from oil,” said Mr.
tion. Hugial at an event organized
Now, King Salman is mak- by the country’s investment
ing good on his promise by promotion agency in Riyadh
WASEEM OBAIDI/BLOOMBERG NEWS

taking aim at owners of unde- last week.
veloped land in urban areas The ministry he is leading
who have opted to keep it va- was established in 2010. It was
cant. allocated 250 billion riyals
For years they have been ($66.7 billion) to build
able to do this without paying 500,000 accommodation units
taxes, waiting for land values around the country, but only a
to rise or using their vacant fraction of them have been
parcels for speculative trading. built because there wasn’t suf-
The phenomenon has contrib- ficient urban land available for The housing shortage in Saudi Arabia is especially acute in cities like Riyadh, where large plots of land sit idle.
uted to one of the biggest do- construction.
mestic problems in the king- The housing shortage is es- ern Riyadh last summer. The pany CBRE, says that right af- ager of Riyadh-based Bussma yadh, where his children live.
dom: the lack of affordable pecially acute in cities such as 3,767-square-foot house that ter the white-lands tax was Real Estate Management Co., a “It is affecting my father’s
housing in its major cities. Riyadh and Jeddah, where Mr. Baaboud bought cost him announced in March the vol- company that works with social life,” Mr. Abdullah said.
The Saudi government large plots of land sit idle, just 2.35 million Saudi riyals ume of requests for feasibility owners who want to sell or “He is too old to drive all the
hopes that a new law that dirt and the occasional sign- ($626,980). studies went up significantly. develop their land. way to see people who live up-
taxes owners of undeveloped board that marks them as pri- “I saw more than a hundred The introduction of the tax “We are worried that a town.”
land in urban areas will spur vate property. As much as 30% houses,” said Mr. Baaboud, “seems to have had the right flawed application of the land Mr. Abdullah’s father was
more residential development. to 40% of land in these cities who has a young family. effect,” Mr. Maclean said. “We tax could lead to problems and offered one million Saudi ri-
The proposed 2.5% tax was is unused, according to esti- “Prices are high and the qual- are very busy talking to fami- a negative impact on the econ- yals for his eight-bedroom
first presented in March last mates by some real-estate bro- ity is low.” lies who own lots of land omy,” Mr. Mobid said. house in the city’s south last
year and approved by the cab- kers. There is some evidence the banks about what to do with The white-lands tax alone year. But with that amount of
inet in November. It is ex- Only about 35% of the coun- proposed new tax on vacant those land parcels.” won’t solve the housing crisis. money, there is little he can
pected to take effect in late try’s adult population own plots—commonly known But some are concerned Population growth and the afford in the city’s more up-
2016. their home, according to a reas white lands—is working. that the tax could worsen the limited access to housing fi- scale north.
“Previously land was a port by consulting firm Strat- Many landowners already housing crisis by creating un- nance—Saudi mortgage law “We are afraid prices would
means of storing wealth,” said egy&, and it affects young, are looking for alternatives, certainty in the market. A requires a 30% down pay- go lower still if they impose
Jamil Ghaznawi, head of JLL’s first-time buyers in particular. real-estate industry executives landowner, for instance, could ment—also contributed to the the white-lands tax,” he said,
Saudi Arabian office. “Now Ahmad Baaboud hunted for say. choose to develop the land for shortage. making the old house even
landowners are being penal- nearly three years before he Nicholas Maclean, who purposes other than housing Abdulmohsen Abdullah said less valuable. “We don’t know
ized for not developing their finally found a home in an up- heads the Middle East division just to avoid the tax, said his elderly father is struggling how to manage. Sell or not
land.” scale neighborhood in north- of real-estate-services com- Khaled al-Mobid, general man- to find a place in northern Ri- sell?”
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INTERNATIONAL PROPERTY NEW HIGHS AND LOWS

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock
TOWER
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.
Tuesday, February 2, 2016
52-Wk % 52-Wk % 52-Wk %
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
XcelEnergy XEL 38.99 1.1 MitsubishiUFJADR MTU 4.64 -3.7
Continued from page C1 NYSE highs - 69 MizuhoFinancialADR MFG 3.13 -0.9
Most of the remaining 57 mil- AgreeRealty ADC 37.46 0.6 NYSE lows - 125 ModineMfg MOD 6.00 -4.8
lion-square-foot project in Airgas ARG 140.29 ... ADTCorp. ADT 24.22 -15.7 Moog B MOG/B 40.58 -5.8
northern Jeddah—which will AllianceCal AKP 14.62 0.3 AerCapHoldings AER 28.52 -7.7 Moog A MOG/A 40.44 -5.9
Ameren AEE 46.50 1.6 Aircastle AYR 15.86 -7.2 MorganStanley MS 24.39 -4.7
include a supersize mall, hous- AmStWtr AWR 46.81 0.9 Alexanders ALX 354.10 -0.6 Mosaic MOS 22.02 -7.6
ing units and an artificial AquaAmerica WTR 31.98 -0.4 AllianceData ADS 192.78 -5.9 NeffClA NEFF 4.30 -8.6
lake—could face delays. AtmosEnergy ATO 69.97 1.9 AmericanAxle AXL 12.07 -6.4 NewMarket NEU 341.37 -7.9
Avista AVA 37.94 0.5 AmEqtyLf AEL 16.18 -5.0 NorfolkSouthern NSC 66.46 -5.1
“It’s a statement of power, BB&TPfd.F BBTpF 25.35 -0.1 AnixterIntl AXE 40.15 -15.6 Novartis ADR NVS 75.59 -1.9
of economic growth, of suc- BlkRkMuniInco Tr BFK 15.17 0.3 Anthem ANTM 125.78 -2.1 OMAssetManagement OMAM 10.33 -6.1
cess,” said Mounib Hammoud, BlkRkMunienFd MEN 12.63 0.2 AristaNetworks ANET 53.52 -2.7 OceaneeringIntl OII 30.18 -3.9
BlRkMuHldgNYQlty MHN 14.84 1.2 AsburyAutomotive ABG 44.13 -3.6 PartyCityHoldco PRTY 8.85 -6.3
chief executive officer of JEC. BlkRkMunivestFdII MVT 16.77 0.8 AtwoodOceanics ATW 5.19 -6.5 PitneyBowes PBI 16.56 -13.9
“We know that phase one will BlRkMuyldNYQlty MYN 13.88 0.5 BancoBilbaoVizADR BBVA 6.05 -4.6 Plantronics PLT 32.13 -27.3
be complete by 2020. The rest BlRkMunyldQltyIII MYI 15.11 -0.1 BancoSantanderADR SAN 3.84 -6.6 PrincipalFinancial PFG 33.09 -7.6
depends on economic growth BlkRkNY MI Tr BNY 16.09 0.6 BankNY Mellon BK 34.06 -3.4 PrudentialADR PUK 34.71 -9.5
CMSEnergy CMS 39.61 0.7 BarclaysADR BCS 9.93 -6.5 PureStorageClA PSTG 12.12 -4.4
and on the market.” ChespkeUtil CPK 64.98 4.5 BitautoHldgsADR BITA 17.00 -4.0 QuintilesTransnat Q 58.20 -3.7
Phase one consists of the ConEd ED 71.22 1.0 BootBarnHoldings BOOT 5.20 -13.7 Qwest7%Nts2056 CTAA 24.87 -0.1
ADRIAN SMITH + GORDON GILL ARCHITECTURE
main skyscraper and part of DreyfStMnBd DSM 8.37 0.2 CBL&AssociatesPfE CBLpE 21.80 -1.5 RayJamFnl RJF 41.52 -5.3
DreyfStrMuni LEO 8.81 0.5 CBL Assoc pfD CBLpD 23.92 -0.7 ResoluteForestProd RFP 5.08 -4.5
the surrounding development. EatonVanceMunInc28 ETX 19.15 0.3 CBRE Group CBG 26.24 -4.5 RestorationHardwr RH 55.62 -5.3
So far, 31 of its 167 usable EatonVanceMuniTr EOT 21.82 ... CGG ADR CGG 0.87 -11.6 RivernorthOppsFund RIV 18.45 -1.8
floors in the main tower have ElPasoElectric EE 42.96 0.5 CIT Grp CIT 27.14 -7.2 RoseRockMidstream RRMS 9.48 -1.7
been completed. EntergyNOLA5%2052 ENJ 25.85 0.9 CVREnergy CVI 32.24 -4.6 RoyalBkScotlandADR RBS 6.83 -5.1
Fabrinet FN 29.24 11.7 CareCapProperties CCP 28.53 -2.7 RuckusWireless RKUS 7.71 -6.5
The collapse in oil prices FedPrmrIntMuni FPT 13.73 0.7 CenturyCommunities CCS 13.82 -3.9 SLGreenRealty SLG 88.24 -3.3
has clouded the economic out- FedPrmrMuni FMN 15.21 0.2 Cenveo CVO 0.46 -2.2 SantanderCnsmrUSA SC 9.41 -4.0
look for Saudi Arabia, forcing GabelliMultimedia GGTpB 26.96 0.9 ChinaLifeInsADR LFC 11.34 -1.8 SchwabC SCHW 23.88 -4.6
GenAmInv pfB GAMpB 27.18 -0.4 CinemarkHoldings CNK 28.33 -3.2 ServiceNow NOW 56.83 -7.6
the government to run a re- GeneralElcCapNt52 GEB 26.05 ... ComericaWt CMA/WS 8.02 0.7 SpiritAeroSystemsA SPR 40.48 -6.3
cord budget deficit last year GeneralElcCapNts GEK 26.08 0.2 CreditSuisseADR CS 16.40 -4.8 StJudeMedical STJ 52.12 -1.0
and to announce a significant ING Grp 7.2Secs INZ 26.68 ... Cubic CUB 39.00 -1.6 StifelFinancial SF 31.02 -5.5
InvescoMuniOpp VMO 13.60 0.7 DarlingIngredients DAR 8.40 -6.2 Strats PG GJR GJR 19.17 -1.1
reduction in public spending InvescoInvNYMuni VTN 15.19 -0.6 DeutscheBank DB 16.90 -5.0 SumitomoMitsADR SMFG 5.91 -2.1
in 2016. These economic head- A rendering of the Jeddah Tower, which is expected to soar more than one kilometer above ground. InvescoValueMuniIT IIM 17.05 0.6 DeVryEducation DV 17.98 -5.5 TCFFinancial TCB 11.11 -4.4
winds could affect the timing LacledeGroup LG 64.76 1.2 Domtar UFS 30.24 -4.0 TCFFinancialWt TCB/WS 1.39 -14.6
of the broader development, has the working name Jeddah Because of its proximity to tion in Saudi Arabia for that to MainStayMuniFd MMD 19.33 0.4 ENSCO ESV 8.71 -6.2 Team TISI 22.30 -5.1
McEwenMining MUX 1.38 3.0 EnableMidstream ENBL 6.50 -5.2 TelecomItaliaADR TI 10.41 -2.3
which is important because Tower, comes with plenty of Islam’s holy cities of Mecca happen.” NewJerseyResources NJR 35.81 1.0 ENS 46.29 -3.4 Tesoro
Enersys TSO 79.35 -8.2
the world’s tallest buildings bragging rights. Once com- and Medina and its large port, Some JEC executives, how- NextEraEnCapI NEEpI 25.24 -0.2 EngilityHoldings EGL 12.31 -7.5 Textron TXT 31.52 -4.3
generally have had a record of plete, it will be the first build- Jeddah has long been a gate- ever, are bullish. NextEraEnergyUn NEEpQ 56.47 1.5 Evertec EVTC 13.32 -3.0 Tidewtr TDW 4.28 -12.3
NextEraEnergy NEE 114.07 0.8 FederatedInvestors FII 23.80 -5.1 Toll Bros TOL 26.53 -1.7
poor financial performance, ing to soar more than a full ki- way for millions of pilgrims “With these difficulties in NiSource NI 21.53 -0.2 Ferrari RACE 34.03 -12.4 TravelportWorldwd TVPT 10.38 -4.4
say real-estate brokers. They lometer (3,281 feet) above and developed into an impor- the economy, many people go NuveenCalAMT NKX 15.69 0.3 FstPotomac FPO 9.42 -1.5 TriNetGroup TNET 13.79 -5.3
can be costly to maintain and ground. To put that in per- tant commercial hub. Since the to real estate. It’s seen as a NuvCA NAC 15.84 0.4 FortressInvtA FIG 3.99 -4.8 TriumphGroup TGI 23.44 -6.6
difficult to lease. spective, that is more than Red Sea city already is devel- safe haven,” said Talal Al NuvInterDurQlty NIQ 13.42 0.5 GCPAppliedTechs GCPw 17.60 -7.8 UBSGroup UBS 14.97 -7.8
NuvValue NUV 10.32 0.5 Gazit-Globe GZT 7.25 -6.0 Univar UNVR 11.66 -7.1
What makes such projects three times the height of New oping north along the coast, Maiman, who sits on the board NuvNY NAN 14.32 ... Gildan GIL 24.32 -3.0 Valhi VHI 1.06 -7.0
worthwhile investments is the York’s Chrysler Building, and the idea behind the project is of both Kingdom Holding and NuveenQualMuniFd NQI 13.90 0.2 GoldmanSachs GS 150.16 -5.0 VMware VMW 43.83 -2.8
value they add to the land sur- would surpass the Burj Khalifa that it will be positioned at JEC. “I believe that by the ONEGas OGS 58.02 1.8 Greatbatch GB 36.42 -3.9 VoyaFinancial VOYA 28.96 -3.1
PPL PPL 36.57 1.3 Greif A GEF 24.41 -3.4 WPGLIMCHERPfdI WPGpI 24.40 ...
rounding them. For example, by some 170 meters. the heart of the new Jeddah. time that the tower is finished PSBusParksDepPfdV PSBpV 25.45 -0.1 Griffon GFF 13.89 -2.3 WPGLIMCHER WPG 8.56 -4.1
completion of the Burj Khal- JEC has a deal to get 8.4 Still, Jeddah has a long way by 2018-2019, we should be re- PartnerRe PRE 141.25 ... HertzGlobal HTZ 8.07 -11.0 Waddell&ReedFin WDR 21.40 -14.4
ifa—currently the world’s tall- billion Saudi riyals ($2.24 bil- to go before it one-ups Dubai. covering.” PIMCO MuniII PML 13.06 -0.5 HHGregg HGG 1.59 3.5 WilliamLyonHomes WLH 9.97 -5.3
PIMCO NY PNF 12.52 0.4 ICICIBankADR IBN 6.01 -6.2 YirendaiADR YRD 4.70 -20.7
est building—in 2010 spurred lion) in financing from Saudi It is the second-largest city of JEC plans to start selling QTSRealtyTrustClA QTS 47.53 0.4 INGGroepADR ING 10.83 -5.5
development in downtown Arabia’s Alinma Investment a kingdom that remains deeply apartments off floor plans in RealtyIncome O 57.42 1.0 IntraLinksHldgs IL 7.52 -3.4 NYSE Arca highs - 9
Dubai, a neighborhood that is Co., a subsidiary of govern- conservative and wary of out- the Jeddah Tower by the mid- SCANA SCG 64.72 0.8 JanusCapitalGroup JNS 11.29 -5.6 DBGermanBundFut BUNL 28.73 0.8
now prime real estate. ment-backed Alinma Bank. side influence. With the excep- dle of this year. Prices haven’t SCETrI5.625%Pfd. SCEpF 26.27 0.4 JumeiIntlADR JMEI 5.76 -4.2 DeutscheXMuniRev RVNU 26.87 0.7
TAL EduADR XRS 49.73 -1.9 KeyCp KEY 10.70 -2.9 DirexionS&PBioBr1X LABS 56.42 4.1
The land used for the Jed- About $1.5 billion of that will tion of citizens of Gulf coun- been set yet, the company TecoEnergy TE 27.45 -0.3 LeeEnterprises LEE 1.30 -3.6 iSh3-7YTreasuryBd IEI 125.42 0.4
dah development belongs to go to the tower and the rest to tries, foreigners aren’t allowed says, but a senior executive VoceraComms VCRA 15.02 1.2 LeggMason LM 27.93 -5.5 iShiBdDec22AMTFree IBMK 26.17 0.2
JEC, which is one-third owned parts of the surrounding de- to buy residential properties. linked to the project said Vornado pfI VNOpI 25.84 -0.3 LionsGateEnt LGF 25.13 -3.1 MrktVecIntrmdt ITM 24.34 0.5
W.R.GraceWi GRAw 65.06 4.9 LithiaMotorsClA LAD 72.39 -2.9 ProShrUl7-10Trs UST 60.42 1.4
by Prince al-Waleed bin Talal’s velopment. International firms, however, prices could range from WestarEnergy WR 45.36 1.6 LloydsBankingADR LYG 3.57 -5.0 SPDRNuveenShTrmMun SHM 24.51 0.3
Kingdom Holding Co. Other The idea for the tower can buy commercial space. roughly $10,000 to $15,000 a WstAstMuniHiInco MHF 7.95 0.6 MRCGlobal MRC 8.96 -7.6 SchwabIntmUSTrsr SCHR 54.98 0.5
owners include Abrar Inter- came from Mr. al-Waleed, who “Can Jeddah ever compete square meter for unfurnished WstAstMuniPtnr MNP 16.17 -0.7 MilacronHoldings MCRN 11.76 -2.8
national Holding Co., Qila’a has previously invested in with Dubai as a global city? residential units. NYSE Arca lows - 20
Jeddah for Real Estate In- banks, hotels and media. The Not in our lifetime,” said Craig That is much more than the Online>> ALPSMedBreak SBIO 21.89 -4.2
ARKIndlInnovation ARKQ 15.81 -1.4
vestment Ltd. and Saudi Bin- tower has a triangular core Plumb, Dubai-based head of average sale prices for apart- During the trading day, 52-week highs and DB3xInvJapanGovBd JGBD 13.81 ...
ladin Group, which is also the that expands into three wings research for Jones Lang La- ments in the city, which is lows are updated hourly at WSJMarkets.com. DB3xShrt25+YTreaBd SBND 3.85 -7.8
project’s main contractor. that will taper as they rise and Salle in the Middle East. “It around $1,210 a square meter, Lists for each market are available free, along DeutschextrkrsCSI300ChinaA-SharesHdgEquity ASHX 19.73 -1.2
The skyscraper alone, which then separate at the top. would need a lot of liberaliza- according to JLL data. with easy access to charts and headlines. Continued on Page C9
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MUTUAL FUNDS
Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD
Explanatory Notes
Net YTD
Data provided by Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret
Top 250 mutual-funds listings for Nasdaq-published share classes with FF2020 13.80 -0.16 -5.0 RisDv A p 45.71 -0.83 -4.3 MFS Funds Class A OverS SF r 8.30 -0.17 -7.7
TotIntBdIdxAdm NA ... NA STIGrade 10.60 +0.01 0.5 ExtndInst 56.63 -1.37-10.9
net assets of at least $500 million each. NAV is net asset value. FF2025 11.73 -0.16 -5.7
Percentage performance figures are total returns, assuming reinvestment FrankTemp/Franklin C ValueA p 30.82 -0.58 -6.0 R2015 13.14 -0.14 -3.9
TotIntlAdmIdx r 22.37 -0.46 -7.7 TgtRe2015 13.82 -0.11 -2.9 GrwthInst 50.68 -0.96 -7.5
of all distributions and after subtracting annual expenses. Figures don’t FF2030 14.15 -0.24 -7.0 Income C t 2.00 -0.03 -4.8 MFS Funds Class I R2020 18.72 -0.24 -4.9
TotStAdml 46.97 -0.93 -7.5 TgtRe2020 26.12 -0.28 -3.8 InPrSeIn 10.44 +0.04 1.7
reflect sales charges (“loads”) or redemption fees. NET CHG is change in FreedomK2020 12.84 -0.15 -5.0 FrankTemp/Temp A ValueI 30.99 -0.58 -6.0 R2025 14.10 -0.21 -5.7
TxMIn r 10.91 -0.22 -7.7 TgtRe2025 14.92 -0.18 -4.5 InstIdx 173.97 -3.31 -6.8
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR FreedomK2025 13.30 -0.18 -5.7 GlBond A p 11.29 -0.18 -2.2 MFS Funds Instl R2030 20.41 -0.34 -6.4
ValAdml 29.65 -0.59 -6.8 TgtRe2030 26.28 -0.37 -5.2 InstPlus 173.98 -3.32 -6.8
%RET is trailing three-year return annualized. FreedomK2030 13.34 -0.22 -6.9 Growth A p 19.72 -0.44-10.0 IntlEq 18.93 -0.38 -7.9 R2035 14.67 -0.27 -7.1
WdsrllAdml 55.02 -1.22 -7.4 TgtRe2035 15.84 -0.25 -5.9 InstTStPlus 42.50 -0.85 -7.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. FreedomK2035 13.62 -0.26 -7.7 FrankTemp/Temp Adv Mutual Series R2040 20.87 -0.40 -7.6
WellsIAdml 58.98 -0.17 -0.7 TgtRe2040 26.58 -0.47 -6.6 MidCpInst 29.76 -0.72 -9.4
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. FreedomK2040 13.65 -0.26 -7.7 GlBondAdv p 11.25 -0.17 -2.1 GlbDiscA 26.68 -0.54 -7.6 SmCapStk 34.84 -0.74 -9.8
WelltnAdml 60.93 -0.69 -4.1 TgtRe2045 16.59 -0.30 -6.7 MidCpIstPl 146.78 -3.53 -9.4
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock Fidelity Invest GlbDiscz 27.15 -0.55 -7.5 Value 28.72 -0.56 -8.1
WndsrAdml 57.63 -1.63-10.7 TgtRe2050 26.58 -0.48 -6.7 SmCapInst 47.86 -1.11 -9.8
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. AMgr50% 15.44 -0.14 -3.7 G VANGUARD FDS TgtRetInc 12.29 -0.05 -1.3 STIGradeInst 10.60 +0.01 0.6
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to
incomplete price, performance or cost data. NE-Not released by Lipper; data
Balanc 20.05 -0.24 -5.5 GMO Trust Class IV O S DivdGro 21.46 -0.34 -4.3 TotIntBdIxInv NA ... NA TotBdInst 10.80 +0.05 1.7
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. BalancedK 20.05 -0.24 -5.5 IntlEq 18.56 -0.42 -7.6 Oakmark Funds Cl I Schwab Funds GNMA 10.78 +0.02 1.3 WellsI 24.35 -0.07 -0.7 TotBdInstPl 10.80 +0.05 1.7
BluCh 62.27 -1.29 -9.7 EqtyInc 26.88 -0.40 -5.9 S&P Sel 29.42 -0.56 -6.8 HlthCare r 198.51 -2.53 -9.9 Welltn 35.28 -0.40 -4.1 TotIntBdIdxInst NA ... NA
Tuesday, February 2, 2016 Contra 92.01 -1.67 -7.0 H Oakmark 56.86 -1.35 -9.5 IntlVal 28.65 -0.67 -7.8 WndsrII 31.01 -0.69 -7.4 TotIntlInstIdx r 89.44 -1.87 -7.7
Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
ContraK
CpInc r
91.95
8.74
-1.67 -7.0
-0.07 -4.1 Harbor Funds OakmrkInt 18.98 -0.41-11.1 T INSTTRF2025 18.22 -0.22 -4.5 VANGUARD INDEX FDS TotItlInstPlId r 89.46 -1.87 -7.7
CapApInst 54.71 -1.17-10.0 Old Westbury Fds TIAA/CREF Funds LifeCon 17.48 -0.10 -2.0 500 175.68 -3.35 -6.8 TotStInst 46.98 -0.93 -7.5
A EqtyDivd
GlblAlloc
19.65 -0.34 -6.4
17.12 -0.19 -4.5
DivIntl
DivIntlK r
32.38
32.32
-0.59 -7.6
-0.59 -7.6 IntlInst r 54.90 -1.26 -7.6 LrgCpStr 11.68 -0.17 -6.3 EqIdxInst 13.94 -0.28 -7.5 LifeGro
LifeMod
25.69 -0.40 -5.8 ExtndIstPl
22.15 -0.24 -3.9 TotIntl
139.76 -3.38-10.9 VirtusFunds Cl I
13.37 -0.28 -7.7 EmMktI 8.60 -0.14 -4.0
Oppenheimer Y Tweedy Browne Fds
American Century Inv
Ultra
HiYldBd 6.97 -0.03 -1.8
32.24 -0.63 -7.9 StratIncOpptyIns 9.68 ... -0.7
GroCo
GrowCoK
119.79
119.67
-2.69-12.3
-2.68-12.3 I DevMktY 27.38 -0.71 -8.7 GblValue 23.04 -0.31 -5.8 Primcp r
PrmcpCor
90.94 -2.27 -8.8 TotSt
19.10 -0.43 -8.3 VANGUARD INSTL FDS
46.95 -0.93 -7.5
W
IntGrowY 33.57 -0.66 -6.5
American Funds Cl A
D
InvGrBd 11.11 +0.04 1.0 Invesco Funds A
V SelValu r 23.03 -0.74-10.9 BalInst 28.09 -0.29 -3.9 Western Asset
AmcpA p 23.93 -0.48 -7.8 LowP r 44.60
LowPriStkK r 44.57
-0.73 -6.6
-0.72 -6.6
EqIncA 8.95 -0.16 -7.0 P VANGUARD ADMIRAL
STAR 22.10 -0.30 -5.1 DevMktsIndInst 10.92 -0.22 -7.7 CorePlusBdI 11.47 +0.02 0.6
AMutlA p 32.28 -0.54 -4.6 Davis Funds A
BalA p 22.95 -0.24 -3.7 NYVen A 27.47 -0.71-11.1 MagIn 81.93 -1.70 -8.4 J Parnassus Fds 500Adml 175.70 -3.35 -6.8
BondA p 12.73 +0.04 1.3 Dimensional Fds OTC 71.13 -1.87-14.7 ParnEqFd 35.00 -0.61 -5.3 BalAdml 28.09 -0.29 -3.9
John Hancock Class 1
CapIBA p 54.36 -0.72 -2.7 5GlbFxdInc 11.04 +0.02 1.3 Puritn 19.29 -0.21 -5.1 LSBalncd 13.46 -0.17 -5.4
PIMCO Fds Instl
AllAsset NA
CAITAdml 11.98 +0.01 1.3
... NA CapOpAdml r 105.38 -3.02-11.2
BANKRATE.COM® MMA, Savings and CDs
CapWGrA 40.24 -0.88 -7.2 EmgMktVa 18.61 -0.54 -8.8 SrsInvGrdF 11.11 +0.04 0.9 LSGwth 13.75 -0.24 -7.3
StratInc 10.00 -0.02 -1.2 ShortT NA ... NA EMAdmr 24.91 -0.63 -8.9
EupacA p 41.72 -0.92 -8.0 EmMktCorEq 14.63 -0.36 -7.2 John Hancock Instl Average Yields of Major Banks
TotalBond 10.29 +0.02 0.6 TotRt 10.13 +0.01 0.8 EqIncAdml 58.83 -1.00 -5.0 Tuesday, February 2, 2016
FdInvA p 47.06 -1.00 -7.2 IntlCoreEq 10.46 -0.23 -8.2 DispValMCI 17.11 -0.41-10.7
Fidelity Selects PIMCO Funds A ExplrAdml 66.25 -1.65-11.4 Type
GwthA p 37.42 -0.82 -9.4 IntSmCo 15.89 -0.25 -7.7 JPMorgan Inst Class MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Biotech r 166.35 -5.98-29.5 TotRetA 10.13 +0.01 0.8 ExtndAdml 56.63 -1.38-10.9
HI TrA p 9.07 -0.05 -2.4 IntSmVa 16.98 -0.33 -9.1 MdCpVal 31.84 -0.57 -6.3 National average
Health r 183.07 -3.10-12.1 PIMCO Funds D GNMAAdml 10.78 +0.02 1.3
ICAA p 31.53 -0.61 -5.5 Dimensional Fds JPMorgan R Class
Fidelity Spartan CoreBond 11.72 +0.05 1.6
IncomeFd NA ... NA GrwthAdml 50.68 -0.96 -7.5 Savings 0.09 0.07 0.07 0.09 0.14 0.24 0.37 0.38 0.80
IncoA p 19.52 -0.22 -3.5 US CoreEq1 15.81 -0.34 -7.9 PIMCO Funds Instl
N PerA p 33.00 -0.72 -8.4 US CoreEq2 500IdxInv 66.93 -1.27 -6.8 JPMorgan Select Cls HlthCareAdml r 83.73 -1.07 -9.9 Jumbos 0.19 0.07 0.08 0.10 0.15 0.27 0.42 0.41 0.84
14.98 -0.35 -8.4 IncomeFd NA ... NA HYCorAdml r 5.43 -0.03 -1.5
NEcoA p 32.21 -0.75-10.4 US Small 500IndInst 66.94 -1.27 -6.8 CoreBond 11.71 +0.05 1.7 Weekly change
25.90 -0.58 -8.7 PIMCO Funds P InfProAd 25.63 +0.09 1.7
Fidelity Spartan Adv USLgCpCorPls 24.34 -0.54 -9.2
NwWrldA 46.13 -0.85 -7.7 US SmCpVal 27.47 -0.68 -9.9 IncomeP NA ... NA IntlGrAdml Savings 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00
500IdxAd 66.94 -1.27 -6.8 60.24 -1.61-10.2
SmCpA p 39.02 -0.75-10.6 USLgVa 27.91 -0.74 -9.4 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00
TxExA p 13.19 +0.01 1.0 Dodge & Cox
ExtMktAd r
IntAd r
44.74
33.12
-1.08-10.9
-0.69 -7.8
L Price Funds
BlChip
ITBondAdml
64.69 -1.52-10.6 ITIGradeAdml
11.48 +0.06 2.2 Jumbos
9.74 +0.04 1.3
WshA p 36.16 -0.63 -5.9 Balanced 88.47 -1.50 -6.3 Lazard Instl CapApp 24.00 -0.27 -4.2 LTGradeAdml 10.06 +0.10 2.0
TotMktAd r 54.24 -1.09 -7.6
AMG Managers Funds
YacktmanFd
Income
20.19 -0.36 -3.3 Intl Stk
13.28 +0.02 -0.1 First Eagle Funds EmgMktEq 12.61 -0.40 -6.2 EmMktS 26.01 -0.72 -8.7 MidCpAdml 134.72 -3.24 -9.4 Consumer Savings Rates
31.81 -1.01-12.8 GlbA 48.92 -0.74 -4.7 Loomis Sayles Fds EqInc 26.33 -0.56 -7.5 MorgAdml 70.87 -1.42 -8.2 Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of fed-
AQR Funds Stock 147.44 -3.82 -9.4 LSBondI 12.44 -0.09 -3.3 EqIndex 51.21 -0.98 -6.8 MuHYAdml 11.42 +0.02 1.2 erally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the fourth quarter
FMI Funds
MgdFutStrI NA ... NA DoubleLine Funds LgCap 17.61 -0.34 -5.4 Lord Abbett A Growth 47.74 -1.16-11.0 MuIntAdml 14.42 +0.02 1.4
Artisan Funds TotRetBdI NA ... NA ShtDurIncmA p NA ... NA HelSci 58.73 -1.16-14.7 MuLTAdml of 2015 from federal regulators. 5: most desirable performance; NR: institution is too new to rate,
FPA Funds 11.88 +0.02 1.4
Intl Inv 26.52 -0.47 -7.5 TotRetBdN NA ... NA FPACres 28.94 -0.46 -6.8 Lord Abbett F HiYield 6.03 -0.03 -1.9 MuLtdAdml 11.08 ... 0.7 not an indication of financial strength or weakness. Information is believed to be reliable, but not
ShtDurIncm NA ... NA InstlCapG ... 0.3 guaranteed.
B F FrankTemp/Frank Adv
Intl G&I
25.49 -0.64-11.8 MuShtAdml 15.83
12.08 -0.27 -7.6 PrmcpAdml r 94.21 -2.34 -8.8
BlackRock Funds A Fidelity Advisor A
IncomeAdv 1.96
FrankTemp/Franklin A
-0.03 -4.8
M IntlStk 14.05 -0.33 -8.0 REITAdml r 108.26 -1.07 -4.2
High yield savings
GlblAlloc p 17.03 -0.18 -4.5 NwInsghtA p 24.22 -0.49 -7.3 CA TF A p 7.56 +0.01 1.2 Metropolitan West MCapGro 65.90 -1.54-10.1 SmCapAdml 47.86 -1.11 -9.8 Bank/rank Yield Bank/rank Yield
BlackRock Funds C Fidelity Advisor I Fed TF A p 12.44 +0.02 1.1 TotRetBd 10.74 +0.03 1.3 MCapVal 23.41 -0.50 -6.1 STBondAdml 10.52 +0.02 1.0 Phone number Minimum (%) Phone number Minimum (%)
GlblAlloc t 15.51 -0.17 -4.6 NwInsghtI 24.67 -0.50 -7.4 Growth A p 67.54 -1.32 -7.9 TotRetBdI 10.74 +0.03 1.3 N Horiz 37.62 -0.91-11.4 STIGradeAdml 10.60 +0.01 0.6 Money market and savings account Six-month CD
BlackRock Funds Inst Fidelity Freedom IncomeA p 1.98 -0.03 -4.8 TRBdPlan 10.12 +0.04 1.4 N Inc 9.45 +0.03 1.2 TotBdAdml 10.80 +0.05 1.7
GE Capital Bank /4 $0 1.05 AloStar Bank of Commerce /5 $1,000 1.01
(866) 576-7053 (877) 751-0294
Ally Bank /4 $0 1.00 EverBank /3 $1,500 1.01
New Highs and Lows | WSJ.com/stocks Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk % (866) 340-4921
Sym Hi/Lo Chg My Savings Direct /4
(877) 280-5143
$1 1.00 California First National Bank /5 $5,000 0.90
Continued From Page C8 52-Wk % 52-Wk % InsysTherapeutics INSY 15.56 -5.8 NephroGenex NRX 0.77 -9.1 Sajan SAJA 2.84 ... (877) 207-3992 (877) 880-1647
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg InterceptPharm ICPT 94.61 -9.8 NewStarFinancial NEWS 6.34 -6.8 ScientificGames SGMS 5.13 -10.7 One-month CD
Stock Sym Hi/Lo Chg CarrolsRestr TAST 14.40 -0.5 One-year CD
BioCryst BCRX 6.44 -5.7 IonisPharma IONS 35.41 -9.3 NexstarBrdcstgA NXST 41.05 -5.7 SearsHometown SHOS 6.44 -5.7
Lone Star Bank /3 $1,000 0.15 AloStar Bank of Commerce /5 $1,000 1.26
DeutschexFTSEDev DEEF 23.33 -6.6 E-compassAcqn ECAC 10.02 0.7 Bojangles' BOJA 13.39 ... iPath5-YearBear DFVS 26.75 -2.1 Novavax NVAX 4.57 -6.7 ShilohIndustries SHLO 3.57 -7.2
(877) 381-3269 (877) 751-0294
DirexnPharmBull2X PILL 26.90 -0.4 EZchipSemi EZCH 25.42 ... BostonPrvtFnl Wt BPFHW 3.29 -6.0 iPath10-yearBear DTYS 15.12 -6.4 Novocure NVCR 10.15 -8.8 StaarSurgical STAA 6.31 -2.0
VirtualBank /4 $10,000 0.15 My e-BAnC by BAC Florida Bank /4 $1,500 1.26
DirexnS&PBiotechBl LABU 6.41 -10.4 FacebookClA FB 117.59 -0.4 CSICompressco CCLP 4.95 -5.2 IronwoodPharmClA IRWD 8.78 -3.5 OldNtlBcp ONB 11.22 -2.9 Strattec STRT 45.71 0.5
(877) 344-5618 (877) 878-8048
7-10YrTreasBear TYO 14.94 -2.0 FrancescasHldgs FRAN 18.92 -0.4 CarbylanTherapeutc CBYL 0.65 -73.3 iShNasdaqBiotech IBB 258.73 -2.8 Oncothyreon ONTY 1.25 -1.5 TDAmeritrade AMTD 25.92 -5.4
AloStar Bank of Commerce /5 $1,000 0.10 Lone Star Bank /3 $1,000 1.25
20+YrTreaBear TMV 22.43 -5.5 InsteelIndustries IIIN 25.92 3.5 CelldexTher CLDX 7.21 -8.8 Ixia XXIA 9.05 -2.9 PDL Biopharm PDLI 2.71 -12.7 TearLab TEAR 0.95 -5.7
(877) 751-0294 (877) 381-3269
iPathAIGCarbon GRN 6.01 10.4 IntgtElecSvcs IESC 13.10 -0.2 CellectisADR CLLS 20.66 -5.3 Joint JYNT 4.00 -3.8 ParagonShippingClA PRGN 0.07 -9.3 TeslaMotors TSLA 180.23 -7.2
iShFloatingRateBd FLOT 50.27 -0.1 LoJack LOJN 6.42 19.8 Cepheid CPHD 26.22 -3.1 JunoTherapeutics JUNO 24.49 -10.0 ParkCityGroup PCYG 8.27 -1.5 TetraLogicPharm TLOG 0.15 -20.9 Two-month CD Two-year CD
iShIntRtHdgCorpBd LQDH 87.58 -0.7 MGEEnergy MGEE 49.72 1.0 ChanticleerHldgsWt HOTRW 0.06 -6.4 K2MGroupHoldings KTWO 12.96 -5.6 ParnellPharmaceutl PARN 2.33 -3.5 BancpBk TBBK 4.26 -6.0 Lone Star Bank /3 $1,000 0.15 Nationwide Bank /4 $500 1.46
ProSharSh20+Tr TBF 23.04 -1.7 Mattel MAT 30.70 13.8 ChinaAutoSystems CAAS 3.81 0.3 KaryopharmTherap KPTI 5.58 -3.8 pdvWireless PDVW 21.58 -2.8 TheStreet TST 1.15 -3.2 (877) 381-3269 (877) 351-8438
ProUltProShrt20YTr TTT 30.28 -5.7 Nasdaq NDAQ 62.53 0.9 ClovisOncology CLVS 19.50 -5.3 KuraOncology KURA 4.51 -0.4 Pixelworks PXLW 1.35 -33.5 TobiraTherapeutics TBRA 6.39 -4.3 VirtualBank /4 $10,000 0.15 AloStar Bank of Commerce /5 $1,000 1.46
ProShrUltra20 TBT 38.16 -3.7 Oclaro OCLR 3.79 4.0 CondorHospitality CDOR 0.72 -20.9 LPLFinHoldings LPLA 27.41 -6.2 Polycom PLCM 9.50 -5.8 TripAdvisor TRIP 62.10 -6.2 (877) 344-5618 (877) 751-0294
SPDRS&PCapitalMkts KCE 34.68 -4.3 UltraProShrtBiotec ZBIO 41.33 8.7 Crossroads CRDS 0.24 -13.1 LibertyTripAdvA LTRPA 20.97 -6.8 PowerSolutions PSIX 10.96 -6.5 TurtleBeach HEAR 0.91 -22.8 Applied Bank /5 $0 0.05 Synchrony Bank /5 $2,000 1.45
SPDR S&P IntlFnl IPF 16.58 -3.4 ProShUltShNdBtech BIS 46.75 5.8 CryoPort CYRX 1.47 -12.6 LivePerson LPSN 5.50 -2.5 ProNAiTherapeutics DNAI 7.44 -2.3 VBIVaccines VBIV 1.86 -2.0 (877) 622-7973 (877) 412-8426
SPDR S&P Biotch XBI 48.65 -3.6 TeleCommSysA TSYS 5.01 ... DimensionTherap DMTX 6.27 -9.4 MktVectorsBiotech BBH 98.93 -3.0 Proofpoint PFPT 46.59 -3.9 VOXXInternational VOXX 3.91 -8.2
USGasolineFd UGA 22.50 -7.4 USATechnologies USAT 3.60 4.4 Diodes DIOD 18.15 -4.3 MktVectorsPharm PPH 59.35 -1.6 ProQRTherapeutics PRQR 4.92 -9.8 Verastem VSTM 1.13 -4.1 Three-month CD Five-year CD
VangIntrmGvtBd VGIT 65.99 0.4 DipexiumPharma DPRX 7.44 -2.0 Marketo MKTO 17.85 -4.3 ProShrUltNdBTh BIB 41.00 -5.9 VikingTherapeutics VKTX 1.70 -8.4 EverBank /3 $1,500 0.55 Synchrony Bank /5 $25,000 2.25
NYSE MKT highs - 10 WD-40 WDFC 104.99 -1.2 E Trade ETFC 22.51 -4.4 MattressFirmHldg MFRM 35.01 -4.5 UltraPrNASDQBiotec UBIO 24.47 -8.7 VirtusInvtPartners VRTS 84.92 -0.7 (877) 280-5143 (877) 412-8426
BlkRkMunivestFd MVF 10.62 1.0 YorkWater YORW 27.25 1.0 EVINELiveClA EVLV 0.99 -1.9 MedTranscription MTBC 0.86 5.7 QIWIADR QIWI 12.17 -0.2 WaveSystemsClA WAVX 0.07 -32.3 California First National Bank /5 $5,000 0.55 First Internet Bank of Indiana /4 $1,000 2.22
EtnVncCA EVM 12.76 -0.1 Nasdaq lows - 154 EagleBlkShip EGLE 1.08 -14.1 Methanex MEOH 22.84 -6.2 Qualcomm QCOM 42.88 -6.4 WheelerREITPfdClB WHLRP 18.38 -1.5 (877) 880-1647 (877) 412-9564
EtnVncCA MIT CEV 13.91 0.7 ElevenBiotherap EBIO 0.29 -5.3 MirnaTherapeutics MIRN 3.74 -4.7 QuinStreet QNST 3.50 -4.2 WholeFoods WFM 28.21 -3.4 EH National Bank /2 $10,000 0.50 Capital One 360 Bank /5 $0 2.20
ACADIA Phar ACAD 18.90 -8.7
EtnVncMI MIW 14.59 0.2 EmpireResortsRt NYNYR 0.03 -40.8 MokoSocialMediaADR MOKO 0.32 -16.7 RedHillBioADR RDHL 8.31 -9.5 WTBarclaysUSZero AGZD 47.15 ... (877) 343-7302 (866) 416-2164
ADMABiologics ADMA 5.75 -3.7
EtnVncNY ENX 13.27 0.5 EnduranceIntl EIGI 8.63 -9.1 MorgansHotelGroup MHGC 1.46 -13.0 Rent-A-Center RCII 9.76 -25.5 ZillowGroupClC Z 17.67 -6.9
ARRISInternational ARRS 24.27 -4.3
GigOptix GIG 3.42 -2.1 AbeonaTherapeutics ABEO 2.30 -7.2 EricssonADR ERIC 8.51 -2.7 NantKwest NK 8.90 -7.4 Rentech RTK 1.81 -4.2 ZillowGroupClA ZG 19.10 -5.3 High yield jumbos - Minimum is $100,000
InvescoAdvMuniII VKI 12.22 0.2 EssaPharma EPIX 2.78 -6.7 Natera NTRA 7.61 -3.9 SPIEnergyADR SPI 10.47 -4.6 Zogenix ZGNX 8.76 -3.6
Ability ABIL 7.07 -7.1
NeubrgrBrmNY NBO 15.05 1.7 AcastiPharma ACST 1.34 -8.4 EzcorpClA EZPW 2.91 -4.5 NatureSunshine NATR 7.93 -1.5 SabraHlthcrREIT SBRA 17.51 -2.1 ZynerbaPharma ZYNE 6.17 -1.6 Money market and savings account Six-month CD
NuvDivAdv 3 NZF 14.64 0.1 AccelerateDiagnos AXDX 13.25 -6.9 FidelitySouthern LION 14.99 -3.7 ableBanking,adivisionofNortheastBank/4 1.00 AloStar Bank of Commerce /5 1.01
NuvDivAdvMuniIncm NVG 14.85 0.4 AchillionPharm ACHN 6.21 -5.6 FifthStreetAssetA FSAM 1.81 -5.0 (877) 478-0834 (877) 751-0294
NYSE MKT lows - 10 AethlonMedical AEMD 5.99 -2.9 FstFnBksh FFIN

FirstNBCBankHldg FNBC
24.44 -6.0
26.99 -10.5
Exchange-Traded Portfolios | WSJ.com/ETFresearch EH National Bank /2
(877) 343-7302
0.86 EverBank /3
(877) 280-5143
1.01
AgiosPharm AGIO 36.56 -12.2
ArrhythRsch HRT 4.32 -0.5 AkamaiTechnologies AKAM 42.68 -5.2 FlexPharma FLKS 7.38 -2.8 Largest 100 exchange-traded funds, latest session Closing Chg YTD Discover Bank /5 0.85 My e-BAnC by BAC Florida Bank /4 0.90
ChinaPharma CPHI 0.12 -9.0 AldeyraTherapeutic ALDX 4.35 -5.8 FlexCredScoreUSLg LKOR 48.62 -0.8 ETF Symbol Price (%) (%) (877) 412-8329 (877) 878-8048
Tuesday, February 2, 2016
FieldPointPetrolm FPP 0.33 -14.8 AlexionPharm ALXN 137.05 -4.3 Freshpet FRPT 5.70 -1.8 SPDR GldTr GLD 108.09 0.04 6.5
HMG Court HMG 9.78 -1.8 FusionTeleIntl FSNN 1.80 -2.5
Closing Chg YTD
SPDR S&PMdCpTr MDY 234.51 –2.13 –7.7
One-month CD One-year CD
AlexzaPharm ALXA 0.28 -11.5 ETF Symbol Price (%) (%)
Medgenics MDGN 3.38 -3.1 FuweiFilms FFHL 0.53 -1.5 SPDR S&P 500 SPY 190.16 –1.80 –6.7 USAA /5 0.22 My e-BAnC by BAC Florida Bank /4 1.30
Alico ALCO 29.36 -4.0
SL Ind SLI 27.71 -3.6 GalenaBiopharma GALE 0.62 -4.5 AlerianMLPETF AMLP 10.02 –1.86–16.8 SPDR S&P Div SDY 71.61 –1.20 –2.7 (877) 344-2397 (877) 878-8048
AlliquaBioMedical ALQA 1.43 7.5 CnsmrDiscSelSector XLY 73.11 –1.94 –6.5
SunlinkHealth SSY 0.65 -2.4 GileadSciences GILD 81.89 -1.6 TechSelectSector XLK 40.65 –1.79 –5.1 VirtualBank /4 0.15 AloStar Bank of Commerce /5 1.26
ArrayBioPharma ARRY 2.78 ... CnsStapleSelSector XLP 50.28 –1.28 –0.4
SyntheticBiologics SYN 1.17 -14.1 ArrowheadResearch ARWR 3.20 -5.8 GreenBancorp GNBC 6.80 0.4 UtilitiesSelSector XLU 46.05 0.44 6.4 (877) 344-5618 (877) 751-0294
DBGoldDoubleLgETN DGP 20.53 –0.05 13.2 VangdInfoTch VGT 100.11 –2.03 –7.6 AloStar Bank of Commerce /5 0.10 Synchrony Bank /5 1.25
TasmanMetals TAS 0.13 -19.1 AstaFunding ASFI 6.88 -1.9 GuidanceSoftware GUID 4.13 -5.1 DBGoldDoubleShrt DZZ 7.75 –0.13–12.6 VangdHlthCr VHT 119.00 –1.53–10.4 (877) 751-0294 (877) 412-8426
UniqueFabricating UFAB 9.76 -4.3 Astronics ATRO 27.94 -7.2 H&E EquipSvc HEES 10.66 -7.5 DeutscheXMSCIEAFE DBEF 25.26 –2.47 –7.0 VangdSmCapValue VBR 90.41 –2.08 –8.5
aTyrPharma LIFE 4.50 -13.3 HalozymeThera HALO 7.95 -6.9 EnSelectSectorSPDR XLE 55.33 –3.33 –8.3 VIG 74.81 –1.51 –3.8 Two-month CD Two-year CD
Nasdaq highs - 22 AvalancheBiotechno AAVL 4.75 -7.8 Harmonic HLIT 3.10 -5.5 FinSelSectorSPDR XLF 21.03 –2.77–11.7
VangdDivApp
VanguardFTSEDevMk VEA 33.84 –2.25 –7.8 VirtualBank /4 0.15 Nationwide Bank /4 1.51
AlphabetClC GOOG 789.87 1.7 AxionPowerWt AXPWW 0.08 -15.4 HrtgOaksBcp HEOP 7.15 ... GuggenheimSP500EqW RSP 70.85 –2.07 –7.6 VanguardFTSEEmgMk VWO 29.61 –2.98 –9.5 (877) 344-5618 (877) 351-8438
AlphabetClA GOOGL 810.35 1.3 AxsomeTherapeutics AXSM 6.68 -4.9 HorseheadHolding ZINC 0.10 -56.9 HealthCareSelSect XLV 65.61 –1.44 –8.9 VanguardFTSEEurope VGK 45.78 –2.74 –8.2 Applied Bank /5 0.05 CIT Bank /5 1.47
ArtesianRscsClA ARTNA 31.51 0.7 BarcInverseUSTrea TAPR 25.10 -4.9 IndlSvcsofAmerica IDSA 1.10 -8.3 IndSelSectorSPDR XLI 48.87 –2.01 –7.8 VangdAllWldxUS VEU 39.89 –2.42 –8.1 (877) 622-7973
iShIntermCredBd CIU 107.58 0.16 0.3 (877) 344-7758
VangdGrowth VUG 98.48 –1.76 –7.4
iSh1-3YCreditBond CSJ 104.70 0.07 0.1 Citizens Trust Bank /3 0.05 AloStar Bank of Commerce /5 1.46
VangdHiDivYld VYM 63.66 –1.62 –4.6
iSharesTIPSBondETF TIP 111.54 0.31 1.7 BIV 84.59 0.51 1.8
(877) 412-4382 (877) 751-0294
Cash Prices| WSJ.com/commodities Tuesday, February 2, 2016
VngdInter-Term
iSh3-7YTreasuryBd IEI 125.38 0.41 2.3 VangIntrCorpBd VCIT 84.32 0.36 0.3 Three-month CD Five-year CD
iShCoreMSCIEAFEETF IEFA 50.04 –2.36 –8.0 VangdLgCap VV 86.88 –1.82 –7.1
These prices reflect buying and selling of a variety of actual or “physical” iShCoreMSCIEmgMk IEMG 35.91 –3.00 –8.8 EverBank /3 0.55 CIT Bank /5 2.25
VangdMdCap VO 108.76 –2.33 –9.4
iShCoreS&P500ETF IVV 191.09 –1.80 –6.7 (877) 280-5143 (877) 344-7758
commodities in the marketplace—separate from the futures price on an VangdReit VNQ 76.42 –0.91 –4.2
iShCoreS&PMdCp IJH 128.62 –2.12 –7.7 VanguardS&P500 VOO 174.37 –1.81 –6.7 First Internet Bank of Indiana /4 0.45 Synchrony Bank /5 2.25
exchange, which reflects what the commodity might be worth in future iShCoreS&PSmCpETF IJR 100.95 –1.97 –8.3 VangdShrtTrm BSV 80.22 0.22 0.8 (877) 412-9564 (877) 412-8426
months. iShCoreUSAggBd AGG 109.32 0.30 1.2 VangShrtCorpBd VCSH 79.05 0.13 0.1 AloStar Bank of Commerce /5 0.40 First Internet Bank of Indiana /4 2.22
iShSelectDividend DVY 73.97 –0.90 –1.6 VangdSmCap VB 99.93 –2.22 –9.7 (877) 751-0294 (877) 412-9564
Tuesday Tuesday IAU 10.91 ... 6.6
iSharesGold VangdTtlBndMkt BND 81.67 0.34 1.1
Corn gluten meal,Midwest-u,w 458.3 113.66 0.19 –0.3 Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields
iShiBoxx$InvGrCpBd LQD VanguardTtlIntlStk VXUS 41.50 –2.28 –8.0
Energy Cottonseed meal-u,w 240 iShiBoxx$HYCpBd HYG 77.87 –0.71 –3.4 VangdTtlStock VTI 96.45 –1.93 –7.5
are based on method of compounding and rate stated for the lowest required opening deposit to
Propane,tet,Mont Belvieu-g 0.3316 Hominy feed,Cent IL-u,w 95 iShMBSETF MBB 109.16 0.22 1.4 VangdTotlWrld VT 53.02 –2.38 –8.0 earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per
Butane,normal,Mont Belvieu-g 0.5081 Meat-bonemeal,50% pro Mnpls-u,w 198 iShMSCIACWIETF ACWI 51.64 –2.12 –7.5 VangdValue VTV 75.98 –1.97 –6.8 month, three (3) of which may be checks. Rates are subject to change.
NaturalGas,HenryHub-i 2.030 Oats,No.2 milling,Mnpls-u 2.5525 iShMSCIEAFEMinVol EFAV 63.11 –0.99 –2.7 WisdomTreeEurope HEDJ 50.09 –2.91 –6.9 Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408
NaturalGas,TranscoZone3-i 1.980 Rice, 5% Broken White, Thailand-l,w 367.00 iSharesMSCIEAFEETF EFA 54.13 –2.33 –7.8 WisdomTreeJapanHdg DXJ 46.22 –2.35 –7.7 Internet: www.bankrate.com
NaturalGas,TranscoZone6NY-i 1.600 Rice, Long Grain Milled, No. 2 AR-u,w 23.00 iShMSCIEmgMarkets EEM 29.30 –3.24 –9.0
NaturalGas,PanhandleEast-i 1.900 Sorghum,(Milo) No.2 Gulf-u 7.6788 iShMSCIGermanyETF EWG 23.70 –2.51 –9.5
NaturalGas,Opal-i 2.000 SoybeanMeal,Cent IL,rail,ton48%-u 283.60 iShMSCIJapanETF EWJ 11.31 –1.05 –6.7
NaturalGas,MarcellusNE PA-i 1.080 Soybeans,No.1 yllw IL-bp,u 8.8050 iShMSCIUSAMinVol USMV 40.96 –1.04 –2.1
NaturalGas,HaynesvilleN.LA-i 2.000 Wheat,Spring14%-pro Mnpls-u 5.9575 iShNasdaqBiotech IBB 261.01 –2.80–22.9 ADVERTISEMENT
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 42.250 Wheat,No.2 soft red,St.Louis-bp,u 4.8400 iShNatlAMTFrMuniBd MUB 111.37 0.26 0.6
iShRussell1000Gwth IWF 92.49 –1.80 –7.0
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Metals
9.700 Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
4.4525
5.3163 iShRussell1000ETF IWB 105.18 –1.87 –7.2
iShRussell1000Val IWD 90.60 –1.98 –7.4
iShRussell2000Gwth IWO 121.42 –2.42–12.8
The Mart
Gold, per troy oz Food
Beef,carcass equiv. index iShRussell2000ETF IWM 100.28 –2.16–11.0
Engelhard industrial 1130.57 iShRussell2000Val IWN 83.68 –1.99 –9.0
Engelhard fabricated 1215.36 choice 1-3,600-900 lbs.-u 206.17
select 1-3,600-900 lbs.-u 200.89 iShRussell3000ETF IWV 111.28 –1.90 –7.5 BUSINESS FOR SALE BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
Handy & Harman base 1128.50 iShRussellMid-Cap IWR 146.88 –2.16 –8.3
Handy & Harman fabricated 1252.63 Broilers,dressed 'A'-u 1.1175
Broilers, National comp wghtd-u,w 0.8635 iShRussellMCValue IWS 63.56 –1.97 –7.4
LBMA Gold Price AM *1122.00 iSharesS&P100ETF OEF 85.29 –1.77 –6.4
LBMA Gold Price PM *1126.50 Butter,AA Chicago 2.1000
iShS&PMC400Growth IJK 148.77 –2.10 –7.6 70% of Americans Now Own a Pet .999 PURE GOLD $650 OZ
Cheddar cheese,bbl,Chicago 145.00
Krugerrand,wholesale-e 1172.08
Cheddar cheese,blk,Chicago 146.00
iShS&P500Growth IVW 108.19 –1.69 –6.6 Former Madison Avenue ad exec has
LARGE PRODUCING GOLD MINE
Maple Leaf-e 1183.35 iShS&P500ValueETF IVE 82.34 –2.01 –7.0 written 2 first ever paperback books on
American Eagle-e 1183.35 Milk,Nonfat dry,Chicago lb. 70 iSharesUSPreferred PFF 38.32 –0.26 –1.4

EXPANDING PLANT
"Pet Safety". Research indicates U.S. MINE PRICES - FROM THE SOURCE
Mexican peso-e 1366.82 Cocoa,Ivory Coast-w 3067 iShShortTreasuryBd SHV 110.30 0.03 0.1
Coffee,Brazilian,Comp 1.2298 profits from the sales of these books
MIN - 40 OZ LOTS
Austria crown-e 1107.69 iSh1-3YTreasuryBd SHY 84.93 0.13 0.7 is over $15 million dollars - more if inter- ACCREDITED INVESTORS ONLY
Austria phil-e 1183.35 Coffee,Colombian, NY 1.3652 iSh7-10YTreasuryBd IEF 109.47 0.71 3.7 national is added. Please see recently
855-339-0749
Silver, troy oz. Eggs,large white,Chicago-u 1.6150 iShChinaLarge-Cap FXI 29.75 –2.55–15.7
Flour,hard winter KC 13.25 completed website for basic info; [email protected]
Engelhard industrial 14.3500 iShRussellMCGrowth IWP 83.41 –2.32 –9.3
Engelhard fabricated 17.2200 Hams,17-20 lbs,Mid-US fob-u n.a. MktVectorsBiotech BBH 99.36 –2.98 –3.0 ultimatepetsafety.info. I’m looking to !
Hogs,Iowa-So. Minnesota-u 64.62 sell the rights to these books for $200 K
Handy & Harman base 14.3150
Pork bellies,12-14 lb MidUS-u n.a.
MktVectorsGoldMin GDX 14.30 –2.39 4.2 ! "
#
Handy & Harman fabricated 17.8940 MktVectorsOilSvcs OIH 22.68 –4.30–14.3 plus 50 cents for each book sold. CAPITAL WANTED
LBMA spot price £9.8870 Pork loins,13-19 lb MidUS-u 1.0720 MktVectorsPharm PPH 59.61 –1.55 –1.6 Call 561-704-1041 $ % &
(U.S.$ equivalent) 14.2600 Steers,Tex.-Okla. Choice-u n.a. MktVectorsRetail RTH 72.69 –1.54 –6.5
181.00
Coins,wholesale $1,000 face-a 12898 Steers,feeder,Okla. City-u,w MktVectorsSemi SMH 48.57 –2.74 –8.8
QQQ 102.15 –2.16 –8.7
$5,000,000+ Loan sought.
Other metals Fats and Oils
PwrShrs QQQ
PS SP500LoVoltlPrt SPLV 37.47 –1.16 –2.9
Rare Turn-Key Business
Security is first position on over a thousand
LBMA Platinum Price PM *867.0 Corn oil,crude wet/dry mill-u 40.0000 Unique, profitable, well-known acres in the Bozeman, Montana area. Miles
Platinum,Engelhard industrial 866.0 SPDRBarclaysHiYdBd JNK 32.55 –0.82 –4.0

of trout river and superb elk habitat. Will
Grease,choice white,Chicago-u 0.2400 SPDRShTrmCorporate SCPB 30.33 –0.07 –0.2 tourist attraction in NE Florida for sale

Platinum,Engelhard fabricated 966.0 n.a. due to owner’s declining health. consider short or long term and market rates.
Lard,Chicago-u SchwIntlEqty SCHF 25.42 –2.27 –7.8
Palladium,Engelhard industrial 499.0 0.2967 ' ' Please, only principals need respond.
Soybean oil,crude;Centl IL-u SchwUS BrdMkt SCHB 45.37 –1.90 –7.5 Huge potential, great location,
Palladium,Engelhard fabricated 599.0 0.2600 SCHX 45.09 –1.91 –7.2
Email: [email protected] with your
Aluminum, LME, $ per metric ton *1520.0
Tallow,bleach;Chicago-u SchwUS LrgCap fantastic staff. contact information or call Tom at
Tallow,edible,Chicago-u n.a. SPDR DJIA Tr DIA 161.41 –1.78 –7.2
Antimony-d 2.6000 Respond to: [email protected] 406 284-6546 for more information.
Copper,Comex spot 2.0520
Lead,NA solder-d 108.916

Iron Ore, 62% Fe CFR China-s
Shredded Scrap, US Midwest-s,w
Stainless steel scrap,US-d
43.1
187
1560
Costa Rica 9 Day Tour $1095 BUSINESS OPPORTUNITIES

TRAVEL
Steel, HRC USA, FOB Midwest Mill-s 399 Guided Tours Since 1952 +tax,fees

Tin,NA solder-d 923.771 Guatemala, Tikal 10 days $1295
Zinc,NA-d 83.999
● Costa Rica 9 days $1095

Fibers and Textiles Panama & Canal 8 days $1195

Burlap,10-oz,40-inch NY yd-n,w 0.5400 Nova Scotia, P�E�I� 10 days $1395

Cotton,1 1/16 std lw-mdMphs-u 0.6255
! " # $
Cotlook 'A' Index-t *67.95 Canadian Rockies 9 days $1595

!

Hides,hvy native steers piece fob-u 72.000 Grand Canyon 8 days $1395

#

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Wool,64s,staple,Terr del-u,w n.a. Volcanoes, Rainforests, and California Coast 8 days $1395 (%)& *

+

Grains and Feeds Beaches. All Meals Included! Mount Rushmore 8 days $1295
! ),- !

#

Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
n.a.
110
Caravan makes it so easy and New England
affordable to visit Costa Rica.
8 days $1295

!"
Corn,No. 2 yellow,Cent IL-bp,u 3.6600
9-Day fully guided vacation “ Brilliant, Affordable Pricing ”

Corn gluten feed,Midwest-u,w 104.9 —Arthur Frommer, Travel Editor
package. Call for choice dates. SEPTIC AND WELL SERVICE EXCLUSIVE
—¡Hasta la vista! Free 28-Page Brochure: NORTH CENTRAL FLORIDA GOLF DISTRIBUTORSHIP
KEY TO CODES: A=ask; B=bid; BP=country elevator ESTABLISHED 45 YEARS FROM HOME.

bids to producers; C=corrected; D=Ryan's Notes; RECESSION PROOF BUSINESS
E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Pur. $3k Inv. / Earn $9k/Mo.

Intelligence; L=livericeindex.com; M=midday; NETS 960K
N=nominal; n.a.=not quoted or not available; R=SNL RLG Group 352 494-0784 No Selling! 100% Secured.
Energy; S=The Steel Index; T=Cotlook Limited;
U=USDA; W=weekly, Z=not quoted. *Data as of 2/1 [email protected] [email protected] !"##$
Source: WSJ Market Data Group
BIGGEST 1,000 STOCKS

WSJ.com/stocks
How to Read the Stock Tables Net Net Net Net Net Net
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
securities. Prices are composite quotations that include primary market trades as well as trades ColgatePalmolive CL 65.36 -0.84 ExtraSpaceStorage EXR 91.10 1.61 HyattHotels H 37.44 -0.81 MarathonOil MRO 8.74 -1.00 SpiritRealtyCap SRC 10.46 -0.03 CheckPointSoftware CHKP 78.58 -2.05
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock
Exchange, ISE and BATS. ColumbiaPipeline CPGX 17.89 -0.22 ExxonMobil XOM 74.59 -1.70 t ICICIBankADR IBN 6.02 -0.40 MarathonPetroleum MPC 40.27 -1.50 Sprint S 2.77 -0.30 CincinnatiFin CINF 56.85 -0.95
The list comprises the 1,000 largest companies based on market capitalization. Comerica CMA 33.40 -0.21 FMC FMC 34.53 -1.14 IHSClA IHS 100.67 -2.08 MarineHarvestADR MHG 13.49 -0.10 t StJudeMedical STJ 52.77 -0.53 Cintas CTAS 85.24 -0.87
Underlined quotations are those stocks with large changes in volume compared with the issue’s CSC CSC 31.31 -0.43 FMCTechnologies FTI 23.63 -1.15 IMSHealthHoldings IMS 23.00 -0.06 Markel MKL 840.66-11.03 StanCorpFinancial SFG 114.35 -0.17 CiscoSystems CSCO 22.83 -0.65
average trading volume. ConAgraFoods CAG 40.91 -1.07 FactSetResearchSys FDS 145.22 -4.61 t INGGroepADR ING 10.87 -0.63 Marsh&McLennan MMC 52.35 -0.92 StanleyBlDck SWK 92.96 -1.27 CitrixSystems CTXS 66.27 -4.63
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous ConchoResources CXO 88.92 -3.09 FedRlty FRT 150.41 -1.57 Invesco IVZ 27.79 -1.33 MrtnMarMat MLM 121.19 -2.53 StarwoodHotels HOT 60.52 -2.30 CognizantTechSolns CTSH 60.12 -2.21
closing price was $2 or higher. FDX 130.15 -2.16 ITCHoldings ITC 39.29 -1.04 Comcast A CMCSA 54.59 -1.22
ConocoPhillips COP 36.59 -2.01 FedEx Masco MAS 25.07 -1.20 StarwoodPrTr STWD 18.46 -0.19
Footnotes: listing standards vj-In bankruptcy or s ConEd ED 71.12 0.70 t Ferrari RACE 34.98 -4.95 IDEX IEX 70.49 -0.96 MasterCard MA 85.93 -2.70 StateSt STT 52.97 -1.82 CommScopeHldg COMM 21.46 -1.58
s-New 52-week high. lf-Late filing receivership or being
t-New 52-week low. q-Temporary exemption from reorganized under the ConstBrands A STZ 152.51 -1.85 FiatChryslerAutos FCAU 6.72 -0.29 IllinoisToolWorks ITW 88.60 -1.32 McCormick MKC 87.69 -0.48 StatoilADR STO 12.49 -0.67 CoStarGroup CSGP 169.11 -8.15
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities ConstBrands B STZ/B 153.95 -1.91 FibriaCelulose ADR FBR 10.07 -0.43 InfosysADR INFY 17.56 -0.21 McCormickVtg MKC/V 87.81 -0.44 Steris STE 69.11 -0.72 CostcoWholesale COST 148.50 -2.75
recent four quarters. t-NYSE bankruptcy assumed by such companies. ContinentalRscs CLR 18.92 -1.14 FidNtlFnl FNF 32.06 -0.44 Ingersoll-Rand IR 48.80 -2.11 McDonalds MCD 123.95 -0.66 STMicroelectronics STM 5.91 -0.45 Ctrip.comIntlADR CTRP 40.36 -1.61
FD-First day of trading. v-Trading halted on primary Cooper COO 131.99 -0.06 FNFVGroup FNFV 9.30 -0.25 Ingredion INGR 99.96 -0.86 McGrawHillFin MHFI 81.68 -2.46 Stryker SYK 99.03 -0.14 DISHNetworkClA DISH 46.76 -1.12
h-Does not meet continued market. Corning GLW 18.09 -0.48 FidelityNtlInfo FIS 59.52 -1.15 ICE ICE 264.49 -2.45 McKesson MCK 155.00 -4.27 t SumitomoMitsADR SMFG 5.95 -0.13 Dentsply XRAY 59.28 -0.75
CotyClA COTY 24.71 0.40 58.comADR WUBA 54.48 -1.70 InterContinentlADR IHG 33.38 -0.68 MeadJohnNutr MJN 68.97 -2.96 SunLifeFinancial SLF 27.41 -0.94 Dexcom DXCM 70.64 -1.39
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day. Credicorp BAP 97.05 -4.18 FirstRepublicBank FRC 65.84 -2.00 IBM IBM 122.94 -1.89 Mednax MD 68.07 -1.47 SuncorEnergy SU 22.22 -0.62 DiamondbackEnergy FANG 71.25 -1.35
t CreditSuisseADR CS 16.51 -0.83 FirstEnergy FE 32.97 -0.08 IntFlavor IFF 117.22 -1.24 Medtronic MDT 76.51 -0.34 SunocoLogistics SXL 22.24 -0.20 DiscoveryCommsA DISCA 26.40 -1.24
Tuesday, February 2, 2016 Net Net CrescentPntEnrg CPG 9.89 -0.64 FleetCorTechs FLT 117.75 -4.01 InternationalPaper IP 33.86 -0.23 Merck MRK 50.41 -0.34 SunTrustBanks STI 34.37 -1.74 DiscoveryCommsC DISCK 26.06 -1.33
Net Stock Sym Close Chg Stock Sym Close Chg CrestwoodEquity CEQP 12.66 -0.25 FlwrsFoods FLO 20.34 -0.23 Interpublic IPG 21.81 -0.66 MetLife MET 42.76 -1.52 SynchronyFinancial SYF 27.01 -1.46 DollarTree DLTR 81.69 -0.29
Stock Sym Close Chg
ApolloGlobalMgmtA APO 12.94 -0.64 BrownFormanClA BF/A 104.37 -0.39 CrownCastl CCI 86.21 -0.61 Flowserve FLS 37.05 -1.32 IronMountain IRM 26.62 -0.46 MettlerToledo MTD 311.72 -5.60 SyngentaADR SYT 78.57 4.59 DunkinBrands DNKN 40.83 0.37
CrownHoldings CCK 45.50 0.40 Fluor FLR 43.88 -0.73 IsraelChemicals ICL 3.89 -0.15 MichaelKorsHldgs KORS 50.11 9.67 Sysco SYY 42.79 -0.36 t E Trade ETFC 22.63 -1.04
NYSE Aptargroup ATR 71.32 -0.99 BrownFormanClB BF/B 95.81 -0.47
s AquaAmerica WTR 31.73 -0.14 BuckeyePartners BPL 57.31 -0.08 CubeSmart CUBE 31.47 -0.10 FomentoEconMexADR FMX 93.01 -2.78 ItauUnibancoADR ITUB 5.77 -0.66 MidAmApt MAA 92.41 -1.44 TEConnectivity TEL 54.81 -2.40 EastWestBancorp EWBC 31.60 -1.16
Cummins CMI 88.97 -2.20 FootLocker FL 69.14 0.04 JPMorganChase JPM 57.03 -1.83 MindrayMedADR MR 27.20 0.06 TEGNA TGNA 23.34 -0.90 eBay EBAY 23.29 -0.65
ABBADR ABB 16.76 -0.46 Aramark ARMK 32.48 -0.31 Bunge BG 58.43 -2.81 11.51 -0.56 JacobsEngineering JEC 38.66
DDR Corp DDR 16.87 -0.18 FordMotor F -0.47 t MitsubishiUFJADR MTU 4.66 -0.18 TELUS TU 27.95 -0.01 ElectroArts EA 60.66 -3.54
t ADTCorp. ADT 24.94 -4.63 ArcelorMittalADR MT 3.49 -0.24 t CBRE Group CBG 26.29 -1.24
AES AES 9.29 -0.17 ArcherDan ADM 32.36 -3.10 CBSClA CBS/A 51.36 -1.00 DTEEnergy DTE 86.22 0.91 ForestCityRealtyA FCE/A 18.88 -0.61 JamesHardieADR JHX 11.19 -0.49 t MizuhoFinancialADR MFG 3.16 -0.03 TERNIUMADR TX 11.26 -0.40 EndoInternational ENDP 55.80 -0.77
Danaher DHR 84.37 -1.59 ForestCityRealtyB FCE/B 19.00 -0.63 Jarden JAH 51.61 -1.61 MobileTeleSysADR MBT 6.79 -0.24 TJX TJX 72.85 0.64 Equinix EQIX 312.59 1.15
Aflac AFL 57.28 0.77 ArrowElec ARW 50.69 -1.81 CBSClB CBS 46.63 -1.28
AGLResources GAS 64.65 0.21 Ashland ASH 92.27 -1.26 CFIndustries CF 29.45 -0.79 Darden DRI 62.15 -1.18 FortBrandsHomeSec FBHS 46.55 -1.58 JohnsJohns JNJ 103.41 -0.96 MohawkIndustries MHK 163.16 -4.46 TableauSoftware DATA 78.83 -2.07 t EricssonADR ERIC 8.54 -0.24
AT&T T 36.06 -0.12 Assurant AIZ 79.33 -1.65 CGI Gp A GIB 43.33 0.02 DaVitaHlthcrPtrs DVA 66.26 -1.15 Franco-Nevada FNV 44.19 -0.80 JohnsonControls JCI 35.25 0.24 MolsonCoors B TAP 91.55 -0.36 TaiwanSemiconADR TSM 22.56 0.10 ErieIndemnityClA ERIE 95.69 -0.75
AbbottLabs ABT 37.88 -0.57 AstraZenecaADR AZN 32.30 -0.23 t CIT Grp CIT 27.70 -2.16 Deere DE 74.58 -2.22 FranklinResources BEN 32.24 -1.45 JonesLangLaSalle JLL 134.40 -3.58 Monsanto MON 87.36 -2.77 Target TGT 73.31 0.48 Expedia EXPE 98.71 -3.44
AbbVie ABBV 53.95 -0.44 s AtmosEnergy ATO 69.90 1.31 s CMSEnergy CMS 39.46 0.27 DelhaizeGroupADR DEG 25.89 -0.33 Freeport-McMoRan FCX 4.35 -0.39 JoyGlobal JOY 9.68 -0.40 Moodys MCO 85.63 -2.38 TaroPharm TARO 141.00 -5.40 ExpeditorsIntl EXPD 44.33 -0.83
AccentureClA ACN 103.82 -2.46 Autoliv ALV 100.42 -5.06 CNAFinancial CNA 32.39 -0.79 DelphiAutomotive DLPH 63.97 -2.43 FreseniusMedADR FMS 44.88 -0.51 JuniperNetworks JNPR 24.00 -0.33 t MorganStanley MS 24.50 -1.21 TataMotorsADR TTM 24.15 -1.35 ExpressScriptsHldg ESRX 70.12 -2.16
DeltaAir DAL 43.61 -1.60 Gallagr AJG 37.49 -0.34 KARAuctionServices KAR 33.90 -0.35 t Mosaic MOS 22.10 -1.82 s TecoEnergy TE 27.31 -0.08 F5Networks FFIV 90.93 -3.08
AcuityBrands AYI 196.50 -3.66 AutoNation AN 43.46 -1.68 CNOOCADR CEO 94.00 -2.71 GPS 24.29 -0.45 KBFinancialGrpADR KB 23.59 -1.11
AdvanceAuto AAP 151.86 -3.03 AutoZone AZO 763.60 -4.95 CRHADR CRH 25.73 -1.05 t DeutscheBank DB 16.94 -0.90 Gap MotorolaSolutions MSI 64.32 -2.53 TelecomItaliaADR TI/A 8.59 -0.28 s FacebookClA FB 114.61 -0.48
DevonEnergy DVN 24.69
Gartner IT 86.26 -2.15 KKR KKR 13.38 -0.53 NTTDoCoMoADR DCM 22.94 -0.90 t TelecomItaliaADR TI 10.51 -0.25 Fastenal FAST 39.13 -1.31
AdvSemiEnggADR ASX 5.12 -0.15 Avalonbay AVB 168.42 -3.55 CSRA CSRA 26.46 -0.35 -1.37 t
Gazit-Globe GZT 7.35 -0.47 KTADR KT 11.78 -0.27 NVR NVR 1629.24-18.43 Teleflex TFX 137.21 -0.82 FifthThirdBancorp FITB 15.33 -0.42
AegonADR AEG 5.34 -0.30 Avangrid AGR 39.60 0.61 CVSHealth CVS 94.94 -2.38 DiageoADR DEO 109.21 -0.88
GenDynam GD 133.53 -0.09 KSCitySo KSU 69.99 -2.28 NationalGridADR NGG 71.52 -0.55 TelefonicaBrasADR VIV 8.41 -0.35 FirstSolar FSLR 66.13 -3.00
t AerCapHoldings AER 28.64 -2.40 AveryDennison AVY 59.86 -1.17 Cablevision CVC 31.91 -0.29 DicksSprtgGds DKS 38.97 0.04
GenElec GE 28.24 -0.40 Kellogg K 72.38 -1.21 NtlOilwellVarco NOV 30.67 -1.32 TelefonicaADR TEF 10.02 -0.41 Fiserv FISV 93.04 -1.33
Aetna AET 101.88 -1.49 Aviva ADR AV 13.03 -0.74 CabotO&G COG 20.39 -0.17 DigitalRealtyTrust DLR 79.60 -0.02
GeneralGrowthProp GGP 28.66 0.58 t KeyCp KEY 10.76 -0.32 NtlRetailProp NNN 43.73 0.30 TelekmIndonesiaADR TLK 47.65 -1.71 FlextronInt FLEX 10.08 -0.32
AffiliatedManagers AMG 122.60 -9.60 Avnet AVT 39.45 -1.05 Calpine CPN 15.18 -0.08 DiscoverFinSvcs DFS 45.03 -0.74
GeneralMills GIS 55.80 -0.87 KilroyRealty KRC 54.70 -0.90 NetSuite N 66.48 -3.99 TenarisADR TS 19.29 -1.29 Fortinet FTNT 27.06 -1.33
37.07 -0.62 AxaltaCoatingSys AXTA 23.24 -1.38 CamdenPropertyTr CPT 75.59 -0.65 Disney DIS 93.12 -2.03
AgilentTechs A GeneralMotors GM 29.65 -0.46 KimberlyClark KMB 128.01 -1.00 NewOrientalEducADR EDU 32.05 0.04 t Tesoro TSO 80.53 -7.23 FrontierComms FTR 4.35 -0.23
AgnicoEagleMines AEM 29.76 -0.31 AxisCapital AXS 53.80 -0.20 Cameco CCJ 11.73 -0.39 DollarGeneral DG 76.34 -0.01
Genpact G 23.99 -0.51 KimcoRealty KIM 27.18 -0.11 NY CmntyBcp NYCB 15.18 -0.30 TesoroLogistics TLLP 44.18 -1.82 Garmin GRMN 34.13 -0.96
AGU 83.34 -2.19 BB&T BBT 31.58 -0.71 CameronIntl CAM 63.19 -1.90 DominionResources D 69.89 -0.29
Agrium GenuineParts GPC 82.67 -1.24 KinderMorgan KMI 14.65 -0.54 Newell NWL 37.25 -1.76 TevaPharmADR TEVA 60.94 -1.76 t GileadSciences GILD 82.70 -1.35
AirProducts&Chems APD130.81 -0.45 BCE BCE 40.20 -0.56 CampbellSoup CPB 56.31 -0.55 Dominos DPZ 113.75 -0.60 t Gildan GIL 24.66 -0.76 KingDigitalEnt KING 17.97 0.02 NewfldExpl NFX 26.62 -1.55 t Textron TXT 31.76 -1.43 Goodyear GT 28.46 -0.50
s Airgas ARG 140.23 0.01 BHPBillitonADR BHP 20.33 -1.40 CIBC CM 63.48 -1.36 DouglasEmmett DEI 28.75 -0.39 GlaxoSmithKlineADR GSK 40.90 -0.48
Kohl's KSS 50.38 1.30 t NewMarket NEU 345.19-29.74 ThermoFisherSci TMO 126.89 -3.80 Grifols ADR GRFS 14.35 -0.23
AlaskaAirGroup ALK 67.96 -2.33 BHPBillitonADR BBL 18.27 -1.40 CanNtlRlwy CNI 52.00 -1.46 Dover DOV 56.82 -1.00 GlblPymts GPN
56.55 -3.07 KoninklijkePhilADR PHG 25.83 -0.74 NewmontMining NEM 20.07 -0.48 ThomsonReuters TRI 37.07 -0.42 HDSupplyHoldings HDS 24.98 -1.18
Albemarle ALB 51.86 -0.96 BP 29.02 -2.68 CndNatRes CNQ 19.79 -1.11 DowChemical DOW 45.03 2.45 GoDaddyClA GDDY 30.13 -0.54 KoreaElcPwrADR KEP 21.88
BPADR -0.27 s NextEraEnergy NEE 113.91 0.93 3M MMM 147.87 -0.86 Hasbro HAS 74.34 0.57
AlcatelLucentADR ALU 3.41 -0.07 BRFS 11.92 -0.34 CanPacRlwy CP 113.38 -6.15 DrPepperSnap DPS 94.75 -0.78 Goldcp GG 11.28 -0.26 Kroger KR 40.15
BRFADR 0.04 Nidec ADR NJ 17.30 -0.42 Tiffany TIF 63.76 -0.97 HenrySchein HSIC 150.86 -2.96
6.97 -0.24 BTGroupADR BT 35.62 -0.23 CanonADR CAJ 27.62 -0.24 DrReddysLabADR RDY 44.61 -0.67 t GoldmanSachs GS 151.70 -7.95 KyoceraADR KYO 40.70
Alcoa AA -0.01 NielsenHoldings NLSN 47.21 -0.82 TimeWarnerCable TWC 182.09 -2.22 Hologic HOLX 34.83 -0.55
Alere ALR 53.90 -0.21 BakerHughes BHI 42.00 -1.29 CapOneFnl COF 63.21 -1.80 DuPont DD 56.18 2.88 GraceWR GRA 82.94 0.34 LBrands LB 95.20 -1.36
DukeEnergy DUK 76.75 NikeClB NKE 62.55 -0.61 TimeWarner TWX 70.52 -1.83 JBHunt JBHT 71.66 -1.64
AlexREEq ARE 76.26 -1.89 Ball BLL 65.58 -1.62 CardinalHealth CAH 77.73 -2.07 -0.25 Grainger GWW 192.93 -4.77 LGDisplayADR LPL 8.92 -0.34
DukeRealty DRE 19.67 NipponTelegraphADR NTT 43.64 -0.62 t Toll Bros TOL 26.56 -0.47 HuntingtonBcshs HBAN 8.41 -0.23
AlibabaGroupADR BABA 65.09 -1.94 t BancoBilbaoVizADR BBVA 6.08 -0.29 Carlisle CSL 81.93 -1.58 -0.41 GreatPlainsEnergy GXP 28.98 0.53 L-3Communications LLL 116.75 -0.84
EMC 24.30 s NiSource NI 21.26 -0.04 Torchmark TMK 52.76 -1.57 IdexxLab IDXX 71.44 0.04
Alleghany Y 463.51-10.83 BancodeChileADR BCH 60.28 -1.52 CarMax KMX 42.37 -1.56 EMC -0.22 GpoAeroportuarADR PAC 79.85 -4.32 LabCpAm LH 109.33 -2.94 NobleEnergy NBL 30.67 -0.98 TorontoDominionBk TD 36.95 -0.57 IcahnEnterprises IEP 51.41 -2.14
Allegion ALLE 58.73 -1.72 BcoSantChileADR BSAC 16.56 -0.84 Carnival CCL 45.08 -3.89 ENIADR E 27.17 -1.58 GpoAvalAccionesADR AVAL 6.13 -0.35 LasVegasSands LVS 42.20 -2.43 NokiaADR NOK 6.26 -0.08 TotalADR TOT 41.54 -2.11 Illumina ILMN 154.66 -4.28
Allergan AGN 279.68 -3.02 t BancoSantanderADR SAN 3.85 -0.27 Carnival ADR CUK 47.31 -4.07 EOG Res EOG 67.16 -1.93 GpFinSantandMexADR BSMX 7.42 -0.13 Lazard LAZ 33.31 -2.75 NomuraHoldingsADR NMR 5.20 -0.24 TotalSystemSvcs TSS 38.97 -1.06 Incyte INCY 68.94 -3.64
t AllianceData ADS 194.29-12.27 BanColombiaADR CIB 28.09 -0.95 Carters CRI 98.28 -0.13 EQT EQT 58.11 -1.77 GrupoTelevisaADR TV 26.26 -0.93 LearCorp LEA 101.60 -4.01 Nordstrom JWN 49.16 -0.77 ToyotaMotorADR TM 119.00 -1.40 Intel INTC 29.80 -1.02
AllncBrnstnHldg AB 17.97 -0.85 BankAm BAC 13.23 -0.73 Caterpillar CAT 60.67 -2.03 EQTMidstreamPtrs EQM 68.34 -2.66 HCAHoldings HCA 71.96 0.94 Leggett&Platt LEG 40.79 -0.79 t NorfolkSouthern NSC 66.60 -3.59 TransCanada TRP 33.85 -0.55 InteractiveBrokers IBKR 31.84 -0.76
AlliantEnergy LNT 66.46 0.50 BkMntrl BMO 52.42 -0.88 Celanese A CE 59.68 -1.79 EastmanChemical EMN 58.74 -1.72 HCP HCP 35.84 -0.39 LennarClA LEN 40.19 -1.43 NorthropGrumman NOC 187.44 -1.20 TransdigmGrp TDG 220.63 -8.06 Intuit INTU 94.15 -2.22
Allstate ALL 59.97 -0.56 t BankNY Mellon BK 34.29 -1.21 CemexADR CX 4.32 -0.09 EatonCorp.PLC ETN 49.00 -1.22 HDFCBankADR HDB 58.67 -1.26 LennarClB LEN/B 32.58 -1.27 t Novartis ADR NVS 75.83 -1.44 TransUnion TRU 23.95 -0.70 IntuitiveSurgical ISRG 539.35 -3.81
AllyFinancial ALLY 16.09 0.04 BkNovaScotia BNS 39.59 -0.86 CencosudADR CNCO 6.04 -0.30 Ecolab ECL 104.93 -2.49 HP HPQ 9.88 -0.09 LennoxIntl LII 116.75 -1.98 t IonisPharma IONS 35.61 -3.67
EcopetrolADR EC 5.83 -0.26 HSBCHoldingsADR HSBC 33.55 -1.40 LeucadiaNational LUK 15.99 NovoNordiskADR NVO 55.06 -0.78 TravelersCos TRV 106.03 -0.98
AltriaGroup MO 60.49 -0.45 t BarclaysADR BCS 9.97 -0.69 CenovusEnergy CVE 11.30 -0.64 -0.56 Nucor NUE 38.49 -0.69 TreeHouseFoods THS 78.07 -1.87 JD.comADR JD 24.67 -0.92
AlumofChinaADR ACH 7.56 0.16 Bard CR BCR 188.89 0.81 Centene CNC 60.84 -2.75 EdgewellPersonal EPC 71.34 -2.15 Halliburton HAL 30.52 -1.10 Level3Comm LVLT 47.36 -1.51 NuSTAREnergy NS 32.27 0.14 TurkcellIletismADR TKC 8.99 0.04 JackHenry JKHY 80.71 -0.63
AmbevADR ABEV 4.43 -0.20 BarrickGold ABX 9.86 -0.21 CenterPointEnergy CNP 18.42 -0.20 EdisonInt EIX 62.72 0.49 Hanesbrands HBI 30.04 -1.14 LibertyPropertyTr LPT 28.83 -0.40 OGEEnergy OGE 26.63 -0.06 TurquoiseHillRscs TRQ 1.98 -0.07 JazzPharma JAZZ 122.00 -5.24
s Ameren AEE 46.38 0.72 Baxalta BXLT 39.79 -0.38 CenturyLink CTL 25.21 -0.69 EdwardsLife EW 76.91 -1.93 HarleyDavidson HOG 39.50 -0.63 EliLilly LLY 76.30 -2.10 ONEOK OKE 23.12 -0.32 Twitter TWTR 16.08 -1.83 JetBlue JBLU 21.29 -1.09
AmericaMovilADR AMX 13.68 -0.45 BaxterIntl BAX 37.95 0.67 Chevron CVX 81.24 -4.05 Embraer ADR ERJ 27.37 -1.49 HarmanIntlInds HAR 70.25 -3.28 LincolnNational LNC 37.51 -1.72 KLA Tencor KLAC 66.16 -0.96
EmersonElectric EMR 45.84 ONEOKPartners OKS 26.96 0.30 TycoInternational TYC 33.75 -0.33
AmCampus ACC 43.17 0.75 BectonDickinson BDX 145.05 -0.97 ChinaEasternAirADR CEA 22.52 -0.88 0.34 Harris HRS 78.24 -8.48 LinkedInA LNKD 203.43 -2.33 KeurigGreenMtn GMCR 89.71 0.17
EmpresaNacADR EOC 37.81 OccidentalPetrol OXY 65.48 -1.08 TylerTechnologies TYL 153.57 -4.69
AEP AEP 62.00 0.21 Bemis BMS 47.62 0.40 t ChinaLifeInsADR LFC 11.34 -0.21 -1.52 HrtfrdFnl HIG 39.22 -0.67 LiveNationEnt LYV 21.65 -0.81 KraftHeinz KHC 75.97 -1.04
EnbridgePtnr EEP 17.46 Och-ZiffCapMgmt OZM 5.28 -0.12 TysonFoodsClA TSN 53.00 -1.31
AmericanExpress AXP 53.66 -1.04 Berkley WRB 49.28 -0.99 ChinaMobileADR CHL 53.77 -0.80 -0.59 HealthNet HNT 65.41 -1.77 t LloydsBankingADR LYG 3.59 -0.19 LKQ 26.78 -0.56
OldRepublic ORI 17.97 -0.14 t UBSGroup UBS 15.23 -1.29 LKQ
AmericanFinancial AFG 69.61 -0.97 BerkHathwy A BRK/A 189902-4857.00 ChinaPetroleumADR SNP 53.36 -1.55 Enbridge ENB 32.87 -0.86 Helmerich&Payne HP 46.63 -3.30 LockheedMartin LMT 210.45 0.65 LamResearch LRCX 70.55 -2.07
OmegaHealthcare OHI 31.54 -0.09 UDR UDR 35.48 -0.67
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THE WALL STREET JOURNAL. NY / NE Wednesday, February 3, 2016 | C11
DIVIDENDS & CREDIT MARKETS

Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Dividend announcements from February 2. Avenue Incm Cr Strat Fd ACP 14.1 .12 M Feb29 /Feb11 BlackRock Science & Tech BST 7.6 .10 M Feb29 /Feb16 BlkRk MuniYld CA Fd MYC 5.5 .074 M Mar01 /Feb16
BlackRck Rscs Comm Str Tr BCX 12.7 .0655 M Feb29 /Feb16 Blackrock Strategic Muni BSD 6.0 .071 M Mar01 /Feb16 BlkRk MuniYld CA Quality MCA 5.6 .073 M Mar01 /Feb16
Amount Payable / BlackRock Muni Bnd BIE 6.0 .076 M Mar01 /Feb16 BlackRock Taxable Mun Bd BBN 6.9 .1318 M Feb29 /Feb16 BlkRk MuniYld Ins Qlty MFT 5.9 .071 M Mar01 /Feb16
Company Symbol Yld % New/Old Frq Record BlackRock CA Muni 2018 BJZ 2.2 .0277 M Mar01 /Feb16 BlackRock Utility & Infr BUI 8.4 .121 M Feb29 /Feb16 BlkRk MuniYld Inv MYF 6.1 .0815 M Mar01 /Feb16
Increased BlackRock CA Municipal Tr BFZ 5.4 .0722 M Mar01 /Feb16 BlackRock VA Muni BHV 4.2 .0695 M Mar01 /Feb16 BlkRk MuniYld MI Qlty MIY 5.8 .069 M Mar01 /Feb16
Blackrock Core Bond Tr BHK 6.6 .071 M Feb29 /Feb16 BlackRockDurInco Tr BLW 7.5 .087 M Feb29 /Feb16 BlkRk MuniYld NJ Fd MYJ 5.7 .075 M Mar01 /Feb16
Archer Daniels Midland ADM 3.5 .30 /.28 Q Mar08 /Feb16
BlackRock Corp Hi Yd Fd HYT 8.8 .07 M Feb29 /Feb16 BlackRockFL Muni 2020 BFO 2.5 .031 M Mar01 /Feb16 BlkRk MuniYld PA Quality MPA 5.7 .0715 M Mar01 /Feb16
Armada Hoffler Properties AHH 6.4 .18 /.17 Q Apr07 /Mar30
BlackRock Def Opp Cr Tr BHL 4.8 .051 M Feb29 /Feb16 BlackRockMuni BLE 6.1 .079 M Mar01 /Feb16 BlkRk MuniYld Qlty II MQT 5.9 .067 M Mar01 /Feb16
First Business Finl Svcs FBIZ 2.2 .12 /.11 Q Feb26 /Feb12
BlackRock Enh Eq Div Tr BDJ 7.9 .0467 M Feb29 /Feb16 BlackRockMuni Tr BYM 5.8 .0715 M Mar01 /Feb16 BlkRk MuniYld Quality MQY 6.0 .08 M Mar01 /Feb16
GNC Holdings A GNC 2.9 .20 /.18 Q Mar25 /Mar11
BlackRock FR Incm Strat FRA 5.9 .061 M Feb29 /Feb16 BlackRockNY TrII BFY 5.3 .07 M Mar01 /Feb16 BlkRk NY Muni BQH 4.9 .062 M Mar01 /Feb16
Meredith Corp MDP 4.5 .495 /.4575 Q Mar15 /Feb29
Blackrock Global Trust BOE 10.3 .097 M Feb29 /Feb16 Blkrck MunHl NJ Qlty MUJ 6.1 .074 M Mar01 /Feb16 BlRk MuHldg NY Qlty MHN 5.4 .067 M Mar01 /Feb16
Western Refining Logistic WNRL 6.6 .3925 /.3825 Q Feb26 /Feb11
BlackRock Income Trust BKT 5.7 .031 M Feb29 /Feb16 BlkrckNYMuni Qlty BSE 5.0 .0575 M Mar01 /Feb16 BlRk Muyld NY Qlty MYN 5.4 .062 M Mar01 /Feb16
Westlake Chem Partners WLKP 6.3 .308 /.2994 Q Feb26 /Feb11
Blackrock Invest BKN 5.6 .074 M Mar01 /Feb16 BlkRk Credit Alloc Incm BTZ 8.0 .0805 M Feb29 /Feb16 BlRkMunyldQltyIII MYI 5.9 .074 M Mar01 /Feb16
Reduced BlackRock Long-Term Muni BTA 6.0 .058 M Mar01 /Feb16 BlkRk Debt Strat Fd DSU 7.3 .02 M Feb29 /Feb16 Cohen & Steers Dur Pfd LDP 8.2 .156 M Feb29 /Feb19
PDL BioPharma PDLI 7.3 .05 /.15 Q Mar11 /Mar04 BlackRock MA Tax-Exempt MHE 5.1 .058 M Mar01 /Feb16 BlkRk Engy Res Tr BGR 11.4 .11 M Feb29 /Feb16 Credit Suisse High Yld DHY 13.8 .024 M Feb23 /Feb17
Rent-A-Center RCII 3.2 .08 /.24 Q Apr21 /Apr04 BlackRock MD Muni BZM 4.3 .0545 M Mar01 /Feb16 BlkRk Enh Cap Inco CII 9.4 .10 M Feb29 /Feb16 CS X-Links Multi-Asset Hi MLTI 1.3 .0261 M Feb22 /Feb11
BlackRock Multi-Sector IT BIT 9.1 .1167 M Feb29 /Feb16 BlkRk Enhncd Govt Fd EGF 4.3 .049 M Feb29 /Feb16 Cushing Energy Incm Fd SRF 15.1 .0826 M Feb29 /Feb18
Funds and investment companies BlackRock Mun BAF 5.5 .0685 M Mar01 /Feb16 Blkrk FltRt InTr BGT 5.7 .0583 M Feb29 /Feb16 Cushing Renaissance Fund SZC 13.0 .41 Q Feb18 /Feb12
Advnt Clymr Enh Grth LCM 10.8 .21 Q Feb29 /Feb12 Blackrock Mun 2018 Term BPK 3.6 .047 M Mar01 /Feb16 BlkRk Health Sci BME 6.9 .20 M Feb29 /Feb16
CushingMLPTotalReturnFd SRV 11.9 .09 M Feb29 /Feb18
AdvntClymr Convertible II AGC 11.3 .047 M Feb29 /Feb12 BlackRock Mun Inco BBF 6.0 .07238 M Mar01 /Feb16 BlkRk Intl Grwth&Inco BGY 10.3 .049 M Feb29 /Feb16
Divers Real Asset Incm Fd DRA 11.5 .139 M Mar01 /Feb12
AdvntClymrFd AVK 9.2 .0939 M Feb29 /Feb12 Blackrock Mun Target Term BTT 4.3 .08 M Mar01 /Feb16 BlkRk Muni Inter Dur MUI 5.4 .0655 M Mar01 /Feb16
DoubleLine Incm Solutions DSL 11.4 .15 M Feb29 /Feb12
AllianzGI Conv & Incm NCV 15.9 .065 M Mar01 /Feb12 BlackRock Muni BBK 5.5 .075 M Mar01 /Feb16 BlkRk Muni NY Inter Dur MNE 4.6 .0575 M Mar01 /Feb16
Doubleline Oppor Credit DBL 7.9 .167 M Feb29 /Feb12
AllianzGI Conv & Incm II NCZ 15.6 .0575 M Mar01 /Feb12 BlackRock Municipal Trust BFK 6.0 .0751 M Mar01 /Feb16 BlkRk MuniAssets Fd MUA 4.9 .06 M Mar01 /Feb16
Duff & Phelps Sel Energy DSE 27.2 .22 Q Feb19 /Feb11
AllianzGI Div Incm ACV 12.2 .167 M Mar01 /Feb12 BlackRock NJ Muni BLJ 5.5 .0695 M Mar01 /Feb16 BlkRk Munienhanced MEN 5.8 .0605 M Mar01 /Feb16
BlackRock NJ Municipal Tr BNJ 5.9 .0751 M Mar01 /Feb16 BlkRk MuniHldgs MHD 5.9 .086 M Mar01 /Feb16 Eatn Vnc MI Muni MIW 5.0 .0591 M Feb29 /Feb22
BlackRock NY Muni 2018 BLH 2.0 .0256 M Mar01 /Feb16 BlkRk MuniHldgs CA Qlty MUC 5.4 .0675 M Mar01 /Feb16 Eatn Vnc NJ Muni EMJ 5.4 .0625 M Feb29 /Feb22
KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
BlackRock NY Municipal Tr BNY 5.2 .069 M Mar01 /Feb16 BlkRk MuniHldgs II MUH 6.0 .0775 M Mar01 /Feb16 Eatn Vnc NY Muni NYH 5.4 .05725 M Feb29 /Feb22
semiannual; S2:1: stock split and ratio; SO: spin-off. Eatn Vnc OH Muni EIO 4.9 .0585 M Feb29 /Feb22
BlkRk MuniHldgs Inv MFL 5.7 .0715 M Mar01 /Feb16
BlkRk MuniHldgs Qlty II MUE 5.9 .068 M Mar01 /Feb16 Eatn Vnc PA Muni EIP 5.7 .06442 M Feb29 /Feb22
BlkRk MuniHldgs Quality MUS 5.9 .0675 M Mar01 /Feb16 Eaton CA Trust CEV 5.2 .05884 M Feb18 /Feb11
Bonds | WSJ.com/bonds BlkRk MuniVest MVF 6.1 .0535 M Mar01 /Feb16 Eaton MA Trust
Eaton MI Trust
MMV
EMI
4.8
5.3
.05717 M
.05908 M
Feb18 /Feb11
Feb18 /Feb11
BlkRk MuniVest II MVT 6.0 .083 M Mar01 /Feb16
BlkRk MuniYield MYD 6.1 .077 M Mar01 /Feb16 Eaton NJ EVJ 5.8 .06067 M Feb18 /Feb11
Tracking Bond Benchmarks BlkRk MuniYld Arizona MZA 5.1 .0695 M Mar01 /Feb16 Continued on Page C12
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
highs and lows for different types of bonds
Total return Yield (%), 52-Week Range l Latest
Borrowing Benchmarks | WSJ.com/bonds
close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
1855.94 1.6 Broad market Barclays Aggregate 2.350 2.000 l 2.630 Money Rates February 2, 2016
2482.91 0.5 U.S. Corporate Barclays Capital 3.630 2.830 l 3.710 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
2432.12 0.6 Intermediate 3.030 2.230 l 3.120 guide to general levels but don’t always represent actual transactions.
3160.23 0.3 Long term 5.040 4.130 l 5.120
Inflation Week —52-WEEK— Week —52-WEEK—
524.94 1.1 Double-A-rated 2.540 2.070 l 2.700 Dec. index Chg From (%) Latest ago High Low Latest ago High Low
611.22 -0.2 Triple-B-rated 4.360 3.300 l 4.400 level Nov. '15 Dec. '14 26 weeks 0.465 0.415 0.585 0.065 Libor
323.26 -2.3 High Yield Constrained Merrill Lynch 9.376 5.853 l 9.771 U.S. consumer price index Secondary market One month 0.42850 0.43060 0.43060 0.17100
All items 236.525 –0.34 0.7 Three month 0.61920 0.62130 0.62430 0.25510
266.48 -4.6 Triple-C-rated 20.028 10.017 20.028
l
Core 243.779 –0.12 2.1 Fannie Mae Six month 0.86485 0.86570 0.86575 0.35880
2331.89 -1.8 High Yield 100 7.867 5.016 l 8.696 30-year mortgage yields One year 1.13785 1.15290 1.17800 0.61815
297.98 -1.9 Global High Yield Constrained 8.881 5.894 l 9.295 International rates 30 days 3.270 3.335 3.750 3.091 Euro Libor
259.76 -1.3 Europe High Yield Constrained 5.548 3.550 l 6.412 60 days 3.302 3.365 3.788 3.136 One month -0.233 -0.226 -0.004 -0.233
Week 52-Week
Latest ago High Low Three month -0.181 -0.166 0.028 -0.181
1606.68 1.6 U.S Agency Barclays 1.350 1.170 l 1.680 Other short-term rates Six month -0.107 -0.089 0.093 -0.109
1446.10 1.2 10-20 years 1.150 0.980 l 1.480 Prime rates One year 0.000 0.020 0.234 0.000
Week 52-Week
3159.06 5.0 20-plus years 2.920 2.610 l 3.370 U.S. 3.50 3.50 3.50 3.25 Latest ago high low Euro interbank offered rate (Euribor)
Canada 2.70 2.70 2.85 2.70 One month -0.231 -0.231 0.002 -0.232
1933.35 1.4 Mortgage-Backed Barclays 2.530 2.320 l 2.900 Japan 1.475 1.475 1.475 1.475 Call money Three month -0.161 -0.158 0.055 -0.162
1910.51 1.2 Ginnie Mae (GNMA) 2.450 2.180 l 2.860 2.25 2.25 2.25 2.00 Six month -0.094 -0.082 0.132 -0.094
Policy Rates
1131.28 1.4 Fannie mae (FNMA) 2.550 2.370 l 2.910 One year 0.009 0.025 0.266 0.009
Euro zone 0.05 0.05 0.05 0.05 Commercial paper
1740.77 Freddie Mac (FHLMC) Value 52-Week
1.5 2.580 2.370 l 2.930 Switzerland 0.50 0.50 0.50 0.50 30 to 270 days n.q. ... ... ... Latest Traded High Low
Britain 0.50 0.50 0.50 0.50
505.52 1.2 Muni Master Merrill Lynch 1.567 1.532 l 2.099 Australia 2.00 2.00 2.25 2.00 Commercial paper (AA financial) DTCC GCF Repo Index
354.36 1.7 7-12 year 1.542 1.542 l 2.144 90 days 0.53 0.55 0.64 0.06 Treasury 0.501 83.242 0.639 0.059
Overnight repurchase MBS 0.524 147.462 0.705 0.075
390.88 1.2 12-22 year 2.001 2.001 l 2.636 Euro commercial paper
U.S. 0.45 0.45 0.51 0.07 Open Implied
371.51 1.2 22-plus year 2.700 2.619 l 3.351 30 day n.q. n.q. -0.02 -0.12 Settle Change Interest Rate
U.S. government rates Two month n.q. n.q. -0.01 -0.09
2247.10 0.4 Yankee Barclays 2.990 2.430 l 3.110 Three month n.q. n.q. 0.01 -0.08 DTCC GCF Repo Index Futures
Discount Four month n.q. n.q. 0.02 0.00 Treasury Feb 99.515 -0.005 7191 0.485
533.38 2.3 Global Government J.P. Morgan 1.320 1.270 l 1.780
1.00 1.00 1.00 0.75 Five month n.q. n.q. 0.03 0.01 Treasury Mar 99.475 0.005 4633 0.525
768.45 1.7 Canada 1.460 1.410 l 1.970 Six month n.q. n.q. 0.04 0.02 Treasury Apr 99.480 0.020 1704 0.520
363.97 1.7 EMU 1.018 0.724 l 1.609 Federal funds
Effective rate 0.4000 0.4000 0.4000 0.0600 Notes on data:
697.42 2.3 France 0.830 0.490 l 1.360
High 0.5600 0.5600 0.5900 0.3100 U.S. prime rate is effective December 17, 2015.
507.17 2.6 Germany 0.420 0.160 l 1.040 Low 0.3500 0.3500 0.3500 0.0100 Discount rate is effective December 17, 2015.
282.55 1.6 Japan 0.510 0.480 l 0.890 Bid 0.3700 0.3800 0.5500 0.0300 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks;
Offer 0.5000 0.5000 0.5600 0.0500 Other prime rates aren’t directly comparable; lending practices vary widely by location;
556.02 2.4 Netherlands 0.590 0.240 l 1.130 DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in
applicable CUSIPs. Value traded is in billions of U.S. dollars.
856.83 3.8 U.K. 1.970 1.820 l 2.480 Treasury bill auction Futures on the DTCC GCF Repo Index are traded on NYSE Liffe US.
666.12 -0.7 Emerging Markets ** 6.903 5.679 l 7.128 4 weeks 0.270 0.295 0.295 0.000 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
13 weeks 0.350 0.305 0.350 0.000 General Electric Capital Corp.; Tullett Prebon Information, Ltd.
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds In U.S. - dollar terms Euro-zone bonds
** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Spread Under/Over U.S. Treasurys, in basis points
Try the
highest-rated
Yield (%)
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
0.750 U.S. 2 0.742 t l 0.805 1.060 0.457
2.250 10 1.866 t l 1.950 2.269 1.668

5.500 Australia 2 1.887 t l 1.893 2.030 2.001 114.5 108.8 154.4
3.250 10 2.574 t l 2.574 2.825 2.457 70.8 62.4 78.9
4.250 France 2 -0.395 t l -0.387 -0.302 -0.083 -113.7 -119.3 -54.0
1.000 10 0.652 t l 0.682 0.994 0.545 -121.4 -126.8 -112.2
0.500
0.500
4.500
Germany 2 -0.472 t
10 0.309 t
Italy 2 -0.003 t
l
l
l
-0.458
0.353
0.003
-0.339
0.632
0.075
-0.178
0.275
0.344 -74.5
-155.7
-121.4 -126.4
-159.7
-80.2
-63.4
-139.3
-11.3
on Amazon
2.000
0.100
0.300
10 1.497 s
Japan 2 -0.154 s
10 0.078 s
l
l
l
1.480
-0.158
0.064
1.596
-0.011
0.265
1.609
0.013
-36.9
0.287 -178.8
-89.7
-47.0
-96.4
-188.7
-5.9
-44.4
-138.1
FREE for
0.500
2.150
1.000
Spain 2 -0.009 t
10 1.592 s
U.K. 2 0.378 t
l
l
l
-0.004
1.574
0.405
0.006
1.767
0.639
0.351 -75.1
1.476
0.375
-27.4
-36.4
-80.9
-37.6
-40.0
-10.6
-19.2
-8.2
60 days
2.000 10 1.545 t l 1.625 1.958 1.379 -32.1 -32.6 -28.9 With over 315 reviews and
Source: Tullett Prebon 4.8 stars, the Sennheiser
® is the #1
Corporate Debt

Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
that same company’s share price. Here’s a look at both for two companies in the news.
Investment-grade spreads that tightened the most… ' ! ( &
6
Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Freeport–McMoRan Oil & Gas FCX 6.875 Feb. 15, ’23 1903 –24 1978 ... ...
Xerox XRX 4.800 March 1, ’35 335 –24 295 8.95 –5.09
AbbVie ABBV 1.800 May 14, ’18 100 –12 111 53.95 –0.81
International Business Machines IBM 1.625 May 15, ’20 47 –12 51 122.94 –1.51
Bank of Nova Scotia BNS 1.450 April 25, ’18 74 –11 n.a. 39.59 –2.13
Berkshire Hathaway Finance BRK 2.000 Aug. 15, ’18 36 –10 n.a. ... ...
Kraft Heinz Foods KHC 2.000 July 2, ’18 128 –9 120 ... ...
Mosaic MOS 4.250 Nov. 15, ’23 270 –9 n.a. 22.10 –7.61
…And spreads that widened the most Sennheiser Plantronics

salesforce.com CRM 0.250 April 1, ’18 551 178 732 64.52 –5.73 CS500 Series
EnLink Midstream Partners ENLK 4.150 June 1, ’25 928 124 n.a. 10.70 –7.12
Continental Resources CLR 4.500 April 15, ’23 1001 103 1088 18.92 –5.68 34/ ./

ONEOK Partners OKS 3.200 Sept. 15, ’18 685 87 550 26.96 1.13 522/ 12
012/
Xerox XRX 2.750 Sept. 1, ’20 405 76 225 8.95 –5.09 0/
3
3/

Transocean RIG 6.500 Nov. 15, ’20 1919 74 1786 9.05 –7.56
SESI SPN 6.375 May 1, ’19 1778 63 1529 9.04 –5.34
JPMorgan Chase JPM 7.900 April 30, ’49 525 50 450 57.03 –3.11
High-yield issues with the biggest price increases…

Bond Price as % of face value Stock Perfomance ! " # $ % &%
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Toys R US Property II TOY 8.500 Dec. 1, ’17 95.500 3.25 92.750 ... ... ' (
P.F. Chang's China Bistro PFCB 10.250 June 30, ’20 84.250 2.25 76.000 ... ... ' % )
Memorial Production Partners MEMP 6.875 Aug. 1, ’22 29.000 1.50 25.750 2.70 –3.57
Freeport–McMoRan FCX 4.000 Nov. 14, ’21 45.750 1.38 n.a. 4.35 –8.23 ' $ & " $ & % *+% ,
- % ,-
Newfield Exploration NFX 5.625 July 1, ’24 83.500 1.38 80.750 26.62 –5.50
BBDBCN 6.000 Oct. 15, ’22 1.25 69.750 ...
Bombardier
Community Choice Financial CCFI 10.750 May 1, ’19
67.250
33.500 1.25 33.500 ...
...
...
7 02 %
Talen Energy Supply TLN 6.500 June 1, ’25 66.250 1.25 n.a. ... ...

" 8
…And with the biggest price decreases
Cenveo
Rose Rock Midstream
Rent–A–Center
CVO
RRMS
RCII
11.500
5.625
6.625
May 15, ’17
Nov. 15, ’23
Nov. 15, ’20
55.000 –9.00
49.000
78.938
–5.75
–4.56
78.250
55.250
83.625
0.57
10.04
9.89
–2.16
–1.67
–25.53
Try yours FREE for 60 days!
EP Energy EPENEG 9.375 May 1, ’20 38.000 –4.00 41.750 ... ... Call 1-800-HEADSETS (1-800-432-3738)
5.000 March 15, ’19 –4.00 59.416 6.01
Whiting Petroleum 60.500 –9.76

WLL
Bombardier BBDBCN 7.750 March 15, ’20 73.000 –3.75 80.125 ... ...
Level 3 Financing LVLT 5.375 May 1, ’25 96.469 –3.58 99.250 ... ...
Laredo Petroleum LPI 7.375 May 1, ’22 71.000 –3.50 72.000 7.03 –3.17

!
"
#
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.

$%% #
&&
&

Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Email: [email protected]
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Yahoo: Time For Exxon, Bad News Is Relative OVERHEARD

To Wave the It really wasn’t much of a sanct dividend. Nintendo investors are
White Flag surprise party for Exxon

Mobil shareholders—a re-
minder that not everything
Crouching Tiger
Exxon Mobil operating cash flow,
But no oil company can
thrive, and some can’t sur-
vive, at $30-a-barrel crude.
waiting for a rescue from Su-
per Mario. But the mush-
room-loving plumber remains
in billions
Yahoo may finally be open is relative. What is striking about Exxon stuck in limbo.
to doing what investors want Following downbeat re- $15 is how well it can cope. The Japanese videogame
it to do: throw in the towel. sults from fellow superma- That relative distinction giant reported earnings in line
The company said Tues- jors BP and Chevron, the
Larry W. Smith/European Pressphoto Agency

may make an absolute differ- with expectations, but on the
day it would trim staff by granddaddy of them all re- 10 ence for its shareholders area about which investors
15% and close five offices ported profits Tuesday that when the commodity envi- truly care—its mobile strat-
with the goal of cutting $400 beat analyst expectations for ronment improves for oil egy—it failed to deliver.
million in operating costs the fourth quarter and full 5 companies. Chevron is reel- Nintendo’s shares rocketed
this year. Yahoo also said it year. Its stock promptly fell ing from its worst quarterly 36% in two days last March
would focus on email, search by 2% as the 10%-plus drop loss in 13 years, BP from its when the company decided,
and blogging site Tumblr in oil prices so far this week worst annual loss ever, and after much pleading from in-
0
and would “engage on quali- trumped any sense of relief. Shell from a credit-rating vestors, to make a foray into
fied strategic proposals”— Shareholders suffered the 2014 ’15 downgrade. mobile gaming. The stock
the clearest sign yet it is further ignominy of learning Source: FactSet Exxon, one of three triple- surged another 31% in the
open to a sale. That is all in that Exxon, once the world’s THE WALL STREET JOURNAL. A-rated U.S. companies in next five months. The gains,
addition to continuing work most valuable company, was any industry (though it was however, fizzled as investors
on its previously announced overtaken by Facebook for The first quarter should prices clearly fall into the placed on credit watch with questioned the company’s
plan to spin off its core busi- fourth place on Monday. The be even bleaker. Exxon indi- latter category. In the fourth negative implications Tues- ability to make its name in
ness and Yahoo Japan stake. fact that Exxon, even in an cated that it is further bat- quarter alone, it earned a day by Standard & Poor’s) the mobile space. Nintendo’s
The possibility of a sale is awful 2015, earned more tening down the hatches, whopping $4.6 billion less doesn’t just have staying stock is now 31% below last
crucial for Yahoo investors than twice as much as the eliminating already reduced than a year earlier in its up- power. It also has buying August’s peak. In October,
who have lost confidence in social-media company has in net share buybacks. It paid stream business and similar power in what may turn into Nintendo pushed back the
Chief Executive Marissa its entire history is small out nearly $13 billion that plunges lie ahead. At these the sale of the century for launch date of its first mobile
Mayer’s ability to turn the solace. It is the direction of way in 2013. prices, even eliminating buy- hydrocarbon reserves. game to this March, from the
company around. Many had those profits—down 58% in Management minces no backs won’t allow it to meet The party hasn’t even end of 2015. That game,
been hoping that Ms. Mayer the fourth quarter from a words about what it can and its cash needs without bor- started. named “Miitomo,” which looks
would pursue an aggressive year ago—that set the tone. can’t control and commodity rowing or touching its sacro- —Spencer Jakab more like a chat app than a
restructuring and refocusing hard-core game, won’t include
of the company when she ar- any of the characters that
rived back in October 2012.
Instead, she has attempted
to reinvigorate Yahoo’s brand
Valeant’s Sales Growth: Is It Price or Volume? made the company famous.
The company said its second
title on smartphone will fea-
and make it more mobile Price or volume? That is a clude Marathon, price repre- tent with disclosures in the ture familiar characters from
through acquisitions and question for many compa- Pillbox sents about 80%.” Valeant company’s quarterly securi- Nintendo’s games, but it has
high-profile hires. That strat- nies when it comes to what Valeant's annual revenue, in acquired two drugs from ties filing. given no timeline.
egy hasn’t paid off. is driving sales growth. It is billions Marathon in February 2015. The issue of what is driv- It is remarkable how much
Indeed, Yahoo’s core busi- especially important for em- Back in April, Mr. Pearson ing sales growth is impor- time Nintendo has wasted.
ness continues to decline. battled Valeant Pharmaceu- $10 was asked on the first-quar- tant for Valeant as high drug To see how to get things
Estimate
Revenue excluding commis- ticals International, which 8 ter earnings call what drove prices face scrutiny from right, look at Japanese rival
sions paid to search partners has publicly played down the 6 growth. He said: “In terms of public officials and private Square Enix. The maker of
fell 15% in the fourth quarter. role of drug-price increases 4 price volume, actually, vol- payers alike. As scrutiny “Final Fantasy” actively con-
Given that, the new plan may in its business model. 2 ume was greater than price grows, the sustainability of verted popular franchises into
not go far enough. The $400 But internal emails raise in terms of our growth. Out- revenues and profits depen- smartphone games. Games
0
million in cuts only amounts questions about where some side the United States, it’s all dent on price increases could for smart devices and Web
to about 8% of total 2015 op- of its revenue growth is in 2010 ’11 ’12 ’13 ’14 ’15 volume. In fact, we have neg- prove fleeting. Last week, browsers accounted for nearly
erating expenses. fact coming from. Source: FactSet ative price outside the U.S. Express Scripts moved to half of its game sales in the
Beyond that, investors are The U.S. House of Repre- with [currency movements.] exclude a Valeant diabetes six months ended September.
unlikely to want to wait any sentatives Oversight Com- on May 21, 2015. Mr. Schiller, And in the U.S., it’s shifting drug from its formulary of Its share price has more than
longer to see if Yahoo’s new mittee released documents who was CFO at the time, more to volume than price.” preferred drugs. doubled from five years ago.
focus results in improved on Tuesday obtained from wrote to Mr. Pearson: “[L]ast In response to a question With Mr. Pearson on med- Nintendo’s has dropped 24%.
performance. And Verizon Valeant, ahead of a hearing night, one of our investors about the two statements, a ical leave, Mr. Schiller is due For Nintendo to overcome
Communications, for one, Thursday on prescription- asked about price vs. volume Valeant spokeswoman said to testify Thursday before sluggish sales in consoles, Su-
already has shown interest drug prices. The committee for [the first quarter.] Ex- that when the company talks the Oversight Committee. per Mario should grab his
in buying Yahoo. details an email sent by including [Marathon Pharma- about price versus volume, it Any further light shed on the power-up mushroom and
For Yahoo, the best strate- terim Chief Executive How- ceuticals], price represented is referring to organic price versus volume question jump on smartphones before
gic option may be to give up. ard Schiller to CEO and about 60% of our growth,” growth. She added Mr. Pear- will be telling for investors. time expires.
—Miriam Gottfried Chairman Michael Pearson the email said. “If you in- son’s comments were consis- —Charley Grant
Futures Contracts | WSJ.com/commodities Dividend Changes Company Symbol

Amount
Yld % New/Old Frq
Payable /
Record
Contract Open Continued from Page C11 Nuveen CA Muni Value NCA 4.3 .039 M Mar01 /Feb12
Metal & Petroleum Futures Open High hilo Low Settle Chg interest Nuveen California AMT NKX 5.5 .072 M Mar01 /Feb12
Contract Open Amount Payable /
Open High hi lo Low Settle Chg interest
Nuveen Connecticut Prem NTC 5.3 .057 M Mar01 /Feb12
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Company Symbol Yld % New/Old Frq Record
Nuveen Credit Strt Inc Fd JQC 8.3 .0515 M Mar01 /Feb12
Copper-High (CMX)-25,000 lbs.; $ per lb. March 12.83 13.12 t 12.66 12.99 .16 283,870 Eaton NY Trust EVY 5.3 .0617 M Feb18 /Feb11 Nuveen Div Adv NZF 5.7 .069 M Mar01 /Feb12
Feb 2.0545 2.0630 2.0415 2.0520 0.0005 1,334 May 12.95 13.07 t 12.75 12.97 .09 226,823 Eaton OH Trsut EVO 5.1 .06092 M Feb18 /Feb11 Nuveen Div Commodity Fd CFD 8.1 .058 M Mar01 /Feb29
March 2.0635 2.0875 2.0405 2.0550 –0.0005 120,818 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Eaton PA Trust EVP 5.9 .06058 M Feb18 /Feb11 Nuveen Div Fnd NAD 5.8 .071 M Mar01 /Feb12
Gold (CMX)-100 troy oz.; $ per troy oz. March 25.25 25.25 t 25.25 25.25 … 1,515 Eaton Vance BuyWrite Opp ETV 9.5 .1108 M Feb29 /Feb22 Nuveen Div Fnd 2 NXZ 5.1 .061 M Mar01 /Feb12
Feb 1128.30 1131.40 s 1123.00 1127.30 –0.60 3,687 May 25.30 25.30 t 25.25 25.35 … 2,679 Eaton Vance CA Mun Bd EVM 5.4 .057 M Feb29 /Feb22 Nuveen Enhncd Mun Val Fd NEV 6.0 .08 M Mar01 /Feb12
April 1128.50 1131.50 s 1122.60 1127.20 –0.80 267,790 Cotton (ICE-US)-50,000 lbs.; cents per lb. Eaton Vance Eqty Inco Fd EOI 8.5 .0864 M Feb29 /Feb22 Nuveen Fd2 JPS 7.6 .058 M Mar01 /Feb12
June 1129.30 1131.60 s 1123.00 1127.60 –0.80 55,448 March 61.61 62.50 61.49 62.30 .51 103,901 Eaton Vance Eqty Inco II EOS 8.5 .0875 M Feb29 /Feb22 Nuveen Flexible Inv Incm JPW 9.9 .118 M Mar01 /Feb12
Aug 1127.70 1130.10 s 1125.30 1128.00 –0.90 10,463 May 61.95 62.78 61.92 62.65 .45 47,240 Eaton Vance FR Incm Plus EFF 8.1 .09 M Feb29 /Feb22
Dec 1130.80 1132.80 s 1126.10 1129.30 –0.90 16,163
Nuveen Gl Hi Incm Fd JGH 12.3 .132 M Mar01 /Feb12
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Eaton Vance FR Incm Tr EFT 7.5 .075 M Feb29 /Feb22 Nuveen Hi Incm 2020 JHY 6.7 .057 M Mar01 /Feb12
Dec'17 1134.00 1136.40 s 1134.00 1134.80 –1.40 5,653 March 133.75 137.75 133.30 136.55 2.35 7,743 Eaton Vance Mun Bd Fd EIM 5.8 .0605 M Feb29 /Feb22
Nuveen High Incm Dec18 JHA .0505 M Mar01 /Feb12
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 134.50 137.70 134.00 136.65 1.95 3,489 Eaton Vance Mun Bd Fd II EIV 5.2 .0581 M Feb29 /Feb22
Feb 493.45 494.30 493.45 490.60 –11.00 3
Nuveen Ins CA NXC 4.1 .0525 M Mar01 /Feb12
Eaton Vance Mun Incm 2028 ETX 4.5 .07083 M Feb29 /Feb22
March 505.00 505.30 490.40 491.30 –11.05 23,708 Nuveen Insured NY Select NXN 4.0 .046 M Mar01 /Feb12
Interest Rate Futures Eaton Vance Mun Income EVN 6.0 .07083 M Feb18 /Feb11
June 504.20 504.20 491.40 491.75 –11.10 1,802 Nuveen Intermed Dur Mun NID 5.2 .057 M Mar01 /Feb12
Eaton Vance Sr EVF 7.7 .035 M Feb18 /Feb11
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Eaton Vance Tax-Mng Div ETY 9.7 .0843 M Feb29 /Feb22
Nuveen Invest Qual Muni NQM 5.8 .0775 M Mar01 /Feb12
Feb 865.00 865.60 864.70 854.40 –14.40 4 March 160-290 163-170 160-280 163-010 2-16.0 535,580 Nuveen MA Premium Income NMT 5.1 .059 M Mar01 /Feb12
Eaton Vance Tax-Mngd Opp ETW 11.5 .0973 M Feb29 /Feb22
April 872.40 873.40 853.50 855.70 –14.40 60,352 June 159-200 162-010 159-200 161-230 2-17.0 4,280 Nuveen MD Premium Income NMY 5.2 .0555 M Mar01 /Feb12
Eaton Vnce NY ENX 5.4 .05983 M Feb29 /Feb22
Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Eaton Vnce CA2 EIA 4.8 .0517 M Feb29 /Feb22 Nuveen MI Quality Income NUM 5.3 .062 M Mar01 /Feb12
Feb 14.260 14.260 14.255 14.276 –0.053 108 March 129-090 130-070 129-085 130-030 29.5 2,869,462 Eaton Vnce Ins MA MAB 4.3 .0542 M Feb29 /Feb22 Nuveen Minnesota Mun Incm NMS 5.4 .0665 M Mar01 /Feb12
March 14.345 14.405 14.230 14.289 –0.054 104,561 June 128-315 129-220 128-300 129-195 29.5 55,190 EatonVance TxAdv Opport ETO 11.0 .18 M Feb29 /Feb22 Nuveen Missouri Premium NOM 4.6 .061 M Mar01 /Feb12
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% EatonVnc SrFltRate EFR 8.0 .078 M Feb29 /Feb22 Nuveen Mrtg Opp Term Fd 2 JMT 7.0 .1275 M Mar01 /Feb12
March 31.37 31.53 29.57 29.88 –1.74 595,921 March 120-155 121-005 120-152 120-292 16.2 2,632,403 Etn Vnc Short Dur Fd EVG 8.3 .09 M Feb29 /Feb22 Nuveen Mtg Oppy Term Fd JLS 6.7 .1265 M Mar01 /Feb12
April 33.11 33.24 31.30 31.61 –1.75 213,645 June 120-080 120-227 120-080 120-217 17.2 41,064 Etn Vnc Tax Mgd Buy-Write ETB 8.7 .108 M Feb29 /Feb22 Nuveen Multi-Market Incm JMM 6.9 .04 M Mar01 /Feb12
May 34.69 34.83 32.88 33.24 –1.69 131,568 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% EtnVnc TaxAdvDiv EVT 9.7 .145 M Feb29 /Feb22 Nuveen Mun Opportunity Fd NIO 6.0 .073 M Mar01 /Feb12
June 36.07 36.13 34.25 34.63 –1.60 174,523 March 109-082 109-130 109-080 109-115 4.0 1,097,491 EtnVncLtdFd EVV 9.9 .1017 M Feb18 /Feb11 Nuveen Muni Advantage Fd NMA 5.6 .066 M Mar01 /Feb12
Dec 40.09 40.20 38.49 39.02 –1.23 182,236 June 109-060 109-087 109-060 109-090 4.7 33,035 EtnVncRskMngd ETJ 11.6 .093 M Feb29 /Feb22 Nuveen Muni Income Fund NMI 4.2 .0415 M Mar01 /Feb12
Dec'17 43.71 43.71 42.18 42.87 –0.92 90,735 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. EtnVncTxAdvGblDiv ETG 8.8 .1025 M Feb29 /Feb22 Nuveen Muni Mkt Opp NMO 5.4 .0635 M Mar01 /Feb12
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb 99.625 99.628 t 99.625 99.628 … 113,395 EtnVncTxMngGlDvEqInc EXG 12.1 .0813 M Feb29 /Feb22 Nuveen Muni Value Fund NUV 3.8 .0325 M Mar01 /Feb12
March 1.0405 1.0462 .9859 1.0109 –.0256 101,409 April 99.585 99.605 99.580 99.595 .015 150,661 EV National Municipal Opp EOT 4.7 .08583 M Feb29 /Feb22 Nuveen NC Premium Income NNC 4.4 .049 M Mar01 /Feb12
April 1.0539 1.0544 1.0005 1.0228 –.0280 54,663 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Fiduciary/Clymr Opp Fd FMO 16.5 .4308 Q Feb29 /Feb12 Nuveen NJ Div NXJ 5.9 .068 M Mar01 /Feb12
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 106.063 106.859 s 106.063 106.688 .938 30,184 Flaherty & Crumrine PFD 8.0 .09 M Feb29 /Feb22 Nuveen NJ Munl Value Fund NJV 4.0 .049 M Mar01 /Feb12
March 1.0837 1.0935 t .9796 1.0008 –.0822 118,091 1 Month Libor (CME)-$3,000,000; pts of 100% Flaherty & Crumrine Dyn DFP 8.4 .16 M Feb29 /Feb22 Nuveen NY Div Fnd NAN 5.6 .0665 M Mar01 /Feb12
April 1.3105 1.3105 t 1.2101 1.2296 –.0730 56,743 Feb 99.5700 99.5700 s 99.5700 99.5700 … 1,719 Flaherty & Crumrine Pfd FFC 8.2 .136 M Feb29 /Feb22 Nuveen NY Mun Value 2 NYV 4.0 .0525 M Mar01 /Feb12
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 99.5425 99.5425 s 99.5425 99.5400 .0050 507 Flaherty & Crumrine Pfd PFO 8.0 .073 M Feb29 /Feb22 Nuveen NY Muni Value Fund NNY 3.9 .0325 M Mar01 /Feb12
March 2.136 2.140 t 1.976 2.025 –.127 276,527 Eurodollar (CME)-$1,000,000; pts of 100% Flaherty & Crumrine TR Fd FLC 8.1 .136 M Feb29 /Feb22 Nuveen Ohio Qual Income NUO 5.2 .067 M Mar01 /Feb12
April 2.211 2.212 t 2.065 2.120 –.106 128,733 Feb 99.3825 99.3900 99.3825 99.3875 .0050 133,968
Guggenh Bond Mneg Dur Tr GBAB 7.1 .13817 M Feb29 /Feb12 Nuveen Pa Investment Qual NQP 5.7 .0675 M Mar01 /Feb12
May 2.263 2.265 t 2.130 2.181 –.099 113,243 March 99.3650 99.3800 99.3600 99.3800 .0150 1,222,389
Guggenheim Credit All Fd GGM 11.6 .1813 M Feb29 /Feb12 Nuveen PA Mun Value Fund NPN 4.0 .052 M Mar01 /Feb12
July 2.359 2.359 t 2.244 2.298 –.079 53,279 June 99.3100 99.3450 s 99.3050 99.3350 .0300 1,309,381 Guggenheim Enh ESF GGE 13.7 .485 Q Feb29 /Feb12 Nuveen Performance Plus NPP 5.7 .073 M Mar01 /Feb12
Sept 2.377 2.377 t 2.275 2.329 –.078 46,428 Guggenheim Strat Opps Fd GOF 13.5 .1821 M Feb29 /Feb12 Nuveen Preferred & Incm JPI 8.3 .1625 M Mar01 /Feb12
Dec 99.1600 99.2300 99.1600 99.2150 .0650 1,269,708
Oct 2.421 2.421 t 2.307 2.363 –.074 65,501 HnckJohn TxAdv HTD 6.9 .121 M Feb29 /Feb11 Nuveen Preferred Inc Opp JPC 8.5 .067 M Mar01 /Feb12
Invesco Adv Mun Incm II VKI 6.4 .065 M Feb29 /Feb12 Nuveen Prem Inco Muni 2 NPM 5.9 .072 M Mar01 /Feb12
Agriculture Futures Currency Futures Invesco Bond Fund VBF 4.7 .069 M Feb29 /Feb12 Nuveen Prem Inco Muni 4 NPT 5.9 .068 M Mar01 /Feb12
Corn (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Invesco CA Value Mun Incm VCV 5.9 .066 M Feb29 /Feb12 Nuveen Premier Muni Inc NPF 5.6 .065 M Mar01 /Feb12
March 371.25 373.75 s 369.00 372.50 1.25 588,307 March .8269 .8351 .8268 .8334 .0073 244,341 Invesco Credit Opps Fund VTA 8.9 .075 M Feb29 /Feb12 Nuveen Premium Inco Muni NPI 5.7 .0685 M Mar01 /Feb12
May 375.50 378.00 s 373.50 377.50 1.75 257,911 June .8297 .8371 .8293 .8355 .0071 1,379 Invesco High Income Tr II VLT 9.5 .0975 M Feb29 /Feb12 Nuveen Quality Income NQU 5.7 .0685 M Mar01 /Feb12
Oats (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD Invesco Inv Grade Muni VGM 6.4 .073 M Feb29 /Feb12 Nuveen Quality Muni Fund NQI 5.1 .0595 M Mar01 /Feb12
March 197.00 201.25 197.00 200.25 3.00 5,834 March .7167 .7173 .7102 .7130 –.0047 152,584 Invesco Inv Grade NY Muni VTN 5.7 .0708 M Feb29 /Feb12 Nuveen Quality pf JTP 7.9 .055 M Mar01 /Feb12
May 206.25 207.50 205.25 208.00 2.00 3,199 June .7161 .7168 .7104 .7132 –.0047 3,893 Invesco Mun Incm Opps Tr OIA 5.3 .0328 M Feb29 /Feb12 Nuveen Quality Pfd JHP 7.8 .056 M Mar01 /Feb12
Soybeans (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Invesco Mun Opportunity VMO 6.5 .0733 M Feb29 /Feb12 Nuveen Real Asset Incm JRI 10.6 .1245 M Mar01 /Feb12
March 880.25 889.50 s 878.25 886.25 5.50 296,117 March 1.4422 1.4447 1.4327 1.4414 –.0029 268,106 Invesco Municipal Trust VKQ 6.2 .068 M Feb29 /Feb12 Nuveen Sel 3 NXR 3.7 .0455 M Mar01 /Feb12
May 882.00 890.50 s 879.75 888.75 6.50 150,840 June 1.4428 1.4450 1.4333 1.4419 –.0029 808 Invesco PA Value Mun Incm VPV 6.1 .0662 M Feb29 /Feb12 Nuveen Sel Tax Free NXP 3.8 .0455 M Mar01 /Feb12
Soybean Meal (CBT)-100 tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF Invesco Qlty Mun Inco IQI 5.9 .0635 M Feb29 /Feb12 Nuveen Sel TF NXQ 3.8 .0445 M Mar01 /Feb12
March 270.60 274.90 269.30 274.60 3.60 163,076 March .9818 .9847 .9769 .9819 –.0006 57,950 Invesco Senior Income Tr VVR 8.2 .026 M Feb29 /Feb12 Nuveen Select Maturities NIM 3.0 .026 M Mar01 /Feb12
May 272.70 276.80 271.40 276.50 3.40 86,263 June .9861 .9888 .9840 .9861 –.0007 250 Invesco Value Mun Incm Tr IIM 4.9 .07 M Feb29 /Feb12
Nuveen Select Quality NQS 5.3 .0635 M Mar01 /Feb12
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD iSh Conservative Allocat AOK 4.1 .03475 M Feb08 /Feb04
Nuveen Senior Income Fund NSL 7.6 .035 M Mar01 /Feb12
March 30.76 31.19 30.72 30.79 .03 156,086 March .7094 .7124 .7021 .7035 –.0050 123,424 iSh Int Rate Hdgd Corp Bd LQDH 1.4 .10109 M Feb08 /Feb04
Nuveen Shrt Dur Cr Opp Fd JSD 8.2 .097 M Mar01 /Feb12
May 31.01 31.39 30.92 31.00 .04 98,937 June .7052 .7085 .6993 .7006 –.0050 749 iSh Int Rate Hi Yield Bd HYGH 7.6 .19713 M Feb08 /Feb04
Nuveen TX Qual Income NTX 4.5 .0545 M Mar01 /Feb12
Mexican Peso (CME)-MXN 500,000; $ per MXN iSh Interest Rate Hdg 10+ CLYH 3.5 .0259 M Feb08 /Feb04
Rough Rice (CBT)-2,000 cwt.; $ per cwt. iSh Interest Rate Hdg EM EMBH 4.3 .05689 M Feb08 /Feb04
Nuveen VA Premium Income NPV 4.6 .0545 M Mar01 /Feb12
March 1105.00 1123.00 1099.00 1117.50 17.00 9,149 March .05474 .05479 .05377 .05387 –.00077 111,734 NuveenCA 3 NZH 5.6 .067 M Mar01 /Feb12
May 1132.00 1152.00 1128.00 1145.00 16.50 2,874 June .05383 .05392 .05345 .05353 –.00076 53,624 iSh Yield Optimized Bd BYLD 6.5 .05344 M Feb08 /Feb04
iShares Curr Hdgd Intl HY HHYX 3.0 .03813 M Feb08 /Feb04 NuveenMuniIncoOpp Fd NMZ 6.5 .076 M Mar01 /Feb12
Wheat (CBT)-5,000 bu.; cents per bu. Euro (CME)-€125,000; $ per € iShrs Mrnngstr Multi Asst IYLD 9.1 .06094 M Feb08 /Feb04 NuvFloatRteInco Fd JFR 7.4 .06 M Mar01 /Feb12
March 475.75 483.00 473.25 475.25 … 208,609 March 1.0898 1.0951 1.0897 1.0927 .0024 398,260 NuvGA2 NKG 4.7 .0535 M Mar01 /Feb12
JHancock Pr Div PDT 7.7 .09 M Feb29 /Feb11
May 480.50 487.25 478.00 480.00 –.50 78,596 June 1.0929 1.0981 1.0929 1.0958 .0024 3,240 PCM Fund PCM 10.7 .08 M Mar01 /Feb11
John Hancock Pfd II HPF 8.4 .14 M Feb29 /Feb11
Wheat (KC)-5,000 bu.; cents per bu. John Hancock Pfd Inc III HPS 8.0 .1222 M Feb29 /Feb11 PIMCO California Mun II PCK 6.4 .05375 M Mar01 /Feb11
March 466.75 473.75 464.00 465.25 –1.50 105,571 Index Futures PIMCO California Mun III PZC 5.9 .06 M Mar01 /Feb11
John Hancock Pfd Income HPI 8.2 .14 M Feb29 /Feb11
July 487.00 493.25 484.00 485.25 –1.75 50,672 Mini DJ Industrial Average (CBT)-$5 x index PIMCO California Muni PCQ 5.8 .077 M Mar01 /Feb11
Mangd Durtn InvGr Mun Fd MZF 5.3 .0616 M Feb29 /Feb12
Wheat (MPLS)-5,000 bu.; cents per bu. March 16317 16326 16020 16091 –249 61,534 MFS California Muni Fund CCA 5.0 .05 M Feb29 /Feb18 PIMCO Corporate & Incm PTY 11.8 .13 M Mar01 /Feb11
March 495.00 500.00 494.00 495.75 .75 31,847 June 16185 16224 15950 16010 –249 826 MFS Charter MCR 9.4 .05894 M Feb29 /Feb18 PIMCO Corporate & Incm PCN 9.9 .1125 M Mar01 /Feb11
May 500.50 505.75 499.75 501.75 1.00 16,473 S&P 500 Index (CME)-$250 x index MFS Govt Mkts Income Tr MGF 7.5 .03411 M Feb29 /Feb18 PIMCO Dynamic Credit Incm PCI 11.2 .16406 M Mar01 /Feb11
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 1929.00 1929.10 1889.20 1897.40 –33.90 111,662 MFS Hi Inc Muni CXE 5.9 .025 M Feb29 /Feb18 PIMCO Dynamic Income Fund PDI 10.0 .2205 M Mar01 /Feb11
March 157.950 159.500 157.250 157.850 .075 17,013 June 1890.00 1890.00 1888.00 1888.90 –34.10 2,434 MFS Hi Yld Muni CMU 5.9 .023 M Feb29 /Feb18 PIMCO Global StocksPLUS PGP 12.9 .18335 M Mar01 /Feb11
Aug 156.950 158.175 156.200 157.125 .150 6,224 PIMCO HiInco PHK 15.5 .10346 M Mar01 /Feb11
Mini S&P 500 (CME)-$50 x index MFS Inc Tr MIN 9.2 .03509 M Feb29 /Feb18
Cattle-Live (CME)-40,000 lbs.; cents per lb. March 1928.50 1929.25 1889.00 1897.50 –33.75 2,888,962 MFS Intermed Hi Inc CIF 11.1 .02002 M Feb29 /Feb18 PIMCO Incm Strategy Fd II PFN 11.3 .08 M Mar01 /Feb11
Feb 135.500 136.225 135.175 135.725 .050 32,834 June 1918.75 1919.00 1880.75 1889.00 –34.00 38,881 MFS Invest Grade Muni CXH 5.0 .042 M Feb29 /Feb18 PIMCO Inco Str Fd PFL 11.5 .09 M Mar01 /Feb11
April 134.400 135.075 134.100 134.750 .325 115,835 MFS Multimkt MMT 9.5 .04245 M Feb29 /Feb18 PIMCO Income Opportunity PKO 11.2 .19 M Mar01 /Feb11
Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 1310.30 1311.40 1281.50 1287.20 –23.20 101,588 MFS Munl Inco MFM 5.5 .032 M Feb29 /Feb18 Pimco Muni Inc II PML 6.0 .065 M Mar01 /Feb11
Feb 65.225 65.325 64.125 64.200 –1.150 24,403 MFS Special Value MFV 11.1 .04638 M Feb29 /Feb18 PIMCO Muni Inc III PMX 6.2 .0623 M Mar01 /Feb11
April 70.050 70.275 69.000 69.100 –1.600 74,993 Mini Nasdaq 100 (CME)-$20 x index
March ... ... 4170.8 4192.0 –99.5 270,521 Neubrgr Brm Rl Est Sec Fd NRO 7.8 .03 M Feb29 /Feb16 PIMCO MuniFd PMF 6.3 .08125 M Mar01 /Feb11
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 4262.3 4268.0 4166.8 4186.3 –99.5 500 Nuv Float Rte Opp Fd JRO 8.1 .063 M Mar01 /Feb12 PIMCO NY Fd PNF 5.5 .057 M Mar01 /Feb11
March 243.30 250.20 241.90 248.70 7.80 3,918 Nuv Inter Duration Qlty NIQ 4.3 .0475 M Mar01 /Feb12 PIMCO Strat Income Fund RCS 11.3 .08 M Mar01 /Feb11
May 240.00 246.80 240.00 244.90 6.20 1,463 Mini Russell 2000 (ICE-US)-$100 x index
NuvAMTFreeMuniIncm NEA 5.4 .0625 M Mar01 /Feb12 PimcoNY PNI 6.1 .06625 M Mar01 /Feb11
March 1023.00 1024.90 1001.50 1007.40 –18.90 414,797
Milk (CME)-200,000 lbs., cents per lb. NuvAMTFreeMuniIncm NRK 5.3 .0585 M Mar01 /Feb12 PimcoNY Fd PYN 5.9 .0525 M Mar01 /Feb11
June 1018.00 1018.00 1003.40 1002.40 –18.90 50
Jan 13.73 13.73 13.73 13.73 … 3,238 NuvDivAdvMuniIncm NVG 5.2 .0645 M Mar01 /Feb12 Templeton Global GIM 4.8 .025 M Feb29 /Feb12
Feb 13.83 13.96 13.82 13.91 .03 4,984 Mini Russell 1000 (ICE-US)-$100 x index Nuveen AMT-Free Mun Value NUW 4.4 .065 M Mar01 /Feb12
March 1052.40 1053.90 1042.30 1047.00 –19.80 7,663
WstAssetClymr InflLnk Sec WIA 3.6 .032 M Feb29 /Feb12
Cocoa (ICE-US)-10 metric tons; $ per ton. Nuveen AZ Premium Income NAZ 5.0 .0665 M Mar01 /Feb12 WstAstClymr InfLnkd Fd WIW 3.9 .0335 M Feb29 /Feb12
March 2,852 2,858 2,753 2,761 –107 70,320 U.S. Dollar Index (ICE-US)-$1,000 x index Nuveen Build Am Bd Fd NBB 6.4 .112 M Mar01 /Feb12 Zweig Total Return ZTR 2.2 .076 M Feb19 /Feb11
May 2,858 2,860 2,761 2,767 –104 64,799 March 99.04 99.11 98.79 98.89 –.14 74,220 Nuveen Build Am Bd Opp Fd NBD 6.3 .1085 M Mar01 /Feb12
Coffee (ICE-US)-37,500 lbs.; cents per lb. June 99.07 99.19 98.90 98.99 –.14 2,245 Nuveen CA Div 2 NVX 5.0 .0675 M Mar01 /Feb12 Foreign
March 117.45 120.50 116.75 119.85 2.10 81,295 Nuveen CA Div Fnd NAC 5.8 .076 M Mar01 /Feb12 Goldcorp GG 2.1 .02 M Feb19 /Feb11
May 119.55 122.45 118.95 121.90 2.05 49,283 Source: SIX Financial Information Nuveen CA Mun Value Fd 2 NCB 4.4 .065 M Mar01 /Feb12 Santander Fin FR Sers 6 SANpB 4.7 .25 Q Mar07 /Feb21
HOME & DIGITAL
Electric Car Mash-Up Manning’s ‘80s

Comedy Mania
A Jeep with a side of Volkswagens MY RIDE | D4 SPORTS | D6
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | D1
Time to Plan for Spontaneity

We book ahead for everything so
just plan to be unplanned, too;
new apps secure last-minute
reservations and tickets
BY NINA SOVICH
Every once in a while Heather Schwager

decides to stop on her way home from work
for a glass of wine.
The inspiration strikes when the 42-year-
old executive recruiter is just five minutes
from pulling into her Washington, D.C.
driveway, and the dollop of impulsivity cre-
ates a break from her routine.
Spontaneity, always in short supply, is
scarce these days. It is nearly impossible to
get reservations for dinner at coveted res-
taurants. Movies sell out, and vacations are
planned to the 15-minute increment. A
month ahead, parents can be sure their
child gets into an art activity at the local
museum and reserve ice cream at the
nearby cafe for lunch afterward.
All this planning may not be good for us,
creatively or romantically. Last-minute deci-
sions and the surprises that may stem from
them, such as finding a new, even better,
cafe with open tables, or watching a film
you hadn’t planned to see, are joyful.
Companies and small startups are re-
sponding by offering the option to plan at
the last moment. The appeal: organized
spontaneity.
JOHN KUCZALA FOR THE WALL STREET JOURNAL; PHOTOS BY ISTOCK; THINKSTOCK
“There are the people who tie up the
best restaurants and hotels really early,”
says Priceline Group CEO Darren Huston,
“but they are offset by another group who
make their decisions at the last moment.
There are real extremes of distribution.”
Spontaneous planning is growing fast,
says Mr. Huston, due in part to people book-
ing on their mobile phones and what he
calls industry plumbing: Hotels, restaurants
and entertainment venues are developing
the back-end capability to handle last-min-
ute requests.
“Hotels have realized they don’t have to
panic if they are going into the last 24
hours and everything isn’t booked,” Mr.
Huston says. Restaurants are also beginning
to keep tables free, knowing some custom-
ers want to make reservations at the last
moment. Currently one fifth of reservations
made on Priceline’s OpenTable app are done
an hour before the meal, a number which is Even the 3:10 on Wednesday Is Sold Out?
expected to increase as mobile usage in- It is difficult to catch a movie just minutes before the start time, leading many to book tickets days in advance.
creases. But, winging it lets people build bonds by requiring small leaps of faith that an activity will be fun.
A host of startups also are introducing
new ways for under-planners to take back
1/5 2/3 30% 5%

the night. Citymaps, an app that provides
information on local events, stores and din-
ing, has teamed up with concert-info app
Songkick to give real-time information on
what bands are playing nearby and whether of restaurant reservations are booked the same day. of all Priceline bookings are of all Priceline bookings
tickets are still available. YPlan, an enter- made on mobile devices are made on mobile devices where made on mobile
tainment planning app, aggregates theater
tickets for same-day purchase. Reservation made one hour before start today ... devices fivesyears
yearsago.
ago.
Please see PLANNING page D2 time ... Source: Priceline Group
Stretch Your Wireless Data Instead of Paying More

BY JOANNA STERN zon customers paid overages, a re- Step 1: Curb your apps manually reset it. doesn’t. It’s a shame, since the
port by Cowen and Co. found. I’ll admit it: I had no idea some I discovered that Snapchat, savings can be significant.
Last month I got the dreaded You don’t have to be a telecom apps were such data hogs. If I had Facebook, Twitter and Safari are A website that used 5MB to
text message: “You’ve used about expert to figure out what’s hap- known Snapchat used 2GB last my biggest data hoovers. But just load in Safari took half as much
90% of your data. Extra data for pened. Bigger, more powerful month, I never would’ve uploaded because they’re bankrupting me data to load in Opera Mini and
this cycle is $15 per 1GB.” smartphones and video-heavy that series of me eating a PB&J. doesn’t mean I’m going to use Chrome with data saving enabled.
Here’s what that message websites and social media feeds What we really need are data them less. Instead, I’ve disabled Instead of loading the entire site,
should’ve said: “You’re going over- have us chewing through more usage alerts from the apps them- cellular use of more data-intensive they load portions of it while de-
board on the data than ever. selves. But maybe that’s like Na- features—especially video play- creasing photo quality. You can re-
Snapchat and And it’s getting worse. Today, bisco telling you to cut back on back. duce the load of websites in Safari,
Facebook video, U.S. smartphones use 3 to 4 giga- the Oreos. Until then, you need to In Facebook and Twitter, I dis- too, by using a content blocker like
gigabyte guzzler! bytes a month. By 2019, according keep an eye on your phone OS’s abled auto-playing videos on mo- Purify. But that requires an addi-
Turn on data sav- to Ericsson, they will consume five overall data meter. In Settings— bile. In Snapchat, I enabled Travel tional app—and an ethical debate
ings in those apps times that. under Cellular for iOS, Data Usage Mode, so it won’t automatically about ad blocking.
or you’ll be mortgaging your house We can only pray the data caps for Android—you can see how download video and photos in new Data saving is even more no-
to keep paying our bills. Capisce?” won’t be so draconian then. But much cellular data each app has stories from people I follow. Many ticeable with video. A three-min-
Most of us skirt just under our today gigabytes are more precious used. popular apps offer similar settings. ute HD video in Safari used 64MB.
monthly data allowances, although than gold. Still, you can save data Android offers the superior Stanching the flow in a browser On Opera Mini, Video Boost re-
plenty of poor souls pay that over- within your current plan by mak- tool. Input the dates of your billing is harder. Google’s Chrome and duced it to 23MB. Sure, the com-
age charge. ing small adjustments. Welcome to cycle and it automatically clears Opera’s Mini mobile browsers have pressed video was VHS-quality, but
In 2015’s last quarter, 28% of my three-step Data Diet—no scales the meter when the next cycle be- a data saver mode to compress im- I don’t need IMAX to catch up on
AT&T customers and 20% of Veri- required. gins. On the iPhone you have to ages and video, but Apple’s Safari news.
Chrome’s Data Saver is for An-
droid phones only. (A recent
Chrome update disabled the fea-
ture for iPhones; Google hopes it
will work again soon.) Opera
Mini’s features do work on
iPhones, but you still can’t disable
DREW EVANS/THE WALL STREET JOURNAL (2)
Safari from being the phone’s de-

fault browser. Some apps let you
use other browsers, but most auto-
matically launch Safari when you
tap a link.
Step 2: Bargain with carriers

Those annoying carrier ads,
which might as well claim one
horse and buggy is faster than an-
other, reveal something great:
These companies are desperate to
Stopping those pesky cellular overage text messages, left, is easier than you think. You can start by pinpointing the biggest data hogs using tools built in to keep you. Take advantage of all
Apple’s iOS and Google’s Android, right. Please see DATA page D3
D2 | Wednesday, February 3, 2016 NY THE WALL STREET JOURNAL.
HOME & DIGITAL
What’s Selling Where? The Bloody Mary, Around the World

The St. Regis luxury hotel chain says its best-selling Bloody Mary cocktail was born in 1934, when a incorporating local flavors and garnishes. The chain shares each recipe online and in a cookbook. “We
bartender at its New York location, Fernand Petiot, perfected a recipe for a vodka and tomato juice want to encourage people to replicate it,” says Jim Petrus, St. Regis’s global brand leader. Below, some
cocktail. Today, the 36 St. Regis hotels around the world serve versions of the typically spicy concoction, of the far-flung iterations of the St. Regis Bloody Mary. — Ellen Byron
ST. REGIS HOTELS & RESORTS (5)

NEW YORK DUBAI ROME SINGAPORE KAUAI, HAWAII
Red Snapper Golden Mary Mary Chilli Padi Aloha Mary

More than 60 Bloody Mary cocktails
are sold every day at the King Cole bar
The St. Regis in Dubai, which
opened last November, has its own
Terranean Mary The “Aloha Mary” cocktail has lime
juice, wasabi powder, sriracha and a
in the St. Regis in New York. Bloody Mary recipe called “Golden The “Mary Terranean” is the Bloody The “Chilli Padi Mary,” sometimes garnish of sea asparagus. Locally
“People come in at all hours for Mary,” Mr. Petrus says. Mary of the St. Regis in Rome. “No served in a short tumbler instead of a sourced organic Hawaiian vodka and
this drink because we’re known for it,” It calls for, among other things, surprise, this has virgin olive oil, a traditional highball, includes guava wood-smoked sea salt add a
Mr. Petrus says. yellow tomato juice, a dash of edible splash of oregano, a dash of red hot lemongrass, ginger and thinly sliced local twist.
The New York version, called the gold-leaf flakes and a lot of patience: pepper powder and basil leaves,” Mr. chilli padi, a popular hot pepper in Mr. Petrus says guests on a tropical
“Red Snapper,” is the original Petiot Rose petals are combined with a bottle Petrus says. Southeast Asia. island don’t drink a Bloody Mary any
recipe, including lemon juice, tomato of premium vodka and set aside for “We want to make sure that when differently than people in urban
juice, Worcestershire sauce, Tabasco, seven to 30 days people receive the drink, they are taken settings. “The Bloody Mary is enjoyed
cayenne pepper, celery salt and whole aback, by not only the flavors but also universally at all times of the day, no
black peppercorns the beauty,” Mr. Petrus says. matter where you are,” he says.
PLANNING
brain is immobilized, you become Washington, D.C. hot spot Komi,
spontaneous and people will find says because the small restaurant
you more trustworthy. This in- is often booked weeks in advance
stinct to trust spontaneous people she and her husband, chef Johnny
Continued from the prior page applies both to people we know, Monis, opened sister restaurant
apps such as Tablelist allows peo- like our spouse, and ones we don’t, Little Serow next door.
ple to book tables at nightclubs, like politicians. “We wanted a place people
and Resy lets you buy a last-min- Debbie Lee Stalzer, a dentist in could just walk in to and get a bite
ute restaurant reservation. New York, may be an avid planner to eat,” says Ms. Marler of Little
Still, is using your phone to but says she better remembers the Serow, which doesn’t take reserva-
plan an event a truly spontaneous moments when she has been spon- tions. Since opening, however, the
act? Edward Slingerland, professor taneous. On Christmas Eve last northern Thai restaurant has be-
of Asian studies at the University year, she and her husband wan- come such a hit there are often
of British Columbia and author of dered around to find a place to lines stretching outside the door.
“Trying Not to Try: The Art and eat. On a Saturday night, diners hire
Science of Spontaneity,” thinks They stopped in three restau- professional line-waiters.
not. rants and finally found a table at “Were we surprised by the line
“No one unplugs anymore,” the “local cheesy pasta place.” The waiters?” asks Ms. Marler. “Yes,
says Dr. Slingerland. “The restau- food wasn’t great but it was funny how could we not be. When we
FROM LEFT: CITYMAPS; RESY
rant has to be amazing because we and relaxing, Dr. Lee Stalzer says. went for a reservation-free restau-
will take a picture of the pasta and “We can’t leave the evening to rant it wasn’t exactly what we had
post to Facebook.” chance because the food might be in mind.”
He points out that constant bad. The thinking goes, it’s the Ms. Schwager, the executive re-
planning also kills a romantic vibe. only time I get off all week I’m go- cruiter, is also on the PTA and her
An unplanned moment can be ing to be really irritated if it’s two children have four activities a
bonding. It means taking a small bad,” says Rebecca Spang, author week. She often works out at 6
leap of faith that your lark will be The Citymaps app, left, shows nearby bars, restaurants, stores, and events. of “The Invention of the Restau- a.m., and she eats dinner out two
fun. Following an agenda is more The Resy app sells last-minute reservations to restaurants. rant: Paris and Modern Gastro- or three times a week.
rote and less exciting. This goes nomic Culture.” “It’s not the busyness that
for everything from being caught but have the plan unfold,” Dr. down the parts of your brain Still the desire for a less- bothers me, it’s the planning,” she
in a thunderstorm to exploring a Slingerland says of an ideal eve- which plan, primarily the prefron- planned existence lingers, even in says. “Anything I do spontaneously
new neighborhood in Bangkok. ning. “It’s the way a great dinner tal cortex, and which humans also the competitive world of restau- is five hundred times more enjoy-
“The trick is not to have a plan party feels.” This involves dialing use to lie. Once that part of your rants. Anne Marler, co-owner of able.”
In France, Learning to Say ‘Bonjour’ a Lot

BY EMILY MONACO
Paris
There’s an expression in
French: Simple comme bon-
jour, simple as hello. But for
expats, even seasoned ones,
bonjour is anything but sim-
ple.
©2015 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.
As an American who has

lived in France for nine
years, I’m often
EXPAT sought out by
new arrivals
wanting to
commiserate over shared
visa horror stories or inter-
actions with “rude” locals.
But I would knowingly shake
my head at their stories,
convinced they were due to
simple cultural misunder-
standings, the most common
of which is the use—or mis-
ISTOCK
use—of the word bonjour.

When entering a shop, a
restaurant, a café, an Ameri- A cafe in the Montmartre neighborhood of Paris.
can is happy enough to
smile broadly and say: “Do ing for a small media com- smiling but greeting. Upon in that all-important French
you have this in a size 8?” pany in Paris three years arriving at the office, he concept: égalité, equality.
or “We’re going to be five ago. For two years, I be- said, I shouldn’t start the Modern France was envi-
California Closets creates custom storage for lunch.” In France, this is lieved that we all got along day reading emails or check- sioned as a country of
solutions for every room in your home. abhorrently rude. No matter quite well, until the day my ing backups, but rather by equality; bonjour is an ac-
the declaration, whether it’s work best friend confessed: saying bonjour to all 30 em- knowledgment of your inter-
Visit our showroom or call today to arrange your
“One coffee, please,” or “People don’t really find you ployees, one by one. When I locutor, a nod to your coex-
complimentary in-home design consultation. “Could I use your phone to all that friendly.” frowned and said I’d rather istence. Omitting it isn’t just
call an ambulance? My wife I balked. I’ve done my get right to my desk, he told rude, it’s a refusal to see the
U PPE R EAST SI DE212.517.7877 appears to be in labor,” it share of smiling too much in me that in that case, I other as an equal.
must begin with bonjour. Paris (where grins are should say bonjour the first Simple comme bonjour…
TR I B ECA & B ROOKLYN 646.486.3905 Omitting it is tantamount to hoarded for close friends) to time I saw each person—ev- n’est-ce pas?
NASSAU & QU E E NS 516.334.0077 a spit in the face. the point that my local fish- ery single day.
WESTCH ESTE R & H U DSON VALLEY 914.592.1001 Though I spouted this ad- monger proposed marriage. It seemed like a waste of Read more articles about
vice for years, I didn’t truly When I pressed my col- time to me. But as time life overseas and for global
californiaclosets.com understand the power of league for details, he said went on, I began to see that nomads everywhere at
bonjour until I began work- that my problem wasn’t my friend’s logic was rooted http://blogs.wsj.com/expat
THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | D3
HOME & DIGITAL
All the Reasons an Artist Treasures an Old Necklace

BY KRISTIANO ANG
On a summer day in 1980, when

Françoise Gilot was in Athens with her
husband Jonas Salk, the polio vaccine
pioneer, they popped into an antique
shop in Plaka, the city’s old neighbor-
hood situated on the slopes of the
Acropolis.
Ms. Gilot was looking for another
Ottoman-period bronze necklace, hav-
ing fallen in love with a
OBJECT OF similar piece she’d re-
SASHA MASLOV FOR THE WALL STREET JOURNAL (2)
DESIRE ceived from a friend.

The boutique was the
only place she thought
she could find such an accessory.
Their search was successful. More
BETTMANN/CORBIS
than three decades later, the necklace
her late husband purchased for her
that day remains her treasured, go-to
accessory. She wore it recently to a
gala at the Alliance Française in New
York.
Ms. Gilot has maintained an affinity Marriage and Motherhood
for all things Greek since growing up in Françoise Gilot, an artist in postwar Paris and today a 94-year-old New Yorker,
Neuilly-sur-Seine, an affluent Parisian says an antique necklace brings back memories from many points in her life. At
suburb. “Most children love folklore left, Ms. Gilot in her New York apartment; above, with the late Dr. Jonas Salk in
stories, and I had my mind fixed on an- 1970, shortly before they married; and below, in 1951 with Pablo Picasso. Lower
tique Greece always,” she said. left, the necklace that Dr. Salk bought for her in an Athens antique store.
Years would pass before she visited
the site of her childhood fantasies. She
read dozens of books about Greece
and drew pictures of Hellenic gods and
heroes inspired by ancient tales. In the
1960s, she would sail around the Ae-
gean Sea every summer with her chil-
dren, seeking out remnants of ancient
Greek city-states. Back at her London
studio, she created a series of paint-
ings, heavily influenced by animals and
classical Greece. Some are hanging in
her New York apartment today.
One of the prominent artists of
postwar Paris, Ms. Gilot, now 94, has
lived primarily in the U.S. since 1970.
Cambridge-educated, she is also the
author of nearly a dozen books, includ-
ing her best-selling memoir “Life with
Picasso,” about her relationship with als, because more precious metals costumes and the Bronze Age civiliza-
Pablo Picasso, who is the father of two were liable to be confiscated by the tion that preceded the Greece of
of her children. Her most recent work Ottoman authorities who ruled Greece Homer and Hesiod.
is “About Women,” a discourse she coat that time. Despite her long-held Greco-philia,
wrote with the feminist writer Lisa Al- Ms. Gilot said she was attracted to Ms. Gilot said her interest in producing
ther about womanhood. the piece by its simplicity. “It’s very art influenced by that period has
ROGER VIOLLET/GETTY IMAGES

Ms. Gilot’s necklace comes from beautiful!” she said. “I’m much more in- waned. “I have expressed myself in
humble origins. It was crafted in the terested in folklore and art than a that manner, so it’s done for me and
18th century as a wedding gift for a lo- necklace with diamonds or gold. Art I’m not going to start again,” she said,
cal peasant, according to Ms. Gilot, comes from the people, and if you’re a referring to her childhood drawings and
who has seen several similar accesso- great artist, whether you’re from a high Greek-themed paintings. Looking at the
ries in the Benaki Museum in Athens. or low background doesn’t matter.” clasp of the necklace, which was
It is made from bronze, glass beads She also liked that the piece’s base shaped in the form of a phoenix, she
and other relatively inexpensive materi- metal is a reference to ancient warrior said, “This is a symbol of rebirth.”
Hunting Down the Data Hogs

DATA
scriber, I have access to over
500,000 of them.
Carriers sell you plans in gigabytes (GB), each equal to 1,000 Time Warner uses a new tech-
megabytes (MB). Here’s how many MB were used in 30 minutes nology called Passpoint to auto-
of the following activities during a recent test: Continued from page D1 matically—and securely—log me in
they offer—or consider switching. when I’m in range. No need to
Verizon has been running a se- punch in username and password.
ries of promotional data give- It was easy to set up and now I’m
aways. The latest? If you sign up pleasantly surprised to find my
for its Go90 app, you’ll automati- phone connected to Wi-Fi, even
cally get an extra 2GB of data for when I’m out walking the dog.
the next three months. Last week, Many cable providers, including
when my spouse called to ask for a Comcast’s Xfinity and Cablevi-
27 MB 68 MB 87 MB 358 MB bit more data, they gave us 1GB of
“Bonus Data” for the year. My col-
sion’s Optimum, offer similar op-
tions. If you don’t have one of
30 minutes 30 minutes 30 minutes 30 minutes league has had similar luck getting those, it may be worth subscribing
of stream- of video of scrolling of streaming a gig or two at AT&T. Just call or to a stand-alone Wi-Fi service.
ing music at calling with auto- video stop by. minute clip on the “Saturday Night Boingo’s $10-a-month service buys
It’s an effort to keep us from Live” website used 40MB of data you access to thousands of hot
auto quality play video switching to T-Mobile, which has on T-Mobile. On Verizon, it took spots around the world, including
surged in subscribers after an 60MB. Time Warner’s. (That’s the cost of
Note: Tests conducted on an iPhone 6s in the same location with a strong Verizon LTE signal. overhaul of the traditional carrier Here’s the crazier part: With a an extra GB or two on your cell
model: It cut prices, eliminated pe- qualifying plan, you can watch un- plan.)
nalizing overages and offers unme- limited Netflix, Hulu and other There’s also free public Wi-Fi,
tered music streams and interna- supported video services without which you can find with Wi-Fi Map
tional calls. Struggling Sprint now eating into your data. Yes, even all for iOS and Android—just remem-
entices switchers with data plans 10 seasons of “Friends.” ber to take proper security precau-
for half of T-Mobile’s going rates tions before connecting.
and is also dumping overage Step 3: Embrace public Wi-Fi The thing is, even your cellular
DREW EVANS/THE WALL STREET JOURNAL (2)
charges. Of course, when deciding Maybe you’ve heard of so-called carrier wants you to use Wi-Fi, be-
to switch, service quality should unlimited plans offered by Sprint, cause it lessens network strain.
be your first priority. T-Mobile and (in some cases) That’s why AT&T and Google alike
But at T-Mobile, a data plan AT&T. They’re not always the best are expanding their Wi-Fi foot-
still goes further than most. In ad- value, and despite the name, your print, some of which will use Pass-
dition to its Music Freedom ser- speeds can be slowed when you hit point.
vice—which lets you stream from a certain amount. For real peace of Combining Wi-Fi and cellular is
Spotify, Apple Music and other mind, you’re going to want Wi-Fi. the best of both worlds. You can
popular services without eating Wi-Fi might be obvious, but the watch HD video for hours, and still
into your data—it recently added fact that you may already pay for avoid those cranky data-cap text
Binge On. widely available public Wi-Fi is messages.
Though controversial for not not. For instance, I’ve always ig-
Disabling autoplaying videos in Facebook, above, is an instant data saver. being opt-in, Binge On scales all nored the “TWC-WiFi” network I Write to Joanna Stern at
Unlike Apple’s Safari, Opera’s Mini mobile browser, above right, offers built in video down to 480p DVD resolu- see in various places, but it turns [email protected] or on
data saving tools. tion to save data. Streaming a five- out, as a Time Warner Cable sub- Twitter @joannastern.
Barnes & Noble Tests Personalized Children’s Books

BY JEFFREY A. TRACHTENBERG the quarter ended October 2015, the
company posted a 4.5% drop in sales.
Barnes & Noble Inc., which is fight- Comparable-store sales fell 1%.
ing to boost store traffic, is launching Jim Milliot, editorial director of
a program that lets parents personal- Publishers Weekly, said only a handful
ize books by inserting the names and of publishers offer personalized titles.
photos of their children into starring “This is really aimed at kids, who get
roles in some of the country’s leading excited when they see their name. It
children’s titles. becomes something they can have fun
The retailer said Tuesday it has with,” he said.
struck a partnership with independent Shoppers won’t be able to instantly
ISTOCK
publisher Sourcebooks Inc. covering personalize their books at most Barnes

211 stores that will promote Source- & Noble locations. Instead, they’ll see
books’ “Put Me in the Story” personal- Parents will be able to give their children an in-store display, buy a book, and re-
ized-books program. a starring role in many popular books. ceive a voucher they can redeem online
Sourcebooks, a closely held pub- at BN.com/putmeinthestory. Customers
lisher based in Naperville, Ill., is mak- merchandising officer at Barnes & No- whose local Barnes & Noble stores
ing more than 100 titles available. ble. “This test will make our customers don’t have a display can also purchase
These include such works as “You!” by more aware of personalized books, and the titles directly at that website.
Sandra Magsamen and “I Love You So” if it’s successful, we’ll definitely ex- “We’ve been publishing personal-
by Marianne Richmond. Each personal- pand it.” The retailer intends to heav- ized books for three years via ‘Put Me
ized book will cost, on average, $29.99. ily promote the new program, she said. In the Story,’” said Dominique Raccah,
“The gift of personalization is Barnes & Noble is battling Ama- chief executive of Sourcebooks.
something we’ve always been inter- zon.com Inc. for both digital book sales “You’re going to see titles aimed at
ested in,” said Mary Amicucci, chief and online sales of physical books. For adults as well.”
D4 | Wednesday, February 3, 2016 THE WALL STREET JOURNAL.
CARS
The Jeep With Volkswagen Parts and an Extension Cord

Doug Manowitz, 59, a contrac- plan my trips around where I can
tor from New York City, on his plug in. At coffee shops, people
homemade electric Jeep, as told to plug in their laptops. I plug in my
A.J. Baime. vehicle, and I run the wire out the
I started this vehicle as a sci- door with a couple traffic cones on
ence experiment. I the sidewalk so no one trips.
MY RIDE thought, what if I Technically the vehicle sits on a
could build an elec- 1970 VW chassis, so it’s registered
tric vehicle mostly as an old car, and only costs about
out of parts I could buy on eBay? $300 a year to insure.
Essentially out of junk, with some In the future, I’d love to start a
new components added in? It shop class for high school stu-
would put out zero emissions, and dents. I’d say: Hey, here’s this car I
would cost me nothing to drive. I built. It’s useful, and a lot of the
could plug it in with a regular ex- materials are recycled. You can
tension cord wherever I went. build one, too. That would be a
I started with two donor cars win-win.
that I used to build a chassis: a
1957 VW Beetle and a 1970 Beetle. Contact A.J. Baime at
Then I found a fiberglass replica of Facebook.com/ajbaime
BEN SARLE FOR THE WALL STREET JOURNAL (4)
a Jeep CJ5 body. All this I brought

to a garage in Manhattan, where
some helpful guys gave me work- Doug Manowitz, 59, stands in
space, and I continued collecting Manhattan, with his homemade
components. electric vehicle, which he crafted out
When I got to the point that of two Volkswagens, a replica Jeep
the vehicle would roll, I towed it CJ5 body, an electric motor and
to the basement garage of my innumerable parts bought on eBay.
building on the Upper East Side. The charging cord plugs into the gas-
There, the work continued. I found cap hole. Range is about 20 miles,
seats, windshield wipers, rearview though Mr. Manowitz rarely goes
mirrors. I tried to keep some sense long without a recharge.
of color scheme, so the vehicle
would be aesthetically pleasing.
The roll bar came from a Porsche
Boxster. The electric motor I
bought new from a company in
California. For power, I used eight
12-volt gel cell batteries, strung in
a series, with one extra 12-volt
battery for the light signals, radio,
and windshield wipers.
The vehicle took a year to build,
and in February 2015, it passed in-
spection. Collectively, I spent
about $15,000. The range is proba-
bly 20 miles, but I usually drive no
more than 5 or 10—which is all I
need in Manhattan, anyway. I carry
a 50-foot extension cord, and I
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THE WALL STREET JOURNAL. Wednesday, February 3, 2016 | D5
ARTS IN REVIEW
FILM ART
FromShahtoSupremeLeader
Global/Local 1960-2015:
Six Artists From Iran
Grey Art Gallery
Through April 2
BY MICHAEL FITZGERALD
W
New York
hen you visit New York
University’s Grey Art
Gallery to see “Global/
Local 1960-2015: Six Artists
From Iran,” don’t miss the
basement. Deep underground,
the last work in the show will
shake you. Shiva Ahmadi’s ani-
mation, “Lotus” (2014), is not
ASIA SOCIETY
one of those plodding videos
almost everyone avoids. At less
than nine minutes, it grabs
UCLA FILM & TELEVISION ARCHIVE
viewers and immerses them in Shiva Ahmadi’s 2014 ‘Lotus’

a terrifying parable of enlight- (above); Chohreh Feyzdjou’s
ened government turned bad. 1992 ‘Série K’ (left).
With remarkable subtlety and
stunning beauty, a peaceful installations of objects from
world presided over by a Bud- the Holocaust, was crucial for
dha-like leader is transformed Feyzdjou’s portrayal of her
by merchants of death into a own sense of dislocation.
wasteland of violence and wan- Three artists, Ms. Ahmadi,
Seijun Suzuki’s ‘Branded to Kill’ (1967). ton destruction. Barbad Golshiri and Shahpour
Curated by Lynn Gumpert, Pouyan, represent the current
Japan’s Genre Bender the exhibition focuses in depth

on the six artists to sketch
more than half a century of Ira-
generation, those who were
born around the time of the
Revolution and grew up during
the paradoxical effect of plac- nian art. Art-world cognoscenti the devastating, eight-year war
Action, Anarchy and ing the film squarely in its era will critique the issues cap- with Iraq (1980-88). Both Ms.
Audacity: A Seijun and well ahead of its time. And tured by the title—the globe- Ahmadi and Mr. Pouyan moved
Suzuki Retrospective the film’s final twist, though hopping debate about whether to the U.S. in recent years, and
Billy Wilder Theater beyond improbable, is deeply the art of a particular place can both address issues of abusive
Feb. 5 through March 13 satisfying. maintain its roots in a local authority. Ms. Ahmadi’s “Lo-
Unfortunately, the director’s culture and also address global tus” is based on a series of her
BY DAVID MERMELSTEIN bosses at Nikkatsu were not expectations. Everyone else watercolors that were inspired
T
amused, and after continued will be fascinated by the ways by intricate masterpieces of
hough best known in the exercises in genre bending— this art allows us to explore 16th-century art: Hieronymus
West as part of the Jap- particularly in the films “Tokyo how gifted individuals have re- Bosch’s “Garden Earthly De-
anese New Wave that Drifter” (1966) and “Branded to sponded to Iran’s political and lights” and Persian miniatures.
FRE DE RIC DELPECH
also embraced auteurs like Kill” (1967)—Mr. Suzuki was cultural landscape from the fi- Mr. Pouyan’s work is driven by
Nagisa Oshima and Shohei fired, keeping him from an- nal decades of the reign of conceptual strategies and ex-
Imamura, the director Seijun other feature credit for a de- Shah Mohammad Reza Pahlavi, tends from drawing and pho-
Suzuki, now age 92, ultimately cade. But before the ax fell through the Islamic Revolution tography to sculpture and ce-
enjoyed a varied career. And came three potent, socially of 1979, and up to the present ramics. His steel sculptures
the breadth of his oeuvre is conscious works, each deal- moment of incipient change in present an uncomfortable
the focus of “Action, Anarchy ing—in Mr. Suzuki’s unique Iranian society. The Grey Gal- both ancient Iranian craft tra- gime and its many abuses. Mr. beauty by evoking both the
and Audacity: A Seijun Suzuki way—with war. lery is uniquely positioned to ditions and Western precedents Tanavoli emigrated to Canada decorative elegance of Islamic
Retrospective,” consisting of “Gate of Flesh” (1964) con- showcase this story because of abstraction to create a dis- in 1979, and Pilaram, who re- design and the spiky shapes of
21 features spanning 1957 to cerns itself with the afteref- the founder of the museum, tinctive modernism. This range mained in Iran, died in obscu- warriors’ helmets.
2005 and running Friday fects of conflict, concentrating Abby Weed Grey, assembled is not as surprising as it may rity in 1983. A younger genera- Unlike Ms. Ahmadi and Mr.
through March 13 at the Billy on a coterie of colorfully one of the largest collections of seem. Mr. Tanavoli’s revival of tion of artists, represented by Pouyan, Mr. Golshiri remains in
Wilder Theater in Los Angeles, garbed prostitutes united for Iranian art and donated 200 sculpture (a medium long ne- Iran, and he has forcefully cri-
presented by UCLA’s Film & their own protection during works, including many cur- glected by Islamic culture) in- tiqued contemporary politics,
Television Archive with sup- the American occupation. U.S. rently on view. spired by folk objects paralleled Responding to Iran’s despite the danger of censor-
port from the Japan Founda- troops are portrayed unsympa- The 1960s and ’70s were a the American sculptor David shifting political and ship, imprisonment or death.
tion. (An abbreviated version thetically, but then so is every- time of aggressive internation- Smith’s embrace of industrial His series “Curriculum Mortis”
of the series is also being one else in this curious study alism that reflected both the welding and the crude beauty cultural landscape. comprises photographs, sculp-
screened at the TIFF Bell of human selfishness and the ambitions of a new generation of ancient Mediterranean uten- tures, videos and performances
LIghtbox in Toronto through battle between the sexes. of artists and the political pro- sils. Pilaram blended Islamic that address the history of in-
April 2.) “Story of a Prostitute” gram of the shah, who sought symbols with the geometric Chohreh Feyzdjou (1955-1996), dividuals who, under the Is-
The retrospective accompa- (1965), an extraordinary film, to establish his authority on a patterns and luminous colors of had already relocated, in her lamic Republic, have been
nies the recent publication of is set in Japanese-occupied foundation that stretched from Persian manuscript illumina- case to Paris. killed and denied proper burial.
Tom Vick’s “Time and Place Manchuria and shot in unchar- the ancient history of the land tion and Paul Klee’s paintings. Drawing on her exceptional “The Untitled Tomb” (2012) is
Are Nonsense: The Films of Se- acteristic, but poetically neces- to the wealth and secularism of Meanwhile, under the pa- childhood as a Jew in Iran, a stencil made from sheets of
ijun Suzuki,” the first compre- sary, black and white. Follow- the oil boom. In art, the trans- tronage of the shah’s wife, Feyzdjou reflected on upheav- iron that have been perforated
hensive study in English of ing a group of “comfort formative movement was Farah, the government assem- als from afar. Her “Série K” with written phrases. When
these movies. The series opens women” and the soldiers they called Saqqakhaneh (named af- bled a first-class collection of (1992) cannibalizes her earlier pressed against the earth and
with the increasingly provoca- serve, this lyrical and stark ter common, traditional foun- Western art, from Picasso work as the fodder for a monu- sprinkled with soot, it leaves
tive B pictures Mr. Suzuki film charts the doomed rela- tains). Rooted in Persian, through Warhol. mental grid of drawings, each an ephemeral, but infinitely re-
made for the Nikkatsu studio in tionship between one such rather than Arab, heritage, Ira- The revolution brought a carefully rolled and tied with a peatable, memorial to the lost.
the mid-1960s. Twisting yakuza woman (a fierce Yumiko nian culture layered Islam over sudden end to this interna- string, but also blackened, as if
and noir conventions to the Nogawa) and the sensitive cor- far older traditions. Among the tional eclecticism, in part be- singed by fire. Her training Mr. FitzGerald teaches the
breaking point—and beyond, poral assisting a brutal officer Saqqakhaneh group, Parviz Ta- cause the shah had used West- with the French artist Chris- history of modern and contem-
some would say—the director to whom both are beholden. navoli and Faramarz Pilaram ernization as one of the tian Boltanski, whose art exam- porary art at Trinity College,
exploded viewers’ expectations “Fighting Elegy” (1966), also in (both born in 1937) embraced primary tools to justify his re- ines memory and loss through Hartford, Conn.
by playing down narrative co- black and white, evokes Jean
hesion and character develop- Vigo’s “Zero for Conduct”
ment while elevating cinematic (1933) and Frank Borzage’s “No PERFORMANCE
experimentation, including the Greater Glory” (1934) as it
Both Unpredictable and Fluid

use of unusual points of view, muses on the excesses pro-
image manipulation and, most voked by adolescent testoster-
striking of all, emphasis on one. But there is no mistaking
color saturation and visual its bald critique of the milita-
contrast. rism ascendant in 1930s Japan BY ROBERT GRESKOVIC senting activities like key- as if turned into a palm tree,
“Youth of the Beast” (1963), and the ruin it engendered. boarding at a computer; there, an image subsequently, wittily
A
a breakthrough effort, stars Mr. Suzuki’s return to the New York finding Ms. Gahan pushing a echoed by an actual, bonsai-
Joe Shishido (the George Raft screen in the mid-1970s culmi- s composer-librettist curled-up Mr. Konjar as if size tree.
of Japan and the star of five of nated in his so-called Taisho Robert Ashley dead—get framed or engulfed The stream-of-consciousness
Mr. Suzuki’s pictures) as a dis- trilogy, named after the period (1930-2014) worked on by the staging’s dominant set pace of Ashley’s reading of his
graced cop who sets two rival of rapid change (1912-26) in “Quicksand,” which he dubbed element: a hanging, patch- story mates intriguingly with
gangs against each other in an which these films are set. an “opera-novel,” he asked worked fabric that is some- the matter-of-fact appearances
attempt to clear both his own Though all three—“Zigeuner- dancer and choreographer times tethered to two rough of Ms. Gahan and Mr. Konjar as
name and that of his now-de- weisen” (1980), “Kagero-Za” Steve Paxton to set it all to rocks and otherwise suggests they enact their own mute
ceased mentor. But the plot’s (1981) and “Yumeji” (1991)— movement and theatrical de- the house curtain used in Ka- scenes. The distinct worlds of
intricacies get overwhelmed by are lengthy and often inscruta- signer David Moodey to create buki theaters. Ashley’s nonlinear narrative, of
the material symbols of the ble, they are exceptional pic- its lighting. Delicately under- A wooden chair, a large cut- Mr. Paxton’s diverting activities
era: booze, broads and brawn, tures, bearing little outward pinned by sound design and a out of a handgun, and a bay and of Mr. Moodey’s change-
PAULA COURT
all rendered Rat Pack style. The resemblance to the director’s live mix by Tom Hamilton, the window are other set pieces. able lighting remain separate
prominent inclusion of a gay, earlier work. Impeccably de- three-act production—for Throughout, Mr. Moodey’s but complementary. They all
razor-wielding hood (the tailed, lush and vigorously in- which Ashley’s audio compo- marvelous lighting effects cre- share a plainness of tone and
brother of a crime boss) has trospective, they plumb nent was completed in 2013 Maura Gahan in ‘Quicksand.’ ate scenes all their own. There confidence of pace.
dreams, ghosts, sex and the and which concludes its world- are follow-spotlight beams There was a noticeable
tension between tradition and premiere engagement at the Theater, the 1960s venture that making pools of brightness; shrinking of the audience after
Pepper ... modernity, all the while play- Kitchen this Saturday—clocks led to the experimentation flashbulb-bright flickers that the intermission, which comes
ing with continuity and logic. in at three hours including one with pedestrian movement in have the suddenness of little two-thirds of the way into the
And Salt Then, after another decade intermission. Ashley’s sound- dance’s postmodern era. He explosions; and expansive loosely shaped three-act struc-
THE WALL STREET JOURNAL away from the screen, Mr. Su- recorded reading of “Quick- has provided “Quicksand” with washes of changing colors, ture of “Quicksand.” While I
zuki reappeared for a brief last sand,” which was published in nonnarrative choreography as sometimes in concert with wasn’t surprised by this attri-
act, giving audiences “Pistol book form in 2011, tells a loopy well as spare but memorable blasts of smoke that can hang tion, as there was some same-
Opera” (2001), a 21st-century spy story with elements of un- set and costume design. Pro- in the air decoratively and dra- ness to the work’s momentum,
riff on his Nikkatsu years, and savory politics and a govern- gram notes describe the cho- matically. The lights act to I wasn’t tempted to leave early.
the fairy-tale-like “Princess ment overthrow in an unspeci- reographic segments as “diver- shrink and expand the black- The tiny palm tree that Mr.
Raccoon” (2005). This retro- fied Southeast Asian locale. We tissements,” action not directly backedstage space. Paxton places where Ms. Gahan
spective, which has already learn that our narrator, who is related to the sometimes dra- Mr. Paxton’s movement seg- had stood and that helps cap
been seen in Washington and a composer, is making a trip matic incidents making up ments occasionally take cues the staging is one of the flights
New York, heads to Berkeley, with his wife’s yoga class; we Ashley’s story. The result— obliquely from the flow of nar- of fancy I’m happy not to have
Calif., and Cambridge, Mass., hear specifics about the local plain movement performed ration, with its Asian environ- missed.
in May. But no matter where cuisine. Imagine a dry-voiced with impressive focus and pre- ment, its sense of danger and Quicksand isn’t mentioned,
the series screens, it affords uncle regaling his relatives cision by calm, statuesque intrigue, its everyday activity. per se, in the course of these
audiences a rare chance to with a wryly spun yarn featur- Maura Gahan and impassively More than once, Mr. Konjar ar- three hours, but its unpredict-
view the scope of Mr. Suzuki’s ing sometimes overlapping intense Jurij Konjar, who are ticulates his upper body as if it ability and fluidity are felt po-
singular vision. plots with numerous twists joined briefly by Mr. Paxton as were growing boneless and etically throughout this opera-
and turns. It’s all verbatum an almost ghostly presence— turning to jelly. A recurring novel.
Mr. Mermelstein writes for speech; no singing is involved. makes for rewarding watching. motif for Ms. Gahan—standing
“You and your mindless the Journal on film and classi- Mr. Paxton was a founding Regularly, the choreo- still, wrapped in her own Mr. Greskovic writes about
humming.” cal music. member of the Judson Dance graphed segments—here, pre- arms—eventually presents her dance for the Journal.
D6 | Wednesday, February 3, 2016 * * THE WALL STREET JOURNAL.
SPORTS
Manning’s Film Study: ‘80s Movies
The quarterback’s habit of arrived in Denver and realized the
importance his teammate placed on
quoting lines from classic the films, he needed a bit of a re-
comedies has teammates fresher. “I’ve watched a couple of the
movies again—‘Christmas Vacation,’
scrambling to brush up ‘Caddyshack,’” he said. “He wants
the room to keep up with the one-
BY KEVIN CLARK liners, the inside jokes.”
Most of Manning’s favorites have
San Jose, Calif. the same basic profile: wacky ‘80s
Playing alongside Denver Broncos comedies with legendary lead actors.
quarterback Peyton Manning has al- “Caddyshack” and “Stripes,” of
ways demanded a certain degree of course, star Bill Murray, while John
preparation. The future Hall of Candy and Chevy Chase star in other
Famer, who faces the Carolina Pan- Manning favorites.
thers in Sunday’s Super Bowl, is leg- Manning sees these assignments
endary for his study habits, film partly as a teambuilding experience
work and command of the playbook. and partly as a public service—his
So it’s no surprise that the team’s teammates, he figures, should proba-
backup quarterbacks
know exactly what is ex-
pected of them. “There
are some prerequisites
for being in the quarter-
back [meeting] room,”
said third-string quarter-
(L): PHOTO BY ORION PICTURES/GETTY IMAGES; (R): DAVID ZALUBOWSKI/ASSOCIATED PRESS

back Trevor Siemian.
“‘Caddyshack’, ‘Top Gun’,
‘[National Lampoon’s]
Christmas Vacation’.”
As well as mastering
how to read a blitz and
carve up a cover-2, Bron-
cos quarterbacks must
ace something just as im-
portant: knowledge of
Manning’s favorite 1980s
movies.
“We’ve given them as-
signments,” said Broncos
quarterback coach Greg
Knapp. “A summer ago,
we had them watch
‘Stripes’ so they could get
the lines down for that.
That way, during the sea-
son, they know [what it means] bly see these movies for their own
when someone says, “If we were in good.
Germany…I would have to make your “The past few years, as I’ve
bunk.’” reached my elder years as a quarter-
Knapp said that at any moment, back in the NFL, I’ve kind of tried to The 1980 comedy ‘Caddyshack’ is one of Denver Broncos quarterback Peyton Manning’s favorite movies.
Manning is liable to drop lines from get to know these rookies and try to
“Ferris Bueller’s Day Off” or “Bull get on the same page with them,” common quotes is “220, 221, what- that winning is “better than losing.” ground of teammates so he can re-
Durham,” among others. Keeping up Manning said in 2013, adding that ever it takes,” which is from the Not all of Manning’s quotes are so late to them.
with them can cause problems for connecting with younger players had 1983 Michael Keaton vehicle “Mr. easy to identify, however. “There’s Knapp said Manning’s insistence
the other quarterbacks—Brock Os- gotten harder since they don’t know Mom.” been times when one of us will on sprinkling team meetings with
weiler, who is 25, and Siemian, a 24- the same movie quotes. “What I’m Manning is also known to drop throw a quote out and the two youn- 30-year-old movie quotes is a strat-
year-old selected in the seventh finding out is we don’t speak the any number of lines from the 1988 ger guys are going, ‘Nope, never saw egy to break up the monotony of the
round of the 2015 draft. “I had al- same language because we don’t classic Bull Durham, particularly that one,’” Knapp said. weekly schedule. “The grind of the
ready seen ‘Caddyshack’ so going know the same favorite movies,” he those referencing the nickname Broncos coaches, like offensive season, in this case, seven months,
back and seeing it a second time was said. “Meat,” which Kevin Costner’s char- coordinator Rick Dennison, say one you need some levity, and one of his
pretty enjoyable,” Osweiler said. So Manning decided to get his acter bestows on Tim Robbins’ char- of Manning’s best traits is his ability outlets is quoting those movies,”
Siemian said he was mostly on teammates up to speed. There are acter, Nuke LaLoosh. Manning has to understand younger players, even Knapp said. “It’s right up my alley—
top of the movies Manning liked be- some deep cuts in his movie library. also said that Robbins delivers one as he gets older. He is famous for and I didn’t have to re-watch any of
fore joining the team, but when he Knapp said one of Manning’s most of his favorite quotes in the movie: studying the biographies and back- them.”
Carolina’s No-Firing Policy The Vanishing Homeless

BY KEVIN CLARK BY STU WOO concertgoer in Golden Gate those on the Mission Neigh-
Park in October. Just on Tues- borhood Health Center’s wait-
One year after he was hired San Francisco day morning, a police officer ing list will have to wait lon-
as general manager of the Car- Football fans visiting the was stabbed in a confrontation ger. “From the perspective of a
olina Panthers, Dave Gettle- Super Bowl festivities might near a homeless encampment. homeless person, that’s un-
man delivered a speech at the have no idea that any home- For the Super Bowl, the city fair,” said Laura Guzman, di-
Wharton School of the Univer- less people live here. closed off about six blocks rector of the health center.
sity of Pennsylvania. Ahead of Sunday’s game, around Justin Herman Plaza, Aaron and Shawna said
Gettleman was there to talk the city said it relocated about where about 30 people typi- they had been living a block
about leadership and, as a 24 people who had been living cally spent the day, said Sam away from the city’s conven-
longtime team executive who on the posh waterfront, where Dodge, who is Mayor Ed Lee’s tion center when police
had worked decades in the the National Football League point person on homelessness. started telling them to move a
business before finally getting set up a week-long “Super Beginning a few months month ago. They said resettled
a top job, his audience ex- Bowl City.” Those two-dozen ago, the city’s homeless-out- in different spots within the
pected to hear the standard people were essentially reach workers offered the 30 neighborhood, but when they
NFL spiel about implementing bumped to the top of a wait- people a spot at the Naviga- returned to their spot a week
your vision at all costs. ing list at San Francisco’s tion Center, which has quickly ago, they found that their tent
But when Gettleman began most sought-after shelter. and belongings were gone.
ASSOCIATED PRESS
talking, he surprised the In addition, some homeless They moved to under an off-
roomful of aspiring general people who had been camping
Those displaced by ramp of the San Francisco-
managers by advocating a near the convention center the Super Bowl won Oakland Bay Bridge and in
leadership strategy almost un- where the NFL is holding front of a Best Buy store.
heard of in the NFL. He talked events say authorities confis-
entry to the most- Their new, blue tent had no
about not firing people. Carolina Panthers coach Ron Rivera, left, and GM Dave Gettleman cated their belongings and desirable shelter. belongings but for blankets
“I had this crazy idea that kicked them out of the area. and four sandbags. “That’s all
there were smart people al- tleman was able to watch ev- bit. Well, did anyone ever “The police told us that af- I have,” Aaron said.
ready in the building,” Gettle- eryone in the organization go teach him? We don’t know.” ter the Super Bowl, y’all can become the city’s most popu- About 80 other tents were
man said that day. about their business and accu- Gettleman recalled an epi- come back,” said 40-year-old lar homeless program because set up in a row up and down
Two years on, Gettleman rately evaluate their work. sode from last year’s NFL Aaron, who declined to give it provides curfew-less shelter, the block.
and the head coach he inher- It was not long after meet- Scouting Combine, when he his last name, as he stood in meals and help finding more- Dodge said he hoped to
ited, Ron Rivera, have led the ing with Rivera that Gettleman was evaluating defensive front of a tent that he and his permanent housing. One or- move some of the people liv-
Panthers to an NFC Champion- realized that rather than hir- backs. Specifically, Gettleman wife, Shawna, set up under a ganization, the Mission Neigh- ing by the Best Buy to a shel-
ship and a berth in the Super ing new people, he could bring was analyzing how corner- freeway off-ramp. borhood Health Center, said it ter expanding its capacity by
Bowl, where they face the about the changes he wanted backs performed in a “back- Nearly 7,000 homeless peo- has a waiting list of 150 people 150 beds. That shelter is at
Denver Broncos on Sunday. in the organization simply by pedal-and-turn” drill. He asked ple live in San Francisco, and for the Navigation Center. Pier 80, in the former ware-
One reason they got there is a selling the existing employees his coaches to estimate how it has long been the city’s Dodge said the city gave house of Oracle Team USA, the
decision Gettleman made upon on his way of thinking. many of the 53 players at the thorniest political issue. The priority at the Navigation Cen- sailing team that was housed
assuming the role in 2013 to Rivera said on Tuesday event could pull off the ma- problem has been especially ter to the people living by Jus- there during San Francisco’s
avoid “five or six months” of that the relationship between neuver. The coaches told him visible since three transient tin Herman Plaza. About 24 last major sporting event, the
upheaval by keeping the entire himself, quarterback Cam 12. “I said: ‘So are we going to people allegedly murdered a took the offer, meaning that 2013 America’s Cup.
organization intact. Newton and offensive coordi- take the other 41 and throw
“People think that firing nator Mike Shula—all in the them away? How many of the
people is always the answer,” building when Gettleman ar- other guys have the athletic
Gettleman said this week. rived—has thrived due to con- ability to back pedal and
“And I’m sorry, I think every- tinuity. “All of us have really turn?’ You have to look at
one should have an opportu- grown together for a period of those things a little differently.
nity to do their job.” time,” Rivera said. The league is different.”
In today’s NFL, this is not a Gettleman already knew The Panthers scouts
popular line of thinking. In- some scouts in the organiza- quickly adapted to these new
coming general managers are tion but was meeting other ex- demands. When Gettleman
known for cleaning house ecutives for the first time. Yet joined, he told them to find
when they join a new organi- he was able to reconfigure the bigger players to cement the
zation, installing their own scouting department, first and interior of the field. Over the
DAVID PAUL MORRIS/BLOOMBERG NEWS
scouts and assistants and hir- foremost by getting them to next two years, the Panthers
ing their own coach. better project raw talent. selected Star Lotulelei and
Gettleman said when he “The average college player Kawann Short, now one of the
was hired shortly after the just isn’t fundamentally sound. league’s best tandems at de-
2012 season, there was plenty You have to look at it differ- fensive tackle. “Anyone who is
going on in the Panthers or- ently,” Gettleman said. “For married knows, you have to
ganization. The team was get- example, take a linebacker. work at that relationship,
ting ready for free agency, The scout watches him and he whether it’s a work relation-
preparing for the upcoming says, ‘Well he doesn’t know ship or a personal relation-
draft, and making plans for how to use his hands.’ So he ship,” Gettleman said. “We
the next season. As such, Get- knocks his grade down a little just talk all the time.” Justin Herman Plaza has been a popular spot for the homeless in San Francisco.

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