* * * * FRIDAY, SEPTEMBER 8, 2023 ~ VOL. CCLXXXII NO. 58 WSJ.com U.S.

Edition

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What’s
Head-Spinning Heat Hangs On
Employers’
News
Business & Finance
Health-Plan
 Health-insurance costs
are climbing at the steepest
rate in years, with some pro-
Costs to Swell
jecting that the biggest in-
crease in more than a decade BY ANNA WILDE MATHEWS year per employee, driving up
will wallop businesses and health-insurance costs that are
their workers in 2024. A1 Health-insurance costs are among the biggest expenses
climbing at the steepest rate for many U.S. companies and a
 Walmart is paying some
in years, with some projecting drain on families’ finances.
new store workers less than
the biggest increase in more Employers worry the hike
it would have three months
than a decade will wallop might signal a new trajectory,
ago, a sign that employers
businesses and their workers with health costs resuming
are seeking to cut labor
in 2024. the rapid upward march of the
costs as the once-hot mar-
Costs for employer coverage early 2000s. Now, though, big
ket for hourly staff cools. A1
are expected to surge around increases would come on top
 French billionaire Fran- 6.5% for 2024, according to of a total annual cost per cov-
çois-Henri Pinault’s family major benefits consulting ered family that is often
investment firm agreed to firms Mercer and Willis Tow- equivalent to the purchase
buy a majority stake in Hol- ers Watson, which provided price of a small car. These in-
lywood talent agency CAA their survey results to The creases come at a time when
from private-equity firm Wall Street Journal. employers are reluctant to add
TPG, the companies said. B1 Such a boost could add sig- to out-of-pocket charges that
nificantly to the price tag for have left some of their work-
 The S&P 500 declined for
employer plans that already ers in debt or unable to get
a third consecutive trading
average more than $14,600 a Please turn to page A4
day, falling 0.3%, while the
Nasdaq retreated 0.9% and
the Dow gained 0.2%. B11
 China’s exports dropped for
a fourth straight month in Au-
gust, bringing little relief to the
Walmart Cuts Wages
country from a deepening eco-
nomic malaise and weighing
on the global trade outlook. A7
For Some New Staff
 Former FTX executive
BY SARAH NASSAUER that store. In the past, some
Ryan Salame became the
new hires, such as those who
fourth associate of company
Walmart is paying some collect items for online orders,
founder Sam Bankman-Fried
new store workers less than it would have made slightly more
DANIEL LEAL/AGENCE FRANCE-PRESSE/GETTY IMAGES

to plead guilty to criminal

would have three months ago, than other new staff members,
charges tied to the collapse
a sign that employers are such as cashiers.
of the crypto exchange. B1
seeking to cut labor costs as The wage-structure change
 The SEC is investigating the once-hot market for comes after Walmart and other
billionaire Ryan Cohen’s own- hourly staff cools. large employers have for years
ership and surprise sale of The country’s largest pri- steadily raised wages and
Bed Bath & Beyond shares vate employer changed its added benefits to attract work-
at a time when such so- wage structure for hourly ers in a tight labor market. The
called meme stocks were all workers in mid-July, accord- retailer’s latest move suggests
the rage with investors. B1 ing to documents reviewed by that the stresses companies are
The Wall Street Journal and facing in trying to find employ-
 Apple faced a new com-
Walmart employees. ees are easing and that they
petitive threat in China as
CHANNEL HOPPING: A swimmer in the British seaside resort of Brighton leaps into the Under the new structure, need to find ways to offset
Huawei released a smart-
English Channel on Thursday seeking relief from the higher-than-usual temperatures that most new hires will earn the those wage increases.
phone capable of ultrafast
continue to bake the U.K. and the Continent late into the summer. lowest possible hourly wage for Please turn to page A6
data connectivity. B1

World-Wide
Blue-Collar Musk’s Impulses Remake Twitter
 A jury convicted former
White House trade adviser
Peter Navarro of contempt of
Industries
Congress charges for defying
a subpoena from the House
committee investigating the
Accelerate Favors for friends such as Kanye West follow his takeover of platform now called X
attack on the Capitol. A4
 Canada appointed a judge
Bid to Hire Kanye West reached out to his
friend Elon Musk early this year for a
favor: Let me back on Twitter.
his plans, and his campaign advisers
wanted him back on.
Previously, Twitter wouldn’t have re-
said West wouldn’t be allowed to make
money from his account, and would
have to abide by company policies.
to lead a probe into alleged
foreign interference into the
country’s politics, months af-
Women By Georgia Wells, Alexa Corse
and Kirsten Grind
instated anyone’s account without a
formal company review. After Musk
bought the company, which he recently
After Musk bought Twitter for $44
billion last October, he promised users
fairness and transparency. Since then,
ter security officials said
renamed X Corp., he upended that pro- the platform designed to be the world’s
they believed China’s Com-
munist Party paid agents to BY SARAH CHANEY CAMBON The social-media platform had sus- cess, current and former employees public square is being driven in large
AND SABRINA SIDDIQUI pended West in December for violating said, making many content decisions part by Musk’s impulses. He has or-
thwart Trudeau’s rivals in
its rule against hate speech after he himself. dered the reinstatement of controver-
the 2021 general election. A8
WASHINGTON—Ashley Lair posted an image of a swastika merged In July, after Musk consulted with sial users and done favors for friends,
 California’s legislature was struggling to pay rent with a Star of David. The musician and his new chief executive officer, Linda according to people familiar with his
passed a first-in-the-nation when she decided to leave her designer, who goes by the name Ye, has Yaccarino, the company ordered em- actions. Often, he has been at odds
excise tax on firearms and bartending job last year and been considering a 2024 presidential ployees to work over a weekend to re- with other executives.
ammunition, the latest in a se- pursue a new career in the run, according to people familiar with instate West’s account. The company Please turn to page A9
ries of strict gun laws to gain construction industry.
traction in the Democratic- Now, a year into her ap-
controlled legislature. A6
 The manhunt for an es-
prenticeship, Lair drives haul
trucks and transports dirt,
gravel and rocks for a highway
INSIDE Huge ‘Ghost City’
caped Pennsylvania inmate
project. She earns $38 an

Haunts Troubled
entered its second week as
law-enforcement officials hour, plus overtime—more
than double her pay as a bar-
continued their search while
urging local residents to re- tender. The Redmond, Ore.,
main vigilant. A3
 Biden will nominate Mike
resident no longer worries
about affording rent.
“I have fun telling people Chinese Developer
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.

Whitaker to lead the FAA, the who knew me from bartending

White House said, the admin- what I do for a living now,” said
istration’s latest attempt to Lair, 34 years old. “I’m like, ‘Oh, BY FELIZ SOLOMON The mostly empty Forest
install permanent leadership I run heavy equipment,’ and AND REBECCA FENG City project is a towering re-
at the air-safety regulator. A6 they’re like, ‘What?!’ ” minder of some of the core
The Biden administration ISKANDAR PUTERI, Malay- problems that have taken
 Railroads that fail to pro-
vide reliable service could be
and the construction industry JASON GAY MANSION sia—On the southern tip of down China’s once-booming
are urging other women to Under Deion Sanders, Designer Glendon peninsular Malaysia, a cluster property sector—high borrow-
ordered to share tracks with
embrace Lair’s unorthodox ca- of high-rises that was meant ing and overbuilding, mixed
competitors under a pro-
reer path. The $550 billion, bi-
Colorado is suddenly Good built a cliff-top to house 700,000 people in with a streak of bad luck. For-
posed rule that backers say college football’s most house in the Arizona
partisan infrastructure law luxury condominiums over- est City embodies Country
would increase competition
in the transportation of
passed in 2021 has funded fun team to watch. A12 desert. M1 looks the sea. Nearly a decade Garden’s strategy of churning
nearly 37,000 projects to date after troubled Chinese real-es- out megaprojects in places
goods across the U.S. A3
and is projected to create mil- tate giant Country Garden be- with high potential and low
 Deepening global rivalries lions of jobs. But that boom in gan building the enclave, it is land costs, a model that fueled
will overshadow this week’s
G-20 gathering as the lead-
investment comes amid a na-
tionwide shortage of infra-
This Is My Job, almost completely vacant.
Some people are now highly
its growth when China’s prop-
erty market was booming.
ers of China and Russia stay
home and the U.S. seeks to
structure workers.
The federal government is
Not Fodder for Your TikTok interested in it: Country Gar-
den’s international creditors.
“To them, the mentality has
been that if they get the land
strengthen ties to India as a working with tradeswomen or- i i i The $100 billion develop- cheap, basically the risk is
counter to Beijing. A8 ganizations and local govern- ment called Forest City, meant low,” said Christine Li, head of
ments to help women enter More service staff are being recorded to be the company’s flashy research for Asia Pacific at
CONTENTS Markets...................... B11 and stay in the labor force, de- overseas showpiece, has in- Knight Frank, a real-estate con-
Arts in Review. A10-11
Banking & Finance B10
Markets Digest...... B7
Opinion................ A13-15
veloping strategies that in- for social-media critics and pranksters stead become a target of cred- sulting firm. “They basically
Business News....... B3 Sports.......................... A12 clude offering child-care ser- itors as the developer shows tried to replicate their success
Crossword................. A11 Technology................ B4 vices and addressing gender- BY DALVIN BROWN trunk of one drive-through pa- signs of financial distress. in China overseas,” she said.
Heard on Street.. B12 U.S. News.......... A2-4,6 based violence and harassment tron’s car to grab their order, Forest City is Country Gar- But slowing sales and
Mansion............... M1-12 World News.. A7-8,16
in the workplace, officials said. Yavi Gonzalez works at the milkshakes topped off with den’s most valuable asset out- mounting debts caught up with
“It’s an economic necessity drive-through at a McDonald’s Oreos, M&M’s and Stroopwa- side China. Should the com- Country Garden at home and
> to figure out how to attract, in New Jersey and like many fels, while a young girl in the pany eventually default, the abroad. In early August, the
train and retain women into service workers, has a front- back seat recorded the whole unfinished megaproject could company missed interest pay-
these fields if we’re going to row seat to the quirks of hu- ordeal—with Gonzalez in the help its creditors recover an es- ments on two U.S. dollar bonds.
get the job done,” Commerce manity. Increasingly, he’s be- background. timated $1.5 billion, said John It narrowly avoided default by
s 2023 Dow Jones & Company, Inc.
Secretary Gina Raimondo said ing dragged into the show. Another customer gulped Han, a partner at New York- making the payments before a
All Rights Reserved Please turn to page A2 Two kids popped out of the Please turn to page A9 based law firm Kobre & Kim. Please turn to page A8
 A2 | Friday, September 8, 2023 **** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Why Higher Joblessness Is Good News

V
ery rarely should stay there if the labor mar- U.S. unemployment rate Monthly growth Economic output, change discrepancy is to split the
you celebrate ris- ket is so tight that wages in private payrolls from a year earlier difference. The average of
ing unemploy- rise faster than is compati- GDP and GDI is up 1% in the
ment. This is one ble with inflation of 2%. 5.5% 500 thousand 12.5% past year, consistent with
of those times. To be sure, August’s rise more slack in the economy
Friday’s news that the un- in unemployment is just one Three-month ‘Backfilling’ 10.0 Gross domestic but not a recession. More-
employment rate rose to month’s data, and some 5.0 average 400 sectors product over, recent downward revi-
3.8% in August, an 18-month economists played it down Monthly All others Gross domestic sions to payroll employment
high, is one of several recent because it reflected a sum- 7.5 and incomes suggest growth
income
signs that the labor market mer surge of people joining 4.5 300 might be overstated.
has softened significantly. the labor force. 5.0 So the labor, output and
This is a necessary stage in Normally I’m all for such corporate data as a whole
4.0 200
the Federal Reserve’s cam- nuance, but this time I think 2.5 show that slack in the econ-
paign to bring inflation back the simplest explanation is omy is returning, a necessary
down to 2%, and keep it the right one. Indeed, the 3.5 100 condition of getting inflation
there. It isn’t enough to en- beauty of the unemployment 0 down. Whether this remains
sure we avoid a recession, rate is its simplicity: a single a soft landing—inflation fall-
but it helps. number that tells us if the 3.0 0 -2.5 ing to 2% without a reces-
Why does the labor mar- economy is running out of 2022 ’23 2022 ’23 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q sion—depends on two things.
ket matter so much? After slack (that is, inflation pres- 2022 ’23 First, will inflation keep
Note: Backfilling sectors include retail, accommodation and food services and healthcare and social services.
all, inflation has already sure is building), or gaining Unemployment rate and payroll growth are seasonally adjusted. Economic output is inflation-adjusted. sliding toward 2%? If instead
fallen without it weakening. slack (inflation pressure is Sources: Labor Department (unemployment, payrolls); Commerce Department (economic output) it stalls out between 3% and
The answer comes down dissipating). 4%, the Fed will have to raise
to the difference between most affected by the original of increased slack, however, lesser-known gross domestic interest rates further, even-

A
headline and underlying in- veraged over three lockdowns and are still hir- is contradicted by economic income. Adjusted for infla- tually inducing a recession.
flation. Headline inflation— months, unemploy- ing to return to normal output. Gross domestic prod- tion, GDP has risen 2.5% in Though wages aren’t di-
the published increase in ment has been creep- staffing levels. They account uct grew a robust 2.1% annu- the 12 months through June, rectly driving inflation,
prices—shot from under 2% ing up since April. This for roughly a third of total alized in the second quarter, while GDI has fallen 0.5%, an they’re a pretty good indica-
in early 2021 to 9.1% in June trend corroborates other employment, but nearly 70% and rising consumer spend- unusually wide discrepancy. tor of underlying inflation
2022 because of snarled sup- signs of a loosening labor of private hiring in the past ing has put it on track to top because they represent the

H
ply chains; stimulus- and market, such as the drop in three months. 3% in the third. These rates alf that gap is due to collective judgment of mil-
lockdown-fueled goods pur- job vacancies in government You need to exclude back- are well above the econ- falling Fed profits, lions of workers and employ-
chases; and rising oil prices and private surveys. filling sectors to get under- omy’s estimated 1.8% long- which reduces GDI, ers on prices, productivity
following Russia’s invasion It’s true that job growth lying private job gains; just term potential growth rate according to JPMorgan and the economy. A compos-
of Ukraine. It then fell below doesn’t seem to support the 52,000 in August and aver- and suggest intensifying in- Chase. Still, Nancy Lazar, ite measure of annual wage
4% this year thanks to fall- softening story. Payrolls rose aging 24,000 a month dur- flation pressure. chief global economist at growth compiled by Gold-
ing oil prices and airfares, 187,000 in August, roughly ing the past three months, But unlike unemployment, Piper Sandler, said GDI lines man Sachs has slipped to
slowing rent increases and double what population down sharply from 113,000 GDP shouldn’t be taken at up with many companies 4.4% now from 4.8% in the
cheaper health insurance. growth would generate in a in May. That “has all the face value. Indeed, it can be that are reporting stagnant spring and 5.8% last fall—
The question is: Where is steady-state economy. look of a pre-recessionary measured two ways. Adding sales volumes. Campbell not low enough for 2% infla-
underlying inflation (i.e., the But this data has to be ad- trend,” Blitz writes. up spending by government, Soup, she wrote, jacked up tion, but getting there.
rate that prevails once all justed for the lingering influ- The public has noticed. consumers, business and for- prices, but sales volumes are Second, every recession
these influences wash out)? ence of the pandemic. Steven Since April, the share of con- eigners on goods and ser- declining, and its stock is starts out looking like a soft
This depends heavily on the Blitz, chief U.S. economist at sumers saying jobs are hard vices produces the familiar down this year. When corpo- landing. August’s moderate
balance between total supply TS Lombard, categorizes re- to get has ticked up while measure of GDP. Adding up rate sales volumes decline increase in unemployment
and demand, of which the tail, accommodation and the share saying jobs are the wages, benefits, profits, economywide, “employment was welcome. The risk is
labor market is the best ba- food services and healthcare plentiful has ticked down, interest and rents earned also declines, with a lag,” that plenty more are in
rometer. Simply put, even if and social services as “back- the Conference Board says. from producing these goods she wrote. store, which won’t be cause
inflation falls to 2%, it won’t filling” sectors: They were The labor market’s picture and services yields the One way of handling the for celebration.

U.S.WATCH
Blue-Collar pornography are rampant in
the industry and women who
report harassment often see
sheet-metal apprentice were
limited. That, along with work-
ing conditions during preg-

Jobs Target their complaints dismissed by

supervisors.
Dominique Drew saw two
nancy and the inability to
pump breast milk at work, kept
her out of the workforce from

Women other tradeswomen at a re-

cent assignment setting glass
windows at a condominium
2011 until 2015. She appreci-
ated the time with her children
but missed out on contributing
complex in New York City. to her retirement accounts.
Continued from Page One That is an improvement from She also was conflicted
ANDRES KUDACKI/ASSOCIATED PRESS (2)

in an interview. earlier in her career, when when seeing her co-workers

The construction industry is she didn’t see any other advance in their apprentice-
also finding novel solutions to women on-site. ships and careers while she
lure female workers. In Wash- Drew, 38, said that after was at home. “It really
ington state, a union and the two decades of working as a weighed heavily on me, and I
local chapter of the Sheet glazier, she still feels the con- think it added to postpartum
Metal and Air Conditioning stant need to prove herself to depression,” she said.
Contractors’ National Associa- men, whether they are plumb- Caulfield, 35, eventually re-
tion, or Smacna, are rolling out ers, electricians or sheet- turned to finish her appren-
FIRST DAY: Kimberly structures called lactation pods metal workers. “You get on ticeship and is now a regional
Carchipulla, right, looks to help mothers return to con- the job site, and they judge representative for a sheet-
toward the New York City struction sites while they are you just because you are a metal workers’ union in Wash-
school where her son still breast-feeding. woman,” she said. “When they ington state.
Damien Salinas, 5, above The pods resemble porta- see a female they go, ‘Oh, This summer, the Biden ad-
right, starts school this year. potties but are made from the what are you doing here?’ ” ministration launched “work-
The family emigrated from same materials used in recre- The East Orange, N.J., resi- force hubs” in Ohio, Maryland,
Ecuador in June. ational vehicles. They include dent said she often turns to a Pennsylvania, Arizona and
air conditioning, heat, outlets strategy she learned in a sup- Georgia—the latter three key
SUPREME COURT LOS ANGELES MIAMI to plug in a pumping ma- port group for union trades- 2024 election battleground
chine, and a refrigerator to women: let her work speak for states—aimed at diversifying
Kavanaugh Sees Actor Masterson Guilty Plea Given in keep the breast milk cold, itself. That includes helping lift the workforce through the ex-
Ethics-Code Path Jailed for Rapes Haitian Leader Case said Julie Muller, executive heavy glass and jumping in to pansion of pre-apprenticeship
Justice Brett Kavanaugh A judge sentenced “That A retired Colombian army vice president of Smacna- operate machines. and Registered Apprenticeship
said Thursday he was opti- ’70s Show” star Danny Master- colonel pleaded guilty Thurs- Western Washington. “Once I start working, once programs and career and
mistic that the Supreme son to 30 years to life in prison day to helping organize the Though women make up I start talking the lingo, they’re technical education.
Court would soon act to ad- Thursday for the rapes of two assassination of Haiti Presi- about 50% of all U.S. workers, like, ‘Oh…she knows what she’s The administration said
dress ethics controversies women two decades ago. dent Jovenel Moïse in a break- they account for 19% of those doing,’ ” Drew said. construction will be a crucial
that have dogged the court in Los Angeles Superior through for the investigations in infrastructure jobs respon- Child care is another bar- part of each hub, which will
recent months, with the aim Court Judge Charlaine F. Ol- into the slaying that has re- sible for building and main- rier, given the industry’s early- be centered on such sectors as
of bolstering public confi- medo handed down the sen- sulted in a surge of deadly taining projects in transporta- morning hours and the need to manufacturing, clean energy
dence in the institution. tence to the 47-year-old Mas- gang violence and chaos. tion, water, energy and move between job sites, ad- and semiconductors.
“We are continuing to work terson after hearing German Rivera, who used broadband, according to 2021 ministration officials said. “We know that women
on those issues, and I’m hope- statements from the women the alias “Colonel Mike,” estimates from Joseph Kane, Tiffany Caulfield, of Arling- want to work, and we know
ful that there will be some about the trauma they expe- agreed to cooperate with U.S. research fellow at the Brook- ton, Wash., said affordable that women can do these
concrete steps taken soon,” he rienced and the suffering prosecutors in providing in- ings Institution. child-care options that would jobs,” acting Labor Secretary
told a conference of judges caused by the disturbing formation on the operation An increasing number of fit her 5:30 a.m. start time as a Julie Su said.
and lawyers in Cleveland. memories in the years since. that led to Moïse’s killing in women began taking jobs in
He didn’t detail steps under “When you raped me, you July 2021. some male-dominated blue-col- Infrastructure occupations by gender, 2021
review, but the court has been stole from me,” said one The 45-year-old Rivera lar industries in recent years,
Female Male
weighing adoption of its first woman who Masterson was pleaded guilty to charges in- in part because companies
ever code of conduct. Lawmak- convicted of raping in 2003. cluding conspiracy to kill or broadened recruitment.
ers and legal ethicists have “That’s what rape is, a theft kidnap a person. Each of the About 4% of on-site con- Truck and tractor
long called for the justices to of the spirit.” three counts he pleaded struction workers were women
follow lower federal courts, Masterson waived his guilty to carries a maximum in 2021, up from 3% in 2010. Construction
which already are bound by a right to speak before he was sentence of life in prison. Women remain especially
Highway
code of conduct. sentenced. —Arian Campo-Flores scarce in specialized construc- maintenance
—Jess Bravin —Associated Press and Kejal Vyas tion jobs such as electricians
Electrical
and pipe layers. power line
If the status quo remains,
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  women will account for about
29% of jobs created by the in-
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THE WALL STREET JOURNAL. Friday, September 8, 2023 | A3

U.S. NEWS

Proposed
Rule Targets
Freight Rail
Problems

FROM LEFT: GAF, RYAN YOUNG FOR THE WALL STREET JOURNAL
BY TED MANN

WASHINGTON—Railroads
that fail to provide reliable
service could be ordered to
share tracks with competitors
under a proposed rule that
backers say will increase com-
petition in the business of
moving cows, corn, chemicals
and other goods across the
U.S.
The rule on so-called recip-
rocal switching, proposed on Pacoima in Los Angeles worked with roofing manufacturer GAF to paint a basketball court with a reflective coating to help lower air and surface temperatures.
Thursday by the Surface

Reflective Paint Brings Down Temperatures

Transportation Board, is seen
as a way to improve efficiency
among major freight lines that
have struggled to move goods
and supplies from farms, fac-
tories and ports, especially BY ERIC NIILER dows, are just now becoming the test area at 6 feet above away from surfaces to keep ies are leveraging federal
during the pandemic. effective and affordable enough ground by 3.5 degrees Fahren- them cooler. And an ultrawhite money and other incentives to
“In my view, it’s likely to Cities across the U.S. have for widespread use. heit during extreme heat days, paint developed at Purdue Uni- persuade local builders to turn
lead hopefully to better ser- found relief from this sum- The Los Angeles neighbor- and surface temperatures by 10 versity promises even more office buildings greener and
vice, where railroads are going mer’s record-setting heat with hood of Pacoima, densely degrees, according to Jeff protection, although the prod- cooler. In Miami-Dade, officials
to say, ‘We’d better up our the help of technologies that packed between freeways and Terry, GAF’s vice president of uct isn’t commercially available used federal funds to outfit
game,’ ” STB Chairman Martin shield roofs, pavement and an industrial area, has created corporate social responsibility yet. Each strategy helps reduce 1,700 public housing units with
Oberman, a Democrat, said in other surfaces from the sun’s a partnership with GAF, a New and sustainability. energy use. new low-energy air-condition-
an interview. scorching rays. Jersey-based roofing manufac- Sweltering conditions are “The important thing is to ing units. Local officials also
The board’s goal, he said, is Some of these technologies turer, to paint a basketball worse in urban heat islands, help people cool their homes offered a successful amend-
to have the threat of increased have been around for more court, local park and neighbor- which can be 10 degrees hotter and workplaces affordably,” ment to the Florida state build-
competition motivate rail- than a decade but are experi- hood streets with a reflective than surrounding suburbs and said Jane Gilbert, chief heat of- ing code requiring cool reflec-
roads to boost their on-time encing greater demand as coating. occur as buildings, roads and ficer for Miami-Dade County, tive roofs on all new
performance: “We’d rather global temperatures rise. “There’s a lot of asphalt and other infrastructure absorb which experienced a record 46 commercial buildings begin-
you solve it yourself.” Washington, D.C., for example, lack of investment for tree can- and re-emit the sun’s energy. straight days of a 100-degree- ning in 2024.
The bipartisan, five-member has built more than 3,200 so- opies,” said Melanie Paola Tor- Cooling technologies miti- plus heat index this summer. In Pacoima in L.A., Torres
board voted unanimously in fa- called green roofs covering 9 res, a community organizer gate this. Green roofs, which “The more efficient we can says residents tell her the
vor of the proposed rule. If ad- million square feet—up from with the group Pacoima Beau- can include plants and soil make both the buildings and streets and playgrounds feel
opted, it would require all six of about 300,000 square feet in tiful. “Given the fact that we overlaying a traditional roof, the AC systems themselves, the cooler.
the nation’s Class 1 railroads to 2006, according to federal and are in an industrial zone, that absorb heat before it pene- less we’re contributing both to “The No. 1 thing that always
maintain uniform data on their city officials. contributes to the urban heat- trates the buildings beneath. greenhouse gases and also comes up is the heat waves
on-time performance. When a Other technologies, such as island effect.” Super-reflective coatings re- waste heat that goes to our ur- when you’re looking down the
railroad fails to meet minimum super-reflective coatings for The reflective coating has flect the sun’s visible light and ban heat islands.” street,” Torres said. “They
service standards, customers pavement, streets and win- reduced air temperatures in invisible infrared radiation To fight the heat, some cit- don’t see those anymore.”
could file complaints and regu-
lators would be empowered to
order that it offer competitors
the ability to serve the same
customers.
A railroad looking to fulfill
Manhunt Continues for Escaped Pennsylvania Inmate
a farmer’s order, for example,
would have to let a competing BY JOSEPH DE AVILA spotted by a tower officer,
STEVEN M. FALK/THE PHILADELPHIA INQUIRER/ASSOCIATED PRESS

railroad bid for the farmer’s prison officials said. After that
business—and then let the The manhunt for an escaped incident, the prison added ra-
competitor’s car roll over its Pennsylvania inmate entered zor wire to the roof to deter fu-
tracks to move the shipment. its second week as law-en- ture escape attempts, they said.
CHESTER COUNTY DISTRICT ATTORNEY/REUTERS

The move sets up a clash forcement officials continued The razor wire, however,
with the railroad industry, their search while urging resi- didn’t stop Cavalcante, prison
which has previously opposed dents to remain vigilant. officials said. The tower offi-
reciprocal switching, arguing Pennsylvania State Police cer also didn’t see him scale
that it would undercut the said Danelo Cavalcante, who to the roof, they said.
railroads’ business and result escaped on Aug. 31 from Ches- That tower officer has been
in increased congestion. ter County Prison, was possi- placed on administrative leave
“Any switching regulation bly spotted Thursday just be- as the prison conducts an in-
must avoid upending the fun- fore noon in the vicinity of ternal investigation, prison of-
damental economics and oper- Longwood Gardens, a botani- ficials said. The Pennsylvania
ations of an industry critical cal garden in the Philadelphia Attorney General’s Office is
to the national economy,” As- suburb of Kennett Square. Po- Pennsylvania State police searched the woods in Pennsbury Township this week for inmate also conducting a criminal in-
sociation of American Rail- lice searched that area and Danelo Cavalcante, who escaped Chester County Prison, right, on Aug. 31. vestigation of the escape.
roads CEO Ian Jefferies said continued their sweep Thurs- A resident observed Caval-
on Thursday. day afternoon. have had no sightings outside ing transfer to a state prison. is located about 40 miles west cante in Pennsbury Township,
Oberman said the freight Hundreds of law-enforce- of that area. We have main- He also faces homicide of Philadelphia. He then located about 5 miles from
industry had brought the rule ment officials are searching a tained as secure of a perime- charges in his home country moved through razor wire, ran Chester County Prison, on
on itself, as years of labor re- 10-square-mile perimeter in ter as we possibly could. And of Brazil, police said. across the roof, scaled another Tuesday night, Bivens previ-
ductions aimed at boosting Chester County, said Lt. Col. as recently as today we have Video footage released by fence and maneuvered ously said.
profits—along with furloughs George Bivens of the Pennsyl- another reported sighting.” law-enforcement officials through another layer of razor Most schools in the area re-
of workers during the vania State Police. Cavalcante, 34 years old, Wednesday shows that Caval- wire, prison officials said. opened Thursday. Greenwood
Covid-19 lockdown—led to a “I have every reason to be- was convicted in August of cante escaped an exercise Another inmate who used Elementary School in Kennett
collapse in its ability to trans- lieve he is still within that pe- murdering his former girl- yard by stretching his body the same method in May to Square, which was within the
port goods as mandated under rimeter,” Bivens said at a friend in 2021 and sentenced between two walls to climb to reach the roof was appre- search area, was closed Thurs-
federal law. news briefing Thursday. “We to life in prison. He was await- the roof of the prison, which hended minutes after he was day.

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 A4 | Friday, September 8, 2023 HK JP TU ML SI IN UK FR MN PR THE WALL STREET JOURNAL.

U.S. NEWS

Insurrection Clause Fans Debate on Trump Navarro

BY JACOB GERSHMAN some prominent conservative cuit court opinion by Chief constitutional scholar at May-
Guilty of
AND MARIAH TIMMS

Since the day Donald Trump

legal academics who have con-
cluded that Section 3 can and
should be enforced against
Justice Salmon Chase involving
a freed slave who challenged
the validity of his felony con-
nooth University in Ireland,
says that is a misreading of the
Section 3 text. It must be
Contempt
supporters rampaged through Trump. viction on the grounds that the shown that Trump engaged in
For Defying

BRADY-HANDY COLLECTION/LIBRARY OF CONGRESS

the Capitol in 2021, legal schol- The argument—fleshed out judge who found him guilty the attack, not just encouraged
ars have pondered whether a most fully in a 126-page forth- was a secessionist who should or aided it, Tillman said. And
post-Civil War clause in the
Constitution that disqualifies
insurrectionists from public of-
coming law review article by
William Baude of the University
of Chicago and Michael Stokes
have been disqualified under
Section 3.
Chase upheld the conviction
an enemy, he said, “has to be
someone you’re at war with.”
Others, including Stanford’s
Subpoena
fice can prevent him from ever Paulsen of the University of St. and set a precedent that liti- McConnell, cautioned that in-
reclaiming the presidency. Thomas—posits that Trump as- gants couldn’t challenge a can- voking Section 3 against the BY SADIE GURMAN
As polls show Trump surg- sembled and whipped up a didate’s eligibility under Sec- former president would set a AND JAN WOLFE
ing toward another Republican massive mob with incendiary tion 3 without legislation from precedent that risks opening
nomination, the question of his claims about a stolen election, Congress authorizing such law- the door to partisan abuse. WASHINGTON—A jury on
eligibility under the 14th called for urgent action to stop suits. No such federal legisla- Since 2021, courts and state Thursday quickly convicted
Amendment is no longer Congress from certifying Joe tion exists today, a potential election boards have heard a former President Donald
merely academic. Biden’s election and failed to Chief Justice Salmon Chase’s complication for any litigants number Section 3 eligibility Trump’s trade adviser, Peter
A left-leaning legal watch- intervene to stop the riot. 1869 opinion set a precedent trying to eject Trump. challenges brought against Re- Navarro, of contempt of Con-
dog on Wednesday filed suit in His conduct, they say, limiting eligibility challenges. Another unsettled question publican congressional and lo- gress charges for defying a
Denver demanding that Trump should disqualify him from the is whether Section 3 can be ap- cal candidates related to Jan. subpoena from the House com-
be excluded from Colorado’s race. They say courts or state post on Monday, called the dis- plied to a former president. Its 6. The cases were largely un- mittee investigating the Jan. 6,
primary ballot, the first of an election officials can make de- qualification effort against him text refers to the disqualifica- successful. 2021, attack on the U.S. Capitol.
expected barrage of challenges, terminations about Trump’s el- a trick to steal the coming elec- tion of insurrectionists who vi- One exception was a Sep- Jurors deliberated for
petitions and lawsuits seeking igibility under Section 3 and tion and that “almost all legal olated their oaths they swore tember 2022 ruling by a New about four hours before re-
to disqualify the former presi- deny him a path forward with- scholars” doubt its legal basis. as “an officer of the United Mexico judge ousting Otero turning the guilty verdict. Na-
dent across the electoral map. out impeachment proceedings, Trump isn’t alone in push- States,” and there is some de- County Commissioner Couy varro stood with his arms
And in recent days, state of- congressional action or crimi- ing back. Other legal scholars, bate about whether that en- Griffin from office. A group of crossed when the jury foreper-
ficials responsible for running nal convictions. including Harvard law profes- compasses the presidency. New Mexico residents repre- son read the verdict on the
elections in Michigan and New No state election authority sor Noah Feld- Then there is sented by Citizens for Responsi- two charges.
Hampshire say they are exam- has declared Trump ineligible. man and Stan- the issue of bility and Ethics in Washington Navarro’s defense lawyers
ining the 14th Amendment’s po- New Hampshire’s Republican ford law whether Trump alleged that Griffin, who was acknowledged he refused to
tential as a barrier to Trump. secretary of state has asked the professor and Scholars ponder actually vio- convicted of misdemeanor tres- provide information to the
Under the spotlight is Sec- state attorney general to advise former federal his eligibility for lated Section 3. passing during the attack, panel seeking information
tion 3 of the 14th Amendment, him on potential applicability appeals-court Democratic helped incite the Jan. 6 mob, a about his efforts to overturn
which disqualifies from public of Section 3. Maine’s secretary judge Michael the presidency Sen. Tim Kaine charge he denied. The New Trump’s 2020 election loss,
office those who swore to de- of state and attorney general McConnell, say of Virginia said Mexico Supreme Court rejected and they called no witnesses
fend the Constitution and then also have said they are analyz- they are dubi-
under the 14th on ABC on Sun- his appeal on technical grounds. to testify on his behalf during
“engaged in insurrection or re- ing the legal requirements for ous about the Amendment. day that The same group launched the trial that opened Wednes-
bellion” against the U.S. or presidential ballot access. eligibility case “there’s a pow- the lawsuit against Trump’s el- day. But they argued Trump
aided its enemies. Lawmakers Michigan’s secretary of against him. erful argument igibility in Colorado. Their had told Navarro not to coop-
drafted the section during Re- state, Democrat Jocelyn Ben- Far from to be made” case, filed on behalf of several erate and that his few interac-
construction to prevent Con- son, said in a podcast inter- clear, some legal thinkers say, is that Section 3 bars a second Republican and unregistered tions with committee staffers
federates from seizing back view last week there were whether state election authori- Trump term. voters, is asking for a court to showed his refusal to comply
power through the ballot box. “valid legal arguments” for ties are empowered to enforce “The language is specific: If declare Trump constitutionally wasn’t willful, as prosecutors
Until Jan. 6, 2021, Section 3 keeping Trump off the primary Section 3 against a presidential you give aid and comfort to disqualified from public office, were required to prove.
was regarded as a Civil War ballot, but that it is “far too candidate and make constitu- those who engage in an insur- and bar Colorado’s secretary of After the jurors issued their
remnant. After the Capitol riot, soon to really assess the likeli- tional determinations about his rection against the Constitution state from “taking any action verdict and left the courtroom,
it got a fresh look from consti- hood of that.” eligibility. of the United States,” he said. to grant Trump access to the Navarro’s lawyer, Stan Wood-
tutional scholars, including Trump, in a Truth Social They point to an 1869 cir- Seth Barrett Tillman, a U.S. ballot.” ward, moved for a mistrial. He
said the jurors all exited the
courthouse during their lunch

Musicians Bristle at Campaigns Using Their Songs break and may have interacted
with protesters outside the
building. U.S. District Judge
Amit Mehta said he would rule
on the request at a later time,
BY ALYSSA LUKPAT campaign events. Songwriters after reading written briefs and
and music publishers who obtaining more evidence about
Music can jazz up a politi- own copyrights can remove what transpired outside the
cal campaign—until the artist their tracks from a license courthouse.
wants out. agreement. Politicians often, Navarro, who was a key fig-
GOP presidential hopeful but don’t always, listen to ure in Trump’s White House,
Vivek Ramaswamy courted those requests. earlier vowed to appeal a con-
trouble with the rapper Ramaswamy won’t get an- viction, casting the case as a
Eminem when he performed other chance on the campaign battle over executive privilege.
an offbeat rendition of “Lose trail to flex his youthful bona But Mehta last month barred
Yourself” in Iowa last month. fides with a song by Eminem. him from making that argu-
Eminem, through his repre- The rapper asked Broadcast ment before a jury, saying Na-
sentatives, sent the campaign Music Inc., a performance- varro hadn’t shown that the
a cease-and-desist letter. rights company representing former president sought to
Candidates have a long tra- him, to remove his music from block his testimony.
dition of playing songs at its list of songs approved for The former White House
events in an attempt to look Ramaswamy’s campaign. trade guru was indicted on two
cool or to offer hints about “Vivek just got on the stage misdemeanor contempt of Con-
their approach or platform. and cut loose. To the Ameri- gress charges last year after
Artists, however, don’t always can people’s chagrin, we will the House voted in April 2022—
want to be pulled into cam- have to leave the rapping to when Democrats had a majority
paigns—especially when their the real Slim Shady,” said Tri- they lost in November—to hold
politics don’t align. The result cia McLaughlin, a spokes- him in contempt for failing to
can be embarrassing or even woman for Ramaswamy, refer- respond to the subpoenas is-
lead to a legal spat. ring to Eminem’s nickname. sued by the House committee
This summer’s hit song Former President Donald probing the Jan. 6 attack. Each
“Rich Men North of Rich- Trump has received similar count carries a prison term of
SERGIO FLORES FOR THE WALL STREET JOURNAL

mond,” which enthralled many letters from music stars in- as much as one year and a fine
on the right with its lines cluding Aerosmith and the of up to $100,000. Sentencing
about selfish politicians, Rolling Stones. Trump played was set for January.
showed up in a question at last Elton John’s “Tiny Dancer” at Navarro had been of inter-
month’s Republican presiden- rallies even after the British est to the Jan. 6 committee
tial debate. Afterward, the mu- singer publicly objected. because he issued reports pro-
sician, Oliver Anthony, posted Barack Obama’s 2008 cam- moting baseless theories of
a video saying his song was paign agreed to stop playing a election fraud and in a book
being weaponized and that the song by the R&B duo Sam & described a strategy of getting
track was about political fig- Dave at singer Sam Moore’s then-Vice President Mike
ures such as the candidates. request. George W. Bush, John Pence to stop the certification
Political hopefuls typically McCain and Mike Huckabee of the presidential contest to
Presidential candidate Vivek Ramaswamy performed Eminem’s ‘Lose Yourself’ at the Iowa get a music license for a cata- also received cease-and-desist buy time to investigate the
State Fair in August. Eminem later asked the campaign to stop using his songs. log of songs they can play at letters during their campaigns. election results in six states. A
group of federal state and lo-
cal officials called the 2020

Employers’ rely on an insurer to handle

their health coverage or are
self-insured.
Employer health-insurance
costs, annual changes
8%
that pay for health coverage,
since hospital care is a big
source of healthcare spending.
rocketing,” said Debbie Ash-
ford, chief actuary for health
solutions at the North Ameri-
election the most secure in
American history.
Prosecutors argued Navarro

Health-Plan Many workers will learn

about their workplace cover-
age options for 2024 in the
Projections
The domino effect was
slowed because insurers’ con-
tracts with hospital systems
can unit of Aon, a health-bene-
fits consultant and brokerage.
Aon projects employer plan
needed to show up for an in-
terview before the panel and
cite executive privilege on a

Costs Swell next few months, during the

annual fall open-enrollment
period. They will likely end up
6 usually aren’t renegotiated an-
nually. It began hitting some
insurance rates this year, and
costs will rise by 8.5% next
year, the biggest jump in more
than a decade.
question-by-question basis.
Instead, they said, Navarro
sent a staffer an email citing
paying more out of their pay- is likely to accelerate in 2024 Many employers will proba- the privilege broadly and then
Continued from Page One checks for it as the overall ex- 4 for many employers. bly hold the line on passing never showed up.
care they needed. pense goes up and some em- “Inflation we saw a year along higher health-coverage Trump strategist Steve Ban-
“Large employers cannot ployers lift out-of-pocket costs ago is finally making its way costs to employees in order to non, who worked closely with
continue to be the piggy bank to help offset the increases. into the contracts,” said Tim maintain attractive benefits as Navarro to discredit the 2020
for a broken system that is Yet many employers are ex- 2 Stawicki, the chief healthcare they compete for workers election, was sentenced in Oc-
unwilling to meet the needs of pected to take on the lion’s actuary at Willis Towers Wat- amid labor shortages, said tober to four months in prison
its customers,” said Elizabeth share of the increase, partly son, or WTW. “It’s like a de- Beth Umland, a director of re- for similarly defying a sub-
Mitchell, chief executive of due to a labor market that re- layed reaction.” search at Mercer. poena from the Jan. 6 commit-
the Purchaser Business Group mains tight in many sectors, 0 A recent survey of more Mercer’s survey, which in- tee, though a judge allowed
on Health. benefits consultants said. 2010 ’15 ’20 ’24 than 450 employers by WTW cluded about 1,700 employers him to remain free while he
For people who have indi- Retail-display maker Bench Source: Willis Towers Watson found they expect health-cov- when preliminary results were appeals his conviction.
vidual insurance plans sold Dogs was hit with a 24% erage costs to rise by an aver- analyzed, suggested health-
under the Affordable Care Act, health-coverage increase when forced to increase workers’ age of 6.4% next year, not in- care costs will increase 6.6%
premiums are also expected to its plan renewed on July 1, but out-of-pocket costs for care. cluding the effect of plan in 2024 without factoring in
rise by about 6% next year, ac- it didn’t boost the share of the “It’s a very difficult situation,” design tweaks. That would be plan design changes such as
cording to public insurance insurance cost paid by em- Broadbent said. the steepest rise in that mea- increasing workers’ out-of-
filings analyzed by health-re- ployees—currently set at 20% For several years, health- sure since 2012, WTW projects. pocket charges.
search nonprofit KFF, though for a single worker, and half coverage costs nationally in- Also contributing to the Including those changes,
that increase is comparable to for one covering a family—or creased relatively slowly, health-coverage cost increases Mercer projected a change of
this year’s. expand deductibles. partly because the pandemic is rising drug spending, par- 5.4%, which was the same as
Among the factors leading Rich Broadbent, president chilled doctor and hospital ticularly for the popular its 2023 estimate but came af-
to the faster health-insurance and owner of the Denver, Pa., visits. Yet hospitals have had weight-loss and diabetes drug ter years of mostly smaller in-
KEVIN DIETSCH/GETTY IMAGES

cost growth are hospitals’ company, said he didn’t want to raise wages for nurses and class that includes Ozempic creases.
higher labor costs and heavy to increase the burden on its pay more for other expenses. and its sister Wegovy, as well In the individual insurance
demand for new and expensive approximately 75 employees. To cover their own rising as competitor Mounjaro. market, where consumers buy
diabetes and obesity drugs. The company has raised its costs, hospital systems have Many employers don’t ACA plans, increases for 2024
The employer-plan in- own prices to cover mounting been winning price increases cover medications for weight are also expected to be similar
creases are expected to strike costs including healthcare, he from insurers. Benefits manag- loss, and those that do are to 2023, but steeper than
businesses of all sizes, and said, but if it isn’t able to do ers expected that would even- taking steps to limit access. prior years, according to KFF’s
regardless of whether they so in the future, he might be tually raise costs for employers Yet “the utilization is sky- analysis of insurer filings. Peter Navarro
THE WALL STREET JOURNAL. Friday, September 8, 2023 | A5
A6 | Friday, September 8, 2023 **** THE WALL STREET JOURNAL.

U.S. NEWS

Biden Chooses Whitaker to Lead FAA

BY ANDREW TANGEL to nominate him. ing the nation’s air-traffic Republican who is the com- would consider changing reg-
If confirmed, Whitaker control system. mittee’s ranking member, said ulations for some charter op-
President Biden will nomi- would be the agency’s first Whitaker currently is chief lawmakers “must carefully erators. That move could ad-
nate Mike Whitaker to lead permanent leader since Steve operating officer at Supernal, evaluate Mike Whitaker’s dress what unions have
the Federal Aviation Adminis- Dickson, a Trump appointee a Hyundai Motor subsidiary qualifications, experience, and argued is a regulatory loop-
tration, the White House said, who stepped down in early that is among a number of temperament to determine hole—claims that charter op-
the administration’s latest at- 2022. companies developing flying whether he is the right person erators dispute.

CHRIS J. RATCLIFFE/BLOOMBERG NEWS

tempt to install permanent The FAA has been navigat- taxis. The vehicles are envi- to lead the agency at this crit- Michael Huerta, who was
leadership at the air-safety ing various challenges, includ- sioned as a new mode of ical juncture.” Cruz had op- FAA administrator when Whi-
regulator. ing a shortage of air-traffic transportation around cities posed Biden’s previous FAA taker served as deputy, said in
Whitaker, who served as controllers, weather-driven and airports, and regulators at nominee. an interview that Whitaker
FAA deputy administrator disruptions, a record-breaking the FAA and its international Unions representing large would be a terrific pick at a
during the Obama administra- summer travel season and a counterparts are working aviation-employee groups had critical time for the agency,
tion, would need confirmation series of near-collisions at U.S. on certifying the vehicles for previously expressed reserva- given his collaborative ap-
by the U.S. Senate, where Re- airports. The agency is work- passenger service. tions about Whitaker, accord- proach and deep understand-
publican opposition upended ing to upgrade technology sys- Sen. Maria Cantwell (D., ing to industry and current ing of the industry.
Biden’s earlier nomination of tems after a January break- Wash.), who chairs the Senate and former government offi- During much of the Biden Mike Whitaker served as
Denver airport chief Phil down prompted the first Commerce Committee, said cials. On Thursday, though, administration, the FAA had FAA deputy administrator in
Washington as the agency’s nationwide flight halt since Whitaker would use his sub- they called for him to be been led by Billy Nolen, who the Obama administration.
administrator. the Sept. 11, 2001, terrorist at- stantial aviation experience swiftly confirmed. was appointed as the agency’s
Whitaker declined to com- tacks. and knowledge to meet the The Biden administration top safety official before being companies, including 15 years
ment. During Whitaker’s time as FAA’s challenges, and that she helped assuage one of the la- named acting administrator in at United Airlines, according
The Wall Street Journal re- deputy administrator at the looked forward to “his strong bor groups’ concerns about its 2022 after Dickson’s departure. to the White House.
ported in July that the Biden regulator from 2013 to 2016, leadership at the agency.” aviation policies late last Whitaker is a private pilot —Alison Sider
administration was expected he focused in part on upgrad- Sen. Ted Cruz, the Texas month when the FAA said it who has worked at airline contributed to this article.

Veterans Nursing Homes Faulted on Care California Legislature

BY CHRISTOPHER WEAVER

New Jersey’s state-run

However, “we have signifi-
cantly more work to do.”
In one example of the Menlo
Passes Firearms Tax
nursing homes for veterans vi- Park facility’s failures, the Jus- BY CHRISTINE MAI-DUC spokesman for the Democrat
olated residents’ constitu- tice Department said the AND ZUSHA ELINSON declined to comment.
tional rights by failing to pro- roommate of a U.S. Marine “It’s shameful that gun man-
vide them with reasonable Corps veteran tested positive California lawmakers passed ufacturers are reaping record
ROB ALCARAZ/THE WALL STREET JOURAL

care and safety in response to for Covid at a hospital and died a first-in-the-nation excise tax profits at the same time that
the pandemic, a Justice De- in April 2020. Menlo officials on firearms and ammunition, gun violence has become the
partment investigation found. didn’t monitor the veteran Ma- the latest in a series of strict leading cause of death for kids
The nursing homes under- rine for Covid, even though he gun laws to advance in the Dem- in the United States,” Jesse Ga-
stated Covid deaths, failed to grew ill around the same time. ocratic-controlled legislature. briel, a Democratic assembly
implement competent infec- Instead of testing the Ma- If Gov. Gavin Newsom signs member who wrote the bill,
tion-control practices and ulti- rine, officials there took away the bill, California would im- said before the vote.
mately suffered among the his motorized scooter, shut him pose an 11% excise tax on all Gun-rights groups were lob-
highest death rates in the re- in his room and left his cell- guns and ammunition sales. bying to quash the bill, which
gion during the pandemic’s The Justice Department in a report said it found deficiencies in phone charger out of his reach. The proceeds would be spent they say will make it harder for
early days, according to a Jus- care at New Jersey’s Menlo Park Veterans Memorial Home. They noted in his chart that he on gun violence prevention and people to legally buy guns and
tice Department report re- suffered from “confusion,” and school safety programs. price hunters and youth sports
leased to the public Thursday. cle was published, New Jersey erans Homes should learn from started him on antibiotics for The federal government has shooters out of their hobbies.
One of the facilities tar- Gov. Phil Murphy replaced the those failures to prevent future alleged pneumonia. When he long imposed an excise tax of “You can’t tax a constitu-
geted in the probe, the Menlo veterans’ facilities’ leadership, crises,” the report says. As a died less than two weeks later, 10% on the wholesale price of tional right,” said Chuck
Park Veterans Memorial and soon after, officials in the result, the Justice Department his death certificate listed “re- handguns and 11% on long guns Michel, president of the Califor-
Home, in Edison, N.J., was the Justice Department’s civil rights found, the facilities continued spiratory distress” and made and ammunition. nia Rifle & Pistol Association, a
subject of a Wall Street Jour- division began their probe. to struggle in subsequent no mention of Covid. An offi- The California bill received firearms advocacy group. “This
nal investigation in October However, the replacement waves of Covid, continuing to cial told his family he didn’t final passage in both the state is part of the strategy to price
2020. The Journal found man- New Jersey veterans officials violate residents’ rights by not have Covid, the report says. senate and assembly Thursday. people out of the market.”
agers hid the number of Covid didn’t fix underlying prob- providing safe care. “The report is complete con- All Republicans in both cham- Because it is a tax increase,
victims, at times threatened to lems, the report said. On Thursday, Murphy said: firmation of what my clients bers opposed it or did not vote the bill required approval from
discipline employees for wear- The state veterans’ agency “Over the past three years, our have been saying for the last in preliminary tallies. two-thirds of legislators in
ing masks and ignored basic “didn’t charge its new leader- Administration has instituted several years,” said Paul da It now heads to the desk of each chamber. Democrats hold
infection-control principles. ship with examining what went numerous processes and proce- Costa, a lawyer who represented Newsom, who has not taken a supermajorities in the state as-
Days after the Journal’s arti- wrong in 2020 or how the Vet- dures to improve conditions.” families of 135 of the residents. public position on the bill. A sembly and senate.

Join the
fight
to end
global
hunger.
JOE RAEDLE/GETTY IMAGES

A Walmart employee in Miami. The company changed its wage structure for hourly workers.

dized college courses, fertility In Denver, where retail com-

Walmart benefits and training programs.
Retailers are looking at ways
pany Appliance Factory & Mat-
tress Kingdom is based, the
to reduce costs in anticipation company has recently been hir-
Starting of some consumer weakness
heading into the end of the
ing administrative workers for
about $18 an hour. A year ago,

Wages Cut year, including the holiday

shopping season, said David
Bassuk, global leader of the re-
the company was paying $20
an hour, Chief Executive Chuck
Ewing said last month.
tail practice at consulting firm “There are more people
Continued from Page One AlixPartners. In general, retail- looking for work now,” he said.
Walmart said the change al- ers face more sales and there- “It’s not as competitive.”
lows workers to move between fore higher labor costs through Walmart employs about 1.6
work groups such as food, reg- the late-year holidays. million U.S. workers, most of
isters, stocking or digital fulfill- “This is one example of whom work in stores and ware-
ment without pay impacts, ac- many where retailers are do- houses. The new wage struc-
cording to documents given to ing everything they can to try ture doesn’t reduce wages for
some store workers. to head off increasing costs,” current employees, but allows
“This will allow for better Bassuk said. stores to hire new folks at a
staffing throughout the store,” Walmart’s moves “signal lower rate, trimming some la-
said one of the documents. the industry where things are bor costs. As wages increase,
More than 50,000 workers re- either headed or what they the retailer has also pursued
ceived raises because their should be considering,” he other initiatives to reduce labor
pay was below the new mini- said. “I think we are starting costs in recent years, including
mums, the company said in to see the pendulum start to expanding the use of self-
the documents. swing back to a different set checkout in stores and auto-
A Walmart spokeswoman of priorities.” mating or partially automating
on Thursday confirmed the The broader U.S. job mar- its warehouses.
To learn more pay-structure change, adding ket is cooling. Hiring slowed For example, some Walmart
Photo: WFP/Vincent Tremeau/2023/DRC

that it could enable workers to this summer and the national store workers in the Northeast,
learn new skills to move up in unemployment rate rose in a region that typically has
or donate, visit the company. August to 3.8%, up from 3.5% wages higher than the national
In January Walmart said it in July—reflecting more peo- average, started working as on-
wfpusa.org/ws would raise its minimum
hourly wage to $14, up from
ple seeking work. Workers’
average hourly earnings rose
line order collectors in stores
at about $16 an hour earlier
$12, to compete for workers at 4.3% in August from a year this year. Now those new work-
the same time that several ri- earlier, well above the prepan- ers, along with many other new
vals, including Amazon and demic pace. employees, start at $15 an hour
Target, started at $15. Starting pay for salaried under the new structure.
The company also shelled workers is falling after wages, Walmart’s move isn’t likely
out pay increases and bonuses especially for people who to lower short-term payroll
for roles such as truck drivers, changed jobs, climbed in re- costs because it is being offset
areas where there has been a cent years. Businesses have by pay increases to thousands
demand for more workers. become more cautious in their of other store staffers, some
Companies have also added hiring and companies are pay- analysts said Thursday.
perks for workers as a compet- ing new recruits less than —Te-Ping Chen
itive advantage, such as subsi- they did earlier this year. contributed to this article.
THE WALL STREET JOURNAL. Friday, September 8, 2023 | A7

WORLD NEWS
Chinese Exports Fall for a Fourth Month tightened their purse strings,
Decline, alongside an China’s imports and exports,
change from a year earlier dragging consumer prices into
import drop, reflects deflationary territory in July.
40% China is set to report August
struggle to revive
inflation data on Saturday.
domestic demand 30 Factory activity, meanwhile,
reported a fifth straight month
BY STELLA YIFAN XIE 20
of contraction in August, while
Imports a yearslong downturn in the
HONG KONG—China’s ex- Exports housing market has only deep-
ports dropped for a fourth 10 ened in recent months. Private
straight month in August, investment remains depressed,
bringing little relief to the 0 while the youth jobless rate
country from a deepening eco- climbed to records in the sum-
CFOTO/DDP/ZUMA PRESS

nomic malaise and weighing mer before Beijing decided to

–10
on the global trade outlook. discontinue releasing the data.
China has struggled to sus- More broadly, the run of
tain a wave of overseas de- –20 downbeat data during the sum-
mand for Chinese-made goods 2022 ’23 mer months has sparked grow-
that carried it through much Sources: Wind; China's General Administration ing concerns over China’s long-
of the three years of the pan- China’s outbound shipments declined 8.8% in August from a year earlier, officials said. of Customs term growth trajectory and
demic, particularly as Western prompted several investment
consumers tilted their spend- Taken together, the sluggish While Chinese policy mak- General Administration of China’s sputtering recovery re- banks to trim their growth
ing back toward services and trade data Beijing released on ers have trimmed key interest Customs said on Thursday. mains a distant prospect, par- forecasts for gross domestic
away from smartphones, fur- Thursday provides new evi- rates and made new attempts The reading narrowed from ticularly given that global trade product to below 5% for the
niture and other goods. Higher dence that the world’s second- to revive home-buying senti- the 14.5% year-over-year drop is expected to contract this year. year, compared with the official
borrowing rates in the U.S. largest economy is struggling ment, economists have widely in exports in July, which “We expect exports to de- government target of around
and other developed countries to revive domestic demand. dismissed these efforts as too marked the worst such result cline over the coming months 5%, which was set in March.
also hit consumer appetite. That would ripple through piecemeal to revive growth since February 2020. before bottoming out toward Meeting with Southeast
Meanwhile, Chinese imports the global economy as China’s given the speed with which Imports to China, including the end of the year,” research Asian leaders this week, Chi-
continued to shrink in August, slowdown weighs on oil prices sentiment has soured. intermediate components, firm Capital Economics told nese Premier Li Qiang struck
a reflection of lackluster con- and hurts commodity-export- “There’s still a steep hill to commodities and consumer clients in a note on Thursday. back against widespread pessi-
sumer demand even after the ing countries such as Austra- climb to get the all-clear on products, fell 7.3% in August Apart from the general mism about the country’s near-
country loosened its long- lia, Brazil and Canada. Chinese stabilization for China,” said from a year earlier, slower slowdown in trade, China is term economic outlook, saying
standing Covid-related restric- manufacturers have been un- Frederic Neumann, chief Asia than July’s 12.4% drop. facing a raft of other economic the country is on track to hit
tions. A downturn in China’s der pressure to cut prices to economist at HSBC. Even with the better-than- headwinds. After a brief spurt its growth target for the year.
property market has also retain market share, poten- China’s outbound ship- feared trade data, economists of spending in traveling and
sapped demand for raw mate- tially sending disinflationary ments declined 8.8% in August generally agree that exports’ dining out upon reopening  Weak economic data
rials used in construction. currents around the world. from a year earlier, China’s ability to provide support for early this year, consumers pressure China’s yuan... B11

Germany’s Economic Rut Gets Deeper, With Contraction Forecast

BY PAUL HANNON Ukraine, which caused a surge rozone economies have fared omy said on Wednesday, cut- agency, sales in stores and and a 1% drop from a year
in energy and food prices. Its much better, with France re- ting its previous estimate. their online equivalents fell in earlier.
Germany’s embattled econ- reliance on exports to drive cording growth of 1.4%, Italy The war alone isn’t to July and were 4% lower in the The surprising resilience of
omy, once Europe’s main en- growth has left it vulnerable growth of 1.7% and Spain blame. While higher costs first seven months of this year the U.S. economy despite ris-
gine of growth, looks set for a to a global slowdown in de- growth of 4.6% over the same since Russia’s full-scale inva- than in the same period of ing interest rates has helped,
fresh contraction as its all-im- mand for goods as cash- period. In the U.S., economic sion have lowered output from 2022. In particular, households with exports to the world’s
portant manufacturing sector strapped households give pri- output was up 2.4%. energy-intensive industries have been cutting back on food largest economy rising by 5.2%
continues to weaken. ority to spending on the Figures Germany’s statis- such as chemicals, German consumption as prices soar, from the previous month.
After stagnating since the services they were denied ac- tics agency released on Thurs- manufacturing has been in a buying 5.3% less than in the Sales to Chinese buyers were
end of last year, Germany’s cess to during the years of day showed industrial produc- downturn since 2018, coincid- first seven months of 2022. up a more modest 1.2%. Ex-
output is likely to contract Covid-19 restrictions. tion fell by 0.8% in July from ing with the start of a global Hobbled by falling demand ports to the U.K., which have
this quarter as its factories Germany’s economy has June, and was 4% down from backlash against open interna- at home, German manufactur- stagnated since the start of
face higher energy costs, a grown in only one of the past February 2022, the month of tional trade. ers are also under pressure in the war, were down 3.5%.
less-welcoming global market- five quarters, and was 0.3% Russia’s invasion. Meanwhile, the surge in in- overseas markets. In July, the German manufacturers also
place and intense competition smaller in the three months The German economy flation, now in its third year, country’s businesses sold face stiffer competition from
from China in key sectors, re- through June than it was in should contract by 0.3% in the has weakened the spending goods valued at 130.4 billion their Chinese counterparts in
cent data show. the first quarter of 2022, current quarter, and by 0.5% power of German households, euros—equivalent to $139.86 industries where they were pre-
The country was hit hard when Russia attacked its in 2023 as a whole, the Kiel which are buying fewer goods. billion, to the rest of the viously dominant, including in
by Russia’s invasion of neighbor. The other large eu- Institute for the World Econ- According to the statistics world, a decline from June Germany’s flagship auto sector.

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 A8 | Friday, September 8, 2023 ***** THE WALL STREET JOURNAL.

WORLD NEWS

Chinese Propagandists Said to Use Gab

Pro-China accounts speech, hosted 114 user ac- last month on major social- flagged in the report. tial for more directed messag- Spamouflage operation: simi-
counts affiliated with a covert media sites—might also be in- Alethea founder Lisa Kap- ing and targeting,” said Shawn lar hashtags, long strings of
have burrowed into Chinese campaign known as tended as a shift to platforms lan said the activity on Gab is Eib, head of investigations at identical text and indications
niche site known for Spamouflage, according to a with relatively minimal con- one of a few examples of a Alethea. that the accounts had been
new report from Alethea, a tent moderation as well as an network of inauthentic ac- He added that the lack of created in batches. The oldest
tolerating hate talk firm focused on detecting so- attempt to appeal to American counts linked to the Chinese robust trust and safety teams account spotted on Gab linked
cial-media manipulation. Gab’s right-wing audiences, re- government operating on a at smaller platforms could at- to the Chinese influence oper-
BY DUSTIN VOLZ users include far-right media searchers said. niche social-media service tract activity from state- ation was created in Novem-
AND SARAH E. NEEDLEMAN host Alex Jones and conserva- The campaign generated with loose rules around backed information operations ber 2020, and more recent
tive media provocateur Milo posts in English and Mandarin speech and a right-leaning like Spamouflage. batches of accounts were
An online Chinese influence Yiannopoulos. that focused on topics such as user base. The Chinese Embassy in formed in late 2022, Alethea
operation has sought to plant The findings, viewed by Chinese dissidents, rare-earth- Another research firm Washington didn’t respond to said. The most recent individ-
pro-Beijing propaganda on a The Wall Street Journal, shed metals mining and perceived called Graphika said last year a request for comment regard- ual account was created in
niche U.S. social-media site light on the Chinese govern- adversaries of the Chinese that activity likely linked to ing the Alethea report. Last July 2023.
popular with far-right activ- ment’s efforts to inject pro- government, including the the same group targeted Gettr, week, the embassy said it op- Gab Chief Executive An-
ists, according to cybersecu- China propaganda and disin- U.S., the report said. also a small, right-leaning so- poses the production and drew Torba said his company
rity researchers, showing the formation into U.S.-owned “The hostility of the United cial network. Gettr didn’t re- spread of false information works diligently to stop at-
Chinese government’s disin- social-media platforms, a States to China is becoming spond to a request for com- and that U.S. social media was tacks from foreign govern-
formation efforts are evolving trend cybersecurity analysts more and more obvious, as ment. “awash with disinformation ments and others.
and more extensive than pre- have said has expanded can be seen from the reports “Expansion onto more about China.” “We expect to be a target
viously known. greatly in the past few years. of their various social plat- niche platforms that appeal to In the Gab accounts, the for many threat actors across
Gab.com, which is known The activity on Gab—which forms and state-owned me- individuals based on princi- Alethea researchers found the political spectrum,” he
for its loose rules about hate resembled activity disclosed dia,” reads one Gab post ples or ideology offers poten- several clues pointing to the said.

Canada
Picks Judge
For Probe
Of Election
Interference
BY PAUL VIEIRA

OTTAWA—Canada on
Thursday appointed a judge to
lead a probe into alleged for-
eign interference into the
country’s politics, months af-
ter security officials told poli-
ticians that they believe
China’s Communist Party paid
agents to thwart rivals to
Prime Minister Justin Trudeau
in the 2021 general election.
Allegations that China tried
to influence Canadian elec-
ORE HUIYING FOR THE WALL STREET JOURNAL

tions have posed one of the

biggest challenges to Trudeau
during his eight years in of-
fice. He has faced sharp criti-
cism after trying to play down
concerns that the 2021 elec-
tion results were affected by
Chinese activity, and further
anger after he initially rejected
calls from opposition parties
and former officials to investi-
The Forest City project on the southern tip of peninsular Malaysia is just 15% complete, with only one of four planned islands on reclaimed land built. gate what might have trans-
pired during the 2021 vote.

Ghost Town on its international debt. Last

year, another top builder, Su-
nac China, followed. Some buy-
was very rosy back then,” said a 45-story mixed-use tower
Li, of Knight Frank. meant to house offices, ser-
Forest City has since been viced apartments and a shop-
and convenience shops, retail
space on the ground floor of
each tower is empty.
The Trudeau administration
shifted gears in June and said
it was amenable to establish-

Haunts ers boycotted mortgage pay-

ments as construction ground
to a halt. Economic troubles
referred to as a “ghost city,” like ping mall. Business has yet to
the megadevelopments across pick up at a nearby prome-
China that were built on big nade called “Commercial
For now, visitors to Forest
City’s water park and carefully
manicured gardens are mostly
ing the commission. This turn-
around came after officials at
the country’s spy agency in-

Developer during the Covid-19 pandemic

exacerbated the slowdown.
This year began with opti-
dreams but never completed. Street,” which is still mostly
Country Garden Pacificview re- vacant except for a few duty-
jects the moniker and has said free shops, a Japanese restau-
idle restaurant staff and a few
Malaysian families who take
day trips to use the swimming
formed the former leader of
Canada’s Conservative Party,
Erin O’Toole, that China’s
mism as sales picked up, but more than 80% of residential rant and a karaoke bar. A pool and take selfies by the Communist Party gave money
Continued from Page One the sector has since slid into units have been sold. Most of beach overlooking Singapore beach. Recently, Forest City to agents in Canada to cam-
30-day grace period ended this another slump. Country Gar- them, however, appear to have is just a few steps away—it is has attracted an increasing paign against him and the
week, but the close call raised den’s financial stress threatens been bought as investments and also devoid of people. number of tourists from neigh- Conservative Party in the 2021
concerns that China’s last sur- to turn off even more investors. no one lives in them—hundreds Sales were initially strong boring Indonesia, and some vote, in which Trudeau and
viving property juggernaut Forest City is a window of the units are listed for resale among Forest City’s target cus- buyers from South Korea who the Liberals were re-elected.
might suffer the same fate as into the confidence Country and rent on lo- t o m e r s — seek out its golf facilities. O’Toole told The Wall
dozens of developers that de- Garden once had. Until re- cal property wealthy Chinese Mitran Vee, a 35-year-old Street Journal in June that he
faulted over the past two years. cently, the company was con- websites. who wanted a Malaysian national, said he was was also informed that proxies
Hong Kong-listed shares in the
company have shed more than
half their value since the begin-
ning of the year.
sidered one of China’s more
prudent and stable developers.
The area where it was built, in
the southern Malaysian state
Transaction
history
these websites
shows
on

their
9,000 second home or
an investment
property—until
Current residents of Beijing imposed
the only person living on the
entire floor of his building when
he moved in 2½ years ago. Now
one other unit on his floor is
used the Beijing-run instant-
messaging service WeChat to
spread disinformation about
what the Conservatives were
If Country Garden defaults of Johor, was previously an value has plum- capital controls occupied. “People are starting promising if elected.
on its international debts, its undeveloped jungle. The com- meted in recent
the sprawling, in 2016 that lim- to come, slowly, but they’ll Canada’s public-safety min-
creditors would likely want pany planned to build four is- years; one-bed- unfinished Malaysian ited overseas come,” he said. ister, Dominic LeBlanc, said the
to take control of assets out- lands on reclaimed land, room condos complex payments. A The developer and the Ma- investigation, led by Justice
side China, Han said. It is often promising a cheaper alterna- that once sold new govern- laysian government still have Marie-Josée Hogue of the Court
difficult for international credi- tive to the commercial hub for $280 a ment in Malay- high hopes for Forest City. of Appeal of Quebec, would in-
tors to get hold of assets and just a 20-minute drive away. square foot sia in 2018, crit- Prime Minister Anwar Ibrahim vestigate alleged attempts by
company subsidiaries that are Country Garden owns a now go for about $116. ical of the project’s emphasis on said in August that the devel- China, Russia and others to in-
incorporated in mainland China 60% stake in Forest City The project is currently 15% Chinese buyers, brought more opment will be designated as fluence elections in 2019 and
because of features of the Chi- through the local joint venture complete, with only one of its problems as Chinese investors a special financial zone where 2021. The inquiry would also fo-
nese legal system, he said. Country Garden Pacificview, four islands built. “The com- feared restrictions on owner- taxes are low and multiple-en- cus on how intelligence was
Once a major driver of with the rest held by an entity pany is still optimistic about ship and long-term visas. Then try visas are easy to obtain. shared to senior officials.
growth for China’s economy, called Esplanade Danga 88, a developing artificial islands in 2020, the Covid-19 pandemic Some of Forest City’s few Late Thursday, the Chinese
the property sector boomed private Malaysian company with real estate as a core busi- hammered the housing market. residents relish the emptiness. Embassy in Ottawa said China
for decades as developers bor- owned by a Johor government ness,” the company said, add- Country Garden ended up “It’s peaceful here. There’s no “has no interest in and has
rowed heavily and built big. agency and the state’s Sultan ing that developers are still with 26,000 units and only noise,” said Vivian Chun, a 41- never interfered in Canada’s
Then Beijing tightened credit Ibrahim Iskandar. They broke committed to their approved about 9,000 people living in year-old Chinese national from internal affairs and elections.”
on developers to curb specula- ground in 2015, quickly build- master plan spanning over them. The blank white walls of Nanjing who moved here this Russia’s ambassador to Can-
tive behavior. In late 2021, ing dozens of towers and a 7,000 acres. It said it couldn’t thousands of empty apart- year with her 8-year-old son. ada, Oleg Stepanov, said Mos-
China Evergrande Group, pre- nearby golf resort. comment on Country Garden’s ments are visible from Forest “Having no people is better cow hasn’t interfered in Cana-
viously one of the country’s “It was a very promising broader financial outlook. City’s near-deserted streets. than having a lot of people,” dian elections or the country’s
largest developers, defaulted project at the time, everything The project’s centerpiece is Except for a few restaurants she said. domestic affairs.

Global Rivalries Raise Tensions for Leaders at G-20 Summit

BY CATHERINE LUCEY ing to press for changes to in- a step India has advocated. of China. a “just and durable peace.” a crackdown on dissent under
AND SABRINA SIDDIQUI ternational financial institu- Hosting the G-20 offers India While Russian President Russia has said it won’t India’s Hindu nationalist gov-
tions to better serve a chance to elevate its global Vladimir Putin and Chinese sign off on a statement that ernment.
Deepening global rivalries developing countries. stature and assert its role as a leader Xi Jinping won’t attend doesn’t reflect its position. The White House declined
will overshadow this week’s With international tensions key voice for emerging econo- the summit, their influence Russian Foreign Minister Ser- to say if Biden would raise
gathering of the world’s larg- likely to make a joint declaration mies, as clashes over dominance will be felt. Biden is trying to gei Lavrov will lead the coun- such concerns directly with
est economies in India, as the even harder to bring about than in the global South intensify. manage the rocky China rela- try’s delegation, while Premier Modi when the two leaders sit
leaders of China and Russia last year, Indian Prime Minister The Brics bloc, a group of tionship as he continues to Li Qiang will represent China. down Friday for a bilateral
stay home and the U.S. seeks Narendra Modi called for unity. emerging economies—China, press for unity against Russia As part of his effort to meeting ahead of the summit.
to strengthen ties to India as a White House national secu- Brazil, Russia, India and in the Ukraine war. Moscow counter China’s rising influ- Sullivan said Biden hoped
counter to Beijing. rity adviser Jake Sullivan said South Africa—that sees itself has grown closer to Beijing, ence, Biden has sought to bol- to make “meaningful prog-
President Biden was set to aboard Air Force One on as a counterweight to the and tensions between India ster ties with India, welcom- ress” on a number of issues in
arrive Friday for the summit Thursday evening that the West, agreed at an August and China have been rising. ing Modi for a state visit in his sit-down with Modi, in-
of the Group of 20, made up summit will “be an important meeting to expand. China and Divisions among G-20 June. The Biden administra- cluding on a deal to manufac-
of 19 nations and the Euro- milestone moment for global Russia used the gathering to members have raised doubts tion also largely has refrained ture General Electric jet-
pean Union. Indian and U.S. cooperation at a critical time.” complain about Western about whether they can adopt from publicly criticizing what fighter engines in India.
officials say they will focus on He added that Biden looks for- leaders. India is wary of the a joint statement, including a rights groups say is growing —Tripti Lahiri,
climate change and economic ward to welcoming the African forum’s becoming an anti- position on the Ukraine war. intolerance toward the coun- Rajesh Roy and Shan Li
issues, with Biden aides vow- Union as a permanent member, U.S. platform under the sway Sullivan said Biden will call for try’s religious minorities, and contributed to this article.
THE WALL STREET JOURNAL. Friday, September 8, 2023 | A9

FROM PAGE ONE

Musk petitors.
Twitter employees rushed
to write a policy to justify the

Transforms move. It didn’t last long. After

publishing the policy against
linking to competitors, Musk

Twitter received so much criticism

that he rolled back the
changes.

Continued from Page One

When he felt his own posts Tweet boost
weren’t being seen widely Musk tweets a lot. Earlier
enough, he marshaled dozens this year, after he noticed his
of company engineers to make posts weren’t receiving as
his postings some of the plat- much attention, he told his
form’s most visible, according lieutenants to address the is-
to people involved in that ef- sue, according to people famil-
fort. iar with his comments.
At one point, he said a pro- Some engineers at the com-
gram designed to flag abusive pany thought his popularity
posts would no longer be ex- might have dropped because
tended to the accounts of em- users were growing tired of
ployees, resulting in a harass- him. When Twitter’s engineers
ment campaign that drove one investigated, they found that
former executive out of his one problem was that too
home, some of the people said. many users had blocked Musk,
X has said Yaccarino and making his tweets less popu-

REBECCA BLACKWELL/ASSOCIATED PRESS

Musk jointly oversee decisions lar.
for the company’s trust and Still, Musk told engineers
safety department, which han- his posts deserved more at-
dles what kinds of posts tention.
should or shouldn’t be online. Company engineers were
Current and former employees called in over a weekend to
said Musk often calls the work on it, according to peo-
shots himself. ple involved in the effort.
Musk and his lawyer didn’t Many engineers had been
respond to requests for com- Musk brought in Linda Yaccarino, right, to serve as the company’s CEO. One of her missions is to regain advertisers’ trust. fired or resigned, and the re-
ment, and X declined to make maining employees didn’t
Musk or Yaccarino available ple signed off on all major adult Internet services.” Some After X Corp. stopped Some Iranian, Russian and know as much about the algo-
for interviews. A lawyer repre- moves regarding content. of the platform’s users inter- identifying accounts as state Chinese state-backed accounts rithm. Musk asked one former
senting West declined to Decisions often were made preted it as Musk calling Roth media, some of them gained previously labeled as state-af- engineer if he would return
comment. more slowly than employees a pedophile, and they posted followers. filiated began gaining follow- for a half day of work, accord-
Current employees said lit- and users wanted. Its execu- calls for Roth’s death. ers after months of decline, ing to former employees. The
tle has changed in Musk’s ap- tives sometimes concluded People close to Roth re- Average followers per day, according to the Atlantic engineer declined.
proach since Yaccarino arrived that decisions Twitter had ported the threats to Twitter, change since Jan. 1 Council’s Digital Forensic Re- At first, the engineers ad-
from NBCUniversal in June. made about content had been but the company left many of 5% search Lab, which reviewed a justed the systems that rec-
One of her missions is to re- mistakes. Former Twitter ex- them online in part because of sampling of the accounts for ommended tweets to people
Press TV
gain the trust of many adver- ecutives said the platform had the change to Project Guard- 4 (Iran)
the Journal using data from who didn’t follow users, but
tisers who fled, in part because erred in temporarily limiting ian, according to some of the Meltwater Explore. this didn’t satisfy Musk, ac-
of concerns about Musk’s the reach of articles about people. Roth, who said he was 3 cording to people who worked
changes to content rules. Hunter Biden before the 2020 no stranger to online abuse, on the matter. Ultimately the
Some supporters of Musk presidential election. fled his Bay Area home. 2 Musk’s friends engineers wrote a piece of
say he is correcting content “Old Twitter would mea- “I was shocked by the Musk said in a post on X code that inserted Musk’s
1
policies that were too restric- sure twice, cut once…more depth of the harassment Russia earlier this year that he tweets into user timelines,
tive under previous manage- than they had to,” said Erik against me and other employ- Today wanted it to be “fair & impar- which boosted Musk’s tweets
0
ment. Others applaud him for Berlin, a Twitter engineering ees, by Twitter’s inaction to tial, favoring no party, seeking for all users except those who
being willing to move more manager who was laid off enforce its own rules, and by –1 only the least wrong truth.” blocked him.
quickly than Twitter execu- along with thousands of oth- the CEO of the company fan- When Musk’s friend, ven- Musk’s effort to boost his
Jan. 2023 Aug.
tives had in the past, and to ers a week after Musk took ning those flames,” he said. ture capitalist Marc Andrees- posts was previously reported
Note: Data from main X account of media outlet
operate with fewer employees. over. Musk’s attitude, he said, Source: Digital Forensic Research Lab, using sen, complained that Twitter by Platformer.
Former Twitter software is to not bother measuring data from Meltwater Explore was showing him too many Since becoming CEO, Yacca-
engineer Peter Clowes said he first, but to “just make cuts.” Content issues posts that didn’t interest him, rino’s main goal has been to
had hoped Musk could bring Musk’s orders often arrived Musk said in April that weren’t promoted in users’ Musk told engineers to fix the repair relationships with ad-
new energy to the company, by email, at all hours. One Twitter had about 1,500 em- feeds, to limit user interac- problem, according to people vertisers that have fled the
which he felt was sometimes morning, weeks into his own- ployees, down from about tions with them, and to alert familiar with the incident. En- platform since Musk’s take-
too slow. ership, many employees woke 8,000. users if they stumbled upon gineers tweaked the app so over. Musk posted earlier this
Clowes said he left the up to an overnight email de- Layoffs and resignations di- them. that Andreessen and some week that U.S. advertising rev-
company after becoming disil- manding they commit to “long minished the size of its trust Last year Musk proposed other high-profile users saw enue was down 60%, without
lusioned with what he de- hours at high intensity,” or and safety team. Musk also removing those labels, but less content from users they citing a time frame.
scribed as Musk’s lack of vi- take severance. dissolved the platform’s trust some employees pushed back, didn’t follow. X has been under pressure
sion. “It’s very subjective,” he He made so many decisions and safety council, a group of according to people familiar A spokeswoman for An- from some advertisers and
said of Musk’s approach to the that employees wrote down about 100 volunteer organiza- with those discussions. While dreessen declined to com- groups who have raised con-
platform. “It’s just, like, what some rulings and had him sign tions that advised Twitter on Musk didn’t give a reason, he ment. Business Insider previ- cerns about hateful content.
Musk feels like at the time.” them, fearing he would forget policing different areas of ha- had earlier in 2022 tweeted ously reported Andreessen’s Yaccarino met in June with
Esther Crawford, one of what he said, according to rassment and abuse. that “all news sources are par- complaints. groups that follow these is-
Musk’s lieutenants before be- people familiar with his ac- Twitter had introduced a tially propaganda, some more Musk had promised early sues, including the Center for
ing laid off in February, said tions. When told a change policy in recent years of label- than others.” on that Twitter wouldn’t make Countering Digital Hate, which
he relied too much on his gut would take weeks, Musk ing state-media accounts, in- Months later, the labels content decisions or account has accused the platform of
for most decisions. “He didn’t sometimes asked for a quick cluding those run by Russian were stripped away and the reinstatements until it formed allowing the proliferation of
seem compelled to seek out or version employees could make and Chinese-sponsored media, platform started delivering a content moderation council. hate speech, according to peo-
rely on a lot of data or exper- if they worked overnight. as foreign-media accounts. such tweets more prominently That never happened. Musk ple familiar with the meeting.
tise to inform it,” she said in a In December, Musk decided The goal was to ensure they to users. went ahead with bringing Within weeks, Musk took a
posting on the site in July, her that employees would no lon- back banned users. different tack, saying on the
first public comments since ger be covered by Project He ordered the reinstate- platform that CCDH “appears
departing. Guardian, a program that ment of the conservative Ca- to be foreign government in-
Musk turned over the CEO flagged abusive tweets about nadian psychologist Jordan terference” and calling its
role to Yaccarino in June, be- important users, including ce- Peterson and the Christian chief executive, Imran Ahmed,
coming the platform’s chief lebrities and politicians, so satire website the Babylon Bee a “rat.” X Corp. then sued the
technology officer. Managers that the company could re- after suspensions for their group, alleging its research
still seek his approval for ma- move them quickly. Musk ex- postings about transgender used flawed methodologies to
jor decisions about engineering plained to colleagues that any- people. censor viewpoints it disagrees
and what content appears on one who took a job at Twitter At times, the company’s with, and that it improperly
the platform, according to peo- should know there is a risk of policies prevailed over Musk’s accessed data from X’s plat-
ple familiar with the process. online harassment, according initial inclinations. When form.
Yaccarino has pushed Musk to people familiar with the Twitter’s former Chief Execu- Yaccarino retweeted a com-
to agree to some changes, in- conversation. tive Dorsey was promoting a pany statement accusing the
cluding replacing the poop Many pushed back. Staffers competitor on Twitter—the group and its backers of “ac-
MARISSA LESHNOV FOR THE WALL STREET JOURNAL

emoji that he had started us- regularly faced threatening social network Nostr—Musk tively working to assert false
ing as a response to journal- posts from users upset by told his team to block the ac- and misleading claims about
ists with a new message: Twitter’s actions, and some counts of Dorsey and other X.”
“We’ll get back to you soon.” blamed Musk for contributing high-profile users who were CCDH has defended its re-
Under co-founder and for- to the problem. linking to competitors, accord- search. After the lawsuit was
mer CEO Jack Dorsey, one of That same month, Musk ing to people familiar with the filed, Ahmed said in a written
Twitter’s goals was to make made reference in a post to request. statement: “Musk is trying to
sure one person didn’t become the Ph.D. thesis of Twitter’s Employees pointed out that ‘shoot the messenger’ who
its sole arbiter of what was al- former head of trust and there wasn’t a company policy highlights the toxic content on
lowed. Its trust and safety safety, Yoel Roth, who had re- to justify a ban. Musk backed his platform rather than deal
team, comprising hundreds of cently left. Musk tweeted, in- down—partly. He stopped in- with the toxic environment
employees around the world, correctly, that it looked like sisting that Dorsey and others he’s created.”
was in charge of creating and Roth had argued “in favor of Yoel Roth, former head of trust and safety, was the subject get cut off, but he enforced a —Jim Oberman
enforcing rules. Multiple peo- children being able to access of a negative Musk post. ban on people posting to com- contributed to this article.

food on social media. Now, hell or hilarity awaits. on customers with their ‘so- prank videos at local restau- painful to just ask,” she says.
Workers customers, typically younger,
are training their cameras on
During a shift at an Atlanta
Starbucks drive-through win-
cial media’ bull—inside estab-
lishments filming staff?”
rants and businesses. They
walked into one store to film
Many chains have policies
that encourage customers to
the staff. dow, Darby Williams got a wrote a worker recently on and got “kicked out almost be mindful of workers and
Get Filmed “The biggest issue with
older customers is they yell at
highly intricate order for a
large, iced drink with multiple
the “TalesFromYourServer”
Reddit page, which has more
immediately,” he says. “They
saw us coming.”
other patrons’ privacy and
comfort. A Starbucks spokes-

For TikTok you if you get their order

wrong and want free food,”
says Gonzalez, who is 23.
syrups, foam and drizzle. Her
radar went off. “It gave the
energy of a typical TikTok
than 570,000 members. Hun-
dreds chimed in. “I work at a
place that’s very Instagram-
Patrons often begin record-
ing the moment they approach
a business to produce an idyl-
woman referenced the com-
pany’s policy that says it
doesn’t tolerate disruptive
“Younger people are different; beverage,” says Williams, 27. able, it is super vintage with lic opening shot for their vid- behaviors.
Continued from Page One they make weird food requests She opened the drive- retro cars and a retro diner eos. Problem is, that filming Vanessa Barefield, 40, of
down his vanilla soft-serve and do weird stuff in the through window to greet the we use as our kitchen, people often captures hosts such as Waynesboro, Ga., is often a
cone in one bite while a friend drive-through.” customer, and immediately are always asking me to stage Christina Sprull, who works at draw for cameras, thanks to
recorded it for posterity on a Restaurants and bars have noticed an iPhone in the front- walking in and out of the a restaurant in Chicago and is one of her signature drinks.
smartphone camera that was become hotbeds of impromptu seat passenger’s outstretched diner for their little video for often responsible for greeting The bar owner and part-
also pointed toward Gonzalez. videos, as customers capture hand, seemingly recording social media,” one commenter people and escorting them to time bartender mixes “rain-
Others have flipped ice cream the exotic experience of…din- Williams, who, though uncom- wrote. “I usually tell them their tables. bow shots” made of five liq-
cones out their windows, at- ing out. At times the patrons fortable, tried to “behave as something along the lines of ‘I When customers enter with uids of varying colors and
tempting to get them to land like to catch workers reacting normally as possible and pro- don’t get paid enough to be an their cameras pointed at her, densities layered on top of
perfectly centered on the hood to a prank. Some videos have vide good customer service.” actor in your Instagram reel.’” she’ll turn around and greet each other. She doesn’t mind
of the vehicles. Video of a per- gone viral online, attracted “Was something about to “Tell people, ‘no pictures I them with her back turned. when customers film close-up
fect throw might not wind up millions of views and turned happen?” Williams recalls have warrants,’” advised an- “I don’t want my face videos of her hands. She says
in the Library of Congress waiters, servers and bartend- wondering. “Would someone other poster. “Usually gets a wherever they’re going to post social-media posts made by
next to “Citizen Kane,” but it ers into unwitting bit players throw a drink on me? Would chuckle.” it, but I don’t want them to customers help bring new
may generate some clicks on in skits. While many workers my face be plastered all over The filmers say they create have a terrible experience,” people in. She draws the line
TikTok. don’t mind being featured in the internet?” these videos for entertainment says Sprull, who is 33. “It’s at patrons filming her face
Diners have long been these videos (especially if the At the end, the driver and but occasionally get pushback. not that I don’t want to be in without consent. “I don’t go to
known to whip out cameras creator tags them), others passenger grinned, and drove Kyle Frost, 22, says he and his your memories. It’s that I care CVS and start filming the
while eating, with a 2021 poll hide behind the counters or off. Williams doesn’t know brother have become recog- about my privacy.” pharmacists doing their job,”
finding that 44% of people fre- spend their shifts on high what happened to the video. nizable in their hometown of She says a heads-up would Barefield says. “It’s the same
quently post images of their alert, wondering what fresh “What are your thoughts Columbus, Ga., for making be nice. “Apparently, it is too principle.”
A10 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

ARTS IN REVIEW

FILM REVIEW | KYLE SMITH  Emma Stone and Mark Ruffalo

in ‘Poor Things’

Climbing Cinema’s Summit Alexander Payne brought the world

premiere of “The Holdovers” (the-
aters Oct. 27), in which Paul Gia-
This year’s iteration of the Telluride Film Festival promised an engaging movie season to come matti plays yet another sad sack,
this time an obnoxious history

P
teacher at a New England boarding
Telluride, Colo. rector Christy Hall’s ex-  Colman Domingo in school in 1970 who gets stuck there
anning for gold in the pertly crafted “Daddio” ‘Rustin,’ about the over Christmas break minding a
Rockies remains suffi- (no release date yet), civil-rights organizer difficult student (Dominic Sessa)
ciently tantalizing that which steers around ev- Bayard Rustin who has been marooned by his self-
thousands head up here ery potential cliché in a ish mother. The film is typically
every Labor Day week- penetrating two-charac- saturated with wry appreciation for
end to do it. The trea- ter study of a brash cab portrait is “The Pigeon life’s losers, but runs at least 15
sure being sought is great movies, driver (Sean Penn) and Tunnel” (theaters and minutes too long and takes a maud-
and some of them at this year’s it- an upscale Manhattan Apple TV+ Oct. 20), a lin turn. Another monotonous expe-
eration turned up with consider- woman (Ms. Johnson) documentary from one rience with a hokey finish was An-
able sparkle. Several major Oscar who spend an hour and of that form’s leading drew Haigh’s “All of Us Strangers”
contenders made their North a half talking on a trip practitioners, Oscar (Dec. 22), in which a gay screen-
American premieres and will be from JFK Airport. Both winner Errol Morris writer (Andrew Scott) living in a
engaging, delighting and disturb- stars excel in their (“The Fog of War”). sepulchral London high-rise hooks
ing theatergoers later this fall. roles, and Ms. Hall’s as- It’s a treat to learn up with a neighbor (Paul Mescal)
The latest edition, billed as the tute script builds one that, before he died in and imagines explaining his life to
Telluride Film Festival’s 50th (but unexpected yet plausi- 2020, the great novel- his long-dead parents (Claire Foy
really 49th; events were canceled ble revelation atop an- ist David Cornwell, aka and Jamie Bell), who were killed in
in 2020), threatened to be damp- other as the two de- John le Carré, pro- an accident when he was a kid. The
ened by the strikes by the Holly- velop a surprisingly vided Mr. Morris with loner in writer-director Ethan
wood actors’ and writers’ guilds. intimate bond. Another an in-depth discussion Hawke’s film “Wildcat” (no release
Yet celebrities such as Julia Louis- relative newcomer, Em- of his deceit-steeped date yet) is the Southern Gothic
Dreyfus, Dakota Johnson and erald Fennell, an Oscar life and works. I was writer Flannery O’Connor, played in
Ethan and Maya Hawke did ap- winner for her script enthralled by every a fiercely committed performance
pear. Telluride attracts more art- for “Promising Young minute of it, just as I by the gifted Maya Hawke, of
house cinéastes than Hollywood Woman,” displayed a was throughout “Stranger Things,” who has never
gawkers, though, and so the wickedly twisted imagi- writer-director Jeff starred in one of her dad’s films be-
strength of the slate was the talk nation in “Saltburn” Nichols’s “The Bikerid- fore. (The senior Hawke has been
of the festival even as organizers (theaters Nov. 24), just ers” (in theaters Dec. directing for more than 20 years
and attendees mourned the death her second feature as 1), the finest movie but doesn’t act in this one.) “Wild-
of one of its founders, Tom Luddy, writer-director. Barry about motorcycle cul- cat,” which co-stars an unbearably
who succumbed to Parkinson’s dis- Keoghan (an Oscar ture I’ve ever seen. campy Laura Linney as O’Connor’s
ease in February at age 79. nominee for “The Ban- Told with gusto à la philistine mother, Regina, merges
The festival’s curation tends to shees of Inisherin”), who has an ex- organized the 1963 March on “Goodfellas” (voiceover narration, O’Connor’s brief and agony-filled
lean more toward the difficult than traordinary talent for playing the Washington. Though George C. freeze frames, wall-to-wall pop life with an anthology of her stories
the fun, which is why “Poor Things” awkward and askew, is absolute Wolfe’s movie gets bogged down in nostalgia), this richly evocative in which the two actresses play
(in theaters Dec. 8) was such an perfection as a sneered-at poor boy intramural squabbles among Rustin look at how a 1960s Midwestern several of the author’s creations.
ebullient surprise. Greek director studying at Oxford who attracts the and the NAACP head Roy Wilkins biker club turned into a gang es- The film plods but Ms. Hawke
Yorgos Lanthimos (“The Lobster,” sympathy and friendship of a rich, (Chris Rock) and Rep. Adam Clay- tablishes “Elvis” Oscar nominee shines.
“The Favourite”) works on a grand popular student (Jacob Elordi). At ton Powell Jr. (Jeffrey Wright), Mr. Austin Butler as a major movie Dry eccentricity underlay the
scale for the first time in this spec- the latter’s country estate, Saltburn, Domingo radiates charisma. An star—like a combination of 1980s tiresome “Fingernails” (theaters
tacularly entertaining, visually phe- there is a hedge maze, and Ms. Fen- even more finely drawn cinematic Johnny Depp and Val Kilmer. As his Oct. 27, Apple TV+ Nov. 3) from
nomenal, “Candide”-like feminist nell’s script has just as many turns. exasperated wife, Jodie Comer is Greek director Christos Nikou (“Ap-
fable that begins like “Franken- As with her previous film, it’s im- spectacular, while Tom Hardy, as ples”), in which Jessie Buckley and
stein” and opens up into an expan- possible to imagine anyone walking the leader of the gang, continues to Riz Ahmed play unloved people at a
sive, raunchy satire about women’s away from “Saltburn” without a Yorgos Lanthimos be one of our most amazing screen quack clinic where customers get
roles that recalls (believe it or not) strong reaction, whether it be out- chameleons. their nails ripped out to test
“Barbie.” In a gutsy and hilarious rage or adulation. delivers a spectacular If only all Telluride movies had whether they are a match for their
performance, Emma Stone plays a Another outstanding lead actor so much vroom. A running obses- romantic partners. The plot’s direc-
bizarre young woman—the ward of was the impish Colman Domingo as
feminist fable sion of the festival was loneliness, tion becomes evident early on, but
a Victorian-style mad scientist civil-rights activist Bayard Rustin with ‘Poor Things.’ which was woven into five low-se- it isn’t especially convincing and it
(Willem Dafoe)—who goes on a in “Rustin” (theaters Nov. 3, Netflix rotonin films that sapped my spirit. proceeds there as though stuck in
dazzling sexual odyssey with a cad Nov. 17), a gay ex-Communist who “Sideways” and “Election” director holiday traffic. Juvenile loneliness
(Mark Ruffalo). As Ms. Stone’s infused “Janet Planet,” a sad first
Bella develops from naïf to sophis- film from playwright Annie Baker
ticate, she and Mr. Lanthimos about a New Age acupuncturist sin-
leave the audience with much to gle mom (Julianne Nicholson) and
debate. A long list of Oscar nomi- her friendless 11-year-old daughter
nations is assured. (Zoe Ziegler), who woefully cling to
Equally powerful, in the oppo- each other in the summer of 1991.
site direction, was the shattering Ms. Baker is a minimalist whose
Auschwitz drama “The Zone of In- fascination with banality exceeds
terest” (theaters Dec. 8). No brutal- mine, but the film’s younger star,
ity is depicted and yet it is present who has never acted before, is
in every scene as writer-director wonderfully natural.
Jonathan Glazer (“Under the Skin”) Two films that deserved the
adapts Martin Amis’s novel. The “Nice try, but . . . no” award
story takes place almost entirely in earned a salute for at least being
and around the comfortable villa of daring. In “Tuesday” (no release
a commandant (Christian Friedel) date yet), a debut from Daina O.
and his wife (Sandra Hüller), who Pusić, Ms. Louis-Dreyfus tries to
are raising their children in sun- outsmart death in the form of a
FROM TOP: 20TH CENTURY STUDIOS; DAVID LEE/NETFLIX; A24

shine and flowers separated only talking parrot, which seeks to take
by a high wall from the camp, from the life of her chronically ill ado-
which screams and gunshots can lescent daughter. And Chile’s Pablo
be heard. The film is a chillingly Larraín, who previously made re-
bleak reminder that ordinary peo- spectful biopics “Jackie” and
ple can be complicit in the most “Spencer,” this time ventured into
barbaric acts. horror-fantasy with the black-and-
Telluride prides itself on new white “El Conde” (in theaters this
filmmakers, and this year an im- week, Netflix Sept. 15), which
pressive debut effort was writer-di- imagines murderous dictator Au-
gusto Pinochet (Jaime Vadell) as a
depressed 250-year-old vampire
 Sandra Hüller in Jonathan who longs for death. I longed for a
Glazer’s ‘The Zone of Interest’ satire that had more bite.
 THE WALL STREET JOURNAL. Friday, September 8, 2023 | A11

ARTS IN REVIEW
THEATER REVIEW | CHARLES ISHERWOOD

One Woman’s
Uncanny Cast
Catherine Waller’s solo show melds the
macabre with disarming appeals to the audience

A
New York just a squint: In addition to his
s she slithers around daughter, he has also lost his eyes.
the floor in a black He is not alone in affliction.
bodysuit, Catherine There is also the pregnant prosti-
Waller, the creator and tute—Bill’s home is apparently,
performer of the solo among its other grisly functions, a
show “The Creeps,” re- brothel—who is drug-addicted and
sembles a human-size lizard, com- piteously hoping to bring her child
plete with flicking tongue. Should into even the dire world she inhab-
you be unnaturally, or perhaps its. Later we meet an endearingly
naturally, averse to lizards, the ef- chipper young girl who has had
fect promised by the play’s title her hands and feet removed. So
will set in quickly. she cheerily tells us. And while her
It will probably happen eventu- bright squeak of a voice is in stark
ally for most attending this arrest- contrast to the horrific details she
ingly strange show, which has lets slip about her experience,
been seen, and piled up several again it is Ms. Waller’s physical
prizes, at various theater festivals. embodiment of this girl that brings
(It was part of the United Solo her to vividly disturbing life.
Theater Festival in New York in No one who inhabits the build-
2018.) Ms. Waller is a chameleonic ing where the doctor holds sway is
performer, most impressively in safe from the shadowy specter of
the way she imbues his apparent malev-
each of the charac- olence, although Ms.
ters she portrays Waller stokes sus-
here with a distinc- The performer pense by keeping us
tive physicality. In distinctively in the dark about
the show’s introduc- many details. Even
tion—it turns out, embodies her after the show,
according to the which runs just over
script, that she is
many afflicted an hour, had drawn
playing a character characters. to its (slightly
called Lizardman— abrupt) conclusion,
she rises from the I was left wondering
floor to move into a precisely what this  Catherine Waller in her words with them feels unintimidat- shape-shifting performance is it-
bent-kneed stance, arms flared at murky tale was intended to mean, off-Broadway show ‘The Creeps’ ing and even, at times, affecting. self an eerie, unforgettable marvel.
her sides, in a pose that strikingly other than to display before us, (Of course, Ms. Waller’s daring also And if you leave still puzzled at
recalls that of a Merce Cunning- freak-show-like, the ghoulish cast means risk: At the show I saw, one how the characters came to fall
ham dancer. of characters. is pathos in her cajoling despera- audience member seemed to want into the cruel circumstances in
In playing the first human Yet what is most surprising tion—also shares bad jokes and in- to join her onstage, so insistent was which they find themselves, that’s
character we meet, a man named about “The Creeps” is not its vites us to contribute our own. he on obeying one of the “rules” not necessarily a drawback, since
Bill, she throws on a woolen cap gothic, Grand Guignol flourishes— Many will shudder at the idea of she set out at the top of the show, it is usually the tales that leave
and kneels into a deep crouch, re- although Ms. Waller deserves partaking in these strange proceed- to feel free to talk.) unanswered questions behind that
maining there as he unfolds bits credit for delving into realms that ings—I’m generally a hearty non- “The Creeps,” which features are most likely to haunt you.
of his grim life story, which in- are more easily explored on film or fan of immersive, or, as it is adver- terrific sound design by Hidenori
cludes the death of a daughter in in prose—but instead the uncanny tised here, “interactive” theater— Nakajo and lighting by Scott Mon- The Creeps
mysterious circumstances relating manner in which she blends them but Ms. Waller, while remaining in nin that add immensely to the Playhouse 46 at St. Luke’s, 308 W.
to the building in which Bill is with disarmingly appealing pas- character(s), brings an easy natu- dark atmosphere, will certainly 46th St., New York, $67-$107,
now the basement-dwelling care- sages in which the characters en- ralness to the manner in which she succeed in giving rise to that ob- thecreepsoffbroadway.com, closes
ANDREW PATINO

taker. The premises are owned gage with the audience. That welcomes the audience into the scure, but probably universal, feel- Nov. 5
and presided over by a doctor who young girl, for instance, in addition show, so that the rapport between ing of being unsettled and un-
sounds increasingly sinister as the to imploring audience members to these weird dramatis personae and nerved by something seen, heard, Mr. Isherwood is the Journal’s
show proceeds. Bill’s squint isn’t give her a piece of jewelry—there those who voluntarily exchange or experienced. Ms. Waller’s theater critic.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12
PUZZLE
13 14 15 CONTEST
16 17 18
15 Field for a
19 20
pitcher’s rep
21 22 23 24 25 17 Musical Horne
20 ___Vegas
26 27 28 29 30 31 21 Took a load off
22 Chapel vow
32 33 34 35 36 23 Strike
TELEVISION REVIEW | JOHN ANDERSON 37 38 39 40
28 Ones
transferring
rights to
‘The Swarm’: A Sea of Troubles 41 42 43 44 45 others
30 “I’ll take that
46 47 48 49 50 51 52 as ___”
“THE SEA WAS ANGRY 31 Japanese for
that day, my friends,” George 53 54 55 56 57
“buckwheat”
Costanza once said, though
58 59 60 61 33 Singer Kelly
he was referring more to
the weather than the water. 35 Marathon ID
Or the creatures beneath it. 62 63 64 65 66 38 Author
In the new series “The 39 Pfizer rival
Swarm,” there are sunny 67 68 69 40 Positive
days and deceptively tran- 44 Spillway site
quil oceans. There is also a 70 71 72
45 “___a trap!”
man-eating school of sar- 46 Hightails it
dines and what appears to outta there
be a humpback, belly-flop- OH, AND ONE MORE THING... | By Matt Gaffney
47 “Anything
ping on a boatload of whale- The answer to 25 Brian in bands 54 Wine county 4 Longtime else?”
watchers as if they were this week’s contest 26 Shakespeare 56 Tabloid Chicago 48 Soprano
passengers on the Pequod. crossword is a title noun twosomes columnist Tebaldi
Why? It isn’t easy to draw five-letter word. 27 Sound made 58 Coachella Mike
a bead on a new series  Underwater shot from and member of a local tribe, 49 Frodo’s friend
Across during a Valley resort 5 Compared to 51 Wistful
based on one episode, which ‘The Swarm,’ top; Krista is investigating the death of massage city (oh, and
1 Angler spot 6 Bicycling trick exhalation
was all that was ready to be Kosonen and Alexander an orca that has washed up one more
5 Not on the 29 Harold who 7 “Seek ___shall 55 First of twelve
reviewed. And pilots are al- Karim, above dead, bearing lacerations that thing...)
sched. yet ran for find” popes
ways about setting up char- certainly don’t look like bite
8 Pumps, say president 62 Enjoying 8 Big buck 57 Estado con
acters and situations. The marks. (“What would bite an
nine times Happy Hour, los Cowboys
former seem likable enough (“The Martian,” “Saving Pri- orca?” a colleague asks.) Lo- 13 Its stuffing is say 9 Member of
based on our brief acquain- vate Ryan”) and Ute Leon- cal fishermen report that the sweet 32 Pushy seller Reagan’s 59 Talking
tance. And the situation is as hardt (“Killing Eve”), among whale repeatedly attacked 34 Sound made 63 NBA team in a cabinet trucker, often
14 Gaul invader Four Corners
follows: Nature is fighting others. Big fish, in other their boat and had to be re- during a 60 Fabled early
back, and the denizens of the words. There seems to be a pelled with gaffs and pikes.
15 Deprive of tearjerker state (oh, and 10 Frenzied
food one more activities celebrator
deep are taking no prisoners. vast blue expanse of possi- Meanwhile, in the Shetland 36 ___-Caps 61 They find you
16 Big Ten school thing...) 11 Goolagong
It is a provocative if not bilities to explore. Islands of Scotland, where (oh, and one 37 Tactics used who won at 50
entirely original idea, never The cast is young and, marine biologist Charlie Wag- against 67 Headgear
more thing...) for bishops Wimbledon in 64 Adjective-
mind the recent reports of given the international flavor ner (Leonie Benesch) has players who 1971 and 1980 noun linkers
18 Game rush the net 68 Noble address
killer-whale attacks on plea- of the production and the va- been banished for some un-
played with 65 Pink drink
sure craft in Europe. (Given riety of locales, a global as- specified on-the-job mishap (oh, and one 69 Much of a Risk 12 Attaches, as a
dominoes more thing...) board merit badge 66 ___in “zebra”
production schedules, it has sortment of young talent, but (“I didn’t set fire to the lab,”
to be coincidence.) “Gojira,” not exclusively: German leg- she tells a local), the moni- 19 “We Are the 41 Store with 70 Long look Previous Puzzle’s Solution
the original Japanese “Godz- end Barbara Sukowa (“Berlin toring device she has floating World” singer tents
who was half 71 Connection D E B R A U H O H M E T A
illa” movie of 1954, was Alexanderplatz,” among many off the coast has become in- 42 Fluffy wrap source, for E C L A T N O R A AMO R
about a monster awakened others) is the prickly Prof. operable, seemingly on pur- of a famous MO U N T A I N B I K I N G
duo (oh, and 43 Maker of Q7 short D A N T E T I E R S
by undersea nuclear testing Lehmann. And Dutch John- pose. And an abundance of SUVs 72 Lacking, in D E B I T E I N S
and not happy at all about son (“Veep”) is Jack Greywolf methane ice has been found
one more
thing...) 46 Orchestra Lyon T E N N I S B R A C E L E T
it; in “The Birds,” Alfred O’Bannon, a Navy vet who floating there, too. When section Down H A T E T E R N N A V E
Hitchcock sicced a murder of years earlier freed a pod of not-an-arsonist Charlie sets 21 “___my U R I S J A N I S S H I N
crows on Tippi Hedren in mine-hunting dolphins that fire to it, it bursts into head...” 50 Jettas and 1 Short dog, for M E R C O D I N E E N S
service to, among other had been mothballed and flames, which is entertaining (counting Beetles, for short B R E A T H I N G S P A C E
lyric from short P I N A WA S T E
things, an environmental who was summarily court- and educational. You can 2 Glass of radio F I E N D S P A R E
message. “The Swarm” is martialed for his kindness. learn something from “The “Schoolhouse 52 Mob target fame J A C K E T P O T A T O E S
based on the popular novel Perhaps they’ll remember as Swarm.” Though perhaps not Rock”) 53 Michael on 3 Pamphlet’s A L O E AWO L D O D G E
24 MMXXIII, e.g. “SNL” finish? M A N Y N O T E E N D OW
by German author Frank the going gets tough. about whale-watching.
Schätzing, and developed by The action here begins on ▶ Email your answer—in the subject line—to crosswordcontest@wsj.com by 11:59 p.m. Eastern Time Sunday,
BETA FILMS (2)

executive producers Frank Vancouver Island, where The Swarm Sept. 10. A solver selected at random will win a WSJ mug. Last week’s winner: J. Bradley Barger, Hoover, AL.
Doelger (“Game of Leon Anawak (Joshua Begins Tuesday, 9 p.m. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S.
Thrones”), Mark Huffam Odjick), a whale researcher The CW residents 18 and over only.)
A12 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

SPORTS
JASON GAY

The Hottest Coach in Sports: Coach Prime

It was just one game. But under Deion Sanders, Colorado suddenly looks like college football’s most fun team to watch.

I’ll start with the due said at his introductory press con-
diligence, which is ference. “We’re coming to kill, not
pointing out that Colo- to kick it.”
rado’s 45-42 victory There is no caution to the mes-
over TCU last Saturday saging, one of the many ways in
was one football game. which a Coach Prime regime is dif-
A big game, for certain, and a stun- ferent (another way: he’s replaced
ning result, but merely the first in a “captains” with “leaders” and
long season. As sensible sports “dawgs”). A tentative coach might
fans, we know not to make a big have labeled the opener versus TCU
deal out of a brief moment, when a “soft opening,” not knowing how
one game is just a fraction of a they could fare versus a strong pro-
larger story, yet to be told. gram that reached the national
Blah, blah, blah, due diligence championship last season.
performed. Let’s get to the fun. Sanders wasn’t tentative. And
Deion Sanders. That’s the fun. neither were his Buffs, 21-point un-
Is there anyone in college foot- derdogs who played like they ex-
ball who has had more fun the first pected to go toe-to-toe against a
week of September than Sanders nationally-ranked opponent in a
and everyone associated with the hostile stadium. Shedeur Sanders
University of Colorado? I don’t threw for a school record 510 yards
think so. Is there a college football and got a congratulatory text from
program in America that feels more Tom Brady. Hunter, a highly-re-
intriguing? Have you heard from cruited five-star player whose loy-
Boulder grads you haven’t heard alty to Sanders began with his deci-
from in years, asking how many sion to enroll at Jackson State, had
wins makes a team “bowl eligible?” an interception on defense to go
Is there anyone who isn’t now at with 119 yards receiving, instantly
least a teensy bit curious to watch joining the (extremely premature)
Colorado play old rival Ne- Heisman shortlist.
braska (with its own new Again: one game. But even one
fancy head coach, Matt game could be read as a signal of
Rhule) in Boulder this Sat- college football’s evolution—that
urday at noon ET? geography, tradition and recent re-
“This is personal,” cords are no longer the foundations
Sanders said. “That’s the of football success. If a conference
message of the week.” like the Pac-12 can crumble over-
Think about that! We night, if a West Coast school can
are getting fired up to join an East Coast conference, why
watch Colorado play Ne- can’t an also-ran like Colorado re-
braska. This rivalry hasn’t brand as a fresh power with a
been relevant for de- starry new coach?
cades—it’s like being ex- Then again, maybe it’s just De-
cited to hop into a Mazda ion, sui generis. There’s no one
Miata, crank Use Your Illu- quite like him, from his on-field
sion II and go see “Dances NFL bona fides (YouTube is a gold
With Wolves.” mine) to his sideline flair to his ag-
It’s all because of him. ile social media (run by his son De-

FROM TOP: RON JENKINS/GETTY IMAGES; LM OTERO/ASSOCIATED PRESS; TTIM HEITMAN/USA TODAY SPORTS
Deion. Coach Sanders, ion Jr.). Sanders is a Black head
Coach Prime, Prime Time, coach in a sport where Black head
“Neon” Deion, whatever rings, batted .533 in the 1992 World coaches remain significantly under-
you want to call him—as Clockwise from top, Colorado Series, made music with MC Ham- represented (14 out of 133 Division
long as it’s Coach Prime. coach Deion Sanders, two-way mer and served as both the host 1 FBS schools). Attention will be re-
Sanders, a ’90s relic him- sensation Travis Hunter and and musical guest in a 1995 episode lentless, but he seeks it, and prefers
self, is now college foot- quarterback Shedeur Sanders. of “Saturday Night Live.” it that way.
ball’s charismatic change He is as famous as an ex-athlete A skeptic might argue The Deion
agent, a big man among free market it always claimed it can be, and yet Sanders the coach Show will eventually get tired, and
Buffaloes, instantly the wasn’t. Sanders, with his ample took a different path. For three sea- there will surely be a gleeful pile-on
most discussed figure in charisma and Hall of Fame NFL ca- sons, the former youth coach was the first time Coach Prime’s Buffs
college football and possibly all of like a gridiron Xanadu again. reer, doesn’t need to tap in to fussy the man in charge at Jackson State lose. But what’s happening in Colo-
sports. “Extreme Makeover,” is what alumni, tradition or shiny campus in Mississippi, where he compiled a rado isn’t a one-man act. If you lis-
“We told you we coming,” Sand- the Journal’s Laine Higgins termed toys to make CU an attraction. He’s 27-6 record, 19-2 in the Southwest- ten to Sanders, he frequently cred-
ers said after his Buffs stunned ev- it, as Colorado brought in 57 trans- the attraction. Deion himself. ern Athletic Conference. He deliv- its the bevy of assistants he
eryone on Earth but Sanders. fers, nine of them from Sanders’s Sanders, 56, has been a sports ered an instant recharge to one of brought to CU, and it’s clear they
He’s not for everyone, but Coach former team at Jackson State, in- character for eons—a sensation at the country’s Historically Black Col- have built a motivated, talented
Prime feels built for right now. He cluding two-way sensation Travis Florida State who dazzled his way leges and Universities, and it felt team. More talent seems certain to
is revitalizing one of college foot- Hunter, and Sanders’s quarterback into a two-sport football/baseball like only a matter of time before arrive. What recruit doesn’t look at
ball’s most forlorn programs—Colo- son, Shedeur Sanders. career, notably with the Falcons, new opportunities arrived. It CU and think: That looks fun?
rado finished 1-11 last season, close It was a brusque overhaul, one Yankees, Braves, 49ers and of wound up being…not a contender Nebraska at Colorado. Noon
to dead last in national rankings for that sent prior Buffaloes players course those peak ’90s Dallas Cow- on the verge, but Colorado, a base- time for Prime Time. I can’t wait.
offense and defense—by tapping packing, but this is now the state of boys. He played cornerback and re- ment dweller. This is no time for due diligence or
into a loosened transfer portal and play in today’s college game, which turned punts (played a little re- Sanders was undaunted. “We’re caution. Somebody needs to gas up
making a forgotten program seem is finally beginning to resemble the ceiver too), won two Super Bowl coming to work, not to play,” he the Miata.

There Is a Line Forming

To Dethrone the Chiefs
BY ANDREW BEATON the conference’s most bankable
bets have noticeably thinned.
PATRICK MAHOMES and the Kan- In just one offseason, two NFC
sas City Chiefs kicked off their teams lost a pair of the greatest
season on Thursday night and quarterbacks in football history.
hope to become the first repeat The Tampa Bay Buccaneers no
champions in nearly two decades. longer have Tom Brady, who re-
But their biggest obstacle isn’t an tired and spent his offseason on
unproven receiving corps or a star safari instead of unretiring this
tight end with a bum knee. It’s the time. Aaron Rodgers, meanwhile,
armada of Super Bowl-caliber chose to spend his time some-
teams lining up to chase them where slightly less glamorous:
down—from within their own New Jersey. The four-time Most
KEVIN C. COX/GETTY IMAGES

conference. Valuable Player engineered a trade

When the World Cup draw out of Green Bay to play for the
comes out every four years, it’s a New York Jets, whose fans now
rite for one group to be dubbed possess something slightly danger-
the “Group of Death” because it’s ous given the franchise’s history.
unevenly loaded with some of the It’s called optimism.
best soccer-playing countries in Other high-profile NFC teams The Kansas City Chiefs, led by quarterback Patrick Mahomes, remain the team to beat in the NFL.
the world. This year, the NFL has are also big question marks. The
a similar phenomenon. Except it’s Los Angeles Rams, coming off a Bills have won 37 regular-season continuing to get better, and he’s There are also teams that have
an entire conference, the AFC, Super Bowl win two years ago, fol- games over the last three years— also one of the quarterbacks that’s fallen off the radar that nobody
that’s unusually concentrated with lowed that up with an injury-rid- or just one per year fewer than been in the conversation for one would be surprised if they engi-
contenders that boast quarter- dled disappointment in 2022. The Kansas City. of the top in the AFC—as he neer a rapid turnaround. The
backs capable of winning it all. San Francisco 49ers, the favorites Yet what defines the confer- should be.” Broncos were an enormous flop
The Chiefs, who began their behind Philadelphia in the confer- ence ahead of this season isn’t just Jacksonville isn’t the only during Russell Wilson’s first sea-
season Thursday against the De- ence, are staking their hopes at the teams projected to remain at trendy pick to break through. In son under center in Denver, but
troit Lions, are the favorites once quarterback to Brock Purdy, the the top. It’s also the clubs threat- Los Angeles, Herbert’s play over there’s restored optimism he
again to celebrate with a confetti quarterback who was the last pick ening to usurp the mainstays. his first three seasons for the might find his old form paired
shower in February, but the crowd of last year’s NFL draft before There’s no better example of Chargers earned him a five-year with the Super Bowl-winning
of teams lining up to prevent them emerging as a sensation only to that than the Jacksonville Jaguars. contract worth a reported $262.5 coach Sean Payton. Deshaun Wat-
from even reaching the Super get hurt during the playoffs. They had the ignominy of being million. The team has steadily im- son’s opening year in Cleveland
Bowl is inordinately deep. Nine of At the same time, the AFC and the worst team in the NFL in 2020 proved during his tenure—from was marred by a lengthy suspen-
the 13 teams with the shortest its stable of emerging quarter- and 2021, and in the latter of six wins when he won offensive sion for alleged sexual miscon-
odds to win the Super Bowl are in backs is only growing deeper. Ac- those seasons Lawrence struggled rookie of the year, to nine wins duct, and he wasn’t spectacular
the AFC, according to FanDuel cording to DraftKings sportsbook, as a rookie during Urban Meyer’s and then 10 a year ago—and it’s when he finally returned to the
sportsbook. seven of the eight players with the disastrous tenure as coach. Then, positioned to mount the biggest field after a nearly two-year ab-
“This is crazy,” says Tony shortest odds to win MVP—Ma- last season, they sneaked into the challenge to Kansas City from sence. Still, he’s just 27 years old
Romo, who calls the conference’s homes, Cincinnati’s Joe Burrow, playoffs with a 9-8 record while within its own division, the AFC and not long ago was one of the
games on CBS. “There’s a lot of Buffalo’s Josh Allen, the Los Ange- Lawrence began living up to his West. most coveted quarterbacks in the
parity, and I think you’ve got a lot les Chargers’ Justin Herbert, Jack- hype as a generational prospect. Herbert’s extension wasn’t an sport.
of teams thinking they can win a sonville’s Trevor Lawrence, Balti- Now, Lawrence and the Jags anomaly: $50-plus million a year Over the last half decade, none
championship.” more’s Lamar Jackson and are poised to knock on the door of is the going rate for top-shelf of these teams has been a model
The NFC isn’t completely de- Rodgers—are all in the confer- the AFC aristocracy if their 23- passers these days. Hurts received of consistency quite like Kansas
void of contenders or elite quar- ence. year-old franchise cornerstone can a similar deal and so did Lamar City. The Chiefs have won two Su-
terbacks—there are plenty of peo- Recent years established a continue his upward trajectory. Jackson, who after much drama per Bowls over that span and
ple from Philadelphia who will clear list of threats for Kansas “Where he was a year ago to got a big payday in addition to reached the conference champion-
hurl their cheesesteaks at anyone City. The Chiefs and Bengals have today is really night and day,” Jag- new weapons such as wide re- ship every year.
who forgets that Jalen Hurts’s squared off in back-to-back AFC uars coach Doug Pederson said ceiver Odell Beckham Jr. that fig- But they’ve never had more
breakout led the Eagles to a Super Championship games, with Cincin- about Lawrence ahead of the sea- ure to make the Ravens an even good teams chasing them as much
Bowl appearance a year ago. But nati prevailing two years ago. The son. “He’s continuing to grow, bigger threat. as this season.
THE WALL STREET JOURNAL. Friday, September 8, 2023 | A13

OPINION
Biden Plays Disaster Politics BOOKSHELF | By Andrew R. Graybill

The Biden ad-

ministration
continues to
lar appropriations bills by
year’s end, discretionary ac-
counts (including the military)
Right at Home
follow
old
that
Demo-
cratic maxim:
are subject to a 1% cut. How
does that help Mr. McCon-
nell’s Ukraine priority? Con-
On the Range
POTOMAC Never let a versely, suppose the pressure
crisis go to grows so great on Mr. McCar-
WATCH
waste. Senate thy that he’s forced to pass a
Son of the Old West
By Kimberley

MANDEL NGAN/AFP VIA GETTY IMAGES

Republicans supplemental appropriation By Nathan Ward
A. Strassel
continue to with Democratic votes. The (Atlantic Monthly, 368 pages, $28)

A
follow their next call may be a motion to
own: Let’s create a crisis for vacate the chair, leaving the close friend of mine—a fellow historian and avid
ourselves. House speakerless again. outdoorsman—likes to joke that while I merely write
Congress is trickling back Republicans ought to re- about the American West, he has actually lived it,
from summer recess, and Sen- member that they won the crisscrossing the region’s hiking trails, bike paths and ski
ate Majority Leader Chuck House last year, and it is their slopes. My pal might thus admire Charlie Siringo, who did
Schumer intends to move base of power. Mr. McCarthy both: He worked as a cowboy and as a detective for the
swiftly to pass a giant “sup- The Bidens in Lahaina, Hawaii, Aug. 21. is negotiating to get his mem- Pinkerton Agency and then published books about his
plemental aid” package that bers to agree to a short-term adventures. In “Son of the Old West,” writer Nathan Ward
funds Ukraine assistance, di- ing levels were set did it cry earlier this summer. Progres- continuing resolution that will tracks Siringo from Texas to Idaho and seemingly
saster relief and border secu- poverty, asking for an “emer- sive lawmakers are lining up allow the House to complete everywhere in between while relating his encounters with an
rity (for starters). The goal is gency” $16 billion for FEMA. with additional demands for its appropriations process. He array of characters, some of them among the most famous of
to jam House Speaker Kevin President Biden is threatening climate dollars, food-and-shel- wants some of the proposed his day. As Mr. Ward explains, his book is as much a
McCarthy, forcing him to to blame Republicans for fail- ter money for border crossers, supplemental spending to go chronicle of the Old West as it is the study of a colorful, and
forgo whatever spending re- ing to help victims of Maui and $16 billion in new child- through that regular order, ubiquitous, frontiersman.
straint was negotiated in the fires and hurricanes if they care funding. Senate Republi- providing Republicans more Charles Angelo Siringo was born to immigrant parents—
June debt-ceiling agreement don’t now give him the money cans aren’t drawing any bright opportunity to scrutinize pro- an Italian father and an Irish mother—in 1855 in Matagorda
and potentially sending his he didn’t care about then. lines as to what can be in- visions and pressure Demo- County, Texas, southwest of Galveston. His father died
caucus into chaos. The crazy The administration, mean- cluded. Where would be the crats to agree to offset some before the boy was a year old, and the turmoil of the Civil
thing is that Senate Republi- while, is playing politics by in- spending fun in that? Never White House demands. Some War heightened the family’s crisis. But the conflict brought
cans are signing up to help. sisting this disaster money be forget last year’s beyond-the- Senate Republicans (and vir- one unexpected benefit: The Union blockade of New Orleans
wrapped with its request for pale omnibus. tually all the media) will sneer closed the Texas cattle trade, bottling up several million
$24 billion in aid to Ukraine. The political costs to the that the speaker has no longhorns by 1865. Thus began the brief (but deeply roman-
If he succeeds, the Mr. Biden wants his Ukraine GOP could be grave. This sup- chance of navigating his frac- ticized) open range era, as ex-Confederate veterans return-
dollars, but he wants even plemental could easily wipe tious caucus through a con- ing to the Lone Star State began rounding up the feral bo-
result would be truly more to heighten the divide away whatever spending re- tinuing resolution, 12 spend- vines and driving them north
catastrophic for the within the GOP. Senate Minor- straint House Republicans ne- ing bills and a supplemental. to market. Charlie got his
ity Leader Mitch McConnell gotiated in the debt-ceiling Certainly the potential for start as a cowboy at age 12
Republican Party. has been making daily floor deal, destroying the hard- failure is high. and made his first trip up the
speeches on the need for more fought effort at demonstrating Then again, the same fatal- famed Chisholm Trail seven
Ukraine funding, worried Mr. GOP commitment to getting ism prevailed in the run-up to years later, in 1874.
The White House bait—or McCarthy can’t get this cru- deficits and inflation under the debt deal, only for the During the time that he
cudgel—is “crisis” disaster-re- cial aid past House GOP control. House GOP to wrench notable spent as a cowhand, Siringo
lief funding. The Federal spending hard-liners. So Mr. An even bigger political concessions from Bidenland. saw it all. He pulled night
Emergency Management McConnell is taking the bait, price would be paid for jam- That win ought to earn Mr. watch, survived stampedes, and
Agency warned in April that signing up to help Mr. ming a speaker with such a McCarthy the same opportu- navigated rain-swollen creeks
its disaster fund could be out Schumer ram the whole pack- slim majority. The GOP kami- nity now—via a new round of and rivers. Moreover, according
of money by July. Yet some- age down the House’s throat. kazes won’t be bullied into “must pass” bills—to unite his to Mr. Ward, it was during this
how the administration didn’t The dollar costs alone of submission, and they might team and notch some policy period that Siringo earned the
make a priority of this “criti- such an exercise could prove use the Senate pressure as an and political victories. It’s cer- sobriquet “Ulysses of the Wild
cal” FEMA funding during the obscene, given this Senate’s excuse to dig in against work tainly a better strategy than West” and on his journeys
May debt ceiling talks, unwill- skill at greasing the legislative on regular appropriations, handing, on bended knee, crossed paths with some of the
ing as it was then to cede any skids with pork. The White provoking a government shut- Messrs. Biden and Schumer period’s celebrated figures. For instance, one of his first jobs
of its other domestic pork, House already jacked up its down. In that case, the GOP the supplemental keys to the was on a ranch owned by legendary cattleman Abel
such as green subsidies and opening supplemental bid to will take total blame. Under castle. Republicans win only “Shanghai” Pierce. During a bar fight in Dodge City, Kan.,
its $80 billion IRS blowout. $40 billion—significantly the debt-ceiling rules, if Con- when they stick together. Siringo ducked beer glasses hurled in his direction by the
Only after next year’s spend- higher than what it suggested gress fails to enact all 12 regu- Write to kim@wsj.com. lawman Bat Masterson. And while working in the Texas
Panhandle during the summer of 1878, he came across a
group of men playing cards. As Mr. Ward writes: “One of the

Pious Agnosticism as a Form of Judaism men was boyish, gaunt, and downy-lipped . . . brown hair
curling down his neck, at ease wearing a holstered Colt
revolver.” It was Billy the Kid. Two years later, Siringo would
HOUSES OF P r e s e n t e d about the same Jew.” guided thought or bad influ- or observe the Sabbath. Yet— join a posse in fruitless pursuit of the outlaw.
WORSHIP with a form Jews seem to live comfort- ences, but pure evil, the work here come the contradictions In the early 1880s, Siringo married and opened a store in
By Joseph asking for ably with the most blatant of the devil, out to bring mis- again—I arranged religious Caldwell, a small town in south-central Kansas close to the
Epstein my religion, contradictions. And so do I ery to as many people as pos- circumcisions for both my border with Indian Territory (now the state of Oklahoma). If
I would live as a pious agnostic. I be- sible: the nightmare brought sons and sent them to He- this was an unlikely career move for a “stove up cow-
check the lieve I know all that is to be by major murderers—the Sta- brew school to become bar puncher,” as Siringo described himself, more surprising was
box under “Jewish.” If I were said against religion: from its lins, Hitlers, Maos of the mitzvah, as I myself was by a his decision around the same time to moonlight as a writer.
then asked whether I was Or- role in fomenting wars to its world—the seemingly endless father who also claimed to be That effort, remarkably, yielded “A Texas Cowboy; or, Fifteen
thodox, Conservative or Re- exclusionary force and censo- number of serial killers, the agnostic yet gave serious Years on the Hurricane Deck of a Spanish Pony,” published in
form, I would write in “none riousness. Posed against this true sadists whose only true sums to Jewish charities. A 1885 and regarded today as among the first of its kind: the
of the above” and add the ini- is the incontestable fact that pleasure is found in another harsh dictum has it that you cowboy autobiography. Fans of the book included the noted
tials PA for “pious agnostic.” religion has been the font of person’s pain. are Jewish only if your grand- Texas folklorist J. Frank Dobie and the Oklahoma vaudevil-
By that I mean I’m someone morality, instructing human- children are Jewish. I tell my lian Will Rogers, who hailed it as “the Cowboy’s Bible.”
who has great respect for re- ity in what is right and grandchildren they should be Fresh off his success and wishing, as Mr. Ward explains, to
ligion but hasn’t been able to wrong. No greater carrot than I’m not Orthodox or proud to have been born into “become a man of Western letters,” Siringo moved his family
make the leap into true faith. heaven and no larger stick a superior club, one whose to Chicago in 1886. But that year’s Haymarket Riot—a deadly
Pious agnostic suggests a than hell have ever been pro- even Reform. I live members have survived every clash between labor activists and the Chicago police—
contradiction, if not an oxy- vided than those provided by comfortable with persecution and social obsta- changed his plans, spurring him instead to join Pinkerton,
moron. I wonder, too, if the religion. cle over the centuries and which had surveilled suspected anarchists prior to the
condition isn’t inherently Religious morality also contradiction. along the way has produced violence. For more than two decades, Siringo served the
Jewish. A joke I heard re- happens to be pervasive. I an inordinate number of the detective agency, assigned to cases that included tracking
cently makes my point: call myself agnostic, yet I world’s philosophical, scien- Butch Cassidy’s Wild Bunch and guarding miner Harry
Heshie Finkleman is talk- wonder if my own morality After all the worst has tific and literary geniuses. I Orchard during his trial for the assassination of former
ing with his friend Shmuel isn’t ultimately based on reli- been said against religion, feel pride in belonging to that Idaho Gov. Frank Steunenberg.
Koenigsberg after a recent gion. While I can’t bring my- one can’t deny the comfort it club.
trip to Warsaw. “In Warsaw,” self to believe that a higher has brought. I had a neighbor, Yet some time ago, sitting
Heshie reports, “I met a Jew power is watching and a woman 10 or so years older in the audience of the Henry First a cowhand, then a detective, then an
who had memorized vast thereby judging my every than I, unmarried, a former Crown Symphony Hall in Je- author, Charlie Siringo crisscrossed the
stretches of the Talmud. I move, I nonetheless find my- schoolteacher, a serious Cath- rusalem, awaiting a concert
met a Jew who was an athe- self acting as if one were. As olic, who told me she wasn’t of the Israeli Philharmonic American West, collecting stories as he went.
ist. I met a Jew who ran a far as I’m able, I don’t cheat, in the least afraid of death. Orchestra, I looked about and
very successful furniture lie or harm other people, in She wished to avoid a painful considered the possibility
business. I met a Jew who good part out of the dread of or sloppy end, but death itself that everyone there was Jew- Siringo’s relationship with the agency soured in
was a strong socialist. I met a being, somewhere down the held no fears for her, for she ish. Then, I had the odd, retirement, however, when he sought to publish a memoir of
Jew who gave vast sums to road, made to pay for having had a good sense of where slightly uncomfortable his time with Pinkerton; the notoriously private firm
charity. I met a Jew who was done so. Paid to whom? That she was going. As she told me thought that I prefer always maintained that there was no expiration date when it came
cynical about the way chari- is the agnostic’s great ques- this, I can recall feeling a stab to be in a minority. Another to confidentiality and thus insisted on revisions to his
ties spend their money.” tion. of what I can only call faith contradiction? As my people manuscript. When the book finally appeared in 1912, it was
“Well,” said Shmuel, “none I also believe in many of envy. say, “Go figure!” bowdlerized and failed to match the success of his inaugural
of this is surprising. Warsaw religion’s core beliefs, among I much like being Jewish, effort. Eventually, like so many former cowboys, Siringo
after all is a big city.” them the existence of evil. though my practice of Juda- Mr. Epstein is author, most sought work in Hollywood, where he scratched out a meager
“You don’t understand,” Not the evil said to be caused ism is nearly nil. I don’t at- recently, of “The Novel, Who existence. He died in California in 1928 at age 73.
Heshie replied, “I’m talking by a harsh upbringing, mis- tend synagogue, keep kosher Needs It?” The author of several previous books, including a
biography of the crime writer (and former Pinkerton agent)
Dashiell Hammett, Mr. Ward—like Siringo himself—spins a

The Tuberville-Sanders Playbook good yarn, and his book will surely please Old West enthusi-
asts, whose interest in the characters of this period remains
evergreen. But other readers will spot missed opportunities,
By Larry Hogan score political points. should rise above the political has pledged to advocate on especially in light of new findings by Mr. Ward that could

P
Yet Mr. Tuberville isn’t the fray. Francis Collins, the for- behalf of those facing battles have added depth to his portrait of the cowboy detective. To
artisanship obscures only one guilty of this reckless mer head of the agency, like my own, I find Mr. Sand- take one example, Mr. Ward discovered extensive material
what the extremes of behavior. Though it has gotten served honorably for 12 years ers’s antics disgraceful. Dur- on Siringo contained in the files of the Pinkerton Agency at
both parties have in far less attention and scrutiny, under Republican and Demo- ing my last year as governor, the Library of Congress. “It was the alternating heroism and
common. It’s more than they’d Sen. Bernie Sanders (I., Vt.) is cratic presidents. There’s lit- I launched a $216 million vehemence in the agency’s papers regarding Siringo” that
care to admit. Look no further using the same tactic to de- tle reason to think Dr. Bertag- Maryland Cancer Moonshot inspired the book, he says. Yet very little of that material
than the Senate’s dysfunction mand price controls for pre- nolli—who has successfully Initiative to complement Mr. turns up in the footnotes, which indicate instead a reliance
over what should be the stan- scription drugs. The most sig- led the NIH’s National Cancer Biden’s federal investments. on previously published studies and newspaper accounts.
dard business of voting on the nificant consequence of his vow Institute—would depart from At a time when we are mak- In Homer’s telling, at the end of his journey Ulysses
president’s nominations. this tradition. ing historic progress against returns home, where he reunites with his wife Penelope and
There has been no short- Democrats have been using cancer that can save millions takes back his rightful place as king of Ithaca. There was no
age of criticism in recent They’re stalling vital Mr. Tuberville as a punching of lives, the nomination of a such happy ending for Charlie Siringo, whose grave in Los
weeks of Sen. Tommy Tuber- bag while remaining conspic- prominent and experienced Angeles was left unmarked for more than six decades, until a
ville (R., Ala.) for placing a nominations at the uously silent about Mr. Sand- leader to head the NIH should fan arranged for a headstone to be placed there in 1991. But
procedural hold on high-level Pentagon and NIH to ers’s behavior. Sen. Elizabeth be a cause for unity—not like the hero from antiquity, Siringo lives on, thanks to the
military nominations until Warren (D., Mass.) touts that needless brinkmanship. uniquely American myth of the cowboy.
the Pentagon changes its pol- score political points. she has “led congressional ef- It’s little surprise the
icy of reimbursing service forts to reverse Republicans’ American people have so little Mr. Graybill is a professor of history and director of the
members who travel across reckless and dangerous faith in Congress. Rather than William P. Clements Center for Southwest Studies at
state lines to get abortions. to oppose all health nominees holds.” For weeks, however, work across the aisle, our Southern Methodist University.
According to the Defense De- until the Biden administration she was a willing participant elected leaders treat us to di-
partment, 301 generals and releases a strategy to lower in the NIH hostage-taking, visive political theater. Their
admirals have been placed in “outrageously high” costs has lifting her own hold on the antics aren’t entertaining and Coming in BOOKS this weekend
limbo. Regardless of what been a hold on Monica Bertag- nomination only late last must stop. Kim Yo Jong: The world’s most dangerous woman • In
you think of the underlying nolli’s nomination to run the month after Dr. Bertagnolli search of Shakespeare the man • Simulating the cosmos
issue, it’s grossly irresponsi- National Institutes of Health. agreed to several of her “eth- Mr. Hogan, a Republican, • Sharing the road with animals • Lauren Groff’s latest
ble to hijack such an essen- This is a nonpartisan but ics” demands. served as governor of Mary- novel • The five best political memoirs • & much more
tial government function to critically important role that As a cancer survivor who land, 2015-23.
A14 | Friday, September 8, 2023 **** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden Freezes U.S. Arctic Oil Covid Talk Returns—Will the Rules Follow?

O
il prices have climbed this week after of the best available science.” No joke. Reading Matthew Hennessey’s “No Is there anything more tragic than the
Saudi Arabia and Russia extended their The memo encouraged agencies to consult Covid Compliance This Time Around” separation of family members for the
(op-ed, Aug. 29), I could immediately entire pandemic, especially those who
production cuts. The Biden Administra- “spiritual leaders” and condemned “method-
sympathize with how he feels about were dealing with terminal illnesses? I
tion’s response? Restrict U.S. ological dogma.” The “best missing time with his dad who was dy- don’t think so.
oil and gas development. Haaland relies on available science” is whatever ing of cancer. I lost my own father in My husband would bring his blood
The Interior Department on ‘Indigenous Knowledge’ the climate lobby’s high 2019, and during Covid I was thankful transfusion out into the parking lot
Wednesday canceled seven oil priests declare. Alaska Indus- that I wasn’t forced to make the tough because we couldn’t be together in
and gas leases in Alaska’s Arc- as a legal justification. trial Development and Export decision about whether to visit Dad the infusion unit, just so we could
tic National Wildlife Refuge Authority plans to challenge and risk giving him Covid. hold hands and spend time together
(ANWR) and moved to limit Interior’s cancellation of its But I did have to decide if my fam- while he was dying of acute leukemia.
development on 13 million acres in the state’s ANWR leases, and its religious climate dogma ily was going to see my 81-year-old We were only one of many families
National Petroleum Reserve. “President Biden may not hold up in court. mother during lockdown. Mom was who had to navigate this lunacy. We
is delivering on the most ambitious climate and Interior also claims that its proposed restric- widowed, living at home with part- made a pact to circumvent as much as
time care, and we were losing her to possible these cruel restrictions, and I
conservation agenda in history,” Secretary Deb tions on oil and gas development in Alaska’s Na-
dementia and a host of physical ail- have gained a new perspective of how
Haaland boasted. tional Petroleum Reserve will ensure that the ments. I knew that she wouldn’t be dystopian society works by living
Its climate agenda is also the most lawless “entire United States Arctic Ocean is off limits with us much longer, and that her through it firsthand. Never again.
and economically destructive in history. The to new oil and gas leasing” to protect “habitat mental and physical health would suf- MICHELLE MCCALLUM
2017 GOP tax reform mandated two lease sales for wildlife.” But developing America’s fossil- fer if her family stayed away. Shelton, Wash.
within the Coastal Plain of ANWR. The first oc- fuel resources and protecting the environment The choice was simple. It was bet-
curred in January 2021, and the second is re- aren’t incompatible. ter to risk a Covid infection than to I hope Mr. Hennessey is able to up-
quired to be held before Dec. 22, 2024. In any case, Vladimir Putin couldn’t care less guarantee that Mom would be iso- hold his principles if virus-related
Mr. Biden on his first day in office imposed a about the caribou. Russia is drilling in the Arc- lated and sad. We took precautions— mandates reappear. As a veteran of
leasing moratorium in ANWR. Now Ms. Haaland tic and using it as a shipping route to deliver not seeing Mom if someone had the the previous Virus Era, I can attest
sniffles, getting vaccinated, etc.—but that it’s a challenge. In early 2020, I
is revoking seven ANWR leases issued by the oil to China. The Administration’s restrictions
we continued to spend time with her announced to anyone within earshot
Trump Administration in January 2021. She on U.S. Arctic oil and gas development amount throughout the pandemic. In fact, we that I intended not to live my life in
claims to have “the authority to cancel or suspend to unilateral energy disarmament. spent more time with her than ever fear, choosing to flout mask and lock-
oil and gas leases issued in violation of a statute The Biden re-election campaign ran an ad before. No commuting, no kids’ activ- down mandates.
or regulation,” and that the ANWR leases include during Thursday’s NFL kickoff touting the Pres- ities, no socializing with friends gave The major price I paid was occa-
“fundamental legal deficiencies.” ident’s economic agenda, including his sup- us time to be together. Even after the sional nasty looks in grocery stores—
She points to “insufficient analysis under the posed success in making the U.S. more “energy world reopened, most Saturday from other customers rather than
National Environmental Policy Act, including independent.” Yet his Administration’s relent- nights were spent with Mom. staff—although no one accosted or
failure to adequately analyze a reasonable less war on fossil fuels has left Americans more Fortunately, my mother never got harassed me about my unmasked
range of alternatives and properly quantify vulnerable to Mr. Putin’s tender mercies and de- Covid. This would be a different story face. I was always prepared simply to
downstream greenhouse gas emissions.” NEPA pendent on China for green energy. if she had. Instead, she died peace- walk out, but never had to. Another
fully in her sleep in April, having inconvenience was a federal rule, in
doesn’t require a climate analysis. The Adminis- U.S. gasoline prices have risen 60 cents a gal-
spent the years since my father’s effect from January 2021 to April
tration has written new requirements into lon this year as Saudi Arabia and Russia com- death surrounded by family who 2022, requiring masks on public tran-
NEPA to scotch fossil-fuel projects. mand the oil market. The Administration flogs loved her. I am so thankful we took sit, with the result that I walked a lot.
Speaking of deficiencies, Ms. Haaland says jobs created by its green-energy subsidies, but the risk, and I would do it all again. Life presents us with cases when
the Administration’s actions are “based on the how many more are its climate policies destroy- KATHLEEN KEENER LINDERprinciple conflicts with conformity to
best available science and in recognition of ing? Employment in oil and gas extraction is Raleigh, N.C.
get along, and forces us to make per-
the Indigenous Knowledge.” Last year the 15% lower than before the pandemic. sonal decisions accordingly. It helps
White House Office of Science and Technology Sorry, Mr. President, unemployed roust- Having been a caretaker for my dy- to know that others share one’s de-
Policy issued a memo directing agencies to abouts in Alaska aren’t going to be installing so- ing husband during Covid, I am so in sire to uphold principles.
“include Indigenous Knowledge as an aspect lar panels in the tundra. tune with Mr. Hennessey’s adamant JANE JOHNSON
stance on noncompliance in the future. Ventura, Calif.

Biden’s Age Problem Isn’t Going Away

P
olitely, gently, tangentially, CBS News cost him the election. In head-to-head matchups College Football Just Went Down the Tubes
has asked Vice President Kamala Harris with Ms. Harris atop the ticket, pollsters find Bob Greene’s op-ed “Inflation De- with tradition, and I was almost ready
the question that will be on the public that former President Trump wins. values the Big Ten” (Aug. 30) misses to accept Penn State as a real Big Ten
mind in the year to come. The age problem isn’t go- the key point: Viewership will decline team, but this was different. Now, we
“You’re 58 now,” host Marga- Is Kamala Harris ready ing away, and Mr. Biden isn’t because college football has become a were the bad guys. We destroyed our
ret Brennan waded in. “If you professional minor league. I stopped 100-year partner to make a little more
win a second term, as you and
for the big desk? Voters doing a great job of managing
it. This week he began wear- watching, and once your brain money. USC was looking to move, but
will inevitably ask. catches up to the new reality, you’ll we didn’t have to take them. When
the President are running to ing a mask again, after first
stop watching too. your best friend’s girlfriend winks at
do, he would be 86 at the end lady Jill Biden tested positive People don’t watch college football you, you don’t wink back.
of it.” Then the impolite politi- for Covid. Mr. Biden took off for the quality of the game; the NFL I couldn’t cheer for the Big Ten
cal implication: “Are you prepared to be Com- the mask Tuesday to give remarks and hang a is much better. We watch for tradi- anymore. Every school approved add-
mander in Chief?” Medal of Honor on a Vietnam veteran, before tion, nostalgia and our connections to ing USC and UCLA, ignoring tradi-
Ms. Harris: “Yes, I am, if necessary, but Joe he skedaddled up the aisle. universities. It’s remembering the tion. They lost sight of what they
Biden is going to be fine.” “What we made sure to happen is that there campus where you went to school or were selling and assumed we would
This is the only possible answer for some- was a brief pause—when there was a pause in visited or, like me, tried to sneak into keep watching. Why should we?
one in Ms. Harris’s position. But without try- the program, the President left,” press secre- parties as a high-school kid. Without tradition, college football is
ing to be macabre, whether Mr. Biden really tary Karine Jean-Pierre explained. “That was I stopped watching when USC and simply mediocre football.
will be fine is a question for actuaries and a done very purposefully so that, again, he UCLA announced their move to the Big DAN GOCHBERG
Ten. I had swallowed previous breaks Nashville
higher power. He’s two months from his 81st wasn’t—he wasn’t there for too long.” Whether
birthday, and aging can go the same way Hem- this is prudent health advice is for Mr. Biden’s
ingway described bankruptcy: gradually and doctors, and we don’t mean Dr. Jill. But the
then suddenly. Ms. Harris exudes confidence, country has long since moved on from Covid Signal U.S. Resolve Now, Before It’s Too Late
but voters aren’t convinced. Even Democrats protocols. Regarding Vivek Ramaswamy’s let- I like a lot of what Mr. Ramaswamy
aren’t convinced. Regardless of party or ideology, we wish our ter on Taiwan (Aug. 29): A rule of offers, but his misstep, like President
In a CNN poll this week, 76% of Americans political leaders good health, and Mr. Biden isn’t statecraft is never tell your adversary Biden’s, risks an avoidable war. While
said they were “seriously concerned” that Mr. the only one who’s aging. Mr. Trump is 77. Yet what you won’t do. The purpose of it is tempting for Americans to focus
Biden’s age “might negatively affect” his ability given Mr. Biden’s public stumbles, verbal and strategic ambiguity is to leave doubt internally and let the rest of the
to serve another full term, and 73% also worried literal, he can’t exactly go on a debate stage next in the mind of a potential aggressor. world sort itself out, two world wars
about his “current level of physical and mental year and pledge not to exploit his opponent’s show the danger of letting tyrants
underestimate their opposition.
competence.” Among Democrats and left-lean- youth and inexperience. That was Reagan’s fa-
ers, the figures were 62% and 56%. Sixty percent mous line against Walter Mondale in 1984 and,
How to Make a Debt Crisis On the bright side, Mr. Ramas-
wamy seems more educable than Mr.
of Mr. Biden’s copartisans feared his age might for the record, the Gipper was only 73. Even Worse, Chinese Edition Biden. A clue that he has learned will
Mickey Levy eloquently describes be if he recants his error rather than
how China’s overreliance on capital explaining why he wasn’t really
New York’s Migrant Meltdown construction has unbalanced its wrong, only misunderstood. Prevent-

T
economy and led to a looming debt ing a misunderstanding, rather than
exans won’t have much sympathy, but ing tens of thousands dispatched by Mr. Adams’s crisis (“China Pays for Economic correcting it after the fact, is the
it’s worth paying attention to New York Democratic allies in Washington. Mismanagement,” op-ed, Aug. 25). whole point. Ask Vladimir Putin; no
City’s migrant crisis as a lesson in the Blaming a Republican in Texas is easier for Mr. He notes that while Beijing imposes doubt he now realizes that Mr. Biden
mandates, it’s up to cities and prov- initially undercommunicated U.S. op-
consequences in a progressive Adams than taking on fellow
It’ll ‘destroy New York,’ Democrats. But controlling the inces to implement policies. position to an invasion of Ukraine.
city of failed progressive poli- While the cities and provinces have JEFF SOURBEER
cies. Mayor Eric Adams ex- the mayor says. Then he border is President Biden’s duty, to provide healthcare, education and Belleair, Fla.
plained it Wednesday night in and progressives in Congress social services, they have no good, re-
a rant for the ages. blasts a Republican. are a big piece of the legislative liable source of revenue. Real-estate
“I don’t see an ending to logjam, since they oppose any taxes at Western levels are unknown, Unconstitutional? Too Slow
this. This issue will destroy policy to block any asylum and there is insufficient wage income
The new law described in your edi-
New York City,” the mayor said at a town hall. seeker from anywhere for any reason. New York to tax. While Tier I cities can tax
torial “Drug Price Controls Mean
“We’re getting 10,000 migrants a month.” So far Gov. Kathy Hochul is hopeless and preoccupied business economic activity, poorer
Slower Cures” (Aug. 30) may be ruled
the total is 110,000, contributing to a $12 billion with begging Washington for more money to treat cities have relied on land-lease sales.
unconstitutional, but a final court de-
budget hole that will take painful cuts to refill: the symptoms while ignoring the illness. With the property developers run-
cision is unlikely before the 2024
ning out of other people’s money,
“The city we knew, we’re about to lose.” New York City also has a legal “right to shel- election. By then, the Democrats will
many cities have resorted to selling
Posturing as a sanctuary city used to be easy ter.” The Mayor has pushed for more flexibility land to their own local-government
have already benefited, just as they
for politicians a thousand miles from Mexico, on that requirement, under a decades-old con- did when President Biden’s student-
financing vehicles at distorted
but lately they’re getting a taste of life along sent order, and this summer the city drew up a loan forgiveness plan was rejected
prices. This self-dealing with al-
the southern border. “We have to feed, clothe, bright yellow flier to start spreadin’ the news. only after the 2022 election.
ready-indebted entities exacerbates
WILLIAM J. DOYLE
house, educate their children, wash their laun- “There is no guarantee we will be able to provide the crisis.
Atlanta
dry sheets, give them everything they need, shelter and services to new arrivals,” it says. Mr. DAVID ROBINSON
health care,” Mr. Adams raged. “One time, we Adams has called on Washington to expedite University of California, Berkeley
were just getting Venezuela. Now we’re getting work permits, instead of making migrants wait
Ecuador. Now we’re getting Russian speaking, to apply until five months after they file for asy- Pepper ...
coming through Mexico. Now we’re getting lum. In any case, migrants still need shelter, and The Future Wasn’t Mandated And Salt
western Africa.” they keep coming. Regarding your editorial “The EV
THE WALL STREET JOURNAL
Mr. Adams is piqued that the migrant influx New York’s migrant meltdown is a case study Bubble Starts to Deflate” (Aug. 22):
has overshadowed his effort to prevent New in the collapse of Democratic governance when Teddy Roosevelt’s administration
York from spiraling into the urban anarchy of putative centrists, including Mr. Adams, refuse didn’t mandate the expiration of
San Francisco. Has he told you about the city’s to confront progressive ideology. Republicans horse-drawn carriages to compel
people not to buy them. In other
war on rats? He hates rats. aren’t blameless, and too many look at a 3.8% un-
words, they didn’t shoot horses to
“We’ve turned this city around in 20 months,” employment rate, with millions of open jobs, and force people to buy Ford’s newfan-
the mayor said. “And then what happened? conclude strangely that the U.S. has too many gled automobile.
Started with a madman down in Texas, decided foreign workers. SHIRLEY AND LARRY FREEMAN
he wanted to bus people up to New York City.” But the current migrant crisis is on Mr. Biden’s Portland, Ore.
He’s referring to Gov. Greg Abbott. watch. He has abdicated political leadership, and
But if the migrant flood is really a “national the asylum laws that draw migrants won’t get
Letters intended for publication should
crisis,” as Mr. Adams insists, why should Texas fixed until Democrats admit they’re broken. be emailed to wsj.ltrs@wsj.com. Please
deal with it alone? For the record, Mr. Abbott That’s the truth, whether or not the Upper West include your city, state and telephone
said this week that his state had bused over Side wants to hear it, and Mr. Adams is seething number. All letters are subject to
13,300 migrants to New York City. That means because he’s beginning to worry that if nothing editing, and unpublished letters cannot “Can we at least agree to stop
be acknowledged.
many thousands arrive via other means, includ- changes his legacy could be rats. using the word ‘unprecedented’?”
THE WALL STREET JOURNAL. Friday, September 8, 2023 | A15

OPINION

Was Trump ‘an Officer of the United States’?

By Michael B. Mukasey an “insurrection or rebellion” and, if States,” because they are elected

A
so, whether Mr. Trump “engaged” in not appointed.
part from the four crimi- it. Those questions, however, need But that conclusion is uncertain.
nal indictments brought not be answered until two prelimi- The phrase “office under the United
against Donald Trump, nary questions of law are addressed: States” appears four other times in
those who would end his Is the presidency an “office . . . un- the body of the Constitution, at least
campaign for the presi- der the United States,” and was the two of which—one barring office-
dency by means other than an elec- presidential oath Mr. Trump swore holders from accepting a foreign ti-
tion seem to be putting increasing on Jan. 20, 2016, to support the tle or emolument, and one barring
faith in Section 3 of the 14th Amend- Constitution taken “as an officer of anyone impeached and convicted
ment, known as the Insurrection the United States”? from holding such an office—may

BRENDAN SMIALOWSKI/AFP/GETTY IMAGES

Clause. That faith seems to be seri- The latter question is easier. The well apply to an elected official, in-
ously misplaced. use of the term “officer of the cluding the president. Also, if a
United States” in other constitu- holder of an “office under the United
tional provisions shows that it refers States” meant the same thing as
A careful look at the 14th only to appointed officials, not to “Officer of the United States,” why
elected ones. In U.S. v. Mouat weren’t the same words used to
Amendment’s Insurrection (1888), the Supreme Court ruled specify it?
Clause shows that it that “unless a person in the service That may be puzzling, but as ap-
of the government . . . holds his plied to Mr. Trump it is irrelevant,
doesn’t apply to him. place by virtue of an appoint- because—again—he didn’t take and
ment . . ., he is not, strictly speak- President Trump speaks to supporters on Jan. 6, 2021. thus didn’t violate an oath as an “Of-
ing, an officer of the United States.” ficer of the United States,” and so
To the extent its text is relevant Chief Justice John Roberts reiter- an oath as president pursuant to Ar- enough to cover the president, it is cannot be barred by the 14th Amend-
here, the section in question denies ated the point in Free Enterprise ticle II, not as an officer pursuant to certainly broad enough to cover sen- ment from seeking re-election.
to a discrete category of people—in- Fund v. Public Company Accounting Article VI. Because the Insurrection ators, representatives and perhaps Even a criminal conviction
cluding those who have taken an Oversight Board (2010): “The people Clause applies only to those who electors. Such a reading would make wouldn’t bar him from seeking and
oath “as an officer of the United do not vote for the ‘Officers of the have taken an oath “as an officer of reference to those specific offices winning the presidency. The Consti-
States . . . to support the Constitu- United States.’ ” the United States,” he can’t be superfluous. tution specifies only that a person
tion of the United States”—the right Article VI of the Constitution pro- barred by that clause from serving Is it plausible that the authors seeking that office be at least 35, a
to serve as a “Senator or Represen- vides that senators and representa- in any capacity. of the 14th Amendment specified natural-born citizen and a 14-year
tative in Congress, or elector of tives “and all executive and judicial As for the former question, the senators, representatives and elec- U.S. resident. If Mr. Trump is to be
President and Vice President, or Officers . . . of the United States” language disqualifying a rebel from tors but meant to include the presi- kept from office, it will have to be
hold any office . . . under the United take an oath to support the Consti- holding “any office . . . under the dency and vice presidency under done the old-fashioned way, the way
States” if they “have engaged in in- tution. But the presidential oath is United States” follows the language the general term “any office . . . it was done in 2020—by defeating
surrection or rebellion against separately provided for at the end of disqualifying the rebel from office as under the United States”? Note him in an election.
same.” Article II, Section 1, which would be “Senator or Representative in Con- that the term is “any office,” not
A good deal of attention has fo- superfluous if the president’s oath gress, or elector of President and “any other office,” which implies Mr. Mukasey served as U.S. attor-
cused thus far on whether the attack were required by the general lan- Vice President.” If “any office . . . that the positions listed before it ney general, 2007-09, and as a U.S.
on the Capitol on Jan. 6, 2021, was guage in Article VI. Mr. Trump took under the United States” is broad aren’t “offices under the United district judge, 1988-2006.

How the Tories Became Servants of the Welfare State

British culture ex- blush. And before that . . . the budget under control by doing relative to GDP that the Tories ad- Competent governance requires
cels at political Some of this is symptomatic of the same things as before, only more opted in this era mainly allowed them cash in proportion to the govern-
satire, from “Yes the administrative fatigue and politi- efficiently. to shift the goal posts once economic ment’s ambitions. Having overprom-
Minister” and the cal rot that beset any party in power The centerpiece was an outsourc- growth perked up again several years ised on entitlements and bumping
original “House of for such a long time. But not all of it. ing boom. Whether it’s administra- into their term. The absolute level of against the limits of tolerance for
Cards” to “The The Tories made a deal with the tion of the residential occupancy tax spending in inflation-adjusted terms more tax increases, Mr. Sunak’s Con-
POLITICAL Thick of It” (by the devil when they won power in 2010. that funds local governments, the was roughly 1.4% lower in 2013-14 servatives find themselves without
ECONOMICS same folks who Today they’re paying up. processing of visa applications, or than it had been when Messrs. Cam- the resources to keep basic promises
later produced The deal concerned spending. eron and Osborne took office, but the state has made to the public—
By Joseph C.
“Veep” in Amer- Prime Minister David Cameron and then crept upward to end the decade such as that school buildings won’t
Sternberg
ica). Now comes Chancellor George Osborne rode Their unwillingness to cut 3.5% higher than at the start of the fall down on top of students.
Prime Minister Ri- into office in 2010 on the back of a Tories’ term. It’s undermining what had always
shi Sunak, whose real-life adminis- global financial panic that had be- spending destroyed their The often illusory efficiency drive been one of the Tories’ strongest
tration is starting to feel like a par- come a fiscal crisis for the U.K. image of competence. The on some public services, plus a dol- selling points: administrative com-
ody of itself—for reasons that should Government spending had bal- lop of ultracheap money thanks to petence. If they lose the next elec-
make U.S. Republicans nervous. looned to just above 46% of gross GOP should take note. low interest rates, instead allowed tion, a big part of the reason will be
Mr. Sunak’s problem is that after 13 domestic product in the 2009-10 the Tories to redistribute public their twin failures to make realistic
years in power, his Conservative Party fiscal year, a level not seen since spending toward entitlements. Social entitlement pledges and to prevent
looks like the gang that couldn’t gov- the mid-1970s, and the fiscal deficit even parts of the prison system, ser- transfers to the elderly grew as a entitlements from devouring the
ern straight. This week’s crisis is the was above 10% of GDP. vices the public demands of the gov- proportion of total spending to 14.5% cash necessary to fulfill their other
schools, at least 156 of which appear Believe it or not, British voters ernment increasingly came to be de- from 13.8% between 2009-10 and promises.
to be built of a dangerously unstable care about such things and re- livered by private-sector companies 2019-20, and health spending grew Inevitably, a Donald Trump angle:
form of concrete. Up to 100,000 stu- sponded well to Tory promises to —but seemingly never with the to 18.5% from 16.2% as the Conserva- When Mr. Trump inveighs against
dents may be affected. get a grip on the public purse. But improvement in service quality one tives shoveled money into the NHS. Social Security and Medicare re-
Before that, it was the container Messrs. Cameron and Osborne might expect. Other government functions? Educa- form, he threatens to ensnare the
barge on which the government weren’t entirely candid with voters What administrative efficiency tion’s share of the budget fell to Republican Party in the same form
planned to house asylum seekers. about what a true fiscal correction gains there were helped superficially 10.4% from 12.3%, defense fell to of fiscal servitude in which British
Legionella was discovered as it would require. Instead of launching to reduce the size of the state. Gov- 4.8% from 5.2%, and public order Tories are trapped. What cherished
opened. Before that, it was the wait- a serious debate about what the gov- ernment spending as a share of GDP dropped to 3.9% from 4.7%. part of their political reputation
ing list for care in the National ernment should and shouldn’t do fell to 39.5% by the 2019-20 fiscal year This shift has made the Tories the might Republicans have to shred in
Health Service, which has reached a and what it should or shouldn’t before the pandemic blowout. But the indentured servants of the welfare consequence? Don’t be surprised if
length that would make Tolstoy spend to do it, they promised to get simplistic goal of limiting spending state. it’s defense.

Texas May Execute a Man Based on a Scrapped Medical Theory

By John Grisham undiagnosed pneumonia. Mr. Rober- be diagnostic and considered the his case to the trial court for an ex- touched on the new science—instead

F
son put Nikki to bed but awoke later caregiver the culprit. haustive 10-day hearing. Mr. Rober- rehashing outdated evidence and
or a parent, nothing is worse and found her on the floor. Mr. Rob- In a rush to judgment that is the son’s legal team presented six ex- theories from the original trial in
than the death of a child. erson told police that Nikki didn’t hallmark of wrongful convictions, perts who showed that the outdated 2003. Mr. Roberson’s lawyers were
Imagine the horror, though, of appear to have any injuries. She was one doctor’s hunch about Nikki’s version of shaken-baby syndrome surprised at the paltry offering.
being falsely accused and wrongly awake and talking as he tried to death led to Mr. Roberson’s arrest used at his trial has been discredited They were flabbergasted when Judge
convicted of killing your child. soothe her. Father and daughter for murder. Even Mr. Roberson’s and that Nikki died as a result of her Deborah Evans rubber-stamped it,
Twenty years ago, prosecutors in managed to get back to sleep, but court-appointed lawyer agreed this undiagnosed pneumonia, medica- following the prosecution’s lead in
Anderson County, Texas, relied on a the next morning Nikki was unre- was a “classic” shaken-baby case be- tions and accidental fall. ignoring most of the new expert tes-
now-discredited hypothesis about sponsive. Mr. Roberson brought her cause, 20 years ago, the triad was timony and all of the scientific stud-
“shaken baby syndrome” to convict to an emergency room in Palestine, considered diagnostic. ies showing a change in understand-
Robert Roberson of the capital mur- Texas. He told hospital staff that she Astonishingly, a nurse claimed to Autistic father Robert ing of shaken-baby syndrome.
der of his chronically sick 2-year-old had fallen out of bed, but they didn’t law enforcement—and later in front Instead, the trial court’s recommen-
daughter Nikki. Countless caregivers believe him. They didn’t know he of the jury—that Nikki had been sexu- Roberson was wrongfully dation cited the same trial testimony
have been prosecuted since British was autistic and decided he didn’t ally abused, even though no doctor convicted of murdering his that had been challenged as wholly
pediatrician Norman Guthkelch first show the proper emotions given the endorsed that belief and there was no inconsistent with contemporary sci-
posited in the early 1970s that shak- dire situation. Doctors transferred autopsy or crime scene evidence of it. 2-year-old daughter. entific understanding.
ing a baby could cause brain bleeding Nikki to a children’s hospital in Dal- The judge allowed the nurse’s testi- We expect our courts to weigh the
and even death. Many have been con- las, but it was too late. She died on mony and prosecutors’ argument that evidence before them carefully and
victed and sent to prison, a few even Feb. 2. Mr. Roberson was the kind of person To overturn his conviction, Mr. thoughtfully. But in Mr. Roberson’s
to death row. Mr. Roberson could be Mr. Roberson was distraught but capable of violently shaking a child to Roberson’s lawyers had to accom- case, and in a shocking number of
the first to be executed. Texas may his nightmare was only beginning. death. The jury agreed. plish two things. First, they had to wrongful convictions, judges simply
execute an innocent man. The Anderson County District Attor- Dr. Guthkelch eventually became show that the science used to con- agree with prosecutors and protect
Mr. Roberson has autism and was ney’s Office accused him of killing distressed at the aggressive misuse vict him was wrong (or that the un- bad convictions despite overwhelm-
a special-education student before Nikki and sought the death penalty. of his work by prosecutors. “I am derstanding of that science had ing evidence of innocence. We
dropping out of school in the ninth The deck was stacked against Mr. frankly quite disturbed that what I changed since his trial). Second, they should demand more from judges
grade. He had his challenges in life, Roberson from the beginning. Ac- intended as a friendly suggestion for needed to demonstrate that the orig- than a copy-and-paste job that en-
including past drug addiction that cepted medical wisdom at the time avoiding injury to children has be- inal jury wouldn’t have convicted tirely ignores changes in the scien-
had prompted convictions for writ- was that any child with a triad of come an excuse for imprisoning in- him if it knew then what we know tific understanding of a case, espe-
ing a hot check and burglary. But he symptoms like Nikki’s—brain bleed- nocent people,” he said in 2012 while now about the shaken-baby syn- cially when a life is on the line.
loved being a father to Nikki. ing, brain swelling and bleeding in arguing that convictions like Mr. drome hypothesis. Mr. Roberson’s le- Nikki’s death was a tragedy, not a
She, too, had her challenges. Child the eyes—had been violently shaken Roberson’s should be reviewed. “We gal team did more than those two crime. Robert Roberson may be out
Protective Services forced Nikki’s or hit against a surface, absent evi- went badly off the rails.” things: It produced unrebutted evi- of options unless the U.S. Supreme
mother to give her up at birth. Nikki dence of some other massive trauma Slowly, belatedly, things are dence that no homicide had in fact Court decides to hear his case.
suffered from chronic and severe such as a car accident or a multi- changing. Courts in 17 states have occurred.
middle-ear infections. In late Janu- story fall. The medical consensus exonerated people convicted decades Mr. Roberson’s lawyers presented Mr. Grisham, a novelist, serves on
ary 2002, she had a high fever and viewed the presence of the triad to ago of murder or child abuse based a 302-page document to the court the boards of the Innocence Project
on the outdated shaken-baby hy- that comprehensively summarized and Centurion Ministries, organiza-
pothesis. In 2016, days before Mr. the new evidence from the experts. tions dedicated to exonerating defen-
Roberson was set to die, the Texas Anderson County prosecutors sub- dants who were wrongfully con-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Court of Criminal Appeals returned mitted a 17-page brief that hardly victed.
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp

Notable & Quotable: Mayor Adams on Migrants

Emma Tucker Almar Latour
Editor in Chief Chief Executive Officer and Publisher
Liz Harris, Managing Editor DOW JONES MANAGEMENT:
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer;
New York Mayor Eric Adams New York City—110,000 migrants. . . . coming through Mexico. We’ve got
Elena Cherney, News; Chip Cummins, Newswires; Mae M. Cheng, EVP, General Manager,
Andrew Dowell, Asia; Brent Jones, Culture, Leadership; David Cho, Barron’s Editor in Chief; speaking at a “community conversa- And let me tell you something, Western Africa. Now we’re getting
Training & Outreach; Alex Martin, Print & Jason P. Conti, General Counsel, Chief Compliance tion” Sept. 6: New Yorkers, never in my life have I people from all over the globe have
Writing; Michael W. Miller, Features & Weekend; Officer; Dianne DeSevo, Chief People Officer; had a problem that I did not see an made their minds up that they’re go-
Frank Filippo, Chief Transformation Officer;
Emma Moody, Standards; Prabha Natarajan, Go item for item on what Eric Ad- ending to. I don’t see an ending to ing to come through the southern
Professional Products; Philana Patterson, Audio; David Martin, Chief Revenue Officer, Business
Intelligence; Elizabeth O’Melia, Chief Financial ams ran on as a candidate and look this. I don’t see an ending to this. part of the border and come into
Matthew Rose, Enterprise; Michael Siconolfi,
Investigations; Amanda Wills, Video Officer; Dan Shar, EVP, General Manager, at what we’ve accomplished in 20 This issue will destroy New York New York City.
Wealth & Investing; Josh Stinchcomb, EVP & months. We turned this city around City. Destroy New York City. We’re And everyone is saying it’s New
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page in 20 months. getting 10,000 migrants a month. York City’s problem. Every commu-
Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
And then what happened? Started One time we were just getting Vene- nity in this city is going to be im-
1211 Avenue of the Americas, New York, N.Y., 10036 with a madman down in Texas, de- zuela. Now we’re getting Ecuador. pacted. We have a $12 billion deficit
Telephone 1-800-DOWJONES cided he wanted to bus people up to Now we’re getting Russian-speaking that we’re going to have to cut.
A16 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

WORLD NEWS

Blinken Says Clearing Mines Is a Priority

Nearly a third of territories and the constant
threat of Russian attacks.
Ukraine’s land might Demining will be crucial as
contain explosive Ukraine looks to restore its
agricultural land to contribute
hazards, Kyiv says to international food security,
said Deputy Prime Minister
BY WILLIAM MAULDIN Yulia Svyrydenko. Roads, elec-
trical lines, residential and
CHERNIHIV REGION, recreational areas also need
Ukraine—The work is pains- clearing of mines.
takingly slow. Two explosives Ukraine’s state emergency
specialists armed with metal service said it has inspected
detectors can take more than about 359 square miles of land
a month to clear a plot of and 29 square miles of water,
Ukrainian farmland about half and disabled 427,000 explosive
the size of a football field rid- objects. “More than 700 explo-
dled with mortars, artillery sives experts and 200 pieces
shells and unexploded fuses. of equipment are involved in
The pace illustrates the the work everyday,” the de-
scale of the challenge Ukraine partment said Thursday.
faces in rooting out mines U.S. officials say Russian
that hinder its counteroffen- shells—including so-called
sive and clearing explosive de- cluster munitions that release
vices from ground it retakes. a group of smaller bomblets—
“By some estimates as much have a relatively high “dud
as one third of Ukraine’s terri- rate,” meaning the bomblets
tory has to deal with mines or or other ordnance can pose a

BRENDAN SMIALOWSKI/PRESS POOL

unexploded ordnance,” Secre- threat to civilians for years.
tary of State Antony Blinken Washington is providing
said during a visit to the site in Ukraine with cluster munitions
Chernihiv, not far from to aid its counteroffensive con-
Ukraine’s border with Belarus. centrated in the country’s
Mines in the battlefield are southeast, but U.S. officials say
designed to slow Ukrainian the dud rate of those bomblets
forces and channel advancing is lower and that Ukrainians
infantry into positions where Secretary of State Antony Blinken enters a Ukrainian bunker. He said the U.S. would provide an extra $90 million in demining aid. are best equipped to deter-
Russian helicopters, artillery mine what weapons they need
and drones can pick them off. of the war, farmers in northern in Chernihiv are under threat ganization working to make given to clear mines in Ukraine to deter Moscow while mini-
When Kyiv launched its Ukraine said they returned to from unexploded ordnance left the ground safe in the region. since the country came under mizing risk to their citizens.
counteroffensive in June, fields strewn with mines, unex- after a farm building pur- She told Blinken on Thurs- Russia aggression in 2014. The U.S. aid package for
Ukrainian forces trying to re- ploded ordnance and large cra- loined by Russia for an arms day that the farmers have But the challenge remains Ukraine announced this week
take Russian-occupied terri- ters, making an immediate re- depot was hit in the early days asked them to clear the land significant given the scale of also includes depleted uranium
tory had to navigate fields turn to agriculture impossible. of the war. The fallout sprayed “a little bit quicker.” the task and the timing of the rounds, which are regularly
thick with mines even before Returning the land to its pre- mortars, artillery shells and The U.S., seeking to lessen operation. Ukraine has 3,000 used by the U.S. Army and are
they reached the main Russian war state could take years, ex- dangerous fuses hundreds of the war’s long-term toll on the people qualified to carry out highly effective against Rus-
defensive line. Many were perts say. Kyiv estimates that feet in all directions. They country, is providing an extra demining and 26 vehicles to sian tanks. Fired at a high rate
killed or maimed by the hid- about 67,000 square miles of the now stud the land where corn $90 million in demining aid to do the job, according to Minis- of speed, the rounds can pierce
den explosives in the process. country might contain explosive once grew, says Natalia Sush- fund the work of NGOs focused try of Economy figures from the frontal armor of a Russian
After retreating Russian hazards and, of that, roughly chenko, team leader for the on the issue in the country, July, the latest available. Com- tank from a distance.
forces pulled out of areas 9,600 square miles is farmland. Fondation Suisse de Démi- Blinken announced this week. plicating the operation further —Anastasiia Malenko
around Kyiv in the early days Civilians living at the site nage, a nongovernmental or- It almost doubles the amount is a lack of access to occupied contributed to this article.

Pro-Ukraine Feelings Rise in Crimea Kyiv Loses U.K. Tank

BY YAROSLAV TROFIMOV were only allowed to start re-
In an Attack by Russia
turning in the waning years of
Every few days, Russian oc- Soviet rule. In 1991, even though BY ANASTASIIA MALENKO really come into its own to
cupation authorities on ethnic Russians had long be- AND ISABEL COLES rout the enemy with its fire-
Ukraine’s Crimean Peninsula come a majority, some 54% of power and mobility.”
parade newly caught “trai- Crimea’s population voted for Russian forces struck a Vladimir Rogov, a Russian-
tors” in front of the cameras. the independence of Ukraine, British tank supplied to Ukrai- installed official in Ukraine’s
For some, the crime was and Russia recognized the pen- nian forces for the first time Zaporizhzhia region, said the
playing Ukrainian songs in insula as Ukrainian territory. as Kyiv pushes some of its best tank was struck on Tuesday
public, running a pro-Ukrai- After another referendum, equipment into the southeast near Robotyne, a village re-
nian social-media account or carried out under Russian occu- in search of a breakthrough. cently recaptured by the
tying yellow cloth strips, a sign pation in 2014, purported to The loss of the Challenger 2 Ukrainians in the southeast.
of resistance to Russian rule, show a 97% support for joining tank, confirmed by British offi- A video of the Challenger 2
to fences and trees. Others Russia, Ukraine accommodated cials, comes as Ukraine is seek- that was posted on social me-
ALEXEY PAVLISHAK/REUTERS

stand accused of more-serious itself to the annexation even as ing to expand cracks in the dia, showing the tank in flames
acts of resistance: blowing up it refused to recognize the loss main Russian defensive line. But and enveloped in dark smoke,
railroad tracks or gathering in- of Crimea de jure. Until 2022, multilayered defenses remain a was verified by The Wall
telligence for Ukrainian missile Kyiv operated border crossings major challenge for Ukraine’s Street Journal and located to
and drone strikes. between Crimea and the Ukrai- counteroffensive momentum. the vicinity of Robotyne.
While this crackdown is nian mainland, and didn’t at- After penetrating the main Russia has played down
meant to cow pro-Ukraine resi- tack Russian military installa- defensive line in the country’s Ukraine’s latest gains and re-
dents of Crimea, it highlights a Russian President Putin appeared in February on a screen tions on the peninsula. With southeast in August, the peatedly described the coun-
worrying fact for Kremlin occu- during his annual address to the Federal Assembly in Crimea. more than 500,000 Russians Ukrainian military is seeking teroffensive as a failure. Rus-
pation authorities: Despite their moving to Crimea since 2014 to widen the gap into a corri- sia’s Ministry of Defense said
claims that the people of Cri- to the surface,” said Borys Most of those detained aren’t and well over 100,000 Ukrainian dor for Western-supplied ar- its forces had four attacks
mea solidly stand with Moscow, Babin, a Crimean-born Ukrai- members of the traditionally loyalists fleeing, it seemed as if mored vehicles to push near Robotyne and the nearby
many Crimeans openly yearn nian politician who serves as pro-Ukrainian Crimean Tatar Moscow’s control was forever. through. This approach builds village of Verbove on Wednes-
for a return to Ukrainian rule. an expert at the Association for community, about 12% of the Not anymore. While the on weeks of small-unit infan- day, destroying a tank and two
Given the degree of repres- the Reintegration of Crimea. peninsula’s population. Many Ukrainian offensive toward Cri- try assaults, which followed American-supplied M777 artil-
sion, estimating the level of Punishments for showing are ethnic Russians who are re- mea in southern Ukraine has heavy losses of vehicles in the lery systems.
such support for Kyiv is impos- such sentiments often are se- pulsed by Moscow’s militaristic been slow-going, Kyiv routinely early massed-formation at- The loss of the tank illus-
sible. Moreover, many Ukrai- vere, with prison terms and autocracy and prefer a return to hits the peninsula with mis- tacks by Ukraine. Losses have trates the challenges posed by
nians have fled Crimea since forced confessions that are democracy under Kyiv’s rule. siles, as well as naval and aer- been smaller in recent weeks Russian mines and drones.
Russia annexed it in 2014, broadcast on a Telegram chan- Seizing Crimea in 2014, as ial drones. In August, a Ukrai- as the Ukrainian military A British official said the
and hundreds of thousands of nel called the Crimean the Ukrainian army didn’t fire nian special-forces team briefly sought to preserve its armor tank drove into a mine before
settlers from all over Russia Smersh—a reference to the Sta- a shot to resist, was a major disembarked on the western for a potential breakthrough. being targeted by a drone. All
moved to the peninsula, at- lin-era abbreviation for coun- achievement for Putin, boost- tip of Crimea, raising the Hamish de Bretton-Gordon, six crew members survived.
tracted by its beaches and sub- terintelligence death squads. ing his popularity at home and Ukrainian flag and attacking a a defense consultant and for- The Challenger is one of 14
tropical weather. August’s catches included a whetting his appetite for nearby Russian military instal- mer British tank commander, supplied to Ukraine by the
But one thing is clear: The man apologizing for posting other parts of Ukraine. lation before withdrawing. said the damaged vehicle U.K. to the 82nd Air Assault
Kremlin’s decision to launch a “Glory to Ukraine” on social The peninsula was first an- “Crimea is part of our terri- could likely be repaired and Brigade, which joined the
full-out invasion of Ukraine in media, another for blasting a nexed by Russia in 1783 as Em- tory and we have to liberate put back into action, because counteroffensive in August.
2022 has put Crimea’s future Ukrainian song about burning press Catherine II dismantled it,” Oleksiy Danilov, the head its hull, turret and gun barrier
back in play, with Russian rule a Russian tank, and three host- the Crimean Tatar state that of Ukraine’s national security appeared to be intact.
no longer viewed by virtually esses at the Alushta aquapark was based there for centuries. and defense council, said re- “Mines are still the big is- Watch a Video
all of the peninsula’s residents who danced to another Ukrai- The Soviet leadership trans- cently. “Any other outcome sue and hence the slow pas- Scan this code
as likely permanent. nian pop tune. The women ferred Crimea from the Russian with Crimea means preserving sage of the offensive,” he said. to watch a
“The pro-Ukrainian popula- were forced to sing on camera to the Ukrainian Soviet republic the situation and passing on “But when they achieve a video of the
tion has become more optimis- about the greatness of Russian in 1954, after Stalin deported all the war to our heirs, to our breakthrough in all lines of immobilized
tic. These feelings are bursting President Vladimir Putin. the Crimean Tatars. The Tatars children and grandchildren.” defense I expect the tank will tank in Ukraine.

TURKEY RUSSIA UNITED KINGDOM WORLDWATCH

Crews Race to Save Hacker Gets 9-Year Ex-Soldier Escapes
American in Cave Sentence in U.S. London Prison
Rescuers are working to A Russian national found A former British soldier
save an American cave explorer guilty of hacking into corpo- awaiting trial on terror
who fell ill while inside one of rate-earnings databases to charges who appears to have
Turkey’s deepest cave systems. steal and trade on nonpublic escaped from a London prison
Mark Dickey, an experi- information about companies by strapping himself to the
enced caver and instructor was sentenced Thursday to underside of a food delivery
who is the chief of New Jer- nine years in prison. truck remained at large Thurs-
sey’s Initial Response Team, The sentence for Vladislav day as police stepped up secu-
was exploring the Morca cave Klyushin, handed down by a rity checks amid concerns he
system in Turkey on Aug. 31 federal judge in Boston, adds could try to flee the country.
when he developed severe in- to the U.S.’s roster of Russian His escape has prompted
testinal issues, the team said nationals in its possession as extra security checks at ma-
in a Facebook post. U.S. officials seek potential jor transport hubs, particu-
THOMAS PADILLA/ASSOCIATED PRESS

Dickey suffered life-threat- bargaining chips in a prisoner larly in and around the Port
ening bleeding and vomiting swap with Moscow for Amer- of Dover, the main boat
and couldn’t leave the cave icans, including the detained crossing from England to
on his own, said the volun- Wall Street Journal reporter France.
teer rescue group. He has Evan Gershkovich. Khalife, 21 years old, is ac-
since been at a small camp A jury convicted Klyushin in cused of planting fake bombs
about 3,500 feet deep in the February of what the Justice at a military base and of violat-
cave. The Turkish military has Department described as a ing Britain’s Official Secrets Act
taken control of the rescue scheme that netted $90 mil- by gathering information “that
operation, the group said. lion through securities trades. could be useful to an enemy.” ART SCENE: French street artist JR decorated the facade of the Palais Garnier in Paris with
—Talal Ansari —Dustin Volz —Associated Press a giant canvas depicting a huge cave. The opera house is under renovation until late 2024.
 BUSINESS & FINANCE
© 2023 Dow Jones & Company. All Rights Reserved.

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THE WALL STREET JOURNAL.
WSJ $ IDX À 0.13% 2–YR. TREAS. yield 4.953%
Friday, September 8, 2023 | B1
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Talent-Agency
Giant CAA
Sells Big Stake
French tycoon Discovery growing in stature,
prompting talent agencies
Pinault’s family firm representing actors, writers
buys interest in and producers to seek
strength through size as well.
$7 billion company Bloomberg News earlier re-
ported that Pinault is in talks
ED ZURGA/ASSOCIATED PRESS

French billionaire François- to buy CAA.

Henri Pinault’s family invest- The purchase comes
ment company has agreed to roughly a year after CAA
buy a majority stake in Holly- completed its acquisition of
wood talent agency Creative ICM Partners, a deal that com-
Artists Agency from private- bined two of Hollywood’s ma-
equity firm TPG, the compa- jor talent agencies at a time of
The NFL betting season began Thursday. The Chiefs (in red) were 4.5-point favorites to beat the Lions. The over/under was 53. nies said Thursday. tremendous change in the me-
dia landscape. CAA has posi-
tioned itself as a representa-

Sports-Betting Leaders FanDuel,

By Ben Dummett,
Erich Schwartzel tion business that remains
and Nick Kostov focused on agenting, arguing
that its competitors have ex-

DraftKings Vie for NFL Gamblers

The deal gives the Holly- panded into far-flung ventures
wood talent agency an enter- that suck attention away from
prise value of $7 billion in- clients.
cluding debt, according to The deal is expected to
people familiar with the mat- close later this year. CAA’s
U.S. sports betting revenue BY KATHERINE SAYRE new and existing betting cus- $5 bet by new customers, as it ter. CAA is among the enter- Bryan Lourd will become chief
tomers $100 discounts on You- did last year. tainment industry’s biggest executive officer of the com-
$8billion
The National Football Tube’s NFL Sunday Ticket sub- Rivals FanDuel and Draft- talent agencies, with a roster pany, with Kevin Huvane and
7
League season kicked off scriptions for a $5 bet until Kings are fighting for the No. 1 including stars such as Tom Richard Lovett serving along-
Thursday, but the battle for Sept. 18. Sunday Ticket prices position in the market. New- Hanks, Reese Witherspoon, side him as co-chairs.
6 gamblers had already begun start at $349 for people who comers ESPN Bet—a new part- and director Steven Spielberg. CAA has expanded aggres-
among sports-betting firms. subscribe to YouTube TV. nership between Disney and One of France’s richest sively beyond film and TV rep-
5 Companies such as FanDuel “The reality is, we will prob- Penn Entertainment—and Fa- men, Pinault is chief execu- resentation over the last de-
and DraftKings view the NFL ably have one of, if not the natics are introducing fresh tive of luxury conglomerate cade, particularly in
4 as the biggest opportunity to most, competitive NFL seasons competitive threats. Kering, which his father built professional sports. The firm
convince fans to pull out their that the industry has ever “This is the most important through acquisitions of represents thousands of play-
3 smartphones and place bets, seen,” said Mike Raffensperger, time of year,” DraftKings Chief brands like Gucci and Saint ers in football, soccer and
and some are offering in- FanDuel chief commercial offi- Executive Jason Robins said on Laurent. He effectively con- other sports—including bas-
2 creased incentives this year to cer. an August call with Wall Street trols the luxury behemoth ketball star Devin Booker and
lure such gamblers. Fanatics, the sports-mer- analysts. The company ex- through family holding com- hockey’s Sidney Crosby. Its
1 FanDuel has bumped up its chandise company and betting ceeded expectations in keeping pany, Artémis. other nonentertainment cli-
sign-up promotion to $200 in newcomer, is giving $150 in NFL betting customers active The entertainment industry ents include political figures
0
bonuses for a $5 bet for the credits for team merchandise into the basketball and baseball has undergone a wave of con- and corporate firms.
2019 ’20 ’21 ’22 ’23* NFL season, up from $150 last for new customers who make a seasons, he said. solidation in recent years, CAA’s biggest rival, En-
*Year to date through July year. It also made a deal with bet of at least $50. DraftKings While sports-betting compa- with companies including deavor, also represents A-list
Source: American Gaming Association Alphabet’s YouTube to give its is offering a $200 bonus for a Please turn to page B2 Walt Disney and Warner Bros Please turn to page B2

Fourth Figure in FTX SEC Probes Cohen’s Bed Bath Trades

Collapse Takes Plea, BY DAVE MICHAELS
AND LAUREN THOMAS
and pushed for changes to the
housewares retailer’s sales
soar 34% in a day before col-
lapsing after he disclosed the
The regulator also has
sought records from some of

Admitting Conspiracy The Securities and Exchange

Commission is investigating
strategy but abruptly sold his
11.8% interest in August 2022,
just days after tweeting posi-
sales, prior to which he had
gotten three new members ap-
pointed to the board.
the company’s current and for-
mer board members.
The SEC’s civil investiga-
billionaire Ryan Cohen’s own- tively about the company. The The SEC has requested in- tions sometimes take more
BY JAMES FANELLI anti crypto dems for pro crypto ership and surprise sale of Bed five-month investment netted formation from Cohen about than two years and can end
dems and anti crypto repubs Bath & Beyond shares at a him a profit of nearly $60 mil- his trades and his communica- without the regulator bringing
Former FTX executive Ryan for pro crypto repubs,” accord- time such meme stocks were lion. tions with officers or directors formal claims of wrongdoing.
Salame on Thursday became ing to the filing. all the rage with investors. Cohen’s interest in the com- at Bed Bath & Beyond, accord- Cohen founded online pet
the fourth associate of com- The contributions were Cohen took a $120 million pany spurred a frenzy of trad- ing to people familiar with the retailer Chewy and later devel-
pany founder Sam Bankman- funded by loans Salame re- stake in Bed Bath & Beyond ing that caused its stock to matter. Please turn to page B10
Fried to plead guilty to crimi- ceived from Bankman-Fried’s
nal charges tied to the collapse crypto-investment firm
of the crypto exchange. Alameda Research. Salame told
At a hearing in a New York
federal court, Salame admit-
U.S. District Judge Lewis Kap-
lan during the plea hearing
Startup Heirloom Carbon uses low-cost limestone
to absorb carbon from the air.
3.13
million
metric tons
Huawei
ted to conspiring to make ille-
gal political contributions, as
well as conspiring to operate
that he knew the donations
were illegal because the loans
would eventually be forgiven.
1 Crushed up limestone is heated in a kiln.
Carbon Calcium
4 The calcium hydroxide
absorbs carbon dioxide from
the air. After about three
3.00 Phones Pose
an unlicensed money trans-
mission business. The guilty
“And I never intended to
repay them,” he said.
dioxide oxide powder
days, it becomes limestone
and the process is repeated.
2.75
New China
plea places additional pres- Prosecutors said in a charg-
sure on Bankman-Fried as he
prepares to fight fraud
ing document that Salame, for-
mer co-chief executive of FTX’s
Carbon
dioxide
2.50

2.25
Challenge
stored
charges in an upcoming trial.
Three other members of Bank-
man-Fried’s inner circle have
Bahamas-based unit, previ-
ously worked at Alameda and
conspired to operate the firm
Kiln

2.00
To Apple
previously pleaded guilty to as an unlicensed money trans- Apple is facing a new com-
fraud and other offenses and mitter that used its accounts 1.75 petitive threat in China after
are expected to testify against to process FTX customer de- the country ordered some offi-
him at his trial starting Oct. 3. posits and withdrawals. 1.50 cials not to use iPhones: Hard-
Federal prosecutors said Salame’s plea agreement ware giant Huawei Technolo-
Salame conspired with Bank- doesn’t require him to cooper- 2 That heat 1.25 gies is selling a smartphone
man-Fried to make tens of mil- ate with the Manhattan U.S. separates the 3 The calcium oxide powder is mixed capable of ultrafast data con-
lions of dollars in illegal contri- attorney, who is prosecuting limestone into carbon with water to form calcium hydroxide, nectivity.
butions to political candidates FTX cases. Under the deal, dioxide and calcium oxide which is spread out on large trays 1.00
powder. The carbon dioxide that are stacked vertically.
and political action committees Salame faces up to 10 years in can then be stored permanently By Yang Jie in Tokyo,
during the 2022 election cycle. prison and agreed to a $1.5 underground or in concrete.
0.75 Yoko Kubota
Salame told a confidant in a billion forfeiture order, which in Shenzhen, China,
private message that the con- represents the money involved 0.50 and Aaron Tilley
tributions would “weed out Please turn to page B10
Amount of carbon-dioxide removal
in San Francisco
prepurchased by largest buyers*
0.25
The new Huawei phone,

INSIDE UBS Swiss Re Shopify Frontier NextGen Airbus JPMorgan Microsoft

0
coupled with the ban, has the
potential to make a significant
dent in Apple’s sales and once
coalition coalition again underscores the risks
*Data provider aggregates data from public sources and private sector global companies face as geo-
Sources: Heirloom Carbon (diagram); CDR.fyi (prepurchase) Illustration by Jemal R. Brinson/THE WALL STEET JOURNAL political tensions between the
U.S. and China spill over into

Microsoft Funds Climate Effort many industries.

Apple is particularly vulner-
able, as most of its products
are assembled in China. Chief
CHINATOPIX/ASSOCIATED PRESS

For Carbon-Absorbing Rocks Executive Tim Cook for years

has engaged in a delicate
dance to keep his company
from being ensnared as the
BY AMRITH RAMKUMAR Thursday it agreed to buy line-powered cars. two countries have disagreed
credits from startup Heirloom The deal will help Microsoft over trade and technology.
Most of the world’s efforts Carbon for the removal of up neutralize its carbon emis- The U.S. tech company’s
to remove carbon from the at- to 315,000 metric tons of car- sions and is one of the largest shares fell 2.9% Thursday,
LABOR MARKETS mosphere use giant, vacuum- bon dioxide over 10 years. ever purchases of carbon-re- adding to the stock’s declines
Las Vegas hotel and Weak data about like devices that suck in air That would amount to a pur- moval credits. since The Wall Street Journal
and isolate the carbon. Micro- chase commitment of at least It also shows how carbon reported Wednesday that
restaurant workers set the Chinese economy soft is funding a new approach $200 million based on market removal is quickly becoming a Please turn to page B4
a vote this month on put further pressure that uses crushed limestone to prices and would offset the major industry even as the
approving a strike. B3 on the yuan. B11 achieve the same result. equivalent of the annual emis- technologies are still develop-  Heard on the Street: China
The tech company said sions of around 70,000 gaso- Please turn to page B2 faces limits in race......... B12
B2 | Friday, September 8, 2023 **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A F N
Alphabet.........................................B1 Fanatics...........................................B1 Nvidia..............................................B11
Amazon.com.......................B4,B5 Flutter Entertainment.......B2 P
AMC Entertainment...........B11 Ford Motor..................................B3
Penn Entertainment.............B1
Apple..............................B1,B11,B12 G Prada.................................................B2
Artémis............................................B1
Authentic Brands...................B2
GameStop..................................B10 S
General Motors........................B3
B Gloent...............................................B2
Samsung......................................B12
Semiconductor
Bed Bath & Beyond.............B1 H Manufacturing
Bench Dogs.................................A4 International.................B4,B12
Huawei Technologies B1,B12
Blue Owl Capital..................B10 Shein.................................................B2
Bridgepoint...............................B10 J
Simon Property........................B2
C Johnson & Johnson.............B5 Spotify.............................................B5
Caesars Entertainment.....B3 K Stellantis........................................B3
Charter Communications Kenvue.............................................B5 T
..............................................................B11 L Taiwan Semiconductor
D LVMH Moët Hennessy Manufacturing....................B12
Daiwa Securities..................B10 Louis Vuitton.........................B2 T-Mobile.......................................B12
DraftKings.....................................B1 M W
E Mercer...............................................A1 Walmart..........................................A1
Elliott Management............B4 Meta Platforms.......................B4 Walt Disney........................B1,B11
Endeavor.........................................B1 MGM Resorts International Wells Fargo..............................B10
Energy Capital Partners ............................................................... B3 Willis Towers Watson........A1
.............................................................B10 Microsoft...............................B1,B11 Wynn Resorts...........................B3

FOREVER 21 (3)
INDEX TO PEOPLE
A Hughes, Raoul........................B10 Pinault, François-Henri.......B1 Forever 21’s new 32-piece Barneys New York collection is designed to echo the late department store’s cool sensibility.
Andreessen, Marc..................A9 Huvane, Kevin............................B1 R
Ikeda, Hiroki.............................B10

Barneys New York Lives On

B Raffensperger, Mike.............B1
J Reeder, Tyler............................B10
Bankman-Fried, Sam...........B1
Bassuk, David............................A6 Jackson, William..................B10 Robins, Jason.............................B1
Bilicic, George..........................B12 K Roth, Yoel.....................................A9
Blitz, Steven...............................A2 Kimmelman, Doug..............B10 S
C
Cohen, Ryan.................................B1
Cook, Tim.......................................B1
D
L
Labbat, Pete.............................B10
Ladner, Scott............................B11
Lanza, John...............................B10
Lazar, Nancy...............................A2
Salame, Ryan..............................B1
Samala, Shashank.................B2
Scharf, Charlie........................B10
Schofield, Hannah...............B10
Seiple, Chris..............................B12
As a Forever 21 Fashion Line
Detrick, Ryan............................B11
Dorsey, Jack................................A9
Lourd, Bryan................................B1 Sherman, Stephanie............B2 BY CHAVIE LIEBER property of Barneys for $271.4 The pieces in the collection “The Barneys warehouse
Lovett, Richard..........................B1 Sievert, Mike............................B12 million in October 2019, and are all unisex and range from sale was the most addictive,
E M Singh, Nishad..........................B10 Barneys New York was al- bought Forever 21 in February $29.99 to $129. They were de- most exhilarating experience,”
Edwards, Anthony..............B10 Maier, Jon...................................B11 Skolds, Dan...............................B10 ways more than a department 2020. Forever 21 is operated by signed by a team of Forever 21 Lapin said. “You’d just walk in,
Ek, Daniel......................................B5 Mitchell, Elizabeth................A4 W store. With a flagship on Man- SPARC, a joint venture with designers, whose work experi- and you would grab.”
Ellison, Caroline.....................B10 Moffett, Craig..........................B12 Wang, Gary...............................B10 hattan’s Madison Avenue and a Authentic Brands Group, Si- ence spans from Prada and Samantha Chen, a 37-year-
Ewing, Chuck.............................A6 Musk, Elon....................................A1 White, Jason..............................B2 dozen more locations across mon Property Group and Valentino to Guess? and Top- old fashion merchandising di-
F N Wolk, Joseph..............................B5 the U.S., it was a beacon of Shein. shop, Park said. The team rector, said Barneys was highly
Finkler, Jordan........................B10 Neumann, Frederic................A7 Y luxury and cool, where the Since the acquisition, the combed through Barneys ar- aspirational within her profes-
H-I P Yaccarino, Linda........................A1 world’s Carrie Bradshaws went Barneys IP has been licensed chive pieces and studied cam- sional circles. She recalled buy-
Holtz, Stan................................B10 Park, Winnie...............................B2 Yang, Martin..............................B4 to desire and dream. to rival department store Saks paigns from the late ’90s and ing a pair of Miu Miu flats at
Today, the Barneys brand Fifth Avenue. Authentic also li- early 2000s, which showed the store on sale. They were a
stands for licensed goods. censed the name to the South models in oversized suiting half-size too small, but she

Firms Vie lion. FanDuel had 47% market

share in the most recent quarter.
Fanatics is a latecomer to
Since the company filed for
bankruptcy in 2019 and was
sold for parts in 2020, its
Korean company Gloent Group
last September to launch Bar-
neys skin care. Later this year,
and minimal jewelry.
Candice Lapin, a 40-some-
thing entrepreneur and educa-
couldn’t resist. She said she
once made a boyfriend buy her
a pair of brocade Dries van No-

For NFL the sports-betting race after

launching an app this year. It
recently acquired the U.S. as-
name has appeared on creams,
serums and fragrances sold at
Saks Fifth Avenue. Now it is
the company will also debut
luxury rental units in Tulum,
Mexico, under the Barneys
tion startup CEO, remembers
taking her first paycheck to
Barneys in 2003 to buy herself
ten sandals from the store. The
fabric was wacky and the boy-
friend is long gone, but the

Gamblers sets of sports-betting company

PointsBet. For its first NFL sea-
son, Fanatics will offer sports
entering the fast-fashion lane.
On Thursday, Forever 21 re-
leased a Barneys New York col-
New York brand name, accord-
ing to the com-
pany. That deal
clothing. She heard about the
store from a
friend’s stylish
shoes are still a closet favorite,
she said.
“Barneys had a sense of
wagering in 11 states, and in lection. It includes suiting is in partner- mom. Once she whimsy, of not taking yourself
Continued from page B1 some states the app will oper- blazers and trousers, oxford ship with resi- Barneys holds set foot inside, too seriously,” Chen said. “It
nies offered richer incentives in ate under the PointsBet brand button-downs and turtlenecks, dent company a powerful she was struck wasn’t just screaming logos. It
the earlier days of mobile gam- during the transition. denim jackets and pants, and Sequence, a by how well cu- carried things you’d never
bling, they are now under pres- Fanatics wants to cultivate a leather and faux-cashmere out- subsidiary of place in the rated its selec- think to put together.”
sure from investors to turn a loyal betting audience from its erwear. the Partner tion was. For shoppers like Chen and
profit after spending hundreds database of about 100 million The 32-piece collection Group, a real-
imagination of “They picked Lapin, the void Barneys left
of millions of dollars on market- customers with a rewards pro- echoes the cool and effortless estate develop- fashion fans. smaller brands, has yet to be filled. Lapin said
ing over the past five years. gram for more bets and merch. Barneys sensibility, said For- ment company. so no one knew she surfs across five different
The companies are trying to The privately held company ever 21 CEO Winnie Park, with Barneys what you had websites just to feel like she
strike a balance this season by has said it plans to invest $1 “wardrobe essentials that stick holds a power- on unless they has gotten the same breadth of
offering enticing bonuses but billion to build a sports-betting around and have longevity.” ful place in the imagination of too shopped at Barneys,” Lapin curation. Chen said she mainly
not overspending. operation. The collaboration will be avail- fashion fans. said. “It was for women who shops off of what she sees on
DraftKings in its most recent “We’re in this for the long able online and at some 200 The department store didn’t want brands that every Instagram and on Zara.
quarter claimed a 35% market haul,” said Jason White, chief Forever 21 stores timed to New helped put independent de- other store had, because Bar- Both said they hadn’t
share in the states where it op- marketing officer for Fanatics York Fashion Week. signers on the map and is neys was very selective.” shopped at Forever 21 re-
erates, the company’s highest Betting and Gaming. “We’re “It’s great timing because where many young shoppers Lapin said her first pair of cently. But they said the Bar-
since 2020. Marketing dollars not trying to rush into winning we can play up a brand that is made their first luxury pur- luxury heels—two-inch Manolo neys New York label would get
will continue to target acquiring this year.” identifiable and iconic, and chases. But nostalgia for its Blahnik mules—were from Bar- them to consider doing so.
new customers, including the The playing field is rapidly also symbolizes quiet luxury,” heyday couldn’t sustain neys, and so are her favorite “I’ve liked other fashion col-
bonus for bets, said Stephanie evolving for sports-betting said Park. enough commercial appeal to shoes and trousers. She spoke labs, like the H&M ones, but
Sherman, the company’s chief companies. Sports betting has Both Barneys New York and keep stores open. wistfully of its infamous ware- then you hear about the
marketing officer. been legalized in 38 states and Forever 21 are owned by Park said she approached house sale, where shoppers amount of people shopping for
In August, the Boston-based the District of Columbia, a brand-management company Authentic last year with the could find indie designers and them,” said Chen. “I can’t fight
company reported its first rapid expansion after the Su- Authentic Brands Group idea for the collaboration using luxury labels at rock-bottom people in line. I’m too old for
profitable quarter and im- preme Court cleared the way which acquired the intellectual the Barneys New York label. prices. that.”
proved its full-year guidance to for the industry in 2018.
a narrower loss in adjusted Mobile sports betting
earnings before interest, taxes,
depreciation and amortization.
DraftKings reported about $73
launched this year in Ohio and
Massachusetts, while mobile
betting is expected to begin in
CAA Sells and the WWE, which earlier
this year the company said it
was merging into a separate
dustry. It could also help Ker-
ing, the luxury-goods giant, go
toe to toe with its larger com-
clude auction house Christie’s,
French weekly magazine Le
Point and a stake in German
million in adjusted Ebitda for
the quarter ended June 30 and
projects a loss of between $190
Kentucky in late September. It
remains illegal in several big
states, including California and
Majority publicly listed company.
The Pinault deal comes
months into a dual Hollywood
petitor, LVMH, in cashing in
on the growing overlap be-
tween the worlds of luxury
sports and goods maker Puma.
The deal by the Pinault
family’s Artémis comes as
million and $220 million for
the year.
FanDuel, owned by Flutter
Texas.
Last year, sports wagering
generated $7.6 billion in reve-
Stake writer and actors’ strike that
has shut down production of
new TVs and movies after the
and entertainment.
LVMH, which owns such
brands as Dior and Tiffany,
Kering has itself been pursu-
ing acquisitions to expand its
beauty division.
Entertainment, generated $100 nue, the amount companies re- unions failed to reach a new has struck partnership deals Kering said earlier this
million in adjusted Ebitda for the ceive after paying out winning Continued from page B1 labor contract with studios. with celebrities including Be- summer that it is buying lux-
first half of the year. FanDuel ex- bets. This year, revenue is pro- stars but has diversified more Buying a stake in yoncé and recently brought ury cologne maker Creed,
pects that to increase to between jected to grow to $11.8 billion, broadly in recent years ahead CAA will help Pinault’s hold- musician Pharrell Williams which counted King George III
$120 million and $240 million by according to Eilers & Krejcik of a 2021 initial public offer- ing company diversify beyond aboard as creative director of among its clients.
the end of the year, with net rev- Gaming, an industry consulting ing. Its holdings include the Europe and its core invest- menswear at Louis Vuitton. —Sam Schechner
enue of $4.5 billion to $4.9 bil- firm. UFC mixed martial arts league ments in the luxury-goods in- Artémis’s holdings also in- contributed to this article.

Rocks Help sorbs carbon. Heirloom accel-

erates the natural process so
it takes days instead of years.
removing thousands of metric
tons. The goal is to bring
down costs faster than com-

Microsoft To remove carbon from the

air, the company warms up
crushed limestone in a kiln
petitors through the use of
low-cost limestone.
Early this year, the company

Cut Carbon heated to about 1,650 degrees

Fahrenheit and powered by re-
newable electricity. That heat
said carbon it removed from
the air was successfully stored
in concrete by a Canadian
separates the carbon dioxide, startup called CarbonCure, an
Continued from page B1 which is stored underground industry first. Carbon is typi-
ing. Business leaders such as or in concrete, and leaves a cally stored underground in oil-
Microsoft and JPMorgan chemical powder called cal- and-gas wells or underground
Chase and governments are cium oxide. rock formations, but Carbon-
funding a range of approaches, That powder is then com- Cure and other companies say
including burying carbon-rich bined with water to become an alternative is storing it in
NATHAN FRANDINO/REUTERS

plant material and tweaks to calcium hydroxide and spread concrete, which also makes the
the ocean’s chemistry that in- onto trays the size of large product greener.
crease carbon absorption. desks or picnic blankets. Out- In the government-backed
Heirloom was selected a side, the calcium hydroxide Louisiana project, Heirloom’s
few weeks ago as a potential puffs up like a cookie in the limestone would be used
recipient of hundreds of mil- oven as it absorbs carbon di- alongside vacuum-like devices
lions of dollars from the U.S. oxide over about three days. from European competitor
government as part of a 2021 Heirloom Carbon hopes to use the deal to raise more money. Its laboratory in Brisbane, Calif. The resulting limestone can go Climeworks. The carbon would
infrastructure law program to back into the kiln to restart be stored underground by a
kick-start the industry. Some opment. It is the first new Heirloom’s chief executive. scale project later this year. the cycle. company called Gulf Coast Se-
of Microsoft’s purchase agree- credit-purchase tied to the “It’s been pretty crazy mo- The startup will have to con- Brisbane, Calif.-based Heir- questration.
ment is tied to Heirloom’s government projects. mentum for the company.” tribute funding equivalent to loom first used the process to Climeworks raised $650
work in a government-funded “All of these different com- Founded in 2020, Heirloom the government grants for the remove a few grams of carbon million privately from inves-
hub in Louisiana, illustrating ponents are really what you hopes to use the Microsoft Louisiana effort, which will from the air, then gradually tors last year, the largest such
how the federal funding is ac- need to see this industry take deal to raise money from in- take much longer. stepped up to removing met- fundraising for a carbon-re-
celerating the sector’s devel- shape,” said Shashank Samala, vestors to build its first large- Limestone naturally ab- ric tons. It soon hopes to be moval startup.
THE WALL STREET JOURNAL. ** Friday, September 8, 2023 | B3

BUSINESS NEWS
Las Vegas Hotel Staff to
Vote on Strike Approval
Unions for Las Vegas Strip tainment, Wynn Resorts,
workers have set a date for a and MGM Resorts Interna-
citywide strike vote later this tional as well as hotels that
month that, if approved, could don’t have on-site gambling.
lead to more than 50,000 A Wynn Resorts spokesman
housekeepers, bartenders and declined to comment on the
other staff walking off the job. vote. Requests for comment to
Members of the Culinary other hotels weren’t returned.
and Bartenders Unions will The Culinary Union, the larg-
cast ballots on Sept. 26. A est labor union in Nevada, and
majority vote would autho- the Bartenders Union, which
rize a potential future strike. together represent the 53,000
Among other issues, work- workers whose contracts are

WADE VANDERVORT/LAS VEGAS SUN/ASSOCIATED PRESS

ers want lighter workloads and up for negotiation, said they
an increase in on-the-job secu- would continue to bargain with
rity protection, the unions said. hotel and casino companies
They are also bargaining for a ahead of the strike vote.
wage increase. The Culinary Union has
A majority of the workers called a strike vote as part of
are employed in the hotels, ca- contract talks in the past, most
sinos and restaurants on the recently in 2018. That year a
Las Vegas Strip or in down- strike was authorized by the
town Las Vegas. membership, but a walkout
The affected properties in- was avoided with a five-year
clude casino-resorts handled contract that expires this year.
or owned by Caesars Enter- —Ginger Adams Otis

GM’s Latest Counteroffer to UAW Shows Gap Remains

BY NORA ECKERT ing out in a much more public possibility once contracts ex-
way than during past talks. pire next week.
General Motors delivered a Fain, who was elected earlier Some auto executives have
counteroffer to the United this year, has broadcast spe- called Fain’s actions theatri-
Auto Workers union Thursday cifics of company proposals cal, especially when he tossed
that shows the sides remain directly to members in weekly an early proposal from Stel-
far apart on pay and other livestreams, and the auto- lantis into a trash can during
benefits, one week out from a makers have posted details to a livestream.
strike deadline. their websites. The back-and- The union has rallied mem-
The Detroit carmaker of- forth is a departure from tra- bers through practice picket
fered a 10% wage increase ditional behind-closed-doors events around factories in
among other benefits, far bargaining practices. different states, many of
short of the UAW’s demand of Since becoming UAW presi- which Fain has attended.
at least a 40% wage increase. dent in March, Fain has done Those gatherings are slated
The offer follows a similar one away with much of the tradi- to continue over the coming
from Ford Motor last week, tional UAW bargaining play- week.
which called for a 9% wage in- book. To formally kick off con- The UAW filed complaints
BILL PUGLIANO/GETTY IMAGES

crease. Both companies pro- tract talks, he bypassed the last week with the National
posed additional inflation-pro- ceremonial handshake with Labor Relations Board citing
tection payments and signing company CEOs and instead unfair labor practices by GM
bonuses totaling more than met with workers. and Stellantis, saying the two
$16,000. Fain also has opted to not companies were bargaining in
UAW President Shawn Fain select any one company as bad faith and delaying negoti-
in a statement called the GM the union’s negotiating tar- ations.
proposal insulting and said UAW President Shawn Fain marching in the Labor Day Parade in Detroit. get, doing away with the tra- Both companies said they
the company is wasting union ditional UAW strategy of were surprised by the charges
members’ time. Last week, teroffer to the union by the p.m. to reach tentative agree- panies that haven’t reached a hammering out a deal with and denied the allegations.
Fain responded similarly to end of the week, a spokes- ments with the UAW on a new deal by that date, potentially one company to serve as a Stellantis called the complaint
the proposal from Ford. woman said on Wednesday. four-year contract. Fain has taking 146,000 factory work- template for the other two. frivolous and a distraction,
Jeep-maker Stellantis is The three companies face a said the union is prepared to ers off the job. That approach makes a walk- and GM said it was an insult
planning to deliver its coun- deadline of Sept. 14 at 11:59 strike at any of the three com- The negotiations are play- out at all three automakers a to the bargaining committees.

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 B4 | Friday, September 8, 2023 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Nielsen to Exclude
Amazon’s ‘Thursday
Night Football’ Data
BY JOE FLINT rency is what advertisers use
to determine commercial
Nielsen said it wouldn’t rates for programming.
include viewership data for Nielsen was eager to in-
“Thursday Night Football” clude Amazon data, saying
from Amazon.com’s Prime last month that it would
Video streaming platform in “more accurately reflect the
its ratings reports for now, growing impact of stream-
because the move wasn’t ap- ing” and that measurement
proved by the independent needed to evolve. It was to
body in charge of setting be the first time Nielsen
measurement standards. would use a company’s own
META PLATFORMS

The decision is a blow to data along with its indepen-

Amazon and the National dent research to publicly re-
Football League, which had port ratings.
lobbied Nielsen aggressively Networks including Dis-
A clip from the campaign shows English soccer player Marcus Rashford using VR to stay connected to the pitch while injured. to include first-party data ney’s ESPN, Paramount
for “Thursday Night Foot- Global’s CBS and Fox all pub-

Meta’s Ad Blitz Proclaims

ball,” and a win for other licly expressed concern about
networks that carry the NFL Nielsen’s plans to incorpo-
and fought against the rate Amazon data after a
change. Wall Street Journal article
A spokesman for Amazon on the matter.

Virtual Reality Already Here

declined to comment. The Nielsen, which is owned
NFL said it supports Niel- by Elliott Management, isn’t
sen’s efforts to add addi- closing the door on the con-
tional insights to strengthen cept, saying its goal is to
and provide a more accurate continue moving forward in
measurement. its plans to eventually incor-
Effort departs from ity, according to Rob Sherman, tech of the moment. Focusing on the commercial “Our work with Nielsen on porate first-party data and
Meta’s vice president oversee- Both user numbers of aspects of the metaverse may the integration of first party addressing the concerns
previous sci-fi ing policy at its Reality Labs Meta’s Horizon Worlds meta- open doors to less exciting but data sources into its national raised by other networks.
depictions of a full- unit. Internal research found verse app and sales of Meta’s potentially more lucrative uses measurements is ongoing,” The networks were con-
that too many people still as- Quest headsets have remained of the technology, Kahn said. said the Media Rating Coun- cerned that not enough anal-
fledged metaverse sociate virtual reality purely low, despite previous attempts Previous metaverse-focused cil, which sets measurement ysis was being done before
with videogaming, Meta exec- to peddle the metaverse campaigns weren’t unsuccess- standards and blesses Niel- greenlighting the use of Am-
BY KATIE DEIGHTON utives said. through advertising. ful, Meta executives said, add- sen data. “MRC has not ac- azon’s own data and that the
But the campaign also aims Meta’s 2022 Super Bowl ad, ing that return on such invest- credited these, and the offi- process was being rushed.
New ads from Meta Plat- to remind executives, govern- which was released months af- ments aren’t usually measured cial status remains ‘in The networks also took issue
forms replace earlier cam- ments and general consumers ter it placed its chips on the in unit sales but in metrics process.’” last season with Amazon
paigns’ visions of a futuristic that virtual reality is already concept of the metaverse by of- such as brand sentiment. The Amazon wanted its data publicizing its own internal
metaverse with scenes depict- being used in the real world ficially changing its name from new strategy instead repre- included because its own re- ratings that weren’t given a
ing virtual reality as a real, for critical purposes, he said. Facebook, featured an out-of- sents the next chapter in the search showed viewership greenlight by Nielsen.
present-day and even prosaic “This is technology that ex- work animatronic singing dog story Meta has been trying to was nearly 18% higher for “We remain committed to
technology. ists now, it’s not science fic- who reconnected with his tell since it rebranded in 2021, “Thursday Night Football” adhering to the MRC’s mea-
In one video from the cam- tion,” Sherman said. “It’s im- bandmates via a Meta Quest Sherman said. last season than Nielsen’s surement standards,” Nielsen
paign, which is dubbed “The portant for us to be transparent headset and Horizon Worlds. “At the time, we articulated own numbers. Nielsen cur- said Thursday.
Impact Is Real,” welders prac- and help people see what our The company later that an end state 10 to 15 years out
tice welding with virtual met- vision is, so they can anticipate year struck a more serious of what we thought this tech-
als, doctors rehearse surgeries it and participate.” tone with “The Impact Will Be nology would do to transform
on virtual eyeballs, and the The ads represent a change Real,” an ad campaign that the way that people interact
English soccer player Marcus of tack in Meta’s ongoing ef- showed how metaverse tech- in our society,” he said. “Two
Rashford uses VR to stay con- forts to sell its grand vision of nology may be used by stu- years out, what we wanted to
nected to the pitch when re- the metaverse to investors, dents and academics in the do is use this moment to look
covering from an injury. governments, business cus- coming decades. at the progress that the eco-
Meta hopes the campaign, tomers and consumers, many “Meta had really come out system has made.”

COOPER NEILL/GETTY IMAGES

which is slated to run in the of whom remain skeptical the initially with a big push that
U.S. and Europe across televi- company was wise to bet its felt futuristic, and I think real-
sion, podcasts, email newslet- valuation on a future society’s ized that the market particu- Watch a Video
ters and print, will pique the appetite for virtual and aug- larly here in the U.S. is not quite Scan this code
interest of software develop- mented reality technologies. ready for the vision that they for a video on
ers in various sectors who The campaign also comes as painted,” said Greg Kahn, an in- tech CEOs’
may not have considered us- generative AI has come to vestor and adviser working in efforts to create
ing virtual or augmented real- dominate headlines as the new technology and marketing. a ‘super app.’ The move is a win for other networks that carry NFL games.

ADVERTISEMENT

The Marketplace
Huawei “The government ban and
the new Huawei phone will be
material events for the
technology.
While Huawei isn’t calling
its new device a 5G phone,
To advertise: 800-366-3975 or WSJ.com/classifieds
Challenges iPhone,” said Martin Yang, an
analyst at investment firm
Oppenheimer. “The two com-
tests by Chinese consumers
and domestic testing agencies
show it could reach a maxi-
PUBLIC NOTICES ANNOUNCEMENTS
Apple bined will drive more Android
users to upgrade to the Hua-
wei, or iPhone users going
mum download speed of 500
to 800 megabits a second.
Such a speed would allow con-

UNITED DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA

Your Book
Life Story | Business Continued from page B1
back to Huawei.”
Yang said Apple could lose
sumers to download a movie in
high definition within a minute
CASE NO.: 1:20-cv-21964-CMA
SECURITIES AND EXCHANGE COMMISSION, Professionally Written & Published. China ordered officials at cen- 10 million iPhone shipments in and far surpasses the speed
Plaintiff, Affordable Premium Legacy Books. tral government agencies not 2024 because of the new Hua- limit of about 300 megabits a
v. LegaciesandMemories.com to use Apple’s iPhones or wei phone. The company second for 4G networks.
TCA FUND MANAGEMENT GROUP CORP., and TCA GLOBAL CREDIT FUND GP, LTD., BizSuccessBooks.com bring them into the office. shipped 224.7 million iPhones Huawei has also highlighted
Defendants, and
(904) 293-9893 * Since 1999
TCA GLOBAL CREDIT FUND, LP, TCA GLOBAL CREDIT FUND, LTD, and TCA GLOBAL CREDIT MASTER FUND, LP, The iPhone maker has dom- in 2022, according to Counter- features such as satellite com-
Relief Defendants.
______________________________________/
inated China’s high-end phone point Research, so that figure munications that allow users
BUSINESS OPPORTUNITIES market in recent years after would amount to about 4.5% to connect in areas without
NOTICE OF PROCEEDINGS TO APPROVE: (1) SETTLEMENT AMONG RECEIVER, CLASS PLAINTIFFS,
FORMER OFFICERS AND DIRECTORS; AND (2) BAR ORDER tough U.S. sanctions limited of total iPhone shipments. traditional mobile coverage, a
PLEASE TAKE NOTICE that Jonathan E. Perlman, Esq, as the Court-appointed receiver (the “Receiver”) over
Defendants TCA Fund Management Group Corp. and TCA Global Credit Fund GP, Ltd., over Relief Defendants TCA BLACK SANDS to GOLD BARS chip supplies, and Huawei ear- Apple is expected to release capability that is supported for
Global Credit Fund, LP, TCA Global Credit Fund, Ltd., and TCA Global Credit Master Fund, and over TCA Global Lending lier abandoned plans to make the iPhone 15 next week, and calls—unlike Apple, which can
Corp (collectively the “Receivership Entities”) in the above-captioned civil enforcement action (this “SEC Action”), has
filed a request for approval of a proposed settlement by and among: the Receiver; Todd Benjamin International, Ltd.
5% to 20% + per month phones with 5G, a cellular the company in recent years only support messaging. The
and Todd Benjamin (“Class Plaintiffs”); and individuals Robert Press, Alyce Schreiber, William Fickling III, Tara Antal,
Bruce Wookey, and Bernard Sumner (collectively, the “Former Officers and Directors”). Min Inv - $25k standard that enables far has relied on high-end device product’s boxes say “satellite
The proposed settlement settles all claims that were and could have been asserted against the Former Officers speedier connections. Millions sales for outsize growth and mobile terminal,” instead of
and Directors by the Receiver and the Class Plaintiffs, with such settlement expressly conditioned on the Court Long Term/Accred only
approving the Settlement Agreement and including in the order approving such Settlement Agreement a provision of smartphone users around profitability. “digital mobile device,” the
permanently barring, restraining and enjoining any person or entity from pursuing claims, including claims you may FREE GOLD GUIDE - 888-725-8703 the world have upgraded their It remained unclear exactly phrase that was used for ear-
possess, against any of the Released Parties, excluding Robert Press, relating to the SEC Action or otherwise relating
in any way to any of the Receivership Entities, or which arise directly or indirectly from the activities, omissions,
or services, or alleged activities, omissions, or services of the Former Officers and Directors in connection with the
devices as so-called fifth-gen- what prompted China to re- lier phone products.
Receivership Entities, to the broadest extent permitted by law (the “Bar Order”).1 PUBLIC NOTICES eration cellular technology strict iPhone use, but some Industry watchers are de-
PLEASE TAKE FURTHER NOTICE that the material terms of the Settlement Agreement are the Former Officers
and Directors shall pay with the funds remaining under a $5 million Policy insuring TCA’s officers and directors, less a held the promise of faster and analysts suggested that a sim- bating how the Chinese tele-
maximum of $100,000 for future defense costs, in exchange for broad releases from the Class Plaintiffs, the Receiver, THE HIGH COURT better connections and other ilar action in Russia might com giant pulled off such a
and the Receivership Entities, and entry of the Bar Order. COMMERCIAL
PLEASE TAKE FURTHER NOTICE that copies of the Settlement Agreement; the Motion for (i) Approval of RECORD NO. 2023 NO. 26 COS new potential uses. have helped prompt Beijing. technological feat despite fac-
Settlement between Receiver and Class Plaintiffs and the Former Officers and Directors; (ii) Approval of Form, IN THE MATTER OF HORIZON THERAPEUTICS PLC Now Huawei is fighting While the order hasn’t been ing sanctions that restrict its
Content, and Manner of Notice of Settlement and Bar Order; (iii) Entry of Bar Order; and (iv) Scheduling a Hearing; AND
with Incorporated Memorandum of Law [ECF No. 369] (the “Motion”); the proposed Bar Order; and other supporting IN THE MATTER OF SECTIONS 449 TO 454 OF THE back, releasing a new phone in publicly announced, it could access to U.S. chips and re-
and related papers, may be obtained from the Court’s docket in the SEC Action or from the website created by the COMPANIES ACT 2014
Receiver (www.tcafundreceivership.com). China with 5G-like speeds and pose reputational risks to Apple lated technologies. The pri-
AND
PLEASE TAKE FURTHER NOTICE that the final hearing on the Motion, at which time the Court will consider final
approval of the Settlement Agreement (including the grant of the releases and the issuance of the Bar Order) before IN THE MATTER OF THE COMPANIES ACT 2014 capabilities. The initial batch in China. Individual users be- vately held Chinese company
the Honorable Cecilia M. Altonaga, at the Wilkie D. Ferguson, Jr. United States Courthouse, 400 North Miami Avenue, AND of the phone—the Mate 60 Pro, yond central government em- has stayed silent on the big-
Room 13-3, Miami, Florida, 33128, at 8:00 a.m. on Wednesday, October 25, 2023 (the “Final Approval Hearing”). IN THE MATTER OF THE IRISH TAKEOVER PANEL
Any objection to the Settlement Agreement, the Motion, or any related matter, including, without limitation, ACT 1997 priced at $960 for presale— ployees, such as local govern- gest source of conjecture: the
entry of the Bar Order, must be filed, in writing, with the Court in the SEC Action, on or before the Objection Deadline NOTICE is hereby given that pursuant to an Order of the sold out within hours. Other ment officials or those who phone’s core processor and
(defined below) and served by email and regular mail, on the following: High Court of Ireland dated 23 January 2023, a meeting
(the “Scheme Meeting”) of the shareholders of Horizon buyers have placed orders for work with the government in other key mobile chips.
The Receiver: Gregory M. Garno, Esq. Therapeutics plc (“Horizon”) that will be the subject
VENABLE, LLP. of the proposed scheme of arrangement (the “Scheme delivery later. The early fervor China, could be prompted to A state-owned newspaper
100 S.E. Second Street, 44th Floor Shareholders”) between the Company and the Scheme
Shareholders (the “Scheme of Arrangement”) for the
suggests Huawei could reclaim avoid Apple products, said Xi- touted the coming phone as
Miami, Florida 33131
Tel: 305.349.2300
purpose of their considering, and voting on, a resolution buyers it lost in China to Ap- aomeng Lu, a director at risk the company’s successful re-
proposing that the Scheme of Arrangement in its
Email: gmgarno@venable.com original form or with or subject to any modification(s), ple, which is due to unveil its consulting firm Eurasia Group turn to the 5G smartphone
Counsel for the Receiver addition(s) or condition(s) approved or imposed by the latest iPhone next week. focusing on geopolitics and market.
High Court be agreed to (the “Scheme Resolution”) was
Class Plaintiffs: Jason Kellogg, Esq. Scott L. Silver, Esq. held on 24 February 2023 at 10:30 a.m. (GMT) at Horizon
LEVINE KELLOGG LEHMAN SILVER LAW GROUP Therapeutics plc, 70 St. Stephen’s Green, Dublin 2, D02
SCHNEIDER + GROSSMAN LLP 11780 W. Sample Road E2X4, Ireland and the Scheme Shareholders passed the China’s market share for
Scheme Resolution at the Scheme Meeting without
201 S. Biscayne Boulevard, Suite 2200 Coral Springs, Florida 33065 modification. smartphones priced
Miami, FL 33131 Email: ssilver@silverlaw.com
Tel: 305-403-8788 Co-Counsel for Class Plaintiffs
NOTICE is hereby further given that consequent upon an over $600
application made to it by Horizon on 5 September 2023,
Email: JK@LKLSG.com the High Court of Ireland has directed that an application
by Horizon for an order pursuant to section 453(2) of 80%
Former Officers
the Companies Act 2014 (as amended) sanctioning the
and Directors: Steven Jeffrey Brodie, Esq. Carl Schoeppl, Esq. Scheme of Arrangement shall be heard by the High
CARLTON FIELDS Schoeppl Law, P.A. Court of Ireland at 11.00 a.m. (Irish Time) on Thursday,
2 Miami Central 4651 N. Federal Highway 5 October 2023 at the Four Courts, Inns Quay, Dublin 7, Apple
700 NW 1st Avenue, Ste. 1200 Boca Raton, Florida 33431 Ireland (the “Application”). The High Court of Ireland
Miami, Florida 33136-4118 Email: carl@schoeppllaw.com
has directed that the Application shall be conducted as 60
a hybrid application and it will therefore take place both
Tel: 305.539.7302 Co-Counsel for Former physically and remotely.
Email: sbrodie@carltonfields.com Officers and Directors Dated 8 September 2023
MATHESON LLP
NO LATER THAN Monday, September 25, 2023 (the “Objection Deadline”), any objection to the Settlement Solicitors for Horizon Therapeutics plc
Agreement, the Motion, or any related matter must be filed with the Court and such objection must be made in 70 Sir John Rogerson’s Quay 40
accordance with the Court’s Order (I) preliminarily approving settlement between Receiver, Class Plaintiffs, and the Dublin 2
Former Officers and Directors; (II) approving form and content of notice, and manner and method of service and Ireland
publication; (III) setting deadline to object to approval of settlement and entry of bar order; and (IV) scheduling a
hearing [ECF No. 371] (the “Preliminary Approval Order”). Note: Any person who intends to appear at the
Application must notify Horizon’s solicitors, Matheson
PLEASE TAKE FURTHER NOTICE that any person or entity failing to file an objection on or before the Objection LLP, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland
Deadline and in the manner required by the Preliminary Approval Order will not be heard by the Court, will be deemed (quoting reference BC/KR 668098/30) in writing not
to have waived the right to object (including any right to appeal) as well as to appear at the Final Approval Hearing, 20
later than 5.00 p.m. (Irish Time) on Monday, 2 October Huawei
and will be forever barred from raising such objection in this action or any other action or proceeding, subject to the 2023 of that person’s or persons’ intention to appear at
CFOTO/DDP/ZUMA PRESS

discretion of this Court. Those wishing to appear and present objections at the Final Approval Hearing must include a the Application and must indicate to the said solicitors
request to appear in their written objection. If no objections are timely filed, the Court may cancel the Final Approval whether such person or persons intend to support or
Others
Hearing without further notice. oppose the Application and must serve any affidavit
This matter may affect your rights. You may wish to consult an attorney. evidence on which that person or persons intends to rely OPPO
### on Horizon’s solicitors by that date and time. Remote
0
1
Defined terms used but not defined in this Notice are more fully defined in the Settlement Agreement or in the connection details for the Application can be obtained 2019 ’20 ’21 ’22 ’23*
proposed Bar Order attached as Exhibit 2 thereto. from Horizon’s solicitors, Matheson LLP, by emailing
Brendan.Colgan@matheson.com *First half Note: Huawei's market share
This notice is placed at the order of the High Court of doesn’t include Honor.
Ireland dated 5 September 2023.
Source: IDC A Mate 60 Pro phone being tried out at a Shanghai store.
THE WALL STREET JOURNAL. **** Friday, September 8, 2023 | B5

BUSINESS & FINANCE

Spotify Plans Free Audiobook Trial J&J’s Split

Arms It
Audio streamer to
test program with
month at no additional cost,
said people familiar with the
matter. Details are still evolv-
pease investors. Audiobooks,
like podcasts, represent a bur-
geoning market and a popular
based on the amount of time
users spend listening to books.
The test will likely roll out
cluding titles by horror writer
Stephen King, journalist Mal-
colm Gladwell and romance
With Cash
listeners to learn
about demand
ing, but the company expects
to offer the program for a lim-
ited time and aims to gauge
format among listeners but one
that requires in-
vestment from
over time to a group of Eng-
lish-speaking
countries, in-
novelist Abby Jimenez for pur-
chase. Books have been avail-
able on a pay-per-download ba-
For Growth
customer interest in audio- the company cluding the U.S., sis, similar to services offered
BY ANNE STEELE books. and an expan- Audiobooks Canada, Austra- by Apple and Google. BY MARK MAURER
AND JEFFREY A. TRACHTENBERG Audiobooks represent a way sion from music represent a way lia and the U.K. Chief Executive Daniel Ek
for Spotify to diversify its of- streaming. The scope of ti- has said Apple’s App Store poli- Johnson & Johnson plans
Spotify plans to test a free ferings to subscribers and its Spotify in for Spotify to tles available cies have hampered the rollout to tap billions in proceeds
audiobook bundle for its paying sources of revenue. Executives July said it is through the of Spotify’s audiobook offer- from the recent split-off of its
subscribers in the coming at Spotify are eager to chal- raising the price
diversify its program is ex- ings. Soon after last fall’s an- consumer-health business to
months, part of a push to be- lenge incumbent audiobook of its premium offerings. pected to be nouncement, Spotify directed fuel growth in pharmaceuticals
come a go-to provider of that platform Audible and told some individual plans broad but is still users to make purchases and medical technology
content. publishers that their participa- in major mar- being finalized. through a web browser instead through capital allocation,
The streaming service is tion would help break the Am- kets around the Spotify en- of inside the app. which could include new ac-
working with some of the larg- azon.com-owned platform’s world for the first time, by $1, tered the audiobook business a While it is a more cumber- quisitions and investments in
est publishers in the U.S. on the hold on the industry, some of to $10.99 a month. year ago, initially offering a some user experience, the product offerings and robotics.
pilot program, which would al- the people said. It has discussed a range of catalog of more than 300,000 move was intended to keep Ap- The New Brunswick, N.J.-
low subscribers to listen to up Spotify is trying to achieve compensation models for pub- titles from independent au- ple from taking up to a 30% based healthcare giant in May
to 20 hours of audiobooks a consistent profitability to ap- lishers, including payments thors and major publishers, in- commission for downloads. sold shares in Kenvue, which
owns brands such as Band-Aid
and Tylenol, through an initial

App Nudges Its Users Away From Plastic Waste

public offering that netted J&J
$13.2 billion in cash. In August,
J&J shed about 80% of its Ken-
vue shares through a roughly
BY SHA HUA cording to China’s National $40 billion split-off, whereby
Bureau of Statistics. some investors chose to
SINGAPORE—The advent of For their study, the re- trade in their shares of J&J for
the food-delivery app has left searchers examined data col- Kenvue ones.
a bad taste in the mouths of lected from 200,000 randomly The moves marked the con-
governments, environmental- sampled users in 2019 and clusion of a multiyear effort, a
ists and others left wondering 2020 by Ele.me, a Chinese ver- plan decided upon in 2019 and
how to cope with the moun- sion of DoorDash. put into action in 2021 when
tains of plastic waste pro- The app’s default interface J&J embarked on untangling
duced in the pursuit of culi- gives users the option of for- its finances and operations for
nary convenience. going plastic cutlery, but only such a split.
One answer to the problem, during checkout and low down The split allows J&J’s exec-
according to a new study, lies on the screen. Starting in utives to focus more on devel-
in a technique that has stirred 2019—in response to new gov- oping innovations and expand-
debate: the behavioral nudge. ernment rules requiring reduc- ing the businesses of medical
Examining consumer be- tions in single-use plastics— technologies and pharmaceuti-
havior on a popular food-de- users in three major cities cals. “We need to be a top-tier
livery app in China, a team of have been presented with a medical tech company and a
scientists based in Asia has pop-out window that lists “no top-tier pharmaceutical com-
found that messages nudging cutlery” as the default option, pany, first and foremost,”
users to forgo single-use cut- forcing users who want cut- Chief Financial Officer Joseph
lery could be effective enough lery to select the number of Wolk said. “That is what’s go-
BLOOMBERG NEWS

to reduce plastic waste in the sets. Those who choose to do ing to carry us for the medium
country by more than 3 mil- without plastic cutlery are term.”
lion metric tons a year—the given points that can be used J&J’s targets for acquisi-
equivalent weight of 10 Em- to fund the planting of a tree. tions are businesses with sci-
pire State Buildings—if rolled The pandemic has boosted the popularity of food delivery and caused a surge in waste, Users in those cities were entific expertise and commer-
out nationwide. 20% less likely to ask for sin- cial capabilities that could
Rather than ordering peo- effective nudging is as a solu- said Albert Park, professor of cheap, more than half a billion gle-use cutlery with their or- benefit from J&J’s global
ple to act a certain way, limit- tion to societal problems, but economics at the Hong Kong people use food delivery apps, der over the period of the reach, Wolk said. The com-
ing their choices or using the gentle approach proved ef- University of Science and according to German data study, the researchers found. pany’s growth will continue to
monetary incentives to influ- fective in this instance, ac- Technology, one of the authors platform Statista. Making the option to forgo stem from a 50-50 split be-
ence them, nudges seek to cording to the study. of the study, which appears in China produced more than plastic cutlery more explicit tween organic, in-house devel-
change decisions by altering “People generally prefer to this week’s issue of Science 80 million metric tons of plas- works because it targets users opment and expansion through
the way choices are presented. be empowered rather than magazine. tic waste in 2021, up by at the moment of decision- acquisitions and partnerships,
Evidence is mixed as to how simply being told what to do,” In China, where delivery is roughly 30% from 2018, ac- making, they said. as it has historically, he said.

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B6 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Friday, September 8, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34500.73 s 57.54, or 0.17% Trailing P/E ratio 24.98 18.71 4451.14 t 14.34, or 0.32% Trailing P/E ratio * 21.67 21.53 13748.83 t 123.64, or 0.89% Trailing P/E ratio *† 30.82 24.82
High, low, open and close for each P/E estimate * 18.95 16.73 High, low, open and close for each P/E estimate * 20.17 17.52 High, low, open and close for each P/E estimate *† 27.35 22.31
trading day of the past three months. Dividend yield 2.09 2.23 trading day of the past three months. Dividend yield * 1.58 1.68 trading day of the past three months. Dividend yield *† 0.82 0.90
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

35800 4600 14300

35200 4500 13900

34600 4400 13500

34000 4300 13100

Session high
DOWN UP 65-day moving average
33400 4200 12700
t

Session open Close

Close Open
t

65-day moving average

32800 4100 65-day moving average 12300
Session low
Bars measure the point change from session's open
32200 4000 11900
June July Aug. Sept. June July Aug. Sept. June July Aug. Sept.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 912,068,467 10,357,091
Industrial Average 34560.86 34351.18 34500.73 57.54 0.17 35630.68 28725.51 8.6 4.1 7.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 279,240,788 3,925,829
Transportation Avg 15430.83 15230.00 15299.11 -75.38 -0.49 16695.32 11999.40 11.5 14.2 10.9 Most-active issues in late trading Decl. volume* 621,527,299 6,207,105
Utility Average 870.56 857.32 864.33 11.22 1.32 1061.77 838.99 -17.4 -10.7 2.5 Volume After Hours Issues traded 3,010 321
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 44472.12 44201.71 44410.06 -166.00 -0.37 45969.67 36056.21 10.1 15.3 8.4 Advances 1,041 125
Finl Select Sector SPDR XLF 10,285.3 34.23 … unch. 34.27 34.22
Barron's 400 994.39 982.88 987.61 -6.78 -0.68 1036.97 825.73 7.1 7.3 11.1 Declines 1,862 183
SPDR S&P 500 ETF Trust SPY 8,026.5 445.00 0.15 0.03 459.01 444.52
Unchanged 107 13
Nasdaq Stock Market ProShares Short S&P 500 SH 5,180.1 14.04 -0.01 -0.07 14.06 14.04 New highs 40 0
Nasdaq Composite 13774.63 13642.47 13748.83 -123.64 -0.89 14358.02 10213.29 15.9 31.4 6.7 Transocean RIG 4,600.1 8.08 … unch. 8.17 8.08 New lows 116 19
Nasdaq-100 15288.20 15138.73 15258.52 -112.92 -0.73 15841.35 10679.34 23.8 39.5 9.5 Coca-Cola KO 3,469.4 58.40 0.07 0.12 58.55 58.30 Closing Arms† 1.38 0.73
SLM Corp SLM 3,417.9 13.97 … unch. 13.97 13.97 Block trades* 4,068 129
S&P
-0.32
Corteva CTVA 3,160.4 49.38 -0.18 -0.36 50.38 48.84 Nasdaq NYSE Arca
500 Index 4457.81 4430.46 4451.14 -14.34 4588.96 3577.03 11.1 15.9 9.1
Amazon.com AMZN 3,009.4 137.79 -0.06 -0.04 145.28 112.17
MidCap 400 2591.15 2569.08 2577.07 -23.97 -0.92 2728.44 2203.53 5.0 6.0 10.7 Total volume*4,320,836,734 257,820,724
SmallCap 600 1196.63 1185.05 1190.03 -9.83 -0.82 1315.82 1064.45 1.6 2.8 10.1 Percentage gainers… Adv. volume*1,529,859,850 93,250,747
Smith & Wesson Brands SWBI 236.0 11.49 0.98 9.33 11.99 10.51 Decl. volume*2,757,897,852 163,042,224
Other Indexes
Smartsheet SMAR 232.2 42.75 2.39 5.92 43.80 39.15 Issues traded 4,437 1,760
Russell 2000 1871.62 1848.72 1855.76 -18.52 -0.99 2003.18 1655.88 0.5 5.4 6.5
Advances 1,407 568
NYSE Composite 15897.41 15811.66 15864.19 -27.34 -0.17 16427.29 13472.18 6.0 4.5 7.1 Tredegar TG 106.4 5.82 0.27 4.86 5.82 5.55
Declines 2,865 1,179
Value Line 562.20 555.52 557.22 -4.98 -0.89 606.49 491.56 0.9 3.9 5.5 Gerdau ADR GGB 56.5 5.22 0.24 4.82 5.22 4.95
Unchanged 165 13
NYSE Arca Biotech 5233.68 5201.68 5210.88 -22.80 -0.44 5644.50 4390.11 6.0 -1.3 -0.2
Community Health Systems CYH 358.9 3.29 0.15 4.78 3.29 3.14
New highs 39 4
NYSE Arca Pharma 913.49 897.37 909.75 12.38 1.38 917.89 737.84 17.8 4.8 11.4 ...And losers New lows 274 22
KBW Bank 80.69 79.34 79.51 -0.98 -1.22 115.10 71.96 -27.3 -21.2 0.1 Digital Media Solutions DMS 258.1 4.24 -0.71 -14.34 5.70 4.02 Closing Arms† 0.89 0.61
PHLX§ Gold/Silver 113.59 112.79 113.20 -0.85 -0.74 144.37 91.40 10.9 -6.3 -8.9 Altisource Portfolio ASPS 133.6 3.49 -0.52 -12.97 3.82 3.02 Block trades* 26,085 1,251
PHLX§ Oil Service 96.98 95.83 96.24 -0.12 -0.13 96.36 56.08 42.0 14.8 39.4 Hudson Pacific Properties HPP 283.8 6.62 -0.78 -10.54 7.41 6.03 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3591.82 3536.56 3582.11 -72.35 -1.98 3861.63 2162.32 34.8 41.5 17.4 RH RH 405.5 343.91 -24.64 -6.69 388.89 332.70 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 15.69 14.40 14.40 -0.05 -0.35 33.63 12.91 -39.0 -33.5 -22.3 Zumiez ZUMZ 63.0 17.55 -1.11 -5.95 18.69 16.99 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 677.65 –2.37 –0.35 11.9 Solowin Holdings SWIN 6.08 2.08 52.00 12.74 4.00 ... Inspire Veterinary Ptrs IVP 1.88 -0.86 -31.39 4.10 1.75 ...
MSCI ACWI ex-USA 295.81 –1.20 –0.40 5.2 Wheeler Real Est Invt Tr WHLR 6.39 1.85 40.75 20.69 3.51 -66.7 Sunlands Technology ADR STG 6.71 -2.79 -29.37 15.40 2.97 65.3
MSCI World 2947.11 –8.71 –0.29 13.2 Rosecliff Acqn I Cl A RCLF 14.43 4.09 39.56 19.50 8.96 46.3 Grom Social Enterprises GROM 4.05 -1.59 -28.19 275.94 3.82 -98.2
MSCI Emerging Markets 973.59 –7.83 –0.80 1.8 Digital Media Solutions DMS 4.95 1.32 36.36 35.70 3.14 -74.2 Yext YEXT 6.55 -2.53 -27.86 14.35 4.03 45.2
Americas MSCI AC Americas 1685.65 –5.48 –0.32 15.7 G-III Apparel Group GIII 23.98 4.68 24.25 24.47 11.60 33.2 BIMI Intl Medical BIMI 1.61 -0.61 -27.48 4.44 0.48 -61.4
Canada S&P/TSX Comp 20132.08 –94.88 –0.47 3.9 Designer Brands DBI 12.66 2.28 21.97 18.16 6.14 -24.6 VinFast Auto VFS 17.99 -6.51 -26.57 93.00 11.61 ...
Latin Amer. MSCI EM Latin America 2312.12 –8.23 –0.35 8.6 Couchbase BASE 19.72 3.22 19.52 22.50 10.19 25.5 Sportsman's Warehouse SPWH 3.33 -1.17 -26.00 10.62 2.98 -62.0
Brazil BOVESPA 115985.34 … Closed 5.7 Biodexa Pharma ADR BDRX 6.45 1.01 18.57 1664.00 3.51 -99.4 Ryvyl RVYL 5.21 -1.74 -24.98 17.50 2.70 -55.5
Chile S&P IPSA 3318.86 –11.40 –0.34 4.6 Alarum Technologies ADR ALAR 4.35 0.67 18.21 6.00 1.46 -17.1 Torrid Holdings CURV 1.67 -0.53 -24.09 6.93 1.67 -70.6
Mexico S&P/BMV IPC 52482.97 –488.22 –0.92 8.3 Hitek Global HKIT 4.24 0.64 17.78 39.80 3.60 ... Faraday Future FFIE 3.89 -1.21 -23.73 105.60 3.86 -94.7
EMEA STOXX Europe 600 453.67 –0.63 –0.14 6.8 Genfit ADR GNFT 3.85 0.55 16.67 4.77 3.28 -11.2 Surf Air Mobility SRFM 1.63 -0.50 -23.47 5.00 1.10 ...
Eurozone Euro STOXX 447.24 –1.98 –0.44 9.1 CervoMed CRVO 5.25 0.73 16.19 14.37 4.14 -43.3 Artelo Biosciences ARTL 1.82 -0.53 -22.60 4.32 1.39 -51.6
Belgium Bel-20 3645.47 –27.82 –0.76 –1.5 Akari Therapeutics ADR AKTX 3.63 0.45 14.15 22.60 2.81 -82.9 Methode Electronics MEI 23.33 -6.67 -22.23 51.38 23.05 -40.1
Denmark OMX Copenhagen 20 2194.67 0.78 19.6 fuboTV FUBO 3.06 0.37 13.75 5.24 0.96 -20.5 Phreesia PHR 23.64 -6.71 -22.11 40.00 21.96 -14.5
17.03
France CAC 40 7196.10 0.03 11.2 Immunome IMNM 7.01 0.84 13.61 9.24 2.20 35.6 Corvus Pharmaceuticals CRVS 1.64 -0.45 -21.53 4.19 0.61 59.2
2.01
Germany DAX 15718.66 –22.71 –0.14 12.9
Israel Tel Aviv 1826.54 –13.26 –0.72 1.6
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28155.58 –55.88 –0.20 18.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 739.71 –5.72 –0.77 7.4
Norway Oslo Bors All-Share 1459.81 –6.79 –0.46 7.1 ProSh UltraPro Shrt QQQ SQQQ 117,928 -5.0 18.61 2.37 69.55 16.38 Rosecliff Acqn I Cl A RCLF 4,245 14517 14.43 39.56 19.50 8.96
South Africa FTSE/JSE All-Share 73185.12 –1225.90 –1.65 0.2 Tesla TSLA 114,986 -11.1 251.49 -0.17 313.80 101.81 iShares Govt/Credit Bond GBF 2,115 8800 101.74 0.33 107.08 99.07
Spain IBEX 35 9310.00 –0.05 13.1 Apple AAPL 112,226 99.3 177.56 -2.92 198.23 124.17 Grom Social Enterprises GROM 2,689 7816 4.05 -28.19 275.94 3.82
–4.40
Sweden 3.5 American Rebel Holdings AREB 110,454 29778.3 1.25 38.89 21.75 0.88 FTAC Emerald Acqn Cl A EMLD 8,281 3699 10.47 0.05 10.66 9.78
OMX Stockholm 809.44 –7.93 –0.97
0.63 Axcella Health AXLA 106,967 878.8 0.57 39.03 2.49 0.10 CSG Systems International CSGS 5,329 2904 53.86 0.45 69.35 47.04
Switzerland Swiss Market 10993.43 69.01 2.5
Turkey BIST 100 8337.67 156.00 1.91 51.3 Kenvue KVUE 102,614 232.4 20.99 -6.21 27.80 20.96 26 Capital Acquisition A ADER 503 2004 11.17 -2.02 11.55 9.85
U.K. FTSE 100 7441.72 15.58 0.21 –0.1 ProShares UltraPro QQQ TQQQ 83,855 -13.4 40.38 -2.18 47.14 16.10 FT Nasdaq Food Bev FTXG 3,679 1970 24.85 0.04 28.24 24.67
U.K. FTSE 250 18383.85 –67.97 –0.37 –2.5 Direxion Dly Semi 3 Bear SOXS 77,004 22.2 10.02 6.94 89.59 8.17 Crescent Energy CRGY 9,558 1812 13.30 -1.41 16.93 9.17
SPDR S&P 500 ETF Trust SPY 69,954 -7.0 444.85 -0.31 459.44 348.11 Mars Acquisition MARX 166 1759 10.47 0.05 11.00 10.15
Asia-Pacific MSCI AC Asia Pacific 161.77 –1.06 –0.65 3.9
Mullen Automotive MULN 69,174 27.1 0.42 -5.64 177.75 0.39 Toews Agility Mgd Risk MRSK 477 1592 30.00 3.03 30.01 24.63
Australia S&P/ASX 200 7171.00 –86.05 –1.19 1.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3122.35 –35.72 –1.13 1.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 18202.07 –247.91 –1.34 –8.0
India S&P BSE Sensex 66265.56 0.58 8.9
Scan this code
385.04
Japan NIKKEI 225 32991.08 –249.94 –0.75 26.4 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3226.59 3.71 0.12 –0.8 and track most-active stocks,
South Korea KOSPI 2548.26 –15.08 –0.59 13.9 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16619.14 –119.02 –0.71 17.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1550.36 1.58 0.10 –7.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004156 24064 1.8
CREDIT MARKETS Argentina peso .0029350.0131 98.0 Europe
Brazil real .2009 4.9776 –5.8 Czech Rep. koruna .04390 22.778 0.9
Canada dollar .7306 1.3688 1.0 Denmark krone .1434 6.9738 0.4
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Chile peso .001132 883.28 4.1 Euro area euro 1.0697 .9349 0.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000248 4026.00 –17.0 Hungary forint .002764 361.73 –3.1
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007443 134.36 –5.1
A consumer rate against its New car loan Mexico peso .0568 17.6104 –9.6 Norway krone .0934 10.7117 9.2
benchmark over the past year t
5.00% Uruguay peso .02640 37.8850 –5.2 Poland zloty .2311 4.3263 –1.2
Bankrate.com avg†: 7.35% 14% Asia-Pacific Russia ruble .01015 98.500 33.6
Tradeweb ICE
First Command Bank 5.74% 4.00 Euro Sweden krona .0897 11.1449 6.8
Thursday Close s
Australiadollar .6375 1.5686 6.9
9.00% Fort Worth, TX 888-763-7600 7 Switzerland franc 1.1199 .8929 –3.5
China yuan .1365 7.3286 6.2
Prime rate 3.00 s Turkey lira .0373 26.8353 43.6
Firstrust Bank 5.99% t Hong Kong dollar .1276 7.8394 0.4
t 8.00 0 Yen Ukraine hryvnia .0271 36.9500 0.3
India rupee .01201 83.244 0.6
Philadelphia, PA 800-220-2265 One year ago 2.00 UK pound 1.2471 .8019 –3.0
Indonesia rupiah .0000652 15349 –1.4
7.00 Institution for Savings 6.50% –7 s Japan yen .006789 147.30 12.3 Middle East/Africa
t 1.00
Newburyport, MA 978-462-2344 WSJ Dollar Index Kazakhstan tenge .002147 465.86 0.6 Bahrain dinar 2.6525 .3770 –0.01
New car loan 6.00 Macau pataca .1238 8.0805 0.4 Egypt pound .0324 30.8994 24.8
Eastern Bank 6.54% 0.00 –14
Malaysia ringgit .2137 4.6785 6.2 Israel shekel .2600 3.8457 9.1
Boston, MA 781-599-2100 1 3 6 1 2 3 5 7 10 20 30 2022 2023
5.00 New Zealand dollar .5875 1.7021 8.1 Kuwait dinar 3.2415 .3085 0.8
Cambridge Savings Bank 6.56% month(s) years
SON D J FMAM J J A S Pakistan rupee .00328 305.000 34.5 Oman sul rial 2.5978 .3849 –0.02
Cambridge, MA 888-418-5626 maturity Philippines peso .0176 56.790 2.0 Qatar rial .2743 3.646 –0.6
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7321 1.3659 1.9 Saudi Arabia riyal .2666 3.7510 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007492 1334.77 5.8 South Africa rand .0522 19.1738 12.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030967 322.92 –12.1
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 2.25 l 5.50 5.25 Taiwan dollar .03120 32.049 4.6
Yield (%) 52-Week Total Return (%) Thailand baht .02807 35.630 2.9 WSJ Dollar Index 99.42 0.13 0.13 2.96
Prime rate* 8.50 8.50 5.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.30 5.30 2.25 l 5.31 5.21 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2086.360 4.630 4.510 4.710 3.530 –2.383 –5.281
Money market, annual yield 0.46 0.57 0.16 l 0.60 0.23
Five-year CD, annual yield 2.82 2.83 1.85 l 2.86 2.17 U.S. Treasury Long, Bloomberg 3037.790 4.490 4.340 4.590 3.610 –9.865–14.027 Commodities Thursday 52-Week YTD
30-year mortgage, fixed† 7.74 7.66 6.13 l 7.74 4.66 Aggregate, Bloomberg 1958.640 5.120 4.970 5.210 4.090 –1.516 –4.659 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.88 6.87 5.34 l 6.93 4.34 Fixed-Rate MBS, Bloomberg 1933.890 5.230 5.020 5.380 4.100 –2.588 –4.398
Jumbo mortgages, $726,200-plus† 7.82 7.71 6.13 l 7.82 4.69 DJ Commodity 1007.15 -3.02 -0.30 1075.81 930.59 -2.79 -3.96
High Yield 100, ICE BofA 3323.773 8.138 n.a. 8.753 7.022 6.727 1.599 Refinitiv/CC CRB Index 283.77 -0.97 -0.34 287.62 253.85 1.96 2.17
Five-year adj mortgage (ARM)† 6.56 6.56 4.60 l 6.57 3.26
Muni Master, ICE BofA 561.880 3.644 3.580 3.936 2.757 1.993 –1.443 Crude oil, $ per barrel 86.87 -0.67 -0.77 92.64 66.74 3.99 8.24
New-car loan, 48-month 7.35 7.35 5.16 l 7.64 3.18
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 791.754 7.986 7.819 9.159 7.102 4.435 –4.443 Natural gas, $/MMBtu 2.579 0.069 2.75 9.114 1.991 -67.42 -42.37
banks.† Excludes closing costs. Gold, $ per troy oz. 1917.50 -0.60 -0.03 2048.00 1623.30 12.27 5.37
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Thursday, September 07, 2023
Metal & Petroleum Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Sept 147.40 –4.35 399 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Contract Open Dec 153.15 153.20 149.50 149.80 –4.00 116,937
Open High hi lo Low Settle Chg interest Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
months.
Copper-High (CMX)-25,000 lbs.; $ per lb. Oct 26.21 26.89 25.94 26.68 .46 336,819 Thursday Thursday Thursday
Sept 3.7540 3.7540 3.7040 3.7260 –0.0225 3,934 March'24 26.40 27.05 26.20 26.88 .41 307,775 Iron Ore, 62% Fe CFR China-s *119.5 Wheat,No.2 soft red,St.Louis-u 5.2625
Dec 3.7905 3.7930 3.7390 3.7620 –0.0240 129,192 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Energy Steel, HRC USA, FOB Midwest Mill-s *735.0 Wheat - Hard - KC (USDA) $ per bu-u 7.7000
Gold (CMX)-100 troy oz.; $ per troy oz. Nov 41.50 … 1,589 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 70.000 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 6.8500
Sept 1917.60 1921.50 1917.60 1917.50 –0.60 816 March'24 42.38 –.12 3,379 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 BMI Lithium Carbonate, EXW China, =99.2%-v,w 28975
Oct 1923.20 1929.10 1921.90 1924.10 –1.70 27,418 Cotton (ICE-US)-50,000 lbs.; cents per lb. BMI Lithium Hydroxide, EXW China, =56.5% -v,w 26725
Food
Nov 1933.60 1938.00 1932.90 1933.30 –1.70 8 Oct 85.57 85.57 83.41 83.62 –2.38 111 Metals BMI Cobalt sulphate, EXW China, >20.5% -v,m 4795 Beef,carcass equiv. index
Dec 1942.20 1947.90 1940.30 1942.50 –1.70 375,978 Dec 87.10 87.55 85.16 85.38 –1.62 132,028
Gold, per troy oz BMI Nickel Sulphate, EXW China, >22%-v,m 4281 choice 1-3,600-900 lbs.-u 287.06
Feb'24 1961.90 1967.40 1960.60 1962.50 –1.80 17,731 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. select 1-3,600-900 lbs.-u
350.90 s 350.95 Engelhard industrial 1921.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 578 262.08
April 1981.40 1986.20 1980.80 1981.60 –1.90 8,113 Sept 350.05 348.00 4.80 268
Handy & Harman base 1918.35 Broilers, National comp wtd. avg.-u,w 1.1514
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 322.00 324.95 316.10 319.60 .40 7,981 Fibers and Textiles
Sept 1198.50 1200.00 1198.50 1205.90 5.50 8 Handy & Harman fabricated 2129.37 Butter,AA Chicago-d 2.7300
Dec 1220.00 1226.00 1192.00 1215.00 4.30 17,934 Interest Rate Futures LBMA Gold Price AM *1923.45 Burlap,10-oz,40-inch NY yd-n,w Cheddar cheese,bbl,Chicago-d 186.75
0.7075
Platinum (NYM)-50 troy oz.; $ per troy oz. LBMA Gold Price PM *1922.05 Cheddar cheese,blk,Chicago-d 196.25
Cotton,1 1/16 std lw-mdMphs-u 0.8112
Sept 906.50 –5.70 1 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Krugerrand,wholesale-e 2004.99 Milk,Nonfat dry,Chicago lb.-d 110.00
Sept 124-270 125-120 124-200 125-020 … 19,465
Cotlook 'A' Index-t *99.00
Oct 915.30 918.70 903.50 909.60 –5.70 55,254 Maple Leaf-e 2052.96 Coffee,Brazilian,Comp-y 1.5483
Dec 126-080 126-180 125-250 126-090 … 1,527,009 Hides,hvy native steers piece fob-u n.a.
Silver (CMX)-5,000 troy oz.; $ per troy oz. American Eagle-e 2052.96 Coffee,Colombian, NY-y 1.8634
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Wool,64s,staple,Terr del-u,w n.a.
Sept 23.090 23.125 22.840 22.950 –0.256 272 Mexican peso-e 2475.25 Eggs,large white,Chicago-u 1.5750
Sept 119-000 119-150 118-240 119-090 5.0 5,472
Dec 23.500 23.500 23.130 23.240 –0.263 113,513
Dec 119-050 119-170 118-260 119-100 4.0 1,333,684
Austria crown-e 1883.66 Grains and Feeds Flour,hard winter KC-p 18.80
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Austria phil-e 2014.58 Hams,17-20 lbs,Mid-US fob-u n.a.
Oct 87.54 87.74 86.39 86.87 –0.67 287,903 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Silver, troy oz. Bran,wheat middlings, KC-u,w 145 Hogs,Iowa-So. Minnesota-u 84.45
Nov 86.80 86.99 85.68 86.15 –0.64 224,798 Sept 109-115 109-210 109-080 109-195 10.5 6,942 Corn,No. 2 yellow,Cent IL-bp,u 4.6400
Engelhard industrial 23.1000 Pork bellies,12-14 lb MidUS-u n.a.
Dec 85.92 86.14 84.85 85.32 –0.61 226,417 Dec 109-240 110-020 109-190 109-315 9.5 4,699,078 Corn gluten feed,Midwest-u,w 157.3
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman base 23.0090 Pork loins,13-19 lb MidUS-u 1.1881
Jan'24 85.08 85.25 84.05 84.49 –0.57 118,190 Handy & Harman fabricated 28.7610 Corn gluten meal,Midwest-u,w 564.3 Steers,Tex.-Okla. Choice-u n.a.
81.03 –0.37 Sept 105-252 105-285 105-182 105-277 8.5 16,918
June 81.39 81.55 80.61 155,584 LBMA spot price *£18.7000 Cottonseed meal-u,w 350 Steers,feeder,Okla. City-u,w n.a.
Dec 78.06 78.23 77.55 77.95 –0.12 131,420 Dec 106-027 106-112 105-317 106-100 8.7 5,349,230
(U.S.$ equivalent) *23.4750 Hominy feed,Cent IL-u,w 145
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Meat-bonemeal,50% pro Mnpls-u,w Fats and Oils
Sept 101-100 101-141 101-082 101-139 5.7 6,848 Coins,wholesale $1,000 face-a 19629 438
Oct 3.1940 3.2290 3.1527 3.2123 .0196 78,373 Oats,No.2 milling,Mnpls-u 4.5650
Dec 101-172 101-225 101-164 101-220 4.7 3,626,371 Other metals Degummed corn oil, crude wtd. avg.-u,w n.a.
Nov 3.1309 3.1599 3.0949 3.1451 .0163 56,998 Rice, Long Grain Milled, No. 2 AR-u,w 37.25
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA Platinum Price PM *915.0 Grease,choice white,Chicago-h 0.6600
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Platinum,Engelhard industrial 908.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u
Sept 94.6650 94.6650 94.6625 94.6625 ... 138,762 n.a.
Oct 2.6297 2.6570 2.5930 2.6230 .0216 108,643
Oct 94.6550 94.6550 94.6450 94.6500 ... 413,913 Palladium,Engelhard industrial 1220.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 423.95 Soybean oil,crude;Centl IL-u,w 0.6955
Nov 2.5529 2.5795 2.5264 2.5537 .0188 93,257
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Aluminum, LME, $ per metric ton *2158.0 Soybeans,No.1 yllw IL-bp,u 13.3800 Tallow,bleach;Chicago-h 0.6950
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Wheat,Spring14%-pro Mnpls-u
Oct 2.516 2.614 2.500 2.579 .069 216,976 June 94.7625 94.7625 94.7600 94.7625 .0025 1,130,511 Copper,Comex spot 3.7260 8.7475 Tallow,edible,Chicago-u n.a.
Nov 2.945 3.004 2.901 2.958 .015 222,177 Dec 94.5450 94.5650 94.5250 94.5550 .0100 1,270,109
Dec 3.425 3.483 3.391 3.421 –.004 75,663 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Jan'24 3.677 3.727 3.648 3.675 –.002 96,454 Currency Futures K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
March 3.301 3.336 3.271 3.302 .003 94,083 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 9/6
Japanese Yen (CME)-¥12,500,000; $ per 100¥ Source: Dow Jones Market Data
April 3.026 3.070 3.007 3.038 .009 81,999 Sept .6784 .6811 t .6772 .6805 .0021 248,978
Dec .6885 .6911 t .6872 .6905 .0021 17,210
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu.
Sept
Dec
.7335
.7343
.7336
.7346
.7304
.7313
.7309 –.0017 188,358
.7319 –.0017 8,963
Bonds | wsj.com/market-data/bonds/benchmarks
Sept 471.25 474.00 468.50 470.75 –.75 1,306 British Pound (CME)-£62,500; $ per £
Dec 485.00 488.50 483.25 486.25 .50 714,070 Sept 1.2505 1.2508 1.2446 1.2471 –.0036 203,441 Tracking Bond Benchmarks
Oats (CBT)-5,000 bu.; cents per bu. Dec 1.2507 1.2508 1.2448 1.2472 –.0036 23,586
Sept 491.25 496.25 s 488.75 472.50 –2.50 12 Swiss Franc (CME)-CHF 125,000; $ per CHF Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 498.00 499.25 491.75 496.50 –2.25 3,477 Sept 1.1233 1.1235 1.1196 1.1209 –.0023 45,544 highs and lows for different types of bonds
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.1338 1.1344 1.1306 1.1318 –.0023 1,517 Total Total
Sept 1349.50 1359.75 1347.00 1345.00 –15.25 1,178 Australian Dollar (CME)-AUD 100,000; $ per AUD return YTD total Yield (%) return YTD total Yield (%)
Nov 1376.25 1378.00 1357.00 1359.50 –16.75 326,881 Sept .6385 .6398 .6365 .6381 –.0001 221,943 close return (%) Index Latest Low High close return (%) Index Latest Low High
Soybean Meal (CBT)-100 tons; $ per ton. Dec .6407 .6418 .6386 .6401 –.0001 19,439
Sept 407.10 407.10 403.90 403.40 –4.70 566 Mexican Peso (CME)-MXN 500,000; $ per MXN Mortgage-Backed Bloomberg Fixed Income Indices
Broad Market Bloomberg Fixed Income Indices
Dec 399.30 400.00 394.40 395.30 –3.90 200,372 Sept .05674 .05731 .05638 .05673 .00004 226,795
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec .05585 .05639 .05547 .05583 .00005 20,009 1958.64 0.5 U.S. Aggregate 5.120 4.090 5.210 1933.89 -0.04 Mortgage-Backed 5.230 4.100 5.380
Sept 65.35 65.35 63.89 63.86 –1.49 447 Euro (CME)-€125,000; $ per €
Dec 62.39 62.52 60.62 60.78 –1.60 196,369 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1912.17 0.4 Ginnie Mae (GNMA) 5.250 4.120 5.370
Sept 1.0732 1.0736 1.0691 1.0699 –.0032 680,364
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 1.0778 1.0784 1.0738 1.0746 –.0033 56,629 1135.72 -0.2 Fannie mae (FNMA) 5.220 4.090 5.390
Sept 16.60 16.60 16.60 16.26 –.50 383
2920.58 1.8 U.S. Corporate 5.760 4.830 6.130
Nov 16.60 16.74 16.15 16.20 –.50 10,437 Index Futures 2845.95 2.2 Intermediate 5.730 4.730 6.050 1751.28 0.4 Freddie Mac (FHLMC) 5.310 4.080 5.420
Wheat (CBT)-5,000 bu.; cents per bu.
Sept 578.25 585.00 574.50 571.50 –9.50 300 Mini DJ Industrial Average (CBT)-$5 x index 3825.94 0.8 Long term 5.830 5.010 6.370 561.88 1.0 Muni Master 3.644 2.757 3.936
Dec 609.00 613.75 598.00 599.75 –9.25 225,851 Sept 34468 34585 34365 34528 49 89,835
Wheat (KC)-5,000 bu.; cents per bu. Dec 34797 34904 34692 34848 42 5,017 561.30 1.0 Double-A-rated 5.150 4.310 5.320 400.61 0.6 7-12 year 3.355 2.392 3.794
Sept 741.50 752.75 737.00 733.75 –12.75 242 Mini S&P 500 (CME)-$50 x index 449.43 1.5 12-22 year 4.042 3.257 4.428
Dec 748.00 754.25 735.50 737.00 –12.50 121,525 Sept 4469.50 4471.75 4434.25 4456.25 –15.25 2,176,117 778.04 2.3 Triple-B-rated 6.020 5.080 6.440
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 4519.25 4520.50 4483.25 4505.25 –15.25 77,981 High Yield Bonds ICE BofA 421.29 2.2 22-plus year 4.628 4.020 5.131
Sept 253.250 255.950 s 253.250 255.575 2.425 7,991 Mini S&P Midcap 400 (CME)-$100 x index
Oct 256.400 259.475 s 256.400 258.875 2.400 21,922 Sept 2604.10 2605.90 2570.30 2579.30 –24.50 38,710 494.74 6.8 High Yield Constrained 8.656 7.781 9.623 Global Government J.P. Morgan†
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2633.60 2635.10 2596.40 2605.60 –24.10 10
477.17 13.5 Triple-C-rated 13.659 13.413 16.916 523.33 0.3 Global Government 3.390 2.600 3.440
Oct 182.825 184.525 182.225 183.650 .950 120,840 Mini Nasdaq 100 (CME)-$20 x index
Dec 186.700 188.250 186.200 187.500 1.000 89,528 Sept 15385.00 15395.75 15157.50 15282.25 –117.25 250,353 765.31 0.2 Canada 3.740 2.880 3.910
3323.77 6.8 High Yield 100 8.138 7.022 8.753
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 15586.25 15591.75 15351.75 15477.25 –118.25 18,766
Oct 82.600 83.775 82.425 82.825 .950 72,000 Mini Russell 2000 (CME)-$50 x index 430.36 6.1 Global High Yield Constrained 8.649 7.868 9.945 338.12 1.5 EMU§ 3.402 2.431 3.490
Dec 75.125 75.950 75.050 75.275 .825 62,553 Sept 1875.20 1877.70 1849.40 1857.80 –18.70 502,107
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec 1894.60 1896.80 1868.40 1876.90 –18.90 5,470 327.52 6.0 Europe High Yield Constrained 7.344 6.646 8.508 625.48 0.9 France 3.270 2.210 3.340
Sept 499.00 506.00 499.00 500.50 –1.50 1,391 March'24 1895.90 –18.70 65
Nov 502.50 505.50 499.00 499.00 –3.00 4,902 Mini Russell 1000 (CME)-$50 x index U.S Agency Bloomberg Fixed Income Indices 445.87 0.5 Germany 2.690 1.590 2.760
Milk (CME)-200,000 lbs., cents per lb. Sept 2432.00 2450.60 2430.40 2442.40 –8.60 8,219 1719.87 1.7 U.S Agency 5.050 3.750 5.140 278.62 0.3 Japan 1.020 0.670 1.060
Sept 18.58 18.65 18.50 18.58 .07 4,169 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 19.03 19.22 18.98 19.21 .26 4,340 Sept 104.83 105.13 s 104.79 105.03 .21 34,006 1523.83 1.8 10-20 years 5.060 3.720 5.140 481.75 0.4 Netherlands 2.970 1.910 3.040
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 104.47 104.78 104.41 104.68 .22 3,321
Sept 3,565 3,591 3,565 3,573 –4 189 3218.17 0.9 20-plus years 5.020 4.230 5.240 749.20 -4.3 U.K. 4.620 3.120 4.840
Dec 3,640 3,643 3,596 3,612 –40 154,413 Source: FactSet 2583.18 2.0 Yankee 5.550 4.640 5.840 791.75 3.1 Emerging Markets ** 7.986 7.102 9.159
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Macro & Market Economics
Global Government Bonds: Mapping Yields
Watching the Gauges: U.S. Supply and Demand Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, imports and demand for the week ended September 1. Current figures are in thousands of barrels selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
import and demand data are available monthly only. Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
5.000 U.S. 2 4.953 t l 5.022 4.756 3.447
Inventories, 000s barrels Imports, 000s barrels per day 3.875 10 4.260 t l 4.289 4.076 3.264

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 0.250 Australia 2 3.877 s l 3.835 3.929 3.070 -108.5 -119.3 -37.4
Current change week ago avg avg Current change week ago avg avg 3.000 10 4.171 s l 4.137 4.200 3.716 -8.7 -14.7 44.8
Crude oil and 0.000 France 2 3.356 t l 3.391 3.275 0.895 -160.6 -163.8 -254.9
petroleum prod 1,255,151 ... 1,255 1,225 1,260 1,282 8,833 ... 8,725 9,116 8,823 8,288 3.000 10 3.149 t l 3.196 3.124 2.148 -110.9 -108.8 -111.9
Crude oil
excluding SPR 416,637 -2,100 423 427 428 431 6,770 ... 6,617 6,779 6,870 6,327 3.100 Germany 2 3.084 t l 3.119 2.973 1.092 -187.8 -191.0 -235.1
Gasoline 214,746 ... 217 215 216 225 982 ... 848 1,031 827 564 2.600 10 2.612 t l 2.657 2.599 1.575 -164.6 -162.7 -169.2
Finished gasoline 14,453 -1,200 17 19 16 21 188 ... 94 103 101 38 3.600 Italy 2 3.754 t l 3.807 3.669 2.138 -120.8 -122.2 -130.6
Reformulated 16 ... 0 0 0 0 0 ... 0 0 0 0
4.350 10 4.346 t l 4.411 4.253 3.858 8.8 12.8 59.1
Conventional 14,437 ... 17 19 16 21 188 ... 94 103 101 38
Blend. components 200,293 ... 201 196 201 204 794 ... 754 928 727 527 0.005 Japan 2 0.015 t l 0.019 0.024 -0.085 -494.7 -501.0 -352.8
Natural gas (bcf) 3,148 ... 3 3 3 3 ... ... ... ... ... … 0.400 10 0.658 s l 0.656 0.628 0.247 -360.0 -362.8 -302.0

Kerosene-type 0.000 Spain 2 3.495 t l 3.509 3.414 1.262 -146.6 -152.0 -218.2
jet fuel 42,007 ... 41 39 42 42 118 ... 133 24 81 222 3.550 10 3.662 t l 3.702 3.630 2.738 -59.6 -58.2 -52.9
Distillates 118,602 -200 118 112 117 141 130 ... 163 172 128 137 0.625 U.K. 2 4.838 t l 4.954 4.933 2.979 -12.3 -7.5 -46.4
Heating oil 7,751 ... 8 7 8 9 0 ... 0 0 0 3
4.250 10 4.443 t l 4.536 4.458 3.033 18.5 25.3 -23.4
Diesel 110,852 ... 110 104 110 66 130 ... 162 172 127 134
Residual fuel oil 26,282 ... 27 27 27 30 63 ... 5 180 49 185 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Other oils 319,278 ... 311 308 314 309 655 ... 859 809 778 747
Net crude, petroleum Corporate Debt
products, incl. SPR 1,605,491 ... 1,604 1,668 1,609 1,883 -2,593 ... -1,684 -686 -1,886 236 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Weekly Demand, 000s barrels per day Natural gas storage Investment-grade spreads that tightened the most…
Expected Previous Year 4-week 5-year Spread*, in basis points
Billions of cubic feet; weekly totals Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Current change week ago avg avg
KeyCorp KEY 3.400 7.60 May 20, ’26 291 –27 n.a.
Total petroleum
4250 Barclays BACR 4.375 6.06 Jan. 12, ’26 138 –16 n.a.
product 20,203 ... 21,429 19,892 21,115 19,504
Texas Health Resources TXHLTH 4.330 5.33 Nov. 15, ’55 97 –10 n.a.
Finished Natural gas, 3250 John Deere Capital … 4.800 5.10 Jan. 9, ’26 42 –9 50
lower 48 states
motor gasoline 9,321 ... 9,068 8,727 9,038 8,867 t Eversource Energy ES 4.750 5.55 May 15, ’26 88 –9 n.a.
Kerosene-type 2250
Five-year average Goldman Sachs GS 5.950 5.81 Jan. 15, ’27 141 –7 136
–7
t

jet fuel 1,617 ... 1,807 1,432 1,668 1,513 for each week New York Life Global Funding NYLIFE 4.550 5.39 Jan. 28, ’33 112 117
1250
Distillates 3,866 ... 3,702 3,624 3,763 3,549 Blackstone BX 4.450 6.35 July 15, ’45 180 –6 n.a.
Residual fuel oil 216 ... 79 531 251 258
Propane/propylene 989 ... 639 1,070 962 ...
250 …And spreads that widened the most
S O N D J F M A M J J A
Other oils 4,194 ... 6,135 4,508 5,435 ... AIG SunAmerica Global Financing X … 6.900 6.12 March 15, ’32 185 114 n.a.
2022 2023
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Athene Global Funding … 2.500 6.26 March 24, ’28 185 25 n.a.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires John Deere Capital … 4.900 5.03 March 3, ’28 66 23 n.a.
PacifiCorp BRKHEC 6.000 6.33 Jan. 15, ’39 180 8 163
Exchange-Traded Portfolios | WSJ.com/ETFresearch Walmart WMT 3.900 5.07 Sept. 9, ’25 12 7 14
Closing Chg YTD Procter & Gamble PG 0.550 5.10 Oct. 29, ’25 16 6 n.a.
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 6
Pioneer Natural Resources PXD 5.100 5.60 March 29, ’26 89 86
SPDR S&P Div SDY 120.24 –0.04 –3.9 6
Thursday, September 7, 2023 Closing Chg YTD Telefonica Emisiones TELEFO 4.665 6.73 March 6, ’38 245 n.a.
ETF Symbol Price (%) (%) TechSelectSector XLK 172.43 –1.45 38.6
Closing Chg YTD UtilitiesSelSector XLU 62.63 1.31 –11.2
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 50.00 0.28 0.4 VangdInfoTech VGT 435.69 –1.50 36.4 High-yield issues with the biggest price increases…
CommSvsSPDR XLC 66.76 –0.18 39.1 iSh1-3YTreaBd SHY 80.95 0.19 –0.3 VangdSC Val VBR 164.04 –0.92 3.3 Bond Price as % of face value
CnsmrDiscSelSector XLY 168.75 0.28 30.7 iShRussMC IWR 72.20 –0.47 7.0 VangdExtMkt VXF 148.97 –0.61 12.1 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsStapleSelSector XLP 71.61 0.24 –3.9 iShRuss1000 IWB 244.84 –0.31 16.3 VangdDivApp VIG 161.21 –0.19 6.2
DimenUSCoreEq2 DFAC 27.15 –0.48 11.8 iShRuss1000Grw IWF 278.29 –0.38 29.9 VangdFTSEAWxUS VEU 53.27 –0.52 6.2 Dish DBS … 5.125 17.66 June 1, ’29 55.940 1.32 54.250
EnSelSectorSPDR XLE 91.17 –0.10 4.2 iShRuss1000Val IWD 157.38 –0.07 3.8 VangdFTSEDevMk VEA 45.05 –0.40 7.3
iShRussell2000 IWM 184.33 –0.97 5.7 QVC QVCN 4.850 10.54 April 1, ’24 97.000 1.05 97.125
FinSelSectorSPDR XLF 34.23 –0.26 0.1 VangdFTSE EM VWO 40.12 –1.04 2.9
HealthCareSelSect XLV 132.06 0.45 –2.8 iShS&P500Grw IVW 71.13 –0.43 21.6 Ford Motor F 4.750 7.19 Jan. 15, ’43 74.750 1.00 73.431
VangdFTSE Europe VGK 59.50 –0.44 7.3
IndSelSectorSPDR XLI 106.16 –0.33 8.1 iShS&P500Value IVE 160.63 –0.12 10.7
VangdGrowth VUG 285.45 –0.53 33.9 0.51
InvscNasd100 QQQM 153.06 –0.76 39.7 iShSelectDiv DVY 111.39 –0.21 –7.6
VangdHlthCr VHT 242.13 0.28 –2.4
Occidental Petroleum OXY 6.450 6.32 Sept. 15, ’36 101.149 102.291
InvscQQQI QQQ 372.06 –0.72 39.7 iSh7-10YTreaBd IEF 93.49 0.34 –2.4
InvscS&P500EW RSP 147.58 –0.40 4.5 iShShortTreaBd SHV 110.15 0.05 0.2
VangdHiDiv VYM 106.46 –0.03 –1.6 Embarq EMBARQ 7.995 14.66 June 1, ’36 62.000 0.45 60.319
VangdIntermBd BIV 73.52 0.31 –1.1
iShCoreDivGrowth DGRO 51.33 –0.12 2.7 iShTIPSBondETF TIP 105.21 0.36 –1.2 Howmet Aerospace HWM 6.750 6.28 Jan. 15, ’28 101.750 0.31 102.075
VangdIntrCorpBd VCIT 77.38 0.38 –0.2
iShCoreMSCIEAFE IEFA 65.92 –0.35 6.9 iSh20+YTreaBd TLT 94.01 0.28 –5.6
VangdIntermTrea VGIT 57.72 0.31 –1.3 Navient NAVI 5.625 9.52 Aug. 1, ’33 75.375 0.29 75.650
iShCoreMSCIEM IEMG 48.53 –0.98 3.9 iShUSTreasuryBd GOVT 22.38 0.27 –1.5
JPMEquityPrem JEPI 55.14 0.15 1.2
VangdLC VV 203.88 –0.28 17.0
iShCoreMSCITotInt IXUS 61.33 –0.57 6.0 Telecom Italia Capital TITIM 7.721 8.44 June 4, ’38 93.970 0.28 n.a.
JPM UltShIncm JPST 50.07 0.06 –0.1
VangdMC VO 217.20 –0.43 6.6
iShCoreS&P500 IVV 447.32 –0.28 16.4
PacerUSCashCows100 COWZ 50.57 –0.35 9.3 VangdMC Val VOE 136.04 –0.26 0.6
iShCoreS&P MC IJH 257.63 –0.94 6.5
iShCoreS&P SC IJR 97.84 –0.71 3.4 ProShUltPrQQQ TQQQ 40.38 –2.18 133.4 VangdMBS VMBS 44.71 0.36 –1.8 …And with the biggest price decreases
iShCoreS&PTotUS ITOT SPDRBbg1-3MTB BIL 91.54 0.05 0.1 VangdRealEst VNQ 81.90 0.63 –0.7
98.18 –0.37 15.8
iShCoreTotalUSDBd IUSB 44.44 0.25 –1.1 SPDR DJIA Tr DIA 345.69 0.20 4.3 VangdS&P500ETF VOO 408.83 –0.30 16.4 Navient NAVI 6.750 7.61 June 15, ’26 97.875 –0.38 98.175
SPDR Gold VangdST Bond BSV 75.31 0.21 0.0
iShCoreUSAggBd AGG 95.73 0.31 –1.3 GLD 178.02 0.11 4.9 Hughes Satellite Systems … 6.625 12.31 Aug. 1, ’26 86.500 –0.22 86.625
iShEdgeMSCIMinUSA USMV 74.51 0.35 3.3 SPDRPtfDevxUS SPDW 31.80 –0.34 7.1 VangdSTCpBd VCSH 75.41 0.27 0.3
iShEdgeMSCIUSAQual QUAL 137.44 –0.38 20.6 SPDRS&P500Value SPYV 43.06 –0.16 10.7 VangdShortTrea VGSH 57.59 0.17 –0.4 Deutsche Bank DB 4.500 7.20 April 1, ’25 96.086 –0.16 96.310
iShGoldTr IAU 36.34 0.14 5.1 SPDRPtfS&P500 SPLG 52.32 –0.32 16.3 VangdSC VB 196.70 –0.80 7.2
VangdTaxExemptBd VTEB 49.12 –0.34 –0.7 Bath & Body Works BBWI 6.875 7.91 Nov. 1, ’35 92.000 –0.15 93.000
iShiBoxx$HYCpBd HYG 74.65 0.34 1.4 SPDRS&P500Growth SPYG 61.59 –0.45 21.6
SPDR S&P 500 SPY 444.85 –0.31 16.3 VangdTotalBd BND 70.98 0.34 –1.2 –0.12
iShiBoxx$IGCpBd LQD 104.64 0.44 –0.7
VangdTotIntlBd BNDX 48.39 0.25 2.0
Prime Security Services Borrower PRSESE 5.250 6.56 April 15, ’24 99.250 n.a.
iShMBS MBB 90.68 0.34 –2.2 SchwabIntEquity SCHF 34.78 –0.29 8.0
iShMSCIACWI ACWI 95.29 –0.38 12.3 SchwabUS BrdMkt SCHB 51.88 –0.36 15.8 VangdTotIntlStk VXUS 54.95 –0.56 6.2 ZF North America Capital ZFFNGR 4.750 7.13 April 29, ’25 96.378 –0.12 97.308
iShMSCI EAFE EFA 70.49 –0.33 7.4 SchwabUS Div SCHD 73.38 –0.07 –2.9 VangdTotalStk VTI 221.18 –0.34 15.7
iSh MSCI EM EEM 38.63 –1.18 1.9 SchwabUS LC SCHX 52.66 –0.25 16.6 VangdTotWrldStk VT 96.49 –0.41 12.0 *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.
iShMSCIEAFEValue EFV 48.99 –0.16 6.8 SchwabUS LC Grw SCHG 75.90 –0.45 36.6 VangdValue VTV 142.32 0.06 1.4 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 104.79 –0.19 –0.7 SPDR S&PMdCpTr MDY 471.48 –0.86 6.5 WisdTrFRTrea USFR 50.39 0.04 0.2 Source: MarketAxess
THE WALL STREET JOURNAL. * Friday, September 8, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. GSK GSK 34.64 0.23 KimcoRealty KIM 18.56 -0.06 NextEraEnergy NEE 66.25 0.56 Roku ROKU 83.62 -2.57 t Telus TU 16.74 -0.01 UnitySoftware U 38.01 -1.28
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. GXO Logistics GXO 61.60 -0.53 KinderMorgan KMI 16.59 -0.04 Nike NKE 97.93 -2.25 Rollins ROL 35.72 -2.36 Ternium TX 41.09 -0.90 UnivDisplay OLED 157.39 -3.93
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Gallagher AJG 230.64 2.90 s KinsaleCapital KNSL 410.16 7.15 NiSource NI 26.81 0.50 RoperTech ROP 494.34 -0.66 TFI Intl UniversalHealthB UHS 128.10 0.62
TFII 133.91 -0.76
that include primary market trades as well as quarters. Gaming&Leisure GLPI 48.59 0.26 Knight-Swift KNX 52.44 -0.17 Noble NE 51.29 -1.15 RossStores ROST 119.42 -0.53 TIM
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. TIMB 14.60 0.12 UnumGroup UNM 47.91 -0.68
Garmin GRMN 102.73 -0.93 Philips PHG 21.33 -0.22 Nokia NOK 4.07 0.02 RoyalBkCanada RY 87.90 -1.00 TJX TJX 91.45 0.69 VF VFC 19.19 -0.40
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing
Nasdaq ISE. standards Gartner IT 354.01 3.43 KoreaElecPwr KEP 6.49 -0.05 Nomura NMR 4.08 ... RoyalCaribbean RCL 97.18 -1.68 T-MobileUS TMUS 137.28 3.15 VICI Prop VICI 31.22 0.21
The list comprises the 1,000 largest companies lf-Late filing GenDigital GEN 20.00 -0.24 KraftHeinz KHC 32.68 0.11 Nordson NDSN 233.86 -5.69 RoyalGold RGLD 109.33 0.60 TPG TPG 28.71 0.53 VailResorts MTN 245.50 2.45
based on market capitalization. q-Temporary exemption from Nasdaq Generac GNRC 118.12 -0.34 Kroger KR 45.53 0.37 t NorfolkSouthern NSC 196.19 -2.23 t RoyaltyPharma RPRX 28.86 -0.21 T.RowePrice TROW 110.03 -1.47 Vale VALE 13.18 -0.44
Underlined quotations are those stocks with requirements. GeneralDynamics GD 218.69 0.64 LKQ LKQ 50.44 -0.38 NorthernTrust NTRS 75.55 -0.03 s RyanSpecialty RYAN 49.32 0.75 TaiwanSemi TSM 90.05 -2.21 ValeroEnergy VLO 136.25 2.22
large changes in volume compared with the t-NYSE bankruptcy GeneralElec GE 111.79 -0.89 LPL Financial LPLA 235.56 0.97 NorthropGrum NOC 430.99 7.35 Ryanair RYAAY 95.91 -1.18 s VeevaSystems VEEV 222.00 -0.47
TakeTwoSoftware TTWO 142.23 1.26
issue’s average trading volume. v-Trading halted on primary market. t GeneralMills GIS 64.99 -0.88 t L3HarrisTech LHX 168.59 -1.60 NorwegCruise NCLH 16.49 -0.10 SAP SAP 139.95 1.21 Ventas VTR 42.59 -0.05
TakedaPharm TAK 15.30 0.13
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being GeneralMotors GM 32.57 -0.25 LabCorp.ofAmerica LH 205.25 0.65 Novartis NVS 98.85 0.96 S&P Global SPGI 393.58 -0.57 VeriSign VRSN 207.75 2.17
Tapestry TPR 31.79 -0.46
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Genmab GMAB 37.70 0.27 LamResearch LRCX 676.70 -19.54 s NovoNordisk NVO 195.38 4.13 SBA Comm SBAC 221.24 3.25 s VeriskAnalytics VRSK 245.16 1.69
previous closing price was $2 or higher. or securities assumed by such companies. Genpact G 37.00 -0.26 LamarAdv LAMR 87.43 -2.21 NuHoldings NU 6.83 -0.07 SEI Investments SEIC 60.66 TargaResources TRGP 85.51 0.48
-0.17
Target TGT 124.46 0.75 Verizon VZ 33.81 -0.37
Gentex GNTX 31.94 -0.50 LambWeston LW 98.38 1.65 Nucor NUE 168.90 0.30 SK Telecom SKM 19.94 -0.02
VertexPharm VRTX 343.96 -0.36
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and GenuineParts GPC 151.01 0.18 LasVegasSands LVS 49.78 -2.65 Nutanix NTNX 36.06 0.91 SS&C Tech SSNC 55.38 -0.53 TechnipFMC FTI 20.57 -0.09
Nutrien NTR 62.46 -0.86 Saia TeckResourcesB TECK 40.26 -0.83 Vertiv VRT 39.60 1.16
changes in the closing prices from 4 p.m. the previous day. Gerdau GGB 4.98 -0.09 LatticeSemi LSCC 92.44 -3.43 SAIA 438.04 2.65
Viatris VTRS 10.00 -0.12
GileadSciences GILD 73.94 -0.30 Lear LEA 139.77 -3.48 nVentElectric NVT 57.21 1.36 Salesforce CRM 222.53 0.91 TeledyneTech TDY 410.01 -4.00
GitLab GTLB 51.94 1.95 LegendBiotech LEGN 66.32 -0.84 NVIDIA NVDA 462.41 -8.20 Samsara IOT 30.91 -0.67 Teleflex TFX 206.64 -3.38 VinFastAuto VFS 17.99 -6.51
Thursday, September 7, 2023 Net Net Vipshop VIPS 14.98 -0.56
Global-EOnline GLBE 41.75 0.63 Leidos LDOS 95.74 -0.77 Sanofi SNY 53.03 0.35 Ericsson ERIC 5.20 -0.08
Net Stock Sym Close Chg Stock Sym Close Chg GlobalPayments GPN 126.64 -0.71 Lennar B LEN.B 106.31 0.84 O P Q SareptaTherap SRPT 122.00 -0.86 TelefonicaBras VIV 8.27 -0.11 Visa V 247.14 0.98
Stock Sym Close Chg GlobalFoundries GFS 56.53 0.75 Lennar A LEN 118.08 1.14 ONEOK -0.34 Telefonica TEF 4.08 0.07 s Vistra VST 33.37 0.56
Biogen BIIB 261.34 -2.38 Cummins CMI 232.55 -3.14 OKE 64.31 0.66 Sasol SSL 12.76
VMware VMW 164.52 -1.64
Globant GLOB 204.44 1.23 LennoxIntl LII 385.10 6.47 s -0.17 TelekmIndonesia TLK 24.47 -0.11
A B C BioMarinPharm BMRN 90.42 -0.58 Curtiss-Wright CW 201.47 -1.24 ON Semi ON 98.51 -0.98 Schlumberger SLB 60.83 Vodafone VOD 9.22 0.01
GlobeLife GL 108.64 0.01 LiAuto LI 38.57 -1.34
BioNTech BNTX 119.73 -0.33 CyberArkSoftware CYBR 168.03 -3.52 OReillyAuto ORLY 945.81 1.02 SchwabC SCHW 57.82 -0.45 TempurSealy TPX 45.16 0.05
VoyaFinancial VOYA 67.23 -0.53
BlackRock BLK 691.06 1.88 GlobusMedical GMED 51.77 -2.04 LibertyBroadbandA LBRDA 89.19 -1.33 OccidentalPetrol OXY 64.57 -0.82 Sea SE 39.15 -0.07 Tenaris TS 31.44 -0.63
AECOM ACM 84.93 -0.55
t AES AES 16.99 -0.44 s Blackstone BX 109.39 1.49 D E F GoDaddy GDDY 74.74 0.47 LibertyBroadbandC LBRDK 89.23 -1.22 Okta OKTA 87.68 0.18 Seagate STX 63.44 -7.79 TencentMusic TME 6.67 -0.19 VulcanMatls VMC 215.56 0.36
Block SQ 56.04 -1.60 GoldFields GFI 12.10 -0.03 LibertyGlobal C LBTYK 18.60 -0.54 OldDomFreight ODFL 432.75 8.89 Seagen SGEN 204.90 -1.20 TenetHealthcare THC 73.38 -3.86
Aflac AFL 74.65 0.42
BlueOwlCapital OWL 11.84 -0.01
DTE Energy DTE 102.21 1.32 GoldmanSachs GS 321.96 0.83 LibertyGlobal A LBTYA 17.26 -0.53 OldRepublic ORI 26.98 0.09 Sempra SRE 70.46 0.85 Teradyne TER 99.69 -5.89
W X Y Z
AGCO AGCO 126.11 -2.82 Danaher DHR 254.92 -2.07
Boeing BA 216.05 -1.90 Grab GRAB 3.73 0.05 LibertyFormOne A FWONA 59.69 -0.31 OmegaHealthcare OHI 31.67 0.21 ServiceCorp SCI 60.76 -1.22 Tesla TSLA 251.49 -0.43 WEC Energy WEC 83.63 1.56
Ansys ANSS 318.48 -2.49 Darden DRI 149.86 0.91
Booking BKNG 3103.45 -37.76 Graco GGG 75.89 -1.11 LibertyFormOne C FWONK 66.51 -0.54 Omnicom OMC 79.57 -0.60 ServiceNow NOW 599.32 0.81 TetraTech TTEK 156.80 -1.88 WEX WEX 197.70 -1.01
APA APA 44.37 -0.28 DarlingIngred DAR 58.26 0.39
BoozAllen BAH 112.71 -1.69 Grainger GWW 691.79 -1.75 LibertySirius C LSXMK 23.04 -0.61 OnHolding ONON 29.32 -1.29 Shell SHEL 63.03 -0.36 TevaPharm TEVA 9.35 -0.13 W.P.Carey WPC 63.65 0.38
ASE Tech ASX 7.98 -0.15 Datadog DDOG 96.68 -0.98 Grifols GRFS 8.91 -0.27 t LibertySirius A LSXMA 22.66 -0.58
ASML ASML 637.79 -28.25 BorgWarner BWA 39.75 -0.75
DaVita DVA 95.34 -3.55 OpenText OTEX 39.18 -0.76 SherwinWilliams SHW 271.16 2.09 TexasInstruments TXN
164.71 -3.34 WPP WPP 46.96 -0.78
BostonProps BXP 65.94 -0.17 GpoAeroportuar PAC 171.70 -0.28 Light&Wonder LNW 74.86 -0.62 Oracle ORCL 125.09 0.76 ShinhanFin SHG 26.63 -0.09 Wabtec WAB 107.73 -2.23
AT&T T 14.61 ... DeckersOutdoor DECK 523.71 -2.11 TexasPacLand TPL 1836.39 5.42
GpoAeroportSur ASR 253.76 -3.23 s EliLilly LLY 573.23 13.28 Orange
AbbottLabs ABT 100.67 -0.89 BostonSci BSX 53.89 0.03
Deere DE 411.73 -2.56 ORAN 11.49 0.21 ShockwaveMed SWAV 227.61 -6.61
TexasRoadhouse TXRH 102.60 1.53 t WalgreensBoots WBA 22.04 -0.60
BristolMyers BMY 59.97 0.30 Guidewire GWRE 84.84 -0.84 LincolnElectric LECO 180.72 -5.45 s Orix IX 98.00 0.97 Shopify SHOP 64.78 -1.04 s Walmart WMT 163.47 2.00
AbbVie ABBV 148.91 3.30 s DellTechC DELL 68.98 -1.49 Textron TXT 75.50 -0.48
BritishAmTob BTI 32.32 ... HCA Healthcare HCA 271.89 -2.68 Linde LIN 386.62 3.33 OtisWorldwide OTIS 82.97 -1.42 SimonProperty SPG 114.45 0.60 WarnerBrosA WBD 11.03 -0.46
AcadiaHealthcare ACHC 73.65 -0.68 DeltaAir DAL 41.13 -0.58 ThermoFisher TMO 531.66 -5.04
s Accenture Broadcom AVGO 857.03 -15.24 HDFC Bank HDB 63.16 0.21 LithiaMotors LAD 297.81 -5.87 Ovintiv OVV 46.68 -0.44 SiriusXM SIRI 4.21 -0.08 WarnerMusic WMG 32.98 -0.67
ACN 328.20 1.90 DentsplySirona XRAY 36.16
ActivisionBliz ATVI 92.01 -0.06 BroadridgeFinl BR 187.13 1.84
-0.54 HF Sinclair DINO 58.39 1.14 LiveNationEnt LYV 80.90 0.20 OwensCorning OC 143.08 0.58 SiteOneLandscape SITE 163.67 -0.61 ThomsonReuters TRI 128.41 1.49 WasteConnections WCN 138.87 1.28
DeutscheBank DB 10.22 -0.05 HP HPQ 29.32 -0.81 LloydsBanking LYG 2.00 -0.03 PDD 0.38 3M MMM 105.95 -0.42
Adobe ADBE 560.46 -1.48 BrookfieldAsset BAM 34.42 0.18
DevonEnergy DVN 52.50 -0.99 PDD 96.61 -4.98 SkechersUSA SKX 49.27 WasteMgt WM 156.90 1.63
AdvDrainageSys WMS 125.96 -1.09 Brookfield BN 33.61 0.07 HSBC HSBC 36.87 -0.11 LockheedMartin LMT 425.94 2.00 PG&E PCG 16.88 0.43 Skyworks SWKS 98.38 -7.80 Toast TOST 21.82 0.45
Waters WAT 270.30 -2.56
DexCom DXCM 104.91 -1.97 H World HTHT 38.35 -1.47 Loews L 62.05 0.33 PNC Finl -0.13 Toll Bros TOL 81.98 0.64
AdvMicroDevices AMD 106.59 -2.69 BrookfieldInfr BIP 31.60 0.54
Diageo DEO 160.49 0.73 PNC 115.77 -2.59 SmithAO AOS 71.72 Watsco WSO 353.00 -1.92
Aegon AEG 4.84 -0.09 t BrookfieldRenew BEPC 25.95 0.32 Haleon HLN 8.04 0.19 LogitechIntl LOGI 70.85 -1.35 POSCO PKX 106.31 -2.17 Smith&Nephew SNN 26.42 0.20 TopBuild BLD 283.92 -0.60 Wayfair W 70.97 -1.42
DiamondbkEner FANG 154.87 -1.23 Halliburton HAL 41.08 0.20 Lowe's LOW 233.61 4.00 PPG Ind -0.79 Toro TTC 87.07 -12.66
AerCap AER 62.05 -0.14 Brown&Brown BRO 73.99 1.26
Dick's DKS 111.06 -0.74 PPG 136.18 -0.87 Smucker SJM 140.34 WebsterFin WBS 40.96 -0.69
AgilentTechs A 116.26 -1.68 Brown-Forman A BF.A 65.84 0.70 HartfordFinl HIG 71.79 -0.06 Lucid LCID 6.00 -0.14 PPL PPL 24.52 0.36 Snap SNAP 9.72 0.09 TorontoDomBk TD 59.03 -0.92 WellsFargo WFC 40.43 -0.59
DigitalRealty DLR 131.80 1.82 Hasbro HAS 70.35 -2.57 lululemon LULU 398.99 -0.01 PTC
agilon health AGL 18.56 0.69 Brown-Forman B BF.B 64.20 0.62 PTC 144.89 -1.11 Snap-On SNA 258.75 -3.75 TotalEnergies TTE 63.86 -0.27 Welltower WELL 82.55 0.57
DiscoverFinSvcs DFS 89.39 -2.12 HealthpeakProp PEAK 20.13 -0.28 LyondellBasell LYB 98.84 -0.83 Paccar
AgnicoEagleMines AEM 47.15 0.10 Bruker BRKR 63.02 -0.22 t Disney DIS 80.57 -0.41 PCAR 83.05 0.30 Snowflake SNOW 159.84 2.35 ToyotaMotor TM 178.87 0.04 WescoIntl WCC 156.00 -2.02
AirProducts APD 292.11 -1.24 BuildersFirst BLDR 139.18 -1.38 Heico HEI 166.83 0.76 PackagingCpAm PKG 144.75 -0.03 SOQUIMICH SQM 60.89 -1.29 TractorSupply TSCO 219.00 3.26 WestPharmSvcs WST 403.86 -0.99
Airbnb ABNB 143.27 1.50 Bunge BG 112.46 1.65
DocuSign DOCU 52.13 -0.65 Heico A HEI.A 134.14 0.44 M N PalantirTech PLTR 15.21 -0.09 SoFiTech SOFI 8.57 0.03 TradeDesk TTD 84.31 0.84 WesternDigital WDC 43.43 -2.01
DolbyLab DLB 83.93 -0.06 HenrySchein HSIC 74.19 0.07 t SolarEdgeTech SEDG 152.29
AkamaiTech AKAM 104.07 0.27 BurlingtonStrs BURL 155.42 -5.30 PaloAltoNtwks PANW 245.44 0.23 -3.61 Tradeweb TW 85.53 1.01 WesternMidstrm WES 25.86 -0.02
t DollarGeneral DG 123.72 -2.74 t Hershey HSY 208.99 -1.40
M&T Bank MTB 119.33 -2.46
Albemarle ALB 187.57 -2.26 CACI Intl CACI 314.00 -7.59 t DollarTree DLTR 116.56 -0.81 MGM Resorts MGM 43.40 -0.07 t ParamountA PARAA 16.21 -0.19 Sony SONY 85.23 -0.27 TraneTech TT 206.51 2.31 Westlake WLK 124.69 -2.91
Hess HES 158.33 0.52
Albertsons ACI 23.06 0.02 CBRE Group CBRE 85.00 -0.84 t DominionEner D 46.03 0.08 MinisoGroup MNSO 26.86 -0.31 t ParamountB PARA 13.02 -0.38 Southern SO 67.11 0.86 TransDigm TDG 887.23 4.25 WestRock WRK 33.23 1.35
HessMidstream HESM 29.42 0.31
Alcon ALC 82.30 0.88 CCC Intelligent CCCS 10.90 -0.05
Domino's DPZ 389.35 4.91 MPLX MPLX 34.62 0.05 ParkerHannifin PH 409.11 -2.75 SoCopper SCCO 78.50 -1.08 TransUnion TRU 80.66 -1.00 Weyerhaeuser WY 32.45 0.06
CDW CDW 212.90 -0.38 HewlettPackard HPE 17.29 -0.46 PAYX 120.19 -0.18 SouthwestAir LUV 29.43 -0.54 Travelers WheatonPrecMet WPM 41.75 -0.11
AlexandriaRlEst ARE 116.36 0.41 Donaldson DCI 61.98 -1.33 MSA Safety MSA 172.64 -3.21 Paychex TRV 160.67 1.06
CF Industries CF 80.85 -0.18 Hilton HLT 148.36 -0.84 SouthwesternEner SWN 6.51 -0.08 Trex Whirlpool WHR 136.12 -2.06
Alibaba BABA 89.97 -4.48 DoorDash DASH 82.02 -0.57 MSCI MSCI 546.49 4.65 PaycomSoftware PAYC 288.60 -4.54 TREX 69.03 -1.16
CGI A GIB 101.92 -0.25 Hologic HOLX 72.94 -1.16 PCTY 198.53 -2.97 Splunk SPLK 124.80 0.24 Williams WMB 34.19 0.35
AlignTech ALGN 340.93 -28.77 Dover DOV 141.72 -2.14 MagellanMid MMP 66.16 1.03 Paylocity Trimble TRMB 52.04 -1.00
Allegion ALLE 108.03 -0.44 t CH Robinson CHRW 86.19 -1.19 HomeDepot HD 328.42 2.42 PayPal PYPL 61.65 -1.15 Spotify SPOT 160.10 -0.37 Williams-Sonoma WSM 143.99 3.20
Dow DOW 54.10 -0.79 MagnaIntl MGA 57.70 -1.82 Trip.com TCOM 35.85 -2.04
CME Group CME 205.29 2.73 HondaMotor HMC 33.46 0.03 PSO 10.79 0.05 StanleyBlackDck SWK 92.29 -1.41 WillisTowers WTW 203.86 -0.68
AllegroMicro ALGM 35.07 -0.92 DrReddy'sLab RDY 67.29 0.26 ManhattanAssoc MANH 200.56 -0.46 Pearson TruistFinl TFC 29.27 -0.45
CMS Energy CMS 55.74 0.81 Honeywell HON 184.12 -0.39 WillScotMobile WSC 41.38 0.20
AlliantEnergy LNT 50.43 0.83 DraftKings DKNG 31.17 0.80 ManulifeFinl MFC 18.48 -0.02 PembinaPipeline PBA 30.77 0.28 Stantec STN 65.68 -0.68
Twilio TWLO 66.87 0.79
CNA Fin CNA 38.48 -0.31 HorizonTherap HZNP 115.41 -0.09 Wipro WIT 5.16 0.04
Allstate ALL 107.73 -0.20 Dropbox DBX 27.90 0.33 MarathonOil MRO 26.70 -0.39 PenskeAuto PAG 158.95 -0.25 Starbucks SBUX 95.10 -0.85
AllyFinancial ALLY 27.33 -0.67 CNH Indl CNHI 13.68 -0.19 t HormelFoods HRL 36.98 -0.27
s MarathonPetrol MPC 150.89 3.00 Pentair PNR 69.09 -0.54 StateStreet STT 69.51 -0.35 TylerTech TYL 390.91 0.27 WoodsideEnergy WDS 24.18 -0.36
DukeEnergy DUK 89.40 1.91 TysonFoods TSN 51.33 -0.19
CRH CRH 55.02 -0.09 DR Horton DHI 117.11 1.48 PEN 289.53 10.47 SteelDynamics STLD 105.06 1.07 Woodward WWD 130.25 -0.01
AlnylamPharm ALNY 201.10 -0.35 DuPont DD 75.56 -0.40 Markel MKL 1471.32 11.32 Penumbra
CSX CSX 29.49 -0.24 HostHotels HST 15.71 -0.26 PEP 176.40 1.67 Stellantis STLA 18.09 -0.07 UBS Group UBS 25.74 -0.07 WooriFinl WF 26.60 0.02
Alphabet A GOOGL 135.26 0.80 Dynatrace DT 48.35 0.19 MarketAxess MKTX 227.29 -1.57 PepsiCo s Workday
CVS Health CVS 65.60 0.09 HoulihanLokey HLI 103.79 0.18 0.67 UDR UDR 39.12 0.05 WDAY 250.47 2.06
Alphabet C GOOG 136.20 0.83 elfBeauty ELF 137.85 4.07 Marriott MAR 199.87 -2.55 PerformanceFood PFGC 59.33 -0.50 Steris STE 224.46
CadenceDesign CDNS 241.46 -5.24 HowmetAerospace HWM 48.20 -0.23 14.17 -0.32 Stevanato STVN 31.12 -0.22 U-Haul UHAL 57.67 0.64 WW Ent WWE 99.41 -0.59
Altria MO 43.72 0.19 EMCOR EME 222.59 -0.39 Marsh&McLen MMC 195.70 1.77 PermianRscs PR WynnResorts WYNN 94.46
CAE CAE 23.89 -0.10 Hubbell HUBB 325.02 8.10 -1.09 U-Haul N UHAL/B 52.69 0.10 -1.37
Amazon.com AMZN 137.85 2.49 ENI E 31.40 -0.32 MartinMarietta MLM 437.71 -0.95 PetroleoBrasil PBR 14.56 -0.37 StifelFinancial SF 63.90
XP XP 25.08 -0.18
Ambev ABEV 2.74 -0.03 CaesarsEnt CZR 53.37 -0.37 HubSpot HUBS 550.58 6.44 PetroleoBrasilA PBR.A 13.17 -0.30 STMicroelec STM 44.26 -1.83 US Foods USFD 39.24 -0.08
EOG Rscs EOG 131.55 -1.57 MarvellTech MRVL 56.58 -0.13 XPO XPO 73.35 0.67
CamdenProperty CPT 103.99 -0.77 Humana HUM 471.98 6.91
t Amcor MAS 56.72 -0.96 t Pfizer -0.08 UWM
AMCR 9.15 -0.13 EPAM Systems EPAM 263.20 PFE 34.28 -0.09 Stryker SYK 289.02 UWMC 5.41 -0.04
1.46 Masco XcelEnergy XEL 56.60 0.26
Cameco CCJ 37.10 0.26 JBHunt JBHT 186.06 0.48 93.28 -0.27 SumitomoMits SMFG 9.43 0.01 Uber UBER 46.27 0.37
Amdocs DOX 88.55 -0.32 EQT EQT 41.76 -0.57 MasTec MTZ 92.48 -1.39 PhilipMorris PM XPeng XPEV 17.46
CampbellSoup CPB 41.82 0.72 HuntingtonBcshs HBAN 10.69 -0.23 -1.49
Ameren AEE 78.70 1.03 EastWestBncp EWBC 52.67 -0.59 Mastercard MA 414.62 1.44 s Phillips66 PSX 118.75 2.11 SunComms SUI 119.00 -0.52 Ubiquiti UI 168.43 -7.30
t CIBC CM 39.10 -0.33 HuntingIngalls HII 209.38 0.18 Xylem XYL 95.70 -2.11
AmericaMovil AMX 18.04 -0.26 EastGroup EGP 180.61 3.65 MatadorRscs MTDR 62.85 -1.05 PinnacleWest PNW 75.98 0.54 SunLifeFinancial SLF 48.23 -1.08 UiPath PATH 18.08 1.86
YPF YPF 13.09 -0.38
AmerAirlines AAL 14.00 -0.33 CanNtlRlwy CNI 107.66 -1.19 HyattHotels H 110.47 -1.90 PINS 28.00 0.35 SuncorEnergy SU 34.18 -0.27 UltaBeauty ULTA 416.94 8.45
EastmanChem EMN 80.27 -2.44 MatchGroup MTCH 44.48 -0.78 Pinterest
s CanadianNatRscs CNQ 65.31 -0.08 ICICI Bank IBN 23.24 0.20 Yum!Brands YUM 127.19 0.31
AEP AEP 77.34 0.96 s Eaton ETN 234.81 3.20 Mattel MAT 21.55 -0.75 PioneerNatRscs PXD 238.95 -2.42 SuperMicroComp SMCI 267.48 -6.55 Unilever UL 50.17 0.40
YumChina YUMC 52.02 -0.41
AmerExpress AXP 156.78 -1.22 CdnPacKC CP 77.21 -0.98 ICL Group ICL 5.75 -0.12 PlainsAllAmPipe PAA 14.76 -0.02 Suzano SUZ 9.81 -0.11 UnionPacific UNP 210.57 -2.26
eBay EBAY 43.12 -1.00 McCormickVtg MKC.V 80.52 0.97 ZTO Express ZTO 24.29 -0.58
AmericanFin AFG 111.71 -1.74 CapitalOne COF 99.92 -1.54 IdexxLab IDXX 477.21 -10.75 PAGP 15.61 0.02 SynchronyFinl SYF 30.92 -0.81 UnitedAirlines UAL 47.68 -0.66
Ecolab ECL 181.68 0.06 McCormick MKC 80.12 0.02 PlainsGP ZebraTech ZBRA 264.24 -8.14
AmHomes4Rent AMH 36.23 0.82 CardinalHealth CAH 88.59 1.34 ING Groep ING 13.59 -0.21 POOL 349.22 -0.78 Synopsys SNPS 458.09 -7.60 UnitedMicro UMC
Ecopetrol EC 11.89 -0.04 McDonald's MCD 278.33 2.89 Pool 7.05 -0.20 Zillow C Z 51.62 -0.43
AIG Carlisle CSL 248.26 -5.39 Invesco IVZ 15.34 -0.21 PRI 200.25 0.64 Sysco SYY 69.16 0.71 UPS B
AIG 59.65 0.46 EdisonIntl EIX 68.68 0.95 McKesson MCK 418.62 7.37 Primerica UPS 162.24 -0.07 Zillow A ZG 50.28 -0.48
AmerTowerREIT AMT 182.55 4.54 Carlyle CG 32.06 -0.26 IQVIA IQV 219.00 0.18
EdwardsLife EW 76.09 -0.87 Medpace MEDP 271.69 3.84 PrincipalFinl PFG 74.68 -1.51 UnitedRentals URI 467.31 -7.75 ZimmerBiomet ZBH 120.51
AmerWaterWorks AWK 137.71 1.98 CarMax KMX 81.59 0.03
Elastic ESTC 78.58 -0.63
ITT ITT 100.24 -0.59
Medtronic MDT 79.93 -0.78 ProcoreTech PCOR 67.58 0.38
T U V US Bancorp USB 35.63 -0.49 Zoetis
-2.16
AmericoldRealty COLD 33.03 0.41 Carnival CCL 15.30 -0.13 IcahnEnterprises IEP 20.35 0.34 ZTS 187.78 0.92
ElbitSystems ESLT 198.68 1.23 s MercadoLibre MELI 1436.35 10.38 Procter&Gamble PG 153.59 1.45 TC Energy TRP 35.48 -0.07 US Steel X 30.82 -0.20 ZoomVideo ZM 73.68 -0.32
Ameriprise AMP 340.46 0.75 Carnival CUK 13.62 -0.14 Icon ICLR 258.12 1.43
ElectronicArts EA 120.94 0.04 Merck MRK 107.94 1.45 Progressive PGR 137.41 2.57 TD Synnex SNX 99.00 -1.55 UnitedTherap UTHR 222.63 -0.73 ZoomInfoTech ZI 17.82 -0.05
Ametek AME 156.64 -0.46 CarrierGlobal CARR 57.25 0.85 IDEX IEX 218.50 -4.34
ElevanceHealth ELV 450.33 5.81 MetaData AIU 1.01 -0.03 Prologis PLD 123.31 1.93
TE Connectivity TEL 128.18 -1.88 UnitedHealth UNH 484.81 7.87 Zscaler ZS 161.02 2.67
Amgen AMGN 254.39 5.38 Carvana CVNA 47.63 -2.88 IllinoisToolWks ITW 238.40 -5.80
EmersonElec EMR 99.40 0.73
t MetaPlatforms META 298.67 -0.50 PrudentialFinl PRU 94.28 -0.04
AmkorTech AMKR 22.81 -4.45 CaseysGenStores CASY 239.84 1.15 Illumina ILMN 158.85 -1.14
Enbridge ENB 33.22 0.01 MetLife MET 62.77 -0.43 Prudential PUK 22.87 -0.75
Amphenol Catalent CTLT 48.96 -0.74 ImperialOil IMO 57.44 -0.63
APH 86.75 -1.21 EncompassHealth EHC 69.90 -0.43 Mettler-Toledo MTD 1162.07 -30.54 PublicServiceEnt PEG 60.16 1.49
AnalogDevices ADI 178.46 -3.72
AngloGoldAsh AU 16.48 -0.25
Caterpillar
Celanese
CAT 281.43 -1.47
CE 125.38 -1.55
Endeavor EDR 21.66
EnergyTransfer ET 13.70
0.15
0.20
Incyte INCY 63.45 0.26
Informatica INFA 21.32 -0.02
MicrochipTech MCHP 79.10 -1.96 PublicStorage PSA 273.14 4.41
MicronTech MU 69.87 -0.54 PulteGroup PHM 80.98 1.77
Borrowing Benchmarks
s CelsiusHldg CELH 205.26 4.92 Infosys INFY 17.52 -0.06
AB InBev BUD 56.20 0.17
Cemex CX 7.38 -0.21
t EnphaseEnergy ENPH 122.23 -0.80
IngersollRand IR 69.55 -0.46
Microsoft MSFT 329.91 -2.97 PureStorage PSTG 38.96 -0.69 wsj.com/market-data/bonds/benchmarks
AnnalyCap NLY 19.75 -0.14 Entegris ENTG 97.04 -2.64 MidAmApt MAA 140.15 -0.98 Qiagen QGEN 42.10 -0.48
AnteroResources AR 26.67 -0.18 Cencora COR 178.18 3.51 InspireMedical INSP 232.98 -7.07
Entergy ETR 94.35 0.50
t Middleby MIDD 139.47 -1.78 Qorvo QRVO 98.72 -7.52
Aon AON 334.39 2.75 CenovusEnergy CVE 20.38 0.04 EnterpriseProd EPD 26.59 0.08 Insulet PODD 178.53 -14.87 Qualcomm QCOM 106.40 -8.28
ApolloGlbMgmt APO 87.12 0.06
AppFolio APPF 195.57 1.33
Centene CNC 66.44 3.12
CenterPointEner CNP 27.95 0.59
Equifax EFX 201.48 -2.71
s Intel INTC 38.18 1.20
InteractiveBrkrs IBKR 92.97 -0.38
MitsubishiUFJ MUFG 8.28 0.02
MizuhoFin MFG 3.40 ... QuantaServices PWR 208.70 -0.39 Money Rates September 7, 2023
Equinix EQIX 775.55 7.64 Mobileye MBLY 35.83 -0.50 QuestDiag DGX 127.11 -0.03
Apple AAPL 177.56 -5.35 CentraisElBras EBR 6.78 -0.07 ICE ICE 115.23 1.62
ApplMaterials AMAT 148.23 -4.95 CeridianHCM CDAY 73.63 -0.13
Equinor
Equitable
EQNR 31.94
EQH 27.87
0.17
-0.56 InterContinentl IHG 76.67 -0.21
Moderna MRNA 108.35 0.11
R S Key annual interest rates paid to borrow or lend money in U.S. and
MolinaHealthcare MOH 316.15 5.33
Applovin APP 42.48 0.25 ChampionX CHX 37.32 -0.04 EquityLife ELS 66.31 0.50 IBM IBM 147.52 -0.54
MolsonCoorsB TAP 63.07 1.04 RBC Bearings RBC 241.37 1.60 international markets. Rates below are a guide to general levels but
Aptargroup ATR 125.36 -1.05 CharlesRiverLabs CRL 204.39 -0.05 IntlFlavors IFF 69.20 -1.79
Aptiv APTV 100.68 -1.67 ChartIndustries GTLS 176.97 -2.37
EquityResdntl EQR 63.60
ErieIndemnity ERIE 274.53
-0.01
0.57 IntlPaper IP 33.58 -0.30
monday.com MNDY 173.64 0.93 RB Global RBA 65.51 0.51 don’t always represent actual transactions.
CharterComms CHTR 416.98 -3.00 Mondelez MDLZ 70.00 0.31 RELX RELX 33.62 0.66
Aramark ARMK 36.69 -0.54 t EssentialUtil WTRG 35.82 0.27 Interpublic IPG 32.04 -0.36 Week —52-WEEK—
ArcelorMittal MT 26.02 -0.69 CheckPoint CHKP 135.44 1.58 EssexProp ESS 231.24 -5.17 s Intuit INTU 553.61 2.66
MongoDB MDB 377.54 -4.72 RH RH 368.55 -4.77 Inflation Latest ago High Low
Chemed CHE 501.30 0.16 MonolithicPower MPWR 506.14 -17.04 R1 RCM RCM 16.96 -0.05
ArchCapital ACGL 77.87 1.43 EsteeLauder EL 155.40 -1.18 IntuitiveSurgical ISRG 297.22 -10.62 July index Chg From (%)
CheniereEnergy LNG 159.87 -1.89 MonsterBev MNST 56.64 0.36 RPM RPM 98.91 0.85
ADM ADM 78.53 1.07 t Etsy ETSY 69.09 -3.65 InvitatHomes INVH 34.21 0.25 Federal funds
AresMgmt ARES 103.21 1.49 CheniereEnerPtrs CQP 53.26 0.94 s IronMountain IRM 63.65 -0.37
Moody's MCO 342.12 1.44 RTX RTX 84.33 0.82 level June '23 July '22
Everest EG 367.22 0.91 MorganStanley MS 83.84 -0.32 RalphLauren RL
argenx ARGX 517.58 0.12 ChesapeakeEner CHK 87.64 -0.76 ItauUnibanco ITUB 5.30 -0.03 116.29 -1.38 Effective rate 5.3100 5.3400 5.3400 2.3300
Evergy EVRG 53.61 0.30 Morningstar MORN 251.48 3.48 RangeResources RRC 32.15 -0.03
AristaNetworks ANET 195.54 -2.00 Chevron CVX 166.64 0.01 EversourceEner ES 61.35 0.37
U.S. consumer price index High 5.6500 5.6500 5.6500 2.4500
ArrowElec ARW 126.99 -2.90 Chewy CHWY 23.58 -0.84 ExactSciences EXAS 78.89 -3.28
J K L Mosaic MOS 36.68 -1.51 RaymondJames RJF 103.96 -1.18
MotorolaSol MSI 282.41 1.49 RealtyIncome O All items 305.691 0.19 3.2 Low 5.3100 5.3200 5.3200 2.3000
AspenTech AZPN 193.30 4.65 Chipotle CMG 1966.84 12.72 55.08 0.09
Exelixis EXEL 22.02 -0.20 JD.com JD 32.34 -1.45 MurphyOil MUR 46.31 0.06 RegalRexnord RRX 162.47 0.79 Core 309.402 0.16 4.7 Bid 5.3300 5.3300 5.3300 2.3200
Assurant AIZ 137.59 -0.39 ChordEnergy CHRD 161.18 -2.32 Exelon EXC 40.57 0.71
AstraZeneca AZN 68.00 1.00 Chubb CB 204.02 2.08 JPMorganChase JPM 143.72 -1.24 MurphyUSA MUSA 311.26 -3.83 RegencyCtrs REG 63.87 0.27 Offer 5.3600 5.3500 5.3700 2.3200
Atlassian TEAM 206.92 0.52 ChunghwaTel CHT 36.18 -0.07
Expedia EXPE 105.76 -2.65 Jabil JBL 108.65 -3.03 NICE NICE 190.07 -1.42 RegenPharm REGN 825.26 6.87 International rates
ExpeditorsIntl EXPD 115.50 -0.09 JackHenry JKHY 150.98 -2.20 NIO NIO 10.08 -0.50 RegionsFinl RF 17.79 -0.32 Treasury bill auction
AtmosEnergy ATO 114.03 1.76 Church&Dwight CHD 96.52 2.40 ExtraSpaceSt EXR 127.24 0.68
ChurchillDowns CHDN 119.59 -0.33 JacobsSolns J 131.69 -0.49 NNN REIT NNN 38.15 -0.07 ReinsGrp RGA 140.14 1.10
Autodesk ADSK 221.01 -1.19 ExxonMobil XOM 113.95 -0.56 JamesHardie JHX 29.25 -0.15 NOV NOV 21.15 -0.42 RelianceSteel RS 272.88 3.89
Week 52-Week 4 weeks 5.280 5.280 5.840 2.500
Autoliv ALV 98.64 -0.12 Ciena CIEN 48.14 -0.60 F5 FFIV 161.45 -2.37 Latest ago High Low 13 weeks 5.315 5.340 5.340 2.965
ADP ADP 250.12 0.32 Cigna CI 281.29 5.66 JazzPharm JAZZ 135.73 -0.83 NRG Energy NRG 38.35 0.33 RenaissanceRe RNR 194.27 5.60
t FMC FMC 76.10 -6.09 JefferiesFinl JEF 36.58 -0.26 NVR NVR 6405.81 87.66 RentokilInit RTO 36.53 0.02 26 weeks 5.300 5.350 5.350 3.320
AutoNation AN 152.44 -4.01 CincinnatiFinl CINF 104.76 0.24
AutoZone AZO 2572.21 3.32 Cintas CTAS 497.50 1.77
FactSet FDS 430.92 0.41 J&J JNJ 160.03 2.02 NXP Semi NXPI 204.01 -3.78 Repligen RGEN 168.20 0.44 Prime rates
Avalonbay AVB 181.22 1.85 CiscoSystems CSCO 56.79 -0.37
FairIsaac FICO 904.22 -3.66 JohnsonControls JCI 57.00 -0.58 Nasdaq NDAQ 51.66 0.08 RepublicSvcs RSG 146.76 2.61 U.S. 8.50 8.50 8.50 5.50 Secondary market
Fastenal FAST 55.34 -0.52 JonesLang JLL 165.96 -4.32 NationalGrid NGG 62.91 1.24 t ResMed RMD 150.50 -2.83
Avangrid AGR 33.94 0.35 Citigroup C 40.73 -0.64
FederalRealty FRT 97.54 0.30 Canada 7.20 7.20 7.20 4.70
Avantor AVTR 20.70 -0.07 CitizensFin CFG 26.94 -0.74 JuniperNetworks JNPR 28.66 -0.59 NatlInstruments NATI 59.81 -0.03 RestaurantBrands QSR 67.42 0.49 Fannie Mae
FedEx FDX 256.16 -1.31 KB Financial KB 40.42 -0.24 NatWest NWG 5.66 -0.10 Revvity RVTY 110.22 -1.21 Japan 1.475 1.475 1.475 1.475
AveryDennison AVY 182.41 -1.04 CivitasRscs CIVI 83.86 0.21 Ferguson FERG 153.55 -2.52 30-year mortgage yields
AvisBudget CAR 197.66 -8.18 CleanHarbors CLH 167.25 -0.38 KBR KBR 60.07 -0.85 NetApp NTAP 78.86 -1.06 RexfordIndlRealty REXR 53.76 1.56
Cleveland-Cliffs CLF 14.42 -0.53
Ferrari RACE 298.79 -3.72 KKR KKR 61.38 -0.34 NetEase NTES 97.94 -1.76 RioTinto RIO 61.24 -2.07 Policy Rates 30 days 6.724 6.503 6.881 5.244
AxonEnterprise AXON 216.06 2.56 FidNatlFinl FNF 42.99 0.69
BCE BCE 40.38 -0.24 Clorox CLX 155.72 2.12 KLA KLAC 497.18 -16.29 Netflix NFLX 443.14 -2.62 Rivian RIVN 23.42 0.16 Euro zone 4.25 4.25 4.25 0.50 60 days 6.749 6.517 6.988 5.250
FidNatlInfo FIS 54.39 -0.41 KarunaTherap KRTX 185.23 -1.75 Neurocrine NBIX 108.48 -1.69 RobertHalf RHI 73.27 1.01
BHP Group BHP 55.40 -1.50 Cloudflare NET 63.53 -0.46
FifthThirdBncp FITB 26.09 -0.51 Switzerland 2.25 2.25 2.25 0.25
BILL BILL 116.93 0.32 Coca-Cola KO 58.33 -0.45 t Kellogg K 59.37 0.07 NewOrientalEduc EDU 54.43 -1.03 Robinhood HOOD 10.74 -0.05 Other short-term rates
FirstCitizBcshA FCNCA 1323.77 -2.73 t Kenvue KVUE 20.99 -1.39 NY CmntyBcp NYCB 11.75 -0.11 Roblox RBLX 28.79 -0.30
Britain 5.25 5.25 5.25 1.75
BJ'sWholesale BJ 65.04 -0.21 Coca-ColaEuro CCEP 61.28 -0.70 FirstIndRlty FR 51.19 0.25 KeurigDrPepper KDP 33.31 0.11 NYTimes A NYT 44.61 -0.07 RocketCos. RKT 10.49 0.14 Australia 4.10 4.10 4.10 2.35
BP BP 38.51 -0.32 Cognex CGNX 43.99 -1.57 Week 52-Week
FirstSolar FSLR 180.50 -1.59 KeyCorp KEY 10.89 -0.20 Newmont NEM 38.36 -0.14 Rockwell ROK 304.44 -6.04
Baidu BIDU 137.07 -4.79 CognizantTech CTSH 71.25 -0.05 Latest high low
BakerHughes BKR 37.20 -0.02 CoinbaseGlbl COIN 81.79 3.75
FirstEnergy FE 35.46 0.37 KeysightTech KEYS 131.60 -2.38 NewsCorp A NWSA 21.00 -0.21 RogersComm B RCI 39.40 -0.17 Overnight repurchase ago
FirstService FSV 150.97 -0.76 KimberlyClark KMB 127.13 1.72 NewsCorp B NWS 21.54 -0.22 RoivantSciences ROIV 11.70 -0.09
Ball BALL 51.29 -1.64 ColgatePalm CL 73.56 1.24
Fiserv FI 123.10 0.60
U.S. 5.35 5.35 5.35 2.26 Call money
BancoBilbaoViz BBVA 7.43 -0.09 Comcast A CMCSA 44.84 -0.09
FiveBelow FIVE 160.70 -1.77 7.25 7.25 7.25 4.25
BancoBradesco BBDO 2.58 0.02 s ComfortSystems FIX 188.10 0.21
FleetCorTech FLT 272.07 -3.41 U.S. government rates
BancodeChile BCH 20.24 -0.15 SABESP SBS 11.51 -0.12
Flex FLEX 26.45 -0.20 Commercial paper (AA financial)
BancSanBrasil BSBR 5.21 -0.07
BcoSantChile BSAC 18.14 -0.26
t ConagraBrands CAG 28.88 -0.17
Confluent CFLT 32.59 -0.75
Floor&Decor FND 95.65 -1.29 Dividend Changes Discount 90 days 5.48 5.51 5.54 2.77
FomentoEconMex FMX 107.64 -1.76
5.50 5.50 5.50 2.50
BancoSantander SAN 3.56 -0.05 ConocoPhillips COP 121.71 -1.36
BankofAmerica BAC 28.13 -0.26 ConEd ED 88.51 1.71
FordMotor F 11.96 -0.11
Amount Payable / Secured Overnight Financing Rate
Fortinet FTNT 63.17 0.94
BankMontreal BMO 83.75 -0.73 ConstBrands A STZ 259.56 0.75
Fortis FTS 38.99 0.54 Company Symbol Yld % New/Old Frq Record Notes on data: 5.30 5.30 5.31 2.25
BankNY Mellon BK 44.85 0.17 s ConstellationEner CEG 108.54 1.90
Fortive FTV 78.65 0.97 U.S. prime rate is the base rate on corporate
BankNovaScotia BNS 46.61 -0.54 Cooper COO 353.74 -2.91
FortuneBrands FBIN 65.43 -1.07
Stocks Value 52-Week
Barclays BCS 7.36 -0.11 Copart CPRT 44.60 -0.87 loans posted by at least 70% of the 10 largest Latest Traded High Low
FoxB FOX 28.46 -0.53 Grom Social Enterprises GROM 1:20 /Sep07 U.S. banks, and is effective July 27, 2023. Other
BarrickGold GOLD 15.79 -0.05 CorebridgeFin CRBG 17.92 -0.27
Bath&BodyWks BBWI 37.09 -0.25 Corning GLW 31.52 -0.34
FoxA FOXA 30.86 -0.52 Ryvyl RVYL 1:10 /Sep07 prime rates aren’t directly comparable; lending DTCC GCF Repo Index
Franco-Nevada FNV 140.41 -0.58 practices vary widely by location; Discount rate
BaxterIntl BAX 38.97 -0.67 Corteva CTVA 49.56 -0.94
FranklinRscs BEN 25.93 -0.18 Foreign Treasury 5.360 18.066 5.367 2.221
BectonDicknsn BDX 267.06 1.33 CoStar CSGP 83.62 0.63 is effective July 27, 2023. Secured Overnight
FreeportMcM FCX 39.76 -0.65 Financing Rate is as of September 6, 2023. MBS 5.394 59.050 5.407 2.319
BeiGene BGNE 194.26 -7.59 Costco COST 548.62 1.93 B2Gold BTG 5.3 .04 Q Sep29 /Sep21
FreseniusMed FMS 21.62 -0.07 DTCC GCF Repo Index is Depository Trust &
BentleySystems BSY 49.77 -0.39 CoterraEnergy CTRA 27.96 -0.11 s Esports Ent 10% Pfd. A GMBLP 16.6 .08 M Sep30 /Sep15 Weekly survey
Freshworks FRSH 23.12 0.18 Clearing Corp.'s weighted average for overnight
Berkley WRB 61.78 0.25 Coty COTY 11.36 0.20
FullTruck YMM 6.83 -0.08 G. Willi-Food Intl WILC 13.3 .19 Sep26 /Sep15 trades in applicable CUSIPs. Value traded is in
BerkHathwy A BRK.A 548930270.00 Coupang CPNG 18.52 0.09
Futu FUTU 60.00 -4.19
Latest Week ago Year ago
BerkHathwy B BRK.B 361.80 0.13 Credicorp BAP 135.23 -2.33 XP XP 9.3 .58 Sep25 /Sep12 billions of U.S. dollars. Federal-funds rates are
Tullett Prebon rates as of 5:30 p.m. ET.
BerryGlobal BERY 61.07 -1.65
BestBuy BBY 72.67 -1.07
CrowdStrike CRWD 166.64 0.41
CrownCastle CCI 100.07 1.07
G H I Sources: FactSet; Dow Jones Market Data
Sources: Federal Reserve; Bureau of Labor
Freddie Mac
Bio-Techne TECH 73.98 -1.53 CrownHoldings CCK 88.95 -1.86 GE HealthCare GEHC 65.90 -1.08 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Statistics; DTCC; FactSet; 30-year fixed 7.12 7.18 5.89
Bio-RadLab A BIO 367.88 -2.10 CubeSmart CUBE 40.77 0.43 GFLEnvironmental GFL 32.65 0.36 spin-off. Tullett Prebon Information, Ltd. 15-year fixed 6.52 6.55 5.16

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Blackstone BX 110.29 1.4 G-IIIApparel GIII 24.47 24.2 EliLilly LLY 576.31 2.4 ReataPharm RETA 170.26 0.3 TwelveSeasII A TWLV 11.03 -0.1 AMC Networks AMCX 10.01 -8.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American BlueHatInt BHAT 1.96 8.9 GoresIX GHIXU 10.82 0.5 MarathonPetrol MPC 151.03 2.0 RosecliffAcqnIWt RCLFW 0.26 34.1 USA Compression USAC 22.17 1.6 ARBIOT ARBB 1.72 -2.4
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest BoneBiologWt BBLGW 6.39 27.2 HammerheadEnergyWt HHRSW 3.65 -2.1 MercadoLibre MELI 1448.82 0.7 RosecliffAcqnI RCLFU 16.56 24.1 VeevaSystems VEEV 223.88 -0.2 ATN Intl ATNI 32.16 -1.9
session. % CHG-Daily percentage change from the previous trading session. CSP CSPI 19.17 5.3 HollyEnergy HEP 22.45 1.3 MobivAcqnUn MOBVU 10.76 0.2 RosecliffAcqnIA RCLF 19.50 39.6 VeriskAnalytics VRSK 246.24 0.7 AbleViewGlobal ABLV 2.82 -3.7
CanadianNatRscs CNQ 65.90 -0.1 IndaptusTherap INDP 3.18 4.6 NextGenHlthcr NXGN 23.61 0.2 RyanSpecialty RYAN 49.40 1.5 Vistra VST 33.59 1.7 AcutusMedical AFIB 0.46 -0.5
CelsiusHldg CELH 206.14 2.5 InsightAcqn INAQU 12.60 -9.6 NorthernRevivalUn NRACU 10.75 0.6 SeacorMarine SMHI 13.29 0.1 Walmart WMT 163.48 1.2 Adamis ADMP 0.75 0.9
Thursday, September 7, 2023
ComfortSystems FIX 188.29 0.1 Intel INTC 38.34 3.2 NovoNordisk NVO 197.54 2.2 Schlumberger SLB 61.38 -0.3 WheelerREITPfdD WHLRD 15.94 2.1 Adaptimmune ADAP 0.75 0.7
52-Wk % 52-Wk % 52-Wk % ConstellationEner CEG 110.96 1.8 Intuit INTU 557.46 0.5 OceaneeringIntl OII 25.60 1.0 SculptorCapMgmt SCU 12.00 1.1 Workday WDAY 251.63 0.8 AdvanSix ASIX 30.47 -4.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CorceptTherap CORT 33.26 5.1 IronMountain IRM 64.37 -0.6 Orix IX 98.08 1.0 SeaportGlblAcqnII SGIIU 10.77 0.8 AdventTech ADN 0.51 -4.8

Abercrombie&Fitch ANF 55.52 -0.7 ApolloStratGrII APGB.U 10.56 0.7

Coursera
CymaBayTherap
COUR
CBAY
18.53 0.9 KellyServices B
15.90 8.5 KinsaleCapital
KELYB
KNSL
18.95 1.5 PBF Energy
413.25 1.8 Phillips66
PBF
PSX
51.22 3.6 Solowin
118.99 1.8 SpreeAcqn1Un
SWIN 12.74 52.0
SHAP.U 10.92 -0.6
Lows AgileThought
Agiliti
AGIL
AGTI
0.13
8.13
-8.0
-5.1
Highs Accenture
AlphaMetal
ACN 329.04 0.6 AppliedIndlTechs AIT
220.25 0.9 AspenInsPfd
159.93
25.98
1.1
0.4
DellTechC DELL 70.62 -2.1 Kirby KEX 85.05 -0.5 PrimeImpactIWt PIAI.WS 0.16 15.1 Sprinklr CXM 16.68 0.3 AES Un AESC 67.86 -1.7 Agriforce AGRI 0.08 -5.6
AMR AHLpC Eaton ETN 235.20 1.4 LanzaTechGlobalWt LNZAW 1.19 -4.4 Priveterra II PMGMU 10.81 0.3 10XCapIII Wt VCXB.WS 0.32 17.6 AES AES 16.89 -2.5 Akerna KERN 0.26 -4.2
AGNC InvtPfdD AGNCM 23.90 ... AmerEagle AEO 17.53 -2.5 AtlasEnergySolns AESI 23.47 2.7 Freshworks FRSH 23.64 0.8 LifewayFoods LWAY 11.75 0.3 ProspectorCap PRSRU 10.70 0.3 TenonMedicalWt TNONW 0.21 9.4 AMC Ent AMC 7.71 -5.8 Continued on Page B10

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
SAIUSLgCpIndxFd 19.71 -0.06 17.3 SrsIntlVal 11.06 -0.04 10.3 Lord Abbett I R2040 27.24 -0.10 11.5 SmCapAdml 94.23 -0.80 8.0 VANGUARD INDEX FDS
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesBondFd NA ... 0.6 TotalBond NA ... 2.0 ShtDurInc p 3.81 +0.01 2.7 Putnam Funds Class A SmGthAdml 79.47 -0.64 13.1 ExtndIstPl 278.85 -1.87 12.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SeriesOverseas 12.04 -0.05 10.9 Fidelity SAI Metropolitan West PutLargCap p 30.01 -0.13 7.4 STBondAdml 9.87 +0.01 1.5 IdxIntl 17.64 -0.10 7.2
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SerLTTreBdIdx NA ... -3.1 TotalBd NA ... 2.0 TotRetBdI 8.85 +0.03 NA Schwab Funds STIGradeAdml 9.97 +0.02 2.3 MdCpGrAdml 87.77 -0.42 13.9
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SmCpIdxInstPrem 23.05 -0.22 6.6 U.S.TreBdIdx NA ... 0.2 TRBdPlan 8.30 +0.03 NA 1000 Inv r 96.17 -0.31 NA STIPSIxAdm 23.75 +0.04 2.2 MdCpVlAdml 70.48 -0.16 1.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TMktIdxInstPrem 123.35 -0.44 16.6 Fidelity Selects MFS Funds S&P Sel 68.89 -0.22 NA TotBdAdml 9.35 +0.02 0.7 SmValAdml 70.50 -0.62 4.5
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TotalMarketIndex 15.58 -0.05 16.7 Semiconductors r 23.75 -0.48 62.9 IIE 31.08 -0.07 10.4 TSM Sel r 75.98 -0.27 NA TotIntBdIdxAdm 19.34 +0.04 3.3 TotBd2 9.24 +0.03 0.6
tracked. NS-Fund didn’t exist at start of period. TtlIntIdxInstPr 12.56 -0.07 7.3 Softwr 26.50 -0.07 34.9 MFS Funds Class I TIAA/CREF Funds TotIntlAdmIdx r 29.50 -0.18 7.3 TotIntlInstIdx r 117.98 -0.69 7.3
USBdIdxInstPrem NA ... 0.6 Tech 26.32 -0.30 47.6 GrowthI 167.09 -0.55 26.4 EqIdxInst 31.63 -0.10 16.5 TotStAdml 107.63 -0.38 16.5 TotItlInstPlId r 118.01 -0.69 7.3
Fidelity Freedom First Eagle Funds ValueI 48.04 +0.03 1.4 IntlEqIdxInst 20.85 -0.07 9.2 TxMCapAdml 230.55 -0.79 17.3 TotSt 107.60 -0.38 16.4
Thursday, September 7, 2023 FF2025 12.53 -0.01 7.0 GlbA 62.70 -0.16 8.2 Natixis Funds LrgCpGrIdxInst 48.29 -0.23 30.3 TxMIn r 14.48 -0.06 8.5 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD FF2030 15.79 -0.03 7.9 Franklin A1 LSGrowthY 22.88 -0.07 40.5 VANGUARD ADMIRAL USGroAdml 134.37 -0.46 32.6 DevMktsIndInst 14.50 -0.06 8.6
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 13.75 -0.04 9.6 IncomeA1 2.24 ... 2.9 Northern Funds 500Adml 411.86 -1.27 17.2 ValAdml 55.50 +0.02 2.6 DevMktsInxInst 22.66 -0.10 8.5
AB Funds Artisan Funds US CoreEq1 33.62 -0.16 13.7
FF2040 9.86 -0.04 11.3 FrankTemp/Frank Adv StkIdx 47.47 -0.15 NA BalAdml 43.01 -0.05 10.0 WdsrllAdml 73.06 -0.23 11.4 ExtndInst 113.00 -0.75 12.8
Freedom2030 K 15.79 -0.03 8.0 IncomeAdv 2.22 ... 3.0 Old Westbury Fds CAITAdml 11.08 -0.01 1.3 WellsIAdml 58.91 +0.04 1.1 GrwthInst 146.91 -0.79 34.3
MuniIncmShares 10.67 -0.03 1.5 IntlVal Inst 43.66 -0.02 13.1 US CoreEq2 30.31 -0.17 12.5
AB Funds - ADV Baird Funds US Small 40.87 -0.42 6.2
Freedom2035 K 13.75 -0.04 9.7 FrankTemp/Franklin A LrgCpStr 16.35 -0.06 12.1 CapOpAdml r 172.74 -0.84 18.2
WelltnAdml 70.41 +0.08 7.3 InPrSeIn 9.37 +0.03 0.7
Freedom2040 K 9.87 -0.04 11.3 Growth A 120.85 -0.51 18.3 Parnassus Fds DivAppIdxAdm 43.75 -0.07 7.2 InstIdx 372.62 -1.15 17.2
LgCpGrAdv 86.50 -0.34 23.7 AggBdInst 9.49 +0.03 1.0 US SmCpVal 40.92 -0.42 5.0 WndsrAdml 72.00 -0.41 6.3
Idx2030InsPre 18.08 -0.03 7.8 RisDv A 87.32 -0.04 6.3 ParnEqFd 54.78 -0.05 17.1 EMAdmr 33.44 -0.36 3.8 InstPlus 372.62 -1.15 17.3
American Century Inv CorBdInst 9.78 +0.02 1.3 US TgdVal 28.88 -0.31 6.3 VANGUARD FDS
Idx2035InsPre 20.46 -0.05 9.4 Guggenheim Funds Tru PGIM Funds Cl Z EqIncAdml 84.42 -0.16 1.2 InstTStPlus 77.38 -0.27 16.5
Ultra 72.40 -0.48 31.3 BlackRock Funds USLgVa 42.73 -0.14 4.1 TotRtnBdFdClInst 22.97 +0.04 1.9 TotalReturnBond 11.61 DivdGro 35.42 +0.08 1.4
Idx2040InsPre 21.03 -0.07 11.0 +0.03 NA
ExplrAdml 95.37 -0.84 9.8 MidCpInst 59.43 -0.21 7.4
American Funds Cl A HiYldBd Inst 6.78 ... 6.9 Dodge & Cox ExtndAdml 113.00 -0.76 IntlVal 39.00 -0.28 9.1
Idx2045InsPre 21.92 -0.07 11.4 Harbor Funds
PIMCO Fds Instl 12.8 MidCpIstPl 293.11 -1.03 7.4
AmcpA 36.07 -0.08 20.2 BlackRock Funds III Balanced 97.82 -0.13 6.8 Fidelity Invest CapApInst 87.01 -0.23 38.6 GNMAAdml 9.00 +0.02 0.2 LifeCon 19.99 ... 5.9
RealEstaInstl 17.97 +0.10 1.5
AMutlA 49.28 -0.01 2.7 iShS&P500IdxK 523.38 -1.62 17.2 GblStock 14.21 -0.08 12.7 AllAsset 10.69 -0.10 NA LifeGro 39.40 -0.12 10.4
Balanc 25.91 -0.01 14.0 Harding Loevner GrwthAdml 146.90 -0.79 34.3 SmCapInst 94.23 -0.80 8.0
BalA 30.39 ... 6.4 BlackRock Funds Inst Income 12.21 +0.03 2.0 TotRt 8.34 +0.02 NA LifeMod 29.39 -0.04 8.2
BluCh 159.68 -0.65 42.0 IntlEq 24.50 -0.18 NA HlthCareAdml r 88.82 +0.27 2.2 SmCapIstPl 271.99 -2.30 8.0
BondA 11.09 +0.04 -0.2 EqtyDivd 18.56 -0.05 4.3 Intl Stk 47.49 -0.30 10.2 PIMCO Funds A PrmcpCor 31.35 -0.08 15.3
BluChpGr K6 24.58 -0.09 42.1 Invesco Funds A HYCorAdml r 5.20 ... 5.1 STIGradeInst 9.97 +0.02 2.3
CapIBA 63.16 -0.02 1.7 StratIncOpptyIns 9.12 +0.02 2.3 Stock 230.76 -0.73 8.7 EqIncA 10.03 -0.01 3.1
IncomeFd 10.34 +0.03 4.0
InfProAd STAR 26.20 -0.08 9.3
Contra 15.33 -0.02 28.6 23.00 +0.07 0.6 STIPSIxins 23.77 +0.04 2.2
CapWGrA 56.89 -0.19 11.4 TotRet 9.71 +0.02 NA DoubleLine Funds PIMCO Funds I2 TgtRe2020 26.94 -0.01 6.2
CpInc NA ... 7.2 Invesco Funds Y IntlGrAdml 97.78 -1.22 8.2 TotBdInst 9.35 +0.02 0.7
EupacA 53.17 -0.26 8.8 Calamos Funds TotRetBdI 8.59 +0.02 0.7 GroCo 30.57 -0.20 35.8 DevMktY 37.11 -0.36 6.1 Income 10.34 +0.03 4.2 ITBondAdml 9.96 +0.03 0.8 TgtRe2025 17.95 -0.02 7.6 TotBdInst2 9.24 +0.03 0.7
FdInvA 68.26 -0.15 15.0 MktNeutI 14.65 +0.01 6.9 Edgewood Growth Instituti JHF III DispVal PIMCO Funds Instl ITIGradeAdml 8.27 +0.03 TgtRe2030 34.06 -0.06 8.6
InvGrBd NA ... 1.6 2.1 TotBdInstPl 9.35 +0.02 0.7
GwthA 61.82 -0.15 24.9 Columbia Class I EdgewoodGrInst 40.37 -0.26 29.0 LowP 48.17 -0.31 4.3 DispValMCI 26.18 -0.12 7.2 IncomeFd 10.34 +0.03 4.3 LarCapAd 102.92 -0.30 17.9 TgtRe2035 21.18 -0.04 9.5 TotIntBdIdxInst 29.02 +0.06 3.3
HI TrA 9.13 ... 5.4 DivIncom I 29.90 ... 4.4 Fidelity John Hancock Price Funds LTGradeAdml 7.59 +0.02 0.5 TgtRe2040 37.50 -0.10 10.3 TotStInst
Magin 11.55 -0.03 20.9 107.65 -0.38 16.5
ICAA 47.89 -0.08 16.9 Dimensional Fds 500IdxInstPrem 154.92 -0.47 17.3 NASDAQ 174.60 -1.48 32.4 BondR6 13.14 +0.04 1.4 BlChip 141.71 -0.58 36.9 MidCpAdml 269.03 -0.95 7.4 TgtRe2045 25.37 -0.08 11.2 ValueInst 55.50 +0.02 2.7
IncoA 22.48 -0.01 0.9 5GlbFxdInc 10.15 +0.01 3.3 Contrafund K6 21.41 -0.04 27.3 OTC 16.79 -0.10 30.9 JPMorgan I Class DivGro 67.70 -0.14 6.2 MuHYAdml 10.23 -0.03 2.3 TgtRe2050 42.20 -0.15 11.6 Victory Port
N PerA 54.88 -0.24 16.0 EmgMktVa 28.62 -0.19 9.3 ExtMktIdxInstPre 70.98 -0.48 12.8 Puritn 23.01 +0.01 13.2 CoreBond 9.96 +0.02 NA Growth 83.41 -0.26 35.4 MuIntAdml 13.28 -0.03 1.3 TgtRe2060 43.35 -0.16 11.6 VsycamoreFnd 45.54 -0.41 2.4
NEcoA 51.67 -0.14 18.8 EmMktCorEq 21.57 -0.17 8.3 FidSerToMarket 14.69 -0.05 16.6 SAIUSQtyIdx 18.34 -0.09 19.8 EqInc 22.07 -0.01 NA LgCapGow I 61.49 -0.18 33.9 MuLTAdml 10.49 -0.04 1.5 TgtRet2055 47.07 -0.17 11.6 WCM Focus Funds
NwWrldA 72.80 -0.35 9.5 IntlCoreEq 14.42 -0.08 8.6 GrowthCompanyK6 20.72 -0.13 34.6 SrsEmrgMkt 16.68 -0.19 6.8 LgCpGwth 56.05 -0.19 NA MidCap 99.02 -0.66 11.6 MuLtdAdml 10.65 ... 1.4 TgtRetInc 12.72 ... 4.9 WCMFocIntlGrwIns 21.28 -0.07 8.2
SmCpA 61.36 -0.48 9.4 IntSmCo 18.24 -0.12 6.1 IntlIdxInstPrem 44.99 -0.14 9.2 SrsGlobal 13.25 -0.07 7.3 JPMorgan R Class NHoriz 54.02 -0.26 16.6 MuShtAdml 15.59 ... 1.8 WellsI 24.32 +0.02 1.1 Western Asset
TxExA NA ... NA IntSmVa 20.21 -0.11 9.1 LgCpGwId InstPre 27.10 -0.13 30.4 SrsGroCoRetail 18.49 -0.12 34.3 CoreBond 9.98 +0.03 NA R2025 15.77 -0.03 7.9 PrmcpAdml r 157.73 -0.36 20.5 Welltn 40.77 +0.04 7.3 CoreBondI NA ... NA
WshA 54.43 -0.03 8.2 LgCo 30.44 -0.09 17.3 MidCpInxInstPrem 27.85 -0.13 7.8 SrsIntlGrw 15.80 -0.06 10.8 CorePlusBd 7.02 +0.02 NA R2030 23.85 -0.05 9.1 RealEstatAdml 116.11 +0.67 1.5 WndsrII 41.19 -0.12 11.3 CorePlusBdI NA ... NA
B10 | Friday, September 8, 2023 ** THE WALL STREET JOURNAL.

BANKING & FINANCE

DC Advisory Hires
Rothschild Veteran
Japanese-owned on capital raising and merg- Rothschild, J.P. Morgan, RBC
ers and acquisitions, the Capital Markets and Credit
bank has added 27 statement said. He joins Man- Suisse, the statement said.
senior executives in aging Directors John Lanza DC Advisory has made ex-
and Jordan Finkler along with panding its U.S. business a
the past two years a team of 50 bankers globally. strategic priority as part of a
The team has a broad re- goal to become “the premier

KIYOSHI OTA/BLOOMBERG NEWS

BY ROD JAMES mit, covering 19 subsectors midmarket investment bank,
ranging from information- globally,” according to previ-
DC Advisory has hired the technology services to trans- ous statements from Hiroki
former global co-head of busi- port and logistics and busi- Ikeda, deputy head of global
ness services investment ness process outsourcing, ac- investment banking at the
banking activity at Rothschild cording to the bank’s website. bank’s parent company, Daiwa
& Co., the 27th senior appoint- Its clients include midmarket Securities.
ment made by the boutique buyout shops Gallant Capital Earlier this week, DC Advi- The investment bank is owned by Japan’s Daiwa Securities Group.
investment bank in just two Partners and Mobeus Equity sory announced the hiring of
years, according to a state- Partners, as well as the pri- Stan Holtz, a 30-year veteran asset manager BlackRock, re- private equity during 2022, terest rates and more expen-
ment seen by The Wall Street vate-equity investment arm of from Truist Securities, to lead spectively, to launch a U.S. in- advising on 18 deals with a sive debt financing.
Journal. Ontario Municipal Employees its U.S. telecom and digital in- frastructure business. value of $2.6 billion. The total value of M&A
Dan Skolds joins as a New Retirement System, according frastructure services team. The bank has a presence in DC Advisory’s aggressive deals announced globally fell
York-based managing director to the bank’s website. In March, the bank brought Europe and in Japan, the growth comes during a pro- to $3.61 trillion, a 37% decline
in DC Advisory’s business & Skolds has advised on more in Managing Directors An- home market of its parent. It longed slump in M&A activity from 2021’s record high, The
tech-enabled services team, than $40 billion of M&A trans- thony Edwards and Hannah ranked seventh in data pro- caused by a combination of Wall Street Journal reported
which advises businesses and action volume in his 30-year Schofield from investment vider Dealogic’s list of the factors, including macroeco- in January, citing data pro-
their private-equity sponsors career, which includes stints at bank CIBC World Markets and most active banks in European nomic uncertainty, higher in- vider Refinitiv.

Bridgepoint to Acquire Renewables Hacks on Hospitals

Investor Energy Capital Partners To Reach Record Year
BY KIM S. NASH 180,000, tripling in the past
BY CHRIS CUMMING “Our criteria was pretty ship group, while ECP Manag- three years, Riggi said. Most of
AND JOSEPH HOPPE narrow and not many firms ing Partner Pete Labbat will A record year for cyberat- the data is stolen from network
can fit it, but Bridgepoint did,” join a committee focused on tacks on U.S. hospitals is put- servers and email accounts, he
Bridgepoint Group said it he said. talent and compensation. ting patients in danger, as said, which indicates hospitals
agreed to acquire infrastruc- Bridgepoint said Wednesday ECP’s present management hospitals struggle to cope aren’t taking care to encrypt
ture investor Energy Capital that it would pay £835 million and investment team will con- with disabled equipment and most of the information.
Partners Holdings at an enter- for the firm, the equivalent of tinue to run the business un- frozen data, an official from “Email and phones go
prise value equivalent to about $1.05 billion, including as der its current name following the American Hospital Associ- down. Backup computers gen-
$1 billion to create a private- many as 235 million newly is- the combination. ation warned Thursday. erally don’t work or have only
equity asset manager with as- sued Bridgepoint shares and The deal will create a firm Hackers, especially ransom- about three days of data on
sets of more than $61 billion. £233 million in cash. Bridge- controlling about €57 billion in ware groups, are routinely tak- them,” Riggi told the audience
The transaction would give point also will pick up £179 assets, equivalent to about ing down medical applications of healthcare technology and
ENERGY CAPITAL PARTNERS

Bridgepoint, a London-based million of ECP’s existing debt. $61.11 billion. Bridgepoint, and internet connections, and cyber leaders. “We have seen
midmarket specialist, a pres- The transaction is expected to which went public on the Lon- freezing up patient and opera- this consistently.”
ence in the energy-infrastruc- close within four to six don Stock Exchange in 2021, tions data, John Riggi, na- Hospitals must plan
ture sector in addition to its months, and is subject to manages about €38 billion, or tional adviser for cybersecu- for three to four weeks of
existing private-equity and shareholder approval. $40.73 billion, while ECP man- rity and risk at the AHA, said, downtime in the event of a cy-
credit operations. Bridgepoint shares rose ages about $20.1 billion. speaking at a meeting of the berattack, Riggi said.
Summit, N.J.-based ECP 8.2% Wednesday to 189.3 Doug Kimmelman New York asset manager Healthcare Information and U.S. government agencies,
specializes in energy transition pence. Blue Owl Capital owns stakes Management Systems Society. including the Federal Bureau of
and sustainable-energy invest- Bridgepoint said the deal utive starting Oct. 1. in both firms and will hold Since January, the medical Investigation and the Cyberse-
ments, which are among the will prompt leadership The firm also plans a new about 15.5% of the shares of data of more than 61 million curity and Infrastructure Secu-
most rapidly growing strate- changes. The combined group £50 million share buyback, ex- the combined business after people has been stolen or ex- rity Agency, have begun to
gies in the infrastructure sec- will split the roles of chief ex- pected to start once an exist- the deal closes, according to a posed in more than 400 cyber- treat cyberattacks in healthcare
tor globally. ecutive and chairman after ing £50 million repurchase public filing on the London attacks, according to statistics as threat-to-life crimes, he said.
A deal had been in the adding ECP, with William Jack- program ends, reflecting the Stock Exchange. from the U.S. Department of That means using offensive
works for months. ECP founder son, who currently holds both enlarged company’s increase in The filing said that ECP’s Health and Human Services. tactics to proactively interrupt
Doug Kimmelman said there roles, set to lead the Bridge- fundamental value, Bridge- partners and participating em- This vastly outpaces activity hacker infrastructure. While
was no formal sales process, point board and continue to fo- point said. ployees would have roughly in 2022 and 2021. building strong cyber protec-
and it took the firm time to cus on the core private-equity In other changes, Kimmel- 19% of Bridgepoint’s shares af- The average number of pa- tions is vital for hospitals, fed-
find a merger partner that business. Bridgepoint Group man and ECP Managing Part- ter the transaction closes, a tients affected in a hack is eral help is needed, he said.
would be a good fit in size, ge- Managing Partner Raoul ner Tyler Reeder will join proportion that could increase
ography, strategy and culture. Hughes will become chief exec- Bridgepoint’s executive leader- to 25% with earn-outs. Average recovery cost from a cyberattack by industry, 2023

Healthcare

Wells Fargo Public Affairs Head Is Retiring Financial

Pharmaceuticals
Energy
BY BEN EISEN der its current CEO, Charlie scandal, which burst into the country, and across party Industrial
Scharf. open in 2016. lines.”
Wells Fargo said that its Daley has overseen the “We’ve made real progress Daley previously worked Transportation
well-connected head of public bank’s sprawling public affairs in improving Wells Fargo’s with Scharf at Bank of New Entertainment
affairs would retire at year-end. group, which includes govern- standing in the public eye,” he York Mellon and JPMorgan Hospitality
Bill Daley, a former chief of ment relations, communica- said in a statement. “I see it Chase. He also served as com-
staff to President Obama who is tions and community rela- in the data, and I hear it in merce secretary under Presi- Retail
also a Wall Street veteran, tions. It has been a key part of the conversations I have both dent Clinton. $0 million 2 4 6 8 10 12
joined Wells Fargo in 2019, the bank’s yearslong effort to internally and externally, Wells Fargo has yet to name Note: For data breaches that occurred between March 2022 and March 2023.
when the bank reorganized un- recover from its fake-accounts across different parts of the a successor for Daley. Source: IBM analysis of 553 cyber incidents in 16 countries

Guilty Plea and moving forward with his

life,” said Jason Linder, a law-
yer for Salame.
SEC Probes yond investors sued Cohen last
year in Washington, D.C., fed-
eral court, alleging he commit-
bandwagon of retail investors
grew from the depths of the
Covid-19 pandemic, when trad-
stock rose 12% that day, ac-
cording to FactSet data.
In his response to the inves-

Is Fourth in A spokesman for Bankman-

Fried declined to comment.
Salame committed crimes
Cohen’s Bed ted fraud because he was
aware of bad news about the
company that hadn’t been dis-
ers triggered by social-media
posts and online communities
such as Reddit began gambling
tors’ lawsuit, Cohen denied
misleading the market about
his trading plans. He decided

FTX Failure “through an unlawful political

influence campaign
through an unlicensed money
and Bath Trades closed when he sold his shares.
They claim his statements on
Twitter and in SEC filings were
on meme stocks.
According to the investors’
lawsuit, Cohen misled investors
to sell, he said in a court filing,
because the stock price had
“unexpectedly increased to a
transmitting business, which part of a pump-and-dump when he tweeted on Aug. 12, value that exceeded what he
Continued from page B1 helped FTX grow faster and Continued from page B1 strategy that left small inves- 2022, in response to a negative believed it was worth.”
in the money-transmitter of- larger by operating outside of oped a deep fan base of indi- tors nursing big losses. news article about Bed Bath & Cohen also said that one of
fense. He agreed to pay $6 mil- the law,” Manhattan U.S. At- vidual investors who herd into In an order issued in late Beyond, that included an emoji his earlier disclosures told in-
lion toward the order and $5.6 torney Damian Williams said. the stocks he buys. He most July declining to dismiss the showing the face of the moon. vestors that he could sell some
million in restitution. He was Caroline Ellison, former notably took control in 2021 of investors’ claims, U.S. District Some investors took it as a or all of his shares. He didn’t
released on a $1 million bond chief of Alameda Research, videogame retailer GameStop, Judge Trevor N. McFadden bullish signal, indicating that change that statement, so in-
and is to be sentenced March 6. and Gary Wang and Nishad where he currently serves as called the timing of Cohen’s Bed Bath & Beyond stock vestors were on notice that Co-
“Ryan looks forward to put- Singh, former FTX executives, executive chairman. trades “sketchy.” would go “to the moon,” ac- hen could dump his stake at
ting this chapter behind him have also entered guilty pleas. A group of Bed Bath and Be- Cohen’s ability to attract a cording to the lawsuit. The any time, his court filing said.

New Highs and Lows Stock

52-Wk %
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Continued From Page B9 52-Wk % 52-Wk % EssentialUtil WTRG 35.44 0.8 IGM Biosci IGMS 6.45 8.1 MedicennaTherap MDNA 0.30 -7.2 PENN Entmt PENN 21.76 -1.2 SacksParenteGolf SPGC 1.51 -12.8 TempestTherap TPST 0.46 -14.4
Etsy ETSY 68.36 -5.0 I-Mab IMAB 1.66 -4.8 MediWound MDWD 7.30 -1.7 PLBY Group PLBY 1.12 -8.1 SafeguardSci
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
EvaxionBiotech EVAX 0.71 -8.2 Ideanomics IDEX 2.33 -5.1 MethodeElec MEI 23.05 -22.2 PacGE pfH PCGpH 14.82 -2.0 SallyBeauty
SFE
SBH
1.01 -1.9 TempoAutomation TMPO
9.33 -1.4 3D Systems DDD
0.22
4.90
-2.8
-7.5
Stock Sym Hi/Lo Chg BlueStarFoods BSFC 0.38 15.8 ContainerStore TCS 2.12 -1.3 EVgoWt EVGOW 0.45 ... Illumina ILMN 156.14 -0.7 MineralysTherap MLYS 11.30 -3.3 PacGE pfD PCGpD 15.40 1.4 Satellogic SATL 1.50 -2.5 TootsieRoll TR 30.82 -1.1
Brera BREA 1.31 -9.0 CorEnergyInfr CORR 0.80 -10.2 ExcelerateEner EE 17.86 -3.6 Incannex IXHL 1.26 -9.4 MobileGlbEsports MGAM 0.38 -11.2 PacGE pfC PCGpC 15.68 -1.6 ScrippsEW SSP 5.41 -3.8 Torrid CURV 1.67 -24.1
AkoustisTechs AKTS 1.02 -10.3
BrightHealth BHG 7.16 -6.2 CrownElectrokin CRKN 0.87 -18.2 Expensify EXFY 4.04 -4.2 Infobird IFBD 0.17 -9.6 ModelN MODN 26.50 -3.5 ParamountB PARA 12.84 -2.8 SealedAir SEE 33.47 -4.7 TransCodeTherap RNAZ 1.03 -20.1
AligosTherap ALGS 0.83 -0.8
BrightMindsBio DRUG 1.96 -5.8 Cullen/Frost CFR 91.33 -2.0 FMC FMC 74.82 -7.4 InglesMarkets IMKTA 73.38 -0.8 ModivCare MODV 26.20 -0.8 ParamountA PARAA 15.96 -1.2 SecooHolding SECO 0.38 -6.4 TrancntlRlty TCI 32.23 -0.4
AlkalineWater WTER 0.31 -16.2
BrookfieldInfr BIPC 36.10 0.7 CuriosityStream CURI 0.71 -0.1 FreyrBatteryWt FREY.WS 1.42 -2.0 InspireVeterinary IVP 1.75 -31.4 MolecularPtrs MOLN 5.29 -4.3 ParamountPfdA PARAP 19.50 -1.4 SenseiBiotherap SNSE 0.85 -0.7 TreaceMed TMCI 14.13 -7.3
Allakos ALLK 2.65 -2.0
BrookfieldRenew BEPC 25.39 1.2 CyclacelPharm CYCC 0.33 -2.9 FTC Solar FTCI 1.70 -5.9 Insulet PODD 170.87 -7.7 MoleculinBiotech MBRX 0.34 -25.0 PerimeterSolns PRM 5.21 -4.5 SeresTherap MCRB 3.06 1.6 TreasureGlobal TGL 0.28 -15.5
AllarityTherap ALLR 1.39 -11.9
BrookfieldRenew BEP 23.62 1.7 Cyngn CYN 0.51 17.6 FaradayFuture FFIE 3.86 -23.7 Intevac IVAC 3.18 -4.7 Momentus MNTS 6.17 -12.1 PetcoHealth WOOF 4.91 -2.2 ShiftPixy PIXY 0.42 -5.6 TremorIntl TRMR 3.67 -0.5
AllianceEnt AENT 1.70 -10.0
BuzzFeed BZFD 0.34 -7.4 DZS DZSI 1.94 -9.7 FaradayFutureWt FFIEW 0.03 -17.7 Ioneer IONR 6.04 -0.5 Monro MNRO 31.24 -3.7 PetMedExpress PETS 10.80 -2.9 Shineco SISI 0.11 0.8 Trinseo TSE 7.43 -8.1
AlmacenesExito EXTO 5.13 -1.2
CBL&Assoc CBL 20.85 -1.3 DaqoNewEnergy DQ 33.30 -4.6 Farfetch FTCH 2.49 -2.2 IronwoodPharm IRWD 8.52 -1.0 MyMD Pharm MYMD 0.78 -3.7 Pfizer PFE 34.04 -0.3 Shutterstock SSTK 40.03 -3.6 TriSalusLifeSci TLSI 4.95 -1.9
AltisourceAsset AAMC 7.15 -8.6
C4 Therap CCCC 2.19 -2.1 DareBioscience DARE 0.60 -1.1 FateTherap FATE 2.41 -5.0 iSpecimen ISPC 0.61 -3.0 NGM Biopharm NGM 1.59 -7.4 PhoenixNewMedia FENG 1.27 -3.7 ShuttlePharm SHPH 0.52 -7.0 TritiumDCFC DCFC 0.81 -5.3
AlzamendNeuro ALZN 0.25 -1.9
NRX Pharm NRXP 0.23 -8.2 Pluri
AmbowEduc AMBO 0.18 -0.8 CH Robinson CHRW 86.02 -1.4 DieboldNixdorf DBD 16.50 -0.5 FaZe FAZE 0.22 -4.7 JX Luxventure JXJT 1.35 -11.6 PLUR 0.53 -17.2 Sibanye-Stillwater SBSW 5.52 -1.2 2seventybio TSVT 4.47 -2.9
CN Energy CNEY 0.13 -13.1 DigitalHlthWt DHACW 0.02 -24.1 FibroGen FGEN 0.90 3.1 JaguarHealth JAGX 0.31 -7.2 NaborsEnerIIWt NETDW 0.20 -17.7 PolestarAuto PSNY 2.81 -8.3 SilkRoadMed SILK 18.23 -2.6 UnitedFire UFCS 18.74 -1.3
Amcor AMCR 9.13 -1.4 NanoStringTech NSTG 1.83 -9.4 Polished.com
AmerVanguard AVD 12.52 -2.0 CalWtrSvc CWT 48.10 0.8 DineBrands DIN 52.83 1.0 FirstSeacoastBncp FSEA 7.11 -0.4 JamesRiver JRVR 13.94 -3.4 POL 0.10 -8.1 Sinclair SBGI 9.81 -0.3 UnitedHomes UHG 7.13 -5.2
CamberEnergy CEI 0.33 -11.1 Dingdong DDL 1.60 -1.8 5EAdvMatls FEAM 2.17 -0.4 Jeffs'Brands JFBR 0.47 2.4 NatlBankshares NKSH 24.99 -0.8 PrecisionBio DTIL 0.41 -6.8 SingularGenomics OMIC 0.44 -3.0 UTime WTO 0.36 -1.4
AmpriusTech AMPX 3.65 -16.3 NationalVision EYE 16.75 -1.4 PresidioProperty Vacasa VCSA 0.46 -7.0
AmpriusTechWt AMPX.WS 0.15 -25.6 CambiumNtwks CMBM 8.05 -8.6 Disney DIS 79.75 -0.5 ForwardIndustries FORD 0.79 -2.7 JetBlue JBLU 5.33 -3.6 SQFT 0.78 -1.7 60DegreesPharm SXTP 1.18 -8.7
CIBC CM 39.08 -0.8 DollarGeneral DG 123.31 -2.2 ForzaX1 FRZA 0.85 -4.0 JinkoSolar JKS 29.52 -7.3
NemauraMedical NMRD 0.40 -4.6
PriorityTech PRTH 2.62 -13.3 Skillz Vaccitech VACC 1.83 -3.7
AnnovisBio ANVS 10.81 -4.9 SKLZ 6.83 -6.3
CaraTherap CARA 1.94 -8.3 DollarTree DLTR 115.18 -0.7 Netcapital NCPL 0.46 ... Valhi VHI 12.01 -3.1
AppliedUV AUVI 0.47 -5.7 FreightCarAmer RAIL 2.62 -0.9 Joint JYNT 8.92 1.9 ProcessaPharm PCSA 0.28 -1.6 SmartforLife SMFL 0.89 -4.1
CardioDiag CDIO 0.32 -14.6 DominionEner D 45.79 0.2 Neuronetics STIM 1.45 -4.4 ValmontInds VMI 236.98 -0.9
Arrival ARVL 1.47 -1.3 Frontier ULCC 6.06 -0.8 KaryopharmTherap KPTI 1.14 -0.9 ProspectCapital PSEC 5.92 0.2 Sohu.com SOHU 9.95 -4.8
Carecloud CCLD 1.38 -2.0 Durect DRRX 2.78 0.3
NexstarMedia NXST 133.32 -5.2 VerintSystems VRNT 24.27 -19.4
AshfordHospPfdI AHTpI 11.20 -3.7 FullHouse FLL 4.49 0.2 Kellogg K 59.10 0.1 Psychemedics PMD 3.85 -3.0 SolarEdgeTech SEDG 147.96 -2.3
Cato 7.60 0.5 DutchBros 24.64 -4.6
Nkarta NKTX 1.62 -2.3 VersusSystems VS 0.23 -7.6
AshfordHospPfdH AHTpH 11.90 -0.8 CATO BROS G1Therapeutics GTHX 1.61 -0.6 Kenvue KVUE 20.96 -6.2 Pulmatrix PULM 2.29 -0.9 SolidBiosci SLDB 3.35 -2.6
noco-noco NCNC 0.97 -19.4 VerveTherap VERV 11.97 -0.5
AshfordHospPfdD AHTpD 12.70 -0.8 CenntroElec CENN 0.25 -0.1 EDAP TMS EDAP 5.78 -4.6 G Willi-Food WILC 10.01 -4.9 KinnateBio KNTE 1.84 -10.5 QuantaSing QSG 6.40 -2.7 Sonos SONO 13.13 -1.4
Noodles NDLS 2.65 -2.2 ViaSat VSAT 24.01 -4.9
CenturyCasinos CNTY 5.65 -6.2 EIDP$4.50Pfd CTApB 73.50 -1.3 Gaucho 0.16 -11.6 KiromicBiopharma KRBP
AshfordHospPfdF AHTpF 11.50 -3.0 VINO 1.55 -4.1 NorfolkSouthern NSC 195.66 -1.1 QurateRetailA QRTEA 0.62 -10.6 SpartanNash SPTN 20.57 0.3 VigilNeurosci
VIGL 4.68 -0.8
AthiraPharma ATHA 2.02 -7.7 Cerus CERS 1.62 -4.7 ENDRA LifeSci NDRA 0.97 3.7 GeneralMills GIS 64.70 -1.3 KnowLabs KNW 0.50 -18.5 Novonix 2.04 -6.7 REE Automotive REE 0.16 -5.2 SportsmansWrhs SPWH 2.98 -26.0 VinceHolding
NVX VNCE 2.10 -3.9
AtlantaBravesA BATRA 40.35 0.2 ChargeEnt CRGE 0.43 -6.8 ESGL ESGL 1.12 -7.4 GoldRoyalty GROY 1.36 ... KodiakSciences KOD 2.08 -2.3 NuSkinEnts NUS 22.66 -1.1 RGC Resources RGCO 17.60 0.9 StateStreetPfdG STTpG 22.08 0.7 VintageWineEstates VWE 0.70 -4.4
Atreca BCEL 0.32 -2.1 ChargePoint CHPT 4.96 -10.9 EzgoTech EZGO 0.20 -32.7 GoldenMinerals AUMN 0.73 -6.3 L3HarrisTech LHX 168.01 -0.9 NuCana NCNA 0.60 -4.9 RainOncology RAIN 0.91 -0.6 Stepan SCL 78.35 -1.3 VirBiotech VIR 11.48 -4.2
AultAlliance AULT 0.87 -8.9 Charles&Colvard CTHR 0.74 -5.1 EaglePharm EGRX 15.94 -4.8 GoPro GPRO 3.44 -1.7 LandmarkBncp LARK 19.01 -0.6 NuScalePower SMR 5.70 1.2 RebornCoffee REBN 0.59 -6.2 StreamlineHlth STRM 1.00 -7.8 ViraxBiolabs VRAX 0.33 -6.1
AvalonHoldings AWX 2.04 -0.9 ChefsWarehouse CHEF 26.94 1.9 EdibleGarden EDBL 0.77 -31.5 GorillaTech GRRR 1.43 -5.9 LeapTherap LPTX 1.95 -4.3 OddityTech ODD 36.06 -7.3 RegencyCtrsPfdB REGCO 21.66 0.2 SturmRuger RGR 49.45 -1.5 VirginGalactic SPCE 2.29 -5.6
AvenueTherap ATXI 0.71 -1.9 ChijetMotor CJET 1.40 -7.9 1847Holdings EFSH 0.07 -1.4 GrafTechIntl EAF 3.35 -2.8 Leggett&Platt LEG 26.35 -0.7 ON24 ONTF 6.57 -0.9 RelayTherap RLAY 9.28 -1.0 SunOpta STKL 3.76 -1.8 VistaGold VGZ 0.45 1.3
AvidityBio RNA 6.64 ... ChinaGreenAg CGA 1.62 -19.5 EksoBionics EKSO 0.87 -0.7 GreenDot GDOT 13.88 -0.1 LexiconPharm LXRX 1.57 -0.6 Oatly OTLY 1.12 -5.0 Remark MARK 0.56 -5.3 SunPower SPWR 6.31 -2.5 voxeljet VJET 1.11 -3.5
BeamGlobal BEEM 7.69 -1.6 Clarus CLAR 6.53 -1.5 ElevationOnc ELEV 0.69 -7.7 GromSocialEnts GROM 3.82 -28.2 LibertyLiveA LLYVA 31.00 -0.8 OceanPwrTech OPTT 0.40 0.4 ReShapeLife RSLS 0.85 -8.4 SunshineBio SBFM 0.37 4.4 WalgreensBoots WBA 21.92 -2.7
BeamGlobalWt BEEMW 3.00 -20.0 ClearSecure YOU 20.52 0.5 Embecta EMBC 15.53 -13.2 GrupoTelevisa TV 3.86 -3.3 LibertySirius A LSXMA 22.47 -2.5 OfficePropIncm OPI 5.81 -5.6 ResMed RMD 149.19 -1.8 Sunworks SUNW 0.70 -3.5 WaterstoneFinl WSBF 12.02 0.4
BeautyHealth SKIN 5.67 -2.4 CleverLeaves CLVR 3.05 -1.2 EnantaPharma ENTA 11.56 3.4 HainCelestial HAIN 9.54 ... LionGroup LGHL 1.97 -0.9 Olaplex OLPX 2.42 -3.9 RevanceTherap RVNC 16.14 -2.0 SuperLeagueGam SLGG 0.11 -3.8 WeWork WE 3.12 -7.6
BensonHill BHIL 0.56 0.2 CoeurMining CDE 2.23 -3.0 Energous WATT 1.60 -8.4 HallmarkFin HALL 1.91 -3.5 LoopMedia LPTV 0.67 -11.4 Oncocyte OCX 3.24 -2.4 Revolve RVLV 13.22 -5.1 Synaptogenix SNPX 0.40 -12.2 WiSA Tech WISA 0.69 -5.4
BetterChoice BTTR 0.12 10.5 CompassMinerals CMP 27.95 0.1 EnphaseEnergy ENPH 118.14 -0.7 HealthcareSvcs HCSG 10.88 -1.0 LufaxHolding LU 1.13 -4.1 Ontrak OTRK 0.80 -3.1 RichardsonElec RELL 11.31 -4.9 System1Wt SST.WS 0.08 -41.1 Workhorse WKHS 0.60 -7.9
BetterHome&Fin BETR 0.61 -18.2 CompleteSolaria CSLR 1.97 4.1 EntergyNOLA Bds ENJ 21.26 0.4 Heliogen HLGN 5.00 -18.6 LytusTech LYT 0.31 -6.2 Opthea OPT 2.20 -2.2 RockyBrands RCKY 15.61 -1.5 System1 SST 1.28 -25.0 Xencor XNCR 21.22 -1.2
BioCardia BCDA 0.48 -0.6 ComputerPrograms CPSI 14.21 -4.6 Entravision EVC 3.50 -1.7 Hershey HSY 208.62 -0.7 MAG Silver MAG 10.26 -2.2 OrthoPediatrics KIDS 35.23 -5.1 RoyaltyPharma RPRX 28.46 -0.7 Telus TU 16.67 -0.1 Yunji YJ 0.57 -4.1
Biolase BIOL 2.94 -10.0 ConagraBrands CAG 28.80 -0.6 EnvirotechVeh EVTV 1.41 -4.0 HimalayaShipping HSHP 4.66 -4.1 Macy's M 11.56 -1.7 OsiskoDevelopment ODV 2.98 -6.3 SEALSQ LAES 4.93 -1.9 TH Intl THCH 2.05 -8.4 ZimIntShipping ZIM 11.30 -3.0
BioXcelTherap BTAI 3.34 -2.6 Concentrix CNXC 71.07 -5.5 Envista NVST 30.07 -2.7 HormelFoods HRL 36.90 -0.7 MarriottVacations VAC 102.65 -3.4 OutfrontMedia OUT 10.40 -2.3 SignaSports SSU 0.49 -10.6 TPIComposites TPIC 4.05 -8.3 Zynex ZYXI 6.88 2.4
BlinkCharging BLNK 3.46 -4.2 ConsensusCloud CCSI 26.32 -15.4 EsportsEnt GMBL 0.10 -8.1 HubCyberSecurity HUBC 0.32 -7.7 Materialise MTLS 6.12 -2.0 OxbridgeRe OXBR 1.01 -5.6 SKYX Platforms SKYX 1.30 -0.4 TTEC TTEC 27.64 -3.5 ZyVersaTherap ZVSA 0.11 -6.2
THE WALL STREET JOURNAL. ***** Friday, September 8, 2023 | B11

MARKETS

Apple Selloff, Rate Worries Weak Economic

Drive Down Nasdaq, S&P Data Pressure
Chinese Yuan
BY HANNAH MIAO Index performance on Thursday from their year-to-date lagging
performance.
0.50%
The S&P 500 declined for a “Growth is taking a BY CAITLIN MCCABE Federal Reserve having
third consecutive trading day, Dow Jones Industrial Average breather,” said Jon Maier, chief raised short-term interest
0.25
dragged down by concerns investment officer of Global X China’s currency is coming rates to their highest level in
about the path of interest rates 0 ETFs. “Value is taking the lead under fresh pressure after more than two decades.
and a selloff in Apple shares. short term.” another round of weak data Prices of U.S. government
The broad index pulled back –0.25 Shares of Walt Disney added to concerns about the bonds have fallen in re-
0.3%. The tech-heavy Nasdaq dropped to $80.57, their lowest country’s flagging economy. sponse, driving yields to
Composite fell 0.9%, its fourth –0.50 closing price since 2014. The Data Thursday showed their highest level in more
straight negative session. The firm is contending with Holly- China’s exports dropping for than 15 years, as investors
S&P 500
blue-chip Dow –0.75 wood strikes and a dispute a fourth bet short-term rates will stay
THURSDAY’S Jones Indus- over fees with cable operator CURRENCIES s t r a i g h t elevated for years to come.
MARKETS trial was the –1.00 Charter Communications as month in Au- Higher forward-looking
outperformer, well as the prospect of sus- gust, a further sign that the returns on U.S. bonds in turn
adding 57.54 points, or 0.2%. –1.25 tained losses in its TV and country’s decadeslong eco- have made the dollar more
This year’s expectation-de- streaming businesses. nomic boom is fading. attractive to yield-seeking
fying rally has been fueled in –1.50 Nasdaq Composite AMC Entertainment shares The offshore yuan settled investors.
part by optimism that the Fed- sank to a record, continuing at 7.3419 a dollar. That was The WSJ Dollar Index,
eral Reserve might soon con- –1.75 Five-minute intervals their decline after the movie- its second-weakest closing which measures the green-
clude, and even begin to re- 10 a.m. 11 noon 1 p.m. 2 3 4 theater chain announced a level on record based on data back against a basket of 16
verse, its interest-rate-raising plan to sell as many as 40 mil- going back to 2010, when other currencies, has risen
campaign as inflation wanes. Source: FactSet lion common shares. China began to allow off- about 5% since mid-July to
Fresh data this week have In the bond market, the 10- shore currency trading, ac- hit highs last registered in
stirred worries that the Fed year U.S. Treasury yield eased cording to Dow Jones Market November.
might need to keep lifting to 4.260% from 4.289% on Data. Investors are divided over
rates to cool a still-hot U.S. Wednesday. The onshore yuan settled whether the Fed will raise
JOE BURBANK/ORLANDO SENTINEL/ASSOCIATED PRESS

economy. Oil benchmark Brent crude at 7.3286 a dollar, its weak- interest rates further this
The latest jobless-claims re- fell 0.8% to $89.92 a barrel. est end-of-day level since De- year but largely agree that
port suggested the labor mar- Overseas, Europe’s Stoxx cember 2007. the central bank will be in no
ket remains tight. Initial 600 fell 0.1%. At midday Fri- China’s currency woes are rush to cut them.
claims fell to the lowest level day, Japan’s Nikkei 225 was partly the result of U.S. eco- By contrast, China’s cen-
since early February, marking down 0.9%, Hong Kong’s Hang nomic strength as well as tral bank unexpectedly cut
a fourth straight week of de- Seng Index was down 1.3% and China’s economic weakness. two key interest rates last
clines, the Labor Department the Shanghai Composite was A run of recent data have month and some analysts an-
said Thursday. The report down 0.5%. S&P 500 futures indicated the U.S. economy ticipate another cut to both
came after unexpectedly were flat. remains resilient, despite the before the end of 2023.
strong services-sector data
drove a down session for
stocks Wednesday. Hurricane Idalia moved through Walt Disney World last month. AUCTION RESULTS How many offshore Chinese yuan $1 buys
Here are the results of Thursday's Treasury auctions.
“The fear is that the labor All bids are awarded at a single price at the market-
6.00 yuan
clearing yield. Rates are determined by the difference
market is so hot and so strong Also weighing on the S&P The information-technology between that price and the face value.
that it could open the door for 500 and Nasdaq, Apple shares sector was the worst-perform- FOUR-WEEK BILLS
more hikes later this year,” continued to tumble. The stock ing segment of the S&P 500, Applications $216,497,348,900 6.25
Accepted bids $80,536,573,900
said Ryan Detrick, chief market fell 2.9% Thursday, with Apple down 1.6%. " noncompetitively $4,478,958,600
strategist at Carson Group. shedding nearly $190 billion in Utility stocks proved the " foreign noncompetitively $30,000,000
6.50
Auction price (rate) 99.589333
Traders overwhelmingly be- market value over the last two best-performing sector in the (5.280%)
lieve the Fed will hold rates at days. The Wall Street Journal S&P 500 on Thursday, a sign of Coupon equivalent 5.390%
Bids at clearing yield accepted 23.29%
current levels at its September reported China has ordered of- the risk-off mood among inves- Cusip number 912797HA8
6.75
policy meeting but are split on ficials at central government tors. The sector rose 1.3%, its The bills, dated Sept. 12, 2023, mature on Oct. 10,
whether officials will lift rates agencies not to use iPhones at best day since July. Utilities 2023. Scale inverted to
7.00 show weakening
w a weakeni
in November. work. Meanwhile, a new Hua- are typically thought of as de- EIGHT-WEEK BILLS
yuan.
Applications $195,868,996,500
Federal-funds futures re- wei phone is gaining notice in fensive stocks that tend to hold Accepted bids $70,469,209,000
flect a roughly 40% chance of a China. up better when the market is " noncompetitively $1,288,833,400 7.25
" foreign noncompetitively $0
0.25-percentage-point increase Concerns about Apple rocky. This year, the sector has Auction price (rate) 99.177111
in November, up from a 29% spilled over into the perfor- struggled. (5.290%)
Coupon equivalent 5.423% 7.50
probability a month ago, ac- mance of other megacap tech Real-estate and healthcare Bids at clearing yield accepted 43.91%
cording to CME Group’s Fed- stocks. Nvidia declined 1.7% stocks were also among the Cusip number 912797HJ9
2011 ’15 ’20 ’23
Watch Tool. and Microsoft shed 0.9%. session’s gainers, breaking The bills, dated Sept. 12, 2023, mature on Nov. 7, 2023. Source: Tullett Prebon

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B12 | Friday, September 8, 2023 ** THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

U.S. Wind-Farm Revolution Is Broken

Even with generous green subsidies, offshore wind projects are being called off as developers struggle to make a profit

Offshore wind farms should be Ørsted share price

one of the best solutions to the kr.750
climate crisis but are turning out
to be a lousy business. Getting the 700
struggling industry back on its 650
feet will require a new approach
from companies and politicians. 600
The public face of the dilemma is 550
Ørsted, a former oil and gas pro-
ducer that became the world’s larg- 500
est offshore wind-farm developer. 450
The Danish company’s stock has
lost more than $10 billion, or a third 400
of its market value, since warning 350
last week that it may take impair-
2023 Sept.
ments of up to $2.3 billion on its
U.S. projects. On Tuesday, ratings Average capital costs for U.S.
provider Moody’s downgraded the wind farm projects
stock, a further challenge for a com-
pany that, like a property developer, $4,000 per kilowatt Offshore
needs debt to fund its plans. 3,500
Ørsted won contracts to de-
velop wind farms off the coasts of 3,000
Connecticut, New York and New
2,500
Jersey in late 2018 and 2019. Since

JOHN MOORE/GETTY IMAGES

committing to sell the power from 2,000
these projects at a fixed price,
permitting delays, rising costs and 1,500 Onshore
higher interest rates torched the 1,000
returns it expected to make.
2018 ’20
The Biden administration wants
to have 30 gigawatts of offshore Note: 1 kroner=$0.144
wind capacity by 2030, from less Sources: FactSet (share price); Lazard (costs) The Biden administration wants to have 30 gigawatts of offshore wind capacity by 2030.
than 50 megawatts today. Gener-
ous subsidies in the Inflation Re- offshore wind farms may be the shore wind farms and solar power. chain obsolete: Older-installation years it takes to get a wind farm
duction Act are meant to turbo- most vulnerable to rising rates as Installing wind turbines out at sea vessels can’t handle the new, su- up and running. If governments
charge investment. Ørsted hoped they take longer to build and have is also less controversial than on persize turbine blades and towers. have to shoulder these costs, they
bonus tax credits in the climate higher upfront costs. According to land, so the politics should be eas- While the industry needs to get might overhaul permitting pro-
bill for using locally produced George Bilicic, global head of power, ier, in theory. better at understanding the hid- cesses that are causing delays.
components would paper over fi- energy and infrastructure at Lazard, In reality, the industry is ham- den costs of innovation, govern- Even in Europe, where the off-
nancial cracks, but now says its building a U.S. offshore wind farm strung by politics at all levels. ments will have to pay more if shore wind industry is more ma-
wind farms may not qualify. can cost $4,000 per kilowatt at the Transmission bottlenecks to get they want offshore wind power to ture, the rollout has slowed to a
The company says it will aban- midpoint of estimates, compared power from offshore wind farms help reduce carbon emissions. crawl. In 2022, the European
don projects if it doesn’t get more with $1,360 for onshore farms and to land are a major obstacle to de- “Policy makers got used to 20 Union installed 2.5 gigawatts of
government support, and rivals are $1,050 for solar facilities. Average livering projects on time. Govern- years of continuously falling new offshore capacity, less than
rethinking their U.S. plans. Shell costs to build an offshore wind farm ments that dole out green subsi- prices for renewables. All of a sud- the 3 gigawatts it managed back
and Avangrid face multimillion-dol- shot up 36% since 2019, compared dies with one hand set den, that has reversed and they in 2015.
lar fines for calling it quits on off- with 5% for land-based ones, in part unfavorable terms for seabed auc- have been slow to react,” says Offshore wind power is becom-
shore wind-farm developments in because of pricier debt. tions with the other. Chris Seiple, vice chairman of ing a prime casualty of the shift in
Massachusetts that they can no lon- Offshore wind is a promising There are self-inflicted prob- Wood Mackenzie’s power and re- financial markets away from the
ger justify. There is trouble further clean-power technology because it lems. Turbine manufacturers raced newables group. old world of smooth supply chains,
up the supply chain, too. Siemens should be highly productive once to make bigger and bigger models, Contracts should be linked to low inflation and free money. The
Gamesa and Vestas, which together the capital is invested. As the driving down costs and making inflation. Right now, developers industry and its political backers
make roughly 80% of all turbine ocean is windy, the capacity factor offshore wind nominally competi- take on huge risks when they win need to work together to find a
blades and nacelles for projects out- of offshore farms—a measure of tive with fossil fuels in many re- a bid: Their future revenue is model better suited to stormier
side China, are losing money. how efficiently they generate elec- gions. But the rapid churn made locked in but they are exposed to times.
Of all renewable energy projects, tricity—is higher than both on- important parts of the supply rising input costs throughout the —Carol Ryan

Apple and Samsung Are Testing Global smartphone unit

shipments per year
1.75 billion PROJECTED
U.S. smartphone average selling
price per year
$800 PROJECTED

How Pricey Phones Can Get 1.50

1.25
600

1.00
Remember when a $1,000 iPhone phones fetching only a few hundred years of anemic growth. 400
was considered eye-popping? That dollars apiece. The price of Apple’s Price increases will likely play a 0.75
all seems rather quaint now. most expensive iPhone configura- big part in Apple’s coming iPhone
Apple and Samsung both began tion has gone up by $550 between cycle. The iPhone 15 family that the 0.50
200
breaching four digits in 2017 in the the introduction of the iPhone X in company is expected to introduce
U.S. market. Six years later, they 2017 and the iPhone 14 models re- next week will come three years af- 0.25
both have several models and vary- leased last year. ter the big upgrade cycle sparked
0 0
ing memory configurations priced The reasons why aren’t particu- by the iPhone 12’s introduction in
2008 ’10 ’15 ’20 2015 ’20
at that level, and they aren’t alone. larly mysterious. Smartphones are 2020, meaning a large base of po-
Google has four configurations of now a mature market with slim tential customers with three-year- Source: IDC
its latest Pixel smartphone priced growth prospects, which leaves old phones might be ready to up-
at $999 and higher. Samsung and price increases as one of the few grade again. ple will raise the price of the consumers at retail was 49% in the
Google are even beginning to flirt ways that manufacturers can boost But the new iPhones aren’t ex- iPhone Pro lineup by $100 to $200. second quarter of this year, com-
with the $2,000 range with devices their revenue. The smartphone in- pected to offer any major techno- A $100 raise across the board pared with 15% in the same period
that feature foldable displays. The dustry logged its first-ever decline logical enhancements on the level would lift the average selling price three years earlier.
most expensive phone in Sam- in global unit sales in 2017, the of 5G, so Wall Street expects Apple of that crucial product line by That can’t go on forever. T-Mo-
sung’s lineup—the Galaxy Z Fold5 same year those $1,000 devices be- to usher in a new round of price in- nearly 8% and boost the most ex- bile Chief Executive Officer Mike
with 1 terabyte of memory—will set gan to surface. According to IDC, creases to help expand the overall pensive version to $1,700. Sievert even noted the sharply ris-
you back $2,159 before taxes. smartphone unit sales have since business. Analysts project that Consumers have so far been ing costs of attracting and retain-
Not everyone pays those prices, then fallen every year except for iPhone revenue will grow 5% in the willing to buy in. According to IDC, ing customers when announcing
of course. Smartphone makers and 2021, which was helped by aggres- fiscal year ending in September premium smartphones priced at plans to lay off 5,000 workers two
wireless carriers have become sive carrier promotions for 5G-ca- 2024—a period that will be an- $800 and higher accounted for 54% weeks ago. But breaking the cycle
rather sophisticated with promo- pable devices, such as Apple’s chored by the iPhone 15 family— of total smartphone sales in the will be difficult—especially if even
tions and trade-in credits on older iPhone 12 family. despite 2.8% projected growth in U.S. in the first half of this year, one of the carriers keeps promo-
devices that help soften the blow. Apple itself saw iPhone unit unit sales for the same period, ac- compared with 28% in 2019. But tions strong.
But consumers are still shouldering sales jump 22% in the fiscal year cording to FactSet estimates. much of that depends on the lar- “I would expect this iPhone re-
a growing load. According to data ended that September, according to How high can smartphone prices gess of wireless carriers that are lease to be the costliest ever for the
from IDC, average smartphone sell- consensus estimates from Visible go, though? The flexible-screen de- picking up an ever-increasing por- carriers,” Craig Moffett, wireless
ing prices in the U.S. jumped from Alpha. That also happened to be vices now pushing the $2,000 price tion of the tab with trade-in credits analyst at SVB MoffettNathanson,
$409 in 2016 to $735 last year. the first year since 2015 that Apple point aren’t huge sellers. Counter- and other promotions. According to said in an interview.
That reflects an average annual expanded unit sales of its smart- point Research estimates that they data from BayStreet Research, the Apple’s true pricing power might
gain of 11%—more than three times phone by double digits; the com- have accounted for 3% of U.S. spread between the average whole- only become apparent when con-
the rate of inflation in that time. pany actually ceased reporting its smartphone sales so far this year. sale price of smartphones in the sumers are no longer able to split
And that figure includes budget own unit sales in 2018 after two Citigroup analysts project that Ap- U.S. and the average price paid by the bill. —Dan Gallagher

Huawei’s Breakthrough Still Shows China’s Limits in Tech Race

A new smartphone from China’s fell to 2% last year, according to That is still generations behind production yields. Still, the break- strictions could get even tighter.
Huawei Technologies has caused Counterpoint Research. That num- the market leaders. For example, through indicates how the U.S. On top of trying to make the
a stir. But on closer inspection, it ber excluded budget brand Honor, Taiwan Semiconductor Manufac- sanctions seem to have galvanized chips, China could ultimately need
says as much about the country’s which it sold in 2021, partly due to turing, or TSMC, has already been the Chinese state and industry to manufacture its own chip-mak-
challenges as its promises in a di- the sanctions. mass producing more advanced players to work together toward a ing equipment, too. Meanwhile,
vided technology landscape. There are indeed causes for cel- 3nm chips. But that nonetheless is common goal. leading players such as TSMC are
The company surprised every- ebration for the company and still a big step forward, especially But Huawei and SMIC will likely still advancing, widening the gap
one last week when it quietly un- China’s chip industry. According to given the limitations China’s chip be able to push ahead at most with China.
veiled the Mate 60 Pro—its new a teardown by industry research makers are facing. only another generation using the Huawei’s new phone is a signifi-
smartphone that apparently comes firm TechInsights, the main chip While SMIC has no access to multipatterning process. Going cant achievement for a Chinese
with 5G capabilities. Huawei has inside this new phone is made us- the most cutting-edge extreme ul- further could be harder as it will company facing U.S. sanctions. But
mostly been selling 4G phones ing technology comparable to the traviolet lithography machines, it be difficult for them to get their China’s semiconductor industry,
since 2019, when the U.S. imposed so-called 7nm process. It is possi- could use some older equipment hands on the most advanced chip- and its broader tech ecosystem,
sanctions restricting its access to bly made by China’s leading chip to make advanced chips, likely us- making tools. look destined to lag behind the
advanced chips. It had 12% of the foundry Semiconductor Manufac- ing a process called multipattern- Sanctions are stepping up to in- U.S. and its partners for the fore-
global smartphone market when turing International, or SMIC, ing. The process, however, could clude even some older machines, seeable future.
the U.S. sanctions hit but its share said TechInsights. involve higher costs and lower too, and chances are that the re- —Jacky Wong
 MANSION
$42.5 Million $5.39 Million
This developer is A historic Art
trying to flip a Deco treasure is
home—on a bet. revived and
M2 listed. M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, September 8, 2023 | M1

ANTHONY GIAMMARINO FOR THE WALL STREET JOURNAL (2, EXTERIORS); KELSEY HALE FOR THE WALL STREET JOURNAL; LUXHUNTERS PRODUCTIONS (POOL)
LIVIN’
ON THE
LEDGE
Designer Glendon Good built a cliff-top house in the Arizona desert.
It’s accessed by a tram and the views ‘never get old.’

BY FRED A. BERNSTEIN

I
don’t think he’ll be afraid of heights,”
$185,000 says Glendon Good, holding his 9-
Cost of the month-old son in his arms as a gondola
tram lifts them to the top of a sheer cliff. The
ride—3 minutes and 14 seconds at
slightly more than 45 degrees—takes them to
4 the house Good shares with his wife, Milenka
Number of Bezic, and Jackson, their first child together.
people the For Bezic, living more than 200 feet above
tram holds the nearest road wasn’t exactly a choice. Good,
age 60, was already working on the cliff-top
dwelling outside Sedona, Ariz., when the cou- you could build on the cliff.” But they didn’t But, he concedes, growing up in a house on a 40 INCHES
3 MINUTES ple met at a neighbor’s garden party in 2019 know Good, who grew up in a house his par- cliff “made me realize I could live up here. Height of
and, he says, “hit it off right away.” (Bezic, 44, ents built at the top of a sheer cliff in Califor- Other people might not have thought of it.”
14 SECONDS grew up in Argentina and was visiting an aunt nia. That cliff, like the Sedona cliff, was about Bezic, speaking in Spanish, says she likes the
glass walls
Time it takes on terrace
in Arizona at the time.) They married in 2021, 200 feet high. When a reporter points out the house because the views reminds her of her na-
to ride up to
when, Good says, the house was about 75% fin- coincidence, he demurs. “We grew up over the tive Patagonia. Good says his wife speaks a bit
the house
ished. ocean. Now I live over the desert,” he says, as of English and he, “a fair amount of Spanish,”
When he purchased the 5-acre, split-level if to prove that his past is irrelevant to his having lived in Spain, Mexico and Costa Rica.
property in 1999, he got a bargain price of present. Then he adds, “The connection never Plus, he says, as the house’s general contractor,
$262,500, he says, because “no one thought really dawned on me.” Please turn to page M6

What Happens on
Fishers Island, Stays on
Fishers Island
Locals seek to keep this exclusive island under the radar

BY E.B. SOLOMONT

THICK, WHITE CLOUDS

obscured the skyline at 7
a.m. on a recent weekday
morning, when a ferry
bound for Fishers Island,
N.Y., departed New London,
Conn.
Carrying mail, groceries
and day workers, the boat
churned through slate-col-
ored water, past the is-
land’s rocky shoreline and
CATE BROWN FOR THE WALL STREET JOURNAL

into a small harbor where

it docked with little fanfare
about 45 minutes later. A
light mist fell as homes Technically in New York state, Fishers Island is a secretive
overlooking the water and wealthy enclave off the coast of Connecticut.
came into view.
A summer colony dating tions of old-money families cluded members of the du
back to the late 1800s, gather to sail and golf. Pont family along with for-
Fishers Island is an exclu- Over the years, Fishers Is- mer New Jersey Gov. Tom
sive enclave where genera- land residents have in- Please turn to page M4
M2 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

A Houston Château Aims for a Record

A Houston home coming on the
market for $29 million resembles
a French château—with the palace
intrigue to match.
Built in the 1990s, the roughly
15,000-square-foot estate has Ma-
rie Antoinette statues, ornate
ironwork, trompe l’oeil, Baccarat
chandeliers and antique fire-
places, according to listing agent
Rachel Solar of Martha Turner
Sotheby’s International Realty.
The seller is socialite and phi-
lanthropist Lori Krohn Sarofim,
who was previ-
FOR SALE ously married to
Phillip Sarofim,
$29 son of the late
Egyptian-born
MILLION billionaire Fayez
15,000 sq. ft., Sarofim. In an
game room, odd twist widely
2 safe rooms reported in
Houston society
columns, Lori’s mother, Susan
Krohn, married Fayez Sarofim
shortly after their children tied
the knot, making Lori and Phillip
step siblings as well as spouses.
Lori and Phillip have since di-
vorced, while Fayez died last year.
If the house fetches its asking
price, it will set a record for the
most expensive home sale ever re-
corded on Houston’s Multiple List-
ings Service, according to Solar.
Lori Krohn Sarofim said the
château, located in Houston’s tony
River Oaks neighborhood, has been worth it for the end result,” she Paris, according to Solar. The pri- ming pool and an elaborate mani- high-profile listings in the area. A
in her family since around 2006. said in an email. mary suite has a two-level closet cured garden with stone walk- River Oaks brick mansion owned
Starting in 2014, she oversaw a The roughly 1.5-acre estate sits with a spiral staircase, while the ways, vine-draped pergolas and a by prominent trial lawyer Tony
massive interior renovation of the directly on the golf course of the kitchen has its own rotisserie oven. koi pond, Solar said. Buzbee came on the market for
house that took more than four River Oaks Country Club. Other features include a gym, Krohn Sarofim said she is sell- $27.5 million in February 2022.
years. The five-bedroom property has game room, two safe rooms and a ing the property because she is It is still listed and has seen its
“The amount of detail and de- a midnight-blue dining room with wine cellar with storage for more “planning to travel more and price reduced to $20 million, Zil-
liberation that went into every vintage Baccarat sconces and a than 500 bottles. spend time at other residences.” low shows.
space was overwhelming, but well fireplace mantel imported from The grounds contain a swim- The house is one of several —Katherine Clarke

The property is about 1.5 acres.

Bet You Can’t Flip

A Luxury Home
FROM TOP: PATRICK BERTOLINO/MARTHA TURNER SOTHEBY’S INTERNATIONAL REALTY (3); MGI DESIGN/BLACK LION (2, RENDERINGS); YURI HASEGAWA FOR THE WALL STREET JOURNAL (KRYSTAL AND ROBERT RIVANI)

It all started with a bet. aires’ Beach due to moneyed resi-

Miami investor Robert Rivani is dents such as Larry Ellison and
looking to sell a renovated Mal- Jeffrey Katzenberg. When the ren-
ibu, Calif., home for $42.5 mil- ovation is complete, the roughly
lion—all because his friend bet 4,900-square-foot house will have
that he couldn’t. a lush green-wall facade, a Zen
Rivani said he and a friend garden, a sunlit infrared sauna
made a friendly wager and a cantilevered hot
that if Rivani can flip a FOR SALE tub, Rivani said. The
luxury home for a certain project is about 50%
amount of profit, the
friend will pay Rivani a
$42.5 complete, he said.
Rivani’s company,
“seven-figure sum.” If he
MILLION Black Lion, specializes in
4,900 sq. ft.
can’t, Rivani will owe the shopping centers and
sauna
friend the same amount. high-end restaurant
So Rivani, who has spaces. The bet came
never flipped a high-end residen- about after a friend of Rivani’s
tial property before, bought a who works in residential real es-
1920s beachfront home in Malibu tate told him that flipping a high-
for $19.55 million last year, and is end home is more challenging
in the process of completing a than the investments Black Lion and off the market for years, for from the Beverly Hills home
roughly $5 million renovation. was making. $19.55 million, significantly less where Rivani and his wife, Krystal
“I have to win,” Rivani said Rivani said he scoured the mar- than its onetime asking price of Rivani, lived before moving to Mi-
with a laugh. ket for an undervalued house. He $23.75 million. ami. That house, which the couple
The house is located on Carbon scooped up the Mediterranean- “I thought with that kind of renovated at a cost of roughly $4
Beach, known locally as Billion- style home, which had been on discount, it would allow me to million, was inspired by the HBO
spend a serious amount of money TV series “Game of Thrones.” It
to make it look brand new,” he included outlandish design flour-
said. ishes, including a replica of the
Rivani said he has taken the spiked iron throne on the show.
property “down to the studs,” re- They sold the home for $16.8 mil-
configured and redesigned it. The lion earlier this year, down from
resulting five-bedroom house was its $21.995 million asking price.
inspired by Rivani’s travels, the Rivani said the design of the
Aman resorts brand, and the de- Malibu home is a departure from
sign of the nearby Nobu restau- the couple’s own personal style
rant, he said. wine vault and a two-bedroom because he wanted to cast a wider
The house is built around an guest cottage. The custom win- net for buyers.
interior courtyard with a pond, dows and doors in the house cost According to the terms of the
garden and outdoor fireplace. The about $300,000, according to a bet, Rivani has until the summer
living spaces will have limestone spokeswoman for Rivani. of 2024 to make the agreed-upon
flooring and Onyx on the walls, Rivani said he expects to finish profit. He thinks he can do it. “As
along with travertine and Roman construction by early 2024. long as construction doesn’t delay
clay plaster. The bedrooms will The design of the home, which me too long, I feel very, very con-
The house is built around
have walnut parquet floors. Other is being listed by Chris Cortazzo fident,” he said.
an interior courtyard.
features will include a gym, a of Compass, differs enormously —Katherine Clarke
THE WALL STREET JOURNAL. Friday, September 8, 2023 | M3

MANSION

The Art Deco home was originally owned by Irving and Nathaniel
Eastman, twin brothers who owned a design company in the 1930s.

elements were unfortunately gone. coral color, the walkways in pink

“Everything that could be ripped coral, and the dining room in light
out and taken and resold was,” yellow. So you have rooms identi-
Ransola said. fied on the floor without the need
Some renovation tasks required of area rugs,” Ruggiero said.
unusual solutions, especially the The home’s furnishings are con-
front door, which is fronted in temporary but inspired by French
Formica. “We contacted all Art Deco, the work of
the Miami-based resto- award-winning designer
LIVING HISTORY ration companies, and Barbara Barry. The
no one had the craft
expertise to restore
$5.39 home is filled with the
couple’s wide-ranging
MILLION
Bringing a ’30s Home Formica,” Ruggiero
said. One painter
had an unexpected
solution. “He sug-
4,394 sq. ft.
5 bedrooms,
5 bathrooms,
art collection, featur-
ing African tribal
masks, photography
and numerous can-

Back to the Future gested bringing the

door to an automotive
body shop. We went to our
Mercedes dealership,” said Ruggi-
pool vases of Vanguardia art,
Cuban Modernism from
the 1930s to 1950s.
The house is now too large for
ero. Seven coats of Mercedes lac- them. They are selling for $5.39
quer later, the door was ship million, and will search for some-
A couple made it their mission shape. thing smaller. The owners’ quest
to restore this Art Deco beauty to its original glory The dining room originally fea- was to restore something defi-
tured horizontal leather banding antly different, and they believe
which had been removed. Every- they have done so. “We love it, we
BY ANTHONY PALETTA tailed in an original promotional lies productions to hotel and thing had been painted flat white understand it, and we figured out
booklet for the home. It contains country club lounges, according to by a prior owner. Ruggiero and a way to solve it,” Ruggiero said.

F
uturist spaces will always numerous materials that were in- the New York Public Library ar- Ransola replicated the original
get old, but you couldn’t novative at the time the home chive on the Eastmans. banded look with multiple layers
tell it in the case of a was built, and was powered en- Ruggiero was an art dealer in of metallic paint.
1934 Miami Beach home, tirely by electricity. New York while Ransola was a There is a black Formica-lined
looking pristine thanks to compre- It was built as a winter retreat fashion designer before their shift entrance hallway. “It has a reflec-
hensive renovation. for twin brothers Irving and Na- to concentrate on running tive quality to it so at night it
Vic Ruggiero, 74, and his part- thaniel Eastman, two immigrants WorldGuest, which they founded gives you the illusion of black
ner, Tony Ransola, 67, purchased from Ukraine who founded a com- in 1997. They purchased the five- mirrors and gives you a sense of
the house in 2004 when they pany producing set designs, inte- bedroom, five-bathroom, 4,394- depth,” Ransola said.
sought to relocate to Miami to be rior designs, costumes and more. square-foot Miami Beach house, The floors of the living and
closer to work—in this case their At their peak, they had some 200 which has a pool, for $1.2 million dining rooms are original to the
touring company WorldGuest, employees, including the young in 2004. Modifications by prior house, made of patterned con-
which runs cultural trips to a vari- Abstract Expressionist artist Wil- owners had been less than sympa- crete and coral and green quarry
ety of destinations in the Caribbean lem de Kooning, and produced de- thetic. Their quest was to restore stone. “The original design out-
and Europe. This Art Deco property signs ranging from Ziegfeld Fol- its Art Deco spirit. Many original lined the living room in a green
three blocks from the ocean ex-
erted a strong lure. They soon
learned that it contained far more
history than they first realized. And
it suited their interests perfectly.
“We don’t belong in this era. I
think we should have been raised
in the ’30s.” Ruggiero said.
The house was designed by
Robert Law Weed, a notable South
Florida Art Deco architect, whose
Grand Concourse apartments in
Miami Shores are on the National
Register of Historic Places.
The 1934 Miami Beach house, a
swooping Streamline Moderne,
ERNESTO MENDOZA (5)

built largely of concrete and steel.

It features a hand-carved coral,
Tropical-themed door surround
The second-floor The dining-room walls
and other décor elements devised
landing’s Formica walls replicate the original pattern.
by the original owners and de-

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M4 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

MANSION

Secluded Land price: $500,000

2,500 during the summer.
Homes on Fishers are signifi-
cantly undervalued compared with

Fishers Island places like East Hampton and Nan-

tucket, Mass., locals said. Home-
ownership also tends to be genera-
Continued from page M1 tional, said real-estate agent Laurie
Kean, author Rick Moody, former Finan of Shutters & Sails. “People
CIA director Porter Goss and come and buy and stay,” she said.
Henry Luce III, the late publisher Historically, luxury sales prices
of Time magazine. have ranged from $2 million to just
But you won’t find these bold- over $4 million. But like other sec-
faced names trumpeting their ties ond-home markets, prices nearly
to the island: Fishers Island is ex- doubled during Covid, according to
ceedingly private. The island has Jim Reid of Mystic Isle Realty.
two exclusive country clubs with In 2021, Texas investor David
yearslong waiting lists, according to Porter and his wife, Dana Porter,
several members. Homes trade in- paid a record $6.5 million for a
frequently and, when they do, sales home, property records show. CBS
are rarely publicized. Even Pierce Charles Haver and Stewart Skolnick built a tower-like beach house on Fishers Island after buying the land in Evening News anchor Norah O’Don-
Rafferty, the director of the island’s 2012. From the one-bedroom house, they have views of nearby ponds, oyster farms and Block Island Sound. nell and her husband, restaurateur
Henry L. Ferguson Museum, said he Geoff Tracy, paid $6.3 million for a
has a policy of not speaking to re- seven-bedroom house last year, ac-
porters about the island. cording to records. The Porters de-
“It’s not that we’re secretive or Asking price: $8.25 million clined to comment. O’Donnell and
anything,” said Thomas L. duPont, Tracy didn’t return calls seeking
a longtime summer resident and comment.
commodore of the Fishers Island This spring, a house built by
Yacht Club. “We’re just a commu- Thomas N. Armstrong III, the late
nity that regards the welfare of longtime director of the Whitney

FROM TOP: ROBERT BENSON PHOTOGRAPHY (2); SCOTT FRANCES/SOTHEBY’S INTERNATIONAL REALTY (GLASS HOUSE); RISE VISUAL MEDIA COMPANY (2)
others first, and you don’t go talk- Museum of American Art, and his
ing about your neighbors to just wife, Whitney “Bunty” Armstrong,
anybody.” was listed for $8.25 million. If it
The reason for all this privacy? sells for that amount, it would set
Maintaining the island’s secluded a record on the island, according
sandy beaches and verdant land- to listing agent Leslie McElwreath
scape. To do so, generations of of Sotheby’s International Realty,
Fishers families have shunned de- whose family has a home on Fish-
velopment, fearing throngs of vis- ers.
itors, soaring home prices and Locals said one reason the real-
traffic. This spring, a glass-and-steel house built by Thomas N. Armstrong III, the late longtime director of the Whitney estate market has remained sub-
“People on Fishers…don’t want Museum of American Art, and his wife, Whitney “Bunty” Armstrong, went on the market. dued is because Fishers has limited
to be like Route 27 on Long Is- Please turn to page M5
land,” said longtime summer resi-
dent George de Menil, in reference
to the traffic-clogged main artery Asking price: $5.7 million
into the Hamptons. “If people get
too interested, goodness knows—
they may try to buy houses.”
The retired economics professor
said he and his wife were drawn to
Fishers Island’s natural beauty and
bought a home in the 1970s. In the
1980s, they purchased an adjacent
property with a house and cottage
for their children.
Despite its proximity to New
England, Fishers Island is a hamlet
of Southold on Long Island. Mea-
suring about 7 miles long and a
mile wide, Fishers has a year-round
population of approximately 250, a A Fishers Island home for sale is pictured. There are about 660 homes on Fishers, some 80% of which are used by seasonal residents, according to the
number that swells to roughly town of Southold. The island has a mix of shingle-style, Colonial Revival and modern homes, including a number of historic houses.

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THE WALL STREET JOURNAL. Friday, September 8, 2023 | M5

MANSION
have no reason to know what’s
there,” said Sue Lusker, a year-
round resident who works as a
caretaker during the winter.
Summer residents are further in-
sulated by the island’s clubs, in-
cluding the Hay Harbor Club and
the Fishers Island Club, which has
a sought-after golf course designed
by Seth Raynor. The country clubs
have yearslong waiting lists, sev-
eral members said, and even then,
membership isn’t guaranteed.
“It’s difficult to get in because
there’s so much legacy on the is-
land, and families like to continue
membership from generation to
The Fishers Island Yacht Club, left, and the Fishers Island Club, above, are generation,” said Rich Foyle, who
among the private clubs on the island. Known as the Big Club, the Fishers has a summer home on the island.
Island Club has a sought-after golf course and a years-long waitlist. Peter Rugg said some people
who bought homes first and then
appeal to outsiders. tried to join the clubs have been
“It’s not a tourist destination,” “ostracized.” He said it happened
said John McGillian, a summer resi- years ago to a friend of his, who
dent who is president of the Island ended up selling his house. “I
Community Board. In addition to tried to help him get into the
the country clubs, Fishers has one clubs. It was like being the Big
restaurant and a few cafes, several Bad Wolf and blowing on the
churches, a grocery store brick house,” he said.
and a community center. There is Still, a handful of newcomers
one school with about 70 students, have purchased homes on Fishers
according to its website. The quiet in recent years.
lifestyle is appealing to some, but Architects Stewart Skolnick and
can be a deterrent to outsiders. “A Charles Haver were only vaguely
lot of people don’t want to deal familiar with Fishers Island when
with that,” McGillian said. they began house-hunting a decade
In recent years, longtime Fishers ago. Finding Nantucket and Mar-
families and their children have tha’s Vineyard “too hectic,” they
dominated the buyer pool, agents fell in love with the quiet and un-
said. That was the case in 2020 done quality of Fishers, Haver said.
when investor Peter Rugg and his At the time, though, only one lot
wife, Meredith Rugg, sold their on the island was listed for sale.
house for around $2.2 million to a Ultimately, their broker found
longtime Fishers family. “We were another opportunity that hadn’t
thrilled it didn’t get sold for the In 1889, businessmen and come to market yet. The couple,
wrong price to some people who MASS.
MA
M A SS.
ASS The Castle brothers Edmund and Walton Fer- who live and work in Roxbury,
RHODE
R OOD DE
DE
were the wrong people,” said Peter CON
CCONN.
ON
O NN guson purchased nine-tenths of Conn., paid $500,000 for two par-
IS.
ISS..
Rugg, describing “wrong people” as Area of detail the island for $250,000, according cels totaling 3.1 acres in 2012 and
those who wouldn’t care for the Fisherss Island
Islan
l ndd Clu
Club
Club
Cl ub to the Ferguson Museum. They spent the next several years de-
property or community. “It’s not Lo n g Is
I s lan
land
llaa n d banned excursion steamers and signing a 1,200-square-foot beach
about money,” he said. “It’s about (NEEWWY YO R K ) built a “first-class” resort on the house with a single bedroom.
preserving the wonderful thing western end of the island, accord- Skolnick and Haver aren’t

DOROTHY HONG FOR THE WALL STREET JOURNAL (3)

Fishers Island has. It’s a very fam- Hay
H
Haa
ay
y Harbor
Harbor
arbor Fishers Island ing to the museum. members of the clubs and don’t
Club
Club
b
ily-centric enclave.” Hawks
Ha
H
Haw
aaw
wkks Nest
wks
w Nes Point
Ne Poin
Po
P ooin
in
inntt
int The hotels on Fishers failed one want to be. “We don’t play golf or
The Ruggs, who had an apart- Henry
y L.
L. by one over the next few decades tennis so having a club member-
ment in New York City, sold be- g on
on
Ferguson Post office and around 1925, the Ferguson ship wasn’t a goal,” Haver said.
Muse
Museu
eum
um
Museum Pequot
Pe
P e
equot
eqqu
q uot Inn
IIn
nnn
cause they no longer had family on family created a private community Instead, they enjoy entertaining
Fishers
Fis
FFiiisssher
shers
hher
heeerrrss Island
Isla
Is
Island
llan
and
nd ATLANTIC OCEAN
Fishers, and they decided to buy a on the eastern end of the island. small groups at home.
FFerry
Fererrryy District
D
Distri
strictit
home in Newport, R.I., he said. Today, the East End is a gated area From their tower-like house
Fishers hasn’t always been so fo- Fishers Island with few street names or house they have views of several nearby
cused on privacy. In the late 1800s, Community Center 2 miles numbers, making it difficult for an ponds, oyster farms and Block Is-
the island was a seaside resort with 2 km outsider to navigate. “If you have land Sound. “On a clear day, we
grand hotels and a saloon. Camille Bressange/THE WALL STREET JOURNAL no reason to be down there, you’d can see Montauk,” Haver said.

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M6 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

MANSION

A House in chair. But the “walls”

of the box are just 3
1/2 feet high. Enclosing

The Cliffs more of it, he explains,

would cause more
swaying in the wind,
Continued from page M1 making travel uncom-
“I had good practice with many fortable or worse. But
Spanish-speaking construction the openness can be
workers.” scary. Several subcon-
Completed this summer, the tractors declined to
house, with its steel facade work for him, he says,
(mostly rust-colored, he says, to “and many other work-
harmonize with the Sedona ers crossed themselves
rocks), is visible to anyone driving before beginning the
on the Red Rock Loop Road, about ride up or down.”
3 miles southwest of downtown But some subcon-
Sedona. But back in 1999, when he tractors, he says, gave
acquired the land, Good was fo- him “a discount just
cused on the acreage at the bot- because they wanted
tom of the cliff. There, he built a to be up here.” So far,
2,800-square-foot house and a he says, “There have
3,500-square-foot studio in which been no serious prob-
he ran a business making metal lems.” Unless you
furniture and sculptures. count the time the
While living at the bottom of tram’s hauling cables
the cliff, Good says, “I loved hik- “got a bit frayed” and he had to Glendon Good shares the house
ing to the top every day, with a replace them. By then, he says, with his wife, Milenka Bezic, their
cup of coffee in the morning, or the tram had carried more than 1 son, Jackson, and their dog, Pinky.
with a beer in the afternoon.” million pounds. Happily, “if
He says he made the climb at there’s a power outage, a genera-
least 1,500 times, and has marked tor kicks in immediately,” he says, 15,000 $750,000
off seven different routes; his “which is good because you don’t Number of hours Good Estimed amount Good
choice on any given day depends want to be stuck on the tram.” estimates he worked on saved doing some
on weather, the direction of the With the tram in place, Good the house over 6 years work himself
sun, the skill level of anyone he’s began hoisting materials to the
climbing with, and other factors. construction site. Most items fit
He was so enamored with the easily in the cab. But for struc-
view, which encompasses Sedona’s tural components, like 39-foot-
famous Cathedral Rock to the east long floor and roof joists, he had
and dramatic Mingus Mountain to to hire a helicopter, which hoisted
the west that he started thinking the joists up three at a time and
about building a home that gave dropped them exactly where he
him that perspective all the time. needed them. Each trip, he says,
When the financial collapse of took about five minutes. Alto-
2008 brought his business to a gether, he says, the project re-
halt, he suddenly had time to quired about 50 such helicopter
sketch and plan. trips, at a total cost of about
A natural indentation 40 feet $23,000. (The helicopter pilot’s
below the top of the cliff, called last trip, he says, was to pick up
Cimarron Butte on some maps, his check.) ARIZONA
seemed like a perfect place to Other things also had to get up
build. But was it strong enough to the hill. Water wasn’t a problem. FFlagstaff
Flag
lag
support a house? Good had geo- The buildings at the bottom of the
Mingus
Mi
M us Mountain
M uuntain
Mou ntainn SSedona
Sed donnaa
technical engineers at the Phoenix cliff were already served by a 360- PPrescott
Pre sccot
cottt Cathedral
Caaattheedr
dral Rock
ck
company Western Technologies foot-deep-well, from which water Coc
on
YAVAPAI COUNTY For ino N
study the rock. They determined was pumped to a 2,500-gallon est at
ion
its compressive strength to be tank atop the cliff. But running al
around 9,000 pounds per square electric wires (including low-volt-
inch, which is twice as strong as age wires for the tram controls) Phoenix
PPho
Ph
hooenix
e $262,500 $1.65 MILLION
most concrete. But how would he and a propane supply line re- Purchase price of 5-acre, Cost to build the
50 miles
get a house up there anyway? At quired him to cut a channel in the Sa l t
R iver
split-level property in 1999 house and a studio
50 km
one point, he decided to buy a cliff to provide a straight run.
prefab house and have it lifted up Again, Good did the work him-
by crane. But that turned out to self, dangling from ropes with his
be impractical. “There’s no crane hammer drill for the better part
big enough; they would have of three weeks. (There are also
needed to bring a crane to build a pipes leading down from the
bigger crane, and it would have house. Greywater from baths,
taken three truckloads just for the showers and sinks goes directly
counterweights, because the crane into the ground. Blackwater from
would have had to lift the house toilets, washing machine and
at 45 degrees,” he says. That kitchen sink is collected in a
whole procedure, 2,000-gallon sep-
he says, “would tic vault that is
have cost more 2,150 SQUARE FEET pumped out sev-
than $300,000.” Size of house on two levels. eral times a year.)
So he decided He also built a
to design a house from scratch. system of connected ladders,
Materials and people could be which he says he has climbed
brought up in a gondola. Good be- hundreds of times, often with a
gan working with Accumar, a backpack full of tools. The alumi-
Washington state maker of “resi- num ladders, which he made him-
dential incline elevators,” gener- self, allow him to travel up or
ally called gondolas or trams. This down without entering neighbors’
was one of the steepest they had property or the adjacent Coconino
ever built, according to Bill National Forest, something he has
Carter, one of Accumar’s founders. to do on each of his seven trails.
But before a gondola could be in- The house is 2,150 square feet
stalled, someone had to remove on two levels. He calls its style
several tons of rock that would “ultracontemporary,” given his
have partially blocked its route. choice of steel over the usual
Good, determined to do the stucco throughout. Its spacious
work himself, hired professional combination living room, dining Most of the windows overlook the valley, a few—including the large
mountain climbers to train him on room and kitchen (complete with window over the kitchen sink—face directly into the cliff just inches away.
how to lower himself down from Wolf stove and Viking oven)
the top of the butte—where he at- opens onto a cantilevered terrace
tached ropes to rocks or tree which, if it wasn’t already terrify-
trunks—and up again. Then “ev- ing enough, is enclosed by a low
ery day for three weeks I was up (40-inch) wall made entirely of
here hanging from a rope and at- glass. Two bedroom suites flank
tacking the rock with a big Bosch the main living space.
hammer drill. The trouble is, The primary bedroom, a level
when you’re dangling, and you below the living room, is reached
start to drill, you can’t push, and by a round, capsule-like elevator.
so the drill doesn’t go in. You Thanks to the tram and the eleva-
have no leverage.” He solved the tor, these main spaces are all
problem, he says, with “persis- reachable by wheelchair, says
tence and acrobatics.” Good, who was encouraged by a
Then he built concrete landings disabled friend to maximize acces-
for the tram at the top and bot- sibility. Outdoor stairways lead up
tom of the cliff. to a large rooftop deck and 30 so-
The tram needed to be ap- lar panels arrayed like pool chairs have batteries because, he says,
proved by the Sedona Fire Dis- at a posh resort. “they would have cost $30,000, as
trict. “The first question isn’t much as the whole photovoltaic
whether they can put out a fire; Good says that, on sunny days, system.” He bought the propane-
the first question is whether they the solar panels provide more fueled generator instead.
can save you,” Good says. He electricity than he needs. He sells A big surprise of Good’s design
brought the fire marshal the specs the excess to the local power is that, while most of the house’s
for the tram and says he per- company, which in turn supplies windows overlook the valley, a
suaded the marshal the tram was him with power on cloudy days, at few—including the large window
up to the task. over the kitchen sink—face di-
The tram cost about $185,000, $23,000 rectly into the cliff just inches
he says, including cables, wiring, Cost of helicopter trips to bring away. They are almost like framed
excavation, the landings, and in- building materials to the site photographs providing close-up
stallation by the only company he views of natural formations.
could persuade to do it—the San- Most of the furniture and fix-
doval Elevator Company of night, and in winter, when the tures were made by Good in his
Tempe. “That $185,000 made the house’s heating load is high. Dur- studio at the bottom of the cliff.
site usable,” he says. “Not bad.” ing those cold months he pays a They include an elliptical stainless
Good customized the box so bit for electricity. For the rest of steel kitchen island and three
that, at 4 ½ feet by 4 ½ feet, it the year, he says, his bills are very three-legged stools. In the pri-
would be big enough for a wheel- low or even negative. He doesn’t mary bedroom, his graceful cow-
THE WALL STREET JOURNAL. Friday, September 8, 2023 | M7

MANSION
sets for a modern name and phone number at the
dance company, he foot of the driveway. In fact, it
moved to Berkeley, was by calling the number on the
where he lived happily plaque that this reporter first got
for more than a de- invited to visit the house.
cade. There, he built Not surprisingly, Good’s neigh-
his furniture business, bors—a few dozen of whom can
which he named see the house from their own
Abraxas. But around homes to the south—are curious
1997, he decided to about the project. He recently had
move. “I was tired of some of them over for a party.
living in a densely pop- “We invited 14 and 12 came,” he
ulated city,” he says. says. “The tram holds four and
He drove more than the round-trip is about eight min-
5,000 miles, all around utes so our parties will be on the
the western U.S., he small side.”
says, “looking for the Their reaction? “They loved it,”
most beautiful place to he says of the house. “When
live.” He identified sev- you’re in it, it’s amazing.” But
was a physician and his mother, eral strong candidates. But when when they’re not in it, they might
Elaine Marinoff, a homemaker in he got to Sedona, with its lumi- feel differently. “For the immedi-
the process of becoming an artist. nous red rocks, he says, “My jaw ate neighbors it’s a little rough,”
That process involved divorcing dropped. The rest is history.” he says. “Some of them say, ‘Darn,
his father, a transition she de- Good is proud of what he’s you ruined my view.’” And, he
scribes candidly in her “Trea- built. Far from remaining anony- adds, unironically, “Views are im-
sures: The Memoir of an Artist,” mous, he put a plaque that has his portant in Sedona.”
edited by Good and published in
2019, the year after she died.
According to the memoir, when
Good was about 7, Marinoff de-
hide-covered chaise longue is cided the family should have a

FROM TOP: ANTHONY GIAMMARINO FOR THE WALL STREET JOURNAL (2, DRONE); KELSEY HALE FOR THE WALL STREET JOURNAL (8); GLENDON GOOD
wide enough for two. “We all live new house, and the site she liked
this life with stuff. It might as was at the top of a nearly 200-
well be beautiful stuff,” he says. foot cliff facing the ocean in Pa-
But not all the beautiful stuff was cific Palisades. “It was affordable
made by Good. “I did a lot of because nobody thought you
work here,” he says, “but I could build on it,” Good says,
couldn’t do everything.” which is precisely what he said
Overall, Good says, building the about his own site. But she did
house and the 900-foot studio build on it, and from then on the
cost about $1.65 million, or about cliff was a constant presence in
$540 a square foot. Of course, he the lives of the Good family. In
did much of the her memoir, Ma-
work himself rinoff wrote that
and, like many
200 FEET the premise of
Distance the house sits above
do-it-yourselfers, one group of her
the nearest road
he valued his oil paintings was
time at zero. “the high cliff as
(Over six years, he estimates, he my metaphor for the fragility of
may have put in 15,000 hours— life, realizing that if my cliff col-
which at a rate of, say, $50 an lapsed, so would my life.”
hour would be worth $750,000.) The cliff was also “formative,”
In 2022, in one concession to for Glendon, she writes. But, he
cost, he sold the house and studio says, he was never scared of it. “I
at the bottom of the cliff, along was an avid skier. So I wasn’t
with one of his five acres. Good afraid of heights.” Then he adds,
declined to disclose the sale price. “I spent a lot of time on ski lifts,
He built a much smaller studio— so this whole tram that goes up
just 900 square feet—and used and down makes perfect sense.”
the rest of the proceeds to pay for Good attended college at Tufts
the new house. University and business school at
Good was raised in Los Ange- Stanford University. After living in
les, where his father, Robert Good, Santa Cruz, where he designed

“My victory is facing my PTSD so I can be here for my children.” After returning from service in Iraq,
Naomi could still hear the booms and see the tracer fire. With the right support from DAV, she began to
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M8 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

MANSION
COUNTING HOUSE | ROBYN A. FRIEDMAN

W
hile luxury home purchase. “That was during the
sales have declined pandemic buying frenzy,” Soda
in many markets, said. “In 2020 and 2021, you would
pockets of heated
activity remain, where inventory
is scant and bidding wars are still
common. If you’re looking for a
Mind the Appraisal Gap blink your eyes and a property
would be off the market.”
Here are some other things to
consider before you waive an ap-
home in one of these markets, praisal gap.
should you make yourself a more If the house you’re buying appraises for less than its contract price,
competitive buyer by waiving the Be cautious. Waiving the ap-
so-called appraisal gap to entice a it could affect your mortgage. Here’s what to know. praisal gap means that you, as the
seller to accept your offer? buyer, will need to complete the
Appraisal gaps, which occurred purchase no matter the amount of
in 11% of residential transactions the appraisal, so make sure you
in June 2023, according to Core- have sufficient cash on hand to
Logic, a real-estate data and ser- make up the difference. Be aware
vices provider, arise when homes that you are overpaying for the
appraise for less than the contract house, so do your due diligence
price. They often occur in tight beforehand by checking public re-
markets where buyers have to bid cords for recent sales or asking
above the asking price to secure a your real-estate agent for re-
home. search on comparable sales. Then,
“We’re still seeing supply-and- make an informed decision based
demand challenges in certain mar- on the data, not an emotional one
kets,” said Shawn Telford, Core- based on a fear of missing out.
Logic’s chief appraiser. “There are
gaps between the contract price Cap your liability. If you decide to
someone’s willing to pay and what waive the appraisal gap, limit
the market data shows the home your liability. For example, you
would likely be selling for in a typi- can offer to waive the gap up to
cal market without the undue influ- $50,000, rather than leaving it
ences of the fear of missing out.” open ended. That way you won’t
Waiving the appraisal gap sim- end up paying $800,000 for a
ply means that a buyer will move home worth $600,000.
ahead with the purchase at the
agreed-upon price no matter what Request a reconsideration. Ac-
the appraised value of the home. cording to the Consumer Financial
That’s great for sellers—it means Protection Bureau, home buyers
the buyer is serious and locked can ask a lender for a “reconsider-
into the deal. But while waiving ation of value” if they feel the
the gap may give buyers a leg up original one is inaccurate. Borrow-
in a competitive bidding situation, ers can point out errors or omis-
it also shifts a tremendous sions in the appraisal, such as the
amount of risk onto them since use of properties that were not
they can lose their down payment comparable. Deanna Kory, an as-
if they lack sufficient funds to sociate broker at The Corcoran
make up the difference. Group in Manhattan, worked with
Although real-estate agents of- buyers of a New York City condo-
ten refer to “appraisal waivers,” in often results in the lender approv- ticipated. That’s fine if the buyer Donna Soda, an agent with Pre- minium where the purchase price
most states, there is in fact no ap- ing a lower mortgage amount. has the additional cash on hand. mier Sotheby’s International Realty was $4.924 million but it ap-
praisal contingency in a standard For example, for a buyer put- But if they don’t, and they can’t in Lakewood Ranch, Fla., said that praised for 10% less. Kory noticed
home-purchase agreement. In- ting down 20% on a $1 million qualify for a 90% loan-to-value appraisal waivers can incentivize a that the appraiser relied on a sale
stead, the issue arises in the con- home, the maximum amount of mortgage, they may need to back seller to accept one buyer’s offer she didn’t consider comparable
text of the mortgage contingency the loan would be $800,000. But out of the deal and face the loss over another. She has had deals and ignored two recent compara-
because a lender’s mortgage com- if the appraisal came in for of their down payment. where the appraisal came in below ble sales that would have made a
mitment is conditioned upon re- $900,000, under the 80% loan-to- “If the appraisal comes in low, the purchase price, and the buyer “tremendous difference in value.”
ceipt of a satisfactory appraisal. If value ratio the buyer qualified for, it’s going to change the financing and seller renegotiated to lower She requested reconsideration and
the appraisal comes in for at least the lender would only finance options,” said Alec Hanson, chief the price. But she’s also had a deal submitted a five-page document
the purchase price, the deal pro- $720,000. If the buyer waived the marketing officer for loanDepot. where her clients agreed to waive refuting the comparable sales the
ceeds as planned. If it comes in appraisal gap, that means that the “Even if the customer can still the appraisal gap and had to come appraiser had selected. The ap-
too low, however, that will affect buyer would have to come up with qualify on the new terms, maybe up with an additional $100,000 in praised value of the unit was in-

SAM ISLAND
the loan-to-value ratio used by a $280,000 in cash to close, rather that’s not what they want for cash at closing when the appraisal creased to the purchase price, and
lender to qualify the buyer—and than the $200,000 originally an- their financial situation.” came in too low on a $2.3 million the deal went through.

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THE WALL STREET JOURNAL. Friday, September 8, 2023 | M9

EXCEPTIONAL SERVICE.
GLOBAL NETWORK.
LUXURY AUTHORITY.

LEONARDTOWN, MD | $30,000,000 ROYAL OAK, MD | $2,250,000 BETHESDA, MD | $2,195,000

19700 Mulberry Fields Road Coming Soon 5560 Heron Point Road 5116 Manning Drive
6 BR | 4 FBA, 1 HBA | 13,458 Sq Ft | 490.17 Acres 4 BR | 3 FBA, 1 HBA | 4,118 Sq Ft | 2.74 Acres 6 BR | 4 FBA, 1 HBA | 3,478 Sq Ft | .12 Acres
Kornelia Stuphan 202.669.5555 Martha Suss 410.310.4856 Leigh Reed 301.674.2829

POTOMAC, MD | $1,999,000 NORTH POTOMAC, MD | $1,950,000 ANNAPOLIS, MD | $1,925,000

9215 Bells Mill Road 13208 Squires Court 16 Decatur Avenue
6 BR | 5 FBA, 1 HBA | 7,166 Sq Ft | 0.5 Acres 4 BR | 4 FBA, 2 HBA | 5,125 Sq Ft | 2 Acres 5 BR | 4 FBA, 1 HBA | 5,069 Sq Ft | .21 Acres
Eric Murtagh 301.412.9066 Wendy Banner 301.365.9090 Pamela Tierney 443.822.9079

GREAT FALLS, VA | $4,500,000 McLean, VA | $3,750,000 BEDFORD, VA | $3,250,000

10305 Beach Mill Road 817 Carrie Court 8028 Big Island Highway 6 BR | 7.5 BA | 9,111 Sq Ft | 394 Acres
8 BR | 7 FBA, 1 HBA | 12,725 Sq Ft | 5.01 Acres 6 BR | 5 FBA, 1 HBA | 7,803 Sq Ft | 1.02 Acres Colleen Marston 540.204.3417
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1250 Reston Avenue 38074 Lime Kiln Road 211 W 11th Street
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M10 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Riverfront McLean
Estate is One of
Virginia’s Priciest
A riverfront home in McLean, in the land, Lowham said. The
Va., is listing for $25 million, seven-bedroom house hasn’t been
making it one of the priciest renovated since the 1970s, he
homes for sale in the state. said, and the new owners will
The roughly 4-acre property likely build a new home or re-
has about 210 feet of model the existing one.
frontage on the Potomac FOR SALE Most lots along the river
River, according to listing in McLean sell for up-
agent Mark Lowham of
TTR Sotheby’s Interna-
$25
wards of $20 million, he
said, and last year, he
tional Realty. Located in MILLION sold an empty lot nearby
one of the most sought- 9,000 sq. ft., for around $23 million.
after neighborhoods in 7 bedrooms The Bowman property
the area due to its prox- is priced to sell, he said.

TOWNSEND VISUALS/TTR SOTHEBY’S INTERNATIONAL REALTY

imity to Washington, D.C., the A. Smith Bowman, who co-
home is a few doors down from founded A. Smith Bowman Distill-
Merrywood, a childhood home of ery in Virginia, died in 1981, and
Jackie Kennedy Onassis, which his wife lived in the home until
The home has a wood-paneled library.
sold for $43 million in 2018. her death last year, according to
The approximately 9,000-square- Lowham. The couple had no chil-
foot, French-style house was built dren, Lowham said, so the prop- a large pea gravel parking court. second floor, the primary suite rooms, one for watching the sun-
in the 1970s by the late couple erty is being sold by Mary Lee “A French-style home is unusual has two bathrooms, dressing rise and the other for watching
Mary Lee and A. Smith Bowman, Bowman’s estate. The family didn’t for Virginia,” said Lowham. In- rooms and sitting rooms. the sunset, he said.
Lowham said. The Bowmans respond to requests for comment. side, there is a dining room with Mary Lee Bowman frequently —Libertina Brandt
bought the lot in 1977 for $300,000, The home was designed in a antique wallpaper and a mahog- entertained in the home, accord-
according to property records. Classical French style, with a any-paneled library with a marble ing to Lowham. At either end of  See more photos of notable
Much of the property’s value is limestone and stucco exterior and fireplace. Taking up much of the the main level are octagonal sun- homes at WSJ.com/RealEstate.

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Distinctive Properties
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ILLINOIS AUCTIONS

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CHICAGO | HINSDALE | LAKE FOREST | LAKE GENEVA | NAPLES | NEW BUFFALO | PARK CITY | WINNETKA AUCTIONS 136 Tuleyries Ln, Boyce, VA COmmErCiAL
Notable VA Estate 168 ACRES prOpErTiEs
The D aw n M cKen n a Grou p Just an hour west of DC,
in the scenic Shenandoah
Clarke Co., VA
EVERy WEdNESdAy
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# 4 R E A L E S TAT E T E A M I N T H E N AT I O N w/ one of the finest late LIST yOUR
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340 HORSE CREEK DR. #406 | NAPLES, FL 11125 GULF SHORE DR. #1005 | NAPLES, FL construction w/ nearly 36,000
Completely Renovated 2-Bed, 2-Bath Unit at Wiggins Bay | Exceptional Beachfront Living | Richly Appointed
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310 S. MICHIGAN AVE. #2502 | CHICAGO, IL 840 N. LAKE SHORE DR. #701 | CHICAGO, IL
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©2023 Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real
Estate LLC. The Coldwell Banker System and Dawn McKenna Group fully support the principles
of the Fair Housing Act and the Equal Opportunity Act. *Source: #1 Team in Illinois among all
brokerages ranked by Wall Street Journal RealTrends The Thousand 2022.

DISTINCTIVE PROPERTIES
SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION

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please contact: sales.realestate@wsj.com

Source: Ipsos Affluent Survey USA Spring 2022 Adults 18 or older, HHI $125,000+.
© 2023 Dow Jones & Company, Inc. All Rights Reserved.
© 2023 Dow Jones & Company, Inc. All Rights
THE WALL STREET JOURNAL. Friday, September 8, 2023 | M11

N O RT H T E X AS ’ #
1 LUXU RY B R O K E RAG E

Nothing compares to what’s next.

President Russ Anderson on what happens when you put real estate’s big thinkers in one room
BRIGGSFREEMAN.COM

I
THE PRESIDENT’S am inspired. I hope you will be, too. strong brands and equally strong reputa- (We did take some breaks, for a gour-
POINT OF VIEW I’ve just come out of some of the tions for offering their clients a luxury ex- met Mexican dinner in Dallas and a raucous
most informative and energizing meet- perience and trusted advice. As part of its rodeo in Fort Worth. When in Texas … .)
ings, full of ideas and strategies. Here holdings, Peerage now owns Sotheby’s In- What does all this mean to you? Even
in Dallas, we’ve been hosting CEOs and ternational Realty affiliates in Canada, Cali- more support for your favorite Briggs Free-
presidents from some of the brokerages in fornia, Florida, Illinois and more. Thanks to man Sotheby’s International Realty agent
our Peerage Realty Partners family, plus cor- its strategic plan, Peerage Realty Partners has
and even more value for you. This unique
porate leaders who include Gavin Swartz- been ranked the eighth-largest brokerage in
partnership provides strategic input, capi-
man, president and CEO of Peerage Realty the U.S., with 7,500 best-in-class agents and
Partners, and Trevor Maunder, president tal, technology, operational expertise, mar-
employees in 275 offices and more than $52
and CEO of Peerage Capital Group. billion in sales, annually. keting and more — all to enhance your ex-
Here’s the backstory: It has been almost So, when I tell you that these amazing perience with us, every time.
two amazing years since Peerage Realty Part- minds got together for a few days of brain- There is nothing like it. The industry is
ners formalized a substantial partnership storming, you can imagine that the energy taking notice. I hope you do, too.
RUSS ANDERSON interest in Briggs Freeman Sotheby’s Inter- was on full tilt. We talked about industry
President national Realty. Peerage is a private-equity trends and refining our special tech stack
Briggs Freeman Sotheby’s investor in the luxury real estate realm, es- for agents. We analyzed markets and set WHAT THE LUXURY LEADERS SAY
International Realty
pecially top Sotheby’s International Realty® new benchmarks for measuring success. We Don’t miss our executives’ weekly thoughts,
randerson@briggsfreeman.com affiliates like us: well-established firms with planned our 2024 — and beyond. always on briggsfreeman.com/blog

HIGHLAND PARK / DALLAS, TEXAS SOUTHLAKE, TEXAS DEVONSHIRE / DALLAS, TEXAS

4724 Saint Johns Drive / $7,800,000 108 Legacy Court / $4,150,000 9035 Broken Arrow Lane / $7,995,000

ROBERT TYSON / 817-980-0683 / rtyson@briggsfreeman.com

LAUREN VON ROSENBERG / 469-386-3485 / lvonrosenberg@briggsfreeman.com MELISSA TYSON / 214-449-7020 / mtyson@briggsfreeman.com DIANE DUVALL / 214-725-1451 / dduvall@briggsfreeman.com

PALO PINTO, TEXAS / PALO PINTO COUNTY / 744± ACRES

Brazos River Ranch / $7,999,000
© 2023 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports
the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

DAVID BURGHER / 214-213-8715 / dburgher@briggsfreeman.com

HARLAN RAY / 214-908-7770 / hray@briggsfreeman.com

BLUFFVIEW / DALLAS, TEXAS

4633 Cherokee Trail / $3,700,000

LEELEE GIOIA / 214-616-1791 / lgioia@briggsfreeman.com

ANNE GOYER / 214-457-0417 / agoyer@briggsfreeman.com

COLLEYVILLE, TEXAS / 2.68 ACRES

4510 Shadywood Lane / $2,149,000

ERIC HACKER / 972-365-1677 / ehacker@briggsfreeman.com

PRESTON HOLLOW / DALLAS, TEXAS / 1.54 ACRES / BUILDING SITE BLUFFVIEW / DALLAS, TEXAS / 1.8 ACRES DEVONSHIRE / DALLAS, TEXAS
5234 Ravine Drive / $5,300,000 8427 Inwood Road / $2,500,000 5750 Stonegate Rd / Listed for $1,225,000

UNDER CONTRACT SOLD

MALINDA ARVESEN / 214-354-7029 / marvesen@briggsfreeman.com

FAISAL HALUM / 214-240-2575 / fhalum@briggsfreeman.com KATHERINE ROBERTS / 214-457-7878 / kroberts@briggsfreeman.com DAVID ARVESEN / 214-354-6142 / darvesen@briggsfreeman.com

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M12 | Friday, September 8, 2023 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | JAMES ELLROY

He Had a Pulp-Fiction Childhood

‘The Enchanters’ novelist on his mother’s murder, his crime obsession and Marilyn Monroe’s death

T
he happiest moments of man. He provided me with a place want to see how the city has
my childhood? I spent to sleep and fed me Wheaties and changed. I like the place just as I
them reading hard- hamburgers seven days a week. remember it.
boiled thrillers and My mother’s murder was never Today, I live in an apartment
watching early 1960s TV crime solved. I lived by my own weirdo- building in downtown Denver. My
shows like “Naked City” and “77 kid code and set my own agenda. second ex-wife lives down the
Sunset Strip.” Man, did I read. I had a rocket- hall. We’ve got a great thing go-
I was a poor kid. For a time, we fueled imagination. When I ran ing. It’s straight out of film noir.
lived on the south edge of Holly- out of books, I’d hotfoot it over to I love Midcentury Modern fur-
wood in L.A. I’d walk my dog late Crown Liquor and raid the paper- niture. I have 10-foot-high, built-
at night, look in windows in Han- back racks. I had a paper route in bookshelves stuffed with crime
cock Park and dream. and spent all my money on pulp- novels and true-crime books. My
These were book-related excur- crime books. originals are gone, but I’ve repur-
sions. I’d been gobbling up stories My father knew I loved Jack chased many of them. I’m horribly
of bad men in love with strong Webb in TV’s “Dragnet.” He gave sentimental.
women set in my hometown. me Webb’s book “The Badge.” It —As told to Marc Myers
I lived first with my mis- was a hopped-up version of
matched mom and dad in an “Dragnet”—one true, terrifying James Ellroy, 75, is a crime writer
apartment house behind a Lu- crime story after the other. best known for his novels “The
theran church. I loved going to High school was a rough ride. I Black Dahlia,” “L.A. Confidential,”
that church alone. It was a righ- did poorly. I was a kid out looking “American Tabloid” and “Per-
teous respite from my bickering for trouble. There were a million fidia.” Four of his books have

FROM TOP: JAMES ELLROY (FAMILY PHOTO); ATILANO GARCIA/SOPA IMAGES/GETTY IMAGES; 20TH CENTURY FOX FILM/EVERETT COLLECTION
parents. kids like me back then—kids who been turned into films. His latest
My father was an uncertified were essentially harmless but novel is “The Enchanters” (Knopf).
accountant and a Hollywood bot- were seasoned fantasists.
tom-feeder. He was a math whiz I got kicked out of school for the
who often made vast sums of cash second time in 11th grade. I took a JAMES’S PAST
working for drugstores taking job shelving books at
eyeball-inventories of items on the Wilshire Branch Li- ‘The Enchanters’? It’s
their shelves. brary. The gig gave me a fictionalized account
My mother was a registered unlimited access to of  Marilyn Monroe’s
nurse and a confirmed juicehead. crime novels and jazzy overdose in the sum-
My parents’ big marital problem thrillers. mer of 1962.
was that my mother liked men. I spent my 20s in
My dad liked women. and out of brief Writing space? At my
I soon became a rambunctious county-jail stints. I was office desk, using a pen
child of divorce. Mom got primary arrested for sundry and white notebook
custody, and we moved to a skunk misdemeanors like paper. I don’t have a
town in the San Gabriel Valley. It drunk-and-disorderly conduct, dis- computer or a cellphone.
was hotsville, so hot you’d see a James Ellroy at the Hotel de las Letras in Madrid in 2022, above, and top turbing the peace and petty theft.
dog chasing a cat—and they’d right, with his mother, Geneva, in 1951. I got sober in 1977 and started Early motive? When I was lit-
both be walking. writing in ’79. I had a story I tle, my parents had a closet
We lived in a stifling little wanted to tell that became filled with news magazines. I
backhouse. My mom was out of- Then June 22, 1958, slammed clothes sergeant came over. He “Brown’s Requiem,” about an L.A. always looked at the pictures. I
ten and fed me canned spaghetti me. I was 10. I was returning told me my mother had been detective embroiled in a web of was obsessed with the past
and off-brand cola. home in a cab after spending the killed. She was murdered and twisted passions. The manuscript back when it was the past.
I became a latchkey kid as soon day at my dad’s place in Holly- dumped in some bushes adjoining was rejected a dozen times. Then
as I could unlock the front door. I wood. As we neared my mother’s a local high school. Avon Books bought the novel and Father? He died when I was 17.
was free to bum around and do building, I could see the front Strangely, I wasn’t shocked or published it in 1981. I was 33. I’ve I think he would have gotten a
what I wanted—namely, read, go yard was full of cops. hurt. I knew what it meant, that I been at it for 44 years. charge out of my books and
to the movies and fantasize about When I got out, one of them could go live with my father. That I’m an old guy now. I moved everything else that I’ve been
girls and solving crimes. said, “There’s the kid.” A plain- night, I moved in with my old out of L.A. 40 years ago. I don’t able to accomplish.

UNDER
DISASTROUS CIRCUMSTANCES,
HE COULD FIND A MISSING
CHILD IN THE WRECK AGE.
HARD TO BELIEVE NO ONE
WANTED THIS COURAGEOUS

DOG DIFFERENT NATIONAL ORIGINS.

SAME FAIR HOUSING RIGHTS.

Ridge
Discovered in a shelter
in Tooele County, Utah.

It is illegal for landlords and real estate agents to deny you housing
opportunities because of your ethnicity. The Fair Housing Act prohibits
housing discrimination based on national origin. If you believe you
have experienced a violation of your rights, file a complaint.

Go to hud.gov/fairhousing or call 1-800-669-9777

Federal Relay Service 1-800-877-8339

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UNDERDOGS OVERCOME. Not a real disaster site.* discrimination because of race, color, religion, national origin, sex, familial status or disability.