Wallstreetjournal 20190730 TheWallStreetJournal

For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
* * * * * * TUESDAY, JULY 30, 2019 ~ VOL. CCLXXIV NO. 25 WSJ.com HHHH $4.00
DJIA 27221.35 À 28.90 0.1% NASDAQ 8293.33 g 0.4% STOXX 600 390.85 À 0.03% 10-YR. TREAS. À 7/32 , yield 2.056% OIL $56.87 À $0.67 GOLD $1,419.60 À $1.10 EURO $1.1145 YEN 108.78
9/11 First Responders Welcome Signing of Victims’ Funding Act Federal

What’s Borrowing
News Soars as
Business & Finance
Deficit
C apital One said a hacker
accessed the personal
information of about 106
Fear Fades
million credit-card cus- Treasury expects to
tomers and applicants, one
of the largest-ever data sell over $1 trillion in
breaches of a big bank. A1 debt; issue has little
Borrowing by the fed- traction in 2020 race
eral government is set to
top $1 trillion for the sec-
ond year in a row as higher BY KATE DAVIDSON
spending outpaces revenue
WASHINGTON—Borrowing
growth and concern about
ALEX BRANDON/ASSOCIATED PRESS
by the federal government is

budget deficits wanes. A1
set to top $1 trillion for the
Powell is leading his Fed
second year in a row as higher
colleagues to cut rates this
spending outpaces revenue
week for the first time since
growth and concern about
2008, signaling a shift of
budget deficits wanes in Wash-
thinking on the economy. A2
ington and on Wall Street.
Corporate profits are
The Treasury Department
proving to be more resilient
said Monday it expects to is-
than expected, allaying in-
HELPING HAND: President Trump on Monday signed legislation that funds medical claims from victims of the 9/11 terrorist attacks sue $814 billion in net market-
vestor anxieties about trade
for the rest of their lives. Separately, Khalid Sheikh Mohammed, the alleged mastermind of the Sept. 11, 2001, attacks, has opened able debt in the second half of
and economic growth. B1
the door to helping victims in their lawsuit against Saudi Arabia if the U.S. government spares him the death penalty. A4 this calendar year, bringing to-
Netflix is spending hun- tal debt issuance to $1.23 tril-
dreds of millions of dollars lion in 2019. That would repre-
to produce big-budget films sent a slight decline from
Capital One Breach Affects

amid its effort to shore up borrowing in 2018, when the
.
its subscriber base. A1 Treasury issued $1.34 trillion
ly
in debt—more than twice as
Pfizer’s deal to merge
much as the $546 billion it is-
its off-patent drugs busi-
sued in 2017.
ness with Mylan caps CEO
106 Million Card Applicants The budget gap for the fis-
Bourla’s remodeling of the
pharmaceutical giant. B1
on cal year that ends Sept. 30 is
on course to exceed $1 trillion,
The S&P slipped 0.2% following the 2017 tax cuts
as investors looked ahead that constrained federal reve-
us l,
to the Fed’s policy meeting. Capital One Financial matter. ter. The criminal complaint nue and a previous two-year
The Dow rose 0.1%. B11 Corp., the fifth-biggest U.S. By Nicole Hong, The bulk of the exposed says Ms. Thompson’s résumé budget deal that raised spend-
al a
Liz Hoffman
e
credit-card issuer, said Mon- data involves information showed she worked at a ing nearly $300 billion above
European food-delivery and AnnaMaria
day that a hacker accessed submitted by customers and cloud-computing company, spending caps Congress en-
companies Takeaway.com Andriotis
the personal information of small businesses that applied which the government didn’t acted in 2011.
ci on
and Just Eat struck an

approximately 106 million for Capital One credit cards name, as a systems engineer The new budget agreement
$11.1 billion merger deal. B1
card customers and appli- Thompson is accused of between 2005 and early 2019, from 2015 to 2016. congressional leaders an-
Newell picked Ravi Sali- cants, one of the largest-ever breaking through a Capital the bank said, including ad- The breach compromised nounced last week effectively
gram, the former OfficeMax data breaches of a large bank. One firewall to access cus- dresses, dates of birth and approximately 140,000 Social pushed the issue of govern-
chief who has also led Paige A. Thompson, 33 tomer data that the bank had self-reported income. Security numbers and 80,000 ment spending off until after
er rs
Ritchie Bros., to be CEO. B5 years old, was arrested in stored on Amazon.com Inc.’s Ms. Thompson is a former Please turn to page A9 Please turn to page A8
connection with the hack cloud service, according to a employee of Amazon Web
A U.S. court said Vene-
Monday by federal agents in federal criminal complaint Services Inc., according to Equifax pitches focus on Fed is poised to cut rates as
zuela’s stake in Citgo could
Seattle, officials said. Ms. and people familiar with the people familiar with the mat- cybersecurity.............................. B5 thinking shifts........................... A2
be seized to satisfy a judg-
m e
ment against the country. B5
Netflix Splurges On Falling Rates New College Aid Ploy:

m rp
World-Wide
Fuel Mortgages
Alleged Sept. 11 master-
mind Khalid Sheikh Moham- Costly New Movies Swapping Guardians Lenders made $565 billion of
mortgage loans last quarter
co Fo
med has opened the door to amid a refinancing boom. B1 BY DOUGLAS BELKIN Several universities in Illi-
helping attack victims in their nois say they are looking into
lawsuit against Saudi Arabia BY R.T. WATSON and stars Ryan Reynolds and Mortgage originations, CHICAGO—Amid an intense the practice, which is legal.
if the U.S. government spares AND BEN FRITZ Gal Gadot, the people said. In quarterly national furor over the fair- “Our financial-aid resources
him the death penalty, accord- addition, a person familiar ness of college admissions, are limited and the practice of
$600 billion
ing to court documents. A4 Netflix Inc. is spending hun- with the matter said, Netflix the Education Department is wealthy parents transferring
The Education Depart- dreds of millions of dollars to plans to release later this year looking into a tactic that has the guardianship of their chil-
ment is looking into a tactic in produce big-budget films as it “6 Underground,” a Michael 500 been used in some suburbs dren to qualify for need-based
which wealthy parents trans- tries to shore up its subscriber Bay-directed action film that here, in which wealthy par- financial aid—or so-called op-
fer guardianship of college- base and push further into ter- is costing about $150 million, ents transfer legal guardian- portunity hoarding—takes
bound children so the teens ritory once controlled by ma- and Martin Scorsese’s “The 400 ship of their college-bound away resources from middle-
can claim financial aid. A1 jor Hollywood studios. Irishman.” children to relatives or friends and low-income students,”
The streaming giant is in- The last film might be the so the teens can claim finan- said Andrew Borst, director of
Hospitals would have to vesting more than $520 mil- company’s riskiest bet. “The 300 cial aid, said people familiar undergraduate enrollment at
n-
disclose the now-secret dis- lion to make three big-budget Irishman,” a historical drama with the matter. the University of Illinois. “This
counted prices they negotiate films, said people familiar with likely to appeal only to adults The strategy caught the de- is legal, but we question the
with insurers under a pro- movie budgets. None of those interested in serious subject 200 partment’s attention amid a ethics.”
posed administration rule. A3 movies is likely to get the kind matter, costs as much as some spate of guardianship trans- One Chicago-area woman
no
Attorney General Barr of wide theatrical release typi- all-ages action-adventure mov- fers here. It means that only told The Wall Street Journal
100
is moving to cut off asylum cally used to make such sub- ies because of visual effects the children’s earnings were that she transferred guardian-
for people whose claims are stantial investments pay off. that allow stars including Rob- considered in their financial- ship of her then 17-year-old
based on being related to per- Earlier this month, Netflix ert De Niro, Al Pacino and Joe 0 aid applications, not the family daughter to her business part-
secuted family members. A8 agreed to spend nearly $200 Pesci to appear at different income or savings. That has ner last year. While her house-
2014 ’15 ’16 ’17 ’18 ’19
million to make the Dwayne Please turn to page A2 led to awards of scholarships hold income is greater than
The suspected shooter in Johnson action movie “Red Source: Inside Mortgage Finance and access to federal financial $250,000 a year, she said, she
a California festival attack Notice,” which is to be filmed Facebook Watch slowly lures aid designed for the poor, and her husband have spent
used a semiautomatic rifle to next year at exotic locations more video ads......................... B4 these people said. Please turn to page A6
kill three people, including a
6-year-old boy, police said. A3
The U.K.’s Johnson is re-
fusing to hold face-to-face
London Financial Adviser Site
meetings with EU leaders un-
Britches
less they agree to change key
aspects of the Brexit deal. A9
Falling Down
Omits Red Flags
Democratic presidential
hopefuls are poised for de-
bates in Detroit, as top-
i i i
Dress code defied; Some complaints don’t show up in profiles Always setting the
bar higher.
tier candidates look to
break from the pack. A6
Trump ally Tom Barrack ‘Can I wear shorts BY JASON ZWEIG for bankruptcy within the
sought Saudi government AND ANDREA FULLER past decade although the
funding in a bid to buy reac- at Barclays?’ website says they haven’t dis- Dell Technologies is #1 in All-Flash Arrays
tor builder Westinghouse, ac- Many people seeking a fi- closed such an event in the
BY ANUJ GANGAHAR nancial adviser begin their last 10 years. for the fifth straight year.
cording to a House report. A9
AND JULIE STEINBERG search at LetsMakeAPlan.org, The LetsMakeAPlan.org site
The U.S. Soccer Federa- a directory operated by the has been presenting more than DellTechnologies.com/storage
tion released a letter saying LONDON—Britain’s suited Certified Financial Planner 6,300 planners without show-
it has paid the U.S. women’s masses, sweating through a Board of Standards Inc. ing such problems even $2.7B
team more than the men’s heat wave, are being driven to The Board, which controls though the planners have dis-
team in recent years. A8 make a once-unthinkable sar- the CFP label coveted by finan- closed them to the Financial
torial choice. Men are wearing cial planners, boasts of its Industry Regulatory Authority, $1.9B
CONTENTS Markets..................... B11 shorts—to work. high standards and has touted according to a Wall Street $1.7B
Banking & Finance... B10 Opinion.............. A15-17
Business News.. B3,5 Sports....................... A14 Hairy calves, knobbly knees, its directory of professionals Journal analysis of more than
Capital Journal...... A4 Technology............... B4 pasty thighs that haven’t seen as a place where people can 72,000 profiles on the website. $0.9B #1
Crossword.............. A12
Heard on Street. B12
U.S. News............. A2-8
Weather................... A12
the sun in months, even an an- find a screened, skilled and The Journal compared data
#1 #1
Life & Arts....... A11-13 World News...... A9,18
kle free from the cover of a trustworthy financial planner. on the LetsMakeAPlan.org site $0.4B
woolly sock: All are getting an What they won’t find there against records kept by Finra, #1
airing as temperatures near is any indication that thou- an industry-funded watchdog #1
> 100 degrees. sands of the planners bearing with legal authority to regulate
“I googled ‘can I wear the board’s seal of approval brokers. 2014 2015 2016 2017 2018
shorts at Barclays,’ ” said Ryan have had customer complaints Among the planners the
Campbell, a product designer or faced criminal or regula- Journal’s analysis flagged, Source: IDC Worldwide Quarterly Enterprise Storage Systems Tracker 1Q19. Numbers
s 2019 Dow Jones & Company, Inc.

at U.K. lender Barclays PLC. “I tory problems—often directly more than 5,000 have faced represent Dell EMC revenue and rank for each year shown in the all-flash array segment.
Rankings inclusive of sales from companies acquired by Dell Inc.
All Rights Reserved didn’t want to be the first guy related to their work with cli- formal complaints from their
Please turn to page A10 ents. More than 60 have filed Please turn to page A10
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Tuesday, July 30, 2019 * *** THE WALL STREET JOURNAL.
U.S. NEWS
Fed Is Poised to Cut as Thinking Shifts
BY NICK TIMIRAOS to move proactively to keep At some low rate of unem-
price pressures in check and Trump Wants Rate win anyway!” creation that was missed, espe- ployment, the thinking goes,
Federal Reserve Chairman prevent asset bubbles from In an earlier tweet, Mr. cially when measured against slack in the job market disap-
Jerome Powell is leading his forming. To Go Even Lower Trump said that the EU and our debt, is staggering,” he pears. Wage and price pres-
colleagues to cut interest rates Today, officials worry that China continue to lower their wrote. sures build, as firms compete
this week for the first time inflation pressures remain too interest rates and pump money The Fed is expected to for scarce resources.
since 2008, even though the weak, not too strong. This de- WASHINGTON—President into their systems, making it lower its short-term benchmark The problem is that there is
economy looks healthy, partly velopment implies that the so- Trump said the Federal Reserve’s easier for their manufacturers rate, currently between 2.25% no way to identify the cutoff
because it isn’t behaving as called neutral rate level that expected small interest-rate cut to sell products. and 2.5%, by one-quarter per- point, or what economists re-
expected. neither stimulates nor curbs this week isn’t enough, but he “In the meantime, and with centage point after its two-day fer to as a natural rate of un-
Both inflation and market- economic growth is lower than expressed optimism that the a very low inflation, our Fed meeting ends on Wednesday. employment where inflation is
determined interest rates are in the past. And lower rates country would do well regardless does nothing—and probably will Mr. Trump has said the Fed stable over the long run.
still lower than some of their leave the Fed less space to cut of what is decided. do very little by comparison. should cut its benchmark rate Such predictions are impre-
models would have forecast, them to combat a slowdown. In tweets on Monday morn- Too bad!” he tweeted. by 1 percentage point. He also cise and move around depend-
given years of strong hiring Mr. Powell told lawmakers ing, the president accused the Mr. Trump also tweeted wants the Fed to terminate the ing on what else is happening
and solid economic growth. this month he is concerned U.S. central bank of making “all that the Fed raised rates too runoff of its $3.8 trillion asset in the economy.
These developments sug- about an “unhealthy dynamic” the wrong moves” and said early and by too much, adding portfolio. The runoff is set to The natural rate is “sub-
gest that Fed officials haven’t in which “lower expected in- that Fed officials were leaving that the Fed’s decision two end after September, but Fed stantially lower than we
been providing as much sup- flation gets baked into interest the U.S. vulnerable to global years ago to slowly shrink its officials could end the runoff thought in the past,” Mr. Pow-
port to the economy as they rates, which means lower in- competitors like the European $3.8 trillion asset portfolio, this week when they cut rates. ell told lawmakers earlier this
had thought, even though terest rates, which means less Union and China. which some refer to as quanti- Mr. Trump has commented month. Moreover, the rela-
their benchmark rate is low by room for the central bank to “We are competing with tative tightening, has also been more on Fed policy, in public re- tionship between declining
historical standards. react” to downturns. other countries that know how responsible for tighter mone- marks and on Twitter, during unemployment and rising in-
Moreover, some officials To avoid this trap, Fed offi- to play the game against the tary policy. July than in any prior month of flation “has become weaker
believe the rate needs to be cials say they need to fight U.S.,” he wrote. “A small rate “While our country is doing his presidency. and weaker and weaker,” he
even lower now to provide an harder to raise inflation now, cut is not enough, but we will very well, the potential wealth —Vivian Salama said.
extra cushion amid a darken- when the economy is good. A rate cut this week would
ing global outlook clouded by “We’ve seen it in Japan. We’re underscore how, in the ab-
trade-policy uncertainty. now seeing it in Europe,” said ing to the Fed’s preferred was set to occur after Septem- New York Fed President sence of the domestic pres-
Fed leaders see tighter link- Mr. Powell. “That road is hard gauge. ber. John Williams said an impor- sures that normally would jus-
ages than in the past between to get off.” While this might seem like Worries about inflation are tant lesson of recent research tify tighter monetary policy,
the U.S. and global economies The Fed targets 2% inflation a small miss, officials expected one reason officials could sig- is that when confronted with the global economy will play a
and think domestic rates can’t as a sign of healthy growth any surprises would be run- nal openness to cutting rates weakness, policy makers need far greater role than before in
rise much higher above those across the economy but has ning in the other direction by again later this year. Chicago to “vaccinate the economy and shaping the Fed’s decisions.
in other advanced economies, failed to convincingly reach this point in the decadelong Fed President Charles Evans protect it from the more insid- Mr. Powell outlined this
which have much lower or the goal since formally adopt- expansion. said this month rates would ious disease of too low infla- new thinking in a speech in
even negative rates. ing it in 2012. Fed officials are prepared need to go down by at least a tion.” Paris two weeks ago. “Pursu-
Their thinking marks a shift After holding around 2% as to lower their benchmark half-point from current levels At the heart of the reversal ing our domestic mandates in
from recent years when they recently as December, inflation rate by a quarter percentage to boost inflation. Seven of the facing the Fed is a rethink of this new world requires that
were raising the rate from has slowed this year. Exclud- point from its current range 17 participants at the Fed’s its fundamental policy strategy, we understand the anticipated
near zero because their mod- ing volatile food and energy between 2.25% and 2.5%. A June meeting projected the which has been rooted in the effects of [global] intercon-
els held that falling unemploy- categories, consumer prices rate cut also could end the central bank would need to economic idea that a short-run nections and incorporate them
.
ment eventually would fuel rose 1.5% in the second quar- runoff of the Fed’s $3.8 trillion lower rates by a half-point by trade-off exists between unem- into our policy decision-mak-
ly
rising inflation. They wanted ter from a year earlier, accord- asset portfolio, which already year’s end. ployment and inflation. ing,” he said.
on U.S. WATCH
CLEMENCY tine replacement. The National
Transportation Safety Board is
us l,
Trump Pardons Five, still investigating.

Commutes Sentences The agreement announced
al a
e
Monday is separate from an
President Trump commuted $80 million settlement reached
the prison sentence of an Arkan- in May with the three commu-
ci on
sas man convicted of bribery and nities to address infrastructure

a Florida man convicted of distrib- damage.
uting synthetic marijuana, and —Associated Press
pardoned five other people, in-
cluding two convicted of drug of- NEW JERSEY
er rs
fenses.
Ted Suhl was convicted in Law Restricting
2016 on federal bribery charges Bullets Is Upheld
related to a scheme to boost pay-
m e
ments for his faith-based behav- A federal judge upheld New

ioral health-care center for juve- Jersey’s law that lowers the
niles and sentenced to seven number of bullets a gun can
m rp
years in prison, the White House hold, dismissing a lawsuit filed

ELIZABETH FLORES/STAR TRIBUNE/ASSOCIATED PRESS
said on Monday. “He has been a by a gun-rights group.

model prisoner while serving his New Jersey passed a law
sentence, maintaining a spotless last year that made it unlawful
disciplinary record,” the White to possess firearm magazines
co Fo
House said. holding more than 10 rounds of

Mr. Trump also commuted the ammunition, with some excep-
prison sentence of Ronen Nah- tions. The state has said that is
mani, who was convicted in Flor- enough for self-defense and
ida in 2015 for conspiring to dis- that anything more could prove
tribute synthetic marijuana and dangerous to bystanders. A 15-
sentenced to a maximum of 20 round limit had been in place
years in jail. The White House since 1990.
said he was a nonviolent, first- The Association of New Jer-
time offender with five young sey Rifle and Pistol Clubs ar-
children and a wife who has ter- HOISTED TO SAFETY: A construction worker who was trapped after a trench collapsed was freed by rescuers in Minneapolis on Monday. gued that the law only hurts
minal cancer. law-abiding gun owners and
Mr. Trump also granted full FLORIDA The victim, identified by the MASSACHUSETTS the approval of a judge, accord- homeowners because criminals
pardons to John Richard Bubala, rabbi as temple member Yosef ing to Columbia Gas of Massa- will ignore it, and plans to ap-
n-
Roy Wayne McKeever, Rodney Shooting Probed as Lifshutz, was shot several times Settlement Reached chusetts, and its parent, peal.
Takumi, Michael Tedesco and Possible Hate Crime in the legs Sunday evening and On Gas Explosions NiSource Inc. U.S. District Court Judge Pe-
Chalmer Lee Williams. underwent surgery at a hospital, The Sept. 13 explosions and ter Sheridan based his ruling
Mr. Trump previously pardoned Authorities said Monday they police said. He was listed in stable Class-action lawsuits stem- fires in Lawrence, Andover and Monday on a lower court’s con-
no
10 people, according to the Jus- have yet to determine whether condition at Aventura Hospital. ming from natural-gas explo- North Andover killed one per- clusion that New Jersey’s law
tice Department, including I. Lewis the weekend shooting of a The Miami-Dade State Attor- sions in Massachusetts have son, injured about 25 others, doesn’t violate the Second
“Scooter” Libby, who had served member of a Miami area syna- ney’s Office’s hate crimes unit is been settled for $143 million, and damaged or destroyed Amendment, the Fifth Amend-
as a top aide to Vice President gogue constituted a hate crime. reviewing the case, spokes- the utility blamed for the disas- more than 100 buildings. ment’s Takings Clause, and the
Dick Cheney, and the conservative Police are still searching for the woman Lissette Valdes-Valle ter and lawyers for the plain- The explosions were blamed 14th Amendment’s Equal Pro-
commentator Dinesh D’Souza. suspect after the attack outside said Monday. tiffs said Monday. on an overpressurization of gas tection Clause.
—Andrew Restuccia the temple’s front door. —Associated Press The settlement is subject to transmission lines during rou- —Associated Press
CORRECTIONS AMPLIFICATIONS
Netflix facing pressure from abroad to
produce more local content.
Australia on Monday was the
studios passed because of con-
cerns that it was too expen-
sive for a drama, a genre that
Netflix, however, wanted to
make a splash with a big-bud-
get action-adventure film, one
Invests in latest country to say it was

considering such require-
ments, joining policy makers
has struggled at the box office
in recent years. The producers
were raising independent
of the few genres in which it
hasn’t yet found success. “Red
Notice,” expected to come out
In some editions Saturday,
a Page One article about Presi-
dent Trump’s criticism of
Vermont gave a speech about
health care this month at
George Washington University.
Big Films from Europe, Asia and Africa.

The pressure to boost over-
seas content comes as Netflix
funds to make the film when
Netflix entered. “Without Net-
flix, ‘Irishman’ would not have
in 2021, has the potential to
spawn sequels and spinoffs if
it is successful, the person
China and the World Trade Or-
ganization omitted U.S. Trade
Representative Robert Lighthi-
A U.S. News article Monday
about Democratic presidential
candidates’ positions on Medi-
is dealing with more competi- been made,” said one of the with knowledge of the sale zer’s first name and title. care for All incorrectly said he
Continued from Page One tion in the U.S. Earlier this people close to the movie. process said. spoke at George Mason Uni-
ages. People close to the pic- month, the company’s shares Big action films such as Movies typically cost Net- Sen. Bernie Sanders of versity.
ture said Netflix’s total com- fell more than 10% the day af- “Red Notice” more frequently flix more to make than Holly-
mitment is at least $173 mil- ter it disclosed that it lost succeed at the box office. wood studios, because it pays Readers can alert The Wall Street Journal to any errors in news articles by
lion, while others close to the subscribers in the U.S. for the Comcast Corp.’s Universal Pic- A-list actors and filmmakers emailing [email protected] or by calling 888-410-2667.
film offered estimates above first time in nearly a decade, tures was set to make the more up front to compensate
$200 million, making “The adding pressure to create at- for the fact that it doesn’t of-
Irishman” the most expensive tractive programming. fer a share of revenue from THE WALL STREET JOURNAL
adult drama in recent history. Netflix has been picking up box-office and DVD sales. (USPS 664-880) (Eastern Edition ISSN 0099-9660)
Netflix has previously said many film projects Hollywood
Netflix has picked Those extra costs totaled $14
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THE WALL STREET JOURNAL. * * * * Tuesday, July 30, 2019 | A3
U.S. NEWS
Hospitals Shooter Used Semiautomatic Rifle

May Have Gunman in California thousands of people there in a
To Reveal festival rampage had

legally bought firearm
Security checkpoint
San
Francisco
CALIF.
very small area.” Investigators
have yet to uncover a motive,
he said.
Rate Deals in Nevada this month G I L R OY W. 1

0th
St.
San Jose
Legan posted on his Insta-
gram account just before the
Uv
attack, writing “Ayyy garlic fes-
as
Gilroy
Prin
BY STEPHANIE ARMOUR BY ALEJANDRO LAZO
P
tival time Come get wasted on
kw
AND ZUSHA ELINSON Santa overpriced shit.”
cev
y.
Cruz
Hospitals would have to GILROY On Monday, Big Mike’s Guns
alle
HIGH
disclose the discounted prices GILROY, Calif.—As the three- SCHOOL and Ammo in Fallon, Nev.,
St.
they negotiate with insurance day Gilroy Garlic Festival was Garlic Festival site where he bought the gun, said
companies under a Trump ad- winding down Sunday, a 19- Churchill Place on Facebook that Legan seemed
Mil
ministration rule that could year-old opened fire with an normal when he picked up the
Suspect’s house
ler Ave.
upend the $1 trillion hospital AK-47 style semiautomatic ri- rifle. Legan purchased his
industry by revealing rates fle, killing a 6-year-old boy, a AK-47-style rifle there on July
long guarded as trade secrets. 13-year-old girl and a man in 9, law-enforcement officials
Hospitals that fail to share his 20s, and injuring 12 others, 1,000 feet said. In California, the legal age
the discounted prices in an on- police said. for purchasing a rifle is 21.
line form could be fined up to The shooter did it in min- Sources: Google (image); Gilroy Garlic Festival Association; staff reports Chief Smithee said investi-
$300 a day, according to the utes, police said, even with gators haven’t found confirma-
proposal. The price-disclosure tight security, in a state where said. He purchased a WASR-10 the grounds, police said. spite the fact they were out- tion that there was a second
requirements would cover all such weapons are heavily re- AK-47-style rifle in Nevada The attack could have been gunned with handguns against suspect involved in the shoot-
the more than 6,000 hospitals stricted and at a time when where such guns are legal and far more devastating if not for a rifle,” said Scott Smithee, Gil- ing. Dozens of police officers
that accept Medicare, as well many Americans are on guard can be sold to anyone 18 and three of the many officers roy police chief, at a briefing were searching a wooded area
as some others, and is likely to for the next mass shooting. older, law-enforcement officials posted at the festival who were Monday. outside the fairgrounds for a
face fierce industry opposi- The suspect, Santino William said. He avoided the festival’s on the scene in less than a “I can’t tell you how proud I second suspect who may have
tion. Legan, wasn’t on law enforce- public entrance where security minute after the first reports of am of the officers for being helped, the police said.
Comments on the proposal ment’s radar before the shoot- was checking bags by cutting gunfire at 5:41 p.m. The offi- able to engage him so quickly,” —Elisa Cho
would be due in September ing, a law-enforcement official through a fence that surrounded cers were able to kill him “de- said Chief Smithee. “We had contributed to this article.
and, if completed, the rule
would take effect in January.
The initiative represents
the Trump administration’s
growing effort to shift away
from rolling back the Afford-
able Care Act and put its own
stamp on health care instead.
Central to that strategy is the
notion that more price trans-
parency will inject greater
competition into the market
and lower costs.
.
Industry groups have ar-
ly
gued the requirement goes be-
yond the executive branch’s
statutory authority and could
backfire by causing prices to on
rise if hospitals see their com-
petitors are getting higher in-
surer payments. The White
House has lost in court before:
us l,
A rule requiring drug makers

to post list prices in television
al a
e
ads was blocked in June by a
KEITH KING FOR THE WALL STREET JOURNAL

federal judge who said the ad-
ministration overstepped its
ci on
regulatory authority.
Some Republicans praised
the administration’s focus.
Sen. Lamar Alexander (R.,
Tenn.) said the proposal com-
er rs
plements provisions in legisla-

tion he sponsored with Sen.
Patty Murray (D., Wash.) to
lower health costs.
m e
“We will carefully review Tart cherries being harvested last week at an orchard in Williamsburg, Mich. Owner Cherry Ke Inc. laid off 25 people this year as the domestic industry has taken a hit.
how the proposed rule and our
Cherry Farmers Squeezed as Imports Grow

legislation interact,” he said.
m rp
The Trump administration’s

move contrasts with proposals
by some Democratic presiden-
tial contenders who say Medi- BY SHAYNDI RAICE of tart cherries worth about to the flood of cheap Turkish posed if Turkish imports are founded by his father and un-
care for All will drive down $56 million were produced in product. That has put even determined to be injurious to cles in 1969.
co Fo
costs by lowering administra- WILLIAMSBURG, Mich.— Michigan last year. Almost the more low-cost cherries on the the U.S. market. Earlier this year he had to
tive overhead, curbing spend- Dorance Amos pulls handfuls same amount was worth $107 market. For this region of northern lay off 20% of the employees,
ing and leveraging the govern- of tart red cherries out of large million in 2014, according to A fourth-generation Michi- Michigan, cherry farming is or about 25 people, who work
ment’s negotiating clout. tanks filled with cold water, USDA data. Tart cherries are gan cherry farmer, Mr. Amos often a family affair. Farms all year at his dried cherry
Hospitals would have to looking for blemishes. “These used for pie filling and juice, cut down 60 acres of tart- and processing plants have plant.
disclose the rates for services will grade well,” he says. or are dried and put into ce- cherry trees last year because been owned for generations. If the industry loses its case
and treatment that they have The apparent bounty hides real and breakfast bars. Neat proceeds from selling the fruit Thousands of employees work against Turkey, he thinks a
negotiated with individual in- a grim reality: He hasn’t made rows of cherry trees resem- wouldn’t even cover his costs in the processing plants year few cherry growers will make
surance companies such Cigna a profit in three years. bling Mediterranean groves of harvesting the crop. round, pitting, freezing and it, but it will be nothing more
Corp., Anthem Inc. and CVS Mr. Amos is one of many line the highways around the He isn’t sure what he will drying cherries. than a niche tourist attraction.
Health Corp.’s Aetna under Michigan tart-cherry farmers region. The sandy loam soil do this year. He is hoping he Nels Veliquette, chief finan- “All this beauty exists be-
the proposal released Monday. struggling amid a flood of and proximity to Lake Michi- has enough money to harvest cial officer for Cherry Ke Inc., cause I can make a living at
“It’s a turning point in low-price dried cherries from gan, which moderates the cli- the rest of his 375 acres, works with his brother, Bruce, it,” he said. “If I can’t make a
health care and a turning Turkey. The industry peti- mate, creates rich ground for which is done by applying a to run the orchards and pro- living, there won’t be a farm
n-
point to the free market in tioned the U.S. government to the fruit to grow. Tart cherries mechanical shaker to a tree. cessing plants that were here.”
health care,” Seema Verma, impose duties on the imports, The loosened cherries fall into
administrator of the Centers claiming Turkish importers another machine.
for Medicare and Medicaid underprice the fruit and the If he can’t harvest all the
The industry wants
no
Services, said in an interview. Turkish government unfairly fruit, he might have to aban-
Tom Nickels, executive vice subsidizes the industry. The the U.S. government don some of his orchards, a
president of the American U.S. government said in June practice that can allow pests
Hospital Association, said it is that there was enough evi-
to impose duties on to fester and make their way
“a radical approach.” dence to proceed with an in- Turkish imports. to nearby trees and neighbor’s
“This really is an extreme vestigation. farms.
proposal in terms of what we “If we don’t have luck with Turkish imports of tart
all expected,” he said. the tariffs, I don’t know how dried cherries have nearly
“Publicly disclosing com- any of us can survive,” Mr. are a small crop compared doubled annually over the last
petitively negotiated, proprie- Amos said. with the much larger sweet three years to 1.5 million
tary rates will push prices and The fight centers on the cherry industry, which pro- pounds in 2018, selling at 89
premiums higher—not lower— tart Montmorency cherries duced 344,400 tons of fruit in cents a pound. U.S. processors
for consumers, patients and grown around nearby Traverse 2018 worth $638 million. sell the same product for
taxpayers,” said Matt Eyles, City, which is nestled along The tart-cherry industry about $4.60 a pound, accord-
CEO of America’s Health In- Lake Michigan’s Traverse Bay, collectively agrees to freeze or ing to data from USDA.
surance Plans, an industry about four hours northwest of destroy a percentage of their The average price per
trade group. Detroit. The region has crops annually to ensure price pound that growers could
The proposed rule is esti- crowned itself the cherry capi- stability for the overall mar- command for tart cherries
mated to cost hospitals around tal of the U.S., where it sup- ket. Some Michigan proces- dropped from 27 cents a
$6 million total. It would af- plies two-thirds of the coun- sors—the companies that pit, pound in 2016 to 20 cents a
fect hospitals as well as their try’s tart cherries. It battles freeze and dry the cherries— pound last year, according to
subsidiaries, including outpa- the state of Washington for are now selling old inventories USDA data.
tient health clinics. Hospitals the title, where more sweet of frozen cherries at dis- In a May letter to the De-
must already post their list cherries are grown. counted prices because keep- partment of Commerce, the
prices for services. About 300 million pounds ing them is too expensive due Turkish government disputed
The proposal would expand the charges leveled by the U.S.
that requirement to include Souring Market cherry industry. The letter
not only gross charges before said the programs provided to
An increase in imports of Turkish tart cherries is hurting
discounts but also insurer-spe- Turkish cherry farmers are ei-
the domestic market.
cific negotiated charges for all Turkish tart ther no longer in use or pro-
items and services. The Total value of U.S. tart cherries cherry imports vide negligible support. Tur-
charges would have to be key also said it is concerned
linked to the name of the in- $120 million 2.0 million pounds about the growing number of
surer and data would have to trade investigations by the
be displayed in a machine- U.S. government. A represen-
readable format. 90 1.5 tative for the Turkish embassy
The rule would reveal how to the U.S. declined to com-
widely costs vary in the U.S. ment.
for care. A magnetic-reso- The U.S. International
MASTER IN
60 1.0
nance image of the lower back Trade Commission made a
costs $141 at an imaging cen- preliminary ruling in June that
ter in Jefferson, La., but runs Turkish imports “had a signifi-
$47,646 at a hospital in Tor-
rance, Calif., according to data
from Clear Health Costs, a
30 0.5
cant adverse impact on the
domestic industry.” A final
ruling is expected early next
FASHION ECONOMICS
company that publishes infor-
mation about health-care
0
2013 ’14 ’15 ’16 ’17 ’18
0
2016 ‘17 ‘18
year. The Department of Com-
merce will simultaneously de-
Mentorship by Hirofumi Kurino
costs. Sources: U.S. Department of Agriculture (value); Dried Tart Cherry Trade Committee (imports) termine the duties to be im-
A4 | Tuesday, July 30, 2019 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL.
U.S. NEWS
Led by Trump, Disrupters Rise Globally

ing a wrecking ball to the ogy and various forms of in- rode such anxieties to power, in both the East and West, ment, become president by
prevailing political system. equality—are confused and as did Britain’s Mr. Johnson. citizens felt they needed to breaking away from the sys-
But he wasn’t the first, nor angry,” says William Burns, a Rising concerns about eco- remain locked into the alli- tem and forming his own
will he be the last. In addi- career American diplomat nomic globalization, in turn, ances and ideologies that centrist party.
tion to Mr. Johnson, a partial and the former deputy secre- are feeding the rise of nation- were set when capitalist soci- On one hand, the disrupt-
list of fellow disrupters in- tary of state. “And it alism. Increasingly citizens eties faced off against com- ers are breathing new life
cludes Narendra Modi in In- shouldn’t be a surprise when are looking for assurances munist societies, with nuclear into ossified political sys-
dia, Viktor Orban in Hungary, they’re attracted to big per- that they can at least rely on conflict always lurking as the tems. On the other, some are
CAPITAL JOURNAL Imran Khan in Pakistan, Em- sonalities who make big, pan- traditional cultural, racial and potential decider if the com- simply old-school strongmen
By Gerald F. Seib manuel Macron in France, Pe- dering promises—who throw ethnic bonds to protect them petition got out of hand. who are better at busting up
dro Sanchez in Spain, Jair rocks through the windows of from the rest of the world— the old paradigm than con-
T
Bolsonaro of Brazil and Mat- the old order and promise and strong borders to keep he end of the Cold War structing new alternatives.
We are living in an age of teo Salvini, the deputy prime easy, sweeping changes, that world at bay. Thus, India has, over time, elimi- “Because they’re generally
technological disruption, so it minister of Italy. whether they’re tethered to nated the feeling that adept at fueling divisions
figures that the most impor- facts and reality or not.” people had to remain in those within their societies rather
W
tant trend in international hat unites the dis- Certainly the rise of the blocs by necessity, and freed than healing them, the task
politics is the rise of disrupt- rupters isn’t some disrupters is tied to fears of
Certainly the rise of them to try what once would of producing an alternative to
ers around the shared ideology. economic globalization. The the disrupters is tied have been radical and un- the status quo that most peo-
globe. They come from across the idea that the world is blend- thinkable alternatives. There ple can get behind becomes
Last week’s traditional left-right spec- ing into one giant economy
to fears of economic has been a kind of political even more elusive—and the
ascension of trum. Most are populists and alarms workers who fear they globalization. jailbreak in both East and corrosive damage can be
Boris John- nationalists, though those la- have been thrown into a cut- West, liberating, for example, long-lasting and very hard to
son—notorious bels don’t apply to France’s throat, winner-take-all eco- the once-communist Hungary repair,” says Mr. Burns.
bad boy, Mr. Macron, who considers nomic competition in which to take a hard-right turn to As a footnote, this rise of
mocker of the system that himself an anti-populist. blurry borders and mass mi- has turned the reins over to Mr. Orban. the disrupters presents an in-
produced him, the man as re- Instead, what unites the gration are obliterating eco- Mr. Modi, who is such an ar- Above all, the disrupters teresting backdrop for the
sponsible as anyone for tear- disrupters is an ability to nomic security and driving dent Hindu nationalist that, have emerged because of a Democratic presidential can-
ing the bonds holding together capitalize on the grievances down living standards. not so long ago, he was de- broad feeling that the pre- didates who gather this week
the European Union—to be- of their populations and the The rise of new technolo- nied a visa to visit the U.S. vailing political systems have for their second round of de-
come Britain’s prime minister perceived failures of the tra- gies exacerbates such fears, because of his role in anti- ceased to provide adequate bates. Are American voters
merely extends this trend. ditional political system. leaving many citizens fearing Muslim rioting. answers. Thus did Mr. Ma- ready to continue the Trump-
President Trump is, of “Lots of people in different they are being left behind, Less noticed in the political cron, after starting his politi- fueled disruption—or are
course, the disrupter-in-chief, societies—their anxieties unprotected, if they can’t brew from which the disrupt- cal career as a seemingly they weary of it and ready
the most prominent leader to about the future accelerated keep up with the pace of ers emerged is the end of the conventional minister in a for a return to a bit more
rise to power by proudly tak- by the revolution in technol- change. Certainly, Mr. Trump Cold War. For half a century, traditional French govern- normalcy?
Key 9/11 Plotter

Offers to Aid Suit
.
ly
To Save His Life on
BY JESS BRAVIN ing, a status letter to U.S. Mag-
AND ANDREW RESTUCCIA istrate Judge Sarah Netburn,
the lawyers wrote that earlier
us l,
WASHINGTON—Alleged Friday, Mohammed’s counsel

Sept. 11 mastermind Khalid told them their client wouldn’t
al a
e
Sheikh Mohammed has opened consent to a deposition “at the
the door to helping victims of present time.”
the terrorist attacks in their Mohammed’s lawyer said,
ci on
lawsuit against Saudi Arabia if however, that “the primary

the U.S. government spares him driver” of the decision was the
the death penalty at a Guantan- “capital nature of the prosecu-
amo Bay military commission, tion” and that “[i]n the absence
according to court documents. of a potential death sentence
er rs
ALEX BRANDON/ASSOCIATED PRESS

Mohammed’s offer was dis- much broader cooperation
closed in a Friday filing in the would be possible,” according
victims’ federal lawsuit in New to the filing.
York, which accuses the Saudi A lawyer for the Saudi gov-
m e
government of helping coordi- ernment, Michael Kellogg, de-

nate the 2001 suicide attacks. clined to comment. Moham-
Nearly 3,000 people were killed med’s lawyers couldn’t be
m rp
when terrorists crashed hi- reached for comment, but an

jacked airliners into the World attorney for Mohammed’s
Trade Center, the Pentagon nephew and co-defendant, Ali U.S. soldiers stood guard in April at the Guantanamo Bay Naval Base detention center, established after the Sept. 11, 2001, attacks.
and, after passengers resisted, Abdul Aziz Ali (who also is
a Pennsylvania field. Riyadh known as Ammar al-Baluch), hearing there, Mohammed in- ment official overseeing the issue has mired the cases tanamo proceedings said. “One
co Fo
has denied complicity in the at- said there had been changes in terrupted when a military judge proceedings, Harvey Rishikof, against them in years of hear- of the main things that the 9/11
tacks. the defendants’ positions. described the proceeding as “a began exploring a potential ings and raised the possibility a defendants have to offer is clo-
Separately, President Trump “I think [Mohammed] feels death-penalty case.” It was a plea bargain with the Sept. 11 military or federal court could sure, particularly closure for the
signed legislation Monday that ready and willing” to assist the “martyr case,” the defendant defendants that would ex- punish government misconduct victims,” this person said. “With
pays for medical claims from Sept. 11 victims’ lawsuit, “but I said. “This is what I wish. I’ve change guilty pleas for life sen- by barring the death penalty. capital charges gone, there is an
victims of the Sept. 11, 2001, think he feels he needs to get been looking to be martyred for tences, according to court doc- After word spread of plea opportunity to tell the story of
terrorist attacks, including first through” the death-penalty a long time,” he said. uments and people familiar discussions, Mr. Rishikof was 9/11 once and for all.”
responders, for the rest of their question first, said the lawyer, “A lot has happened in the with the case. fired by then-Defense Secretary James Kreindler, a lawyer
lives. Alka Pradhan. past 10 years,” said a person fa- Mr. Rishikof is said to have Jim Mattis for what Mr. Mattis for the Sept. 11 victims suing
In the lawsuit against Saudi Mohammed, who also is sus- miliar with the Guantanamo been concerned the prosecution said were unrelated reasons. Saudi Arabia, said his team
Arabia, plaintiffs’ lawyers had pected in the 2002 murder of proceedings. “The 9/11 defen- had been undermined by the One of the primary goals of contacted Mohammed and his
requested depositions from Wall Street Journal correspon- dants are not as interested as torture inflicted upon Moham- those now-scotched plea negoti- co-defendants as part of wide-
three of the five Guantanamo dent Daniel Pearl, took a more they once were in martyring med and other defendants at ations was obtaining coopera- ranging discovery in the case,
detainees accused in the Sept. defiant stance earlier in his stay themselves.” secret Central Intelligence tion from the defendants, the which is in pretrial stages that
n-
11 conspiracy. In the Friday fil- at Guantanamo. At a June 2008 In 2017, the Defense Depart- Agency facilities overseas. That person familiar with the Guan- could continue for years.
no
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THE WALL STREET JOURNAL. Tuesday, July 30, 2019 | A5
SOME THING
BOTH SIDES
.
ly
on
CAN AGREE ON:
us l,
al a
e
ci on
er rs
m e
m rp
co Fo
ENDING
n-
no
A L Z H E I M E R’S.
alz.org/united
U.S. NEWS
Candidates Steyer Put Money Into Coal, Climate BY JULIET CHUNG

AND JULIE BYKOWICZ
Advisers spent the next year
Look to Break
reviewing where Mr. Steyer
could have impact outside Far-
Tom Steyer became a bil- allon. They decided on found-
JOSH EDELSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

lionaire by managing a hedge ing a community development
fund whose expansive portfolio bank with his wife Kat Taylor, a
From Pack
included investments in oil, gas longtime liberal activist.
and coal companies. Then he Around 2006, Mr. Steyer began
became one of the Democratic holding focus groups to evalu-
Party’s most important donors, ate how he might be perceived
pouring $350 million into if he ever ran, one person fa-
causes such as fighting climate miliar with the matter said.
Debates could solidify the top tier. change. Clients by then were asking
Mr. Bullock, who wasn’t on Now, the 62-year-old who how long Mr. Steyer would re-
top tier of Democrats, stage during the June debates, built his fortune analyzing risk main involved at Farallon, said
prompt others to drop will get his first opportunity and probability is mounting a people familiar with the firm.
to offer an alternative to some long-shot bid for president. The financial crisis put any
out of crowded race of his liberal opponents. He plans to fund his White political aspirations on hold.
Mr. Sanders and Ms. War- House ambitions with $100 Tom Steyer will fund his presidential run with his own fortune. Farallon lost 36% in 2008 as
BY TARINI PARTI ren will be forced to defend million of his fortune, which investments in real estate,
AND ELIZA COLLINS their policy platforms, includ- Forbes has estimated to be $1.6 Democrat Tom Steyer increased his giving in the years before emerging markets like Turkey
ing their calls to abolish pri- billion. The former Goldman running for president. Most donations were to NextGen Climate and Russia, and other areas
Split in two groups over vate health insurance, but it Sachs trader amassed his Action Committee, which works to build youth voter turnout and soured. It was forced to set
two nights, 20 Democratic remains to be seen if they will wealth through Farallon Capi- backs candidates who want to address climate change. aside and sell off about $6 bil-
presidential candidates are team up to do so, or try to dis- tal Management LLC, a hedge lion in assets so it could return
poised to debate in Detroit, tinguish themselves from one fund he founded in 1986 and Federal campaign contributions reported cash to investors over time,
following several polls and re- another. ran for 27 years. That hasn’t NextGen donations Need to Impeach Other rather than immediately. Mr.
cent fundraising reports that stopped him from decrying the Steyer stayed on until Farallon
show the top five candidates Will this be the last debate influence of big money in poli- In the ’90s, In the next Then he gave 2013 stabilized.
separating themselves from spread over two nights? tics. Steyer gave 5 years, three times that He wrote to clients in 2012
the pack. The next debate gathering— “I believe our democracy is less than he gave between 2005 he planned to focus on giving
Former Vice President Joe held in Houston in Septem- corrupted by corporate money, $40,000 $90,508 and 2009 back and named as his succes-
Biden, Massachusetts Sen. ber—is unlikely to include as and the only way to bring real sor Andrew Spokes, who had
Elizabeth Warren, Vermont many candidates, and so could change is from the outside by 1990-’99 2000-’04 ’05-’09 ’10 ’11 ’12 headed the unit that financed
Sen. Bernie Sanders, California end up being just a one-night giving more power to the the coal projects. Mr. Steyer
In 2013, he gave $1.89 million,
Sen. Kamala Harris and South event. American people,” Mr. Steyer averaged a strong 13.4% annual
more than he had given
Bend, Ind., Mayor Pete Butt- To qualify for this week’s said in a statement. “That’s why in total up until that point. return during his tenure, said
igieg have consistently led in debates, candidates had to hit I’m running for President.” people familiar with Farallon.
national and early state sur- a 1% threshold in at least three Farallon started as a $9 mil- He also started funding NextGen, People close to Mr. Steyer
$57.6 million a group he founded, giving it
veys. They also reported rais- preapproved polls or get dona- lion risk arbitrage shop in San said he had been increasingly
to NextGen $9.3 million that year.
ing the most money—by far— tions from 65,000 people. In Francisco, wagering on compa- conflicted, wanting to invest in
in the second quarter. September, those require- nies going through mergers a way that reflected his con-
Those same five candidates ments will increase to a 2% and takeovers. By 2007, it was cerns about climate change but
$13.0
sat atop the polls heading into threshold in four qualifying one of the biggest hedge funds running a firm that invested ag-
.
$5.1 million million
the first pair of debates in Mi- polls and 130,000 donors. in the world, managing more nostically for clients. Mr. Steyer
to other causes
ly
ami in June, though that Ahead of Tuesday’s debates, than $37 billion. Its portfolio had Farallon start a “green”
showdown did give Ms. Harris seven candidates had qualified included billions in stocks and 2014 2015 fund for his money that avoids
a boost. for the stage in September. debt, malls and housing devel- $50.2 million fossil-fuel investments.
They will be joined in De- For many candidates who have onopments in the U.S. and expo- His transition from donor
troit by several other candi- struggled to break out, this sure to other investment funds. to full-fledged political bene-
dates who are struggling to week’s debates could be their During Mr. Steyer’s tenure, it In 2016, he gave factor had begun a few years
$76.5 million In 2018, he
gain traction and have only a last chance to get the fund- also lent more than $1 billion gave more earlier, when San Francisco-
month left to meet the raising boost and polling to coal-mining projects in Asia. to NextGen, while based Democratic operative
us l,
reducing other than $12.3

tougher thresholds set by the bump needed to stay in the Those and other energy in- million to Chris Lehane asked him in
Democratic National Commit- race. vestments would bring nega- donations to less 2007 to help kill a proposed
$10.3 Need to
al a
than $1 million
e
tee for the September debate. tive media attention to Mr. million Impeach* California ballot initiative to
Here are some key ques- Can the last debates’ breakout Steyer as he became a well- apportion the state’s presi-
tions that could be answered known climate-change activist. dential electors in a way that
ci on
candidates repeat a strong per-

2016 2017 2018
Tuesday and Wednesday formance? Several clients who are close would have benefited Republi-
nights: Ms. Harris and former to Mr. Steyer said they didn’t *Need to Impeach, which Tom Steyer founded, advocates impeaching President Trump can nominees.
Note: Includes only contributions made for federal election purposes; some Need to Impeach
Housing Secretary Julián Cas- expect him to invest their funding and state level giving aren’t reflected.
Mr. Steyer spent $1 million
Will the “less polite” Biden tro were the breakout candi- money according to his politics. Source: Federal Election Commission on that campaign, and two
deliver? dates during the June debates. A former employee said Faral- years later $5 million to de-
er rs
Mr. Biden has promised he Their campaigns saw a surge lon cast a wide net for profits Mr. Steyer had been a reli- idential campaign. feat a proposition that would
will be “less polite” during in fundraising and interest af- and “it would have to be pretty able Democratic donor since Though Mr. Kerry lost, the have overturned a California
Wednesday’s debate. He will ter they both targeted other exceptional in terms of its pejo- the 1980s, according to a re- experience sparked a growing law to reduce greenhouse-gas
be on stage with not just Ms. candidates on stage. rative impact for Farallon to view of Federal Election Com- interest in politics in Mr. emissions. He won those and
m e
Harris, who targeted him dur- It helped Mr. Castro meet have avoided it.” mission reports. He stepped up Steyer, who colleagues said two later ballot-initiative bat-
ing the first set of debates, the donor threshold for the Farallon declined to com- his involvement as a fundraiser seemed restless after nearly tles, spending $50 million to-
but also with New Jersey Sen. September debate, but he still ment on that characterization. during John Kerry’s 2004 pres- two decades helming Farallon. tal.
m rp
Cory Booker, who has called needs to meet the polling cri-
Mr. Biden an “architect of teria.
mass incarceration” for his
role in the passage of the 1994
crime bill.
This time, he will be on the
stage the same night as Ms.
Harris, and they both will have
Guardian
co Fo
Mr. Biden, whose lead has

slipped in surveys, has indi-
cated he will return the fire
higher expectations and more
prepared opponents.
Ms. Harris has already se-
Ploy Gets
this time.
“If they want to argue
cured a spot for the Septem-
ber debate, but another strong School Aid
JEFFREY GREENBERG/UNIVERSAL IMAGES GROUP VIA GETTY
about the past, I can do that,” performance would help give

he said at a recent fundraiser credibility to her campaign’s
in Detroit. “I got a past I’m message that she’s the most Continued from Page One
proud of. They got a past qualified candidate to, in her about $600,000 putting sev-
that’s not quite so good.” words, “prosecute the case eral older children through
Both Ms. Harris and Mr. against President Trump.” college and have no equity in
Booker will be looking for mo- their home, which is valued at
ments to bring up Mr. Biden’s Will the younger candidates about $1.2 million, according
record, especially on race. clash? to the property website Zillow.
n-
Messrs. O’Rourke and Butt- She said she has little cash on
Which flank of the party—lib- igieg—younger candidates hand and little saved for her
eral or moderate—will make a who have made an argument daughter’s education.
stronger argument? centered on generational Transferring her daughter’s
no
The first night of the de- change—have seen their for- guardianship was largely a
bates will bring together the tunes diverge. matter of paperwork, the
two most prominent progres- Mr. O’Rourke, who entered mother said. Her business The University of Illinois learned that some students obtained aid through the guardianship move.
sive candidates—Mr. Sanders the Democratic primary as a partner attended a court hear-
and Ms. Warren—and a hand- political celebrity, has been ing with an attorney. She, her The Education Department torneys at the Chicago firm of withhold institutionally funded
ful of centrists who are look- struggling in the polls. He has husband and her daughter is looking at such transfers Kabbe Law Group who has need-based aid “until we are
ing to define themselves as lost some of his supporters didn’t even need to show up, through its investigative arm, represented about 25 families satisfied that students who
the pragmatic choice. and donors to Mr. Buttigieg, she said. Once the guardian- its Inspector General Office, who have transferred guard- have transferred guardianship
Mr. Buttigieg, former Texas who started his campaign as a ship was transferred, the teen said a person familiar with the ianship for the purposes of se- don’t have other financial re-
Rep. Beto O’Rourke, Minnesota small-city mayor with little only had to claim the $4,200 matter. The office has sug- curing independent student sources available,” Mr. Borst
Sen. Amy Klobuchar, former name recognition. Mr. Butt- in income she earned through gested that the Education De- status, which can generate said.
Colorado Gov. John Hicken- igieg has now been consis- her summer job, the mother partment add clarifying lan- more financial aid. Apart from the university
looper, former Maryland Rep. tently polling in the top five said. guage to the Federal Student “The guardianship law was aid, the students each are re-
John Delaney, Montana Gov. and raised the most money in Today, her daughter attends Aid handbook. The suggested written very broadly,” Ms. Ber- ceiving up to $11,785 in state
Steve Bullock and Ohio Rep. the second quarter. a private college on the West language, this person said, is: lin said. “Judges were given an and federal aid, he said.
Tim Ryan have all been critical The two will be on stage to- Coast which costs $65,000 in “If a student enters into a le- immense amount of discretion. “They are gaming the sys-
of at least some policies pro- gether for the first time annual tuition, she said. The gal guardianship, but contin- The standard is, best interest tem, whether it is legal or not
posed by Ms. Warren and Mr. Wednesday night, with Mr. daughter received a $27,000 ues to receive medical and fi- of the child, and I think it’s doesn’t make it any less unsa-
Sanders, such as Medicare for O’Rourke searching for a merit scholarship and an addi- nancial support from their hard to argue that this is not vory,” said Justin Draeger,
All and student-debt cancella- standout moment and Mr. tional $20,000 in need-based parents, they do not meet the in the student’s best interest.” chief executive and president
tion. Yet so far, none of them Buttigieg trying to solidify his aid, including a federal Pell definition of a legal guardian- The University of Illinois of the National Association of
have been able to break into support. grant, which she won’t have to ship and are still considered a notified the Education Depart- Student Financial Aid Admin-
pay back. The daughter is re- dependent student.” ment last year after a teenager istrators.
Polling Averages sponsible for $18,000 a year, The Journal’s review of mentioned the strategy to her A man who says he is a cli-
which her grandparents pay, more than 1,000 probate court high-school guidance coun- ent of Destination College said
Kamala Harris’s polling average skyrocketed after the
the woman said. cases filed in 2018 in Lake selor in suburban Chicago. The his mother became the guard-
first round of debates but has fallen off slightly recently.
The woman and another County, Ill., turned up 38 cases counselor notified the Univer- ian of two of his daughters, in-
Real Clear Politics’ polling average for Democratic candidates Chicago-area parent who in which a judge granted the sity of Illinois, where the stu- cluding one who will attend
spoke to the Journal said they transfer of guardianship to a dent had applied, Mr. Borst college this fall. His daughter
40% followed the strategy laid out teenager in his or her junior or said. received need-based aid at
DEMOCRATIC DEBATES by a college consultant com- senior year of high school. On her admissions applica- some schools but not at oth-
pany called Destination Col- Most of the families live in tion, the student indicated she ers, he said.
lege, based in Lincolnshire, Ill. homes valued at around lived with her parents in an af- The issue of gaming college
30
Biden The company says on its web- $500,000. Several of those fluent Chicago suburb, but on admissions entered the public
site it has saved families as homes were valued at more her financial-aid application realm this year when William
much $40,000 a year a stu- than $1 million, according to she said she was independent, “Rick” Singer, CEO of an ad-
20 dent. The website doesn’t property sites including Zillow. a university financial-aid offi- missions consulting firm, was
specify how. In court documents, a peti- cer discovered. That made the charged for running a scam in
Sanders The owner of the company, tioner is asked why he or she student eligible for thousands which he helped students
Warren Lora Georgieva, didn’t respond should become a guardian. of dollars in need-based aid cheat on their college-entrance
10 Harris to requests for comment. Nearly all of the 38 cases use from the federal government, exams and bribed college ath-
Other people who said they some version of this language: the state of Illinois and the letic coaches to get students
Buttigieg are clients of the firm and “The guardian can provide ed- university, Mr. Borst said. into elite universities. Mr.
spoke to the Journal said they ucational and financial support Admissions officers found Singer has pleaded guilty to
0 Others
were asked to sign a confiden- and opportunities to the minor 15 students whom they had ac- four felonies and is cooperat-
June July tiality agreement to not dis- that her parents could not oth- cepted who had recently le- ing with the case that includes
Note: Moving average of several major polls close her strategy of transfer- erwise provide.” gally transferred guardianship. charges against 51 total, in-
Source: Real Clear Politics ring guardianship. Mari Berlin is one of the at- The school said it would likely cluding 34 parents.
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A8 | Tuesday, July 30, 2019 * * THE WALL STREET JOURNAL.
U.S. NEWS
U.S. Soccer Counters Pay Dispute

BY RACHEL BACHMAN
Family
Bids for
The U.S. Soccer Federation
released a letter from its presi-
Asylum
dent Monday saying it has paid
the U.S. Women’s National
Team more than the men’s team
Blocked
in recent years, a move that BY ALICIA A. CALDWELL
comes ahead of mediation in AND LOUISE RADNOFSKY
the women’s team’s pay-equity
lawsuit against its employer. WASHINGTON—Attorney
The pay analysis—which U.S. General William Barr is mov-
Soccer president Carlos Cord- ing to cut off asylum for peo-
eiro said was conducted by U.S. ple whose claims are based on
Soccer staff and reviewed by an being related to persecuted
TAYLOR BALLANTYNE/SPORTS ILLUSTRATED/GETTY IMAGES
accounting firm—likely will family members, in the Trump

add fuel to a complex debate administration’s latest effort
about how the federation has to restrict who is eligible to
compensated its championship seek refugee status in the U.S.
women’s national team. The Mr. Barr overturned a deci-
federation has faced increasing sion on Monday from the
pressure from the public and Board of Immigration Appeals,
Congress over the issue, espe- which had ruled that a Mexican
cially since the U.S. women suc- man could apply for asylum on
cessfully defended their World the basis of his father being
Cup title this month. targeted by a Mexican cartel.
Mr. Cordeiro said the feder- Federal law gives the attor-
ation’s analysis showed that ney general the authority to
U.S. Soccer paid female players overrule the immigration ap-
$34.1 million in salaries and peals board’s decisions. It
game bonuses from 2010-2018, The U.S. Women’s National Team celebrated their World Cup win this month, demanding to be paid as much as the male team. wasn’t immediately clear how
while paying the men $26.4 many people Monday’s ruling
million during the same pe- ing tide of support the USWNT ately include the NWSL salaries and failed to qualify for the illegally pays the women less could affect.
riod. Women’s team members has received from everyone of the players to inflate the 2018 tournament. The women than the men, despite the Asylum eligibility usually
receive salaries plus bonuses, from fans to sponsors to the women’s players compensation. won the 2015 World Cup and women’s superior results. The hinges on whether people are
while the men receive only bo- United States Congress.” Any apples to apples compari- finished second in 2011. women have won four World afraid to return to their coun-
nuses, though larger ones, ac- The federation pays U.S. son shows that the men earn FIFA’s total prize money for Cups; the men haven’t won any. try of origin because they face
cording to the letter. women’s team members per- far more than the women.” the 2018 men’s World Cup was The federation pays the persecution on the basis of fac-
The compensation structure game payments for national- When World Cup prize pay- $400 million. For the 2019 members of the U.S. women’s tors such as race, religion, po-
for the two teams is different team play along with profes- ments from FIFA, the interna- Women’s World Cup, it was team $100,000 base salary and litical opinion or membership
because of their respective sional-team salaries for playing tional governing body of soc- $30 million. $67,500-$72,500 annually to in a particular social group.
collective-bargaining agree- in the National Women’s Soccer cer, are included, the U.S. U.S. Soccer and its women’s play in the professional NWSL, Membership in a family, Mr.
ments and not because of gen- League, as all 23 members of the men’s players were paid $41 team soon will head into medi- a Monday statement said. The Barr said, didn’t count as
.
der, Mr. Cordeiro wrote. women’s World Cup team do. million from 2010 through ation over the pay-discrimina- U.S. women also can earn bo- membership in a social group.
ly
Molly Levinson, a spokes- The federation doesn’t pay pro- 2018 and the U.S. women $39.7 tion suit filed by all 28 mem- nuses for playing in national- “An applicant must estab-
woman for the players, called fessional salaries for the men. million, the letter said. During bers of the U.S. women’s team games. The federation lish that his specific family
the letter “a sad attempt by Ms. Levinson said the feder- that span, the men reached the national team player pool. The didn’t release information about group is defined with suffi-
USSF to quell the overwhelm- ation’s numbers “inappropri- onround of 16 in 2010 and 2014 suit alleges that the federation the men’s bonus structure. cient particularity and is so-
cially distinct in his society,”
Mr. Barr said. “In the ordinary
Police, Unions Face Social-Media Dilemma

case, a family group will not
meet that standard, because it
us l,
will not have the kind of iden-

tifying characteristics that ren-
al a
BY DAN FROSCH
e
ment will audit social-media der the family socially distinct
content to root out any more within the society in question.”
Police departments and problems. He has moved to Immigrant-rights advocates
ci on
law-enforcement unions fire 13 officers over posts on have regularly accused the
around the country are rush- Facebook that encouraged po- Trump administration of
ing to strengthen policies and lice brutality, insulted Islam stretching its authority to
issue warnings to members in and intimated violence toward change immigration policy.
an effort to avoid a growing transgender individuals, and David Leopold, an Ohio-
er rs
spotlight on officers’ offensive he has said he was “angry and based immigration lawyer,
social-media posts. disappointed” by the posts. said he saw Mr. Barr’s latest
The moves follow a tide of In Dallas, another city ruling in that light.
recent reports of derogatory where Plain View found offen- “It’s kind of a surreptitious
m e
and hostile online comments sive posts, 34 officers are be- attempt to change the asylum
MATT ROURKE/ASSOCIATED PRESS
by police officers who in some ing investigated by the city’s law because they are not
cases now face discipline for police department for online changing the law, they are
m rp
posting racist images or comments that encouraged vi- prejudging the facts and that
threats against public officials. olence by law enforcement is not the job of the attorney
Meanwhile, representatives and were demeaning toward general,” Mr. Leopold said.
of rank-and-file officers are racial and religious minorities. The ruling expands on a
raising questions about what The local police union is cau- similar decision from former
co Fo
the limits should be on police tioning officers to post only Attorney General Jeff Sessions
who want to share their views comments they are certain that Central American women
as private citizens. Philadelphia Police Commissioner Richard Ross announced the suspension of 13 officers on July 18. won’t get them in trouble, said who were the victims of do-
“We all have a First Amend- Mike Mata, president of the mestic violence would no lon-
ment right,” said Michael Lon- sive images of Mexicans and subject to free speech protec- created a database of social- Dallas Police Association. ger be considered members of
don, president of the Phoenix Muslims. tions because officers are typi- media posts by law-enforce- “The officers are confused a particular social group for
Law Enforcement Association. “I think the challenge is cally barred from behavior that ment officers. on where the standard is. purposes of asylum law. In that
He recently advised his mem- when guys become frustrated reflects badly on their depart- In Philadelphia, the Plain Where is that line?” said Mr. 2018 ruling, Mr. Sessions said
bers to refrain from posting and want to say something on ment, whether on or off duty. View Project said it found of- Mata. “Do they have a right to domestic and gang violence
anything people could find their personal account, versus Phoenix is one of several fensive posts made by more privacy at all?” constituted “private violence.”
“remotely offensive,” after 12 what the department and what cities where offensive com- than 300 current officers. Po- Mr. Mata said that while he In December, a federal
Phoenix officers were assigned the city’s opinion of that post ments by law enforcement lice Commissioner Richard agreed some posts were offen- judge blocked the administra-
to nonenforcement roles pend- might be,” Mr. London said. have been highlighted by the Ross has launched social-me- sive, he believed many others tion from immediately dis-
ing results of an investigation Law-enforcement experts Plain View Project, a San Fran- dia training for all the city’s weren’t offensive if the full qualifying such asylum seek-
n-
into posts that included offen- said such posts generally aren’t cisco-based nonprofit that has officers and said the depart- context was included. ers.
Federal or 3.5%, not including emer- if put toward programs that from 3.1% in the first quarter
no
gency war funding or one-time would bolster long-term eco- but still a solid clip 10 years
funding for the 2020 census. nomic growth. into the economic expansion.
Borrowing Without a new deal, auto-

matic spending cuts would
have reduced discretionary
The Congressional Budget
Office estimated last week the
budget deal would add $265
Employers added 224,000
jobs in June, and the jobless
rate continued to hover near a
5 CIGARS Soars spending—the part of the bud-

get Congress can adjust each
billion to federal deficits over
the next decade, though pro-
50-year low at 3.7%, the Labor
Department said earlier this
5
year—by 10% in 2020, weigh- jected deficits could be as high month.
ing on economic growth. as $1.7 trillion during that The estimates released
only $
Continued from Page One The agreement removes a time if spending continues on Monday by the Treasury sug-
the 2020 election. key source of economic uncer- the same trajectory. gest the government borrow-
Concerns about rising defi- tainty heading into the presi- Deficits usually decline during surge will continue
cits and debt have been absent dential election year, though ing economic expansions such through the end of the calen-
from the presidential cam- economists said the modest as the current record-long dar year.
paign trail, in contrast to pre- spending lift is unlikely to one, as low unemployment and The department’s latest
vious election cycles. translate into higher growth. rising paychecks push up fed- borrowing estimate is up sig-
The tea party rose to prom- The deficit as a share of the eral tax revenue, and auto- nificantly since its projection
inence amid a budget austerity economy is set to more than in April, when the government
drive that consumed Washing- double over the coming de- was constrained by the debt
ton in the early part of the decades, due in part to higher ceiling, which took effect
cade, leading to the 2011 deal spending on Social Security
Political support for March 2 after a previous one-
in Congress to impose spend- and Medicare. taming deficits has year suspension. The agency
ing caps. Worries about rising “It is difficult to see what has been relying on so-called
borrowing costs in the early would bring the deficit below
faded in recent “extraordinary measures”
1990s led to sweeping biparti- $1 trillion in the absence of a years. since then to keep paying the
san budget deals during the very large turnaround in fiscal government’s bills on time,
George H.W. Bush and Clinton policy,” said Brian Riedl, a se- but has been unable to tap
administrations, putting the nior fellow at the Manhattan bond markets to raise new
budget in the black for the Institute, a right-leaning think matic spending on safety-net cash.
first time since 1969. tank. “We can’t count on an programs declines. The deal in Congress an-
But political support for economic recovery to save us Deficits, after falling in the nounced last week would sus-
taming deficits faded in recent like it did last time we had expansion’s first six years as a pend the debt limit for two
Includes 1 each of: years, with Republicans sup- trillion-dollar deficits.” share of the economy, are ris- years—until July 31, 2021—en-
• HC Series
• Mark Twain porting higher deficits in ex- Low borrowing costs, ing again. abling the government to be-
• Bahia
• Gurkha
change for tax cuts and Demo- meanwhile, suggest that mar- “Austerity is on no one’s gin borrowing again.
• 5 Vegas crats pushing for more kets remain unfazed by all the political agenda at present, The House voted last week
spending on domestic pro- red ink. Government debt has and even though this is the to approve the agreement,
www.CigarsIntl.com/SA7724 grams.
The current bipartisan bud-
soared since the financial cri-
sis, but 10-year Treasury
time in the business cycle
where you really ought to be
which the Senate is expected
to pass this week before leav-
Enter complete web address or search keyword: SA7724 get agreement, set for ap- yields have fallen to near 2% cutting back on red ink, ing for its August recess. Pres-
1-888-244-2790 proval by the Senate this
week, would boost federal out-
from more than 5% in 2006,
holding down government in-
there’s simply no appetite for
it,” said Louis Crandall, an
ident Trump praised the pact
as a positive for the military
Mention code SA7724 | Item #: CA64-SP lays and suspend the govern- terest payments. economist at Wrightson ICAP. and veterans and urged Re-
Free shipping. Purchase may be subject to state or local sales tax where applicable. ment’s borrowing limit for two At the same time, main- The U.S. economy grew at a publicans to support it.
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of 21. We do not ship to Utah or South Dakota. For shipping information & restrictions years, adding further to an- stream economists are in- seasonally adjusted annual Fiscal conservatives, how-
please visit www.CigarsIntl.com/SHIP. Offer expires 8/31/19. nual deficits into the future. It creasingly questioning rate of 2.1% in the second ever, have warned the agree-
would lift spending $44 billion whether larger federal debt quarter, the Commerce Depart- ment will enshrine trillion-dol-
above fiscal year 2019 levels, and deficits might be tolerable ment said Friday, a slowdown lar deficits.
THE WALL STREET JOURNAL. * * * * * Tuesday, July 30, 2019 | A9
WORLD NEWS
U.K. Leader Pushes Risky Brexit Gambit
Johnson ramps up Polling since the beginning of
the year shows more people
rhetoric on leaving EU wanting a no-deal Brexit.
with no deal, sending If the U.K. government can't
British pound reeling pass a deal by the next
deadline, it should:
BY MAX COLCHESTER Go ahead even if it means
no deal
LONDON—Prime Minister Delay until we can decide
Boris Johnson refuses to hold what to do
face-to-face meetings with Eu- Cancel Brexit
ropean Union leaders unless
they agree to change key as- 50%
pects to Britain’s divorce deal 40
with the bloc, something the
other 27 member states have 30
rejected, a stance that jolted 20
the British currency.
Mr. Johnson’s statement 10
was the opening salvo in what 0
is likely to be a tense few Feb. 2019 April June
months between the two sides
Source: Opinium poll of 2,002 participants,
over the terms of Britain’s di-
JANE BARLOW/PA WIRE/ASSOCIATED PRESS
most recent conducted June 19–21; margin of

vorce with the bloc, due to error: +/- 3 pct. pts.
take place on Oct. 31.
The prime minister’s posi- So far, the British govern-
tion—and the possibility it ment has rejected demands
could spark a chaotic split from the Scottish National
with the EU along with a fresh Party to hold another vote on
U.K. election—sent the pound whether Scotland should quit
down 1.3% to its lowest level the U.K. In 2014, Scotland
against the euro since Septem- voted to remain part of the
ber 2017. His stance that no U.K. during a referendum.
deal was Britain’s default posi- In Northern Ireland, the sit-
tion fed fears over the eco- Prime Minister Boris Johnson on Monday met with First Minister Nicola Sturgeon of Scotland, where he risks losing legislative support. uation is particularly sensitive.
nomic hit the country faces if A key objective for both the
it leaves the EU without a pact with abruptly leaving the EU if A specially created commit- Mr. Johnson could also face ond independence referendum. U.K. and the EU is avoiding
to smooth the split. the strategy fails is unknown. tee of senior ministers to en- a parliamentary rebellion. Northern Ireland, mean- checks on the border between
Mr. Johnson was selected Since becoming Britain’s sure the government is ready Britain’s parliament could vote while, could bear the brunt of Northern Ireland, which is in
by the ruling Conservative leader last week, Mr. Johnson for a no-deal Brexit held its to bloc a no-deal exit, as it has the economic disruption if the the U.K., and the Republic of
Party as Britain’s new prime has been true to his word. first meeting on Monday. Offi- done in the past, or Conserva- U.K. quits the bloc without a Ireland, which is in the EU.
.
minister last week on the ba- “The withdrawal agreement cials said the government will tive lawmakers could vote to divorce deal. That could po- Negotiators included a pro-
ly
sis that he could deliver is dead, it has got to go, but furnish new funds to ensure collapse their own govern- tentially fuel a longer-term vision in the divorce deal to
Brexit, a project that has al- there is scope to do a new the country is ready. ment. That raises the prospect shift toward reunification with ensure that Britain remains in
ready twice been delayed, and deal,” Mr. Johnson said during For Mr. Johnson the gamble of a sudden election. the Republic of Ireland, ana- a customs union with the EU
blunt the insurgent British eu- a trip to Scotland on Monday. on is a big one. The Confedera- The prime minister is also lysts say. Mr. Johnson said until such a trade deal can be
roskeptic Brexit Party, which Earlier in the day, his tion of British Business Mon- embroiled in dealing with an- Monday that the U.K. would signed to keep goods flowing
has capitalized on the Conser- spokeswoman laid out the day warned that neither the other union: the United King- benefit from sticking together. seamlessly across that border.
vative Party’s failure to deliver prime minister’s decision to U.K. nor the EU is prepared for dom. Mr. Johnson is visiting For Mr. Johnson, Scotland Mr. Johnson says that pro-
a split with the EU. refuse meetings unless EU no deal. Nor is it clear that the Wales, Scotland and Northern represents an electoral prob- vision, known as the Irish
us l,
At the heart of Mr. John- leaders change their negotiat- EU will offer improved terms: Ireland, to reassure voters lem. The ruling Conservative backstop, is unacceptable be-
son’s strategy is to talk up the ing stance. The “U.K. will be the ruling Conservative Party that an abrupt Brexit won’t Party has 13 seats there. How- cause the U.K. couldn’t unilat-
al a
e
option of leaving the bloc with leaving the EU on October 31st doesn’t have a majority in Par- damage the bonds that hold ever, if Mr. Johnson pushes erally extricate itself from the
no deal and prepare the coun- come what may,” she said. liament, so the EU is wary to them together. ahead with a no-deal depar- arrangement.
try for such an abrupt break. Mr. Johnson’s government hand concessions to Mr. John- Scottish voters overwhelm- ture from the EU, those seats “It’s dead, it’s got to go,”
ci on
Mr. Johnson has said it is is preparing an ad campaign son only to see Parliament ingly rejected Britain’s depar- could quickly evaporate. The the prime minister said on
the only way to ensure EU of- to urge businesses to prepare again reject a withdrawal deal. ture from the EU during the leader of the Scottish Conser- Monday.
ficials offer improved divorce for the prospect of a sudden EU leaders have repeatedly 2016 referendum. The Scottish vatives Ruth Davidson on Sun-
terms. Whether the British end to over four decades of ruled out reopening talks on National Party is using Brexit day warned that she couldn’t Signs of hard line on Brexit
leader would follow through seamless trading with the EU. the separation agreement. as a pretext for holding a sec- back his Brexit stance. hit sterling.................................. B11
er rs
Trump Ally Sought Saudi Funds for Nuclear Deal

m e
BY WARREN P. STROBEL in investment and business de-

m rp
velopment throughout the Mid- Bid to Block Arms Khashoggi, a U.S. resident and
WASHINGTON—Tom Bar- dle East for the purpose of bet- columnist for the Washington
rack, an equity investor and a ter aligned Middle East and Sales to Riyadh Fails Post, at the hands of Saudi
close ally of President Trump, U.S. objectives are well known, agents in a consulate in Turkey
PATRICK T. FALLON/BLOOMBERG NEWS
sought Saudi government as are his more than four de- last year eroded support for
co Fo
funding in a bid to buy U.S. cades of respected relation- WASHINGTON—A congres- Saudi Arabia and the U.A.E. on
nuclear-reactor builder West- ships throughout the region,” sional effort to block certain Capitol Hill. Civilian casualties
inghouse, according to a the spokesman said. arms sales to Saudi Arabia and in the war in Yemen, where a
House report that discloses IP3, the Saudi Embassy, the the United Arab Emirates fell Saudi-led coalition is battling
new details of an effort to White House and Westing- short on Monday after the Sen- Iran-backed Houthi rebels, had
transfer sensitive nuclear house didn’t respond to re- ate failed to override President already renewed scrutiny of
technology to the kingdom. quests for comment. Trump’s veto of the measures. Washington’s relationship with
The Wall Street Journal has Backers dubbed the Saudi The trio of arms resolu- the two countries.
reported previously on the plan nuclear plan a Marshall Plan tions, which passed the Demo- But the Trump administra-
to build and operate dozens of Tom Barrack’s Westinghouse bid was examined in a House report. for the Middle East. They envi- cratic-led House and GOP-con- tion has largely rebuffed criti-
nuclear plants in Saudi Arabia sioned it as a way to revive the trolled Senate, was aimed at cism from lawmakers and hu-
and across the Middle East. Mr. House job dealing with Middle known whether they succeeded moribund U.S. civil nuclear in- stopping arms sales that the manitarian groups, standing by
Barrack and a group of former East policy even as he lobbied in meeting Prince Mohammed, dustry, create closer U.S. ties to Trump administration had ap- Saudi Crown Prince Moham-
top military officers used ex- for the Saudi nuclear plan, the who is now the country’s de Saudi Arabia and other Gulf proved under rarely used emer- med bin Salman. The Central
n-
tensive contacts within Mr. report said. facto leader. Arab states and keep out Rus- gency powers. Intelligence Agency concluded
Trump’s inner circle to advance “The Trump administration The Saudi investment in the sian and Chinese nuclear-en- Bypassing the typical con- last year that the prince likely
an initiative potentially worth has virtually obliterated the Westinghouse bid and in IP3 ergy competitors. gressional review process for ordered Mr. Khashoggi’s death.
tens of billions of dollars, ac- lines normally separating gov- doesn’t appear to have ever The plan’s proponents the sales further frustrated The administration and Re-
no
cording to documents obtained ernment policymaking from been consummated. The effort pushed the Trump administra- lawmakers on Capitol Hill, publicans who defend the arm
by House investigators. corporate and foreign inter- by Mr. Barrack’s company, then tion to transfer nuclear technol- some of whom have for sales have maintained they are
The new report by the ests,” the report prepared for known as Colony NorthStar, ogy to the Saudis without re- months criticized the adminis- necessary as Iran takes in-
House Committee on Oversight committee Chairman Elijah and IP3 to purchase Westing- quiring that Riyadh agree to tration’s continued strong sup- creasingly aggressive actions in
and Reform, based on 60,000 Cummings (D., Md.), says. “The house with the help of two fi- forgo enrichment or processing port for the two countries. the region. They have also cau-
newly obtained documents, documents show the adminis- nancial firms, Apollo Global of nuclear fuel, which could be At least five Republicans tioned that the Gulf allies
says that Mr. Barrack and the tration’s willingness to let pri- Management and Blackstone used to make nuclear weapons. joined every Democrat to back could begin buying weapons
group of ex-military officers, vate parties with close ties to Group, ultimately failed. Such a requirement, aimed at overriding the president’s ve- from rival powers if the U.S.
whose company was known as the President wield outsized In January 2018, Brookfield enabling civilian nuclear capac- toes, coming up short of the doesn’t provide them.
IP3, solicited Saudi funds even influence over U.S. policy to- Business Partners announced it ity while attempting to preclude two-thirds majority necessary The resolutions blocking
as they lobbied for and ob- ward Saudi Arabia.” had acquired Westinghouse military use, is known as a “gold to make the resolutions law. the arms sales are just one of
tained Trump administration In another approach to Ri- from Japanese conglomerate standard” of nonproliferation. Five Republicans voted with many congressional efforts to
support for their strategy. yadh, IP3 executives traveled to Toshiba Corp. for $4.6 billion, Congress must review any pro- Democrats on the first two scale back American support
The House report doesn’t Saudi Arabia in December and in March of that year, a posed U.S. nuclear cooperation votes, while six supported for Saudi Arabia. Lawmakers
accuse the consortium of 2016, the month after Mr. U.S. bankruptcy judge ap- agreement with another nation. overriding the veto on the are also attempting to block
breaking any laws. The report Trump was elected, to solicit a proved the deal. Mr. Cummings has been a third. The string of vetoes on any future arms sales to the
says the nuclear plan’s backers $120 million investment in A spokesman for Mr. Bar- frequent critic of Mr. Trump the three measures was just country, strip certain govern-
and top Trump administration their firm from then-Saudi rack said he had been cooper- and his administration. In re- the third time Mr. Trump has ment officials of U.S. visas and
officials commingled private Deputy Crown Prince Moham- ating with the committee and cent days Mr. Trump has taken used that authority against sanction those responsible for
business interests and U.S. named bin Salman, according to a has provided documents it re- to Twitter to attack Mr. Cum- legislation as president. Mr. Khashoggi’s death.
tional-security policy. Mr. Bar- slide presentation committee quested. mings and his district in and The killing of Jamal —Andrew Duehren
rack was seeking a top White investigators obtained. It isn’t “Mr. Barrack’s engagement surrounding Baltimore.
FROM PAGE ONE
Capital on the sensitive information

that financial companies keep
on their customers.
this incident must be causing
those affected and I am com-
mitted to making it right.”
A lawyer for Ms. Thomp-
son, who appeared in Seattle
federal court for an initial
ment July 19.
Among large banks, Capital
One has been an enthusiastic
The bank’s executives have
been featured speakers at
Amazon conferences and said
One Suffers The Capital One breach

could prove to be damaging if
criminals use the stolen in-
Although the bank said it
is unlikely the stolen infor-
mation was disseminated or
hearing, didn’t immediately
respond to a request for com-
ment.
adopter of the cloud for data
storage. In its April earnings
call, Mr. Fairbank talked
that the firm’s use of the
cloud has helped the bank
handle spikes in computing-
Big Breach formation to apply for credit

in the names of the most
creditworthy or affluent peo-
used for fraud, the criminal
complaint alleges Ms. Thomp-
son intended for the data to
Under the username “er-
ratic,” Ms. Thompson boasted
online about her alleged theft
about the bank’s technology
transformation over the past
25 years. “What we’re doing
power needs, such as credit-
card purchases on Black Fri-
day, and roll out products
ple. Unlike most large U.S. be distributed online. The of the data, which allowed at Capital One is building a faster to customers.
Continued from Page One card issuers, Capital One cus- bank said that its investiga- law enforcement to quickly technology company that Banks have moved cau-
bank account numbers, as tomers also include many tion continues and that the identify her, according to does banking, instead of a tiously to the cloud, partly
well as some customers’ subprime consumers. incident is expected to cost prosecutors. bank that just uses technol- because of security concerns
credit scores, payment histo- “While I am grateful that approximately $100 million to The breach occurred in ogy,” he said. and the need to keep certain
ries and credit limits. It fol- the perpetrator has been $150 million. late March, the bank said. The bank has also been customer and transaction
lows a breach in 2017 at caught, I am deeply sorry for Ms. Thompson, who is This month, an ethical public in its embrace of Ama- data walled off.
credit-reporting company what has happened,” said charged with one count of hacker—a person who hacks zon Web Services. It has Older mainframe systems,
Equifax Inc., which exposed Richard D. Fairbank, the computer fraud and abuse, al- into a network to test its se- closed data centers and often patched together as a
the data of nearly 150 million bank’s chairman and chief ex- legedly accessed the bank’s curity—emailed Capital One shifted those activities to result of bank mergers, can
Americans and focused public ecutive. “I sincerely apologize data through a misconfigured about the leak of its data, and Amazon, a process it expects make such a move a major
and congressional attention for the understandable worry firewall. the bank alerted law enforce- to complete fully in 2020. undertaking.
A10 | Tuesday, July 30, 2019 * **** THE WALL STREET JOURNAL.
FROM PAGE ONE

blue shirt and black shoes (“no paired light blue shorts with a
Heat Brings brown in town,” as the saying
goes). In the financial district,
gingham button-down shirt
and running shoes for work on
ties remain a must for meet- Thursday. He didn’t have to ask
London to ings, particularly with clients.
For some City types, the
anyone’s permission. “I’m kind
of in charge so I set the tone. I
STEPHEN LOCK/I-IMAGES/ZUMA PRESS

Its Knees leggy largess was too much.
“I see no reason to go com-
pletely off the chart and dress
think it was a wise decision.”
There is no respite to be
found, from heat or exposed
as though you are going to do flesh, in the countryside. On a
Continued from Page One the gardening,” said Simon sweltering July day near Royal
to wear” them. Mr. Campbell Rostron, a communications Tunbridge Wells, Kent, male
said he couldn’t find the an- consultant who advises the attendees of a wedding donned
swer online and opted for London Bullion Market Associ- tailcoats and dark-colored suits
jeans that just showed his an- ation, among others. in adherence with the dress
kles. (A Barclays spokesman Mr. Rostron attended a code “formal attire, black tie
said the firm’s dress code al- One recent London day was so warm, it was dubbed ‘Tropical Thursday.’ charity cricket match on Tues- optional.”
lows employees to use their day. As a concession to the There was one exception: a
common sense.) times over the summer, ac- declined to comment. Air-conditioning systems broke heat, he says he “nervously” male guest, who had chosen a
Ed Corbett, an accountant cording to forecasters. At Lord’s, London’s premier down. Multiple trains were donned a blazer, tan trousers, pale blue blazer and pastel
at a Big Four accounting firm, It wasn’t just the City: Ven- cricket ground, members were canceled when overhead power white shirt, striped tie and pink shorts and quickly be-
wasn’t too worried about being ues around town let their leg permitted to remove their cables melted in the heat. brown shoes, fearing he would came the talk of the party.
allowed to show some leg, and hair down on the hottest day jackets—normally required on When trains did arrive, they be too casual. “When the invitation says
was pleasantly surprised to get of the year last Thursday. match day in a certain area. spat out hordes of perspiring To his disgust, he was “the ’black tie,’ you don’t show up
a few compliments on his Posh private club Annabel’s, The heat has sent the city commuters who in many cases only person wearing anything in shorts,” said one guest,
“lovely shorts.” which has catered to A-listers into meltdown mode. London’s looked more like they were that resembled normal cloth- sweating in a three-piece suit.
“And underdeveloped calf and royalty for more than 50 previous record was just above heading off on their summer ing”—other attendees had cho- One attendee, however,
muscles,” a colleague added. years, allowed men to wear 100 degrees in August 2003. holidays than to the office. sen to clad themselves in Ber- wearing a formal Scottish
Mr. Corbett, dressed in tan tailored shorts last Thursday— Tourists lay draped across At British department store muda shorts and Hawaiian Highland outfit complete with
shorts and an untucked blue though denim was expressly benches at the British Museum John Lewis, sales of its classic shirts. “How would we ever a kilt, was able to enjoy the oc-
button-down shirt, agreed. forbidden. The dress code on last week like long-suffering men’s chino shorts jumped have got the Empire if we went casional cooling breeze with-
London baked in near re- its website says shorts aren’t statues. Pubs filled up even 87% in a week, according to a around wearing shorts?” he out raising any eyebrows at all.
cord temperatures during July permitted and prescribes jack- earlier than usual. Swimmers spokeswoman. asked. —Ayesha Javed
and hot weather is expected to ets for men after 6 p.m. stormed the city’s open-air London’s city uniform is Robert Galster, London bu- and Lauren Almeida
return at least three more A spokeswoman for the club pools, filling them to capacity. typically a dark suit, white or reau chief for Newsweek, contributed to this article.
the Justice Department or state all of [his] customers received

Planner authorities.
Finra’s site includes these as
their initial investments plus in-
terest, so there certainly was no
well as customer complaints, in- customer harm. Indeed, they all
Site Misses cluding some that could be dis-
missed as groundless.
had gains,” said the attorney,
Stephen Councill.
Red Flags It includes criminal histories,

including some that relate to
youthful indiscretions such as
Mr. Councill said a disciplin-
ary action by the CFP Board may
be forthcoming.
misdemeanor shoplifting. The Board said it doesn’t dis-
Continued from Page One BrokerCheck discloses all fel- close whether a CFP is under in-
.
clients over investment recom- ony convictions, as well as a vestigation. Edwards said it
ly
mendations or sales practices, range of financially related mis- doesn’t comment on current or
and hundreds have been disci- demeanor charges, says a Finra former employees.
plined by financial regulators or spokeswoman. Some other CFPs have trou-
left brokerage firms amid allega- Advisers with criminal re- on bled histories with state regula-
ELYSE BUTLER FOR THE WALL STREET JOURNAL

tions of misconduct. At least 140 cords are more likely to have tors, among them Carl Heick III,
faced or currently face felony subsequent disputes with cus- a Kentucky broker with 96 past
charges, including one who tomers, even when the charges customer disputes and a tempo-
pleaded no contest to a charge were minor or were dismissed, a rary state regulatory suspension
us l,
of possessing child pornography. study published in the Journal in 2007, according to Finra data.
In video and other public of Accounting Research found. Mr. Heick referred a request
al a
e
materials, the professional cer- “The CFP Board does not for comment to a spokes-
tification body has said it holds publicize allegations,” the or- woman for the firm where he
planners to higher standards ganization said. “We intend our works, who declined to com-
ci on
than regulators do and has process to be both fair to CFP ment on his behalf. He is listed
promoted LetsMakeAPlan.org professionals and credible to on LetsMakeAPlan.org as hav-
as a one-stop shop for finding the public.” ing no disciplinary history with
planners. In response to the Journal’s John Robinson, a financial planner in Honolulu, is critical of the CFP Board’s disclosure policies. the CFP Board.
The Washington, D.C.-based findings, the board has added The CFP Board said it doesn’t
er rs
CFP Board awards the certified disclaimers to Lets- Undisclosed who have earned the CFP; the discipline planners “based solely
financial planner designation MakeAPlan.org suggesting users group also collects examination upon allegations.”
Of 72,000-plus listed planners reviewed by the WSJ, thousands
to stockbrokers, insurance “may find additional informa- and educational fees from those
had problems not reported on LetsMakeAPlan.org.
agents, financial planners and tion” about a financial planner who are seeking to earn the CFP.
Felony charges
m e
investment advisers who help with Finra or the SEC. Problem type Number of planners with problem
The Board tells financial
millions of Americans manage “In some cases, The Wall planners $145 of their $355 an- Financial planners who have
their budgets. Street Journal raises important nual certification fee goes to a faced felony charges not men-
m rp
Customer disputes 5,150

Financial planners may be issues, which we’re addressing,” public-awareness campaign, tioned by LetsMakeAPlan.org
regulated by different authori- it said. “We will continue to which in part promotes the Lets- include Kevin Daniel Jr., a Se-
Financial* 603
ties depending on where they evaluate what, if any, additional MakeAPlan.org site. As a result, attle adviser who entered into
work, and they don’t need the information should be included in 2017, the Board spent nearly a felony diversion program
Criminal charges
board’s CFP designation in order on the site.” past or current 499 $12 million of its $36 million last year after threatening to
co Fo
to practice financial planning. John Robinson, a financial budget on that campaign, ac- kill someone.
But the CFP mark is prestigious planner in Honolulu who has Left previous firm after cording to its annual tax filing Mr. Daniel referred a request
324
and boosts their profile through written detailed critiques of the allegations of misconduct for that year. for comment to a spokeswoman
LetsMakeAPlan.org. Board’s disclosure policies, said, Other professional groups, for his firm, who said Mr. Daniel
Regulatory action
when told of the Journal’s find- or investigation 323 such as the American Institute didn’t dispute that description
ings, that they suggest “there is of CPAs, for certified public ac- of the event but wouldn’t com-
Fines, suspensions no vetting.” Mr. Robinson, who countants, and the CFA Insti- ment further. The CFP Board
*Includes bankruptcy filings and liens
One adviser listed there with is not a CFP, said, “The CFP tute, for chartered financial an- said it will take “appropriate ac-
Note: Based on certified financial planners with no disclosures on LetsMakeAPlan.org who
no blemishes is Angelo Talebi of Board is setting people up to be could be definitively cross-referenced with Financial Industry Regulatory Authority data. alysts, don’t hold themselves tion” if planners are found guilty
Beverly Hills Financial Planners deceived.” Planners may have disclosures in more than one category. out as matchmakers for con- of crimes.
LLC in Sherman Oaks, Calif. The Board took strong issue Source: Wall Street Journal analysis of Finra data and LetsMakeAPlan.org sumers seeking to find vetted Sometimes the CFP Board
Since 2012, firms where Mr. with that, saying it has a thor- professionals with clean disci- has failed to act promptly when
Talebi has worked have paid ough vetting procedure and a plinary histories. other professional bodies have
roughly $1.5 million to settle multistep process for investigat- such conduct would often result sor of securities law at Pace Uni- For example, CPAverify, an penalized financial planners,
n-
more than a dozen claims that ing allegations of misbehavior. It in punishment, “in this circum- versity in White Plains, N.Y., who online directory of licensing and such as Dale Franklin “Frank”
he misrepresented risks or put said that as a professional or- stance, where Mr. Molnar other- has often served as an arbitrator disciplinary information about Norton Jr. of Asset & Retire-
clients in unsuitable invest- ganization, not a regulator, it wise had no other customer-rein financial disputes. “Those are accountants, is run not by the ment Management in Newport
ments, among other allegations, plays a different role than Finra lated disclosures, CFP Board the kinds of CFPs we don’t want AICPA but by a consortium of Beach, Calif.
no
according to BrokerCheck, a site or the SEC. The CFP Board said determined that the conduct advising investors.” state accounting boards. The California Board of Ac-
administered by Finra, the bro- it has no subpoena power, so its that occurred in 2009 did not The CFP Board’s revenue countancy suspended Mr. Nor-
kerage regulator. investigations take time and prevent Mr. Molnar from being more than doubled between ton’s accounting certificate for
In 2015, Finra fined Mr. may not always turn up the doc- certified in 2019.” Rising above 2007 and 2017, the latest year six months, and the California
Talebi $10,000 and suspended uments needed for it to impose Every two years, all CFPs In a CFP Board ad that ran on for which tax filings are pub- Department of Insurance re-
him from the brokerage indus- its own discipline. must update the Board on their national cable television from licly available. Its chief execu- voked his insurance license, af-
try for two months after he financial and regulatory history. 2014 to 2017, and remains tive, Kevin Keller, earned $1.1 ter he pleaded no contest in
used a customer’s login and Any who are convicted on a widely available on planners’ million in salary, deferred 2017 to a felony count of pos-
password to trade at another Background checks criminal charge or have a pro- websites, a voiceover warns, “If compensation and benefits in sessing child pornography.
brokerage without his own Before certifying someone as fessional license suspended or they’re not a CFP pro, you just 2017, up from $421,000 in Under the CFP Board’s rules,
firm’s knowledge. a CFP, the Board said, it con- revoked must notify the board don’t know. Find a certified fi- 2008, filings show. revocation of an accounting or
Mr. Talebi said he used a cli- ducts background checks to look within 30 days. It “relies heavily nancial planner professional Investment firms including insurance license for cause “will
ent’s login and password be- into criminal, legal and bank- on self-disclosure, complaints who’s thoroughly vetted at Lets- Charles Schwab Corp. and Van- always bar an individual from
cause the client asked him to. ruptcy history and reviews sites from either clients or other CFP MakeAPlan.org. CFP. Work with guard Group cite the CFP desig- becoming certified.”
Asked about other customer such as the SEC’s online data- professionals, and news scans,” the highest standard.” nation in their marketing to in- Prosecutors in the case,
complaints, he said he didn’t base. Applicants must pass a six- the Board said. In one of a series of educa- vestors. Personal-finance sites which was in California Superior
do anything wrong. “There has hour exam, among other re- In response to the Journal’s including The Motley Fool and Court in Los Angeles County, al-
never been a case of material quirements. findings, the group said, it will NerdWallet suggest that cus- leged Mr. Norton stored the ma-
wrongdoing found against me, This spring, the Board certi- from now on look at Finra and tomers begin their financial- terial on his office computer, ac-
no embezzlement, no forgery,” fied Rudolf Molnar as a CFP. SEC records each time a CFP re-
More than 5,000 planner search at cording to a state insurance-
he said. In 2012, Finra fined Mr. Mol- news certification. financial planners Let’sMakeAPlan.org. The CFP authority proceeding. He was
Mr. Talebi said the CFP Board nar $5,000 and suspended him Sixty-eight CFPs who have board estimates 765,000 visits sentenced to 100 hours of com-
contacted him in early July to for a month after saying he had filed for bankruptcy within the
faced complaints to the site in 2018, but the or- munity service and five years of
schedule a disciplinary hearing. impersonated four customers to past 10 years had Lets- from their clients. ganization can’t track how many probation, and had to register as
The Board said it couldn’t com- accelerate the transfer of their MakeAPlan.org profiles that of those visits led to a CFP being a sex offender.
ment on Mr. Talebi. money to his new firm. As a re- don’t mention a bankruptcy, ac- hired as a result. Mr. Norton said he in-
The Board said it is “commit- sult, in 2013 Mr. Molnar surren- cording to the Journal’s analysis There, people will find Aon formed the CFP Board of his
ted to the public’s financial well- dered his Virginia insurance of such events listed on Finra’s tional videos for planners the Miller of AM Investment Strate- accounting suspension when
being and will continue to up- sales license for a year. BrokerCheck. The Journal com- CFP Board posted online in Oc- gies in Chattanooga, Tenn., he recently renewed his certif-
date processes that support this Mr. Molnar’s profile on Lets- pared the disclosures on the tober, the group’s general listed with a clean history. icate. “I tried to be as upfront
goal.” After inquiries from the MakeAPlan.org makes no men- LetsMakeAPlan.org site to the counsel, Leo Rydzewski, says In May 2018, Finra suspended as I could,” he said.
Journal, it said it is reconsider- tion of this. Finra site in May. oversight of financial advisers Mr. Miller from the brokerage His attorney said Mr. Nor-
ing what it should disclose on Through a spokeswoman, Mr. Though profiles on Lets- is structured “much like a pyr- industry for one year and fined ton told the Board about the
the LetsMakeAPlan.org site. Molnar said he had provided the MakeAPlan.org show whether a amid,” with federal regulation him $25,000. felony but, in an oversight, not
Different disclosure and dis- CFP Board with “extensive dis- CFP has disclosed a bankruptcy on the lowest level and the Finra found that in 2012 Mr. about the insurance-license re-
ciplinary processes may explain closures and documentation as in the last 10 years, the CFP CFP Board’s standards at the Miller had participated in five vocation.
discrepancies, the Board said. part of earning and being ap- Board said that its disclosure- apex, “rising above” all other securities transactions without The CFP Board, noting that
Its LetsMakeAPlan.org direc- proved for the certification.” In policy criteria account for dis- authorities. prior disclosure to his firm as omission, said Mr. Norton
tory includes only two types of the Finra case, he didn’t admit crepancies between Lets- The organization said Mr. Ry- the regulator requires. The firm, wasn’t fully transparent with it.
financial-planner red flags: dis- or deny the regulator’s findings. MakeAPlan.org listings and dzewski’s reference to superior Benjamin F. Edwards & Co., After the Journal asked the
cipline imposed by the CFP Among sources the CFP Finra’s BrokerCheck. standards refers to education fired him in 2012 for not follow- CFP Board about Mr. Norton’s
Board or a bankruptcy disclo- Board said it checks before cer- The CFP board said some and ethics among CFPs that “go ing its procedures, according to record—and nearly two years af-
sure within the past 10 years. tifying a CFP is Finra’s Bro- planners may have failed to dis- beyond what is required by the Finra disclosures. ter California revoked his insur-
These affected 573 of the CFPs kerCheck site. Mr. Molnar’s fine close a bankruptcy. government at the federal or An attorney for Mr. Miller ance license—the organization
listed on the site as of June. and suspension were listed there “If the CFP Board is relying state level.” said his client didn’t receive any suspended his certification and
The website doesn’t show ac- when the Board certified him. on the individual CFPs for accu- The non-profit CFP Board personal financial gain and that began an investigation.
tions taken by the Securities and Asked why it certified him as racy, then it’s clearly being gets most of its funding through the transactions hadn’t violated —Elisa Cho
Exchange Commission, Finra, a CFP, the Board said although duped,” said Jill Gross, a profes- certification fees from planners any securities laws. “Ultimately, contributed to this article.
THE WALL STREET JOURNAL. * * NY Tuesday, July 30, 2019 | A10A
GREATER NEW YORK

Health-Care Spending Soars in State
Outlays for residents The annual average rate of ing hospitals to disclose the Health-care price increases, get employees actively in- Insurers, employers and
growth in per-person spending discounted prices they negoti- rather than increases in health- volved in their health care for health-policy experts have in re-
who get insurance from 2013 to 2017 was 6.2% in ate with insurance companies. care utilization, accounted for chronic conditions. The recent years deployed many tools
through work are up New York, compared with 3.9% The move is the latest effort the overwhelming majority of gional transit service, serving to cut waste and limit inappro-
nationally. The report includes by the administration to in- spending growth in New York. the Albany metropolitan re- priate care. They have also used
sharply, report finds analyzed data for nearly 2.1 crease price transparency and gion, has almost 1,000 people deductibles and copayments to
Cumulative change
million people under the age create greater competition. on its health-insurance plan. help solve the problem of rising
BY MELANIE GRAYCE WEST of 65 covered by group insur- Last year, the New York Spending Utilization As a result of the changes, costs, said Ms. Glied. The out-
ance through an employer. City Council held a hearing Average price Mr. Basile said, health-care come, she said, may be that a
Health-care spending on Just a few years ago, New about pricing for common pro- 30% costs have gone down a little. squeeze on one end to make
New Yorkers who get insur- York was in the middle of the cedures at the city’s various 25
But he said his group has had sure people aren’t using too
ance through work is higher ranking of state health-care hospital systems. At the hear- to work aggressively with em- many services has created a
20
and rising more sharply than costs, said David Sandman, the ing, one of the city’s largest ployees, brokers and health scenario in which some hospi-
the national average. The main president and chief executive unions, Service Employees In- 15 systems for the best prices. tals are competing in other
reason, according to a new re- of the New York State Health ternational Union Local 32BJ, 10 “You have to push back,” he ways and loading up on pricing.
port, is price growth. Foundation. Now it ranks presented claims data showing 5 said. “We’re moving into an era
Rising prices of doctor visits, eighth, while New Jersey that prices for such common 0 Partly driving the cost in- where the prices are the prob-
inpatient services and prescrip- ranks sixth. procedures as hip replacement crease in New York are concen- lem,” Ms. Glied said.
–5
tion drugs—particularly hor- “The rate of growth is just and delivery of a baby varied trated hospital markets and Spending for all prescrip-
mones and anti-infective phenomenal,” Mr. Sandman by thousands between the 2013 ’14 ’15 ’16 ’17 consolidation of health systems, tion-drug categories in 2017
drugs—drove per-person said. “That translates directly city’s biggest health systems. Note: Figures based on values per person. according to Sherry Glied, dean was more than 20% higher in
spending in the state to $6,335 into a pocketbook issue for The Healthcare Association Source: Health Care Cost Institute of New York University’s Robert New York at roughly $1,300
in 2017 from $4,982 in 2013, people.” of New York State, a trade F. Wagner Graduate School of per person, compared with a
according to a report Tuesday He said greater price trans- group, has said that hospital tive transparency initiatives. Public Service. national average of $1,065, ac-
from the private New York parency would bring meaning- charges aren’t a good way to Carm Basile, the chief exec- Upstate New York has three cording to the new report.
State Health Foundation and ful competition to the market- inform consumers about what utive of the Capital District of the most-concentrated hospi- Based on payments at the
the research nonprofit Health place and “empower consumers prices they may pay and that Transportation Authority, said tal markets in Elmira, Utica and point of sale for prescriptions,
Care Cost Institute. Nationally, to look for better value.” the state’s hospitals and it recently shifted to a deduct- Ithaca, said Ms. Glied, leading spending increased by 40%, or
per-person spending was $5,641 On Monday, the Trump ad- health systems already are ible plan and introduced more to higher costs in the absence $374 for each person, from
in 2017, up from $4,834 in 2013. ministration proposed requir- leaders in advancing produc- programs to reduce costs and of substantial competition. 2013 to 2017 in New York.
Law Eases Gang Green Gathers for Training Camp
Marijuana
Penalties
BY JIMMY VIELKIND
.
ly
ALBANY—The penalties for
possessing and smoking mari-
juana in New York will be
loosened in 30 days under a on
new law that supporters say
will lead to fewer arrests for
users of the drug.
Gov. Andrew Cuomo on
us l,
Monday signed into law a bill

that sets the fine for possess-
al a
e
ing up to an ounce of marijuana
at $50 and up to 2 ounces at
$200. The decriminalization
ci on
law was approved last month

by the Democratic-controlled
state Legislature after a more
comprehensive effort to legal-
ize, regulate and tax recre-
er rs
ational marijuana failed to win

enough support for a vote.
“Communities of color have
been disproportionately im-
JOHN JONES/ICON SMI/ZUMA PRESS
m e
pacted by laws governing mari-

juana for far too long, and today
we are ending this injustice once
m rp
and for all,” Mr. Cuomo said.

It is currently a criminal of-
fense to possess more than 25
grams of marijuana, smoke it
or hold it in public view.
co Fo
According to the state Divi-

sion of Criminal Justice Ser- JET POWER: Quarterbacks No. 19 Trevor Siemian, No. 14 Sam Darnold, No. 5 Davis Webb and No. 8 Luke Falk took part in a practice Monday in Florham Park, N.J.
vices, 86% of people arrested
on the lowest level marijuana
charge in 2017 were black or
Hispanic, while 9% were white.
The same activity would be-
come a noncriminal violation, City Is Hunting for 70 Sites A Winner Is Declared
To Accommodate New Schools In Queens DA Primary,
like a traffic ticket.
The new law also will cre-
ate a vehicle for people to ex-
punge previous arrests for
small possession charges.
Republicans voted against BY LESLIE BRODY citywide, especially in rapidly might not think of reaching
But It’s Still Not Over
n-
the new law, saying it would developing areas, such as Long out to her office. Finding space BY CORINNE RAMEY
encourage marijuana use. And New York City officials are Island City. They struggle to is “always urgent,” she said.
some criminal-justice advocates having such a hard time find- keep up with shifts in the stu- Sites must be at least Melinda Katz officially was
SETH WENIG/ASSOCIATED PRESS
are unhappy that lawmakers ing sites for new public dent population in a high- 20,000 square feet with room certified the winner of the
no
didn’t go further. They say they schools that for the first time price city where neighbor- for more than 300 children Democratic primary for
will continue to push for full le- in decades, they say they will hoods and families’ choices and on solid ground, not Queens district attorney, the
galization when the Legislature soon advertise to recruit po- marshland, she said. District New York City Board of Elec-
reconvenes in January. tential property sellers. 20 in southwest Brooklyn and tions said Monday, setting up
Emma Goodman, a staff at- Leaders of the city’s School District 24 in Queens, which a legal battle between the
torney for the Legal Aid Soci- Construction Authority said
A task force looking includes Corona, are among longtime politician and the in-
ety, said that even with the new Monday they are searching for at 7,000 city-owned those needing many seats. surgent campaign of Tiffany
law her clients would “continue about 70 sites for roughly Last fall, Mayor Bill de Bla- Cabán. Melinda Katz was certified the
to face parole and probation vi- 45,000 seats that are pro-
properties found just sio released a $17 billion capital Ms. Katz, the Queens bor- victor of the Democratic race.
olations, continue to live in fear jected to be needed within two possibilities. plan for 2020 to 2024, includ- ough president, beat public
of immigration detention and about five years. ing new schools and upgrades. defender Ms. Cabán by 60 and Ms. Cabán 34,860, accord-
deportation, and continue to be A city task force scrutinizing Sites have been found for some votes, election officials said. ing to the certified vote count.
at risk of being separated from 7,000 city-owned properties of the 57,000 seats sought in The certification followed a Gregory Lasak, a former
their family by an adult or child found only two possibilities change quickly, leaving some that plan, officials said. lengthy manual recount. judge, came in third with
protective agency.” that might be viable, they said, schools with empty class- Leonie Haimson, founder of Ms. Katz, who was backed 13,048 votes.
Mr. Cuomo also signed two including spots on a former air- rooms and others bursting, of- the advocacy group Class Size by Democratic Party leaders, The winner of the primary,
gun-control measures into law. port in Flushing, Queens, and a ten beyond capacity. Matters, said school officials said she is grateful to the which was held on June 25, is
One would ban bump stocks, site next to John Dewey High Gayle Mandaro, senior di- were relying on outdated data, Board of Elections. highly favored to take the No-
which allow a shooter with a School in Gravesend, Brooklyn. rector of the authority’s real- and their plans for new facilities A lawyer for Ms. Cabán said vember general election.
semiautomatic rifle to simulate The request for proposals estate services, said Monday don’t factor in enough space to more than 100 wrongly invali- The new district attorney
the rapid-firing effects of an for property, to be issued in she hoped to find sellers reduce the number of children dated ballots had been cast by will succeed Richard Brown,
automatic rifle. A second would coming weeks in real-estate among small developers, retir- in classrooms. The chief of exec- eligible Democrats, and that who died in May at the age of
increase the time a gun dealer publications, comes as author- ing business owners, people utive of the School Construction the campaign would fight the 86. He served as the borough’s
has to perform a background ity officials say it is increas- who inherited property they Authority, said updated projec- results in court. top prosecutor for nearly 28
check from three to 30 days. ingly hard to find school space don’t want, and others who tions are expected in November. Ms. Katz had 34,920 votes years.
A10B | Tuesday, July 30, 2019 NY * * THE WALL STREET JOURNAL.
Amazing is
being top 5
.
in a nation with ly
on
us l,
5,000+ hospitals
al a
e
ci on
er rs
m e
m rp
This honor would not be possible without all our team members,
nurses, Weill Cornell Medicine and Columbia physicians, Board
co Fo
of Trustees, donors, volunteers and friends. And to our patients –

thank you for your continuing trust in our care.
n-
no
New York’s #1 hospital for a reason
Ranked by U.S. News & World Report 2019–20

LIFE&ARTS
The Most Luxe
Vacation Is
Unplugged
Americans pay thousands of dollars to go off the grid
BY ELLEN GAMERMAN
S
Clockwise from left: ‘Kudhva’ tripod
shelters in North Cornwall, England; Planning to Unplug
ummit Prairie, a vaca- Summit Prairie perched atop a tower
tion home atop a tower deep in the Oregon wilderness; n Get written directions and con-
.
deep in the Oregon wil- Maggie Hewitt’s family on the beach sider bringing an old-school road
ly
derness, doesn’t have near the kudhva grounds. map. Many of these places are
many amenities. There’s too remote for cell service to
no Wi-Fi, no TV, no work, so Google Maps won’t help
clock. It’s about an hour from gas on you if you get lost.
and groceries. The nearest bath- n Make sure you understand ex-
room is an outhouse down four actly what amenities the accom-
flights of outdoor stairs, unless modation will and won’t have.
visitors want to make use of a fun-
us l,
Will it have Wi-Fi? Its own bath-

nel attached to the edge of the room? Make sure you are game
deck. And it’s closed the entire for the level of remoteness.
al a
e
month of August because it might
burn down in a wildfire. n Fellow travelers reluctant to
Yet travelers are lining up to Left: Phyllis and Steve Anderson go off the grid? Consider a com-
ci on
stay here. It has a 300-person wait were cut off from everything but promise—there are plenty of
list and spots for the year book their family in Alaska’s Denali places surrounded by nature that
within minutes. For a bare-bones National Park. Below: Gather Greene still have Wi-Fi and amenities like
experience that people used to cabins in Coxsackie, N.Y., are like fancy soaps and sheets.
achieve simply by pitching a tent hotel rooms. Bottom: Sheldon Chalet n Bring entertainment that
er rs
at a campground, guests pay in Denali is reached by helicopter. doesn’t require the internet:
nearly $200 a night. books, cards, board games.
Simplicity is the ultimate luxury
as travelers search for new ways n Make a list of necessities and
m e
to unplug this summer. The prom- comforts to bring with you. Re-
ise of escaping everyday life has mote destinations may limit bag-
always lured vacationers. But now gage size and weight.
m rp
people whose daily routines are

consumed by digital demands and
distractions are going to ever- nearly 3½ mile hike or ATV ride
greater lengths to do nothing in over a rough path. A night on the
the middle of nowhere. uninhabited island costs $320 in-
co Fo
On travel-booking sites, Ameri- cluding meals and transportation.

cans are finding increasingly idio- year-old retired lawyer who lives in A storm whipped up during Ms.
syncratic routes off the grid. Op- Tulsa, Okla., with her husband, a Chew’s visit and she didn’t at-
tions include a coastal hideaway former energy-industry executive. tempt any whale-watching. A bro-
with cutting-edge design but no Social media and the internet ken shade in her bedroom failed to
electricity, a cabin stocked with have fueled the popularity of off- block the lighthouse beam flashing
hotel comforts in the middle of the the-grid destinations, many found onto her walls. She couldn’t play
woods, a getaway surrounded by in spots too extreme for camp- gin rummy on her iPad because
whales accessible only by boat, a grounds or hotels. Zach Klein, she had no internet. “I thought it
solar-powered dwelling perched whose “Cabin Porn” social-media suite bathrooms stocked with lo- and collecting mussels. was boring,” said the 71-year-old
over a waterfall. feed boasts more than 435,000 fol- cally sourced organic toiletries. Ms. Hewitt, a 38-year-old Detroit retiree from New Braunfels, Texas.
Part of the appeal is a chance lowers, has inspired a book out The 16 friends he persuaded to native living in London, wanted un- “I slept a lot.”
to escape the hordes of mass tour- this fall, “Cabin Porn: Inside,” fea- join him came prepared, hauling in interrupted time with her husband, Ed English, the inn’s owner, said
ism that have made some tradi- turing photographs of curated in- hundreds of dollars’ worth of food, a British pediatric surgeon, and plenty of people trek to an indoor
n-
tional destinations nearly unbear- door spaces in far-flung places. including pastries, berries and their young sons. Last year, instead whale-watching station no matter
able. People work hard to get to “You have accounts like ours on chips. Charlie, a friend’s Labradoo- of a kudhva, her family reserved the the weather. Just the other day, he
Summit Prairie, set on a vast Instagram that have really spawned dle with his own Instagram ac- property’s solar-powered cabin, an said, visitors watched an orca eat
meadow near Tiller, Ore. Trips to a taste for a very specific kind of count, frolicked undisturbed in a open-air structure with a tree grow- a baby humpback whale off the
no
the home modeled on a fire look- place, a simple rustic retreat in a pond. Later, tree frogs croaked so ing through the deck that sits atop coast. Every night, guests drink
out require written directions and beautiful house,” he said. Mean- loudly that some of the travelers a 40-foot waterfall. Her boys water with iceberg chunks from
a phone call with the hosts, since while, “Airbnb and similar plat- wondered if they were hallucinat- climbed down to a quarry below the North Atlantic. “If you’ve got
travelers who get lost on the way forms have created this tremendous ing. “They got their fun little get- and paddled a raft Huckleberry to watch videos or play games
won’t have cell service. marketplace that allows anyone to away,” Mr. Rawlings said. “And I Finn-style to a cave. then, nah, don’t come,” he said.
The guest book explains why visi- create a space and market it.” got my campfire.” “It’s nice to go where you’re un- By this August, Mr. English
tors go to the trouble. It is filled For some, the backcountry sum- When on vacation, Maggie He- reachable,” she said. “To me, that’s hopes to open his newest addition,
with entries about the clarity of the mers are a grown-up way to recall witt likes to completely immerse a massive luxury.” a more than $600-a-night glass
Milky Way, the sound of the wind, simpler trips of their youth. When herself in the natural world. The Even an unplugged vacation can box he’s calling the “iceberg nest.”
the sight of cows in the morning Chad Rawlings celebrated his 40th walk to a shared compost toilet sometimes blow a fuse. This sum- The see-through floors will jut out
mist. “Like a fool, I packed makeup,” birthday recently, he wanted to re- was a small price to pay for her mer, Peggy Chew visited the Quir- from a cliff over the churning
one guest wrote, “and promptly re- create the fun he had camping $150-a-night “kudhva,” an archi- pon Lighthouse Inn, a spot on an is- ocean 100 feet below.
alized there was no mirror.” while growing up in West Texas. tectural shelter set on tripod stilts land surrounded by whales and Guests already want to know
These vacations reflect the The New York City leather-goods along a quarry in North Cornwall, icebergs in the northern reaches of when they can book the room,
same yearning for nature that has designer suggested three days at England. (Kudhva is Cornish for Newfoundland. The inn and working which comes as no surprise to Mr.
given rise to glamping, or glamor- Gather Greene in Coxsackie, N.Y., a “hideout.”) During the vacation on lighthouse are accessible by boat English. “When you’re sitting
ous camping—the Instagram- property featuring $250-a-night the Celtic Sea, her three sons followed by either a short walk or, there,” he said, “you’re the only
FROM TOP: JOEL BELMONT; GEORGE FIELDING; MAGGIE HEWITT; THE ANDERSON FAMILY; KELSEY ANN ROSE; TOTEM ENT.
friendly trend featuring tents cabins with king-size beds and en- spent days exploring tide pools depending on sea conditions, a thing in the world.”
tricked out with five-star ameni-
ties like air conditioning, high
thread-count sheets and chande-
liers. But some travelers are seek-
ing an unplugged experience more
geared toward achieving minimal
distractions in maximum locations.
And they’re paying for the
privilege.
Last summer, Phyllis Anderson’s
family spent three days at an In-
ternet-free home in Alaska’s Denali
National Park, where rates now
tally $3,150 per person per night.
To reach the Sheldon Chalet, ele-
vation 5,755 feet, the guests had to
travel by helicopter. Once the fam-
ily arrived, the gang got to bathe
in evening sunlight on a deck so
close to the top of the highest
mountain in North America they
felt they could touch it. At the end
of a snowshoe hike over a glacier,
they enjoyed a gourmet picnic on a
table cut from the ice.
“Just to spend a few days in
touch with nature, these are the
gifts from heaven that you don’t see
if your head is down in your
phone,” said Ms. Anderson, a 65-
A12 | Tuesday, July 30, 2019 THE WALL STREET JOURNAL.
LIFE & ARTS
FROM TOP: ILLUSTRATION BY RUTH GWILY; MARTIN REDDY

YOUR HEALTH | SUMATHI REDDY
A New Genetic Explanation for Anorexia

The eating disorder appears to have biological predictors that explain why gaining weight is harder for some patients
.
SOME OF THE genetic factors and stay down there. This might June Alexander, a 68-year-old without a uniform set of measure-
ly
linked to anorexia nervosa are also help explain why they get metabol- writer in Melbourne, Australia, ment standards.
associated with metabolism, sug- ically out of control.” was among the nearly 17,000 peo- Walter Kaye, a psychiatry profes-
gesting that there may be a biolog- The study analyzed the genomes ple who contributed a blood sam- sor and executive director of the
ical explanation for why patients of nearly 17,000 patients with the on ple for the study. Eating Disorders Program at the
with the eating disorder lose disease and compared them with Ms. Alexander was diagnosed University of California, San Diego,
weight so rapidly and struggle to 55,525 controls from 17 countries. with anorexia in her 30s after contributed materials from earlier
keep weight on. Still, its findings are preliminary struggling with the disease start- genetic studies to the current one.
The new discovery was part of and need to be replicated, re- ing at age 11. She says she wasn’t Dr. Kaye says he’s noticed how
us l,
the largest genome-wide associa- searchers say. successfully treated until she was hard it is for some of his patients
tion study of the disease ever Researchers also found people 55. “That was when I was able to to gain weight. Anorexia patients
al a
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done. The study, published July 15 with the condition are genetically eat three meals every day and not might need to consume 4,000 to
in the journal Nature Genetics, prone to high physical activity lev- feel guilty,” she says. 5,000 calories a day to do so. The
found eight genetic regions linked els and more likely to have other The study’s findings, she says, average woman needs 2,000 calo-
ci on
to anorexia. conditions, including obsessive- were a “big relief.” ries a day to maintain her weight.
Anorexia affects up to 4% of compulsive disorder, depression, “This illness makes you feel “That’s an enormous amount of
women and a smaller percentage anxiety and schizophrenia. very ashamed,” Ms. Alexander food,” he says.
of men. It is among the deadliest says. “This study is saying this is He’s also published studies
of psychiatric disorders. People definitely an illness. I’m not showing that after people recover
er rs
16,992
with the disease have long battled flawed. It’s the illness that makes June Alexander joined the study. from anorexia, they often need to
stigmatization, getting labeled as me feel and seem that way.” eat significantly more than most
having a vanity condition driven Tom Hildebrandt, chief of the but they’re also fighting a funda- people to maintain their weight.
by a desire to be thin. But re- Center of Excellence in Eating and mental biology that doesn’t really “We don’t know why these people
m e
searchers call the study the most The number of patients analyzed in Weight Disorders at Mount Sinai want them to gain weight either.” are prone to get hypermetabolic,
specific and definitive evidence the anorexia nervosa study. School of Medicine in New York, Dr. Hildebrandt says he sees although it may not persist in the
that genes and biology play a called the research the “first step this with his own patients who long term,” he says.
m rp
prominent role. Though far off, rein identifying a road map for the have difficulty gaining weight and Laura Collins Lyster-Mensh, ex-
searchers hope the discovery will neurobiology of the illness.” keeping it on. ecutive director of FEAST, a non-
help start the process of develop- Dr. Bulik says the goal is to col- That about 20% of the illness “Part of the reason they get profit advocacy group for the fam-
ing treatments that target the bi- lect 100,000 genetic samples. She could be derived from metabolic stuck is, from a psychiatric stand- ilies of those with eating
ology of the disease. expects researchers will find hun- genes is hugely important in re- point, they’re anxious about eating disorders, says the group helped
co Fo
“Many of us have wondered for dreds of genes associated with the ducing the stigma associated with and the effects of eating. But in recruit participants for the study
a long time if there is more to an- disease. the disease, says Dr. Hildebrandt, addition, they have to eat a lot and raised money to help fund it.
orexia nervosa than the psycholog- Only about 30% of people with who wasn’t involved with the more. They have to work harder to “The DNA research reinforces
ical component,” says Cynthia Bu- anorexia nervosa fully recover. The study. eat than the average person,” he what the families of FEAST have
lik, founding director of the UNC research underscores the impor- “Anorexia is considered a self- says. It’s unclear if people are born been saying for a long time, which
Center of Excellence for Eating tance of ensuring that patients get control problem, just eat and it with such metabolic genes or if is: Help us feed our kids properly
Disorders in Chapel Hill, N.C., who to a healthy weight to allow their will solve the problem,” he says. such genes are activated by a state and stop blaming our loved ones
led the study. “These people just metabolism to stabilize before “The reality is they’re working of starvation. for choosing a disorder of vanity,”
override normal biology, they they leave residential treatment against their own physiology—it’s The study’s limitation, Dr. Hil- says Ms. Lyster-Mensh, whose
override hunger signals. We’ve of- programs. This could reduce the actually much harder for them to debrandt says, is that it wasn’t an daughter suffered from anorexia in
ten wondered what it is that per- risk of relapse after they go home, eat not just because of the psychi- independent sample. It included 2002 as a 14-year-old. “They didn’t
mits them to lose so much weight Dr. Bulik says. atric resistance to gaining weight, samples from 17 separate studies choose it.”
n-
Weather The WSJ Daily Crossword | Edited by Mike Shenk

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CONDITIONS APPLY | 8 Can’t stomach scented
U.S. Forecasts Today Tomorrow Today Tomorrow By Samuel A. Donaldson 9 February 46 Tee fabric
City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Across 24 Move, in realty 42 Collins of forecast 48 Abbr. on a
Omaha 77 63 pc 80 66 pc Frankfurt 87 63 pc 78 57 pc
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice lingo Genesis 10 Crow family bird business
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Today Tomorrow Philadelphia 94 74 s 89 72 t Havana 90 74 t 91 72 t envelope
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Phoenix 102 81 pc 95 84 t Hong Kong 92 81 t 90 80 t 50 Home planet of
Anchorage 70 57 pc 66 57 c Pittsburgh 78 66 t 78 63 t Istanbul 87 73 s 90 73 s 4 Horseshoe 26 •One in hot treatment, for pseudopods
short Jar Jar Binks
Atlanta 90 72 t 90 73 pc Portland, Maine 88 69 s 83 64 t Jakarta 91 74 s 91 74 pc makers water? 12 Serenades, like
Austin 98 74 t 99 74 pc Portland, Ore. 82 60 s 85 63 s Jerusalem 88 65 s 90 66 s
10 Quick pokes 44 Walt Disney a wolf to the 51 Owed amounts
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Boise 97 63 pc 98 64 pc St. Louis 84 63 s 83 63 s London 70 59 t 73 58 t spark the French World park moon 55 Tall and gangly
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LIFE & ARTS

MUSIC REVIEW | MARK RICHARDSON ber”—which features vocals from
Ben Gibbard of the rock band Death
Cab for Cutie, a chord progression
A Hip-Hop Missive From Married Life that brings to mind Bill Withers’s
“Lean on Me,” and lyrics that focus
on the innocence of childhood sum-
mers—is equally affecting.
Chance the Rapper ruminates on his recent union in a guest-heavy new record A few of the musically simpler
songs get by on vocal charm alone.
“Slide Around,” with contributions
from Nicki Minaj and Chicago rap-
per Lil Durk, has Mr. Bennett in a
‘The Big Day’ is the loose and nimble mode, effortlessly
new album from flowing with heartfelt observations
Chancelor Bennett aka about building a family (“Livin’
Chance the Rapper with the people I’ma die around”)
over a minimal beat by Atlanta
producer Pi’erre Bourne. In a mo-
ment of levity, “Hot Shower” has
Mr. Bennett trading lines about
smoking weed and ignoring calls
from an attorney with rappers Ma-
deinTYO and DaBaby. They rhyme
hypnotically in a cadence with a
descending melody, as if their
words are tumbling down a hill.
The thematic unity of “The Big
Day” is its greatest asset. Mr. Ben-
nett raps about his parents and his
children, his hopes and his fears,
and mixes insight with humor and
gravity with silliness. But musically,
the album wants to do a little bit of
everything, and sometimes it feels
like Mr. Bennett is checking a box
on a list of genres. “I Got You (Al-
ways and Forever)” is a breezy R&B
RICH FURY/GETTY IMAGES FOR COACHELLA
number heavy on atmosphere but

without much of a song underneath.
“Ballin Flossin,” featuring Canadian
pop star Shawn Mendes singing a
refrain that’s not catchy enough to
be called a hook, has a lightly funky
house beat, but it’s too melodically
vague and rhythmically inert to
serve as a call to the dance floor.
The lesser tracks are mostly
confined to the album’s sagging
.
middle. But about two-
ly
IN THE ERA OF the artist-as-brand, just released “The Big Day,” which total 77 minutes, making the al- has served as the thirds of “The Big Day”
Chicago’s Chance the Rapper, born Mr. Bennett is calling his debut album considerably longer than any soundtrack for many is strong, which given
Chancelor Bennett in 1993, has bum (in hip-hop, the distinction of his previous releases. such events. its length means that it
fashioned himself into a sort of between a “mixtape” and an “al-
on Mr. Bennett is a master of gos- “We Go High,” has about 50 minutes of
millennial Robin Hood—self-releas- bum” is often arbitrary). Earlier pel-infused hip-hop that combines which borrows its good-to-excellent music.
ing his records and giving them this year, he married his longtime his light and deft vocal tone with title from a famous “Town on the Hill,” a
away for free while donating large girlfriend—the couple has a child lofty spiritual ideas. The piano-led line from Michelle gentle R&B ballad that
sums of money to worthy causes together, and another on the way— “5 Year Plan,” which has a cameo Obama’s speech at comes near the end,
us l,
and generally playing by his own and his new work is essentially a from veteran singer-songwriter and the 2016 Democratic finds Mr. Bennett sing-
rules. Across a handful of mixtapes, concept record about matrimony. composer Randy Newman, is a National Conven- ing about gratitude and
al a
e
including the Grammy-winning Mr. Bennett brings along friends beautiful example. It’s about how tion, finds Mr. Ben- feeling loved, his voice
2016 “Coloring Book,” his music, to help explore the weighty sub- thoughtful intentions can be dis- nett looking back on his life and as- fragile. He sounds like a flawed
though rich with specific details ject. “The Big Day” is packed with rupted by circumstance, and it sessing his mistakes while person trying to live a righteous
ci on
from his own life, faces outward. guests, including contributors showcases Mr. Bennett’s offhand remembering how his faith saw life and lift up those around him,
He uses his own story as a spring- from the worlds of hip-hop, R&B, brilliance on the microphone. With him through. Its strength comes and the questions he raises on the
board to take on larger ideas about rock, gospel and dance music. To a few dazzling lines, he paints a from his vulnerability, and there’s a song, and across the album, are
faith, responsibility, growth and squeeze all these contributors and picture of the scene on a wedding tremendously moving moment ones he was born to grapple with.
the power of community. styles into the frame, Mr. Bennett day, squeezes in a joke about an in- when the music stops and he sings
er rs
That blend of the personal and has erected an extra-large canvas: surance company, and offers a word the titular phrase in a quavering, Mr. Richardson is the Journal’s
the universal continues with the “The Big Day” has 22 tracks that about Burt Bacharach, whose music unsteady voice. “Do You Remem- rock and pop music critic.
m e
m rp
co Fo
Honor your loved one’s life

in The Wall Street Journal.
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n-
either in our national or regional editions. Our In Memoriam notices provide a digniied way
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no
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SPORTS
BY JARED DIAMOND
F
Bridgewater, N.J.
acing a 3-2 count in the
seventh inning here Fri-
day night, T.J. Rivera of
the Long Island Ducks let
a borderline changeup
pass by, tossed his bat away and
jogged toward first base. He
thought he had drawn a walk to
break up a perfect game by oppos-
ing pitcher Rick Teasley of the Som-
erset Patriots.
Five steps down the line, Rivera
heard home plate umpire J.B. Tor-
res deliver those two dreaded
words: strike three. Rivera glared
back at Torres, preparing to plead
his case, when he remembered an
important detail: Torres didn’t actu-
ally make the call. A little voice in
Torres’s head told him to do it.
DOMINICK REUTER FOR THE WALL STREET JOURNAL

“[Rivera] said to me, ‘I was try-
ing to get that walk, but I forgot it’s
not on you tonight—it’s on the com-
puter,’” Torres said.
Baseball’s future has arrived in
the Atlantic League, a collection of
eight independent professional
teams that span from New Britain,
Conn., to Sugar Land, Texas. In Feb-
ruary, the Atlantic League reached a
three-year agreement to audition a
series of experimental rules for Ma-
jor League Baseball to evaluate,
largely designed to improve pace of Umpire J.B. Torres fits an earpiece that communicates with a strike-calling technology before an Atlantic League baseball game in New Jersey on July 26.
Baseball’s Future:
play and generate action. These in-
clude the prohibition of mound vis- ball.” TrackMan, not influenced by
its and defensive shifts, shorter in- how the pitch looked, called it a
ning breaks and enabling hitters to strike.
“steal” first base on any pitch not Some players called that a posi-
Robot Umpires
successfully caught in the air. tive, arguing that intent shouldn’t
But last week marked the intro- matter. After all, a referee doesn’t
duction of the most significant in- wave off a basketball shot that a
novation: an automated strike zone, player banks in accidentally or de-
shifting responsibility for calling clare an incompletion when the
.
balls and strikes from a person to wrong receiver catches a quarter-
ly
an emotionless piece of technology back’s pass. Others say the human-
free of the biases and inconsisten- ity of umpires adds to the game.
cies of mere humans. And if the test In the Atlantic League, the responsibility for calling balls and strikes shifts Patriots catcher Mike Ohlman,
goes well, the days of big-league
from a person to an emotionless piece of technology who appeared in seven games for
players imploring umps to schedule
an eye exam could soon come to an
on the Toronto Blue Jays in 2017,
brought up the example of a persis-
end. Atlantic League considered other to talk to the earpiece?’” similar for low strikes.) tently wild pitcher who rarely re-
Ducks manager Wally Backman methods of communication. They Without a doubt, TrackMan calls “The rulebook strike zone is a ceives the benefit of the doubt on
us l,
predicted that MLB will adopt the tried using radio waves instead of a different strike zone than its mor- certain thing, but that strike zone close calls because, “You have to
system within five years. Wi-Fi, but learned that doing so tal counterparts. Pitches at the let- has long since disappeared in the earn that strike.” He sees that as a
al a
e
“It’s going to happen,” he said. without the proper licenses could ters—a strike according to the rule- game of baseball,” Jodie said. “Now tradition worth preserving.
“There have been a few pitches that run afoul of FCC policy. Officials ini- book, but almost always ruled a ball they’re trying to get it back.” “The plate’s 17 inches wide,” Ohl-
are questionable, but not as many tially gave umpires a wireless Apple in modern baseball—get called as Players expressed mixed feelings. man said. “If you set up outside,
ci on
as if it was a human. The machine AirPod to keep in their ear, but strikes. The same goes for breaking They appreciate the consistency of you miss by 17 inches and it catches
is definitely going to be more right abandoned that approach over con- pitches that might technically nick the automated strike zone and the the inside part…we’re professionals
than they are.” cerns about battery life. They also the bottom of the zone, even if they lack of egregiously bad calls, but here—you shouldn’t be rewarded.”
Every Atlantic League stadium, tinkered with the possibility of put- wind up at the batter’s feet, result- they lament some of the elements For now, MLB plans to observe
including the Patriots’ TD Bank ting lights on the scoreboard to vi- ing in the occasional strike that of the game that it eliminates. how well the automated strike zone
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Ballpark in Central New Jersey, now sually represent the call or sending stretches credibility. TrackMan The computer renders “pitch does before determining what hap-
features a TrackMan device perched audio tones instead of words to the gives no leeway on the corners. framing”—the coveted ability by pens next. It will almost certainly
high above the plate. It uses 3-D umpire’s ear. For that reason, Patriots man- catchers to receive a pitch in a way move to the minor leagues before
Doppler radar to register balls and In the ballpark, it all looked ager Brett Jodie said Clayton Ker- that tricks umpires into seeing balls going to the big leagues.
m e
strikes and relays its “decision” seamless, with Torres calling strikes shaw, a pitcher known for his big as strikes—irrelevant. Patriots Until then, umpires will continue
through a secure Wi-Fi network to after just the slightest of delays. Of curveball, would love the automated pitcher Nate Roe recalled throwing calling balls and strikes with their
the umpire, equipped with an the 259 pitches thrown Friday, Tor- strike zone. Greg Maddux, who re- a pitch in a recent game that badly judgment alone—and players and
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iPhone in his pocket connected to a res said he personally agreed with lied on two-seam fastballs on, or missed his target on the outside mangers will keep calling them
wired earbud. That umpire, posi- TrackMan on all but six of them. just off, the edges of the plate prob- corner, instead landing on the in- blind.
tioned behind the plate as normal, “I didn’t have a fear in the world ably wouldn’t. (The league has al- side corner. It forced the catcher to “We feel it’s incumbent on us to
hears a man’s voice saying “ball” or of having to look at someone and ready tinkered with the system to stretch far across his body, moving figure out whether we could make
“strike” and then signals the ver- say, ‘That was there’ or, ‘That had require the entire ball to cross the his glove completely across the it work,” MLB commissioner Rob
co Fo
dict. the corner,’’ Torres said. “It was, uppermost edge of the zone to trig- plate. Roe said with a human um- Manfred said. “That’s what we are
Over the past few months, the ‘Hey, this is the earpiece. You want ger a strike and could do something pire, that pitch “is probably called a doing.”
Egan Bernal’s Tour Win Has Special Meaning in Colombia

BY KEJAL VYAS
Bernal has shown similar resil-
Zipaquirá, Colombia ience. In May, he dropped out of
AS WORD SPREAD of Colombian the Giro d’Italia after he fell off his
n-
cyclist Egan Bernal’s imminent vic- bike while training in Andorra and
tory in the Tour de France over broke his collarbone five days be-
the weekend, his working-class fore the start of the prominent
hometown, high up in the Andes, competition.
no
was already prepping what it Juan Sebastián Guerrero, youn-

hopes will be the next generation ger brother of Bernal’s fiancée Xio-
of champions. mara Guerrero—herself a cham-
Children as young as 8 years pion cyclist—was training with
old, decked out in Lycra bodysuits Bernal when he crashed. He said
and reflective glasses, gathered Bernal was unfazed and decided to
here on a half-mile stretch of road shift his focus to the Tour de
for the kind of amateur races that France.
NADÈGE MAZARS FOR THE WALL STREET JOURNAL
gave Bernal—the first Colombian “I think that fall happened for a

to win the Tour de France—his reason,” said Mr. Guerrero, 19, who
start 15 years ago. is also a full-time cyclist. “If the
“More Egans, that’s what we trainer tells him to do four hours,
want to find,” said Carlos Muñoz, he does five and a half. He’s like a
59, as riders zoomed by, swerving big brother to us all. He shows us
around street dogs. Muñoz, who how hard work can produce re-
has been running cycling classes sults.”
for underprivileged kids in Zipa- Shy and soft-spoken, Bernal be-
quirá for 25 years and worked gan his career in Zipaquirá under
with Bernal in his earliest ventures the guidance of his father, a secu-
into mountain biking, wiped away rity guard and amateur cyclist, and
tears as his former pupil crossed his mother, a rose picker. He began
the finish line. Fans gather in the main square in Zipaquirá, Colombia, to cheer for local hero Egan Bernal in the Tour de France. with mountain biking, riding the
“Now he’s a man and the best muddy trails and ramps that run
sportsman we have in Colombia,” this South American nation of 49 In this deeply Catholic country, Cycling is not just a beloved along the sides of roads here and
he said. million, whose rugged mountains Gutiérrez wondered if it was the sport here but also a necessary had bagged regional and national
Bernal’s win was vindication for and winding roads are a natural holy salts running through Bernal’s means to get around between long championships at an early age. His
a nation that has produced scores breeding ground for riders. At the veins that had helped him bring stretches of farm land. The dis- talent was recognized by Fabio
of world-class cyclists but has of- cinema, movie trailers are often cycling’s highest honor to Colom- tances that locals cover on the Rodriguez, another professional
ten fallen short of the European interspersed with short films bia. “Our air, our diet, it’s now go- bike each day are part of daily life. rider and native of Zipaquirá, who
cyclists who dominate the sport’s about youths in the Colombian ing to be known worldwide,” he “I’m not that much of a cycling began coaching him for the pro
top ranks. Local media quickly countryside dreaming of becoming said. aficionado,” joked John Fredy track.
dubbed Bernal “king of the escara- the next cycling phenomenon. Zipaquirá produced Efrain “El Suárez, a 36-year-old, who said he Training at high altitude has
bajos,” or beetles, the name used In Bogotá, less than an hour’s Zipa” Forero, the first winner of cycles more than 30 miles a day to made Bernal a fierce competitor in
to describe Colombian riders and drive south of Zipaquirá, an 80- the Tour of Colombia in 1951. In work as a barman at a restaurant. the steep climbs of the French
their inexorable penchant for mile network of roads is closed recent years, other stars like Nairo On Saturday, he was dressed in full Alps. But the balance and quick
climbing the steepest of hills. down each Sunday and on holidays Quintana and Rigoberto Urán have cycling gear and rode more than steering he perfected on the
“This is the greatest thing that for cyclists and runners. Since showcased Colombian riders’ dom- two hours from outside Zipaquirá mountain bike have helped him
could’ve ever happened to us,” 1974, the so-called ciclovía draws inance in the French Alps. to participate in the municipal also dominate the high-speed ka-
said Edwin Gutiérrez, a 29-year- thousands and has become a But for Muñoz, Bernal’s win was races with his 8-year-old son, Se- mikaze descents in road-biking
old dairy factory worker who had model for cities around Latin evidence of the effort that his poor bastián. competitions, Muñoz said.
joined hundreds of supporters in America. township puts into its youth cy- On his final lap of a two-mile “Who wouldn’t be a champion
Zipaquira’s Park of Hope. They Bernal’s win had special mean- cling program. Munoz, who still sprint, Sebastián lost his balance training in these mountains?” said
waved Colombian flags and the ing for Zipaquirá. Nestled between competes in international moun- and took a spill. Within seconds, Denis Rodríguez, 52, who has been
jerseys of the national soccer rolling green hills a mile and a half tain biking competitions, and his he got up with the help of Muñoz announcing cycling races in Zipa-
team, which like the uniform above sea level, it’s known best for team of instructors run training and mounted his bike, crying as he quirá for half his life and had seen
donned by the Tour de France its farm land, flower nurseries and sessions for kids with professional pedaled away. A big grin spanned Bernal come through the public
leader, is yellow. a cathedral inside a salt mine, aspirations almost every morning his face as he crossed the finish youth program. “We breathe cy-
Cycling is a religion for many in which is a tourist attraction. around Zipaquirá. line. cling here.”
OPINION
Mayor Pete Has a Race Problem BOOKSHELF | By Naomi Schaefer Riley
“My genera-
tion saw this
country elect
time he’s trying to play it
against Mr. Trump. Among the
complaints is that Mr. Butt-
were only six and nine mur-
ders in South Bend, a city of
100,000. The count jumped to
himself to African-Americans.
Politico even notes that in his
run for re-election as mayor in
A Matter
its first black
president and
then
around and
turn
igieg fired the city’s first black
police chief and saw the per-
centage of black police officers
cut in half on his watch.
18 in his first year as mayor,
dropped to nine the following
year, but then jumped back up.
In 2018, 20 people were
2015, Mr. Buttigieg lost support
in the heavily black parts of
town. Hence the increasing
notes of desperation: accusing
Of Degree
MAIN
elect a racist These complaints went na- murdered. On Monday, the Mr. Trump of being a racist,
STREET
to the White tional after a Father’s Day South Bend Tribune reported telling the editorial board of
The College Dropout Scandal
By William
House—and shooting in which a white that though rape and robbery the Des Moines Register that By David Kirp
McGurn
we ought to South Bend police officer shot are down this year, aggravated “white supremacy” could be (Oxford, 175 pages, $24.95)
H
call that what and killed a 54-year-old black assault is up 38% and shoot- “the lurking issue that ends this
it is.” So thundered Pete Butt- male he said was coming at ings have “spiked.” “It’s like country,” traveling to Chicago ow much is a college degree worth? There are many
igieg in an address Friday to him with a knife. At a protest the O.K. Corral out here,” one to wrap himself around Jesse ways to answer that question—the additional lifetime
the National Urban League. following the shooting, an Af- resident told the paper. Jackson, announcing an ambi- earnings, the mind-opening courses, the contacts with
These days a Democrat rican-American woman asked tious reparations package— fellow alumni. But here’s a harder question: How much is
throwing the R-word at Donald the mayor if he’s a racist. An- named for black abolitionist some college attendance worth? The answer, unfortunately,
Trump elicits more yawns than other demanded to know if he Buttigieg has even Frederick Douglass—that is almost nothing. As David Kirp notes in “The College
headlines. What makes the believes black lives matter. ranges from more spending on Dropout Scandal,” “the contention that college is the engine
South Bend, Ind., mayor’s ac- Mr. Buttigieg is surely not a less black support health care to a fund for black of social mobility is false advertising for the 34 million
cusation worth noting is that racist. But his failures are real. than the president he entrepreneurs to carving out a Americans over twenty-five . . . who have some college
he’s throwing this stone from The biggest is that South Bend state called “New Columbia” credits but dropped out before receiving a diploma.” What is
inside a glass house. remains a much more violent calls a racist. from the District of Columbia more, many such students “are worse off economically than
To start with, Mr. Buttigieg city than he pretends. that would have the highest if they hadn’t started college,” thanks to the money they’ve
appears to have even lower He’s only made matters proportion of black voters. spent on tuition, not to mention the opportunity cost of the
black support than the presi- worse by trying to pander to Shouldn’t someone be Unfortunately for Mr. Butt- wages they’ve foregone.
dent he calls racist. In the 2016 the activist crowd, apologizing pressing Mr. Buttigieg about igieg, whatever he may do or When it comes to the “dropout scandal” there is plenty of
election, Mr. Trump received for failing to diversify the po- this record? After all, unlike propose, the activists back in blame to go around. One can start with high schools that
8% of the African-American lice and talking up problems of the other Democrats bidding South Bend now hold him hos- don’t teach the skills children
vote, according to exit polls. “structural racism.” The cops for the nomination, he’s been tage to bad headlines and TV need to get a good job but
More recently, even after the see this as throwing them un- running on the idea that a footage, using protests to instead encourage all students
House passed a resolution con- der the bus. The local Frater- mayor’s experience is exactly bring attention back to his to go to college—even if they
demning him for racism, a Hill- nal Order of Police says that what the country needs. The troubles with African-Ameri- don’t have the ability or
HarrisX poll reported President when Mr. Buttigieg makes goal, he likes to say, is for cans. Even though the mayor inclination. There is the
Trump enjoying 13% approval “disparaging remarks such as Washington to start “looking will no doubt make sure he’s federally funded financial-aid
among black voters. ‘All Police work and all of more like our best-run cities out of town that day, the Black system that encourages
These are low numbers American life takes place in and towns and not the other Lives Matter sit-in planned for colleges to keep raising prices—
compared with most Demo- the shadow of racism,’ ” he is way around.” Aug. 3 will likely prove one of making higher education ever
crats. But Mr. Buttigieg can doing so “solely for his politi- Unfortunately, not many these events. more out of reach for poor or
only envy them. A CNN poll re- cal gain and not the health of Americans would want their The bigger question is, how working-class kids. And there
leased earlier this month re- the city he serves.” crime rates looking like South long before some moderator at are the colleges themselves—
.
ported Mayor Pete has 0% Af- The unpleasant reality is Bend’s. No doubt that includes a Democratic debate asks Mr. particularly the larger public
ly
rican-American support. that Mayor Buttigieg’s remarks the law-abiding African-Ameri- Buttigieg the obvious question: schools: They don’t offer students
It’s going to be hard for him also take place in the context can residents of the city who Can his party retake the White much guidance about which
to improve much, if only be- of a still too-violent South suffer disproportionately from House with a candidate who courses to take or how to finish a
cause back in South Bend ac- Bend. Take murder. In the two onthe shootings and violence. has even lower black support degree in a reasonable amount of time.
tivists are playing the race years before Mr. Buttigieg took None of this is helping Mr. than Donald Trump? Mr. Kirp, a professor at the University of California at
card against him at the same office, 2010 and 2011, there Buttigieg make the case for Write to [email protected]. Berkeley, rather than rehearse these perennial problems,
helpfully focuses on success stories. Schools like the University
of Central Florida and Valencia College (both based in Orlando,
us l,
Why Russia and China Are Joining Forces Fla.), Long Beach State (in California), and City University of
New York are using technology, pedagogy and psychology to
al a
e
see that working-class, minority and first-generation students
Russian and dent great power between Eu- about the wisdom of the tools could one day be turned not only attend college but—more important—finish it.
Chinese mili- rope and China; a close alli- Trump administration’s Iran against them. Take Georgia State, which has increased its graduation
ci on
tary aircraft ance with a rising China policy, and success is far from The third factor is Mr. rate to 54% from roughly 33% in 15 years. “Rather than
probed South works against this goal. Ten- certain—but as a demonstra- Trump. By using trade and blaming the students,” one of its administrators tells Mr.
Korean and sions along their lengthy bor- tion of American power, the tariffs as weapons in unre- Kirp, “we took a hard look in the mirror.” The first step was
Japanese air der, commercial rivalries, and economic isolation of a major lated negotiations, the presi- studying the data. Like other large schools, Georgia State can
defenses last Russian suspicion of Chinese oil producer in the teeth of dent has increased America’s now monitor grades in particular introductory classes and
GLOBAL
er rs
week, leading designs on its Far Eastern ter- stiff European, Chinese and clout. European efforts to re- see that students who do badly are much more likely to drop
VIEW
the South Ko- ritories tend to drive the two Russian opposition is an ex- sist U.S. sanctions on Iran, for out of school than seek help. The college’s response has been
By Walter
reans to fire countries apart. Given Russia’s traordinary spectacle. To Rus- example, must be carried out to offer academic support, like individual tutoring, before a
Russell Mead
more than slow decline and China’s rapid sia—another major oil pro- in the shadow cast by Mr. bad grade has even been sent to the registrar—or steer
m e
300 warning rise, some expected Russia ducer dependent on trade Trump’s threats to impose students in more productive directions. To take one example,
shots before the intruders would support Western efforts with the West that has felt the massive tariffs on key Euro- Georgia State changed its policies so students who aimed to
departed. to balance China rather than bite of American sanctions—it pean products on vaguely de- enter the school’s challenging nursing program wouldn’t have
m rp
This was just the latest undermine them. is terrifying. fined “national security” to wait until their junior year to find out whether they were
manifestation of a deepening Instead Moscow seems to grounds. qualified to do so. Freshman courses in algebra and
alliance between Russia and have concluded that the door Mr. Trump’s critics argue chemistry signaled aptitude early on, allowing time for
China. James Dobbins, How- to the West is closed. The Eu- The past few years that Washington can’t afford students to pick a more appropriate major if need be.
ard Shatz and Ali Wyne de- ropean Union is too weak, too to alienate longtime allies as The schools that Mr. Kirp profiles are intervening much
have witnessed a
co Fo
scribed the emerging align- indecisive and too liberal to adversaries coalesce against more in student lives—from required visits with advisers to
ment in an April essay in the serve as a strategic partner marked increase the U.S. They also warn that electronic nudges reminding students to fill out paperwork
Diplomat. In 2016, Russia dis- for Mr. Putin’s Russia. Presi- the institutions that con- and meet deadlines. A greater effort is being made to line up
placed Saudi Arabia as China’s dent Trump is too mercurial in American power. strained great-power competi- jobs that fit into class schedules—these are usually kids who
largest source of imported oil. and Congress too hostile for tion are decaying at an accel- must work as they go to school—and to help students
In 2017, the two countries held the U.S. to meet Russia’s erating pace. And businesses navigate personal struggles.
their first joint naval exercise needs. That leaves a stark Three factors contribute to around the world need the
in the Baltic Sea. In June choice between an alliance this surge in American power. kind of policy predictability
2018, Xi Jinping called Vladi- with China and isolation. First, the success of fracking that Trump-era diplomacy is Some schools have made student success
mir Putin “my best, most inti- There is another factor and related technologies to- steadily eroding. their top priority and are finding effective,
mate friend,” and later that driving Moscow and Beijing gether with the increased use True enough, and worry-
year Chinese forces partici- together. The circus atmo- of renewable energy in the ing—but the new world disor- hands-on ways to increase graduation rates.
pated in the largest military sphere of the Trump presi- West makes world energy der has deeper causes than
exercise on Russian soil since dency sometimes obscures markets more resilient. Oil Mr. Trump. There are two ris-
n-
1981. this, but the past few years prices are stable and rela- ing great powers in the world Some of the solutions, though, are simply a return to what
The departing director of have witnessed a marked in- tively low even though Iran today—not just one—and the higher education used to be. At CUNY’s Start program, for
national intelligence, Dan crease in American power. and Venezuela have essen- U.S. as well as China is devel- kids who come from weak academic backgrounds, students
Coats, says the two Eurasian Washington’s reach is expand- tially been forced out of the oping a more expansive view must attend class 25 hours a week, more than twice the
no
supergiants are as close as ing, its ability to enforce its market. of its interests as its power average. And Start students are assigned a specific
they were in the 1950s. From will on others has grown, and Second, the growing so- grows. curriculum, one that is designed to help them catch up in all
Venezuela to Syria to Serbia, it has become more willing phistication of information China has responded to the their subjects. This kind of prescriptive rigor is a far cry
they are working to frustrate and able to use its power dis- technology means that U.S. newly competitive interna- from the laissez-faire approach to college in which
the West. They are also in- ruptively. Moreover, as recent authorities can track complex tional situation by deepening administrators hand students a doorstop-size catalog (if it
creasingly cooperating in sub- protests in Moscow and Hong transactions and enforce sec- its relationship with a strate- were printed out) and suggest they follow their dreams.
Saharan Africa and have found Kong demonstrate, liberal ondary sanctions to an un- gic partner. Combine the jos- Faculty members at various colleges have complained
ways to reduce their competi- ideas still have the power to precedented degree. European tling ambitions of two rising that, to help a cohort of students who might otherwise drop
tion in Central Asia. challenge the world’s auto- governments have been world powers with the disrup- out, they are being asked to adopt a teaching style or a
Many analysts discounted crats. Russia and China have shocked to discover that they tive economic, military and curriculum that has the effect of lowering standards. Mr.
the prospects for deep Sino- decided to work together cannot protect national com- cultural consequences of the Kirp believes, by contrast, that standards aren’t the problem:
Russian coordination. Mr. Pu- more closely in large part be- panies wishing to do business information revolution, and Poor and minority students are leaving college, he argues,
tin’s overarching foreign pol- cause both countries are more with Iran from American law. the causes of our distemper because they don’t have confidence in themselves and feel
icy objective has long been to worried about the U.S. Moscow and Beijing cannot are easier to understand if alone; they need a little extra help and some different
build up Russia as an indepen- Intelligent people disagree help but notice that these not, unfortunately, to resolve. teaching techniques—e.g., collaborating, debating possible
solutions in STEM classes, explaining how topics are
relevant to post-college careers—to make up for more than a
The Battle of the Microwave decade of poor schooling.

The truth no doubt lies somewhere in between. Surely
many ill-prepared students could benefit from reminders
By Mike Kerrigan promising. As late as 1985, our mand and the time value of keeping the family microwave about deadlines or pre-emptive tutoring or a classroom
I
home still operated without a money. Win-win, by his lights. anywhere other than the structure that is more encouraging and less intimidating.
was born too late to wit- microwave. VHS, cordless While future historians may kitchen. He probably could But some students are so unready for college coursework
ness many of history’s phone, you name it—the old disagree with dad’s overall have pulled rank with “my that all the good will and remedial effort in the world won’t
greatest battles of wits: man waited as long as possi- strategy, the tactics were un- house, my rules” logic, but make a difference: They will continue to drop out.
David vs. Goliath, Hannibal vs. ble to upgrade. He was partic- deniably clever. What the big didn’t. I think deep down, dad Mr. Kirp doesn’t let inevitably mixed results stand in the
Scipio Africanus, Patton vs. ularly fond of the “perfectly guy didn’t anticipate in 1985 was impressed by Jack’s way of boosterism. One administrator, he says, “led the
Rommel. But I did have the good” line of argument: Why was his younger son’s equally moxie and, deeper still, sur- charge” for reform, “and his point-person . . . possessed the
good fortune to observe first- buy a microwave when we shrewd countermeasure on his prised how badly he’d been know-how, the passion and the tenacity to turn aspiration
hand one epic struggle, the have a perfectly good stove? 13th birthday. outflanked. He honored the into fact.” At times, he makes assertions that are widely
Battle of the Microwave, pit- “I’ve thought about it,” arrangement. contested by the available data—like the claim that “half of
ting the Odyssean wiliness of Jack parried as the big day I still laugh when I think of all college students struggle with food insecurity.” Or the
two men—my father and my At 13, my brother beat neared, “and decided I want a the months that followed, of claim that grades do a better job than SATs of predicting
younger brother, Jack— my father in an epic microwave.” The speed with everyone traipsing upstairs to how students will fare in college. Meanwhile, his chapter on
against each other. which dad hit the bid con- prepare ravioli from a can in how minority students at elite institutions feel out of place
Recall what a game-changer domestic conflict. firmed he’d fallen for the feint. Jack’s bedroom. It might have seems, well, out of place. Whatever such students feel, their
the microwave once was. Food Sure enough, Jack got a mi- continued that way, but after a plight is miles away from that of the Georgia State student
that previously took an eter- crowave on his birthday. It’s few months the carpets were who can’t manage a long commute, a job, child care and
nity to heat was rendered pip- Dad enjoyed this verbal what my brother did next that caked with sauce and the up- preparation for an upcoming chemistry test.
ing hot and delicious in sec- jousting for many reasons. put him in the pantheon of stairs stank. Only then did We can argue about whose fault it is that so many
onds. No idle standing and Best case, he’d ward off a pur- master tacticians. He marched Jack consent to the micro- students are unprepared for college. Ultimately, though, as
stirring, either, only a Pavlov- chase; worst case, prices the giant box upstairs. “Where wave’s move to the kitchen, Mr. Kirp’s illuminating analysis suggests: If a school admits
ian timer-ding announcing would come down as we de- are you going?” dad asked achieving armistice, but never them, it should do more to help them earn a degree,
ambrosia. It was the internet bated. Even if he ultimately with uncharacteristic timidity. surrender, in the Battle of the whatever it’s worth.
of my 1980s childhood. gave in, dollars spent tomor- “To my room,” Jack an- Microwave.
My dad, however, was an row were preferable to those swered firmly. “With my mi- Ms. Riley, a resident fellow at the American Enterprise
inveterate late adopter of forked over today. He taught crowave.” Mr. Kerrigan is an attorney Institute, is the author of “The Faculty Lounges” and “God
technology, no matter how his children about supply, de- Dad hadn’t banked on Jack in Charlotte, N.C. on the Quad.”
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The Confusing Federal Reserve A Public Option Is No Winner for Democrats
L
ast December equity markets were tank- risks. In addition to a rate cut, the Fed is signal- Tsung-Mei Cheng (“Stick to the While it’s true that most Ameri-
ing, credit markets were seizing up, and ing it will soon stop reducing the size of its bal- Public Option, Democrats,” op-ed, cans don’t want “a radical change
July 15) seems to believe the exam- tearing up existing plans,” a public
inflation expectations were falling. The ance sheet. If this means the Fed will reinvest
ples of Medicaid, Medicare and the option health-care system would ulti-
Federal Reserve nonetheless the proceeds of interest pay- VA health-care system can be used to mately do just that, because it would
raised interest rates and sig- The second-quarter ments and principal as its promote expanding government-man- lead to a one-size-fits-all health-care
naled that the shrinkage of its GDP report did not bond holdings mature, it effec- aged health insurance. system that would cause patients to
balance sheet was on “autopi- tively means a resumption of The state of Oregon compared the pay more and wait longer for worse
lot.” Further market turmoil make the case for easing. quantitative easing. A policy indigent who had Medicaid with care.
soon caused the central bank- intended as an emergency in those without any insurance. They By design, a public option would
ers to concede their error. the 2008 panic will therefore found knowing you have insurance cause major disruptions to the mar-
This week equities are at new highs, credit- be revived when the economy is growing 2% and means you don’t worry about not ketplace where consumers currently
risk premiums are low, and inflation in the sec- the jobless rate is 3.7%. having insurance. But having Medic- choose coverage that meets their
ond quarter showed signs of a modest come- So much for the Fed’s mantra about policy aid increased inappropriate ER use needs, driving up premiums for
(costs) and didn’t improve the man- Americans on private plans and forc-
back. Yet Fed officials have signaled that this “normalization.” The Fed will maintain a bal-
agement of the two chronic condi- ing more and more people into the
week they will cut the fed funds rate by 25 basis ance sheet of $3.8 trillion and will pay interest tions studied (hypertension and dia- government system until it is the
points or more. on the reserves that banks park at the central betes)—more cost with no benefit. only option that remains.
If you’re confused by this inconsistent mone- bank rather than deploy in the economy. This The VA waiting-list scandal alone Research revealed that under one
tary reasoning, join the club. The Fed seems to keeps the Fed as a leading player in the mort- is reason enough to question govern- such system U.S. hospitals would be
be too. Two weeks ago, before the quiet period gage and long-bond markets, which interferes ment-run health care. hit with $62 billion in cuts that
for its pre-Open Market Committee (FOMC) with market interest rates and can lead to dis- Medicare is popular. I just enrolled “would compound financial stresses
meeting this week, committee members were tortions in the private allocation of capital and and found, after 50 years of payroll they are already facing, potentially
a public cacophony of competing views and ra- risk-taking. That in turn reduces the economy’s deductions, Medicare health coverage impacting access to care and provider
tionales. On the available evidence, the Fed is ability to grow long-term. (plus supplemental insurance) is quality.” This diminished access to
about half of what I was paying when quality care would come as hospitals
making up policy on the fly. The alternative would be for the Fed to keep
buying insurance privately. However, I are forced to lay off health-care pro-
The Fed’s latest justification for cutting reducing its balance sheet and reduce the pay- hear Medicare may run out of funds, fessionals, scale back specialized care
rates is prophylactic. “It’s better to take pre- ment on reserves while standing pat on the fed and no one knows what happens then. programs or even close their doors.
ventative measures than to wait for disaster to funds rate. But that would give the Fed less sway In all three programs, many physi- Instead of promoting a risky gov-
unfold,” said John Williams, vice chair of the over economic decisions. Fed officials often cians refuse to participate—and no ernment insurance system like a
FOMC, two weeks ago. “When you only have so complain when politicians (especially Donald wonder. When I was in private prac- “public option,” our leaders should
much stimulus at your disposal, it pays to act Trump) try to influence their decisions, and we tice the reimbursement from Medic- focus on constructive steps that build
quickly to lower rates at the first sign of eco- sympathize. But the Fed has invited more politi- aid was less than my billing and on what is working in health care,
nomic distress.” cal attention with policies that expand its politi- other overhead costs. At least non- improve affordability and access and
We’re not sure how Mr. Williams defines cal role in allocating capital. profit hospitals get to save the fix what is broken today. Incidentally,
“distress” when the U.S. economy seems stron- The Fed also claims to be easing because it is 25%-33% others pay in taxes on the this is the approach favored by most
income they get from treating Medic- Americans, including most Democrats
ger now than it did in the spring. The job mar- worried that inflation is below its target of 2%.
aid patients. and Democratic-leaning indepen-
ket has stayed strong and so has consumer Yet only months ago it was saying that the de- While some people call for govern- dents.
spending. The big weakness in second-quarter cline in inflation would be transitory. The GDP ment-run health insurance, the exam- LAUREN CRAWFORD SHAVER
.
GDP was business investment and slowing price index rose at an annual rate of 2.4% in the ples used by Tsung-Mei Cheng Executive Director
ly
growth abroad. But cutting U.S. interest rates second quarter, so perhaps the Fed should wait shouldn’t convince anyone. The Partnership for America’s
won’t help growth in France, and a major prob- a month or two before declaring that the decline MICHAEL F. RAAB, M.D. Health Care Future
lem with investment is the uncertainty caused in inflation will persist. Sanibel, Fla. Washington
by Donald Trump’s trade policy. Only Mr. Chairman Jay Powell likes to say the Fed’s
Trump can solve that.
on
decisions are “data dependent,” but to us it
A better argument related to the world econ- looks more like the central bank is dependent
omy is that the Fed can’t stand pat if other major on no particular data at all. This contributes Smaller Money Managers Drowning in Rules
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central banks are easing. The European Central to the suspicion in markets that the Fed is re-
“Small Money Managers Lack Rather than an ever-growing list of
Bank last week signaled a likely resumption of ally trying to accommodate Mr. Trump’s public Backstop” (Banking & Finance, July rules that are hard to unpack and
bond purchases in September, and the Fed won’t demands for rate cuts.
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24) implies that increased regulatory take time away from actual investing,
want to get so far out of sync that it leads to a We’d like to think that’s not true, and it’s burdens will prevent outright thieves the industry should focus on educat-
sharp rise in the dollar. This is the case that Judy dangerous for the Fed’s credibility if it is. But from preying on investors. However, ing investors. The investors cited
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Shelton, the likely nominee to be Fed governor, as long as the Fed bounces from tightening to the article is about criminals, not ac- would have been much safer putting
has been making. easing based on inconsistent logic, the suspi- tual investment advisers. As an inde- their money with an adviser at a Se-
But this resumption of easing also carries cion will persist. pendent investment adviser, I can tell curities Investor Protection Corpora-
you there are mountains of regulation tion-covered brokerage firm. These
and oversight already in place, but custodians send statements directly
er rs
Smearing Mitch McConnell these hurdles won’t stop the occa-

sional evildoer from taking advantage
to clients, eliminating the chance for
a sly “adviser” to create false account
M
of trusting people. activity and holdings.
itch McConnell, the most phlegmatic The host lied and said that I’ve dismissed Rus- My firm is registered in Oregon, Further regulating small advisers,
man in American politics, rarely gets sia’s interference in our 2016 election as, quote,
m e
and as such is now subject to the who are already swamped by regula-
riled up. But on Monday the Senate a ‘hoax.’ Of course I’ve never said any such state’s $1 million errors and omis- tory requirements, will serve only to
Majority Leader let it rip in de- thing,” Mr. McConnell said on sions insurance policy. This comes at put more good people out of busi-
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fense of his reputation, and Democrats and the Senate floor. “A few hours a significant cost, and an Oregon fi- ness. Let’s instead explain to inves-
we’re glad he did. the media distort later came the Washington nancial regulator told me that the tors important things like custody of
Mr. McConnell was re- Post column. It was authored policy was putting many small firms funds, the fiduciary rule and suitabil-
sponding to a Democratic-me- his record on Russia. by Dana Milbank, a pundit out of business. More important, the ity. The best way to protect investors
dia onslaught seeking to por- who spent much of the Obama policy doesn’t cover the two cases of is to teach them to be their own ad-
co Fo
outright theft described in the article. vocates.

tray the Kentucky defense Administration carrying water
Clearly, it isn’t the existing regula- SARA COOPER
hawk as a toady for Russia. His offense is op- for its failed foreign policies and excusing Presi- tions that failed the investors cited. Bend, Ore.
posing some Democratic proposals to protect dent Obama’s weakness on Russia.”
the 2020 election from foreign meddling. In The column was headlined, “Mitch McCon-
particular he opposes attempts to nationalize nell is a Russian asset,” which the Senator
election rules and ballot procedures that have rightly called “a shameful smear.”
Dealing With the High Price of Some Insulin
been historically managed by the states. This The truth is that Mr. McConnell has been far Regarding William Galston’s “The from the soft extortion of doctors
is his long-held position and makes sense since tougher on Vladimir Putin than most Democrats Drug-Price Problem Won’t Heal Itself” who force patients to appear for ex-
a national system would be easier to hack than were across the Clinton, George W. Bush and (Politics & Ideas, July 24): I note that pensive, unneeded checkups to renew
the systems of 50 states. Obama Administrations. He pushed for tougher he and other writers who lament the prescriptions.
But Mr. McConnell is running for re-election sanctions on Russia than the Obama crowd cost of insulin seem not to know that Yes, the expensive forms of insulin,
Eli Lilly makes three types of insulin, often delivered by pricey injector
next year, and the left needs a villain for the wanted and he supported the Magnitsky Act
which in most states you can buy pens, do work faster and maybe bet-
n-
failure of special counsel Robert Mueller to find that has allowed the U.S. to sanction Mr. Putin’s over-the-counter at Walmart for $24 ter, but inexpensive insulin delivered
collusion between Russia and the 2016 Trump cronies. He has also supported the bipartisan per 1,000-unit bottle. One hundred by old-fashioned syringes still does
presidential campaign. Enter #MoscowMitch, Senate Intelligence Committee investigation syringes cost $12. I have serious dia- the job. It has kept me alive, and I’m
the hashtag that appeared on Twitter and was into Russian meddling in 2016. betes mellitus and have managed it grateful.
no
immediately picked up across the Democratic Republicans can’t count on a media phalanx with Lilly insulin for a decade for un- Recently I’ve begun the other,
media landscape. to defend them from unfair attacks, so like Mr. der $100 a month. Tens of thousands rarely mentioned treatment for adult-
“It started with the angry lies on MSNBC. McConnell they have to do it themselves. do likewise. Because it’s over-the- onset diabetes. I’ve lost 25 pounds
counter, it frees diabetes sufferers and eat only vegetables and proteins.
I use insulin just occasionally these
Big Pharma vs. Big Pharma Blame Obama, not Kerry,
days, and have the lowest blood-
sugar levels I have ever recorded.
P
fizer on Monday announced a deal to nerics of their own brand-name drugs. Pfizer For the Terrible Iran Deal WES DENHAM
Jacksonville, Fla.
combine its off-patent drugs with My- has launched its own Viagra generic, and Teva Regarding your editorial “Boris
lan, one of the world’s largest generic last year introduced a generic EpiPen to com- Johnson’s Iran Test” (July 22): Your Although the price of insulin may
manufacturers. This Big pete with Mylan’s generic discussion of the role of former Secre- be high now, with only three major
Pharma cocktail could help Pfizer’s deal with EpiPen. tary of State John Kerry for being firms making it, one can imagine gov-
both manufacturers cope with Mylan may make both hasMore vigorous competition “outmaneuvered” by his Iranian coun- ernment-dictated price controls, as
increased competition, but benefited consumers by terpart and the reference to ballistic Mr. Galston suggests, would possibly
maybe it should come with a more competitive. driving down generic and off- missiles in the July 2015 agreement lead to shortages if one of those
black box warning for inves- patent drug prices. According require elaboration. three decided to leave the market for
Much as President George W. Bush greener pastures or to sell more
tors: High risk of political in- to the AARP Public Policy Insti-
described himself as the “decider” on product overseas.
tervention. tute, the average retail price for the 390 top-sell- the Iraq war, the decider on the Iran DAVID PATTERSON
The merger spins off Pfizer’s low-margin ing generic drugs plummeted 40% between 2015 deal was President Obama. Both he Fort Worth, Texas
business for drugs that have lost patent protec- and 2017. Thank you, Scott Gottlieb, the Trump and Mr. Kerry were Boston-trained
tion while providing Mylan with more scale and Administration’s first FDA Commissioner, who lawyers, not physicists, and should be
cash flow to survive an onslaught of generic made faster generic approvals a priority. expected to know that the language of Pepper ...
competition. It will also let Pfizer focus on first- Generic manufacturers are struggling to Resolution 2231 that “called upon
in-class therapies. Last month the company prosper in an inherently low-margin business. [Iran] not to undertake any activity re-
And Salt
agreed to spend $11.4 billion to acquire Array Teva has laid off thousands of workers, and My- lated to ballistic missiles designed to THE WALL STREET JOURNAL
BioPharma, which is developing treatments lan sales fell 5% last year. Combining with be capable of delivering nuclear weap-
that target specific cancer-causing genetic al- Pfizer’s off-patent drug business would provide ons,” an integral part of the U.N. July
2015 deal, is legally unenforceable. But
terations. Mylan more volume to compensate for shrink-
three months after the deal, Samantha
Pfizer is best known for its blockbusters Via- ing margins while eliminating a direct competi- Power, also a Boston lawyer, charged a
gra and Lipitor, which was the top-selling drug tor in some drugs. violation in the Security Council when
last decade and rang up $13 billion in annual But political warning: The Trump Adminis- Tehran tested a qualified missile and
sales in 2006. But Lipitor sales have plummeted tration and Democrats have proposed import- our U.S. ambassador had to be re-
to $2 billion since the statin lost patent protec- ing price controls that would further crimp minded that the existing agreement
tion in 2011. Viagra sales plunged 75% last year margins. Some progressives such as Sen. Eliza- didn’t state “prohibited” or “banned.”
after erectile-dysfunction generics from Teva beth Warren also want to let the government BERTRAND HORWITZ
entered the U.S. market in December 2017. manufacture generics, which would undercut Asheville, N.C.
Mylan on the other hand became politically private business and retard generic develop-
notorious in 2016 after raising the price of its ment especially in biosimilars. Letters intended for publication should
emergency anti-allergy injection EpiPen. But Mylan shares rose 12.5% on Monday after the be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
it’s been struggling over the past few years as deal was announced, so investors must be wa- or emailed to [email protected]. Please
the Food and Drug Administration has priori- gering that the deal’s financial benefits out- include your city and state. All letters
tized more generic approvals that have in- weigh the political risks. A healthier Mylan and are subject to editing, and unpublished “. . . a large, regular with cream,
creased competition. a more innovative, focused Pfizer could be a vic- letters can be neither acknowledged nor and please tell your chocolate
returned.
Many manufacturers are also producing ge- tory all around. crullers to stop staring at me.”
OPINION
A Fed Reversal Will Store Up Trouble

By Danny Yong mains in the global financial system. by the end of 2019 at one point, sig-
And Nikhil Srinivasan As a result a record-breaking 40% of naling that the Federal Reserve will
W
global bonds yield less than 1%, and do whatever it takes to maintain GDP
ill the world’s curren- $13 trillion of debt offer negative growth.
cies face a reckoning yields. These low yields signal a be- By folding to these external pres-
in 2019? This year lief that inflation will be absent de- sures and cutting interest rates while
gold has risen 10% spite the central banks’ measures. U.S. equity markets are at all-time
against the U.S. dollar. In late 2015 the Federal Reserve highs and unemployment is at multi-
Alternative currencies like bitcoin acted prudently to hike interest rates decade lows, the Fed is putting its
have risen about 160% against the and embark on a $600 billion quanti- credibility at stake. In the fiat-cur-
dollar. All other major currencies tative tightening of its balance sheet rency era, the U.S. has experienced
have also fallen by similar magni- to begin reversing the unconven- 12 interest-rate-cut cycles. Only four
tudes against both gold and bitcoin— tional easing measures from 2008. have been initiated when U.S. equi-
troubling signs. The larger story is At last the world’s most important ties were at all-time highs at any
that an unnecessary return to fiscal central bank had started to take the point three months before the rate-
and monetary stimulus, signaled over lead in normalizing monetary policy. cut decision, and all had other valid
the past few weeks by the Federal A disciplined Fed helped preserve justifications.
Reserve and the European Central the world’s faith in the fiat currency Three were in swift response to
Bank, may produce a crisis of confi- system. significant financial crises, including
dence in fiat currencies, including Or so it seemed. Since December Black Monday in 1987, Russia’s de-
PHIL FOSTER
the U.S. dollar. 2018, President Trump has become fault and the bailout of Long-Term
increasingly vocal in urging the Fed Capital Management in 1998, and the
to abandon prudence for profligacy. rapid deleveraging caused by the
The central bank may He believes keeping interest rates 2007 subprime-mortgage crisis. Even
close to zero and resuming quantita- central banks to continue printing naled that a new asset-purchase pro- in 1995, the Federal Reserve’s “insur-
cut interest rates when tive easing are free options that the the money necessary to finance fis- gram may be imminent. In the U.S., ance cuts” followed two consecutive
asset prices are high and U.S. is silly not to exercise. cal spending. the Federal Reserve is poised to cut months of job losses.
Proponents of ultra-easy mone- Ultimately, faith in the fiat-cur- interest rates for the first time since The Federal Reserve appears to be
unemployment low. Why? tary policy believe countries such as rency system relies on the percep- 2008. Some members of the Federal flip-flopping today, and only time
the U.S., with floating exchange rates tion that central banks are acting re- Open Market Committee signaled in will tell whether it pre-empted a
and debt denominated in their own sponsibly. Should there be a loss of June that they were willing to cut in- slowdown. The lack of conviction by
Since President Nixon abandoned currencies, cannot go bust. If that’s confidence in the U.S. dollar as a terest rates twice by year’s end. the most important central bank in
the gold standard in 1971, the U.S. true, fiscal spending can continue to store of wealth, there could be sig- Only three months ago Chairman the world will continue to test the
and other major economies have had be funded by printing money so long nificant capital flight, even a collapse Jerome Powell indicated that the Fed market. Given how alternative stores
unlimited supplies of money, unan- as inflation remains low. Japan argu- in the currency. While this seems far would remain disciplined and “pa- of wealth such as gold and crypto-
chored to any physical commodity. ably has been implementing an ultra- off, continued U.S. monetary and fis- tient,” since downside inflation risks currencies have outperformed all
Almost five decades on, many central easy policy since 2013 without nega- cal profligacy will eventually test the were “transitory.” What changed? major currencies in 2019, we could
banks employ quantitative easing to tive side effects. faith in the fiat-currency system. We suspect it is Mr. Trump’s increas- well be at the cusp of a crisis of con-
inject money into their economies. The sustainability of ultra-easy Stimulus is making a comeback. ing criticism, calling for rate cuts fidence in fiat currencies.
This continues despite the diminish- policy, however, rests on one further The European Central Bank clearly and another round of quantitative
ing returns to growth. A $12 trillion assumption. Domestic and interna- signaled its intent Thursday to cut easing. Further, the escalating U.S.- Mr. Yong is founder and chief in-
wall of money from quantitative eas- tional savers need to continue to ac- short-term interest rates, which it China trade war had led bond mar- formation officer of Dymon Asia. Mr.
.
ing after the 2008 financial crisis re- cept government backed IOUs for has not done since 2016. It also sig- kets to price almost three rate cuts Srinivasan is CIO of PartnerRe.
ly
California Wants to Teach Your Kids That Capitalism Is Racist on
By Williamson M. Evers regular folks who send their children warrior for Black liberation and students offer their responses to a ing critically “requires individuals
C
to California’s public schools. It is dif- prison reform.” The Latino section’s fictional environmentalist speech by to evaluate phenomenon [sic]
alifornia’s Education Depart- ficult to comprehend the depth and people of significance include Puerto Chief Seattle as well as an anodyne through the lens of systems, the
us l,
ment has issued an “Ethnic breadth of the ideological bias and Rican nationalists Oscar López Ri- quote about relationships from the rules within those systems, who
Studies Model Curriculum” and misrepresentations without reading vera, a member of a paramilitary recently deceased rapper Nipsey wields power within systems and
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is soliciting public comments on it the whole curriculum—something group that carried out more than 130 Hussle. The Chief Seattle error is the impact of that power on the re-
until Aug. 15. The legislatively man- few will want to do. bomb attacks, and Lolita Lebrón, part of a larger problem. The curric- lationships between people existing
dated guide is a resource for teachers Begin with economics. Capitalism who was convicted of attempted ulum perpetuates the myth that the within systems.”
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who want to instruct their students is described as a “form of power and murder in a group assault that Indians had the same values as pres- Such a curriculum presents a seri-
in the field of “ethnic studies,” and oppression,” alongside “patriarchy,” wounded five congressmen. ent-day ecologists. In truth, Native ous problem of fairness to students.
was written by an advisory board of “racism,” “white supremacy” and Americans had a mixed approach to In a course titled “Math and Social
teachers, academics and bureaucrats. “ableism.” Capitalism and capitalists nature. The curriculum writers Justice,” will you be graded on hav-
It’s as bad as you imagine. appear as villains several times in A new model curriculum should have looked carefully at the ing correct answers on the math or
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Ethnic studies is described in the the document. scholarly evidence presented in politically correct answers on social
document as “the interdisciplinary On politics, the model curriculum for ‘ethnic studies’ is a Shepard Krech’s 1999 book, “The justice?
study of race, ethnicity, and indige- is similarly left-wing. One proposed handbook for classroom Ecological Indian”—about, for exam- This curriculum explicitly aims at
neity with an emphasis on experi- course promises to explore the Afri- ple, the setting of brush fires that encouraging students to become
propagandizing.
m e
ences of people of color in the United can-American experience “from the got out of control and the needless “agents of change, social justice or-
States.” But that’s not all it is. “It is precolonial ancestral roots in Africa killing of buffalo, beaver and deer. ganizers and advocates.” In the sam-
the study of intersectional and an- to the trans-Atlantic slave trade The curriculum lauds bilingual ple unit teachers are directed to have
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cestral roots, coloniality, hegemony, and enslaved people’s uprisings in Housing policy gets the treatment. education, but it omits that this pro- students plan “a direct action (e.g., a
and a dignified world where many the antebellum South, to the ele- The curriculum describes subprime gram—in which teachers conducted sit-in, die-in, march, boycott,
worlds fit, for present and future ments of Hip Hop and African cul- loans as an attack on home buyers class mostly in Spanish until sev- strike).” Teaching objective history
generations.” It is the “xdisciplinary tural retentions.” with low incomes rather than a mis- enth grade—failed in California and clearly isn’t the goal. Rather, it’s
[sic], loving, and critical praxis of Teachers are encouraged to cite guided attempt by the government to was disliked by much of the Latino training students to become ideolog-
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holistic humanity.” the biographies of “potentially sig- help such home buyers. Politicians— community. ical activists and proponents of iden-
The document is filled with fash- nificant figures” such as Angela Da- Republicans and Democrats—im- The curriculum is entirely wrong- tity politics.
ionable academic jargon like “posi- vis, Frantz Fanon and Bobby Seale. posed lower underwriting standards headed when it comes to critical
tionalities,” “hybridities,” “nepantlas” Convicted cop-killers Mumia Abu-Ja- on the home-loan industry. Republi- thinking. Critical thinking is de- Mr. Evers is a research fellow at
and “misogynoir.” It includes faddish mal and Assata Shakur are also on cans billed it as a way to expand the scribed not as reasoning through Stanford University’s Hoover Institu-
social-science lingo like “cis-hetero- the list. Students are taught that the middle class, while Democrats crowed logic and consideration of evidence tion. He served as assistant secretary
patriarchy” that may make sense to life of George Jackson matters “now that it would aid the poor. but rather a vague deconstruction of of education for planning, evalua-
radical university professors and ac- more than ever.” Jackson, while in In a sample lesson on Native power relationships so that one can tion, and policy development during
tivists but doesn’t mean much to the prison, became “a revolutionary Americans, the curriculum suggests “speak out on social issues.” Think- the George W. Bush administration.
Environmental Extremists Favor Mosquitoes Over Mankind

n-
By Richard Tren ing environmental and “civil society” bly Oxitec’s trial in Brazil, aimed at cized ideology has captured much of Campesina, one of the groups pro-
A
organizations demanding the project controlling Dengue fever—have the development community under testing Target Malaria, rails against
child under 5 dies from malaria be shut down immediately. gone off without the dire conse- the banner of “agroecology.” This is international trade and “profit at
about every two minutes world- The activist opposition to Target quences environmentalists pre- a radical approach to food produc- any price.” The Third World Network
no
wide. Yet radical environmen- Malaria is part of a larger and grow- dicted. But several years ago during tion that excludes modern farming champions world-wide socialism and
talists are mobilizing against an im- ing campaign against all modern ge- the Zika outbreaks in Florida and blames the U.S. for Venezuela’s eco-
portant measure to stop mosquitoes netic technologies and pesticides Texas, scare campaigns succeeded nomic and humanitarian crisis.
from spreading the disease. used in both in disease control and in blocking mosquito tests that had Genetically altered insects Now, with little debate, agroecol-
Target Malaria is a Gates Founda- agriculture. The campaign has been been approved by the Food and ogy dogma has been officially ad-
tion-supported research effort to de- promoted in recent years by United Drug Administration. could save millions from opted by the FAO, the U.N. Develop-
velop genetically modified sterile Nations agencies such as the Food There’s a long history of opposi- malaria but are anathema ment Programme and the U.N.
mosquitoes. Its approach is to drive and Agriculture Organization, as tion to genetic technology, with seri- Environment Programme, and is be-
modified genes through a mosquito well as by European governments ous human costs. Consider the de- to ‘agroecologists.’ ing underwritten by European gov-
population to produce sterile fe- and European Union-funded nongov- cadeslong effort to stop cultivation ernments through their development
males or cause the breeding of only ernmental organizations. of genetically modified golden rice, agencies and support of environmen-
males. The goal is to reduce mos- Malaria deaths in Africa are de- which could save two million people techniques, including synthetic pesti- tal groups.
quito populations so much that the clining thanks to insecticide-treated a year—many of them children— cides and fertilizers, modern hybrid Like other radical “social justice”
malaria parasite cannot be spread bed nets, spraying and better treat- from early death and crippling blind- seeds and even mechanization. Agro- movements, agroecology is based on
from person to person. ment. But the disease remains stub- ness caused by vitamin A deficiency. ecology explicitly promotes “peasant fraudulent history. FAO Steering
This spring Target Malaria ran a bornly persistent in much of the A petition signed by 144 Nobel laure- agriculture” and the superior wis- Committee member Miguel Altieri
carefully controlled experimental re- continent. The emergence of resis- ates calls on environmentalists to dom of “indigenous peoples.” describes the Green Revolution,
lease in Burkina Faso. The test fol- tant strains of mosquitoes and ma- end their campaigns and accuses Agroecologists abhor free mar- which saved a billion people from
lowed years of research and similar laria parasites means public-health Greenpeace of a “crime against hu- kets. A leader of the movement, Eric starvation, as a “failed” project that
successful releases in Latin America programs need new tools. manity” for its leading role. Holt-Gimenez of Food First, asks, undermined the ability to address
and the Caribbean. None of that Field releases of genetically mod- Opposition to modern technology “How can agroecology help us trans- “the root causes of hunger” and put
mattered to the coalition of 40 lead- ified mosquitoes elsewhere—nota- has deepened, and its highly politi- form capitalism itself?” La Via “global food production under the
control of a few transnational cor-
porations, bolstered by free trade
Notable & Quotable: Baltimore

agreements.” According to the FAO’s
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY own data, however, the Green Revo-
Rupert Murdoch Robert Thomson lution increased the world-wide
Executive Chairman, News Corp Chief Executive Officer, News Corp
From “Blame Taxes for Balti- cause of the economy’s disease. For food supply from 2,253 to 2,852 cal-
Matt Murray William Lewis
Editor in Chief Chief Executive Officer and Publisher
more’s Rot” by J.K. Walters and Steve them, poverty, street crime or bad ories per person from 1961-2013,
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT:
H. Hanke in the Journal, July 5, 2008: schools are the problem. Their solu- when the global population more
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; tion is always more social spending than doubled.
Jason Anders, Chief News Editor;
Kamilah Mitchell-Thomas, Chief People Officer; If you’ve seen HBO’s “The Wire,” and still-higher taxes, together with A recent study promoted by agro-
Edward Roussel, Chief Innovation Officer;
Thorold Barker, Europe; Elena Cherney, Coverage
Christina Van Tassell, Chief Financial Officer
you know why those of us who live in targeted tax breaks and subsidies ecologists acknowledges that their
Planning; Andrew Dowell, Asia; Alex Martin,
OPERATING EXECUTIVES: Baltimore are often asked whether aimed at bringing “big footprint” de- policies would reduce food produc-
Writing; Michael W. Miller, Features & Weekend;
Emma Moody, Standards; Shazna Nessa, Visuals;
Kenneth Breen, Commercial; our city really is the hellhole it is velopment projects downtown. And tion by 35% in Europe, which has not
Jason P. Conti, General Counsel; portrayed to be on TV. because the city has managed to en- given agroecologists pause. It is hard
Matthew Rose, Enterprise; Michael Siconolfi,
Tracy Corrigan, Chief Strategy Officer;
Investigations; Louise Story, Strategy and Interim
Frank Filippo, Print Products & Services; Our answer is, well, yes. Baltimore tice developers to build a few large to tell whether they champion these
Product & Technology; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; deserves the Third-World profile it projects . . . the champions of public policies out of sheer nostalgia or be-
Journalism; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales; has developed because it has ex- redevelopment argue that the city is cause they would prefer a planet
Gerard Baker, Editor at Large Thomas San Filippo, Customer Service;
Josh Stinchcomb, Advertising Sales; panses of crumbling, crime-riddled on the right track. with fewer people. Allowing millions
Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; neighborhoods populated by low-in- True enough, the ability to hand to die from preventable diseases and
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International come renters, an absent middle class, out subsidies gives officials great inadequate nutrition is certainly one
Barron’s Group: Almar Latour, Publisher
and just a few enclaves of high-in- power. But it also gives them a reason, way to achieve that goal. The Nobel
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; come gentry near the Inner Harbor and incentive, to dismiss the common laureates are right to call it a crime
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head or in suburbs. . . . sense that if tax breaks for the well- against humanity.
EDITORIAL AND CORPORATE HEADQUARTERS: To the extent that city officials connected are a good idea, lower tax
1211 Avenue of the Americas, New York, N.Y., 10036 recognize the problem, they seem to rates across the board would lead to Mr. Tren was a co-founder of Af-
Telephone 1-800-DOWJONES
confuse symptoms with the root broad-based redevelopment. rica Fighting Malaria.
WORLD NEWS
Beijing Presses Hong Kong to Curb Unrest

Official backs police omy and a trade conflict with There are increasing signs of
the U.S. Beijing sought Monday distress from the business com-
and chief executive, again to portray the Hong Kong munity. On Monday, the Ameri-
leaving it to territory unrest, now in its eighth can Chamber of Commerce in
straight weekend, as the prod- Hong Kong joined calls for au-
to stifle protests uct of meddling by “external thorities to formally withdraw
forces.” the extradition bill and form an
BY EVA DOU The statements came a day independent committee to ex-
after Hong Kong police and amine all aspects of the unrest.
BEIJING—China’s top office protesters clashed Sunday, this The Hong Kong and Macau
WANG ZHAO/AGENCE FRANCE-PRESSE/GETTY IMAGES

for Hong Kong affairs endorsed time near the city’s financial Affairs Office news conference
the territory’s leader and the district. Officers used tear gas, was accompanied by a fresh
police’s handling of violent riot shields and nonlethal pro- stream of mainland media re-
clashes with protesters, signal- jectiles to contain thousands of ports condemning the protester
ing that Beijing is unlikely to protesters, many wearing black violence. After originally cen-
yield concessions as it pres- clothes and yellow hard hats. soring information about the
sures the semiautonomous city At least 49 people were ar- Hong Kong demonstrations,
to quell the unrest. rested, police said, as authori- Beijing switched tactics in the
Yang Guang, a spokesman ties took more aggressive mea- past week, using state media to
for the Hong Kong and Macau sures to quell the unrest. Some fan public anger against the
Affairs Office of the State protesters also experimented protests.
Council, on Monday gave tacit with more dangerous tactics, Beijing also has escalated its
support for the city’s authori- including setting small fires in rhetoric, with officials warning
ties to ramp up efforts to re- occupied roadways. last week that some Hong Kong
solve the standoff—making it The protests were sparked Yang Guang of China’s Hong Kong affairs office stressed on Monday the need to punish violence. protesters had “touched the
clear that the onus for ending by a proposed extradition law bottom line.”
it remains with Chief Executive that would have made it easier calls for democratic and elec- Beijing on Monday high- executive hasn’t publicly held Policy experts say China is
Carrie Lam. for people in Hong Kong to be toral reforms and a halt to po- lighted some of Mrs. Lam’s per- discussions with opposition unlikely to deploy troops in
“The most important thing sent for trial in mainland lice violence. ceived failures. groups. Hong Kong, as it would reflect
at present is to punish violence China. The Hong Kong govern- Beijing’s immediate options “We have noted that the China has yet to acknowl- a breakdown in Beijing’s 22-
and uphold the rule of law,” ment last month suspended the are limited, said Adam Ni, a special region’s government edge the deep-seated opposi- year governance system for the
said Mr. Yang. He declined to proposed law in response to China researcher at Macquarie has already done some serious tion among many in Hong Kong city. However, a Defense Minis-
directly discuss the possibility the public outcry—a move en- University in Sydney. “Beijing summary and reflection,” said to the mainland’s political sys- try spokesman said last week
of sending mainland troops to dorsed by Beijing—in a rare re- just doesn’t have any simple Xu Luying, a spokeswoman for tem, with the official line that military intervention was an
the city, an unpalatable option versal for President Xi Jinping. short-term answers to the cur- the affairs office. Ms. Xu cited those opposed are a minority option under Hong Kong’s Gar-
for China. It did little to quell protest- rent impasse,” he said. “Heavy- Mrs. Lam as saying she would of radicals. Ms. Xu on Monday rison Law, if requested by the
The Hong Kong protests ers’ anger over the broader is- handed responses will likely “change the administrative cast it as an economic issue, city’s government.
have become an international sue of Beijing’s encroachments backfire, but responses that are style, and listen to public opin- and said Beijing would work to —Lekai Liu, Natasha Khan
embarrassment for China as it on civil liberties in the city. perceived to be weak may pro- ion more openly and inclu- help young people improve and Chuin-Wei Yap
wrestles with a slowing econ- Their demands now include voke more resistance.” sively.” The Hong Kong chief their livelihoods. contributed to this article.
China Looms Large
.
ly
on In Pompeo’s Asia Trip
BY COURTNEY MCBRIDE China’s “coercion and intimida-
tion” of countries in the region
Secretary of State Mike and said attempts to prevent
us l,
Pompeo will tackle a number of nations from joining was desta-

the U.S.’s most critical foreign- bilizing.
al a
e
policy issues across the Asia-Pa- China has asserted owner-
cific region this week in a series ship of swaths of the South
of meetings in Thailand, Austra- China Sea—U.S. officials say
ci on
lia and the Federated States of this is a violation of

Micronesia. international law—and has in-
A senior State Department terfered with Vietnamese devel-
official described the visit as an opment plans. Vessels from
opportunity to assert the U.S.’s China and Vietnam’s coast
er rs
role as a Pacific power by en- guards have patrolled the area

gaging with regional partners in recent weeks.
in the administration’s effort The U.S. and its allies have
DISCOVERY COMMUNICATIONS INDIA
“to advance the shared vision stepped up joint exercises in the

m e
of a free and open Indo-Pacific.” South China Sea and elsewhere

Mr. Pompeo will meet with in the region in a bid to counter
officials from member nations China’s projection of power.
m rp
of the Association of Southeast In addition, China has signed

Asian Nations, or Asean, in a deal with Cambodia for exclu-
Bangkok. sive rights to a major naval
While the U.S. isn’t an Asean base in that country.
member, it is a party to the East Rep. Eliot Engel (D., N.Y.),
co Fo
In a photograph provided by the Discovery Channel, Indian Prime Minister Narendra Modi has tea with British adventurer Bear Grylls for an Asian Summit, composed of chairman of the House Foreign
episode of the channel’s ‘Man vs. Wild’ show filmed in Uttarakhand state. Mr. Modi’s party has been working to promote his public image. Asean members and eight addi- Affairs Committee, last week
tional countries—including the called China’s actions “a dis-
Modi Takes On the Great Outdoors

U.S., Russia and China—and the turbing demonstration of a
Asean Regional Forum, repre- country openly flouting inter-
senting association members national law.”
and 10 others.
BY CORINNE ABRAMS Modi in a field. In another Grylls wrote on Twitter. safeguard India’s environment Mr. Pompeo will chair a U.S.-
AND RAJESH ROY shot, Messrs. Modi and Grylls This latest effort sees Mr. amid rising air pollution and Asean meeting on Thursday as
drift on a river in what looks Modi in the northern state of urbanization. He has promoted well as a gathering of foreign
The secretary of state
MUMBAI—India’s Prime like a makeshift boat. Uttarakhand with Mr. Grylls, solar power and urged a bal- ministers from countries in- could try to broker a
Minister Narendra Modi, who “You are the most impor- who in 2015 filmed an episode ance between development volved in the Lower Mekong
was re-elected in a landslide tant man in India, my job is to of another survival show with and the environment. Initiative, an American-led de-
deal between Tokyo
victory this spring, has been keep you alive,” Mr. Grylls President Obama in Alaska. Earlier Monday, he said the velopment program. and Seoul.
n-
getting survival tips from one tells Mr. Modi as the pair bind Mr. Modi’s episode was shot country is in the midst of a ti- U.S. efforts to begin denucle-
of the world’s most famous what looks like a spear in the in around six hours on Feb. 14 ger cub boom. It is now home arization talks with North Ko-
survivalists, Bear Grylls. jungle. Later, Mr. Grylls wraps at Jim Corbett National Park, a to almost 3,000 tigers and the rea will be on the agenda along
Mr. Modi is set to appear Mr. Modi—who is wearing a government official familiar country had completed a with China’s actions in the At the Asia-Pacific gather-
no
alongside the British adven- green safari baseball cap—in a with the matter said. In the pledge to double its tiger pop- South China Sea, the senior ings, Mr. Pompeo could attempt
turer in India’s wilderness on green waterproof jacket. episode, Mr. Modi shared his ulation four years ahead of State Department official said. to broker a deal between Japan
an episode of the Discovery The show, which will be experiences of wildlife and deadline. The U.S. and Chinese delega- and South Korea, two U.S. allies
Channel’s “Man vs. Wild,” a broadcast Aug. 12, seeks to survival, the official said. “Let us all pledge to create tions are expected to attend that are embroiled in a trade
trailer shows. raise awareness about the en- “India- where you find lush a green and environmentally some of the same events, but dispute over advanced technol-
The trailer promises to vironment. green forests, diverse wildlife, sustainable country,” he said no formal bilateral conversa- ogy product components. Offi-
show Mr. Modi’s outdoor Mr. Modi’s Bharatiya Janata beautiful mountains and in a speech Monday. “Let the tions have been announced. cials from both countries have
skills, but it also reveals how Party has been ahead of the mighty rivers. Watching this tiger be that symbol of sus- Earlier this month, the State expressed interest in the U.S.
far the Indian prime minister curve in promoting his public programme will make you tainability.” Department expressed concern playing a mediating role.
is willing to go to connect image. He has a Twitter fol- want to visit different parts of Despite being filmed hold- about reports that China has “Any time we have the U.S.,
with India’s young and media- lowing of almost 49 million India and add to discourse of ing a spear, Mr. Modi, who is a interfered with oil and gas ex- the [Republic of Korea], and
savvy population. and broadcasts regular “From environmental conservation,” vegetarian, didn’t kill any- ploration in the South China Japan in the same place, there’s
“Watch this dynamic duo,” the Heart” radio addresses. a tweet on Mr. Modi’s verified thing, the official said, and in- Sea. It singled out Vietnam as a going to be a desire to get to-
the voice-over says as Mr. The show will be broadcast Twitter account said. stead ended the shoot with In- particular concern for the U.S. gether,” the senior State De-
Grylls strides ahead of Mr. across 180 countries, Mr. Mr. Modi has promised to dian snacks and tea. The department condemned partment official said.
WORLD WATCH
BRAZIL RUSSIA events leading up to his hospi- rounding air.
talization. The activist wrote French environmental-protec-
Prison Fight Kills 57, Opposition Leader that he awoke during the night, tion group Robin des Bois said it
Many Beheaded Sent Back to Jail his face, ears and neck burning. brought the lawsuit on grounds
During a walk, his cellmates of deliberately endangering hu-
HEDAYATULLAH AMID/EPA/SHUTTERSTOCK
A gang fight in a prison in Russian opposition leader noticed that he had a red neck man life. The group alleged Paris
Brazil’s Para state left at least Alexei Navalny was discharged and he soon began to feel his officials should have immediately
57 dead, many by decapitation from a hospital where he was forehead and the skin around his taken measures to protect the
or asphyxiation, adding to a being treated for a mysterious eyes burning, Mr. Navalny republic.
string of gruesome clashes in illness and returned to jail to fin- counted. He thought he had The suit doesn’t name spe-
the country’s overloaded prison ish serving a 30-day sentence been poisoned, he said, noting cific individuals as defendants.
system as the government for organizing unauthorized pro- that he had never suffered from Paris City Hall didn’t com-
struggles to fight rampant crime. tests, as supporters said he may any allergies. ment.
The violence started Monday have been poisoned. Anastasia Vasilyeva, a doctor Paris officials have ordered
when members of one of the A doctor confirmed the Krem- who has previously treated Mr. local schools cleaned, and health
prison’s two leading gangs broke lin critic was discharged even Navalny and visited him on authorities recommended blood
into a shipping container modi- though “the results of his analy- Monday, wrote on Facebook that RUIN: The death toll from an attack in Kabul on the office of the tests for children and pregnant
fied to hold members of a rival sis were still not ready,” Mr. Na- his condition might have been Afghan president’s running mate rose to at least 20 Monday, an women who live near Notre
gang. The attackers beheaded 16 valny’s spokeswoman, Kira caused by poisoning. official said. Above, a residential building damaged in the attack. Dame.
of their enemies before setting Yarmysh, said in a tweet. Mr. Navalny’s lawyer, Olga Three French charities and
the place on fire, officials said. Mr. Navalny, 43 years old, Mikhailova, told reporters Mon- FRANCE was released into the environ- the country’s culture minister
The fire spread, killing the re- was admitted to a hospital on day that her client was “really ment during Notre Dame Cathe- signed an agreement on Monday
mainder, said Jarbas Vasconcelos, Sunday after suffering an “acute poisoned by some unknown Group Sues Over dral’s devastating fire. ensuring transparency in how
head of the Para prison system. allergic reaction, severe swelling chemical substance.” Notre Dame Fire Hundreds of tons of toxic donations to rebuild the cathe-
“We don’t have all the bodies of the face and redness of the Officials at the Ministry of In- lead in Notre Dame’s spire and dral are used. About $946 mil-
yet because [the container] re- skin,” according to Ms. Yarmysh. ternal Affairs couldn’t be A French group has filed a roof melted during the April fire. lion has poured from around the
mains too hot,” he said. On his blog Monday evening, reached for comment. lawsuit over potential public- Exceptionally high levels of lead world.
—Paulo Trevisani Mr. Navalny recounted the —Ann M. Simmons health threats from lead that later were detected in the sur- —Associated Press
TECHNOLOGY: FACEBOOK’S VIDEO PLATFORM GRADUALLY LURES ADVERTISERS B4
BUSINESS & FINANCE

© 2019 Dow Jones & Company. All Rights Reserved. * * * ** THE WALL STREET JOURNAL. Tuesday, July 30, 2019 | B1
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Mylan Deal Caps Pfizer CEO’s Remake

Drugmaker aims to modeling of one of the world’s Bourla’s biggest move so far, eventually be spun off. plotting out his vision for the cines, like the company’s top-
biggest pharmaceutical com- after he oversaw a restructur- “A good gardener needs to company’s future about a year selling Prevnar pneumonia
boost profit by panies. ing at the company and made prune the tree when spring earlier, when he was promoted vaccine, can generate more
focusing on vaccines, In his nearly eight months smaller deals to boost Pfizer’s starts,” Mr. Bourla said in an to chief operating officer and sales and bigger margins than
at the helm, Mr. Bourla has pipeline of cancer and other interview. “Pfizer is in the joined the board. off-patent medicines facing
brand-name products moved to remake Pfizer into a drugs under development. spring of high growth.” That vision, he said, meant competition from lower-price
company focused on patent- Mr. Bourla, 57 years old, Mr. Bourla, a veterinarian tightening Pfizer’s focus on generics. Yet off-patent prod-
BY JARED S. HOPKINS protected prescription medi- has also been guiding Pfizer’s from Greece hired by Pfizer prescription medicines after ucts have been reliable
cines with the potential for plan to combine its division while doing animal-health re- his predecessor had already sources of billions of dollars in
A deal to merge Pfizer significant sales growth, from selling Advil, vitamins and search, became chief executive moved the company in that di- cash flow for Pfizer, and as it
Inc.’s off-patent drugs busi- a more diversified but slower- other medicine-chest staples in January after holding a va- rection by hiving off the com- Please turn to page B4
ness with generic drugmaker growing player. with GlaxoSmithKline PLC’s riety of company roles over pany’s animal-health and other
Mylan NV caps Pfizer Chief The deal with Mylan, an- own consumer-health business more than two decades. He non-pharmaceutical assets. Heard on the Street: Pfizer is
Executive Albert Bourla’s re- nounced Monday, is Mr. into a joint venture that will said in the interview he began Brand-name drugs and vac- buying low and smart........ B12
Market Testing New Ground

Technology for diabetics to monitor their blood-sugar levels can simplify
the process compared with the older finger-prick method.
Boom in Refinancing
Grows for Continuous glucose monitor Lifts Mortgage Market
Sensor BY BEN EISEN rates rose, crimping the refi-
High-Tech Every few minutes,

a sensor under the skin
measures glucose levels
The mortgage market had
one of its most significant
nancing market.
“They are getting at least
one bottle of Champagne out,
Diabetes and sends the information

to a monitor, app or pump.
quarters since the financial
crisis as falling rates
prompted a flurry of refinanc-
if not the whole case,” said
Guy Cecala, chief executive at
Inside Mortgage Finance.
Devices
Monitor/Smartphone Insulin pump ing and an uptick in pur- The last time mortgage
An alarm may sound if the If patient has chases. originations passed $2 trillion
.
glucose level displayed on the a pump, the The 30-year mortgage rate was in 2016, when benchmark
ly
monitor is too low or high. correct unexpectedly dropped to be- Treasury yields hit record
BY PETER LOFTUS Some monitors send amount of low 4% in May and has re- lows. A similar boost occurred
notifications to another insulin can be mained near its lowest level in in 2012, a year in which rates
Diabetes patients are in- person, such as a parent. on manually or three years, opening a window hit what were record lows.
creasingly using electronic automatically for borrowers who bought at Refinancing accounted for
skin patches and their phones, administered. higher rates to lower their roughly half of new mort-
instead of pricking their fin- payments and for purchasers gages, according to Mr. Ce-
gers, to do the complex job of to jump in. cala’s estimates, a boost from
us l,
managing a disease that af- With the Federal Reserve recent periods. In 2018, for ex-
fects more than 30 million expected to lower short-term ample, when rates were rising,
al a
e
Americans. rates this week and the yield refinances accounted for just
The transformation in on the longer-term 10-year 31% of mortgage business. A
blood-sugar testing suggests Treasury yield lingering just
ci on
how harnessing technology and above 2%, the period of low

data may drive improvements rates stands to continue.
43%
Some monitors may need to be checked with a conventional finger-prick test.
for disease management—and Falling rates are welcome
profits for manufacturers. Finger-stick test news for lenders but mask a
Many patients now wear housing market that by some
er rs
coin-sized skin patches on their Blood sugar is checked as often as 10 times a day, depending on a doctor's recommendation. measures is cooling and re- Increase in refinancing
arms or abdomens that test for mains vulnerable to a sudden applications in second quarter
1. Insert a test 2. Prick the 3. Drip blood 4. The meter
blood-sugar levels automati- updraft in rates. What’s more,
strip into the side of the on test strip. displays the
cally, then send the data to a home prices have continued to
glucometer. fingertip. result.
m e
patient’s smartphone or even rise at a faster pace than me-

to a wearable insulin pump dian incomes, putting home- one-point change in a mort-
that delivers the medicine. ownership out of reach for gage rate can add—or sub-
m rp
Patients in the U.S. using the more Americans. tract—hundreds of dollars

devices, known as continuous- Lenders made $565 billion from monthly payments.
glucose monitors, numbered al- of mortgage loans in the sec- Black Knight Inc., a mort-
most 840,000 as of March 31, ond quarter, the most in more gage-data and technology
more than double the 389,000 than two years. firm, recently estimated that
co Fo
using them at the end of 2017, At that pace, originations there are 8.2 million U.S.
according to Seagrove Partners could exceed $2 trillion for homeowners who would qual-
LLC, a health-care research and only the third year since the ify for and benefit from a refi-
consulting firm. financial crisis, according to nancing. That is a 6.3 million
Sales of the products are Inside Mortgage Finance, an increase from when rates
fueling growth at companies industry research group. peaked in November 2018.
including DexCom Inc., Ab- Banks including JPMorgan Refinance applications rose
bott Laboratories and Test strip Chase & Co., Wells Fargo & 43% in the second quarter
Medtronic PLC. Their sales of Sources: National Institute of Diabetes and Digestive and Kidney Diseases (CGM); Mayo Clinic (finger prick)
Co. and Citigroup Inc. all re- from a year earlier, while pur-
the devices are expected to hit ported higher mortgage origi- chase applications climbed
$3.2 billion this year, triple selling the sensors. avoid fainting or worse. For monitors, which first hit the nations. 6.2% during that period, ac-
the 2016 total, according to Tracking blood-sugar levels years, many patients have had market in the mid-2000s, has There was also a lift for cording to the Mortgage Bank-
JPMorgan Chase. is vital for many diabetics, to prick their fingers several soared in recent years partly smaller independent lenders ers Association.
The market for the devices who must regularly check if times a day to draw blood and because the devices have be- that have expanded their mar- John Hastings, a loan offi-
n-
“is extremely large and grow- they are within healthy levels then insert the blood into a come more accurate and more ket share in recent years by cer at Movement Mortgage in
ing really fast,” said Mike Hill, or need to take insulin, sugar meter for a reading. health plans are paying for shifting toward refinancing. Minneapolis, saw a significant
who heads the Medtronic unit or some other medicine to Use of digital blood-sugar Please turn to page B2 They struggled last year as Please turn to page B10
no
Strong Earnings Allay INSIDE

Fears About Growth
BY MICHAEL WURSTHORN QMA LLC. “But in the last
week or so you got a pretty
Corporate profits are prov- good picture of the earnings
ing to be more resilient than season, suggesting those fears
expected in the second quar- are overblown. It’s a hopeful
ter, nudging the stock market sign.”
higher this month and dis- Earnings reports surprising
tracting from anxieties about to the upside are fairly com-
JASPER JUINEN/BLOOMBERG NEWS
trade and economic growth. mon because analysts tend to

Of the 225 S&P 500 compa- be conservative with their es-
nies that have reported earn- timates.
ings through Monday, 179 have Still, money managers say
surprised investors with bet- the latest round of results FOOD
ter-than-expected results, ac- quelled some of their concerns Beyond Meat sales
cording to FactSet. that corporate profits were
Technology giants Alphabet rapidly shrinking amid a fal-
surge, but stock
Inc. and Twitter Inc. both tering U.S. economy. More drops on news of
topped expectations, sending than 80 companies had secondary offering B2 Takeaway.com’s merger with Just Eat would help the companies combat growth by Amazon and Uber.
shares up 9.6% and 8.9%, re- warned ahead of the reporting
spectively, on Friday.
Coca-Cola Co. and United
Parcel Services Inc. also
jumped after reporting results
season that earnings could be
weaker than expected, helping
to temper expectations, ana-
lysts said.
Food Deliverers in Europe
last week.
Earnings among S&P 500
companies that have reported
The S&P 500 has risen 2.7%
so far in July, extending its
gain this year to nearly 21%,
Link Up in $11 Billion Deal
are up 0.5% on average from a largely driven by the expecta-
year earlier, according to Fact- tion of an interest-rate cut BY PARMY OLSON approval from both companies’ places or homes. Delivery will
Set. from the Federal Reserve. The boards, shareholders and regu- account for 10% of restaurant
That has helped improve stock market’s two best Two of the largest food-de- lators. sales by 2022, according to
analysts’ forecasts for earn- months, January and June, co- livery companies in Europe The companies said that brokerage firm William Blair.
ings to a 2.5% contraction for incided with some of the have struck an $11.1 billion combined they had 360 million Analysts say food-delivery
the quarter, better than the strongest signals from Chair- merger deal, joining forces to orders last year worth about companies aiming to compete
more than 3% pullback they man Jerome Powell that the battle the likes of Uber Tech- €7.3 billion ($8.1 billion). globally can gain an edge by
had been predicting last central bank will cut interest AVIATION nologies Inc. and Amazon.com Size is becoming increas- tying up with rivals. Earlier
week. rates this year. United buys stake Inc. in a fast-growing service. ingly important for delivery this year, Amazon led a $575
“The notion of a wide- Data from CME Group Dutch food deliverer Take- firms as they expand into un- million funding round for De-
spread economic weakness showed investors are betting
in biometric-tech away.com NV said Monday it tapped markets and as more liveroo to help fund the U.K.
seemed plausible just a few on a 100% probability that the company to speed had agreed to an all-share consumers are willing to pay company’s meals-delivery bat-
weeks ago,” said Ed Keon, Fed will cut rates at its meet- security lines B3 transaction with London-listed for the quick delivery of meals tle with Uber. In December,
chief investment strategist at Please turn to page B11 Just Eat PLC subject to final and groceries to their work- Please turn to page B2
B2 | Tuesday, July 30, 2019 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
European
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Dunkin' Brands Group B2 Mylan............B1,B11,B12 Beyond Meat’s Sales Soar;

Abbott Laboratories...B1 E N
Deliverers
Advanced Micro Devices
...................................B11
Airbus..........................B3
Alphabet....B1,B2,B4,B11
Electronic Recyclers
International.............B4
Equifax ........................ B5
F
Nabors Industries.....B11
NerdWallet................A10
Nestle..........................B2
Netflix.........................A1
Shares Fall on New Stock Set Merger
Amazon.com..........A1,B4 New World BY JACOB BUNGE Beyond Meat remains unprofitable, but its stock has soared since
Facebook..............B4,B11
Anheuser-Busch InBev Development...........B11 the company's IPO. Shares, though, took a hit Monday on news of
.....................................B3 G Beyond Meat Inc. said sales a secondary offering. Continued from the prior page
P
Anthem.......................A3 General Electric .......... B2 of its plant-based burgers and Takeaway.com agreed to ac-
Patterson-UTI Energy Financials Share price
Apple...........................B4 GlaxoSmithKline..B1,B12 sausages continued to surge, quire the German division of
...................................B11 Monday
Array BioPharma......B12 GrubHub....................B12 though shares dropped after $60 million $250 Delivery Hero for €930 million.
Pfizer............B1,B11,B12 $222.13
B H hours on plans to issue more Amazon is part of a grocery-
Postmates.................B12 50 Revenue
stock. delivery partnership in the
Bank of Jinzhou........B10 Heineken ..................... B3 Q The El Segundo, Calif.- 200 U.K., and its investment in De-
Better.com ................ B10 Helmerich & Payne...B11 40
Quicken Loans...........B10 based company said on Mon- liveroo, which also delivers
Beverly Hills Financial Henderson Land
Development...........B11 R day that it nearly quadrupled groceries, has attracted scru-
Planners..................A10 30
Hertz Global Holdings B3 Refinitiv .................... B12
sales in its latest quarter, put- 150 tiny from the country’s compe-
Beyond Meat...............B2
Ryanair Holdings ........ B3
ting Beyond Meat on track to t13% tition regulator. Just Eat and
Blackstone.................B12 Huawei Technologies..B4 20
deliver a profit this year, after in after-hours Takeaway.com don’t expect to
Boeing ......................... B3 I S adjusting for some expenses trading* raise any red flags with anti-
10 100
Booz Allen Hamilton Salesforce.com............B4
Holding....................B11
Impossible Foods........B2 and taxes. trust authorities because they
IntelligentCross ........ B10 Sims Metal “We believe our momentum don’t overlap geographically, a
C Management.............B4 0
Intercontinental demonstrates mainstream con- 50 spokesman for Just Eat said,
Capital One Financial.A1 Exchange.................B10 Starbucks..................B12 sumers’ increasing appetite adding that their only shared
–10
Carlsberg.....................B3 International Business Swire Pacific.............B11 for our plant-based meats,” market is Switzerland. Take-
Caterpillar ................. B11 Machines...................B4 T said Ethan Brown, Beyond Net loss away.com has operations only
–20 0
Cboe Global Markets B10 J Takeaway.com.............B1 Meat’s chief executive and in Europe, while Just Eat oper-
2017 ’18 ’19 May June July
China Cinda Asset JBS .............................. B2 The Meatless Farm .... B2 founder, on a conference call. ates as well as in Australia,
Management...........B10 *As of 5:30 p.m. Sources: the company (financials); FactSet (share price)
JPMorgan Chase.........B1 Thomson Reuters.....B12 Beyond Meat and competi- New Zealand and Canada.
China Great Wall Asset tors like Impossible Foods Venture capital investors
Juniper Networks.......B4 Tudor, Pickering, Holt
Management...........B10
Just Eat.......................B1 ...................................B11 Inc. are propelling a new gen- require massive scale to keep cos. The summer grilling sea- poured $8.2 billion into food-
China Resources Beer
L Twitter ........................ B1 eration of meat-free fare onto their restaurant networks sup- son, which tends to boost delivery firms in 2018, up from
Holdings....................B3
Tyson Foods................B2 fast-food menus and grocery plied. “It is a function of size sales of beef, chicken and $4.7 billion in 2017, according
Cisco Systems.............B4 London Metal Exchange
U meat sections, aiming to serve and complexity,” he said. pork, also helped move plant- to an analysis by market re-
Citgo Petroleum..........B5 ...................................B10
meat eaters as well as vegetar- Beyond Meat has operated based burgers, said financial search firm PitchBook.
Citigroup......................B1 London Stock Exchange Uber Technologies
ians and vegans. Sales are at a loss as the company re- chief Mark Nelson. Under the merger agree-
Coca-Cola.....................B1 Group.......................B12 ............................. B3,B12
surging for both companies as fines its technology, expands U.S. retail sales of plant- ment, Takeaway.com Chief Ex-
Comcast ...................... A2 Lyft..............................B3 Unilever.......................B2
retailers and restaurants em- production and markets its based foods, from imitation ecutive Jitse Groen would be-
CVS Health ................. A3 M United Airlines Holdings
brace products that are draw- burgers to consumers. It had a burgers to soy milk, have come CEO of the combined
D McDonald's..........B2,B12 .....................................B3
ing curious shoppers and net loss of $9.4 million for the climbed to $4.5 billion, rising company, while Just Eat Chair-
United Parcel Services
Dell Technologies........B4 Medtronic....................B1 translating to higher restau- latest quarter, about twice about 11% over the 52 weeks man Mike Evans would stay on
.....................................B1
Delta Air Lines ........... B3 Micron Technology....B11 rant checks. what analysts surveyed by ended April 21, 2019, outpac- as chairman.
Del Taco Restaurants.B2 Microsoft.....................B4 W Formulated from plant pro- FactSet anticipated. The coming general growth in retail Just Eat shareholders
Deutsche Börse.........B10 Molson Coors Brewing Wells Fargo.................B1 teins and starches, the compa- pany also said it and investors food sales by more than five would own 52.2% of the com-
DexCom.......................B1 .....................................B3 White Castle System.B2 nies’ burgers aim to match would sell an additional 3.25 times, according to data from bined company, and Take-
.
DoorDash...................B12 Moscow Exchange....B10 Whole Foods Market..B2 ground beef’s taste, texture million shares of stock, driving market-research firm Spins away.com investors 47.8%.
ly
and smell, using a fraction of shares 13% lower in after- and plant-based trade groups
the resources required to pro- hours trading. Beyond Meat’s released earlier this month. Takeout Takes Off
INDEX TO PEOPLE on duce the hundreds of millions
of cattle and hogs raised by
stock closed 5.4% lower Mon-
day. Mr. Brown is among the
Sales of meat alternatives
topped $800 million and now
Venture capital deals in food
delivery peaked in 2016 with
the meat industry each year. investors selling shares, ac- represent about 2% of retail
A G O 162 deals valued at a collective
Beyond Meat’s flagship Be- cording to a regulatory filing. packaged meat sales, the
$10.1 billion.
Aso, Taro...................B12 Giles, Jon .................. B10 O'Leary, Michael.........B3 yond Burger and other prod- But Beyond Meat also lifted groups said.
B Ginis, Roman.............B10 Oxley, David..............B10 ucts are sold in about 53,000 its 2019 sales forecast to $240 The plant-based burger
us l,
Value of deals
Baraton, Xavier.........B11 Green, Logan...............B3 P restaurants, food-service oper- million, nearly tripling 2018’s makers’ success is bringing in-
Greer, Evan..................B3 ations and grocery stores, the level. While the company is creased competition. British $10 billion
Barrack, Tom...............A9 Pang, Castor..............B11
al a
e
Begor, Mark ................ B5 Groen, Jitse.................B2
S company said. More than a likely to remain a net money- rival the Meatless Farm Co.
Bondar, Luc.................B3 H dozen major restaurant chains loser for the year, Beyond signed a distribution deal with 8
Sayer, Kevin................B2
including Dunkin’ Brands Inc., Meat now projects a profit af- Whole Foods Market ahead of
ci on
Bourla, Albert...........B12 Hastings, John............B1 Schwimmer, David....B12

Brown, Ethan..............B2 Hazelbaker, Jill ........... B3 Seidman Becker, Caryn White Castle System Inc. and ter taking out taxes, interest its planned U.S. launch in Au- 6
C Hogan, Art ................ B11 .....................................B3 Del Taco Restaurants Inc. and one-time expenses. gust. Tyson Foods Inc., a for-
Shegerian, John..........B4 have added products from Be- Revenue for the quarter mer investor in Beyond Meat,
Cecala, Guy ................. B1 K 4
Coury, Robert..............B4 V yond Meat and Impossible ended June 29 climbed to this summer is introducing its
Khosrowshahi, Dara ... B3 Foods since 2017. $67.3 million as Canadian and own nuggets made from peas,
er rs
E Kowalski, Aaron..........B2 Verhoef, Erik...............B2

2
Some of the biggest restau- European grocery stores flaxseed and other plant ingre-
Evans, Mike.................B2 Krpata, Petr..............B11 W rant companies, like added Beyond Burgers and the dients. Nestlé SA, Unilever
F Kuroda, Haruhiko......B12 Watkin, Jared ............. B2 McDonald’s Corp., remain on company introduced a ground- PLC and Brazilian meatpacking 0
Fairbank, Richard........A9 N Weber, Steve .............. B5 the sidelines. Mr. Brown said beef replacement, which Mr. conglomerate JBS SA are de-
2009 ’10 ’15 ’18
m e
Field, Alistair..............B4 Nazarali, Jamil..........B10 Z it would take time to sign up Brown said consumers have veloping their own meat alter-
Flury, Thomas...........B10 Nelson, Mark .............. B2 Zimmer, John..............B3 bigger chains, some of which been using in meatloaf and ta- native products. Source: PitchBook
m rp
Market ADVERTISEMENT
The Marketplace
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co Fo
To advertise: 800-366-3975 or WSJ.com/classifieds
Devices ANNOUNCEMENTS BUSINESS OPPORTUNITIES

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monitor had greater decreases through easily four nights a Angeles. sights by pairing sugar data
in average blood-sugar levels week,” said her mother, Joanna Abbott’s device, called Free- with exercise data collected
than those using finger sticks Wilson, a university science Style Libre, costs around from other wearable devices, Save Up To 60%
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and test strips. professor. She and her husband, $1,308 a year for the average Mr. Sayer said.
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THE WALL STREET JOURNAL. Tuesday, July 30, 2019 | B3
BUSINESS NEWS
Ryanair
Warns of
United Offers Biometric Screening
BY ALISON SIDER elers’ faces and license plates
Job and United Airlines Holdings

Inc. wants to help its passen-
at a land-border crossing.
“It’s clear that we can’t re-
ally trust corporations or the
Flight Cuts gers get through security

faster.
United said on Monday that
government to safeguard that
information even if they’re us-
ing it properly,” said Evan
BY DOUG CAMERON it is taking an equity stake in Greer, deputy director of Fight
Clear, a technology company for the Future, a group that
Ryanair Holdings PLC said that uses fingerprints and iris advocates against collection of
further delays in the return to scans to verify a traveler’s biometric information. Ms.
service of Boeing Co.’s 737 identity at security checks. Greer said Clear is less trou-
MAX jetliner would lead to job Clear operates at 31 air- bling than other airline bio-
cuts and less flying during ports in addition to stadiums, metric initiatives that collect
next year’s peak summer arenas and some Hertz Global facial images and require peo-
travel season. Holdings Inc. rental-car loca- ple to proactively opt out.
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

One of Boeing’s biggest cus- tions. United’s investment will Clear Chief Executive Caryn
tomers, Ryanair had expected help Clear expand into some of Seidman Becker said Clear
to receive the first of 135 MAX the airline’s largest hubs. doesn’t sell or share its cus-
jets it has ordered this past Clear will launch at Newark tomers’ data and has never
April. But the planes have Liberty International Airport had a breach.
been grounded by global regu- and expand at Houston’s Clear’s growth has acceler-
lators since March, after two George Bush Intercontinental ated in recent years—Ms.
fatal crashes in six months Airport later this summer. The Seidman Becker said it took
that killed 346 people. company also is seeking ap- six years for Clear to enter its
Ryanair has yet to receive proval from the city of Chi- first 12 airports and half that
any of the jets, and now ex- cago to open lanes at O’Hare time to bring the service to 19
pects it will end the company’s International Airport. more. It has 3.8 million mem-
2020 fiscal year with as many Clear charges most members, up from 2.5 million less
as 30 of the MAX aircraft, bers $179 annually, but United than a year ago.
rather than the 58 it has con- said it would enroll its top-tier Airline invests in tech firm that helps speed up identity checks for travelers at airports and elsewhere. Delta Air Lines Inc., which
tracted to receive by then. frequent fliers free of charge has a 7% stake in Clear, ac-
“I think there is going to be and offer a discount to other Airlines and government process for those enrolled prints and faces to verify iden- cording to securities filings,
significantly less capacity in members of its loyalty pro- agencies that embraced mobile faster and more predictable. tity and replace paper docu- has a similar relationship with
Europe in summer 2020, in gram. boarding passes in the past Members verify their identi- ments has sparked concerns the New York-based company
part, because of the MAX de- Travelers are growing more decade are already exploring ties with a fingerprint or iris from privacy advocates that and also offers discounted
lays,” Ryanair Chief Executive accustomed to new protocols ways to use face scans and scan, and bypass the line to say the personal data could be Clear memberships for fre-
Michael O’Leary said Monday, designed to ease their way other biometric screening wait for an agent to check misused or disclosed inadver- quent fliers. United didn’t dis-
warning that further schedule through security. The Trans- tools to move people through their ID. tently. close the size of the invest-
slippage could leave the airline portation Security Administra- the airport and onto planes United said it has held talks Earlier this year, a federal ment it is making.
without any MAX jets next tion’s PreCheck program aims more quickly, as they contend with Clear over the years, and subcontractor working for U.S. Luc Bondar, vice president
summer. to enhance security and speed with rising passenger volumes. heard from customers that Customs and Border Protec- of loyalty at United, said the
Boeing is aiming to have things up by letting travelers Clear doesn’t replace secu- they enjoyed the service at tion was hit by a cyberattack partnership will make the air-
.
software changes to the MAX who have been prescreened go rity screening at TSA check- other hubs, like Denver. that likely compromised tens port more convenient for its
ly
approved by regulators in the through an expedited check. points, but it can make the The growing use of finger- of thousands of photos of trav- customers.
fourth quarter, but some carri-
ers and officials don’t expect
Uber Slashes 400 Jobs; Lyft Operating Chief Exits

the plane to be cleared to fly on
again until early next year.
Mr. O’Leary said while
Ryanair is in talks with Boeing
over possible follow-on orders, BY ELIOT BROWN ket debuts, with both stocks Chief Executive Dara Khosrow- Monday that Jon McNeill—a his departure.
us l,
it is also adding to the fleet of AND SARAH NASSAUER still sagging below their initial shahi wrote that the cuts are former Tesla Inc. executive Mr. McNeill’s focus at Lyft
Airbus SE jets flown by its public offering prices. part of an effort to become who was hired in early 2018 as included driver supply and re-
al a
e
Lauda unit. Airbus is “pricing Uber Technologies Inc. and Uber cut about one-third of more agile amid concerns chief operating officer—is leav- tention, a critical issue for
very aggressively,” he said as Lyft Inc. went through sepa- its marketing arm in a reorga- about slowing growth. ing the company and that his ride-sharing companies. He re-
the Ireland-based carrier re- rate staff shake-ups Monday, as nization of a division that had “Put simply, we need to get roles will be distributed to ceived compensation valued at
ci on
ported a quarterly profit on Uber cut about 400 jobs in its grown to around 1,200 employ- our edge back. Being fast other executives. $32.8 million in 2018, including
Monday and left its fiscal marketing department and Lyft ees, an Uber spokesman said. wins,” he wrote. “Many of our Lyft Chief Executive Logan a $420,000 bonus “in recogni-
2020 guidance unchanged. eliminated the role of chief op- Less than two months ago, teams are too big, which cre- Green and President John Zim- tion of his outstanding leader-
Ryanair said further delays erating officer. marketing was put under the ates overlapping work.” mer said in the email that it ship and contributions to our
in the return of the MAX, as The two ride-hailing compa- portfolio of Jill Hazelbaker, The Uber staff cuts were re- was “with gratitude that we 2018 performance,” according
er rs
well as pricing pressures in nies have been under pressure who previously ran communi- ported earlier by the New York say goodbye” to Mr. McNeill. to regulatory filings. Mr. Mc-
the U.K. and German markets, from Wall Street amid heavy cations and policy. Times. The message didn’t offer fur- Neill’s departure was reported
could trigger job cuts. losses and disappointing mar- In an email to staff, Uber Lyft said in an email to staff ther detail on the reason for earlier by Bloomberg News.
m e
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The
future of
JEAN BIZIMANA/REUTERS
n-
energy
no
Shares fell in trading in Amsterdam after the brewer reported operating profit that missed estimates.
Higher Costs Weigh on Profit is low- to

As Heineken Sells More Beer
BY SAABIRA CHAUDHURI climbed 6.8% to €9.66 billion.
Like its rivals Anheuser-
son with the prior-year period
that benefited from the men’s
no-carbon
Higher costs held down Busch InBev SA and Carls- soccer World Cup and warmer
profit in the first half of the berg A/S, Heineken has been weather.
year for Heineken NV, despite investing in no- and low-alco- Asia is becoming a bigger For over 100 years, we’ve
the world’s second-biggest hol brews as millennials across focus for brewers who hope to
brewer selling more beer glob- much of the developed world accelerate efforts in the re- been answering the questions
ally and launching its nonalco- cut back on drinking alcohol. gion’s higher-growth markets of today to meet the energy
holic Heineken variant in the On Monday, the brewer said at a time of sluggish growth in
U.S. its low- and no-alcohol vol- many developed countries. In needs of tomorrow. From
Shares of Heineken fell 6.3% umes had increased to 6.9 mil- April, Heineken closed its mul- fuel cells and microgrids to
to €96.52 in trading in Amster- lion hectoliters in the report- tibillion-dollar deal with gov-
dam after the brewer reported ing period, and 48 of its ernment-controlled China Re- natural gas, wind, solar, and
operating profit that missed brands sold nonalcoholic vari- sources Beer Holdings Co., nuclear—we’re on a mission
expectations Monday. The ants. which gives it access to a
Dutch brewer—which also In the U.S., Heineken’s sprawling distribution network to provide energy solutions
owns Sol, Birra Moretti and Ti- eponymous brand continued to in the country.
ger beer—blamed its higher struggle, but the company said On Monday, Ms. Debroux
that are low- to no-carbon
costs on strong aluminum that was offset by the launch said Heineken’s aluminum by 2050. The future of energy
prices and expenses tied to the of Heineken 0.0. prices for the first half of 2019
rollout of a new technology Heineken’s exposure to the were locked in through hedges
we’re building is clean, efficient,
system. U.S. is far smaller than that of last year when prices were smart, and resilient.
Chief Financial Officer Lau- AB InBev or Molson Coors very high, raising the brewer’s
rence Debroux said Heineken Brewing Co. That is holding it costs.
also had logged higher ex- in good stead when many Aluminum prices last year
penses tied to advertising for Americans are spurning main- were hit by a range of factors
the introduction of its nonal- stream lagers for craft or im- including higher tariffs and
coholic beer Heineken 0.0 in ported brews, as well as wine production curbs at the
the U.S. and spirits. world’s largest alumina refin-
“In the U.S. you always have Globally, the company’s ery in Brazil.
to punch above your weight in beer volume rose 3.1% organi- Nonetheless, Heineken
terms of advertising invest- cally, while the Heineken brand backed its guidance for the
ment,” she said. saw volume rise by 6.9%. year. Bernstein analyst Trevor
In the six months through Beer volumes climbed Stirling said the second half of
June 30, Heineken’s operating strongly in the Asia Pacific re- the year “needs to be excep-
profit grew 0.3% organically to gion, Africa, the Middle East tionally strong” but added that
€1.78 billion ($1.98 billion), and Eastern Europe. They de- this was “doable.”
southerncompany.com/future
missing analyst estimates by clined in the rest of Europe, —Anthony Shevlin
6.7%. Its expenses for the half which faced a tough compari- contributed to this article.
B4 | Tuesday, July 30, 2019 * * THE WALL STREET JOURNAL.
TECHNOLOGY
Facebook Watch Slowly Lures Video Ads is owned by Alphabet Inc. In

Platform draws more MTV’s reboot of “The Real Facebook is still one of the million in marketer ad spend- which typically means the vid-
World.” Facebook also lets us- two media partners that is on ing each year, said he plans to eos on Watch. June, Facebook said Watch
advertisers, but many ers upload videos that can ap- every single media plan these spend at least $1 million this Mike Henry, chief executive had 720 million monthly users
are skeptical amid pear on Watch and, if ap- days, and they have one of the year on ads inside Watch. That of OpenSlate, a tech company globally who spend at least
proved by the company, make biggest bank accounts in the isn’t an enormous sum, but he that offers brand-safety ser- one minute on Watch, up from
YouTube’s lead money from ads. world, so I wouldn’t count didn’t advertise on Watch at vices for marketers on You- 400 million in December. By
Marketers and agency ad them out.” all last year. Tube and Facebook, said all of comparison, YouTube said in
BY SAHIL PATEL buyers met Watch with cau- The agency is spending at It will be part of a bigger the 40 clients using its Face- May that it had two billion
tious optimism when it ar- least several hundred percent- deal the buyer has signed with book-specific product plan to monthly users, up from 1.9 bil-
Advertisers are beginning rived in August 2017. age points more on Watch this Facebook to spend more than spend at least “six figures, lion last summer.
to direct more money toward Facebook had accumulated year, Mr. Jacobson estimated. $10 million on Facebook video sometimes seven figures” on Rather, some marketers are
Facebook Watch, but the billions of users, but those us- A Facebook spokeswoman ads in 2019, up 50%, the buyer in-stream Facebook commer- comparing Watch favorably to
video-viewing platform re- ers didn’t think of Facebook as declined to comment on video said. cials. “Advertisers that have other parts of Facebook.
mains far behind YouTube in a place to watch TV-quality ad revenue for Facebook There are several ways to started spending on Facebook Mr. Jacobson, the iProspect
revenue and audience. video series. Watch. buy video ads on Facebook. have continued to spend and executive, said the agency’s
Facebook Inc. built Watch “The verdict is still out on Advertisers have warmed The options include paying to increase their budgets,” Mr. growing Watch spending is
to lure more video advertising Watch—I don’t consume Face- up to Watch somewhat as time run them in Facebook’s News Henry added. partially driven by higher
with professionally produced book that way,” said Jordan has passed, buyers said. Feed or to buy “in-stream” in- Advertisers edging into completion rates for its com-
shows such as Jada Pinkett Jacobson, head of social at the One senior media buyer, ventory—commercials that air Watch aren’t driven by commercials there than for video
Smith’s “Red Table Talk” and digital agency iProspect. “But who oversees more than $350 before and during videos— parisons with YouTube, which ads in the News Feed.
China Cyber Rules Vex U.S. Companies Scrap Metal From

BY YOKO KUBOTA
BEIJING—Cybersecurity
proposals by China have U.S.
Cloud Is Boon to
businesses worried that the
draft regulations represent ad-
ditional barriers to the Chi-
nese market, a concern that
Recycling Industry
could complicate U.S.-China BY RHIANNON HOYLE small cities filled with servers,
trade talks. drives, routers and other com-
The new rules and stan- SYDNEY—The world’s $300 ponents,” is seeking to recycle
dards, floated over the past billion scrap-metal market is and resell components where it
two months with little fanfare, looking beyond junked cars and can to keep parts out of land-
flesh out an existing cyberse- copy machines to a new prize: fill, the Mountain View, Calif.,
curity law that Washington the cloud. company said in a post. Google
and many foreign businesses Large data centers are and Amazon declined to com-
already consider draconian. mushrooming in number as ment on plans to refresh infra-
.
Some would forbid certain global demand grows for stor- structure.
ly
data from leaving China or at age. Investment in cloud infra- Microsoft is ramping up ef-
least slow the process of dis- structure has surged since forts to make sure recycling,
patching data, which would in- 2015, and the market for data- refurbishing and resale of
crease uncertainties and costs on center equipment is expected cloud-infrastructure compo-
for business. Tough rules for to grow at an average annual- nents are more sustainable
VCG/GETTY IMAGES
procuring equipment could ized rate of roughly 16% this while also secure.
also place foreign products at year and next, according to Alistair Field, chief executive
a disadvantage. Citigroup Inc. of Sims, is betting that deals to
us l,
If enacted, the measures are Cloud servers typically have recycle data centers will
likely to hit a swath of Ameri- a lifespan of only about three emerge within 12 to 18 months
al a
e
can companies, including such Cybersecurity proposals if adopted could complicate business in China for Cisco and other tech giants. years, according to experts, and build over several years.
tech manufacturers as Cisco meaning that some of the earli- He estimated around 2 mil-
Systems Inc., International Washington it has ways to tions on Chinese telecommuni- has broadly said the classifica- est equipment already has lion metric tons a year of obso-
ci on
Business Machines Corp., Ju- punish U.S. businesses within cations-gear maker Huawei tion includes those with com- passed its use-by date. The lete equipment could be recy-
niper Networks Inc. and Dell the context of the China-U. S. Technologies Co. puter-network operations in rapid pace of technological cled annually from the middle
Technologies Inc. Providers of trade fight, experts said. “China’s resumption of reg- telecommunications, energy, change is creating a new mar- of the next decade.
financial services and the au- “These are the tools in the ulatory efforts signals less transportation, information ket for companies such as Sims “The trial is really around
tomotive sector also could be arsenal that can be ready to be willingness to bow to U.S. de- services and finance. U.S. Metal Management Ltd.—one how do you manage that pro-
er rs
affected. fired,” said Samm Sacks, a cy- mands in hopes of [a trade] trade negotiators are pressing of America’s biggest recyclers cess: How do you make sure
U.S. businesses and trade bersecurity expert at the agreement,” said Paul Triolo, for more details. by volume—and California- each step is secure in terms of
groups say some of the pro- Washington-based think tank head of geo-technology at re- The proposed rule also based Electronic Recyclers In- the data? And what parts of
posals are too vague and give New America. search firm Eurasia Group. states that operators must as- ternational Inc. that process does the customer
m e
Chinese officials leeway on en- While additional regula- The Office of the U.S. Trade sess risks including the likeli- Data-center equipment con- want to be involved in?” Mr.
forcement. The Cybersecurity tions had been expected fol- Representative didn’t respond hood of supply-chain disrup- tains components such as pro- Field said.
Administration of China and lowing the introduction of a to a request for comment. tion due to “politics, cessors and fans that can be In 2016, only 20% of all e-
m rp
the Ministry of Public Secu- new cybersecurity law in 2017, The recently released drafts diplomacy and trade”—word- stripped out and resold in the waste globally was recycled
rity, which are involved in the Beijing seemingly held them in cover at least eight categories. ing that policy experts say is electronics market. They also correctly, according to a report
various drafts, didn’t respond abeyance while trade talks Of particular concern are pro- likely in direct response to contain metals such as alumi- by the United Nations Univer-
to requests for comment. with the U.S. progressed early posed cybersecurity reviews U.S. actions against Huawei. num, copper and steel that sity, the International Telecom-
The rules reflect multiple this year. Greater access for that operators of “critical in- These rules could deter Chi- many experts think will be- munication Union and the In-
co Fo
factors shaping China’s cyber- American tech companies is a formation infrastructure” nese companies from procuring come more valuable as large ternational Solid Waste
security landscape, including priority for U.S. negotiators, would have to go through to foreign equipment if they fear economies such as China rely Association the following year.
growing consumer awareness and Chinese officials showed a procure network equipment the products would be subject more on consumption and less “Although cloud-computing
over data privacy and a recent willingness to discuss issues that could affect national se- to lengthy reviews or even get on exports for growth. trends can lead to fewer de-
global trend of establishing related to cybersecurity. curity. The scrutiny would in- blocked, said Yan Luo, a Bei- Sims and ERI are separately vices because all services can
new privacy rules, experts say. But negotiations foundered clude a review by an inter- jing-based attorney focused on involved in trials to handle the be accessed from one device,
Even if the proposals reflect in May, and Beijing then agency organization. cybersecurity policies at Cov- recycling of small amounts of more cloud computing also
broader concerns, the timing started releasing the new draft The draft doesn’t precisely ington & Burling LLP. cloud-computing material in means more data centers and
of their release suggests Bei- rules. More followed after define “critical information in- —Kersten Zhang the U.S., betting on a sharp more e-waste,” it said.
jing is using them to show Washington placed restric- frastructure” operator. China contributed to this article. pickup in the years ahead. The While profit margins could
pilot efforts come as scrap- be strong as cloud operators
metal companies seek to rein- pay for data security, “nobody
New CEO Drug Deal “Companies that stay true

to their purpose perform
vigorate profits dented by ris-
ing trade barriers and weak
really knows how much [cloud
e-waste] Amazon or Google is
n-
A merger announced Monday will bring together Mylan NV and

much better,” Mr. Bourla said. commodity prices. going to release on an annual
Remaking
Upjohn, Pfizer Inc.’s division of off-patent drugs, in what will be one
His plan is risky, especially Annual capital spending by basis,” Mr. Field said.
of the largest companies of low-cost prescription medicines.
without the safety net that the Amazon.com Inc., Microsoft At ERI’s recycling facilities
Estimated 2020 world-wide sales in billions for... steady cash flow from off-pat- Corp. and Alphabet Inc.’s in Indiana and Massachusetts,
Pfizer
no
ent drugs provided. Compa- Google, which run enormous workers currently pick through
...selected pharmaceutical companies nies fail more often than they networks, increased above $60 debris, including shredded by
Pfizer* $54
succeed at bringing novel billion combined in 2018, up hand. John Shegerian, ERI’s co-
drugs to the market, yet Pfizer 50% from the year before, ac- founder and executive chair-
Continued from page B1 Novartis 49 is betting it can win approval cording to company data. All man, wants to invest more in
knows well, R&D can be risky. for a number of prospects. are upgrading and expanding robots to do some of that work,
GlaxoSmithKline 43
Pfizer executives are con- “Any failure would poten- data centers. in a bet that e-waste volumes
vinced the bet is a good one, Eli Lilly 24 tially impact it a little bit Heightened concerns around will rise. The company is seek-
after years of cultivating the more, whether that’s a new the security of sensitive data ing partners to help fund new
company’s pipeline and with Amgen 23 drug or any risk,” said Ashtyn make tech companies wary investment.
the opportunity to increase Evans, an analyst at Edward about how they dispose of un- A call that Mr. Shegerian re-
sales by mid- to high-single- Mylan + Upjohn†
Jones. “On the other side, the wanted equipment. ceived from a tech company
19-
digit percentages, after years successes will have a bigger Some companies use armed some months ago highlighted
in the low-digit percentages. impact, too.” guards to protect obsolete the scale and potential unpre-
“Our compass is growth, ...selected specialty pharma/generics Pfizer shares fell 3.8% on servers on their journey to dictability of the opportunity.
top-line growth,” Mr. Bourla Monday, while Mylan rose scrapyards. The industry also “They say, by the way, we
said. Teva $17 more than 12%. Analysts said can’t agree with what can be have warehouses of stuff we
Pfizer’s recent history of Sun Pharma‡ 5
Pfizer’s drop was unrelated to salvaged. Some tech firms de- have been just stockpiling for
slow sales stemmed from the the Mylan deal; rather, Pfizer mand that all equipment be the past 10 years; you are going
loss of patent protection for Perrigo 5 lowered its guidance to reflect shredded and melted entirely. to have to clean that stuff out,”
big-selling drugs like Lipitor the formation of the Glaxo Google, which describes its he said. “And the volume num-
Endo 3
for cholesterol and male-impo- *Pfizer’s estimated 2020 revenue does not joint venture. data centers as being “like bers are, like, earthshaking.”
adjust for this transaction, the GSK/Pfizer
tence treatment Viagra. Amneal 2 consumer joint venture and includes Upjohn
Mr. Bourla said that as a
Early this year, Pfizer revenue. †2020 pro forma outlook revenue. child he had an affection for
parked those declining brands Source: company filings, S&P Capital IQ ‡Includes revenues from consolidated sub Taro. both medicine and animals,
in a new unit called Upjohn which drew him to become a
and began breaking out its Coury, who will become execu- sion of what it was just a few veterinarian. Working in
sales. Under the new deal, Up- tive chairman of the new com- years ago, and on its way to Greece, he developed an inter-
john will merge with Mylan, pany, said Upjohn fits Mylan realizing Mr. Bourla’s vision est in commercial aspects of
best known for the EpiPen “like a glove.” for the drugmaker’s future—or animal health and was re-
emergency allergy treatment, The new company will be dashing his hopes. cruited.
to create a new company. U.S.-based, a return of sorts Part of Mr. Bourla’s convic- Pfizer also reported its sec-
The new company, which for Mylan after becoming a tion about the benefits from ond-quarter results Monday.
isn’t yet named, is expected to Dutch corporation in 2015 such a finely toned Pfizer Its profit rose 30% to $5.05
ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL
be among the world’s biggest through an acquisition, while stems from a Silicon Valley billion on revenue that slipped
sellers of generic and off-pat- keeping its headquarters in tour that he took company 1.5% to $13.26 billion. Pfizer
ent medicines with more than Pittsburgh. That deal came leadership on in January. The reported net income of 89
$19 billion in yearly sales. Un- amid a flurry of what are group visited Alphabet Inc.’s cents a share for the quarter,
der the terms, shareholders of called inversions by U.S. com- Google, Apple Inc. and Sales- up from 65 cents a share a
Pfizer will own 57% of the new panies, in which they moved force.com Inc., among other year earlier.
company, while Mylan share- their corporate home overseas firms, to understand their rec- The drugmaker lowered its
holders will own the rest. to lower their tax burdens. ipes for success, Mr. Bourla full-year guidance to earnings
Pfizer will be paid $12 bil- Meantime, Upjohn was head- said. of $2.76 to $2.86 a share on
lion in proceeds from new quartered in Shanghai. The takeaway, he said, was revenue of $50.5 billion to
debt raised by the new com- The deal is expected to each company’s culture was $52.5 billion. Mylan said its
pany. Its leadership will be close in the middle of next different but marked by em- own second-quarter sales to-
drawn from both companies. year. By that time, Pfizer is ex- ployees who are inspired and a taled $2.85 billion, an increase
Mylan Chairman Robert pected to be a far leaner ver- single-minded purpose. of 2% from a year earlier. Workers at Sims recycle computers, servers and processors.
THE WALL STREET JOURNAL. * * * * * NY Tuesday, July 30, 2019 | B5
BUSINESS NEWS
Newell
Chooses
Equifax Pitches Focus on Security
BY CATHERINE STUPP year. It now patches security and chief information and secu- internal audits, outside firms faces lengthy, expensive work
Outsider Equifax Inc. wants to teach

other companies how to secure
vulnerabilities much more of-
ten and uses automated tools
to reduce the risk of employee
rity officers shortly after dis-
closing the breach in Septem-
ber 2017.
and regulators feed into the
board reports, he said.
The company plans to make
to overcome entrenched behav-
ior that made it vulnerable in
the first place.
As CEO data.
Two years after a breach ex-
posed sensitive information
mistakes.
Equifax so far has spent
around $1.44 billion recovering
“We want to be a force for
good,” Jamil Farshchi, who
joined as chief information se-
its board-assessment method
public and it is promoting it to
other businesses through the
The breach “was entirely
preventable. Equifax failed to
react with common sense or
BY CARA LOMBARDO about nearly 150 million con- from the cyberattack, including curity officer in February 2018, World Economic Forum and the put the public interest first,”
AND SHARON TERLEP sumers, executives hope that data security and technology told WSJ Pro Cybersecurity in National Association of Corpo- Pennsylvania Attorney General
more than $1 billion in invest- investments and legal costs, ac- a series of interviews before rate Directors, he said. Repre- Josh Shapiro told reporters last
Newell Brands Inc., the ments and a new leadership cording to its most recent fi- the company moved to settle sentatives for these organiza- week as the settlement was an-
struggling consumer-goods team will turn the credit-re- nancial statement. lawsuits and investigations last tions declined to comment. nounced.
conglomerate that makes ev- porting firm into an unex- Top executives hope the week. If approved by a federal Some security experts ex- Hackers accessed Equifax’s
erything from Sharpie pens to pected cybersecurity leader. moves will make Equifax a cy- judge, the settlement requires pressed skepticism that Equifax systems through a flaw in the
Graco strollers, has picked an The company has increased bersecurity model. Equifax to make further tech- could become a cybersecurity open-source web software
outsider as its new chief exec- cybersecurity oversight by top “To truly transform into an nology improvements and pay benchmark. Apache Struts that Equifax
utive. executives and keeps its board industry leader, we must em- as much as $700 million to “Probably the biggest chal- didn’t fix despite government
Ravi Saligram, who was better informed about security bed security into everything we consumers, federal regulators lenge is to sustain that burst of warnings.
CEO of OfficeMax until its projects. It allocated an extra do,” said Mark Begor, Equifax’s and states. interest to actually make some Since then, the company has
merger with Office Depot, will $1.25 billion for technology and chief executive, at a Senate Equifax now assesses prog- changes,” said Steve Weber, di- sought to create processes to
take over on Oct. 2, the com- security investments between hearing this spring. Mr. Begor ress on security projects more rector of the Center for Long- hold executives accountable for
pany said. 2018 and 2020 and hired joined as CEO in April 2018. closely and sends more detailed Term Cybersecurity at the Uni- security and to require all em-
Mr. Saligram has since 2014 around 1,000 employees in IT The company announced the reports to the board, according versity of California, Berkeley. ployees to follow basic data
been CEO of Ritchie Bros. Auc- and cybersecurity over the past retirement of its chief executive to Mr. Farshchi. Reviews from Experts say the company precautions.
tioneers Inc. but said in June
he planned to step down in
October.
Mr. Saligram, 62 years old,
will inherit a company that is
in the midst of a restructuring
Creditor Can Seize Venezuela’s Citgo Stake, Court Rules
and seeking a new strategy to BY ANDREW SCURRIA pany from creditors.
sell its household products in The opposition’s lawyers
a marketplace where major re- A U.S. appeals court said can ask the Third Circuit to re-
tail partners like Toys “R” Us Venezuela’s stake in U.S.-based hear the case. If they lose,
have disappeared. His biggest oil refiner Citgo Petroleum they can then appeal to the
shareholders will include an Corp. could be seized to sat- U.S. Supreme Court.
activist investor. isfy a judgment against the But if Monday’s ruling
“This is no job for a rookie country, dealing a blow to its stands, the Trump administra-
CEO,” said Jim Craigie, a New- U.S.-backed opposition gov- tion may have to choose be-
ell director and chairman of ernment. tween curtailing creditors’
the board’s nominating and The U.S. Court of Appeals collateral rights or allowing
governance committee. “It’s a for the Third Circuit on Mon- Citgo to slip from the opposi-
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

tough assignment and we day sided with Crystallex tion’s grasp.
.
looked for someone who International Corp., a defunct A Crystallex spokesman
ly
checked all the boxes.” Canadian gold miner that has said it reached out in recent
Newell needs to stem losses laid claim to Citgo’s valuable months to the opposition,
and improve morale, he said. Gulf Coast crude refineries to hoping to negotiate “a fair set-
Mr. Saligram demonstrated an collect on part of a $1.4 billionon tlement that would compen-
ability to turn around money- debt. sate Crystallex for its property
losing businesses, transition to The ruling further clouds and preserve the value of
online sales and handle far- the future of Citgo, which Citgo for the Venezuelan peo-
flung operations during ten- has considered filing for ple.” Representatives for the
us l,
ures at OfficeMax, Ritchie bankruptcy to sort out com- opposition didn’t respond to
Bros. and other companies, peting claims from creditors. requests for comment. Citgo
al a
e
Mr. Craigie said. As Venezuela’s largest seizable also didn’t respond.
Mr. Saligram currently asset in the U.S., Citgo is an The oil company has considered bankruptcy to sort out claims from creditors seeking its assets. Citgo remains a flashpoint
holds a board seat at Church & obvious source of compensa- in the political struggle grip-
ci on
Dwight Co. tion for bondholders and mul- to fight its way to the coming venture that soured in Department, according to ping Caracas, where President
Newell has reported weak tinational companies that are pany’s front door, winning 2011, has said it wants to put Monday’s decision. Nicolás Maduro has kept his
sales and missed targets since owed billions of dollars and permission from a Delaware those shares up for sale, po- Led by Juan Guaidó, Vene- hold on key state institutions
a $15 billion deal combined haven’t been paid during the federal judge last year to seize tentially wresting control of zuela’s opposition government and the military despite food
the company with Jarden country’s lengthy economic shares in Citgo’s U.S. parent Citgo, Venezuela’s largest took effective control of Citgo shortages, rampant hyperinfla-
er rs
Corp., the owner of brands like meltdown. company. known external asset. in February from the ruling tion and international
Yankee Candle and Mr. Coffee Of all the claimants circling Crystallex, which partnered Any sale would require ap- leftist regime and had urged criticism over human-rights
machines. Citgo, Crystallex was the first with Venezuela on a gold-min- proval from the U.S. Treasury U.S. courts to protect the com- abuses.
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27221.35 s 28.90, or 0.11% Trailing P/E ratio 19.37 22.97 3020.97 t 4.89, or 0.16% Trailing P/E ratio * 23.15 24.13 8293.33 t 36.88, or 0.44% Trailing P/E ratio *† 25.06 26.11
High, low, open and close for each P/E estimate * 17.14 16.59 High, low, open and close for each P/E estimate * 18.15 17.65 High, low, open and close for each P/E estimate *† 22.12 21.43
trading day of the past three months. Dividend yield 2.19 2.13 trading day of the past three months. Dividend yield * 1.86 1.82 trading day of the past three months. Dividend yield *† 1.00 0.96
All-time high 27359.16, 07/15/19 All-time high 3025.86, 07/26/19 All-time high: 8330.21, 07/26/19
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DOWN UP 27500 2950 8150
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25400 2800 7400
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24700 2750 7150
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Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 743,248,788 11,035,476
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Utility Average 819.88 813.08 818.86 3.10 0.38 831.33 692.00 14.2 14.9 4.8 Volume After Hours Issues traded 3,058 290
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 31090.36 30943.68 31016.41 -74.81 -0.24 31091.22 24126.04 6.7 20.6 11.4 Advances 1,499 119
VanEck Vectors Gold Miner GDX 15,631.3 27.78 0.01 0.04 27.88 27.72
Barron's 400 700.08 693.66 695.61 -4.57 -0.65 786.73 571.68 -6.8 14.1 8.4 Declines 1,447 157
iShares Gold Trust IAU 13,838.4 13.65 0.01 0.07 13.67 13.64
Unchanged 112 14
Nasdaq Stock Market Fiserv FISV 11,852.2 102.50 -2.14 -2.05 104.90 102.49 New highs 258 17
Nasdaq Composite 8325.28 8247.37 8293.33 -36.88 -0.44 8330.21 6192.92 8.7 25.0 17.1 Aramark ARMK 5,491.1 36.60 ... unch. 36.60 36.60 New lows 73 10
Nasdaq 100 8010.05 7939.98 7989.08 -27.87 -0.35 8016.95 5899.35 11.1 26.2 19.1 Banco Santander ADR SAN 4,785.8 4.43 ... unch. 4.48 4.41 Closing Arms† 1.60 1.05
Finl Select Sector SPDR XLF 4,285.5 28.45 -0.02 -0.07 28.47 28.42 Block trades* 5,244 103
S&P
Bank of America BAC 3,637.5 30.50 -0.02 -0.07 30.55 30.50
.
500 Index 3025.61 3014.30 3020.97 -4.89 -0.16 3025.86 2351.10 7.8 20.5 11.6 Nasdaq NYSE Arca
SPDR S&P 500 SPY 3,453.8 301.67 0.21 0.07 301.70 301.44
1983.95 1971.11 -9.26 2050.23 1567.40 18.7
ly
MidCap 400 1973.88 -0.47 0.4 8.2 Total volume*1,875,557,231 162,853,804
SmallCap 600 962.94 955.15 957.27 -5.24 -0.54 1098.36 793.86 -7.6 13.3 8.8 Percentage gainers… Adv. volume* 783,225,371 79,054,407
RingCentral Cl A RNG 111.8 142.65 16.50 13.08 142.65 126.15 Decl. volume*1,064,509,971 82,929,063
Other Indexes on Medpace Holdings MEDP 61.0 74.43 6.75 9.97 74.99 67.68 Issues traded 3,252 1,593
Russell 2000 1580.02 1565.63 1569.02 -9.94 -0.63 1740.75 1266.93 -5.1 16.3 8.8
Advances 1,153 629
NYSE Composite 13249.04 13212.80 13222.61 -12.88 -0.10 13239.87 10769.83 2.5 16.2 7.0 Neurocrine Biosciences NBIX 191.3 95.00 8.03 9.23 95.20 86.97
Declines 1,952 930
Value Line 538.67 534.52 536.00 -2.62 -0.49 593.57 446.06 -6.8 13.5 3.7 SRC Energy SRCI 66.5 4.00 0.29 7.82 4.00 3.69
Unchanged 147 34
NYSE Arca Biotech 4637.47 4557.82 4627.69 -5.25 -0.11 5400.34 3890.37 -6.8 9.6 10.9
Chegg Inc. CHGG 492.2 44.75 2.72 6.47 49.29 42.03
New highs 104 107
us l,
NYSE Arca Pharma 593.94 590.30 591.79 1.49 0.25 612.45 535.91 5.1 4.0 2.3 ...And losers New lows 98 33
KBW Bank 103.40 102.07 102.10 -1.02 -0.99 111.44 80.78 -6.9 19.0 14.5 McDermott International MDR 1,280.4 6.75 -3.33 -33.04 10.15 6.16 Closing Arms† 0.80 0.87
al a
e
PHLX§ Gold/Silver 91.87 90.08 91.83 1.18 1.30 92.93 61.84 19.8 30.0 -5.9 SS&C Technologies SSNC 376.0 48.60 -11.09 -18.58 60.69 46.50 Block trades* 8,357 884
PHLX§ Oil Service 76.98 73.68 74.18 -3.07 -3.98 154.64 71.99 -51.3 -8.0 -22.7 Terex Corp TEX 543.1 28.60 -4.54 -13.70 33.17 28.00 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 1600.53 1578.21 1598.02 4.16 0.26 1622.02 1069.39 17.6 38.3 27.7 Beyond Meat BYND 2,653.0 193.34 -28.79 -12.96 234.14 191.11 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.17 12.15 12.83 0.67 5.51 36.07 10.85 -10.0 -49.5 2.6 Martin Marietta MLM 193.3 204.52 -19.47 -8.69 223.99 204.52 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

er rs
Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3104.22 –0.34 –0.01 13.5 Medley Management Cl A MDLY 3.12 0.74 31.09 5.74 2.16 -16.8 Lexicon Pharmaceuticals LXRX 1.69 -4.00 -70.30 12.58 1.46 -85.2
m e
DJ Global Index 406.89 –0.78 –0.19 16.0 Reven Housing REIT RVEN 4.80 0.81 20.30 5.22 2.59 11.8 iPic Entertainment IPIC 1.20 -0.98 -44.95 10.45 1.10 -82.6
DJ Global ex U.S. 246.78 –0.42 –0.17 10.8 Daxor Corp DXR 9.85 1.61 19.54 19.95 4.30 75.9 Insperity NSP 108.89 -35.74 -24.71 144.92 86.63 14.0
Research Frontiers REFR 3.59 0.58 19.27 3.71 0.83 288.3 MMTec MTC 11.04 -3.39 -23.49 19.55 3.38 ...
m rp
Americas DJ Americas 715.19 –1.37 –0.19 20.5

Brazil Sao Paulo Bovespa 103482.63 663.70 0.65 17.7 Acasti Pharma ACST 2.68 0.37 16.02 2.74 0.43 387.3 On Deck Capital ONDK 3.04 -0.92 -23.23 9.41 2.88 -55.0
Canada S&P/TSX Comp 16492.17 –38.87 –0.24 15.1 Jiayin Group ADR JFIN 17.00 2.05 13.71 22.50 9.01 ... Stabilis Energy SLNG 5.51 -1.61 -22.62 14.72 3.18 -44.9
Mexico S&P/BMV IPC 41276.67 602.89 1.48 –0.9 Verrica Pharmaceuticals VRCA 12.37 1.46 13.38 18.58 6.44 -29.7 Rekor Systems REKR 4.39 -0.95 -17.79 5.44 0.43 225.2
Chile Santiago IPSA 3588.29 14.08 0.39 –4.6 IMPAC Mortgage Holdings IMH 3.72 0.42 12.73 8.91 2.81 -56.7 Xenetic Biosciences XBIO 2.39 -0.39 -14.03 55.20 2.28 -93.1
0.03 Mylan MYL 20.78 2.32 12.57 39.59 16.63 -43.3 Salarius Pharmaceuticals SLRX 9.93 -1.58 -13.73 37.25 6.50 -51.8
EMEA Stoxx Europe 600 390.85 0.12 15.8
co Fo
Pieris Pharmaceuticals PIRS 5.33 0.58 12.21 6.04 2.39 0.2 Hoth Therapeutics HOTH 5.57 -0.82 -12.83 13.88 3.96 ...
Eurozone Euro Stoxx 381.99 –0.68 –0.18 16.3
Belgium Bel-20 3735.36 –0.58 –0.02 15.2 Autolus Therapeutics ADR AUTL 15.38 1.63 11.85 53.24 12.70 -35.1 Entera Bio ENTX 3.30 -0.45 -12.00 6.40 2.54 -34.0
Denmark OMX Copenhagen 20 1012.84 1.57 0.16 13.6 Hepion Pharmaceuticals HEPA 3.25 0.33 11.30 61.59 2.69 -93.6 Neon Therapeutics NTGN 2.89 -0.38 -11.62 13.00 2.74 -74.5
France CAC 40 5601.10 –8.95 –0.16 18.4 NuCana ADR NCNA 9.02 0.91 11.22 30.10 7.53 -57.1 Chaparral Energy CHAP 3.43 -0.44 -11.37 18.95 3.00 -81.3
Germany DAX 12417.47 –2.43 –0.02 17.6 Command Center CCNI 6.40 0.64 11.11 6.68 3.43 9.8 SPI Energy SPI 2.00 -0.25 -11.11 7.32 0.61 -48.7
10.3 resTORbio TORC 10.53 1.03 10.84 16.66 6.21 -29.8 GAIN Capital Holdings GCAP 4.19 -0.51 -10.85 7.89 3.75 -40.4
Israel Tel Aviv 1614.02 –7.50 –0.46
Italy FTSE MIB 21709.30 –128.44 –0.59 18.5
Netherlands AEX 579.55 –0.53 –0.09 18.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1353.61 5.31 0.39 27.0 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
South Africa FTSE/JSE All-Share 58034.77 464.23 0.81 10.0
Spain IBEX 35 9215.40 –10.10 –0.11 7.9 Pfizer PFE 61,230 182.6 41.45 -3.81 46.47 38.14 iShares Govt/Credit Bond GBF 974 14381 116.36 0.06 116.95 108.14
Sweden OMX Stockholm 618.80 0.82 0.13 17.8 Mylan MYL 60,967 688.7 20.78 12.57 39.59 16.63 Lexicon Pharmaceuticals LXRX 23,301 5395 1.69 -70.30 12.58 1.46
Switzerland Swiss Market 9970.87 2.79 0.03 18.3 VanEck Vectors Gold Miner GDX 51,393 11.1 27.77 1.80 28.41 17.28 SPDR MSCI EM Strategic QEMM 290 3457 58.63 -0.98 61.42 52.75
n-
0.52 13.3 Advanced Micro Devices AMD 45,750 -32.4 33.48 -1.59 34.86 16.03 Andeavor Logistics ANDX 19,503 2969 32.17 -6.24 50.82 31.49
Turkey BIST 100 103373.07 535.88
1.82 14.2
Fiserv FISV 41,006 952.2 104.64 2.29 105.02 68.45 Leo Holdings Cl A LHC 7,287 2787 10.20 10.63 10.79 9.22
U.K. FTSE 100 7686.61 137.55
U.K. FTSE 250 19886.70 28.76 0.14 13.6 Bank of America BAC 39,146 -17.3 30.52 -0.81 31.91 22.66 FT Short Dur Mgd Muni FSMB 175 2294 20.45 -0.02 20.50 20.06
SPDR S&P 500 SPY 37,984 -43.6 301.46 -0.18 302.23 233.76 First Trust L/S Equity FTLS 583 2037 41.17 -0.02 41.23 35.84
no
Asia-Pacific
Southwestern Energy SWN 36,669 110.1 1.91 -6.37 6.23 1.86 CS FI Enh Europe 50 ETN FEUL 1,413 1814 93.03 0.47 99.90 64.95
Australia S&P/ASX 200 6825.80 32.41 0.48 20.9
Chesapeake Energy CHK 36,493 -23.5 1.64 -0.61 4.98 1.57 Smith Micro Software SMSI 7,370 1501 5.54 -3.65 6.20 1.62
China Shanghai Composite 2941.01 –3.53 –0.12 17.9
General Electric GE 36,436 -30.2 10.38 -1.24 13.25 6.40 CSOP FTSE China A50 ETF AFTY 100 1422 17.72 -0.16 18.18 12.97
Hong Kong Hang Seng 28106.41 –291.33 –1.03 8.7
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 37686.37 –196.42 –0.52 4.5 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 21616.80 –41.35 –0.19 8.0
Singapore Straits Times 3346.39 –17.37 –0.52 9.0 Track the Markets
South Korea Kospi 2029.48 –36.78 –1.78 –0.6 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10885.73 –6.25 –0.06 11.9 global stock indexes, bond ETFs,
Thailand SET 1717.97 … Closed 9.9
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Mon YTDchg Mon YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004308 23210 0.1
Americas
Argentina peso .0229 43.7560 16.2 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2645 3.7813 –2.6 Czech Rep. koruna .04345 23.017 2.7
U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7596 1.3165 –3.5 Denmark krone
Euro area euro
.1493 6.6998 2.9
1.1145 .8973 2.9
notes and bonds major U.S. trading partners Chile peso .001437 696.10 0.3
A consumer rate against its New car loan Ecuador US dollar 1 1 unch Hungary forint .003399 294.20 5.1
Mexico peso .0525 19.0647 –3.0 Iceland krona .008225 121.58 4.7
benchmark over the past year 4.00% Norway krone .1150 8.6944 0.6
Bankrate.com avg†: 4.65% 8% Uruguay peso .02927 34.1600 5.5
Poland zloty .2599 3.8476 2.9
Think Mutual Bank 3.09% Asia-Pacific
One year ago 3.00 Russia ruble .01576 63.433 –8.4
5.50% Rochester, MN 800-288-3425 4 WSJ Dollar
s index Australian dollar .6901 1.4491 2.2
t t Sweden krona .1054 9.4878 7.2
China yuan .1451 6.8934 0.2 Switzerland franc 1.0086 .9915 1.0
Prime rate Cambridge Savings Bank 3.24% 2.00
5.00 0 Hong Kong dollar .1278 7.8224 –0.1 Turkey lira .1781 5.6145 6.2
Cambridge, MA 888-418-5626 India rupee .01454 68.755 –1.2 .0394 25.3900 –8.4
t
s Ukraine hryvnia
t 4.50 First Savings Bank of Hegewisch 3.50% Monday 1.00 –4 Yen Indonesia rupiah .0000713 14020 –2.5 UK pound 1.2217 .8185 4.4
New car loan Chicago, IL 773-646-4200 s Japan yen .009193 108.78 –0.7 Middle East/Africa
Euro Kazakhstan tenge .002596 385.27 0.2
4.00 First Command Bank 3.75% 0.00 –8 Bahrain dinar 2.6536 .3769 –0.03
Macau pataca .1242 8.0542 –0.2
Fort Worth, TX 888-763-7600 1 3 6 1 2 3 5 710 30 Egypt pound .0603 16.5895 –7.4
3.50 2018 2019 Malaysia ringgit .2427 4.1209 –0.3
month(s) years Israel shekel .2837 3.5244 –5.7
PNC Bank 3.79% New Zealand dollar .6631 1.5081 1.3
A S ON D J FMA M J J Kuwait dinar 3.2836 .3045 0.5
Washington, DC 888-PNC-BANK maturity Pakistan rupee .00621 161.125 15.3 Oman sul rial 2.5972 .3850 0.01
2018 2019 Philippines peso .0196 51.025 –2.8
Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data Qatar rial .2747 3.640 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7299 1.3701 0.5 Saudi Arabia riyal .2667 3.7500 –0.04
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008448 1183.71
Sri Lanka rupee .0056754 176.20
6.2
–3.7
South Africa rand .0706 14.1628 –1.4
Federal-funds rate target 2.25-2.50 2.25-2.50 1.75 l 2.25 2.00 Yield (%) 52-Week Total Return (%) Taiwan dollar .03216 31.094 1.7 Close Net Chg % Chg YTD%Chg
Prime rate* 5.50 5.50 5.00 l 5.50 2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Thailand baht .03241 30.850 –4.5 WSJ Dollar Index 90.91 0.12 0.13 1.38
Libor, 3-month 2.26 2.28 2.26 l 2.82 1.50 Treasury, Ryan ALM 1559.874 2.011 1.986 3.154 1.911 8.836 1.061
Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.68 0.70 0.41 l 0.75 0.42 10-yr Treasury, Ryan ALM 1859.333 2.056 2.043 3.232 1.952 11.262 0.498
Five-year CD, annual yield 1.82 1.87 1.80 l 2.07 0.61 DJ Corporate n.a. n.a. 3.194 n.a. n.a. n.a. n.a. Commodities
30-year mortgage, fixed† 3.91 3.90 3.80 l 4.99 0.37 Monday 52-Week YTD
Aggregate, Barclays Capital 2074.250 2.530 2.500 3.660 2.450 8.023 2.139 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.33 3.33 3.22 l 4.34 0.51
High Yield 100, Merrill Lynch 3090.943 5.441 5.605 7.825 5.423 6.844 6.187 DJ Commodity 613.13 2.45 0.40 642.46 572.87 -1.37 7.03
Jumbo mortgages, $484,350-plus† 4.24 4.25 4.22 l 5.16 0.18
Fixed-Rate MBS, Barclays 2107.000 2.710 2.660 3.810 2.610 6.782 2.119 TR/CC CRB Index 177.80 0.64 0.36 201.23 168.36 -9.17 4.71
Five-year adj mortgage (ARM)† 4.45 4.22 3.94 l 4.89 1.23
Muni Master, Merrill 558.324 1.695 1.736 2.908 1.695 6.828 2.558 Crude oil, $ per barrel 56.87 0.67 1.19 76.41 42.53 -18.91 25.24
New-car loan, 48-month 4.65 4.66 3.87 l 4.81 1.60
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 862.307 5.656 5.703 7.372 5.650 10.313 4.512 Natural gas, $/MMBtu 2.141 -0.028 -1.29 4.837 2.141 -23.45 -27.18
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Gold, $ per troy oz. 1419.60 1.10 0.08 1426.10 1176.20 16.24 11.05
Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
COMMODITIES WSJ.com/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Wheat (CBT)-5,000 bu.; cents per bu. March'20 98.1450 98.1650 98.1400 98.1600 .0250 1,214,491 Sept 1.1171 1.1194 1.1156 1.1190 .0020 543,271
Sept 495.25 507.25 492.50 503.50 7.50 165,976
Contract Open
Dec 503.00 512.50 501.00 508.50 4.25 116,031 Currency Futures
Open High hi lo Low Settle Chg interest
Wheat (KC)-5,000 bu.; cents per bu. Index Futures
Copper-High (CMX)-25,000 lbs.; $ per lb. Sept 431.00 440.25 430.00 436.50 4.50 150,447 Japanese Yen (CME)-¥12,500,000; $ per 100¥
July 2.6920 2.6920 2.6905 2.7095 0.0330 575 Dec 448.25 457.75 448.25 454.00 3.75 78,861 Aug .9236 .9236 .9200 .9206 –.0009 1,123 Mini DJ Industrial Average (CBT)-$5 x index
Sept 2.6905 2.7210 2.6815 2.7175 0.0325 148,443 Sept .9233 .9256 .9215 .9225 –.0008 134,789 Sept 27143 27255 27112 27198 49 96,654
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Gold (CMX)-100 troy oz.; $ per troy oz. Aug 143.725 143.900 142.150 142.300 –1.425 10,593 Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index
July ... 1419.70 ... 1419.60 1.10 5 Aug .7598 .7598 .7598 .7601 .0006 925 Sept 3025.10 3026.90 3015.50 3021.80 –2.70 30,514
Sept 144.100 144.175 142.650 142.825 –1.275 14,101
Aug 1419.00 1428.00 1414.40 1420.40 1.10 95,579 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept .7599 .7613 .7593 .7605 .0005 172,847 Mini S&P 500 (CME)-$50 x index
Oct 1425.80 1434.70 1421.40 1427.20 1.30 40,232 British Pound (CME)-£62,500; $ per £ Sept 3022.00 3027.25 3015.50 3021.75 –2.75 2,601,816
Aug 109.125 109.600 108.575 108.650 … 38,947
Dec 1431.90 1440.80 1427.50 1433.30 1.10 376,992 Aug 1.2393 t 1.2227
1.2395 1.2236 –.0162 1,051 Dec 3028.00 3030.00 3018.50 3024.75 –2.75 41,774
Oct 110.100 110.600 109.150 109.450 –.450 154,015
Feb'20 1439.00 1446.60 1434.60 1439.50 1.10 47,682 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 1.2411 t 1.2240
1.2412 1.2252 –.0162 256,153 Mini S&P Midcap 400 (CME)-$100 x index
April 1446.40 1451.10 1440.50 1444.50 1.00 15,733 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 1983.70 1988.00 1972.80 1976.60 –9.00 64,782
Aug 85.725 86.050 84.350 84.425 –2.000 23,107
Palladium (NYM) - 50 troy oz.; $ per troy oz. Oct 78.350 78.900 76.450 76.450 –3.000 102,648 Sept 1.0110 1.0136 1.0109 1.0131 .0027 56,716 Mini Nasdaq 100 (CME)-$20 x index
July ... ... ... 1550.30 22.80 28 Dec 1.0260 1.0215 1.0190 1.0214 .0027 53 Sept 8017.5 8031.8 7951.8 8001.3 –18.5 225,282
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Sept 1529.00 1560.00 1515.30 1553.80 22.80 22,369 Sept 331.00 337.00 328.40 335.80 2.10 2,129 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Russell 2000 (CME)-$50 x index
Dec 1531.70 1556.90 1518.20 1552.70 23.00 2,732 Aug .6913 .6914 .6904 .6906 –.0005 859 Sept 1579.80 1584.50 1566.40 1571.10 –10.40 435,282
Nov 334.70 338.70 331.50 338.70 3.40 481
March'20 1548.20 1548.20 1548.20 1548.10 23.00 291 Milk (CME)-200,000 lbs., cents per lb. Sept .6920 .6927 .6906 .6913 –.0005 153,651 Mini Russell 1000 (CME)-$50 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 1674.50 1677.90 1670.10 1674.20 –3.70 8,647
July 17.49 17.49 17.47 17.47 –.01 3,940
July 877.70 877.70 877.70 876.80 14.10 3 Aug 17.67 17.69 17.59 17.61 –.05 3,416 Aug .05229 .05197 .05197 .05228 –.00002 1 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 869.40 886.70 868.10 881.90 14.10 70,768 Sept .05212 .05219 .05186 .05204 –.00002 219,126 Sept 97.72 97.91 s 97.64 97.80 .05 52,285
Cocoa (ICE-US)-10 metric tons; $ per ton.
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 2,385 2,400 2,366 2,383 –6 87,626 Euro (CME)-€125,000; $ per €
July ... ... ... 16.368 0.043 22 Dec 2,442 2,448 2,418 2,434 –11 79,284 Aug 1.1151 1.1162 1.1135 1.1166 .0020 1,090 Source: FactSet
Sept 16.420 16.500 16.360 16.440 0.043 157,530 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 99.75 102.45 98.75 101.15 1.40 114,211
Sept
Oct
56.20
56.31
57.10
57.19
55.81
55.94
56.87
56.96
0.67
0.63
410,680
181,144
Dec 103.40 106.05 102.35 104.75 1.35 68,952 Bonds | WSJ.com/bonds
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Nov 56.43 57.22 56.03 57.01 0.59 138,170 Oct 12.04 12.21 12.00 12.07 .05 492,952
Dec 56.41 57.17 56.03 56.97 0.54 291,621 March'20 13.04 13.18 13.00 13.05 .03 265,497 Tracking Bond Benchmarks
June'20 55.18 55.80 54.94 55.67 0.31 147,046 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Dec 54.09 54.58 53.90 54.37 0.08 160,323 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Sept 25.55 t
25.56 25.55 25.55 –.10 2,690
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Nov 25.80 t
25.80 25.80 25.80 –.04 3,175
highs and lows for different types of bonds
Aug 1.9042 1.9191 1.8969 1.9106 .0062 20,337 Cotton (ICE-US)-50,000 lbs.; cents per lb. Total Total
Sept 1.9119 1.9281 1.9053 1.9203 .0070 130,805 Oct 63.53 63.66 62.81 63.77 –.47 232 return YTD total Yield (%) return YTD total Yield (%)
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 64.11 64.45 63.26 64.21 –.33 136,276 close return (%) Index Latest Low High close return (%) Index Latest Low High
Aug 1.8769 1.8807 1.8432 1.8634 –.0110 22,209 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Sept 1.8299 1.8299 1.7954 1.8153 –.0071 131,577 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Sept 102.30 102.85 100.95 101.70 –.75 14,726
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Nov 104.90 105.00 103.85 104.30 –.90 2,406 2107.00 4.6 Mortgage-Backed 2.710 2.610 3.810
Aug 2.175 2.182 t 2.120 2.141 –.028 4,385 2074.25 6.2 U.S. Aggregate 2.530 2.450 3.660
Sept 2.154 2.164 t 2.101 2.116 –.034 455,471 Interest Rate Futures U.S. Corporate Indexes Bloomberg Barclays 2067.84 4.4 Ginnie Mae (GNMA) 2.640 2.540 3.780
Oct 2.181 2.190 t 2.128 2.139 –.038 173,802
Nov 2.272 2.282 t 2.223 2.233 –.034 135,740 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 3020.45 10.3 U.S. Corporate 3.160 3.110 4.370 1238.84 4.6 Fannie mae (FNMA) 2.730 2.650 3.820
Dec 2.464 2.475 t 2.417 2.427 –.034 126,139 Sept 175-180 176-140 175-140 175-290 17.0 1,163,089
Jan'20 2.593 2.603 t 2.547 2.555 –.035 109,939 Dec 176-010 176-280 175-300 176-140 18.0 1,271 2814.81 7.3 Intermediate 2.760 2.710 4.060 1906.11 4.7 Freddie Mac (FHLMC) 2.740 2.640 3.840
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
4272.68 16.6 Long term 3.930 3.880 5.050 558.32 5.6 Muni Master 1.695 1.695 2.908
Agriculture Futures Sept 154-160 154-310 154-140 154-250 14.0 919,789
Dec 153-270 154-050 153-200 154-010 14.0 10,614
616.91 7.5 Double-A-rated 2.610 2.560 3.740 394.12 6.4 7-12 year 1.627 1.627 2.941
Corn (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Sept 413.25 419.50 412.00 417.00 2.50 507,399 Sept 127-100 127-160 127-090 127-145 7.5 3,824,311 444.39 6.9 12-22 year 2.063 2.063 3.317
792.67 11.5 Triple-B-rated 3.460 3.430 4.720
Dec 423.50 429.75 422.25 427.00 2.50 748,644 Dec 127-260 127-295 127-230 127-285 8.0 87,397
Oats (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% High Yield Bonds ICE Data Services 431.45 7.6 22-plus year 2.543 2.543 3.758
Sept 256.75 262.75 t 256.50 258.75 1.25 1,059 Sept 117-197 117-227 117-190 117-217 4.5 4,375,426
Dec 263.00 265.00 262.00 264.25 1.25 3,554 Dec 117-305 118-007 117-290 117-317 4.7 140,239 451.98 10.7 High Yield Constrained 6.003 5.982 8.107 Global Government J.P. Morgan†
Soybeans (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 579.91 5.5 Global Government 1.040 1.010 1.880
882.50 890.75 881.75 885.75 2.50 49,006
433.94 8.6 Triple-C-rated 11.579 9.691 13.784
Aug Sept 107-094 107-104 107-085 107-092 –2.2 3,625,965
Nov 899.75 909.00 899.25 904.25 3.25 321,436 Dec 107-151 107-165 107-144 107-154 –2.4 124,414 3090.94 10.4 High Yield 100 5.441 5.423 7.825 806.17 4.2 Canada 1.610 1.540 2.540
Soybean Meal (CBT)-100 tons; $ per ton. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Aug 303.00 305.90 302.60 304.20 1.10 28,058 July 97.5975 97.5975 97.5950 97.5950 –.0025 298,465 408.25 10.4 Global High Yield Constrained 5.606 5.594 7.561 402.07 7.5 EMU§ 0.449 0.446 1.469
Dec 309.40 312.80 309.00 311.50 1.80 184,934 Aug 97.8900 97.9050 97.8875 97.9000 .0150 565,197
.
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 321.29 8.8 Europe High Yield Constrained 2.841 2.841 4.869 770.49 7.2 France 0.150 0.140 0.980
ly
Aug 28.45 28.72 28.37 28.43 –.04 24,921 Sept 109-085 109-175 109-020 109-115 10.5 22,252
U.S Agency Bloomberg Barclays 544.35 4.9 Germany -0.260 -0.260 0.580
Dec 28.98 29.28 28.92 28.97 –.05 210,554 Eurodollar (CME)-$1,000,000; pts of 100%
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Aug 97.7675 97.8025 97.7650 97.8000 .0350 318,301 1734.39 4.1 U.S Agency 2.130 2.060 3.210 300.39 2.9 Japan 0.110 0.070 0.520
Sept 1216.00 1234.50 s 1215.00 1231.00 11.50 7,295 Sept 97.8150 97.8500 97.8150 97.8450 .0300 1,409,594
Nov 1234.00 1252.00 s 1233.00 1249.50 12.00 920 Dec 97.9100
on 97.9350 97.9050 97.9250 .0200 1,807,731 1537.63 3.1 10-20 years 2.020 1.940 3.110 605.70 5.7 Netherlands -0.150 -0.150 0.670
3676.41 8.7 20-plus years 2.630 2.530 3.700 1002.81 7.1 U.K. 1.130 1.110 1.900
Cash Prices | WSJ.com/commodities Monday, July 29, 2019 2641.27 7.8 Yankee 2.880 2.840 4.050 862.31 11.9 Emerging Markets ** 5.656 5.650 7.372
us l,
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
separate from the futures price on an exchange, which reflects what the commodity might be worth in future ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
months.
al a
e
Monday Monday Monday
Platinum,Engelhard fabricated 972.0 Wheat,No.2 soft red,St.Louis-bp,u 4.8850
Global Government Bonds: Mapping Yields
Energy
1532.0 4.4400
ci on
Palladium,Engelhard industrial Wheat - Hard - KC (USDA) $ per bu-u Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 65.550 Palladium,Engelhard fabricated 1632.0 Wheat,No.1soft white,Portld,OR-u 5.9750
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Aluminum, LME, $ per metric ton *1778.0 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Food
Copper,Comex spot 2.7095
Metals Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Iron Ore, 62% Fe CFR China-s 118.5 Beef,carcass equiv. index
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Shredded Scrap, US Midwest-s,m 259 choice 1-3,600-900 lbs.-u 188.27
Gold, per troy oz Steel, HRC USA, FOB Midwest Mill-s 598 select 1-3,600-900 lbs.-u 164.71 1.750 U.S. 2 1.846 t l 1.854 1.753 2.673
Engelhard industrial 1437.09
er rs
Broilers, National comp wtd. avg.-u,w 0.8621 2.375 10 2.057 t l 2.069 2.006 2.956
Engelhard fabricated 1544.87 Fibers and Textiles Butter,AA Chicago 2.3500
Handy & Harman base 1419.05 Burlap,10-oz,40-inch NY yd-n,w 0.5400 Cheddar cheese,bbl,Chicago 172.00 5.750 Australia 2 0.872 t l 0.890 0.987 2.002 -97.4 -96.3 -67.2
Handy & Harman fabricated 1575.15 Cotton,1 1/16 std lw-mdMphs-u 0.5952 Cheddar cheese,blk,Chicago 182.50
LBMA Gold Price AM *1418.25 3.250 10 1.222 t l 1.238 1.335 2.659 -83.6 -83.1 -29.7
Cotlook 'A' Index-t *75.40 Milk,Nonfat dry,Chicago lb. 103.50
LBMA Gold Price PM *1420.40 n.a. Coffee,Brazilian,Comp 1.0040 France 2 -0.678 s
m e
Hides,hvy native steers piece fob-u 0.000 l -0.691 -0.678 -0.417 -252.4 -254.5 -309.1
Krugerrand,wholesale-e 1477.63 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY 1.3256
Maple Leaf-e 1491.84 Eggs,large white,Chicago-u 0.4250 0.500 10 -0.136 t l -0.120 -0.004 0.701 -219.4 -218.9 -225.5
American Eagle-e 1491.84 Grains and Feeds Flour,hard winter KC 14.05
m rp
Mexican peso-e 1721.06 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u n.a. 0.000 Germany 2 -0.761 t l -0.752 -0.752 -0.598 -260.7 -260.6 -327.1
Austria crown-e 1395.67 76 Hogs,Iowa-So. Minnesota-u 79.98
Bran,wheat middlings, KC-u 0.000 10 -0.388 t l -0.374 -0.324 0.405 -244.6 -244.2 -255.1
Austria phil-e 1491.84 Corn,No. 2 yellow,Cent IL-bp,u 4.1650 Pork bellies,12-14 lb MidUS-u n.a.
Silver, troy oz. Corn gluten feed,Midwest-u,w 106.5 Pork loins,13-19 lb MidUS-u 0.9613 0.050 Italy 2 -0.004 s l -0.011 0.217 0.744 -184.9 -186.4 -193.0
Engelhard industrial 16.4200 Corn gluten meal,Midwest-u,w 361.6 Steers,Tex.-Okla. Choice-u 112.00
Engelhard fabricated 19.7040 Steers,feeder,Okla. City-u,w 155.88 3.000 10 1.580 s l 1.574 2.090 2.738 -47.8 -49.5 -21.8
Cottonseed meal-u,w 220
Handy & Harman base 16.4230 Hominy feed,Cent IL-u,w 95 Fats and Oils 0.100 Japan 2 -0.211 t -0.210 -0.222 -0.114 -206.4 -278.8
co Fo
l -205.6
Handy & Harman fabricated 20.5290 Meat-bonemeal,50% pro Mnpls-u,w 210
LBMA spot price *£13.2300 Oats,No.2 milling,Mnpls-u 3.0325 Corn oil,crude wet/dry mill wtd. avg.-u,w 27.6100 0.100 10 -0.146 s l -0.150 -0.162 0.101 -220.3 -221.9 -285.5
(U.S.$ equivalent) *16.4400 Rice, Long Grain Milled, No. 2 AR-u,w 24.13 Grease,choice white,Chicago-h 0.2900
Coins,wholesale $1,000 face-a 12197 Sorghum,(Milo) No.2 Gulf-u 7.1788 Lard,Chicago-u n.a. 0.750 Spain 2 -0.499 t l -0.499 -0.418 -0.312 -234.5 -235.2 -298.5
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 308.70 Soybean oil,crude;Centl IL-u 0.2806 0.600 10 0.361 t l 0.372 0.393 1.311 -169.6 -169.7 -164.5
LBMA Platinum Price PM *865.0 Soybeans,No.1 yllw IL-bp,u 8.6650 Tallow,bleach;Chicago-h 0.3138
Platinum,Engelhard industrial 872.0 Wheat,Spring14%-pro Mnpls-u 6.2750 Tallow,edible,Chicago-u n.a. 2.000 U.K. 2 0.511 t l 0.540 0.687 0.758 -133.5 -131.4 -191.5
1.625 10 0.657 t l 0.689 0.833 1.281 -140.1 -138.0 -167.5
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 7/26 Source: Tullett Prebon
Source: WSJ Market Data Group
Corporate Debt
Borrowing Benchmarks | WSJ.com/bonds Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
that same company’s share price.
Money Rates July 29, 2019
Investment-grade spreads that tightened the most…
n-
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Spread*, in basis points Stock Performance
guide to general levels but don’t always represent actual transactions. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Week —52-WEEK— Week —52-WEEK— Mylan MYL 4.550 April 15, ’28 160 –132 293 20.78 12.57
Inflation
no
Latest ago High Low Latest ago High Low

3M MMM 2.000 June 26, ’22 21 –15 25 176.76 1.60
June index Chg From (%) High 2.4500 2.4500 2.6500 2.0625
level May '19 June '18
Policy Rates Synchrony Financial SYF 3.950 Dec. 1, ’27 158 –15 187 36.35 –0.68
Low 2.3300 2.2500 2.4400 1.8000
Euro zone 0.00 0.00 0.00 0.00 J B Hunt Transport Services JBHT 3.875 March 1, ’26 93 –9 106 101.85 –1.06
Bid 2.3300 2.3300 2.4400 1.8800
U.S. consumer price index Switzerland 0.50 0.50 0.50 0.50
Offer 2.3500 2.3500 2.4500 1.9100
All items 256.143 0.02 1.6 Britain 0.75 0.75 0.75 0.50 BP Capital Markets America BPLN 3.245 May 6, ’22 39 –8 46 ... ...
Core 263.177 0.22 2.1 Australia 1.00 1.00 1.50 1.00 Treasury bill auction Cox Communications COXENT 2.950 June 30, ’23 82 –7 n.a. ... ...
Overnight repurchase 4 weeks 2.110 2.090 2.470 1.880
eBay EBAY 3.450 Aug. 1, ’24 77 –7 88 41.57 0.82
International rates U.S. 2.45 2.47 3.35 1.92
13 weeks 2.070 2.040 2.465 2.000
26 weeks 2.035 2.010 2.505 2.010 Edison International EIX 2.400 Sept. 15, ’22 136 –7 158 70.60 –0.49
Week 52-Week U.S. government rates
Latest ago High Low Secondary market …And spreads that widened the most
Discount
Prime rates 3.00 3.00 3.00 2.50 Fannie Mae Royal Bank of Scotland RBS 8.625 Aug. 15, ’49 237 38 224 5.68 –0.70
U.S. 5.50 5.50 5.50 5.00 30-year mortgage yields Caterpillar CAT 3.400 May 15, ’24 41 16 43 134.46 1.16
Canada 3.95 3.95 3.95 3.70 Federal funds
30 days 3.330 3.284 4.607 3.076
Japan 1.475 1.475 1.475 1.475 Effective rate 2.3900 2.4000 2.4800 1.9300 EQT EQT 3.900 Oct. 1, ’27 350 16 297 13.65 –4.61
60 days 3.362 3.324 4.632 3.100
JPMorgan Chase JPM 5.150 May 1, ’49 247 15 242 115.85 –0.32
Other short-term rates Barclays BACR 8.000 June 15, ’49 402 14 406 ... ...
Key Interest Rates Week 52-Week Apache APA 4.250 Jan. 15, ’30 220 12 217 23.33 –2.51
Data are annualized on a 360-day basis. Treasury yields are per annum, Latest ago high low
Ford Motor Credit F 3.815 Nov. 2, ’27 243 11 n.a. … …
on actively traded noninflation and inflation-indexed issues that are Call money Enel Finance International NV* ENELIM 4.750 May 25, ’47 187 10 191 ... ...
adjusted to constant maturities. Data are from weekly Federal Reserve 4.25 4.25 4.25 3.75
release H.15. High-yield issues with the biggest price increases…
Commercial paper (AA financial)
Week Ended 52-Week Week Ended 52-Week
90 days 2.25 2.18 2.80 2.12 Bond Price as % of face value Stock Performance
Jul 26 Jul 19 High Low Jul 26 Jul 19 High Low
6-month 2.09 2.04 2.56 2.04 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Federal funds (effective) Libor
1-year 1.98 1.95 2.73 1.93
2.41 2.39 2.44 1.91 One month 2.23438 2.26913 2.52238 2.06000 Lloyds Bank LLOYDS 12.000 Dec. 16, ’49 124.500 2.00 122.260 ... ...
2-year 1.84 1.82 2.94 1.74
Three month 2.25550 2.28275 2.82375 2.25550 Refinitiv US Holdings 8.250 Nov. 15, ’26 111.313 1.81 103.750 ... ...
Commercial paper 3-year 1.80 1.79 3.02 1.70 FINRSK
Six month 2.19625 2.18075 2.90788 2.14425
Nonfinancial 5-year 1.83 1.83 3.06 1.76 2.18838 3.14413 2.14738 Teva Pharmaceutical Finance Netherlands Iii TEVA 4.100 Oct. 1, ’46 67.250 1.81 63.500 … …
One year 2.19800
1-month 2.21 2.24 2.50 1.94 7-year 1.94 1.94 3.14 1.88
10-year 2.07 2.07 3.21 2.00 Euro Libor Bed Bath & Beyond BBBY 3.749 Aug. 1, ’24 94.610 1.61 92.250 9.67 –3.11
2-month 2.20 2.20 2.53 2.00
3-month 2.18 2.17 2.57 2.10 20-year 2.37 2.37 3.34 2.31 One month -0.422 -0.434 -0.390 -0.446 Tenet Healthcare THC 6.750 June 15, ’23 102.750 1.25 101.000 23.58 7.13
Three month -0.402 -0.402 -0.324 -0.420
Financial Treasury yields (secondary market) Six month -0.410 -0.426 -0.288 -0.429
Staples SPLS 10.750 April 15, ’27 103.260 1.01 100.625 ... ...
1-month 2.31 2.31 2.47 1.94 1-month 2.08 2.10 2.43 1.87 One year -0.348 -0.340 -0.159 -0.348 Western Digital WDC 4.750 Feb. 15, ’26 100.000 0.63 99.125 55.79 –1.26
2-month 2.25 2.21 2.56 2.05 3-month 2.05 2.07 2.41 1.96
3-month 2.23 2.20 2.78 2.16 6-month 2.03 1.99 2.49 1.99 Value 52-Week Ascent Resources Utica Holdings ASCRES 10.000 April 1, ’22 99.000 0.56 98.000 ... ...
Latest Traded High Low
Discount window primary credit TIPS
3.00 3.00 3.00 2.50 DTCC GCF Repo Index …And with the biggest price decreases
5-year 0.24 0.22 1.14 0.22
Treasury 2.468 46.200 5.149 1.936 7.500 April 1, ’26
Treasury yields at constant 7-year 0.25 0.24 1.14 0.24 Southwestern Energy SWN 86.438 –2.06 90.000 1.91 –6.37
maturities MBS 2.509 105.750 4.434 1.966
10-year 0.27 0.29 1.15 0.27 Weatherford International WFT 9.875 March 1, ’39 45.000 –2.00 47.250 ... ...
1-month 2.13 2.14 2.48 1.90 20-year 0.51 0.53 1.25 0.51 Notes on data:
3-month 2.09 2.11 2.47 2.00 Long-term avg 0.71 0.71 1.30 0.71 U.S. prime rate is the base rate on corporate Chesapeake Energy CHK 5.750 March 15, ’23 84.688 –1.98 84.750 1.64 –0.61
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective December 20, 2018. Realogy RLGY 5.250 Dec. 1, ’21 97.250 –1.67 97.000 4.96 –8.15
Notes on data:
Other prime rates aren’t directly comparable;
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
lending practices vary widely by location; Diamond Offshore Drilling DO 5.700 Oct. 15, ’39 66.470 –1.53 67.500 7.63 –3.54
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Discount rate is effective December 20, 2018.
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Range Resources RRC 5.000 March 15, ’23 86.750 –1.50 89.250 4.78 –7.54
DTCC GCF Repo Index is Depository Trust &
primary credit rate is charged for discounts made and advances extended under the Federal Clearing Corp.'s weighted average for overnight Xerox XRX 4.800 March 1, ’35 86.331 –1.42 n.a. 33.94 –1.42
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; trades in applicable CUSIPs. Value traded is in
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid billions of U.S. dollars. Federal-funds rates are California Resources CRC 8.000 Dec. 15, ’22 68.250 –1.33 67.875 14.02 –7.40
yields for all TIPS with remaining terms to maturity of 10 years or more; Tullett Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor *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.
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high. s HartfordFinl HIG 57.75 -0.39
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Dow DOW 48.05 -1.06 LockheedMartin LMT 369.62 0.16 NobleEnergy NBL 20.87 0.12 QurateRetailA QRTEA 14.23 0.27 StarwoodProp STWD 23.18 0.15 UnitedRentals URI 128.99 1.38
DrReddy'sLab RDY 37.80 -1.20 s Hasbro HAS 126.07 2.40 Loews L 53.91 -0.93 Nokia NOK 5.65 -0.01 StateStreet STT 59.13 -1.24 s US Bancorp USB 57.06 -0.32
Market listed securities. Prices are composite dd-Indicates loss in the most recent
quotations that include primary market trades four quarters. Dropbox DBX 23.94 -0.69 Heico A HEI.A 107.15 -1.09 LogitechIntl LOGI 41.58 0.28 NomuraHoldings NMR 3.20 -0.07 R S SteelDynamics STLD 32.61 0.01 UnitedTech UTX 135.72 0.09
as well as trades reported by Nasdaq BX FD-First day of trading. DukeEnergy DUK 87.79 0.88 Heico HEI 137.63 -1.05 Lowe's LOW 103.96 0.43 Nordson NDSN 139.71 -2.12 Steris STE 150.34 0.90 UnitedHealth UNH 253.82 0.88
s DukeRealty DRE 33.48 RELX RELX 24.15 0.15
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing 0.02 HenrySchein HSIC 68.18 0.38 lululemon LULU 192.09 1.48 NorfolkSouthern NSC 191.99 2.00 STMicroelec STM 19.10 -0.05 s UnivDisplay OLED 214.36 0.50
Dunkin' Herbalife Lyft RPM RPM 67.97 0.77
Cboe, NYSE National and Nasdaq ISE. standards DNKN 81.83 -0.77 HLF 41.41 -0.11 LYFT 64.03 -1.49 NorthernTrust NTRS 99.02 -0.62 StoneCo STNE 34.54 0.38 UniversalHealthB UHS 152.65 0.76
DuPont Hershey LyondellBasell LYB 83.87 RalphLauren RL 111.27 1.19
The list comprises the 1,000 largest lf-Late filing DD 73.09 -0.12 HSY 152.21 -0.77 -1.47 NorthropGrum NOC 355.43 2.91 Stryker SYK 215.32 0.87 UnumGroup UNM 32.50 -0.48
ENI Hess RaymondJames RJF 81.86 -2.97
companies based on market capitalization. q-Temporary exemption from Nasdaq E 31.71 -0.07 HES 59.98 0.15 NorwegCruise NCLH 49.10 0.06 SumitomoMits SMFG 7.00 -0.01 VEREIT VER 9.24 0.02
requirements. EOG Rscs EOG 83.92 -0.37 HewlettPackard HPE 14.66 0.03 M N Novartis NVS 92.13 -1.06
Raytheon RTN 189.68 -0.11
RealPage RP 64.29 -0.51
SunComms SUI 134.11 0.95 VF VFC 88.33 -0.28
Underlined quotations are those stocks with s EPAM Systems EPAM 198.89 -1.93 Hexcel HXL 83.26 -0.16 NovoNordisk NVO 49.12 0.28 SunLifeFinancial SLF 41.88 -0.04 VICI Prop VICI 21.27 -0.10
large changes in volume compared with the t-NYSE bankruptcy M&T Bank MTB 163.70 -1.25 RealtyIncome O 70.18 0.64
v-Trading halted on primary market. EQM Midstream EQM 40.91 0.16 Hill-Rom HRC 106.99 0.01 s Novocure NVCR 82.00 3.09 SuncorEnergy SU 29.12 -0.52 VailResorts MTN 246.94 -1.79
issue’s average trading volume. MGM Resorts MGM 30.47 ... RegencyCtrs REG 66.74 0.54
vj-In bankruptcy or receivership or E*TRADE ETFC 48.95 -0.55 Hilton HLT 97.40 0.19
t MPLX Nucor NUE 55.73 -0.43 SunTrustBanks STI 65.84 -0.62 Vale VALE 13.24 -0.03
EXACT Sci EXAS117.57 -0.35 HollyFrontier HFC 49.58 -0.02 MPLX 28.51 -1.69 RegenPharm REGN 306.04 -3.14 ValeroEnergy VLO 84.03 -0.28
Boldfaced quotations highlight those issues being reorganized under the Nutrien NTR 50.54 -0.29
RegionsFin RF 15.81 -0.23 Suzano SUZ 16.23 -0.20
s Hologic MSCI MSCI 232.37 -4.90
whose price changed by 5% or more if their Bankruptcy Code, or securities EastWestBncp EWBC 48.09 -0.99 HOLX 50.38 0.89 NVIDIA NVDA 174.82 -0.25 s Symantec SYMC 22.10 -0.63 VarianMed VAR 119.67 -1.09
HomeDepot HD 218.04 1.13 Macy's M 22.69 -0.18 ReinsGrp RGA 159.85 -3.14 Vedanta VEDL 9.04 -0.44
previous closing price was $2 or higher. assumed by such companies. EastmanChem EMN 77.04 -0.61 SynchronyFin SYF 36.35 -0.25
MadisonSquGarden MSG 287.42 -1.96 RelianceSteel RS 101.31 -1.69
Eaton ETN 81.07 -0.50 HondaMotor HMC 25.53 -0.22
MagellanMid MMP 65.50 -0.67
O P Q RenaissanceRe RNR 184.61 -1.58 Synopsys SNPS 136.21 -0.88 VeevaSystems VEEV 161.75 -8.72
eBay EBAY 41.57 0.34 Honeywell HON 174.53 0.92 SynovusFin SNV 38.07 -0.12 Ventas VTR 67.55 0.52
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s Ecolab HormelFoods HRL 41.44 0.06 MagnaIntl MGA 50.54 0.35 OGE Energy OGE 43.05 0.49 RepublicSvcs RSG 90.09 -0.20
ECL 200.62 1.00 Sysco SYY 69.95 -0.94 VeriSign VRSN 215.54 -1.04
changes in the closing prices from 4 p.m. the previous day. Ecopetrol EC 18.20 DR Horton DHI 44.00 -0.50 ManulifeFin MFC 18.39 -0.10 ONEOK OKE 66.80 -1.69 ResMed RMD 129.41 2.54
-0.23 VeriskAnalytics VRSK 152.57 0.06
MarathonOil MRO 13.50 -0.25 OReillyAuto ORLY 389.82 6.03 RestaurantBrands QSR 74.88 -0.35
EdisonInt EIX 70.60 -0.35 HostHotels HST 17.50 -0.11
MarathonPetrol MPC 56.16 -0.68 OccidentalPetrol OXY 50.91 -0.68 s RingCentral RNG 126.15 -1.24 T U V Verizon VZ 57.37 0.29
Monday, July 29, 2019 Net Net EdwardsLife EW 216.27 3.42 Huazhu HTHT 34.01 0.19 VertxPharm VRTX 166.23 -0.60
ElancoAnimal ELAN 33.01 Hubbell HUBB 125.37 -0.60 Markel MKL 1114.91 -6.33 s Okta OKTA 132.63 -7.90 RioTinto RIO 57.81 0.28 TAL Education TAL 32.06 -0.71 Viacom A VIA 35.35 0.03
Net Stock Sym Close Chg Stock Sym Close Chg -0.15
Elastic ESTC 100.38 HubSpot HUBS 181.67 -3.51 MarketAxess MKTX 336.90-11.04 OldDomFreight ODFL 164.53 -0.31 RobertHalf RHI 60.36 -0.75 TC Energy TRP 49.46 0.47 Viacom B VIAB 30.98 0.01
Stock Sym Close Chg -2.21
AutoZone AZO 1148.82 2.64 s Catalent CTLT 56.41 -0.85 s ElbitSystems ESLT 160.79 2.18 Humana HUM 281.02 4.15 Marriott MAR 141.23 0.96 OldRepublic ORI 22.85 0.01 Rockwell ROK 163.25 -1.37 TD Ameritrade AMTD 51.41 -0.64 s Visa V 183.21 -0.48
Avalara AVLR 82.64 -3.78 Caterpillar CAT 134.46 1.54 s Marsh&McLen MMC 103.13 0.68 OmegaHealthcare OHI 37.14 0.15 RogersComm B RCI 53.10 0.26 TE Connectivity TEL 94.01 0.36 VistraEnergy VST 21.77 0.02
ElectronicArts EA 88.87 JBHunt JBHT 101.85 -1.09
A B C Avalonbay AVB 210.44 2.06 Celanese CE 112.12 0.96 EmersonElec EMR 66.30
-0.64
-0.36 HuntingtonBcshs HBAN 14.33 -0.28 MartinMarietta MLM 223.99 0.17 Omnicom OMC 81.61 -0.08 Roku ROKU 105.13 -5.32 Telus TU 36.27 0.21 VMware VMW 177.66 -0.65
Avangrid AGR 49.62 0.65 Celgene CELG 92.99 0.23 Enbridge ENB 33.38 -0.22 HuntingIngalls HII 233.85 -0.12 MarvellTech MRVL 27.28 -0.05 ON Semi ON 22.22 0.18 Rollins ROL 33.88 -0.38 TIM Part TSU 15.83 -0.05 Vodafone VOD 18.45 0.20
ABB ABB 18.53 -0.15 CenovusEnergy CVE 8.89 -0.32 Masco MAS 40.78 -0.72 OpenText OTEX 43.70 -0.36 RoperTech ROP 361.31 -4.89
Avantor AVTR 17.87 -0.14 EncompassHealth EHC 67.44 -0.09 HutchisonChina HCM 20.66 -0.02 TJX TJX 55.44 -0.32 VornadoRealty VNO 64.24 0.32
AES AES 17.06 0.12 Centene CNC 53.84 0.42 Masimo MASI 157.31 -2.56 Oracle RossStores ROST 106.51 -0.32
AveryDennison AVY 116.40 -0.79 EnelAmericas ENIA 8.40 ... HyattHotels H 78.70 0.34 ORCL 58.06 -0.44 T-MobileUS TMUS 82.38 -1.87 VoyaFinancial VOYA 56.87 -0.42
Aflac AFL 52.96 -0.93 CenterPointEner CNP 28.76 -0.04 s Mastercard MA 281.44 -0.63 Orange RoyalBkCanada RY 79.62 0.07
AxaltaCoating AXTA 30.29 -0.58 EnelChile ENIC 4.47 -0.01 s IAA IAA 46.97 -0.50 ORAN 15.06 0.26 TRowePrice TROW 114.96 -0.24 VulcanMatls VMC 136.05 -0.75
AGNC Invt AGNC 17.44 0.03 CentraisElBras EBR 10.12 -0.02 MatchGroup MTCH 76.54 -0.65 Orix RoyalBkScotland RBS 5.68 -0.04
BB&T BBT 51.20 -0.45 EnergyTransfer ET 14.41 -0.31 IAC/InterActive IAC 243.00 -1.38 IX 73.79 -2.86 TableauSftwr DATA 172.18 -3.96
ANGI Homesvcs ANGI 13.81 -0.15
Ansys ANSS 210.66 -2.49
BCE BCE 45.83 0.26 CenturyLink CTL 11.77 0.02 s Entegris ENTG 44.87 0.89 ICICI Bank IBN 12.58 0.72 MaximIntProducts MXIM 64.53 -0.04 Oshkosh OSK 85.92 1.24
s McCormickVtg MKC.V 161.44 -0.81 OwensCorning OC 57.29 -0.81
RoyalCaribbean RCL 115.59 1.63
RoyalDutchA RDS.A 63.46 0.44
TaiwanSemi TSM 43.94 0.48 W X Y Z
BHP Group BHP 56.43 0.30 CeridianHCM CDAY 52.13 -0.85 Entergy ETR 104.94 1.25 IdexxLab IDXX 284.91 0.97 TakeTwoSoftware TTWO 123.59 1.81
ASETech ASX 4.45 0.07 McCormick MKC 162.48 -0.09 OwlRock RoyalDutchB RDS.B 63.79 0.35
ASML ASML 230.97 0.12
BHP Group BBL 49.04 0.47 Cerner CERN 73.67 0.56 EnterpriseProd EPD 29.70 -0.51 IHS Markit INFO 65.39 -0.07 ORCC 15.59 ... TakedaPharm TAK 16.93 0.07 WABCO WBC 132.69 -0.19
BOK Fin BOKF 82.28 -1.23 CharlesRiverLabs CRL 139.79 -0.14 ING Groep ING 11.45 -0.11 McDonalds MCD 214.98 -0.60 PG&E PCG 18.28 -0.42 RoyalGold RGLD 119.19 1.33 Tapestry TPR 30.61 -0.01 WEC Energy WEC 87.50 0.84
s AT&T T 34.34 0.19 Equifax EFX 142.72 0.38
BP BP 39.09 0.11 CharterComms CHTR 393.65 -5.14 Invesco McKesson MCK 141.28 2.33 PNC Fin SAP SAP 126.43 -0.56 TargaResources TRGP 39.13 -0.75 WEX WEX 218.97 1.69
AXA Equitable EQH 22.72 ... Equinix EQIX 486.58 -2.23 IVZ 19.33 -0.28 PNC 141.96 -0.84
BRF BRFS 8.86 -0.11 CheckPoint CHKP 111.88 -0.61 MedicalProp MPW 17.71 -0.11 POSCO s S&P Global SPGI 243.30 -1.05 TGT 87.23 0.17 s W.P.Carey WPC 86.00 0.81
AbbottLabs ABT 88.55 0.80 t Equinor EQNR 18.08 -0.23 IPG Photonics IPGP 139.42 -1.77 PKX 48.39 -0.29 Target
BT Group BT 12.13 ... s Chemed CHE 396.05 10.04 s Medtronic MDT 103.26 0.71 s SBA Comm SBAC 236.98 0.16 t WPP WPP 59.64 0.26
AbbVie ABBV 67.18 -0.58 EquityLife ELS 124.22 0.47 IQVIA IQV 159.30 -0.58 PPG Ind PPG 118.43 0.49 TataMotors TTM 9.94 -0.63
MelcoResorts MLCO 23.70 -0.26 PPL SEI Investments SEIC 60.40 -0.50
Abiomed ABMD 275.93 3.27
Baidu BIDU 113.45 -0.77 CheniereEnergy LNG 65.28 -1.22 s EquityResdntl EQR 79.61 1.05 IcahnEnterprises IEP 78.34 1.33 PPL 30.06 -0.26 TechnipFMC FTI 28.18 -0.33 Wabtec WAB 71.10 -0.74
BakerHughes BHGE 24.09 -0.75 s CheniereEnerPtrs CQP 46.92 0.45 ErieIndemnity A ERIE 232.27 -3.17 Icon ICLR 158.12 -2.98 MellanoxTech MLNX 113.62 -0.08
PRA HealthSci PRAH 101.80 0.71
SK Telecom SKM 22.89 0.09
TeckRscsB TECK 21.24 -0.06 WalgreensBoots WBA 55.12 0.07
s Accenture ACN 197.35 0.42 MercadoLibre MELI 653.39 -1.32 t SLGreenRealty SLG 81.07 -0.12
ActivisionBliz ATVI 48.45 0.46 Ball BLL 72.28 0.14 Chevron CVX 124.23 0.51 s EssexProp ESS 307.83 3.76 IDEX IEX 167.44 -1.37 PTC PTC 70.47 -2.89 TeledyneTech TDY 294.36 -1.82 Walmart WMT 112.27 -0.75
BancoBilbaoViz BBVA 5.31 -0.06 Chewy CHWY 34.16 1.71 IllinoisToolWks ITW 155.74 0.11 Merck MRK 82.49 1.06 SS&C Tech SSNC 59.69 -0.80 s WasteConnections WCN 94.15 -0.63
Adobe ADBE 307.22 -4.05 EsteeLauder EL 192.06 1.19 PVH PVH 89.08 -0.23 Teleflex TFX 350.76 3.60
BancoBradesco BBDO 8.58 -0.20 ChinaLifeIns LFC 13.00 -0.08 Illumina MetLife MET 50.00 -0.69 StoreCapital STOR 34.28 0.07 WasteMgt WM 117.96 -0.54
AdvanceAuto AAP 153.04 0.42 Etsy ETSY 69.12 -1.74 ILMN 304.41 3.51 Paccar PCAR 71.51 -0.16 Ericsson ERIC 8.99 -0.01
BancodeChile BCH 29.27 0.07 t ChinaMobile CHL 43.29 -0.19 ImperialOil IMO 27.39 0.08 MettlerToledo MTD 775.00 -0.11 SVB Fin SIVB 228.61 -5.18 Waters WAT 219.14 1.51
AdvMicroDevices AMD 33.48 -0.54 EuronetWorldwide EEFT 159.63 2.13 PackagingCpAm PKG 102.02 0.01 TelefonicaBras VIV 13.91 0.06
BancSanBrasil BSBR 11.91 -0.07 ChinaPetrol SNP 64.97 -0.37 Incyte MicroFocus MFGP 21.00 -0.26 Sabre SABR 23.79 -0.03 Watsco WSO 161.71 -0.01
Aegon AEG 4.98 -0.02 EverestRe RE 256.80 -2.72 INCY 80.26 0.11 PagSeguroDig PAGS 47.26 -1.06 Telefonica TEF 7.96 0.08
BcoSantChile BSAC 29.73 0.03 ChinaTelecom CHA 45.39 -0.19 Infosys MicrochipTech MCHP 98.38 0.27 SageTherap SAGE 163.20 -3.29 Wayfair W 134.00 -4.06
AerCap AER 50.40 -0.46 Evergy EVRG 61.20 0.48 INFY 11.51 0.03 PaloAltoNtwks PANW 225.65 -1.38 TelekmIndonesia TLK 30.05 0.37
BancoSantander SAN 4.43 -0.03 t ChinaUnicom CHU 9.96 -0.06 Ingersoll-Rand IR 122.22 -0.36 MicronTech MU 46.82 -0.67 Salesforce.com CRM 156.21 -3.76 WellCareHealth WCG 293.48 2.88
AgilentTechs A 70.37 0.87 EversourceEner ES 76.81 0.57 ParkerHannifin PH 172.79 -2.10 Tenaris TS 25.01 -0.31
BanColombia CIB 50.40 -0.61 s Chipotle CMG 809.03 29.17 NSP 108.89-35.74 Microsoft MSFT 141.03 -0.31 Sanofi SNY 43.03 0.67 WellsFargo WFC 48.28 -1.02
AgnicoEagle AEM 54.36 0.61 Exelixis EXEL 21.01 0.21 Insperity Paychex PAYX 86.23 -0.35 Teradyne TER 57.59 1.24
BankofAmerica BAC 30.52 -0.25 s Chubb CB 153.28 0.31 Exelon EXC 46.05 Insulet PODD 125.11 1.12 MidAmApt MAA 119.18 0.44 SantanderCons SC 27.26 -0.14 Welltower WELL 83.71 0.58
s AirProducts APD 231.19 0.64 0.23 Tesla TSLA 235.77 7.73
BankofMontreal BMO 76.15 0.24 ChunghwaTel CHT 34.84 0.09 Expedia EXPE 138.71 -0.71 Intel INTC 52.51 0.92 Middleby MIDD 134.91 -3.12 PaycomSoftware PAYC 229.61 -5.59 SareptaTherap SRPT 148.12 -1.25 WestPharmSvcs WST 138.37 1.46
AkamaiTech AKAM 83.52 -0.40 PayPal PYPL111.45 -4.04 Sasol SSL 22.25 0.32 TevaPharm TEVA 7.86 0.32
BankNY Mellon BK 46.82 -0.78 Church&Dwight CHD 76.12 0.28 MitsubishiUFJ MUFG 4.83 -0.02 WesternDigital WDC 55.79 -0.71
ExpeditorsIntl EXPD 76.19 ... ICE ICE 88.18 -1.41 s TexasInstruments TXN 129.97 1.81
AlaskaAir ALK 63.97 -0.95
BkNovaScotia BNS 53.77 0.19 s Ciena CIEN 45.95 0.01 ExtraSpaceSt EXR 111.41 1.15 s InterContinentl IHG 70.24 0.07 MizuhoFin MFG 2.87 -0.02 Pearson PSO 11.26 -0.18 Schlumberger SLB 39.21 -0.80 WesternMidstrm WES 30.66 0.31
Albemarle ALB 73.09 -1.49 MobileTeleSys MBT 8.30 -0.02 Pegasystems PEGA 77.49 -1.35 SchwabC SCHW 43.71 -0.34 Textron TXT 49.86 -0.18 s
Barclays BCS 7.77 -0.10 Cigna CI 172.24 4.94 ExxonMobil XOM 75.34 0.53 IBM IBM 150.88 -0.48 WesternUnion WU 21.14 0.07
Alcon ALC 59.47 0.11 MohawkInds MHK124.48 -4.36 PembinaPipeline PBA 36.46 -0.30 s Sea SE 36.73 -0.66 ThermoFisherSci TMO 288.92 1.71 WestlakeChem WLK 67.30 -1.66
BarrickGold GOLD 17.21 0.15 CincinnatiFin CINF 106.26 -1.57 F5Networks FFIV 152.25 -1.56 IntlFlavors IFF 143.92 -2.40 Pentair PNR 38.95 -0.26 ThomsonReuters TRI 68.30 -2.11 WestpacBanking WBK 19.88 0.09
AlexandriaRlEst ARE 144.15 0.69 MolinaHealthcare MOH 138.92 -0.94 Seagate STX 47.48 -0.33
BauschHealth BHC 24.44 0.63 Cintas CTAS 260.69 -1.00 FMC FMC 84.07 -1.50 IntlPaper IP 45.03 -0.27 3M MMM 176.76 2.78 WestRock WRK 36.75 0.11
AlexionPharm ALXN112.36 -2.27
BaxterIntl BAX 85.97 0.82 CiscoSystems CSCO 56.93 0.40 Facebook FB 195.94 -3.81 Interpublic IPG 23.15 0.08 MolsonCoors B TAP 56.51 -0.08 Penumbra PEN 180.94 0.58 SealedAir SEE 44.02 -0.03
Alibaba BABA 177.02 -1.72 Mondelez MDLZ 54.86 0.05 People'sUtdFin PBCT 16.54 -0.23 SeattleGenetics SGEN 75.95 1.49 Tiffany TIF 92.93 -0.34 Weyerhaeuser WY 25.84 -0.37
BectonDicknsn BDX 254.79 0.40 Citigroup C 71.76 -0.40 FactSet FDS 282.09 -1.47 Intuit INTU 281.35 -2.42 Torchmark TMK 91.90 -1.03 WheatonPrecMet WPM 27.15 0.09
AlignTech ALGN196.05 -2.79
BeiGene BGNE 135.74 2.95 CitizensFin CFG 37.53 -0.15 s FairIsaac FICO 350.19 -2.48 IntuitiveSurgical ISRG 529.61 1.98 MongoDB MDB 144.89-13.17 PepsiCo PEP 131.53 0.31 SempraEnergy SRE 139.50 -0.76
Alleghany Y 696.60 -7.37 MonolithicPower MPWR 150.57 -0.41 PerkinElmer PKI 95.34 0.31 SensataTechs ST 48.59 -0.22 Toro TTC 73.01 0.33 Whirlpool WHR 149.01 0.07
s Berkley WRB 70.06 -0.26 CitrixSystems CTXS 95.31 -0.28 Farfetch FTCH 22.00 ... InvitatHomes INVH 27.57 0.20 TorontoDomBk TD 58.81 0.14 Williams
Allegion ALLE 103.70 -1.56
BerkHathwy A BRK.A 313529-1471.00 Clorox CLX 165.37 -0.96 Fastenal FAST 31.32 -0.31 IonisPharma IONS 64.33 0.40 MonsterBev MNST 65.39 0.19 Perrigo PRGO 54.24 0.70 ServiceCorp SCI 47.10 -0.11 WMB 24.79 -0.34
Allergan AGN 160.97 -0.01 Moody's t
MCO 201.47 -1.93 PetroChina PTR 53.76 -0.28 ServiceMaster SERV 52.72 -0.03 Total TOT 53.67 0.04 s WillisTowers WLTW 199.36 0.18
BerkHathwy B BRK.B 208.61 -1.29 Coca-Cola KO 53.99 -0.18 FederalRealty FRT 131.95 1.17 iQIYI IQ 19.03 0.02 s TotalSystem TSS 138.00 1.39 Wipro
AllianceData ADS 157.55 -1.32
BerryGlobal BERY 55.19 0.71 Coca-Cola Euro CCEP 57.30 -0.03 FedEx FDX 172.60 -2.34 IronMountain IRM 29.91 ... MorganStanley MS 45.23 -0.51 PetroleoBrasil PBR 15.23 0.16 ServiceNow NOW 285.84 -3.49 WIT 4.17 0.01
AlliantEnergy LNT 50.15 0.36 Morningstar MORN 154.54 -0.66 PetroleoBrasilA PBR.A 13.94 0.15 ShawComm B SJR 19.68 -0.03 ToyotaMotor TM 131.73 -0.22 Wix.com WIX 147.42 -1.72
BestBuy BBY 77.60 -0.15 Cognex CGNX 42.29 0.13 Ferrari RACE 164.68 -1.17 IsraelChemicals ICL 5.24 0.05 TractorSupply TSCO 110.45 0.50 Woodward WWD 114.59 -1.19
Allstate ALL 101.81 -1.12
BeyondMeat BYND 222.13-12.77 CognizantTech CTSH 66.04 -0.36 FiatChrysler FCAU 13.64 -0.06 ItauUnibanco ITUB 9.70 ... Mosaic MOS 23.84 -0.47 Pfizer PFE 41.45 -1.64 SherwinWilliams SHW 510.14 -2.16
AllyFinancial ALLY 33.42 -0.31 s ColgatePalm CL 75.57 1.88 MotorolaSol MSI 168.77 -1.33 PhilipMorris PM 86.76 0.78 ShinhanFin SHG 36.96 0.09 TradeDesk TTD 260.36-18.19 WooriFin WF 33.40 -1.10
AlnylamPharm ALNY 75.63 -0.73 Bio-Techne TECH 215.06 0.45 s FidNatlFin FNF 42.96 -0.37 Phillips66 PSX 102.81 0.49 Tradeweb TW 47.64 -0.53 Workday
Alphabet C GOOG 1239.41-11.00 Bio-RadLab A BIO 320.94 -3.44 ColumbiaSportswr COLM 106.70 2.78 s FidNatlInfo FIS 136.71 1.10 J K L Mylan
s NICE
MYL 20.78 2.32
NICE 150.27 -0.32 PilgrimPride PPC 27.17 0.03
Shopify SHOP 319.71-16.83
SignatureBank SBNY 126.64 0.12 TransDigm TDG 491.35 -4.65 WW Ent
WDAY 212.50 -3.39
WWE 74.22 -1.77
Biogen BIIB 237.11 -1.10 Comcast A CMCSA 44.23 -0.40 FifthThirdBncp FITB 29.77 -0.27
Alphabet A GOOGL 1241.84 -3.38 JD.com JD 31.39 -0.16 NRG Energy NRG 34.49 0.03 Pinduoduo PDD 21.91 0.30 SimonProperty SPG 159.64 1.31 TransUnion TRU 83.15 -1.13 s Worldpay WP 137.85 1.75
BioMarinPharm BMRN 79.82 -1.29 Comerica CMA 72.09 -0.98 58.com WUBA 57.96 -1.14
Altaba AABA 70.87 -0.14 JPMorganChase JPM 115.85 -0.37 NVR NVR 3301.35 -8.46 PinnacleWest PNW 93.12 1.10 SiriusXM SIRI 6.16 -0.06 Travelers TRV 148.74 -1.19 WynnResorts WYNN 138.27 -1.16
Alteryx s BlackKnight BKI 63.51 0.37 CommerceBcshrs CBSH 60.23 -0.36 s FirstAmerFin FAF 57.70 -0.12 Trimble
AYX 120.00 -1.52
SABESP SBS 13.69 -0.18 JackHenry JKHY 141.01 0.75 NXP Semi NXPI 104.23 1.87 Pinterest PINS 27.86 0.22 SkechersUSA SKX 39.48 0.37 TRMB 44.32 -0.51 XPO Logistics XPO 66.71 -0.42
s AlticeUSA ATUS 26.16 -0.26 BlackRock BLK 478.31 0.14 FirstRepBank FRC 99.62 -0.50 TripAdvisor TRIP 45.33 -1.27 XcelEnergy XEL 60.98 0.47
CiaSiderurgica SID 4.28 -0.02 FirstSolar FSLR 66.05 1.03 JacobsEngg JEC 84.18 -0.78 Nasdaq NDAQ 96.67 -1.39 PioneerNatRscs PXD 133.56 -2.12 Skyworks SWKS 86.80 0.82
Altria MO 50.31 0.45 Blackstone BX 48.65 -0.61 TWLO 141.50 -8.45 Xerox
ConagraBrands CAG 29.02 0.07 s FirstEnergy FE 44.47 0.41 JamesHardie JHX 13.94 0.13 NationalGrid NGG 52.43 0.15 PlainsAllAmPipe PAA 24.08 -0.52 SlackTech WORK 33.01 -1.08 Twilio XRX 33.94 -0.49
Amarin AMRN 18.14 -0.18 bluebirdbio BLUE 136.82 -2.92
ConchoRscs CXO 95.10 -2.03 s Fiserv FISV104.64 2.34 JazzPharma JAZZ 138.76 0.71 NatlInstruments NATI 45.12 -0.08 PlanetFitness PLNT 77.96 -1.20 Smartsheet SMAR 51.50 -3.44 Twitter TWTR 41.50 -0.02 Xilinx XLNX 120.55 -0.22
Boeing BA 340.21 -4.79
.
Amazon.com AMZN 1912.45-30.60 JefferiesFin JEF 21.32 -0.28 NatlOilwell NOV 20.68 -1.04 Pool POOL 191.26 -1.26 SmithAO AOS 43.82 -1.06 TylerTech TYL 232.48 -0.10 Xylem XYL 80.89 -0.59
BookingHldgs BKNG 1919.55-47.30 ConocoPhillips COP 58.19 -0.56 FiveBelow FIVE 119.79 -1.77
s Ambev ABEV 5.40 0.16 J&J JNJ 133.02 2.29 NatlRetailProp NNN 53.31 1.06 PostHoldings POST 111.00 -1.45 s Smith&Nephew SNN 45.33 0.87 TysonFoods TSN 81.25 0.27 YPF YPF 16.94 0.13
s BoozAllen BAH 71.54 2.34 ConEd ED 86.66 0.32 FleetCorTech FLT 286.71 -0.52
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Amcor AMCR 10.87 -0.09 JohnsonControls JCI 40.91 -0.29 NetApp NTAP 59.24 0.13 PrincipalFin PFG 59.51 -1.17 Smucker SJM 114.35 0.09 UBS Group UBS 11.36 -0.02 Yandex YNDX 39.34 2.30
BorgWarner BWA 38.85 -0.31 ConstBrands A STZ 199.00 -4.92 FlirSystems FLIR 50.41 -1.01
Amdocs DOX 64.47 0.04 JonesLang JLL 142.80 -1.53 Netease NTES 230.82 -8.14 Procter&Gamble PG 116.00 1.27 Snap SNAP 17.50 -0.39 UDR UDR 46.56 0.47 YumBrands YUM 114.10 0.08
BostonProps BXP 132.29 0.99 ContinentalRscs CLR 35.08 -0.34 Flowserve FLS 50.56 -1.34
Amerco UHAL 383.83 -3.02 JuniperNetworks JNPR 26.85 0.17 Netflix NFLX 332.70 -3.08 Progressive PGR 81.20 -0.50 SnapOn SNA 154.59 -0.74 UGI UGI 51.41 0.49 YumChina YUMC 45.43 0.12
BostonSci BSX 42.29 0.21 Cooper COO 341.49 3.51 FomentoEconMex FMX 93.25 1.65
Ameren AEE 76.85 0.26 KB Fin KB 36.72 -0.22 Neurocrine NBIX 86.97 -0.51 Prologis PLD 82.63 0.52 SonocoProducts SON 61.52 0.19 US Foods USFD 35.56 -0.06 ZTO Express ZTO 19.94 0.24
s BrightHorizons BFAM 153.99 -2.86 Copart CPRT 78.30 -1.13 FordMotor F 9.60 0.03
AmericaMovil AMX 14.49 0.32 KKR KKR 26.91 -0.39 NewOrientalEduc EDU 105.00 ... Proofpoint PFPT 127.52 -3.03 Sony SNE 54.70 -0.10 Uber UBER 43.88 -0.64 ZayoGroup ZAYO 33.66 0.03
Bristol-Myers BMY 45.39 0.02 Corning GLW 34.10 0.31 Fortinet FTNT 82.96 -2.40
AmerAirlines AAL 30.74 -0.50 KLA KLAC 139.51 0.06 NewResidInvt NRZ 15.51 -0.03 PrudentialFin PRU 102.50 -0.77 Southern SO 56.11 0.37 UbiquitiNetworks UBNT 134.95 -0.10 ZebraTech ZBRA 189.42 -0.23
Corteva CTVA 28.78 0.30 Fortis FTS 39.73
AmCampus ACC 46.80 0.06
AEP AEP 89.74 0.79
AmerExpress AXP 127.19 0.41
AmericanFin AFG 102.63 -1.04
BritishAmTob BTI 37.39 0.11
Broadcom AVGO 301.74 0.82
BroadridgeFinl BR 133.73 -0.67
s BrookfieldMgt BAM 49.47 -0.02
s CoStar
Costco
Coty
CSGP 630.42 -3.84
COST 280.13 -1.24
COTY 11.00 -0.10
CoupaSoftware COUP 139.55 -6.62
on Fortive
FoxA
FoxB
FTV 76.83
FortBrandsHome FBHS 54.85
FOXA 37.51
FOX 37.69
0.31
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-0.68
0.30
0.20
KT
Kellogg
Kemper
KT 11.94
KSCitySouthern KSU 125.00
K 58.42
KMPR 86.91
0.03
0.54
-0.31
-0.84
NYTimes A NYT 35.51 0.05 Prudential PUK 41.81 -0.67
NewellBrands NWL 14.17 -0.03 PublicServiceEnt PEG 59.31 -0.23
NewmontGold NEM 37.71 0.43 PublicStorage PSA 242.75 3.32
NewsCorp B NWS 13.65 -0.05 PulteGroup PHM 31.47 -0.39
SoCopper SCCO 37.25 -0.11
SouthwestAir LUV 52.88 -0.37
SpiritAeroSys SPR 75.66 0.18
Splunk SPLK 138.22 -2.51
UltaBeauty ULTA 346.13 -7.75 Zendesk
UltraparPart UGP 5.25 -0.09 Zillow C
UnderArmour A UAA 27.44 0.20 Zillow A
ZEN 92.83 -0.91
Z 49.40 0.21
ZG 49.16 0.22
UnderArmour C UA 24.39 0.22 ZimmerBiomet ZBH 134.53 0.03
AmHomes4Rent AMH 25.20 0.23 BrookfieldInfr BIP 44.18 -0.02 KeurigDrPepper KDP 28.00 -0.10 NewsCorp A NWSA 13.38 -0.05 Qiagen QGEN 38.35 0.06 Spotify SPOT 153.89 -1.49 Unilever UN 59.14 0.47 ZionsBancorp ZION 44.65 -0.51
s Brown&Brown BRO 36.32 -0.07 Credicorp BAP 224.42 -5.17 Franco-Nevada FNV 89.95 0.62
AIG AIG 56.48 -0.79 KeyCorp KEY 18.34 -0.17 NextEraEnergy NEE 211.38 2.21 Qorvo QRVO 74.68 -0.24 Sprint S 7.78 -0.21 Unilever UL 61.46 0.51 Zoetis ZTS 115.55 0.44
CreditAcceptance CACC 488.35 -4.15 FranklinRscs BEN 34.59 -0.37
us l,
AmerTowerREIT AMT 205.57 0.98 Brown-Forman A BF.A 54.10 0.21 KeysightTechs KEYS 90.26 -0.54 NielsenHoldings NLSN 23.50 -0.05 Qualcomm QCOM 74.97 -0.25 Square SQ 80.20 -1.61 UnionPacific UNP 177.50 3.27 ZoomVideo ZM 96.47 -5.73
Brown-Forman B BF.B 55.22 -0.01 CreditSuisse CS 12.00 -0.05 FreeportMcM FCX 11.61 0.05
AmerWaterWorks AWK 115.31 0.22
Cree CREE 62.37 -0.65 s KilroyRealty KRC 79.45 -0.59 Nike NKE 87.62 0.08 QuestDiag DGX 102.50 1.22 StanleyBlackDck SWK 150.92 -1.48 UnitedAirlines UAL 93.44 0.08 Zscaler ZS 85.57 -2.64
Ameriprise AMP 149.74 -0.19 Bruker BRKR 48.58 0.26 FreseniusMed FMS 38.09 0.50
CrowdStrike CRWD 87.23 -5.65 KimberlyClark KMB 138.25 1.08 s NiSource NI 29.81 0.31 QurateRetailB QRTEB 14.11 0.11 Starbucks SBUX 98.02 -1.09 UPS B UPS 118.75 -1.83 Zynga ZNGA 6.41 -0.05
AmerisourceBrgn ABC 87.23 1.11 BuckeyePtrs BPL 42.04 0.35
CrownCastle CCI 130.16 -0.42 G H I KimcoRealty KIM 18.93 0.19
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Ametek AME 88.55 -0.73 Bunge BG 56.58 -0.35

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CrownHoldings CCK 64.21 -0.29 KinderMorgan KMI 20.89 0.04
Amgen AMGN 176.08 0.74 BurlingtonStrs BURL 182.26 1.26 GCI LibertyA GLIBA 60.27 -0.08 KirklandLakeGold KL 45.93 1.40
CBRE Group CBRE 52.99 0.11 Ctrip.com CTRP 39.33 0.14
Amphenol APH 95.89 0.61
AnadarkoPetrol APC 73.24 -0.38 CBS A CBS.A 52.11 0.31 CubeSmart CUBE 33.69 0.33 Galapagos GLPG 179.99
Gallagher AJG 92.00
-0.26
-0.33
Knight-Swift KNX 37.16
Kohl's KSS 53.46
0.33
1.16 Dividend Changes
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CBS B CBS 52.15 0.30 Cullen/Frost CFR 93.99 -1.47

AnalogDevices ADI 121.21 -0.59
Cummins CMI 173.97 -0.77 Gaming&Leisure GLPI 37.52 0.13 s KoninklijkePhil PHG 47.64 0.58
Anaplan PLAN 57.84 -2.06 CDK Global CDK 53.09 -0.63
CDW CDW 112.91 -1.53 CypressSemi CY 23.00 0.12 Gap GPS 19.52 -0.02 KoreaElcPwr KEP 11.79 0.41 Dividend announcements from July 29.
AndeavorLog ANDX 32.17 -2.14 GardnerDenver GDI 32.29 -0.81 KraftHeinz KHC 31.76 -0.09
CF Industries CF 47.52 -0.63 CyrusOne CONE 55.52 -0.30 Amount Payable / Amount Payable /
AngloGoldAsh AU 18.94 0.53 Garmin GRMN 78.62 0.33 Kroger KR 21.43 -0.05
s CGI GIB 79.79 -0.51 s Gartner Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
AB InBev BUD 101.67 1.18
AnnalyCap NLY 9.61 0.01 CH Robinson CHRW 85.06 -0.06
D E F IT 170.73
GeneralDynamics GD 189.83
-0.31
0.10
LATAMAirlines LTM 9.97
L Brands LB 26.16
0.06
-0.24
Increased SandRidge Miss Tr II SDR 24.6 .028 /.035 Q Aug23 /Aug09
Anthem ANTM 298.32 -1.66 CME Group CME 199.64 -1.43 DISH Network DISH 38.28 -1.23 GeneralElec GE 10.38 -0.13 LINE LN 31.92 -0.60
Aon CMS Energy CMS 59.18 0.49 SandRidge Mississip Tr SDT 27.9 .0262 /.0367 Q Aug23 /Aug09
AON 195.79 1.23 DTE Energy DTE 128.98 -0.39 GeneralMills GIS 53.70 0.06 LKQ LKQ 27.35 -0.38 Alliance Resource Ptrs ARLP 12.2 .54 /.535 Q Aug14 /Aug07
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APA 23.33 -0.60 CNA Fin CNA 47.95 -0.62 DXC Tech DXC 56.44 -0.20 GeneralMotors GM 40.68 -0.09 LPL Financial LPLA 84.95 -1.89
ApartmtInv AIV 50.25 0.41 CNH Indl CNHI 10.35 -0.13 Danaher DHR 142.68 0.40
Bank of America BAC 2.0 .18 /.15 Q Sep27 /Sep06 Initial
Genesee&Wyoming GWR 109.67 0.14 L3HarrisTech LHX 201.39 1.56 Cheniere Energy Ptnr CQP 5.2 .61 /.60 Q Aug14 /Aug06
ApolloGlbMgmt APO 35.32 -0.82 CNOOC CEO 167.54 0.72 s Darden DRI 126.62 0.66 s Genmab GMAB 18.81 0.22 LabCpAm LH 167.30 0.77 Bk of America Pfd. KK BACpM 5.2 .33594 Sep25 /Sep01
Apple AAPL 209.68 1.94 CPFLEnergia CPL 16.73 0.14 DaVita DVA 59.66 0.26 s Genpact G 40.53 0.12 LamResearch LRCX 210.82 0.07
Ethan Allen ETH 4.1 .21 /.19 Q Oct25 /Oct10 Kontoor Brands KTB 7.2 .56 Sep20 /Sep10
ApplMaterials AMAT 50.67 -0.07 CRH CRH 33.28 -0.21 s Deere DE 170.26 -0.13 s Gentex GNTX 27.49 -0.08 LamarAdv LAMR 79.51 -0.37 Global Partners GLP 10.2 .515 /.51 Q Aug14 /Aug09 Ready Cap 6.2% Nts 2026 RCB 6.0 .4219 Oct30 /Oct15
Aptargroup ATR 124.94 0.45 CSX CSX 69.62 0.66 DellTechC DELL 55.97 0.69 GenuineParts GPC 98.35 0.44 LambWeston LW 65.55 0.87 Heritage Financial HFWA 2.7 .19 /.18 Q Aug22 /Aug08 Spire Pfd. A SRpA 5.5 .3442 Aug15 /Aug05
Aptiv APTV 82.18 -0.22 CVS Health CVS 56.26 0.72 DeltaAir DAL 62.46 0.30 Gildan GIL 39.77 0.39 LasVegasSands LVS 62.36 -0.80 Hess Midstream Partners HESM 7.9 .397 /.3833 Q Aug13 /Aug05
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AquaAmerica WTR 41.71 0.19 CableOne CABO 1216.36 -1.86 DentsplySirona XRAY 56.37 0.35 GileadSciences GILD 67.87 0.95 Lear LEA 129.00 -1.68 Stocks
t CabotOil
Kellogg Co K 3.8 .57 /.56 Q Sep13 /Sep03
Aramark ARMK 36.60 -0.39 COG 19.13 -0.03 DeutscheBank DB 7.83 -0.10 s GSK GSK 42.18 0.27 s Leidos LDOS 83.32 0.89
ArcelorMittal MT 16.77 -0.23 CadenceDesign CDNS 76.35 0.44 DevonEnergy DVN 25.52 s GlobalPayments GPN 171.45
M B T Financial MBTF 4.2 .11 /.10 Q Aug15 /Aug08 SiNtx Technologies SINT 1:30 /Jul29
-0.02 1.81 Lennar A LEN 47.98 0.35
ArchCapital ACGL 38.20 ... CAE CAE 27.02 0.06 DexCom DXCM 153.54 -0.23 GoDaddy GDDY 73.81 -0.99 Lennar B LEN.B 38.24 0.32 Mueller Water Products MWA 2.1 .0525 /.05 Q Aug20 /Aug09 Stabilis Energy SLNG 1:8 /Jul29
m rp
ArcherDaniels ADM 40.90 0.31 CaesarsEnt CZR 11.86 -0.13 Diageo DEO 167.91 2.83 GoldmanSachs GS 220.32 -1.82 LennoxIntl LII 255.80 -7.26 Noble Midstream Partners NBLX 8.0 .6418 /.6132 Q Aug12 /Aug05
Arconic ARNC 25.15 -0.59 CamdenProperty CPT 106.22 0.31 DiamondbkEner FANG 99.73 -2.26 Graco GGG 48.12 -0.71 LibertyBroadbandC LBRDK 101.17 -1.20 Norfolk Southern NSC 2.0 .94 /.86 Q Sep10 /Aug05 Foreign
AristaNetworks ANET 272.23 -0.75 CampbellSoup CPB 41.34 0.38 DigitalRealty DLR 111.21 -0.32 Grainger GWW 291.55 -8.25 LibertyBroadbandA LBRDA 99.64 -1.29 Oppenheimer Holdings A OPY 1.6 .12 /.11 Q Aug23 /Aug09 Diageo ADR DEO 2.1 2.12061 SA Oct08 /Aug09
s ArrayBioPharma ARRY 47.85 0.56 CIBC CM 78.69 0.01 DiscoverFinSvcs DFS 91.77 -1.14 GrandCanyonEduc LOPE 127.37 0.42 LibertyGlobal A LBTYA 27.14 -0.65 Teekay Offshore Pfd. B TOOpB 12.3 .5313 Q Aug15 /Aug08
s CanNtlRlwy CNI 95.27 0.41
People's Utah Bancorp PUB 1.8 .13 /.12 Q Aug12 /Aug05
ArrowElec ARW 71.84 0.13 DiscoveryA DISCA 31.08 -0.39 GrubHub GRUB 79.73 5.09 LibertyGlobal C LBTYK 26.59 -0.66 Teekay Offshore Pfd. E TOOpE 12.8 .5547 Q Aug15 /Aug08
s AspenTech AZPN 135.26 -2.73 CanNaturalRes CNQ 24.64 -0.30 DiscoveryC DISCK 29.00 -0.26 GuardantHealth GH 92.72 -4.25 LibertyGlobal B LBTYB 27.60 0.13
Principal Financial Group PFG 3.7 .55 /.54 Q Sep27 /Sep05
CanPacRlwy CP 239.09 0.82 s Disney Republic Services RSG 1.8 .405 /.375 Q Oct15 /Oct01 Teekay Offshore Ptrs Pfd TOOpA 10.7 .4531 Q Aug15 /Aug08
Assurant AIZ 113.42 -1.00 DIS 146.39 1.74 Guidewire GWRE 103.61 -0.02 LibertyFormOne C FWONK 39.40 -0.31
s AstraZeneca AZN 44.39 0.88 Canon CAJ 27.83 -0.25 DocuSign DOCU 53.90 -0.78 HCA Healthcare HCA 146.16 1.10 LibertyFormOne A FWONA 37.41 -0.17 ResMed RMD 1.2 .39 /.37 Q Sep19 /Aug15 Triton Intl Pfd. A TRTNpA 7.8 .53125 Sep16 /Sep09
Athene ATH 42.05 -0.46 CanopyGrowth CGC 33.50 -1.32 DolbyLab DLB 66.58 0.33 HCP HCP 32.08 ... LibertySirius A LSXMA 40.27 -0.51 SandRidge Permian Trust 18.6 .089 /.071 Q Aug23 /Aug09 Triton Intl Pfd. B TRTNpB 7.7 .45 Sep16 /Sep09
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Atlassian TEAM139.05 -6.99 CapitalOne COF 96.92 -1.16 DollarGeneral DG 135.80 -2.17 HDFC Bank HDB 115.00 -0.16 LibertySirius C LSXMK 40.46 -0.58 Union Pacific UNP 2.2 .97 /.88 Q Sep30 /Aug30 Unilever ADR UN 2.6 .4641 Q Sep11 /Aug09
s AtmosEnergy ATO 108.87 0.74 CardinalHealth CAH 45.81 0.69 DollarTree DLTR 103.84 -2.26 HD Supply HDS 40.74 -0.20 s LibertyProperty LPT 53.13 0.46 Unilever ADR UL 2.9 .4641 Q Sep11 /Aug09
s Carlisle CSL 143.50 1.49
Universal Health Cl B UHS 0.5 .20 /.10 Q Sep16 /Sep03
AuroraCannabis ACB 6.21 -0.20 DominionEner D 75.05 -0.10 HP HPQ 21.50 -0.02 EliLilly LLY 108.72 0.45 Yamana Gold AUY 1.4 .01 Q Oct15 /Sep30
Autodesk ADSK 162.77 -5.22 s CarMax KMX 91.34 0.17 Domino's DPZ 252.48 -6.58 HSBC HSBC 40.60 -0.45 LincolnNational LNC 66.05 -0.59
Autohome ATHM 84.43 -0.81 Carnival CCL 47.35 0.08 Donaldson DCI 49.62 -0.11 Haemonetic HAE 123.76 0.51 Linde LIN 199.77 -1.19
Reduced
Autoliv ALV 74.27 ... Carnival CUK 45.93 0.04 DouglasEmmett DEI 40.97 -0.35 Halliburton HAL 22.18 -0.85 LiveNationEnt LYV 71.20 -2.34 Columbia Banking System COLB 3.0 .28 /.42 Q Aug21 /Aug07 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
ADP ADP 167.91 -1.36 CaseysGenStores CASY 161.82 -1.73 Dover DOV 96.77 -1.44 Hanesbrands HBI 15.83 -0.33 LloydsBanking LYG 2.71 -0.03 Pacific Coast Oil Trust ROYT 13.9 .0207 /.02774 M Aug19 /Aug05 S2:1: stock split and ratio; SO: spin-off.
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FedRealtyInvPfdC FRTpC 25.32 0.4 LuckinCoffee LK 27.12 6.7 PublicStoragePfD PSApD 25.58 0.9 UFP Tech UFPT 43.98 -1.8 CancerGenetics CGIX 0.13 -5.2 IntercorpFinSvcs IFS 41.61 -1.3 PumaBiotech PBYI 8.83 1.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE FederatedInvest FII 35.98 -0.9 MI Homes MHO 35.49 2.7 PublicStoragePfG PSApG 26.09 0.7 Unifirst UNF 196.83 -0.1 CastorMaritime CTRM 3.60 -5.8 IntersectENT XENT 19.57 -1.0 QEP Resources QEP 4.62 -2.1
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low FidNatlFin FNF 43.59 -0.9 Marsh&McLen MMC 103.37 0.7 PublicStoragePfF PSApF 26.15 0.6 US Bancorp USB 57.67 -0.6 Cemex CX 3.59 0.3 iPicEnt IPIC 1.10 -45.0 RPC RES 5.50 -4.2
in the latest session. % CHG-Daily percentage change from the previous trading session. FidNatlInfo FIS 137.03 0.8 Mastercard MA 283.33 -0.2 PublicStoragePfW PSApW 25.44 0.4 UnivDisplay OLED 216.07 0.2 CentennialRsc CDEV 5.34 -3.7 JaggedPeakEner JAG 6.68 -3.8 RR Donnelley RRD 1.68 -3.4
FirstAmerFin FAF 58.65 -0.2 MaverixMetals MMX 5.01 2.9 Qwest7%Nts2056 CTAA 26.55 0.3 UniversalForest UFPI 42.00 -1.9 ChampionsOncology CSBR 6.63 -4.1 JasonIndustries JASN 0.42 ... RangeResources RRC 4.66 -7.5
FirstIndRlty FR 38.58 -0.2 McCormickVtg MKC.V 163.00 -0.5 QwestNts2057 CTDD 25.20 0.8 UnumNts061558 UNMA 27.00 0.4 Changyou.com CYOU 7.84 -6.2 KLX Energy KLXE 15.31 -4.1 Realogy RLGY 4.96 -8.1
Monday, July 29, 2019 FUNC 21.20 3.1 MDT 103.46 0.7 ReadyCapNts2026 RCB 25.77 -0.2 184.07 -0.3 ChinaGreenAg CGA 4.13 -5.4 FRAC 4.96 -5.7 RegulusTherap RGLS 0.54 -2.2
FirstUnited Medtronic Visa V Keane
52-Wk % 52-Wk % 52-Wk % FirstEnergy FE 44.48 0.9 MetLifePfdE METpE 27.21 0.4 RedViolet RDVT 15.25 0.5 VistaOil&Gas VIST 11.03 9.9 ChinaMobile CHL 43.08 -0.4 KiniksaPharm KNSA 11.65 -4.3 RhythmPharm RYTM 19.52 -0.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Fiserv FISV 105.02 2.3 MobileIron MOBL 7.10 -0.6 RegionsFinPfdC RFpC 26.74 0.3 W.P.Carey WPC 86.97 1.0 ChinaSXTPharm SXTC 2.52 -3.1 LSC Comm LKSD 1.35 -4.3 RingEnergy REI 2.28 -4.6
n-
FoxFactory FOXF 86.91 -3.6 ModelN MODN 21.95 0.2 RegionsFinPfdB RFpB 28.53 1.1 WRBerkleyDeb56 WRBpC 27.70 1.1 ChinaUnicom CHU 9.91 -0.6 LeoHldgsWt LHC.WS 0.43 -34.1 SM Energy SM 8.51 -3.6
AxsomeTherap AXSM 28.70 -4.2 CogentComm CCOI 63.90 0.3 SRC Energy SRCI 3.60 -1.1
Highs Azul
BB&T Pfd H
AZUL
BBTpH
41.96
26.96
2.5
1.4
ColgatePalm
CommandCtr CCNI
CL 75.67
6.68
2.6
11.1
GAMCO PfdA GNTpA
GabelliDivPfdH GDVpH
26.05
25.84
1.2
0.1
MorganStanleyPfdK MSpK
MorganStanleyPfd1 MSpI
27.66
28.08
0.5
0.5
ReinsGrp RGA
RenaissancePfdE RNRpE
163.46
25.60
-1.9
0.9
WashingtonFederal WAFD 36.71
WellsFargoPfdW WFCpW 26.37
-0.5
0.3
CimarexEnergy XEC
ComfortSystems FIX
47.06 -0.4
40.14 -2.8
LexiconPharm LXRX
LightpathTech LPTH
1.46 -70.3
0.76 -1.3 SanJuanBasin SJT 3.02 -0.3
ABMIndustries ABM 42.22 -0.6 Gartner IT 171.78 -0.2 NICE NICE 152.25 -0.2 Repligen RGEN 95.24 2.1 WellsFargoPfdAY WFCpY 26.49 0.8 comScore SCOR 3.23 -7.2 LilisEnergy LLEX 0.35 -4.3 SeadrillPartners SDLP 2.29 -8.6
B.RileyNts2024 RILYO 25.63 ... CommunityHlthcr CHCT 42.10 ... SequentialBrands SQBG 0.43 -2.3
ANI Pham ANIP 85.23 0.6 BancCA PfdE BANCpE 27.14 0.4 CorEnergyInfr CORR 41.17 0.1 Genmab GMAB 18.87 1.2 NRC Wt NRCG.WS 1.97 4.3 RetailValue RVI 37.00 0.2 WellsFargoPfdL WFCpL1392.00 -0.4 ContangoO&G MCF 1.31 -1.5 Linx LINX 8.36 -0.4
AT&T Nts 2066 TBB 26.61 0.3 Genpact G 40.82 0.3 NRC Group NRCG 12.27 0.4 RevenHousingREIT RVEN 5.22 20.3 WesternAllianDeb WALA 26.97 1.6 ConturaEnergy CTRA 36.45 -3.8 MPLX MPLX 28.22 -5.6 SierraOncology SRRA 0.48 -1.9
BankofAmPfdGG BACpB 27.12 0.6 CoStar CSGP 638.17 -0.6 Sohu.com SOHU 12.36 -0.7
AT&T T 34.45 0.6 BankofAmPfdKK BACpM 25.85 0.4 Cowen7.35%Nts COWNZ 26.15 0.6 Gentex GNTX 27.95 -0.3 NatlHealthcare NHC 87.21 0.6 RingCentral RNG 128.18 -1.0 WesternUnion WU 21.21 0.3 Covia CVIA 1.51 -5.4 MadrigalPharm MDGL 82.39 3.3
no
GeorgiaPwrNt77 GPJA 26.08 0.3 NatlResearch NRC 68.86 2.8 S&P Global SPGI 244.98 -0.4 DuluthHoldings DLTH 11.99 0.6 MaidenHldg6.7%PfdD MHpD 3.77 -2.8 SouthwesternEner SWN 1.86 -6.4
AXIS CapPfdE AXSpE 25.49 0.7 Berkley WRB 70.73 -0.4 Cushman&Wkfd CWK 20.00 1.2 WhiteMtnIns WTM 1075.57 -0.7
GSK GSK 42.47 0.6 NatlRetailPropPfdF NNNpF 25.56 1.5 SBA Comm SBAC 238.84 0.1 DynavaxTechs DVAX 2.60 -2.9 Manning&Napier MN 1.50 ... SpiritAirlines SAVE 41.74 -2.7
AXIS Capital AXS 62.17 -0.5 BlackKnight BKI 63.65 0.6 DRDGOLD DRD 3.26 -1.9 WillisTowers WLTW 199.90 0.1
GlobalPayments GPN 172.20 1.1 NatlRurUtilNt2064 NRUC 27.45 0.2 SSR Mining SSRM 16.25 2.1 EQT EQT 13.21 -4.6 MarinSoftware MRIN 2.07 -2.8 Strattec STRT 20.86 -1.1
AcastiPharma ACST 2.74 16.0 BoozAllen BAH 71.92 3.4 DTE EnergyDebF DTY 27.92 0.9 Wingstop WING 99.76 1.3
GlobalWaterRscs GWRS 12.49 0.3 NewYorkMtgPfdD NYMTN 25.05 0.3 Safehold SAFE 34.14 0.8 EarthstoneEner ESTE 3.93 -8.4 Methanex MEOH 39.52 -5.3 SummerInfant SUMR 0.34 -8.4
Accenture ACN 197.47 0.2 Brady BRC 51.45 0.4 DTE EnergyDeb77 DTW 26.46 0.9 Worldpay WP 138.22 1.3
111.87 0.4 27.00 0.9 100.14 0.1 1.85 6.6 2.25 2.6 SummitWireless WISA 0.90 -7.6
ActIIGlbAcqn ACTTU 10.22 0.4 BrightHorizons BFAM 157.31 -1.8 Darden DRI 126.75 0.5 Globant GLOB NextEraEnDebK NEEpK SafetyInsurance SAFT EdisonNation EDNT MicronSolutions MICR
SuperiorEnergy SPN 0.60 -27.0
AddusHomeCare ADUS
AirLeasePfdA ALpA
82.26
26.86
1.4
0.1
BrighthouseDeb58 BHFAL 26.95 0.5 Deere DE 171.22 -0.1 GrafIndustrial GRAF.U
GreatElmNts24 GECCN
10.40
25.05
0.4
0.2
NextEraEnDebN NEEpN
NiaMoPwr pfC NMKpC
26.88
98.78
0.4
4.0
SaratogaInvt SAR
SaulCentersPfdD BFSpD
25.78
25.24
-0.9
0.1
Lows ElPolloLoco
Encana
LOCO
ECA
9.92 -1.1
4.04 -1.9
MidstatesPetrol MPO
MontageRscs MR
4.29 -8.5
3.03 -8.1
TOP Ships TOPS 0.36 -10.9
BrookfieldMgt BAM 49.79 ... DiamondEagleWt DEACW 1.05 19.3 TraconPharm TCON 0.47 -4.1
AirProducts APD 231.93 0.3 Grifols GRFS 22.64 0.3 NicoletBankshares NCBS 65.93 -1.5 Sea SE 38.00 -1.8 Ability ABIL 0.75 3.0 Enerplus ERF 6.14 1.5 MyovantSciences MYOV 6.86 -3.7
BrookfieldPropPfd BPYPP 25.92 -1.1 DigitalRealtyPfJ DLRpJ 25.56 1.1 TallgrassEnergy TGE 19.69 -3.0
AlabamaPwrPfdA ALPpQ 26.75 ... Group1Auto GPI 89.85 2.3 NiSource NI 29.85 1.1 SempraEnNts79 SREA 26.00 0.4 AbraxisPetrol AXAS 0.85 -1.1 Equillium EQ 4.30 -5.7 NeonTherap NTGN 2.74 -11.6
Brown&Brown BRO 36.71 -0.2 Disney DIS 147.15 1.2 TatTechnologies TATT 5.51 -3.2
AlgonquinPwrNt AQNA 27.33 0.3 HallmarkFin HALL 15.23 -1.1 NorthwestNat NWN 72.07 0.5 Sibanye-Stillwater SBGL 5.38 5.7 AcerTherap ACER 2.57 -5.3 Equinor EQNR 18.04 -1.3 Neovasc NVCN 2.34 -3.7
BrunswickNts2049 BCpB 26.50 0.3 DukeEnergyPfdA DUKpA 27.89 0.6 TataMotors TTM 9.86 -6.0
AlgonquinNt2079 AQNB 26.74 0.4 HartfordFinl HIG 58.24 -0.7 Novocure NVCR 82.06 3.9 SiliconLab SLAB 115.29 0.3 AclarisTherap ACRS 1.65 -1.1 EstreAmbWt ESTRW 0.01 -9.1 Neuralstem CUR 2.09 -7.9
CACI Intl CACI 219.57 -0.3 DukeEnerDeb73 DUKH 25.67 0.6 TherapeuticsMD TXMD 2.12 -3.2
AllstatePfdG ALLpG 27.04 1.4 Hasbro HAS 126.29 1.9 NuSTARLogNts NSS 26.04 0.2 SimulationsPlus SLP 40.50 4.1 Advaxis ADXS 0.53 -15.8 EvolutionPetrol EPM 5.92 -1.5 NexGenEnergy NXE 1.30 -5.0
CAI IntlPfdA CAIpA 26.00 0.9 DukeRealty DRE 33.72 0.1 TItanIntl TWI 3.68 -5.6
AllstateDeb ALLpB 26.71 0.6 CAI IntlPfdB CAIpB 27.57 2.8 elfBeauty ELF 17.30 1.1 HaymakerII Wt HYACW 1.50 -1.9 OaktreeCapPfdB OAKpB 27.11 1.4 SleepNumber SNBR 52.08 4.4 Alkermes ALKS 19.85 6.3 Express EXPR 2.29 -0.8 NineEnergy NINE 11.94 -7.3
TonixPharm TNXP 0.51 -5.3
AlticeUSA ATUS 26.56 -1.0 CGI GIB 80.50 -0.6 EPAM Systems EPAM 201.00 -1.0 HealthCatalyst HCAT 41.56 8.1 OaktreeCapital OAK 50.85 ... Smith&Nephew SNN 45.38 2.0 AllenaPharm ALNA 3.83 2.2 FTS Intl FTSI 3.83 -7.4 NorthernOil&Gas NOG 1.50 -4.5
TwinDisc TWIN 12.46 -3.0
Ambev ABEV 5.43 3.1 CSG Systems CSGS 52.72 0.8 EPR PropPfdG EPRpG 25.67 0.8 HelenofTroy HELE 153.54 0.4 OaktreeSpecNts24 OSLE 25.75 0.6 SmithMicro SMSI 6.20 -3.7 AlterityTherap ATHE 1.00 -3.2 FiestaRestaurant FRGI 10.15 -2.3 Novavax NVAX 4.07 -2.1 TwinRiver TRWH 26.00 -4.7
AmerFinPfdA AFINP 25.87 -0.7 CVR Energy CVI 55.52 -3.0 EastGroup EGP 122.20 0.3 HoeghLNG PfdA HMLPpA 26.69 0.3 OdonateTherap ODT 39.72 3.5 SolarEdgeTech SEDG 64.54 1.7 AnteroMidstream AM 8.70 -6.9 ForesightEnergy FELP 0.45 -2.5 Nutanix NTNX 23.37 -3.1 2U TWOU 33.38 -2.7
AmFinDeb2059 AFGB 27.18 0.4 CanNtlRlwy CNI 96.49 0.4 eBay Nts2056 EBAYL 27.03 0.6 Hologic HOLX 50.43 1.8 OfficePropNts46 OPINI 25.98 0.8 SouthernNt2016A SOJB 26.37 0.6 AnteroResources AR 3.99 -2.2 ForumEnergyTech FET 2.19 -2.9 Nuvectra NVTR 1.99 -5.2 USA Truck USAK 8.05 -1.0
AmFinDeb2055 AFGH 26.58 0.2 CapitalOnePfdG COFpG 26.03 0.8 Ecolab ECL 201.20 0.5 HudsonPacProp HPP 35.67 0.3 Okta OKTA 141.85 -5.6 SouthernNts77 SOJC 26.37 0.7 Apache APA 23.00 -2.5 FourSeasonsEduc FEDU 1.70 2.0 Nxt-ID NXTD 0.47 -4.5 UniqueFabricating UFAB 2.55 -1.1
AmHomes4RentPfdD AMHpD 27.80 0.4 CapitolFedFin CFFN 14.18 -0.1 8x8 EGHT 26.44 -2.1 IAA IAA 47.89 -1.1 OrionEnergySys OESX 3.27 8.3 SpeedwayMotor TRK 19.90 0.1 ArcadiaBiosci RKDA 2.42 -10.5 GCPAppliedTechs GCP 21.72 -2.1 ObsidianEnergy OBE 0.89 -4.1 Unit UNT 5.89 -6.6
AmHomes4RentPfdG AMHpG 26.88 1.5 Carlisle CSL 143.67 1.0 ElbitSystems ESLT 161.10 1.4 IndepRealty IRT 12.30 1.4 OritaniFinancial ORIT 18.04 -0.6 St.Joe JOE 19.04 2.6 ArmstrongFlooring AFI 8.27 -2.5 GTT Comm GTT 12.05 -3.4 OilStatesIntl OIS 11.73 -6.0 UnitedInsurance UIHC 11.30 1.7
AmHomes4RentPfdH AMHpH 27.27 0.6 CarMax KMX 92.01 0.2 EngyTransferPfdE ETPpE 25.42 0.1 InterContinentl IHG 70.96 0.1 OrmatTech ORA 64.83 0.4 StifelFinancial SF 60.53 0.5 AscenaRetail ASNA 0.41 -2.0 GXAcquisitionWt GXGXW 0.44 -10.0 OnDeckCapital ONDK 2.88 -23.2 US NatGas UNG 18.26 -2.0
AnnalyCapPfdD NLYpD 25.92 ... Catalent CTLT 57.65 -1.5 EnsignGroup ENSG 60.37 1.0 InvescoMtgPfdC IVRpC 26.24 0.8 OsiskoGoldRoyal OR 12.20 1.1 Sunoco SUN 33.98 0.4 AssemblyBiosci ASMB 11.99 -0.2 Genprex GNPX 0.90 -6.6 OnTrackInnov OTIV 0.35 -3.0 US12mthNtlGas UNL 8.64 -1.6
ArchCapitalPfdF ACGLO 25.57 1.1 CenturyLinkNts CTBB 24.47 0.6 Entegris ENTG 45.12 2.0 InvRlEst IRET 63.37 1.9 OtterTail OTTR 53.58 0.1 SynovusFinPfdE SNVpE 25.96 0.3 AtlasFinancial AFH 0.39 -18.4 GoldenBull DNJR 1.05 -19.9 OncolyticsBio ONCY 1.43 -10.6 UnityBiotech UBX 6.42 -3.1
ArmstrongWorld AWI 104.50 -5.0 SchwabPfdC SCHWpC 27.20 0.8 EntergyBds66 EAI 26.04 0.7 iStar STAR 13.04 -0.1 PSBusParksPfdW PSBpW 25.31 0.1 TC PipeLines TCP 41.23 -0.4 Atreca BCEL 12.76 -2.2 GreenPlains GPRE 9.87 -5.5 PDC Energy PDCE 26.45 -2.7 UnivInsurance UVE 25.00 -1.6
ArrayBioPharma ARRY 47.98 1.2 SchwabPfdD SCHWpD 27.10 0.9 EntergyBds52 EAB 26.38 0.9 KellyServices A KELYA 28.09 0.1 PSBusParksPfdY PSBpY 25.43 0.1 TFS Fin TFSL 18.61 -0.3 BP Prudhoe BPT 7.55 -9.0 GulfportEnergy GPOR 3.13 -2.1 PFSweb PFSW 3.29 2.7 UrbanTea MYT 0.42 -5.8
AsburyAutomotive ABG 95.14 5.6 Chemed CHE 396.36 2.6 EntergyLA Bd ELU 25.48 0.2 KilroyRealty KRC 80.59 -0.7 PSBusinessParks PSB 179.92 -0.5 TTEC TTEC 48.80 -0.4 BasicEnergySvcs BAS 1.53 -6.6 HabitRestaurants HABT 9.52 -1.4 PTC PTC 69.92 -3.9 VermilionEnergy VET 16.83 -7.7
AspenInsPfd AHLpC 27.70 0.7 CheniereEnerPtrs CQP 47.13 1.0 EntergyMS Bds EMP 26.29 0.5 KimcoRealtyPfdL KIMpL 24.84 0.6 PatternEnergy PEGI 24.27 1.9 Teleflex TFX 352.73 1.0 Big5SportingGds BGFV 1.57 -2.4 HighPointRscs HPR 1.19 -5.5 PacificEthanol PEIX 0.51 -6.8 VistaGenTherap VTGN 0.42 -5.9
AspenTech AZPN 139.25 -2.0 Chipotle CMG 811.95 3.7 EquityResdntl EQR 80.07 1.3 KimcoRealtyPfdM KIMpM 25.05 0.3 PebblebrookPfdF PEBpF 25.74 0.6 TeleNav TNAV 9.27 0.9 BiglariA BH.A 459.50 -0.5 HornbeckOffshore HOS 0.71 -21.5 ParatekPharma PRTK 3.10 2.5 WAVE LifeSci WVE 19.06 -8.6
AssetMarkFin AMK 28.48 0.9 Chubb CB 154.05 0.2 EssexProp ESS 308.92 1.2 Knowles KN 20.16 0.1 PeoplesUtdPfdA PBCTP 27.56 1.4 Tele&DataNts TDA 25.39 1.0 BlackRidgeAcqn BRAC 9.30 0.1 HudsonGlobal HSON 10.26 -2.7 PenneyJC JCP 0.75 -5.0 WPX Energy WPX 9.78 -0.2
AssdBancPfdE ASBpE 27.66 2.7 ChurchillCapIIA CCX 10.05 0.3 Everbridge EVBG 103.39 -1.0 KoninklijkePhil PHG 47.68 1.2 PerionNetwork PERI 4.72 0.4 TempurSealy TPX 81.79 0.7 C&J Energy CJ 8.96 -5.3 IZEA IZEA 0.38 -5.0 Personalis PSNL 17.58 -8.0 WandaSports WSG 4.67 -2.9
AssurGrMunNt AGOpE 27.16 1.0 ChurchillDowns CHDN 121.63 1.1 ExlService EXLS 68.01 -1.1 LadenburgNts28 LTSF 25.37 -0.2 PierisPharm PIRS 6.04 12.2 TerraFormPower TERP 15.52 0.5 CNX Resources CNX 6.14 -4.6 iHeartMedia IHRT 13.80 -3.3 PetroChina PTR 53.59 -0.5 WinsFinance WINS 13.00 3.9
AssuredGuarNts AGOpF 26.13 0.3 Ciena CIEN 46.78 ... Exponent EXPO 69.02 0.2 LadenburgNts28 LTSK 25.76 1.5 PopularCapPfd BPOPM 26.69 1.9 TexasInstruments TXN 130.37 1.4 CUI Global CUI 0.75 -3.8 IndependenceContr ICD 1.22 -4.7 PivotalSoftware PVTL 9.35 -3.9 XFinancial XYF 2.67 0.5
AstraZeneca AZN 44.74 2.0 CityOfficePfdA CIOpA 28.14 1.4 FTI Consulting FCN 105.81 2.1 LeggMasonNts LMHB 25.60 0.4 PublicStoragePfB PSApB 27.09 1.5 TotalSystem TSS 138.66 1.0 CabotOil COG 19.00 -0.2 Inpixon INPX 0.35 -5.9 PlusTherap PSTV 0.13 -18.2 XeneticBiosci XBIO 2.28 -14.0
AtmosEnergy ATO 109.18 0.7 ClarivateAnalyWt CCC.WS 5.45 3.1 FairIsaac FICO 354.42 -0.7 Leidos LDOS 84.32 1.1 PublicStoragePfC PSApC 26.00 1.2 TriNet TNET 76.92 -4.3 CallonPetrol CPE 4.67 -2.5 IntecPharma NTEC 0.44 -4.2 Potbelly PBPB 4.18 -4.6 XpresSpa XSPA 1.10 -14.1
AudioCodes AUDC 19.57 3.7 ClarivateAnaly CCC 16.56 2.2 FedAgricMtgPfdD AGMpD 26.50 0.7 LibertyProperty LPT 53.39 0.9 PublicStoragePfE PSApE 25.49 0.7 TuscanIIUn THCAU 10.12 1.2 CamberEnergy CEI 0.98 -10.0 InterceptPharm ICPT 63.01 -0.3 ProteostasisTher PTI 0.78 -7.4 Zafgen ZFGN 0.88 -6.3
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 Fund
Net YTD
NAV Chg %Ret
Stock 193.08 -0.95 16.8 InvGrBd 11.43 +0.01 7.0 Harding Loevner ShortT 9.81 +0.01 2.1 TIAA/CREF Funds TotStAdml 74.97 -0.18 21.8 TotIntBdIxInv 11.57 ... 7.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds LowP r 49.22 -0.18 13.4 IntlEq NA ... NA TotRt NA ... NA BdIdxInst 10.99 +0.01 6.0 TxMCapAdml155.83 -0.31 22.4 WellsI 26.86 +0.02 11.5
CoreFxdIncmI NA ... NA Magin 11.05 -0.03 24.5 Invesco Funds A PIMCO Funds A VANGUARD ADMIRAL TxMIn r 13.34 -0.02 13.3 Welltn 42.16 +0.01 15.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
TotRetBdI NA ... NA OTC 12.63 -0.06 26.9 EqIncA 10.42 -0.01 15.1 IncomeFd NA ... NA 500Adml 279.00 -0.45 21.9 USGroAdml 110.25 -0.69 26.8 WndsrII 36.66 -0.10 19.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti Puritn 22.41 -0.05 15.2 Invesco Funds Y PIMCO Funds I2 BalAdml 37.67 -0.05 15.5 ValAdml 44.15 ... 17.2 VANGUARD INDEX FDS
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 35.60 -0.21 23.7 DevMktY
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not SrsEmrgMkt 19.12 -0.03 16.4 43.46 +0.01 15.6 Income NA ... NA CAITAdml 12.07 +0.01 5.5 WdsrllAdml 65.04 -0.17 19.2 500 279.00 -0.45 21.8
Fidelity SrsGroCoRetail 17.90 -0.13 26.7 JPMorgan R Class PIMCO Funds Instl CapOpAdml r154.75 -0.36 17.2 WellsIAdml 65.07 +0.05 11.6 SmValAdml 56.58 -0.21 16.7
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem105.06 -0.17 21.9 CoreBond
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SrsIntlGrw 16.47 -0.05 22.9 11.78 -0.02 6.3 IncomeFd NA ... NA EMAdmr 35.45 -0.03 12.6 WelltnAdml 72.80 +0.02 15.1 TotBd2 10.88 +0.01 6.1
ExtMktIdxInstPre 63.68 -0.40 21.8 SrsIntlVal 9.57 +0.01 11.3 CorePlusBd 8.40 -0.02 6.8 Price Funds EqIncAdml 76.80 +0.04 17.2 WndsrAdml 71.60 -0.29 17.9 TotIntl 16.89 -0.02 12.9
IntlIdxInstPrem 41.28 +0.02 13.8 TotalBond 10.79 +0.01 7.3 Lord Abbett A BlChip 119.84 -0.73 24.8 ExplrAdml 97.59 -0.55 25.5 VANGUARD FDS TotSt 74.94 -0.18 21.8
Monday, July 29, 2019 MidCpInxInstPrem 23.03 -0.08 24.1 Fidelity SAI ShtDurIncmA p 4.21 ... 3.9 EqInc 31.97 -0.08 18.4 ExtndAdml 91.72 -0.58 21.8 DivdGro 30.32 +0.10 25.0 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 16.30 -0.03 21.8 TotalBd 10.56 +0.01 7.2 Lord Abbett F EqIndex 80.52 -0.13 21.7 GNMAAdml 10.50 ... 4.3 INSTTRF2020 23.63 -0.02 12.4 BalInst 37.68 -0.04 15.5
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SerLTTreBdIdx 9.22 ... 9.8 First Eagle Funds ShtDurIncm 4.21 ... 4.0 Growth 71.12 -0.43 24.5 GrwthAdml 87.32 -0.31 27.1 INSTTRF2025 24.07 -0.02 13.7 DevMktsIndInst 13.36 -0.02 13.3
SmCpIdxInstPrem 20.15 -0.12 17.3 GlbA 58.64 -0.08 15.2
Metropolitan West
HelSci 78.44 +0.05 17.1 HlthCareAdml r 83.16 +0.46 8.2 INSTTRF2030 24.34 -0.02 14.6 DevMktsInxInst 20.88 -0.03 13.3
American Century Inv Baird Funds 5GlbFxdInc 10.91 ... 3.4 TMktIdxInstPrem 85.63 -0.21 21.9 TotRetBd 10.89 +0.02 6.5
Ultra 50.62 -0.24 25.2 AggBdInst 11.07 +0.02 6.8 DFARlEst 39.10 +0.17 20.6 FPA Funds InstlCapG 43.64 -0.26 22.2 HYCorAdml r 5.87 ... 11.6
INSTTRF2035 24.60 -0.03 15.5
ExtndInst 91.72 -0.58 21.8
USBdIdxInstPrem 11.78 +0.01 6.1 FPACres 33.83 -0.09 16.7
TotRetBdI 10.88 +0.01 6.5
IntlStk 17.62 ... 17.7 InfProAd 25.86 ... 6.1 GrwthInst 87.33 -0.31 27.1
American Funds Cl A CorBdInst 11.41 +0.02 7.3 EmgMktVa 27.95 -0.10 4.3 INSTTRF2040 24.87 -0.03 16.4
Fidelity Advisor I TRBdPlan 10.24 +0.01 6.5 IntlGrAdml 94.41 -0.15 19.2 InPrSeIn 10.53 -0.01 6.1
AmcpA p 32.78 -0.08 18.2 BlackRock Funds EmMktCorEq 20.69 -0.07 8.3 Franklin A1 MCapVal 27.61 -0.05 13.2 INSTTRF2045 25.05 -0.04 17.0
NwInsghtI 33.49 -0.19 24.1 MFS Funds Class I ITBondAdml 11.68 +0.01 7.7 InstIdx 273.78 -0.44 21.9
AMutlA p 42.44 +0.03 14.3 HiYldBd Inst 7.67 ... 11.0 IntlCoreEq 12.92 -0.02 12.3 CA TF A1 p 7.60 ... 7.1 MidCap 97.39 -0.18 27.5 INSTTRF2050 25.09 -0.04 17.0
Fidelity Freedom ValueI 42.82 +0.04 22.1 ITIGradeAdml 9.94 +0.01 7.9 InstPlus 273.80 -0.44 21.9
BalA p 27.79 -0.01 12.8 BlackRock Funds A IntlVal 16.93 -0.05 8.7 IncomeA1 p 2.32 ... 11.8 N Inc 9.59 ... 6.6 IntlVal 35.95 -0.02 12.0
FF2020 15.96 -0.02 11.8 MFS Funds Instl LTGradeAdml 10.70 ... 14.5 InstTStPlus 65.14 -0.15 21.9
17.9 NHoriz 64.85 -0.62 34.5
FrankTemp/Frank Adv
BondA p 13.13 +0.01 5.9 GlblAlloc p 18.91 ... 11.1 IntSmCo 17.78 -0.05 12.2 FF2025 13.95 -0.02 12.7 IntlEq 26.39 +0.04 MidCpAdml 211.46 -0.73 24.5 LifeCon 20.53 ... 11.1 MidCpInst 46.71 -0.16 24.5
CapIBA p 61.56 +0.07 11.1 BlackRock Funds III IntSmVa 17.95 -0.08 8.6 FF2030 17.29 -0.03 14.1
IncomeAdv 2.30 ... 12.0 Nuveen Cl I OverS SF r 10.43 +0.01 12.2
MuHYAdml 11.69 ... 6.9 LifeGro 34.45 -0.05 15.8 MidCpIstPl 230.38 -0.79 24.5
CapWGrA 49.51 -0.06 17.0 iShS&P500IdxK358.92 -0.57 21.8 LgCo 23.32 -0.03 21.9 Freedom2020 K 15.94 -0.02 11.8 FrankTemp/Franklin A HYMunBd 17.82 ... 8.7 R2020 22.24 -0.02 13.9 MuIntAdml 14.45 +0.01 5.5 LifeMod 27.85 -0.02 13.5 SmCapInst 76.20 -0.45 21.3
EupacA p 53.29 -0.12 18.3 BlackRock Funds Inst TAUSCoreEq2 19.23 -0.06 20.6 Freedom2025 K 13.93 -0.02 12.7 Growth A p 111.83 -0.18 24.3 Oakmark Funds Invest R2025 17.76 -0.02 15.1 MuLTAdml 11.89 ... 6.6 PrmcpCor 27.60 -0.04 17.9 STIGradeInst 10.70 ... 4.3
FdInvA p 60.68 -0.16 17.8 EqtyDivd 19.88 -0.07 17.8 US CoreEq1 24.69 -0.07 21.1 Freedom2030 K 17.27 -0.03 14.2 RisDv A p 68.35 -0.09 24.2 EqtyInc r 30.70 -0.07 14.2 R2030 25.92 -0.05 16.2 MuLtdAdml 11.09 +0.01 3.3 STAR 27.11 -0.05 15.1 STIPSIxins 24.75 ... 3.4
GwthA p 51.28 -0.24 19.9 GlblAlloc 19.02 ... 11.3 US CoreEq2 22.65 -0.08 20.3 Freedom2035 K 14.43 -0.04 15.7 FrankTemp/Franklin C Oakmark 81.49 -0.55 19.3 R2035 19.05 -0.04 17.2 MuShtAdml 15.86 +0.01 1.8 TgtRe2015 15.32 -0.01 10.5 TotBdInst 10.91 ... 6.1
HI TrA p 10.14 ... 9.5 MultiAstIncome 10.88 ... 10.5 US Small 34.00 -0.24 14.9 Freedom2040 K 10.08 -0.02 16.3 Income C t 2.35 ... 11.3 OakmrkInt 23.11 -0.04 13.0 R2040 27.16 -0.06 17.9 PrmcpAdml r141.79 -0.26 17.2 TgtRe2020 32.17 -0.02 12.4 TotBdInst2 10.88 +0.01 6.2
ICAA p 39.00 +0.01 16.3 StratIncOpptyIns 9.93 ... 5.5 US SmCpVal 32.85 -0.29 10.0 Fidelity Invest FrankTemp/Temp A Old Westbury Fds Value 36.81 -0.08 20.4 RealEstatAdml125.53 +0.47 20.7 TgtRe2025 19.34 -0.01 13.7 TotBdInstPl 10.91 ... 6.2
IncoA p 22.78 ... 12.1 Bridge Builder Trust US TgdVal 22.37 -0.16 13.6 Balanc 23.90 -0.04 16.7 Growth A p 22.09 -0.04 6.6 LrgCpStr 15.05 -0.03 19.0 PRIMECAP Odyssey Fds SmCapAdml 76.20 -0.45 21.3 TgtRe2030 35.31 -0.04 14.6 TotIntBdIdxInst 34.72 +0.01 7.3
N PerA p 45.57 -0.06 21.0 CoreBond 10.34 +0.01 5.8 USLgVa 37.10 -0.11 16.7 BluCh 104.56 -0.58 24.5 FrankTemp/Temp Adv Parnassus Fds AggGrowth r 46.05 -0.28 20.2 SmGthAdml 66.92 -0.55 26.7 TgtRe2035 21.72 -0.03 15.4 TotIntlInstIdx r112.97 -0.13 13.0
NEcoA p 46.53 -0.23 19.8 CorePlusBond 10.25 ... 6.1 Dodge & Cox Contra 13.51 -0.09 23.8 GlBondAdv p 11.34 -0.02 4.4 ParnEqFd 48.41 -0.02 24.6 Growth r 40.34 -0.06 16.2 STBondAdml 10.53 ... 3.5 TgtRe2040 37.58 -0.06 16.3 TotItlInstPlId r113.00 -0.12 13.0
NwWrldA 68.87 -0.13 20.1 Intl Eq 11.41 -0.03 14.6 Balanced 101.66 -0.31 13.0 ContraK 13.52 -0.09 23.9 Guggenheim Funds Tru PGIM Funds Cl Z Stock r 33.99 -0.02 18.1 STIGradeAdml 10.70 ... 4.3 TgtRe2045 23.64 -0.04 17.0 TotStInst 74.98 -0.18 21.8
SmCpA p 57.31 -0.28 22.2 Del Invest Instl GblStock 12.56 -0.05 13.9 CpInc r 10.10 -0.02 14.4 TotRtnBdFdClInst 27.13 +0.03 3.6 TotalReturnBond NA ... NA Schwab Funds TotBdAdml 10.91 ... 6.1 TgtRe2050 38.04 -0.07 17.0 ValueInst 44.15 ... 17.2
TxExA p 13.28 ... 5.6 Value 22.01 -0.01 13.5 Income 13.97 +0.01 7.0 GroCo 20.23 -0.15 26.3 Harbor Funds PIMCO Fds Instl S&P Sel 46.68 -0.07 21.8 TotIntBdIdxAdm 23.14 +0.01 7.3 TgtRet2055 41.29 -0.07 17.0 Western Asset
WshA p 46.92 -0.01 17.5 Dimensional Fds Intl Stk 41.36 -0.10 12.1 GrowCoK 20.25 -0.16 26.3 CapApInst 76.90 -0.38 24.1 AllAsset NA ... NA TSM Sel r 53.10 -0.13 21.8 TotIntlAdmIdx r 28.25 -0.03 13.0 TgtRetInc 13.81 ... 9.3 CorePlusBdI NA ... NA
BANKING & FINANCE
More Exchanges Add Speed Bumps Chinese

Firms Aid
Markets defy large Pause Buttons
high-speed traders to
appeal to clients that
More than a dozen markets are expected to have speed bumps or similar features by 2020.
Speed-bump launches
Teetering
are more traditional Foreign exchange Equities Futures PLANNED
London
Lender
BY ALEXANDER OSIPOVICH EBS Aequitas Refinitiv NYSE Metal Cboe BY STELLA YIFAN XIE
Market NEO-N Matching1 American IntelligentCross3 Exch. EDGA4
High-frequency trading Three of China’s state-
firms are hitting more “speed backed financial institutions
bumps” around the world—the 2013 2014 2015 2016 2017 2018 2019 2020 are to take stakes in a strug-
latest blow to a business that gling commercial bank, indi-
has struggled in recent years. cating a different approach by
Exchanges on both sides of ParFX IEX TSX Alpha Eurex Nasdaq 2 Moscow ICE regulators toward the coun-
the Atlantic are increasingly Exch. Futures try’s small troubled lenders.
embracing the mechanisms, U.S. The Industrial & Commer-
which impose a split-second Though smaller than its U.S. rivals, IEX is the biggest stock High-frequency trading was most profitable in the years right cial Bank of China, the coun-
delay before executing trades. exchange with a speed bump. after the financial crisis, due to volatile markets. try’s largest bank by assets,
By 2020, more than a dozen said one of its units would pay
markets in stocks, futures and Average daily trading volume, in billions5 Estimated HFT revenues from U.S. stock trading as much as 3 billion yuan
currencies from Toronto to ($435.6 million) for a 10.82%
New York to Moscow will slow $6 billion stake in Bank of Jinzhou Co.,
IEX $9.4
trading via speed bumps or which lends mostly to small
similar features, if all of the Cboe EDGA 6.9 and medium-size companies in
planned launches are carried 4 a northeastern region of the
out. Five years ago, only a few NYSE American 0.6 country.
markets had speed bumps. ICBC said its investment
Supporters say speed bumps TSX Alpha 0.6 2 was aimed at supporting the
can help thwart ultrafast strate- regulators’ goal of channeling
6
gies that hurt investors. Critics, Nasdaq 0.4 more funding to the private
including many electronic-trad- 0
sector.
ing firms, say they make mar- Aequitas NEO-N 0.2 Two of China’s largest asset
kets unnecessarily complex and 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’197 managers that specialize in
unfairly favor certain partici- Formerly Thomson Reuters Matching 2Refers to launch of Midpoint Extended Life Orders 3Uses periodic matching instead of a classic speed bump
1 handling distressed debt will
pants. 4
Awaiting regulatory approval 5Reflects year-to-date volumes through July 19 6Volume of Midpoint Extended Life Orders only 72019 is a projection. also take minority stakes,
By trying to blunt the im- Sources: the companies (launches, trading volume); Tabb Group (revenues) Bank of Jinzhou said. China
pact of ultrafast trading, ex- Cinda Asset Management’s
changes are defying large high- The industry has consoli- they want to neutralize “la- tronic message canceling his or pany Intercontinental Ex- stake would represent about
speed trading companies that dated in recent years as mount- tency arbitrage,” a strategy in her $10.00 sell order. That gives change Inc. won approval for 6.49% of its shares. China
account for a huge portion of ing costs for technology and which a fast trader takes ad- the investor a brief window to such a speed bump on its U.S. Great Wall Asset Manage-
their volume to appeal to more- market data have squeezed vantage of a moving price be- avoid being picked off by the futures market in May. Eurex, ment’s stake wasn’t disclosed.
traditional clients. Financial in- profits. Research firm Tabb fore other traders can react. faster trade. the derivatives arm of Ger- The news lifted prices of
.
stitutions such as banks and Group estimates HFT firms’ Suppose an investor has Most of the latest speed- many’s Deutsche Börse AG, has Bank of Jinzhou’s U.S. dollar
ly
pension funds have complained revenue from U.S. equities trad- posted a quote to sell shares of bump plans have a similar, deployed asymmetrical speed
that high-frequency trading ing was $1.8 billion last year, Ford Motor Co. at $10.00 and “asymmetrical” design, meaning bumps on some markets since
eats into their profits. down from $5.7 billion in 2010. the price is about to tick up to they don’t apply equally to all 2017, and Moscow Exchange,
“It’s finally boiled to the
point where the exchanges
started paying attention to what
their clients are saying,” said
Exact numbers are difficult to
obtain because most HFT firms
are private.
Among the exchanges set to
on $10.01. An HFT firm might buy
Ford shares from that investor
just before the price rises, then
immediately sell them, earning
trades. Such speed bumps are
typically meant to favor market
participants that publicly quote
prices on an exchange, rather
in Russia, added such a speed
bump to a dollar-ruble foreign-
exchange market in April.
The proliferation of such
4.61%
Bank nonperforming loan ratio
Roman Ginis, founder of Intelli- install their first speed bumps a one-cent-a-share profit. Such than those that try to buy or speed bumps is troubling, be- in China’s Liaoning province
us l,
gentCross LLC, a startup U.S. are the London Metal Ex- firms use algorithms and fast sell using those prices. cause it means investors can’t
stock-trading platform. change, which plans to add an data-transmission networks to In many cases, the new be certain of the prices they
al a
e
HFT firms make money eight-millisecond delay to gold forecast small price changes speed bumps cover small, see on exchanges, said Jamil
through rapid-fire trading of and silver futures this year. and act on them quickly. thinly traded markets, and they Nazarali, global head of busi- bonds on Monday, according
stocks, futures and other assets. Chicago-based Cboe Global A speed bump could help could help exchanges juice ness development at electronic- to traders. The introduction of
ci on
The industry has received nega- Markets Inc. hopes to add a that investor. Cboe’s proposal trading volumes by encourag- trading firm Citadel Securities. state-backed firms could pave
tive depictions in works such as speed bump on its EDGA stock would force the HFT firm to ing traders to post more “The big risk is that you’re go- the way for future capital in-
Michael Lewis’s “Flash Boys.” exchange in 2020, if it wins wait four milliseconds before quotes. ing to see a lot of phantom li- jections into the bank, said
The traders say such portrayals regulatory approval. buying the Ford shares. The LME’s and Cboe’s planned quidity, which will harm execu- some analysts.
are unfair and HFT benefits in- LME, Cboe and other mar- same delay wouldn’t apply if speed bumps are asymmetrical. tion quality for both retail and The recent moves had little
er rs
vestors. kets adopting speed bumps say the investor sent Cboe an elec- Atlanta-based exchange com- institutional investors,” he said. impact on the country’s money
markets despite recent inves-
tor concern over the health of
Mortgage Fort Worth area, where she 6 billion Swiss francs Change in average 1.050 How many Swiss francs the Chinese banking system.
m e
lives. She closed on a three- sight deposits at the one euro buys, weekly In May, Chinese regulators
bedroom, two-bathroom brick 5 Swiss National Bank, seized control of Baoshang
Market house in suburban Saginaw, 1.075 Bank, once controlled by a

m rp
weekly
Texas, in May. 4 missing tycoon and facing se-
Ms. Poole ended up with a rious credit risks. The authori-
Gets a Lift rate of 4% on a 30-year fixed 1.100 ties said the takeover was an
3
mortgage from Better.com, an isolated incident but it led to
online mortgage startup. spikes in some short-term
2 1.125
co Fo
Lower rates helped her have lending rates and other mar-
Continued from page B1 confidence that she would be ket dislocations. The regula-
number of refinancings of Fed- able to stay within her budget, 1 tors took steps to calm the
1.150
eral Housing Administration she said. market by pumping liquidity
mortgages, which typically go “I was so scared of being in 0 into the system and asking fi-
to first-time homeowners. a situation where I took on 1.175
nancial firms to continue to
Scale is inverted to
Some wanted to obtain lower this house and then right away –1 reflect the strength trade with each other.
rates, while others desired to was having money worries,” of the franc against The purchase of stakes in
get out of the insurance that is Ms. Poole said. “So for me my the euro Bank of Jinzhou by state-
–2 1.200
required on those loans. biggest focus when purchasing owned entities suggests the
2017 ’18 ’19 2017 ’18 ’19
He also saw more purchase a house was the projected bank’s problems are less grave
business. monthly payment.” Sources: Refinitiv (sight deposits); Tullett Prebon (exchange rate) Note: 1 billion Swiss francs = $1.01 billion than Baoshang’s, said Shen
“Volume overall is defi- Vishal Garg, founder and Meng, director of Chanson &
nitely up from last year, that’s chief executive at Better.com,
Swiss Move to Weaken Currency Co., an investment bank in
n-
for sure,” Mr. Hastings said. said the company made about Beijing.
Since the financial crisis, $1 billion worth of loans in the But problems at the banks
mortgage lending has shifted second quarter, more than in BY PAUL J. DAVIES The Swiss franc hit what recent past, trading late Mon- are emblematic of troubles
away from the big banks and all of 2016 and 2017 combined. many analysts see as a key level day at 1.105 francs per euro. that have plagued the coun-
no
toward independent lenders, A Fed rate cut could spur The Swiss central bank ap- last Wednesday, which is 1.10 “Intervention has been a try’s smaller commercial lend-
many with smaller balance renewed interest in home pears to have taken its most francs per euro, a level it hasn’t long time coming, the franc has ers, said Xue Hongyan of Sun-
sheets. loans whose rates rise and fall significant steps to weaken the breached since early July 2017. been rising in recent months,” ing internet Finance Research
Those firms struggled last with short-term rates. franc in about two years, after At the end of April, one euro said David Oxley, senior Europe Institute in Beijing.
year and early this year as In a typical adjustable-rate looming interest-rate cuts from bought 1.14 francs, while in May economist at Capital Economics. Many smaller banks have
rates increased. A result was a mortgage, borrowers pay a U.S. and European central last year it was 1.20 francs. Data on Swiss sight deposits weaker deposit bases than
wave of mergers and job re- fixed rate for five, seven or 10 banks put upward pressure on Looser monetary policy in is publicly available only up to state-owned banks. In the case
ductions, as well as a handful years, which is typically lower the currency. the U.S. and Europe puts up- the middle of last week, so the of Baoshang and Jinzhou, both
of bankruptcies. than the rate on a 30-year The Swiss National Bank be- ward pressure on the franc by central bank’s move came be- banks also serve less-devel-
That trend reversed as fixed-rate mortgage. After gan selling francs into the mar- making Swiss investments rela- fore the latest round of rate oped regions, where local
rates fell. Quicken Loans Inc., that, their rate regularly re- ket last week, a move that was tively more attractive, or less signals from the ECB. economies have been saddled
the largest nonbank mortgage sets. reflected in an uptick in what is unattractive, by shrinking the Mr. Oxley and other analysts with debt and hindered by in-
lender, had its best quarter in Banks often favor these known as sight deposits, which difference in interest rates be- said the franc’s recent fall efficiencies. In Liaoning prov-
its 34-year history from April mortgages for high-dollar lenders use to hold reserves at tween the Alpine nation and looked more market driven ince, where Jinzhou Bank op-
to June. The company said home loans made to wealthier the central bank. The sight de- elsewhere. Switzerland’s econ- than central-bank driven. erates, nonperforming loan
that it closed $32 billion in borrowers. They were popular posits, a closely watched indi- omy is typically viewed as JPMorgan analysts expect the ratios among banks averaged
mortgages. before the financial crisis but cator of foreign-exchange inter- strong and stable, making it a franc to continue to strengthen, 4.61% at the end of September
The broad housing market have mostly failed to regain vention, grew by 1.7 billion haven for investors. in part because the Swiss cen- 2018, much higher than the
is still showing signs of cool- popularity since. francs ($1.71 billion), the largest The European Central Bank tral bank wouldn’t want to be 1.87% industry average.
ing as high home values price Home-equity loans and weekly amount since the sum- didn’t cut interest rates last seen intervening and thereby at- Bank of Jinzhou’s Hong
many out of the market. But lines of credit, which are also mer of 2017, analysts said. week, but President Mario tracting the ire of the U.S. Kong-listed shares have been
the window of lower rates did tied to short-term rates, may “This looks like intervention,” Draghi has been preparing the “President Trump’s ongoing suspended since April this
provide an opening for some also increase in popularity if said Thomas Flury, global head market for rate cuts and more forays into the FX market will year. On Sunday, the bank said
who had been wanting to buy. short-term rates fall. of currency strategy at UBS bond buying in his recent further incline the SNB to sit its businesses were operating
Laura Poole, a database de- “We do expect to see some Wealth Management. “It is the speeches. He further emphasized on its hands and leave [the normally and it intends to re-
veloper at an information uptick next month, assuming highest increase since the French that message in Thursday’s franc] unrestrained,” they said lease its 2018 annual report by
technology company, began that there is a change in election period in 2017, when monetary-policy statement. in a note. the end of August.
looking for a home earlier this rates,” said Jon Giles, who they were last intervening.” The Swiss franc weakened —Brian Blackstone —Frances Yoon
year to benefit from rising oversees home-equity prod- The Swiss National Bank de- after the ECB’s decision but re- and Pat Minczeski and Yifan Wang
housing values in the Dallas- ucts at TD Bank. clined to comment Monday. mains high compared with the contributed to this article. contributed to this article.
Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
Closing Chg YTD iShMBSETF MBB 107.67 –0.00 2.9 iShS&P500Growth IVW 184.61 –0.25 22.5 SPDR DJIA Tr DIA 272.13 0.10 16.7 VangdHiDiv VYM 89.21 –0.01 14.4
Monday, July 29, 2019
ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 74.81 –0.07 16.6 iShS&P500Value IVE 119.70 –0.08 18.4 SPDR S&PMdCpTr MDY 359.63 –0.48 18.8 VangdIntermBd BIV 86.39 0.08 6.3
Closing Chg YTD iShMSCIBrazil EWZ 45.49 0.11 19.1 iShShortCpBd IGSB 53.40 0.05 3.4 VangdIntrCorpBd VCIT 89.80 –0.11 8.4
SPDR S&P 500 SPY 301.46 –0.18 20.6
ETF Symbol Price (%) (%) iShCoreS&P500 IVV 303.22 –0.18 20.5 iShMSCI EAFE EFA 65.64 0.21 11.7 iShShortTreaBd SHV 110.61 ... 0.3 VangdLC VV 138.59 –0.17 20.7
SPDR S&P Div SDY 102.72 –0.01 14.7
AlerianMLPETF AMLP 9.85 –1.40 12.8 iShCoreS&P MC IJH 197.20 –0.48 18.8 iShMSCI EAFE SC SCZ 57.46 –0.28 10.9 iShTIPSBondETF TIP 114.89 –0.09 4.9 VangdMC VO 170.70 –0.37 23.5
TechSelectSector XLK 82.54 –0.06 33.2
CnsmrDiscSelSector XLY 122.95 –0.49 24.2 iShCoreS&P SC IJR 78.74 –0.51 13.6 iShMSCIEmgMarkets EEM 42.62 –0.19 9.1 iSh1-3YTreasuryBd SHY 84.57 ... 1.1 VangdMC Val VOE 113.30 –0.19 18.9
UtilitiesSelSector XLU 60.29 0.52 13.9
CnsStapleSelSector XLP 60.48 0.18 19.1 iShS&PTotlUSStkMkt ITOT 68.46 –0.16 20.6 iShMSCIJapan EWJ 54.74 –0.13 8.0 iSh7-10YTreasuryBd IEF 109.54 0.09 5.1 VangdMBS VMBS 52.93 0.08 2.8
VanEckGoldMiner GDX 27.77 1.80 31.7
EnSelectSectorSPDR XLE 62.20 –0.40 8.5 iShCoreUSAggBd AGG 111.26 0.04 4.5 iShNatlMuniBd MUB 113.53 –0.01 4.1 iSh20+YTreasuryBd TLT 131.51 0.03 8.2 VangdRealEst VNQ 88.53 0.27 18.7
VangdInfoTech VGT 222.93 –0.16 33.6
FinSelSectorSPDR XLF 28.47 –0.77 19.5 iShSelectDividend DVY 101.14 –0.13 13.2 iShPfd&Incm PFF 37.41 0.24 9.3 iShRussellMCGrowth IWP 147.62 –0.46 29.8 VangdS&P500 VOO 276.88 –0.18 20.5
iShEdgeMSCIMinEAFE EFAV 72.60 0.32 8.9 VangdSC Val VBR 131.71 –0.36 15.5
FT DJ Internet FDN 149.33 –1.33 28.0 iShRussell1000Gwth IWF 163.67 –0.31 25.0 iShUSTreasuryBdETF GOVT 25.71 0.08 4.3 VangdST Bond BSV 80.39 0.04 2.3
iShEdgeMSCIMinUSA USMV 63.67 0.14 21.5 VangdSC Grwth VBK 190.43 –0.77 26.5
HealthCareSelSect XLV 92.45 0.41 6.9 iShRussell1000 IWB 167.62 –0.21 20.9 PIMCOEnhShMaturity MINT 101.75 ... 0.8 VangdSTCpBd VCSH 80.63 ... 3.5
78.36 –0.18 21.7 iShEdgeMSCIUSAMom MTUM 122.85 –0.15 22.6 VangdDivApp VIG 119.43 0.12 21.9
IndSelSectorSPDR XLI iShRussell1000Val IWD 129.90 –0.11 17.0 SPDR BlmBarcHYBd JNK 108.76 –0.13 7.9 VangdSC VB 159.03 –0.59 20.5
InvscQQQI QQQ 194.62 –0.34 26.2 iShEdgeMSCIUSAQual QUAL 94.07 –0.03 22.6 iShRussell2000Gwth IWO 203.27 –0.61 21.0 SPDRBloomBar1-3MTB BIL 91.60 0.02 0.2 VangdFTSEDevMk VEA 41.56 –0.02 12.0 VangdTotalBd BND 82.92 0.06 4.7
InvscS&P500EW RSP 109.70 –0.29 20.0 iShFloatingRateBd FLOT 50.93 –0.04 1.1 iShRussell2000 IWM 156.15 –0.67 16.6 SPDR Gold GLD 134.53 0.67 11.0 VangdFTSE EM VWO 42.61 –0.02 11.8 VangdTotIntlBd BNDX 57.92 0.16 6.8
InvscS&P500LowVol SPLV 56.07 0.18 20.2 iShGoldTr IAU 13.64 0.66 11.0 iShRussell2000Val IWN 120.54 –0.63 12.1 SchwabIntEquity SCHF 31.98 ... 12.8 VangdFTSE Europe VGK 54.65 0.15 12.4 VangdTotIntlStk VXUS 52.67 0.04 11.5
iShCoreMSCIEAFE IEFA 61.41 0.11 11.7 iShiBoxx$InvGrCpBd LQD 124.26 –0.06 10.1 iShRussell3000 IWV 177.16 –0.21 20.6 SchwabUS BrdMkt SCHB 72.42 –0.18 20.8 VangdFTSEAWxUS VEU 50.92 –0.02 11.7 VangdTotalStk VTI 154.04 –0.24 20.7
iShCoreMSCIEmgMk IEMG 51.11 –0.25 8.4 iShiBoxx$HYCpBd HYG 87.04 –0.15 7.3 iShRussellMid-Cap IWR 57.21 –0.28 23.1 SchwabUS Div SCHD 55.02 –0.04 17.1 VangdGrowth VUG 169.65 –0.36 26.3 VangdTotlWrld VT 76.29 –0.09 16.5
iShCoreMSCITotInt IXUS 58.59 0.02 11.5 iShJPMUSDEmgBd EMB 114.11 –0.01 9.8 iShRussellMCValue IWS 90.37 –0.30 18.4 SchwabUS LC SCHX 72.15 –0.17 20.9 VangdHlthCr VHT 173.66 0.38 8.1 VangdValue VTV 113.15 –0.02 15.5
THE WALL STREET JOURNAL. * * * * * Tuesday, July 30, 2019 | B11
MARKETS
Stocks Tread Water Before Fed Meeting

BY AKANE OTANI Index performance, month to date Investors will get a fresh with all of those having the grew increasingly violent, trig-
AND AVANTIKA CHILKOTI S&P 500 look Tuesday at the Fed’s pre- ability to disappoint,” Mr. Ho- gering concerns about the im-
6% Technology sector ferred inflation gauge, the gan added. pact tensions with Beijing
The S&P 500 inched lower price index for personal-con- Meanwhile, deal news and could have on the economy.
as investors looked ahead to a sumption expenditures, as well earnings drove swings among “Many shopping malls and
Federal Reserve meeting that as the Labor Department’s individual stocks. stores have been closed…due to
many anticipate will result in monthly employment report Mylan shares jumped $2.32, the massive protests, while
4
the first interest-rate cut since Friday. or 13%, to $20.78 after Pfizer people are turning more cau-
2008. Declines in technology agreed to merge its off-patent tious in their spending,” said
Stocks have flirted with re- S&P 500 shares pulled the Nasdaq lower, drugs business with the ge- Castor Pang, head of research
cords for much of the summer with Advanced Micro Devices neric drugmaker, creating a at Core-Pacific Yamaichi in
as investors losing 54 cents, or 1.6%, to global seller of lower-price Hong Kong. “That is definitely
MONDAY’S have bet on the 2 $33.48, and Micron Technol- medicines in an increasingly going to hurt Hong Kong’s
MARKET Fed lowering ogy falling 67 cents, or 1.4%, to competitive business. Pfizer economy.”
rates by as $46.82. dropped $1.64, or 3.8%, to Shares of property firms
much as half a percentage The S&P 500 technology $41.45. New World Development Co.,
point at the end of its two-day sector has jumped 5.5% in July, Booz Allen Hamilton shares Henderson Land Development
meeting Tuesday and Wednes- 0 outpacing the broader S&P rose $2.34, or 3.4%, to $71.54 Co. and Swire Pacific Ltd. fell
day. July 500’s 2.7% gain. after the management and con- at least 2% apiece.
Bets on a rate cut have Source: FactSet “What really worked last sulting firm reported better- Early Tuesday, the Hang
helped buoy stocks, even as week is where people are tak- than-expected earnings. Seng was up 0.6%.
data have shown the domestic want to engineer a soft landing points, or 0.2%, to 3020.97, re- ing some profits today,” said Elsewhere, the Stoxx Europe South Korea’s Kospi lost
and global economy slowing. and pre-empt the more tangi- treating from its Friday record Art Hogan, chief market strate- 600 edged up less than 0.1% to 1.8% Monday, logging its fourth
“The Fed is very proactive,” ble signs of slowdown—they close. The Nasdaq Composite gist at National Holdings. notch its sixth gain in seven consecutive session of declines.
said Xavier Baraton, global feel they have the wiggle room lost 36.88 points, or 0.4%, to Between the Fed meeting, trading sessions. Early Tuesday, it was up 0.6%.
chief investment officer for to do that because there is no 8293.33. The Dow Jones Indus- earnings and U.S.-China trade Hong Kong’s benchmark The country has felt the brunt
fixed income at HSBC Global inflation.” trial Average rose 28.90 points, talks, investors are looking at a Hang Seng Index ended the day of the trade dispute between
Asset Management. “They The S&P 500 fell 4.89 or 0.1%, to 27221.35. “relatively catalyst-full week down 1% as protests in the city the U.S. and China..
Signs of Rig Owners See Further Drilling Decline Pattern

Hard Line BY RYAN DEZEMBER
Suggests
Shares Could
On Brexit Drilling rig owners and oth-
ers who lease equipment to
U.S. energy producers forecast Retest Lows
Hit Pound a slowdown in activity during
the second half of the year as
natural-gas prices plumb lows
BY CORRIE DRIEBUSCH
BY SAM GOLDFARB and exploration-and-produc- Four recent stock swoons
.
AND ANNA ISAAC tion compa- have something in common:
ly
COMMODITIES nies exhaust Almost exactly two months af-
Rising fears about a no- their budgets. ter the declines, stocks plum-
deal Brexit pushed the Brit- The number of rigs drilling meted again, retesting their
ish pound further downward in the U.S. has declined by on recent lows.
on Monday, reflecting a shift about 10% over the past year, In 2010, 2011 and twice in
DANIEL ACKER/BLOOMBERG NEWS
in tone from the U.K. gov- to 946 last week, according to 2018, the S&P 500 dropped
ernment under new Prime oil-field-services firm Baker sharply, recovered, then stum-
Minister Boris Johnson. Hughes, and big drilling con- bled again around 55 days
us l,
The pound fell 1.3% tractors are telling investors later, according to an analysis
against the dollar to $1.2217, to expect more to be idled in by Morgan Stanley Investment
al a
e
its lowest close since March the coming months. Management.
2017. “We had expected drilling For instance, the drop in
Analysts said the pound’s and completion activity to summer 2011 that coincided
ci on
drop was precipitated in part have reached the bottom by with ratings firm Standard &
by new polls that showed now, but that doesn’t appear The companies are hampered by low natural-gas prices and pressure to operate with more austerity. Poor’s decision to downgrade
gains for the Conservative to be the case,” Mark Siegel, the U.S. credit rating left the
Party after Mr. Johnson won chairman of rig operator Pat- tries Ltd., another big owner the global price gauge, gained Rig owners, as well as the market at its lowest point in
the race to lead the party terson-UTI Energy Inc., told of rigs, are down 65% from a 0.4% to $63.71 on London’s In- companies that lease their months on Aug. 8.
er rs
last week, replacing former investors Thursday. year ago. Nabors had 58% of tercontinental Exchange. equipment, have been ham- By early October, that level
The Houston company said its available 194 U.S. land rigs In early 2016, when U.S. pered by depressed natural was retested, Morgan Stanley
that on average, 158 of its rigs drilling during the first quar- crude prices dipped below $30 gas prices and pressured by research noted.
were operating during the sec- ter. a barrel, oil-field-services pro- investors to operate with more This year, a drop in the S&P
The U.K. currency
m e
ond quarter, down from 176 The contract drillers’ strug- viders predicted that they austerity. 500 started at the end of April
dropped after polls during the year-earlier period. gles reflect a broader conun- would need oil to trade around Natural gas hit a new three- and hit bottom—with the in-
It said it expects a further 10% drum for the U.S. energy in- $60—not the $100-plus perch year low on Tuesday, with fu- dex off roughly 7%—in early
m rp
showed gains for decline this quarter. dustry since energy prices from which it had fallen—to tures for August delivery set- June. Two months from that
Boris Johnson. Patterson-UTI’s stock has collapsed in late 2014: The rise regain profitability, said Rob- tled down 1.2% to $2.141 per trough is early August.
lost about 40% over the past in oil prices, up 24% this year ert Callaway, managing part- million British thermal units. The historical pattern gives
year. Rival Helmerich & and nearly double what it was ner at Range Valuation Ser- Analysts with energy fo- anxious analysts even more
Payne Inc. last week made at the depths of the bust, vices LLC, an oilfield- cused investment bank Tudor, reason to be wary of the S&P
co Fo
Prime Minister Theresa May. similarly dour forecasts for its hasn’t been enough to bring equipment appraisal firm. Pickering, Holt & Co. said low 500’s recent climb.
Some investors and politi- fleet and has been stripping the sector consistent profit- “In the last downturn, $60 prices for the fuel prompted a The S&P 500 is up 21% in
cal analysts think Mr. John- components from recently de- ability or interest from inves- was thought to be the light at 40% reduction during the sec- 2019. The index is trading far
son could call an early elec- commissioned rigs, a sign that tors. the end of the tunnel,” Mr. ond half of last year in the above the levels at which
tion before the U.K. is it sees its downsizing as last- On Monday, U.S. crude fu- Callaway said. “Here we are, number of hydraulic fracturing many predicted it would end
scheduled to withdraw from ing. Its shares are down 22% tures closed up 1.2% to $56.87 and it’s not working for a sig- crews completing wells in Ap- 2019. That has many anticipat-
the European Union Oct. 31. since this time last year. a barrel on the New York Mer- nificant number of oil-field- palachia and the Haynesville ing a pullback in the coming
Such a move could poten- Shares of Nabors Indus- cantile Exchange. Brent crude, services companies.” Shale near the Gulf Coast. months.
tially allow Mr. Johnson to
build a majority in Parlia-
ment that would support his
efforts to leave the EU with
or without an agreement
Profits Companies beating or missing analyst estimates for second-quarter earnings, by sector
Difference between actual results and estimates
that would soften the eco-
Ease Fears MISSED EARNINGS ESTIMATES BEAT EARNINGS ESTIMATES
n-
nomic blow of a departure. Communication

Though Mr. Johnson has services Charter Alphabet
On Growth
Facebook
said that he would prefer to Consumer
Communications Hasbro
reach a deal with the EU, he discretionary
no
has also described a previ-

ous agreement struck by
Consumer staples
Mrs. May as unacceptable Continued from page B1
and signaled that the U.K. ing this week.
must step up preparations Still, earnings gains in the Energy
for a hard Brexit. latest quarter have done little
“Our base case is that to lift investors’ enthusiasm
there will be an early elec- about where the stock market Financials
tion,” said Petr Krpata, goes from here. And for manu-
strategist at ING. “Under facturers like Caterpillar Inc., Align Technology
Health care
this situation, sterling will import tariffs and trade ten-
go below $1.18 against the sions continue to weigh on
dollar.” outlooks. S&P 500 earnings Industrials
The pound’s latest drop are expected to rise just 1.7%
has added to the currency’s over the full year, compared Information Micron Technology
declines since Mrs. May said with the more than 3% ana- technology
she would quit two months lysts had penciled in last
Newmont Goldcorp
ago, prompting traders to month.
Materials
rethink assumptions about The muted earnings outlook
Brexit scenarios. for the remainder of the year Weyerhaeuser
Buoyed in part by the dol- has contributed to a rise in Real estate
lar’s gains against the pessimism among investors,
pound, the WSJ Dollar Index, analysts say. Edison International
which measures the U.S. cur- The share of individuals Utilities
rency against a basket of 16 who say they expect U.S. –50% –25 0 25 50 75
others, rose 0.1% to 90.91. stocks to fall or stay flat over Note: Chart omits Jefferies Financial Group, which had a positive surprise percentage of 792%, as well as Boeing and Freeport-McMoRan, both of which had negative earnings estimates and negative earnings growth.
The yield on the bench- the next six months has risen Source: FactSet
mark 10-year U.S. Treasury above those who are more
note settled at 2.056%, com- bullish on equities, according projected to fall more than surprised investors to the up- over the next 12 months, its of a fourth-quarter bounce-
pared with 2.081% Friday. to the American Association of 12% from a year earlier, com- side, sending shares of each highest level since late Sep- back in corporate profits, with
Yields fall when bond prices Individual Investors’ latest pared with expectations of a sector up at least 4.9% this tember, just before the stock earnings projected to climb
rise. survey. less than 2% pullback earlier month. market’s fourth-quarter selloff. 4.7% from a year earlier after
“The ‘Powell put’ is driving this month, according to Excluding a record-setting That is above the 10-year aver- declining nearly 2% in the
the market higher, but the FactSet. fine, Facebook topped ana- age of nearly 15 times, accord- third quarter, according to
AUCTION RESULTS problem in the economy isn’t Caterpillar was a major lysts’ expectations for earning to FactSet, but well below FactSet.
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market- that rates are too high,” said contributor to that shift af- ings and revenue, as did the valuations of the dot-com “We’re in the late stages of
clearing yield. Rates are determined by the difference
between that price and the face value. Liz Ann Sonders, chief invest- ter the maker of bulldozers Google parent Alphabet. era. an economic expansion.
13-WEEK AND 26-WEEK BILLS ment strategist at Charles and excavators missed ana- But those latest gains have Alan Adelman, a senior Things can only go on for so
13-Week 26-Week
Schwab Corp. “What ails us is lysts’ earnings estimates be- pushed stocks toward their fund manager at Frost Invest- long,” said Mr. Adelman, who
Applications $108,876,871,100 $109,525,959,000 a global manufacturing reces- cause of slowing machine richest valuations of the year, ment Advisors LLC, says cur- has been focusing on invest-
Accepted bids $36,000,343,600 $36,000,039,000 sion and business confidence sales in Asia and higher alarming some investors who rent valuations include inter- ing in high-quality stocks that
" noncomp $1,070,586,200 $850,893,100
" foreign noncomp $200,000,000 $200,000,000 being severely dented by a costs from U.S. tariffs on fear the market doesn’t have est rates coming down and have relatively stable earn-
Auction price (rate) 99.476750 98.971194 trade war.” Chinese imports. Shares of much juice left to climb higher expectations of a trade resolu- ings and offer hefty dividends
(2.070%) (2.035%)
Coupon equivalent 2.116% 2.090% Industrial manufacturers Caterpillar fell more than 2% in 2019 after the S&P 500 tion between the U.S. and that exceed U.S. Treasury
Bids at clearing yield accepted 79.65% 22.24% are on pace to notch the sec- last week. posted its best first half of a China. If either of those don’t yields. “We have to be realis-
Cusip number 912796SQ3 912796RY7
ond-biggest contraction in Meanwhile, technology and year since 1997. pan out, stock prices will need tic. A lot of the positive news
Both issues are dated Aug. 1, 2019. The 13-week bills
mature on Oct. 31, 2019; the 26-week bills mature on quarterly profits after mate- communication companies re- As of Friday, the S&P 500 to be readjusted, he said. in the market is already
Jan. 30, 2020. rials stocks, with earnings porting so far have mostly traded at 17 times its earnings There is also some pricing in baked in.”
B12 | Tuesday, July 30, 2019 * **** THE WALL STREET JOURNAL.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE
BOJ Hasn’t Got Much Firepower Left

London Stock Exchange share price
£65
60
Central bank has few options to follow anticipated interest-rate cuts by counterparts in U.S. and Europe
55
Economic growth and inflation Central-bank assets relative to gross domestic product but killed off activity elsewhere in
expectations look shaky. What is a the market.
100%
central banker to do after exhaust- The BOJ could try truly uncon-
50 ing every policy in the textbook? ventional policies, like Milton
The Federal Reserve and Euro- Japan Friedman’s helicopter money: put-
80
pean Central Bank look likely to Eurozone ting cash directly in the hands of
cut interest rates in the coming U.S. consumers, rather than swapping
45
months, leaving the Bank of Japan 60
government bonds for bank re-
Feb. March April May June July in a quandary: It has gone practi- serves as conventional quantitative
Note: £1=$1.24 cally as far as it can in cutting in- easing does.
Source: FactSet terest rates and purchasing gov- 40 But despite the fact that the
ernment bonds. country’s economic challenges are
LSE’s Big Early Tuesday, the BOJ left pol-

icy unchanged, separating itself
from other major central banks.
The Japanese central bank said it
20
so entrenched, the institutional
conservatism of the country’s eco-
nomic policy makers makes such a
shift unlikely.
Wager “will not hesitate to take additional
easing measures if there is a
greater possibility that the mo-
0
2007 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19
The simplest move, and the one
with the least damaging side ef-
fects, would be for Prime Minister
Carries a mentum toward achieving the price

stability target will be lost.” That
line hadn’t appeared in the BOJ’s
Source: FactSet
low-caliber ammunition left in its forecasts suggesting prices won’t

Shinzo Abe and Finance Minister
Taro Aso to restring the second ar-
row of Abenomics: activist fiscal
Lot of Risk statement on monetary policy after

its previous meeting in June.
Japan’s problem isn’t just weak
arsenal: extending its guidance to
promise lower interest rates for
longer, for example. Gov. Haruhiko
rise at the 2% rate it aims for at all
during the next three years.
Restarting the mammoth gov-
policy.
They appear primed to do the
opposite: In October, Mr. Abe is set
world trade and a slowing Chinese Kuroda insists the BOJ can cut in- ernment-bond purchases of 2012 to to implement an ill-advised in-
Investors rarely endorse deals as economy. Other central banks cut- terest rates further, but with com- 2016 would have a diminished im- crease in Japan’s sales tax to 10%
wholeheartedly as they did London ting rates is likely to put upward mercial banks already screeching pact this time around, with yields from 8%. After decades of nearly
Stock Exchange Group’s roughly pressure on the yen, reducing the about eroding interest margins, already pinned at around 0% by nonexistent inflation, such rises
$15 billion proposed acquisition of value of foreign earnings for Japa- any further reduction would be the BOJ’s yield-curve control pol- are highly noticeable for consum-
data provider Refinitiv on Monday nese companies and potentially cosmetic at most. Even the central icy. The central bank already owns ers. The latest one in 2014 pushed
morning. The euphoria needs to be hitting the country’s exports. bank itself no longer believes it can nearly half of the total amount out- Japan back into recession.
.
balanced by recognition that this The BOJ may still have some hit its inflation target, with its own standing, and its policies have all —Mike Bird
ly
would mark a big step up in the
risk curve.
LSE stock jumped 15% Monday.
Early Saturday, the company, which
Pfizer Is
owns big clearing and index units
on
as well as its eponymous capital-
markets business, confirmed a Fi-
nancial Times report that it was in
OVERHEARD Buying Low
us l,
talks to buy Refinitiv. LSE would

pay $27 billion, including $12.2 bil- This oil company is hot, hot, an April deal. Nervous owners— And Smart in
al a
e
lion of net debt that it would as- hot. Literally. the bonds initially lost value—will
sume. Refinitiv’s current owners,
Blackstone and its financial part-
As toasty as Texas can get in
the summer, it doesn’t hold a
appreciate the update. Anyone
else curious about what could Generics Bet
ci on
AHMED JADALLAH/REUTERS
ners and Thomson Reuters, would candle to Riyadh, Saudi Arabia’s have been the world’s most valu-
get a 37% share of LSE. capital, where the average high in able public company can listen
Blackstone looks like the clearest August is around 110 degrees in, too. Pfizer Chief Executive Albert
winner. Together with its partners, Fahrenheit. Yet the world’s largest Although some Saudi officials Bourla knows a deal when he sees
it agreed to buy a 55% stake in Re- energy producer, Saudi Aramco, were worried about opening up one.
er rs
finitiv, as it was renamed, from has picked next month to hold its Aramco’s books to the public via The pharmaceuticals giant has
Thomson Reuters in January 2018 inaugural investor relations call. an IPO, the firm’s bond offering agreed to merge its off-patent
at a stated valuation of $20 billion. Not only is the weather inaus- Aramco’s investor call is next month. disclosed detailed financial data drugs business with generics man-
The deal was highly leveraged and picious but the company’s share- for the first time. Buyers don’t ufacturer Mylan. Pfizer sharehold-
m e
the partners put in just $3 billion of holder will presumably be there in last year, has a single owner: the seem to have been fazed by what ers would own the majority of the
equity. On paper, the LSE deal person rather than having the Saudi government. they saw. Now that the market new company, which would include
would turn that into at least $7.5 good sense to dial in from cooler It does have a new set of bond- has had time to pass its verdict, well-known drugs including
m rp
billion in less than two years. climes. Aramco, which postponed holders, though. They snapped up it is a good bet they won’t just EpiPen, Lipitor and Viagra.
The caveat is that the payoff is in a planned initial public offering $12 billion of the company’s debt in be phoning it in. Mylan shares surged Monday in
LSE stock, not cash, and the sellers response to the news. Pfizer’s
would be subject to lockup agree- stock fell as it reported second-
ments. In effect, the Blackstone quarter results, but its sharehold-
co Fo
consortium is rolling its bet on Re- ers should be reassured.

finitiv into a larger vehicle, giving The generics industry has hit a
up some control in exchange for a major rough patch: Consolidation
of major drug-buying consortia
has led to falling prices for manu-
facturers in the United States.
London Stock Exchange That has eroded revenues and led
has integrated data to severe share-price declines for
companies in the sector. Adding
acquisitions successfully scale is one possible way to con-
before, but none this big. tend with those harsh realities.
Mylan also has a large presence
overseas and a well-regarded pipe-
line of new products, such as
n-
share of the extra cost savings cheaper versions of expensive bio-

available through a merger. LSE es- logic medications.
timated these savings at £350 mil- Should the deal reach the finish
RICHARD B. LEVINE/ZUMA PRESS
lion ($427.6 million) five years after line, it certainly helps that Mr.
no
the deal’s completion—equivalent to Bourla is buying low. Mylan’s

almost 6% of the companies’ com- shares were down more than 75%
bined 2018 sales. from their 2015 peak as of Fri-
LSE’s existing shareholders also day—par for the course in the be-
would get the benefit of those cost leaguered sector. Over that time,
savings—one reason why the shares Pfizer’s shares have risen by more
jumped Monday. The other reason than 20%.
is that the company, by assuming The company’s shares have fallen 50% since their record last September as competition has threatened its market lead. Familiarity increases the
Refinitiv’s private-equity debt load, chances of success. The companies
would leverage up, boosting earn- already work together on manufac-
ings per share. Net debt would be
equivalent to 3.3 times earnings be-
Grubhub’s Stock May Be Too Hard to Digest turing EpiPen, which should limit
headaches from integrating opera-
fore interest, taxes, depreciation tions. And while industry sales
and amortization, according to cal- It shouldn’t be surprising that Grubhub share price hub’s short interest as a percentage aren’t growing, the generic-drug
culations by Exane BNP Paribas. there is a food fight in the stock of free float is now over 20%, ac- business still generates significant
$160
That compares with a multiple of market over Grubhub. cording to FactSet, climbing cash flow. Thanks to that cash
1.8 times at the end of last year and While the market continues to steadily from just over 4% in Sep- flow, the new company will have
LSE’s target range of between one grow impressively, so does competi- tember. For comparison, Uber’s less leverage on its balance sheet
140
and two times. tion. Many restaurants initially felt short interest is under 5%. than Mylan did as a stand-alone
Yet LSE also would assume mas- they had no choice but to add on- Heading into its earnings report company, despite plans to issue
sive operational risk in trying to line delivery or die. Now, however, 120
Tuesday, it is hard to know whether $12 billion in fresh debt to be paid
swallow a larger entity. The U.K. resistance may be less futile, allevi- a solid quarter could force bearish out to Pfizer.
company made Ebitda of $1.4 billion ated by negative media coverage investors to cover. After Grubhub Just as importantly for Pfizer,
last year, less than the $1.6 billion and the possibility of regulatory ac- 100 reported first-quarter results, the the deal accomplishes a goal that
Refinitiv made. LSE has integrated tion. Investors largely seem confi- stock sold off 3%, even though the the company has discussed in vari-
data acquisitions successfully be- dent that food apps will continue to company posted 39% annual reve- ous forms for years: separating its
fore, notably U.S. index provider race ahead but they are less sure 80 nue growth, as profitability de- business of newer drugs with pat-
Frank Russell, but nothing on this about which horse to bet on. clined as a result of increased in- ent protection from its maturing
scale. Over the past two months, the vestments in growth. The second products. Spinning out older drugs
The company said the deal would New York Post has cataloged some 60 and third quarters are seasonally may increase the valuation of
help it offer a fuller range of trad- of Grubhub’s issues, including erro- less strong for the business, and an- newer medicines in its portfolio
2018 2019
ing and data services. The rise of neous charges to restaurant cus- alysts are predicting second-quarter such as the pneumonia vaccine
electronic trading and passive in- tomers, the employment of “fake” Source: FactSet sales to be the weakest of 2019. Prevnar 13 or prostate-cancer drug
vesting, which have put pressure on listings and the potential for com- Despite competitors’ heavy Xtandi.
the industry’s fees, lurk in the back- mission-rate caps. Grubhub has de- has threatened the company’s mar- spending, Grubhub still managed to To that end, Pfizer agreed last
ground. With big cost savings on of- nied some of the Post’s claims. ket lead. Meanwhile, DoorDash has expand restaurants served by 16% month to buy cancer specialist Ar-
fer, investors are less likely to quib- Several banks, including Stifel raised $1 billion this year alone; from February to June, according to ray Biopharma for more than $10
ble with the strategic logic. and BTIG, dismissed the Post’s re- Postmates filed for its initial public KeyBanc. Moreover, recent restau- billion and agreed last Decem-
LSE may well announce full de- ports as noise, viewing weakness in offering in February; and Uber went rant additions may be a signal that ber to combine its consumer-
tails of the deal alongside half-year Grubhub’s stock as a near-term buy- public in May. The ride company, formal partnerships with some of health business with GlaxoSmith-
results Thursday, when Chief Execu- ing opportunity. Still, beyond claims which runs Uber Eats, not only the largest U.S. chains such as Kline and eventually spin it out. A
tive David Schwimmer will in any specific to Grubhub, regulatory is- raised an eye-popping sum but in McDonald’s and Starbucks could possible deal with Mylan would be
case need to face the press and in- sues could weigh on the sector. its filings also shed light on how be on the horizon, according to entirely consistent with this strat-
vestment community. A convincing Grubhub’s stock performance has high the cost of acquiring new eat- Mark May of Citi Research. egy.
explanation of how such a complex been, to put it mildly, choppy over ers could climb amid competition. Still, with competition and con- That ought to return Pfizer
integration would work and a plan the past 12 months. Shares rose to While Grubhub’s stock price has troversies heating up, investors may shares, which have rallied about
to reduce leverage will help keep in- a record last September but have recovered since a trough in May, want to skip the next few courses. 7% over the past year, to healthy
vestors on board. —Stephen Wilmot since dropped 50% as competition there are plenty of skeptics. Grub- —Laura Forman spirits. —Charley Grant

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