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Biden, Xi
What’s
News Strive to
Business & Finance
Stabilize
Relations
A mazon is preparing
layoffs that could total
about 10,000 workers as the
Two leaders agree to
company continues a broad resume talks on global
cost-cutting review led by priorities; Taiwan is
CEO Jassy, a person famil-
iar with the matter said. A1 still red line for China
 FTX’s collapse likely ex-
President Biden and Presi-
posed the cryptocurrency
dent Xi Jinping of China
exchange and its founder to
sought to halt a rapid down-
potential criminal liability,
ward spiral in relations be-
according to attorneys who
tween Washington and Beijing,
specialize in white-collar
criminal law. A1, A2, B1
By Andrew Restuccia,
 Japan’s economy con- Keith Zhai
tracted for the first time in and Ken Thomas
a year in the third quarter,
shrinking 0.3% from the instructing officials to resume
previous quarter and 1.2% stalled talks on major global
on an annualized basis. A8 priorities, but the two coun-
tries acknowledged areas of
 The Fed’s Brainard
deep disagreement that could
said the central bank is
disrupt those efforts.
likely to slow its pace of
Mr. Biden emerged from the
raising interest rates at its
meeting projecting cautious
meeting next month. A2
optimism, and a Chinese read-
 Berkshire spent roughly out of the talks signaled a re-

.
$9 billion on the stock newed willingness from Bei-
market in the third quar- jing to engage with the U.S.

ly
KEVIN LAMARQUE/REUTERS

ter amid heightened price “I absolutely believe there

volatility, filings show. B1 need not be a new Cold War,”
Mr. Biden said following the
 U.S. stocks fell, with the
S&P 500, Nasdaq and Dow
retreating 0.9%, 1.1% and
0.6%, respectively. B11
on meeting on Monday, which
Please turn to page A8

 U.S. official says China is

 Estée Lauder is nearing a President Biden greets Chinese leader Xi Jinping on Monday for their first in-person meeting since Mr. Biden became president. uneasy over Ukraine war... A8
us ,

deal to buy Tom Ford for

l

roughly $2.8 billion, build-

Collapse
e
al a

Amazon Set to Lay Off Thousands

ing on a longstanding li-
censing deal and marking its
largest-ever acquisition. B1
ci on

 Google agreed to pay

$391.5 million to settle allega- Puts FTX BY SEBASTIAN HERRERA this week, are targeted at cor- view of costs, The Wall Street made as team-by-team deci-

In Legal
tions that it persistently mis-
porate employees and could Journal reported last week. sions, the person said. The
led consumers about how it
Amazon.com Inc. is prepar- primarily affect Amazon’s de- That review has focused on cuts would represent about 3%
er s

tracked them on devices. A3

ing layoffs that could total vices business, which includes the devices unit, which the of Amazon’s corporate staff
 A legal battle between
Crosshairs about 10,000 workers as the its hit Alexa products, as well Journal reported has lost $5 and less than 1% of its global
m er

Apple and “Fortnite” maker company continues a broad as human resources and retail, billion annually in some recent workforce, which exceeded 1.5
Epic over how apps are dis- cost-cutting review led by the person said. The retail unit years. million people at the end of
tributed on the iPhone took Chief Executive Andy Jassy, a has been the primary organiza- The New York Times re- September, including hundreds
its next steps in court. B3 BY DAVE MICHAELS person familiar with the mat- tion that has had to respond to ported on Amazon’s employee Please turn to page A4
ter said. a slowdown of sales this year. layoff plans earlier Monday.
m rp

World-Wide FTX’s offshore status and its The tech company’s layoffs, The layoffs come as Ama- The number of layoffs could  Bezos says he will donate
willingness to keep American which could begin as soon as zon is undertaking a broad re- change and the cuts are being most of his fortune............... A4
traders off its Bahamas-based
 Biden and Xi sought to exchange in large part shielded
halt a rapid downward spi- the company from strict U.S.
Zelensky Visits Liberated City New Driver of Deaths:
co Fo

ral in relations between the laws that govern trading and

U.S. and China, instructing how investments can be sold to
officials to resume stalled
talks on major global priori-
ties, but the two countries
the public.
But FTX’s implosion last
week and reports that it used
Meth-Fentanyl Mix
acknowledged areas of deep customer funds to back an af-
disagreement that could filiate’s risky venture invest-
disrupt those efforts. A1, A8 ments have exposed the com-
pany and its founder to
Stimulant fatalities rise, often with opioid use
 Republicans remained
poised to take control of potential criminal liability, ac-
the House after new victo- cording to attorneys who spe- BY JON KAMP year-old injected drugs. He
cialize in white-collar criminal AND ARIAN CAMPO-FLORES giggled in response.
ries, while Democratic Sec-
retary of State Hobbs won law. He died the next morning
n-

Arizona’s governor race, The U.S. attorney’s office in WEST JORDAN, Utah— in his basement bedroom at
defeating an ally of former Manhattan is investigating When Jeannette Martinez his grandmother’s house.
VALENTYN OGIRENKO/REUTERS

President Trump. A4, A5 FTX’s collapse, according to hugged her grandson on the Testing revealed his body
people familiar with the mat- last night of his life, she could had a combination of drugs:
no

 An appeals court blocked ter. One focus for prosecutors, feel his heart pounding. meth and heroin, along with
the Biden administration at least initially, is likely to be “Rio, are you doing meth?” traces of fentanyl. Mr. Ryan,
from moving ahead with examining reports that FTX she asked. who had used meth and her-
its mass student-debt can- lent customer funds to The powerful stimulant oin for years, had recently
cellation program. A3 Alameda Research, a crypto- methamphetamine can cause started trying fentanyl, a pow-
 Germany will nationalize trading firm that traded on cardiac strain, and Rio Ryan erful synthetic opioid, he had
key German and European FTX and other exchanges. FTX Ukrainian President Volodymyr Zelensky visits the regional had complained of chest pains. told his family.
arms of Russia’s Gazprom founder Sam Bankman-Fried, capital of Kherson on Monday, days after his country’s Also alarming that evening in The drug combination put
and shore up the business who resigned as chief executive forces recaptured the city from Russian control. A6 March: pinholes Ms. Martinez him at the center of a deepen-
in a bid to guarantee energy on Friday, also founded and saw between Mr. Ryan’s fin- ing complication in the na-
owns Alameda Research. gers, where she said the 21- Please turn to page A10
supplies, Berlin said. A7
Mr. Bankman-Fried has ac-
 A University of Virginia knowledged in tweets that he
student suspected of fa-
tally shooting three foot-
Please turn to page A2
Permanent Jewelry Locks In Fans,
ball players and injuring
two others was in custody
 Crypto agenda in Washington
faces setbacks.......................... A2
Sets Off Metal Detectors
after a nearly 13-hour  FTX’s digital coin was at i i i
manhunt, officials said. A3 heart of fiasco........................... B1
 Rudy Giuliani isn’t ex- Welded or securely fastened pieces can
INSIDE
pected to face criminal
charges in a New York fed- wreak havoc at airports, doctors’ offices
eral grand jury investiga-
tion into his interactions
BY RACHEL WOLFE The bracelets, necklaces
with Ukrainian officials, the
and anklets can also wreak
NATI HARNIK/ASSOCIATED PRESS

Justice Department said. A5

Madison Rae nearly missed havoc at airports and doctors’
 Iran attacked Kurdish her flight because of her offices—and elicit raised eye-
groups in Iraq after Teh- bracelet. It isn’t that she brows from those who don’t
ran warned that it would didn’t want to take it off at understand the appeal.
target foreign actors it ac- the airport security metal de- Ms. Rae says her doctors
cuses of orchestrating an tector. It’s that she couldn’t. were especially displeased
antigovernment protest “It’s not a gun, when she told
movement at home. A9 it’s my bracelet,” them she couldn’t
the 32-year-old take off a perma-
CONTENTS Opinion.............. A15-17 BUSINESS & FINANCE content creator in nent Love bracelet,
Arts in Review.... A13 Personal Journal. A11-12 Always on
Business News. B3-4 Sports....................... A14 Buffett’s Berkshire New York thought from Cartier for
Crossword.............. A13 Technology............... B6 to herself. The en- $6,900, before
Equities....................... B8 U.S. News............. A2-5
reveals a $9 billion suing full-body pat down took heading into emergency ap-
Heard on Street. B12 Weather................... A13 buying spree in stocks another 25 minutes. pendix surgery two years ago.
Markets..................... B11 World News....... A6-9
for the quarter. B1 People are getting hooked Metal jewelry can interfere
on permanent jewelry that re- with MRI scans or X-rays. She
> quires a special tool or scis- ended up tightly wrapping it
JASON GAY sors to remove. Fans of the with medical tape. (The
A failed QB sneak! welded, soldered or securely bracelet has two screws and
fastened jewelry say they love comes with its own tool. Cart-
End zone fumble! not having to think about los- ier’s website notes that “you
s 2022 Dow Jones & Company, Inc.
All Rights Reserved Interception! What ing expensive pieces or fid- will need help to open or
unfolded in Buffalo? A14 dling with finicky clasps. Please turn to page A11
 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, November 15, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Crypto Agenda in D.C. Faces Setbacks
BY PAUL KIERNAN SEC Chair Gary Gensler crit- either met personally with him leaders, Sen. Debbie Stabenow ance that could help them at- SEC before listing them.
icized the Agriculture Commit- in recent months or benefited (D., Mich.) and Sen. John Booz- tract institutional investors. The SEC enforces civil in-
The collapse of crypto ex- tee’s bill in an appearance last from his firm’s $70 million of man (R., Ark.), with input from The Agriculture Committee vestor-protection laws, and it
change FTX has dealt a blow to week, saying it would under- campaign contributions. Mr. the Commodity Futures Trad- oversees the CFTC. But rather has taken more than 100 en-
the crypto industry’s hopes of mine 90-year-old laws that Bankman-Fried resigned as ing Commission. The bill would than committee markups and forcement actions against
pushing favorable legislation govern the $100 trillion securi- CEO on Friday when the com- assign oversight of the two votes to advance the bill, lob- cryptocurrency entities in re-
through Congress in the near ties market. It is unusual for pany filed for bankruptcy pro- largest cryptocurrencies to the byists and congressional aides cent years. It is also litigating a
term and ratcheted up pres- regulators to publicly oppose tection. CFTC. now expect lawmakers to first case against the backers of one
sure on the Securities and Ex- pending legislation, which they Some top Democrats, mean- It was also pushed by Mr. push for hearings on what of the largest digital tokens,
change Commission and other see as the purview of Congress. while, have urged the SEC to Bankman-Fried and his depu- went wrong at FTX. XRP. But it has yet to bring a
regulators to crack down. “Some of that legislation speed up its policing of the ties at FTX, who had a hand in Milan Dalal, a lobbyist who case against a major trading
The Senate Agriculture was promoted by the same crypto market following the crafting it, several lobbyists works on behalf of crypto platform, despite Mr. Gensler’s
Committee last week scrapped folks that failed in the last two FTX debacle. said. Mr. Bankman-Fried firms including Coinbase warnings.
a tentative plan to mark up its days, and you sort of wonder Lobbyists and congressional praised the bill in frequent Global Inc. and Bitwise Asset Even routine SEC investiga-
bipartisan crypto bill this why: because it was too light- aides said lawmakers were posts on social media and in Management Inc., said FTX’s tions typically take two years
week, according to people fa- touch,” Mr. Gensler said. likely to hit the pause button public appearances and urged collapse will likely push the to yield formal allegations of
miliar with the matter. The bill, FTX founder Sam Bankman- on any new legislation that others in crypto to support it. needle in Washington further wrongdoing. Moreover, en-
crafted with input from FTX, Fried became the face of might be viewed as crypto The bill would shield the toward enforcement. forcement cases against ex-
had gained wide support from crypto’s effort over the past friendly. largest cryptocurrencies, bit- Mr. Gensler last week said changes can be harder to build
the crypto industry. Mean- year to steer U.S. policy mak- Of various crypto bills float- coin and ether, from regulation time is running out for crypto than those against companies
while, the SEC and the Justice ers toward tailored, industry- ing around Congress, the Sen- by the SEC by assigning juris- platforms to come into compli- that issue crypto tokens.
Department have launched friendly rules and away from ate Agriculture Committee’s diction to the smaller CFTC, ance with federal securities There is also the risk that
wide-reaching investigations of enforcement of longstanding proposal had been seen by lob- which would have to write laws. He has said many of the an SEC lawsuit against an ex-
FTX, its U.S. affiliate and their financial regulations. The byists as having the best rules from scratch. It would digital tokens listed by such change could precipitate the
connections to the founder’s firm’s implosion shocked many chance of advancing by the end give firms that currently oper- firms are securities, meaning sort of collapse suffered by
trading firm, The Wall Street Washington lawmakers and of the year. It was introduced ate outside of the regulatory the platforms should have reg- FTX, harming ordinary inves-
Journal reported last week. regulators, many of whom had in August by the committee’s perimeter a veneer of compli- istered as exchanges with the tors.

FTX Put Brainard

In Legal Expects
Crosshairs Rate Hikes
Continued from Page One
made mistakes before his com-
To Slow

.
pany’s downfall and bank- BY NICK TIMIRAOS
ruptcy.

ly
A little-traded digital cur- The Federal Reserve is
rency called FTT, which was likely to slow its pace of rais-
created by FTX, played a cru- ing interest rates at its meet-
cial role in the crypto ex-
change’s collapse, The Wall
Street Journal reported. It isn’t
unusual for a crypto exchange
on ing next month, a senior offi-
cial said Monday.
Fed Vice Chair Lael Brainard
signaled the central bank is
ROBYN DAMIANOS FOR THE WALL STREET JOURNAL

to issue its own currency, both likely to increase rates by a half

us ,

to allow founders and early in- percentage point at its Dec.

l

vestors to profit if the value 13-14 gathering, following four

e
al a

rises and to motivate traders consecutive increases of 0.75

to use the exchange. Alameda percentage point. “It probably
played an unusual dual role by will be appropriate soon to
ci on

holding most of the FTT out- move to a slower pace of in-

standing and being the main creases,” she said during a
trading partner for the cur- moderated discussion hosted by
rency, according to people fa- Bloomberg News on Monday.
miliar with the transactions. The Fed has lifted rates by
er s

Alameda used FTT as collat- 3.75 percentage points since

eral to get hundreds of millions March, the most rapid interval
m er

of dollars in loans, people fa- Sam Bankman-Fried at the FTX office in the Bahamas in July. He and some of his top executives lived there in a shared house. of rate increases since the
miliar with the matter said. early 1980s. The central bank
The Journal reported that FTX Mr. Corzine paid $5 million to and customer assets were based in the Bahamas. Mr. tronic form of communication. raised rates to a range be-
lent cryptocurrencies from its settle the Commodity Futures safe—comments he later de- Bankman-Fried and some of his “The burden for venue is tween 3.75% and 4% at its
own customers to Alameda. It Trading Commission’s allega- leted. top executives lived there in a not very high,” said Mr. Enzer, meeting earlier this month.
m rp

couldn’t be determined if FTT tions, while neither admitting A spokesman for the U.S. at- shared house. The exchange now an attorney at Cahill Gor- A slower pace of rate rises
was used as collateral for the nor denying misconduct. torney’s office in Manhattan was earlier based in Hong don & Reindel LLP. “The gov- would allow the Fed more
customer loans. In the unregulated crypto declined to comment. A Kong, where many of ernment would argue that if a time to study how its moves
FTX’s terms of service told market, no such customer-pro- spokesman for FTX didn’t re- Alameda’s traders still single email went through New this year are slowing the econ-
its users that they own the tection rules exist. spond to a request for com- worked. York, that would suffice.” omy in ways that can’t be ob-
co Fo

cryptocurrencies in their ac- Still, using customer funds ment. Ryne Miller, FTX US’s But Mr. Bankman-Fried trav- Attorneys cautioned that served yet, Ms. Brainard said.
counts. for a purpose that wasn’t dis- general counsel, declined to eled to the U.S., including to U.S. authorities might not have “We have additional work
“None of the digital assets in closed can constitute fraud or comment. meet with U.S. lawmakers and a strong claim to jurisdiction if to do,” she said. “By moving
your account are the property embezzlement, according to Authorities would need to regulators. FTX US, an affiliate all of the conduct happened forward at a pace that’s more
of, or shall or may be loaned to, former prosecutors and other show Mr. Bankman-Fried in- of FTX, catered to U.S. custom- overseas and there were no di- deliberate, we’ll be able to as-
FTX Trading,” the document legal experts. tended to mislead customers ers. rect ties to the U.S. Former sess more data and be better
says. The terms of service with “What this will boil down to when he wrote those tweets. Mr. Bankman-Fried has prosecutors said that was un- able to adjust the path of rates
FTX Trading Ltd.—the entity is, were there deliberate lies to Intent can be hard to prove, written on Twitter that none of likely because the Justice De- to bring inflation down.”
that filed for bankruptcy last convince depositors or inves- but other facts, such as any se- the problems affected FTX’s partment has become so so-
week in Delaware federal tors to part with their assets?” cret efforts FTX took to prop U.S. entity, although that entity phisticated at finding ways to
court—are still online. said Samson Enzer, a former up Alameda or vice versa, can was part of a bankruptcy filing establish its authority.
Using customer funds for federal prosecutor in Manhat- support the inference, attor- that FTX made on Friday. “As broad as the law is, and
proprietary trading or lending tan. “Were there statements neys said. U.S. authorities generally the fact that every transaction
ANDREW HARRER/BLOOMBERG NEWS
n-

them out—without an inves- made that were false, and the “That is all potentially pow- can investigate when part of an uses a wire and these people
tor’s consent—is generally for- maker of those statements erful circumstantial evidence of illegal scheme happens there, are Americans, I can’t imagine
bidden in the regulated securi- knew they were false and made intent,” said Aitan Goelman, a such as when funds move there is no U.S. jurisdiction
ties and derivatives markets. with the intent to deceive the former federal prosecutor and through U.S. banks or even here,” said Tarek Helou, a for-
no

MF Global Holdings Ltd., a investor?” CFTC enforcement chief who is when emails that relate to a mer federal prosecutor now at
firm formerly run by former Prosecutors also could home now a partner at Zuckerman crime pass through the country. law firm Wilson Sonsini Good-
New Jersey Gov. Jon Corzine, in, the lawyers said, on state- Spaeder LLP. The most flexible charge they rich & Rosati.
was accused in 2013 of unlaw- ments Mr. Bankman-Fried One challenge for prosecu- can use is wire fraud, which —Patricia Kowsmann
fully using customer money to made on Twitter last week, tors: showing they have juris- only requires that a false state- and Caitlin Ostroff
meet the firm’s funding needs. when he said FTX was “fine” diction over FTX, which is ment was made using an elec- contributed to this article. Fed Vice Chair Lael Brainard

CORRECTIONS  AMPLIFICATIONS
Picasso Work Sells The number of mail ballots maturing on Dec.13, 2022, and

For $37.1 Million cast in Pennsylvania through

Oct. 26 was four times as
many as the total number of
8-week bills maturing on Jan.
10, 2023. The table incorrectly
indicated that they were for
BY KELLY CROW works at Sotheby’s put into mail ballots cast in 2018, ac- 13-week and 26-week bills, re-
MoMA’s care after the televi- cording to figures from the spectively. There were no 13-
A foundation for CBS sion pioneer died in 1990. The U.S. Elections Project and the week or 26-week auctions on
founder William Paley has foundation said it decided to Associated Press. An Oct. 28 Thursday.
started selling off a trove of sell the art to raise roughly U.S. News article about early
masterpieces long lent to New $70 million for several charita- voting incorrectly said it was The Bay of Pigs invasion
York’s Museum of Modern Art ble causes, including helping four times more. took place in April 1961. A Re-
to fund an expansion of the the museum expand its digital view article on Saturday about
museum’s digital footprint— footprint. The table of Thursday’s the White House Rose Garden
including a Pablo Picasso that The yellow, pink and teal Pi- Treasury auction results in incorrectly said that it hap-
sold Monday for $37.1 million. casso, which Mr. Paley bought Friday’s Business & Finance pened while the Rose Garden
The sale at Sotheby’s as a young collector in 1946, section was for 4-week bills was being built in April 1962.
landed a week after Christie’s had been expected to sell for at
made auction history selling least $20 million. Two bidders Readers can alert The Wall Street Journal to any errors in news articles by
Microsoft co-founder Paul Al- on Monday wound up compet- emailing [email protected] or by calling 888-410-2667.
len’s $1.5 billion art estate. ing for it, pushing the price of
While Mr. Allen’s art stirred the kaleidoscopic tablescape
up a marketing bonanza, col- higher. A telephone bidder won THE WALL STREET JOURNAL
COURTESY OF SOTHEBY’S

(USPS 664-880) (Eastern Edition ISSN 0099-9660)

lectors and dealers say they the work. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
will be seeking clues about the Other pieces from Mr. Pa- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
market’s broader strength dur- ley’s estate up for bid on Mon- Published daily except Sundays and general legal holidays.
ing these remaining sales in day included Joan Miró’s 1949 Periodicals postage paid at New York, N.Y., and other mailing offices.
New York’s fall series. abstract “Painting,” which sold Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
While Sotheby’s evening for $1.4 million, over its All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are
available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New
sale on Monday totaled $392 $700,000 to $1 million estimate. York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an
million—one of its highest tal- Last month in London, So- Picasso’s ‘Guitar on a Table’ was acquired by William Paley in 1946. advertisement shall constitute final acceptance of the advertiser’s order.

lies—a few unsold works by theby’s helped the foundation Letters to the Editor: Fax: 212-416-2891; email: [email protected]
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artists including Edgar Degas sell Mr. Paley’s Francis Bacon ceeds to possibly launch its Elsewhere in Sotheby’s sale, By web: customercenter.wsj.com; By email: [email protected] | By phone: 1-800-JOURNAL (1-800-568-7625)
and André Derain sapped from 1963, “Three Studies for own art-related streaming Piet Mondrian’s “Composition Reprints & licensing: By email: [email protected] | By phone: 1-800-843-0008
some energy from Sotheby’s Portrait of Henrietta Moraes,” channel and possibly team up II” sold for $51 million, estab- WSJ back issues and framed pages: wsjshop.com
Manhattan saleroom. for $27 million. with a university to offer de- lishing a new record for the Our newspapers are 100% sourced from sustainably certified mills.
Mr. Paley’s cubist Picasso Ahead of the sale, MoMA grees in art fields. “We need to artist. The grid-like piece from
from 1919, “Guitar on a Table,” Director Glenn Lowry said the increase our capacity off-site 1930 was estimated to sell for GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
was one of a couple dozen museum wants to use its pro- and online,” Mr. Lowry said. around $50 million.
 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.

THE WALL STREET JOURNAL. * * * * * Tuesday, November 15, 2022 | A3

U.S. NEWS

© Verdura. All rights reserved.

University of Virginia Student
Held in Fatal Campus Shooting
BY ALYSSA LUKPAT
AND SCOTT CALVERT Say it...
CHARLOTTESVILLE, Va.—A
University of Virginia student
in Gold
SHABAN ATHUMAN/RICHMOND TIMES-DISPATCH/ASSOCIATED PRESS

suspected of fatally shooting

three football players and in-
juring two others on campus
was in custody on Monday af-
ter a nearly 13-hour manhunt,
officials said.
The suspected gunman,
Christopher Darnell Jones Jr.,
allegedly shot his classmates,
killing three and injuring two,
onboard a charter bus Sunday
night in a university parking
garage, UVA officials said at a
news briefing.
The students had just re-
turned from a class field trip
to see a play in Washington,
D.C., Jim Ryan, the university’s The University of Virginia community held a candlelight vigil on the Charlottesville campus Monday
president, and Tim Longo, night for the victims of a shooting that left three football players dead and two others wounded.
UVA’s chief of police and vice
president for safety and secu- two injured victims but said tive for allegedly carrying out Mr. Jones’s relationships with
rity, said at the news briefing. one was in good condition and the shooting. the victims. T H E “ I L O V E Y O U ” B R AC E L E T
After the shooting, Mr. the other was in critical condi- Mr. Longo said Mr. Jones “This is an unimaginably The original, in 18k yellow gold, $12,000, customizable
Jones fled the Charlottesville tion Monday morning. had been reported to the uni- sad day for our community,”
campus, which was shut down The campus was locked versity twice in recent years: Mr. Ryan said. “My heart is
overnight, as local, state and down for about 12 hours dur- once as part of a hazing inves- broken for the victims and 74 5 F I F T H AV E N U E , 12 T H F LO O R
federal officials searched for ing the manhunt, Mr. Longo tigation and once this fall af- their families.”
him building by building, Mr. said. The university canceled ter he told someone he owned The victims appeared to
212 . 7 5 8 . 33 8 8 • V E R D U R A .C O M
Longo said. Mr. Longo said classes on Monday. a gun. He hadn’t made any have enrolled at Virginia after
they didn’t know how Mr. A university official inter- threats. University investiga- 2018, the lone season Mr.
Jones had gotten away or how rupted the news briefing to tors talked to Mr. Jones’s Jones played with the Cava-
he was apprehended. announce that Mr. Jones had roommate, who didn’t report liers, according to the athletic

.
“This has been an incredi- been taken into custody. The seeing a weapon. department.
bly long evening,” Mr. Longo police in Henrico County, Mr. Longo said Mr. Jones The event at UVA came af-

ly
said. about 70 miles southeast of was charged outside Char- ter four University of Idaho
Mr. Ryan identified the vic- Charlottesville, said Mr. Jones lottesville last year with a con- students living off-campus
tims as Devin Chandler, a sec- was taken into custody there cealed-weapon violation. were found dead, the police in
ond-year student from Vir-
ginia Beach; Lavel Davis, a
third-year student from Rid-
geville, S.C.; and D’Sean Perry,
around 11 a.m.
Mr. Jones was charged with
three counts of second-degree
murder and three counts of us-
on UVA officials said two of
the students, Messrs. Chandler
and Perry, were found dead on
the bus. They said one person,
Moscow, Idaho, said Sunday.
The police didn’t identify a
suspect. The university said
the students were believed to
a fourth-year student from Mi- ing a handgun in commission presumably Mr. Davis, died at be homicide victims but there
us ,

ami. They were all members of of a felony, Mr. Longo said. a hospital. was no active threat to the
l

the football team. Mr. Ryan said officials University officials said school. Classes were canceled
e
al a

Mr. Ryan didn’t identify the didn’t know Mr. Jones’s mo- they didn’t know the extent of there Monday.
ci on

Google, States Settle Suit Roche

Alzheimer’s
Over Location Tracking
er s

Drug Fails
m er

BY JOHN D. MCKINNON how companies handle sensi-

tive data such as location in-
In Trials
WASHINGTON—Google has formation. BY DENISE ROLAND PROMARE GO BRONZE
agreed to pay $391.5 million to “This weak deal will only
m rp

Going for Bronze: ProMare Go Limited Edition Bronze. This new

settle allegations that it persis- fan the flames of privacy advo- An experimental Alzhei- treasure is the “final edition” of the ProMare sports watch.
THOMAS URBAIN/AGENCE FRANCE-PRESSE/GETTY IMAGES

tently misled consumers about cates calling for laws and reg- mer’s drug from Roche Hold-
how it tracked them on mobile ulations to rein in geolocation ing AG failed to significantly Limited to just 300 pieces and features an exclusive bronze case
phones and other devices. surveillance,” said Jeff Ches- slow cognitive decline in long- that makes every watch truly unique. German precision since
The settlement, announced ter, executive director of the awaited trials, the latest set- 1869.
co Fo

by a coalition of 40 state at- Center for Digital Democracy, back for a field that has seen
torneys general Monday, said a nonprofit that advocates for little progress in decades. For more information please contact:
that Google violated state con- consumer protections online. The drug, called gan-
sumer protection laws by Location data has become a tenerumab, slightly reduced Aaron Faber Gallery – NYC, NY | Brentwood Jewelers –
tracking consumers even when vital part of the digital ecosys- cognitive decline in people Brentwood, TN | Chadwick's Jewelers St. Simons Island, GA |
their location history setting tem, particularly for online ad- with early Alzheimer’s com- Exquisite Timepieces - Naples, FL | Garrick Jewelers -
on their mobile phones was vertising businesses such as pared with a placebo across Hanover, PA | Joseph Edwards - NYC, NY | Joseph Gann
turned off. Google’s. Google uses the data two large and lengthy trials, Jewelers - Boston, MA | Little Treasury Jewelers - Gambrills,
“Digital platforms like it collects on consumers to de- but the difference wasn’t sta- MD | Orlando Watch Company - Winter Park, FL | State
Google cannot claim to pro- velop user profiles and target tistically significant, Roche
Street Jewelers - Greensboro, NC | The Watch & Jewelry
vide privacy controls to users, ads to them. said Monday. The trials, which
then turn around and disre- Google uses data it collects to The attorneys general con- lasted more than two years Hospital - Port St. Lucie, FL | Whitten's Fine Jewelry -
gard those controls to collect develop user profiles. cluded that Google violated and involved nearly 2,000 par- Wilmington, DE | Your Favorite Jeweler - Tallahassee, FL
n-

and sell data to advertisers state consumer protections ticipants, compared scores of Muhle Glashutte USA 727-896-4278
against users’ express technology companies. laws by deceiving consumers cognition and function in ar- www.muhleglashutteusa.us
wishes—and at great profit,” Congress is also considering about its location practices. eas such as memory, orienta-
said New Jersey Attorney Gen- bipartisan legislation to give The settlement sets out sev- tion and problem-solving.
no

eral Matthew Platkin in a Americans more control over eral ways in which Google “So many of our families
statement. their data. It passed a House must become more transpar- have been directly affected by
Google, a unit of Alphabet committee last summer—a ent about its practices. Alzheimer’s, so this news is
Inc., said the allegations were milestone—but has been hung Google must show addi- very disappointing to deliver,”
based on practices that it has up over concerns about how it tional information to users said Levi Garraway, Roche’s
already changed. could affect state efforts. whenever they turn a location- chief medical officer.
“Consistent with improve- Some advocates said the related account setting on or In one trial, gantenerumab
ments we’ve made in recent $391.5 million settlement, off, the attorneys general said. reduced cognitive and func-
years, we have settled this in- which included the monetary It also must make key infor- tional decline by 8% and in the
vestigation which was based payment as well as new trans- mation about location tracking other, the reduction was 6%.
on outdated product policies parency requirements and lim- prominent for users, and give Neither result passed the
that we changed years ago,” its on use of location data, users detailed information threshold for statistical signif-
said José Castañeda, a Google didn’t go far enough. Google about the types of location icance, the Swiss company
spokesman. parent Alphabet reported rev- data Google collects and how said.
The $391.5 million settle- enue of $69.1 billion in its it is used at an enhanced “Lo- Rachelle Doody, global head
ment, which the state attor- most recent quarter. cation Technologies” webpage. of neurodegeneration at
neys said set a record for a “It’s a big number, but not The settlement also limits Roche, said the company
multistate privacy case, comes nearly as big as you’d hope Google’s use and storage of would end trials testing gan-
amid heightened concerns for” considering the millions certain types of location infor- tenerumab in the early Alzhei-
over how internet platforms of consumers affected, said mation and requires Google mer’s population. Roche is
collect and use location data. John Davisson, senior counsel account controls to be more also testing gantenerumab as
The Federal Trade Commis- at the Electronic Privacy Infor- user-friendly. a preventative treatment in
sion is currently considering a mation Center, a research and “Big Tech is watching us, people at high risk of develop-
rule that would expand online advocacy group. but Silicon Valley needs to ing Alzheimer’s, and will make
privacy protections by target- Privacy advocates have know that we are watching a decision on the future of
ing online surveillance and lax urged policy makers to put them too,” said Florida Attor- those trials by the end of the
data-security practices by more hard-and-fast limits on ney General Ashley Moody. year, she said.

Appeals Court Blocks Biden Student-Debt Plan CORNE EARCLIPS

BY GABRIEL T. RUBIN billions of dollars in student “irreversible impact” of allowing never stop fighting to support DIAMOND AND PL ATINUM, $8 4 ,500
AND JACOB GERSHMAN loans, at the request of six debt forgiveness to proceed now working and middle class Amer- ALSO AVAI L AB LE I N 22K “ VI RGI N ” GOLD, $23 ,500
states that sued to challenge “as compared to the lack of icans,” White House press secre-
A federal appeals court on the debt relief. harm an injunction would pres- tary Karine Jean-Pierre said.
Monday blocked the Biden ad- The six-page ruling wasn’t a ently impose.” The Biden administration
ministration from moving decision on the legal merits of “This is a big win for our of- was already under a temporary
.

ahead with its mass student- the Biden plan and turned for fice and for Americans across pause from the Eighth Circuit
s re se rv ed

debt cancellation program, now on the preliminary issue of the country, and we will keep up barring it from discharging any
dealing another blow to the ad- whether any of the six states had the fight,” said Missouri Attor- debt under the program, but
Al l rig ht

ministration’s plan after it was legal standing to challenge it. ney General Eric Schmitt. Mr. that interim order was only a
ruled unlawful by a federal The court said at least the state Schmitt, a Republican, was placeholder until the court had
judge in Texas last week. of Missouri likely had a proper elected to the Senate in last more time to consider its next MY STYLE IS MY SIGNATURE
on , LLC.

A three-judge panel of the basis for bringing the case. week’s midterms. steps. The latest ruling is a
Eighth U.S. Circuit Court of Ap- In blocking the administra- “The administration will con- more substantial setback for 745 FIFTH AVENUE , SUITE 1210, NYC
©B el pe rr

peals granted a preliminary in- tion from the debt cancellation tinue to fight these baseless the president’s policy, because 212 702 9040 • BELPERRON .COM
junction against President Bi- during ongoing litigation, the lawsuits by Republican officials it suspends the program while
den’s plan to erase hundreds of appeals court cited the potential and special interests and will the case continues.
 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.

A4 | Tuesday, November 15, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

GOP Remains on Path to Take House Senate

BY ELIZA COLLINS won a newly drawn House ence during Tuesday’s leader- ally of former President Don- (R., Ky.) was also facing push- Tees Up
Vote on
AND CHAD DAY seat. Several close races in ship vote to be selected as the ald Trump, is unlikely to get back from some of his Repub-
California and elsewhere re- party’s preference for leader. enough votes to win, but the lican members, who ques-
WASHINGTON—Republi- mained uncalled. They in- To become speaker, he must candidacy could provide a tioned whether the party

Same-Sex
cans were just one seat away cluded the re-election con- get a majority of the full gauge of opposition to Mr. should delay the leadership
from taking control of the tests of Democratic Reps. House in a vote in January. McCarthy. election until after the Geor-
House of Representatives after Katie Porter and Mike Levin In a closed-door meeting Allies of Mr. McCarthy gia runoff, in which Republi-
a series of victories called on and GOP Reps. David Valadao for members Monday, Mr. made calls to Democratic Rep. can Herschel Walker is facing
Monday night.
Republicans have won 217
House seats with Democrats at
205, according to an Associ-
and Mike Garcia as well as
one open seat.
Headed into the election,
Democrats had a 220-212 ma-
McCarthy emphasized that Re-
publicans would have the ma-
jority and will hold the com-
Henry Cuellar of Texas over
the weekend and asked him if
he would switch parties to ex-
pand the GOP majority, people
Democratic incumbent Sen.
Raphael Warnock.
The Senate Republican
leadership elections are set
Marriage
ated Press tally. A party needs jority with three vacancies. familiar with the calls said. for Wednesday. BY KATY STECH FEREK
218 for a majority in the Democrats are projected to Mr. Cuellar turned them New members are in Wash-
chamber, and Republicans hold their Senate majority af-
Democrats are down, multiple people said. A ington this week for orienta- The top Senate Democrat is
were on track for a very nar- ter a weekend win in Nevada, projected to hold on spokesman for Mr. McCarthy tion. Some who hadn’t had moving ahead on advancing leg-
row margin after they won giving them the 50 seats said the calls weren’t made at their races called were also in- islation protecting same-sex
seats Monday in Arizona, Cali- needed to control the cham-
to their majority in Mr. McCarthy’s request. vited and would be included marriage, as lawmakers got
fornia and New York. ber. A final Senate race, in the Senate. “Anyone suggesting this is in leadership votes. back to work following the mid-
Republican Juan Ciscomani Georgia, is set for a runoff simply exercising in fan fic- House Democrats will vote term elections.
flipped a Democratic seat and Dec. 6 because neither candi- tion,” said spokesman Mark for their leadership this Senate Majority Leader
GOP Rep. David Schweikert date got a majority. Bednar. month, and the Senate is ex- Chuck Schumer (D., N.Y.) late
won re-election, both in Ari- The possibility of an ex- mittee gavels, no matter the Rep. Matt Gaetz (R., Fla.), pected to keep its same top Monday filed for cloture on the
zona. In other GOP wins, tremely narrow House GOP size of the conference, accord- during the Monday afternoon leaders. Respect for Marriage Act, set-
Reps. Ken Calvert and Mi- majority is already creating ing to two people in the meet- meeting, asked Mr. McCarthy Democrats had performed ting up an initial vote for later
chelle Steel were re-elected in challenges for Minority Leader ing. Mr. McCarthy received a if he would seek or accept better than expected in the this week. Any legislation would
California, and Brandon Wil- Kevin McCarthy (R., Calif.). standing ovation, according to Democrats’ support in his midterm elections, even with require at least 60 votes in the
liams won a seat to succeed a Mr. McCarthy is meeting resis- two people. speaker bid. Mr. McCarthy re- the anticipated loss of the Senate, which is split evenly be-
retiring centrist Republican tance from his party’s right Rep. Andy Biggs (R., Ariz.) sponded, “No, and I never House majority. They picked tween Democrats and Republi-
lawmaker, Rep. John Katko, in flank, which now has greater plans to run against Mr. have,” according to two peo- up a Republican-held Senate cans. Passing this bill would put
New York state. leverage to influence the vote. McCarthy for the post, the ple in the room. seat and flipped some House “much-needed safeguards into
Democrat Andrea Salinas, Mr. McCarthy will need a challenger said on Newsmax Meanwhile, Senate Minor- seats, including in Washington federal law,” he said.
an Oregon state lawmaker, simple majority of his confer- Monday night. Mr. Biggs, an ity Leader Mitch McConnell state over the weekend. Lawmakers broke for recess
in late September, giving them
time to return to their districts
to campaign for midterm elec-
tions. Democrats in both cham-
bers have a few weeks before
the start of the new Congress.
Another priority is to pass
RACHEL WOOLF FOR THE WALL STREET JOURNAL (3)

legislation that would continue

funding the government past a

.
Dec. 16 deadline. If no bill is
passed, parts of the government

ly
would shut down.
Senate Democrats are also
likely to consider an annual de-
on fense-policy package as well as
bipartisan legislation to over-
haul the way Congress counts
and ratifies presidential elector
votes.
us ,

Proponents of the same-sex

l

marriage bill said they believed

e
al a

Split Over Boebert it has enough support to pass

the Senate following some
changes to the language that
ci on

addressed religious-liberty con-

Has Colorado Race cerns. A similar bill passed the

House in July with some Repub-
licans in support.

Unexpectedly Tight Chris Brown, left, said he likes Lauren Boebert’s style, even though his friends had called her crazy. On Monday, Sens. Tammy
er s

Republican Bill Heller, above, said he voted against Ms. Boebert because he is concerned about Baldwin (D., Wis.), Susan Collins
preserving democracy. Below, election workers in Pueblo County, Colo., examined ballots last week. (R., Maine), Rob Portman (R.,
m er

Ohio), Kyrsten Sinema (D., Ariz.)

BY ELIZABETH FINDELL the district by 8 percentage He discovered that Ms. Boe- and Thom Tillis (R., N.C.) said in
points in 2020. No indepen- bert, who won her 2020 race a joint statement that the
PALISADE, Colo.—Bill Heller, dent groups conducted polls in by six points, was the most amendments they recently
a retired oil-field worker on the race, as her seat was con- vulnerable. made to their Respect for Mar-
m rp

Colorado’s Western Slope and sidered safely Republican. Mr. Frisch, 55, became con- riage Act would have “broad, bi-
lifelong registered Republican, Supporters of Ms. Boebert vinced that it was possible for partisan support.”
said he would like to support said they appreciate how vocal someone to build a coalition The bill would codify the
his party but found he couldn’t she is and consider her a to beat Ms. Boebert. ability for same-sex as well as
vote to re-elect his congress- fighter in Washington for con- Political analysts attributed interracial couples to get mar-
co Fo

woman, Rep. Lauren Boebert. servative ideals. Mr. Brown, Mr. Frisch’s surprise momen- ried and require states to recog-
Ms. Boebert has gained na- the owner of a Grand Junction tum to Ms. Boebert’s close nize the marriages. The push for
tional recognition for her vocal bicycle shop, said he googled alignment with Mr. Trump, a marriage law grew out of the
support of gun rights and for Ms. Boebert after friends of her reputation for attention- Supreme Court’s ruling this year
attention-grabbing statements, his called her crazy. Contrary getting statements and a gen- that ended a federal right to an
including tweeting “Today is to them, he found he liked the eral fatigue within her district abortion and prompted some
1776” on the day of the Jan. 6, outspoken style of the con- of headlines about her. That lawmakers to try to codify
2021, Capitol attack. Mr. Heller gresswoman. left an opening for Mr. Frisch same-sex marriage, saying it
instead voted for her opponent, Several supporters of Mr. and grass-roots groups to cob- could be in legal peril.
Adam Frisch, a little-known former President Donald A former owner of a restau- Frisch, including voters regis- ble together an alliance of Sen. Joe Manchin (D., W.Va.)
centrist Democrat and former Trump, is as divisive at home as rant in Rifle, Colo., Ms. Boe- tered unaffiliated and Republi- Democrats, independents and is likely to make another push
Aspen city councilman. she is nationally and has split bert, 35 years old, is a vocal can, said that Mr. Frisch had disaffected Republicans to to pass a proposal to speed up
“I’d like to vote for a Repub- her conservative district down gun-rights activist. On the day won them over with his mea- compete. federal environmental reviews
n-

lican, but I’m not going to vote the middle. she was sworn in for her first sured message, and that he “If Lauren Boebert had of major energy projects. That
for these extremists and elec- Nearly a week after Election term last year, Ms. Boebert re- has been more present than been an ordinary Republican, proposal was once attached to
tion deniers,” said Mr. Heller, Day, her race remains too close leased a video of herself walk- Ms. Boebert within the dis- this race would not be com- government funding legislation,
who has begun voting for more to call in one of the biggest sur- ing around Capitol Hill with a trict. Some said they were petitive,” said Laura Chapin, a but Mr. Manchin withdrew it.
no

Democrats in recent years be- prises to come out of this year’s gun and criticizing District of deeply affected by the Jan. 6 Democratic political consul- The White House plans to
cause he is concerned about the midterms. Though most politi- Columbia regulations that attack, in which a mob of tant in Denver. request $10 billion for treat-
preservation of democracy, cli- cal analysts expect Ms. Boebert don’t allow people to openly Trump supporters disrupted Benjamin Stout, a spokes- ments and research for Covid-19
mate change, free trade and will prevail, Mr. Frisch’s strong carry a firearm. the certification of Joe Biden’s man for Ms. Boebert, said she and other diseases, according to
support for Ukraine, he said. showing is a sign that some Re- Ms. Boebert has supported presidential-election victory. outperformed other statewide people familiar with the matter.
Mr. Heller is among a sliver publican voters are losing inter- Mr. Trump’s efforts to over- Mr. Frisch said he was fed Republicans within the district Previous requests this year for
of GOP defectors who, com- est in candidates who have turn the 2020 presidential up with extremism in politics and said the majority of Re- more spending on Covid have
bined with independents and closely allied with Mr. Trump election and, more recently, when he began considering a publicans stuck with her. He failed to advance.
Democrats, helped vault Mr. and practice his style of politics. advocated against a separation run against Ms. Boebert last pointed to Mr. Frisch’s cam- Some Democrats are urging
Frisch into an unexpectedly “You can’t even mention her of church and state. fall. paign as a conservative, em- congressional leadership to
close race against one of Con- name in a restaurant because Ms. Boebert’s district has The former Aspen city phasizing support for business make changes to the debt-ceil-
gress’s most recognized and 50% of people start screaming favored Republican presiden- councilman and onetime fi- and energy, as proof of sup- ing process or raise the borrow-
controversial figures. Ms. Boe- and 50% start applauding,” said tial candidates for at least two nancial trader sat down and port for Republican principles. ing limit to head off the possi-
bert, who in her first term has Chris Brown, an independent decades and was made redder began to crunch numbers on “He just copped her policies bility that Republicans would
become a star to the portion of voter who supported Ms. Boe- in the most recent round of the farthest right and farthest and ran on them,” Mr. Stout use the issue to force policy
her party most aligned with bert. redistricting. Mr. Trump won left politicians in the country. said. changes or spending cuts.

Amazon’s employee count

Amazon to Inc. said last week it would
cut more than 11,000 workers,
or 13% of staff, in addition to
1.5 million Bezos to Donate
Most of His Fortune
together,” Mr. Bezos told CNN
during an interview with his
pansion during the pandemic.
Between the end of 2019 and
end of 2021, Amazon hired

Lay Off layoffs at Lyft Inc., payments

firm Stripe Inc. and other tech
companies.
1.2
girlfriend Lauren Sánchez.
Mr. Bezos, 58, is currently
the fourth-richest person in
more than 800,000 employees,
mostly at its hundreds of
warehouses, as it sought to

Thousands Amazon’s move to cut jobs

comes after the company ear-
lier pared down head count in
0.9
Amazon.com Inc. founder
Jeff Bezos said he plans to
give the bulk of his fortune, es-
the world, according to the
Bloomberg Billionaires Index.
The interview marked the
keep up with a surge in online
orders.
Amazon previously said it
other ways. timated at $124 billion, to char- first time he had promised to determined that there are
Continued from Page One The company in October ity during his lifetime. give away much of his earnings, some areas where certain
0.6
of thousands of workers at its froze hiring across the retail In an interview with CNN, CNN said. He hasn’t signed on roles are no longer necessary
warehouses. division. It has redeployed em- he said he would donate most to the Giving Pledge, a cam- and has worked in those cases
Separately, Amazon has al- ployees from certain teams to of his net worth to fighting cli- paign started in 2010 by Micro- to help staff members find
0.3
ready started laying off con- more-profitable areas and mate change and supporting soft Corp. co-founder Bill Gates, new roles.
tractors working in recruiting, closed a variety of teams. Its people who can help unify the his now ex-wife Melinda French Amazon has reported a to-
who in the past few weeks head count at the end of Sep- fractured political landscape. Gates and billionaire Warren tal of $3 billion in net losses
0
were told that their assign- tember was down by about “We have big problems in Buffett to try to kick-start a for the first nine months of
ments were abruptly ending, 78,000 workers from the level 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22* the world and the way to get new era of philanthropy. this year, after the company
according to other people. The in the first quarter of this *As of September big problems done is to work —Ginger Adams Otis posted net income of about
additional planned layoffs at year. Source: the company $33 billion in 2021 and $21 bil-
Amazon are among its full- The latest plan by Amazon lion in 2020.
time employees. shows the extent to which the its warehouses to prepare for warned of a difficult fourth has had more than 10,000 em- Amazon last underwent an
Many tech companies have company is determined to rein the fourth quarter, executives quarter financially. ployees and is a major recipi- extensive profitability push in
cut jobs as the economy sours. in costs as it prepares for eco- have warned that they would Amazon’s devices business ent of investment capital. 2017 under Mr. Bezos. Senior
The trend has affected compa- nomic uncertainty, although it be cautious in how they hire. has long been an arm where While Amazon has said it Amazon executives said Mr.
nies such as Amazon that also is entering a holiday pe- Chief Financial Officer Brian the company innovates and remains committed to Alexa, Jassy’s review is much more
grew quickly during the pan- riod that is typically when it Olsavsky said last month that was celebrated by its founder Mr. Jassy has targeted busi- extensive. Mr. Jassy has been
demic and have said they makes most of its sales for the Amazon has seen signs of con- and former CEO Jeff Bezos, nesses that are losing money. focused on profit since taking
overbuilt in many cases. Face- year. sumers being affected by high who made the virtual assistant The approach is a contrast to over last year and has pre-
book parent Meta Platforms While Amazon has hired at inflation, and the company Alexa his pet project. The unit the company’s tremendous ex- sided over tough decisions.
 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.

THE WALL STREET JOURNAL. * * * * * Tuesday, November 15, 2022 | A5

U.S. NEWS

Hobbs Wins
Arizona Race
BY ELIZA COLLINS Hobbs said she was honored by
her victory and that she would
Democratic Secretary of work just as hard for those
State Katie Hobbs won Ari- who didn’t vote for her, “be-
zona’s governor race, the Asso- cause even in this moment of
ciated Press projected, in one division, I believe there is so
of the most closely watched much more that connects us.”
contests in the country. Ms. Lake, who previously
Her opponent, Republican hadn’t committed to accepting
Kari Lake, a former local TV the results if she lost, said on
anchor, has become a promi- Twitter: “Arizonans know BS
nent ally of former President when they see it.”

JIM URQUHART/REUTERS
Donald Trump and proponent Ms. Lake ran as an ally of
of his false claims of a stolen Mr. Trump and criticized not
2020 election. only Democrats but also Re-
Ms. Hobbs, who framed the publicans who didn’t support
election as an effort to save him. She went after the late
democracy, is the chief admin- Sen. John McCain, including
istrator of the state’s elections telling any McCain supporters Democrat Katie Hobbs, above, defeated Trump-backed Republican Kari Lake in the closely watched election for Arizona governor.
but she wasn’t involved in the to leave her event days before
vote-counting process. Arizona the election. Instead, she saying she planned to serve In an interview last month, age, as well as improving edu- have to.”
counties tabulated the ballots. praised some of the GOP’s most out her term as governor. Ms. Hobbs said as governor cational achievement. The Ms. Lake’s loss is a blow to
She refused to debate Ms. controversial figures, including Ms. Hobbs is a former so- she would call a special ses- Phoenix metro area had the Mr. Trump’s efforts to put al-
Lake, whom she called a con- state Sen. Wendy Rogers, who cial worker and Arizona state sion of the state Legislature to highest inflation in the coun- lies in charge of states and to
spiracy theorist for her elec- had been censured on a bipar- senator, where she served as attempt to repeal a law from try, according to Bureau of La- give them roles influencing
tion fraud claims. tisan basis by the state Senate minority leader. She ran a Arizona’s days as a territory bor Statistics data released in the conduct of the 2024 elec-
The Democrat won by get- for promoting violence against more muted campaign than that bans nearly all abortions. September. tion as he prepares to launch
ting the support of 96% of those she disagreed with. her opponent. While that law is being liti- Republicans are expected to another White House bid. Sev-
Democrats, nearly two-thirds Ms. Lake, seen as a highly “Katie, she may not be gated, a separate abortion law maintain control of the state eral of his preferred Senate
of independents and 11% of Re- effective communicator, was flashy,” former President Ba- that bans most abortions at 15 Legislature in this election. and House candidates also lost
publicans, according to data discussed by some Republi- rack Obama said at a rally weeks is in place. Ms. Hobbs acknowledged a di- key races.
from the AP VoteCast survey of cans as a possible heir appar- ahead of Election Day. “She Ms. Hobbs said she would vided state government will Arizona also re-elected
Arizona voters who partici- ent or running mate to Mr. could have been. She just also immediately focus on likely be challenging to move Democratic Sen. Mark Kelly.
pated in the midterm elections. Trump. Ahead of the election, chooses not to be, because tackling inflation and the her agenda but said, “I will —Chad Day
In a statement Monday, Ms. she denied that suggestion, she’s serious about her work.” state’s growing water short- never stop trying because we contributed to this article.

Trump, DOJ Spar Over Documents No Charges Likely

.
ly
BY BYRON TAU

WASHINGTON—Lawyers
on The Justice Department also
noted what it cast as a paradox
in Mr. Trump’s argument: that
Against Giuliani
representing former President
Donald Trump and the Justice
Department presented dueling
if the documents seized were
personal and not government
records, there is no basis to In Ukraine Probe
us ,

views over whether he can withhold them or assert execu-

l

shield certain records from his tive privilege. BY JAMES FANELLI nately for Mr. Giuliani, this in-
e
al a

time in office from federal in- Mr. Trump’s lawyers have AND CORINNE RAMEY vestigation has been hanging
vestigators conducting a crimi- repeatedly invoked the powers over his head for three years.”
nal investigation into the po- and immunities of the presi- Rudy Giuliani isn’t expected A spokesman for the Man-
ci on
JOE RAEDLE/GETTY IMAGES

tential mishandling of classified dent during his time in office to to face criminal charges in a hattan U.S. attorney’s office
national-security records. shield the internal workings of New York federal grand jury in- declined to comment.
In legal briefs made public government from congressio- vestigation into his interactions The Journal previously re-
on Monday, Mr. Trump’s legal nal, federal and state investiga- with Ukrainian officials, the Jus- ported that federal prosecutors
team argued that the doctrine tors. In the aftermath of his tice Department said Monday. were exploring whether Mr.
er s

of executive privilege protects presidency, they have contin- “Based on information cur- Giuliani pushed the ouster of
Mr. Trump from having to dis- ued advancing similar argu- rently available to the govern- the then-U.S. ambassador in
m er

close certain materials to fed- Mr. Trump’s lawyers said records at Mar-a-Lago were personal papers. ments. ment, criminal charges are not Kyiv, Marie Yovanovitch, on be-
eral investigators who are Mr. Trump sparked a similar forthcoming,” federal prosecu- half of Ukrainian officials in ex-
probing how records marked as August search of the former treated. In that decision, the executive-privilege fight with tors said in a court filing. change for information on Joe
classified came to be trans- president’s home. Mr. Trump court stopped short of issuing Congress last year, which he ul- The Wall Street Journal pre- Biden, Mr. Trump’s Democratic
ferred to Mar-a-Lago, Mr. filed suit in the aftermath of any definitive guidance about timately lost. In that case, Mr. viously reported that prosecu- rival in the 2020 presidential
m rp

Trump’s Florida home, after he the search of his home, advanc- how courts should consider Trump sued to block the Biden tors were investigating whether election, and his son Hunter.
left office. ing a host of novel legal argu- those interests or how disputes administration from turning Mr. Giuliani, a former New York Mr. Trump ordered Ms. Yo-
His lawyers, addressing ments to issues that have rarely should be resolved, leaving sig- over documents from his time City mayor who served as Pres- vanovitch’s ouster in 2019.
Judge Raymond Dearie, the been considered by courts. At nificant ambiguity about the in office to the House commit- ident Trump’s personal lawyer,
special master overseeing the Mr. Trump’s request, U.S. Dis- state of the law. tee investigating the Jan. 6, violated foreign lobbying rules
co Fo

Mar-a-Lago documents, also trict Judge Aileen Cannon ap- In their own brief, lawyers 2021, assault on the U.S. Capi- in a push to remove a U.S. dip-
said records that the former pointed Judge Dearie as special representing the Justice De- tol. Mr. Trump took the case to lomat in Ukraine in 2019.
A grand jury
president transferred from the master to help sort through partment revealed that Mr. the Supreme Court, which ulti- The probe led to a legal investigation into
White House were personal pa- some of the complex legal is- Trump’s legal team has only as- mately declined to intervene in standoff after federal investi-
pers rather than government sues involving the seizure of a serted privilege on a tiny sub- the case and the records were gators searched Mr. Giuliani’s
possible lobbying
documents and that as the out- former president’s papers. set of the thousands of docu- transferred to the congressio- home and office in April 2021. violations has ended.
going chief executive, he alone At the core of the dispute is ments seized during the search. nal committee. Lawyers for Mr. Giuliani ar-
had the power and authority to executive privilege, a legal doc- Mr. Trump’s lawyers have Then, as now, Mr. Trump ar- gued that some of the material
make that determination. trine blessed by the Supreme claimed that 121 documents are gued that as the former presi- seized in the search was pro-
“President Trump was still Court that some sensitive mat- protected by executive privilege dent, he should be able to as- tected under attorney-client A 2019 impeachment in-
serving his term in office when ters involving the president can and only one document is pro- sert executive privilege on privilege. U.S. District Judge J. quiry into Mr. Trump focused
the documents at issue were be shielded from public disclo- tected by attorney-client privi- documents from his time in of- Paul Oetken in Manhattan ap- on Mr. Giuliani’s efforts in
packed, transported, and deliv- sure in order to protect the lege, the government asserted. fice. A Washington-based court pointed a special master to re- Ukraine and Mr. Trump’s al-
n-

ered to his residence in Palm chief executive’s ability to re- “Executive privilege exists of appeals sided against Mr. view whether any material leged pressuring of Ukrainian
Beach, Florida. Thus, when he ceive candid advice from close ‘for the benefit of the Republic’ Trump and the Supreme Court was protected and should have officials to announce investi-
made a designation decision, he advisers. The power has long not any President as an individ- upheld that decision in January. been returned. gations into the Bidens.
was President of the United been understood to be vested ual,” the government argued in The Supreme Court is ex- Prosecutors told Judge Oet- Mr. Giuliani has denied lob-
no

States; his decision to retain in and exercised by the current response to the Trump team’s pected to rule shortly on a re- ken in Monday’s court filing bying for anyone in Ukraine or
certain records as personal is president—in this case, Presi- filing, quoting from the Nixon quest from Mr. Trump to block that the grand jury investigation working as an agent of a foreign
entitled to deference, and the dent Biden, whose Justice De- decision. The government also a House committee from ob- was over and the special master, government. Mr. Trump denied
records in question are thus partment is overseeing the said the Supreme Court ruled taining his past tax returns former federal judge Barbara wrongdoing, as did the Bidens.
presumptively personal,” Mr. criminal investigation. in a different Nixon-era case from the Internal Revenue Ser- Jones, was no longer needed. Separately, a New York judge
Trump’s legal team wrote in a A 1977 Supreme Court case, that executive privilege isn’t vice. While Mr. Trump hasn’t Bob Costello, a lawyer for Mr. on Monday appointed Judge
brief. Nixon v. General Services Ad- absolute and can be overcome exerted executive-privilege Giuliani, said he was pleased Jones as the independent moni-
The court filings come as ministration, does recognize in cases such as when the gov- claims in that case, his lawyers with the Justice Department’s tor of the Trump Organization
part of a continuing dispute that former presidents have ernment is conducting a crimi- have argued that it raises “un- decision but not surprised. “It is while it faces a civil-fraud law-
over the FBI seizure of more some interest in how records nal investigation, the govern- precedented separation-of-pow- something that was expected suit from state Attorney Gen-
than 11,000 documents in an from their time in office are ment noted. ers issues.” for a while,” he said. “Unfortu- eral Letitia James.

U.S. WATCH
CALIFORNIA COVID-19 WASHINGTON
University Workers Booster Shows Strong Court Lets Jan. 6 Panel
Walk Off the Job Immune Response Obtain Phone Records
Nearly 50,000 academic Moderna Inc.’s new updated The Supreme Court cleared
workers across the sprawling Covid-19 booster shot for the the way Monday for House Jan.
University of California system U.S. generated strong immune 6 investigators to obtain phone
walked off the job and onto responses in people against records from Arizona Republican
picket lines Monday, demanding Omicron subvariants, according Party Chairwoman Kelli Ward,
higher wages and better benefits. to the first data from a com- rejecting her argument that her
The teaching assistants, re- pany-sponsored study testing First Amendment political rights
searchers and postdoctoral fel- the new doses in volunteers. shield her from congressional in-
lows failed to reach a deal with Moderna said on Monday vestigatory powers.
the university system over the that people receiving the up- In a brief unsigned order, the
weekend as they demanded pay dated booster shot had more court denied Ms. Ward’s request
increases to match the rising than five times the neutralizing to stay lower-court decisions up-
cost of housing and inflation. antibodies against Omicron sub- holding the subpoena from the
The employees are represented variants BA.4 and BA.5 than select committee investigating
by the United Auto Workers, people who received Moderna’s the attack on the U.S. Capitol by
which called the strike the larg- original booster shot. supporters of former President
est in the history of U.S. higher “That really bodes well for Donald Trump. Justices Clarence
education. the vaccine and public health,” Thomas and Samuel Alito said
The university system has Moderna President Stephen they would have granted Ms.
said its 10 campuses would re- Hoge said. Ward’s request.
MIKE BLAKE/REUTERS

main open, but the strike has al- Moderna’s updated booster The House committee sub-
ready caused disruption of some shot, introduced in the U.S. after poenaed service provider T-Mo-
classes just weeks before final regulators authorized it in late bile for records from Nov. 1,
exams. Workers on the picket August, targets both the original 2020, to Jan. 31, 2021.
lines are responsible for core as- strain of the coronavirus and the During that period, Ms. Ward
Thousands of academic workers across the University of California system took to picket lines pects of the university including BA.4 and BA.5 subvariants, which spoke with Mr. Trump about his
Monday demanding higher wages and better benefits. The employees, represented by the United teaching, grading and tutoring. share an identical surface protein. efforts to overturn the election.
Auto Workers, seek base salaries of $54,000 for all graduate-student workers, according to the union. —Douglas Belkin —Peter Loftus —Jess Bravin
 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.

A6 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

WORLD NEWS
Zelensky Visits Recaptured Kherson
Ukrainian president days singing patriotic songs
and hugging Ukrainian sol-
greets residents, says diers who took part in the of-
there is evidence of fensive against Russian forces.
Ukrainian officials have
over 400 war crimes warned residents who fled Rus-
sia’s occupation not to return
BY MATTHEW LUXMOORE until Kherson is demined and
AND ANN M. SIMMONS municipal services are restored.
Kyrylo Tymoshenko, the
Ukrainian President Volod- deputy head of Mr. Zelensky’s
ymyr Zelensky visited Kherson office, said Monday that a fam-
on Monday, days after his coun- ily of four were killed in the
try’s forces recaptured the city village of Novoraisk near Kher-
from Russian control, as Mos- son on Sunday after the vehi-
cow insisted the regional capital cle they were in hit a mine.
remained part of its territory. “Russian terrorists have left
Images posted to Mr. Zel- behind a lot of mines and trip
ensky’s official Telegram chan- wires,” he said in a Telegram

UKRAINIAN PRESIDENTIAL PRESS OFFICE/ASSOCIATED PRESS

nel showed him handing awards post. “We’re tirelessly asking
to Ukrainian soldiers beneath a people to be careful and refrain
colonnaded arch marking the from travel along roads that
entrance to the city. have not yet been checked.”
“Kherson is Ukraine,” a cap- Ukrainian officials say Rus-
tion added to the post read. sia’s occupation of Kherson
Mr. Zelensky’s chief of staff was brutal, with accounts from
shared a video of the president locals detailing torture and
singing the national anthem disappearances. Mr. Zelensky
flanked by soldiers and mem- said Ukrainian authorities
bers of his team, as the Ukrai- have detained Russian soldiers
nian flag was raised above a in Kherson, and found evi-
government building in the dence of more than 400 war
city center. “The tremendous crimes committed by Russian
efforts of the Ukrainian de- troops. He didn’t elaborate.
fenders are behind the libera- Ukraine’s President Volodymyr Zelensky, center, took photos with troops on Monday after Russia’s retreat from the city of Kherson. Russia retains control of
tion of the territories,” Mr. Zel- parts of the Kherson region
ensky wrote later on Telegram. lines and push them out. local residents that life under Treaty Organization, said Russia,” Mr. Stoltenberg that lie on the eastern bank of
The visit comes after three Moscow cited logistical dif- Moscow’s control was better. Monday that Russia’s with- added. “The Russian armed the Dnipro River, including the
days of celebration in Kherson ficulties and the need to safe- Asked about Mr. Zelensky’s drawal from Kherson “demon- forces retain significant capa- city of Nova Kakhovka. Rus-
following the withdrawal of guard soldiers’ lives. visit to Kherson, Mr. Putin’s strates the incredible courage bilities, as well as a large num- sian-installed authorities in the
Russian troops from the only With the loss of Kherson, spokesman, Dmitry Peskov, of the Ukrainian armed ber of troops. And Russia has city said Monday that three

.
regional capital captured by Russia gave up access to the said he wouldn’t comment ex- forces.” It also shows the im- demonstrated the willingness people were killed and about
Moscow. Russian forces were regional headquarters where cept to say, “This is the terri- portance of NATO’s continued to bear significant losses.” 20 were injured there over the

ly
forced to leave the city after a Kremlin-installed officials were tory of the Russian Federation.” support to Ukraine, he said. Crowds of jubilant residents weekend in Ukrainian attacks.
monthslong Ukrainian cam- working to integrate the terri- Jens Stoltenberg, secretary- “We should not make the have been filling central —Daniel Michaels
paign to sever their supply tory with Russia and convince general of the North Atlantic mistake of underestimating streets in Kherson in recent contributed to this article.
on
Russia Presses for Gains in Ukraine’s East Putin Says
us ,

People
l

BY MATTHEW LUXMOORE seems likely to take a pause.

e
al a

Ukraine is seeking to capital-

On the day Russia an-
nounced a withdrawal from the
ize on its recent momentum to
retake more territory, and has With Dual
ci on

southern city of Kherson last been receiving supplies of

week, Ukrainian President Vo-
lodymyr Zelensky began his
nightly address with a warning.
winter uniforms and equip-
ment from its allies.
Russia is under pressure to
Citizenship
The biggest clashes were in show its military campaign
Can Serve
er s

the eastern Donetsk region, he hasn’t halted despite the hu-

said Wednesday, praising the miliating Kherson withdrawal.
BY ANN M. SIMMONS
m er

courage of soldiers there re- “Winter weather could dis-

pelling what he described as a proportionately harm poorly
relentless onslaught. equipped Russian forces in MOSCOW—Russian Presi-
MIKHAIL TERESHCHENKO/TASS/ZUMA PRESS

“Any losses there mean Ukraine, but well-supplied dent Vladimir Putin signed a
losses further into the coun- Ukrainian forces are unlikely decree amending the regula-
m rp

try,” Mr. Zelensky said. “That’s to halt their counteroffen- tions for Russians with a sec-
why we’re standing, standing sives,” the Institute for the ond citizenship to serve in Rus-
tough.” Study of War, a Washington- sia’s armed forces, in a move
Mr. Zelensky’s warning based think tank, said in a re- that could help bolster the
points to what is likely to be port published Thursday. ranks of the military as Mos-
co Fo

the next decisive phase of the Mykola Bielieskov, a re- cow continues to pursue its
war: the battle for the east. searcher at the National Insti- military campaign in Ukraine.
Russian President Vladimir tute for Strategic Studies, a The decree, which revises
Putin has billed the invasion in government-backed think tank the military-service regula-
large part as a campaign to A Russian flag hangs from a balcony in an area in eastern Ukraine controlled by Moscow. in Kyiv, said that because tions adopted in 1999, allows
take control of the entire Don- routes into Bakhmut from the dual-national Russians and
bas area, the industrialized east maining forces in this region.” made advances in the weeks now in its tenth month, is still west remain under Ukrainian those with permanent-resi-
of Ukraine where Russia co- The commander of Mos- that followed, capturing the bringing Russian victories. control, Kyiv can continue to dency status in foreign coun-
vertly used its military to carve cow’s military campaign in cities of Severodonetsk and While holding off Russia in rotate forces fighting there, tries to be drafted into the
out two territories in 2014. Ukraine, Gen. Sergei Surovikin, Lysychansk, and in the process Bakhmut, the Ukrainians are relieving tired formations in army for military service. Pre-
As Ukraine has recaptured is under pressure to deliver taking control of almost the pushing to retake Svatove and ways that Russia has struggled viously, only citizens of the
territory in the northeast and results in Donbas after giving entire Luhansk region. Kreminna on the western edge to replicate due to a shortage Russian Federation could be
south in recent months, Russia up Kherson to set up new de- But their assault, using ar- of the Luhansk region, and re- of skilled manpower. called up for service.
n-

has continued to batter Ukrai- fensive positions on the Dni- tillery and air power to flatten cently reported the capture of He said taking full control Nationals of any country
nian positions in the east and pro River’s eastern bank, Mr. cities and then push into the Stelmakhivka, northwest of of the Donetsk region is likely can continue to serve in the
try to advance. Moscow can Zahorodnyuk said. ruins, ran out of steam amid Svatove. Russia claimed this Russia’s No. 1 priority now Russian army under a contract
now redeploy there the 20,000 “For him it’s a matter of be- fierce resistance. Ukraine has week to have captured parts of that Kherson has been recap- in the ranks of soldiers, sail-
no

or so troops it has withdrawn ing fired or succeeding. And since pushed back in several Bilohorivka and the village of tured by Ukraine, and Russia’s ors, sergeants and foremen, as
from Kherson, as well as some he’s allowed to expend any places. Pavlivka, southwest of Do- forces in the south have been long as the individual isn’t un-
of the 300,000 men it recently price,” he said. Mr. Zahorodnyuk said it is netsk. confined to the Dnipro’s east- der investigation, convicted or
drafted. “They need territory. They difficult to predict where Rus- One factor that might influ- ern bank. has a conviction that hasn’t
Analysts say Russia’s mini- don’t need people, they don’t sia’s offensives will play out. ence the pace of fighting will On Saturday, Mr. Zelensky been expunged, similar to the
mum aims at this stage in- need buildings, they don’t need A major battle is being be the arrival of winter, which said the situation for Ukrai- rules that apply to Russian cit-
clude, above all, full control of factories—they need just terri- waged around Bakhmut, in in eastern Ukraine usually nian soldiers in Donbas is izens, according to the decree.
Donbas. tory. So they can be ruthless in northern Donetsk, close to the brings subzero temperatures “hell,” with “extremely brutal The amendments come as
“For them it’s a critical mis- getting literally square kilome- border with Luhansk. Russia and snowfall, and exposes fighting every day.” the Kremlin seeks to bolster its
sion,” said Andriy Zahorod- ters,” Mr. Zahorodnyuk added. has bombarded the city for troops that could normally use Mr. Bielieskov warned that manpower following staggering
nyuk, a former Ukrainian de- The situation resembles weeks and is expending a huge foliage or muddy ground to these conditions might con- battlefield setbacks and
fense minister. “I think we’ll that of early spring, when amount of resources there in a hide their tracks. tinue for some time. mounting casualties.
have some very serious trou- Russia withdrew from areas bid to claim a victory that But analysts say that de- “In the Donbas, it’ll be the Although conscripts have
bles in Donbas, because they’ll north of Kyiv and said its fo- could boost the morale of its spite predictions of a slow- same grinding battles as be- been barred from serving in
concentrate most of their re- cus would shift to Donbas. It troops and signal that the war, down in fighting, neither side fore,” he said. what the Kremlin calls its spe-
cial military operation, widen-
ing the conscription pool to in-

CIA Chief Warns Moscow Against Using Nuclear Weapons clude Russians with a second
citizenship could help to allevi-
ate Moscow’s manpower short-
The director of the Central Griner and Paul Whelan. Ukrainian Minister of For- Valeriy Zaluzhniy, told U.S. he would target the U.S. with age if the war grinds on, mili-
Intelligence Agency was in Tur- The Biden administration, eign Affairs Dmytro Kuleba Army Gen. Mark Milley, chair- new advanced weapons if tary analysts said. That is
key to warn his Russian coun- including President Biden him- said talk of a negotiated set- man of the Joint Chiefs of Staff, Washington deployed interme- because after three months,
terpart against using nuclear self, has begun to signal an in- tlement is premature because that his forces “will fight as diate-range missiles in Europe. conscripts are allowed to sign a
terest in ending the conflict any cease-fire that could pave long as we have the strength.” During the course of the contract to serve in the armed
By Gordon Lubold and through talks. the way for discussions would “Our goal is to liberate all war, Mr. Putin has played the forces and contract soldiers are
Warren P. Strobel in U.S. officials have stressed be exploited by Russia. Ukrainian land from Russian oc- nuclear card. In March, he put permitted to serve at the front.
Washington and Ann that it is up to Ukraine to de- “Accepting Russian ultima- cupation,” Gen. Zaluzhniy told Russia’s nuclear forces on high It is unclear how many Rus-
M. Simmons in Moscow cide what the next steps Gen. Milley, according to a alert. Since then, he repeat- sians have a second citizen-
would be, and that Mr. Burns’s statement released by the Ukrai- edly has raised the specter of ship or the right to residence
weapons, the White House Ankara trip wasn’t about hold- nian mission to the EU. “Ukrai- nuclear war, invoking his permanently in a foreign state.
said, part of an expanding ef- ing talks on Ukraine, the
William Burns met nian troops will not accept any country’s atomic arsenal and Monday’s changes to the law
fort to engage with the Rus- spokeswoman said. with his Russian negotiations, agreements or announcing imminent plans to follow a September decree by
sians over the war in Ukraine. Messrs. Burns and Narysh- compromises. There is one con- launch Russia’s first un- Mr. Putin allowing foreigners
William Burns arrived in An- kin met in Ankara as guests of
counterpart in dition for talks: Russia must manned nuclear submarine. who entered military service
kara on Monday to meet Sergey the Turkish National Intelli- Turkey on Monday. leave all occupied territories.” U.S. officials have said they contracts to more easily obtain
Naryshkin, director of Russia’s gence Organization, the coun- U.S. officials confirmed the have seen no intelligence Russian citizenship.
Foreign Intelligence Service, and try’s main spy agency, accord- two generals spoke. prompting them to boost the According to some military
other officials. “He is conveying ing to intelligence officials The CIA declined to com- U.S.’s nuclear posture. observers, the easing of the
a message on the consequences quoted by Turkey’s state-run tums will not bring peace,” he ment on Mr. Burns’s talks in Mr. Putin’s nuclear rhetoric citizenship regulations are pri-
of the use of nuclear weapons news agency, Anadolu. said during a European Union Turkey, referring questions to increased as Russian forces marily aimed at nationals from
by Russia, and the risks of esca- Kremlin spokesman Dmitry Foreign Affairs Council meeting the White House. faced severe battlefield set- countries in Russia’s near
lation to strategic stability,” a Peskov confirmed to Russia’s on Monday. “Quite the oppo- Even before ordering his backs, and he implied he abroad, such as in Central
spokeswoman for the National state news agency TASS that site. Russia wants a pause to forces into Ukraine, Mr. Putin would consider using nuclear Asia. Some nations, including
Security Council said. the talks occurred. He said “it replenish its forces and launch started to ratchet up warnings weapons in Ukraine to counter Kyrgyzstan and Uzbekistan,
Mr. Burns and Russia also was the initiative of the Amer- an even more brutal attack as that he could use nuclear any threat against Russia’s ter- warned their citizens that they
were expected to discuss the ican side,” TASS reported, add- soon as it will be able to do so.” weapons. On Feb. 20, four ritorial integrity. In October, could face criminal prosecu-
cases of detained U.S. citizens, ing that he declined to disclose Meanwhile, the Ukrainian days before the full-scale inva- he said Russia had no inten- tion if they participate in the
including WNBA star Brittney the subject of the discussions. military’s top commander, Gen. sion, the Russian leader said tion of using nuclear weapons. Kremlin’s military campaign.
 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.

THE WALL STREET JOURNAL. NY Tuesday, November 15, 2022 | A6A

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THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | A7

WORLD NEWS

Europe Germany Nationalizes Gazprom’s Business

Predicts BY BOJAN PANCEVSKI

Milder BERLIN—Germany will na-

tionalize key German and Eu-
ropean arms of Russian natu-

Winter ral gas giant Gazprom PJSC

and spend more than 13 bil-
lion euros, equivalent to
BY YUSUF KHAN $13.44 billion, to shore up the
business in a bid to guarantee
One of Europe’s leading fore- energy supplies, the German
casters is expecting a mild win- government said Monday.
ter as the energy-strapped con- Berlin in March assumed
tinent watches closely for signs management of the assets of
of how cold it might get in the Gazprom Germania GmbH,
coming months. changing the company’s name
The European Union’s Coper- to Securing Energy for Europe
nicus Climate Change Service, GmbH, or SEFE. The govern-
in a seasonal outlook released ment said it had to secure vi-
on Sunday, said it has grown tal energy infrastructure and
more confident of milder-than- supplies in the early days of
usual weather over the next Moscow’s invasion of Ukraine.

FABIAN BIMMER/REUTERS
three months in Europe. But it The former Gazprom Ger-
warned cold snaps are likely mania was brought to the
through December. brink of insolvency after Rus-
The outlook is just one of sia put it under sanctions and
several forecasts that energy cut it from gas supplies. In
traders and governments are March, Gazprom changed the
watching to gauge whether the ownership structure of its
large amounts of natural gas German subsidiary, a move The Astora natural-gas depot, formerly part of the Gazprom Germania Group, is the largest natural-gas storage in Western Europe.
stored away so far will be that violated German laws
enough to get the continent and prompted Berlin to as- business in part because of its and an injection of funds many’s largest gas importer, bonuses paid to traders work-
through a winter without its sume stewardship of the busi- opacity and the unknown lia- aimed at stabilizing the busi- which had heavily relied on ing at the London office, as
typical supply of Russian gas. ness. bilities the move could create. ness, which, among other Russian supply. Uniper posted well as for the pay of around
Weather across Europe has been “Because of the systemic Based in Germany, the former things, operates the country’s a loss of more than $39 bil- 70 Gazprom employees that
particularly mild in recent relevance of SEFE for the en- Gazprom Germania owned largest gas storage facility. lion in the first nine months were transferred from St. Pe-
weeks, keeping gas use relatively ergy supply in Germany the several companies across the As part of the decision, the of the year. The loss, one of tersburg, Russia, to Dubai af-
low and pushing prices down. Government is taking capital world and a large derivatives government will add €2 bil- the largest in German corpo- ter Moscow’s invasion of
Russia typically supplies a measures to establish clarity portfolio handled by a subsid- lion to a €11.8 billion loan ex- rate history, will ultimately be Ukraine, according to an exec-
big chunk of Europe’s gas, used of ownership, stabilize the iary in London. tended to the company earlier passed on to German taxpay- utive at the company.
to heat homes and drive indus- company and secure the sup- After failing to find buyers this year and swap the loan ers. Officials said Monday that
try. After this year’s invasion of ply of gas,” the government for the more transparent and for equity, subject to Euro- The nationalization of the it remained unclear whether
Ukraine by Moscow, European said in a statement. healthier assets, including gas pean Union approval. former Gazprom business will parts of the now state-owned

.
capitals have tried to pivot to Berlin was initially op- stores and pipelines, Berlin In September, Berlin na- see the German taxpayer pick business would be sold to pri-
alternative sources. Russia, posed to nationalizing the opted for full nationalization tionalized Uniper SE, Ger- up the tab for €300 million in vate companies in the future.

ly
meanwhile, turned off the
spigot for much of its exports.
Just a few months ago, govern-
ment officials started rolling
out plans to ration gas in case
New U.S. Sanctions Target Military Suppliers to Kremlin
on
of shortages this winter. BY IAN TALLEY laundering money for one of down on people abetting Rus- firms to launder his funds and
Countries have socked away Russia’s richest oligarchs. sia’s evasion. sidestep the restrictions
more gas than anticipated, buy- WASHINGTON—The Trea- The Biden administration
Four dozen people in The Treasury Department placed on the businessman
us ,

ing supplies of liquefied natural sury Department imposed said the targeting of a Russian six countries, and said it imposed sanctions on and federal lawmaker, the U.S.
l

gas from countries such as the sanctions on four dozen peo- electronics company’s foreign- Mr. Kerimov’s wife, son and said. Mr. Kerimov was al-
firms associated with
e
al a

U.S. and Qatar. The EU has ple across six countries, and supply network would help daughters, along with Swiss ready under U.S. sanctions.
roughly 95% of its gas storage companies associated with deny Moscow’s military the them, were named. businessman Alexander-Walter The U.S. said the sanctions
filled, well above the European them, an effort to tighten the technology it needs to prose- Studhalter, naming them man- on Russian firm PKK Milandr
ci on

Commission’s 80% target. But a U.S. campaign of economic cute the war in Ukraine, and agers of his foreign assets, in- and its foreign suppliers in
particularly cold winter, or a pressure on Russia. that imposing sanctions on cluding more than a dozen Taiwan, Switzerland and Ar-
snafu related to gas infrastruc- The targets of Monday’s billionaire Suleiman Kerimov’s tions and export restrictions firms in Switzerland, the menia, would disrupt a critical
ture, could change the calculus sanctions include a network of family and a key Swiss associ- on Russia this year, the U.S. is United Arab Emirates, Ger- supply chain for electronics
dramatically. That has made individuals and companies the ate hits at the Russian elites working to ensure those ef- many, Spain and France. needed by Moscow’s military.
er s

weather a key component in U.S. says help procure military who bankroll the Kremlin. forts are effective by closing Mr. Kerimov used those The companies and individ-
whether the continent gets equipment for Russia, and a After imposing an unprece- loopholes, lobbying other na- companies, including invest- uals under sanctions couldn’t
m er

through the winter comfortably. Swiss businessman accused of dented set of financial sanc- tions for support, and cracking ment, financial and real-estate be reached for comment.
m rp

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 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.

A8 | Tuesday, November 15, 2022 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Biden, Xi Japan’s
Seek to Economy
Steady Ties Contracts
Continued from Page One
took place in Bali, Indonesia,
ahead of a summit of the
Slightly
Group of 20 major economies. Economists expect
“We’re going to compete vig-
orously, but I’m not looking stimulus to spur
for conflict. I’m looking to growth in the final
manage this competition re-
sponsibly.” quarter of the year
The first in-person meeting
between the two leaders since BY MEGUMI FUJIKAWA
Mr. Biden, a Democrat, became
president stretched over about TOKYO—Japan’s economy
three hours, including a break. contracted for the first time in
It came as relations between a year in the third quarter, re-
the two countries reached their flecting increases in services
KEVIN LAMARQUE/REUTERS

lowest point in decades follow- imports and a sluggish recov-

ing an August visit to Taiwan ery in private spending due to
by House Speaker Nancy Pelosi lingering fears over Covid-19
(D., Calif.) and widening differ- and rising prices.
ences over a host of issues, in- The world’s third-largest
cluding Russia’s invasion of economy after the U.S. and
Ukraine and trade. China shrank 0.3% in the three
Sending a message on Tai- The meeting between President Biden and Chinese leader Xi Jinping stretched over roughly three hours, including a break. months to September from the
wan was China’s top priority previous quarter and con-
for the meeting, according to Ukraine before, the White tracted 1.2% on an annualized
people familiar with the matter. U.S. Official: China characterizing comments Chi- conference on Friday. “China House was eager for the Chi- basis, which reflects what
Mr. Xi told Mr. Biden the self- nese Premier Li Keqiang made will continue to work with Rus- nese president to reiterate would happen if the third-
governing island, which China Uneasy Over War to world leaders during a sia to move forward bilateral that stance during the meet- quarter pace continued for a
claims as its territory, is the closed-door summit in Cambo- relations on a right and steady ing, officials said. full year.
most significant red line in the dia over the weekend. track.” The readout from the Chi- Economists expect the Japa-
China-U.S. relationship that can NUSA DUA, Indonesia—A While noting that Beijing Mr. Li, who was Beijing’s nese government didn’t include nese economy to grow again in
never be crossed, according to senior U.S. official said China is and Moscow have significant most senior representative at mention of the nuclear threat. the current quarter. But the
the Chinese readout. Mr. Xi uncomfortable with Russia’s economic ties, the U.S. official, the summit hosted by the 10- Instead, Mr. Xi restated China’s outlook is uncertain due to
said that Taiwanese indepen- rhetoric and invasion of who attended the meeting, member Association of South- support for peace negotiations soaring global inflation and a
dence was as incompatible to Ukraine, as President Biden and said Mr. Li “spoke rather exten- east Asian Nations, offered a between Russia and Ukraine recession risk triggered by the
peace and stability in the Tai- Chinese leader Xi Jinping pre- sively about Chinese policy to- veiled rebuke of Moscow’s and expressed hope that the Federal Reserve’s aggressive

.
wan Strait as “fire and water.” pared for a meeting aimed at ward Ukraine with clear em- threats to employ nuclear U.S., European Union and the rate increases.
Any possible visits from se- dialing down tensions between North Atlantic Treaty Organi-

ly
phasis on sovereignty, on the weapons, people who attended
nior U.S. politicians to Taiwan Washington and Beijing. irresponsibility of nuclear the weekend meeting in Cam- zation will commence compre-
could be seen by the Chinese “I think there is undeniably threats, on the need to ensure bodia said. hensive talks with Moscow.
as provocative actions and a discomfort in Beijing about that nuclear weapons are not Mr. Li said no country A draft statement to be
The outlook is
could raise the possibility of a
clash between the superpow-
ers, according to people famil-
iar with the matter. Rep. Kevin
what we’ve seen in terms of
reckless rhetoric and activity
on the part of Russia,” the U.S.
official said in a briefing with
on used in the way that some
have suggested.”
China’s Foreign Ministry and
the Kremlin didn’t respond to
should use or threaten to use
nuclear weapons, and that hu-
manity should learn from his-
tory, the people said.
considered by leaders of the
Group of 20 economies at
their summit beginning Tues-
day describes the conflict in
uncertain due to
soaring global
inflation.
McCarthy of California, the reporters on Monday. requests for comment. Mr. Li’s comments, which Ukraine, which Russia calls a
us ,

chamber’s GOP leader, has said “I think it is also undeniable China, however, said last didn’t explicitly name Russia, special military operation, as a
l

he would visit Taiwan if he be- that China is probably both week that its relations with echoed earlier remarks by Jap- war, according to a Western
e
al a

comes speaker. Republicans surprised and a little bit em- Moscow are built on a high de- anese Prime Minister Fumio official. It also includes lan- “The environment surround-
are inching toward taking back barrassed by the conduct of gree of mutual trust. Kishida, who mentioned the guage on the unacceptability ing households and companies
control of the House. Russian military operations,” “China’s relations with Rus- U.S. atomic bombings of Japan of the use of nuclear weapons has become more severe be-
ci on

Mr. Biden said in a news con- the official added. sia are rock-solid,” Chinese for- during World War II. in the conflict. cause price increases reduce
ference after the meeting that The U.S. official, who de- eign ministry spokesman Zhao —Andrew Restuccia The draft statement signals households’ real income and
he didn’t think China would clined to be identified, was Lijian said at a regular news and Chun Han Wong that Russia could agree to con- raise costs for companies,”
make an imminent attempt to tinue the grain deal—which al- Economy Minister Shigeyuki
invade Taiwan and stressed lows for the safe passage of Goto said.
er s

that longstanding U.S. policy to- Mrs. Pelosi’s Taiwan visit. Bei- meetings since last year and to empower senior officials to grain exports from war-torn “We need to be careful
ward the island hasn’t changed. jing responded to that trip by extensive interactions when engage in a sustained effort to Ukrainian ports through the about the possibility of the
m er

During the talks with Mr. Xi, he conducting military drills and they served as vice presidents work on managing bilateral Black Sea to world markets— global economic slowdown
raised objections to what the suspending climate talks and a of their respective countries. differences. beyond this week. It says the amid monetary tightening in
White House called China’s co- broad range of law-enforce- Mr. Xi claimed a norm- “Laying out each leader’s G-20 leaders emphasize “the the U.S. and Europe,” he added.
ercive and increasingly aggres- ment cooperation with the breaking third term as Com- ‘priorities and intentions’ is full, timely and continued im- Following 1.1% quarter-on-
sive actions toward Taiwan. U.S., while canceling some munist Party chief in late Oc- precisely the kind of conversa- plementation” of the deal quarter growth in the April-
m rp

He also expressed concerns two-way military dialogues. tober, when he also elevated tion that Xi and Biden needed agreed by Russia, Ukraine, June period, Japan’s gross do-
with China’s treatment of eth- The White House said the loyalists into the party’s top to have,” said Mr. Russel, who Turkey and the United Nations mestic product shrank for the
nic Uyghurs and other Muslim two leaders had empowered echelons. The personnel re- is now vice president for inter- to unblock Ukrainian grain ex- first time since July-September
minorities in Xinjiang and Bei- senior officials to deepen talks shuffle is expected to continue national security and diplo- ports to ease food pressures in 2021 when major cities such as
jing’s suppression of civil lib- on issues ranging from climate until China’s annual legislative macy at the Asia Society Policy the developing world, the offi- Tokyo and Osaka were still un-
co Fo

erties in Hong Kong, according change to food security. Mr. session in the coming spring, Institute. “What each of them cial said. der a state of emergency.
to the White House. Biden also tasked Secretary of where top state positions—in- heard from the other, however The Black Sea Initiative is In the last quarter, growth
Mr. Biden described Mr. Xi State Antony Blinken with vis- cluding the premiership and tough, is certainly less alarm- due to expire Friday, and ne- of imports outpaced that of ex-
as direct and straightforward iting China to follow up on other cabinet roles—will be ing than the stream of worst- gotiators are working to ex- ports. Services imports, such
and said he believes the Chi- Monday’s meeting. formalized. The Chinese leader case analyses they receive daily tend it. as advertising expenditures, in-
nese leader is willing to com- The two countries planned brought newly empowered from within their systems.” —Chun Han Wong creased 17% during the quarter,
promise on some issues, though the talks over several months members of his leadership to The White House said the and Andrew Duehren compared with 1.9% growth for
he didn’t name them. He said and dozens of hours of negoti- Monday’s meeting. two leaders agreed that “a nu- contributed to this article. exports.
he sought to make his inten- ations, after Messrs. Biden and Daniel Russel, a former clear war should never be While concerns over the
tions clear to Mr. Xi in order to Xi decided during a July phone Obama administration official fought and can never be won economic slowdown in Japan’s
avoid miscommunications that call to work toward setting up handling Asia affairs, said the and underscored their opposi- Watch a Video biggest trading partners, the
could inflame tensions. an in-person meeting. While it meeting achieved two impor- tion to the use or threat of use Scan this code U.S. and China, could weigh on
The talks Monday signaled was the first face-to-face tant outcomes: an extended of nuclear weapons in for a video on exports during the current
n-

a reopening of communication meeting between them as their discussion between the presi- Ukraine.” Though Mr. Xi has Biden’s meeting quarter, a weak yen is likely to
lines between the two sides countries’ top leaders, the two dents focusing on their strate- signaled his concerns about with Xi before keep inflating the cost of im-
that largely ruptured after have had five virtual or phone gic visions and the agreement the use of nuclear weapons in the G-20 summit. ports.
no

WORLD WATCH
JAPAN September and October. May. A series of independent in-
Mr. Kuroda’s comments are vestigations concluded that an
Inflation Shows closely scrutinized among finan- Israeli soldier about 200 yards
Signs of Easing cial-market participants as Japan away likely shot Ms. Abu Akleh
resists a global wave of mone- as she walked up a road wear-
Bank of Japan Gov. Haruhiko tary tightening. He again de- ing body armor with the word
Kuroda said there are some signs fended the BOJ’s policy approach “PRESS” on the front.
of local inflation easing, a develop- by saying Japan’s situation was Israeli military investigators de-
ment that helps reduce pressure different from the U.S., where termined that there was a “high
PIUS UTOMI EKPEI/AGENCE FRANCE-PRESSE/GETTY IMAGES

on the bank to tighten its ultra- concerns that strong wage possibility” that Ms. Abu Akleh
loose monetary policy. “Recent growth might cause further in- was shot by an Israeli soldier who
price increases are due mostly to flation have prompted aggres- mistook her for a Palestinian mili-
the rise in import costs and their sive interest-rate increases by tant and opened fire as she
pass-through to consumer prices. the Federal Reserve. walked up the street with other
But resource prices have already Consumer inflation reached 3% journalists. But Israeli officials said
started falling,” he said. in September but the BOJ expects they couldn’t unequivocally deter-
The yen’s rapid slide in recent the rate to drop below the bank’s mine who fired the fatal shot and
months against the dollar has also 2% target in the next fiscal year took no disciplinary action.
increased the cost of imported ending March 2024. The U.S. also concluded that
raw materials, energy and food, —Megumi Fujikawa an Israeli soldier most likely shot
but the government’s currency in- Ms. Abu Akleh, and the Biden
terventions have helped slow the SOUTH AFRICA administration called on Israel to
decline, he said. The government hold to account those responsi-
spent a total of more than 9 tril- More Aid Sought for ble for her death.
lion yen, equivalent to about $65 Switch From Coal FACTORY FIRE: Bystanders looked on Monday as goods were salvaged from a Yanuo plant and The Justice Department didn’t
billion, for yen-buying operations in warehouse in Asese, Nigeria. The Chinese company’s manufacturing facility was destroyed. comment on the investigation.
A group of rich countries plans Israel’s Justice Ministry and
this week to announce a deal to ensure that financial support in- cording to a table published by ISRAEL prime minister’s office didn’t re-
help Indonesia pay for a transi- cludes a significantly larger grant the South African government. spond to requests for comment.
tion away from coal, part of a se- funding component,” said Presi- An additional $6.33 billion will be U.S. Probes Killing of Israeli leaders reacted with out-
ries of moves governments are dent Cyril Ramaphosa, speaking provided through concessional Al Jazeera Journalist rage to the U.S. investigation,
trying to complete during the last week at the COP27 climate loans that come with better which is already putting new
past week of a United Nations conference in Sharm El Sheikh, terms than South Africa could The Justice Department has strains on relations between the
summit on global warming in Egypt. Mr. Ramaphosa said he get on the open market. opened an investigation into the two nations. On Monday, Israel
Egypt. was urging the participating gov- The U.S. and other countries killing of a Palestinian-American Defense Minister Benny Gantz de-
But the newly announced ernments, including the U.S., to in- involved in the deal have said it journalist shot dead earlier this nounced the move as a “mistake.”
terms of a similar agreement, crease the proportion of grants in was a big step toward helping year while covering an Israeli mil- It isn’t uncommon for the Fed-
reached last year with South Af- the $8.5 billion package, especially South Africa quit coal. At last iary raid in the West Bank, Israeli eral Bureau of Investigation to in-
rica, have attracted criticism in light of his government’s calcu- year’s COP climate summit in officials said Monday, vowing not vestigate the deaths or killings of
from several of the country’s lation that it will need around $98 Glasgow, the U.S., Germany, to cooperate with the U.S. probe. Americans overseas, usually with
politicians, including its presi- billion over the next five years to France and the U.K. pledged to U.S. officials recently notified the permission and cooperation of
dent, for burdening the country complete its energy transition. raise the $8.5 billion for South Af- Israel that the Justice Depart- local authorities. But a federal
with more debt and containing Just $329.7 million, less than rica, which gets more than 80% of ment is investigating the death probe into the actions of an ally
too few outright grants. 4% of the total, comes in grants its electricity from burning coal. of Shireen Abu Akleh, a veteran such as Israel would be rare.
“To succeed, we will need to that don’t need to be repaid, ac- —Gabriele Steinhauser Al Jazeera journalist killed in —Dion Nissenbaum
 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.

THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | A9

WORLD NEWS

Iran Hits Kurdish

Groups in Iraq
BY DAVID S. CLOUD a movement for more rights
AND LAURENCE NORMAN has since morphed into
broader calls to overthrow the
Iran attacked Kurdish Islamic leadership.
groups in northern Iraq with Saudi officials warned ear-
drones and missiles on Mon- lier this month that Iran was
day after weeks of warnings poised to carry out attacks on
from Tehran that it would tar- both the kingdom and Erbil to
get foreign actors it accuses of distract attention from domes-
orchestrating a two-month- tic protests that have roiled

EMRAH GUREL/ASSOCIATED PRESS

long antigovernment protest the country since September.
movement at home. U.S. officials said at the time
Iran’s Islamic Revolutionary they were concerned about
Guard Corps, or IRGC, targeted possible Iranian attacks.
bases of Kurdish groups near Meanwhile, European Union
the cities of Erbil and Sulai- foreign ministers agreed to
maniya, leaving at least two place sanctions on 29 Iranian
people dead and nine injured, officials and three entities on
according to Iraqi Kurdistan’s Monday over the regime’s re-
regional government. It was sponse to protests across the Mourners attended the funeral on Monday of a woman and her 15-year-old daughter who died in Sunday’s bombing in Istanbul.

Turkey Blames Militants

the second major attack in the country in recent weeks. In
region since the protests be- Britain, Foreign Secretary
gan, though the IRGC has fired James Cleverly announced sim-
artillery at less populated ar- ilar sanctions against 24 Ira-
eas on multiple occasions. nian officials involved in the
crackdown against protests.
Among the EU sanctions Kurdish group allied of carrying out the bombing. it categorically denied any tacks from 2015-17 carried out
targets are Iran’s Interior Min- “I think that the condolence links to the Istanbul attacker. by both Islamic State and
Tehran accuses ister Ahmad Vahidi, provincial with U.S. in Syria message sent by the U.S. today Turkey has fought a slow- Kurdish militants, and a 2016
foreign forces of heads of the IRGC and Iranian denies role in weekend can be regarded as if a killer burning war with the PKK for failed military coup attempt
Law Enforcement Forces and was revisiting the scene of decades. The U.S., the Euro- that killed hundreds of people.
inciting domestic the four members of the squad Istanbul bombing crime,” Mr. Soylu said on pean Union and Turkey have That wave of violence re-
protest movement. that detained Mahsa Amini, Turkish television Monday labeled the organization a ter- flected instability that spilled
whose death sparked the pro- BY JARED MALSIN near the scene of the attack. rorist group, but Washington over from the wars in neigh-
tests. AND ELVAN KIVILCIM The White House con- says the YPG isn’t a terrorist boring Syria and Iraq.
The bloc also imposed a demned Sunday’s attack and organization. The bombing on Sunday
Iran said it targeted the travel ban and asset freeze on ISTANBUL—The lethal bomb- labeled it an “act of violence.” The YPG is part of a broader struck one of Turkey’s most
bases of what it called terror- Iran’s cyber police chief Mo- ing in the heart of Istanbul over There was no immediate re- grouping of U.S.-backed Syrian important cultural and com-
ist groups with drones and hammad Naser Majid and the weekend injected new ten- sponse from U.S. officials to militias that form an anti-Is- mercial centers, Istiklal Street,

.
missiles, in a brief statement Iran’s state television broad- sion into Turkey’s relationship Mr. Soylu’s comments. lamic State coalition in north- a vast pedestrian boulevard
carried by the semiofficial caster Press TV for broadcast- with the U.S. after Turkish offi- No group has claimed re- eastern Syria. Backed by about lined with shops and restau-

ly
Fars news agency. Iran in re- ing what the EU says were cials on Monday blamed the at- sponsibility for the attack. The 900 U.S. soldiers and American rants. The area is a popular
cent years has regularly car- “forced confessions of detain- tack on a Kurdish militant group PKK denied involvement on air power, the Kurdish-led mili- destination for foreign visitors
ried out such attacks targeting ees.” that is an American military Monday. tias have de facto control over and Turkish people alike.
what it claims are Iranian
Kurdish separatist groups hid-
ing across the northwestern
border in Iraq’s mountainous
German Foreign Minister
Annalena Baerbock said Mon-
day that the sanctions were
aimed at those “responsible
on
partner in Syria.
Interior Minister Suleyman
Soylu said the attack on Sun-
day, which killed six people
“We have nothing to do
with this incident and it is
well-known by the public that
we would not target civilians
a swath of Syria.
The Istanbul bombing
comes at a sensitive time for
Turkish-American relations,
On Monday morning, shop-
keepers cleaned up spattered
blood and installed new win-
dows to replace glass broken
Kurdish region. for the incredible crimes com- and wounded 81 others, was directly or approve of actions with the two countries negoti- during the previous day’s at-
us ,

The latest strikes mark an mitted in Iran.” perpetrated by members of directed at civilians,” the ating over the proposed sale tack.
l

escalation in Tehran’s cam- In Brussels, other foreign the Syrian branch of the Kurd- PKK’s armed wing said in a of a new fleet of F-16 war- A crowd of onlookers gath-
e
al a

paign to retaliate against out- ministers said the EU should istan Workers’ Party, or PKK, a statement published by a pro- planes to Ankara. The U.S. is ered around a pile of red car-
side groups and foreign gov- set its sights on additional militant group, who crossed Kurdish news agency. also pressuring Turkey to nations on a red felt platform
ernments that it has blamed measures to penalize Iran over into Turkey from Syria. Turkey and the U.S. have comply with Western sanc- placed at the spot of the ex-
ci on

for fomenting the unrest at its military support for Russia, Mr. Soylu criticized Wash- been on opposite sides of a tions on Russia amid an inflow plosion to commemorate the
home, which is posing the following on from modest pen- ington for its support for the dispute since 2014, when of Russian money to Turkey dead. At an ice cream stand,
clerical establishment its big- alties adopted last month. PKK’s Syrian offshoot, which is Washington began giving mili- during the war in Ukraine. workers scooped out metal
gest challenge in decades. On Monday, the U.S. Am- part of an American-led coali- tary support to the People’s For Istanbul, the bombing buckets so they could throw
The protests erupted after bassador to Iraq, Alina Ro- tion fighting Islamic State. Is- Protection Units, or YPG, the was a troubling reminder of away ice cream tainted by de-
er s

the death on Sept. 16 of Mahsa manowski, condemned the Ira- tanbul police detained 46 peo- Syrian branch of the PKK, in previous waves of political vi- bris from the explosion. Police
Amini in the custody of the nian attack in Kurdistan as a ple following the attack, the fight against Islamic State. olence in Turkey, including a with submachine guns stood
m er

morality police. What began as violation of Iraq’s sovereignty. including a woman suspected The YPG also said Monday that series of gun-and-bomb at- by.
m rp
co Fo
n-
no
 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.

A10 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

FROM PAGE ONE

New Factor
In Opioid

FROM LEFT: LINDSAY D’ADDATO FOR WSJ; GRACIE TURNER

Crisis: Meth
Continued from Page One
tion’s overdose crisis. The pair-
ing of meth, which can also
cause psychosis and erratic,
risky behavior, and opioids such
as fentanyl, of which even small
doses can prove fatal, is among
the nation’s fastest-rising
causes of overdose deaths.
One in five of the total fatal
overdoses last year involved an Rio Ryan, shown last year, died this spring with meth, heroin and
opioid and a psychostimulant, a fentanyl in his system. He lived with his grandmother, Jeannette
drug class dominated by meth, Martinez, left, and had said she was a reason he tried to stay sober.
preliminary federal data show.
A decade earlier, about 2% of himself with a gun in front of into a nightmare,” Mrs. Vigil-
drug deaths involved such com- her. Ryan said.
binations. Ms. Adkins-Ford suspected When he used meth, she
Meth on its own can cause that her daughter died on a mix said, he was wound up and
potentially fatal heart damage of meth and fentanyl but said it talked a mile a minute. It gave
and sometimes acute overdoses, was still a blow when she re- him confidence and energy, but
and meth-related deaths are ceived the toxicology results he was also ornery and agitated
broadly surging. Mixing its use that confirmed it. “That was my when he was coming down.
with powerful opioids such as child, and I couldn’t fix that for He began using heroin within
fentanyl can be even deadlier. her,” Ms. Adkins-Ford said. months of starting meth. He ran
Close to two-thirds of the peo- away, repeatedly, at one point
ple who died while on psycho- briefly living in a homeless en-
stimulants last year also had ‘Different world’ campment in downtown Salt
opioids in their systems. About 75% of meth-related Lake City. He escaped from two
Sometimes meth users are deaths in North Carolina also rehabilitation centers and broke
accidentally exposed to fentanyl. involved fentanyl in 2021, up into cars looking for money. His
But many users are purposefully from 22% in 2016, according to parents sometimes went search-
using meth and opioids simulta- provisional state data based on ing for him.
neously or in sequence in search the drug classes including those “For the last six years of his
of balancing or offsetting ef- substances. “It feels like we are life I thought his life was at risk
fects, researchers say. Meth, a in a different world,” said Dr. every day,” his father, Dan Ryan,
stimulant that makes people Michelle Aurelius, the state’s said. “There were a lot of times
feel energized, also can make it chief medical examiner, regard- we didn’t know if he was going

.
easier for users to consume ing fatal multi-drug overdoses. to come home or not.”
greater quantities of opioids, The meth-fentanyl combina- His parents moved with their

ly
said Christopher Jones, acting tion has also proved deadly to teenage daughter to Albuquer-
director of the Centers for Dis- ber, are increasing at a faster a potent version in clandestine Deaths involving some people who survived pre- que from the Salt Lake City area
ease Control and Prevention’s rate than opioid and overall labs and smuggle it north, ac- psychostimulants, a class vious waves of the drug crisis. in June 2021. Rio Ryan, 20 at
National Center for Injury Pre-
vention and Control. And men-
tal-health issues that meth
sometimes causes—such as
drug fatalities.
About 33,400 deaths last
year involved psychostimulants
such as meth, up more than
on
cording to the Drug Enforce-
ment Administration.
“If we just follow the trajec-
tory of the emergence of fenta-
dominated by meth
Also involving opioids,
especially fentanyl
Sally Smith, a Huntington,
Ind., woman who struggled with
bipolar disorder and was prone
to self-medicating, began abus-
the time, stayed in Utah with
Ms. Martinez, his maternal
grandmother, and her husband
in their West Jordan home.
paranoia and hallucinations— 340% from roughly 7,500 five nyl, the same thing is happening 30,000 ing prescription pain pills Mr. Ryan and Ms. Martinez,
us ,

can compound risks for dual us- years earlier, the federal data on the meth side, and then roughly two decades ago, ac- 69, had a close bond. They at-
l

ers, researchers say. show. In the same time span, they’re converging,” said Dr. cording to her mother, Susan tended powwows together in
e
al a

deaths involving synthetic opi- Gary Tsai, director of substance- Bowman. Utah, connecting to Ms. Marti-
oids like fentanyl rose about abuse prevention and control A mother of four, she pro- nez’s Native American roots. He
New wave in crisis 270% to around 72,000, and for Los Angeles County’s public- 20,000 gressed to meth, then heroin was open with her about his
ci on

The rise in fatalities involv- overall drug fatalities rose health department. and later fentanyl. On the morn- drug use, she said, and she
ing stimulants, often combined about 71%. People sometimes take illicit ing of March 6, she bought struggled to balance enabling
with opioids, has created a Mr. Ryan had long bounced drug combinations unintention- meth from a dealer after send- him, knowing he was an addict,
fourth wave of the decadeslong between active addiction and ally. Dealers might sloppily cut ing him a Facebook message with her fears he would risk his
U.S. overdose-death crisis, ac- periods of sobriety, while also the drugs in the same place, 10,000 saying “I need some shit,” ac- life on the street looking for
er s

cording to Dr. Daniel Ciccarone, grappling with anxiety, depres- leading to cross-contamination, cording to court documents cash.
a professor of addiction medi- sion and attention-deficit hyper- while others might lace meth stemming from his arrest and His family said they believe
m er

cine at the University of Califor- activity disorder. Meth and opi- with fentanyl to hook more us- subsequent conviction. That af- he stole and dealt to support his
nia, San Francisco. Deaths from oids were readily available ers, researchers and former us- ternoon, after using the meth, habit. He could also be generous
0
combinations of opioids and co- whenever he turned to them. ers say. This exposure can end she went back to the dealer to and kind, urging friends in high
2011 ’13 ’15 ’17 ’19 ’21*
caine, another stimulant, are “That’s part of the problem, up seeding addiction to both buy opioids, the documents school to work with him to
*According to preliminary federal data
also climbing. it’s so easy to get drugs,” said drugs. show. bring sandwiches to homeless
m rp

Source: Centers for Disease Control

The first wave was triggered Mr. Ryan’s mother, Alicia Vigil- Kristina Burkett-Hilliard, 35, and Prevention After injecting the opioids at people, or giving away his
by prescription opioids, which Ryan. “It’s so much more avail- said she started to notice un- home, the 41-year-old lay down jacket to a homeless person, his
launched the U.S. into an esca- able than treatment.” usual effects within a couple of sharing and reusing syringes, and never woke up. A toxicology family said.
lating opioid crisis beginning in Meth and fentanyl have both years of starting meth in 2018, and less likely to stay in treat- report from her blood revealed He started taking an inject-
the 1990s. After a crackdown on become more plentiful around including times the drug would ment, Dr. Jones at the CDC said. high levels of meth and para- able opioid treatment medica-
co Fo

the pharmaceuticals came a rise the country, overlapping territo- cause her to nod off, an odd re- And while there are medications fluorofentanyl, one of fentanyl’s tion months before he died,
in heroin, as addicts turned to ries in ways that used to be less action to a drug users say more to treat opioid addiction, no chemical cousins. earning a dog-tag necklace from
alternatives. Then came illegal common. Traffickers are flood- commonly makes it hard to drugs are approved to help Mr. Ryan had a tendency to his treatment provider. He made
forms of fentanyl, the man- ing meth into the Northeast and sleep. wean people off meth. leap headlong into whatever in- an art project, a white tree on
made opioid that has become other markets where it once One day, she said, she Meth can maintain a power- terested him, including drugs, green paper, with leaves listing
ubiquitous on its own and as an was harder to find, while fenta- learned why from a dealer: Her ful allure that is difficult to his family said. He played foot- reasons to pursue sobriety. Atop
often-unexpected additive to nyl has surged into Western meth was cut with fentanyl. She break, even as people progress ball and hockey and read every- the tree: “My Grandma.” Ms.
other drugs, including heroin, states, such as California, where said she kept using but bought through treatment, said Troy thing from “Crime and Punish- Martinez said she sometimes
cocaine and fake versions of meth has long been prevalent. from dealers she trusted to try Mays, nursing director at the fa- ment” to Carl Sandburg’s lies on Mr. Ryan’s bed, or wears
prescription pills such as oxy- Parts of the Southeast and to avoid batches she feared had cility where Mr. Simler works. poetry. his flannel shirt, to feel close to
codone. Fentanyl drove U.S. Appalachia have in recent years too much fentanyl, leery of its The drug triggers a huge release He was deeply affected in ju- him.
overdose deaths to a record- recorded rises in overdose fatal- high potency. of dopamine, a neurotransmit- nior high by the shooting death He continued to use meth
breaking tally of more than ities as users increasingly died Ms. Burkett-Hilliard, who is ter that creates feelings of plea- of two classmates, his mother while in treatment for opioids.
n-

108,000 last year, according to with meth and opioids in their from Sunbury, Ohio, began de- sure and rewards. “They still said. A succession of substances He told his mother he missed
the federal data. systems, federal data show. toxing this summer following a love methamphetamine, like followed: She said he started heroin, which helped offset the
Now, the combination of As with the illicit fentanyl relapse. they enjoy the high, the experi- drinking alcohol in junior high, feelings of coming off a meth
meth and opioids—especially trade, meth is made entirely ence of using it,” he said. tried prescription pills by 8th high. He also told her shortly
no

fentanyl—is supercharging from chemicals and is largely Mr. Simler said he still feels grade and began using meth in before he died that he was try-
those numbers. Meth-related produced and distributed by Using both drugs meth’s pull in moments of 10th grade. ing fentanyl. “It scared him, and
deaths, though smaller in num- Mexican drug cartels that make Other users deliberately use stress. “It’s a dirty drug, it made “Meth is what turned our life he liked it,” she said.
both meth and opioids. Andrew me feel dirty,” he said. “It made
Simler, a 33-year-old in Morris- me feel all kinds of empty.”
dale, Pa., said opioids some- The spread of both meth and
times helped counteract how fentanyl has put the especially
wired meth made him feel. He dangerous drugs within easy
abused Suboxone, a prescription reach of many with mental-
opioid that is used to treat opi- health challenges, according to
oid addiction but is also some- addiction experts, users and
times taken illicitly. their families.
“I needed to come down so Schuyler Roberson, from
people wouldn’t see me all Lawsonville, N.C., died in April
twacked out,” said Mr. Simler, at age 24 from a fentanyl and
who has been in recovery for meth overdose. She wasn’t a
more than two years and works daily user but took illicit sub-
as a counselor in the detox unit stances when she was off her
at Cove Forge Behavioral Health medication for bipolar disorder,
Center, a treatment facility in said her mother, Tamatha Ad-
central Pennsylvania. kins-Ford.
He began abusing opioids in She was creative and musi-
his late teens, and in college cal, a bassoon player who spent
started taking synthetic stimu- her last three years of high
lants known on the street as school in an arts program, her
bath salts. He said the sub- mother said. They attended bal-
stances helped him manage un- lets, plays, musicals and movies
comfortable feelings. “I latched together during her childhood.
onto the drugs that gave me the They locked horns later over
feelings I felt like my life was her drug use. Ms. Adkins-Ford
missing,” Mr. Simler said. worried Ms. Roberson couldn’t
Mr. Simler got into meth in care for her young son, now 6,
his late 20s when, he said, the and fought to get him in his fa- Schuyler
stimulant became pervasive and ther’s care. Roberson, right,
NATE SMALLWOOD FOR THE WALL STREET JOURNAL

less expensive as dealers com- “I loved her and would do who died in April
peted for business in a state anything to make her be OK, from an overdose
KATE MEDLEY FOR THE WALL STREET JOURNAL (2)

that already had an entrenched but I was going to tell her of fentanyl and
opioid problem. “It’s hard to things she didn’t want to hear,” meth, and her
find someone who only uses Ms. Adkins-Ford said. parents, Tommy
opiates anymore, or only uses She said she first learned of Ford and
meth,” he said. her daughter’s meth and opioid Tamatha Adkins-
Using both drugs can compli- use in 2018, when Ms. Roberson Ford, above. Her
cate treatment, addiction spe- went into rehab for what she mother said her
cialists said. Users sometimes said was alcohol treatment and daughter took
arrive at rehab centers in psy- tested positive for the drugs. illicit substances
chotic states and need to be Later that year, Ms. Roberson’s when she was
hospitalized. Research shows boyfriend, a Marine veteran off her
Andrew Simler, a former meth and opioid user who is now a dual users are more likely to en- who struggled with post-trau- medication for
counselor at a treatment center in central Pennsylvania. gage in risky behaviors like matic stress disorder, killed bipolar disorder.
 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.

PERSONAL JOURNAL.
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | A11

BY RAY A. SMITH

E
for his remote days. The two or
three days he’s in the office, it’s for
mployees are finding it a full day. If others “see me ske-
takes extra work to daddle,” he says, “that probably
hold on to the flexible doesn’t set a good tone.”
habits companies al- Mary Abbajay, president and
lowed in the thick of co-founder of professional-de-
the pandemic. velopment company Career-
More companies are stone Group LLC, says she
stepping up in-office work advises a strategy she
requirements or back- honed years earlier
tracking on earlier while working for a mi-
pledges to soften the cromanager: Send con-
rigid 9-to-5 schedule. sistent updates—even
General Motors Co. is if it’s to say you’ll be
requiring salaried em- away from your desk
ployees to be in the for more than 30
office three days a minutes—but figure
week starting at the out how your man-
end of January, after ager likes to get
holding off on a similar them.
plan this fall. Last Technology is your
week, Elon Musk told friend, she adds. For the
Twitter Inc. staff he ex- boss who prefers email,
pected most of them to for example, set up sched-
show up at least 40 hours a uled email updates to be de-
week, ending the remote-work livered at a specific time ev-
option that the company’s previ- ery day or every week. If they
ous leaders said would continue.
And bosses say they are paying
more attention to who is comply-
ing: In a new survey of more than
500 managers at companies with
at least some in-office require-
ment, more than two-thirds said
they were getting stricter on en-

Here’s How to
forcing attendance. Nearly 75%
said they planned to factor office
attendance into employee perfor-
mance reviews, according to on-
line software marketplace Cap-

Keep Your Work

terra, which conducted the

.
survey. One reason is that busi-
ness leaders are worried about
12%

ly
productivity. In a Microsoft Corp.
survey of 20,000 people at com-
Managers who are fully confident

Flexibility
panies around the world this sum-
mer, just 12% of managers said
they were fully confident hybrid
employees were productive.
The growing vigilance is put-
on hybrid employees are productive

ting fresh pressure on many em- prefer, you can also create a
us ,

ployees who had hoped the return shared calendar so your boss
l

Shared calendars, prescheduled email updates and knows your schedule.

e
al a

“It’s a simple and effective way

other actions can convince your manager you’re just to keep your boss in the loop,”

75% she says.

ci on

as productive when you’re not actually in the office Another way to keep your
manager posted: Create a shared
Bosses who plan to put office document or spreadsheet where
attendance into performance reviews to offices would come with more January because of chronic health ble schedule “because the work you are noting your progress on
flexibility on commuting times issues. She now does come in is getting done within the dead- tasks. Mark it down when a goal
er s

and regular remote days. three days a week but sometimes lines and she’s aware of what’s is completed, says Vanessa Bohns,
Some workers say they have leaves early to resume work at happening.” a professor of organizational be-
m er

honed tactics for maintaining home. Her boss, on the other Managers are under pressure, havior at Cornell University. It’s a
some work flexibility while mak- hand, is in at least a full three too: Many say they feel the need way to remind your manager how
ing higher-ups feel they are omni- days weekly, she says. to show up full time—even if it much you are working on and get-
present—but they take finesse To make sure there are no hic- isn’t explicit policy—in part to set ting done.
and organization. The endgame is cups, she says she holds weekly an example for their teams. That, “Managers do not like uncer-
m rp
FROM TOP: SHUTTERSTOCK; ISTOCK (2)

to establish trust, says Vaishnavi one-on-one meetings with her in turn, fuels the expectations tainty, so they’re, like, ‘This per-
Yellutla, a 26-year-old senior ana- manager to run through all of her that their reports do the same. son left, I don’t know when
lyst in the biopharmaceutical in- tasks and the deadlines she plans “I find it difficult to be a leader they’re coming back, I don’t know
dustry, so that where you are isn’t to meet. and just not be there or take off when they’re planning on getting
as top of mind as how much On the days she goes home early,” says Scott Jackson, a 47- me this thing,’ ” she says. If they
co Fo

you’re getting done. early, she says she tells her man- year-old senior director of data ar- have that information already,
When her company moved to a ager when and why and copies chitecture at a transportation-lo- “that urge to micromanage can be
three-days-in-the-office schedule her on every report she com- gistics company, in Frisco, Texas, mitigated a lot.”
in the summer of 2021, Ms. Yel- pletes. Ms. Yellutla says her boss who says he tries to reserve any —Chip Cutter
lutla asked for an extension until has been fine with her more-flexi- personal errands or appointments contributed to this article.

Permanent Sellers often have customers sign

waivers that lay bare serious down-
sides on the rare occasions the proce-
Owner Jennifer Stans-
bury bought a $4,500
permanent jewelry ma-

Jewelry Hooks
n-

dure goes wrong. One from Baribault chine in September hop-

Jewelers in Glastonbury, Conn., ing to hook younger cli-
reads: “Such procedure is a poten- ents who might come

Customers tially dangerous activity and involves back to shop for en-
no

the risk of serious injury, pain, suffer- gagement rings.

ing, disability, death, property dam- “I never thought I
age and/or financial loss.” would be welding brace-
Continued from Page One “It was our insurance company lets,” says Ms. Stansbury,
close it.”) who opened the shop in
During a recent cryo- 1990.
therapy appointment, The trend is a throw-
practitioners worried back to the late 1970s
about the extreme cold and ’80s, when people
causing the metal to affixed chains around
burn her skin. “I was their stomachs, Ms.
like, ‘I don’t care if my Stansbury says. Back
skin burns, I just don’t then, a jeweler would
want them to break,’ ” wrap up customers like
she jokes. She ended up a burrito so that they
wrapping it again. didn’t get burned by the
Jewelry shops across torch.
the country now offer Customers that Sat-
customers the chance to urday ranged from a 56-
make the heavy-metal year-old grandmother
commitment. At New to an elementary school
York City shop Catbird, Isabella Airoldi, far left, waited student.
trained jewelers use a in line for six hours for her The student, 9-year-
welding tool to zap a permanent bracelet. old Joseph Rodriguez
custom-fit chain shut. Above, Jennifer Stansbury of from neighboring Mar-
CLOCKWISE FROM LEFT: ANNA MACHATA; RACHEL WOLFE/THE WALL STREET JOURNAL; CATBIRD

The store has fastened Gold’N Creations in Gretna, La., rero, La., was there for
more than 75,000 “for- attaches a bracelet for 9-year-old his second permanent
ever” bracelets to cus- Joseph Rodriguez. piece. He says he had
tomers over the past Left, forever bracelets from New initially worried the
three years, according to York City jewelry shop Catbird. bracelet would grow
founder Rony Vardi. Op- tight as he got bigger
tions start at $98 for the and prevent him from
jewelry and welding. growing. He asked for
Some can be taken off on welder’s masks the chain extra loose, just in case,
and refastened for a $10 covering her face, so he says. He had also feared the
fee if necessary for surgery, sports who wanted us to have the waiver, that was a bit over- chain would be welded onto his skin
or security. but it is a completely risk-free, whelming,” she says. rather than just fastened closed.
Many people arrive in pairs, Ms. pain-free process,” says Tiffany Ms. Airoldi says He likes that the bracelets are
Vardi says, including couples, sis- Ryan, permanent jewelry specialist count executive decided to get one she understands why some people more resistant to tugs from curious
ters, friends and mother-daughter at Baribault. None of the 300-plus after her boyfriend broke up with can’t fathom the appeal over a regu- friends. His mom, Tara Rodriguez, a
duos. She attributes some of the ex- bracelets she’s welded since getting her. She likens it to getting a tattoo. lar bracelet. “I think it’s the fact that 40-year-old assistant to a judge,
plosion in popularity to social me- a permanent jewelry machine in Au- “I’m big on marking myself when it doesn’t come off that is alluring,” likes that she will have to spend
dia, where users compare styles, gust have resulted in injuries, she important things happen in my life she says. “I can cut this off, but I less time looking for his jewelry or
discuss the benefits and disadvan- says. or when I’m trying to take care of don’t plan to. This is something that taking it for repairs.
tages and learn how to build and In San Francisco, Isabella Airoldi myself,” she says. I want to look at every day.” Joseph himself is happy to avoid
attach their own. On TikTok, videos waited six hours in line for her per- She found parts of the process A recent permanent jewelry event incidents like the time he temporar-
tagged with the term “permanent manent bracelet at a pop-up event unnerving, though she finished it at Gold’N Creations in Gretna, La., a ily lost a bangle he took off for a
bracelet” have a combined 2 billion hosted by jewelry-maker Beads by unscathed. The woman who applied New Orleans suburb, drew custom- soccer game. Plus, he says, “I look
views. Tara. The 23-year-old ad agency ac- her jewelry “had one of those full- ers in the middle of a rainstorm. fancy whenever I’m just in public.”
 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.

A12 | Tuesday, November 15, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY ALINA DIZIK

F
take better care of yourself,” says spikes—a piece of dark chocolate and refreshed, Dr. Stram says. cozy, she says it is more about set-
Ms. Jeanes, 51. with almond butter, for instance. Get outside as early as possible ting up a warm atmosphere for
or people dreading the “Don’t deny yourself,” he says. once the sun comes up, recom- spending meaningful time with
approach of shorter Mood-boosting foods mends Heidi Zimmer, a wellness those close to you.
days and fewer hours Taking stock of what you eat dur- The benefits of rituals instructor and founder of the Wild “Danes think of it more broadly,
of sunlight, now is the ing the winter months makes it Creating a ritual to boost your Rice Retreat in Bayfield, Wis. Ms. which is setting the stage for cozy
time to prepare your easier to stay nourished with es- mood in the colder months is key, Zimmer makes sure to take a brisk or intimate interactions,” she says.
body to fend off the sential mood-boosting vitamins says Alice Shepard, a New York- walk each morning while taking
winter blues. and to avoid weight gain, says based therapist available on Ses- slow deep breaths, no matter the When to seek help
Many of us notice a natural Ronald Stram, founder of the ame, a telehealth platform where weather. Guests at her resort are People who suddenly have a diffi-
turndown in mood as the brain re- Stram Center for Integrative Medi- patients pay providers directly. A encouraged to combine a hot sauna cult time completing work tasks,
sponds to less daylight in the win- cine, a functional-medicine prac- common self-care suggestion that with time going out into the snow. struggle to get out of bed or start
ter, especially in the to avoid spending time
northern part of the with friends may be ex-
country, says Kelly periencing seasonal af-
Rohan, professor of fective disorder. It is a
psychological science form of major depres-
at the University of sion triggered by sea-
Vermont, who sonal changes that may
researches seasonal require professional

Don’t Let
affective disorder. help, some doctors say.
You might have a dip Roughly 5% of the
in energy levels, want U.S. population is diag-

Darker Them
to sleep more or nosed with seasonal af-
crave more carbohy- fective disorder, while
drate-heavy foods, another 15% may expe-

Days
she says. rience at least one
To better deal with
the colder months,
doctors recommend
Get You mood-related change
during the winter, Dr.
Rohan says. “Most peo-
general self-care
strategies including
exercise, eating nour-
Are Down.
ple have some symp-
toms, but it’s about
how many, how severe

Coming.
ishing foods and and how impairing
spending time out- they are,” she says.
doors. Generally, daylight-
Light therapy can mimicking lamps, anti-
also help alleviate depressants and cogni-
symptoms, they say. tive behavior therapy, a
About 5% of Ameri- type of psychotherapy
cans are diagnosed that helps clients ex-
with seasonal affec- amine the relationship
tive disorder, which between their thoughts
may warrant therapy and behavior, are the
or antidepressants, go-to therapy modes
doctors say. for seasonal affective
Wendy Jeanes, a disorder, she says.

.
sales consultant in
Chicago, used to plan Light therapy

ly
a beach vacation to beat the win- tice in Albany, N.Y. “It’s fun and it improves your When using light therapy, choose a
ter blues. But last winter, she says Eating tryptophan-rich foods, circulation,” says Ms. Zimmer, who lamp that delivers 10,000 lux, a
she leaned into the cold instead of
escaping it.
Attending a retreat called Win-
tering Well at a snowy resort over-
including fish, eggs and spinach,
can boost your mood becauseon
tryptophan is an amino acid that
is a precursor to serotonin and
5%
Percentage of Americans diagnosed
hosts the Wintering Well work-
shop attended by Ms. Jeanes. She
suggests people try their own ver-
sion of hot-cold therapy at home.
measurement unit of how much
light falls in a certain area, says
Paul Desan, director of the Winter
Depression Research Clinic at Yale
looking Lake Superior left her with melatonin production, which work with seasonal affective disorder School of Medicine based in New
new strategies of “not fighting to regulate mood. Because of a re- Learn from the Danes Haven, Conn. Using it before 8
us ,

winter,” she says. duced ability to make vitamin D in Try embracing the season like a.m. for at least 30 minutes is
l

Back home, she started to light the winter, people also should con- some of the Nordic countries, in- known to be effective at combat-
e
al a

her fireplace each evening, sider taking vitamin D supple- also pops up for battling seasonal cluding Denmark, says Marie Hel- ing seasonal depression for many
switched to tea from wine and put ments, Dr. Stram says. depression is journaling. Dr. Shep- weg-Larsen, a psychology profes- people, Dr. Desan says.
her phone away to give priority to A diet rich in B vitamins, includ- ard says starting the day by writ- sor at Dickinson College. A The light has a therapeutic effect
ci on

time with her children after re- ing Brussels sprouts, chickpeas and ing in a journal can help you focus Denmark native, she has written on the body’s internal clock, making
turning home from work. Slowing green leafy vegetables, has also been on happier moments and head off about concepts including hygge people less prone to the impact of
GETTY IMAGES

down and embracing coziness in shown to reduce anxiety, he adds. He more-depressing moods. and says they can help boost your shorter days. Yale’s Winter Depres-
the winter months made it easier recommends handling cravings for Sleeping more is normal during mood during the winter months. sion Research Clinic offers consum-
to focus on her overall health. sweets by pairing them with protein the winter months and is OK as While many associate hygge ers a list of light therapy options
er s

“You just go to bed earlier and and healthy fat to limit sugar long as you wake up feeling rested (pronounced hoo-gah) with being that it independently tested.
m er
m rp

MARTIN ALBERT FOR THE WALL STREET JOURNAL (2)

co Fo
n-

MY RIDE | A.J. BAIME

His Life Shifted in an ’88 Mercedes

no

W
illiam Li, 53, co-host of Ralph Lauren Home. creativity, all your learning and
of the television cu- Two things happened that all your connections. I had
linary series “Lucky changed my life. One day, in never thought about my life
Chow” and co-founder of the 2006, I was driving my Mer- that way. I decided I was go-
wellness brand the Hao Life, cedes SUV down an unpaved ing to make it about letting
who lives in Columbia road, going too quickly. At a go of all the fear. I left Corpo-
County, N.Y., on his 1988 curve, the car spun and rate America and started a
Mercedes-Benz 560 SL, as whole new career. I also de-
flipped into a pond. It started
told to A.J. Baime. filling with water. I tried tocided to buy a special car.
open the doors and the elec- I began looking for a Mer-
I AM A CHILD of the 1980s. tric windows. Nothing cedes SL from the ’80s. Find-
To me, cars played an outsize worked. I thought my life was ing the right one was not
role in the movies and TV over, and this weird sense of easy. A friend told me about
shows of that era, and one calm came over me. Then I Frazier Motorcar outside of
model in particular. I re- Nashville, Tenn. I
member seeing Richard googled the company,
Gere in “American Gig- and what was the
olo”—he drove a Mer- first thing I saw? This
cedes 450 SL. The char- 1988 cabernet-colored
acter Jennifer Hart in 560 SL with a palo-
“Hart to Hart” was al- mino interior. The
ways in her Mercedes price was good. I am
450 SL. As a teenager, I a believer in fate. The
thought that car typified car had just gone on
success. I would see one sale that day. Buying
on the street and be this car without ever
mesmerized by its dis- William Li bought his 1988 Mercedes- seeing it in person
tinctive shape. For me, it Benz 560 SL without seeing it in person. was the craziest thing
was a fantasy. I’d ever done, outside
I grew up in New York’s looked up and noticed the of leaving Corporate America.
Chinatown, with a single sunroof. I pressed the button, When the car came on a
mother who struggled. She and I was able to swim out. I truck to my home, it was as
was a seamstress. The way was so traumatized that I did flawless as it looked in the
she raised her kids was, you not drive for 13 years. photos. The previous owners
had to grow up to be a pro- Then, one day I had dinner had shown it at car shows,
fessional. Working for a with a great mentor of mine so when I opened the trunk,
company was the most im- named David Carey, who at it was full of blue ribbons
portant thing. Because a that time was president of and trophies. Every time I
company meant security. Hearst Magazines. I was turn- get behind the wheel, I feel
When I graduated college, I ing 50. He knew that I was the car purring. The car has
started “working for the getting antsy in my career. He no touch screen, no Blue-
man.” For many years, I said, “William, how much QTL tooth. I hear the sound of the
never realized how much my do you think you have left?” I engine and the wind. This is
life became about worrying. I said, “What is QTL?” He said, a type of meditation that can
ended up becoming a pub- “Quality time left.” take me to a place that lotus
lisher of many magazines He explained that QTL is position never can. The word
such as Men’s Vogue, and, the time in which you can hao in Chinese means good.
later, global brand president take advantage of all your This car makes me feel hao.
 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.

THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | A13

ARTS IN REVIEW
MUSIC REVIEW | MARK RICHARDSON

The Sweeping Sound of Ambition

Singer-songwriter Weyes Blood builds on her 2019 breakthrough with another album of lushly orchestrated indie pop

S
inger-songwriter Natalie
Mering, who performs
under the name Weyes
Blood, experienced a
major critical break-
through in 2019 with
her fourth studio LP, “Titanic Ris-
ing.” It made many top 10 lists
that year and, despite being avail-
able for only eight months in the
2010s, also fared well on promi-
nent roundups of the decade’s
best records. The sharp uptick in
interest in Ms. Mering’s work co-
incided with an expansion of her
musical ambition. Her earliest
work was informed by her associ-
ation with noise and punk
scenes—it was rough-hewn and
imbued with drone and static,
conjuring a spooky, lo-fi style of
gothic folk. But “Titanic” was rich
with orchestration and had the
sweeping romanticism and sophis-
tication of ’70s pop, leading to
comparisons with Carole King and
Joni Mitchell.
With the release of “Titanic
Rising,” Ms. Mering instantly went
from indie favorite to major artist,
and her fifth Weyes Blood album,
“And in the Darkness, Hearts
Aglow” (Sub Pop), out Friday, is a
continuation of its predecessor.
Working again with co-producer
Jonathan Rado, a wizard at chan-
neling the studio practices of the

.
1960s and ’70s, she’s crafted a
lush and icily beautiful album.

ly
Strings, horns and woodwinds
frame her crystalline voice and
serve as a contrast to her often

NEIL KRUG
despairing lyrics.
Ms. Mering’s vocal tone is
clear and precise, but never gives
much away. She hits the notes,
on
‘And in the Darkness, Hearts Aglow,’ the new album from Natalie Mering, who performs under the name Weyes Blood, is out Friday.
but her phrasing inflections are
us ,

ambiguous. She delivers a twisted choly. The song’s titular phrase, captures the turmoil of existence third features some of the album’s the record, with a strummed
l

line with the same careful tone as heard in the chorus, is both heart- in 2022, but then “It’s not just me, best tracks, a welcome develop- acoustic guitar and a folk-pop lilt
e
al a

a straight one, and it’s up to the felt and self-aware, suggesting it’s everybody” serves as a deflec- ment in an album that seems de- that’s pure Laurel Canyon. The
listener to gauge her level of sin- that sometimes deep introspec- tion—a way of avoiding accusa- signed to be taken whole. “Twin brightness of the groove is at first
cerity. Her lyrics constantly touch tion, when lingered on for too tions of solipsism. Flame” opens with a dime-store mirrored by the lyrics, but lest we
ci on

on social issues but from the per- long, can skew one’s broader per- Ms. Mering has recorded with drum machine and a bit of organ, believe that we’re heading to a
spective of individual characters— spective. So when she sings “Liv- Lana Del Rey and they occasion- place of less trouble and compara-
she sings of people wrapped up in ing in the wake of overwhelming ally intersect in the way they use tive ease, Ms. Mering offers near
the ills of the world, rather than changes / We’ve all become California and pop-culture iconog- the song’s end, “They say the
the problems themselves. On this strangers / Even to ourselves,” it raphy to express emotional need.
A record—the second in worst is done / But I think the
er s

LP, the loneliness and On the third track, a a planned trilogy—that worst has yet to come.”
alienation accompanying dreamy mid-tempo bal- Ms. Mering has described this
focuses on the fragile state
m er

the Covid-19 pandemic lad called “Grapevine,” LP as the second in a trilogy—

form a clear backdrop, she sings, “My car broke of the human psyche. “Titanic Rising” was about the
even though it’s never down / In an old ghost ecosystem and touched on climate
mentioned specifically. town right around / change, “Darkness” is about the
In the opening “It’s Where they got James fragile state of the human psyche,
m rp

Not Just Me, It’s Every- Dean.” And later, on adding rhythmic and textural vari- and the next album will be about
body, ” we get our first “Hearts Aglow,” one of a ety to a song about feeling so hope. We find all of those sub-
glimpse of how these con- few songs that frames close to someone it’s difficult to jects on this record in varying de-
trasting elements play off romantic love as the think of life without them. “In grees, and though it’s hard to
one another. It fades in only possible escape Holy Flux” is a wordless atmo- know if she will follow through
co Fo

with distant strings that from the trauma of the spheric piece that finds Ms. Mer- on this plan, it’s exciting to see
only gradually come into modern world, she sings, ing layering and processing her an artist thinking about her work
focus, as if a camera is “Oh but baby you’re the voice to sound like a chorus of with such ambition. “And in the
moving across a land- only one / Who’ll drive mermaids singing from a rocky Darkness, Hearts Aglow” easily
scape and then entering me down to the pier / ocean bottom—she has expressed matches its acclaimed predeces-
an open window into a Take me up on that Fer- admiration for the Irish singer sor in quality and scope, which is
room. The tempo is slow, ris wheel,” a sentiment Enya, and the new age icon’s influ- saying something.
the piano sketches out the that could just as easily ence is obvious on this cut. Then
chords on the upbeat, and come from a weepy bal- comes the penultimate track, “The Mr. Richardson is the Journal’s
the melody carries a lad from the ’50s. Worst Is Done,” lighter and sim- rock and pop music critic. Follow
sense of gentle melan- The record’s final pler than anything heard before on him on Twitter @MarkRichardson.
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton <0 1 2 3 4 5 6 7 8 9 10 61 Double-helix 23 Not barefoot
no

30s
material
Vancouver Calgaryy 0s 11 12 13 14 15 25 Prioritizes
Seattle 10s 62 Acts badly 26 Fury
40s Winnipeg 16 17 18
30s 20s 63 Course cry
Portland 19 20 21
29 Lowest possible
Helena 10s Montreal 30s level, and a
20s
Ottawa 64 Chicago’s WNBA
Billings Augusta 40s team musical feature
Eugene Bismarck 30s 22 23 24 25 26
Boise
50s 10s Mpls./St. Paul Toronto Albany Boston 50s of four answers
30s 30s Hartford 27 28 29 30 31 65 Closest star
Pierre Sioux Falls
Milwaukee Detroit Buffalo 60s 30 Rotating car part
Reno 20s Chicago Cleveland w York
New
70s 32 33 34 35 66 Latinx singer
Des Moines
10s Cheyenne Omaha Philadelphia Apollo 31 Splits
Sacramento Salt Lake City Springfield
40s Indianapolis Pittsburgh 80s 36 37 38 39
Denver
San Francisco Kansas Charleston
Washington D.C.
90s Down 32 Water, in Juárez
10s Topeka
City 30s Richmond 40 41 42 43
60s Las Colorado Wichita St. Louis Louisville 100+ 1 High on caffeine 33 “I’m not
Vegas Springs Raleigh
Nashville Charlotte interested”
Los Angeles 40s 44 45 46 2 Play setting, of
Santa Fe Oklahoma City 40s Memphis
60s Phoenix Albuquerque Atlanta a sort 34 Cox of
San Diego Little Rock Birmingham Columbia
47 48 49 50
Tucson Warm Rain 3 Sweet game “Succession”
70s El Paso Ft. Worth 50s 60s 51 52 53 54 55 56
Dallas Jackson franchise 39 Knitter’s stash
70s Jacksonville Cold T-storms
10s Austin Mobile
57 58 59 60 4 Bed-Ins for Peace 42
Houston A/C meas.
-0s 60s New Orleans Orlando
participant
10s Tampa
Stationary Snow
0s 80s San Antonio
80s
61 62 63 46 Helps control
20s 60s 5 “___ been real”
Honolulu Miami the pet
30s Anchorage Showers Flurries 64 65 66
70s 6 Convened population
40s
47 Place
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Ice
SUPPORT GROUPS | By Blake Slonecker 7 Loud therapy
8 Makes inquiries 49 Lieutenant on
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 24 Hardship 40 Carrier initials the Enterprise
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Baylor’s 27 Atkins 41 Somber bios 9 One of eight
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 35 20 c 32 18 c Frankfurt 53 49 c 54 44 c
vegetables in V8 50 Radio knob
Orlando 86 67 c 83 58 pc Geneva 55 49 sh 56 45 pc environs nicknamed
Today Tomorrow Philadelphia 48 41 r 53 36 pc Havana 88 66 s 87 64 pc
43 Does some fall 51 Throws in
City Hi Lo W Hi Lo W 5 Little devil “Mr. Guitar” yard work 10 Lobe locales
Phoenix 72 48 s 73 47 s Hong Kong 79 73 s 78 73 pc
Anchorage 29 18 s 27 22 s Pittsburgh 42 35 r 39 28 sf Istanbul 61 50 pc 60 55 pc 28 Rapper 12 Jack who’s a 52 Skating site
8 Teddy’s neighbor 44 Pale wood
Atlanta 49 40 r 54 33 c Portland, Maine 42 30 pc 44 31 r Jakarta 91 81 t 89 81 t Sweatshirt picky eater 53 Suggesting
Austin 56 38 pc 55 32 c Portland, Ore. 50 34 s 50 32 s Jerusalem 65 50 pc 61 49 sh
on Mount
Rushmore 45 Bountiful snow, perhaps
Baltimore 47 42 r 53 33 pc Sacramento 64 35 s 64 36 s Johannesburg 74 55 pc 80 59 t 29 Sleazy setting 13 Summer Games
Boise 38 19 s 39 18 s St. Louis 40 30 sn 38 27 pc London 55 47 r 56 49 r newspaper org. 55 Rapping Dr.
Boston 44 37 pc 51 36 r Salt Lake City 40 23 s 41 25 s Madrid 60 50 r 57 54 c
11 Nation with a
supreme leader 46 Belgrade native
Burlington 39 26 pc 37 30 sn San Francisco 62 44 s 63 43 s Manila 88 76 c 88 76 t 32 Kitchen 14 Cutting-edge 58 Grp. with co-pays
Charlotte 45 40 r 57 32 pc Santa Fe 39 18 s 39 15 c Melbourne 58 41 sh 60 44 c
12 Convent address protection 47 Do some spring
Chicago 38 32 sn 37 27 sn Seattle 52 35 pc 51 35 s Mexico City 79 50 s 77 49 pc yard work 18 Ripken in 59 Pioneering ISP
Cleveland 43 35 c 39 32 sn Sioux Falls 29 17 c 25 15 c Milan 50 47 r 58 46 c 15 Porpoise’s place 34 Hammer and Cooperstown
Dallas 50 36 c 52 32 pc Wash., D.C. 47 43 r 53 36 pc Moscow 30 25 sn 27 19 sn 48 Come to fruition 60 Bay Area airport
anvil, for two 20 “Quit denying it!” code
Denver 37 18 pc 42 18 s Mumbai 93 74 pc 93 74 pc 16 Gambling city
51 Trade words
Detroit
Honolulu
42 33 sn 42 27 sf
84 69 pc 84 71 c
International Paris
Rio de Janeiro
55
84
46 r
72 r
54 50 r
77 68 sh
near Lake Tahoe 35 Good Grips
Previous Puzzle’s Solution
Today Tomorrow housewares 54 Driver with
Houston 55 40 pc 57 37 c Riyadh 89 62 s 88 64 s 17 Pork-filled brand A G R A L I M A O R B S
Indianapolis 38 30 c 37 28 c City Hi Lo W Hi Lo W Rome 63 58 c 67 51 t dumpling two Oscar T R I P A D O P T B E L A
Kansas City 38 22 pc 30 22 s Amsterdam 55 47 c 52 48 sh San Juan 85 74 sh 86 75 s 36 Tastelessly nominations L O S E A T O O T H A L A N
Las Vegas 62 42 s 61 40 s Athens 66 56 pc 69 58 pc Seoul 56 38 pc 56 36 pc 19 Goal A G E U R L S A I M I N G
Little Rock 48 32 c 49 28 pc Baghdad 79 56 pc 74 56 pc Shanghai 64 47 pc 64 56 sh showy 56 Cal. abbr. S U R P R I S E A T T A C K
I A N U S A
Los Angeles 71 50 s 76 48 s Bangkok 92 77 t 92 78 t Singapore 87 79 t 87 78 sh 20 Bicolor apex
37 1960s atty. 57 Clint Eastwood F L O P E V A N L O U P E
Miami 87 73 s 86 69 s Beijing 59 32 pc 57 34 pc Sydney 73 52 sh 63 49 sh predator D E F E N S E A T T O R N E Y
Milwaukee 37 33 sn 40 27 sn Berlin 57 44 pc 48 40 r Taipei City 80 71 c 84 70 pc general film with four A S T R O E A S E D O Z E
Minneapolis 35 27 sn 31 20 sf Brussels 54 46 sh 53 47 sh Tokyo 58 52 sh 62 50 s 21 Brig’s pair sequels B A R D R E
38 The four seasons, G R E E N S E A T U R T L E
Nashville 49 34 sh 47 28 pc Buenos Aires 81 68 s 83 69 s Toronto 35 30 c 36 28 sn F R U T T I N D A S H E X
New Orleans 65 45 c 57 43 pc Dubai 87 78 s 90 74 s Vancouver 48 33 c 47 36 pc 22 Beauty spot? for one 60 Blow away R O S A M I D D L E S E A T
New York City 46 40 pc 47 37 r Dublin 50 41 c 51 43 c Warsaw 52 37 pc 42 26 c O U S T AW E E K U S S R
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 44 26 s 44 24 c Edinburgh 52 39 r 48 41 pc Zurich 49 44 sh 55 41 c G T O S O D D S B E T A

 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.

A14 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

SPORTS
Top, Patrick Peterson makes a
game-winning interception. Below,
Justin Jefferson’s one-handed catch.

ered to go up, 30-27.

Then (yes, there’s more) Allen
led the Bills on a brilliant drive to
tie it on a field goal and send it to
overtime. The Vikings won the OT
coin toss and marched downfield,
seemingly poised to win via touch-
down…until they turned back into
the Vikings, and had to settle for a
field goal, giving Buffalo the ball
back. Allen charged the Bills down-
field once more, had a clear shot
to get a winning touchdown, and
threw a miserable interception in-
stead.
Ballgame, Minnesota, 33-30.
I know I’m missing a few things,
but all that actually happened. De-
feat was snatched from victory,
victory was snatched from defeat,
then snatched from victory again,
before snatching victory from de-
feat. You see what I mean about a
dog stealing a car.
Was it an NFL classic? No. This
game was far too reckless, full of
ISAIAH VAZQUEZ/GETTY IMAGES (2)

turnovers, questionable coaching,

blown officiating calls and missed
opportunities on both sides. Allen
had a tough day; Cousins won’t
send his game film to Canton, ei-
ther. The back-and-forth “win
probability meter” looks like a fax
from a seismology lab.
On the bright side, Minnesota
does not typically win games like
JASON GAY this. I’m not saying the Vikings ha-
ven’t had stunning victories—con-

The Vikings Stunned the Bills.

sider the Minneapolis Miracle, exe-
cuted by none other than current
Bill, ex-Viking Stefon Diggs versus

.
the Saints in a 2017 season divi-
sional playoff game.

ly
I’m Still Not Sure What I Saw. on
But this is a franchise largely
defined by heartbreak and self-im-
plosion. This is a franchise that is
0-4 in the Super Bowl, a genera-
tion-scarring mark matched only
A failed QB sneak! End zone fumble! Interception! An epic ‘messterpiece’ unfolded in Buffalo. by…Buffalo, a team with its own
history of heart-
Because it was one of Dog!” but the dog would not stop. break, from those
us ,

the most bizarre NFL Bob Seger was on the radio. For bleak championship
l

finishes ever; because some reason, you were wearing a losses to being on
e
al a

it was the sort of foot- Fran Tarkenton jersey. the opposite side of
ball game people will Suddenly, you found yourself the Music City Mira-
recall joyfully—and riding in circles around your old cle to a wild playoff
ci on

ruefully!—decades from now; at high school track. The dog was defeat last season
weddings, funerals, and on the still at the wheel, laughing, laugh- against the Chiefs.
rental car shuttle ride at the Mars ing, and barking, and now, smoking Seriously: If you
airport; I want to properly capture a giant cigar. Your high school al- know a Bills fan,
the emotional roller coaster of the gebra teacher was in the car. Then check on them. Don’t
er s

final minutes of Sunday’s game be- the car was driving across water, mention football.
tween the Minnesota Vikings and when, with a furious screech, the Just talk about nice
m er

the Buffalo Bills. dog hit the brakes, jumped on a things, like sunlight,
This is what I came up with: pair of water skis, and skied off, cake and kittens,
The Vikings-Bills game felt like yelling, “Vikings win! Vikings win!” who never steal
taking your dog for a very nice That’s what the Vikings-Bills cars.
walk. Then your dog decided to game felt like. More upside: Both
m rp

steal a car. We have passed the halfway the 2022 Bills and
You tried to talk your dog out of point in the 2022 NFL season, and the Vikings are good.
it, but by the time you were able I can’t lie: I have watched far too Minnesota is close to
to explain the hazards, the dog had many duds. I’m not saying foot- the top of the NFC at
already stolen a car. Yes: Your dog ball’s turned into baseball, but the 8-1; Buffalo is 6-3,
co Fo

knows how to steal and drive a car. nation’s most self-regarding enter- tied with a tangle of
Stop asking questions. tainment product has been alarm- teams in the AFC.
You kept trying to take the ingly short on entertainment. Both of these clubs
steering wheel away from the dog, Defenses are grinding; offenses Thank goodness for the Vikings brilliant one-handed catch by Min- should easily make the playoffs. It
but the dog kept driving, barking, seem stagnant; too many teams and Bills, two of football’s most nesota’s Justin Jefferson to keep was suggested that Sunday’s crazi-
barking, barking, but also laughing. are, well, awful. cosmically tortured franchises, the Vikings alive. ness may have actually been a Su-
The dog drove the car off a bridge, If we don’t find Al Michaels a who turned what should have been The Vikings appeared poised to per Bowl preview.
stuck the landing, and then drove mildly compelling Thursday Night a sleepy 1 p.m. contest into a Dali win it, but then (of course) Buffalo I need to lie down.
through a bunch of vegetable Football game for Amazon, he’s go- painting in Buffalo. biffed them on the goal line, stop- If the NFL has any intention of
stands, like stunt drivers do during ing to start logging onto Prime and This was a game that featured, ping quarterback Kirk Cousins on a running this game back as the Su-
clichéd car chases in the movies. rating kitchen devices live on the in its final minutes, the Bills (of game-winning sneak. Up four, the per Bowl, the public needs advance
Your front window was covered in air. course) blowing a late lead, then a Bills just needed to run out the warning. And some oxygen.
tomatoes and cucumbers. A tomato I don’t know about Panthers- critical (of course) Vikings missed clock, but quarterback Josh Allen And hide the cars from the
n-

salesman was banging on the roof. Falcons, Kirk. But this waffle extra point, then a Vikings fourth- fumbled in the end zone with 41 dogs…unless you enjoy that sort of
You kept yelling “Stop Dog! Stop maker is at least 3½ stars… and-18 for the ballgame, then a seconds left, and Minnesota recov- madness.
no

U.S. Women’s Soccer Team team has been fueled by the invest-
ment of Barcelona in creating a
powerful women’s club. And Ger-

Escapes the Abyss many—the 2003 and 2007 World

Cup champions—looks younger,
faster and more in control than
ever.
BY RACHEL BACHMAN lost three friendlies in three coun- The U.S. still has potential rein-
tries: 2-1 to England at London’s forcements coming before the
Harrison, N.J. sold-out Wembley Stadium; 2-0 to World Cup in Australia and New
AT HALFTIME OF SUNDAY’S Spain on Oct. 11 in Pamplona, Spain; Zealand. Kelley O’Hara and Tierna
match against Germany, the U.S. and 2-1 to Germany on Thursday in Davidson, both out with injuries,
women’s soccer team was staring Fort Lauderdale, Fla. None of those could help shore up the defense.
into the abyss. Down 1-0 at Red Bull opponents are slouches. England is Veteran forwards Christen Press and
Arena, the Americans were on the No. 4 in FIFA’s world rankings, Tobin Heath are recovering from in-
brink of a loss that would have Spain is No. 6 and Germany No. 3. juries, as is Catarina Macário, the
given them a four-game losing But the U.S. is No. 1—and has 23-year-old former Stanford stand-
streak—the first in the team’s 37- been for most of the rankings’ out who stars for French power-
year existence. nearly 20-year existence—and is the house club Olympique Lyonnais.
Two young stars—Sophia Smith defending World Cup champion for Meanwhile the 22-year-old
and Mallory Pugh—scored goals two two tournaments running: 2015 and Smith, as much as any young player,
minutes apart early in the second 2019, plus titles from 1991 and embodies the U.S. team’s long-
half to rescue a 2-1 victory over the 1999. standing spirit of dominance in atti-
Germans in the U.S.’s final game of So perhaps it shouldn’t have tude and execution.
2022. been surprising that when U.S. Mallory Pugh, left, and Germany’s Lena Lattwein compete for the ball. “I think we just all knew we
But as the most decorated coach Vlatko Andonovski was intro- weren’t going to lose this game,”
women’s national soccer team in duced to a stadium full of U.S. fans said Smith, the National Women’s
history heads into a World Cup on Sunday, on the heels of a three- say that I understand that. I under- in what form. Soccer League’s 2022 MVP with the
year, it’s nonetheless lingering in game skid, a number of those fans stand how things work. And like I Sometimes, the U.S. has even reigning champion Portland Thorns.
the shadow of its first three-game booed. said, I’m responsible for everything looked out of sorts at forward, “It sucks to lose three games in a
losing streak since 1993—raising Andonovski, who was hired a few that happens there.” where it has long had a logjam of row.”
questions about whether its dynasty months after the U.S. won the 2019 After the U.S. defense looked scorers. On Thursday, the lone U.S. The U.S. will hold its annual Jan-
may be in jeopardy. World Cup under Jill Ellis, led the shaky in the loss to Germany on goal came in the 85th minute, when uary training camp in New Zealand,
Between now and its July 22, team to a disappointing bronze Thursday, Andonovski swapped out Alex Morgan corralled a failed clear- and play matches against New Zea-
2023, opening World Cup match in medal in the pandemic-delayed 2021 25-year-old Alana Cook on Sunday ance by Germany and crossed the land’s national team on Jan. 18 and
Auckland, New Zealand, the U.S. Tokyo Olympics. Since then he has for Sauerbrunn, who will be 38 at ball to Megan Rapinoe, who booted 21.
must grapple with an unsettled moved to integrate the young talent the kickoff of the next World Cup. it home to tie the score 1-1, before a On Saturday, Andonovski was
lineup, a coach who has yet to play the U.S. produces in abundance with The U.S. also has looked discon- late German goal won it. asked whether it’s realistic for the
BROOKS VON ARX/ZUMA PRESS

for a top international trophy and the team’s accomplished but aging nected at times in midfield, as if it The 37-year-old Rapinoe had U.S. to expect not to have losing
global competition that continues to core. misses the multi-purpose presence come off the bench, and didn’t play streaks.
rise around it. It worked fine against also-ran of Sam Mewis and Julie Ertz. They at all Sunday night. “The moment I got this job, I ex-
The U.S.’s recent play was “not teams but hit a wall against tough started the 2019 World Cup final While the U.S. searches for the pected that we’re going to win ev-
good enough,” U.S. defender Becky opponents. but are both out—Mewis with an in- right lineup, its opponents are ris- ery game and that was my mind-
Sauerbrunn said on Sunday. “And “Sometimes it takes a little bit of jury, Ertz after a pregnancy—and ing. England won the European set,” he said. “Is it realistic?
we all know that. It’s a process.” time,” Andonovski said the day be- it’s unclear when or whether they’ll Championship last summer, its first- Probably not. I mean, obviously not.
Since Oct. 7, the U.S. women have fore Sunday’s game. “I just want to be back with the national team, and ever major trophy. Spain’s national But it’s not going to change.”
 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.

THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | A15

OPINION
A Donald Trump Preview of 2024 BOOKSHELF | By Barton Swaim

If Donald
Trump does
what every-
The threat is still out there,
but this time Mr. Trump
might be misreading his own
J.D. Vance, a Trump-backed
candidate in Ohio who won
his Senate race by more than
from people who had sup-
ported Mr. Trump through
thick and thin.
An Unflashy
one expects
him to do
T u e s d a y
night—never
supporters. The first sign
came two Saturdays ago in
Latrobe, Pa. Mr. Trump was
there to fire up support for
6 points, still ran far behind
Republican Gov. Mike De-
Wine’s 25-plus-point margin
of victory.
The timing is also off.
When Mr. Trump first teased
that he would make a “big an-
nouncement” Tuesday night, a
Number Two
MAIN
a sure bet his candidates—Doug Mastri- It’s telling that the bitter- Republican wave was still the
STREET
with the 45th ano for governor, Mehmet Oz est pill for Mr. Trump isn’t received wisdom. But instead
So Help Me God
By William
p re s i d e n t — for Senate—who would lose the losses of Republicans he’d of a victorious backdrop, Mr. By Mike Pence
McGurn
he will an- their races a few days later. backed, like Mr. Oz. It’s that Trump will now announce as (Simon & Schuster, 542 pages, $35)

E
nounce an- Characteristically, the big Mr. DeSantis, who squeaked Democrats have kept their
other run for the White news out of that rally was the into office in 2018, won re- majority in the Senate and very serious memoir to emerge from the last admin-
House. Thus the spotlight new put-down he unveiled for still have a small shot at istration has revealed the existence of, in essence, two
moves back on him. Florida Gov. Ron DeSantis: keeping the House. Donald Trumps. One is funny, perceptive, charming and
Like the first midterms of “Ron DeSanctimonious.” The bitterest pill for Mr. Trump is banking on has an instinctive rapport with ordinary people. This Trump
all presidents, last week’s Probably Mr. Trump ex- his supporters sharing his pri- loves his family and country and fiercely guards the interests
were a referendum on Joe Bi- pected a backlash. What he him isn’t that Oz lost ority for defeating non-Trump of those close to him. The other Trump is erratic, vengeful,
den even as he denied it in could not expect was how but that DeSantis Republicans in primaries even detached from principle, deeply narcissistic and capable of
the lead-up. But the unex- much of it came from voters when it means his candidates shocking acts of betrayal. Most people see one or the other,
pected results suggest they who’d pulled the lever for him won resoundingly. will ultimately lose to a Dem- generally according to their politics, but both are the compli-
were also a referendum on in 2016 and 2020 but didn’t ocrat. In other words, the bet cated reality that is Donald J. Trump. Former Vice President
Mr. Trump. The past 10 days appreciate an unprovoked at- is that their loyalty is all to Mike Pence’s memoir captures both iterations of the man
especially have given voters a tack on a fellow Republican election by 20 points and car- him. But that too isn’t as clear better than any previous book.
preview of what the 2024 and successful governor who ried majority-Latino Miami- as it once might have been. Strictly speaking, the book is an autobiography—Mr. Pence
election cycle might become if had stood firm against many Dade County. This was an In its last poll before the tells the story of his life, from early adulthood to the present.
Mr. Trump decides to turn the of the same liberal forces bit- encouraging victory all Re- election, NBC reported that But in a 500-page book he reaches the 2016 presidential
GOP primaries into a civil war terly opposed to Mr. Trump. publicans cheered. 62% of GOP voters consider election by page 137. “So Help Me God” is mainly about the
in which his Republican rivals Mr. Trump’s decision not to Well, all but one. On Thurs- themselves more supporters author’s relationship with Mr. Trump and his role in that
must not only be defeated but repeat the put-down the next day Mr. Trump let rip a ram- of the party, against 30% who president’s administration. It
destroyed. It doesn’t help the day at a rally in Florida sug- bling screed on his Truth So- said they consider themselves is also, appearing as it does
party that his targets this gested he recognized the cial site, calling Mr. DeSantis more supporters of Mr. immediately after the 2022
time will be the up-and-com- blunder. Even so, he was back an “average REPUBLICAN gov- Trump. This is a huge reversal midterm elections, Mr. Pence’s
ing Republican officeholders trying to diminish Mr. DeSan- ernor with great Public Rela- from before the 2020 elec- de facto announcement of
with the most successful con- tis as late as election eve, tell- tions.” The post also revived tion, when it was 58% to 34% himself as a candidate for
servative records since 2020. ing reporters that if the gov- his DeSanctimonious taunt. A in Mr. Trump’s favor. president in 2024.
It’s no secret that Mr. ernor were to seek the 2024 day later Mr. Trump would Whatever he says Tuesday If Mr. Trump inspires hatred
Trump might respond to be- GOP nomination, he would re- also snipe at Virginia Gov. night, Mr. Trump won’t bring on the political left, Mr. Pence
ing denied the 2024 nomina- lease dirt on him. Glenn Youngkin. down potential rivals such as inspires something closer to
tion by blowing the party up. Then came Election Day. All this was probably inevi- Messrs. DeSantis and Young- fear. He is a social conservative
In his answer to the first The predicted red wave never table. The good news for Re- kin with insults. Not only do who speaks openly—his critics
question of the first GOP de- materialized, and Trump-en- publicans is that it is occur- these governors have demon- would say unctuously—about his

.
bate during his first run, he dorsed candidates were often ring now rather than in 2024. strated records as fighters, Christian faith, but on matters
alluded to this possibility outperformed by non-Trump The somewhat better news is they are wise enough not to of policy and governance he

ly
when he declined to promise Republicans running in the that the blowback to Mr. respond in kind. And they are projects an unflashy competence
to support whoever emerged same state, suggesting that Trump’s attacks on proven well aware that the only peo- that contrasts markedly with,
the Republican nominee. The while the former president’s Republican leaders this time ple rooting for that kind of for example, the apparent qualities of his vice-presidential
question became academic af-
ter he went on to mow down
all his opponents, one by one.
support might prove a boon
in a GOP primary, it could be
an anchor in the general. Even
on
isn’t being led by Never
Trumpers and anti-Trumpers.
Instead much of it is coming
mud fight are Democrats and
their friends in the press.
Write to [email protected].
successor. Mr. Pence has an earnest, formal demeanor that
is a half-century out of date, and his prematurely white hair
gives him a weirdly seraphic aspect.
He also has a propensity, if I could state it baldly, to be
right when everybody else is wrong. In 2015, as governor
us ,

Midterms Reaffirm the American Order of Indiana, he signed into law a measure that protected
l

business owners from being forced to provide services

e
al a

against their religious beliefs. The law was passed a few

The midterm times can match the American to withstand the stresses of in the Clinton administration months before Obergefell v. Hodges, the Supreme Court
elections dis- record of almost 250 years of climate change, and its dy- and has since flourished under decision declaring same-sex marriage a constitutional right,
ci on

appointed Re- unbroken order under a single namic population is regularly Republican and Democratic but some states and municipalities were granting marriage
publicans, di- constitution even as its power refreshed with talented immi- presidents alike. The impor- certificates to same-sex couples. The media and Democrats,
minished and influence in the interna- grants from all over the world. tance of a close and deepening predictably, portrayed Mr. Pence as a villain for trying to
D o n a l d tional system have continually The U.S. combines the eco- relationship with countries “legalize discrimination”—this despite the fact that many
Trump, and grown. Those years were any- nomic and social dynamism such as Japan, South Korea other states and the federal government had recently passed
GLOBAL
er s

left Demo- thing but calm, and the U.S. necessary to remain at the and Australia is evident to similar laws. Three years later, the convoluted Supreme Court
VIEW
crats with a has experienced waves of tu- forefront of human progress leaders of both parties and decision Masterpiece Cakeshop v. Colorado Civil Rights
By Walter
m er

grateful mult and conflict at home with the institutional stability polling reveals that the public Commission made it clear that Obergefell had created legal
Russell Mead
sense that an even as the nation’s global required for orderly gover- shares this view. muddles that the Indiana law and others like it were fully
electoral ca- standing has been challenged nance and the projection of Contentious issues remain. justified in clarifying.
tastrophe was narrowly by some of the greatest pow- national power. Some seem fated to fade, like Then, in 2016, Mr. Pence forwent a second term as
averted. Perhaps more im- ers and the most ruthless the Biden administration’s Indiana’s governor in order to join Mr. Trump’s presidential
m rp

portant, the elections re- leaders the world has ever self-sabotaging dedication to ticket. That looked like a bad decision—until election night.
minded the world that, for all seen. Nevertheless, the Ameri- For all the drama, the resuscitating the Iranian nu- In the spring of 2017 the Washington Post unearthed a
its troubles, the U.S. remains can order adapts and endures, clear deal at almost any cost 2002 interview in which Mr. Pence, a congressman at the
a deeply stable society whose and the star-spangled banner results confirm that as Iran enters a far-reaching time, said he never dined alone with a woman other than
fundamental institutions con- still waves. the U.S. remains a relationship with Russia. Oth- his wife. Liberal pundits mocked him mercilessly. What a
co Fo

tinue to command the re- As Joel Kotkin observed in ers, like the partisan divides fundamentalist rube! A few months later, accusations of
spect of its citizens. his prescient 1988 book, “The deeply stable society. over climate change and bor- predatory behavior against Harvey Weinstein set off a wave
Fifty states held elections Third Century: America’s Re- der policy, are likely to linger. of confessions and resignations among the nation’s male
for local and national office, surgence in the Asian Era,” it is But the broad pillars of Ameri- power elite. Suddenly the “Pence rule” didn’t look so dumb.
and voters in the tens of mil- American resilience that mat- Even in this polarized mo- can foreign policy, such as
lions cast ballots and peace- ters most to the world. The ment, we are seeing an in- maintaining the North Atlantic
fully awaited the results. The 19th-century American system, creasingly focused American Treaty Organization while re- This memoir may reasonably be taken as
candidates certified as victori- based on a predominantly rural response to overseas chal- sisting Russian expansionism Pence’s de facto presidential announcement.
ous by the duly constituted population of property-owning lenges appear in real time. in Europe and supporting
authorities will take their independent farmers, gave way There is more consensus in China’s neighbors against Bei- He has two problems as a contender in 2024.
oaths of office on the ap- to an urbanized industrial American politics over Russia jing’s hegemonic ambitions in
pointed day. Government of economy. That industrial econ- and China policy than on al- East and South Asia, reflect
the people, by the people and omy gave way to the still- most any other topic. A Re- the views of both parties and Mr. Pence faces two major problems as a contender in 2024.
n-

for the people hasn’t perished emerging businesses and tech- publican-controlled House are unlikely to change. “So Help Me God” illuminates both of them in interesting
from the earth. nologies of the information may demand more oversight American society has left ways. The first and most obvious is his association with
America is a paradoxical revolution. The costs and of Ukraine spending but is behind the relatively calm eco- Mr. Trump. Mr. Pence behaved nobly after the 2020 election
place. Americans often per- stresses of that continuing unlikely to force major nomic and social conditions of by refusing to bow to the president’s demands that he reject
no

ceive their polity as fragile transformation have shaken the changes in U.S. policy. Repub- the late 20th century to en- electors from some states that Mr. Trump lost. The book
and endangered; foreign ob- American polity to its founda- licans by and large share the counter the full disruptive ably narrates this episode and adds a few hitherto unknown
servers have been predicting tions, but our social and politi- Biden administration’s con- force of the information revo- or lesser-known details. One of those: A few hours after Mr.
the collapse of this improbable cal order still stand. cerns about the need to se- lution. But the U.S. was built Pence told Mr. Trump that he, the vice president, had no
republic since the era of silk This mighty fact remains, as cure strategically important for stormy weather. Our latest power to decertify Electoral College results, the Trump
stockings and powdered wigs. it did throughout the tumultu- supply chains against black- round of hard-fought but campaign released a statement claiming Mr. Pence agreed
The first verse of the national ous 20th century, the most im- mail or boycotts from China, peaceful elections, along with he did have the power. “I had no choice” was a campaign
anthem ends with a question: portant force in global politics. and support for Taiwan is ro- a rising consensus for intelli- staffer’s explanation.
“O say does that star-spangled The American republic is se- bust in both parties. gent global engagement, sug- Mr. Pence skillfully, and I think credibly, aligns himself
banner yet wave / O’er the cure in its own hemisphere Other foreign-policy priori- gest the U.S. is better pre- with the Trump administration’s achievements and distances
land of the free and the home and blessed with immense ag- ties have similar bipartisan pared for the coming storms himself from his old boss’s reckless personal behavior and
of the brave?” ricultural fecundity and min- support. The modern rap- than some of our adversaries postelection madness. There is ample evidence, and not only
Yet no state in modern eral wealth. It is well situated prochement with India began hope. from this book, that Mr. Pence played a laudable role in the
administration by quietly urging the president toward more
sensible policies. In his memoir “The Room Where It Hap-

To Beat Trump, Embrace Trumpism pened,” John Bolton—not a man given to excessive praise
of former colleagues—observes that in his view the vice
president “did much of his best work in private conversa-
By F.H. Buckley Trumpism. If we’re immobile, he didn’t want to repeal These policies constitute tions with Trump.” I can believe it.

D
Mr. Trump said, it’s because ObamaCare so much as re- Trumpism, and a GOP that Some significant proportion of Republican electors may
onald Trump can’t win of Democratic policies on edu- place it with something better, adopts them can retain the like the idea of nominating one of the grown-ups who kept
another presidential cation, immigration and regu- but what a right-wing Con- loyalty of Trump voters. These Mr. Trump more or less in line. But Democrats and the media
election. But neither lation. The voters listened and gress offered him was very voters realize when they’re will observe no distinction between Mr. Pence and Mr. Trump
can the Republican Party, un- elected him in a historic up- different from what he had being played. They don’t want at his worst. And many Republicans, having seen the former
less it brings his voters into set. Their central concern re- wanted. a snapback to the way conser- president wreck the GOP’s chances of a Senate majority in
the fold. What’s needed is mains: A November Fox News Mr. Trump’s second-biggest vatism was defined for the 2020 and again this year, will prefer a clean break from the
Trumpism without Mr. Trump. survey revealed that 59% of issue was political corruption. previous 50 years. The Barry Trump years.
Mr. Trump’s voters aren’t Americans think life will be He promised to drain the Goldwater movement—eco- The other problem highlighted by the book is Mr. Pence’s
dolts who merely ask to be worse for the next generation. swamp and end interest-group nomic liberty, accompanied by ardent religiosity. It is a “problem” only in the political
tossed some red meat—they bargains. That should have opposition to civil-rights re- sense. Mr. Pence was raised a Roman Catholic and, after a
focus on policies that affect been a Republican issue, but forms and national welfare conversion experience at Hanover College, defected to evan-
their everyday lives. The GOP should the GOP foolishly gave it away policies—has run its course. gelicalism. References to God and prayer appear on, I would
In 2016, my wife and I employ his successful to a Democratic Party whose Mr. Trump has added a say, every third page. Each of the book’s 52 chapters bears
crafted speeches for the only alliance with interest groups new meaning to conservatism: an epigraph taken from the Bible. Often the choices are
successful Republican presi- 2016 playbook. contributed to the problem in a governing philosophy that quite good; the verse beginning the chapter on Mr. Trump’s
dential candidate since 2004. the first place. returns to an earlier Republi- notorious phone call with Volodymyr Zelensky is Psalm
I later wrote in these pages Finally, Mr. Trump capital- canism, which called itself 141:3: “Set a guard over my mouth, Lord.”
that most middle-class voters Mr. Trump recognized that ized on nationalism. As the progressive and sought the Mr. Pence is capable of self-criticism and recalls how off-
had felt left behind in the making America mobile again left paraded its contempt for common good for all Ameri- putting he could be as a zealous new convert. “I tried to
lead-up to the election. They would require an activist fed- America, he championed un- cans. To break Mr. Trump’s explain to [friends and relatives] that my faith had changed
told pollsters they no longer eral government. He was to apologetic pride in our coun- hold on the GOP, Republicans me,” he writes. “Some understood; most didn’t.” I have
believed their kids would be the left of the libertarian wing try. Unlike the rest of the GOP, need to show voters they known elected officials who grasped just enough of Chris-
as well off as they had been. of the GOP. So are most Amer- Mr. Trump implicitly recog- share their concerns. He gave tianity and the Bible to lend their public personas a
The American dream was fad- icans. Nearly two-thirds of re- nized the gravitational force them the playbook to do so. veneer of piety. Mr. Pence is not one of those. He means it.
ing out of reach. That should spondents told Fox’s pollsters that draws the nationalist to The question, for 2024, is whether average GOP voters will
have signaled the need for that Washington should en- the left, through the fraternity Mr. Buckley is a professor find what they’re seeking in his evangelical expressionism.
radical change, but only one sure all Americans have he will feel to countrymen in at Scalia Law School and the I suspect some will understand, and most won’t.
candidate spoke to the issue. healthcare coverage. Mr. need and the recognition that author of “Progressive Conser-
This was the first plank of Trump agreed. In 2016 he said they require a safety net. vatism.” Mr. Swaim is an editorial-page writer for the Journal.
 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.

A16 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Donald Trump’s Presidential Rerun Romney’s Rules for the Slippery Road Ahead

D
onald Trump seems to be barreling and more into a 2024 race. In 2016 voters took Sen. Mitt Romney’s op-ed “Repub- It is quite rich of Mr. Romney to
ahead with an announcement Tues- a chance on the brash outsider businessman licans Reach a Fork in the Road” proclaim that Congress should take
(Nov. 11) is generally correct but he action to rein in entitlements. At any
day night that he plans to run for against the unpopular Hillary Clinton. Now
misses the mark in a few areas. time, he can submit his own bill to
President again. The irony is Americans know that the While I agree that congressional in- trim Social Security, Medicare and
that more Democrats than Will the GOP nominate Donald Trump they saw in of- vestigations are usually pointless, Medicaid. Since Mr. Romney thinks
Republicans will be elated the man Democrats fice is the same one they’d some will be necessary. Specifically, entitlements need trimming, he
because they see him as the get for another four years. agencies that have been weaponized should submit his bill forthwith. It’s
easiest candidate to beat know they can beat? They voted in 2018 and 2020 against law-abiding citizens or have the same with immigration, climate
one more time. to stop the daily turmoil. It’s been thwarting democratic pro- change and everything else he muses
Mr. Trump’s advisers urged hard to believe they’d vote in cesses, such as the IRS and FBI. about in his article. Your job is to
him to hold off at least until the Dec. 6 Senate 2024 to do it all again. These practices must be stopped and write legislation, not newspaper arti-
runoff in Georgia. But Mr. Trump is announcing Many Republicans who see Mr. Trump as those responsible must be forced out cles, senator.
now, long before he needs to, for two reasons. their champion will want to take that chance. of government service. DAVE PALMER
As for spending, a paradigm shift Rockville, Md.
The first is to try to clear the Republican field They say only he can take on a willful, increas-
is required. Many programs and even
of potential competitors, especially Govs. Ron ingly radical left. But two years out of office, departments could be eliminated. Whether one agrees or disagrees
DeSantis and Glenn Youngkin, who have shown Mr. Trump remains more unpopular than Mr. Much of the Inflation Reduction Act with Mitt Romney, at least he is ra-
they can win in competitive states. Biden. He divides Republicans, while he is the and infrastructure bill could be re- tional. It might seem odd to have to
Mr. Trump also wants to get ahead of a most effective motivator of Democratic voter pealed immediately, reducing long- say that, but with many recent can-
possible Justice Department indictment. If Mr. turnout in history. term spending. Much of the unspent didates for public office, that is not
Trump is already announced as a candidate Even if by some miracle Mr. Trump won, Covid money should be clawed back. a given, regardless of political party.
seeking President Biden’s job, he figures he he would have a hard time filling an Adminis- The electorate, including members of Many of us are pining for candidates
can portray an indictment by Attorney General tration with top-notch people. He could only Congress, need to be educated on the who demonstrate reasonable, fact-
Merrick Garland as political and rally Republi- serve one more term. Republicans would be facts of climate change. When they driven debate, rather than inflam-
cans to his side. Herschel Walker’s fate is inci- nominating an immediate lame duck. are, they will realize their colossal matory rhetoric to gin up their
waste of money. bases.
dental to Mr. Trump’s ambition. The problem for Republicans is that Mr. JIM WAGNER JOHN A. VITERITTI
i i i Trump’s base is so loyal that he might win the Lenexa, Kan. Laurel, N.Y.
These columns believe in democracy, which nomination in a splintered field. That’s what
means trusting the decisions of voters. Even happened in 2016. And if Mr. Trump lost the
when they make mistakes, our constitutional nomination, would he even accept that result?
system allows for checks and corrections. We Or would he sabotage the winner by urging
warned about Mr. Trump’s character in 2016, his supporters to stay home, or by running as
The Flawed EPA Theory That Won’t Go Away
but once he was elected we covered him like a third-party candidate? Recall that Mr. The Lancet response (Letters, Nov. EPAs criticized the claim as without
any other President. We owed that to readers, Trump refused to promise to support another 12) to Bjorn Lomborg’s op-ed (Nov. 5) scientific evidence in 1996 and 2019,
and he had many policy successes: taxes and GOP candidate in 2016. states, “A zero-carbon future brings respectively.
many health benefits. Our conserva- When the Biden administration
deregulation, energy security, judges, the i i i
tive estimates suggest 1.2 million came to town, though, the Trump-era
Abraham Accords, correcting illusions about We believe in the durability of U.S. institu- deaths annually could be prevented advisory panel was unceremoniously
Iran, among others. tions, which is where we parted company with

.
with no exposure to fossil-fuel-derived fired, by email, so that the Biden EPA
But his character flaws—narcissism, lack of the left and many Never Trumpers who re- small-particulate-matter air pollution.” could establish a new panel of advis-

ly
self-control, abusive treatment of advisers, his fused to accept Mr. Trump’s 2016 victory as I conservatively call that claim false. ers more friendly to its policy
puerile vendettas—interfered with that suc- legitimate. They didn’t trust democracy, even “Small-particulate-matter air pollu- agenda. That panel is now the subject
cess. Before Covid he was headed for re-elec- as they pretended to be protecting it. Instead tion” wasn’t thought to kill anyone of litigation because it has been
on
tion. But the damage from his shutdown of the of trusting voters, they cheered on FBI subter-
economy combined with his erratic behavior fuge in 2016, the Russia collusion fraud, oppo-
in that crisis gave Joe Biden the opening to sition to nearly all Trump nominees, impeach-
until the Clinton Environmental Pro-
tection Agency and the researchers it
funds started claiming it did in the
1990s to advance the EPA’s regulatory
stacked with researchers beholden to
the EPA for tens of millions of dollars
in grants.
The EPA’s claim that particulate
campaign for normalcy. Mr. Trump lost a win- ment, and the Mar-a-Lago raid.
agenda. I first criticized the claim on matter kills, parroted by the Lancet,
us ,

nable election. All of these did more to help than hurt Mr.
these pages 25 years ago. Although a was never credible. Rigging the peer
l

Had he accepted that defeat, he might now Trump with his supporters. Next may come more thorough debunking is beyond review hasn’t helped.
e
be poised for a comeback given Mr. Biden’s an indictment that could help him again. That
al a

the scope of this letter, panels of out- STEVE MILLOY

unpopularity. But Mr. Trump contested the is precisely what Democrats want as they side and independent science advis- JunkScience.com
outcome well past any reasonable limit and hope Republicans renominate him. ers to the Clinton- and Trump-era Potomac, Md.
ci on

encouraged his supporters to march on the The real restraint on Mr. Trump has been
Capitol on Jan. 6. He badgered his loyal Vice the voters who gave him his chance in 2016.
President, Mike Pence, to stop the Electoral Then they checked him by ousting a GOP
College vote count to the point where lives House in 2018, defeated him for re-election,
Trump Is Scattered and Biden Claims Victory
were in danger, including Mr. Pence’s. The and last week trounced nearly all of his hand- Regarding your editorial “Trump Is the House and the possible loss of the
er s

the GOP’s Biggest Loser” (Nov. 10): In Senate as a victory. How have we
deadly riot will forever stain his legacy. picked candidates in swing races.
2016 I voted for Donald Trump’s elected to the most important job in
Last week’s elections showed that clinging The GOP, and the country, would be best
m er

drumbeat on issues such as deregula- the world a feckless leader who

to 2020 election denial, as Mr. Trump has, is served if Mr. Trump ceded the field to the next tion, immigration and energy; and, turned tail and ran in Afghanistan,
a loser’s game. Republicans who took this line generation of Republican leaders to compete being a deplorable, I voted against and now believes that losing is a vic-
to win his endorsement nearly all lost. The for the nomination in 2024. If Mr. Trump in- his opponent. In 2020 I voted to re- tory? God help us if he runs again.
country showed it wants to move on, but Mr. sists on running, then Republican voters will elect President Trump because he JOHN R. MADDEN
m rp

Trump refuses—perhaps because he can’t ad- have to decide if they want to nominate the had accomplished his policy. Tiburon, Calif.
mit to himself that he was a loser. man most likely to produce a GOP loss and to- Never again! I am disgusted by his
Mr. Trump will carry all of that baggage tal power for the progressive left. total disregard for anyone but him- There are Republicans who believe
self. He lost Georgia and the Senate that Mr. Trump still calls the shots
before and will now try for a rerun. and fear losing his base if he isn’t
Why Georgia Still Matters
co Fo

Perhaps the best thing to come out the 2024 nominee. As a lifelong Re-
of the 2022 midterms is a rousing an- publican and two-time Trump voter,

R
them to Republicans to march on, I want to say this: If I was ever con-
epublicans won’t run the Senate in the crats. The majority party wouldn’t have to split away from Mr. Trump. sidered part of Mr. Trump’s base,
next Congress, but whether they have committee assignments evenly with the minor- JANE TIMS that ended with his antics after the
50 votes or only 49 after the Dec. 6 ity, meaning Democrats would have less need Weems, Va. 2020 election, culminating in the
Georgia runoff still matters a great deal to pol- to negotiate with the GOP, and there would be Jan. 6 rally and riot. While mail-in
icy outcomes. less chance of Republicans defeating Biden Ad- I am at a loss for words. This in- voting hurt Mr. Trump in that elec-
The contest in Georgia between Sen. Ra- ministration nominees in committee. competent Biden administration is tion, he was his own worst enemy.
phael Warnock and Republican Herschel No single Democrat would be able to hold up somehow trying to spin the loss of Florida Gov. Ron DeSantis has
Walker is for six years, not two as in 2020, or block a nominee any longer—for example, some of Mr. Trump’s qualities but
which means this will matter to organizing the the way Joe Manchin has held up Richard Glick none of the baggage. He is smart,
Senate for three Congresses. The GOP has a fa- at the Federal Energy Regulatory Commission. Negative Externalities, ESG principled, tough and a leader. He
n-

proved his broad appeal in his land-

vorable electoral Senate map in 2024, and ev- A 51-49 majority also means that two Demo- And the Rule of Democracy slide win, and he’ll need it to resist
ery seat will make a difference in how many crats can be absent and Democrats could still Al Gore and David Blood’s op-ed Mr. Trump’s scorched-earth attacks. I
Democratic incumbents Republicans would hold a vote and prevail. “ESG Investing Is Consistent with Fi- have no doubt Mr. DeSantis will build
need to defeat to regain the majority in what In a country as narrowly divided politically
no

duciary Duty” (Nov. 9) includes two a stronger and broader base as he

could be a difficult presidential election year as the U.S., every Senate race now has major im- examples that highlight the best way sets his sights on the 2024 election.
for the GOP. (See nearby.) plications. All the more reason the GOP should to handle externalities, the economic DEAN KELLEY
But even for the next two years, the differ- regret having nominated so many bad candi- term for costs imposed on others. St. Charles, Ill.
ence of only a single seat would help the Demo- dates, as last week demonstrated. According to these examples,
dumping toxic waste and using dirty
fuels can incur “significant liabilities” A Rare Moment of Consensus
Biden’s Loan Write-off Loses Again or run afoul of government regula-
tions. Indeed, the people, represented
In “‘All of Nation Rallies to John-
son’s Support,’” op-ed, Nov. 9), Bob

T
by the executive or legislative branch
hings aren’t going well for President Bi- while an injunction wouldn’t currently harm Greene writes, “There are days when
of government, should set the stan-
den’s student loan cancellation. On borrowers. That’s ironically because the Admin- it feels as if there is nothing that the
dards, laws and rules regarding at
Monday the Eighth Circuit Court of Ap- istration extended its student loan payment country can agree on.” Well, half the
least the “E” for environment in ESG.
country is insane. That’s one thing on
peals enjoined the $400 bil- pause through December. CEOs must then abide by these direc-
which both political sides agree.
lion write-off, its second legal An appellate court Conservatives have criti- tives and be held liable if they don’t.
GREGORY MARSHALL
defeat in days. This is what cized liberal judges for issu- We shouldn’t empower CEOs or in-
happens when the President
orders an injunction ing universal injunctions that vestment managers, however, to set
Marietta, Ga.

subverts the law for election on student forgiveness. pre-empt other lower courts priorities, goals and trade-offs for is-
politics. from forming their own deci- sues that affect us all. That’s the job
of our elected officials.
CORRECTION
The appellate court’s un- sions. But in this case the PROF. S. ABRAHAM RAVID
signed opinion focuses on the threshold ques- Eighth Circuit noted it would be impractical Yeshiva University The BBC’s iPlayer service is under-
tion of whether Missouri suffered a concrete to limit an injunction to Missouri and its fel- New York written by the U.K.’s license fee. BBC
and particular injury to sue. Missouri argued low plaintiff states since Mohela services America is not. The article “BBC One,
that the loan cancellation would cost its student some $168 billion in student loans from bor- BBC Two, BBC 100” (Books, Nov. 12)
loan servicer, Missouri Higher Education Loan rowers nationwide. The Test of a True Landmark reversed these relationships.
Authority (Mohela), revenue and impose ad- “We discern no workable path in this emer- Daniel Akst’s review of “Kauf-
ministrative burdens. gency posture for narrowing the scope of re- mann’s: The Family That Built Pitts-
Missouri lawmakers established Mohela as lief,” the court writes. The Eighth Circuit ruling burgh’s Famed Department Store”
Pepper ...
a “public instrumentality” in 1981 in part to pro- follows a Texas federal judge’s vacatur on (Bookshelf, Nov. 7) fails to note a par- And Salt
vide financial aid to students. A lower-court Thursday in a case brought by two borrowers ticularly useful role filled by the Kauf-
THE WALL STREET JOURNAL
judge, however, ruled that lawmakers intended who argued the Administration violated their mann’s flagship store: an anchor for
Mohela to be a “self-sustaining and financially procedural rights by not undertaking notice and directions. Growing up in Pittsburgh
independent agency.” Ergo, Missouri couldn’t comment. in the 1960s and ’70s, we would de-
sue since the state wasn’t directly harmed by Missouri strikes us as having the stronger scribe locations along these lines:
“Start at Kaufmann’s and head toward
the loan write-off. case on the question of standing. But the impor-
Horne’s. The place you’re going is
The Eighth Circuit disagreed, noting that tant point is to stop loans from being canceled, about halfway on the left.” Unfailingly
state law specifically directs Mohela to distrib- which would do irreparable harm to the consti- accurate and particularly practical.
ute $350 million into a state fund for capital tutional separation of powers and national fisc. MICHELE BRAUN
projects at public colleges, among other things. If Republicans take the House, they could also Pound Ridge, N.Y.
Mohela still owes $105 million. The Administra- sue the Administration for usurping the cham-
tion’s loan write-off could impair its obligation ber’s power of the purse.
Letters intended for publication should
and threaten financial harm to the state. Mr. Biden’s loan write-off is the largest presi- be emailed to [email protected]. Please
After granting Missouri legal standing, the dential abuse of power in decades, and it’s good include your city, state and telephone
court explained that the equities “strongly fa- to see courts stepping up to their obligations number. All letters are subject to
vor an injunction” since the debt cancellation to enforce the Constitution. This case may be editing, and unpublished letters cannot “Please hurry! The elevator’s stuck,
be acknowledged.
would have an irreversible impact on the state heading to the Supreme Court. but the music is still playing.”
 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.

THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | A17

OPINION

Victory Is the Only Option for Ukraine

By Boris Johnson has been able to come up with any There is only one way forward,

I
compromise that even begins to be and that is for the West to continue
understand why Volodymyr plausible. to support the liberation of the
Zelensky says he is willing to What kind of deal could we possi- Ukrainian people, perhaps the most
negotiate with Vladimir Putin. bly construct, under the current cir- transparently just and righteous
I have no doubt the Ukrainian cumstances? Let us suppose that cause in international affairs in liv-
president is sincere. If there Western powers were to try to per- ing memory.
were anything that remotely resem- suade Ukraine to trade land for The Ukrainians have shown what
bled a viable peace plan, his govern- peace. Any such bargain would, natu- they can do. With a mixture of in-
ment would leap at it. rally, be disgusting. It would be a spired leadership and the heroism
Mr. Zelensky’s people have suf- moral reproach to humanity. that comes from knowing you are

EFREM LUKATSKY/ASSOCIATED PRESS

fered the most bestial bombardment But let’s imagine that some kind fighting for your country, they have
in Europe since World War II. Whole of agreement could be struck put the Russians to flight in Kharkiv
cities have been broken and black- whereby Mr. Putin keeps not only the and now in Kherson.
ened by Mr. Putin’s war machine, pro-Russian parts of the Donbas but Yes, eventual defeat will be em-
also at least some of the territory he barrassing for Mr. Putin, and yes, he
has captured in the south. The min- will have some explaining to do. But
Any compromise would be ute you think about it you can see he controls the organs of propa-
that the idea isn’t merely repugnant. ganda. He has strong popular sup-
unjust, and Vladimir Putin It is hopeless. port. He can say, perhaps, that the
would be sure to violate It has zero chance of working. A resident kisses a Ukrainian soldier in Kherson, Nov. 13. “Nazis” have been purged from
Which bit should the Ukrainians give Ukraine, or that Russian minorities
an agreement anyway. up, in perpetuity, to the Russians? A advice from bearded Orthodox we all stop the cringe-making non- have been protected.
couple of cities? The whole land priests, that he genuinely believes sense about the risk of “backing Pu- Let him come up with a story. It’s
bridge from Mariupol to Crimea? he is fated to avenge the insults of tin into a corner” or “forcing him to not our job. Our job is to give the
tens of thousands of innocents killed. Even if the Ukrainians were to be history and reunify the empire of lash out”? Ukrainians the help they need—Hi-
Every day it goes on, without pity or persuaded to surrender their rights Peter the Great. Of course Mr. Zel- We make him sound like Tony mars, artillery, tanks and planes—to
remorse: captives tortured, women to some of their land—which they ensky would like to negotiate, but Montana at the end of “Scarface,” defend their homes and their fami-
raped, schools and kindergartens de- wouldn’t, couldn’t and shouldn’t be— you can’t negotiate with a murder- crazily waving a nuke and shouting, lies and to restore what they had: a
liberately targeted. Every day the there is no reason to believe that Mr. ous liar who will continue—what- “Say hello to my little friend.” If Mr. free, sovereign, independent and
Iranian-made drones thump into the Putin would stick to the deal. He has ever he may claim—to try to destroy Putin were to use a weapon of mass democratic Ukraine.
cities, turning off the lights, cutting already officially annexed four your country. destruction, he would be tendering The assistance of the West—above
the water supply. oblasts. He says that Kherson, Zapor- So let’s get real. Let’s recognize Russia’s resignation from the club of all, of the U.S.—has been outstanding
Peace? Of course Ukraine wants izhzhia, Luhansk and Donetsk are that there is only one possible set of civilized nations; he would earn the and invaluable. Our job is to continue
peace. The economy is in ribbons. now legally part of Russia. circumstances in which a negotiation revulsion of the swing states, in Asia, to give that help until the Ukrainians
Mr. Zelensky’s government can As his batty 2021 essay made could take place—and that is when Latin America and Africa, that are have won, and decisively. And then
barely pay its public servants. Of clear, Mr. Putin is possessed by a Mr. Putin has failed. There is only currently cutting him so much slack; of course there will be time to nego-
course it would like a negotiation. chthonic belief that Ukraine is part one way to end this war, and that is he would lose his Chinese patrons; he tiate a peaceful, orderly and lasting
There is only one problem. It is of a holy and indivisible union with to help the Ukrainians expel the Rus- would terrify his own population; and relationship, and friendship, between
the same problem that has con- Russia. He doesn’t merely want the sian invaders from every mile of the he would plunge his country into eco- Ukraine and Russia.
fronted Mr. Zelensky every day since land bridge. He wants the whole territory they have viciously an- nomic isolation of cryogenic ferocity.
Feb. 24. There is nothing to negoti- thing. He has spent so long in his nexed, and certainly everything It isn’t going to happen. We Mr. Johnson served as British

.
ate. No would-be mediator on earth Covid bubble, taking semi-mystic taken since Feb. 24. And please, can should stop talking about it. prime minister, 2019-22.

ly
Biden’s Agenda vs. Trump’s Obsession: Voters Split on the Lesser Evil on
points. For comparison, in 2018, will have suppressed the total Demo- were fewer competitive districts this Republican impeachment supporter
which was generally reported as a cratic vote. But there were six dis- year, in part because of redistricting. who was ousted in a primary, won
wipeout for the Republicans and a tricts in California where, because of But how much was the result of her district two years ago by 13
FREE repudiation of President Trump, the the top-two “jungle primary” sys- targeted voting—the conscious rejec- points. Last week her Trump-backed
us ,

EXPRESSION two-party swing was about 9.5 tem, only Democrats were on the tion by voters in competitive dis- successor lost to a Democrat.
l

By Gerard Baker points. That time the Democrats general-election ballot. That would tricts of Republicans associated with In Colorado’s Third District, uber-
e
al a

T
gained 41 seats. This time the Re- have suppressed the GOP vote. Still, Donald Trump and his “Stop the Trumpy conspiracy theorist Rep.
he system is rigged! Our de- publican gain may be held to fewer it seems likely that there was a mis- Steal” fixation? Lauren Boebert is essentially tied
mocracy is broken! than 10. match this year between Republican It will take time to compile a with her Democratic opponent in a
ci on

There may not have been Put another way, on the last two gains among voters and gains in thorough analysis of how and why district Mr. Trump won by 6 points.
the much-anticipated red wave last occasions in which Republicans re- seats. individual races turned. But it’s These scattered cases can’t ex-
week, but there was a fair-sized Re- ceived between 51% and 52% of the So what happened? widely acknowledged now from Sen- plain the wider discrepancy between
publican tide in terms of the popular House vote in a midterm election, ate and governor races that the House votes and seats, and some
vote that doesn’t seem to have been they won 242 seats in 2010, and 247 Trump factor was significant—the Trumpy candidates won handily too.
er s

reflected in the number of congres- seats in 2014, for majorities of 49 Republicans are likely differential performance between But it seems that in many competi-
sional seats the party won. Don’t and 59 seats. This year, with a simi- Trumpy Senate candidates and non- tive districts Republicans should
to take back the House,
m er

hold your breath waiting for an out- lar vote share, they may end up win- Trumpy gubernatorial candidates in have won, voters were turned off by
raged media to tell us how American ning 219 or 220 seats, a majority of though it’s close enough Ohio and Georgia, for example, and the party’s continuing flirtation—or
democracy is fatally flawed. three or five. hefty defeats for the Trumpiest of worse—with those who would undo
There are still votes to be counted It’s even possible that the Demo- that we still aren’t sure. gubernatorial candidates in Pennsyl- a previous election.
(thanks, California, technology capi- crats could hold their House major- vania, Michigan and Wisconsin are Americans seem to have voted in
m rp

tal of the world, which tallies ballots ity in an election in which a majority too striking to ignore. solid numbers for Republicans to
at the pace of an 18th-century Eng- of voters seem to have chosen Re- The demographic changes in the In the House there is intriguing take back the House and block Presi-
lish rotten borough) and the final publicans. Surely principled Demo- composition of the GOP vote may be scattered evidence of a similar pat- dent Biden’s progressive agenda. But
number may change, but as it crats must now start to demand making the party’s election perfor- tern. In Michigan’s Third District, across the country, in elections for
stands, Republicans are leading the changes to the way Americans pick mance less efficient than in the past. Rep. Peter Meijer voted to impeach House, Senate, governor and, strik-
co Fo

aggregate vote in the 435 House the House as they have insisted must With surveys last week showing sig- Mr. Trump after the Jan. 6 riots. He ingly, secretary of state—Trump sup-
races by about 52% to 47%. be done with the Electoral College nificant Republican gains among lost renomination in a primary to a porters campaigning to take charge
In the 2020 election, Democratic and the Senate. Hispanic and black voters, the Trump supporter, John Gibbs, who of states’ electoral system almost all
House votes exceeded Republican There are qualifications. Not all party’s share might have been signif- went down by 13 points in a district lost—election deniers and Trump ac-
ones by 3 percentage points. If this House seats are contested, and more icantly boosted in deep-blue urban Mr. Trump won in 2020 by 3 points. olytes were routed.
year’s numbers hold, that represents Republicans than Democrats ran districts, where it still lagged way In Washington’s Third District, There’s a message in there some-
a swing in the margin of almost 8 without opposition this year. That behind the Democrats’. Second, there Rep. Jaime Herrera Beutler, another where.

America’s Discord Looks Like a Job for the Superego

By Lance Morrow unfolding before them is somehow If I behold Mr. Trump now, I see a has been digitally augmented. drugs and political divisions that are
n-

D
instantly archaic. It is, as it were, portly silhouette from another era of It’s hard to run a sane civilization bitter, Balkan, inveterate. The Ameri-
id anyone learn anything? junk. The Barnum & Bailey of Donald history altogether, a figure like Gro- under these conditions, but people can id, which the young once thought
The midterms taught an old Trump, the Alice in Wonderland of ver Cleveland or Chester A. Arthur. adapt. All rapid change makes the charming, is now old, corrupt and
lesson about the dangers of Joe Biden, the doctrinaire be-nice- Once, American intellectuals spoke of world unreal for a time. In the early horrible.
no

projection, the overwrought narra- or-else of the canceling woke, the seeking a “usable past.” America to- 19th century, at the start of the age of The American ego, in the mean-
tive line and metaphors (like “red paramilitary fruitcakes loose in the day is glumly in search of a viable steam, people believed that traveling time, is battered and bruised and
tsunami”) that are too vivid and am- land, the decadent gender obses- present. A new present—please. Why on a railroad train at speeds greater drenched in guilt, having long since
bitious for their own good. The out- sions, the assault rifles, the politics are Americans stuck with these ab- than 15 miles an hour would cause in- been persuaded that, whatever its
come hints at something interesting surdities? They suspect they can do sanity. As the train went faster, earlier pretensions, the country in its
about the subtly honorable calcula- better. They dimly remember that women’s uteruses would fly away. It’s essence is a wicked fraud.
tions of voters confronted with medi- It’s hard to run a sane they once did. possible that the midterms are a sig- That leaves the superego—the all-
ocre choices. In the end, reality over- Whatever its tragedies and horrors nal of the country working out an ac- but-abandoned house of religion, ed-
whelmed the scenarios. It’s nice to civilization in an (there were many), the 20th century commodation with the new physics ucation, ideals and character. That’s
know that Americans aren’t as pre- atmosphere of political seemed real. No one is sure about the and metaphysics. where the rebuilding will be done, if
dictable as their politicians and me- 21st, which goes in for hysteria and Freud’s model may still be useful. at all. It’s to the superego that the
dia geniuses assume they are. hysteria and hallucination. hallucination. Is history on drugs? Is Think of the condition, in the year dawning sense of American embar-
But the most useful lesson of this it a kind of professional wrestling, a 2022, of the American id, ego and su- rassment should retreat and set up
election season has to do with some- mere performance, a fake? perego. Ask which one of them domi- shop. I like to think that the estima-
thing subtler: The results may sug- of germs, the recreational looting, The human brain has acquired new nates the other two—which of them ble Ben Sasse, who is resigning his
gest a kind of embarrassment start- the law that turns felons loose, pan- instruments—auxiliary electronics has power in the land. U.S. Senate seat to become president
ing to spread in the American civic demic homelessness, the trillions in that are hooked into algorithms orga- It’s still the worst of the bunch: of the University of Florida, has some
mind. It’s an awakening suspicion debt that means nothing, the wide- nized, with ulterior purpose, in some the ignoble id—the old rock star, the such calculation in mind.
that this mess is what the country open border and the sanctimony—all sinister way. Smartphones and social wreck of the ’60s, still smelly and
deserves and is its responsibility to of this dreary cultural programming media have become universal. So now, pornographic, except that in the 21st Mr. Morrow is a senior fellow at
fix. There’s something to be said for begins to seem threadbare, obsolete, in the scheme of 21st-century psycho- century the frolics of its youth (un- the Ethics and Public Policy Center
embarrassment—even for shame. ridiculous. politics, hysteria and hallucination are trammeled sex, recreational drugs, and author of “The Noise of Type-
This self-discomfort is connected The pageant of our world gets old the meat and potatoes of the public radical politics) have hardened into writers: Remembering Journalism,”
to the way people in the 21st century before our eyes. And yet we seem to mind. The customary human madness plagues of mass pornography, killer forthcoming in January.
experience history. It has been borne be bound to the wheel of this non-
in on Americans for a couple of years sense, doomed to repeat it. America
now that so much of the spectacle needs a new team of writers.
Running Jump-Started My Prayer Life
By Mike Kerrigan or adoration—was about 10 to 1. that was enough. Before long,

I
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY This was a spiritual problem easily though, something changed.
Rupert Murdoch Robert Thomson s it acceptable to smoke while diagnosed in athletic terms: My form At some point I stopped ignoring
Executive Chairman, News Corp Chief Executive Officer, News Corp praying? How about to pray was bad, and my repetitions insuffi- the pain through prayer and started
Matt Murray Almar Latour while smoking? The old joke il- cient. Where better to address this using it. I gave my fleeting aches to
Editor in Chief Chief Executive Officer and Publisher
lustrates an important truth: How than during the morning exercise I God as a small sacrifice to serve his
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: you frame a question determines the already do? I determined to use run- redemptive purposes in the world. In
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; answer you receive. An underlying ning to jump-start my prayer life. It the vernacular of my Irish-Catholic
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
insight—the benefit of marrying duty wasn’t as enjoyable to me as the holy childhood, I offered it up. And then I
Thorold Barker, Europe; Elena Cherney, News; with joy—has helped me immensely. smoke sought in the joke, but the flew.
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business I know not to seek permission to jog rhythm of running matched the ca- Exercise prayer should be repeti-
Writing; Michael W. Miller, Features & Weekend; Information & Services, Operations; Robert Hayes, in place during Mass, but I’ve been dence of prayer, so it’s where I began. tive, not meditative, and it need not
Emma Moody, Standards; Shazna Nessa, Visuals; Chief Business Officer, New Ventures; praying while exercising for some When pain introduced itself on accompany exertion minute for min-
Elizabeth O’Melia, Chief Financial Officer;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
time. lengthy loops with faster friends, I ute. When pain comes, you can de-
Investigations; Amanda Wills, Video
WSJ | Barron’s Group; Jennifer Thurman, Chief While my physical health has held trained myself to stop thinking in cide if offering it up is right for you.
Paul A. Gigot Communications Officer; Sherry Weiss, Chief up over five decades, some years distances. The hilltop that marked As for me, running helped me pray—
Editor of the Editorial Page Marketing Officer ago I discerned a certain spiritual the end of a footrace wasn’t 100 and then praying helped me run.
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
flabbiness. I wasn’t praying much, meters off; it was one “Hail Mary”
1211 Avenue of the Americas, New York, N.Y., 10036 and when I did, my petition-to- away. This took my mind off the Mr. Kerrigan is an attorney in
Telephone 1-800-DOWJONES thanksgiving ratio—forget contrition burning in my lungs, and initially Charlotte, N.C.
 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.

A18 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

Evolution never
looked so good.

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no

An electric vehicle lineup built for America.

Introducing the First-Ever All-Electric Silverado EV,
Blazer EV and Equinox EV. Alongside Bolt EV and
Bolt EUV, Chevy will offer an EV for any lifestyle.
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Preproduction models shown. Actual production models will vary. 2024 Silverado EV available fall 2023.
2024 Blazer EV SS shown available fall 2023. 2024 Equinox EV 3LT shown available starting spring 2024.
 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.

TECHNOLOGY: APPLE VS. EPIC GAMES DISPUTE IS HEARD IN APPEALS COURT B3

BUSINESS & FINANCE

© 2022 Dow Jones & Company. All Rights Reserved.

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* * * *

DJ TRANS g 0.15%
THE WALL STREET JOURNAL.

WSJ $ IDX À 0.37% 2–YR. TREAS. yield 4.406%

Tuesday, November 15, 2022 | B1

NIKKEI (Midday) 27994.68 À0.11% See more at WSJ.com/Markets

Berkshire Buys $9 Billion in Stocks

$3.5 billion

3.0 FTX token daily

trading volume
2.5
Buffett’s company ward energy companies Occi- boost in after-hours trading Berkshire’s investments after The three months through
2.0
dental Petroleum Corp. and Monday. the market closed Monday, September were a tumultuous
adds Chevron, TSMC, Chevron Corp., according to Overall, Berkshire spent $66 when the company released its period, when hopes and fears
Occidental, Jefferies filings. billion buying stocks in the latest 13-F filing. The Securities around Federal Reserve policy 1.5
Berkshire also opened new first nine months of the year. and Exchange Commission re- sent stocks higher and then
to its portfolio positions in Taiwan Semicon- That is more than 13 times its quires all institutional inves- crashing. The S&P 500 in Sep- 1.0
ductor Manufacturing Co., spending over the same period tors that manage more than tember logged its biggest
BY AKANE OTANI American building-materials in 2021. $100 million to file the form monthly drop since the 0.5
manufacturer Louisiana-Pa- “This is classic Buffett,” said within 45 days of the end of Covid-19 selloff of 2020.
The stock market has had a cific Corp. and Jefferies Fi- David Kass, a finance professor each quarter. Because institu- Berkshire wound up seizing 0
rough year. That has made it nancial Group Inc. and added at the University of Maryland’s tions must disclose their equity narrow windows of opportu- Jan. 2022 June Nov.
irresistible to Warren Buffett’s to its existing stakes in Para- Robert H. Smith School of holdings and the size of their nity to buy energy stocks when Note: As of Nov. 13
Berkshire Hathaway Inc. mount Global, Celanese Corp. Business. “He is being greedy positions on the form, inves- they were trading down from Source: CoinMarketCap
Berkshire spent roughly $9 and RH, formerly known as when others are fearful and tors often view 13-Fs as a way Please turn to page B2
billion on the stock market in
the third quarter, with roughly
a third of that money going to-
Restoration Hardware.
The stocks that Berkshire
revealed new positions in got a
fearful when others are
greedy.”
Investors got a close look at
to see how large money man-
agers have been betting on the
stock market.
 Stocks slip after last week’s
big rally........................................ B11
FTX’s
Digital
British Retailers, Drowning in Apparel, Coin Was
Pensions
Add Equity Resort to Early Holiday Bargains At Heart
BY SUZANNE KAPNER

Derivatives Retailers are dangling big

Of Fiasco

.
sales well ahead of Black Fri-
BY JULIE STEINBERG day, a reversal from the past A little-traded digital cur-

ly
two years when scarcity al- rency created by Sam Bank-
LONDON—Derivatives lowed stores to charge full man-Fried’s now-bankrupt
rocked the British bond mar- price for many products, from FTX cryptocurrency exchange
ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL

ket. In response, some U.K.

pension funds are adding more
of them to stock portfolios.
The crisis fueled by LDI, or
sweaters to washing machines.
The deep discounting, which
started in October, could weigh
on retail profits as chains enter
on played a crucial role in the
company’s collapse.

By Patricia
liability-driven investment the year-end shopping rush, Kowsmann,
us ,

strategies, has forced pensions analysts said. The pressure is Caitlin Ostroff
l

to set aside more cash to meet particularly acute for apparel and Vicky Ge Huang
e
al a

higher collateral requirements retailers, which have started to

for bond positions. To adjust, see prices fall after two years The digital currency is FTT,
some pension funds are freeing of gains. which was created by FTX. It
ci on

up cash from their equity hold- Gap Inc., American Eagle isn’t unusual for a crypto ex-
ings, by switching some invest- Outfitters Inc., Victoria’s Se- change to issue its own cur-
ments into derivatives such as cret & Co. and Under Armour rency, both to allow founders
futures and total-return swaps. Inc. each said their prices on and early investors to profit if
The move carries risks, average were lower over the Victoria’s Secret is among the clothing chains where average prices fell below the year-earlier period. the value rises and to moti-
er s

since investing via derivatives summer than during the same vate traders to use the ex-
makes investors more exposed period in 2021. American Eagle Average size of discounts for selected categories, 2022* change.
m er

to changes in the value of an said its average selling price FTT was different though
underlying asset. That makes
it effectively a form of lever-
was 4% lower in three months
ended July 30 than during the
Apparel 17.0 because of the tight connec-
tion between FTX and Mr.
age, similar to using borrowed same period a year ago. Bankman-Fried’s trading firm,
money, since it amplifies an “We do expect the higher
Footwear 8.7 Alameda Research, which also
m rp

investment’s potential gains or discounting and promotional collapsed last week. Alameda
losses. activities kind of given the Apparel accesories 8.4 played an unusual dual role by
There are also benefits. By evolving market conditions,” holding most of the FTT out-
doing this, pensions can keep David Bergman, Under Ar- Sports outdoor 6.0 standing and being the main
hold of their LDI positions, mour’s finance chief, told ana- trading partner for the cur-
4.8
co Fo

Please turn to page B10 lysts in early November. But Home goods rency, according to people fa-
he said he didn’t expect prices miliar with the transactions.
to dip below 2019 levels. Toys 2.8% *Excludes inflation/deflation Alameda then used FTT as
Apparel was the only cate- collateral to get hundreds of
Estée Lauder gory out of nearly a dozen
where prices are lower than month in 2021. analyst with BMO Capital Mar- and the prices are so good,”
Source: Dataweave
millions in loans, people famil-
iar with the matter said. The
Nears Deal last year after factoring in dis-
counts and deflation, accord-
By contrast, inflation
pushed up prices for appli-
kets. “But most apparel com-
panies are seeing pricing pres-
said Ms. Shaughnessy.
Overall, consumer prices
Wall Street Journal also re-
ported FTX lent cryptocurren-

For Tom Ford ing to DataWeave Inc., an ana-

lytics company that online
prices for thousands of items
ances, beauty products, elec-
tronics, furniture and toys
over the same period. For the
sure now. Even though their
costs are up, retail prices for
apparel are deflating.”
rose 7.7% in October compared
with the same month last year,
down slightly from recent
cies from its own customers to
Alameda. It couldn’t be deter-
mined if FTT was used as col-
BY LAUREN THOMAS across retailers. most part, the discounts of- Martha Shaughnessy, 43 months but still near a four- lateral for the customer loans.
Apparel prices on average fered by retailers in those cat- years old, a publicist who lives decade high. Mr. Bankman-Fried, FTX
n-

Estée Lauder Cos. is near- fell 3.3% from January to Oc- egories weren’t enough to off- in San Francisco, recently took Before the pandemic, ap- and Alameda didn’t respond to
ing a deal to buy Tom Ford tober, compared with the same set inflation, meaning that advantage of a sale at Saks parel retailers, particularly de- requests for comment. Ryne
for roughly $2.8 billion, build- period in 2021, DataWeave consumers are still paying Fifth Avenue to snap up a partment stores and other Miller, general counsel for
ing on a longstanding licens- said. That deflation coupled more for them than they did a dress for herself and sweaters mall chains that were strug- FTX’s U.S. arm, said he isn’t
no

ing deal and marking the cos- with promotions offered by re- year ago. for her aunt and mother-in- gling, had gotten shoppers answering media requests.
metics giant’s largest-ever tailers meant that consumers “Apparel prices went up at law. Her husband bought two Please turn to page B2 The arrangement also proved
acquisition, according to peo- paid roughly 5% less for cloth- the beginning of the pandemic sweaters at Lands’ End that to be Mr. Bankman-Fried’s un-
ple familiar with the matter. ing they purchased in October due to inventory scarcity,” were 30% and 50% off. “We’re  The U.S.-Europe luxury-price doing. A report on CoinDesk, a
Estée Lauder prevailed in compared with the same said Simeon Siegel, a senior not even at Black Friday yet gap: Heard on the Street. B12 Please turn to page B11
an auction for the high-end
fashion label that drew com-
petition from big names in
luxury, including Kering SA.
The French company was
Suit Challenging Musk
poised to win the auction ear-
lier this month, The Wall
Street Journal reported.
Pay Rests on His Role
Should the talks not hit a BY REBECCA ELLIOTT dictate the terms of the grant,
last-minute snag, a deal could AND MEGHAN BOBROWSKY which vests based on Tesla’s
be announced Tuesday, one of valuation and achievement of
the people said. WILMINGTON, Del.—Open- various milestones.
The Financial Times re- ing-day testimony in the trial The plaintiff also alleges
ported on Friday that Estée over Elon Musk’s multibillion- that the deal was unnecessary
Lauder was set to clinch a deal dollar pay package at Tesla to motivate Mr. Musk. A
Please turn to page B2 Inc. centered on the chief ex- plaintiff’s attorney pointed to
ecutive’s role in determining a May 2017 Tesla earnings
his own compensation. call in which Mr. Musk said he

INSIDE A Tesla shareholder, Rich-

ard Tornetta, is seeking to
nullify Mr. Musk’s 2018 com-
planned to be actively in-
volved in the company for the
rest of his life.
pensation grant, alleging that A cross-examination of Mr.
Mr. Musk controlled the Ehrenpreis by a plaintiff’s at-
BRETT DEERING FOR WSJ

board’s consideration of his torney zeroed in on the extent

pay package and failed to dis- to which the compensation
close crucial information to plan aligned with what Mr.
shareholders, who signed off Musk sought. Mr. Ehrenpreis
on it. The package is valued said board members consid-
at around $51 billion at recent ered multiple options before
share prices. settling on the plan share-
BUSINESS NEWS Ira Ehrenpreis, who ran holders eventually endorsed.
Tyson Foods’ board is point for Tesla’s board on de- Mr. Musk, who doesn’t ac-
vising the plan, testified that cept a salary from Tesla, has
reviewing the incident the pay package featured “ex- secured all but one of the 12
that brought the arrest traordinarily ambitious and tranches of options available
of the CFO. B3 difficult” hurdles and was under the grant based on
meant to keep Mr. Musk en- Tesla’s having achieved vari-
COMMODITIES gaged in the car maker. Mr. ous targets.
Good weather for Musk owned around 22% of The company’s market cap-
Tesla at the time and had italization has increased more
coffee growing sends close ties to several directors. than 10-fold since sharehold-
prices down 20% in Mr. Ehrenpreis and Todd ers signed off on the CEO’s
a month. B11 Maron, then Tesla’s general pay package, helping Tesla
counsel, said Mr. Musk didn’t Please turn to page B2
 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.

B2 | Tuesday, November 15, 2022 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

Merlin
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A H Omnicom.....................B4

Appoints
Activision Blizzard....B12 Hasbro.......................B11 P
Agile............................B6 H&M ............................ B4 Paramount Global.......B1
Alphabet................A3,B4 I Publicis........................B4

Sports
Amazon.com
IAC.............................B12 R
.................... A1,A4,B4,B6
American Eagle Interpublic...................B4 RH................................B1
Outfitters..................B1 J Rio Tinto ..................... B6

Executive
American Express.......B2 Jefferies Financial......B1 Roche...........................A3
Angi...........................B12 K S
Ant...............................B3 SoftBank...................B11
Apple...........................B3 Kering..........................B1
Starbucks..................B11

As CEO
B L Stripe .......................... A4
Bank of America.........B2 LendingTree...............B12 Sunny Optical
Berkshire Hathaway.B12 Longfor.........B6,B11,B12 Technology................B3
BHP..............................B6 Louisiana-Pacific.........B1 T
ByteDance...................B4 Lyft ...................... A4,B12 Taiwan Semiconductor
BY JOE FLINT
C M Manufacturing..........B1
Celanese......................B1 Merlin Entertainments Tesla.....................B1,B11 Merlin Entertainments,
Chevron ....................... B1 .....................................B2 Tom Ford.....................B1 the British-based theme park
Meta Platforms Twitter.................B6,B11
China Evergrande......B12
Tyson Foods................B3
and resort operator, has
Coca-Cola...................B12 ..........................A4,B4,B6 tapped veteran sports and me-
Country Garden...B6,B12 MGM Resorts U
International...........B12 dia executive Scott O’Neil as

ERNEST SCHEYDER/REUTERS
E Uber Technologies .... B12
Microsoft.............A2,B12 Under Armour.............B1 its new chief executive.
Epic Games ................. B3
Estée Lauder...............B1
Moderna......................A5 V Mr. O’Neil succeeds Nick
Expedia......................B12 N Victoria’s Secret.........B1 Varney, who announced his
F-G Nestlé........................B11 Vimeo........................B12 plans to retire earlier this year
Frontier Airlines ......... B3 O W after more than two decades
Gap .............................. B1 Occidental Petroleum.B1 WPP.............................B4 at the helm.
With more than 140 attrac-
Energy stocks like Occidental Petroleum have soared in 2022. tions in 24 countries, includ-
INDEX TO PEOPLE ing 10 Legoland theme parks

A Gates, Bill...................A4
Hoge, Stephen............A5
O'Neil, Scott ............... B2
Read, Mark..................B4
Berkshire for the year.
Over the following weeks,
the stock market tumbled.
vasion of Ukraine sending oil
prices higher. Even as crude oil
has retreated from its high of
and partnerships with Lego,
Hasbro Inc. and Sony Pictures
Entertainment, Merlin Enter-
Allen, Paul .................. A2
B
Bankman-Fried, Sam
..........................A1,A2,B1
Jassy, Andy.................A1
King, Donnie................B3
L-R
Roger, François-Xavier
...................................B11
Rosenberg, Kerrin.....B10
Adds Berkshire waited. Then, in the
final week of September, Berk-
shire bought nearly 6 million
the year, energy stocks have
continued to dominate the
stock market.
tainments is one of the world’s
largest theme-park companies,
behind only Walt Disney Co. in
Bergman, David..........B1
Bezos, Jeff..................A4
Buffet, Warren
........................A4,B1,B12
Lam, Michelle ............. B6
Lerner, Keith.............B11
Levin, Joey................B12
S-Y
Siegel, Simeon............B1
Solca, Luca................B12
Occidental more Occidental shares at
prices ranging from $57.91 to
$61.38, according to an SEC
Berkshire had about $24.4
billion of Chevron shares at the
end of September, making it
attendance.
Besides its Lego parks, Mer-
lin Entertainments also oper-
Lu, Ting.......................B6 Thill, Brent................B12 filing. the company’s third-biggest ates “Peppa Pig” parks based
C-K Ma, Jack......................B3 Tornetta, Richard........B1 Continued from page B1 The timing could hardly stockholding. on the Hasbro character and
Chu, Albert................B11 Marci, Kayla................B4 Tyson, John R.............B3
Musk, Elon...........B1,B11 Varney, Nick................B2 recent highs—a move that has have been better. Occidental’s Meanwhile, Berkshire kept announced a deal with Sony
Dhar, Vivek..................B6
Diller, Barry...............B12 Nollen, Tim ................. B4 Xing, Zhaopeng...........B6 proved prescient, given how stock has risen above $70 a large stakes in financial stocks. earlier this year for rides and
Dusen, Lori Van........B11 Olsavsky, Brian...........A4 Yao, Wei......................B6 energy stocks have soared share gain. Bank of America Corp. and attractions based on the “Ju-
again. Over the course of the third American Express Co., for in- manji” film franchise.
For instance, Occidental Pe- quarter, Berkshire also added stance, made up around 17% of In an interview, Mr. O’Neil

.
Musk Pay ficer Deepak Ahuja, Chair
Robyn Denholm, board mem-
troleum climbed to $75.26 a
share in August. At the time,
to its stake in Chevron.
Energy stocks have soared
its equity portfolio valued at
$306 billion at the end of the
said he wants to further pur-
sue partnerships with compa-

ly
ber James Murdoch and for- that marked its highest price in 2022, thanks to Russia’s in- third quarter. nies that have intellectual

Trial Gets mer board members Antonio

Gracias and Brad Buss.
on property that is a good match
for its parks. “We will be very

Under Way
The trial comes at a busy
time for Mr. Musk, who has
been making his mark on
Deal for active in making sure brands
know we are open for busi-
ness,” he said.
Twitter, laying off around 50%
of its staff and implementing Tom Ford Mr. O’Neil, 52 years old,
was previously chief executive
us ,

Continued from page B1 various product changes. He of Harris Blitzer Sports & En-
l

become the world’s most also runs rocket company

Is Near tertainment, whose holdings
e
al a

valuable car maker and Mr. SpaceX. include the Philadelphia 76ers
ANINDITO MUKHERJEE/BLOOMBERG NEWS

Musk its wealthiest person. “I have too much work on NBA franchise and the NHL’s
A plaintiff’s attorney, dur- my plate, that is for sure,” Mr. New Jersey Devils franchise.
ci on

ing his cross-examination of Musk said in a virtual appear- Continued from page B1 He left that position in June
Mr. Ehrenpreis, showed an ance at a conference in Indo- for closely held Tom Ford. 2021. He also served as presi-
email in which Mr. Musk told nesia Monday. The Journal reported in Au- dent of Madison Square Gar-
Mr. Maron, the former gen- Attorneys representing the gust that Estée Lauder, which den Sports, where he was in
eral counsel, that he wanted current and former board sells brands including Clinique charge of the business opera-
er s

to urge a shareholder to di- members say shareholders and M.A.C., was talking to tions for the NBA’s New York
vest himself from Tesla if the were fully informed when Tom Ford about a deal that Knicks, the WNBA’s New York
m er

shareholder didn’t approve they signed off on Mr. Musk’s could have been worth at least Liberty and the NHL’s New
the pay package. 2018 pay package. on it. $3 billion. Volatility in mar- York Rangers.
The investor voted against “At a critical juncture for kets and fears of a softening Tom Ford is best known for its menswear but also sells fragrances. Like Disney, which last
the pay package and later the Company, the Plan moti- economy appear to have week reported record quar-
added to its Tesla holdings, vated Musk to focus his ex- dented the price tag some- Estée Lauder is expected to South Korean skin-care com- terly revenue results at its
m rp

Mr. Maron later testified. ceptional talents on Tesla what. strike new licensing agree- pany Have & Be Co. in 2019. A theme parks, Merlin Entertain-
Chancellor Kathaleen Mc- when Musk’s future with Tom Ford is best-known for ments for Tom Ford’s fashion few years before, it paid ments said it believes it has
Cormick, the judge in the Tesla was uncertain, espe- its menswear, though it also and eyewear, the person said. around $1.5 billion for Too turned the corner following
five-day, nonjury trial, isn’t cially given his other interests sells womenswear and acces- Estée Lauder this month Faced Cosmetics LLC. the slowdown in attendance in
expected to issue a verdict for and opportunities,” they said sories as well as a fast-grow- said its organic sales dropped Kering, whose brands in- recent years because of the
co Fo

months after the trial con- in a court filing. ing, high-end line of cosmetics 5% in the latest quarter, hurt clude Gucci, Saint Laurent and Covid-19 pandemic.
cludes. The judge also pre- Employee stock options and fragrances. Tom Ford’s by Covid-19 lockdowns in Balenciaga, last month posted In the company’s half-year
sided over Twitter Inc.’s law- have been at the heart of sev- beauty business is considered China and a slowdown in or- a higher-than-expected rise in review, Merlin Entertainments
suit seeking to compel Mr. eral controversies at Tesla, an ultraprestige brand. ders from U.S. retailers. The sales, boosted in part by U.S. said Covid restrictions have
Musk to close his $44 billion where the question of who Estée Lauder has been es- New York beauty company tourists spending freely in lessened significantly in many
deal for the social-media com- should benefit from the com- pecially interested in that also lowered its outlook for Paris and elsewhere in Europe. of the regions where it oper-
pany. The transaction closed pany’s stratospheric rise has business, with which it main- the current fiscal year. Mr. Ford, a Texas native, ates. The significant exception
late last month, before the led to tension, The Wall tains a licensing deal. It is It has been an active ac- founded his eponymous brand is China, where lockdowns
case went to trial. Street Journal recently re- less-versed in apparel, but the quirer over the years, but its after a long stint as creative continue to keep attractions
Mr. Musk is expected to ported. An issue of broader takeover could allow the com- deals have been relatively director at Gucci. closed.
take the stand on Wednesday. concern for Mr. Musk has pany to venture into new cate- small. A young Mr. Ford was de- Merlin Entertainments is
Mr. Maron is poised to con- been that some employees gories and compete more Estée Lauder paid around picted in the 2021 film “House owned by a consortium that
clude his testimony Tuesday. were making more at Tesla closely with fashion houses $1 billion each to buy the rest of Gucci,” which chronicled includes Kirkbi Invest, the in-
n-

Also due to testify this week than he thought their contri- such as LVMH Moët Hennessy of Canadian beauty company the history of the Gucci family vestment arm of Lego parent
are former Chief Financial Of- butions merited. Louis Vuitton SE. Deciem Inc. in 2021 and the and brand. Kirkbi.
no
ERIN SCOTT/REUTERS

American Eagle said its average selling price was 4% lower in three months ended July 30 than during the same period a year ago.

Holiday past two years helped them

break the cycle of overbuying
and discounting that had
excess supply that they now
must promote to clear out.
Of 150 U.S. retail executives
his wife at Express Inc., where
they were on sale for 60% off.
“The discounts are definitely

Bargains eroded profits for decades. But

the interlude was short.
“Twelve to 18 months ago,
polled in September by the
consulting firm Accenture
PLC, almost all said they had
bigger than a year ago,” he said.
Tom Martin, 45, a private
wealth adviser in Hartford,

Start Early discounts almost went away,”

said Brad Wilson, the editor in
chief of Brad’s Deals, an online
increased promotional activity
during the holiday season.
More than a third said their
Conn., recently loaded up on
hoodies for his two sons at
Target Corp., where they were
discount guide. “Last year, if companies are using deep dis- selling for $6 each. He also
Continued from page B1 you needed something, you counts to unload excess stock. took advantage of sales at
hooked on discounts. Those didn’t wait and shop around Mr. Wilson said the dis- Gap, and Hollister Co., where
that tried to eliminate promo- for a lower price, because it counts he is tracking are deep- T-shirts and other items were
tions, like JCPenney under for- wouldn’t be there—it would est on clothing. “I can almost 40% to 60% off.
mer CEO Ron Johnson, were sell out. This year, it’s a 180- feel the desperation of retail- Mr. Martin said the prices
punished by shoppers. degree change.” ers there,” he said. “These dis- are so good that he is buying
The pandemic offered these As the supply-chain bottle- counts aren’t typical for early extra clothes for his children
retailers a respite of sorts. The necks eased this spring and November.” in larger sizes that they can
temporary factory closures, people shifted their spending Benson Gitau, 36, a security grow into. “These are the
shipping delays and other sup- to experiences outside the engineer in Houston, recently types of sales you usually see
ply-chain problems that kept home, clothing piled up on re- bought sweaters on sale at on Black Friday or Cyber Mon-
goods in scarce supply over the tail shelves, leaving stores with American Eagle, and jeans for day,” he said.
 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.

THE WALL STREET JOURNAL. * * * * Tuesday, November 15, 2022 | B3

BUSINESS NEWS

Apple, ‘Fortnite’ Battle Takes New Step

Appeals court begins pornsters and hackers and
malware and spyware and for-
hearing of case pitting eign governments who wish to
Epic Games against hijack the phone and GPS and
microphone feature of the de-
Apple over App Store vice,” he said.
In a filing earlier this year,
BY TIM HIGGINS Justice Department lawyers
AND AARON TILLEY cautioned that the district
court’s ruling offered a narrow
A two-year legal battle be- and incorrect interpretation of
tween Apple Inc. and “Fort- the Sherman Act, which pro-
nite” maker Epic Games Inc. hibits activities that restrain
over how apps are distributed market competition. The de-
on the iPhone took its next partment warned the ruling
steps before the Ninth U.S. potentially sets a precedent
Circuit Court of Appeals on for anticompetitive agree-
Monday. ments and practices that fall
The two sides have engaged outside of the law’s protection.
in a very public and acrimoni- “The district court commit-
ous fight with billions of dol- ted several legal errors that
lars at stake on each side. At could imperil effective anti-
the heart of the dispute is how trust enforcement, especially
Apple operates its app store in the digital economy,” the
and Epic’s contention that the Justice Department warned in
company collects an unfair cut a filing.

JEFF CHIU/ASSOCIATED PRESS

of revenue generated through Among the government’s
the software platform. concerns was the district
U.S. District Judge Yvonne court’s conclusion that Apple’s
Gonzalez Rogers last year agreement with developers
mostly sided with Apple, re- isn’t a contract subject to the
jecting all but one of Epic’s Sherman Act because it was
claims and declaring the something app companies had
iPhone maker wasn’t a monop- Apple representative Mark Perry on Monday argues on how Apple’s system is important for keeping the iPhone secure. to accept to be in the App
olist in what she described as Store.
“the submarket for mobile of their apps and Apple’s the “beating heart” of the case Apple’s system is important “The real difference be- The Justice Department
gaming transactions.” reach. She ordered Apple to is whether Apple’s walled-gar- for keeping the iPhone secure. tween the Mac and the iOS also took issue with the dis-
Back then, the judge re- stop that, but her orders are den approach to its iPhone “Any anti-competitive harm system is human review,” said trict court’s evaluation of pric-
jected Epic’s request to force on hold while the appeals pro- App Store hurts competition. is offset by the pro-competi- Mr. Perry. “Mac uses purely ing evidence and its definition
Apple to let programs be cess plays out. “The only thing that is kept tive benefits,” said Mr. Perry, technical review. The iOS uses of the market.
downloaded onto the iPhone On Monday, the higher out by Apple’s walled garden quoting from the district-court a very robust and expensive Apple has said the Justice
outside of the rules and reach court heard both sides’ ap- is competitors,” he said at the judgment. level of human review.” Department’s stance advocated

.
of the App Store. She did rule peals in person. A new wrinkle hearing. “I haven’t been able One of the three judges, Mi- Apple’s walled-garden ap- a “new legal position that, if
that Apple was violating Cali- for Apple since the May 2021 to conceive of a theory of the lan Smith Jr., asked Apple’s proach makes the iPhone more accepted, would make it easier

ly
fornia’s Unfair Competition trial is the emergence of the case in which Apple should le- lawyer about the differences secure than the Mac, PC and for them to win antitrust law-
Law, which is a broader stat- Justice Department in the pro- gitimately be immune from between Apple’s more closed Android platforms, argued Mr. suits.”
ute than other antitrust laws, ceedings. antitrust scrutiny,” he said. approach with its mobile oper- Perry, and gives Apple a com- The department has been
by prohibiting app makers
from steering customers to
use payment methods outside
Tom Goldstein, a partner at
Goldstein & Russell P.C. argu-
ing on Epic’s behalf, said that
on Apple representative Mark
Perry, a lawyer at Weil Gotshal
& Manges LLP, focused on how
ating system and the more
open ecosystem of the Mac
operating system.
petitive differentiation.
“What’s kept out by walled
gardens is fraudsters and
looking into the power of big
tech companies, including Ap-
ple.
us ,

Tyson CFO Incident Under Review

l
e
al a

BY PATRICK THOMAS price of pork was 1.5% lower. million from more than $1.1
ci on

Tyson Foods net profit

The sales price of chicken, billion a year earlier. Nearly
$1.4 billion
Tyson Foods Inc. Chief Fi- $538M meanwhile, surged 18%. Prices 40% of Tyson’s $53 billion in
nancial Officer John R. Tyson increased 11% in Tyson’s pre- fiscal 2022 sales came from its
on Monday apologized again 1.2 pared foods business, which in- beef business.
after his arrest last week, and cludes brands such as Jimmy The pork unit swung to a
er s

the company said its board 1.0 Dean and Ball Park. $55 million loss during the
was launching a review of the Tyson said that its chicken quarter. U.S. pork companies
m er

incident. 0.8 business, which produces are paying more for the hogs
Mr. Tyson, the 32-year-old roughly one-fifth of the U.S. they buy from farmers as they
son of the meat giant’s chair- 0.6 supply, improved its operating shrink the size of their herds.
ALY SONG/REUTERS

man, was arrested on Nov. 6 income to $340 million for the In its annual filing, Tyson
for criminal trespass and pub- quarter, compared with a $136 confirmed that the Justice De-
m rp

0.4
lic intoxication, according to a million loss last year. The partment had opened a civil
report by the Fayetteville, 0.2 company is working to revamp investigation into how chicken
Ark., police. He was found its chicken operations, which farmers are paid and their
asleep in the wrong Fayette- have in recent years struggled contracts with processors. The The Chinese finance company has been undergoing a restructuring.
0
ville home, according to the to meet demand. company said it would cooper-
FY2020 ’21 ’22
co Fo

police report.
“I’m embarrassed and I
want to let you know that I
Note: Fiscal year ended Oct. 1
Sources: S&P Capital IQ; the company
Tyson’s chicken problems
have ranged from not hatching
enough chicks to short-handed
ate with the Justice Depart-
ment’s probe.
Tyson overhauled its execu-
Ant Group Subsidiary
take full responsibility for my
actions. I also want to apolo-
gize to our investors, as I have
its business rose 5%, and sales
volume grew 2%. For the year,
processing lines in plants. The
company has had to pay more
for grain to feed its chickens
tive ranks in September, and
announced that Mr. Tyson
would take over the CFO role
Cuts Fundraising Goal
to our employees,” Mr. Tyson
said on a Monday conference
call discussing Tyson’s most
the average sales price was up
12%, while sales volumes were
flat from 2021.
and higher wages to keep
plants staffed.
The company said a plan to
at the beginning of October.
Tyson moved its former CFO
into a new role running its
As Two Investors Pass
recent quarterly results. “We feel good about our revamp its operations, aiming prepared-foods division, and BY CLARENCE LEONG company controlled by Chinese
In a companywide email performance,” said Chief Exec- to save more than $1 billion by assigned its chief legal officer internet-technology company
last week, Mr. Tyson apolo- utive Donnie King. “We deliv- the end of its 2024 fiscal year, to run its international busi- SINGAPORE—The consumer- NetEase Inc. Two state-owned
gized for his actions and said ered record sales and earnings is ahead of schedule and will ness, among other changes. finance arm of China’s Ant firms from Hangzhou and
n-

that he was getting counseling for the full year.” be done by the end of its 2023 It also is closing several key Group Co. is planning to raise Chongqing are also buying
on alcohol usage. Tyson shares slipped 3.8% fiscal year. The plan includes offices in Illinois and South the equivalent of $1.5 billion in shares of the Ant unit.
On Monday, the company on Monday. The company’s building new plants and auto- Dakota that housed about new capital, scaling back its Ant, which operates the
said profit for the three stock is down about 25% year mating parts of existing ones. 1,000 employees and is aiming fundraising ambitions after a ubiquitous mobile payments
no

months ended Oct. 1 dropped to date. Tyson said it now expects to relocate those positions to large state-backed investor network Alipay, makes unse-
to $538 million from $1.4 bil- Tyson said the average sales overall sales to be between its Arkansas headquarters. Mr. backed out of a previous plan. cured loans to millions of Chi-
lion a year earlier, falling price for beef was 8% lower $55 billion and $57 billion for King said he wasn’t sure how Chongqing Ant Consumer nese consumers through a pair
short of what Wall Street ana- over the fiscal fourth quarter, 2023, higher than analysts had many employees would choose Finance Co., a company that of lending services called Hua-
lysts had expected. Quarterly compared with the same period predicted. to move to Arkansas. the financial-technology giant bei, which means “just spend,”
revenue grew about 7% to a year ago, as consumers opted Quarterly operating income —Dean Seal set up in mid-2021 to house its and Jiebei, which means “just
$13.7 billion as prices across for cheaper meat cuts. The from its beef unit fell to $375 contributed to this article. personal-lending business, is borrow.” The two services are
planning to increase its regis- now housed within the con-
tered capital to 18.5 billion sumer-lending unit, which can

Airlines Are Fined for Refunding Delays yuan, equivalent to $2.6 billion,
from 8 billion yuan, according
to regulatory filings from some
of the companies taking part in
extend credit from its own bal-
ance sheet or work with banks
to make loans jointly. Alipay

BY ALISON SIDER the capital raise.

Last December, the Ant unit
The Transportation Depart- had said it planned to raise
The consumer-
ment is levying penalties more than $3 billion to help it lending unit aims to
against six carriers it says were make loans, with a large chunk
prone to “extreme delays” pay- of that money coming from
raise $1.5 billion in
ing refunds they owed to pas- China Cinda Asset Manage- new capital.
sengers throughout the pan- ment Co., a state-owned finan-
demic. cial institution.
DANIEL BRENNER/BLOOMBERG NEWS

Five of the carriers which Not long after, Cinda de-

were fined are foreign airlines. cided against participating in users also have the option to
Denver-based budget carrier the capital raise, forcing Ant to obtain loans that are fully
Frontier Airlines was ordered go back to the drawing board. funded by banks.
to pay $2.2 million—the largest Yufu Capital, an investment According to the latest fil-
penalty—and was required to firm owned by the Chongqing ings, Chongqing Ant Consumer
repay $222 million, according local government, also backed Finance posted the equivalent
to the Transportation Depart- out of the plan. of around $156 million in after-
ment. Jiangsu Yuyue Medical tax profit for the first nine
In total, the department as- The carrier was penalized $2.2 million, the largest fine, and required to repay $222 million. Equipment & Supply Co., a months of 2022, on revenue of
sessed $7.25 million in penal- Shenzhen-listed company that about $452 million.
ties against the six carriers and imbursements or enacted more that it disagreed with the de- months about flight disruptions was involved in the earlier Ant has been undergoing a
said its actions helped make stringent policies during the partment’s view and didn’t be- and the impact they have on plan, said Monday that it and lengthy restructuring and busi-
sure those airlines paid more pandemic. The number of con- lieve its actions were unfair or consumers. It has proposed six other participants will con- ness overhaul, which began af-
than $600 million in refunds sumer complaints about re- deceptive, according to the or- new rules clarifying that travel- tribute to the Ant unit’s new ter the company was forced by
they owed after flights were funds soared. der. A Frontier spokeswoman ers can get their money back fundraising plan. Chinese regulators to call off its
canceled or significantly de- Frontier, for example, said that the airline has issued when flight times change dras- Ant owns 50% of its con- blockbuster initial public offer-
layed. In addition to Frontier, changed its definition of a sig- refunds even to customers who tically and required airlines to sumer-lending arm, and is ings in Hong Kong and Shang-
the department also fined Air nificant change in March 2020, voluntarily canceled trips and disclose when customers are pumping in the equivalent of hai in late 2020.
India, TAP Air Portugal, Aer- making it harder for many cus- applied its more generous defi- entitled to reimbursement $739 million in the latest raise. As part of that overhaul, Ant
omexico, El Al Israel Airlines tomers to obtain refunds, ac- nition of a significant delay to rather than vouchers. The other investors taking part has had to fall in line with Chi-
and Avianca. cording to an order issued by customers who booked travel Officials said Monday that include a unit of Hong Kong- nese financial regulations, im-
Airlines are supposed to of- the Transportation Depart- when the stricter policy was in there are no other pending listed electronics-parts manu- prove its corporate governance
fer to refund tickets whenever ment. Frontier revised the pol- effect. The other airlines cases relating to refunds facturer Sunny Optical Tech- and obtain licenses for its main
they cancel a flight or make a icy again in October 2020, ac- couldn’t be reached. against U.S. carriers, though it nology (Group) Co., and businesses.
significant schedule change, but cording to the order. The regulator has grown is continuing to investigate ad- Guangzhou Boguan Telecom- —Rebecca Feng
some were slow to issue the re- Frontier said in a response more concerned in recent ditional foreign airlines. munication Technology Co., a contributed to this article.
 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.

B4 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

BUSINESS NEWS

Complexity for Advertisers

Is Opportunity for Agencies
BY MEGAN GRAHAM Change from a year earlier in organic revenue growth

MIKE SEGAR/REUTERS
Inc.’s TikTok.
Google took 34.7% of U.S.
15%
Major advertising compa- digital ad spending in 2017,
nies have enjoyed good busi- WPP Omnicom Publicis IPG while Facebook Inc.—now
ness in 2022, repeatedly rais- 10 known as Meta—took 20%, ac-
ing their forecasts for the year cording to research firm In-
in quarterly earnings reports, sider Intelligence. By 2023, Owners of the brands H&M, Zara, Gucci and Stella McCartney are
5
even as inflation and economic Google will collect 26.5% of among those buying alternative fibers that will use less carbon.
disruption have roiled other U.S. digital ad spending and
sectors.
Their performance is strik-
ing compared with ad agen-
0

–5
Meta will garner 18.4%, Insider
Intelligence estimates.
Agency companies have re-
Fashion Giants Pledge
cies’ plight five years ago:
Facebook and
MARKETING Google had es- –10 Projection
sponded by building practices
to help marketers on plat-
forms like TikTok and Ama-
More Recycled Fibers
tablished di- 2017 ’20 ’22 ’17 ’20 ’22 ’17 ’20 ’22 ’17 ’20 ’22 zon.
rect relationships with mar- “It feels like the era of the BY DIETER HOLGER Like many sectors, the fash-
keters and were winning Note: Where projections are a range, chart represents the midpoint. The companies use slightly Facebook-Google ad duopoly is ion industry is coming under
different approaches to calculate and describe these revenue figures, but each strips out elements
growing portions of their ad like acquisitions and reimbursable expenses. over,” MoffettNathanson ana- Fashion companies are increased scrutiny from con-
budgets before agencies could Source: the companies lysts wrote in a September planning to buy more recycled sumers and regulators about
even offer their services. note. “And that’s good for the fibers as part of a wider trend where its fabrics come from
More consumers were “cut- dia tech analyst at Macquarie. To help answer those de- agencies.” of businesses using their and the waste it produces. In
ting the cord” with traditional Agency holding companies mands, some agency holding Many marketers today need spending power to foster inno- the U.S., textile waste going to
television, pressuring the including WPP PLC, Interpub- companies made major acqui- to spread funds across a range vative, low-carbon suppliers. landfills has been rising since
agencies’ income from making lic Group of Cos., Publicis sitions: IPG agreed to buy of platforms and navigate con- Owners of fashion brands 1960 and reached 11.3 million
and placing TV commercials. Groupe SA and Omnicom data-management company voluted sets of data to reach H&M, Zara, Gucci and Stella tons in 2018, according to the
And on top of it all, new com- Group Inc. have overhauled Acxiom Marketing Solutions the right consumers, Moffett- McCartney were among com- latest figures from the U.S. En-
petition emerged: Advertis- their businesses to help clients for $2.3 billion in 2018, while Nathanson said. “Every agency panies that said Monday they vironmental Protection Agency.
ing-technology and market- with services such as manag- Publicis Groupe acquired mar- now has a lucrative ‘digital would collectively buy 550,000 The fashion sector is also
ing-technology firms were ing first-party data—the infor- keting-services firm Epsilon in transformation’ business help- metric tons of alternative fi- bracing for regulations from
offering new data services for mation that marketers directly a deal valued at $4.4 billion in ing legacy companies collect, bers to make textiles and the European Union, whose ex-
marketers, while consulting collect on consumers as op- 2019. Firms sharpened up in organize, and analyze that packaging, such as those made ecutive arm published a plan
firms had set their sights on posed to the third-party data areas such as precision mar- data,” the analysts wrote. from agricultural residues or in March that said clothing
the advertising business. now under pressure from keting to help businesses Marketers also are con- recycled materials. The should be “long-lived and recy-
Some major owners of ad Google, which plans to elimi- reach consumers directly fronting a proliferation of ad- planned purchase represents clable, to a great extent made
agencies watched their growth nate third-party tracking in its through digital platforms, and vertising venues from retailers only a small portion of their of recycled fibers” by 2030.
slow or flatten in 2017 and web browser, and Apple. bulked up their data and tech- and other businesses with di- total output and no deadline “Mounting pressure on the

.
2018. Agencies are also helping nology offerings. rect consumer interactions, of- was set, largely because the fashion industry to reduce its
Instead of being relegated with e-commerce as brands in- To be sure, marketers take ten incorporating their own materials are currently in environmental footprint has

ly
to the sidelines, however, they creasingly seek to sell directly a range of approaches to their customer data. Walmart lets scarce supply. resulted in conscious fiber al-
have since been bolstered by to consumers. strategies and the way they advertisers use its data to tar- The plan was unveiled as ternatives experiencing a rapid
the advent of new challenges “Clients will come to us and work with outside players, get ads to shoppers across the the United Nations climate uptake within mainstream
for marketers. This includes
the continued splintering of
mass media, soaring demand
for e-commerce during the
say today, ‘How do I succeed
on Amazon?’” said Mark Read,
chief executive of WPP, which
owns agencies including
on with some major brands
choosing to handle some mar-
keting functions largely in-
house. Agencies are also fac-
web, for example. DoorDash,
Kroger, Marriott and CVS
Health run data-driven ad net-
works as well.
conference in Egypt runs into
its second week. Business lead-
ers are increasingly looking for
ways to collaborate and part-
brands,” said Kayla Marci,
market analyst at Edited,
which provides data on the re-
tail industry. Across U.K. and
Covid-19 pandemic, and moves Ogilvy, Wunderman Thompson ing the possibility of reduced Net ad revenues from such ner to help solve their shared European clothing retailers,
us ,

by Apple that have under- and VMLY&R as well as media- marketing budgets from some retail media advertising in the environmental issues to fulfill new products launched online
l

mined the effectiveness of ad buying business GroupM. clients if economic conditions U.S., which exclude some costs net-zero promises amid rising that advertise more eco-
e
al a

targeting on Facebook and “‘How do I build brands on so- worsen in 2023. involved with traffic acquisi- scrutiny from customers, regu- friendly materials have grown
other platforms, analysts and cial media? How do I protect But each new riddle for tion, will grow to more than lators and investors. 21% year over year to date and
executives said. my reputation on the web? marketers gives agencies an $55 billion in 2024 from $37 The First Movers Coalition, are now more than three times
ci on

“The complexity and the How do I build stronger em- opening, executives said. billion this year, Insider Intel- founded at last year’s U.N. cli- the 2019 figure, Ms. Marci said.
fragmentation that has only ployee engagement? What’s Facebook parent Meta Plat- ligence estimates. mate conference in Glasgow, is Recycled textile fibers re-
increased in the ad market my mobile experience? How forms Inc. and Alphabet Inc.’s another global group of 65 duce the need to chop down
over the last many years has do I build direct-to-consumer Google are commanding businesses that uses promises trees and result in fewer green-
actually just fed into the capa- [offerings]?’ Those are all smaller portions of ad budgets More online at of purchasing to foster innova- house-gas emissions, according
er s

bilities and the expertise of questions that they weren’t as marketers also spend on al- C M O TO DAY tive lower-carbon suppliers in to Canopy, a nonprofit encour-
the ad holding companies,” asking, and we weren’t an- ternatives such as Ama- wsj.com/news/cmo-today hard-to-decarbonize areas, such aging the use of environmen-
zon.com Inc. and ByteDance
m er

said Tim Nollen, a senior me- swering, 10 years ago.” as cement, steel and aviation. tally friendly materials.
m rp
co Fo
n-
no

The Creator Economy in 3D

Creating a partnership for growth
Brands, platforms, and creators share common goals when it comes to
content creation: grow revenue, develop a sense of purpose, and create
new ways for people to connect. To develop stronger collaborations that
help creators achieve these goals, brands and platforms should better
understand the priorities and challenges of the creators they work with.
We surveyed 400 creators about their challenges, preferences, and
opportunities for growth with brands and platforms. Covering areas such as
compensation, platform diversification, ideal contracts and the metaverse,
this study can help you shape an approach to collaborating with creators. What makes creators tick?
deloitte.com/us/creatoreconomy Explore the full report.
Copyright © 2022 Deloitte Development LLC. All rights reserved.
 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.

THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | B5

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
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 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.

B6 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

BANKING & TECHNOLOGY

Most Investors Cheer China Housing Plan

BY REBECCA FENG China’s move to dial back its creditor confidence, he said. The new policies also lack Share-price performance of selected Chinese developers this year
real-estate crackdown late last The new policies, which rep- measures to boost demand,
25%
Global investors applauded week, when the country’s cen- resent Beijing’s biggest step yet said Zhaopeng Xing, senior
China’s new plan to resuscitate tral bank and banking regulator to rescue the housing market China strategist at ANZ. Previ-
its ailing housing market, even issued a wide-ranging series of from a downward spiral, in- ous demand-side policies such 0
as economists said the battered measures aimed at supporting cluded encouraging banks to as relaxing purchase limits and
sector is unlikely to rebound the troubled property market. step up lending to the sector mortgage-rate cuts have largely
quickly from its deep slump. The new policies were signed and offer financing to help failed to boost property sales, –25
Shares of Chinese property off on by China’s leader, Xi Jin- stronger developers acquire he added.
developers surged Monday. ping, The Wall Street Journal projects from weaker ones. It New residential home sales in
–50
Country Garden Holdings Co., reported. Economists and mar- also allowed developers to ex- China have remained sluggish in
one of the country’s largest ket strategists said they sig- tend loans and bonds due in recent months. Sales in the first
Agile Group
real-estate companies by con- naled an important shift in tone the next six months by a year. nine months of the year totaled –75
Longfor Group
tracted sales, jumped 46% in from crackdown to support. While the markets have re- the equivalent of $1.2 trillion, a
Hong Kong, taking its gains this Hong Kong’s Hang Seng In- acted enthusiastically to the new 29% decline from a year earlier, Country Garden
month above 200%. A Hang dex gained 1.7% Monday, adding policies, some economists said according to data by China’s Na- –100
Seng subindex of Chinese prop- to last Friday’s big gains that the measures, while an impor- tional Bureau of Statistics. Jan. 2022 June Nov.
erty stocks rose more than 13%. followed China’s easing of some tant policy pivot, don’t represent While the package of new
Prices of dollar bonds of de- of its stringent Covid-19 rules. a full reversal of China’s earlier measures is “by far the most Bid prices of Chinese developers’ Sales of residential
velopers that haven’t defaulted In Australia, shares of min- efforts to tame the property sec- all-round one” since the liquid- dollar bonds due in 2025 buildings in China
on their debt—including Agile ing giants BHP Group Ltd. and tor and appear targeted at engi- ity crisis started in late 2021, it
100 cents on the dollar 15 trillion yuan
Group Holdings Ltd. and Long- Rio Tinto Ltd. also gained on neering a soft landing. alone isn’t a game changer, ac-
for Group Holdings Ltd.—also hopes of a recovery in demand The new measures may have cording to a note JPMorgan
80 Country Garden
rose sharply from deeply dis- from China for raw materials “little direct impact on stimu- wrote to clients Monday. This is
tressed levels. used in building construction. lating home purchases,” which because the policies address 10
“China’s housing rescue is fi- China’s property sector ac- is the bread and butter of re- developers’ funding problems 60
nally here,” China economists counts for roughly 30% of the booting the industry, said Ting but don’t solve the core issue of
Wei Yao and Michelle Lam from country’s steel demand and be- Lu, chief China economist at weak property sales, analysts 40
Société Générale Group said in tween 20% and 30% of its de- Nomura. He said Beijing’s man- said. A more sustainable rally 5
a report Monday. They added, mand for aluminum, zinc and tra that “houses are for living will depend on proof of sales
20
however, that Beijing’s plan copper, according to Common- in and not for speculation” recovery, they added. Agile Group
“should be viewed as tempo- wealth Bank of Australia ana- hasn’t changed. —Rhiannon Hoyle
rary pain relief, rather than a lyst Vivek Dhar. Still, it is hard “Even after a recovery, new contributed to this article. 0 0
stimulus that could trigger an- to tell how quickly the property home sales could settle on a level Feb. 2022 Nov. 2010 ’15 ’20 ’22*
other sustained upswing.” sector may recover, given the significantly lower than prior to  Heard on the Street: Reviving *Through Sept. 30 Note: 1 trillion yuan=$140.7 billion.
The rally was sparked by erosion in home-buyer and the pandemic,” Mr. Lu said. sales will be trickier............. B12 Sources: FactSet (performance); Tradeweb (bid prices); China’s National Bureau of Statistics (sales)

M.B.A. Lure Is Held Out Amazon Faces $1 Billion U.K. Competition Suit
For Laid-Off Tech Workers

.
BY TREFOR MOSS of U.K. consumers. choice and value, but instead it businesses selling on Amazon
An Amazon spokesman said uses tricks of design to manip- to succeed.”

ly
BY LINDSAY ELLIS a recent decline in full-time Amazon.com Inc. faces a $1 the claim was “without merit” ulate consumer choice and di- Amazon faces similar regula-
M.B.A. applications. The ro- billion lawsuit in Britain alleg- and that the company was con- rect customers towards the tory scrutiny in the European
Northwestern University’s bust labor market, as well as ing it has broken U.K. and Eu- fident that would become clear featured offer in its Buy Box,” Union. In July, the company of-
Kellogg School of Management
is making its own bid for tech
talent after mass layoffs at
Meta Platforms, Twitter Inc.
concerns about the cost of the
degree, have kept many would-
be M.B.A. students from join-
ing their applicant pools.
on
ropean competition law, the
latest legal challenge to the e-
commerce giant in Europe.
The suit, filed in the U.K. on
through the legal process.
At the heart of the claim,
lodged at the Competition Ap-
peal Tribunal in London, is the
Ms. Hunter said in a statement.
Amazon said it helps mer-
chants to reach consumers and
offer them good deals.
fered concessions in a bid to
settle two EU antitrust cases.
The European Commission—
the bloc’s executive arm—has
and other big tech companies. In recent weeks, though, Monday, alleges the company so-called Buy Box containing The lawsuit comes after the said it will seek feedback re-
us ,

Recently laid-off tech em- thousands of employees in the has abused its position by the “Add to basket” and “Buy U.K. Competition and Markets garding Amazon’s proposals,
l

ployees can apply to pursue a industry have lost their jobs. “promoting offers favorable to now” buttons on the Amazon Authority launched an investi- which include a pledge to stop
e
al a

full-time M.B.A. or other grad- Greg Hanifee, Kellogg’s as- Amazon and excluding other website. gation into Amazon’s use of using nonpublic data about sell-
uate degree next year without sociate dean of degree pro- sellers” on its website, regard- The suit alleges that Ama- the Buy Box earlier this year. ers on its marketplace. Amazon
submitting standardized test grams, said that the school de- less of whether the other sell- zon steers customers toward The agency is also investigat- said it had engaged construc-
ci on

scores, Kellogg officials said cided to waive tests this ers were offering better deals. buying items promoted via the ing Amazon’s use of third- tively to address concerns.
Monday, as part of an effort to month, around when Twitter The suit was brought by inter- Buy Box while obscuring bet- party seller data, as well as its Amazon’s efforts to seek a
enroll some of the many work- initiated layoffs of about half national law firm Hausfeld & ter deals elsewhere on the criteria for selling under the resolution to the cases in Eu-
ers who have lost jobs in the of its workforce. Technology Co. LLP on behalf of Julie site. It is seeking damages of Prime label. rope—where Germany and the
industry’s bloodletting this fall. companies have a high stan- Hunter, a member of the Fi- around £900 million, equiva- At the time Amazon said it U.K. are the company’s two
er s

Kellogg is offering the in- dard for hiring, which creates nancial Services Consumer lent to about $1.06 billion. would cooperate with the CMA biggest markets outside the
centive as it and other top-tier a pool of talented prospective Panel, an independent body “Many consumers believe and that it had “always U.S.—come as the company
m er

business schools contend with applicants, he said. that represents the interests that Amazon offers good worked hard to help small grapples with slowing growth.
m rp
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Speakers Include:

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to Navigate Under Secretary for Terrorism

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THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | B7

BIGGEST 1,000 STOCKS

This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below), and the provisions herein are subject in their entirety to the
provisions of the Offer (as defined below). The Offer is made solely by the Offer to Purchase, dated as of November 15, 2022, and the related Letter of Transmittal and any
amendments or supplements thereto, and is being made to all holders of Shares. The Offer is not being made to (nor will tenders be accepted from or on behalf of) holders
of Shares in any jurisdiction in which the making of the Offer or the acceptance thereof would not be in compliance with the securities, “blue sky” or other laws of
How to Read the Stock Tables Footnotes: such jurisdiction. In those jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on
The following explanations apply to NYSE, NYSE s-New 52-week high. behalf of Purchaser (as defined below) by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.
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h-Does not meet continued listing
Notice of Offer to Purchase
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The list comprises the 1,000 largest companies
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lf-Late filing
All Outstanding Shares of Common Stock
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Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and $380.00 net per share, in cash, plus one non-tradeable
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contingent value right for each share, which represents
Monday, November 14, 2022 Net Net
Net Stock Sym Close Chg Stock Sym Close Chg
the contractual right to receive contingent cash payments of
Stock Sym Close Chg CharterComms CHTR 387.81 -6.59 GitLab GTLB 45.24 -0.72 up to $35.00 per share in the aggregate
CheckPoint CHKP 127.90 -3.69 GlobalPayments GPN 103.23 -1.15
A B C Chemed CHE 490.36 0.33 GlobalFoundries GFS 65.03 0.26 upon the achievement of specified milestones
CheniereEnergy LNG 164.50 2.74 Globant GLOB 184.02 -7.67
ABB ABB 31.36 -0.22
CheniereEnerPtrs CQP 54.78 -0.13 GlobeLife GL 110.64 0.93
ADT ADT 9.17 0.02
ChesapeakeEner CHK 99.19 -0.08 GlobusMedical GMED 70.89 0.56
Pursuant to the Offer to Purchase, dated November 15, 2022
AECOM ACM 78.21 0.56 s
Chevron CVX 186.55 0.09 GoDaddy GDDY 73.89 -0.10
AES AES 27.53 -0.55
CHWY 43.21 2.07 GoldFields GFI 11.23 -0.15
by
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ChinaEastrnAir CEA 18.21 -0.11 GoldmanSachs GS 382.36 -2.81
AGCO
Ansys
APA
AGCO 124.74 -2.86
ANSS 251.85 -3.86 ChinaSoAirlines ZNH 28.69 -1.10
APA 47.21 -1.55 Chipotle CMG 1513.12 6.77
ChordEnergy CHRD 158.79 2.43
Grab
Graco
Grainger
GRAB 2.96 0.02
GGG 69.45 -0.03
GWW 585.00 -1.52
Athos Merger Sub, Inc.
ASETech ASX 6.17 -0.11
ASML ASML 577.82 1.38 Chubb CB 205.10 -1.16 GraphicPkg GPK 22.00 0.38 a wholly owned subsidiary of
ChunghwaTel CHT 34.98 0.05 s GpoAeroportuar PAC 171.93 -0.41
AT&T T 19.06 0.01
s
AbbottLabs ABT 102.01 -2.08 Church&Dwight CHD 74.48 0.27
AbbVie
Abiomed
ABBV 151.74 1.58
ABMD 374.10 0.11
ChurchillDowns CHDN 220.44 -1.53
Ciena CIEN 44.69 -0.32
GpoAeroportSur ASR 243.68 2.20
HCA Healthcare HCA 222.62 -1.46
HDFC Bank HDB 68.33 -0.11
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Cigna CI 306.85 3.03 HF Sinclair DINO 62.82 0.77
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Cintas CTAS 443.88 1.17 HSBC HSBC 28.19 0.14 offering to purchase all of the outstanding shares of common stock, par value $0.01 per share (the “Shares”), of ABIOMED, Inc., a Delaware corporation (“ABIOMED”), at a price
ActivisionBliz ATVI 73.96 -0.18
CiscoSystems CSCO 44.74 -0.05 H World HTHT 36.65 -1.09 of $380.00 per Share, net to the seller in cash, without interest and less any required withholding taxes (the “Cash Amount”), plus one non-tradeable contractual contingent value
Adobe ADBE 340.37 -0.78 6.61 0.11
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AgilentTechs A 146.38 -1.93 Each CVR represents the non-tradeable contractual right to receive contingent cash payments of up to $35.00 per Share in cash, without interest and less any required withholding
Clorox CLX 142.65 0.74 HealthcareRealty HR 19.64 -0.51
agilon health AGL 18.54 -0.44 Cloudflare NET 52.21 -1.50 HealthpeakProp PEAK 24.76 -0.66 taxes, in the aggregate (the “Milestone Payments”), payable as specified upon the achievement of the following milestones:
AgnicoEagle AEM 48.62 -0.08 Coca-Cola KO 60.73 -0.59 Heico HEI 158.10 -1.20 (a) $17.50 per CVR, if aggregate worldwide Net Sales (as defined in the CVR Agreement (as defined below)) of the Products (as defined in the CVR Agreement) exceeds $3,700,000,000
AirProducts APD 294.89 6.43 Coca-ColaEuro CCEP 51.50 -0.15 Heico A HEI.A 123.46 -1.22 (the “Net Sales Milestone”) during the period from the first day of Johnson & Johnson’s fiscal second quarter of 2027 through the last day of Johnson & Johnson’s fiscal first
Airbnb ABNB 105.16 -4.41 Cognex CGNX 50.74 -0.42 HenrySchein HSIC 77.83 -0.80 quarter of 2028 (the “2028 Measurement Period”); provided that in the event that the Net Sales Milestone is not achieved during the 2028 Measurement Period, if the Net Sales
AkamaiTech AKAM 91.53 -1.82 CognizantTech CTSH 58.08 -0.34 Hershey HSY 218.12 -0.76 Milestone is thereafter achieved during any other period of four consecutive fiscal quarters during the period from the first day of Johnson & Johnson’s fiscal third quarter of 2027
Albemarle ALB 316.35 -9.03 HES 145.51 -0.07 through the last day of Johnson & Johnson’s fiscal first quarter of 2029, the Milestone Payment payable upon the achievement of the Net Sales Milestone will be $8.75 per CVR;
CoinbaseGlbl COIN 53.22 -4.24 Hess
Albertsons ACI 20.59 0.09 HessMidstream HESM 28.68 -0.23 (b) $7.50 per CVR, if, on or prior to January 1, 2028, the U.S. Food and Drug Administration approves a premarket approval application or a premarket approval application
ColgatePalm CL 74.57 ...
Alcoa AA 48.22 0.56 HewlettPackard HPE 15.32 0.03 supplement for the use of any device in the Impella Product Family (as defined in the CVR Agreement) in patients presenting with ST-Segment Elevation Myocardial Infarction
Comcast A CMCSA 34.13 0.11
Alcon ALC 63.72 -2.37 Comerica HLT 138.76 -1.87
CMA 72.33 -1.29 Hilton (“STEMI”), or Anterior STEMI, without cardiogenic shock; and
AlexandriaRlEst ARE 147.38 -3.60 CommerceBcshrs CBSH 72.72 0.77 Hologic HOLX 75.48 -0.45 (c) $10.00 per CVR, upon the earliest to occur of any of the following:
Alibaba BABA 71.33 0.56 SABESP SBS 10.79 0.18 HomeDepot HD 306.92 -8.02 (i) on or prior to the earlier of (A) four years after publication of results relating to the secondary clinical endpoint in the STEMI DTU™ study undertaken by ABIOMED and
AlignTech ALGN 210.33 -8.65 ConagraBrands CAG 33.96 -0.60 HondaMotor HMC 23.60 -0.38 (B) December 31, 2029, results from the STEMI DTU™ study undertaken by ABIOMED contribute to the publication of a Class I recommendation in the American College
Allegion ALLE 110.95 -2.62 Honeywell HON 213.00 0.27
Confluent CFLT 23.00 -1.38 of Cardiology / American Heart Association Clinical Practice Guideline for Coronary Artery Revascularization (the “Clinical Practice Guideline”) for the use of any device
AlliantEnergy LNT 53.32 -0.61 HorizonTherap HZNP 75.05 0.81
ConocoPhillips COP 133.03 -0.42 in the Impella Product Family in patients presenting with STEMI, or Anterior STEMI, without cardiogenic shock;
Allstate ALL 129.04 -3.05 HormelFoods HRL 47.00 -0.40
ConEd ED 89.33 0.21 (ii) on or prior to the earlier of (A) four years after publication of results relating to the primary clinical endpoints in the PROTECT IV study undertaken by ABIOMED and
AllyFinancial ALLY 28.02 -1.48 ConstBrands A STZ 244.46 -2.54 DR Horton DHI 81.49 -3.43 (B) December 31, 2029, results from the PROTECT IV study undertaken by ABIOMED contribute to the publication of a Class I recommendation in the Clinical Practice
AlnylamPharm ALNY 213.48 -2.89 ConstellationEner CEG 93.92 1.75 HostHotels HST 18.09 -0.47
Alphabet A GOOGL 95.70 -0.71 ContinentalRscs CLR 74.15 -0.03 Guideline for the use of any device in the Impella Product Family in high-risk patients with complex coronary artery disease and reduced left ventricular function; and
HoulihanLokey HLI 98.00 1.86 (iii) on or prior to the earlier of (A) four years after publication of results relating to the primary clinical endpoints in the RECOVER IV study undertaken by ABIOMED and
Alphabet C GOOG 96.03 -0.70 Cooper COO 314.50 -9.82 HowmetAerospace HWM 36.65 -0.78
Altria MO 43.96 -0.42 Copart (B) December 31, 2029, results from the RECOVER IV study undertaken by ABIOMED contribute to the publication of a Class I recommendation in the Clinical Practice
CPRT 61.24 -0.32 Hubbell HUBB 249.36 -1.25 Guideline for the use of any device in the Impella Product Family in patients with STEMI-Cardiogenic Shock, or STEMI-CS.
Amazon.com AMZN 98.49 -2.30 CorebridgeFin CRBG 22.03 -0.51 HubSpot HUBS 292.96 -13.13
Ambev ABEV 2.97 -0.02 Corning Tendering stockholders who are record owners of their Shares and who tender directly to American Stock Transfer & Trust Company, LLC, the depositary and paying agent for
GLW 33.99 -0.47 Humana HUM 530.00 1.47 the Offer (the “Depositary”), will not be obligated to pay brokerage fees or commissions or, except as otherwise provided in Instruction 6 of the Letter of Transmittal, stock transfer
Amcor AMCR 11.79 0.15 Corteva CTVA 66.73 1.96 JBHunt JBHT 186.27 0.87
Amdocs DOX 82.95 0.26 CoStar taxes with respect to the purchase of Shares by Purchaser pursuant to the Offer. Stockholders who hold their Shares through a broker, dealer, commercial bank, trust company or
HuntingtonBcshs HBAN 14.96 -0.01

.
CSGP 82.21 -1.07 other nominee should consult with these institutions as to whether they charge any service fees or commissions.
Ameren AEE 82.48 -0.84 Costco COST 509.68 -5.79 HuntingIngalls HII 221.12 -6.46
AmericaMovil AMX 20.25 0.15 CoterraEnergy CTRA 28.13 -0.32 HyattHotels H 91.73 -4.38

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AmericaMovil A AMOV 20.18 0.37 Coty COTY 7.43 -0.33 ICICI Bank IBN 22.45 -0.27
AmerAirlines AAL 14.68 -0.20 Coupang CPNG 18.09 -1.05 ICL Group ICL 8.49 -0.26
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 11:59 P.M., NEW YORK CITY TIME,
AEP AEP 88.66 -1.32 Credicorp BAP 156.38 -0.60 IdexxLab IDXX 428.03 -13.24 ON DECEMBER 13, 2022 UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.
AmerExpress AXP 154.13 -0.76 CreditAcceptance CACC 503.06 -18.64 ING Groep ING 11.47 -0.05
AmericanFin AFG 139.15 -0.62 CreditSuisse CS 4.50 -0.13 Invesco IVZ 19.11 -0.66
AmHomes4Rent AMH 31.33 -0.72 CrowdStrike CRWD 142.01 -1.11 IQVIA IQV 222.36 -4.17 The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of October 31, 2022 (as it may be amended from time to time, the “Merger Agreement”), by and among
AIG AIG 60.24 -0.15 CrownCastle CCI 135.11 -5.36
AmerTowerREIT AMT 215.38 -7.88 CrownHoldings CCK 79.09 -0.64
AmerWaterWorks AWK 144.75 -1.19 CubeSmart CUBE 40.46 -0.75
AmericoldRealty COLD 28.66 -0.14 Cullen/Frost CFR 145.48 -0.23
Ameriprise AMP 320.55 -10.61 s Cummins
AmerisourceBrgn ABC 154.73 1.72
CMI 249.07 0.90
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53.91 -0.38
ICLR 217.08 -4.38
IEX 228.10 -1.98
IllinoisToolWks ITW 225.71 -0.72
Illumina ILMN 234.57 -8.17
Johnson & Johnson, Purchaser and ABIOMED. The Merger Agreement provides, among other things, that as soon as practicable following (but in any event no later than the business day
after) the consummation of the Offer and subject to the satisfaction or waiver of specified conditions, Purchaser will be merged with and into ABIOMED (the “Merger”) in accordance with
Section 251(h) of the Delaware General Corporation Law (the “DGCL”) without a vote on the adoption of the Merger Agreement by ABIOMED stockholders, with ABIOMED continuing
as the surviving corporation in the Merger and thereby becoming a wholly owned subsidiary of Johnson & Johnson. At the closing of the Merger, each Share outstanding immediately
prior to the effective time of the Merger (other than (a) Shares owned by Johnson & Johnson, Purchaser or ABIOMED (or held in ABIOMED’s treasury), or by any direct or indirect wholly
owned subsidiary of Johnson & Johnson or Purchaser, in each case at the commencement of the Offer and immediately prior to the effective time of the Merger, (b) Shares irrevocably
Ametek AME 137.78 -1.07 D E F ImperialOil IMO 56.62 -1.25 accepted for purchase pursuant to the Offer or (c) Shares owned by any stockholders who have properly and validly demanded their appraisal rights in compliance with Section 262 of the
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Amgen AMGN 285.30 0.28 Incyte INCY 77.09 -0.44 DGCL) will be automatically converted into the right to receive the Offer Price, without interest and less any required withholding taxes. As a result of the Merger, ABIOMED will cease
Amphenol APH 78.67 -0.65 DCP Midstream DCP 38.25 -0.48 Infosys INFY 19.55 -0.20 to be a publicly traded company and will become a wholly owned subsidiary of Johnson & Johnson. The terms of the Merger Agreement are more fully described in the Offer to Purchase.
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AnalogDevices ADI 161.26 -2.80 DISH Network DISH 16.49 -0.51 IngersollRand IR 55.19 -0.12 The Offer is conditioned upon, among other things, (a) (i) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements
AngloGoldAsh AU 17.94 -0.04 DTE Energy DTE 113.05 -1.21 PODD 290.08 -3.59
e
Insulet Act of 1976, as amended and the absence of any voluntary agreement between Johnson & Johnson and ABIOMED, on the one hand, and the U.S. Federal Trade Commission or the U.S.
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AB InBev BUD 54.77 -0.59 DXC Tech DXC 29.07 -0.39 Intel INTC 30.35 -0.08 Department of Justice, on the other hand, pursuant to which Johnson & Johnson and ABIOMED have agreed not to consummate the Offer or the Merger, and (ii) the receipt of approvals
AnnalyCap NLY 20.93 -0.61 Danaher DHR 266.72 -4.28 InteractiveBrkrs IBKR 73.71 0.16 under the antitrust laws of the Federal Republic of Germany, the Republic of Austria and Japan (collectively, the “Antitrust Clearance Condition”), (b) that, as of immediately prior to
AnteroResources AR 36.12 -1.12 Darden DRI 142.53 1.37 ICE ICE 104.10 -0.22 the expiration of the Offer, the number of Shares validly tendered and not validly withdrawn in accordance with the terms of the Offer, and received by the Depositary in accordance
Aon AON 291.32 -1.68 DarlingIngred DAR 75.42 -0.36 InterContinentl IHG 56.15 -1.39 with the procedures set forth in Section 251(h) of the DGCL (as described in more detail in the Offer to Purchase), together with the Shares then owned by Johnson & Johnson,
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ApolloGlbMgmt APO 62.57 -2.65 Datadog DDOG 78.12 -4.23 s IBM IBM 144.20 1.03 Purchaser and their respective affiliates (if any), represent at least one Share more than 50% of the then-outstanding Shares (the “Minimum Condition”), (c) the absence of any law or order
Apple AAPL 148.28 -1.42 DeckersOutdoor DECK 326.23 -18.85 IntlFlavors IFF 99.36 -1.18 issued by any governmental authority of competent and applicable jurisdiction that has the effect of making the transactions contemplated by the Merger Agreement illegal or the effect of
ApplMaterials AMAT 107.61 -2.92 Deere DE 406.94 0.91 IntlPaper IP 36.21 0.04 prohibiting or otherwise preventing the transactions contemplated by the Merger Agreement (the “No Legal Restraint Condition”), (d) the absence of any pending legal proceeding under
Aptargroup ATR 104.40 0.15 DellTechC DELL 42.25 -0.43 Interpublic IPG 32.45 -0.04
Aptiv APTV 109.63 -2.08 DeltaAir any antitrust law brought by a governmental authority of competent and applicable jurisdiction that challenges or seeks to make illegal, prohibit or otherwise prevent the transactions
DAL 34.69 -0.75 Intuit INTU 397.66 -10.38
Aramark ARMK 38.86 0.13 DentsplySirona XRAY 30.35 -1.70 contemplated by the Merger Agreement, or that seeks to impose any Burdensome Condition (as defined in the Offer to Purchase) thereon (the “No Antitrust Proceedings Condition”),
IntuitiveSurgical ISRG 259.44 -5.64 (e) the accuracy of the representations and warranties of ABIOMED contained in the Merger Agreement (subject to certain materiality exceptions), (f) ABIOMED’s compliance or
ArcelorMittal MT 27.00 -0.40 DeutscheBank DB 10.47 -0.15 InvitatHomes INVH 31.30 -0.68
ArchCapital ACGL 56.36 -0.41 DevonEnergy DVN 71.50 -0.30 performance in all material respects with its covenants and agreements contained in the Merger Agreement prior to the expiration time of the Offer and (g) that the Merger Agreement has
IronMountain IRM 51.35 -1.52
ArcherDaniels ADM 94.28 1.21 DexCom DXCM 112.99 -2.97 not been terminated in accordance with its terms (the “Termination Condition”). The Offer is also subject to other conditions as described in the Offer to Purchase (collectively, the “Offer
ItauUnibanco ITUB 4.95 -0.02
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AresMgmt ARES 79.53 -4.57 Diageo DEO 173.11 -0.80 Conditions”). See Section 15—“Conditions to the Offer” of the Offer to Purchase. Neither the consummation of the Offer nor the Merger is subject to any financing condition.
arGEN-X ARGX 361.78 -1.29 s DiamondbkEner FANG 163.57 -0.78 J K L The Offer will expire at 11:59 p.m., New York City time, on December 13, 2022, which is the date that is 20 business days after the commencement of the Offer (the “Expiration
Time”), unless Purchaser has extended the Offer pursuant to and in accordance with the terms of the Merger Agreement (in which event the “Expiration Time” will mean the latest
AristaNetworks ANET 131.20 2.65 Dick's DKS 104.97 -3.49
ArrowElec ARW 109.85 -0.85 DigitalRealty DLR 107.42 -4.16 JD.com JD 50.85 1.92 time and date at which the Offer, as so extended by Purchaser, will expire). The time of acceptance for payment by Purchaser of all Shares validly tendered and not validly withdrawn
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AscendisPharma ASND 110.26 -21.71 DiscoverFinSvcs DFS 105.93 -2.85 JPMorganChase JPM 133.91 -1.39 in the Offer pursuant to and subject to the conditions of the Offer is referred to as the “Acceptance Time.”
AspenTech AZPN 238.31 -1.41 Disney DIS 94.28 -0.73 Jabil JBL 66.50 0.46
Assurant AIZ 124.76 -3.39 dLocal DLO 22.54 -0.35 JackHenry JKHY 177.43 2.94
AstraZeneca AZN 63.91 1.14 DocuSign DOCU 51.55 -1.45 JacobsSolns J 124.08 -1.64 THE BOARD OF DIRECTORS OF ABIOMED UNANIMOUSLY RECOMMENDS THAT ABIOMED
Atlassian TEAM 134.96 -7.41 DolbyLab DLB 70.59 0.22 JamesHardie JHX 19.36 -0.86
AtmosEnergy ATO 110.53 -0.16 DollarGeneral DG 246.93 -2.21 JazzPharm JAZZ 148.45 -0.70 STOCKHOLDERS ACCEPT THE OFFER AND TENDER THEIR SHARES PURSUANT TO THE OFFER.
Autodesk ADSK 223.31 -5.49 DollarTree DLTR 164.50 -1.11 JefferiesFin JEF 36.89 -0.66
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Autoliv ALV 87.22 -1.35 t DominionEner D 57.96 -3.70 J&J JNJ 171.91 2.66 The board of directors of ABIOMED, among other things, has unanimously (a) determined that it is in the best interests of ABIOMED and its stockholders, and
ADP ADP 250.08 0.85 Domino's DPZ 370.23 3.71 JohnsonControls JCI 65.58 -0.81 declared it advisable, for ABIOMED to enter into the Merger Agreement and consummate the Transactions (as defined in the Offer to Purchase), including the Offer
AutoZone AZO 2446.88 37.89 Donaldson DCI 58.90 -0.60 JonesLang JLL 159.86 -5.42 and the Merger, (b) approved the execution and delivery by ABIOMED of the Merger Agreement, the performance by ABIOMED of its covenants and agreements
Avalonbay AVB 166.40 -0.71 DoorDash DASH 62.02 -0.97 JuniperNetworks JNPR 30.24 -0.26 contained in the Merger Agreement and the consummation of the Transactions upon the terms and subject to the conditions contained in the Merger Agreement
Avangrid AGR 40.75 -0.35 Dover DOV 141.26 0.32 KB Financial KB 37.30 0.04 and (c) resolved to recommend that the stockholders of ABIOMED accept the Offer and tender their Shares to Purchaser pursuant to the Offer, subject to the terms and
Avantor AVTR 21.03 -0.59 Dow DOW 51.95 -1.19 KBR KBR 48.98 -0.34 conditions set forth in the Merger Agreement.
AveryDennison AVY 180.55 -3.28 Doximity DOCS 30.95 -3.99 KE Holdings BEKE 14.00 0.47 The Merger Agreement contains provisions that govern the circumstances in which Purchaser is permitted or required to extend the Offer. The Merger Agreement provides that if,
AvisBudget CAR 235.13 6.43 DrReddy'sLab RDY 54.45 -2.44 KKR KKR 53.62 -3.46 as of the then-scheduled Expiration Time, any of the Offer Conditions other than the Minimum Condition is not satisfied or has not been waived, Purchaser may (and, if requested by
AxonEnterprise AXON 180.89 -2.05 DraftKings DKNG 14.74 -0.14 KLA KLAC 377.91 -1.00 ABIOMED, must) extend the Offer on one or more occasions for an additional period of up to 10 business days (or any longer period as may be approved by ABIOMED) per extension
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BCE BCE 47.02 -0.15 Dropbox DBX 22.78 -0.28 Kanzhun BZ 16.09 0.84 to permit the satisfaction of all Offer Conditions. In addition, if, as of the then-scheduled Expiration Time, all of the Offer Conditions except the Minimum Condition are satisfied or
BHP Group BHP 58.39 0.34 DukeEnergy DUK 95.45 0.28 KarunaTherap KRTX 227.06 -4.61 have been waived, such that the Minimum Condition is the only Offer Condition that is not satisfied, Purchaser may (and, if requested by ABIOMED, must) extend the Offer on one
BJ'sWholesale BJ 76.16 0.03 DuPont DD 70.57 -0.24 Kellogg K 69.36 0.38
or more occasions for an additional period of up to 10 business days (or any longer period as may be approved by ABIOMED) per extension to permit the Minimum Condition to be
BOK Fin BOKF 103.67 -0.23 Dynatrace DT 37.40 -0.89 KeurigDrPepper KDP 36.54 -0.80
KeyCorp KEY 19.00 -0.83 satisfied (provided that Purchaser is not required to extend the Offer in these circumstances on more than three occasions, but may, in its sole discretion, elect to do so). Purchaser
BP BP 33.55 -0.29 s EMCOR EME 149.52 -1.27 also must extend the Offer as required by applicable legal requirements and any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission or its staff
Baidu BIDU 91.45 1.99 ENI E 29.77 0.21 KeysightTechs KEYS 171.04 -1.14
KilroyRealty KRC 42.76 -1.71 or the Nasdaq Global Select Market that is applicable to the Offer. However, in no event will Purchaser be required to extend the Offer beyond July 1, 2023 (or, in the event that any of
BakerHughes BKR 30.25 -0.77 EOG Rscs EOG 146.18 -0.93 the Antitrust Clearance Condition, the No Legal Restraint Condition (solely in respect of any antitrust law) or the No Antitrust Proceedings Condition has not been satisfied or waived
Ball BALL 55.54 -1.27 EPAM Systems EPAM 358.10 -2.13 KimberlyClark KMB 127.56 0.11
KimcoRealty KIM 21.81 -0.37 as of that date, September 1, 2023). If Purchaser extends the Offer, the extension will extend the time that tendering stockholders will have to tender (or withdraw) their Shares.
BancoBilbaoViz BBVA 5.52 0.02 EQT EQT 42.37 -0.25
KinderMorgan KMI 18.53 -0.16 Purchaser expressly reserves the right to waive any of the Offer Conditions and make any changes to the terms and conditions of the Offer, including the Offer Conditions.
BancoBradesco BBDO 2.49 0.05 EastWestBncp EWBC 71.80 -2.27 However, without the prior written consent of ABIOMED, Purchaser is not permitted to (a) waive or modify the Minimum Condition, the No Legal Restraint Condition, the No Antitrust
BancodeChile BCH 18.71 -0.17 EastGroup EGP 157.09 -3.51 Knight-Swift KNX 54.78 1.09
Philips PHG 14.93 -0.11 Proceedings Condition or the Termination Condition, (b) change the form of consideration payable in the Offer, (c) decrease the Cash Amount, (d) decrease the number of Shares
BancSanBrasil BSBR 5.35 -0.04 EastmanChem EMN 87.56 -1.93
BcoSantChile BSAC 15.13 -0.30 Eaton ETN 161.65 0.05 KoreaElcPwr KEP 7.26 0.07 sought to be purchased in the Offer, (e) extend the Offer or the Expiration Time or terminate the Offer, except as permitted under the Merger Agreement, (f) impose conditions to the
BancoSantander SAN 2.65 ... eBay EBAY 45.91 -0.60 KraftHeinz KHC 36.82 -0.17 Offer other than the Offer Conditions, (g) amend any term or condition of the Offer in any manner that is materially adverse to ABIOMED stockholders, or that would, individually or in
BanColombia CIB 25.74 -0.46 Ecolab ECL 152.89 -2.79 Kroger KR 46.56 -0.28 the aggregate, reasonably be expected to prevent or materially delay the consummation of the Offer or prevent, materially delay or materially impair the ability of Johnson & Johnson or
BankofAmerica BAC 37.76 -0.65 Ecopetrol EC 10.38 0.43 LKQ LKQ 53.63 -0.66 Purchaser to consummate the Offer, the Merger or the other Transactions, (h) decrease the number of CVRs to be issued per Share, (i) amend or purport or seek to amend any term of the
BankofMontreal BMO 99.28 -0.88 EdisonInt EIX 59.92 0.05 LPL Financial LPLA 230.84 2.71 CVR or the CVR Agreement in any manner that is adverse to any ABIOMED stockholder, or (j) provide any “subsequent offering period” within the meaning of Rule 14d-11 promulgated
BankNY Mellon BK 43.58 -0.94 EdwardsLife EW 73.51 -1.14 L3HarrisTech LHX 217.80 -6.95 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
BkNovaScotia BNS 51.44 -0.36 ElbitSystems ESLT 189.78 -9.34 LabCorp.ofAmerica LH 245.13 -3.84 Any extension, termination or amendment of the Offer will be followed as promptly as practicable by public announcement thereof, and such announcement in the case of an
Barclays BCS 7.50 -0.13 ElectronicArts EA 129.56 -1.67 LamResearch LRCX 480.70 -20.12 extension will be made no later than 9:00 a.m., New York City time, on the next business day after the previously scheduled Expiration Time.
BarrickGold GOLD 16.19 -0.25 ElevanceHealth ELV 490.80 -0.56 LamarAdv LAMR 93.67 -2.24 Because the Merger will be effected in accordance with Section 251(h) of the DGCL, no stockholder vote will be required to consummate the Merger. Subject to the satisfaction
80.11 -1.73
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Bath&BodyWks BBWI 33.06 -2.94 EmersonElec EMR 94.79 -0.65 LambWeston LW of the remaining conditions set forth in the Merger Agreement, Purchaser and ABIOMED will consummate the Merger as soon as practicable following (but in any event no later than
BaxterIntl BAX 53.68 -1.20 Enbridge ENB 40.16 -1.02 LasVegasSands LVS 43.00 -0.32 the business day after) the Acceptance Time. Purchaser does not expect there to be a significant period of time between the Acceptance Time and the consummation of the Merger.
BectonDicknsn BDX 224.16 -3.51 Endeavor EDR 21.88 -0.56 LatticeSemi LSCC 64.63 -0.04 For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered and not validly withdrawn as, if and when
12.03 -0.17 Lear LEA 146.57 -3.50
BeiGene BGNE 202.98 5.03 EnergyTransfer ET Purchaser gives oral or written notice to the Depositary of Purchaser’s acceptance for payment of such Shares pursuant to the Offer. Upon the terms set forth in the Merger Agreement
LegendBiotech LEGN 52.30 -0.20
BentleySystems BSY 38.72 -0.01 EnphaseEnergy ENPH 297.94 5.93 and subject to the Offer Conditions, payment for Shares accepted for payment pursuant to the Offer will be made by deposit of the aggregate Cash Amount (or funds related to the CVRs,
ENTG 75.26 -1.29 Leidos LDOS 104.17 0.79
Berkley WRB 68.62 -1.15 Entegris as discussed below) for such Shares with the Depositary, which will act as agent for tendering stockholders for the purpose of receiving payments from Purchaser and transmitting
ETR 108.56 -2.07 Lennar B LEN.B 70.27 -1.81
BerkHathwy B BRK.B 308.91 -0.81 Entergy such payments to tendering stockholders whose Shares have been accepted for payment. If Purchaser extends the Offer, is delayed in its acceptance for payment of Shares or is unable
no

Lennar A LEN 85.74 -2.29

BerkHathwy A BRK.A 466600-2447.25 EnterpriseProd EPD 24.90 -0.10 to accept Shares for payment pursuant to the Offer for any reason, then, without prejudice to Purchaser’s rights under the Offer and the Merger Agreement, the Depositary may,
EFX 197.91 3.92 LennoxIntl LII 264.86 -5.17
BestBuy BBY 74.26 -0.29 Equifax nevertheless, on behalf of Purchaser, retain tendered Shares, and such Shares may only be withdrawn to the extent that tendering stockholders are entitled to withdrawal rights as
Bill.com BILL 123.11 -2.27 Equinix EQIX 638.94 -21.66 LiAuto LI 17.96 -1.01
described in the Offer to Purchase and as otherwise required by Rule 14e-1(c) under the Exchange Act. Under no circumstances will interest be paid on the Offer Price for any Shares,
Bio-Techne TECH 345.13 -4.84 Equinor EQNR 34.67 -0.55 LibertyBroadbandA LBRDA 89.16 -1.68
LibertyBroadbandC LBRDK 89.38 -1.50 regardless of any extension of the Offer or any delay in making payment for Shares.
Bio-RadLab A BIO 422.10 -13.58 Equitable EQH 29.79 -0.79
LibertyGlobal C LBTYK 20.81 -0.33 At or prior to the Acceptance Time, Johnson & Johnson will execute a Contingent Value Rights Agreement (the “CVR Agreement”) with a rights agent mutually agreeable
s Biogen BIIB 299.06 9.61 EquityLife ELS 63.16 -2.95
LibertyGlobal A LBTYA 20.07 -0.43 to Johnson & Johnson and ABIOMED (the “Rights Agent”) governing the terms of the CVRs issued pursuant to the Offer. Neither Purchaser nor Johnson & Johnson will be required to
BioMarinPharm BMRN 84.39 2.23 EquityResdntl EQR 61.57 -1.21 deposit any funds related to the CVRs with the Rights Agent unless and until such deposit is required pursuant to the terms of the CVR Agreement.
BioNTech BNTX 160.37 5.86 ErieIndemnity A ERIE 258.00 5.33 LibertyFormOne C FWONK 56.67 -2.09
LibertyFormOne A FWONA 51.02 -1.72 In all cases, payment for Shares tendered and accepted for payment pursuant to the Offer will be made only after (a) timely receipt by the Depositary of certificates for such
BlackKnight BKI 59.06 0.48 EssentialUtil WTRG 46.64 0.07 Shares (“Share Certificates”) or timely confirmation of the book-entry transfer of such Shares (“Book-Entry Confirmations”) into the Depositary’s account at The Depository Trust
BlackRock BLK 741.15 -33.60 EssexProp ESS 210.47 -4.83 LibertyBraves A BATRA 31.05 0.48
220.67 -7.55 LibertyBraves C BATRK 30.57 0.51 Company (“DTC”) pursuant to the procedures set forth in the Offer to Purchase, (b) a Letter of Transmittal, properly completed and duly executed, with any required signature
Blackstone BX 101.41 -7.36 EsteeLauder EL
ETSY 119.74 4.10 LibertySirius B LSXMB 47.30 1.30 guarantees (or, in the case of a book-entry transfer, an Agent’s Message (as defined in the Offer to Purchase) in lieu of the Letter of Transmittal) and (c) any other documents required
Block SQ 70.27 -1.39 Etsy
EverestRe RE 310.08 1.37 LibertySirius C LSXMK 44.20 -0.50 by the Letter of Transmittal. Accordingly, tendering stockholders may be paid at different times depending upon when Share Certificates or Book-Entry Confirmations with respect
BlueOwlCapital OWL 12.43 -1.10 LibertySirius A LSXMA 44.40 -0.38 to Shares are actually received by the Depositary.
Boeing BA 173.55 -3.94 Evergy EVRG 57.43 -1.96
EversourceEner ES 77.67 -0.42 LifeStorage LSI 106.30 -0.69 Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Time and, unless theretofore accepted for payment by Purchaser pursuant to the Offer,
BookingHldgs BKNG 1979.25 -36.52 EliLilly LLY 356.06 4.74
BAH 105.35 2.08 ExactSciences EXAS 44.81 -1.52
may also be withdrawn at any time after January 13, 2023, which is the 60th day after the date of the commencement of the Offer.
BoozAllen LincolnElectric LECO 145.91 0.47
BorgWarner BWA 41.98 -0.44 Exelon EXC 38.06 -0.71 For a withdrawal to be effective, a written notice of withdrawal must be timely received by the Depositary at one of its addresses set forth on the back cover page of the Offer
EXPE 98.61 -4.18 Linde LIN 332.08 1.86
BostonProps BXP 74.42 -1.66 Expedia
to Purchase. The notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the number of Shares to be withdrawn and the name of the
LithiaMotors LAD 240.00 -0.16
BSX 42.24 -0.28 ExpeditorsIntl EXPD 111.79 -0.12
registered holder of such Shares, if different from that of the person who tendered such Shares. If Share Certificates evidencing Shares to be withdrawn have been delivered or
BostonSci LiveNationEnt LYV 73.60 -3.10
ExtraSpaceSt EXR 154.33 -4.00 otherwise identified to the Depositary, then, prior to the physical release of such Share Certificates, the serial numbers shown on such Share Certificates must be submitted to the
BristolMyers BMY 76.39 0.43 LloydsBanking LYG 2.03 -0.03
ExxonMobil XOM 113.37 0.33 Depositary and the signature(s) on the notice of withdrawal must be guaranteed by an Eligible Institution (as defined in the Offer to Purchase), unless such Shares have been tendered
BritishAmTob BTI 38.31 0.12 LockheedMartin LMT 462.04 -1.82
F5 FFIV 149.91 ... for the account of an Eligible Institution. If Shares have been tendered pursuant to the procedure for book-entry transfer as set forth in the Offer to Purchase, any notice of withdrawal
BrixmorProp BRX 22.15 -0.33 Loews L 55.49 -0.48
FMC FMC 127.13 1.58 must also specify the name and number of the account at DTC to be credited with the withdrawn Shares. See Section 4—“Withdrawal Rights” of the Offer to Purchase.
Broadcom AVGO 513.22 -4.87 LogitechIntl LOGI 61.35 -1.20
FactSet FDS 424.59 3.35 Withdrawals of Shares may not be rescinded. Any Shares withdrawn will thereafter be deemed not to have been validly tendered for purposes of the Offer. However, withdrawn
BroadridgeFinl BR 141.32 1.33 Lowe's LOW 204.66 -4.36
FairIsaac FICO 592.90 -14.67 Shares may be re-tendered following one of the procedures described in the Offer to Purchase at any time prior to the Expiration Time.
BrookfieldMgt BAM 45.63 -1.17 LCID 12.21 -0.70
Fastenal FAST 51.68 -0.12 Lucid All questions as to the form and validity (including time of receipt) of any notice of withdrawal will be determined by Purchaser, in its sole discretion, whose
BrookfieldInfr BIP 37.54 -0.41 LULU 352.74 -6.96
FederalRealty FRT 105.48 -2.29 lululemon determination will be final and binding. None of Johnson & Johnson, Purchaser, ABIOMED, the Depositary, Innisfree M&A Incorporated (the “Information Agent”) or any
BrookfieldRenew BEPC 31.68 -0.35 LumenTech LUMN 6.31 -0.03
FedEx FDX 174.76 -0.85
Brown&Brown BRO 55.64 -1.03 LyondellBasell LYB 87.15 -1.91
other person will be under any duty to give notice of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give any such notification.
Ferguson FERG 120.91 -0.06
Brown-Forman B BF.B 68.88 -0.76 Pursuant to Section 215(h) of the DGCL and due to the obligations of Purchaser, Johnson & Johnson and ABIOMED pursuant to the Merger Agreement to effect the Merger
Ferrari RACE 212.76 -4.10
Brown-Forman A BF.A 69.72 -0.60 M N following the consummation of the Offer, we expect the Merger to occur following the consummation of the Offer without a “subsequent offering period” (as defined in Rule 14d-1 of
FidNatlFin FNF 40.35 -2.18
Bruker BRKR 69.40 -0.51 the Exchange Act). The Merger Agreement does not permit a subsequent offering period for the Offer without ABIOMED’s prior written consent.
FidNatlInfo FIS 64.52 -0.88
BuildersFirst BLDR 62.97 -2.91 M&T Bank MTB 165.85 -0.35 The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of the General Rules and Regulations promulgated under the Exchange Act is contained in the Offer to
FifthThirdBncp FITB 36.05 -0.80
Bunge BG 98.86 -2.65 MGM Resorts MGM 36.95 0.32 Purchase and is incorporated herein by reference.
FirstCitizBcshA FCNCA 815.85 -16.38
BurlingtonStrs BURL 153.66 2.61 MPLX MPLX 33.61 0.45 ABIOMED has provided Purchaser with its stockholder list and security position listings for the purpose of disseminating the Offer to Purchase, the Letter of
FirstHorizon FHN 24.29 0.02
CACI Intl CACI 289.23 0.11 MSCI MSCI 492.24 -20.13 Transmittal and other related materials to holders of Shares. The Offer to Purchase and the Letter of Transmittal will be mailed to record holders of Shares whose
FirstIndRlty FR 48.75 -1.03
CBRE Group CBRE 75.22 -3.61 MagellanMid MMP 53.15 0.15 names appear on the stockholder list as of November 14, 2022 provided to Purchaser by ABIOMED and will be furnished, for subsequent transmittal to beneficial
FirstRepBank FRC 123.81 -5.30
CDW CDW 182.49 -1.86 MagnaIntl MGA 61.88 -0.86 owners of Shares, to brokers, dealers, commercial banks, trust companies and similar persons whose nominees, or the names of whose nominees, appear on the
FirstSolar FSLR 153.63 3.21
CF Industries CF 107.76 5.34 FirstEnergy FE 37.20 -0.76
ManhattanAssoc MANH 123.42 -0.62 stockholder list or, if applicable, who are listed as participants in a clearing agency’s security position listing for subsequent transmittal to beneficial owners of Shares.
CGI GIB 82.63 -2.88
Fiserv FISV 100.01 -0.46 ManulifeFin MFC 17.56 -0.17 The exchange of Shares for the Offer Price pursuant to the Offer or the Merger (or for cash upon exercise of appraisal rights) will be a taxable transaction for U.S. federal income
CH Robinson CHRW 97.96 -0.30 FiveBelow FIVE 151.36 -3.35 MarathonOil MRO 32.50 -0.38 tax purposes. The amount of gain or loss a holder recognizes, and the timing and character of such gain or loss, depend on the U.S. federal income tax treatment of the CVRs, with
CME Group CME 173.90 -0.35 FleetCorTech FLT 192.81 -6.99 s MarathonPetrol MPC 120.53 -0.70 respect to which there is uncertainty. See Section 5—“Material United States Federal Income Tax Consequences” of the Offer to Purchase for a more detailed discussion of the tax
CMS Energy CMS 57.83 -0.59 Flex FLEX 19.52 -0.54 Markel MKL 1271.18 -15.95 treatment of the Offer and the Merger. Each holder of Shares should consult with its tax advisor as to the particular tax consequences to such holder of the receipt of cash and CVRs
CNA Fin CNA 41.24 -0.44 MarketAxess MKTX 266.59 -16.71
Floor&Decor FND 77.47 -4.76 in exchange for Shares pursuant to the Offer or the Merger.
CNH Indl CNHI 15.03 -0.40 FomentoEconMex FMX 76.50 -0.51 Marriott MAR 159.53 -4.25 The Offer to Purchase, the Letter of Transmittal and the other related tender offer documents contain important information. Holders of Shares should carefully
CRH CRH 39.32 -1.00 FordMotor F 14.06 -0.29
Marsh&McLen MMC 165.29 -1.31 read such documents in their entirety before any decision is made with respect to the Offer.
CSX CSX 31.80 -0.14 Fortinet FTNT 55.52 -0.61 MartinMarietta MLM 352.98 -9.21 Questions or requests for assistance or copies of the Offer to Purchase, the Letter of Transmittal, the notice of guaranteed delivery and other tender offer materials may be
CVS Health CVS 97.17 -0.38 Fortis FTS 39.72 -0.58 MarvellTech MRVL 43.16 -0.19
directed to the Information Agent at its telephone numbers and address set forth below. Such copies will be furnished promptly at Purchaser’s expense. Stockholders may also
CadenceDesign CDNS 167.93 1.03 Fortive FTV 66.91 -1.56 Masco MAS 49.72 -1.38
CAE 21.74 -0.02 FortBrandsHome FBHS 65.44 -1.81
contact brokers, dealers, commercial banks, trust companies or other nominees for assistance concerning the Offer. Except as set forth in the Offer to Purchase, neither Johnson &
CAE Masimo MASI 122.13 -7.87
CaesarsEnt CZR 51.51 -0.61 FoxA MasTec MTZ 91.03 -4.66
Johnson nor Purchaser will pay any fees or commissions to any broker or dealer or to any other person (other than to the Depositary and the Information Agent) in connection with
FOXA 30.41 -0.11 the solicitation of tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks, trust companies and other nominees will, upon request, be reimbursed by Purchaser
CamdenProperty CPT 111.87 -3.36 FoxB FOX 28.79 0.03 Mastercard MA 339.37 0.08
Cameco CCJ 24.29 -0.15 Franco-Nevada FNV 140.85 -0.80 MatadorRscs MTDR 69.29 -0.98 for customary mailing and handling expenses incurred by them in forwarding the Offer materials to their customers.
CampbellSoup CPB 48.64 -0.33 FranklinRscs BEN 26.46 -0.87 MatchGroup MTCH 48.68 -2.76
CIBC CM 48.24 -0.59 FreeportMcM FCX 37.89 -0.15 McCormickVtg MKC.V 84.61 1.77
CanNtlRlwy CNI 121.31 -0.88 FreseniusMed FMS 15.37 -0.07 McCormick MKC 82.75 -1.02 The Information Agent for the Offer is:
CanNaturalRes CNQ 60.88 -1.04 FullTruck YMM 6.51 0.57 McDonald's MCD 272.27 0.88
CanPacRlwy CP 76.10 -0.66 McKesson MCK 361.08 4.87
Futu FUTU 49.01 3.40
Canon CAJ 22.52 -0.24 MedicalProp MPW 12.47 -0.08
CapitalOne COF 111.57 -4.68 G H I Medpace MEDP 221.13 0.02
Capri CPRI 52.05 -1.71 Medtronic MDT 82.90 -0.65
CardinalHealth CAH 75.21 -0.06 GFLEnvironmental GFL 26.93 -1.34 MercadoLibre MELI 959.58 -15.31
Carlisle CSL 240.93 3.43 GSK GSK 32.54 0.96 Merck MRK 100.35 2.39
Carlyle CG 28.90 -1.28 Gallagher AJG 185.77 -0.23 MetaPlatforms META 114.22 1.20
CarMax KMX 73.97 -0.61 GameStop GME 26.05 -0.05 MetLife MET 73.79 -0.70
Carnival CCL 10.60 0.25 Gaming&Leisure GLPI 49.70 -0.80 MettlerToledo MTD 1442.80 -21.58 Innisfree M&A Incorporated
Carnival CUK 9.51 0.24 Garmin GRMN 91.28 -2.48 MicrochipTech MCHP 74.89 -0.94
CarrierGlobal CARR 43.61 -0.83 Gartner IT 334.38 -0.88 MicronTech MU 61.78 -0.74 501 Madison Avenue, 20th Floor
CaseysGenStores CASY 234.70 1.75 GenDigital GEN 22.70 -0.24 Microsoft MSFT 241.55 -5.56
Catalent CTLT 46.76 -0.42 Generac GNRC 107.06 -7.02 MidAmApt MAA 155.94 -4.34 New York, New York 10022
s Caterpillar CAT 236.50 0.01 GeneralDynamics GD 242.82 -0.31 Middleby MIDD 137.15 -4.24
Celanese CE 105.00 -5.56 GeneralElec GE 85.83 -0.48 MitsubishiUFJ MUFG 5.09 0.08
MFG 2.22 -0.04
Stockholders may call toll free: (877) 717-3893
CelsiusHldg CELH 91.16 -2.19 GeneralMills GIS 76.97 -0.28 MizuhoFin
Cemex CX 4.48 -0.09 GeneralMotors GM 39.93 -1.19 s Mobileye MBLY 29.39 -0.56 Banks and Brokers may call collect: (212) 750-5833
CenovusEnergy CVE 21.19 -0.42 Genmab GMAB 42.54 0.70 Moderna MRNA 179.03 7.83
Centene CNC 82.04 -0.03 Genpact G 44.83 -0.48 MohawkInds MHK 105.32 -4.48
CenterPointEner CNP 29.13 ... Gentex GNTX 28.82 -0.46 MolinaHealthcare MOH 314.68 -2.82 November 15, 2022
CentraisElBras EBR 8.45 0.05 GenuineParts GPC 179.77 1.81 MolsonCoorsB TAP 51.95 0.05
CeridianHCM CDAY 67.11 1.81 Gerdau GGB 5.89 0.04 MolsonCoorsA TAP.A 78.49 5.34
CharlesRiverLabs CRL 242.99 -3.29 s GileadSciences GILD 82.85 1.03 Continued on Page B10
 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.

B8 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33536.70 t 211.16, or 0.63% Trailing P/E ratio 20.71 22.45 3957.25 t 35.68, or 0.89% Trailing P/E ratio * 19.35 28.70 11196.22 t 127.11, or 1.12% Trailing P/E ratio *† 24.27 35.35
High, low, open and close for each P/E estimate * 18.40 18.67 High, low, open and close for each P/E estimate * 17.72 22.41 High, low, open and close for each P/E estimate *† 22.31 29.89
trading day of the past three months. Dividend yield 2.02 1.89 trading day of the past three months. Dividend yield * 1.68 1.28 trading day of the past three months. Dividend yield *† 0.93 0.64
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

Session high 34000 4300 12900
DOWN UP
t

Session open Close

33000 4150 12400
Close Open 65-day moving average
t

Session low 32000 4000 65-day moving average 11900

31000 3850 11400

65-day moving average

30000 3700 10900

29000 3550 10400

Bars measure the point change from session's open

28000 3400 9900
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 940,874,944 10,114,250
Industrial Average 33964.30 33533.96 33536.70 -211.16 -0.63 36799.65 28725.51 -7.1 -7.7 6.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 270,201,131 2,547,798
Transportation Avg 14797.70 14461.97 14532.58 -21.97 -0.15 16874.53 11999.40 -13.4 -11.8 10.2 Most-active issues in late trading Decl. volume* 664,686,186 7,252,687
Utility Average 933.58 918.81 918.81 -8.62 -0.93 1071.75 838.99 -0.1 -6.3 2.8 Volume After Hours Issues traded 3,318 299
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40377.46 39837.94 39843.00 -393.58 -0.98 48929.18 36056.21 -18.0 -18.1 8.0 Advances 941 122
SPDR S&P 500 Hi Div SPYD 10,500.2 40.81 0.34 0.84 40.95 40.39
Barron's 400 982.30 966.66 966.66 -8.96 -0.92 1127.20 825.73 -13.7 -12.6 11.1 Declines 2,267 162
SPDR S&P 500 Growth SPYG 10,168.6 53.93 0.43 0.80 54.19 52.50
Unchanged 110 15
Nasdaq Stock Market iSh Core Dividend Growth DGRO 8,037.8 50.85 0.38 0.753 51.16 48.98 New highs 54 2
Nasdaq Composite 11350.12 11167.17 11196.22 -127.11 -1.12 16057.44 10321.39 -29.4 -28.4 9.7 Amazon.com AMZN 8,032.0 98.85 0.36 0.37 99.17 87.31 New lows 24 6
Nasdaq-100 11863.82 11669.10 11700.94 -116.07 -0.98 16573.34 10690.60 -27.7 -28.3 12.3 GS ActBt US LC GSLC 8,000.0 78.60 ... unch. 79.30 78.60 Closing Arms† 0.95 2.39
SPDR S&P 500 SPY 7,348.7 396.00 0.88 0.22 411.24 394.98 Block trades* 5,079 104
S&P

.
-0.89
iSh Natl Muni Bd MUB 5,984.9 103.30 ... unch. 103.36 103.29
500 Index 4008.97 3956.40 3957.25 -35.68 4796.56 3577.03 -15.5 -17.0 8.5 Nasdaq NYSE Arca

ly
Meta Platforms META 5,329.5 114.15 -0.07 -0.06 114.43 114.00
MidCap 400 2543.20 2506.14 2506.15 -25.97 -1.03 2910.70 2200.75 -13.8 -11.8 8.0 Total volume*5,004,060,260 288,403,036
SmallCap 600 1237.91 1218.47 1218.47 -13.71 -1.11 1459.63 1064.45 -16.3 -13.1 7.6 Percentage gainers… Adv. volume*1,809,793,081 79,437,720
Azenta AZTA 183.3 62.84 16.26 34.91 63.80 46.58 Decl. volume*3,155,519,593 204,762,903
Other Indexes
Russell 2000
NYSE Composite
Value Line
1889.41 1861.25 1861.25 -21.49
15415.99 15228.98 15228.98 -123.70
564.36 556.15 556.15 -6.94
-1.14
-0.81
-1.23
on 2405.02 1649.84
17353.76 13472.18
694.90 491.56
-22.5
-11.9
-19.9
-17.1
-11.3
-17.2
5.4
4.4
1.5
Shoals Technologies
Nu Holdings A
Immunogen
SHLS
NU
IMGN
111.4
5,189.1
267.7
26.75
4.99
6.33
4.28
0.64
0.57
19.05
14.71
9.90
28.31
5.09
6.56
22.47
4.35
5.76
Issues traded
Advances
Declines
Unchanged
4,994
1,801
2,900
293
1,743
290
1,436
17
NYSE Arca Biotech 5284.34 5196.57 5197.98 -27.00 -0.52 5649.54 4208.43 -4.1 -5.8 4.3
Louisiana-Pacific LPX 84.4 64.63 5.73 9.73 65.71 58.90
New highs 83 30
us ,

NYSE Arca Pharma 826.15 813.47 817.54 9.62 1.19 887.27 737.84 3.8 -1.2 10.5 ...And losers New lows 113 9
l

KBW Bank 109.48 107.40 107.40 -2.53 -2.30 147.56 94.66 -23.6 -18.8 -0.1 164.2 5.35 -1.62 -23.24 7.20 5.00 Closing Arms† 1.08 0.58
e
Getty Images GETY
al a

PHLX§ Gold/Silver 118.15 116.21 117.20 -0.20 -0.17 167.76 91.40 -18.5 -11.5 7.7 PlayAGS AGS 74.3 5.50 -0.85 -13.39 6.23 5.40 Block trades* 29,155 1,206
PHLX§ Oil Service 88.68 86.34 86.42 -1.01 -1.15 88.37 49.14 49.0 63.9 9.2 IonQ IONQ 498.3 5.55 -0.44 -7.35 6.03 5.45 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2779.49 2725.77 2728.05 -26.85 -0.97 4039.51 2162.32 -28.1 -30.9 16.4 Corsair Gaming CRSR 100.2 16.91 -1.32 -7.27 18.45 16.47 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 24.33 22.86 23.73 1.21 5.37 36.45 16.37 43.9 37.8 22.1 Pitney Bowes PBI 93.9 3.20 -0.17 -5.04 3.39 3.20 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 s

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
m er

World MSCI ACWI 614.79 –3.87 –0.63 –18.6 Opiant Pharmaceuticals OPNT 20.10 10.60 111.58 37.71 7.34 -21.2 Satsuma Pharmaceuticals STSA 0.68 -3.37 -83.22 8.08 0.59 -88.4
MSCI ACWI ex-USA 278.15 –0.34 –0.12 –19.2 ToughBuilt Industries TBLT 3.79 1.59 72.27 78.15 1.34 -95.2 NWTN NWTN 2.70 -4.60 -63.01 26.27 2.57 -73.7
MSCI World 2653.94 –20.14 –0.75 –17.9 Getty Images GETY 6.97 1.66 31.26 37.88 4.51 -29.7 SELLAS Life Sciences SLS 2.55 -2.00 -43.96 7.70 1.77 -65.9
MSCI Emerging Markets 939.78 4.05 0.43 –23.7 Cabaletta Bio CABA 3.11 0.73 30.67 13.57 0.59 -74.3 POINT Biopharma Global PNT 5.72 -3.42 -37.42 10.98 4.25 -35.9
m rp

Americas MSCI AC Americas 1507.00 –14.16 –0.93 –17.5 MINISO Group Holding ADR MNSO 9.12 2.05 29.00 17.00 4.45 -44.7 Lumos Pharma LUMO 5.82 -3.09 -34.68 10.27 5.82 -37.1
Canada S&P/TSX Comp 19921.81 –189.70 –0.94 –6.1 Insignia Systems ISIG 8.34 1.82 27.91 35.50 4.93 51.9 SOBR Safe SOBR 1.50 -0.60 -28.57 15.00 0.80 -81.8
Latin Amer. MSCI EM Latin America 2250.75 –3.13 –0.14 5.7 PDS Biotechnology PDSB 7.06 1.46 26.07 11.57 2.89 -35.3 MorphoSys ADR MOR 3.94 -1.52 -27.84 11.06 3.79 -63.7
Brazil BOVESPA 113161.28 907.79 0.81 8.0 Immersion IMMR 6.81 1.30 23.59 7.74 4.28 -1.4 Tremor International ADR TRMR 6.52 -2.30 -26.08 17.92 6.49 -61.8
Chile S&P IPSA 3238.85 –29.53 –0.90 15.4 HireRight HRT 9.52 1.81 23.48 19.46 6.88 -46.8 Stoke Therapeutics STOK 9.33 -3.16 -25.30 33.06 8.36 -67.4
co Fo

Mexico S&P/BMV IPC 51785.13 –174.07 –0.34 –2.8 Rubicon Technologies RBT 2.60 0.41 18.72 10.50 1.06 ... TuanChe ADR TC 7.51 -2.41 -24.29 10.74 1.42 225.9
EMEA STOXX Europe 600 432.86 0.60 0.14
–11.3 AcelRx Pharmaceuticals ACRX 2.43 0.37 17.96 16.30 1.76 -83.7 DecisionPoint Systems DPSI 5.71 -1.69 -22.84 14.22 3.10 42.8
Eurozone Euro STOXX 420.15 1.77 0.42
–12.3 Intellicheck IDN 2.45 0.37 17.79 6.49 1.33 -59.4 908 Devices MASS 12.48 -3.53 -22.05 32.25 11.88 -59.6
Belgium Bel-20 3671.77 8.83 0.24
–14.8 Agenus AGEN 2.93 0.42 16.73 3.87 1.25 -19.7 Hudson Global HSON 22.00 -6.20 -21.99 44.00 21.61 -18.8
Denmark OMX Copenhagen 20 1727.36 18.20 1.06
–7.3 Clear Secure YOU 29.69 4.23 16.61 51.72 18.79 -33.1 AGBA Acquisition AGBA 5.71 -1.42 -19.92 11.81 4.84 -48.1
6609.17 0.22–7.6 Dingdong (Cayman) ADR DDL 4.08 0.57 16.24 33.80 2.43 -86.0 Alight ALIT 8.06 -1.79 -18.17 11.18 6.31 -26.7
France CAC 40 14.55
Germany DAX 14313.30 88.44 0.62
–9.9
Israel Tel Aviv 1944.05 –21.66 –1.10 –1.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24596.69 141.12 0.58 –10.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 706.67 3.76 0.53 –11.4
1.02 –26.7 ProShares UltraPro QQQ TQQQ 212,047 -2.6 22.07 -2.65 91.68 16.32 Opiant Pharmaceuticals OPNT 1,859 12923 20.10 111.58 37.71 7.34
Russia RTS Index 1170.05 11.81
Exela Technologies XELA 164,300 1623.8 0.40 45.61 34.40 0.17 Fidelity Limited Term Bd FLTB 1,983 8302 47.84 0.08 51.99 46.88
South Africa FTSE/JSE All-Share 72822.47 –160.33 –0.22 –1.2
n-

0.84 Mullen Automotive MULN 149,278 3.9 0.30 -1.78 15.90 0.21 PDS Biotechnology PDSB 17,612 7296 7.06 26.07 11.57 2.89
Spain IBEX 35 8166.50 68.38 –6.3
ProSh UltraPro Shrt QQQ SQQQ 125,549 -11.2 45.52 2.59 69.55 28.15 RPAR Risk Parity ETF RPAR 16,272 7227 18.47 -0.48 25.70 16.97
Sweden OMX Stockholm 814.44 –2.80 –0.34 –21.5
–14.6
Advanced Micro Devices AMD 108,571 31.6 73.53 1.60 164.46 54.57 AIB Acquisition Cl A AIB 388 7144 10.14 0.05 10.54 9.77
Switzerland Swiss Market 10999.59 –127.56 –1.15
Turkey BIST 100 4570.20 114.67 2.57 146.0 Direxion Dly SCOND 3 BL SOXL 107,417 -4.2 12.77 -3.40 74.21 6.21 Cabana Target Drawdown 7 TDSB 2,700 7010 21.68 -0.22 26.81 21.37
no

U.K. FTSE 100 7385.17 67.13 0.92 0.01 Amazon.com AMZN 98,793 45.5 98.49 -2.28 188.11 85.87 Cabana Target Ldg Cons CLSC 11,824 6604 20.78 -0.60 26.09 19.09
U.K. FTSE 250 19622.25 6.04 0.03 –16.4 Tesla TSLA 91,873 24.9 190.95 -2.56 402.67 177.12 Insignia Systems ISIG 650 6585 8.34 27.91 35.50 4.93
Freight Technologies FRGT 76,369 10408.0 0.44 113.15 8.73 0.18 8i Acquisition 2 LAX 2,117 5972 5.47 -15.79 10.50 4.70
Asia-Pacific MSCI AC Asia Pacific 151.50 –0.38 –0.25 –21.5
ToughBuilt Industries TBLT 76,083 4683.9 3.79 72.27 78.15 1.34 Home Plate Acquisition HPLT 1,607 5824 9.92 0.10 10.30 9.65
Australia S&P/ASX 200 7146.30 –11.65 –0.16 –4.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3083.40 –3.89 –0.13 –15.3 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17619.71 294.05 1.70 –24.7
61624.15 –0.28 5.8
Scan this code
India S&P BSE Sensex –170.89
Japan NIKKEI 225 27963.47 –300.10 –1.06 –2.9 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3260.80 32.46 1.01 4.4 and track most-active stocks,
South Korea KOSPI 2474.65 –8.51 –0.34 –16.9 new highs/lows, mutual funds Currencies
Taiwan TAIEX 14174.90 167.34 1.19 –22.2 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1623.38 –13.91 –0.85 –2.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004041 24745 8.3
CREDIT MARKETS Argentina peso .0062161.7726 57.5 Europe
Brazil real .1875 5.3326 –4.3 Czech Rep. koruna .04249 23.537 7.6
Canada dollar .7509 1.3317 5.3 Denmark krone .1388 7.2033 10.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001122 891.20 4.6 Euro area euro 1.0329 .9682 10.1
U.S. consumer rates Selected rates and Rates
Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000208 4803.00 18.1 Hungary forint .002527 395.76 21.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .006843 146.13 12.6
A consumer rate against its New car loan Mexico peso .0517 19.3535 –5.6 Norway krone .0996 10.0387 14.0
benchmark over the past year Tradeweb ICE Monday Close 5.00% Uruguay peso .02500 39.9950 –10.6 Poland zloty .2191 4.5634 13.3
Bankrate.com avg†: 6.14% t 28% Asia-Pacific Russia ruble .01629 61.375 –17.9
First Savings Bank of Hegewisch 3.80% 4.00 Sweden krona .0953 10.4922 15.9
Australian dollar .6702 1.4921 8.4
7.00% 14 WSJ Dollar Index Switzerland franc 1.0601 .9433 3.4
s

Chicago, IL 773-646-4200 China yuan .1414 7.0740 11.3

Prime rate 3.00 Turkey lira .0538 18.6015 39.6
.1276 7.8361 0.5
t

First Command Bank 4.24% Hong Kong dollar

6.00 0 Ukraine hryvnia .0271 36.8500 34.7
2.00 India rupee .01235 80.992 8.7
Fort Worth, TX 888-763-7600 Euro UK pound 1.1760 .8503 15.0
s Indonesia rupiah .0000644 15518 8.9
5.00 Third Coast Bank, SSB 4.50% One year ago 1.00 –14 Japan yen .007149 139.88 21.5 Middle East/Africa
t

New car loan Humble, TX 281-446-7000 s Kazakhstan tenge .002167 461.49 6.1 Bahrain dinar 2.6539 .3768 –0.04
Yen
t

4.00 Frost Bank 4.99% 0.00 –28 Macau pataca .1238 8.0750 0.5 Egypt pound .0409 24.4572 55.7
Malaysia ringgit .2176 4.5963 10.3 Israel shekel .2917 3.4278 10.3
Houston, TX 800-513-7678 1 3 6 1 2 3 5 7 10 20 30 20212022
3.00 New Zealand dollar .6097 1.6402 12.2 Kuwait dinar 3.2490 .3078 1.7
Cambridge Savings Bank 5.12% month(s) years
D J FMAM J J A S O N Pakistan rupee .00451 221.500 25.7 Oman sul rial 2.5974 .3850 unch
Cambridge, MA 888-418-5626 maturity Philippines peso .0175 57.220 12.2 Qatar rial .2747 3.641 –0.03
2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7288 1.3722 1.7 Saudi Arabia riyal .2661 3.7587 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007551 1324.27 11.4 South Africa rand .0578 17.3153 8.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027360 365.50 80.1
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 3.75-4.00 3.75-4.00 0.00 l 4.00 2.25 Taiwan dollar .03236 30.902 11.5
Yield (%) 52-Week Total Return (%) Thailand baht .02800 35.710 7.5 WSJ Dollar Index 99.53 0.37 0.37 11.15
Prime rate* 7.00 7.00 3.25 l 7.00 2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.64 4.56 0.16 l 4.65 2.74 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2066.260 4.220 4.560 4.560 1.120 –13.092 –3.013
Money market, annual yield 0.27 0.25 0.07 l 0.27 -0.31
Five-year CD, annual yield 2.41 2.40 0.41 l 2.41 0.98 U.S. Treasury Long, Bloomberg 3059.320 4.240 4.520 4.570 1.720 –30.518 –8.675 Commodities
30-year mortgage, fixed† 6.91 7.33 3.09 l 7.41 2.93 Aggregate, Bloomberg 1919.200 4.760 5.150 5.210 1.680 –14.133 –3.086 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.23 6.50 2.42 l 6.53 2.80 Fixed-Rate MBS, Bloomberg 1905.330 4.750 5.200 5.380 1.930 –13.057 –3.560
Jumbo mortgages, $647,200-plus† 6.87 7.33 3.10 l 7.44 2.45 DJ Commodity 1064.56 -6.49 -0.61 1264.48 893.10 10.75 12.51
High Yield 100, ICE BofA 3103.366 8.026 8.438 8.753 3.669 –9.977 –0.220 Refinitiv/CC CRB Index 282.16 -3.63 -1.27 329.59 218.39 18.82 21.43
Five-year adj mortgage (ARM)† 5.60 5.56 2.82 l 5.60 1.01
Muni Master, ICE BofA 543.321 3.637 3.887 3.936 0.895 –9.413 –1.094 Crude oil, $ per barrel 85.87 -3.09 -3.47 123.70 65.57 6.17 14.17
New-car loan, 48-month 6.14 6.12 3.41 l 6.14 1.63
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 745.161 8.122 8.604 9.159 4.867 –19.051 –4.813 Natural gas, $/MMBtu 5.933 0.054 0.92 9.680 3.561 18.26 59.06
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1773.60 7.60 0.43 2040.10 1623.30 -4.96 -2.95
 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.

THE WALL STREET JOURNAL. Tuesday, November 15, 2022 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures March'23 661.50 664.50 657.00 659.25 –3.75 479,269 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Dec .7195 .7234 .7132 .7177 –.0074 235,616
Oats (CBT)-5,000 bu.; cents per bu. Jan 36.10 36.50 36.10 36.49 .99 1,906 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open 36.44 .55 2,784
Dec 388.00 394.75 386.00 394.25 7.25 2,389 May Nov .7543 .7553 .7511 .7524 –.0026 296
Open High hi lo Low Settle Chg interest
March'23 389.25 395.75 386.75 395.25 7.75 1,913 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec .7528 .7555 .7511 .7526 –.0025 138,164
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybeans (CBT)-5,000 bu.; cents per bu. Dec 88.20 88.40 85.12 85.28 –2.92 31,373 British Pound (CME)-£62,500; $ per £
Nov 3.8480 3.8720 3.8365 3.8550 –0.0960 1,254 Nov 1460.00 1460.00 1435.75 1441.75 –13.75 69 March'23 86.50 86.52 83.33 83.62 –2.71 97,294 Nov 1.1760 1.1828 1.1725 1.1748 –.0106 859
March'23 3.9225 3.9470 3.8055 3.8275 –0.0735 72,316 Jan'23 1449.25 1455.25 1434.25 1440.50 –9.50 253,920 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Dec 1.1795 1.1840 1.1720 1.1791 –.0074 227,418
Gold (CMX)-100 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. Jan 202.55 203.30 194.70 194.95 –8.35 9,558 Swiss Franc (CME)-CHF 125,000; $ per CHF
Nov 1762.00 1772.50 s 1761.60 1773.60 7.60 1,076
Dec 407.90 412.10 403.90 406.00 –1.40 95,160 March 198.50 198.50 190.60 190.75 –7.75 994 Dec 1.0648 1.0671 1.0578 1.0660 –.0011 43,210
Dec 1769.40 1778.40 1755.80 1776.90 7.50 270,021
Jan'23 404.00 407.30 400.60 402.20 –1.40 116,171 March'23 1.0732 1.0783 1.0692 1.0772 –.0009 527
Jan'23 1774.80 1784.30 s 1765.20 1784.00 7.40 238
Feb 1783.50 1792.40 1770.00 1790.80 7.30 193,707
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec 77.20 77.33 75.61 76.28 –.69 88,225 Nov .6674 .6711 .6665 .6706 –.0010 61
April 1793.90 1807.30 1785.00 1805.70 7.30 22,440 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Jan'23 74.73 74.82 73.24 73.88 –.66 105,776 Dec .6689 .6731 .6671 .6727 .0005 160,041
June 1813.30 1822.20 1801.10 1821.00 7.50 12,089 Dec 130-080 131-080 129-230 130-080 –21.0 1,479,480
Palladium (NYM) - 50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Mexican Peso (CME)-MXN 500,000; $ per MXN
Nov 17.63 .01 140 March'23 130-200 131-220 130-080 130-230 –20.0 1,323
Nov … … … 2036.90 13.00 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Nov .05144 .00018 3
Dec 2036.50 2045.00 1951.50 2039.50 13.00 5,060 Jan'23 17.96 18.02 17.81 17.96 –.02 6,438 Dec .05095 .05145 .05078 .05138 .00041 301,264
Wheat (CBT)-5,000 bu.; cents per bu. Dec 123-110 123-300 122-310 123-210 –5.0 1,205,923
Platinum (NYM)-50 troy oz.; $ per troy oz. March'23 123-060 123-220 122-240 123-140 –5.0 7,511 Euro (CME)-€125,000; $ per €
Nov 1042.30 –5.10 1 Dec 813.00 828.75 804.75 818.50 4.75 95,492
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Nov 1.0331 1.0350 1.0272 1.0331 –.0033 737
Jan'23 1049.20 1049.20 1013.60 1033.00 –5.10 56,843 March'23 835.50 848.00 825.75 838.25 3.00 129,358
Dec 112-040 112-070 111-290 112-040 –6.0 4,018,850 Dec 1.0355 1.0386 1.0297 1.0380 –.0011 662,591
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu.
Nov 21.865 22.100 s 21.855 22.092 0.446 150 Dec 947.75 965.75 942.75 956.25 12.75 43,181 March'23 112-145 112-155 112-060 112-130 –5.5 72,639
Dec 21.770 22.190 21.370 22.113 0.446 71,570 March'23 945.25 959.50 937.25 949.75 10.75 64,301 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 107-242 107-247 107-160 107-220 –4.0 4,280,638 Mini DJ Industrial Average (CBT)-$5 x index
Dec 89.02 89.57 85.15 85.87 –3.09 178,089 Nov 176.850 177.300 176.450 176.950 … 2,454 March'23 107-272 108-017 107-257 107-317 –3.2 50,359 Dec 33645 33981 33550 33561 –202 73,492
Jan'23 88.24 88.77 84.51 85.16 –3.00 230,355 Jan'23 178.750 179.700 178.550 179.450 .875 25,708 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March'23 33922 34221 33815 33817 –196 1,721
Feb 87.14 87.77 83.76 84.36 –2.81 94,123 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 102-126 102-122 102-090 102-111 –2.6 2,203,929
Mini S&P 500 (CME)-$50 x index
March 86.13 86.78 82.97 83.52 –2.62 104,186 Dec 151.625 152.375 151.250 151.575 .050 67,002 March'23 102-195 102-215 102-179 102-203 –2.8 49,640
Dec 3984.00 4017.50 3964.00 3966.00 –34.25 2,274,247
June 83.33 84.17 80.79 81.11 –2.14 127,262 Feb'23 153.325 153.675 152.275 152.550 –.700 103,520 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March'23 4024.00 4050.75 3997.50 3999.00 –34.00 67,973
Dec 78.88 79.52 77.10 77.40 –1.41 170,685 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Nov 96.2175 96.2200 96.2175 96.2200 .0025 363,221
Mini S&P Midcap 400 (CME)-$100 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 84.975 85.950 84.350 84.875 .525 47,812 Jan'23 95.6450 95.6500 95.6350 95.6450 334,256
Dec 2533.60 2548.40 2510.10 2511.00 –25.80 46,539
Dec 3.5846 3.7037 3.5231 3.5440 –.0113 46,061 Feb'23 89.000 89.975 88.250 88.975 .575 67,570 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March'23 2513.40 –24.80 1
Jan'23 3.4779 3.5576 3.4148 3.4290 –.0217 64,389 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 90-255 90-300 90-145 90-245 –6.5 15,003
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Mini Nasdaq 100 (CME)-$20 x index
Nov 441.50 448.00 425.00 447.20 2.60 59 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Dec 11791.00 11898.50 11702.00 11734.75 –113.25 267,075
Dec 2.6193 2.6525 2.5200 2.5285 –.0811 58,051 Jan'23 429.00 434.80 t 411.10 415.20 –15.40 1,979 Sept 96.5300 96.5300 96.5250 96.5275 633,695
Jan'23 2.5695 2.5880 2.4645 2.4719 –.0837 87,933 March'23 11912.00 12013.75 11820.50 11851.75 –112.75 4,751
Milk (CME)-200,000 lbs., cents per lb. March'23 95.1300 95.1300 95.0750 95.1100 –.0350 1,096,202
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Mini Russell 2000 (CME)-$50 x index
Nov 20.96 20.99 20.94 20.99 .01 4,393 Eurodollar (CME)-$1,000,000; pts of 100% Dec 1881.10 1895.40 1863.40 1866.00 –20.80 470,798
Dec 6.119 6.416 5.890 5.933 .054 62,606 Dec 21.66 21.80 21.48 21.78 .20 5,224 Nov 95.3700 95.3700 95.3600 95.3561 –.0214 137,215
Jan'23 6.491 6.742 6.260 6.299 .036 158,730 March'23 1894.80 1910.00 1880.50 1881.40 –20.60 1,504
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 95.0100 95.0175 94.9575 94.9850 –.0300 1,583,373
Mini Russell 1000 (CME)-$50 x index
Feb 6.229 6.471 6.020 6.050 .028 64,167
Dec 2,504 2,517 2,487 2,497 –23 29,194 March'23 94.8200 94.8200 94.7600 94.7900 –.0450 865,710
March 5.562 5.675 5.384 5.410 .041 96,290 Dec 2190.50 2207.70 2178.60 2179.00 –21.10 10,817
March'23 2,500 2,515 2,488 2,498 –20 118,567 Dec 95.3750 95.3800 95.3000 95.3350 –.0750 899,552
April 4.809 4.891 4.699 4.726 –.002 83,368 U.S. Dollar Index (ICE-US)-$1,000 x index
May 4.790 4.856 4.675 4.706 –.006 91,542
Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 106.66 107.15 106.33 106.53 .37 50,874
Dec 168.70 168.70 163.40 166.20 –3.90 22,766 Currency Futures March'23 106.23 106.71 105.96 106.10 .36 1,135
March'23 167.00 167.95 163.15 166.90 –1.20 100,555
Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov .7184 .7204 .7103 .7119 –.0104 536 Source: FactSet
Corn (CBT)-5,000 bu.; cents per bu. March 19.59 19.98 19.50 19.83 .19 362,392
Dec 657.00 662.00 652.25 657.25 –.75 416,611 May 18.55 18.85 18.50 18.79 .19 174,804

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Bonds | wsj.com/market-data/bonds/benchmarks Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Tracking Bond Benchmarks Monday, November 14, 2022 Closing Chg YTD SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
457.51
395.12
–0.98
–0.85
–11.6
–16.8
ETF Symbol Price (%) (%)
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Closing Chg YTD SPDR S&P Div SDY 127.30 –0.79 –1.4
ETF Symbol Price (%) (%) iShMSCIEAFEValue EFV 44.59 –0.67 –11.5 TechSelectSector XLK 132.00 –0.86 –24.1
highs and lows for different types of bonds iShNatlMuniBd MUB 103.30 –0.52 –11.2 UtilitiesSelSector XLU 67.27 –1.19 –6.0
CnsmrDiscSelSector XLY 142.79 –1.59 –30.2
Total Total CnsStapleSelSector XLP 72.94 –0.79 –5.4 iSh1-5YIGCorpBd IGSB 49.56 –0.16 –8.0 VangdInfoTech VGT 339.40 –0.95 –25.9
return YTD total Yield (%) return YTD total Yield (%) DimenUSCoreEq2 DFAC 25.10 –0.91 –13.4 iShPfd&Incm PFF 31.43 –1.32 –20.3 VangdSC Val VBR 164.93 –1.10 –7.8
close return (%) Index Latest Low High close return (%) Index Latest Low High EnSelSectorSPDR XLE 93.10 –0.03 67.7 iShRussell1000Gwth IWF 225.73 –1.16 –26.1 VangdExtMkt VXF 140.66 –1.36 –23.1
iShRussell1000Val IWD 154.39 –0.77 –8.1 VangdSC Grwth VBK 211.79 –1.46 –24.8
FinSelSectorSPDR XLF 35.36 –1.42 –9.4
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices HealthCareSelSect XLV 133.25 0.09 –5.4
iShRussell2000 IWM 184.81 –1.12 –16.9 VangdDivApp VIG 152.20 –0.70 –11.4
iShRussellMid-Cap IWR 69.77 –1.22 –15.9 VangdFTSEDevMk VEA 42.03 –1.15 –17.7

.
IndSelSectorSPDR XLI 98.92 –0.61 –6.5
1919.20 -14.3 U.S. Aggregate 4.760 1.680 5.210 1905.33 -13.1 Mortgage-Backed 4.750 1.930 5.380 InvscQQQI QQQ 285.44 –0.88 –28.3
iShRussellMCValue IWS 108.45 –1.26 –11.4 VangdFTSE EM VWO 38.81 –0.33 –21.5
iShRussell1000 IWB 217.87 –0.88 –17.6 VangdFTSE Europe VGK 54.84 –1.15 –19.6

ly
InvscS&P500EW RSP 144.49 –1.09 –11.2
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1880.39 -11.8 Ginnie Mae (GNMA) 4.820 1.970 5.370 iShS&P500Growth IVW 61.74 –1.07 –26.2 VangdFTSEAWxUS VEU 50.09 –0.95 –18.3
iShCoreDivGrowth DGRO 50.47 –0.73 –9.2
iShS&P500Value IVE 146.78 –0.63 –6.3 VangdGrowth VUG 227.28 –1.21 –29.2
1119.53 -13.2 Fannie mae (FNMA) 4.730 1.920 5.390 iShCoreMSCIEAFE IEFA 60.88 –1.12 –18.4
2803.53 -17.6 U.S. Corporate 5.600 2.270 6.130 iShCoreMSCIEM IEMG 46.69 –0.51 –22.0
iShShortTreaBd SHV 109.91 –0.01 –0.5 VangdHlthCr VHT 244.06 –0.14 –8.4
iShTIPSBondETF TIP 106.30 –0.74 –17.7 VangdHiDiv VYM 109.71 –0.52 –2.1
2744.58 -10.6 Intermediate 5.480 1.760 6.050 1714.82 -13.7 Freddie Mac (FHLMC) 4.730 1.920 5.370 iShCoreMSCITotInt IXUS 57.65 –1.00 –18.7
iSh1-3YTreasuryBd SHY 81.17 –0.09 –5.1 VangdIntrCorpBd VCIT 76.76 –0.54 –17.2
iShCoreS&P500 IVV 396.81 –0.84 –16.8
3645.12 -28.4
540.25
739.68
-19.1
-17.7
Long term
Double-A-rated
Triple-B-rated
5.850 2.980 6.370
4.900 1.950 5.320
5.890 2.500 6.440
543.32
386.87
430.63
-9.8
-9.0
-12.4
on Muni Master
7-12 year
12-22 year
3.637 0.895 3.936
3.455 0.918 3.794
4.126 1.180 4.428
iShCoreS&P MC
iShCoreS&P SC
iShCoreS&PTotUS
iShCoreTotalUSDBd
iShCoreUSAggBd
IJH
IJR
ITOT
IUSB
AGG
250.06
99.91
87.87
44.56
96.24
–0.96
–0.98
–0.99
–0.27
–0.28
–11.7
–12.7
–17.9
–15.8
–15.6
iSh7-10YTreaBd
iSh20+YTreaBd
iShUSTreasuryBd
JPMEquityPrem
JPM UltShIncm
SPDRBlm1-3MTB
IEF
TLT
GOVT
JEPI
JPST
BIL
95.71
97.65
22.59
54.96
50.10
91.52
–0.24
–0.25
–0.18
0.11
...
...
–16.8
–34.1
–15.3
–13.0
–0.8
0.1
VangdLC
VangdMC
VangdMC Val
VangdMBS
VangdRealEst
VangdS&P500ETF
VV
VO
VOE
VMBS
VNQ
VOO
180.43
210.59
138.26
45.08
84.87
363.22
–0.87
–1.17
–1.09
–0.38
–2.44
–0.80
–18.4
–17.3
–8.0
–14.7
–26.8
–16.8
iShSelectDividend DVY 121.60 –0.74 –0.8 SPDR Gold GLD 164.92 0.22 –3.5 VangdST Bond BSV 75.07 –0.07 –7.1
High Yield Bonds ICE BofA 397.52 -18.1 22-plus year 4.792 1.673 5.131
us ,

iShESGAwareUSA ESGU 87.85 –0.90 –18.6 SPDRS&P500Value SPYV 39.36 –0.63 –6.3 VangdSTCpBd VCSH 74.80 –0.20 –7.9
iShEdgeMSCIMinUSA USMV 71.90 –0.26 –11.1 SPDRPtfS&P500 SPLG 46.47 –0.79 –16.8 VangdShtTmInfltn VTIP 47.68 –0.31 –7.2
461.29 -11.6 High Yield Constrained 8.873 4.198 9.623 Global Government J.P. Morgan†
l

iShEdgeMSCIUSAQual QUAL 117.53 –0.82 –19.3 SPDRS&P500Growth SPYG 53.50 –1.02 –26.2 VangdShortTrea VGSH 57.78 –0.07 –5.0
33.64 0.24 –3.4
e
-12.5 iShGoldTr IAU 32.49 –16.4
419.80 -16.7 Triple-C-rated 16.101 7.542 16.916 524.76 Global Government 3.000 0.840 3.250 SchwabIntEquity SCHF –1.13 VangdSC VB 191.95 –1.21 –15.1
al a

iShiBoxx$HYCpBd HYG 73.90 –0.74 –15.1 SchwabUS BrdMkt SCHB 46.46 –0.81 –17.8 VangdTaxExemptBd VTEB 48.45 –0.21 –11.8
763.56 -9.0 Canada 3.330 1.430 3.780 iShiBoxx$InvGrCpBd LQD 104.04 –0.51 –21.5 SchwabUS Div 76.47 –0.59 –5.4 71.26 –0.32 –15.9
3103.37 -10.7 High Yield 100 8.026 3.669 8.753 iShJPMUSDEmgBd EMB 82.79 –0.85 –24.1
SCHD VangdTotalBd BND
SchwabUS LC SCHX 46.76 –0.87 –17.8 VangdTotIntlBd BNDX 48.18 –0.31 –12.7
-13.1 341.27 -15.9 EMU§ 2.905 0.271 3.215 iShMBSETF MBB 92.07 –0.28 –14.3 59.08 –1.07 –27.8 51.67 –0.96 –18.7
ci on

399.87 Global High Yield Constrained 9.091 4.601 9.945 SchwabUS LC Grw SCHG VangdTotIntlStk VXUS
iShMSCIACWI ACWI 86.80 –0.90 –17.9 SchwabUS SC SCHA 42.61 –1.14 –16.8 VangdTotalStk VTI 198.35 –0.90 –17.8
307.78 -11.8 Europe High Yield Constrained 7.350 2.760 8.508 636.06 -16.3 France 2.710 0.150 2.980 iShMSCI EAFE EFA 64.77 –1.05 –17.7 Schwab US TIPs SCHP 52.14 –0.67 –17.1 VangdTotWrldStk VT 88.03 –0.97 –18.1
iSh MSCI EM EEM 37.93 –0.60 –22.4 SPDR DJIA Tr DIA 335.77 –0.60 –7.6 VangdValue VTV 141.42 –0.57 –3.9
U.S Agency Bloomberg Fixed Income Indices 454.15 -15.4 Germany 2.160 -0.370 2.400
1676.34 -8.5 U.S Agency 4.580 1.030 4.910 282.44 -4.1 Japan 0.800 0.310 0.910
ADVERTISEMENT
1485.59 -7.1 10-20 years 4.560 0.930 4.890 492.78 -17.3 Netherlands 2.400 -0.200 2.720
er s

3116.37 -25.4
2480.63 -13.9
20-plus years
Yankee
4.950 2.010 5.240
5.400 1.920 5.840
809.03 -22.0
745.16 -19.0
U.K. 3.420 0.720 4.690
Emerging Markets ** 8.122 4.867 9.159 The Marketplace
m er

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
To advertise: 800-366-3975 or WSJ.com/classifieds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

ANNOUNCEMENTS NOTICE OF SALE

Global Government Bonds: Mapping Yields
m rp

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Your Book
NOTICE OF PUBLIC AUCTION
Reference is hereby made to that certain Indenture, dated as of December 18, 2002 (the “Indenture”), by and among
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Mulberry Street CDO, Ltd., as Issuer thereunder, Mulberry Street CDO Funding Corp., as Co-Issuer thereunder, Deutsche
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Story of Success in Business or Bank Trust Company Americas, as Trustee thereunder (when acting in such capacity, the “Trustee”) and MBIA
Insurance Corporation as Issuer thereunder. In accordance with the applicable provisions of the Indenture and the
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago Life Story. We Write & Publish. Uniform Commercial Code as in effect in the State of New York, the following assets will be sold (individually or on a
4.375 U.S. 2 4.406 s l 4.324 4.507 0.522 portfolio basis) to the highest qualified bidder(s) at Public Auctions to be held on the dates and times set forth below:
co Fo

4.125 10 3.865 s l 3.828 4.005 1.583

BizSuccessBooks.com PORTFOLIO NO. 1 – RMBS
LegaciesandMemories.com Bid Deadline: November 29, 2022 at 9:30 a.m. (prevailing Eastern time)
0.250 Australia 2 3.180 s l 3.095 3.396 0.472 -123.2 -122.8 -5.1 (904) 293-9893 * Since 1999 # CUSIP Security Original Principal Amount ($) Type of Asset
1.750 10 3.777 s l 3.667 4.017 1.808 -15.3 24.2 1 04542BBA9 ABFC 2002-NC1 M2 5,000,000.00 RMBS
-9.4 2 004375ET4 ACCR 2005-4 M9 5,000,000.00 RMBS
0.000 France 2 2.268 t l 2.275 2.002 -0.805 -214.4 -204.9 -132.8 3 03072SDK8 AMSI 2002-4 M3 5,000,000.00 RMBS
4 03072SEM3 AMSI 2003-AR1 M4 3,000,000.00 RMBS
2.000 10 2.671 s l 2.670 2.955 0.107 -120.0 -114.9 -145.9 BUSINESS OPPORTUNITIES 5 07384YKJ4 BSABS 2003-AC4 M2 7,000,000.00 RMBS
6 161546DN3 CFAB 2002-4 1M2 1,625,000.00 RMBS
2.200 Germany 2 2.176 t l 2.189 1.950 -0.738 -223.6 -213.5 -126.2
7 12669UAA8 CWHL 2002-R1 M 5,330,000.00 RMBS
1.700 10 2.146 t l 2.158 2.353 -0.257 -172.6 -166.1 -182.4 8 59020UKK0 MLMI 2004-SL2 B3 855,000.00 RMBS

0.000 Italy 2 2.789 t l 2.809 2.980 -0.239 -162.3 -151.5 -76.2 INVEST IN SECURED, 9
10
61746RAD3
61746WSZ4
MSAC 2002-HE3 B1
MSDWC 2002-OP1 M2
4,500,000.00
8,200,000.00
RMBS
RMBS
2.500 10 4.195 t l 4.212 4.798 0.960 32.4 39.3 -60.7 COLLATERALIZED 11 75970NAC1 RAMC 2002-3 M2 5,000,000.00 RMBS
12 805564ML2 SAST 2002-3 M2 2,000,000.00 RMBS
0.005 Japan 2 -0.055 s l -0.065 -0.044 -0.114 -446.7 -438.9 -63.8 FIRST LIEN PORTFOLIO NO. 2 – ABS Student Loan

0.200 10 0.243 s l 0.231 0.254 0.076 -362.9 -358.8 -149.1

MORTGAGES Bid Deadline: November 29, 2022 at 9:30 a.m. (prevailing Eastern time)
# CUSIP Security Original Principal Amount ($) Type of Asset
n-

1 78443CAH7 SLMA 2003-A C 6,000,000.00 ABS student loan

0.000 Spain 2 2.345 t l 2.358 2.213 -0.630 -206.7 -196.6 -115.4
2 78443CAR5 SLMA 2003-B C 5,000,000.00 ABS student loan
2.550 10 3.194 s l 3.188 3.471 0.465 -67.8 -63.1 -110.1 3 78443CBE3 SLMA 2003-C C 7,000,000.00 ABS student loan
PORTFOLIO NO. 3 – Mixed
0.125 U.K. 2 3.133 s l 3.111 3.946 0.526 -127.9 -121.2 0.3 Bid Deadline: November 29, 2022 at 9:30 a.m. (prevailing Eastern time)
4.250 10 3.365 s 3.351 4.389 0.917 -46.8 -65.0 # CUSIP Security Original Principal Amount ($) Type of Asset

9-10%
l
no

-50.7 1 XS0273310929 CALCS 2006-10 NOTE 4,500,000.00 CMBS

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close 2 50011PAG1 KDIAK 2006-1A F 7,000,000.00 TRUP CDO
3 87330PAJ1 TBRNA 2005-1A D 4,000,000.00 TRUP CDO
ANNUAL RETURNS* 4 87331BAG7 TBRNA 2006-5A A3FX 3,000,000.00 TRUP CDO
Corporate Debt — MONTHLY DIVIDENDS — 5 894127AJ8 TRAP 2002-1A C1 3,000,000.00 TRUP CDO
PORTFOLIO NO. 4 – Zero Factor
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific InvestWithLYNK.com Bid Deadline: November 29, 2022 at 1:00 P.m. (prevailing Eastern time)
expectations (410) 258-3903 # CUSIP Security Original Principal Amount ($) Type of Asset
1 040104RR4 ARSI 2006-W1 M9 5,000,000.00 Zero Factor
Investment-grade spreads that tightened the most… *For Accredited Investors only. Past performance is no guarantee
of future results. Visit website for details and disclosures.
2 073879GV4 BSABS 2004-AC5 B3 1,879,000.00 Zero Factor
Spread*, in basis points 3 144531CR9 CARR 2005-OPT2 M8 5,000,000.00 Zero Factor
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 4 17309TAQ1 CMLTI 2006-NC2 M10 3,700,000.00 Zero Factor
5 22541NL49 CSFB 2003-CPN1 H 5,000,000.00 Zero Factor
Banco Santander SANTAN 5.179 5.95 Nov. 19, ’25 171 –44 246
Coca–Cola KO 3.450 4.77 March 25, ’30 88 –35 95 Deep Gas Investment 6
7
12667GQ30
12668AFB6
CWALT 2005-27 B2
CWALT 2005-59 B2
4,950,000.00
6,000,000.00
Zero Factor
Zero Factor
Wells Fargo WFC 4.100 4.94 June 3, ’26 91 –29 137 8 12668AVX0 CWALT 2005-61 1M4 548,000.00 Zero Factor
Societe Generale SOCGEN 4.750 6.93 Nov. 24, ’25 267 –21 n.a. Tax deductible / $50,000 min. 9 12669UAJ9 CWHL 2002-R2 1B1 1,154,000.00 Zero Factor
10 126671SP2 CWL 2002-4 B2 5,000,000.00 Zero Factor
Celanese CE 6.050 6.64 March 15, ’25 240 –20 288 Approx. 150% return + royalties 11 126670ZU5 CWL 2006-6 M7 1,500,000.00 Zero Factor
Vodafone VOD 4.250 6.04 Sept. 17, ’50 195 –18 n.a. 12 30605AAR4 FFL 2003-1 A2 8,000,000.00 Zero Factor
Accredited Only 13 35729PMP2 FHLT 2005-D M9 3,906,000.00 Zero Factor
General Motors Financial … 3.800 5.67 April 7, ’25 142 –17 174 14 35729PNM8 FHLT 2005-E M9 2,000,000.00 Zero Factor
HSBC Holdings HSBC 4.300 5.72 March 8, ’26 173 –17 206 Call Frank 713-503-4225 15 35729VAP2 FHLT 2006-D M9 4,980,000.00 Zero Factor
16 39538VAF7 GMLT 2004-1 B3 1,350,000.00 Zero Factor
…And spreads that widened the most 17 362341JQ3 GSAA 2005-10 B3 1,000,000.00 Zero Factor
UHF SPECTRUM PLAY 18 36228FNT9 GSAMP 2003-FM1 B2 4,640,000.00 Zero Factor
Barclays BACR 4.375 6.36 Jan. 12, ’26 236 28 261 19 40430HDN5 HASC 2006-OPT1 M9 3,000,000.00 Zero Factor
Rare opportunity to
Goldman Sachs GS 6.125 5.92 Feb. 15, ’33 205 20 n.a. purchase licenses
20 437084UZ7 HEAT 2006-3 M8 2,000,000.00 Zero Factor
15 21 22541S3F3 HEMT 2004-6 M5 1,250,000.00 Zero Factor
Lloyds Banking LLOYDS 4.650 6.87 March 24, ’26 287 n.a. for over 400 MHz 22 41161PZZ9 HVMLT 2005-16 B9 3,455,000.00 Zero Factor
Credit Suisse CS 1.250 7.45 Aug. 7, ’26 345 13 n.a. of beachfront UHF 23 41161GAM5 HVMLT 2006-8 B7 1,000,000.00 Zero Factor
12 183 spectrum 24 41161XAL0 HVMLT 2006-9 B7 4,900,000.00 Zero Factor
General Motors Financial … 6.050 5.93 Oct. 10, ’25 169
25 45071KDN1 IXIS 2006-HE1 B2 2,000,000.00 Zero Factor
Weyerhaeuser WY 6.950 5.29 Oct. 1, ’27 128 12 n.a. throughout the US. 26 542514RW6 LBMLT 2006-1 M9 4,500,000.00 Zero Factor
Banco Santander SANTAN 5.147 6.26 Aug. 18, ’25 201 11 223 212-675-0755 27 57643LAR7 MABS 2003-OPT1 MF5 5,000,000.00 Zero Factor
Toyota Motor Credit TOYOTA 5.400 5.01 Nov. 10, ’25 77 11 n.a. 28 57643LRC2 MABS 2006-HE1 M8 3,000,000.00 Zero Factor
29 589929J58 MLMI 2003-WMC1 M2 5,000,000.00 Zero Factor
High-yield issues with the biggest price increases… 30
31
61744CWU6
61744CRJ7
MSAC 2005-HE7 B3
MSAC 2005-WMC4 B3
4,500,000.00
1,900,000.00
Zero Factor
Zero Factor
Bond Price as % of face value 32 61750MAQ8 MSAC 2006-HE7 B3 5,000,000.00 Zero Factor
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
33 617463AN4 MSIX 2006-2 B3 3,594,000.00 Zero Factor
Ford Motor
Telecom Italia Capital
F
TITIM
4.750
6.000
7.33
9.19
Jan. 15, ’43
Sept. 30, ’34
73.031
77.250
1.25
1.03
69.750
72.590
THE 34
35
64352VLS8
64352VPH8
NCHET 2005-3 M9
NCHET 2005-C M9
5,000,000.00
3,000,000.00
Zero Factor
Zero Factor

Toledo Hospital
Bausch Health
TOLHOS
BHCCN
5.325
11.000
9.56
17.25
Nov. 15, ’28
Sept. 30, ’28
81.000
77.438
1.00
0.96
n.a.
75.800
MARKETPLACE 36
37
38
69121PCS0
761118WZ7
759950GH5
OWNIT 2006-1 B1
RALI 2006-QO3 M8
RAMC 2005-4 M7
1,535,000.00
1,150,000.00
3,969,000.00
Zero Factor
Zero Factor
Zero Factor
39 759676AS8 RAMC 2006-2 M8 3,000,000.00 Zero Factor
American Airlines AAL 3.750 9.18 March 1, ’25 88.990 0.87 86.522 ADVERTISE TODAY 40 75970HAS9 RAMC 2006-4 M8 3,938,000.00 Zero Factor
Navient NAVI 6.750 8.30 June 25, ’25 96.420 0.83 94.250 41 75970HAT7 RAMC 2006-4 M9 2,250,000.00 Zero Factor
0.75 64.250 42 753910AL2 RASC 2005-KS12 M8 2,000,000.00 Zero Factor
Transocean RIG 6.800 11.78 March 15, ’38 65.000 (800) 366-3975 43 86358EPY6 SAIL 2004-11 M9 4,000,000.00 Zero Factor
Occidental Petroleum OXY 7.875 6.45 Sept. 15, ’31 109.455 0.71 107.438 44 83611DAN8 SVHE 2006-NLC1 M9 2,101,000.00 Zero Factor
For more information visit: 45 83611MMU9 SVHE 2006-OPT2 M8 1,500,000.00 Zero Factor
…And with the biggest price decreases wsj.com/classifieds Additional Information. All bids must be submitted by the applicable above-noted Bid Deadline in accordance with
the terms and conditions set forth in a bid package (the “Bid Package”) relating to this Public Auction. In addition,
Intesa Sanpaolo ISPIM 5.017 8.08 June 26, ’24 95.448 –2.28 94.098 please be advised that the sale of the above-noted assets (individually or on a portfolio basis) will be made only
Liberty Interactive LINTA 8.250 24.32 Feb. 1, ’30 46.500 –2.00 63.000 to the highest qualified bidder(s). For additional information regarding this Public Auction, and to obtain a Bid
–1.21 113.250 Package, please contact Odeon Capital Group LLC, Attn: James Burke, Managing Director, E-mail: jburke@odeoncap.
FirstEnergy FE 7.375 5.42 Nov. 15, ’31 113.793 com; Telephone No.: 212-230-5866; Mobile No.: 917.613.5476 and Yulia Gilman, Director, E-Mail: ygilman@odeoncap.
American Airlines AAL 11.750 7.33 July 15, ’25 110.500 –0.92 108.780 com; Telephone No.: 212.257.6168; Mobile No.: 631.682.4257. The Public Auction will be a public disposition (within
the meaning of Section 9-610 of the UCC).
Sprint S 7.125 5.45 June 15, ’24 102.494 –0.90 101.320 Disclaimer. The Trustee is authorized at this Public Auction, if the Trustee deems it necessary or otherwise advisable
Navient NAVI 5.875 7.56 Oct. 25, ’24 97.000 –0.74 96.565 or is required by applicable law to do so: (a) to restrict the prospective bidders on, or purchasers of, any of the above-
–0.48 63.250 noted assets to be sold to those persons who (i) represent and warrant that they are a “qualified institutional buyer,”
Dish DBS … 5.125 13.15 June 1, ’29 65.500 as such term is defined in Rule 144A(a)(i) promulgated by the SEC under the Securities Act of 1933, as amended (the
Mattel MAT 6.200 7.88 Oct. 1, ’40 84.023 –0.48 n.a. “Act”), and a “qualified purchaser” for purposes of Section 3(c)(7) of the United States Investment Company Act
of 1940, as amended; and (ii) agree that they will not resell such assets without compliance with the registration
*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. requirements of the Act and applicable state securities laws or pursuant to valid exemptions therefrom and (b) to
© 2022 Dow Jones & Company, Inc. impose such other limitations or conditions in connection with this Public Auction as the Trustee deems necessary or
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess All Rights Reserved. advisable in order to comply with the Act or any other applicable law.
 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.

B10 | Tuesday, November 15, 2022 * * THE WALL STREET JOURNAL.

BANKING & FINANCE

Pensions big moves in bond yields,

which in turn help determine
pension liabilities.
figured their portfolios this
way, said Chief Executive Offi-
cer Kerrin Rosenberg. Cardano
A July note from BlackRock
Inc., one of the largest LDI
managers, urged pension plans
more risky. Any sudden selloff
could spill over into other as-
set classes.
The S&P 500 has fallen at
least 2% on 22 trading days
this year, according to Dow

Add More Derivatives positions can

also be closed more quickly
than traditional shares can be
advises on and manages LDI
portfolios.
Goldman Sachs Group Inc.,
to consider synthetic invest-
ments in equity and credit, or
corporate debt, to help free up
“The thought of gearing
gilts is something pension-
fund trustees have become ac-
Jones Market Data.
Investors holding a deriva-
tive tied to an index like the

Derivatives sold, if an investor needs cash

fast. By shifting some leverage
from U.K. government bonds,
Bank of New York Mellon
Corp.’s Insight Investment and
a unit of Britain’s Legal & Gen-
collateral.
Market participants caution
that employing equity deriva-
customed to over the past de-
cade,” said Bob Campion, head
of fiduciary management at
S&P 500 would typically make
a paper gain when the bench-
mark rises. When it falls, how-
or gilts, to stocks, the move eral Group PLC in recent weeks tives could create challenges. Charles Stanley, a division of ever, they would suffer a pa-
Continued from page B1 can spread risk more evenly have been discussing with cli- Stocks are typically more vola- Raymond James Financial Inc. per loss and might be required
while also generating returns throughout a portfolio. ents shifting from physical tile than bonds. That makes “To gear your equities is a to post extra collateral, poten-
linked to the stock market. Some clients of Cardano In- holdings to synthetic positions, the use of leverage, also much riskier strategy,” he tially forcing them to sell
LDI is meant to hedge against vestment have recently recon- industry participants said. known as gearing, potentially said. other assets in a hurry.

Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B7 Net Net QualtricsIntl XM 11.10 -0.38 Ryanair RYAAY 76.97 -1.21 SouthState SSB 87.03 0.68 TeckRscsB TECK 34.02 -1.00 UltaBeauty ULTA 422.62 -7.65 WasteMgt WM 157.59 -0.57
Net Stock Sym Close Chg Stock Sym Close Chg QuantaServices PWR 142.19 -2.28 SAP SAP 108.83 -1.34 Southern SO 64.54 -0.55 TeledyneTech TDY 407.02 -5.97 Unilever UL 47.45 0.29 Waters WAT 325.88 -5.97
Stock Sym Close Chg NVCR 82.54 0.29 PaycomSoftware PAYC 329.82 -10.53
Novocure
QuestDiag DGX 150.38 -0.65 S&P Global SPGI 347.67 -8.53 SoCopper SCCO 60.48 0.09 Teleflex TFX 210.00 -9.17 UnionPacific UNP 216.95 -0.55 Watsco WSO 280.09 2.21
SBA Comm SBAC 289.41 -8.57 SouthwestAir LUV 37.75 -0.61 Ericsson ERIC 6.17 0.01 UnitedAirlines UAL 44.03 -0.68 WebsterFin WBS 53.05 -0.30
NuHoldings
NU 4.35 -0.09 Paylocity PCTY 213.61 -2.50
Mondelez
MongoDB
MDLZ 64.10 -0.70
MDB 171.08 -4.86 NucorNUE 142.20 3.44 PayPal PYPL 89.51 -1.52
R S SEI Investments SEIC 60.14 -1.43 SouthwesternEner SWN 6.93 -0.06 TelefonicaBras VIV 7.59 -0.15 UnitedMicro UMC 7.22 -0.10 WellsFargo WFC 46.87 -0.68
SK Telecom SKM 21.04 -0.16 Splunk SPLK 84.08 -1.59 Telefonica TEF 3.75 0.02 UPS B UPS 177.79 -0.40 Welltower WELL 70.29 -1.29
MonolithicPower MPWR 387.97 -5.40 NTNX 28.26 -0.17 s Pearson
Nutanix PSO 11.15 0.08 RBC Bearings RBC 244.50 11.74 SS&C Tech SSNC 52.59 -0.92 Spotify SPOT 82.50 -1.21 TelekmIndonesia TLK 25.84 -0.14 UnitedRentals URI 358.11 8.80 WescoIntl
NTR 77.79 1.11 PembinaPipeline PBA 34.84 -0.22
Nutrien WCC 131.36 -0.77
MonsterBev MNST 96.92 -1.20 RELX RELX 26.40 -0.28 StoreCapital STOR 31.65 ... StanleyBlackDck SWK 81.17 -3.03 Tenaris TS 32.46 -0.52 US Bancorp USB 43.85 -1.07 WestFraserTimber WFG 81.89 -0.92
Moody's MCO 293.60 -16.77 NVDA 162.95 -0.32 s PenskeAuto PAG 126.98 2.96
NVIDIA RH RH 285.22 -6.12 SVB Fin SIVB 219.76 -15.86 Starbucks SBUX 97.42 0.04 TencentMusic TME 4.45 0.04 UnitedTherap UTHR 254.64 -0.81 WestPharmSvcs WST 242.31 -8.62
MorganStanley MS 89.81 -0.97 Pentair PNR 45.97 -0.72 RPM RPM 97.62 -0.72 Saia SAIA 254.40 6.90 StarwoodProp STWD 21.06 Teradyne TER 94.14 -2.17 UnitedHealth UNH 513.75 -8.33 WestAllianceBcp WAL 73.45 -3.19
-0.34
Morningstar MORN 241.30 -4.35 O P Q Penumbra PEN 193.48 -0.54 RalphLauren RL 101.34 -3.04 Salesforce CRM 158.66 0.93 StateStreet STT 79.00 -1.99 Tesla TSLA 190.95 -5.02 UnitySoftware U 32.69 0.17 WesternDigital WDC 39.60 -0.15
Mosaic MOS 53.12 0.33 PepsiCo PEP 176.73 -1.32 RangeResources RRC 28.50 -0.52 Sanofi SNY 43.21 0.41 s SteelDynamics STLD 100.40 3.66 TetraTech TTEK 157.88 -4.65 UniversalHealthB UHS 125.68 0.68 WesternMidstrm WES 28.01 -0.37
OGE Energy OGE 38.12 -0.28 s PerformanceFood PFGC 57.94 1.48 RaymondJames RJF 121.84 -1.56 SareptaTherap SRPT 108.23 1.33 Stellantis
MotorolaSol MSI 250.95 1.42 STLA 14.80 -0.07 TevaPharm TEVA 9.34 -0.14 UnumGroup UNM 40.50 ... Westlake WLK 110.91 -2.46
s MurphyOil MUR 49.00 -1.73 ONEOK OKE 64.38 -0.27 PerkinElmer PKI 143.03 -0.43 RaytheonTech RTX 92.95 -0.70 Sasol SSL 17.48 -0.53 Steris STE 167.78 -4.76 TexasInstruments TXN 177.44 -2.05 VF VFC 33.11 -0.23 WestRock WRK 37.05 -0.61
MurphyUSA MUSA 289.23 -1.30 OReillyAuto ORLY 824.92 9.32 PetroleoBrasil PBR 11.90 0.34 RealtyIncome O 64.08 -0.90 s Schlumberger SLB 54.07 -0.75 StifelFinancial SF 64.62 -1.90 TexasPacLand TPL 2639.84 -36.14 VICI Prop VICI 31.65 -0.48 Weyerhaeuser WY 32.34 -0.75
NICE NICE 195.68 -3.37 OccidentalPetrol OXY 73.28 -1.05 PetroleoBrasilA PBR.A 10.48 0.35 RegalRexnord RRX 126.39 -2.94 SchwabC SCHW 76.47 -1.89 STMicroelec STM 37.84 0.13 Textron TXT 69.38 -1.50 VailResorts MTN 235.55 -4.91 WheatonPrecMet WPM 37.75 -0.24
NIO NIO 11.17 -0.39 Okta OKTA 51.41 -2.94 Pfizer PFE 49.24 1.64 RegencyCtrs REG 64.69 -1.13 Sea SE 45.80 -3.63 Stryker SYK 218.99 -5.30 ThermoFisherSci TMO 534.77 -3.91 Vale VALE 15.71 0.26 Whirlpool WHR 152.94 -3.64
NOV NOV 23.20 -0.37 OldDomFreight ODFL 314.27 0.16 PhilipMorris PM 93.93 -0.54 RegenPharm REGN 742.01 7.56 Seagate STX 56.39 -0.76 SumitomoMits SMFG 6.43 0.29 ThomsonReuters TRI 109.08 -0.79 ValeroEnergy VLO 136.80 2.84 Williams
NRG Energy NRG 43.85 -1.55 OldRepublic ORI 23.48 -0.27 s Phillips66 PSX 110.26 -1.04 RegionsFin RF 22.91 -0.50 Seagen WMB 33.77 -0.31
SGEN 130.95 -1.96 SunComms SUI 136.23 -8.24 3M MMM 131.03 -1.95 ValmontInds VMI 320.81 1.80 Williams-Sonoma WSM 133.60 -1.73
NVR NVR 4354.74-136.70 Olin OLN 60.44 1.13 Pinduoduo PDD 65.39 0.21 ReinsGrp RGA 133.24 1.54 SealedAir SEE 50.03 -0.49 SunLifeFinancial SLF 45.84 -0.52 Toast TOST 20.75 0.27 VeevaSystems VEEV 188.30 -2.72 WillisTowers WTW 232.40 -1.49
NXP Semi NXPI 169.01 -0.93 OmegaHealthcare OHI 31.78 -0.45 PinnacleFinPtrs PNFP 84.46 -1.30 RelianceSteel RS 201.28 7.23 Sempra SRE 155.61 0.96 SuncorEnergy SU 36.20 -0.57 Toro TTC 110.11 -1.22 Ventas VTR 44.77 -0.54 WillScotMobile WSC 46.33 -0.12
Nasdaq NDAQ 66.04 -0.36 Omnicom OMC 76.39 -1.12 PinnacleWest PNW 71.15 -0.49 RenaissanceRe RNR 174.59 0.36 SensataTechs ST 44.67 -0.66 Suzano SUZ 10.81 -0.08 TorontoDomBk TD 65.99 -0.67 VeriSign VRSN 190.45 -1.94 Wipro
NationalGrid NGG 58.98 -0.42 s ON Semi ON 72.83 -2.22 Pinterest PINS 24.42 0.22 RentokilInit RTO 30.97 -0.94 ServiceCorp SCI 69.51 -0.06 s Switch SWCH 34.09 0.01 TotalEnergies TTE 58.05 -0.82 VeriskAnalytics VRSK 173.98 -4.29
WIT 4.99 -0.06
NatlRetailProp NNN 44.73 -0.07 OpenText OTEX 29.01 -0.93 PioneerNatRscs PXD 255.44 -0.19 Repligen RGEN 200.72 1.43 ServiceNow NOW 400.40 -9.51 SynchronyFin SYF 37.75 Wolfspeed WOLF 89.19 -2.61
-2.48 ToyotaMotor TM 142.12 -1.14 Verizon VZ 38.31 0.01 s WoodsideEnergy WDS 26.00 -0.21
NatWest NWG 5.91 -0.06 Oracle ORCL 78.53 0.79 PlainsAllAmPipe PAA 12.23 -0.09 RepublicSvcs RSG 129.98 -1.08 ShawComm B SJR 27.22 0.17 Synopsys SNPS 330.68 -0.72 TractorSupply TSCO 212.78 3.73 VertexPharm VRTX 306.03 2.77
NetApp NTAP 73.18 -0.32 Orange ORAN 10.02 0.03 PlainsGP PAGP 12.93 -0.06 ResMed RMD 220.88 -2.15 Shell SHEL 54.66 -1.11 Sysco TradeDesk TTD 47.76 -1.01 Viatris WooriFin WF 26.95 -0.46
SYY 84.64 0.17 VTRS 11.56 0.12 Workday WDAY 153.38 -3.57
NetEase NTES 65.24 0.48 Orix IX 75.30 -1.34 PlugPower PLUG 17.30 -0.59 RestaurantBrands QSR 59.85 -0.87 SherwinWilliams SHW 234.08 -3.16 Tradeweb TW 58.19 -0.86 Visa V 206.86 1.86 WynnResorts WYNN 78.07 0.09
Netflix NFLX 299.27 9.14 OtisWorldwide OTIS 77.77 0.40 Polaris PII 111.46 -5.16 RexfordIndlRealty REXR 54.38 -1.47 ShinhanFin SHG 27.87 -0.14 T U V TraneTech TT 173.95 -2.13 Vistra VST 22.95 -1.14 XP
Neurocrine NBIX 118.05 -3.39 Ovintiv OVV 55.69 -1.90 PolestarAuto PSNY 5.63 0.12 RioTinto RIO 64.24 -0.47 ShockwaveMed SWAV 243.19 -3.41 TransDigm TDG 616.14 -10.11 VMware XP 19.11 -0.12
VMW 115.57 -0.40 XcelEnergy XEL 66.83 -0.66
NewFortressEner NFE 49.81 -0.79 OwensCorning OC 90.24 -1.82 Pool POOL 340.89 -10.47 Rivian RIVN 34.38 -0.52 Shopify SHOP 38.40 -1.04 TC Energy TRP 47.41 -0.84 TransUnion TRU 64.77 -0.25 Vodafone VOD 12.31 -0.16
Newmont NEM 46.29 -0.24 PDC Energy PDCE 78.70 -1.66 PrincipalFin PFG 93.74 -1.26 RobertHalf RHI 78.44 -2.41 Sibanye-Stillwater SBSW 10.86 -0.06 TD Synnex SNX 100.54 1.30 Travelers TRV 182.70 0.97 VoyaFinancial VOYA 64.89 -3.39 XPeng XPEV 8.64 0.15
NewsCorp A NWSA 18.18 0.12 PG&E PCG 14.46 -0.30 ProcoreTech PCOR 57.09 -1.81 Robinhood HOOD 9.56 -0.91 SignatureBank SBNY 138.77 -5.21 TE Connectivity TEL 124.52 0.41 Trimble TRMB 59.30 -2.70 VulcanMatls VMC 175.16 -3.40 Xylem XYL 108.98 -2.22
NewsCorp B NWS 18.40 0.11 PNC Fin PNC 163.29 -2.47 Procter&Gamble PG 140.98 0.01 Roblox RBLX 35.60 -1.14 SignifyHealth SGFY 28.45 -0.16 Telus TU 21.88 -0.01 Trip.com TCOM 27.72 -1.12 YumBrands YUM 122.60 -0.73
NextEraEnergy NEE 81.66 -1.65 POSCO PKX 55.64 1.29 Progressive PGR 122.98 -3.25 YumChina YUMC 52.78 -1.30
Nike NKE 104.39 -1.70 PPG Ind PPG 127.96 -2.13 Prologis PLD 112.50 -3.63
RocketCos. RKT
Rockwell
7.94 -0.19 SimonProperty SPG 117.53 -2.67 TFI Intl
ROK 267.39 -6.14 SiriusXM SIRI 6.42 -0.02 TJX
TFII 103.09
TJX 73.06
-0.85
-0.84
TruistFinl
Twilio
TFC 46.05 -1.21
TWLO 52.84 -2.43
W X Y Z ZTO Express ZTO 21.54 0.31
NiSource NI 25.76 -0.05 PPL PPL 27.10 -0.31 ProsperityBcshs PB 74.05 0.14 RogersComm B RCI 43.85 0.53 Skyworks SWKS 94.10 -2.25 T-MobileUS TMUS 145.46 -0.73 TylerTech TYL 320.35 -4.26 WEC Energy WEC 92.53 -0.62 ZebraTech ZBRA 251.47 -11.91
Nokia NOK 4.74 -0.01 PTC PTC 130.29 -1.63 PrudentialFin PRU 108.23 -1.98 Roku ROKU 58.53 -2.77 SmithAO AOS 59.51 -0.49 TPG TPG 38.52 -3.26 TysonFoods TSN 64.83 -2.58 WEX WEX 160.13 -6.29 Zendesk ZEN 76.57 -0.13
NomuraHoldings NMR 3.56 ... s Paccar PCAR 102.34 0.09 Prudential PUK 23.28 -0.58 Rollins ROL 41.88 0.29 Smith&Nephew SNN 25.09 -0.38 TRowePrice TROW 125.50 -7.84 UBS Group UBS 18.27 -0.33 W.P.Carey WPC 77.95 -0.46 Zillow C Z 36.88 -1.04
Nordson NDSN 237.40 0.85 PackagingCpAm PKG 129.75 0.28 PublicServiceEnt PEG 57.36 -0.93 RoperTech ROP 432.59 -5.77 Smucker SJM 141.65 -0.96 TaiwanSemi TSM 72.80 -1.03 UDR UDR 39.34 -0.77 WPP WPP 51.25 -0.15 Zillow A ZG 36.49 -0.99
NorfolkSouthern NSC 251.68 0.77 PalantirTech PLTR 8.10 -0.31 PublicStorage PSA 290.74 -4.44 RossStores ROST 94.63 -1.54 Snap SNAP 11.29 -0.29 TakeTwoSoftware TTWO 99.88 -2.37 UGI UGI 37.32 0.03 s Wabtec WAB 99.68 -1.39 ZimmerBiomet ZBH 113.31 -2.25
NorthernTrust NTRS 90.61 -3.42 PaloAltoNtwks PANW 161.73 -3.59 PulteGroup PHM 42.51 -1.86 RoyalBkCanada RY 98.88 -0.40 SnapOn SNA 233.75 -0.56 TakedaPharm TAK 13.71 -0.14 US Foods USFD 34.06 -0.26 WalgreensBoots WBA 40.54 -0.24 ZionsBancorp ZION 53.31 -2.08
NorthropGrum NOC 481.74 -10.96 ParamountA PARAA 21.52 -0.31 PureStorage PSTG 31.07 0.29 RoyalCaribbean RCL 58.07 -0.41 Snowflake SNOW 157.84 -1.57 Tapestry TPR 34.25 -1.12 UWM UWMC 4.13 -0.11 Walmart WMT 138.39 -4.19 Zoetis ZTS 146.45 -2.10
NorwegCruise NCLH 17.87 0.01 ParamountB PARA 18.49 -0.32 Qiagen QGEN 47.16 -1.00 RoyalGold RGLD 106.48 1.38 SOQUIMICH SQM 104.98 -6.05 TargaResources TRGP 71.91 -0.73 Uber UBER 29.07 -0.08 WarnerBrosA WBD 11.49 -0.35 ZoomVideo ZM 84.35 -3.97
Novartis NVS 83.45 -0.57 ParkerHannifin PH 306.96 -1.61 Qorvo QRVO 94.41 -2.37 RoyaltyPharma RPRX 42.50 -1.42 SolarEdgeTech SEDG 284.01 -4.90 Target TGT 173.26 -0.06 Ubiquiti UI 293.72 4.98 WarnerMusic WMG 28.50 0.03 ZoomInfoTech ZI 31.34 -1.22
NovoNordisk NVO 114.43 2.96 Paychex PAYX 121.19 0.18 Qualcomm QCOM 120.80 -0.63 t RyanSpecialty RYAN 32.30 -1.82 Sony SONY 82.42 -0.67 TataMotors TTM 27.10 0.54 UiPath PATH 12.05 -0.52 WasteConnections WCN 135.14 -1.11 Zscaler ZS 136.85 -5.34

New Highs and Lows 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

.
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

ly
GenieEnergyPfd GNEpA 9.88 4.6 MDH Acqn A MDH 9.97 ... QuantumFin QFTA 9.94 0.1 AirSculptTech AIRS 2.69 -17.7 FinStrategiesWt FXCOW 0.02 -7.1 MedicennaTherap MDNA 0.50 -17.2 SatsumaPharm STSA 0.59 -83.2
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE GileadSciences GILD 84.14 1.3 MammothEnergy TUSK 8.36 10.5 Rambus RMBS 38.88 0.5 Akili AKLI 1.57 -6.9 FoxWayneEntsWt FOXWW 0.02 -5.8 Medigus MDGS 4.53 5.1 Science37 SNCE 0.81 -4.4
GlbPtrII A GPAC 10.04 ... MarathonPetrol MPC 123.12 -0.6 ResoluteForest RFP 21.20 -0.1 AlgonquinPwrUn AQNU 28.00 -13.1 GenentaScience GNTA 3.90 -13.2 MinervaSurgical UTRS 0.22 2.8 SemperParatusWt LGSTW 0.01 -4.5
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low AlgonquinPwr AQN 7.88 -14.3 GlassHousesWt GLHAW 0.00 -60.0 SQLLW 0.04 -33.3
GrandCanyonEduc LOPE 111.01 1.3 Mobileye MBLY 31.88 -1.9 RevivaPharmWt RVPHW 1.45 6.5 Minim MINM 0.16 -4.1 SeqLL Wt
in the latest session. % CHG-Daily percentage change from the previous trading session. GreenVisorI A GVCI 10.23 0.1 ModineMfg MOD 21.53 1.2 S&T Bancorp STBA 38.39 0.6 ArbeRoboticsWt ARBEW 0.26 -1.4 GlenfarneMergerWt GGMCW 0.00 -66.7 MobilicomWt MOBBW 0.13 -23.9 7GC Wt VIIAW 0.01 -50.0
Greif B GEF.B 77.78 1.7 MurphyOil MUR 51.29 -3.4 SCP&COHlthcrA SHAC 10.02 -0.1 ArbeRobotics ARBE 4.12 -0.7 GoldenMatrix GMGI 2.28 -5.2 MorphoSys MOR 3.79 -27.8 SilverSpikeII Wt SPKBW 0.01 -75.0
Monday, November 14, 2022 GrAeroportuario OMAB 69.27 1.3 NV5Global NVEE 154.41 1.9 SDCLEDGEAcqn SEDA 9.97 0.1 ArgoBlockchainNts ARBKL 1.45 -0.7 GranitePointPfdA GPMTpA 18.74 -1.7 NSTS Bancorp NSTS 9.95 -1.9 SolunaPfdA SLNHP 2.76 -19.2

Stock

Highs
AceConvergence ACEV
52-Wk %
Sym Hi/Lo Chg Stock

10.91 -4.1
Biogen
bleuacaciaA
CRA Intl
CarticaAcqn
52-Wk %
Sym Hi/Lo Chg Stock
BIIB
BLEU
CRAI
CITEU
305.48
9.99
123.68
10.30
3.3
0.1
1.4
0.5
ECB Bancorp ECBK
EMCOR
EQ Health A
EME
52-Wk %
Sym Hi/Lo Chg

EQHA
ESSA Bancorp ESSA
16.91
153.58
9.97
21.70
on
4.4
-0.8
0.2
1.7
GpoAeroportuar PAC
GpoAeroportSur ASR
GulfIslandFab GIFI
HH&L Acqn HHLA
HainanManaslu HMAC
HalozymeTherap HALO
HealthcareAIAcqn HAIAU
174.30
245.11
5.55
10.01
10.07
54.88
10.20
-0.2
0.9
0.4
...
0.1
-0.1
0.4
NewVistaAcqnA NVSA
Noble

Old2ndBcp
ON Semi
Paccar
NE
NortheastCmBncp NECB
NorthrimBanCorp NRIM
OSBC
ON
PCAR
10.00
42.08
14.19
54.14
17.43
77.28
103.88
...
-0.5
0.5
0.7
1.4
-3.0
0.1
Schlumberger SLB
7Acqn
SimonPropA
SmartFinancial SMBK
SVNAU
SPGS

SportsVenturesA AKIC
SteelDynamics STLD
Switch SWCH
56.04
10.20
10.24
30.35
10.04
102.97
34.14
-1.4
0.1
...
0.2
0.1
3.8
...
AveannaHealth AVAH
B.RileyPrin250Wt BRIVW
BerkshireGreyWt BGRYW
BiomX
BlueApron
CLPS
Caesarstone
PHGE
APRN
CLPS
CSTE
0.94 -3.9
0.05 -32.4
0.13 -10.7
0.27 -13.2
1.11 -2.5
1.04 -3.8
6.70 -4.9
GreenwaveTech GWAV
HarborCustom HCDI
HarborCustomPfdA HCDIP
HarborCustomWt HCDIW
Hasbro
HeliogenWt
Heliogen
HAS
HLGN.WS
HLGN
0.96 -30.0
0.66 -24.5
6.90 -13.8
0.05 -52.1
57.14 -9.9
0.10 24.5
0.96 1.9
NWTN
Natuzzi
NeuroPace

NexGel
NexImmune
Novan
NWTN 2.57 -63.0 SoundHoundAI SOUN
NTZ
NPCE
NewYorkCityReit NYC
NXGL
NEXI
NOVN
1.81 3.1 StokeTherap

1.27 -1.8 Surrozen

0.45 -4.1 Synchronoss
STOK

SRZN
SNCR
1.66 2.2
4.40 -1.0 StarryGroupWt STRY.WS 0.01 2.9
8.36 -25.3
2.71 -5.5 StratimCloudWt SCAQW 0.00 209.5
1.78 -2.7
0.90 -0.5
0.79 -14.6 TBSA Acqn Wt TBSAW 0.04 -19.8
ADMA Biologics ADMA 3.42 1.2 CAT 239.85 ... EAC 10.01 0.4 HeritageGlobal HGBL 2.42 6.7 PearlHoldingsAcqn PRLHU 10.15 ... TB SA Acqn TBSAU 10.00 0.1 Canaan CAN 2.46 10.0 HolleyWt HLLY.WS 0.35 -18.7 TGVentureAcqnWt TGVCW 0.01 -21.6
Caterpillar EdifyAcqnA Nuwellis NUWE 0.12 -40.0
us ,

Aflac AFL 70.79 -2.3 ChainBridgeIA CBRG 10.19 0.4 EM Horizon A HORI 10.14 0.3 HudsonAcqnIUn HUDAU 10.12 0.4 Pearson PSO 11.23 0.7 TC Bancshares TCBC 15.18 0.1 CatalystPtrsWt CPARW 0.01 -3.3 HumanCoAcqnWt HMCOW 0.01 -26.5 TKBCriticalTech1Wt USCTW 0.02 -34.4
Oncocyte OCX 0.40 -12.8
AllisonTransm ALSN 43.94 -0.1 ChengheAcqnA CHEA 10.23 0.4 EncoreWire WIRE 154.06 -0.3 IonAcqn3 IACC 10.06 -0.2 PennsWoodsBncp PWOD 25.64 2.4 TargetGlbl I A TGAA 10.17 ... CazooWt CZOO.WS 0.01 -15.6 IMV IMV 0.28 -4.0 TomiEnvl TOMZ 0.56 -10.6
OncologyInst TOI 2.08 -3.7
l

AmercoN UHALB 65.88 5.5 Chevron CVX 189.68 ... Enerplus ERF 19.08 -0.5 IberePharmA IBER 9.99 -0.1 PenskeAuto PAG 128.75 2.4 Tenneco TEN 19.99 0.4 Centogene CNTG 0.82 -6.8 IceCureMedical ICCM 1.01 -3.6 TZP Strategies Wt TZPSW 0.01 -63.0
Oncorus ONCR 0.49 0.8
AmShrHosp AMS 3.10 4.8 CitigrpCapXIIIPf CpN 28.71 -0.8 9.81 -1.9 Immunocore IMCR 64.58 3.5 PerformanceFood PFGC 58.94 2.6 TenXKeaneAcqn TENKU 10.20 0.3 CipherMiningWt CIFRW 0.06 9.5 Icosavax ICVX 2.28 -6.8 TailwindIntlWt TWNI.WS 0.01 -34.9
Eneti NETI
e
CoeptisTherap COEP 2.00 -4.6 IMPL 3.34 -11.8 OneEquityPtrsIWt OEPWW 0.00 -40.0 TalisBiomed TLIS 0.53 -4.1
al a

AmkorTech AMKR 26.98 3.7 ClarimAcqnA CLRM 10.04 0.2 EverestConsolA MNTN 10.18 ... IndustrsBachoco IBA 50.85 2.1 Phillips66 PSX 113.53 -0.9 ThunderBridgeIII A TBCP 9.96 0.2 ImpelPharm
DSS DSS 0.20 0.5 IndLogistics ILPT 3.73 -9.2 P10 PX 9.65 -5.4 Telephone&Data TDS 10.54 -8.1
AuraFatProjects AFARU 10.25 0.3 Coca-Cola Femsa KOF 68.51 1.8 EvergreenA EVGR 10.18 0.1 InflectionPointA IPAX 9.92 0.3 PlutonianAcqn PLTNU 10.08 0.3 ValarisWt VAL.WS 13.70 7.7
DataStorageWt DTSTW 0.13 -5.0 InspiratoWt ISPOW 0.14 -6.7 PLxPharma PLXP 0.30 -11.9 TherivaBio TOVX 0.57 -1.1
BK Tech BKTI 3.14 10.6 CompassTherap CMPX 4.80 5.4 FtacHeraA HERA 10.01 0.1 InsightAcqnA INAQ 10.00 0.4 PontemA PNTM 10.03 ... Valaris VAL 70.17 ...
VishayPrecision VPG 39.67 0.6 DeepLakeCapWt DLCAW 0.00 -27.8 InstilBio TIL 2.06 -7.7 PonoCapitalWt PONOW 0.02 -22.3 Thoughtworks TWKS 7.61 -2.2
ByteAcqnA BYTS 10.00 0.1 CovenantLogist CVLG 40.31 3.3 FatProjectsAcqn FATP 10.05 ... IBM IBM 146.08 0.7 PrimeMedicine PRME 21.73 -7.1 ProvidentBncp PVBC 11.40 -3.2 TravelCtrsNt29 TANNL 24.68 0.7
BatteryFutureUn BFAC.U 10.18 0.1 JILL 24.40 ... ProgressAcqnA PGRW 10.60 ... VistaEnergy VIST 14.56 3.6 DominionEner D 57.95 -6.0 IsoPlexis ISO 1.46 -5.2
CrownPropA CPTK 10.02 0.3 FederalSignal FSS 49.55 -0.2 J.Jill
ci on

Wabtec WAB 102.11 -1.4 DriveShackPfdB DSpB 12.29 -1.2 JounceTherap JNCE 1.05 -10.2 QuinceTherap QNCX 0.69 -12.9 TrinityPlace TPHS 0.70 -0.6
BelFuse A BELFA 36.82 1.3 Cummins CMI 252.60 0.4 FortressCap FCAX.U 10.04 0.3 JoffFintech JOFFU 10.04 0.3 PropSolnsII PSAGU 10.00 0.2 Reed's REED 0.11 -2.5 TuscanIIWt
9.94 ... 10.05 -0.1 WillisLease WLFC 43.68 4.9 DuneAcqnWt DUNEW 0.01 -6.7 KaratPkg KRT 13.01 -4.4 THCAW 0.02 -40.0
BelFuse B BELFB 38.49 -0.8 D&ZMediaA DNZ 10.02 0.1 FortressCapA FCAX 10.05 ... KademSustA KSI PropTechInvII A PTIC RiminiStreet RMNI 3.99 -5.7 Vacasa
WoodsideEnergy WDS 26.69 -0.8 8iAcqn2 LAX 4.70 -15.8 Kingstone KINS 1.62 -7.2 VCSA 1.83 -3.5
Belden BDC 81.42 1.0 DHB Capital A DHBC 10.05 0.3 FrazierLifesci FLACU 10.61 -1.7 KairosAcqnA KAIR 10.04 ... ProventionBio PRVB 9.65 11.2 RubiconTechWt RBT.WS 0.07 15.3 Vapotherm
8iAcqn2 LAXXU 6.35 10.6 KintaraTherap KTRA 3.67 6.8 VAPO 0.49 4.6
BelongAcqnA BLNG 10.50 ... DiamondbkEner FANG 166.59 -0.5 G&P Acqn GAPA.U 10.89 -0.3 KiniksaPharm KNSA 16.40 1.3 Qomolangma QOMOU 10.10 0.5
Lows EllomayCapital ELLO
EnvirotechVeh EVTV
17.30 -1.8
2.68 -5.9
LevereWt
LumentFinance LFT
LVRAW 0.01 -1.0
1.92 -1.5
RumbleON RMBL 8.80 -4.9 VenusAcqn
RyanSpecialty RYAN 32.13 -5.3 VivosTherap
VENAU 7.60 -9.0
VVOS 0.58 1.7
A SPAC I Un ASCAU 9.59 0.7 Ever-Glory EVK 0.62 -2.9 LumosPharma LUMO 5.82 -34.7 Sai.TechWt SAITW 0.03 -43.2 WM Tech Wt MAPSW 0.16 -40.0

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks AcastiPharma

ActelisNtwks
ACST
ASNS
0.47 3.4
0.60 -22.7
Exagen XGN
ExcelFinAcqnWt XFINW
2.10 -7.5
0.04 -0.3
MediromHlthcr MRM
Mativ MATV
5.28 1.7
18.88 -2.6
SG Blocks
SangomaTechs SANG
SGBX 1.27 2.3 WilliamsIndlSvcs WLMS 1.20 -1.6
4.43 -5.3 WiMiHologram WIMI 0.56 -7.8
ADialPharmWt ADILW 0.01 -75.0 EyePointPharm EYPT 4.53 -1.1 Mediaco MDIA 1.16 2.3 SarcosTechRobotWt STRCW 0.07 -9.1 XWELL XWEL 0.50 -5.0
er s

Money Rates November 14, 2022

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Dividend Changes
m er

guide to general levels but don’t always represent actual transactions.

Amount Payable / Amount Payable /
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Oct. index Chg From (%) Increased Kintara Therapeutics KTRA 1:50 /Nov14
4.0500 4.0500 4.1000 0.0900
m rp

level Sept. '22 Oct. '21 Policy Rates High

Low 3.8200 3.8200 3.8200 0.0300 Assurant AIZ 2.2 .70 /.68 Q Dec19 /Nov28 Foreign
Euro zone 2.00 2.00 2.00 0.00 DTE Energy DTE 3.4 .9525 /.885 Q Jan15 /Dec19
U.S. consumer price index Bid 3.8300 3.8300 3.8300 0.0600 Algonquin Power AQN 9.1 .1808 Q Jan13 /Dec30
Switzerland 1.00 1.00 1.00 0.00 Marriott International MAR 1.0 .40 /.30 Q Dec30 /Nov23
Offer 3.8700 3.8700 3.8700 0.0800 Scully Royalty SRL 8.1 .16 Q Dec06 /Nov22
All items 298.012 0.41 7.7 Britain 3.00 3.00 3.00 0.10 Pangaea Logistics Solns PANL 7.9 .10 /.075 Q Dec15 /Dec01
2.85 2.85 2.85 0.10 Stantec STN 1.1 .135 Q Jan17 /Dec30
Core 299.315 0.29 6.3 Australia Treasury bill auction Reduced Torm TRMD ... 1.46 Q Dec08 /Nov23
Overnight repurchase 4 weeks 3.580 3.620 3.620 0.020 Atlanticus 7.625% Pfd. B ATLCP 8.7 .4766 /.47665 Q Dec15 /Dec01
International rates 13 weeks 4.155 4.120 4.155 0.045 Special
co Fo

U.S. 3.83 3.73 3.83 0.01 Stocks

26 weeks 4.440 4.490 4.490 0.065 Haverty Furniture HVT 3.5 1.00 Dec13 /Nov28
Week 52-Week AMTD IDEA Group ADR AMTD 1:2 /Nov22
Latest High Low U.S. government rates Haverty Furniture A HVT.A 3.4 .95 Dec13 /Nov28
ago Secondary market KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; RLI Corp RLI 0.8 7.00 Dec20 /Nov30
Prime rates Discount Fannie Mae S2:1: stock split and ratio; SO: spin-off. Sources: FactSet; Dow Jones Market Data
4.00 4.00 4.00 0.25
U.S. 7.00 7.00 7.00 3.25 30-year mortgage yields
Canada 5.95 5.95 5.95 2.45 Federal funds 30 days 6.064 6.576 6.812 2.480
Japan 1.475 1.475 1.475 1.475 Effective rate 3.8400 3.8400 3.8400 0.0800 60 days 6.101 6.676 6.988 2.503 Cash Prices | wsj.com/market-data/commodities Monday, November 14, 2022
Other short-term rates These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Key Interest Rates Latest
Week
ago
52-Week
high low months.
Data are annualized on a 360-day basis. Treasury yields are per annum, Monday Monday Monday
on actively traded noninflation and inflation-indexed issues that are Call money
Iron Ore, 62% Fe CFR China-s 95.3 Wheat,Spring14%-pro Mnpls-u 12.3800
5.75 5.75 5.75 2.00 Energy n.a. Wheat,No.2 soft red,St.Louis-u 7.3100
adjusted to constant maturities. Data are from weekly Federal Reserve Shredded Scrap, US Midwest-s,m
650 Wheat - Hard - KC (USDA) $ per bu-u 10.2125
n-

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 182.100 Steel, HRC USA, FOB Midwest Mill-s

release H.15. Commercial paper (AA financial)
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 17.150 Wheat,No.1soft white,Portld,OR-u 9.0750
Week Ended
Battery/EV metals
52-Week Week Ended 52-Week 90 days n.a. n.a. 4.59 0.12 BMI Lithium Carbonate, EXW China, =99.2%-v,w 77900
Nov 11 Nov 4 High Low Nov 11 Nov 4 High Low Metals Food
Libor BMI Lithium Hydroxide, EXW China, =56.5% -v,w 77275
6-month 4.58 4.57 4.58 0.06 Beef,carcass equiv. index
Federal funds (effective) Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 8494
1-year 4.73 4.74 4.74 0.16 One month 3.88657 3.85514 3.88657 0.08875 choice 1-3,600-900 lbs.-u 235.65
3.83 Engelhard industrial 1765.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5480
no

3.08 3.83 0.08 2-year 4.59 4.61 4.61 0.48 4.64386 4.55729 4.64971 0.15750
Three month Handy & Harman base 1768.90 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 765 select 1-3,600-900 lbs.-u 209.70
Commercial paper 3-year 4.46 4.54 4.54 0.79 Six month 5.10386 5.02286 5.15629 0.22350 Broilers, National comp wtd. avg.-u,w 1.2392
Handy & Harman fabricated 1963.48
5-year 4.23 4.31 4.32 1.16 One year 5.48357 5.61214 5.66643 0.38238 LBMA Gold Price AM *1764.75
Fibers and Textiles Butter,AA Chicago-d 2.9300
Nonfinancial 7-year 4.16 4.22 4.23 1.36
LBMA Gold Price PM *1759.35 Cheddar cheese,bbl,Chicago-d 205.25
1-month 3.82 3.86 3.86 0.05 10-year 4.08 4.12 4.12 1.43 Secured Overnight Financing Rate Burlap,10-oz,40-inch NY yd-n,w 0.7400
1853.73
Cheddar cheese,blk,Chicago-d 220.75
2-month 3.95 n.a. 3.95 0.05 4.44
Krugerrand,wholesale-e Cotton,1 1/16 std lw-mdMphs-u 0.8653
20-year 4.43 4.44 1.85 3.78 3.80 3.80 0.04 1898.07
Milk,Nonfat dry,Chicago lb.-d 143.00
3-month 4.29 4.20 4.29 0.08 Maple Leaf-e Cotlook 'A' Index-t *103.55 Coffee,Brazilian,Comp-y 1.7071
Financial Value 52-Week American Eagle-e 1898.07 Hides,hvy native steers piece fob-u n.a.
Treasury yields (secondary market) Coffee,Colombian, NY-y 2.2715
1-month 3.88 3.79 3.88 0.08 Latest Traded High Low Mexican peso-e 2288.51 Wool,64s,staple,Terr del-u,w n.a.
1-month 3.55 3.58 3.58 0.02 Eggs,large white,Chicago-u 3.7150
2-month 4.14 4.02 4.14 0.11 Austria crown-e 1741.78
3-month 4.11 4.05 4.11 0.05 Grains and Feeds Flour,hard winter KC-p 25.50
3-month 4.46 4.26 4.46 0.14 DTCC GCF Repo Index Austria phil-e 1862.60
6-month 4.46 4.45 4.46 0.06 Hams,17-20 lbs,Mid-US fob-u 1.11
Treasury 3.814 47.118 3.814 0.023 Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 88.17
Discount window primary credit Engelhard industrial 21.7500
TIPS MBS 3.873 32.350 3.873 0.032 Bran,wheat middlings, KC-u,w 228 Pork bellies,12-14 lb MidUS-u n.a.
4.00 4.00 4.00 0.25 Handy & Harman base 21.8710 Corn,No. 2 yellow,Cent IL-bp,u 6.2900
5-year 1.66 1.68 1.81 -1.88 Notes on data: Pork loins,13-19 lb MidUS-u 1.0529
Treasury yields at constant 7-year 1.64 1.65 1.70 -1.47 Handy & Harman fabricated 27.3390 Corn gluten feed,Midwest-u,w 203.7 Steers,Tex.-Okla. Choice-u 150.00
U.S. prime rate is the base rate on corporate LBMA spot price *£18.2700 Corn gluten meal,Midwest-u,w 653.3
maturities 10-year 1.62 1.63 1.66 -1.14 loans posted by at least 70% of the 10 largest
Steers,feeder,Okla. City-u,w 184.50
1-month 3.70 3.73 3.73 0.03 20-year 1.67 1.66 1.70 -0.72 (U.S.$ equivalent) *21.4800 Cottonseed meal-u,w 410
U.S. banks, and is effective November 3, 2022. Fats and Oils
3-month 4.29 4.23 4.29 0.05 Long-term avg 1.91 1.88 1.94 -0.60 Other prime rates aren’t directly comparable;
Coins,wholesale $1,000 face-a 22566 Hominy feed,Cent IL-u,w 208
lending practices vary widely by location; Other metals Meat-bonemeal,50% pro Mnpls-u,w 368 Degummed corn oil, crude wtd. avg.-u,w 71.5000
Notes on data: Discount rate is effective November 3, 2022. LBMA Platinum Price PM *1040.0 Oats,No.2 milling,Mnpls-u 4.3425 Grease,choice white,Chicago-h 0.7250
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Platinum,Engelhard industrial 1023.0 Rice, Long Grain Milled, No. 2 AR-u,w 36.13 Lard,Chicago-u n.a.
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by November 11, 2022. DTCC GCF Repo Index is Palladium,Engelhard industrial 2030.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.8072
Depository Trust & Clearing Corp.'s weighted
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
average for overnight trades in applicable
Aluminum, LME, $ per metric ton *2410.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 432.40 Tallow,bleach;Chicago-h 0.7400
primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Copper,Comex spot 3.8550 Soybeans,No.1 yllw IL-bp,u 14.1300 Tallow,edible,Chicago-u 0.8800
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 11/11
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Source: Dow Jones Market Data

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
Dodge & Cox Idx2030InsPre 17.22 -0.10-16.5 RisDv A 86.13 -0.62-10.5 StkIdx 43.43 -0.38-15.9 EqIdxInst 28.51 -0.27-16.6 TotIntBdIdxAdm 19.29 ...-11.8 IdxIntl 16.60 -0.13-17.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Balanced 98.82 -0.46 -7.7 Fidelity Invest Guggenheim Funds Tru Old Westbury Fds VANGUARD ADMIRAL TotIntlAdmIdx r 27.76 -0.22-17.3 MdCpGrAdml 80.86 -1.16-25.8
GblStock 13.49 -0.10 -6.6 Balanc 23.44 -0.17-16.7 TotRtnBdFdClInst 22.97 +0.01-16.9 LrgCpStr 14.92 -0.11 NA 500Adml 365.80 -3.21-15.8 TotStAdml 96.51 -0.93-17.0 MdCpVlAdml 71.62 -0.80 -6.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Income 12.09 +0.01-12.3 BluCh 121.24 -1.39-33.7 Harbor Funds Parnassus Fds BalAdml 40.58 -0.24-15.8 TxMCapAdml204.79 -2.02-16.6 SmValAdml 70.84 -0.77 -6.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CapApInst 66.81 -0.79-33.7 ParnEqFd
Intl Stk 42.90 -0.31 -9.3 Contra 13.70 -0.08-26.0 52.20 -0.51-17.4 CAITAdml 10.89 +0.01 -8.9 TxMIn r 13.51 -0.14-16.4 TotBd2 9.28 ...-14.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Stock 226.94 -2.16 -5.9 Harding Loevner CapOpAdml r163.79 -0.84-15.4 TotIntlInstIdx r111.03 -0.85-17.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not ContraK 13.75 -0.08-26.0 PGIM Funds Cl Z USGroAdml 108.43 -1.36-35.6
DoubleLine Funds CpInc 9.20 +0.01-10.3 IntlEq 24.02 -0.10 NA TotalReturnBond 11.74 -0.01 NA DivAppIdxAdm 41.29 -0.31-10.1 ValAdml 55.15 -0.33 -2.1 TotItlInstPlId r111.06 -0.85-17.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; TotRetBdI NA ... NA Invesco Funds A EMAdmr 32.15 +0.07-19.7 TotSt 96.48 -0.93-17.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. GroCo 25.92 -0.23-28.9 PIMCO Fds Instl WdsrllAdml 72.18 -0.75-11.1
Edgewood Growth Instituti InvGrBd 9.76 ...-13.9 EqIncA 10.50 -0.05 -6.4 AllAsset NA ... NA EqIncAdml 90.44 -0.58 0.1 WellsIAdml 61.68 -0.08-10.1 VANGUARD INSTL FDS
EdgewoodGrInst 37.26 -0.59-38.4 LowP 46.84 -0.37 -6.4 Invesco Funds Y ShortT 9.54 ... -1.1 ExplrAdml 94.36 -1.43-20.7 WelltnAdml 70.27 -0.41-14.9 BalInst 40.59 -0.24-15.7
Monday, November 14, 2022 Fidelity Magin 11.19 -0.14-24.3 DevMktY 35.16 -0.13-25.2 TotRt 8.48 -0.01 NA ExtndAdml 106.66 -1.53-22.6 WndsrAdml 79.06 -0.85 -2.3 DevMktsIndInst 13.53 -0.14-16.3
Net YTD Net YTD Net YTD 500IdxInstPrem137.51 -1.21-15.8 NASDAQ 142.18 -1.60-27.8 JHF III DispVal PIMCO Funds A GNMAAdml 9.09 -0.02-12.1 VANGUARD FDS DevMktsInxInst 21.14 -0.23-16.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Contrafund K6 17.45 -0.09-24.9 OTC 13.53 -0.14-28.4 DispValMCI 26.13 -0.33 -5.6 IncomeFd 10.39 -0.02 NA GrwthAdml 116.93 -1.46-28.9 DivdGro 35.48 -0.24 -6.7 ExtndInst 106.65 -1.53-22.6
ExtMktIdxInstPre 67.20 -0.97-22.6 Puritn 20.78 -0.08-16.4
John Hancock PIMCO Funds I2 HlthCareAdml r 89.09 -0.30 -3.6 IntlVal 35.95 -0.20-13.5 GrwthInst 116.94 -1.46-28.9
American Century Inv WshA 53.23 -0.35 -8.3 LargeCapGrowth 17.85 -0.20-24.1 FidSerToMarket 13.21 -0.12-16.9 BondR6 13.20 ...-15.7 Income
Ultra 63.38 -0.74-27.6 Artisan Funds LargeCapValue 16.15 -0.12 -5.3 SAIUSQtyIdx 15.68 -0.06-16.6 10.39 -0.02 NA HYCorAdml r 5.15 +0.03 -9.6 LifeCon 19.40 -0.07-14.8
InPrSeIn 9.64 -0.03-12.2
GrowthCompanyK6 16.47 -0.14-28.0 JPMorgan I Class PIMCO Funds Instl InfProAd 23.65 -0.08-12.2 InstIdx 335.68 -2.95-15.8
American Funds Cl A IntlVal Inst 38.18 -0.29 -9.5 MunicipalBond 9.50 +0.01-10.0 SrsEmrgMkt 15.70 -0.03-25.3 LifeGro 36.84 -0.27-16.4
InflPrBdIndInsPr 9.76 -0.05-12.5 CoreBond 10.01 -0.01 NA
IncomeFd 10.39 -0.02 NA IntlGrAdml 98.62 -0.68-29.2 InstPlus 335.68 -2.95-15.8
AmcpA 30.87 -0.33-26.9 Baird Funds Calamos Funds SrsGlobal 12.50 -0.08-17.0
EqInc LifeMod 28.09 -0.15-15.5
IntlIdxInstPrem 41.44 -0.34-15.9 23.17 -0.18 NA
Price Funds ITBondAdml 10.02 -0.01-14.1 InstTStPlus 70.23 -0.67-16.9
AMutlA 50.16 -0.35 -4.4 AggBdInst 9.49 ...-14.9 MktNeutI 13.77 ... -4.9 LgCpGwId InstPre 22.01 -0.26-25.6 SrsGroCoRetail 14.78 -0.13-27.6 LgCpGwth 47.91 -0.37 NA PrmcpCor 30.20 -0.18-10.2
BlChip 114.51 -1.40-35.6
ITIGradeAdml 8.24 +0.01-15.0 MidCpInst 57.61 -0.73-16.5
BalA 28.93 -0.16-12.1 CorBdInst 9.75 ...-14.5 Columbia Class I MidCpInxInstPrem 27.00 -0.35-14.9 SrsIntlGrw 15.04 -0.18-21.3 JPMorgan R Class LarCapAd 91.07 -0.84-17.3
STAR 26.21 -0.14-17.4
MidCpIstPl 284.10 -3.62-16.5
BondA 11.28 ...-13.8 ShtTBdInst 9.19 ... -4.5 DivIncom I 29.52 -0.19 -5.3 SrsIntlVal 10.00 -0.05-10.5 CoreBond 10.03 -0.01 NA
DivGro 65.88 -0.56-10.4 TgtRe2020 26.70 -0.11-13.9
SAIUSLgCpIndxFd 17.88 -0.16-15.8 LTGradeAdml 7.57 +0.04-28.2 RealEstaInstl 18.60 -0.48-25.1
CapIBA 62.65 -0.32 -8.9 BlackRock Funds Dimensional Fds TotalBond 9.28 +0.01-14.0 CorePlusBd 7.09 ... NA
Growth 67.80 -0.78-36.2 TgtRe2025 17.25 -0.09-15.2
SeriesBondFd 8.79 ...-14.1 MidCpAdml 260.77 -3.32-16.5 SmCapInst 91.93 -1.18-14.3
CapWGrA 51.77 -0.29-17.5 HiYldBd Inst 6.66 +0.01-11.1 5GlbFxdInc 9.93 -0.01 -6.8 SeriesOverseas 11.06 -0.13-23.2 Fidelity SAI Lord Abbett A HelSci 90.80 -0.57-12.8 TgtRe2030 32.37 -0.18-15.7
MuHYAdml 9.99 +0.01-14.3 STIGradeInst 9.89 ... -6.6
EupacA 49.84 -0.44-22.7 BlackRock Funds A EmgMktVa 26.32 +0.14-12.3 SerLTTreBdIdx 5.74 -0.01-31.1 TotalBd 8.79 ...-13.6 ShtDurIncmA p 3.82 ... -5.7 LgCapGow I 50.03 -0.53-32.0
MuIntAdml 13.07 +0.01 -9.2 TgtRe2035 20.02 -0.13-16.0 STIPSIxins 23.93 -0.04 -3.1
FdInvA 62.34 -0.60-15.6 GlblAlloc 16.69 ...-14.9 EmMktCorEq 19.95 +0.05-17.9 SmCpIdxInstPrem 23.15 -0.27-16.0 U.S.TreBdIdx 8.61 -0.01-13.3 Lord Abbett I MidCap 92.51 -1.19-21.2 MuLTAdml 10.28 +0.01-13.1 TgtRe2040 35.19 -0.24-16.3 TotBdInst 9.39 ...-14.3
GwthA 53.79 -0.63-27.6 BlackRock Funds III IntlCoreEq 13.32 -0.15-15.0 TMktIdxInstPrem110.94 -1.07-17.0 First Eagle Funds ShtDurInc p 3.82 ... -5.4 NHoriz 51.34 -0.59-33.2 MuLtdAdml 10.55 +0.01 -4.3 TgtRe2045 23.68 -0.18-16.6 TotBdInst2 9.28 ...-14.3
HI TrA 9.07 +0.02 -9.8 iShS&P500IdxK464.88 -4.08-15.8 IntSmCo 17.37 -0.22-19.1 TotalMarketIndex 13.99 -0.13-16.6 GlbA 59.33 -0.34 -8.0 Metropolitan West R2020 18.97 -0.09-14.6 MuShtAdml 15.49 +0.01 -1.5 TgtRe2050 39.11 -0.31-16.6 TotBdInstPl 9.39 ...-14.3
ICAA 42.76 -0.39-15.4 BlackRock Funds Inst IntSmVa 18.21 -0.23-13.5 USBdIdxInstPrem 10.09 ...-14.1 FPA Funds TotRetBdI 8.97 -0.02 NA R2025 16.50 -0.08-15.5 PrmcpAdml r147.59 -0.62-12.9 TgtRe2060 40.06 -0.32-16.6 TotIntBdIdxInst 28.94 -0.01-11.8
IncoA 23.39 -0.09 -7.6 EqtyDivd 19.05 -0.19 -4.1 LgCo 28.19 -0.24-15.9 Fidelity Freedom NwInc 9.45 -0.01 -3.7 TRBdPlan 8.41 -0.02 NA R2030 24.58 -0.15-16.6 RealEstatAdml120.20 -3.08-25.2 TgtRet2055 43.54 -0.35-16.6 TotStInst 96.52 -0.93-17.0
IntBdA 12.39 -0.01 -8.2 StratIncOpptyIns 9.25 ... -6.6 US CoreEq1 31.51 -0.27-12.5 FF2020 13.22 -0.06-16.1 Franklin A1 MFS Funds R2040 26.82 -0.22-18.1 SmCapAdml 91.93 -1.18-14.3 TgtRetInc 12.46 -0.03-12.7 ValueInst 55.15 -0.33 -2.1
N PerA 50.15 -0.44-24.5 TotRet NA ... NA US CoreEq2 28.78 -0.25-11.9 FF2025 12.15 -0.06-16.6 IncomeA1 2.27 ... -5.7 IIE 28.27 -0.21-15.5 Schwab Funds SmGthAdml 74.42 -1.16-24.6 WellsI 25.46 -0.04-10.2 WCM Focus Funds
NEcoA 44.46 -0.42-28.1 Bridge Builder Trust US Small 41.86 -0.36-10.3 FF2030 15.22 -0.08-16.7 FrankTemp/Frank Adv MFS Funds Class I 1000 Inv r NA ... NA STBondAdml 9.84 ... -6.1 Welltn 40.69 -0.24-14.9 WCMFocIntlGrwIns 19.94 -0.29-28.0
NwWrldA 67.11 -0.25-22.0 CoreBond 8.72 -0.01-14.4 US SmCpVal 43.13 -0.33 0.1 FF2035 13.14 -0.09-17.1 IncomeAdv 2.24 -0.01 -6.0 GrowthI 138.10 -1.70-29.0 S&P Sel NA ... NA STIGradeAdml 9.89 ... -6.6 WndsrII 40.68 -0.42-11.2 Western Asset
SmCpA 57.72 -0.63-27.9 CorePlusBond 8.65 -0.01-14.6 US TgdVal 29.56 -0.26 -1.1 FF2040 9.33 -0.07-17.4 FrankTemp/Franklin A ValueI 50.68 -0.36 -6.0 TSM Sel r NA ... NA STIPSIxAdm 23.91 -0.04 -3.1 VANGUARD INDEX FDS CorePlusBdI 9.27 ...-20.1
TxExA 11.77 +0.01-11.5 Intl Eq 10.80 -0.12-19.3 USLgVa 43.86 -0.25 -3.2 Freedom2030 K 15.21 -0.09-16.6 Growth A 115.76 -1.35-23.1 Northern Funds TIAA/CREF Funds TotBdAdml 9.39 ...-14.3 ExtndIstPl 263.21 -3.77-22.6 CorePlusBdIS 9.26 ...-20.1
 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.

THE WALL STREET JOURNAL. * * * * Tuesday, November 15, 2022 | B11

MARKETS

Stocks Fall After Last Week’s Rally OPEC

Cloudy
Sees
Healthcare is
exception as most
the Fed slows down, that
doesn’t actually mean that
starts a new bull market be-
Index performance Monday
0.75%
week’s bankruptcy filing by
FTX. Bitcoin traded at
$16,392.99. Ether, the second
Outlook on
S&P 500 sectors drop;
Crypto stabilizes
cause the recession risk still
runs relatively high for next
year,” said Keith Lerner, co-
0.50
most-popular cryptocurrency
inched up to trade at
$1,226.43.
Oil Market
chief investment officer at 0.25 Overseas, The pan-conti-
BY ANNA HIRTENSTEIN Truist Advisory Services Inc. nental Stoxx Europe 600 rose BY WILL HORNER
AND HARDIKA SINGH Mr. Lerner noted that 0 0.1%. Hong Kong’s Hang Seng
stocks don’t always rally Index jumped 1.7%, led by OPEC left its forecast for
U.S. stocks finished lower when the Fed is cutting rates, –0.25
property stocks on reports global oil supply and demand
Monday after last week’s big pointing to the S&P 500’s per- that Beijing officials signed largely unchanged Monday, as
rally, while investors digested formance in 2000. off on broad measures to sup- it warned that major un-
fresh comments from Federal Fed Vice Chair Lael Brain- –0.50 port the real-estate sector. knowns such as Covid-19
Reserve officials about the ard on Monday said recent in- Country Garden and Longfor cases in China and the impact
outlook for further interest- flation data offered some –0.75 Group soared 46% and 16%, of Western efforts to frustrate
rate increases. signs of reassurance that respectively. Russian oil exports made the
Dow Jones Industrial Average
The S&P 500 fell 35.68 price pressures were no lon- –1.00 Japan’s Nikkei 225 slid outlook for energy markets
points, or 0.9%, to 3957.25, ger broadening and that the S&P 500 1.1%, weighed down by Soft- highly uncertain.
and the Nas- central bank could soon slow Nasdaq Composite Bank‘s 13% drop. The invest- In its closely followed
–1.25 Five-minute intervals
MONDAY’S daq Composite the pace of interest-rate rises.
10 a.m. 11 noon 1 p.m. 2 3 4
ment company posted further monthly market report, the
MARKETS sank 127.11 But Fed governor Christo- losses and disappointed in- Organization of the Petroleum
points, or 1.1%, pher Waller said over the Source: FactSet vestors by not putting for- Exporting Countries modestly
to 11196.22. The Dow Jones weekend that policy makers ward an expected share buy- revised lower its forecast for
Industrial Average shed 211.16 still had “a ways to go” and The yield on the bench- ducing Magic: The Gathering back. global oil demand while mak-
points, or 0.6%, to 33536.70. would like to see more similar mark 10-year Treasury note card game. Early Tuesday, the Hang ing small tweaks to its supply
Stocks had risen in recent data points before easing a edged up to 3.865% from Major retailers including Seng was up an additional 3% forecasts and holding off from
days on hopes that the Fed foot off the brake. 3.828% at last week’s close. Walmart and Home Depot are and the Shanghai Composite making changes to its global
might not have to tighten fi- Traders and investors say In corporate news, Tesla due to report results Tuesday. was up 0.9%, while the Nikkei economic growth forecasts.
nancial conditions much more that one data point isn’t shares declined $5.02, or “We don’t have the Fed was up 0.1%. S&P 500 futures The oil producers group
after U.S. inflation in October enough to make the case for 2.6%, to $190.95. Chief Execu- put,” said Lori Van Dusen, rose 0.4%. cited a raft of “considerable
came in below economists’ es- the Fed to pivot from its ag- tive Elon Musk said he has chief executive at LVW Advi- uncertainties” clouding the
timates. The Fed’s quest to gressive hiking stance. Many too much work to juggle after sors in Rochester, N.Y. Ms. picture for global oil supplies
tame inflation this year has are already looking to the the Twitter takeover and that Van Dusen said rallies like AUCTION RESULTS from the course of Russia’s
Here are the results of Monday's Treasury auctions.
dragged down stocks, bonds economy to see how it with- he was running Tesla’s opera- last week’s are common in All bids are awarded at a single price at the market- war in Ukraine to a Group of
clearing yield. Rates are determined by the difference
and commodities. stands previous rate in- tions “with great difficulty.” bear markets. She is recom- between that price and the face value. Seven-led plan to cap Russian
Some of last week’s excite- creases. Hasbro fell $6.25, or 9.9%, mending that investors stick oil prices which analysts fear
13-Week 26-Week
ment cooled down to start the “We’ve seen inflation taper to $57.16, its largest percent- to buying high-quality compa- Applications $157,456,963,200 $134,888,104,600
could further disrupt global
week. Of the 11 sectors within off, but I wouldn’t call it a age decrease since March nies with growing cash flows Accepted bids $64,759,447,700 $51,126,050,100 oil supplies.
the S&P 500, only healthcare trend,” said Jason Ray, 2020. The maker of Monopoly since she said she believes " noncomp $1,839,451,600 $1,834,985,500 While it kept its forecast
" foreign noncomp $376,000,000 $394,000,000
stocks gained. The real estate, founder and investment direc- board games and My Little the Fed will stay focused on Auction price (rate) 98.949708 97.755333 for economic growth and oil

.
consumer discretionary and tor at Zenith Wealth Partners. Pony dolls fell after Bank of the fight to tame inflation re- (4.155%) (4.440%) demand largely unchanged,
4.257% 4.605%
utilities groups posted the “We’re still thinking that the America analysts double gardless of what happens to OPEC also warned that the

ly
Bids at clearing yield accepted 10.49% 27.45%
biggest declines. Fed will be hawkish and take downgraded the rating to un- stocks. 912796YA1 912796W47 threat of “additional energy-
Both issues are dated Nov. 17, 2022. The 13-week bills
“Just because there might measures to slow the econ- derperform from buy, saying Cryptocurrency prices gen- mature on Feb. 16, 2023; the 26-week bills mature on
supply disruptions” in the Eu-
be peak inflation, just because omy.” that the company is overpro- erally stabilized after last May 18, 2023. ropean Union—an apparent al-
on lusion to the bloc’s impending
plans to ban imports of Rus-

Coffee Prices Decline on Good Crop Weather

sian oil—risked heightening’
the continent’s slowdown and
pushing it into a recession.
us ,

OPEC lowered its forecast

l

for global oil demand growth

e
al a

BY KIRK MALTAIS Coffee futures price when people stayed home, as this year by 100,000 barrels a
performance, past three years did coffee prices, so some of day to 2.5 million barrels a
Coffee was one of the hot- the recent price drop reflects day. It also lowered its 2023
ci on

125%
test commodities earlier this a return to normal. demand growth forecast by
year, but it has now gone cold, Arabica But coffee drinkers 100,000 barrels a day to 2.2
with prices declining more 100 shouldn’t expect a sudden million barrels a day.
than 20% in the past month. drop in the price of their OPEC made minor adjust-
Wet weather in farming ar- 75 morning joe. Futures prices ments to its expectations for
er s

eas such as Brazil and Indone- can take a while to trickle into oil supplies from oil-produc-
WANG YILIANG/XINHUA/ZUMA PRESS

sia is raising the prospect of a 50

retail prices, if they do at all. ing nations which aren’t part
m er

good crop Besides, many caffeine lovers

COMMODITIES and bigger appear unwilling to kick the
coffee supply, 25 Robusta coffee habit no matter the
sending prices down. At the
same time, a strong dollar this 0
price.
Starbucks Corp. this
40%
m rp

year has pressured prices of month reported revenue for

many commodities. –25 its latest quarter above the OPEC’s share of global
Arabica coffee futures have expectations of analysts oil supplies
2020 ’21 ’22
shed 22% in the past month. Coffee drinkers shouldn’t expect a sudden drop in the price of polled by FactSet, with same-
In October, coffee futures fell their morning joe as retail prices tend to lag behind futures. Source: FactSet store sales up 7% year-over-
co Fo

for 13 consecutive trading ses- year. And Nestlé SA said last

sions, the longest losing The most-active Arabica con- “Last year we had a rough gives La Niña a 75% chance of month its division that han- of the cartel. It lowered its
streak in nine years. Cheaper tract fell 0.5% Friday to $1.70 year—this year it is normal- persisting through the winter. dles coffee had grown by 8% non-OPEC supply growth fore-
robusta beans fell 15% in that a pound. ized,” said Albert Chu, senior The dollar, meanwhile, re- organically in the third quar- casts for 2022 by 30,000 bar-
same time. While it is early in the cof- research analyst with Newton mains up for the year, despite ter, thanks in large part to rels a day to 1.90 million bar-
The decline is a sharp re- fee-growing season, the Investment Management, a re- a harsh snapback Thursday af- sales under its Nescafe brand. rels a day. For 2023, it raised
versal. Coffee futures jumped weather in Brazil has so far search firm associated with ter new data showed slowing “We can clearly see when its forecasts by 20,000 barrels
to an 11-year high of $2.58 a been a lot more friendly to BNY Mellon Corp. inflation. Commodities tend to we look at the development of a day to 1.54 million barrels a
pound in February after crops farmers there. Precipitation in Wet weather there is ex- be priced in dollars, so a our sales and our growth by day.
in Brazil were hurt by Brazilian coffee-growing areas pected to continue, as the U.S. strong dollar makes them category, everything is nor- The cartel left its forecasts
drought, then frost. Prices has exceeded seasonal aver- National Weather Service more expensive for buyers malizing post-Covid,” Chief Fi- for global economic growth
softened but then rallied again ages over the past 45 days, projects that a La Niña cli- around the world. nancial Officer François-Xa- steady at 2.7% this year and
in late August—and are now according to data compiled by mate system will continue Coffee demand soared dur- vier Roger said on a call with 2.5% in 2023.
n-

down about 30% from then. StoneX Group. into 2023. Its latest outlook ing the Covid-19 pandemic analysts. Still reeling from the fall-
out from Russia’s invasion of
Ukraine and the disruption to

GTCR Seeks $9.5 Billion for Newest Main Buyout Fund global oil supplies that re-
no

sulted, the oil market is brac-

ing for fresh sanctions on
Russia set to come into force
BY ROD JAMES technology industries, accord- firm raised for GTCR Fund million and more than $1 bil- Fund XII, which closed with early next month which
ing to documents prepared for XIII, which closed with $7.5 lion out of its main funds, The $5.25 billion in 2017, had a threaten to further redraw
GTCR LLC is setting a Maine Public Employees Retire- billion in late 2020, ahead of Wall Street Journal has re- 1.89-times TVPI, according to global oil supplies.
higher goal for its latest flag- ment System. The state pension its $6.75 billion target. Inves- ported. the pension data. Both figures On Dec. 5, the EU is set to
ship buyout fund despite a system, which has backed four tors that disclosed commit- As of June 30, GTCR Fund are net of fees, according to ban imports of Russian crude
challenging fundraising envi- previous GTCR main buyout ments to that fund include XIII had produced a total- pension documents. oil while prohibiting its com-
ronment. funds and two co-investments Washington State Investment value-to-paid-in multiple, or TVPI measures the com- panies from insuring and fi-
The Chicago-based firm is alongside the firm, is weighing Board, Alaska Permanent Fund TVPI, of 1.39 times, according bined value of remaining as- nancing Russian oil exports
targeting $9.5 billion for GTCR a $50 million commitment to Corp. and Virginia Retirement to performance data published sets in a fund and capital dis- anywhere in the world. The
Fund XIV, which will take con- the newest fund, according to System, according to WSJ Pro by public pension Ventura tributed to the fund’s U.K. has said it would also ex-
trol positions in companies in the documents. Private Equity data. County Employees’ Retirement investors relative to the total clude Russian oil cargoes from
the healthcare, business ser- The target is nearly 27% The firm typically makes in- Association, which committed amount of capital the inves- its London shipping insurance
vices, financial services and more than the amount the vestments of between $200 $30 million to the fund. GTCR tors have committed. market.
On the same day, a plan to
cap Russian oil prices being

Coin Was counterparties outside of FTX,

the Journal previously re-
ported. Alameda made a series
$3.4 billion market capitaliza-
tion at the time.
The news sent FTX custom-
faith is shaken, traders sell.
Some FTX employees opted
to take all or part of their sal-
tokens as collateral, people who
interacted with the company
said. In the summer of 2021,
prepared by the G-7 nations is
set to come into force. The
plan would allow Western

Central to of venture investments using

the loans, The Wall Street
Journal reported.
ers and investors scrambling to
withdraw their money from
FTX, fearful Mr. Bankman-
aries in FTX’s cryptocurrency,
according to people familiar
with the matter.
Alameda approached cryptocur-
rency market maker B2C2 to
borrow $100 million, using FTT
companies to facilitate Rus-
sian oil exports if the oil is
sold at or below a certain

FTX Saga At the same time, FTX was

also on a spending spree, buy-
ing stadium naming rights
Fried’s businesses were less
solid than they looked. Most
have been unable to get their
FTT, which was created in
2019, was a top-25 token by
market capitalization at the
collateral, said Max Boonen, the
B2C2’s co-founder. The com-
pany declined to offer the loan,
level.
Another major uncertainty
for oil markets: OPEC itself.
and spending on Super Bowl money back. start of the month. But the Mr. Boonen said. The cartel and its Russia-led
Continued from page B1 ads. Mr. Bankman-Fried said Some crypto exchanges dollar-value of its daily trad- After the CoinDesk report allies are set to meet the day
news site specializing in digital in a tweet this past week the have issued their own tokens, ing only stood at roughly $60 was published, investors before the sanctions come
currencies, that a chunk of exchange had borrowed more with founders and other early million, according to CoinMar- started selling the token heav- into force and consider ad-
Alameda’s assets were made up than 1.7 times the value of its investors keeping a chunk to ketCap. ily, according to cryptocur- justing their oil production.
of FTT, and that it may have assets. themselves and hoping their On the same day, BNB, which rency data provider Kaiko. For OPEC’s production alone ac-
overvalued those holdings, set A blurred line existed be- value will soar as customers is a token issued by competitor a while, however, price moves counts for around 40% of
off a run on FTX. Last week, Mr. tween FTX and Alameda’s fi- trade them. To motivate buy- exchange Binance, had $1.3 bil- were modest, indicating there global oil supplies.
Bankman-Fried said people re- nances, people familiar with ing, the exchanges offer trad- lion in trading volume. were buyers on the other side. At its last meeting in early
peating that claim were spread- the matter say. On one recent ing discounts for users who Companies that accepted When the value of FTT fell, October, the group known col-
ing “false rumors.” occasion, an Alameda bank ac- hold their tokens. They also FTT as collateral from Alameda FTX allegedly used customer lectively as OPEC+ agreed to
FTX allegedly used cus- count paid millions of dollars try to list the digital coins in included crypto lender Genesis, money to prop it up, a person slash its output targets by 2
tomer money to prop it up, a to an FTX contractor, one of several exchanges to increase according to people familiar familiar with the order flows million barrels a day, its larg-
person familiar with the order the people said. their liquidity. with the matter. The Wall Street said. est production cut since the
flows said. The CoinDesk report that While the coin isn’t quite Journal couldn’t determine the beginning of the pandemic.
An FTX spokesman last set off the run on FTX said analogous to a stock, it does size of those loans. Genesis has The move drew criticism from
week declined to com- Alameda had $5.82 billion in act as a barometer of how op- said that it hedged and sold col- Watch a Video Western oil-consuming na-
ment. FTX and Alameda filed the tokens as of June 30, out timistic or pessimistic people lateral last week, resulting in a Scan this code tions such as the U.S. as it
for bankruptcy on Friday. of $14.6 billion in assets. At feel about the platform. If total loss of roughly $7 million for a video on threatened to send oil prices
Before FTT’s price cratered that valuation, Alameda’s traders have confidence in across all counterparties, in- the downfall of higher and add to inflation
last week, Alameda owed a to- holdings would have been FTX’s growth, it’s an incentive cluding Alameda. cryptocurrency pressures across the global
tal of $1.5 billion in loans to worth more than the tokens’ to buy and hold. When that Alameda has long used FTT exchange FTX. economy.
 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.

B12 | Tuesday, November 15, 2022 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Diller’s Returns Could Beat Buffett’s

Investing record at IAC has rivaled Berkshire Hathaway’s until this year’s tech meltdown; his approach may pay off again

Tech-weary investors just might Annual returns by company versus the S&P 500
find salvation in an octogenarian
125%
billionaire.
No, not value investor Warren IAC Berkshire Hathaway S&P 500
Buffett, who has in any case aged 100
out of that cohort; Barry Diller has
produced similarly impressive re- 75
turns with a starkly different
strategy—until recently, that is. 50
His internet conglomerate, IAC
Inc., has shed over 60% of its value 25

NOAM GALAI/GC IMAGES/GETTY IMAGES

this year amid the broad tech
stock selloff. Its latest spinoff, 0
video-streaming platform Vimeo,
has lost 82% of its value since it –25
began trading independently last
year. And one bet that did pay off –50
has potentially put him in peril:
Mr. Diller is under investigation
–75
for potential securities fraud for
options bets on Activision Bliz- 2000 ’10 ’20 2000 ’10 ’20 2000 ’10 ’20
zard in January within his per- Barry Diller’s IAC is known for building or acquiring assets, revamping Note: IAC data includes spinoff performance and are estimates. S&P data includes dividends.
sonal portfolio made days before them and then spinning them off once those companies reach maturity. Sources: the companies; Berkshire Hathaway (S&P 500)
the videogame maker agreed to be
acquired by Microsoft Corp. tors’ focus on these monthly met- ver King, which would eventually in online travel agent Expedia less either. “It’s either going to be a
His response to market weak- rics has been so critical that the become IAC, was spun off to Home than two months before the Sept. 11, huge success or an embarrassing
ness has been Buffett-esque, noting company said it would soon cease Shopping Network shareholders in 2001, attacks, which grounded the failure,” he said. “I like those
in an interview that it won’t alter to provide them. 1992 as a separately traded public travel industry, and acquired the re- stakes because whenever I’ve con-
his playbook. But, unlike Mr. Buf- Mr. Levin lamented in last company. mainder of the company in 2003. fronted them in the past, at any
fett, who has famously described week’s IAC shareholder letter that Since its spinoff of four compa- More recently, IAC bought care- kind of scale, it has worked out.”

.
his favorite holding period for perceptions of Mr. Diller’s holding nies in 2008, including Ticketmas- giver site Care.com after its stock As confident as he is in his cur-
Berkshire Hathaway as “forever,” company have swung from “ex- ter and Tree.com (now Lending- imploded in 2019 due to a number rent stable of unproven investments,

ly
Mr. Diller employs a catch-and-re- treme confidence to extreme skep- Tree), IAC and its “SpinCos” of reported tragic outcomes follow- even Mr. Diller has his limits. In the
lease strategy at IAC: The company ticism.” returned 29% on a compounded ing a lack of background checks. interview, he said the metaverse is
builds or acquires assets, revamps But, unlike so much of the inter- annual basis through the end of And it bought a $1 billion stake in “mostly noise” and he described
them and then spins them off once
they reach maturity.
“We have no competition with
this business model,” Mr. Diller
on
net sector this year, IAC was no
tech-bubble 2.0 flash in the pan.
From what it considers its incep-
tion—when Mr. Diller took the
last year, according to the com-
pany, and 47% in the five years
through 2021. Berkshire and the
S&P returned just 13% and 18.5%,
MGM Resorts International just
months into the pandemic that tem-
porarily shut casinos down.
Now IAC is trying to make
cryptocurrency as “a huge specula-
tion on very spindly legs.”
Mr. Diller’s general lack of inter-
est in what many believe is tech’s
says. “Maybe because it’s crazy helm in 1995—through 2021, IAC respectively, on the same basis money by reviving a dying print next frontier raises the question of
us ,

and maybe because it’s savvy.” created nearly $90 billion for its over the same five-year period. magazine business online via last whether his IAC, which has histori-
l

Lately, it has looked a little shareholders, according to the year’s acquisition of Meredith cally focused its efforts on fostering
e
al a

crazy. IAC’s May shareholder letter company’s calculations. Corp. It also is the largest single Web2, or the version of the internet
was an illustration of that energy, Over that period, IAC and its shareholder in car sharing market- we think of today, risks obsoles-
suggesting the reset in valuations spinoffs returned 15% on a com-
From 1995 through 2021, place Turo, as ride-share stocks cence.
ci on

will offer “the most fertile ground pounded annual basis—more than IAC reckons it created Uber and Lyft have lost over half IAC has worked over the past few
we’ve seen in a while” for new ac- Berkshire Hathaway or the S&P their market value on average over decades to bring business that has
quisitions. “Opportunity abounds,” 500, including dividends, accord-
nearly $90 billion the past year. long been conducted offline, online.
IAC Chief Executive Joey Levin ing to company reports and Wall for its shareholders. Additionally, IAC has recently And it is here where it is still mak-
wrote, “and we will always be Street Journal calculations. undertaken what Mr. Levin has de- ing most of its bets.
er s

building.” “History shows spinning off scribed as a “difficult and expen- Mr. Diller’s previous success sto-
IAC shares have slumped 30% companies can be beneficial. In a sive” renovation project with its ries are giving analysts comfort. In a
m er

since then, and it isn’t just guilt by 22-year study beginning January Those returns don’t lack drama. biggest bet, home services plat- note last month, Jefferies analyst
tech association. The most recently 2000, special situations research While Mr. Buffett leans heavily on form Angi. Brent Thill pointed out IAC’s histori-
reported monthly metrics show boutique The Edge Consulting tried and true household names The Angi remodel has gone so cal ability to outperform the
revenue for IAC’s publishing busi- Group showed spinoffs as an asset such as Coca-Cola, Mr. Diller has poorly that Mr. Levin took the broader market, noting longer-term
ness down 23% year over year, its class generated three to four times made IAC a success through a his- helm of that company himself investors are likely to be rewarded
m rp

search business down 55% and even the S&P 500’s returns on average tory of investing in underappreci- about a month ago in an effort to despite near-term challenges.
its “emerging” business, which in- over the first 12 months, conclud- ated or misunderstood assets, often turn things around. IAC owns 84% Their styles might differ, but
cludes on-demand care site ing “the sum of the parts is at particularly confounding times. of publicly traded Angi, with Messrs. Buffett and Diller both
Care.com, down 2%. greater than the whole.” Through its investment in Ticket- shares worth a little under $1 bil- have faced skeptics claiming they
Growth in what today is its larg- IAC was a spinoff itself, incor- master, IAC got into online dating lion as of last week, according to were either just lucky or had lost
co Fo

est business segment, home ser- porated in 1986 as Silver King platform Match.com in 1999, one IAC. Analysts don’t expect an oper- their touch. It has paid to take the
vices, has decelerated from 27% in Broadcasting Co., a subsidiary of year before the dot-com bust. The ating profit until 2024. other side of that bet.
June to just 8% in October. Inves- the Home Shopping Network. Sil- company took a controlling interest Mr. Diller isn’t bothered by that, —Laura Forman

Europe Can’t Shake

Big Sale on Luxury
n-

Americans are getting a tantaliz- A strong dollar is the culprit. It

ing deal on luxury goods in Paris won’t necessarily last as the Euro-
and Milan these days. The compa- pean Central Bank follows the U.S.
no

nies that make them have little rea- Federal Reserve in tightening mon-
son to end it. etary policy.
BENJAMIN GIRETTE/BLOOMBERG NEWS

U.S. tourists have been spending “The ECB is behind the Fed in in-
heavily in designer fashion stores creasing rates but the path is the
in European cities. Based on VAT same. This major gap may go away
refund data from payments com- on its own,” said Luca Solca, luxury
pany Planet, luxury spending by analyst at Bernstein. However, this
American tourists in the region isn’t guaranteed: Interest rates in
was up more than 80% in the third the eurozone are expected to peak
quarter of this year compared with at 3.1% next year, compared with
the same period in 2019, before 5.1% for the Fed.
the pandemic. Luxury brands could raise prices
It has always been a bit cheaper in Europe to rebalance things, but The markup on U.S. prices of European luxury goods versus their prices in Europe recently has climbed to extremes.
to buy European designer goods in they need to tread carefully. Three
the market where they are actually years ago, they probably wouldn’t afford to pay. Although luxury the weak euro helps their margins. stores charged and still pocket a fat
made. There is a markup on prod- have hesitated, but the pandemic spending has been surprisingly re- They also don’t face the same profit. The premium paid by Chinese
ucts sold in the U.S. or China to has changed their business. Back in silient, most labels have already pressure to address price gaps shoppers has widened by 5 percent-
cover things such as import duties 2019, around half of all luxury sales raised prices by 8% this year, and they did in the past. age points to 35% recently, but they
and freight costs. Lately, though, in the region were to overseas European consumer confidence is Several years ago, luxury goods can’t yet easily travel to Europe to
the premium has reached ex- tourists, particularly Chinese visi- poor heading into what could be a were almost 50% cheaper to buy in avoid it. So far, American entrepre-
tremes. American shoppers now tors. Today, with few Asians travel- difficult winter. Europe than in China because of neurs haven’t exploited the arbi-
have to pay 38% more at home ing to Europe, labels are much European brands also have little moves in the renminbi-euro ex- trage opportunity in the same way.
than they would for the same more reliant on locals. incentive to rebalance things the change rate. This meant Chinese Depending a bit on what central
product in Europe, according to Dramatic price increases could other way by cutting prices in “daigou” resellers could go on shop- bankers do, Europe’s luxury goods
Bank of America data, compared annoy Europeans, and brands also American stores. With most of ping trips in Europe, flip the goods could be on sale a while longer.
with about 20% historically. can’t be sure how much they can their costs in their home currency, back home for less than Chinese —Carol Ryan

China Throws Developers a Lifeline but Buyers May Remain Wary

China’s latest package to rescue policies, but it has given developers den jumped 46% Monday while ring the recovery of the housing longer treat properties as a one-
its languishing housing sector is the and lenders more room, such as re- those of Longfor surged 16% in market itself will be trickier. Unlike way bet—which helped fuel the
most significant policy shift since it payment period extensions and al- Hong Kong trading. Those private stocks and bonds in the U.S., residen- now-collapsing bubble.
started tightening the screws two lowing banks more time to reduce developers are considered to be tial real estate is Chinese households’ “Even after a recovery, new
years ago. their property loans. beacons of strength in the strug- main form of investment. Home buy- home sales could settle on a level
Beijing has rolled back some of the Beijing’s policies so far had fo- gling sector, but even they have ers have stayed away as they are significantly lower than prior to the
previous rules aiming to reduce debt cused on ensuring the delivery of been dragged into potential liquid- worried whether the developers will pandemic,” said Nomura economists
in the industry. In 2020, the govern- apartments already paid for by anx- ity problems from the reeling hous- be able to deliver apartments, which in a note Monday.
ment introduced a policy called ious homeowners, but developers’ ing market. Some of the most in- are typically prepaid. Beijing’s latest move could help
“three red lines” that limited develop- financial difficulties had compli- debted companies in the sector, China’s economic slowdown and stem systemic risks and prevent
ers’ abilities to raise financing unless cated those efforts. The latest such as Evergrande, already have zero-Covid policies also have re- some of the worst outcomes of a
their debt ratios were below specific moves are designed to ease strains defaulted on their bonds and had duced prospective homeowners’ potential contagion. Whether it will
thresholds. The government also had on developers directly. their shares halted for trading. buying power. Beijing started easing revive confidence in what was the
pushed banks to lower the percentage The stocks and bonds of Chinese The latest measures will likely some of its strict pandemic restric- world’s largest, and one of its froth-
of their loans to the property sector. property developers skyrocketed on prevent these healthier private de- tions, but full reopening may still iest, property markets is more un-
The latest easing didn’t undo the the news: Shares of Country Gar- velopers from collapsing. But spur- take months. Home buyers might no certain. —Jacky Wong