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* * * * * * WEDNESDAY, MAY 15, 2024 ~ VOL. CCLXXXIII NO. 114 WSJ.com HHHH $5.00
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What’s
As Cannes Opens, It’s Twinkle, Twinkle Movie Star Investors
News Renew
Business & Finance Mania
 The Justice Department
said Boeing violated a settle-
For Meme
ment reached three years ago
over its employees’ role in
two fatal jet crashes, expos-
ing the company to potential
Stocks
criminal prosecution. B1 Short sellers are
 Anglo American plans to burned by the
shed several assets and fo-
cus more on commodities resurgence of
ANTONIN THUILLIER/AGENCE FRANCE-PRESSE/GETTY IMAGES

linked to green energy after GameStop, AMC

rejecting a $43 billion take-
over bid from rival BHP. B1
BY HANNAH MIAO
 The Fed’s Powell affirmed
the central bank’s wait-and- All it took was a tweet.
see stance on interest rates, Shares of GameStop and other
which remain at their highest pandemic-era meme stocks
level in more than 20 years. A2 took off.
 Traders were bullish, lift- Keith Gill’s social-media ac-
ing the S&P 500 and Dow by counts had been dormant for
0.5% and 0.3%, respectively, years. Known as “Roaring
and sending the Nasdaq up Kitty” on YouTube and
0.8% to a record. B11 “DeepF—ingValue” on Reddit,
ACT NATURAL: Meryl Streep arrives on the red carpet Tuesday at the opening ceremony of the French Riviera film festival, Gill helped direct the world’s
 Vanguard tapped former
where she was given an honorary Palme d’Or 35 years after she won the best actress award there. Cannes ends on May 25. attention to GameStop in
BlackRock executive Salim
2021, inspiring hordes of ama-
Ramji as its next leader, put-
teur traders to band around

Defense Paints Trump’s Ex-Fixer

ting an outsider in charge
shares of the struggling video-
for the first time in the as-
game retailer.
set manager’s history. B1
On Sunday night, an X ac-
 Red Lobster is expected count associated with Gill

As a Foe Obsessed With Revenge

to file for bankruptcy as posted something for the first
early as next week as the time in nearly three years: a
chain seeks to pare its debt picture of a man leaning for-
load, according to people fa- ward in his seat.
miliar with the matter. B3 Never mind the post men-
tioned no stock tickers. On
 Google will show AI-pow-
BY CORINNE RAMEY called Trump a “dictator tained. Trump, with his eyes media appearances, his past Reddit’s irreverent WallStreet-
ered answers to billions of
AND ERIN MULVANEY douchebag” and said that the closed, sat silently at the de- inconsistencies and his nearly Bets community, anonymous
people using its search engine
former president “belongs in a fense table. constant social-media posts to traders posted screenshots of
by the end of the year. B5
NEW YORK—Donald Trump’s f—ing cage.” Tuesday was the second characterize him as vengeful their positions in AMC Enter-
 Comcast will bundle its lawyer on Tuesday painted Mi- “As a matter of fact, on day on the stand for Cohen, and unreliable. Their cross-ex- tainment and BlackBerry.
Peacock streaming platform chael Cohen, the star witness April 23, after the trial started who is expected to be the final amination is expected to con- GameStop’s stock more than
with rivals Netflix and Apple of the former president’s in this case, you went on Tik- witness in the prosecution’s tinue into Thursday. doubled at its intraday high
TV+, joining entertainment hush-money trial, as an op- Tok and called me ‘a crying case. His testimony is essen- Trump, this year’s pre- Monday and closed up 74% in
companies offering multiple portunist who had moved little s—,’ ” Blanche said. tial to prosecutors because he sumptive Republican presi- its fourth-largest one-day per-
services at a discount. B2 from being obsessed with “Sounds like something I is the only witness who has dential nominee, has pleaded Please turn to page A10
serving his boss to actively would say,” said Cohen, 57 tied the coverup of a hush- not guilty to the 34 felony
 Waystar is weighing an
working to put him in jail. years old, who served as money payment to porn star counts of falsifying business  Nasdaq hits record, and
IPO in early June, according
Trump lawyer Todd Trump’s loyal fixer for years. Stormy Daniels directly to records he faces and has de- S&P 500 closes in........... B11
to people familiar with the
Blanche told jurors that Cohen A prosecutor lodged an objec- Trump. But Trump’s lawyers nied an affair with Daniels.  Heard on the Street: The
matter, after the healthcare-
had in the past several weeks tion, which the judge sus- have seized on his frequent Please turn to page A4 mania can be fleeting... B12
payments company shelved
an earlier target date. B5

World-Wide Counterfeit INSIDE Famed Designer’s

 A lawyer for Trump
painted Michael Cohen, the
Studies Are Doomed Attempt
star witness of the former
Infecting
REG INNELL/TORONTO STAR/ZUMA PRESS

To Challenge Tesla
president’s hush-money trial,
as an opportunist who had
moved from being obsessed
with serving his boss to actively
working to put him in jail. A1
Scientific
 The White House unveiled
a suite of higher tariffs on
Chinese imports, saying they
Journals Henrik Fisker’s electric-vehicle startup
struggled to make and sell an auto
would apply to $18 billion in
products, as political leaders BY NIDHI SUBBARAMAN
up the ante in erecting barri-
OBITUARY BUSINESS BY SEAN MCLAIN ing they were the next Tesla.”
ers to trade with Beijing. A2 Fake studies have flooded Alice Munro, the A Florida law enacted Instead, Heinle became a
the publishers of top scientific Chuck Heinle, a small-busi- casualty of Fisker’s implo-
 Blinken met with Zel- journals, leading to thousands
prolific short-story after the Surfside ness owner in Maryland, was sion—his warehouse empty,
ensky at the start of a two- of retractions and millions of author and Nobel collapse is roiling the thrilled when electric-vehicle his rent unpaid and his shares
day visit to Ukraine by the dollars in lost revenue. The laureate, dies at 92. A8 condo market. B1 startup Fisker reached out to sold for pennies on the dollar.
U.S. secretary of state to biggest hit has come to Wiley, rent one of his warehouses The California-based
boost Kyiv’s morale and help a 217-year-old publisher based outside Baltimore. He ended startup is winding down its
channel the delivery of in Hoboken, N.J., which said on up signing a lengthy lease operations, having burned
newly approved U.S. aid. A8
 Israel’s Rafah offensive
threatens to undo the part-
Tuesday that it is closing 19
journals, some of which were
infected by large-scale re-
Russia’s Dependence with the company early last
year to use the space as a ve-
hicle-delivery center.
through nearly all its cash and
defaulting on a debt agree-
ment that leaves it on the

On China Deepens
nership between the Jewish search fraud. “As soon as they contacted hook to repay around $180
state and Egypt that has In the past two years, Wiley me to lease the building, I in- million. Fisker faces an ever
has retracted more than 11,300 vested quite a bit of money” tighter timeline to negotiate a
underpinned both countries’
papers that appeared compro- in Fisker stock, Heinle said. “I rescue package, with a key
security since 1979. A6
mised, according to a spokes- BY GEORGI KANTCHEV around 33% of Russia’s overall believed in them. I was think- Please turn to page A10
 In Maryland’s Senate race, person, and closed four jour- trade, Russia makes up only
Prince George’s County Execu- nals. It isn’t alone: At least two When President Vladimir 4% of China’s trade, according
tive Angela Alsobrooks beat other publishers have re- Putin of Russia visits President to data provider CEIC Data.
Rep. David Trone in the Demo- tracted hundreds of suspect Xi Jinping of China in Beijing China has become a critical
cratic primary to face former Re- papers each. Several others this week, the two leaders will source of optics, microelec-

Salesforce.
publican Gov. Larry Hogan. A4 have pulled smaller clusters of seek to project their custom- tronics, drone engines and
bad papers. ary united front against the other materials that enable
 The Dali containership lost
Although this large-scale U.S.-led global order. Russia’s weapons production,
power several times in the
fraud represents a small per- Beneath the surface, how- while Russia’s arms exports
hours before it crashed into

# CRM.
centage of submissions to jour- ever, the relationship isn’t one to China have fallen precipi-
and caused the collapse of
nals, it threatens the legiti- of equals. tously in recent years. Mean-
Baltimore’s Francis Scott Key
macy of the nearly $30 billion Beijing has provided a life- Please turn to page A9
Bridge, an NTSB report said. A3
academic publishing industry line to the sanctions-stricken
 Harvard University reached and the credibility of science Russian economy. But  Blinken offers aid, support Ranked #1 for CRM
Applications based on
an agreement with pro-Pales- as a whole. while China accounts for in Ukraine.............................. A8 IDC 2023 Revenue
tinian protesters to clear out The discovery of nearly 900 Market Share Worldwide.
their encampment a week fraudulent papers in 2022 at
before commencement. A3 IOP Publishing, a physical-sci-
ences publisher, was a turning
Who Needs a Sofa
 Hunter Biden’s gun trial
will begin next month, a judge point for the nonprofit. “That
really crystallized for us, ev-
When You Can Rave?
said, denying a bid by law-
2023

yers for the president’s son erybody internally, everybody i i i 21.7% 5.9% 4.4% 3.5% 3.4%
to delay the prosecution. A2 involved with the business,”
said Kim Eggleton, head of One of London’s hottest new clubs is
peer review and research in-
CONTENTS
Arts in Review..... A13
Opinion................ A15-17
Personal Journal A11-12
tegrity at the publisher. “This an old IKEA, now drawing thousands of fans Source: IDC, Worldwide Semiannual Software Tracker, April 2024.

Business News....... B3 Property Report.... B6

is a real threat.”
Crossword................ A14 Sports.......................... A14 The sources of the fake sci- BY YUSUF KHAN friends are among them,
Equities........................ B9 Technology................ B4 ence are “paper mills”—busi- AND EVE HARTLEY dressed in neon pants and
Heard on Street.. B12 U.S. News.............. A2-5 nesses or individuals that, for gold Lycra, their faces covered
Markets & Finance B11 World News.... A6,8-9
a price, will list a scientist as LONDON—On the outskirts in glitter. One of her fellow
an author of a wholly or par- of the English capital, in the commuters is finishing the
> tially fabricated paper. The middle of the day, thousands last of a $6 bottle of wine, salesforce.com/number1CRM
mill then submits the work, of passengers are pouring out while others are doing final
generally avoiding the most of a small train station usually makeup checks before a day at
prestigious journals in favor of frequented by commuters one of London’s hottest new CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,

s 2024 Dow Jones & Company, Inc.

publications such as one-off heading into the city. clubs. Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2024 Salesforce, Inc. All rights reserved. Various trademarks held by their respective owners.
All Rights Reserved Please turn to page A4 Katie Walton and her Please turn to page A12
P2JW136000-7-A00200-1--------XA

A2 | Wednesday, May 15, 2024 * ** ** ** THE WALL STREET JOURNAL.

U.S. NEWS
Biden Levies Sweeping Tariffs on China
Steel and aluminum As he weighed what to do
about Trump’s tariffs, Biden
products are hit as faced political pressure from
both political parties within his own party to act, and
divides among his top advisers
embrace barriers about the fallout of doing so.
A group of Senate Democrats
BY ANDREW DUEHREN from competitive swing states,
AND ANDREW RESTUCCIA along with Senate Majority
Leader Chuck Schumer (D.,
WASHINGTON—One day af- N.Y.), had been pushing Biden to
ter news broke that President maintain or raise tariffs on
Biden was planning to raise tar- China. Labor unions also pres-
iffs on Chinese electric vehicles sured the president to protect
to roughly 100%, Donald Trump domestic industries.
moved to one-up his rival for Biden also weighed concerns
the White House. from advisers who viewed some
“I will put a 200% tax on ev- of the Trump-era tariffs as un-
ery car that comes in from strategic and potentially infla-
those plants,” the former presi- tionary. While some senior Bi-
dent said at a rally in New Jer- den administration officials
sey on Saturday, referring to continue to see those tariffs as
Chinese vehicles manufactured bad policy, they are keeping
in Mexico. Biden, he suggested, them in place because they

MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
was ripping off his tariff-fo- want to keep the pressure up on
cused trade agenda. “Biden fi- Beijing, the officials said.
nally listened to me,” Trump Alarm about Chinese eco-
said. nomic practices has been build-
The retort put on display a ing within the administration
dynamic now at the heart of for months. Under Biden, the
U.S. trade policy: The leaders U.S. has been spending billions
of both political parties are to build up domestic manufac-
racing each other to impose turing capacity for electric ve-
tough barriers on trade with President Biden handed out pens in the Rose Garden Tuesday after ordering an increase in tariffs on certain imports from China. hicles, semiconductors, solar
China. What was once a lone panels and other industries
effort by Trump to disrupt the including a tariff increase to rate for Chinese semiconduc- of tortured debate within the tariff increase is being driven where China is dominant.
bipartisan faith in free trade 25% from 7.5% for larger stor- tors would double by 2025—to administration over the tariffs by U.S. political considerations. But as the Chinese macro-
has become an establishment age batteries and a new tariff 50% from 25%. Trump originally put in place To be sure, Biden and his economy started to slump, offi-
consensus of its own. on natural graphite set at 25%, “It’s a smart approach,” Bi- on more than $300 billion in staff have still sought to draw a cials there doubled down on
Beyond raising tariffs on will take effect in 2026. den said on Tuesday. “Compare imports from China. Those du- contrast with Trump on trade. production in the same indus-
electric vehicles, the White Senior Biden administration that to what the prior adminis- ties, implemented in 2018 and They argue that the president’s tries the U.S. was targeting. The
House said Tuesday that Biden officials said they delayed the tration did. My predecessor 2019 and augmented by Biden’s measures are targeted at spe- fear among Biden administra-
was increasing a key tariff rate start of some of the tariff in- promised to increase American new steps, are now a seemingly cific industries that the U.S. is tion officials is that Chinese
on steel and aluminum prod- creases to give U.S. industries exports and boost manufactur- permanent feature of U.S. pol- subsidizing to build up domes- manufacturing is powerful
ucts to 25% from 7.5%, while time to rejigger supply chains. ing. But he did neither, he icy toward China. tic capacity. Biden’s approach is enough to push down prices
the tariff on solar cells would The White House said the new failed.” Biden said Trump’s pro- China’s Commerce Ministry still narrower than Trump’s globally, undercutting nascent
rise to 50% from 25%, and a tariffs would apply to $18 billion posed 10% levy on all imports said Tuesday Beijing firmly op- plans for a potential second U.S. companies and putting the
new duty on shipping cranes in products from China, with EV would be inflationary, though poses Washington’s tariff move term, which include imposing Biden administration’s subsi-
would be 25%. Those tariff in- batteries, critical minerals and Biden aides argued their new and said it would “take resolute at least a 60% tariff on all goods dies to waste.
creases, among others, will medical products among the actions won’t push up prices. measures to defend its own in- from China and charging a 10% —Grace Zhu
kick in this year, while others, other goods targeted. The tariff Biden’s decision caps years terests.” The ministry said the levy on every import. contributed to this article.

Powell Maintains His Wait-and-See Stance on Rates

BY NICK TIMIRAOS sterdam on Tuesday. body expected,” Powell said. be a rate hike,” Powell said. ergy prices stood at 2.8% in Meanwhile, the unemploy-
Fed officials began 2024 op- He repeated his view that in- Cleveland Fed President Lo- March from a year earlier, ment rate has edged up over
Federal Reserve Chair Je- timistic that they would be terest rates “by many, many retta Mester said in an inter- down from 4.8% in March the past year to 3.9% in April,
rome Powell affirmed the cen- able to soon lower rates from measures” are high enough to view Tuesday that it was too 2023. But the 12-month mea- from 3.4% one year earlier. Job
tral bank’s plans to hold inter- their highest level in two de- slow demand, meaning “we’ll soon to say progress bringing sure masks the more recent growth has been steady and
est rates at the highest level in cades. After a series of cooler need to be patient and let re- down inflation had stalled. She setbacks: Over the six months economic activity has been
more than two decades as it inflation readings in late 2023, strictive policy do its work.” said it was appropriate for the through March, prices rose at stronger than anticipated,
awaits evidence that a slow- it seemed possible that just Most officials have indi- Fed to hold rates steady as it an annualized 3.0% rate, up partly reflecting increases in
down in inflation will resume one or two more months cated that they don’t antici- awaits evidence that price from 1.9% for the six months immigration.
after setbacks this year. would make officials confident pate the central bank will need pressures are easing further. “I ending in December. The Fed The stakes are high for Fed
Powell said he expected in- that inflation would reach to resume interest-rate in- kind of always suspected that targets 2% inflation over time. officials, who are trying to
flation to continue heading their 2% target before too long creases, a view Powell re- we wouldn’t be able to make as A key piece of data will navigate two risks after con-
lower but that he was less con- and allow them to begin re- peated on Tuesday. Since last quick progress as we got in the come Wednesday, when the ducting over the last two years
fident than he had previously ducing rates. raising rates in July, officials second half last year,” she said. Labor Department reports the the most aggressive series of
been about that outlook, leav- Then came three successive have held their benchmark Mester is currently a voting consumer-price index for interest-rate increases in four
ing the Fed unable to say disappointing inflation reports, federal-funds rate steady in a member of the Fed’s rate-set- April. A measure of producer decades. One is that they ease
whether or when it might be leading Powell and his col- range between 5.25% and 5.5%, ting committee but will retire prices for last month, reported too soon, allowing inflation to
able to lower interest rates. leagues to effectively hit the the highest in two decades. from the central bank at the Tuesday before Powell’s become entrenched at a level
“We’re just going to have to reset button. “I have said that I don’t end of June. The Fed’s next speech, had mixed implications above their 2% target. The
see where the inflation data “We did not expect this to think it’s likely based on the meeting is June 11-12. for the Fed’s preferred gauge, other is that they wait until
fall out,” he said during a be a smooth road, but these data that we have that the A measure of inflation that which will be released later the labor market crumples un-
moderated discussion in Am- were higher than I think any- next move that we make would strips out volatile food and en- this month. der the weight of higher rates.

CORRECTIONS  U.S.WATCH
AMPLIFICATIONS
DELAWARE LOUISIANA
Howard Schultz received
Hunter Biden Gun Pregnant Woman
more than 10,000 likes, hearts Trial Set for June Dies in Latest Storm
and clapping-hand emojis on a Hunter Biden’s federal gun Storms that slammed sev-
LinkedIn post about Starbucks. case will go to trial next eral Southern states added to
An Exchange article this past month, a judge said Tuesday, the region’s recent string of
weekend incorrectly said his denying a bid by lawyers for weather-related destruction
post got 10,00 responses. the president’s son to delay and death, including that of a
the prosecution. Louisiana woman who was
Aaron Brown sparred with U.S. District Judge Maryel- nine months pregnant.
Jonathan Haidt during “The len Noreika rejected Hunter The woman was killed af-
Reason Interview with Nick Biden’s request to push the ter Monday night’s storms
Gillespie,” a libertarian pod- trial until September, which knocked a tree into a home in
cast. An Exchange article this the defense said was neces- West Baton Rouge Parish, of-
past weekend about anxiety in sary to line up witnesses and ficials said. Kristin Browning,
adolescents referred to the go through evidence handed 31, was nine months preg-
podcast as “The Reason.” over by prosecutors. The nant, and her unborn child
judge said she believes “ev- didn’t survive. Browning’s
Readers can alert The Wall Street eryone can get done what husband and her 5-year-old
Journal to any errors in news articles
by emailing [email protected] or needs to get done” by the daughter were hurt but ex-
by calling 888-410-2667. trial’s start date of June 3. pected to survive.
President Joe Biden’s son Another death happened
is accused of lying about his near the Louisiana town of
THE WALL STREET JOURNAL drug use in October 2018 on Henderson, authorities said
(USPS 664-880) (Eastern Edition ISSN 0099-
9660) (Central Edition ISSN 1092-0935)
a form to buy a gun that he on social media. A tornado
(Western Edition ISSN 0193-2241) kept for about 11 days. appeared to have struck the
Editorial and publication headquarters: 1211 Hunter Biden, who has area. Henderson is about 100
Avenue of the Americas, New York, N.Y. 10036
pleaded not guilty, has ac- miles west of New Orleans.
Published daily except Sundays and general legal
holidays. Periodicals postage paid at New York, N.Y., knowledged struggling with In Mississippi, one person
and other mailing offices. an addiction to crack cocaine was killed in Wilkinson
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Postmaster: Send address changes to

The Wall Street Journal, 200 Burnett Rd.,
during that period in 2018, County during storms that hit
Chicopee, MA 01020. but his lawyers have said he the area Sunday and Monday,
All Advertising published in The Wall Street didn’t break the law. officials said Tuesday.
Journal is subject to the applicable rate card,
copies of which are available from the Advertising Hunter Biden was sup- The storms tore through
Services Department, Dow Jones & Co. Inc., 1211
Avenue of the Americas, New York, N.Y. 10036.
posed to plead guilty last many areas previously hit in
The Journal reserves the right not to accept an year to misdemeanor tax one of the most active peri-
advertiser’s order. Only publication of an
advertisement shall constitute final acceptance of charges and would have ods for twisters on record. At
the advertiser’s order. avoided prosecution on the least 267 tornadoes were
Letters to the Editor: gun charges had he stayed confirmed by the National
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WSJ back issues and framed pages:
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wsjshop.com Hunter Biden was indicted sible, according to the na-
Our newspapers are 100% sourced from on three gun firearms tional Storm Prediction Cen-
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charges in Delaware and was ter. Another area at risk of
charged separately in Califor- storms Tuesday covered
GOT A TIP FOR US? HAIR OF THE DOG: A miniature poodle named Sage, top, won best in show Tuesday at the nia, where he lives, with tax parts of Tennessee, north
SUBMIT IT AT WSJ.COM/TIPS 148th Annual Westminster Kennel Club Dog Show in New York City. Some 2,500 canines crimes. Georgia and north Alabama.
competed in the show, including members of the Sporting Group lining up to be judged, above. —Associated Press —Associated Press
P2JW136000-5-A00300-1--------XA

THE WALL STREET JOURNAL. * * * * * Wednesday, May 15, 2024 | A3

U.S. NEWS
Eight Dead
In Florida
Bus Crash
OCALA, Fla.—The Florida
Highway Patrol arrested the
driver of a pickup truck that
crashed into a farmworker
bus early Tuesday, killing
eight, on charges of driving
under the influence.
Bryan Maclean Howard, 41
years old, faces eight counts
of DUI manslaughter, the
FHP said. No further details
were released, including what
substance allegedly left How-
ard impaired.
Troopers said he was driv-

DOUG ENGLE/OCALA STAR-BANNER/USA TODAY NETWORK

ing a 2001 Ford Ranger when
it crossed into the center line
on State Road 40, a straight
but somewhat hilly two-lane
road that passes through
horse farms. The truck side-
swiped the bus, causing it to
veer off the road at about
6:40 a.m.
In addition to the eight
people killed, at least 40
were injured.
It wasn’t clear if Howard
has an attorney. According to
state records, he has previous miles north of Orlando. The deaths among farmworkers states have been pushing for hicles used for farmworkers “impractical.”
arrests for driving with a sus- workers had been headed to in 2022, the latest year data greater regulations for the on temporary visas, among State law requires seat
pended license, leaving the Cannon Farms, which has are available. They accounted safety of farmworkers, who other worker protections that belts for farmworker trans-
scene of an accident and been harvesting watermelons. for 81 of 171 fatalities. It are overwhelmingly migrants. take effect June 28. The Flor- port using smaller vehicles,
marijuana possession. Federal statistics show wasn’t immediately known if The Labor Department an- ida Fruit & Vegetable Associ- those weighing less than
The accident happened in that vehicle crashes were the the bus had seat belts. nounced new seat-belt re- ation has been opposed, call- 10,000 pounds.
Marion County, about 80 leading cause of job-related Authorities in several quirements for employer ve- ing the seat-belt requirement —Associated Press

Ship That Hit Baltimore Bridge

Lost Power Before Leaving Port
The Dali containership lost
power several times in the
hours before it crashed into
and caused the collapse of Bal-

By Scott Calvert,
Costas Paris
and Paul Berger

timore’s Francis Scott Key

Bridge, according to a National
Transportation Safety Board
report.
The ship lost electricity be-
fore and after leaving the Port
of Baltimore, the NTSB con-
cluded in a preliminary report
into the causes of the March
disaster released Tuesday.
CHIP SOMODEVILLA/GETTY IMAGES

The first blackout in port

occurred after a crew member
mistakenly closed an engine

Love Bug
exhaust damper, the report
said, and a second outage was
related to insufficient fuel
pressure for a generator. After
leaving port, the ship again
lost power after two breakers The Dali’s crash into the Francis Scott Key Bridge largely shut down the Port of Baltimore.
opened unexpectedly, followed
by yet another blackout, the power, but insufficient fuel the Patapsco River. vessel is owned by Grace
report said. pressure to a generator caused Though an alert from ship Ocean Private, and was being
The findings provide the
most detailed account to date
of what occurred before the
a second in-port outage.
Just after midnight on
March 26, an Association of
personnel enabled Maryland
authorities to stop cars from
crossing the bridge just before
operated by Synergy Marine
Group. Both are based in
Singapore.
PA U L MO R E L L I
crash that destroyed the bridge, Maryland Pilots senior pilot the collision, eight workers The Dali used three different 725 MADISON AVENUE (NYC)
killing six road crew workers and an apprentice pilot who were repairing potholes grades of fuel for its main en-
1118 WALNUT ST (PHL)
and largely shutting down the boarded the Dali, which was on the bridge fell into the wa- gine and electrical generators,
busy Port of Baltimore. about to leave Seagirt Marine ter. Two were rescued. and received replenished sup-
917.227.9039
The safety board’s early Terminal. The report said the While the report didn’t pin plies of all three on March 19 in
findings didn’t list a probable senior pilot asked about the blame on the crew, it pointed Newark, N.J., after a trip from
cause for the accident. That vessel’s condition, and the cap- to a key maintenance error Sri Lanka, the report found.
will be part of its final re- tain said the ship was in good that has put them in the The ship’s owner took sam-
port, which can take up to working order. spotlight. ples of one of the fuels burned
two years. By around 1:25, the Dali was The report also documented at the time of the collision and
The day before the March six-tenths of a mile from the repeated efforts by crew mem- submitted it for independent
26 collision, the Singapore- Key Bridge when electrical bers to restore operations on testing on March 28, which
flagged Dali lost power while breakers that feed most of the the stricken ship. Moments be- found no quality problems, the
still docked in Baltimore, the vessel’s equipment and light- fore the Dali struck the bridge, report said. Additional fuel
report said. The ship, laden ing unexpectedly tripped, the it said, the crew managed to get samples were taken on April

LUXURY
with nearly 4,700 shipping report said. The result was a power back on but they weren’t 11, and independent testing
containers, was preparing for a blackout to all shipboard light- able to regain propulsion. also found no issues.
27-day journey to Sri Lanka. ing and most equipment. The 21-member crew, most Fuel contamination was an
The first blackout occurred The vessel lost steering and from India, has remained on early focus of investigators,
about 10 hours before the
ship’s departure, the report
said. A crew member mistak-
propulsion. The crew was able
to restore electrical power, but
yet another blackout followed—
the Dali since the collapse,
with tons of steel and pave-
ment from the bridge resting
The Wall Street Journal previ-
ously reported.
—Andrew Tangel
ON THE
enly closed an in-line engine
exhaust damper while working
on the diesel engine exhaust
with the ship just two-tenths of
a mile from the bridge.
The Dali struck one of the
on the ship’s bow. On Monday,
a controlled detonation blasted
a section of the span, discon-
contributed to this article
SOUTHERN
Watch a Video
CALIFORNIA
scrubber system, the report Key Bridge’s support piers necting the ship from the
said. That effectively prevented around 1:30 a.m. A large sec- wreckage. Scan this code
exhaust gas from traveling up tion of the 1.6-mile span, which The Dali was built in 2015 for a video on
its stack and out of the vessel, opened in 1977 and was part of by South Korea’s HD Hyundai the demolition of
causing the engine to stall.
The crew was able to restore
the Interstate 695 beltway that
rings Baltimore, crumpled into
Heavy Industries, one of the
world’s biggest yards. The
the wreckage of
the Key Bridge. COAST
Rates From $595
Harvard, Students Agree to End Encampment
BY NICHOLAS HATCHER school, Garber said. charges, according to a pro-Pal- in a social-media post. “These
The peaceful end to Har- estinian student group, Harvard side-deals are intended to pac-
Harvard University reached vard’s three-week encampment Out of Occupied Palestine. ify us away from full disclo-
an agreement with pro-Pales- differs from the scenes at many A Harvard spokesman said sure & divestment. Rest as-
tinian protesters to clear out other schools, where thousands students were placed on invol- sured, they will not.” The
their encampment Tuesday, one of arrests have taken place untary leaves, not suspended. group didn’t reply to a request
week before commencement. since last month. Suspensions would be sepa- for comment.
In a letter to the Harvard Pro-Palestinian protests dis- rate disciplinary measures Students also voluntarily
community, President Alan Gar- rupted campus life at universi- that remain on students’ per- ended their encampment at
ber said the university would ties across the U.S. in the final manent records, according to Cornell University, according
begin reinstatement proceed- weeks of the school year. Pro- the spokesman. Garber also to a letter from Martha E. Pol-
ings for students “placed on in- testers have demanded their said he would meet with stu- lack, the school’s president.
voluntary leaves of absence” schools divest themselves of in- dents to hear their perspec- At Princeton University in Ocean Views | Spa | Golf | Villas
and evaluate the disciplinary
cases of those who participated
vestments in companies doing
business with Israel.
tives on longstanding conflicts
in the Middle East.
New Jersey, a pro-Palestinian
student protest group said on
4 Pools | 5 Restaurants
in the encampment. University The Cambridge, Mass., “We are under no illusions: social media that the adminis-
officials would also meet with school suspended more than 20 We do not believe these meet- tration and facilities staff on 844.981 .0 835 | T E RRANE A .COM
students “to address questions students and referred more ings are divestment wins,” the Tuesday were trying to clear
about the endowment” of the than 60 for further disciplinary student protesters’ group said the encampment.
P2JW136000-5-A00400-16DDF61078D

A4 | Wednesday, May 15, 2024 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

Cohen Cohen said Trump exerted

pressure on him through pub-
lic statements and various in-
Alsobrooks,
Questioned termediaries. Trump’s mes-
sage was clear, Cohen told
jurors: “Don’t flip.”
Hogan Set
By Defense Cohen said the turning
point came when his family
questioned his loyalty to his
For Senate
Continued from Page One
For the former president, the
boss. “We are supposed to be
your first loyalty,” he said
family members told him.
Contest
testimony of Cohen—his long- Under questioning by
time loyalist turned prime an- Hoffinger, Cohen admitted to BY KRISTINA PETERSON
tagonist—is perhaps the most lying repeatedly. He told ju-
personal of the Manhattan rors he lied to Congress, lied Prince George’s County Ex-
trial. For a second day this to media outlets including The ecutive Angela Alsobrooks
week, the once half-empty Wall Street Journal and pres- won the hard-fought Demo-
courtroom pews behind the sured other people to lie, in- cratic primary in Maryland’s
former president were filled cluding Daniels’s lawyer. Senate race, defeating Rep.
with his family—one of his “Why did you do that?” David Trone, who spent a re-

JANE ROSENBERG/REUTERS
sons, Eric, and his daughter- Hoffinger asked. cord-setting amount of his
in-law Lara—and Republican “In order to protect Mr. own money in the contest.
elected officials. Trump,” Cohen replied. The Associated Press pro-
During cross-examination, Trump has tapped allies to jected Alsobrooks as the win-
Blanche suggested that Cohen join him in court in Manhat- ner late Tuesday. She led 53%
had worked with prosecutors tan to portray a unified GOP to 43%, with 38% of the vote
over the years not only to pur- Michael Cohen, the former fixer for Donald Trump, is shown in a courtroom sketch being and to give him a sense of se- counted.
sue his vendetta against cross-examined by defense attorney Todd Blanche before Justice Juan Merchan on Tuesday. curity. Another benefit: His She will face popular for-
Trump, but to shorten his supporters are free to criti- mer two-term Republican Gov.
home-confinement term. him to the big house not the Daniels payment in install- Even after he had been cize witnesses, chiefly Cohen. Larry Hogan in the contest to
“I did want to be released, White House.” ments, with the relevant in- fully reimbursed, Cohen con- The former president remains succeed retiring Sen. Ben Car-
yes,” said Cohen, who pleaded “Do you want to see Presi- voices and other documents tinued to have contact with under a gag order that bars din (D., Md.), in what is ex-
guilty in 2018 to federal dent Trump convicted in this falsely labeled as being for le- Trump, he testified. He said him from attacking wit- pected to be one of the fall’s
crimes, two of which were case?” Blanche asked. gal services. that Trump directed him in nesses. marquee face-offs to deter-
tied to hush-money payments. When Cohen hesitated, Prosecutors then displayed 2018 to try to get a temporary “This is a man who is mine control of the Senate.
Blanche portrayed Cohen as Blanche demanded a yes-or-no a series of invoices and checks restraining order to bar Dan- clearly on a mission for per- Democrats currently have a
having built a career as a major answer. on screens iels from talk- sonal revenge and who is 51-49 majority, but they are
Trump antagonist. He noted “Sure,” said Cohen, with a around the ing to the me- widely known as a witness expected to lose West Virginia
the former lawyer had made shrug. courtroom, dia. who has trouble with the and are defending vulnerable
more than $3 million from During questioning by a which had la- Cohen said he Cohen said truth,” House Speaker Mike seats in Ohio and Montana,
writing books about Trump, prosecutor earlier in the day, bels like “re- cleaned up the that in April Johnson (R., La.) said, in ref- among others.
and had his own podcast. Cohen testified that he dis- tainer agree- 2018, after fed- erence to Cohen, outside the Alsobrooks, if she wins in
Blanche asked Cohen about cussed the repercussions of ment” for aftermath of eral agents exe- courthouse on Tuesday. November, would be just the
his nightly TikTok appear-
ances, each of which is an
paying off Daniels with Trump
throughout his early years in
s p e c i f i c
months. Cohen
hush-money cuted search
warrants at his
A number of visitors are
also in contention for posi-
third Black woman ever
elected to the Senate. Rep.
hour or more, and include fre- the White House. said he didn’t payments. hotel, home and tions in a new Trump admin- Lisa Blunt Rochester, a Demo-
quent discussion about Trump. Cohen said that he loyally perform legal office, he felt istration, including vice presi- crat running for the Senate in
Cohen told jurors that he cleaned up the aftermath of work in the frightened and dent. North Dakota Gov. Doug Delaware, is favored to win
used the appearances to vent. the hush-money payments un- listed months. angry. Burgum and Sen. J.D. Vance of and is expected to add to the
“I’ve been having a difficult til he turned on his boss and “Was this invoice a false re- He left a message for Ohio also stopped by the
time sleeping,” he said. “So I pleaded guilty to federal cord?” prosecutor Susan Trump, he said, and Trump courthouse this week.
found an outlet.” crimes. “I violated my moral Hoffinger asked Cohen. returned his call. “He said to Trump has been pleased. “I
Blanche displayed screen- compass,” Cohen told the jury. “Yes ma’am,” Cohen replied. me, ‘Don’t worry, I’m the pres- do have a lot of surrogates,

KENT NISHIMURA FOR THE WALL STREET JOURNAL

shots of some merchandise he “And I suffered the penalty, as “Whose signature is on the ident of the United States,’ ” and they are speaking very
said Cohen was selling: a T- did my family.” check?” Hoffinger asked, dis- Cohen told the jury. Trump beautifully,” he said.
shirt with Trump in an orange Cohen testified that after playing a check with Trump’s added, he said, “Everything is —Alex Leary
jumpsuit behind bars and a the election, Trump directed trademark scrawl. “Donald J. going to be OK. Stay tough.” and James Fanelli
coffee mug that said, “Send that he be reimbursed for the Trump,” replied Cohen. In the following months, contributed to this article.

Fake Science tors, leading to comically mis-

fit phrases. “Breast cancer” be-
came “bosom peril”; “fluid

Is Flooding dynamics” became “gooey

stream”; “artificial intelli-
gence” became “counterfeit Angela Alsobrooks

Journals consciousness.” The tool is

publicly available.
Another data scientist,
ranks of the chamber’s Black
women.
Adam Day, built “The Paper- Alsobrooks, 53 years old,
Continued from Page One mill Alarm,” a tool that uses previously served as state’s at-
special editions that might not large language models to spot torney in Prince George’s
put papers through as thor- signs of trouble in an article’s County and as a prosecutor
ough a review and where they metadata, such as multiple before taking over as the
have a better chance of getting suspect papers citing each county’s top official. In over-
bogus work published. other or using similar tem- coming Trone’s big advertising
Scientists the world over plates and simply altering mi- advantage, she locked up the
are under pressure to publish nor experimental details. Pub- support of much of the state’s
ALICIA CANTER

in peer-reviewed journals— lishers can pay to use the tool. Democratic political establish-
sometimes to win grants, other With the scale of the pa- ment, including Gov. Wes
times as conditions for promo- per-mill problem coming into Moore, Sen. Chris Van Hollen
tions. Researchers said this ever better focus, publishers and Reps. Jamie Raskin and
motivates people to cheat the have been forced to adjust Steny Hoyer, among others.
system. Many journals charge their operations. Hogan, who was heavily re-
authors a fee to be published IOP Publishing has ex- cruited by Republicans, en-
in them. panded teams doing system- tered the Senate race in Feb-
Problematic papers typically atic checks on papers and in- ruary and quickly established
appear in batches of up to vested in software to a sizable lead in hypothetical
hundreds or even thousands document and record peer-re- matchups against either Dem-
within a publisher or journal. view steps beyond their jour- ocrat in opinion surveys, but
A signature move is to submit nals. recent polling has shown a
the same paper to multiple Wiley has expanded its tightening contest. As a cen-
journals at once to maximize team working to spot bad pa- trist GOP governor of a blue
the chance of getting in, ac- pers and announced its version state, Hogan was able to
cording to an industry trade of a paper-mill detector that largely focus on state and lo-
FRED SCHEIBER/SIPA/SHUTTERSTOCK

group now monitoring the scans for patterns such as tor- cal issues during his terms,
problem. Publishers said some tured phrases. while also being critical of for-
swindlers have even posed as “It’s a top three issue for us mer President Donald Trump.
academics to secure spots as today,” said Jay Flynn, execu- Democrats expect the Sen-
guest editors for special issues tive vice president and general ate race and its emphasis on
and organizers of conferences, manager of research and learn- national issues such as abor-
and then control the papers ing at Wiley. tion to be more challenging
that are published there. Both Wiley and Springer for Hogan, who has said he
“The paper mill will find the Top, Dorothy Bishop, a psychologist at the University of Oxford, tracks fraudulent science Nature have beefed up their would caucus with Republi-
weakest link and then exploit and has spotted suspected milled papers; above, computer-science researcher Guillaume screening protocols for editors cans if elected. He easily won
it mercilessly until someone Cabanac created the ‘Problematic Paper Screener’ to scan the breadth of scientific literature. of special issues after seeing his primary Tuesday night.
notices,” said Nick Wise, an paper millers impersonate le- Hogan has said he would op-
engineer who has documented more than 2,000 journals, the to thousands of entries. by paper mills but declined to gitimate researchers to win pose a federal ban on abor-
paper-mill advertisements run- problem came to light two Within weeks, Wiley said its say how many. Eleven were such spots. tion, but hasn’t said if he
ning on social media and who years ago, shortly after it paid Hindawi portfolio had been among those that lost accredi- Springer Nature has re- would support federal legisla-
posts examples on X under the nearly $300 million for deeply hit. tation this past year on Web jected more than 8,000 papers tion codifying abortion access.
handle @author_for_sale. Hindawi, a company founded Over the next year, in 2023, of Science. from a suspected paper mill In 2022, he vetoed state legis-
The journal Science flagged in Egypt in 1997 that included 19 Hindawi journals were de- “I don’t think that journal and is continuing to monitor lation to expand abortion ac-
the practice of buying author- about 250 journals. In 2022, a listed from a key database, closures happen routinely,” its work, according to Chris cess in Maryland by ending a
ship in 2013. The website Re- little more than a year after Web of Science, that research- said Jodi Schneider, who stud- Graf, the publisher’s research- restriction that only physi-
traction Watch and indepen- the purchase, scientists online ers use to find and cite papers ies scientific literature and integrity director. cians could perform them.
dent researchers have since noticed peculiarities in dozens relevant to their work. That publishing at the University of The incursion of paper mills It isn’t clear if Hogan’s pop-
tracked paper mills through of studies from journals in the eroded the standing of the Illinois Urbana-Champaign. has also forced competing pub- ularity as governor will carry
their advertisements and web- Hindawi family. journals, whose influence is The extent of the paper-mill lishers to collaborate. A tool over to the Senate race, where
sites. Researchers said they Scientific papers typically measured by how frequently problem has been exposed by launched through STM, the party politics loom larger.
have found them in countries include citations that acknowl- its papers are cited by oth- members of the scientific com- trade group of publishers, now In gubernatorial races, vot-
including Russia, Iran, Latvia, edge work that informed the ers. (One was later relisted.) munity who on their own have checks whether new submis- ers in blue states such as
China and India. research, but the suspect pa- Wiley said it would shut collected patterns in faked pa- sions were submitted to more Maryland and Massachusetts
The mills solicit clients on pers included lists of irrelevant down four that had been pers to recognize this fraud at than one journal at once, ac- “will give themselves permis-
social channels such as Tele- references. Multiple papers in- “heavily compromised by pa- scale and developed tools to cording to Joris van Rossum, sion to reach across partisan
gram or Facebook, where they cluded technical-sounding pas- per mills,” and for months it help surface the work. product director who leads the lines and elect a Republican
advertise the titles of studies sages inserted midway paused publishing Hindawi One of those tools, the “STM Integrity Hub,” launched they like and respect,” said
they intend to submit, their fee through, what Bishop called an special issues entirely as hun- “Problematic Paper Screener,” in part to beat back paper Len Foxwell, a Democratic po-
and sometimes the journal “AI gobbledygook sandwich.” dreds of papers were retracted. run by Guillaume Cabanac, a mills. Last fall, STM added litical consultant in Maryland.
they aim to infiltrate. Wise Nearly identical contact emails In December, Wiley interim computer-science researcher Day’s “The Papermill Alarm” “That does not translate in any
said he has seen costs ranging in one cluster of studies were President and Chief Executive who studies scholarly publish- to its suite of tools. way to Senate races, in which
from as little as $50 to as all registered to a university in Matthew Kissner warned in- ing at the Université Toulouse While publishers are fight- the issues are nationalized.”
much as $8,500. China where few if any of the vestors of a $35 million to $40 III-Paul Sabatier in France, ing back with technology, pa- This fall, voters in Mary-
When publishers become authors were based. It ap- million revenue drop for the scans the breadth of the pub- per mills are using the same land will vote on whether to
alert to the work, mills change peared that all came from the 2024 fiscal year because of the lished literature, some 130 mil- kind of tools to stay ahead. enshrine the right to an abor-
their tactics. same source. problems with Hindawi. lion papers, looking for a range “Generative AI has just tion in the state constitution.
“It’s like a virus mutating,” “The problem was much According to Wiley, Tues- of red flags including “tortured handed them a winning lot- Alsobrooks’s victory marked
said Dorothy Bishop, a psy- worse and much larger than day’s closures are due to a phrases.” tery ticket,” Eggleton of IOP a comeback for a candidate
chologist at the University of anyone had realized,” said Da- number of factors, including a Cabanac and his colleagues Publishing said. “They can do who had trailed in polling for
Oxford, one of a multitude of vid Bimler, a retired psychol- rebranding of the Hindawi realized that researchers who it really cheap, at scale, and months in the face of Trone’s
researchers who track fraudu- ogy researcher in Wellington, journals and low submission wanted to avoid plagiarism de- the detection methods are not unprecedented spending. The
lent science and has spotted New Zealand, who started a rates to some titles. A com- tectors had swapped out key where we need them to be. I 68-year-old founder of Total
suspected milled papers. spreadsheet of suspect pany spokesperson acknowl- scientific terms for synonyms can only see that challenge Wine & More sank nearly $62
For Wiley, which publishes Hindawi studies, which grew edged that some were affected from automatic text genera- increasing.” million into the race.
P2JW136000-0-A00500-1--------XA

THE WALL STREET JOURNAL. Wednesday, May 15, 2024 | A5

U.S. NEWS

Oyster Shells
Are Recycled
To Save Reefs
BY KAILYN RHONE posed. Still, a huge number of
oyster shells end up in the
As morning rose on New trash, despite shell-recycling
York’s Upper West Side, neigh- programs scattered throughout
bors grew suspicious of work- the U.S., both East and West
ers tossing trash into bins in coasts.
an alleyway nearby. They Some restaurants set 32-
reeked of an odor that skunks gallon bins in the middle of
would find offensive and felt their eateries for customers to
like a threat to humankind. toss their shells once they’re
Soon, one neighbor called the done, or post signs urging “No
health department. Shell Left Behind.” Others rely
Is it a secret society? A drug on their dishwashers to pluck
operation? them from dirty plates.
No. It was oyster shells. Shell-recycling nonprofits
The large bins were brim- tend to retrieve bins from par-
ming with hard, brown, tear- ticipating restaurants, and A reef ball is unmolded on Governors Island. Below, oyster shells that were collected from New York restaurants.
drop-shaped shells, once home some also set up bins around
to slimy gray sea creatures a community for local resi- Louisiana’s tax credit went
that now resided in the bellies dents. Afterward, the oyster into effect in January, allowing
of hundreds of seafood lovers shells are washed and set out- restaurants recycling with ap-
who’d visited Crave Fishbar. side in the sun for several proved nonprofits to receive $1
A local nonprofit, Billion months to kill bacteria before per 50 pounds of oyster shells,
Oyster Project, was scheduled being placed back into local to a maximum of $2,000. The
to pick them up and haul them waterways. tax credit caps at $100,000 on
off for recycling. For Crave Many restaurants aren’t a first-come, first-served basis.
owner Brian Owens, that aware recycling programs ex- Nick Schauman, owner of

FROM TOP: TESS MAYER FOR THE WALL STREET JOURNAL(2)

means he gets the satisfaction ist. Getting them on board can The Local Oyster, a Baltimore
of knowing he’s helping restore be a challenge, some nonprofit catering company, has been re-
New York’s waterways. He’s managers said. cycling oyster shells for a de-
also saving money for his res- Shell recyclers view the task cade, a process he started
taurant, since recycling the with the utmost importance. when his business was mostly
shells cuts down on what he Overharvesting, disease and a folding table, a boombox and
has to pay for trash collection. pollution have killed off a a cooler of Pabst Blue Ribbon.
“We shuck, you slurp, we number of oyster reefs. Maryland for some years
recycle,” said Owens. Owens, the Crave owner in has offered a shell-recycling
For people who don’t eat, New York, said he has saved tax credit of up to $1,500. The
yearn or dream about oysters, about $10,000 on trash pickup state recently approved a
they are shellfish—similar to since he began recycling oyster grant program where restau-
clams and mussels—that are of- shells eight years ago. rants will receive a check for
ten consumed as an appetizer. Louisiana offers tax incen- up to $2,000.
In lots of restaurants and tives to restaurants that don’t “We’ve always maxed out
households, the ugly shells just toss their shells in the garbage. our credits over the years,” support them,” said Charlotte hauls them to Fulton Fish Mar- Prince William visited in
get tossed in the trash after- Coalition to Restore Coastal Schauman said. “But a $2,000 Boesch, shell-collection pro- ket Cooperative in the Bronx. September, examining the
ward. But when they’re prop- Louisiana said it has recycled check I think would be more gram manager at Billion Oys- They store the shells in dump- piles of drying shells and even
erly recycled, they can become almost 14 million pounds of helpful.” ter Project, which has collected sters in a fenced-off area of wading into the East River.
the foundation for oyster reefs oyster shells since 2014. Billion Oyster Project has over 2.5 million pounds of re- the parking lot. And as for Owens, the
that provide habitat to marine “It’s just such a win-win sit- campaigned for New York to cycled shells since 2014. “I The shells are then moved owner of Crave in New York
life, reduce flooding and pro- uation,” said Sonya DiCarlo, start a $1,000 tax credit for think for the restaurants, it’s to Governors Island once a City? He spends some time
tect shorelines from big storms. co-owner of Clesi’s Restaurant restaurants that recycle shells, really valuable, although the month. There, they cure for each evening making sure the
Owens says that Crave used & Catering in New Orleans. but it hasn’t been successful. tax credit is fairly minimal.” one year. Oyster larvae are in- words “Billion Oyster Project”
to throw away more than “Any opportunity that we have “I do think it’s important to Billion Oyster Project said it troduced, and they settle onto plastered across his bins are
375,000 shells a year. Now, to have tax credits, it’s just a make sure the restaurants un- collects shells from 75 restau- the shells. The shells re-enter visible to any worried by-
most of those shells are repur- wonderful thing.” derstand and know that we rants four days a week and local waters afterward. standers.

Colorado, Illinois Vie for

Quantum Computing Funds
BY ISABELLE BOUSQUETTE

Colorado and Illinois are

both pouring millions of dol-
lars into quantum computing
in an effort to position them-
selves as national leaders in
the area and secure coveted
federal funding from the $53
billion Chips Act.
Calling itself the “Mountain
West” hub, Colorado along
with New Mexico and Wyo-
UNIVERSITY OF CHICAGO

ming is seeking $70 million in

federal funding under the act
to support quantum compa-
nies, hardware manufacturing
and a talent pipeline.
“This is a key enabling David Awschalom works on a quantum information experiment.
technology around applica-
tions in every sector that ment and eligible for federal crosoft. Troyer also sits on the
touches computers and tech- funding. The agency’s Eco- board of Elevate Quantum, the
nology,” said Colorado Gov. nomic Development Adminis- nonprofit organization behind
Jared Polis. If the group gets tration plans to fund several the push for funding and
the federal money, Colorado
will match it with a $74 mil-
lion tax credit from the state
“tightly aligned projects”—or
hubs—with $40 million to $70
million each.
which will help divvy out the
cash—if it comes.
But mighty Chicago is
VERDANT VISIONS
government. Colorado and Chicago are hardly to be ignored. Among COLOMBIAN EMERALD RING
Then there’s Illinois. the only two vying for quan- its advantages are a talent
Colorado’s rival is the tum funding, and the EDA will pipeline, churning out thou- Esteemed origin. Vivid green. Impressive size.
“Bloch Tech Hub,” a business, announce its decision this sands of degrees and certifi-
academic and government summer. But there is no guar- cates a year in quantum-rele- This impressive 13.67-carat Colombian
group that includes Illinois, In- antee that a quantum hub will vant skills, as well as a emerald showcases its deep and vibrant
diana and Wisconsin and is led even be chosen for funding— research base at the Univer-
by the research-focused Chi- the money could instead go to sity of Chicago, according to hue, emblematic of its prestigious origins.
cago Quantum Exchange. Simi- any number of other tech the Bloch Tech Hub. Colombian emeralds are set apart by their
larly, it too wants to build an hubs: clean energy, biotech, A computer harnessing the incomparable rich green color, without
innovation-focused quantum semiconductor fabrication, to properties of quantum physics any bluish tinge. Adorned with yellow
lab for startups and also create name a few. could solve some problems diamonds, this emerald cut gemstone shines
a multistate community col- Regardless—the race is on. many millions of times faster in its 18K yellow gold setting. #31-5167
lege-based quantum program. At present, Colorado boasts than a conventional computer,
“Chicago was an early in- over 3,000 jobs in quantum sorting through vast numbers
vestor in quantum technology and related technologies, ac- of possibilities in nearly real
and is uniquely poised to have cording to Polis, and since time. Scan to view a
one of the nation’s largest 2000 scientists based there Quantum computing has video of this ring
quantum economies in the fu- have won four Nobel Prizes in possible defense applica-
ture,” said David Awschalom, quantum and related technol- tions—a big reason the Biden
director of the Chicago Quan- ogies. administration has restricted
tum Exchange and a professor The National Institute of Americans from investing in
at the University of Chicago’s Standards and Technology’s some Chinese companies de-
Pritzker School of Molecular Boulder laboratories have veloping quantum computers.
Engineering. helped lead the development And the presence of aero-
In addition, the state of Illi- of atomic clock technology. space and defense industries
nois has budgeted $500 mil- Colorado’s startup ecosystem might tilt funding in the
lion for quantum endeavors includes companies such as Mountain West’s favor, says
for the coming fiscal year in- Quantinuum and Maybell Elevate Quantum Chief Execu-
cluding a $200 million match Quantum. tive Zach Yerushalmi. Both the 622 Royal Street, New Orleans, LA • 877-677-2801 • [email protected] • msrau.com
for any tech hub funds it “We want to help build the North American Aerospace
might get from the federal workforce there. We need Defense Command (Norad) Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
government. more quantum talent to help and the U.S. Space Command Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
The two regional contes- us make quantum real,” said are in Colorado Springs. New
tants are among 31 technology Matthias Troyer, a technical Mexico is home to Sandia Na-
hubs nationwide chosen by fellow and corporate vice tional Laboratories and Los
the U.S. Commerce Depart- president of quantum at Mi- Alamos National Laboratory.
P2JW136000-5-A00600-1--------XA

A6 | Wednesday, May 15, 2024 * ** ** THE WALL STREET JOURNAL.

WORLD NEWS
Rafah Move Hurts Israel-Egypt Ties U.S. Is Set
To Proceed
Cairo weighs joining
international court With New
case that alleges
genocide in Gaza Arms Deal
In the nearly 45 years since BY NANCY A. YOUSSEF
their historic peace deal, Israel AND JARED MALSIN
and Egypt have become essen-
tial partners, a close but not The Biden administration
warm relationship that under- notified Congress on Tuesday
that it was moving forward
By Summer Said, with more than $1 billion in
Jared Malsin and new weapons deals for Israel,
Carrie Keller-Lynn U.S. and congressional officials
said, a massive arms package
pins both countries’ national less than a week after the
security. Israel’s Rafah offen- White House paused a ship-
sive is threatening to undo that. ment of bombs over a planned
Egypt is considering a down- Israeli assault on Rafah.
grade to its diplomatic ties with The latest weapons package
Israel, Egyptian officials say. includes the potential transfer
OMAR ASHTAWY/APA IMAGES/ZUMA PRESS

Cairo has said it would join of $700 million in tank ammu-

South Africa’s court case charg- nition, $500 million in tactical
ing Israel with genocide. And vehicles and $60 million in mor-
Egypt has refused to reopen its tar rounds, the officials said.
border with Gaza after Israeli There are still additional steps
forces seized the Palestinian before the weapons would be
side of the crossing. approved and delivered.
Mohammed Anwar Sadat, The decision to proceed with
nephew of the Egyptian presi- the approval process under-
dent of the same name who ne- scored the Biden administra-
gotiated the Egypt-Israel peace Displaced Palestinians moved to Rafah after Israel invaded Gaza, but now Israel has urged some people there to evacuate. tion’s reluctance to deepen its
treaty of 1979, said the current rift with Prime Minister Benja-
dispute was the countries’ humanitarian aid into the en- feat Islamic State extremists European countries, saying the rael by pulling the country’s min Netanyahu by restricting
worst bilateral crisis since then. clave, wouldn’t be affected and in Egypt’s north Sinai region. operation puts the peace ambassador in Tel Aviv. longer-term weapons deals.
“There is now a lack of trust,” that Palestinians would be The countries still cooper- treaty in jeopardy. In another “There are no plans to sus- U.S. officials have stressed
said Sadat, a former member of given weeks to safely evacuate. ate on intelligence sharing and sign of worsening ties, the pend ties or throw away Camp their opposition to a full-scale
Egypt’s Parliament. “None of these assurances ma- security issues. And Egypt re- Egyptian foreign ministry on David,” another Egyptian offi- Israeli attack in Rafah, saying
The standoff began when terialized,” an Egyptian official lies on billions of dollars in Sunday said it would join cial said, referring to the Camp it could result in widespread
Israel gave Egypt just hours familiar with the events said. U.S. military aid that depends South Africa’s case charging David Accords that led to the civilian casualties and deepen
notice before launching the Israel’s military declined to on the peace treaty. But the Israel with genocide at the In- 1979 peace treaty. “But as long Gaza’s humanitarian crisis
military operation last week in comment. The Israeli Foreign Rafah operation has increased ternational Court of Justice. as Israeli forces remain at Ra- without ending the threat Is-
which the Israeli military Ministry didn’t respond to a re- stress on the deeply strained Israel rejects the accusations. fah crossing, Egypt will not rael faces from Hamas. But
seized control of the Gazan quest for comment. Israeli relationship. Egypt is a key Israel says the current oper- send a single truck to Rafah.” they have registered their op-
side of the Rafah border cross- Prime Minister Benjamin Netan- mediator in indirect talks be- ation in Rafah isn’t yet a full- The assault, which has position so far by withholding
ing with Egypt, Egyptian offi- yahu says taking control of the tween Israel and Hamas. blown ground invasion, though forced most of the strip’s 2.2 only a single shipment of
cials say. The abrupt message Rafah crossing was necessary to The Egypt-Israel divisions the attack has displaced nearly million residents to flee their 2,000-pound bombs.
followed months of careful ne- cut off Hamas smugglers. add to the challenges facing the 360,000 Palestinians, the homes, has raised fears in Seth Binder, an expert on
gotiations between Israeli and After fighting a series of Biden administration, which United Nations says. Cairo of a mass displacement U.S. weapons sales with the
Egyptian military and intelli- wars, Israel and Egypt have has struggled to help broker a Egypt is refusing to cooper- of Palestinians into Egypt. Middle East Democracy Cen-
gence officials over the long- developed an important secu- truce and last week paused de- ate with Israel to operate the “The risks for Egypt are re- ter, a policy institute in Wash-
threatened attack on Rafah, rity partnership since 1979. livery to Israel of some bombs Rafah crossing, which until ally high,” said Yezid Sayigh, a ington, said the White House
where more than a million The nations’ militaries have to pressure it to back away last week had been the last re- senior fellow at the Carnegie decision to proceed with a new
Palestinians are sheltering. worked closely together, par- from the Rafah attack. The U.S. maining entry point to the Middle East Center in Beirut. weapons package only days af-
Israel previously briefed ticularly over the past decade has commended Egypt’s role as strip that wasn’t under full Is- “And I think they resent enor- ter halting a pending shipment
Egypt about its plans for Ra- under President Abdel Fattah a mediator in the conflict. raeli control. Cairo also says it mously that the Israelis are weakened its own attempt to
fah, assuring Cairo that the Al Sisi, during which they Egypt has protested Israel’s is considering downgrading paying no attention whatsoever pressure Netanyahu to rethink
crossing, a key entry point for shared intelligence to help de- Rafah invasion to the U.S. and diplomatic relations with Is- to Egyptian interests or advice.” the conduct of the war.

Many Israelis Mark Independence Day With Sadness

BY ANAT PELED the first time. And tens of and victims of terrorist attacks. the Southern District Home
thousands of people—who Then, after a day of grief, Front Command and com-
URIM, Israel—Every year have been staging demonstra- Israelis in most years seam- mander of the Urim base, is
on Israel’s Independence Day, tions on Saturdays for the lessly switch to celebrating still haunted by the Oct. 7 at-
Lea Ayash and her three sons past few months—turned out their country’s freedom. This tack. That day, a number of
decorate their home with flags to protest against a govern- year, that emotional swing is militants on motorcycles in-
and hold a barbecue. This year ment they blame for failing to especially difficult in light of vaded the base, which was
she won’t be celebrating. prevent the Oct. 7 attack and the many victims of the con- staffed with only 13 soldiers at
Ayash’s 19-year-old son Ita- mismanaging the war. tinuing war. the time. Some were shot and
mar was killed on a military Many Israelis like Ayash As Memorial Day commem- others retreated to a control
base in southern Israel during say they don’t feel like cele- orations got under way, Ayash room, where many were killed
ALEXI J. ROSENFELD/GETTY IMAGES

the Hamas-led attack on Oct. 7 brating at a time when they attended a small ceremony at with gunfire or grenades.
that left 1,200 people dead, Is- believe that the Jewish state Urim military base, where her Baruch drove to the base as
raeli authorities said. His is facing an existential threat. son and seven other soldiers fast as he could, but was too
younger brother, Yohai, 13, is Some 272 soldiers have been were killed in the Hamas-led late to save everyone.
devastated by the loss and killed since the start of the Is- attack. Before the ceremony, “Every night, I think about
won’t allow Ayash to hang up raeli invasion of Gaza, the Is- she privately lighted a candle what I could have done differ-
even one Israeli flag. raeli military said. Around 130 in the corner of the base ently,” he said. “I don’t know
“Who has the desire to cel- of the more than 240 hostages where her son was shot and how Yom Ha’atzmaut will hap-
ebrate this year?” she said. “I Israel says were taken Oct. 7 Families of hostages and their supporters rally in Tel Aviv. killed by militants. pen.”
don’t have anything to cele- are still being held, whether “I trusted the state,” Ayash This year, hostages and vic-
brate.” alive or dead. rael cleared long ago, shows hammed bin Abdulrahman bin said. “I never imagined that tims of the Oct. 7 attack were
Yom Ha’atzmaut, Israel’s Meanwhile, the war contin- the difficulty of fully routing Jassim al-Thani, whose coun- my son could be killed at at the center of the ceremony,
Independence Day, marks the ues to grind on. Israeli troops the militant group. try has been one of the hosts home,” inside his base in Is- said Col. Benzi Asher. He, too,
establishment of the state in backed by tanks clashed with About 35,000 people have of the talks, said at a confer- rael, she said. recently joined the circle of
1948. It is usually a day of joy- militants in central and north- been killed in Gaza since the ence on Tuesday that the ne- As the Israeli flag was low- bereaved families: His niece,
ous celebrations. This year ern Gaza and fought at close start of the war, most of them gotiations had stagnated amid ered to half-staff to the sound Shay Ashram, 19, was killed on
will be far more somber. quarters in Rafah while hit- civilians, Palestinian officials Israel’s incursion into Rafah. of trumpets in Urim, airstrikes a base near the Gaza border
The annual flyby of military ting more than 100 targets say, not specifying how many Israel always packs a lot of and warplanes could be heard on Oct. 7.
jets was canceled so the army from the air, the military said. were combatants. emotion into national holidays in the distance as a reminder “I deal with memorial days
can focus on the war. A na- The breadth of the fighting, Talks to agree to a pause in in mid-May. Every year, the of the war less than 10 miles every year, and I’m in this
tional torch-lighting ceremony which is taking place not only the fighting in exchange for day before Independence Day, away. Soldiers stood still for a year’s ceremony, and I feel
at the grave of Theodor Herzl, in the suspected Hamas the release of some of the hos- the country marks its Memo- minute-long siren to remem- what it is like to be a bereaved
one of the founding fathers of stronghold of Rafah but also tages have stalled. Qatari rial Day, a somber occasion ber the fallen. family,” he said, breaking into
Zionism, was prerecorded for in areas to the north that Is- Prime Minister Sheikh Mo- commemorating fallen soldiers Sagi Baruch, commander of tears. “It’s not easy.”

FRANCE UNITED KINGDOM ARGENTINA WORLD WATCH

Two Guards Killed Three Men Held in First Single-Digit
In Inmate Escape Alleged Terror Plot Inflation in Months
Armed assailants killed Two men accused of plot- Argentina’s monthly infla-
two French prison officers ting to gun down Jews in an tion rate eased sharply to a
and seriously wounded three Islamic State-inspired attack single-digit rate in April for
others in an attack on a con- were held without bail Tues- the first time in half a year,
voy in Normandy on Tuesday day after appearing in a Lon- data released Tuesday
and an inmate escaped, offi- don court. Walid Saadaoui, 36 showed, an indicator that
cials said. years old, and Amar Hussein, boosts President Javier
The convoy was transport- 50, were accused of planning Milei’s austerity program
ing prisoner Mohamed Amra to use automatic weapons to aimed at fixing the economy.
to Évreux jail after a court kill Jews, police and military Prices rose at a rate of
hearing in Rouen when it was personnel, prosecutors said. 8.8% last month, the Argen-
ambushed on the A154 free- A third man, Bilel tine government statistics
way, which has been closed. Saadaoui, 35, was accused of agency reported, down from a
“All means are being used making arrangements for the monthly rate of 11% in March
to find these criminals,” Inte- expected death of his brother, and well below a peak of 25%
rior Minister Gerald Darmanin co-defendant Walid Saadaoui. in December, when Milei be-
posted on social platform X, He pleaded not guilty to a came president with a mission
where French President Em- charge of failing to disclose to combat inflation, among
manuel Macron called the at- information about an act of the highest in the world.
tack “a shock for all of us.” terrorism. Although praised by the
Amra was detained at the Incidents of antisemitism International Monetary Fund
Val de Reuil prison center in the U.K. hit a record last and cheered by market
HEMANSHI KAMANI/REUTERS

near Rouen following his re- year, with a spike following watchers, his cost-cutting
cent sentencing for burglary. Hamas’ Oct. 7 attack on Is- push and deregulation have
He was also under investiga- rael and Israel’s ensuing mili- been squeezing families
tion for a kidnapping and ho- tary campaign in Gaza, ac- whose money has plum-
micide case in Marseille, ac- cording to Community meted in value while the cost
cording to public prosecutor Security Trust, an advocacy things has skyrocketed. An-
Laure Beccuau. group for British Jews. nual inflation is at 289% DEADLY SIGN: At least 14 people were killed and dozens more injured after a thunderstorm
—Associated Press —Associated Press —Associated Press Monday caused a 100-foot-tall billboard to collapse on top of a gas station in Mumbai.
P2JW136000-0-A00700-1--------NS

THE WALL STREET JOURNAL. NY Wednesday, May 15, 2024 | A7

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P2JW136000-2-A00800-1--------XA

A8 | Wednesday, May 15, 2024 * * THE WALL STREET JOURNAL.

WORLD NEWS

Blinken Offers Aid, Support in Ukraine

Secretary of state Russian forces as of May 13 Russian
an fforces crossed the border into
reassures Zelensky Ukrainian
nian
n territory nearr Vo
Vovchansk
ovchansk
in May.
ay.
ayy
of continued U.S. Vovchansk

backing of war effort Kharkiv

Kh
K harkiv
hha
aarki
rkkiiv
Kupyannssk
Kupyansk
K
BY ALAN CULLISON
AND ISABEL COLES 20
0mmiles
mi
iilles
20
0 km
km
KYIV, Ukraine—Secretary of K
Kyiv
State Antony Blinken met with Vovchansk
Khar
Kharkiv
Kha
h ki
Ukrainian President Volod-
KHARKIV
ymyr Zelensky here on Tues- REGION
day, the start of a two-day
RUSSIA
RU
visit to Ukraine to buttress the UKRAINE
KRAINE Bakhmut
B kh utt
morale of the government in Dnipro
D
Dnip
nipro
nip
ni
ippro
Avv
Avdiivka
Kyiv and help channel the de-
livery of newly approved U.S.
aid to help resist a grinding Robotyne
R
Ro
Roboty
obotyyne
Mariupol
Russian offensive.
The question now, though, Khersonn
BRENDAN SMIALOWSKI/PRESS POOL

O sa
Odes
Odesa
s 50 miles
is whether the $60 billion in 50 km
aid, which languished for Sea of Azov

months before Congress ap- Source: Institute for the Study of War and AEI’s Critical Threats Project
proved it in April, is enough to Andrew Barnett/THE WALL STREET JOURNAL
daunt a resurgent Russian
military that the U.S. and against Russian invaders last the Kyiv Polytechnic Institute,
Blinken himself had derided as year, Blinken gave a speech in where he visited a memorial
all but washed up last year. Finland calling Russian Presi- to 84 people affiliated with
Blinken assured Zelensky of President Volodymyr Zelensky, left, greets Secretary of State Antony Blinken in Kyiv. dent Vladimir Putin’s invasion the school who had been
continued U.S. support in pub- of Ukraine a “strategic failure” killed in fighting since Rus-
lic remarks at the start of Middle East seven times since cially the already-strained global politics, from the Uni- and saying Russia’s army was sia’s invasion.
their meeting. America’s top Hamas launched its attack on forces in the east of the Don- versity of Exeter. “It needs to badly degraded. Blinken said Ukraine had
diplomat also noted that Israel on Oct. 7. bas. Having seized the advan- balance the defense of terri- “The Kremlin often claimed produced new and innovative
Ukraine is facing “a challeng- While in Kyiv, Blinken also tage on the battlefield, Mos- tory around Kharkiv with the it had the second-strongest weaponry since the beginning
ing time,” but said some U.S. met with Ukraine’s prime min- cow appears to be redoubling need to contain Russian ad- military in the world, and many of the invasion even under the
military aid had arrived and ister and civil-society activists. efforts before the arrival of vances further south in the believed it,” Blinken said then. disruptions of Russian bom-
more was on the way. “And A key objective of Blinken’s U.S. aid, which will presum- Donbas.” “Today, many see Russia’s mili- bardment. He said the West
that’s going to make a real dif- visit is to discuss “how our ably help Ukraine stiffen its To help stem the offensives, tary as the second-strongest in would help Ukraine buttress its
ference against the ongoing supplemental assistance is go- resistance, military analysts the U.S. has been rushing in Ukraine. Its equipment, tech- defense capacity further with
Russian aggression on the bat- ing to be executed in a fashion say. The senior U.S. official conventional artillery rounds, nology, leadership, troops, broad assistance in invest-
tlefield,” Blinken said, adding to help shore said some of interceptors, and ATACMS, strategy, tactics, and morale, a ment, economic and legal over-
that the U.S. is determined “to up their de- the new aid which stands for Army Tacti- case study in failure.” hauls and quickened integra-
make sure that you succeed.” fenses and en- from the U.S. is cal Missile System, which can This year, U.S. officials be- tion with Europe and NATO.
Zelensky thanked Blinken able them to Blinken said the arriving on the hit any Russian target inside gan saying that Russia has— “With each passing month,
for the U.S. support and said take back the West would help front lines. Ukraine, a senior U.S. official with the help of China, Iran and Ukraine signs more bilateral
Ukraine was in dire need of initiative on the “We can said. North Korea—rebuilt its mili- security agreements, ramps
additional air defense, in par- battlefield,” the Ukraine buttress clearly see how Ukraine has long pleaded tary much faster than expected, up its defense industrial base,
ticular around the major city
of Kharkiv.
official said.
That initia-
its defense the enemy acts
and their intent
for long-range precision artil-
lery to break up Russian mili-
and that it is now larger than it
was before the onset of its in-
churns out more advanced
weapons, strengthens its
With Russian forces simul- tive could be capacity. to stretch our tary logistics and attack forces vasion in 2022 and better economy, consolidates its de-
taneously pushing toward that drawing out of forces thin,” before they can reach the adapted to fighting in mocracy,” Blinken said. “As
northeastern city near the reach. After Zelensky said front lines. Ukraine. the war goes on, Russia is go-
Russian border and attacking Russian forces on the eve of But U.S. officials say a pau- Despite unprecedented ing back in time. Ukraine is
Ukrainian defenses in the breached defenses near Blinken’s visit. “Our task is city of weaponry on the front sanctions from the U.S. and moving forward.”
eastern provinces of Ukraine, Kharkiv last week, seizing sev- crystal clear: to thwart Russia’s line is only part of the prob- its allies, Moscow has ex-
“We’re obviously in a very dif- eral villages and opening a attempt to expand the war.” lem, as Ukraine is also facing panded military production,
ficult moment,” a senior U.S. new front in the third year of Ukraine will probably be a Russian military that ap- and has been able to arrange Watch a Video
official said. the war, Ukraine was forced to able to prevent a break- pears to have learned from its workarounds for high-tech Scan this code
Distracted by the outbreak funnel reinforcements to the through around Kharkiv but mistakes early in the war and components for its weaponry, for a video on
of fighting in Gaza, Blinken region over the weekend. faces a serious challenge along is now showing signs of inno- U.S. officials say. Blinken’s visit to
hasn’t visited Ukraine since That could jeopardize other many parts of the front, said vation and resurgence. Blinken delivered a rousing Ukraine to help
September. He has visited the parts of Ukraine’s front, espe- David Lewis, professor of After Ukrainian successes address Tuesday evening at channel U.S. aid.

Prolific Short-Story Author

Drew Lessons From Chekhov
BY JENNIFER MALONEY

The Canadian writer Alice

Munro, who pushed the
boundaries of the short-story
form, using spare language,
precise dialogue and unex-
pected jumps in time to probe
CHAD HIPOLITO/THE CANADIAN PRESS/ASSOCIATED PRESS

the psychological fissures of

her subjects,
OBITUARY died on Mon-
ALICE MUNRO day in Port
1931—2024 Hope, Ontario.
She was 92
years old.
Her death was confirmed
by a spokesman for U.S. pub-
lisher Alfred A. Knopf.
Munro, who was often com-
pared with writer Anton Chek-
hov, was awarded the Nobel
Prize for literature in 2013. Alice Munro wrote 15 books, all of them story collections.
“Alice Munro is among the
major writers of English fiction got the man, the prince.” novels. But to Munro, they of-
of our time,” author Margaret It was during Alice’s high- fered opportunities that long-
Atwood wrote about her friend school years, reading after the form writing didn’t.
and fellow Canadian in 2008 in dishes were done, that she “I like the blow you can get
the Guardian. “In Munro’s discovered Chekhov. from a story,” she said in the
work, grace abounds, but it is “The extreme importance Nobel interview. “It’s a kind of
strangely disguised: nothing he would give to ordinary shock to the system, a good
can be predicted. Emotions life,” she said in the Nobel in- shock and sometimes fright-
erupt. Preconceptions crumble. terview. “The dignity he gave ening shock but something
Surprises proliferate.” to such people, people who that you can do with a short
Munro began composing generally didn’t get into sto- story in a very strong way
stories in her head when she ries…There’s a wonderful that isn’t as easy in a longer
was 5 years old, a precocious mercy in Chekhov.” piece of writing.”
child living on a struggling fox She attended two years of Her first marriage ended
farm in rural Ontario. That university—that was all her after two decades. In 1973, she
landscape and its characters scholarship covered—and moved back to Ontario, where
would provide fodder for the married James Munro in 1951. she reconnected with Gerald
rest of her writing career. They moved to the suburbs of Fremlin, a friend from her
Munro’s subject was people. Vancouver on Canada’s west university days. They were
In an interview with a Nobel coast. There, she wrote fever- married in 1976 and lived in
representative after receiving ishly in the afternoons while Clinton, Ontario, in the house
the prize, she said she was in- her young children napped. where he grew up.
terested in writing “stories Several of the stories were In 2013 at age 81, after
that get into the unexpected, published in Canadian maga- weathering coronary bypass
the lonely, the personal, zines. But her big break came surgery, cancer treatment and
what’s under the surface.” years later, when an editor at the death of her second hus-
Alice Munro was born Alice the Canadian publisher Ryer- band, Munro said she was re-
Laidlaw on July 10, 1931, in son Press wrote to ask if she tiring. She had written 15
Wingham, Ontario. Her family had enough stories for a book. books, all of them story collec-
lived on a farm “just beyond “Dance of the Happy tions. Later that year, she won
the most disreputable part of Shades,” her first collection, the Nobel Prize. She cele-
The world’s most extraordinary town,” as Munro once put it.
Young Alice wrote one of her
was published in 1968. It re-
ceived the Governor General’s
brated the award as a valida-
tion of the form to which she
wildlife are relying on us to survive. first stories after reading Hans
Christian Andersen’s “The Lit-
Award, Canada’s most presti-
gious literary prize. That same
had dedicated her writing life.
“I would really hope that
Thank you for becoming a friend. tle Mermaid.” “It was so sad,” year, the family moved to Victo- this would make people see the
she recalled in the Nobel inter- ria, British Columbia, where she short story as an important
view. “I couldn’t bear it and so and her husband opened a art, not something you play
I walked around and around bookstore called Munro’s Books. around with until you got a
and around in the garden and Many people considered novel written,” she told Cana-
made up a happier story.…She short stories less worthy than dian Broadcasting Corp. News.
P2JW136000-2-A00900-14DDF63078D

THE WALL STREET JOURNAL. * * Wednesday, May 15, 2024 | A9

WORLD NEWS

Moscow monthly data show Chinese

exports to Russia have moder-
ated, some analysts said. They

Relies More caution that as with previous

sanctions on Russia, compa-
nies would switch to other

On Beijing banks and use middlemen.

Russian officials have
pushed against the notion that
their country is becoming de-
Continued from Page One pendent on China. The Krem-
while, Russia, its oil and gas lin’s spokesman said last year
now shunned in Europe, has “relations between Russia
had to sell at significant dis- and China are a partnership,
counts to China. Beijing has not dependence.” China’s Min-
yet to agree on a major new istry of Foreign Affairs and
gas pipeline, using its leverage the Kremlin didn’t respond to
to squeeze Russia on price. requests for comment.
“It’s a strategic partnership Putin’s two-day visit set to
where both sides need each begin on Thursday marks his
other but it’s increasingly first foreign trip since winning
asymmetrical in China’s fa- a rubber-stamp election in
vor,” said Alexander Gabuev, March, underscoring the pri-

MAXIM SHIPENKOV/EPA/SHUTTERSTOCK
director of the Carnegie Rus- ority that the Kremlin places
sia Eurasia Center in Berlin. on expanding its security and
“China is not only the more economic ties with China.
powerful partner, but also the Though historically the re-
one that has many more op- lations between the two coun-
tions than Russia, and the war tries have oscillated between
has exacerbated that.” periods of mutual support,
“Russia is now locking it- ideological competition and
self into vassalage to China,” even outright hostility, Mos-
Gabuev said. cow and Beijing have long People posed with cutouts of Chinese President Xi Jinping and Russian President Vladimir Putin last year at a Moscow shop.
Despite the escalating im- viewed the U.S. as their main
balance, the bond between challenger and sought to un- since then, including a flurry of of sanctions,” said Janis Kluge, under the current circum- used to come from the West.
two nuclear-armed powers dermine its global influence. diplomatic, military and busi- an economist focusing on Rus- stances for Russia, growing But that leverage also means
carries profound implications After Russia annexed Crimea ness meetings. But in one indi- sia at the German Institute for dependence on China is effec- that China could command dis-
for the West. Those include from Ukraine in 2014, the Krem- cation of the shifting weight in International and Security Af- tively the only alternative to counts. Russian ESPO blend oil
intensifying military collabo- lin pivoted to China in a bid to the relationship, traffic has fairs. “Without imports isolation, which Russia is delivered to China currently
ration and heightened geopo- shield its economy from West- been mostly one-sided, with from China, Russia’s economy seeking to avoid at all costs.” trades around $5 cheaper a bar-
litical rivalry with the West ern sanctions. Less than three senior Russian officials and would almost immediately fal- In energy, too, China holds rel than other comparable crude
across Africa and Asia. The weeks before Russian tanks business leaders going ter. This gives Beijing a lot of most cards. deliveries to China, according to
surge in their oil and gas rolled into Ukraine in February to China much more frequently leverage over Moscow.” After the Ukraine invasion data from Argus Media.
trade is fundamentally reshap- 2022, Putin and Xi declared than their Chinese counter- There are growing concerns severed oil and gas links be- Beijing has been reluctant
ing the global energy map. that the friendship between the parts going the other way, said in Moscow about Russia’s de- tween Russia and Eu- to sign up for the Power of Si-
Worries are also growing two countries “has no limits” Gabuev, who regularly talks to pendence on China, said Vasily rope, China stepped in as a beria 2 gas pipeline. A massive
among Western officials that, and that there are no “forbid- officials in both countries. Astrov, an economist at the buyer. China has also supplied project that would carry gas
as China helps backfill Rus- den areas of cooperation.” “China has almost every- Vienna Institute for Interna- much-needed parts for Rus- from the Yamal region in
sia’s war economy, Moscow Ties have only deepened thing that Russia lacks because tional Economic Studies. “But, sia’s oil-and-gas industry that northern Russia to China via
could win against Ukraine in a Mongolia, the pipeline has be-
war of attrition while Europe Chinese trade with Russia, come critical for Russia ever
and the U.S. struggle to mobi- the EU and U.S. since its traditional European
lize their own industries to China Has ‘a Lot of Leverage’ Over Russia market shrunk in the wake of
match Russian production. $200 billion Putin’s invasion of Ukraine.
Russia
In recent meetings with Xi, EU Bilateral trade between cause of sanctions,” said void swiftly filled by Chinese Sticking points such as fi-
both European leaders and U.S. Russia and China reached a Janis Kluge, an economist manufacturers. nancing and gas pricing re-
U.S. Secretary of State Ant- 150 record $240 billion in 2023, focusing on Russia at the Not everyone is happy. main unresolved, industry
ony Blinken have pushed the a year earlier than a goal German Institute for Inter- Russia’s AvtoVAZ said watchers said.
Chinese leader to cut back on set by Russian President national and Security Af- Chinese carmakers are Kluge, the economist fo-
his nation’s support for Rus- Vladimir Putin. That is fairs. “Without imports crowding it out by offering cused on Russia, said Moscow’s
100
sia’s defense industry. Wash- dwarfed, however, by China’s from China, Russia’s econ- large discounts. dependence on China repre-
ington has also warned Bei- trade with the European omy would almost immedi- “Many Chinese brands, sents a long-term shift.
jing that it could take action Union at nearly $800 billion ately falter. This gives Bei- carrying out, I would say, ag- “The reorientation of Rus-
against Chinese banks han- 50 and with the U.S. at around jing a lot of leverage over gressive expansion into the sian trade flows is perma-
dling trade in so-called dual- $660 billion, according to Moscow.” Russian market, are begin- nent,” he said. “Dependence
use goods that have both civil- Chinese customs data. The exodus of Western ning to break through,” on China will shape Russia’s
ian and military purposes. The 0 “China has almost every- brands from Russia follow- Maxim Sokolov, president of economic future for years to
threat of extending sanctions 2021 ’22 ’23 ’24
thing that Russia lacks be- ing the war has created a AvtoVAZ, said in March. come.”
on Chinese banks could be —Kate Vtorygina
having some effect as recent Source: CEIC Data contributed to this article.

When people
are fed, futures
are nourished.
DONATE,
VOLUNTEER,
AND ADVOCATE.
Join the movement
to end hunger at
FeedingAmerica.org/ActNow
P2JW136000-0-A01000-1--------XA

A10 | Wednesday, May 15, 2024 THE WALL STREET JOURNAL.

FROM PAGE ONE

A Doomed designed a good-looking vehicle

and had an innovative idea but
stumbled on the execution.
officers in less than a month.
Fisker’s accounting team
quickly became overwhelmed as

Challenge “The logistics and the details

are critical—and the idea is al-
most secondary,” said Andrew
soon as the company started
selling vehicles, because the
team was understaffed and

To Tesla Segal, an early Fisker investor

who still owns company shares.
Fisker shares, $28.50 at their
lacked experienced personnel.
When Fisker filed its financial
report, the company said it
peak, now trade over the coun- hadn’t designed a system to en-
Continued from Page One ter at about 4 cents each. sure that information was
agreement protecting it from Henrik Fisker and Geeta shared with the accounting de-
creditors due to expire on May Gupta-Fisker declined requests partment in a timely fashion.
17. The company told employees for comment. Sales were slow to material-
that June 28 would be their last A company spokesman said ize, in part because prospective
day at work if a deal isn’t found. Fisker created a competitive buyers were canceling orders.
On Monday, it announced it had electric vehicle that was simul- In a push to jump-start inter-
raised a few more million dol- taneously launched in the U.S. est, Fisker in January tapped
lars, in a convertible debt deal and Europe and has the longest recruiters from its human re-
that matures on June 24. battery range in its price cate- sources department—employ-
Fisker’s collapse would add gory. He said sales and paper- ees who normally found job
to the pileup of troubled and work issues during a new model candidates—and dispatched
failed automotive startups that launch are common and that them to restaurant parking lots
rode the wave of investor zeal Fisker has worked diligently to Above, car designer Henrik Fisker in 2020. Below, the Ocean SUV, shown at a consumer- and malls to offer test drives.
for EVs during the pandemic. resolve them. technology trade show in Las Vegas in 2022, was aimed to compete with a Tesla bestseller. Fisker also did a U-turn on
These young companies raised its direct-sales model, saying it
billions of dollars with bold was proving to be too time-con-
promises to upend the car busi- SPAC funds suming and expensive. Instead,
ness. Investors also were game Fisker spent around 15 years the company would sell through
to bet on finding the next Tesla, working for BMW and Aston traditional dealerships. The

FROM TOP: ADAM AMENGUAL FOR THE WALL STREET JOURNAL; ALEX WONG/GETTY IMAGES
the EV maker with an eye-pop- Martin, designing some of those company said it signed up four
ping share price. brands’ most iconic vehicles in retailers in February and had
Fisker’s downfall underlines the early 2000s. After his first interest from dozens of others.
the stakes for cash-burning au- namesake car company failed— But by the end of 2023,
tomotive upstarts, which are it sold a $100,000 plug-in hy- Fisker had managed to deliver
trying to break into a capital-in- brid called the Karma, but went only about 4,900 of the more
tensive, low-margin industry bankrupt in 2013 after multiple than 10,000 Oceans made by
dominated by a handful of recalls and a battery supplier Magna Steyr to customers.
deep-pocketed players. These failed—the designer started the Fisker and Magna Steyr were
young car companies have inno- current Fisker in 2016. also in a dispute over unpaid
vative ideas but struggled with It struggled in its early years production invoices totaling
the fundamentals of making and with a limited budget. The com- about $8 million, according to a
selling vehicles at a profit. pany showed off a concept vehi- copy of a letter viewed by The
Meanwhile, Americans’ interest cle, a curvaceous four-door Wall Street Journal. Magna
in buying battery-powered vehi- sports car, in a 2017 marketing Steyr and Fisker declined to
cles has cooled. video. It was filmed slowly roll- comment about the issue.
Many of the EV makers took ing down a desert road in front In March, Fisker missed a
advantage of the SPAC boom, of a field of wind turbines. deadline to file its annual finan-
which gave little-known start- Yet the vehicle had no motor cial report with regulators, after
ups such as Fisker—with no or battery, and to move it, peo- auditors identified new “mate-
revenue and barely prepared to ple hid inside and pushed it rial weaknesses” related to its
sell vehicles—a shortcut to the with their feet through a hole in revenue and balance sheet cal-
public markets. the floor. Employees dubbed it consumer sales model. other back-office staff, or to nail When the Oceans finally be- culations. The company also
Electric pickup maker Lords- the “Flintstones car.” Fisker signed a deal with the software that was one of gan coming off the assembly warned it risked running out of
town Motors and delivery-van The concept was dropped, auto manufacturer Magna Steyr the vehicle’s key selling points. line, the company encountered cash by the end of the year.
maker Arrival, startups that and Fisker instead focused on to build its first vehicle, the By February 2023, the regu- delays transporting them from At the time, the company
went public through SPAC the Ocean SUV. Ocean, in Austria at a plant that latory approvals needed to sell Europe to the U.S., and at one said it was looking for a finan-
mergers, have filed for bank- In early 2020, the company produces vehicles for Mercedes- Fisker’s vehicles in various point, flew roughly two dozen cial savior and said it was in
ruptcy. Others, including EV was operating with a small staff Benz, BMW and Jaguar. De- countries were taking longer vehicles over by plane. talks with a “large automaker”
startups Faraday Future and but hadn’t yet done substantial signed to compete with Tesla’s than expected. Henrik Fisker Once shipments started to for a potential investment. But
Canoo, have slashed ambitions development work on a vehicle. Model Y SUV, the bestselling EV had told investors the approvals arrive, the processing locations in late March, the company said
to conserve cash. The company was at risk of in the world, Fisker hoped that process would be done by then, lacked fast-chargers to speedily the talks had failed.
Henrik Fisker, the Danish running out of cash, before teaming up with an experienced but it looked like it would take top up the batteries, and Fisker Fisker’s shares plummeted to
chief executive and founder, had Gupta-Fisker cut a deal with a automaker would ensure it at least another month. also had to update the software around 9 cents after the news,
made a name for himself de- SPAC owned by private-equity could quickly build and sell Development of the vehicle’s on each vehicle before handing leading to the delisting from the
signing cars such as the BMW giant Apollo Global Manage- mass-market vehicles. driver-assist software was be- them over to buyers. NYSE. The removal triggered a
Z8, featured in a “Bond” film in ment to take it public. There was early enthusiasm hind schedule, meaning Fisker By September, the EV default on a convertible debt
1999. His first startup—Fisker In its pitch to investors, the for the Ocean SUV, which would have to launch the Ocean maker’s contract manufacturer agreement, meaning Fisker
Automotive—went bust more company forecast $3.3 billion in ranged from without features was spitting out thousands of owes the lender around $180
than a decade ago. revenue by 2023. $38,000 to common in Fisker Ocean SUVs in Austria, million—more than it currently
This time, he vowed to do Within a few months of list- around $70,000 other cars, such but it took over a month before has in the bank.
things differently. He adjusted ing on the New York Stock Ex- at launch. It The electric-car as adaptive they got to customers. At its Manhattan Beach
his pitch to investors, touting a change in October 2020, the could travel up maker had an cruise control. It Traditional automakers con- headquarters, employees were
plan for a “digital car company” company’s market value had to 360 miles on intended to add trol their factories, and then told the company was moving
that would focus on in-car soft- roughly tripled, hitting a high of a single battery innovative idea these features in quickly offload product to deal- to a new office and some of
ware and selling vehicles online.
He co-founded the startup with
nearly $8 billion. It had created
a two-tier share structure that
charge, and had
unique features,
but stumbled on a later software
update. Custom-
ers who then manage the sale
to buyers. Fisker, in contrast,
them had their desks and other
office furniture removed during
his wife, Geeta Gupta-Fisker, a put nearly all the voting power such as what the execution. ers complained didn’t have control of produc- the workday. They resurfaced in
former investment adviser, who in the hands of Fisker and the company that the features tion, and once it received the less fancy La Palma on the out-
became its chief financial offi- Gupta-Fisker—a change from called a “taco it did have, such vehicles was left with the bur- skirts of Anaheim.
cer and COO. Fisker’s first company. tray,” and also as blind-spot den of carrying unsold product In a last-ditch effort to boost
Ultimately, Fisker’s rise and With about $1 billion in “California mode”—the ability warning or automatic braking on its balance sheet. sales, Fisker slashed the price of
unraveling was swift, with the funds following its public debut, to open all the windows to sim- systems, didn’t work properly. In some cases, Fisker had the Ocean by as much as
company landing in financial Fisker and Gupta-Fisker sought ulate being in a convertible. The vehicle was panned by started to take payment from $24,000 on some versions, but
distress less than a year after to keep the automaker on a The company spent $5 mil- reviewers. Marques Brownlee customers while the vehicles by mid-April its cash reserves
its first model, the Ocean SUV, tight budget, adopting a so- lion to establish a flagship store posted a review of the Ocean on were still at sea, according to had dwindled to $50 million, ac-
went on sale. called asset-light model that at the ritzy Los Angeles mall, YouTube with the title: “This is the current and former employ- cording to the company.
The in-car software was outsourced much of the hard- the Grove, according to current the Worst Car I’ve Ever Re- ees. That angered customers, Two contractors, an engi-
glitchy, the sales organization ware and manufacturing to con- and former employees. Rent ran viewed.” Consumer Reports said they added. The company soon neering firm that was hired to
was disorganized and an under- tractors. The startup wanted to nearly $10,000 a day, which the the Ocean was like trying pizza halted the practice. work on a new pickup truck and
staffed and inexperienced ac- concentrate on the more profit- company characterized as a at a new restaurant that had a textiles supplier, that month
counting department led to able in-car technology. competitive rate. But the prop- “undercooked dough and no sued Fisker alleging it hadn’t
missed deadlines for filing fi- The company estimated it erty, with construction behind sauce because the tomatoes are Accounting holes paid invoices, totaling $7 mil-
nancial results with regulators. would save at least $1 billion in schedule, sat unopened for still growing.” Fisker failed to file its quar- lion and $1 million, respec-
As of May 1, Fisker has sold launch costs by not having to around a year. Other reviewers praised the terly financial report with the tively. Fisker said the lawsuit by
6,500 vehicles. Factory produc- operate a factory. It also At the same time, though, vehicle’s design and driving Securities and Exchange Com- the engineering firm was with-
tion has stopped. skipped the traditional dealer the company failed to invest in performance but also noted mission in November 2023, af- out merit, but declined to com-
Investors say the company network in favor of a direct-to- building sales, accounting and missing software features. ter losing two chief accounting ment on the other supplier.

Meme GameStop options volume

1.0 million contracts
Share-price performance over the past two days
300%
Global Markets. Much of the
trading has been concentrated
in bets expiring by Friday,

Stocks 0.5
Call volume Put volume

250
with traders placing bold
trades on a rapid increase in
share prices.

Roar Back 0
Some of the most actively
traded options tied to
GameStop on Tuesday were
200 calls tied to the shares’ jump-
Continued from Page One 2020 ’21 ’22 ’23 ’24 2020 ’21 ’22 ’23 ’24 ing to $57 or $50. The shares
centage gain on record. Shares GameStop closed at $49.50 Tuesday. Calls
kept climbing Tuesday, up AMC daily options volume tied to AMC surging to $8,
60%. In all, the company added 150 $12.50 or $20 were among the
about $9.6 billion in market 3.0 million contracts most popular for that stock,
value in two days. AMC which traded below $7 on
2.5 Call volume Put volume
Shares of AMC Entertain- Tuesday. Calls confer the right
ment gained 135% over that 100 to buy shares at a specific
2.0
period. Plug Power surged Koss price, by a stated date.
34%, BlackBerry rose 20% and 1.5 Trading activity from every-
Koss increased 90% this week. day investors had ramped up
On Reddit’s irreverent Wall- 1.0 50 this year before GameStop’s
StreetBets community, anony- Plug Power resurgence. The average daily
mous traders posted screen- 0.5 number of clients’ trades han-
shots of their trades on BlackBerry dled by Charles Schwab rose to
0 0
Robinhood. nearly 6 million in the first
“Welcome Back, KING,” a 2020 ’21 ’22 ’23 ’24 2020 ’21 ’22 ’23 ’24 Monday Tuesday quarter, the most since the
follower responded on X. Sources: Cboe Global Markets (options volume); FactSet (performance) second quarter of 2022 and up
The resurgence in meme 15% from the last quarter of
stocks this week highlights the year-old mechanic in New After the market opened ers, mostly hedge funds, bor- price even higher, according to 2023. Robinhood Markets re-
lasting power of “degen” trad- York, was clocked in for his Monday, Timpone bought 10 row shares and sell them with Ihor Dusaniwsky, managing di- ported 2.2 million average
ing since the GameStop mania night shift Sunday when he shares of GameStop at about the hope of profiting by buy- rector of predictive analytics daily equity trades in March,
of 2021 ushered in a new gen- saw the Roaring Kitty tweet. $30, he said. He sold them for ing the stock back at a lower at S3 Partners. It could also at- the most since November 2021.
eration of internet-fueled ama- “I thought it was back into about $50 each on Tuesday price later. About a quarter of tract new short sellers betting But the resurgence in trad-
teur investors. Short for “de- GME, like everyone else,” Tim- morning and is watching the GameStop’s available shares the meme stocks will fall from ing activity still pales in com-
generate,” degen traders often pone said. “I was like, let me stock to potentially buy more. are sold short, up about 5% here, he said. parison with 2021 levels. Net
care less about business fun- get in.” “It’s either going to go all this year, according to S3 Investors also flocked to the inflows from self-directed in-
damentals and more about the Timpone had participated the way back to where it ran analysis. options market, seeking risky, vestors into GameStop on
fear of missing out. They are in the meme-stock mania in to in 2021, or be worthless The short squeeze, when a bullish bets that would profit Monday totaled around $16
drawn to the potential of a 2021 and watched Gill’s videos again,” he said. stock surges and inflicts pain if the shares kept soaring. Ac- million, compared with more
quick profit if others join them at the time. He said he made Monday’s rally handed on short sellers, and subse- tivity in GameStop and AMC than $87 million on Jan. 27,
and are willing to take big about $4,000 in profits from GameStop short sellers more quent short covering, when options this week surged to 2021, according to estimates
risks and suffer losses along GameStop then, while losing than $800 million in losses on short sellers buy back shares the highest levels since March from Vanda Research.
the way. about $1,000 trading Black- paper, according to estimates to close out their positions, 2021 and August 2023, respec- —Gunjan Banerji
Michael Timpone, a 34- Berry shares. from S3 Partners. Short sell- could push GameStop’s share tively, according to Cboe contributed to this article.
P2JW136000-0-A01100-1--------XA

PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, May 15, 2024 | A11

 Meditation can help manage

YOUR stress and cortisol levels.
HEALTH
SUMATHI
REDDY certain medications, such as opi-
ates and steroids. Symptoms of

I
adrenal insufficiency include
f you’ve noticed people talk- weight loss, fatigue, abdominal
ing about managing their cor- pain, nausea, and dizziness from
tisol lately, you’re not alone. low blood pressure.
Chatter about the stress
hormone has surged. Doctors ‘Adrenal fatigue’
say patients are bringing it One term that has made its way
up more often, and Google into wellness conversations is ad-
searches for how to lower cortisol renal fatigue. That’s the idea that
reached a high in April. Wellness the adrenal gland goes into over-
influencers warn about having too drive, producing so much cortisol
much cortisol or too little, and when people are super stressed
some promote supplements that that it gets depleted and stops
claim to help. producing it.
So what’s the deal with cortisol? Dr. Scott Isaacs, an Atlanta-
And why are people obsessed now? based endocrinologist and presi-
Endocrinologists say many dent-elect of the American Associ-
myths abound. ation of Clinical Endocrinology,
Most people don’t need to be says “adrenal fatigue” isn’t a real
concerned about their cortisol diagnosis. Underscoring that point
levels or so-called “adrenal was the title of a 2016 review
fatigue,” they say. And cortisol, study: “Adrenal fatigue does not
which doctors typically measure exist: a systematic review.”
with saliva, urine or blood tests, “For the average healthy per-
isn’t innately bad. Cortisol levels son who is not overweight and
that stay elevated for too long can doesn’t have signs of [Cushing’s]
be a problem, but the hormone it’s really pointless to check your
itself is essential. cortisol level,” says Spratt. “Corti-
Supplements that claim to help sol levels fluctuate, the last thing
manage cortisol levels don’t help, you want to do is accidentally get
doctors say, and might even con- diagnosed for Cushing’s when you
tain unknown, potentially harmful don’t have it.”
substances.
“Cortisol is a normal essential Managing your levels
hormone,” says Dr. Susan Spratt, an Doctors advise against trying sup-
endocrinologist at Duke University. plements that claim to manage
“You cannot live without cortisol.” cortisol levels, because they can

Myths Abound in Talk

have ingredients that aren’t listed
What is cortisol? on the label.
Cortisol helps our bodies respond A 2018 study in the journal
to stress. It also helps control our Mayo Clinic Proceedings analyzed

About Cortisol Levels

use of fats, proteins and carbohy- 12 supplements marketed for adre-
drates; suppresses inflammation; nal fatigue or support, and found
and helps regulate blood pressure most contained at least one ste-
and blood sugar, says Dr. Divya roid hormone and all contained a
Yogi-Morren, medical director of small amount of thyroid hormone.
the Cleveland Clinic Pituitary Cen- Dr. Sasan Mirfakhraee, an asso-
ter who specializes in pituitary A lot of what you’ve heard about the so-called stress hormone is wrong ciate professor and endocrinolo-
conditions. gist at University of Texas South-
On a normal day, cortisol levels western Medical Center at Dallas,
peak in the morning when you that stress. For example, the body lead to chronically elevated levels In rare cases, people have says at least once or twice a
wake up and then decline, doctors will release glucose so the brain of cortisol, which can result in health conditions that cause corti- month someone will end up in the
say. They are at their lowest at and muscles have enough fuel to high blood sugar, weight gain and sol levels to be either too high or hospital because they are taking a
bedtime and while you’re asleep. manage a stressful situation. hypertension. too low. cortisol supplement with a potent
Cortisol production begins with “Cortisol is a good hormone that To get a diagnosis, see a doctor steroid—dexamethasone—which
signaling from the brain and the When is it a problem? is supposed to help us deal with who might order blood, saliva or can cause the body to halt produc-
pituitary gland, says Yogi-Morren. Once the stressful situation has short-term stress and after that it’s urine tests. Don’t attempt to diag- tion of cortisol.
The pituitary gland—a pea-size gone away, your cortisol levels supposed to go down,” says Yogi- nose yourself: Symptoms of these Rather than turning to supple-
gland at the base of the brain— should decline. Chronic stress can Morren. “Cortisol stops being your disorders, such as fatigue or ments, manage your stress levels
sends signals to adrenal friend when it weight fluctuations, have a lot of by focusing on lifestyle changes like
glands, located on top of doesn’t go down.” overlap with other conditions. getting more exercise and drinking
the kidneys, to produce For most people, People who produce too much less alcohol, Isaacs recommends.
cortisol. unless you have cortisol might be diagnosed with a Watch your caffeine intake, too,
If you’re exposed to certain medical rare but serious disease known as because caffeine can increase cor-
stress—real or imagined, conditions, the best Cushing’s syndrome. tisol levels.
physical or physiological— way to manage ele- Weight gain, changes in fat dis- Having a normal wake-sleep cy-
your body produces more vated cortisol levels tribution such as a round face and cle and getting enough sleep is
cortisol, which kicks off is to treat the lump between the shoulders, and also an important part of regulat-
an important cascade of stress: Get enough red or purplish stretch marks, are ing cortisol levels, says Yogi-Mor-
events to help deal with sleep, exercise regu- symptoms. ren. People with sleep disorders
larly, eat a healthy Also rare is a condition called such as obstructive sleep apnea
diet and try mind- adrenal insufficiency, when people and insomnia, or even night-shift
 Having a normal wake- fulness exercises, produce too little cortisol. workers tend to have higher corti-
sleep cycle and getting like yoga or medita- Addison’s disease is a rare au- sol levels.
enough sleep is an tion. Pay attention toimmune disease that causes ad- “Any disruption in your sleep-
ISTOCK (2)

important part of to how stressed renal insufficiency. Other causes wake cycle can disrupt the cycle of
regulating cortisol levels. you’re feeling. can include pituitary tumors or cortisol secretion,” she says.

Christie’s Grapples
ing to bid in sales. This
week, the house will
email them a secure

With Cyberattack
link redirecting them
to a private Christie’s
Live site where they
can watch and bid in
real time. Everyone
BY KELLY CROW though the auction house declined else will be encouraged
to discuss details because of its to call in or bid at the

C
hristie’s remained in the grip own security protocols. Christie’s house’s saleroom in
of a continuing cyberattack on declined to say whether any of the Rockefeller Center in
Tuesday, a crisis that has hob- private or financial data it collects Manhattan.
bled the auction house’s website on its well-heeled clientele had been If more bidders
and altered the way it can handle breached or stolen, though it said it show up in person, the
online bids. This could disrupt its would inform customers if that experience might prove
sales of at least $578 million worth proves to be the case. to be a squeeze. During
of art up for bid this week, starting “We’re still working on resolving the pandemic, Christie’s
last night with a pair of contempo- the incident, but we want to make reconfigured its main
rary art auctions amid New York’s sure we’re continuing our sales and saleroom from a vast,
major spring sales. assuring our clients that it’s safe to well-lit space that could
Christie’s said it has been grap- bid,” said Chief Executive Guillaume fit several hundred peo-
pling with the fallout of what it de- Cerutti. ple into a spotlit set
scribed as a technology security in- Christie’s crisis comes at a partic- that more closely
cident since Thursday morning—a ularly fragile moment for the global evokes a television stu-
breach or threat of some kind, art market. Heading into these dio, with far fewer
benchmark spring auc- seats and more roving
tions, market watchers cameras—all part of the
were already wary, as  Some bidders will be mated $25 million estate sale of top auction industry’s broader effort to
broader economic fears encouraged to call in or show up Miami collector Rosa de la Cruz, who entice more collectors as well as ev-
about wars and inflation to bid at the Christie’s Rockefeller died in February and whose private eryday art lovers to tune in, online.
have chipped away at Center saleroom. foundation offerings include “Unti- Once this saleroom is filled,
collectors’ confidence in tled” (America #3),” a string of light- Christie’s said it will direct people
art values. Christie’s a pleasurable activity, so anything bulbs by Félix González-Torres esti- into overflow rooms. Those who
sales fell to $6.2 billion that creates an impediment to enjoy- mated to sell for at least $8 million. want to merely watch the sale can’t
FROM TOP: LEONARD ZHUKOVSKY/SHUTTERSTOCK; CHRISTIE’S IMAGES LTD. 2024

last year, down 20% ing that experience is problematic Cerutti said no consignors to watch on Christie’s website like
from the year before. because bidders have choices.” Christie’s have withdrawn their usual but can follow along via
Doug Woodham, man- Cerutti says the house has gone works from its sales this week as a Christie’s YouTube channel.
aging partner of Art Fi- into overdrive to publicly show the result of the incident. After the De Art adviser Anthony Grant said
duciary Advisors and a world’s wealthiest collectors that la Cruz sale, Christie’s 21st Century he typically shows up to bid on be-
former Christie’s presi- they can shop without a glitch— sale on Tuesday was set to include half of his clients, though he said
dent, said people don’t even as privately the house has en- a few pricier heavyweights, including his collectors watch the sales online
want to feel the specter listed a team of internal and exter- a Brice Marden diptych, “Event,” and as well so they can “read the room”
of scammers hovering nal technology experts to resolve a Jean-Michel Basquiat from 1982, in real time and text him updates.
over the act of buying the security situation. Currently, it’s “The Italian Version of Popeye Has Grant said the cyberattack
art. “It’s supposed to be sticking to its schedule for its New no Pork in his Diet,” each estimated popped up in a lot of his conversa-
York slate of six auctions of impres- to sell for at least $30 million. tions this past weekend. “There’s a
 Christie’s will sell sionist, modern and contemporary But the cyberattack has already lot of shenanigans going on, and
offerings from the art, plus two luxury sales, though altered the way some collectors people have grown so sensitive to
estate of Rosa de la one watch sale in Geneva scheduled might experience these bellwether their banks and hospitals getting
Cruz, including Félix for Monday was postponed a day. auctions at Christie’s. Registered on- hacked,” he said. “Now, their auction
González-Torres’s The first big test for Christie’s was line bidders used to be able to log house is going through the same
‘Untitled (America #3).’ set for Tuesday night with the esti- into the main website before click- thing, and it’s irksome.”
P2JW136000-0-A01200-1--------XA

A12 | Wednesday, May 15, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Taking the Obstacle Course

Split an overnight trip
Divvying up costs for travel can
get complicated fast. This is where
Splitwise shines.

Out of Splitting Group Dinner

“If you’re trying to pay each
and every time something happens,
all you’ll ever talk about is pay-
ments,” Bittner says. Instead, enter
whatever you pay for as you go,
Apps can help divvy things up, but don’t be afraid to lean into awkward money conversations and the app does the work for you.
Splitwise lets you “settle up”
by recording a cash payment or by
sending you to Venmo or PayPal.
It also has its own free-to-use
Splitwise Pay service that con-
nects to your bank account.
In early May, Splitwise
launched another Pro feature that
lets you link your bank and credit-
card accounts to automatically im-
port transactions.
I’ve used it for trips to Seattle,
Philadelphia and Germany. In each
case, it was easy for my friends
and me to keep track of our IOUs.
Venmo introduced its Venmo
Groups feature late last year for
trips, roommate expenses and
other similar activities. Everyone
in a group can add their purchases,
and the app divides up each expen-
diture. You can edit the amounts if
someone needs to pay more, and
Venmo even reduces the number of
transactions needed. For instance,
if Rich owes Lynn $20, and Lynn
owes me $20, Venmo would just
have Rich pay me $20.

Don’t be a jerk
Set money expectations with your
companions before dinner or a
trip, etiquette experts say. Sur-
prise reimbursement requests are
the worst. The advance conversa-
tion can be simple: “We’re split-
ting this evenly, right?”
If you’re sharing the bill and
choose expensive items, you can
offer to cover the tip or after-din-
ner drinks, the experts say. If you
consume less, it’s acceptable to
pay less.
“It’s OK to speak up and say, ‘I
only had a salad and a water, can I
pay my own way?’” says Lizzie
Post, co-president of the Emily
Post Institute, an etiquette coach-
BY SHARA TIBKEN Perhaps an even bigger trick is the fare in the app. For ordering ceipt then assign individual items ing company.

G
keeping friendships intact during shared meals for delivery or to your companions. The apps also You also should pay people back
oing out to a group money discussions, especially since pickup, you can create group or- add the tax and the tip, but you as soon as possible—most Venmo
dinner or on a week- recent inflation has us on edge. ders on Uber Eats or DoorDash. need to double-check them. users say within 24 hours. And you
end trip is supposed to You can’t avoid the awkward To ensure people pay their fair The free Tab app tends to be should accommodate people who
be fun. conversations entirely, etiquette amount, try a bill-splitting calcula- the most accurate at recognizing don’t use payment apps, such as
It’s also stressful experts say. For overall group hap- tor like the free, popular Splitwise. items and determining amounts accepting cash or even checks.
for lots of us. We piness, you could pay a little extra, Everyone enters what they paid owed. It doesn’t require you or “It’s a lot easier to make you go
gauge what everyone else is order- hoping your friends eventually re- for, such as one per- your companions to to the ATM versus make them cre-
ing or spending (or over-ordering turn the favor. son covering dinner set up accounts, and ate an account,” Post says.
and overspending), and when the “The less talk you can have and another cover- it has a nifty birth- Using peer-to-peer payment
bill arrives, cue the awkward math about money on any of these occa- ing pre-meal drinks. Bill-splitting day function that apps while dining out can make
session. sions, the better,” says Liz Wyse, Then the app shows apps promise lets everyone relationships feel transactional,
Back in the 2010s, when my an etiquette adviser at Debrett’s, a what people owe equally cover the says Amit Kumar, an assistant
friends and I went out or traveled British publisher doling out do’s each other. In my to take the pain special guest’s or- professor of marketing and psy-
to Copenhagen or Las Vegas, we and don’ts for over 250 years. testing, I found that
out of big der. chology at the University of Texas
DAISY KORPICS/THE WALL STREET JOURNAL, ISTOCK, GETTY IMAGES

often took accounting breaks to If you’re aiming to keep things it serves the most Like Splitwise, at Austin’s McCombs School of
keep track of our expenses and fair and square at all times, your needs. group outings. Tab doesn’t sell user Business. Kumar studies happi-
make sure everyone paid fairly. best move is to surreptitiously It doesn’t show data or show ads. ness, including how money and
Now, bill-splitting apps like open an app and do some speedy ads or sell user data, There’s a downside payment apps impact it.
Splitwise and Tab shoulder some calculations. Here’s how. says Chief Executive to that, though. Ga- You can find ways to make sure
of that bookkeeping work and Jonathan Bittner. A $5-a-month briel Savit, who co-founded Tab everyone contributes without feel-
promise to take the pain out of Split a night out Splitwise Pro subscription adds with his brother over a decade ing like you’re invoicing each
group fun. More people are using When you’re out with friends and scanning and itemizing receipts, ago, says they’re no longer signifi- other, he says, such as taking
the apps every month as we plan to split the bill equally, either but I found the scanning process a cantly updating it. turns paying for rounds of drinks.
spend more on experiences post- throw down credit cards—keep it tad buggy. Bittner says it isn’t a “We keep it running, but that’s Requesting specific amounts—
pandemic, according to data-in- to two or three cards, max—or heavily used feature, but the com- about it,” he says. Tab’s in-app such as $5.05, instead of saying
telligence firm Sensor Tower. route money via payment apps pany is updating it. Venmo connection no longer “Give me 5 bucks”—can seem
With divvying up expenses made you already use, like Cash App, Receipt-scanning apps are works, and one scan ended up petty, Kumar says.
easier, the trick is figuring out PayPal, Venmo or Zelle. handy when you want to itemize tacking a $275.50 tip onto a “It turns out that those extra 5
which tool works best for any If you’re sharing a ride with without entering everything man- $76.20 bill. Pro tip: Always scan cents you’re getting might actually
given occasion. another person, Uber lets you split ually. You take a picture of a re- with plenty of light. come with some costs,” he says.

The Hot Club ing lot, with signs for park-

ing still clearly on display.
The largest room, called
IKEA store’s staff uniform,
Sanders insisted her outfit
choice was accidental and

In London? “X” which holds 10,000

people, used to be the
warehouse where flat-pack
not an ode to Swedish fur-
niture. She added that she
prefers the venue as a club,

An Old IKEA furniture was kept and

picked up by customers.
Smaller club rooms used to
but “my mum would prefer
this as an IKEA.”
The largeness of the
host the charging space for space—about 213,000
Continued from Page One IKEA’s forklifts. square feet—is a plus, ac-
Their destination? An old IKEA. The former loading bay cording to guests.
In London, the place to go raving has been split into an area Katie de Planta, a friend
right now is a former IKEA ware- for food and drinks as well of Walton, said that because
house, still decked out in the iconic as for smoking. One guest the venue is so huge, it’s
blue the Swedish superstore is remarked that not having a easy to find space to estab-
famed for. stand for meatballs was a lish a meeting point without
“It’s so weird, no one is pushing missed opportunity. getting caught up in a
sofas and beds at us,” said Walton. Nicky Achs has lived in swarm of people. “It’s mad
“You’d never see 15,000 people in an the north of London for the how big it is. I like how flat
IKEA on a Saturday afternoon.” last 30 years. She supports it is, wherever you stand
Launched late last year, the one- the local soccer team, Tot- you can see the stage. I just
time IKEA in Tottenham, in the tenham Hotspur, visits lo- like how open it is.”
city’s north, is now a dance venue cal cafes and shops in local Aldred said guests often
called Drumsheds, which can hold stores. clock more than 30,000
thousands of clubbers on a single She remembers when steps during a visit. A walk
afternoon. she heard the IKEA was be- from the entrance to the
“When we realized this was clos- ing built. “I said this is food court takes five min-
ing and that IKEA wanted to divest amazing. I was devastated utes alone.
we ran the idea of ‘meanwhile space’ when it was closing.” She was a fre- Guests arrive for a show at a came for a BBC Radio 1 Dance event, “What we are trying to do is ele-
past them,” said Simeon Aldred, quent visitor to IKEA when it was former IKEA in London, now a with nearly 20 DJs playing elec- vate the art form of electronic music
head of strategy and founder of still a place for furniture, living only dance venue called Drumsheds. tronic dance music. to a new spectrum,” he said.
Broadwick Live and Vibration Group, 15 minutes away. Ella Sanders, who works in films “There’s a big difference between
the company that runs Drumsheds. “It’s blowing my mind walking ple through the door. “They have and props, said she had visited an 300 people and 10,000.”
He said factories and warehouses around, “ she said, now seeing it out 10,000 people through there on a operating IKEA in a different part of Many guests arrive by train,
that are closing down can present a clubbing with friends. “That was Saturday and we can build on that.” the city a week before to get items given that IKEAs in London have
temporary opportunity for busi- bedrooms, that was lighting. It’s re- He said the design of the venue has for video shoots. This afternoon, she traditionally been toward the edge
nesses such as Drumsheds. In this ally weirding me out. It’s really in- been to keep some of the old fea- came here for the music, but still of the city. The station Meridian Wa-
case, IKEA remains the owner, with credible.” She said that in the past, tures to remind guests of the previ- gets the IKEA vibe. ter, which usually sees 300 visitors
EVE HARTLEY/THE WALL STREET JOURNAL

Broadwick leasing the space. IKEA, she would usually be ordering ous tenant. “It looks enough to make “When you’re walking around you on a normal Sunday, jumped to
which operated the store from 2005 salmon or fish and chips for lunch them know it’s an IKEA but also to suddenly go, ‘Oh,’” she said. “Espe- 16,000 for this event, according to
to 2022, said it is assessing the fu- here, instead of spending the after- be immersed in a new experience.” cially when you’re walking around train operator Greater Anglia.
ture of the site. noon in a room with thousands of The IKEA-turned-club has hosted the stairs.” The pull of the blue box on a
other ravers. “It totally works as a shows including a sold-out event in weekend, regardless of the enter-
club, it’s a really nice space,” she December featuring the first live tainment, is enough for more visits.
From bookcases said, but added “I miss IKEA.” performance of a musical collective
Mum would prefer “I love it,” said concertgoer Mi-
to bass drops Aldred said that a space like IKEA called Sault, joined by orchestral an IKEA chael Chakraverty. “I loved IKEA
Much of the old layout remains. The is helpful because the layout is de- string sections, a choir and teams of Dressed in a blue and yellow shirt and I love Drumsheds. But I prefer
entrance is through the former park- signed to get large volumes of peo- dancers. On this day, concertgoers striking a startling resemblance an Drumsheds.”
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THE WALL STREET JOURNAL. NY Wednesday, May 15, 2024 | A12A

P2JW136000-0-A012B0-1--------NS

A12B | Wednesday, May 15, 2024 NY THE WALL STREET JOURNAL.

It has been 413 days since our friend and colleague Evan Gershkovich
was wrongfully detained by Russia during a reporting trip and accused of
espionage. The Wall Street Journal and the U.S. government vehemently
deny the allegation and continue to call for his immediate release.

No journalist should ever be detained for simply doing his job, and the charge
against Evan is an outrage. Journalism is not a crime, and any portrayal to
the contrary is fiction.

The stakes are high: Without press freedom, there is no free society.

Every day Evan remains detained is a day too long. We will not rest until
he’s home.

Please continue to share Evan’s reporting and the latest updates on his
situation by visiting WSJ.com/Evan. Use the hashtag #IStandWithEvan
to help keep his story front and center.

©2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0299
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THE WALL STREET JOURNAL. Wednesday, May 15, 2024 | A13

ARTS IN REVIEW

I
n June 2013, the label Domino
announced that English
singer-songwriter Beth Gib-
bons had signed with the im-
print and was working on her
debut solo album. She was al-
ready well known as the voice of
the trip-hop outfit Portishead,
whose brooding sample-based
sound was popular in the ’90s and
proved highly influential in the de-
cades that followed. Ms. Gibbons
had released an LP outside her
main project—the folky “Out of
Season,” a collaboration with Paul
Webb, best known as the bassist
for the shapeshifting ’80s band
Talk Talk—but there was some
buzz around the announcement be-
cause of her importance to alterna-
tive music and the fact that Portis-
head recorded so infrequently. Its
debut came out in 1994, and it has
managed just two additional stu-
dio albums since.
Turns out Ms. Gibbons, now 59
years old, takes her time, even
away from Portishead. In 2019, she
showcased her considerable range
on a live recording with the Polish
National Radio Symphony Orches-
tra performing Henryk Górecki’s
Symphony No. 3, and she has
toured with her primary group
over the past decade. But we heard
very little about that long-awaited
album until a couple of months
ago. At long last, “Lives Outgrown”
(Domino) comes out Friday.
This collection is a summation
of everything Ms. Gibbons has
done so far. It touches on jazz,
folk, torch songs and symphonic
music, and also has elements of
Portishead’s darkly shaded mood
music. But rather than surveying
these styles by jumping between
them from one track to the next,
she integrates them into a coher-
ent whole that is uniquely hers.
She chose her collaborators
wisely. The primary producer and
instrumentalist is James Ford,
who started with the electronic
duo Simian Mobile Disco and has
since made a name for himself on
high-profile releases by Arctic MUSIC REVIEW | MARK RICHARDSON
Monkeys, Gorillaz and many oth-

A Delayed, Distinctive Debut

ers. Lee Harris, former drummer
of Talk Talk, co-wrote some songs
and plays on the record. Both col-
laborators share Ms. Gibbons’s
ability to render experimental mu-
sic in a pop context, and every Beth Gibbons releases her first solo studio album, revealing a dark and mythical musical world
track here reflects
that mix of surprise
and accessibility. The English singer, best known as tinuously, imbuing every gesture deliver spiritual needs.
The first of a member of Portishead, above; with anguish. On this record, and By the closing “Whispering
these, “Tell Me Who ‘Lives Outgrown’ is out Friday. through most of her career, Ms. Love,” Ms. Gibbons is back where
You Are Today,” be- Gibbons comes across as dead se- she began, singing arboreal folk in
gins modestly, with rious, rarely allowing for a playful a quivery voice, backed by a
a modal acoustic English acts like John Martyn, the interlude. She’s conveying drama, looped flute, dulcimer, clarinet
guitar part played band Broadcast and Beth Orton, a world where events of great and strings. In some ways, “Lives
by Ms. Gibbons that where ancient folk is rendered consequence are about to unfold. Outgrown” resembles challenging
has the air of ’60s with the aid of modern technology. The lyrics of “Lives Outgrown” avant-folk records from the past
British folk by the The music here connects to myths alternate between the personal few years by Björk (2022’s “Fos-
likes of Bert Jansch. and musical structures with a long and observational, touching on sora”) and PJ Harvey (the follow-
But woodwinds, history, but it allows for the fact aspects of Ms. Gibbons’s life, but ing year’s “I Inside the Old Year
brass and exotic in- that tools have changed and one favoring big questions about the Dying”). Like those offerings, this
struments like har- should make intelligent use of state of the world, the nature of LP is heavy and dark, not some-
monium enter the technology to make it signify in time and the mystery of love. thing to put on casually—it can
mix as the song un- the present. “For Sale” has the cinematic easily wear you out, if you’re in
folds, building ten- Another track, “Lost Changes,” sweep of a ballad from an early the wrong mood. But Ms. Gibbons
sion. It’s an eerie shows just how distinctive Ms. Disney film, with Ms. Gibbons’s has an ear for melody that makes
sound that brings Gibbons is as a singer. The ar- voice layered into an angelic choir this record much more accessible
to mind a haunted rangement gradually builds and and a mass of strings swaying in and, ultimately, rewarding. How-
forest, with distant then explodes, and her tone mixes a Middle Eastern mode, and over ever “Lives Outgrown” came to-
voices that could be beautifully with weeping strings, this grand background the singer gether over the past 11 years, it
frightening or signal salvation, de- with a bassline that splits the dif- almost as if it has become another delivers lines like “We believe if was time well spent.
EVA VERMANDEL

pending on your state of mind. ference between jazz and folk, re- instrument in the orchestra. we stitch it and cook it and rich
The following “Floating on a minding us of the breadth of Ms. Imagine the sound of someone’s it / We’ll all numb the pain that Mr. Richardson is the Journal’s
Moment,” a song about imperma- Gibbons’s musical journey. She op- voice cracking with emotion—she we need to fulfill it,” meditating rock and pop music critic. Follow
nence and uncertainty, begins erates in a tradition shared by inhabits this fissure almost con- on the inability of commerce to him on X @MarkRichardson.

TELEVISION REVIEW | JOHN ANDERSON sicist Stephen Tuck attempts to de-

termine how many people survived

Stories Buried Beneath the Ashes the Vesuvian eruption and lived
elsewhere, probably nearby—they
must have, he says, “but
nobody ever went look-
‘JEOPARDY!” might not be the best that sent matter 21 miles into the ing for them.” The third
barometer of Americans’ historical sky—and eventually piled up and of the weekly episodes,
knowledge, but there are two dates collapsed their houses. Archaeolo- which include a rather
out of the ancient world that con- gist Valeria Amoretti, one of the dry narration by Ria Lina
testants always seem to get right: team of Italian researchers, at work but also enthusiasts like
44 B.C. (March 15, to be precise), with her tiny paint brushes and Mr. Dicus, is “The Final
when Julius Caesar was assassi- gently removing dust from the un- Hours,” and offers fur-
nated; and A.D. 79, when Mount Ve- earthed remains, is appropriately ther revelations.
suvius erupted and the city of Pom- solemn: Pompeii is, after all, a cem- How were the people
peii was smothered by smoke, ash etery as well as a historical artifact. of Pompeii caught so
and volcanic debris. Both stories are One might even question whether unaware? They likely
about death and disturbing it is an of- had no idea Vesuvius
drama. And a certain fense to the dead. was a volcano—the
kind of romance. But “true archae- eruption blew the cap
Which may be why A three-part ology,” according to off the mountain, which
they stick in our col- documentary the project’s director, resulted in so much
lective head. Gabriel Zuchtriegel, stone and pumice rock-
The three-part explores is about “surprise,” eting into the air. There
“Pompeii: The New
Dig” won’t change
the excavations finding something
completely different,
had been a major earth-
quake 17 years earlier,
that, though it does at Pompeii. previously unknown, though, and restoration
explode some of the “and then trying to work was still going on
mythology surround- make sense of it.” at the time of the Vesu-
ing Pompeii and any There is no end of  A scene from the first episode easy public access to the room, a vian explosion. The discovery by ex-
misconception that it was a city startling detail here. What the of ‘Pompeii: The New Dig’ on PBS, bakery that provided bread to other cavation specialists of tools under
and a populace “frozen” by heat team uncovers in the single block narrated by Ria Lina. businesses? The marble furniture the ash of Pompeii makes them
and gas, its people reduced to “ash they explore—a nearly 1,000- recovered in nearby rooms—and the chuckle: Some things have never
mummies” who had no time to flee, square-foot tract in a wealthier As archaeologist Kevin Dicus re- frescoes being cleaned and restored changed, they say, like the pickax.
or even to move. One of the more area of Pompeii, between what lates, Pompeii wasn’t studied in ear- in adjoining spaces, the colors of Or our curiosity about the ancient
awful aspects revealed in the se- were thought to have been major nest until about 1748, and what is which are remarkably vivid—sug- past, an itch “The New Dig”
ries, which follows the first archae- thoroughfares—is basically a trove found this time around is a trail of gest wealth and prosperity. The scratches rather luxuriously.
ological excavation undertaken “in a of clues from which they draw con- breadcrumbs, almost literally: A painting on one wall includes a de-
generation,” is just how long some clusions. This makes “The New Dig” brick oven discovered inside one of piction of a meal, and a portrait of Pompeii: The New Dig
of the victims huddled in their a pan-millennial detective story, al- the dwellings is judged to be far too what everyone concludes is a Pom- Begins Wednesday, 10 p.m., PBS
homes, trying to wait out the 18- beit one solved not through large to have fit a private home. peiian pizza. With toppings.
hour rain of stone and pumice that hunches but historical knowledge Perhaps it was a commercial bak- Episode 1 is titled “The Bodies”; Mr. Anderson is the Journal’s TV
PBS

fell on their roofs—following a blast and informed intuition. ery? Or, better, given the lack of episode 2 is “Escape,” in which clas- critic.
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A14 | Wednesday, May 15, 2024 THE WALL STREET JOURNAL.

SPORTS
Catchers Keep Getting Whacked
Clearly, despite all the new in-
formation available, catchers are
still working out the kinks of their
new set-up position in real-time.

By Hitters. It’s No Accident.

“I think a lot of players and
teams are kind of doing it blindly,
and it’s putting players at risk,”
Swanson said.
In a bid to convince umpires that low pitches are actually strikes, catchers have been inching Despite those risks, it’s unlikely
much will change right away. Get-
nearer to the batter. They’re now setting up so close that they frequently wind up getting hit. ting those low strikes, teams have
calculated, outweighs the occa-
BY JARED DIAMOND AND LINDSEY ADLER sional free base for an opposing
hitter on an interference call or

E
very time Jose Trevino kneels even the risk of injury to their
behind the plate, he knows catchers.
he’s in grave danger of being Ryan Lavarnway, a longtime
clobbered by a heavy wooden bat MLB catcher who now works as a
traveling about as fast as a car minor-league catching instructor
speeding down the highway. for the Chicago Cubs, estimated
The New York Yankees are well that 80% of a catcher’s value today
aware of this risk. In fact, they en- derives from his pitch framing.
courage it. “It’s still infrequent enough
Ever since Trevino arrived in that it’s not a part of the conver-
2022, the team has actively in- sation,” Lavarnway said of catcher
structed him to set up as close to interference. “You roll your eyes,
the opposing hitter as possible. you can’t believe that happened,
“We’ve been working on this and you move on and you don’t
for quite some time,” said Tanner talk about it again.”
Swanson, the Yankees’ director of The numbers show why: Bat-
catching. “It’s obvious now that ters have an OPS of .784 in plate
we’re not the only ones.”
In a sport where teams will
look anywhere for a competitive
advantage, baseball’s latest search The robot umps
for an edge has led to the catcher won’t be fooled as
position, which is in the midst of a
full-blown revolution. Unfortu- easily as their human
nately, it’s one that comes with
potentially painful consequences—
counterparts.
and it’s forcing umpires to dig
deep into the rulebook at an
alarming rate. appearances that begin with a 1-0
When a catcher impedes a hit- count this season. In plate appear-
ter’s swing in most cases, he is ances that begin 0-1, that plum-
charged with an error and the bat- Cardinals catcher Willson Contreras broke his arm after being hit by a swing from the Mets’ J.D. Martinez. mets to .588, meaning that a
ter is awarded first base. Histori- catcher managing to trick an um-
cally, these calls have been exceed- pire into calling a ball a strike
ingly rare, typically occurring no with the matter said. The message nology and data at their disposal, Braves backstop Travis d’Arnaud could have a profound impact on a
more than a couple dozen times to catchers was clear: Move back. teams quickly realized that one of has suffered at least four concus- game.
all season. If the situation doesn’t resolve on the best ways to deceive umpires sions in his career. He doesn’t see The funny part is, after teach-
But the frequency of catcher in- its own, MLB could explore enact- was to have the catchers scoot himself participating in the new ing a generation of catchers that
terference has skyrocketed over ing rules to address the issue, the closer to the batter. This approach trend. pitch-framing is the most impor-
the past decade, jumping to 41 in- person said. allows them to snatch low pitches “I’d rather keep my brain in my tant part of their job, the benefits
stances in 2016, to 61 in 2019, and This spike in interference calls a split-second earlier and present head than steal a strike,” the 35- of the practice could soon be sig-
to 96 in 2023. has come as an unexpected upshot them as being higher than they year-old d’Arnaud said. “For the nificantly reduced or even re-
This season is almost certainly of the sport’s rethinking of the actually are. younger guys, it might be harder moved entirely. MLB is currently
going to blow past that mark, with role of a catcher. No longer are Pitch-framing is also why many for them. They’re trying to make a testing an automated strike zone
35 catcher interference calls al- they judged on throwing out base- major-league catchers nowadays name for themselves.” in the minor leagues and could
ready in the books through last stealers or blocking wayward set up on their knees rather than St. Louis Cardinals All-Star look to bring a version of the sys-
weekend—or 12 more than in the pitches. Instead, those skills have in a traditional squat. catcher Willson Contreras proba- tem to the majors as soon as next

DILIP VISHWANAT/GETTY IMAGES

entire 2014 campaign. been rendered practically irrele- The stance allows them to start bly wishes he heeded that senti- season.
The catcher interference epi- vant in favor of something else: lower and move their gloves up- ment. He fractured his left arm Maybe then catchers will stop
demic has spread so rapidly that their ability to receive pitches in ward to catch low pitches, increas- last week when New York Mets getting whacked by bats in the
MLB addressed the topic with such a way that they look like ing the likelihood of a called slugger J.D. Martinez struck him name of duping umpires into call-
managers at the winter meetings strikes to umpires—even if they’re strike. with a swing. Contreras under- ing more strikes. The robot umps
and then again with teams during not. Not all catchers think the went surgery and will remain won’t be fooled as easily as their
spring training, a person familiar Thanks to a trove of new tech- trade-off is worth it. Atlanta sidelined for at least 10 weeks. human counterparts.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 30 Skeptic’s
response
Power Broker Behind Saudi Golf Deal
14 15 16 31 Pleasure
trip
Resigns From PGA Tour’s Board
17 18 19
35 Fragrance
BY ANDREW BEATON
20 21 22 23 created in
2014 by pop’s WHEN JIMMY DUNNE
24 25 26 27 28 “Poker Face” joined the PGA Tour’s board
singer in 2023, at the peak of its
29 30 31 36 Berry in battle with LIV Golf, the
purple Tour was adding a heavy
32 33 34 35 36 37 smoothies hitter in both the golf and fi-
37 Vincent’s nancial worlds. Dunne is a
38 39 40 41 42 43 member at prestigious insti-
younger
brother tutions such as Augusta Na-
44 45 46 47 48 tional, the president of Sem-
39 Methinks, inole Golf Club and the
49 50 51 52 in textspeak senior managing principal at
41 Leaves the investment bank Piper
53 54 55 56 42 Saddle Sandler.
feature Now, the power broker
57 58 59 60 61 62 behind the polarizing agree-
45 Main source
ment that the Tour struck
63 64 65 66 67 of financing with LIV’s Saudi backers to
for the Great unify golf last June is re- Jimmy Dunne testified during a Senate hearing in July 2023.
68 69 70 Wall of China signing from his post, saying
47 Unsupported? he has been shut out from
71 72 73 stalled talks. tiations are accelerating” The private negotiations
50 Piddling
In a pointed letter to his and the Tour recently estab- led by Dunne produced an
51 Fume
fellow policy board mem- lished a transaction subcom- out-of-nowhere agreement in
STIR CRAZY | By Christopher Youngs 52 “We ___not bers, Dunne defended the mittee that the Tour said which the sides agreed to
Across 33 Saturn maker 63 Errand runner 10 Subject of amused” framework deal with the has been “engaging directly end their bitter fighting and
1 Bestselling 34 Reward for employed by a “The Goal” 53 Output Saudis, writing that “unify- in negotiations” with PIF. work together. When the
musical act rolling over, lexicographer? statue of some ing professional golf is para- In an email to players Tour was called to Capitol
outside plants mount to restoring fan inter- Monday, Monahan wrote Hill to explain why it de-
in Korean perhaps 67 Fire
Boston’s 54 Brand in the est and repairing wounds that the Tour continues to cided to work with its en-
history 38 Galactic 68 Musical that
TD Garden pain relief left from a fractured game.” make “meaningful progress emy, Dunne was one of two
4 Unearthed peacekeepers opens in He also cited how he hasn’t behind the scenes” in their officials raked over the coals
of film Buenos Aires 11 Made planks aisle
9 1900 opera been asked to take a role in talks with PIF. A person fa- by senators.
set in 1800 40 Imprecise, as 69 Spots for 12 Composer 55 Bridge ploy the negotiations with Saudi miliar with the board’s In his letter, Dunne noted
Rome an estimate icicles Schumann 59 Quarrel Arabia’s Public Investment thinking noted a meeting that his willingness to make
14 Smelter input 43 Apiece 70 Band 13 Hitherto 61 X, Y or Z, Fund over the past 11 earlier this year between the an agreement with the Sau-
19 Famous for example months and that “no mean- player directors and PIF gov- dis came from a desire to
15 Last in a 44 Things booking
Amos ingful progress has been ernor Yasir Al-Rumayyan in end the costly litigation and
series of 24 46 Gamer likely 71 Brought back 62 Parts of made toward a transaction the Bahamas. give the Tour a path to re-
16 Hurdles for to get rekt 72 Wee drinks 21 “AEW: tables and with the PIF.” When Dunne was brought main in control of the
doctors-to-be frequently Dynamite” relays “I feel like my vote and on to the board last year, it sport. “It was clear that the
73 Balky beast network
17 It may top a 48 Persian Gulf 64 Fitting name my role is utterly superflu- looked like a logical move. fracture would greatly dam-
Down 25 Animal for a gumbo
schmear nat. ous,” Dunne wrote. His golfing buddies already age our game and the Tour,”
1 Daring silhouetted chef Dunne’s resignation is included many of the world’s Dunne wrote. “I believe that
18 Making an 49 Source of
offer that 2 Garment to on road signs 65 DuVernay just the latest sign of disar- best players, in addition to history will look favorably
music in a ray within the PGA Tour’s business titans and celebri- on this outcome and the
can’t be drop 26 Therefore with three
household leadership at a critical mo- ties like Tom Brady. He’s very real opportunities now
refused, say? rodent’s 3 Steamy 28 French 101 NAACP
outing verb Image ment for the sport. Just last also an experienced deal- afforded the Tour.”
20 Air carriers enclosure? week, a trio of players—Pat- maker, and the Tour needed Dunne also pointed out
22 Mall unit 4 Tends to a 29 Muslim Awards
53 Person who rick Cantlay, Jordan Spieth to get back on course. that the terms of the agree-
23 Prior to, to doesn’t finish boxer, perhaps pilgrim 66 Beaut and Tiger Woods—blocked At the time, LIV had been ment with PIF weren’t exclu-
poets a sentence 5 Thurman of Previous Puzzle’s Solution superstar Rory McIlroy from using its deep pockets to sive, meaning the Tour could
24 Stomach 56 Trap “Batman & A W F U L N O C A T C H rejoining the board after an- poach some of the Tour’s still solicit other potential
Robin” S H AMU A R C HWA Y other golfer, Webb Simpson, biggest names, from Phil investors. While no deal
27 “Amen, bro!” 57 Cheer for
6 X, Y or Z, for P Y R AM I D S C H E M E offered to give up his spot to Mickelson to Brooks Koepka. with the Saudis has been fi-
29 Coffeehouse cape-waving M I C E B S A R E N O the Northern Irishman. McIl- While LIV generated back- nalized, the Tour did receive
example
MICHAEL BROCHSTEIN/ZUMA PRESS

frequented 58 Number of E R A C A L L I N G P L A N
S E N H O R A T A O S S E
roy described the situation lash over the perception that an outside investment worth
by trendy stripes on the 7 Fleece-lined as “pretty messy.” Saudi Arabia was using pro up to $3 billion from a col-
A S T O R F O R G O
urbanites? flag of España boots I T S A P R O C E S S Dunne’s assertion that golf’s popularity to white- lective of A-list American in-
32 Org. that 60 Like stealing 8 Afghan S A L L Y T H UM P there hasn’t been meaning- wash its human-rights re- vestors known as the Strate-
tongue T H E I P A SWE A R A T ful progress also diverges cord, it was also weakening gic Sports Group.
pioneered the a base but S O L A R S Y S T E M F D A
Slam Dunk not stealing 9 Straight-on K O N A T O T B A E S from public pronouncements the Tour’s product. The sides haven’t reached
Contest a vase kick, in soccer F I N A L A P P R O A C H by PGA Tour officials. Com- Then, when Dunne struck an actual deal, even after an
I N D I A N A A P N E A missioner Jay Monahan said a deal, it stunned onlookers initial deadline for the start
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. T O P S P O T G I D D Y earlier this year that “nego- and pro golfers alike. of 2024.
P2JW136000-0-A01500-1--------XA

THE WALL STREET JOURNAL. Wednesday, May 15, 2024 | A15

OPINION
EVs and the Inanity of Bidenism BOOKSHELF | By David A. Shaywitz

It’s time to
admit that
only landed the U.S. in a more
costly and dangerous war by
ergy subsidies do nothing to
cut fossil-fuel use and reduce
cess only if the goal is to coax
Mr. Putin to hang in there and
Thinking
Prior to Thought
the Biden ad- inciting Vladimir Putin. emissions. His climate strat- hope victory may yet be possi-
ministration Its attempt to appease Mr. egy embodies the kind of ble.
might be Putin with the Nord Stream 2 “fast” but faulty thinking the Only one explanation is left
something pipeline and other gestures late Nobelist Daniel Kahne- for Mr. Biden’s continued stall-
more than had the opposite of the de- man wrote a book warning ing on the border despite stark
BUSINESS
WORLD snake-bit.
The latest
sired effect.
Mr. Biden’s plan to amplify
about.
Unfortunately fast thinking
warnings from his own FBI
about terrorist infiltration: He
Everything Is Predictable
By Holman W.
evidence of his credit for America’s post- is the only kind Mr. Biden is pandering to a group of ac- By Tom Chivers
Jenkins, Jr.
actual clini- Covid recovery, which he was does. Not helping are certain tivists too small to qualify Atria, 384 pages, $29.99
cal incompe- going to get anyway, blew up New York Times columnists even as a voting bloc. The

F
tence is its 100% tariff on Chi- when his additional splurge of who, despite knowing better, same also goes for his per- irst articulated in the 18th century by a hobbyist-
nese electric vehicles, relief spending stoked the in- verse unwillingness to send mathematician seeking to reason backward from
announced Tuesday. If the flation that sours voters now the signal the world clearly effects to cause, Bayes’ theorem spent the better part
goal is to get Americans to use on his economic management. Or how a president needs to hear about rising U.S. of two centuries struggling for recognition and respect. Yet
EVs, how does it make sense His epidemiologically un- defense budgets. today, argues Tom Chivers in “Everything Is Predictable,” it
to raise their cost to consum- necessary vaccine mandates, can be handed This, and so much else, can be seen as “perhaps the most important single
ers? It doesn’t. The real expla- were a naked attempt to leach lemonade and turn might have been avoided if equation in history.” It drives the logic of spam filters,
nation is the familiar process some Operation Warp Speed Mr. Biden had found the wis- artificial intelligence and possibly our own brains. It may
by which bad policy begets credit in his direction. These it back into lemons. dom and self-restraint to do soon help us work through tricky social problems like
bad policy—in this case, the mandates, which even his own as he originally implied—i.e., vaccine hesitancy. Once you start to look for it, Mr. Chivers
disaster unfolding in Detroit political advisers were openly free himself from frantic ca- says, you start to see Bayes’ theorem everywhere.
saddled with billions in losses cynical about, now feed the still strain to grant him FDR- reerist calculation and em- At its core, the theorem provides a quantitative method
for EVs the public won’t buy vaccine skepticism of Robert like virtues. They seem to for- brace the role of one-term for getting incrementally wiser by continuously updating
at anything resembling the F. Kennedy Jr. voters that Mr. get the aging cipher maneu- president. (After all, careerist what you think you know—
cost of building them. Biden will wish he had in the vered toward the 2020 calculation looks especially your prior beliefs, which
If the New York Times is fall. nomination to block Bernie shabby from a politician visi- initially might be subjective—
correct, the tariffs won’t ap- The joke has grown stale in Sanders by party leaders who bly past retirement age and with new information. Your
ply to Chinese-built gasoline the retelling, but when his accurately foresaw that Mr. Bi- ready for the pasture.) refined belief becomes the new
cars. President Biden perhaps one-man brain trust, Jake Sul- den could hide in his base- But credit Team Biden with prior, and the process repeats.
doesn’t understand his own livan, took to the pages of For- ment and let a once-a-century one exercise in Huntereseque The essential concept was
Rube Goldberg setup well eign Affairs magazine to gussy pandemic defeat Donald shrewdness. They rightly saw developed by Thomas Bayes, a
enough to realize that De- Bidenism into a grand strate- Trump. that any Republican nominee Presbyterian minister in Britain,
troit’s gasoline-vehicle profits gic play, he included a claim of Mr. Trump is a politician of not named Trump might give and rescued from oblivion by
are desperately needed to credit for the most peaceful instinct too—his main instinct voters rein to vent their his friend Richard Price, who
support his electric-vehicle Mideast in a generation. being a bottomless cynicism throw-the-bum-out instinct. published it in 1763. The work
boondoggle. The article was at the about people like Mr. Biden. To avoid Jimmy Carter’s fate, “sunk almost without trace,”
Mr. Biden’s staff is using printer when the Middle East This causes Mr. Trump to miss they would make sure voters Mr. Chivers says, until it was
protectionism to conceal the exploded on Oct. 7. a lot (like the occasional role could only rid themselves of independently discovered and
fiscal and industrial fiasco he’s In symbolism as well as principle plays in politics) but Mr. Biden by surrendering to refined in 1774 by the French
conjuring with his EV policy. dollar terms, however, Mr. Bi- his nostrils are at least open Mr. Trump. polymath Pierre-Simon Laplace.
We speak admiringly of den’s EV own goal is perhaps to whiffs of reality: This bet may yet pay off for Before the theorem and its broader pattern of reasoning
strategic thinkers who can his most emblematic in a suc- Mr. Biden’s weak and recid- Mr. Biden, if not the country. could gain much traction, Mr. Chivers explains, it was
“see around corners.” The Bi- cession of own goals, which ivistic pandering to young vot- Should he lose, it also sets him overtaken by approaches that felt less “soft and squishy.”
den administration is appar- may well cost him the crucial ers with student-loan forgive- up to rocket to the bottom of In the early 19th century, for example, Belgian prodigy
ently unable even to see the state of Michigan. ness; his pathetic attempt to the presidential standings, Adolphe Quetelet began measuring anything that could be
next obvious thing that’s go- Even Mr. Biden’s top cli- be on both sides in the Israel- permanently displacing the objectively quantified, like the chest size of Scottish
ing to happen. mate officials, if granted ano- Hamas war; a Ukraine strategy luckless James Buchanan as soldiers. His interest was “social physics”—using the rigors
Its Afghanistan withdrawal nymity, will admit green en- that, after two years, is a suc- America’s worst president. of mathematics to improve society.
In the early 20th century, the charge to treat data
hermetically was led by two British scholars, Karl Pearson and

Save Higher Ed With the Chicago Principles R.A. Fisher, who despised subjectivity, Bayesian reasoning and
each other. The analytical methods they developed—
particularly the concept of “statistical significance”—are
As graduation who adopt this course ensure taking collective action or ex- silence their expression. The ubiquitous in scientific publications today, representing a
ceremonies inconsistencies that damage pressing opinions on the po- committee stated that the uni- core principle of what is now known as “frequentist
end and sum- their institutions and open litical and social issues of the versity may restrict expres- statistics.” In this framework, the analysis relies strictly on
mer break be- them to charges of hypocrisy day.” sion that violates the law, de- observed data, independent of prior beliefs. Bayesian statistics,
gins, college that are difficult to rebut. The report also acknowl- fames individuals, or by contrast, dynamically update beliefs about a hypothesis as
and university Look no further than the Jew- edged two limitations on this constitutes a “genuine threat more data become available.
POLITICS p r e s i d e n t s ish students who have been prohibition. First, when politi- or harassment,” that invades Despite the “furious rejection of Bayesianism” by Fisher
have an op- exposed to abuse and harass- cal leaders or segments of so- protected privacy or confiden- and his colleagues, Mr. Chivers says, “people kept
& IDEAS
portunity to ment that wouldn’t have been ciety threaten the mission of tiality, or is incompatible with rediscovering or reinventing it, because it kept working.”
By William
reconsider permitted against other mi- the university—truth seek- the functioning of the univer- Harold Jeffreys, a Cambridge geologist, used it to assess
A. Galston
their campus nority groups. ing—the university has an ob- sity. Earth’s composition; insurance underwriters used it to set
policies on Too many academic leaders ligation to oppose their ef- With this support, the uni- premiums for workplace liabilities; artillery commanders
speech and action. What be- have led their institutions into forts. Second, when versity’s current president, used it to aim projectiles. Even as the techniques of Pearson
gins in higher-education insti- this cul de sac. Only an ap- Paul Alivisatos, had no diffi- and Fisher became enshrined in statistics departments, a
tutions rarely ends there. We proach rooted in first princi- culty justifying his decision to rebellious community of Bayesians persisted on the fringes,
all have a stake in what they ples can lead them out. Here’s Respect free speech have the campus police dis- devouring books that were “passed down almost like
decide. where these leaders can start: perse anti-Israel encamp- samizdat,” as Mr. Chivers puts it. In 1979, the dispersed
Americans may believe the In 1967, the year campus and don’t take sides— ments on campus this month. Bayesian community convened in Valencia, Spain, for a
First Amendment applies protests against the Vietnam a simple approach to We can’t tolerate an environ- conference that would become a quadrennial tradition,
across the board to these in- War surged, the University of ment in which “the expression famous for late-night singalongs featuring alcohol-infused
stitutions. It doesn’t. Public Chicago’s president appointed avoid campus strife. of some dominates and dis- statisticians warbling “There’s no theorem like Bayes’
schools are fully subject to a committee headed by the le- rupts the healthy functioning theorem” and “Then I saw Tom Bayes, now I’m a believer.”
this constitutional corner- gal scholar Harry Kalven Jr. to of the community for the At times Mr. Chivers, a London-based science journalist
stone, but private ones enjoy prepare a statement on the universities do act in their rest,” he declared in a state- who now writes for Semafor, seems overwhelmed by an
substantial freedom—limited university’s role in “political collective capacity—say, by ment. In an op-ed for these admittedly complex subject, and his presentation lacks the
by federal civil-rights laws and social action.” owning property or awarding pages, he revealed that before clarity of Sharon Bertsch McGrayne’s “The Theory That
and legislation in a handful of The committee began by honorary degrees—their deci- calling in the campus police, Would Not Die” (2011). Yet he is onto something, since
states—to craft codes of con- defining the university’s mis- sions are subject to scrutiny he had authorized negotia- Bayes’ moment has clearly arrived. He notes that Bayesian
duct that are inconsistent sion as the “discovery, im- in light of what the committee tions with the protesters but reasoning is popular among “people who come from the
with it. provement, and dissemina- termed “paramount social val- ended them when it became new schools of data science—machine learning, Silicon
Whatever their motives, tion of knowledge,” an ues.” clear that they wanted the Valley tech folks.” The mathematician Aubrey Clayton tells
the members of Congress who endeavor that often chal- Nearly five decades later university to take sides in the him that, in the cutting-edge realms of software
grilled the presidents of Har- lenges existing social princi- another Chicago president ap- Israel-Gaza war, breaching the engineering, “Bayesian methods are what you’d use.”
vard, the Massachusetts Insti- ples, institutions and policies. pointed a committee on free- core tenet of the Kalven re-
tute of Technology and the The report then declared that dom of expression in 2014 to port.
University of Pennsylvania (all individual faculty members examine limits on speech and Colleges and universities The powerful effects of a method—long resisted,
private institutions) were
right to focus on the universi-
and students—not the univer-
sity as an institution—are the
action in light of its enduring
commitment to freedom of in-
that want to adopt the Chi-
cago approach should remain
now widely followed—for getting incrementally
ties’ codes rather than the proper advocates for these quiry. Its deliberations yielded neutral on contested issues, wiser by updating what you think you know.
Constitution. The presidents’ challenges. “The university is the Chicago Principles: “It is defend an expansive practice
legalistic responses weren’t the home and sponsor of crit- not the proper role of the Uni- of free speech, resist efforts to
merely tin-eared; they re- ics; it is not itself the critic,” versity to attempt to shield disinvite controversial speak- Bayes’ theorem is considered essential for decision-
vealed a failure to connect it said. When a university individuals from ideas they ers or shout them down, and making under conditions of uncertainty. It’s used when a
speech and action to the adopts a collective position, find unwelcome, disagreeable, discipline members of the uni- radiology AI identifies a cancer and when ChatGPT composes
broader purposes of the aca- it inhibits the freedom of dis- or even deeply offensive.” versity community who harass a story. If there is a problem, Mr. Chivers suggests, it is that
demic enterprise. sent by censuring those who Consistent with this principle, others, interfere with the we don’t use Bayesian reasoning often enough. It could
Treating speech and con- disagree. The report, a pre- the university in 2016 warned functioning of the university improve the quality of scientific literature by giving
duct as political problems to cursor to what became known incoming students that it or break the law. This strategy researchers a “vehicle for skepticism.” It might also help us
be managed in the interest of as the Chicago principles, ar- would defend invitations to won’t solve all their problems, make better predictions. The “superforecasters” identified
keeping the peace on campus gues for a “heavy presump- speakers with controversial but it’s a principled founda- by the political psychologist Philip Tetlock use a Bayesian
is a recipe for failure. Leaders tion against the university views and oppose efforts to tion on which they can build. approach, establishing priors, tracking their results and
revising their assumptions as they attempt to predict
events such as currency moves and election results.

Cancel Biden’s Spending to Pay for Tax Cuts It’s notoriously difficult for most people to grasp
problems in a structured Bayesian fashion. Suppose there is
a test for a rare disease that is 99% accurate. You’d think
By Christopher Jacobs fice’s estimation because of nounced a new round of stu- sions legislatively would also that, if you tested positive, you’d probably have the disease.
uncertainty about new emis- dent-loan forgiveness that the prevent a future Democratic But when you figure in the prior—the fact that, for the

T
he Congressional Bud- sion standards. In light of the Penn-Wharton Budget Model president from resurrecting average person (without specific risk factors), the chance of
get Office estimates stringent rules the Environ- estimated would cost $84 bil- dormant programs via regula- having a rare disease is incredibly low—then even a
that extending the 2017 mental Protection Agency fi- lion, on top of the $475 billion tory action. And replacing positive test means you’re still unlikely to have it. When
Tax Cuts and Jobs Act would nalized in March, the CBO 10-year cost of Mr. Biden’s green subsidies with broad- quizzed by researchers, doctors consistently fail to consider
cost $3.8 trillion. That has should raise its cost estimate prior forgiveness proposals. based tax relief would get the prevalence—the relevant prior—in their interpretation of
prompted hand-wringing from of the green subsidies to as Repealing all this spending government out of the busi- test results. Even so, Mr. Chivers insists, “our instinctive
fiscal hawks. Yet it’s still true, much as $1.2 trillion. would net more than half the ness of picking winners and decision-making, from a Bayesian perspective, isn’t that
as I have argued in these cost of extending the expiring losers, preventing new Solyn- bad.” And indeed, in practice, doctors quickly learn to favor
pages, that a Republican Con- TCJA provisions. In addition, dras before they happen. common diagnoses over exotic possibilities.
gress could fund most or all It’s still possible to a Politico story last week Republicans haven’t exactly Bayesian reasoning also reminds us that when doctors
of that extension next year by noted that four Biden-era laws been paragons of virtue on encounter patient preferences that seem irrational (refusing
undoing much of the Biden balance the budget appropriated $1.1 trillion in spending. But it takes an es- childhood vaccines comes to mind), they should focus on
administration’s spending and make the 2017 spending on energy and infra- pecially reckless disregard for identifying the underlying beliefs, since it’s likely the
binge. As fast as the budget structure, most of which economics to shovel out tril- priors that are dubious, not the reasoning that follows.
gnomes have raised their esti- reform permanent. hasn’t been contractually obli- lions in Covid-era welfare and Relatedly, Mr. Chivers notes, depression may result from
mated cost of the TCJA, gated and therefore can be re- then put trillions more toward “inappropriately strong priors on some negative belief.”
they’ve hiked their projections scinded by Congress. green pork and other pet The promise of psychedelic medicines like psilocybin could
of President Biden’s spending Also in March, the CBO es- Funding tax-cut extensions projects. The next time Mr. Bi- lie in their ability to “flatten” these priors and help
plans even more quickly. timated that undoing the Bi- by repealing Biden-era spend- den wants to lecture the GOP patients access a balanced worldview.
In February, the CBO raised den administration’s 2021 ing would give businesses on fiscal responsibility, he Our brains work by making models of the world, Mr. Chivers
its estimated cost of the Infla- changes to food stamps, long-term certainty to invest should first take a look in the reminds us, assessing how our expectations match what we
tion Reduction Act’s climate- which outside organizations in growth. Under the Senate’s mirror. earn from our senses, and then updating our perceptions
related tax giveaways to ap- asserted would save $180 bil- budget-reconciliation proce- accordingly. Deep down, it seems, we are all Bayesians.
proximately $1 trillion from lion to $193 billion over 10 dures, extensions that are Mr. Jacobs is founder and
almost $570 billion in April years, would in fact save $425 paid for can be permanently CEO of Juniper Research Dr. Shaywitz is a physician-scientist and board adviser, a
2023. Even that didn’t reflect billion over a decade. And in codified with a 51-vote major- Group and author of “The lecturer at Harvard Medical School and an adjunct fellow
the full cost in the budget of- April, the administration an- ity. Repealing spending provi- Case Against Single Payer.” at the American Enterprise Institute.
P2JW136000-0-A01600-1--------XA

A16 | Wednesday, May 15, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden Starts a Green Trade War No Moral Equivalency Between Israel, Hamas

P
resident Biden is trying to create a brave and drive domestic companies out of business. Regarding “Cease-Fire’s Fate Hangs Calling them both “hard-liners” is
new U.S. green economy, but his political American demand for EVs is softening, which on 2 Hard-Liners” (World News, May akin to saying the same about
3): Prime Minister Benjamin Netan- Churchill and Hitler in 1940. One led
problem is that China wants to supply has caused domestic manufacturers to scale
yahu was selected by democratic a nation intent on defending its peo-
most of it. Solution? Slap new back production.
and severe tariffs on Chinese He tries to out-Trump Mr. Biden is nervous, as he
means as the leader of Israel’s gov-
ernment, and he is prosecuting a war
ple and homeland, and the other rav-
aged nations and murdered with
goods that far surpass Donald
Trump’s. Welcome to what
Trump to save his should be, that his de facto EV
mandate threatens the U.S. car
following the invasion of his nation abandon. Mr. Sinwar fits the mold of
and the purposeful murder of its citi- the latter well. Mr. Netanyahu may
could be the Sarajevo of the electric-car dreams. industry. Auto makers have cut zens. Hamas’s top leader in Gaza, not be Churchill, but he certainly isn’t
global green trade war. thousands of jobs to finance Yahya Sinwar, is the head of a terror- comparable to Mr. Sinwar in any
China is “flooding global the government-forced EV ist organization dedicated to destroy- manner or degree.
markets with artificially low-priced exports,” transition. Bloomberg News last week reported ing Israel as a polity and killing as ROSS FEUERSTEIN
the White House said Tuesday. Ergo, the U.S. is that Ford lost more than $100,000 per EV in the many of its citizens as possible. Winter Springs, Fla.
increasing tariffs on Chinese goods, including first quarter. Mr. Biden has vowed that his green
electric vehicles (100%), steel and aluminum subsidies and mandates will create hundreds of
(25%), lithium-ion batteries (25%), critical min- thousands of jobs. But workers aren’t seeing
erals (25%), solar cells (50%), semiconductors them, and Mr. Trump is using the issue to good A Story of Two Godzillas: Fannie and Freddie
(50%), port cranes (25%) and medical syringes political effect in Michigan. I recall being terrified as a six- event, politicians claimed “nobody
and needles (50%). Mr. Biden’s tariffs are certain to disrupt busi- year-old watching “Godzilla” (1954) could see this coming,” exonerated
The Administration is using Section 301 of ness supply chains and raise costs for U.S. con- on a 14-inch, black-and-white TV, but the then-insolvent Fannie and Freddie
the Trade Act of 1974, the same law Mr. Trump sumers and businesses. They are unlikely to I have only positive feelings from my for their role, then doubled down on
invoked to impose tariffs to cajole Beijing to change Chinese policies, and they’ll invite retali- brief time at Freddie Mac (1982-85). their “duty to serve.” In the wake of
change its mercantilist behavior. That didn’t ation against U.S. goods. Recall how Beijing last Are Fannie and Freddie really terrify- repeated failure, the political premise
work, as Xi Jinping doubled down on his “Made year imposed export controls on graphite—a ing prehistoric reptilians (“Return of of off-balance-sheet conservatorship
the Housing Godzillas,” Review and is their ability to serve a free lunch.
in China 2025” plan to dominate high-tech man- critical input in EV batteries—in ostensible re-
Outlook, May 6) and if so, how do We shouldn’t be surprised at the
ufacturing including EVs—though Americans taliation for the Inflation Reduction Act’s tax- they survive today? proposal for them to gorge on con-
have paid more for imports. credit terms that exclude China. “Jurassic Park” (1993) introduced sumer credit risk. Maybe they’ll be
i i i Tariffs are also unlikely to work politically be- the concept of “cloning” prehistoric asked to swallow the federal student-
The White House says its border taxes are cause Mr. Trump will see and raise them. The animals into a contemporary environ- loan portfolio next.
better than Mr. Trump’s because they “are care- former President over the weekend vowed to put ment. In retrospect, President Frank- KEVIN VILLANI
fully targeted at strategic sectors—the same sec- a 200% tariff on Chinese cars made in Mexico. lin Roosevelt’s federal “sponsorship” La Jolla, Calif.
tors where the United States is making historic The two candidates are off and running on a tar- cloned Fannie Mae to nurture its pre- Mr. Villani was chief economist at
investments under President Biden.” In other iff bidding war that won’t end well for anyone. vious clone, the Federal Housing Ad- the U.S. Department of Housing and
words, industries are “strategic” because the To the extent it protects U.S. auto companies ministration (FHA), which transferred Urban Development, 1979-82, and
Administration is subsidizing them for political from foreign cars, over time the U.S. firms will the intrinsically local home-mortgage Freddie Mac, 1982-85.
credit risk to Washington. When fed-
reasons. become less competitive.
eral entity Ginny Mae took over the “Freddie wants taxpayers to back
China does present a special challenge for i i i securitization of FHA loans, President second mortgages . . . that allow
U.S. trade policy because it’s an adversary that The way to defeat Beijing economically is by Lyndon Johnson saved Fannie from homeowners to tap equity in home
often doesn’t play by global rules. Targeted making America more competitive. This means extinction by granting it conventional loans.” As you put it, “What could go
trade policy that punishes IP and cyber theft playing to traditional strengths of innovation, loan authority. He then cloned Fred- wrong?”
and protects national security is justified. Lim- low taxes and regulation, and trade alliances. Mr. die to do the same for savings and Later, you note, “A reduction in eq-
its on Huawei’s telecom products are an exam- Biden has done the opposite. His Administration loans. Free from contemporary preda- uity would make defaults and foreclo-
ple. Covid and the Ukraine war underlined the has blocked critical mineral mining projects. It tors, they grew into too-big-to fail sures more likely.” This latest govern-
need to diversify supply chains, and U.S. CEOs has attacked domestic fossil-fuel production and monsters, driving traditional savings ment scheme contradicts sound
are doing so. petrochemicals, which contributes to pharma- and loans almost to extinction. mortgage-loan underwriting policy.
But Mr. Biden’s tariffs are mainly about do- ceutical production. Their political cover as benign but Modern society stresses continuous
necessary national entities was blown consumption over prudent saving for
mestic U.S. politics and his green dreams. Most His climate policies are raising energy costs for
with the advent of national banking a rainy day. Tremendous stress and
goods on Mr. Biden’s tariff list aren’t needed for U.S. manufacturers. At the same time, his Admin- and securities laws and regulations in insecurity often result from home-
defense and don’t pose a security risk. His tariffs istration is seeking to weaken digital trade and in- the early 1990s. But under the guise owners liquidating their accumulated
are intended to mitigate the economic and politi- tellectual property protections at the World Trade of “prudential regulation,” progres- loan equity instead of paying off their
cal damage of his climate policies. Organization, which will help China. He opposes sive politicians increased their “mis- loans prior to retirement when their
China dominates global production of solar Nippon Steel’s acquisition of U.S. Steel, though it sion goals” as a rationale for contin- income typically is greatly reduced.
panels and critical minerals used in renewables. would make the U.S. company more competitive. ued protection. JAMES H. BOYKIN
While Chinese gas-powered cars aren’t competi- We could go on, as these columns have. During the 2008 mass extinction Richmond, Va.
tive, Mr. Xi has used subsidies and mandates to The Biden tariffs are a classic example of how
turn his country into the world’s leading EV pro- bad industrial policy is compounded by another
ducer. Chinese EV supply is outstripping domes- bad policy in the name of fixing the first mis- A U.S. Military-Industrial Complex? If Only
tic demand, fueling a local price war. This has take. Thus Mr. Biden wants to use tariffs to raise In his letter “Does America Have addressed such concerns for the past
stirred worries in the U.S. and Europe that low- the price of EVs that he wants everyone to buy. the Means to Fight Again?” (May 11), half-century. A Google search of my
priced Chinese EVs could flood foreign markets It’s bananas. Dale McIntyre rightly points out that name and “shipyards” will readily
in my Weekend Interview with Barton bring up some of the latest specifics

A School Choice Revival in Pennsylvania Swaim (“Are Americans Ready for

War?” May 4), I am not quoted as ad-
dressing America’s military-industrial
of that aspect alone. To wit, I have
been in agreement with Mr. McIntyre
for most of my adult life, and I thank

A
bill to create school vouchers for Penn- Senate to find common ground on this,” he said. and heavy-industrial bases. He then him for making his voice heard in re-
sylvania students is getting another As budget negotiations begin this year, the goes on to cite China’s surge capacity gard to so urgent a question.
chance at life after Democrats killed it trouble will again be the House, which has a one- in shipbuilding and America’s pro- MARK HELPRIN
found inability to match it. Earlysville, Va.
last year. The state Senate Ed- seat Democratic majority. The
ucation Committee voted 8-3 The state Senate tees up teachers unions are keeping up
Not all things can be said in an in- Mr. Helprin is author of “The
terview, but I have been privileged in Oceans and the Stars” and many
last week to advance the legis-
lation, teeing it up for budget
legislation to provide tion. their fire against the legisla-
But with the right pres-
these pages and elsewhere to have other books.

negotiations. Will Gov. Josh scholarships. sure from Senate leadership— Some readers have expressed con-
Shapiro fold again? which is standing firm on the The Fate of Publicly Traded cern that America may not have the
Last year the Democratic scholarships—and the Gover-
Governor announced his support for the scholar- nor, there could be a different outcome.
Companies Beyond America means to fight again. I want to as-
sure them that there is nothing to
ships, then vetoed them in the budget when Another good sign is a recent failed primary Mark Roe and Charles Yang make worry about. We have far more di-
House Democrats balked. The scholarships, challenge against Democratic Rep. Amen Brown. a telling point in arguing “Public versity coordinators, gender advisers
worth several thousand dollars each, would let Last summer Mr. Brown told a radio program Companies Are Alive and Well” (op- and flight suits for pregnant pilots
ed, May 10): While public companies than our enemies have. How could
low-income students in poorly performing pub- “we have to give our parents another option and
are fewer in number than they used we fail?
lic schools switch to a private school. The leave it in their hands to choose where they want to be, those firms that are publicly HARRY O. MCKINNEY
funds—which would have their own appropria- their child to go.” He defeated union-backed traded are now considerably larger. Oakland Township, Mich.
tion, not taken from public schools—could also challenger Cass Green in April. The point, a familiar one for those
be used for ”school-related fees” and special ed- One Senate Democrat joined Republicans to who have been studying the fate of
ucation services. pass the legislation in committee last week. “You public company, is nevertheless Lost Credibility With Trump
But Gov. Shapiro’s veto message left room to re- cannot look past the obvious,” said Sen. Anthony U.S.-specific.
I agree with Ralph Reed that the
vive them, and he repeated that in his budget ad- Williams. “There are parts of Pennsylvania, rural World-class firms such as Alphabet,
left’s attitude toward right-leaning
dress in February. The scholarships are “some- and urban, that are not being served by the pub- Amazon, Apple, Meta, Microsoft and
Christians is “a fashionable but insid-
thing I support and consider to be unfinished lic experience.” Time to use your political capi- Nvidia do wonders for America’s stock
ious bigotry that seeks to marginalize
business,” and “we’ve left room for the House and tal, Gov. Shapiro. market. The status of the public com-
and disqualify from our civic dis-
pany may be much different in coun-
course Americans who take their
tries that lack such dominant firms.

Operation Save Marty Gruenberg

faith seriously” (“The Smear Cam-
Consider the U.K., traditionally re-
paign Against ‘Christian National-
nowned for its stock market-oriented
ists,’” op-ed, May 6). Evangelical

F
corporate economy. The number of
ormer Sen. Al Franken has another rea- do the incidents of—and resulting reputation Christians do themselves no favor,
publicly traded companies has fallen,
however, by supporting in a cultish
son to be angry that he resigned his seat for—losing his temper and expressing anger as in the U.S., and Britain has failed
manner Donald Trump, a man who
in 2018 under pressure from his fellow with staff,” the report says. to develop publicly traded world-
has flagrantly violated the first, third,
Democrats amid the me-too If Mr. Gruenberg were a Re- beating firms to rival America’s.
fourth, seventh, eighth, ninth and
frenzy. Those same Democrats Senate Democrats are publican, he’d be tarred and While the public company might well
10th commandments and doesn’t ap-
be alive and well in the U.S., the same
are now scrambling to save
Martin Gruenberg after he
scrambling to protect town. feathered on his way out of
Yet the press corps has cannot be said for Britain, despite re-
pear repentant about any of it.
When Christians repent of their
presided over a culture of bul- their man at the FDIC. largely ignored the FDIC re- cent equity-market reforms intended
to correct matters.
support for Mr. Trump, maybe they
lying and harassment as chair- port, and Democrats are silent will have some firm ground to stand
PROF. BRIAN CHEFFINS
man of the Federal Deposit In- or protective. That includes on and fight back against the left.
Cambridge University
surance Corp. Democrats who have made a career of denounc- ANTHONIE H. WOLLER
Cambridge, England
Specifically, they’ve been working behind ing harassment and ill treatment. Beaverton, Ore.
the scenes to prep Massachusetts Sen. Eliza- Nevada Sen. Catherine Cortez Masto has said
beth Warren’s protege so he can survive hear- “I will always stand up for victims of sexual as- Students Against the Crowd
ings in Congress this week. Mr. Gruenberg is sault,” but she’s quiet about Mr. Gruenberg. As a law professor in San Fran-
Pepper ...
likely to be grilled, as he should be, about last Montana Sen. Jon Tester has hailed anti-harass- cisco, I appreciate the concerns that And Salt
week’s damning report from an independent ment policies at Veterans Affairs, but he seems prompted Judge Matthew Solomson’s
THE WALL STREET JOURNAL
law firm on his personal behavior and manage- to be giving the FDIC a pass. Both Democrats are “Why I Won’t Hire Law Clerks From
ment failures. on the Banking Committee, and we’ll see this Columbia” (May 9). But boycotts may
The report by Cleary Gottlieb Steen & Hamil- week if they have the consistency to call for Mr. be counterproductive if they discour-
ton describes a culture in which some 10% of em- Gruenberg’s resignation. age ideologically diverse students
ployees complained of abusive treatment. “For far One thing to watch for is the misdirection of from attending schools like Columbia.
Instead, the judges should consider
too many employees and for far too long, the FDIC blaming other FDIC leaders, including Trump-
giving preference to law students
has failed to provide a workplace safe from sexual era chair Jelena McWilliams. The Cleary Gott- who enter the lion’s den and chal-
harassment, discrimination, and other interper- lieb report mentions her only nine times and lenge institutional orthodoxy.
sonal misconduct,” the report concludes. says she responded to a 2018 anonymous letter PROF. KEITH J. HAND
Democrats say Mr. Gruenberg has been chair- from employees by overseeing several initia- University of California, San Francisco
man for only two years, but that ignores his long tives to improve diversity. Mr. Gruenberg gets
previous tenure at the top of the agency. “Having 108 mentions, often unflattering.
Letters intended for publication should
been with the FDIC for almost 20 years, and hav- Democrats are hoping that if he can get be emailed to [email protected]. Please
ing served as its head for ten of the last thirteen through this week the FDIC report will be for- include your city, state and telephone
years, leading cultural transformation at an gotten and he can survive to keep doing their number. All letters are subject to
agency that he has led for so long presents policy bidding. The hypocrisy could be world editing, and unpublished letters cannot “I’ve hired a perky cohost to mitigate
be acknowledged.
unique challenges for Chairman Gruenberg, as class. the bankruptcy process.”
P2JW136000-0-A01700-1--------XA

THE WALL STREET JOURNAL. Wednesday, May 15, 2024 | A17

OPINION

Marxism Is a Gulag of the Mind

By Gary Saul Morson tice, of course, none of it was true. is strength,” goes the slogan of

B
The Soviets persecuted religious be- “1984.” Today diversity often means
ack when there were still lievers and arrested people for the uniformity; equity, inequality; and
two Germanys, one a par- mildest criticisms—even for suppos- inclusion, exclusion of those who
liamentary democracy edly anti-Soviet thoughts. The right think differently.
aligned with the West and to work meant the obligation to The Hamas charter explicitly calls
one a Soviet satellite sur- work, often in appalling conditions for killing all Jews, but the terror
veillance state, I had trouble remem- and with lateness punishable by ex- group’s campus supporters, who of-
bering which was the Federal Re- ile to Siberia. ten harass Jews, accuse Israel of
public and which the Democratic Other examples come to mind. genocide. They call President Biden
Republic—until I realized that the Think of some “peace” movements. “Genocide Joe.” No one uses hate
one calling itself democratic wasn’t. My Russian history teacher, Firuz speech more often than those who
Even today, North Korea’s official Kazemzadeh, recalled that after constantly accuse others of using

LASKI DIFFUSION/GETTY IMAGES

name is the Democratic People’s Re- World War II ardent pacifists in hate speech.
public of Korea. The least demo- Western European cities asked peo- If the illiberal elements of the
cratic regimes in the world pretend ple to sign petitions demanding uni- Democratic Party win out over the
to be the most democratic. lateral disarmament. Kazemzadeh traditional liberals, expect them to
was well aware that the Soviets, make sure they never lose power.
who were rebuilding their military It’s easy: Expand the Supreme Court,
The left manipulates and surreptitiously solidifying con- as some have already proposed, and
trol of Eastern European countries, Prisoners in the Vorkuta Gulag, 1945. appoint new justices who define
politics by inverting the sponsored European peace move- equality, freedom and democracy as
meaning of terms like ments. If you had expansionist aims, spoils for a fight with his childish erative Vladimir Putin routinely their opposites. Adjust how voting
wouldn’t you want your enemy to name-calling, or attracts attention does. In Maine and Colorado, Demo- takes place and who counts the
‘democracy’ and ‘equity.’ disarm? by offensive suggestions and obnox- crats tried to keep the presumptive votes, as Mr. Putin did. Then extend
The Marxist impulse is always to ious exaggerations, Mr. Trump pro- Republican nominee off the ballot a full-scale authoritarian regime (or
accuse your opponent of what you vokes people to approve of unprece- entirely. Who exactly is undermining worse) to all corners of life. With
Then as now, Marxists and those are doing or plan to do. It resembles dented tactics they never approved democracy? technology already or soon to be
who have learned from them often what Freudians call “projection,” ex- of before. Mr. Trump was charged with available, authorities pursuing true
justify abuse of language by redefin- cept that in Freudian theory projec- The test of whether a person re- planning to curtail democratic free- justice will make 20th century com-
ing the key term. Words come to tion happens outside the person’s ally believes in freedom is the readi- doms, but the Biden administration munist leaders look like amateurs.
mean their opposite. To the Soviets, awareness and is governed by an un- ness to protect the freedom of oppo- pressured social-media platforms to Do those accusing the Jews of
“true” democracy wasn’t a matter of conscious desire not to recognize nents. It’s easy to do when the censor even true information about genocide do so to justify killing
voting for one of two indistinguish- one’s own intentions. For the leaders opponent is mild and honorable, but Covid and other sensitive topics. On them? Will traditional Christians
able parties, but of justice. So used, of Marxist and quasi-Marxist move- what Democrat will rise to defend campuses and in businesses, “eq- find themselves worshiping under-
the word “true” means “false.” ments, the technique of accusing Mr. Trump? They accuse him of har- uity,” like “true democracy,” has ground? How far will the principle
On paper, the Soviet Constitution others of one’s own aggressive plans boring authoritarian designs as they taken the place of its opposite, of political projection extend? I
of 1936 was the most liberal in the is entirely conscious. Call it “the po- prosecute him in several courts so equality. Rights are for those who don’t know, and I hope never to find
world. It granted universal suffrage, litical projection principle.” that he can’t campaign, must spend accept the new definition of rights; out.
direct elections, the right to work This principle is easiest to apply his money defending himself, and everyone is equal, except those who
and equal status to all ethnicities. It when the target really does seem may find himself in prison before aren’t. George Orwell grasped this Mr. Morson is a professor of
also established freedom of con- unsavory, like Donald Trump. When the voting starts. Arresting potential way of thinking perfectly. “War is Slavic languages and literatures at
science, religion and speech. In prac- he makes outrageous comments, challengers is what former KGB op- peace, freedom is slavery, ignorance Northwestern University.

Brown v. Board of Education: Right Result, Wrong Reason

When the Supreme the 14th Amendment. political constraints, Judge Wilkin- high schools on standardized tests We can’t know for certain if the
Court delivered its How a court reaches a decision son added, “Temperance and tact both locally and across the country. backlash would have been any more
historic Brown v. can be as important as the decision were the order of the day. Why in- If the Supreme Court was correct in or less severe than what played out,
Board of Education itself, and the problem we’re still flame that region whose acceptance, its assessment of racially separate which was more than a decade of
ruling 70 years ago grappling with seven decades later is above all, would have to be won?” learning facilities, how could Dunbar white Southern resistance to deseg-
on May 17, the goal the reasoning the justices used in Nearly two decades later, reflecting High School exist? regation orders. What we do know is
was to produce bet- Brown. Instead of declaring that on his reasoning in Brown, Warren Nor were blacks the only ethnic that efforts since the Brown ruling
UPWARD
MOBILITY ter academic out- Plessy was an incorrect reading of said, “On the merits, the natural, the group that had attended high- to integrate public schools have
comes for black chil- the Constitution, Warren invoked logical, and practically the only way achieving segregated schools. “The done more to sustain academic
By Jason L.
dren. It’s been clear “modern authority,” or social-science the case could be decided was clear. most casual knowledge of history achievement gaps than to narrow
Riley
for decades that ra- research not available when Plessy The question was how the decision shows that all-Jewish, all-Chinese, or them. Charter schools, which con-
cially mixed class- was decided, to argue that segre- was to be reached.” all-German schools have not been in- centrate in low-income minority
rooms aren’t essential to meeting gated schools were inherently un- herently inferior,” the scholar neighborhoods to offer education al-
that objective, yet policymakers con- equal in academic outcomes. In Thomas Sowell has noted. “Chinese ternatives, are resisted on grounds
tinue to insist that black pupils must other words, the prior decision was Segregation is wrong, but and Japanese school children were that they perpetuate racial segrega-
be seated next to white pupils to wrong owing to new developments. at one time segregated both de facto tion. That many charter students
learn. Warren’s decision to avoid a di- black students don’t need and de jure in California, yet they outperform their peers in traditional
The Brown decision effectively rect attack on Plessy and the South to share a classroom with outperformed white children—and public schools is an afterthought.
overturned Plessy v. Ferguson was a political calculation. He largely still do.” In some of the best public schools
(1896), which declared that “sepa- wanted the ruling to be unanimous white ones to learn. The Supreme Court didn’t have to in the country, a majority of the stu-
rate but equal” facilities were per- and didn’t want the Supreme Court rely on “modern authority.” It could dents are black and Hispanic, which
missible and became the legal basis ahead of public opinion on racial have ruled, as Justice John Marshall is also true of some of the worst
for racial segregation for more than matters, prompting a backlash. Warren’s claim that segregated Harlan’s Plessy dissent had, and as public schools in the country.
50 years. The Brown ruling, to its “Southern power in the mid-fifties schools produced inferior educa- Thurgood Marshall and the NAACP Clearly, the defining feature of a
credit, aimed to end that era. Chief did not stop at Congress; it sat on tional results was wrong when he had recommended, that the Consti- successful school isn’t its racial
Justice Earl Warren wrote for a the Court,” wrote judge and legal wrote it in 1954. That year, an all- tution is colorblind. It could have makeup, yet education policy contin-
unanimous court that state-imposed scholar J. Harvie Wilkinson. “Jus- black high school within walking dis- concluded that Plessy had been ues to emphasize racial balance in
racial segregation of schools was un- tices as different as Hugo Black, the tance of the Supreme Court building wrongly decided because racially the classroom. That there’s so much
constitutional because sorting chil- Alabaman, Tom Clark, the Texan, sent a higher percentage of students separate schools and other public focus on what a school looks like de-
dren by race denied black students and Stanley Reed, the Kentuckian, to college than any white public high facilities in the South were intended mographically, instead of how it per-
“equal education opportunities” and would have resisted any opinion that school in Washington. The same in- to keep blacks in a subordinate posi- forms, is one of the unfortunate leg-
thus deprived them of the equal pro- pointed a finger back home.” stitution, Dunbar High, also had tion and thus violated the 14th acies of Brown v. Board of
tection of the laws guaranteed by Warren was acting within certain been known to outperform white Amendment. Education.

The Populist Who Plans to Break Up Belgium

By Tunku Varadarajan taken care of in their own region or Belgium’s domestic arrangements, slate for the whole country, right?” tions with other parties to form a
adjacent countries” rather than “seek however, are at the heart of Vlaams Mr. Van Grieken says. “That would be government.”
Schoten, Belgium asylum in Oslo, or Antwerp.” That Belang’s appeal. The French-speaking logical. But no French-speaking party Still, he has virtually no chance of

Y
ou probably don’t have strong doesn’t go for Ukrainians: “They’re minority has ridden roughshod over is in favor. Because you’d have a de- becoming prime minister. Already the
feelings about Belgium, but asylum seekers from our region.” Dutch identity since 1830, when the mographic majority of the Dutch- two parties with the most and third-
Tom Van Grieken does. He Mr. Van Grieken also shares Mr. country became independent. The speaking people under a one-person, most seats—the nationalist New
wants it dead. He has a plan to dis- Wilder’s aversion to Islam, which the crudest of the old anti-Dutch ex- one-vote system.” Flemish Alliance, or N-VA, which
mantle his country “no later than five former describes as “not compatible cesses are a thing of the past, but it seeks gradual independence for Flan-
years from now, maximum.” Mr. Van with our Western values.” If “you rankles Mr. Van Grieken that Flan- ders, and the more radical Vlaams Be-
Grieken, 37, leads the Vlaams Belang, think gay people should be thrown ders “subsidizes” French-speaking Tom Van Grieken’s party lang itself—are excluded from govern-
or Flemish Interest, a secessionist out of buildings or that women are Wallonia. ment. Every government must include
party in Flanders, Belgium’s Dutch- worth less than men, please leave,” Sixty percent of Belgium’s popula- leads the polls. He won’t at least one Flemish and one French
speaking north. Its goal is a “sover- he says. “We don’t want to build our tion is Flemish. “We are a demo- be prime minister but party, and the French parties all ob-
eign, independent Flanders,” though future with you.” He adds: “We think graphic and economic majority,” he serve a strict cordon sanitaire against
he jokes that Americans may mistake there are a lot of moderate Muslims, says. “We’re good for 70% of the could shake things up. Vlaams Belang. “They refuse to deal
his goal for something out of “The but there’s no moderate Islam.” taxes and more than 80% of Bel- with us,” Mr. Van Grieken says. “So in
Simpsons”: “Will they think of Ned As we sip coffee in a hipster café gium’s exports.” But there’s an in- the electoral system we have, the idea
Flanders?” in the small, charmless Flemish town built bias against Flanders in the Bel- Mr. Van Grieken envisions an inde- of a Prime Minister Van Grieken is po-
Mr. Van Grieken’s project isn’t as where he lives, Mr. Van Grieken of- gian political system that gives pendent Flanders with the histori- litical science fiction.”
unlikely as it sounds. Polls predict fers a flurry of stats that make him Wallonia disproportionate weight. “A cally Flemish city of Brussels as its But the Belgian Parliament isn’t
that his party will win a plurality of indignant. The proportion of Belgian Flemish vote is worth less than a capital. “We want a divorce, and cus- the only game in town. Politics here
the votes in Belgian national elections residents who are of “foreign origin” French vote,” Mr. Van Grieken says. tody of the child,” he says. “The child are byzantine and feature six differ-
on June 9. Populism has been surging has risen from 3% in the 1960s to 1 in His party received 800,000 votes is Brussels.” ent parliaments (plus the European
across Europe, not least in the Neth- 3 today. Half of children in Antwerp, in the last election. The French So- How realistic is that? Vlaams Be- Parliament, based in Strasbourg,
erlands, where Geert Wilders’s party Flanders’s hub, are Muslim. Forty cialist Party got 200,000 fewer. “And lang, for the first time in its contro- France), including regional ones, for
won a plurality in November. (Mr. percent of the country’s prison popu- still they got two more MPs than we versial history, is predicted to win the Flanders, Wallonia and Brussels. The
Wilders couldn’t find coalition part- lation, and 40% of “the clientele of did”—20 members of the Belgian highest percentage of votes in Bel- N-VA and Vlaams Belang are the two
ners and eventually gave up on trying social security,” aren’t Belgian. “If Parliament to Vlaams Belang’s 18. gium—over 27%. This would make it largest parties in the Flemish regional
to form a government.) you put one sugar cube in your cof- The Belgian Constitution decrees that the largest party in the Belgian Par- parliament, with the former heading
Like Mr. Wilders, Mr. Van Grieken fee, it enriches the taste,” he says. citizens in Wallonia can vote only for liament—yet well short of a majority. the government and the latter in op-
rejects “mass migration.” He argues “But we’re putting 20 cubes into our French parties; in Flanders, only for If that happens, Mr. Van Grieken says, position. If the two pro-independence
that Third World refugees “should be cup in Belgium.” Flemish ones. “We should have one “we get the right to start negotia- parties gain enough seats in June to
form a majority regional coalition,
Mr. Van Grieken says, “that’s enough

Notable & Quotable: Roe

to start a secession process.”
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY He envisions a declaration by the
Lachlan Murdoch regional body that “the Flemish Parlia-
Executive Chairman, News Corp Ed Kilgore writing for New York ing that a sizable number of Ameri- ment and not the Belgian state has
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp magazine, May 13: cans, incredibly enough, held Biden sovereignty over Flanders.” This would
Emma Tucker Almar Latour responsible for “the overturning of be followed by a call for negotiation
Editor in Chief Chief Executive Officer and Publisher If COVID and January 6 are not Roe v. Wade and the elimination of toward an amicable divorce.
Liz Harris, Managing Editor DOW JONES MANAGEMENT: front of mind when voters think of the federal right to an abortion.” What if the French side doesn’t
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; 2020 and 2021, and the economy as That opinion was held by 34 percent negotiate? “We’ll do it on our own,”
Elena Cherney, Senior Editor; David Crow, Mae M. Cheng, EVP, General Manager, Leadership;
Executive Editor; Chip Cummins, Newswires; David Cho, Barron’s Editor in Chief; Jason P. Conti, it was in 2019 is recalled as Elysian, of self-identified independents, 32 Mr. Van Griecken says. “That’s the
Andrew Dowell, Asia; Taneth Evans, Associate General Counsel, Chief Compliance Officer; what does that say about the Biden percent of Black voters, and 42 per- way history works. It’s never ‘more
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Editor; Brent Jones, Culture, Training & Outreach;
Chief Financial Officer; Frank Filippo, Chief
campaign’s efforts to remind people cent of Hispanic voters. It helps ex- Belgium.’ It’s always less Belgium.
Alex Martin, Print & Writing; Michael W. Miller,
Transformation Officer; Artem Fishman, Chief of Trump’s responsibility for the re- plain why the Biden campaign is de- And I have no interest in saving
Features & Weekend; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Technology Officer; David Martin, Chief Revenue versal of Roe v. Wade? Will voters voting so much energy to connecting Belgium.”
Officer, Business Intelligence; Dan Shar, EVP,
Philana Patterson, Audio; Amanda Wills, Video General Manager, Wealth & Investing; Ashok Sinha, accept that a Very Bad Thing that the dots between Trump’s Supreme
SVP, Head of Communications; Josh Stinchcomb, happened long after Trump left of- Court appointments and the Dobbs Mr. Varadarajan, a Journal con-
Paul A. Gigot EVP & Chief Revenue Officer, WSJ | Barron’s
Editor of the Editorial Page fice was actually his fault? decision. But it also suggests public tributor, is a fellow at the American
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
As it happens, a new survey of perceptions of Trump are very hard Enterprise Institute and at New York
1211 Avenue of the Americas, New York, N.Y., 10036 registered voters was released last to change, and that’s a big problem University Law School’s Classical Lib-
Telephone 1-800-DOWJONES week from Navigator Research show- for Democrats. eral Institute.
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DOJ Says Boeing Violated Jet Pact Mining

Giant
Plane maker faces
possible prosecution Anglo to
in fatal crashes of
737 MAX in 2018-19 Break Up
BY CHRISTIAN MOESS LAURSEN
BY DAVE MICHAELS
AND JULIE STEINBERG
AND ANDREW TANGEL

The Justice Department Anglo American plans to

said Boeing violated a settle- unload several assets and focus
ment reached three years ago more on commodities linked to
over its employees’ role in two green energy, part of a turn-
fatal jet crashes, exposing the around effort aimed at winning
company to potential criminal over investors after rejecting a
prosecution over one of the $43 billion takeover bid from ri-
biggest crises in its history. val BHP Group.
Boeing admitted in January The mining company said
2021 that two employees mis- Tuesday that it would spin off
led federal air-safety regula- its platinum-metals subsidiary,
tors over facets of the 737 divest or demerge its diamond
JASON REDMOND/AGENCE FRANCE-PRESSE/GETTY IMAGES

MAX, but it entered into a unit De Beers, sell its steelmak-

form of corporate probation ing coal assets and explore op-
that allowed it to avert prose- tions for suspending its nickel
cution at the time. Now, prose- operation and divesting it.
cutors say the company failed Anglo said the plan will fo-
to live up to obligations that it cus its portfolio around assets
committed to in the $2.5 bil- that support the transition to
lion settlement. greener energy. Chief among
In a span of about five those is copper, which will be
months in 2018 and 2019, Boe- even more central to the com-
ing 737 MAX jets operated by pany’s future, with demand for
Indonesia’s Lion Air and Ethio- the metal expected to rise as
pian Airlines crashed, killing a the world decarbonizes and
Please turn to page B2 Prosecutors say the company failed to live up to obligations that it committed to in the $2.5 billion settlement. supply tightens. Iron ore and
crop nutrients will also remain
key businesses for the company.

Law Spurred by Collapse Roils Florida Condos

“Copper of course is the
story of the day,” Anglo Chief
Executive Duncan Wanblad said
on a call with reporters, adding
that the company would look to
BY DEBORAH ACOSTA state law that requires older put his two-bedroom condo up site direction.” can’t afford the six-figure spe- expand its copper business both
buildings to meet certain for sale, joining dozens of oth- Miami has enjoyed one of cial assessments. organically and through poten-
MIAMI—Ivan Rodriguez structural safety standards, the ers in the building who are do- the biggest real-estate booms in Condo inventory for sale in tial mergers and acquisitions.
leapt at the chance to buy a condo board recently proposed ing the same. After originally the country. Home prices have South Florida has more than Wanblad said the restructur-
unit at the Cricket Club, an ex- a nearly $30 million special as- listing his unit for $350,000, he doubled since 2018, according doubled since the first quarter ing would help show the value
clusive bay-front condominium sessment for repairs, including kept marking it down until fi- to real-estate brokerage Redfin. of last year, to over 18,000 of Anglo’s copper assets, which
in North Miami. In 2019, he liq- roof replacement and facade nally it sold for $110,000 last Now, thanks to a new law in re- units. While the sharp rise in has been suppressed by the
uidated his 401(k) retirement waterproofing. It would month, or 42% less than what sponse to the partial collapse of Florida home insurance costs is complexity of the company’s
account to purchase a nearly amount to more than $134,000 he paid for it. a building in Surfside that driving some to sell, most of portfolio.
1,500-square-foot unit with wa- per unit owner. Every time a potential buyer killed 98 people, apartment the units on the market are in The shake-up comes after
ter views for $190,000. Rodriguez, 76, didn’t have learned of the assessment, he owners are dumping their units buildings 30 years or older. Anglo on Monday rejected a
But because of a recent the money. So he reluctantly said, “they’d run in the oppo- on the market because they Please turn to page B6 Please turn to page B2

Vanguard YouTube Is a Rising Star Copper Frenzy Drives

Names For American TV Viewers U.S. to Secure Supply
BlackRock BY SARAH KROUSE Share of U.S. TV-viewing time*
BY JULIE STEINBERG the matter.
The goal is simple: to keep

Veteran AND DAVID MARCELIS

In the competition for U.S.

12% After one of the world’s top
copper producers recently hit
a financial crunch, the Biden
it out of Chinese control and
prevent the Asian superpower
from tightening its grip over

As CEO
Disney
TV time, YouTube is ascen- administration started hud- the global supply of crucial
11
dant. dling with potential investors metals and minerals.
Nearly 10% of the time about taking a stake in the The bidding, expected to be
Americans spent in front of TV company’s Zambian mines concluded later this year, is
BY CARA LOMBARDO screens last month was on 10 worth as much as $3 billion. part of a global rush to acquire
AND JUSTIN BAER YouTube’s flagship smart-TV The search isn’t restricted more copper, a key component
app, Nielsen data show, a sign YouTube to American companies, with in everything from electric
Vanguard Group tapped a of continued transformation of 9 entities from the United Arab cars to transmission lines and
former BlackRock executive as the platform. Once a repository NBCUniversal Emirates, Japan and Saudi the data centers powering the
its next leader, putting an out- of amateur videos, the service Paramount Arabia—all viewed as friendly AI revolution.
sider in charge of the asset owned by Alphabet’s Google to U.S. interests—expressing BHP Group’s record nearly
8 Warner Bros.
manager for the first time in has grown into a streaming be- interest in the stake in First $43 billion takeover bid
Discovery
its roughly 50-year history. hemoth with full-length films, Quantum Minerals’ assets, ac- for Anglo American, which
Salim Ramji, who led Black- highly produced series, sports Netflix cording to people familiar with Please turn to page B2
Rock’s exchange-traded funds highlights and live events. 7
and index investing until ear- Walt Disney—the parent of Nov. 2023 Dec. Jan. ’24 Feb. March April
lier this year, will start as Van-
guard’s chief executive in July,
the company said Tuesday.
TV networks such as ABC and
ESPN and streaming services
including Disney+, Hulu and
Share of U.S. TV-viewing time, April 2024
INSIDE
Ramji left BlackRock in Jan- ESPN+—garnered 11.5% of total Streaming Traditional TV
uary after about a decade. He TV-viewing time in the U.S.
said at the time he planned to last month, retaining its top Disney
“seek a new leadership or en- position.
PHILLIP CARUSO/PEACOCK/ASSOCIATED PRESS

trepreneurial opportunity out- The data, which Nielsen re-

side the firm.” He is credited leased Tuesday, for the first YouTube
with expanding BlackRock’s time captures the full audience
multitrillion-dollar iShares ETF that entertainment companies NBCUniversal
CAITLIN O’HARA/REUTERS

business. In his final role, he reach across cable, broadcast

oversaw two-thirds of Black- and streaming on people’s TV
Rock’s more than $10 trillion sets. Paramount
in assets under management. YouTube’s growing share il-
Pennsylvania-based Van- lustrates the power shift under Warner Bros.
Discovery
guard said in February CEO way in the entertainment in-
Mortimer J. “Tim” Buckley dustry. The video app is stand-
was stepping down and that ing toe-to-toe with companies Netflix BUSINESS NEWS AUTOS
the firm was launching a that own TV networks as well 0% 2 4 6 8 10 12 Comcast will bundle Alphabet’s
search process for its next as streaming services. Tradi-
leader. It also promoted Greg tional media and streaming be- *Includes streaming and traditional TV viewing time and, for streaming platforms, both Peacock with self-driving-car unit
Davis, previously Vanguard’s hemoths collectively spend
ad-supported and ad-free tiers. streaming rivals Netflix Waymo is probed
Note: Viewing via multichannel video programming distributors attributed to parent company of
chief investment officer, to over $100 billion a year on each channel viewed on the platform. Hulu counted in majority owner Disney's streaming share. and Apple TV+. B2 over 22 incidents. B3
Please turn to page B2 Please turn to page B2 Sources: Nielsen National Television Panel; Nielsen Streaming Platform Ratings

MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com (877) 632-2589
P2JW136000-5-B00200-16D5963078D

B2 | Wednesday, May 15, 2024 * ** ** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Comcast Plans Streaming Bundle

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

A First Quantum Minerals...B1 R

Alibaba...................................B4,B11 Foxconn Technology............B4 Red Lobster.................................B3

Of Peacock, Netflix and Apple TV+

Alphabet..........................B1,B3,B5 G Reddit...............................................B5
Amazon.com...............................B4 GameStop.............................A1,B11 Rio Tinto......................................B12
AMC Entertainment....A1,B11 Glencore.......................................B12 Robinhood..................................B12
American Airlines..................B5 S
Anglo American.............B1,B12 H
Apollo Global Management Home Depot.............................B12 Sony...................................................B3
............................................................... B3 I T BY PATIENCE HAGGIN
Apple.........................................B2,B4 Teva Pharmaceutical........B12 AND JESSICA TOONKEL
Ibotta................................................B5
B Invitation Homes...................B6 Thai Union....................................B3
BHP...........................................B1,B12 M U Comcast will start bundling
Boeing...............................................B1 Uber Technologies................B4 its Peacock streaming platform
Merck..............................................B12
C V with rivals Netflix and Apple
Morgan Stanley....................B12
Charles Schwab.....................B12 Vanguard........................................B1 TV+, the latest effort by enter-
Comcast..........................................B2
N
Virtu Financial........................B12 tainment companies to retain
D Netflix...............................................B2
W customers by offering several
Delivery Hero.............................B4 O services at a discount.
Walmart........................................B11
Delta Air Lines.........................B5 OpenAI............................................B4 The new bundle, called
Walt Disney.................................B1
E-F P StreamSaver, will be exclusively

KAROLINA WOJTASIK/PEACOCK/ASSOCIATED PRESS

Warner Bros. Discovery....B2
EQT.....................................................B5 Paramount Global..........B2,B3 Waystar..........................................B5 available to customers of Com-
cast’s internet service, Comcast
Chief Executive Brian Roberts
INDEX TO PEOPLE said at a MoffettNathanson in-
vestor conference Tuesday.
The announcement comes
A-L Gates, Bill......................................B5 Ratner, Richard.......................B11 after two other media conglom-
Altman, Sam..............................B4 Gill, Keith..............................A1,B12 Reid, Liz..........................................B5 erates, Disney and Warner Bros.
Bittner, Jonathan.................A12 Hartmann, Josh.......................B6 Robert, Brian..............................B2
Henry, Mike...............................B12 Ross, Richard.............................B6
Discovery, said they would offer
Blickstein, Jill.............................B5
Buckley, Mortimer J.............B1 Jassy, Andy.................................B4 Sanekommu, Dinesh...........B5 Disney’s Disney+ and Hulu and
Ciccarelli, Scot.........................B12 Levin, Jeremy..........................B12 Schultz, Howard......................A2 Warner’s Max service as part of
Davis, Greg...................................B1 Loughridge, Mark...................B2 Selipsky, Adam.........................B4 a bundle. The bundle is set to launch by month-end. Natasha Lyonne in a scene from Peacock’s ‘Poker Face.’
Dusaniwsky, Ihor..................A10 M-W Sperry, Rand...............................B6 The moves aim to simplify
Eisen, Scott.................................B6 Ma, Jack.........................................B4 Studnicky, Craig.......................B6 choices in the crowded stream- when they look to subscribe to business keeps shrinking. The month. Comcast expects to an-
Ellen Coe, Mary.......................B2 Main-Baillie, Greg..................B6 Sutskever, Ilya...........................B4
Verma, Ashwani....................B12
ing business by making several a specific streaming platform. company is offering its broad- nounce pricing and other de-
Fink, Larry....................................B2 Maris, David.............................B12
Fisker, Henrik..........................A10 Palacios, Rick.............................B6 Vigodman, Erez.....................B12 services available in one plan. Comcast, the nation’s largest band customers a streaming tails of the bundle next week, a
Francis, Richard.....................B12 Pieracci, Brian............................B6 Wanblad, Duncan............B1,B2 But they also add a layer of broadband provider with over box called Xumo. person familiar with the com-
Garman, Matt...........................B4 Ramji, Salim................................B1 Wu, Eddie.....................................B4 complexity for customers, who 32 million customers, is work- The StreamSaver bundle will pany’s plans said. The bundle is
now have an ever-wider array ing to become a hub for stream- include Netflix’s ad-based tier, expected to be launched by the
of options—and price points— ing services as its cable-TV which currently costs $6.99 a end of the month.

Watch a Video: How China’s ‘Firewater’

Became World’s Most Valuable Liquor Brand
YouTube which began in earnest on when someone uses YouTube
Monday. TV to watch ESPN, Nielsen
YouTube’s share of total TV said. Viewership trends can
connected-TV screens each
month, a spokeswoman for the
platform said. It has benefited

Grabs U.S. time as measured by Nielsen change seasonally.

looks only at the YouTube app The content that draws the
on smart TVs, which is free most viewing on YouTube, par-
from new features that let
viewers shop or chat with one
another while watching big

TV Viewers and comes with ads. (An ad- ticularly on television sets, is
free version costs $13.99 a made by the likes of online ce-
events, like a livestream of last
month’s Coachella Valley Music
CHEN YONG/VCG/GETTY IMAGES

month.) YouTube parent lebrities such as MrBeast; and Arts Festival.

Google is also a major pay-TV Rhett and Link, co-stars of va- Unlike traditional media
Continued from page B1 provider in the form of You- riety show “Good Mythical companies, which have to pay
programming, according to Tube TV, which Morning”; and hefty sums upfront for pro-
Ampere Analysis. streams a pack- daredevil Mi- gramming that they hope will

150
Legacy players such as age of more chelle Khare, bring in larger amounts of sub-
Warner Bros. Discovery and than 100 TV company execu- scription and advertising reve-
Paramount Global are dealing channels and tives said. nue, YouTube incentivizes the
Moutai is the world’s largest beverage with the declining reach of sells access to “We’re talk- creation of content by sharing
company by market cap, yet it remains their traditional TV networks the National Millions in U.S. who ing about cre- 55% of revenue from ads that
largely obscure among global consumers. as more Americans cut the F o o t b a l l ators as the run in creators’ long-form con-
Scan this code for a look at the liquor giant’s cord. At the same time, they League’s Sun-
watch YouTube on studios of the tent, and 45% of revenue from
business strategies and the challenges ahead. are spending heavily on slates day Ticket connected-TV future,” said ads on their short-form videos.
of original content and sports franchise. screens monthly Mary Ellen Coe, YouTube topped Netflix as
programming to retain the People who YouTube’s chief the streamer with the most

Mining the main draw.

The takeover interest comes
as London-listed Anglo was al-
viewers they still have and an-
chor their nascent streaming
services.
watch TV chan-
nels through
business officer.
The platform
services such as YouTube TV benefits from a steady stream
U.S. TV time in early 2023, ac-
cording to Nielsen data, and
widened its lead in the early

Giant Plots ready reviewing its assets in an

effort to revive its lagging share
price. Several company assets
The release of Nielsen’s data
comes as entertainment giants
present their programming
and FuboTV are taken into ac- of fresh content released daily
count in the Nielsen data, and and is particularly popular
credited to the owner of the among people under 24.
months of this year. Netflix at-
tracted the sixth-largest share
of U.S. TV time in April after

Breakup have struggled with weak com-

modity prices and rising costs.
Last month, The Wall Street
plans for the coming TV sea-
son to advertisers—a process
known as the “upfronts,”
channel, not the platform on Today, 150 million people in
which the channel is watched. the U.S.—more than 40% of the
For example, Disney gets credit population—watch YouTube on
Disney, YouTube, NBCUniver-
sal, Paramount and Warner
Bros.
Journal reported the company
Continued from page B1 had held early conversations
sweetened takeover proposal
from rival BHP that valued the
company at almost $43 billion,
with potential buyers for its De
Beers unit, which it values at
more than $7 billion.
DOJ Sees new criminal investigation and
sparked fresh worries about a
safety culture that Boeing was
gations under the DPA, Boeing
is subject to prosecution by the
United States for any federal
“We will engage with the de-
partment with the utmost
transparency, as we have
in what would have been the
biggest mining deal on record.
Wanblad on Tuesday reiterated
The unit—which Anglo is
now exploring either a sale or a
demerger for—lowered its full-
Boeing supposed to have fixed.
The Tuesday announce-
ment, which the Justice De-
criminal violation” federal
prosecutors know about, the
Justice Department said in the
throughout the entire term of
the agreement, including in re-
sponse to their questions fol-
that BHP’s bid significantly un-
dervalues the company, even
more so after the restructuring.
year production guidance last
month on weak demand, as an
uncertain economic outlook and
Violation partment made in a letter to a
federal court in Texas, doesn’t
disclose the punishment Boe-
letter filed in court Tuesday.
Boeing has until June 13 to
challenge the department’s
lowing the Alaska Airlines 1282
accident,” the company said,
referring to the flight number.
BHP has until May 22 to ei- slower growth in China mean ing might face. The depart- finding, the letter said. The The sections of the agree-
ther make a formal offer for An- diamond businesses are taking Continued from page B1 ment could seek to extend pro- agreement had allowed Boeing ment that the Justice Depart-
glo or walk away, under U.K. cautious approaches. total of 346 people. bation under the current to avoid prosecution for one ment said Boeing violated re-
takeover rules. Analysts expect Anglo said its Anglo Ameri- In January, a fuselage panel deferred-prosecution agree- charge of conspiracy to de- quired the company to create
other industry players to at can Platinum subsidiary would blew off an Alaska Airlines 737 ment. It could also seek a fraud the U.S. and maintain a compliance
least consider bids of their own, be spun off. MAX, the same type of jet in- guilty plea from the company. Boeing said the company program designed to detect vi-
with Anglo’s prized copper as- Shares of Anglo closed down volved in the earlier accidents. “For failing to fulfill com- thinks it has honored the olations of the antifraud laws,
sets in Chile and Peru seen as more than 3% in London. The latest accident triggered a pletely the terms of and obli- terms of the 2021 agreement. according to the department.

U.S. Seeks Vanguard

To Secure Names
Copper Next CEO
ZINYANGE AUNTONY/BLOOMBERG NEWS

Continued from page B1 Continued from page B1

was rejected Monday, puts a president.
fresh spotlight on the intense On Tuesday, Vanguard
demand for copper. While Lon- moved to add both Ramji and
don-listed Anglo produces a Davis to its board and named It’s not just about achieving your goals...
range of commodities, from dia- Mark Loughridge its nonexecu- It’s about the path that gets you there.
monds to nickel, Australia’s tive chairman.
BHP has made clear that it Workers prepare casting units at the Mufulira refinery, Ramji will be the first Van-
most prizes the company’s cop- operated by Mopani Copper Mines in Zambia. guard chief that didn’t work
per assets. Anglo rebuffed directly with late founder John
BHP’s first offer last month, and put pressure on BHP to sell Copper futures, C. Bogle. Bogle founded Van-
other companies are believed to some assets or agree to sell continuous contract guard in 1974 and introduced
be weighing rival bids. more of its copper to the coun- $5.00 a pound the world’s first index mutual
On Tuesday, Anglo an- try to address potential anti- fund in 1975. He died in 2019,
nounced its own turnaround competitive concerns. leaving behind an army of
plan, saying it would get out of For the U.S., the current 4.75 loyal customers who call them-
its platinum, diamond and frenzy highlights the impor- selves Bogleheads.
steelmaking coal businesses— tance of its yearslong effort to 4.50 Ramji joined BlackRock
effectively pitching investors build up supplies of the metals 2014 to lead corporate strat-
on a strategy that makes cop- and minerals critical to the 4.25 egy. The former McKinsey con-
per even more central to the green-energy transition. sultant had initially spurned
company’s future. Demand for copper is ex- the investing giant to explore
4.00
Chief Executive Duncan Wan- pected to rise as certain mines the chance to run a smaller A place to become... A business leader, a teacher, an
blad said the company would close. Copper futures are up manager, Ramji said in a artist. If kids and teens can dream it, Boys & Girls Clubs can
look at growing its copper busi- 20% this year. 3.75 LinkedIn post about his depar- help them become it. Because at our Clubs, it’s not magic
ness both organically and from The U.S. doesn’t have a min- ture this year. He ultimately that makes dreams come true, it’s the people. Like our
potential mergers and acquisi- istry for mining, a sovereign 3.50 took the BlackRock job, where Youth Development Professionals who ensure our youth have
tions, such as taking greater wealth-fund or much of a do- despite his successes, he re- a place to feel physically and emotionally safe. A place to
Jan. 2024 May
stakes in assets it already owns. mestic mining industry. That cently found he “yearned for belong. A place to have fun. A place to learn and grow on their
While the U.S. government has put it at a disadvantage Source: FactSet the road not taken.” path to a Great Future.
doesn’t have any oversight with China, which can direct Ramji also led BlackRock’s
over a proposed deal, officials state-owned enterprises to in- panies at home and abroad, as U.S. wealth-advisory business
have communicated to Anglo vest no matter how commodity well as friendly countries with before taking his most recent
executives that they are con- prices are performing. sovereign-wealth funds, to en- role. He was among a half
cerned consolidation could The U.S. government is lim- tice them to invest in assets dozen executives seen as po-
limit the overall supply of cop- ited in how much money it can helpful to national interests. tential replacements for co-
per, said people familiar with directly pump into projects of —Joe Wallace founder and CEO Larry Fink.
GreatFutures.org
the matter. The U.S. is also national security. That means and Alexandra Wexler —Jack Pitcher contributed to
concerned that China could it must work with private com- contributed to this article this article
P2JW136000-4-B00300-1--------XA

THE WALL STREET JOURNAL. * * * * Wednesday, May 15, 2024 | B3

BUSINESS NEWS

Game and Movie Units

Boost Sony’s Earnings
BY KOSAKU NARIOKA movie business nearly doubled
to ¥30.67 billion.
Sony Group reported a rise For the fiscal year that be-

ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL

in fourth-quarter net profit gan in April, Sony projected
thanks to stronger earnings revenue to drop 5.5% to ¥12.310
from its game and movie busi- trillion and net profit to decline
nesses. 4.7% to ¥925 billion. The com-
The Japanese entertainment pany expects weaker revenue
and electronics company said and profit from its financial
Tuesday that net profit rose business, which it plans to spin
34% from a year earlier to off.
189.005 billion yen, equivalent Sony expects operating
to $1.21 billion, for the three profit from its game business to
months ended March. That beat rise 6.8% to ¥310 billion this fis-
the estimate of ¥149.71 billion cal year. It sold 20.8 million
in a poll of analysts by data units of PlayStation 5 in the
provider FactSet. year ended March, up from 19.1 Red Lobster ranked 41st among U.S. restaurant chains by domestic sales last year, having slid from 24th a decade earlier.
Fourth-quarter revenue million units the previous fiscal

Red Lobster Prepares to Seek

climbed 14% to ¥3.481 trillion. year. The videogame industry is
Operating profit for its game struggling to regain its vigor
business more than doubled to following a pandemic-driven
¥105.98 billion, and that of its boom a few years ago. Earlier

Bankruptcy as Debts Mount

this year, Sony said it was lay-
Operating profit of Sony’s ing off about 900 employees
movie and games units from its PlayStation business.
Movies Games Microsoft cut about 8% of its
videogaming staff following its
¥120 billion
acquisition of Activision Bliz-
zard in October. BY HEATHER HADDON gotiate concessions from land- research firm Technomic esti- its or ordered fewer items
100
Sony expects profit from its AND SOMA BISWAS lords and strike a deal with mated. Technomic ranked Red when eating out, industry
movie business to increase 2% creditors to continue operat- Lobster as the 41st-largest data shows.
80
to ¥120 billion this fiscal year. Red Lobster is expected to ing, moves that could trim U.S. restaurant chain by do- Red Lobster, one of the first
Film unit Sony Pictures and file for bankruptcy as early as hundreds of millions of dollars mestic sales last year, down U.S. casual-dining chains, also
60
private-equity firm Apollo next week as the casual-dining in debt, they said. from 24th in 2013. suffered from strategic chal-
Global Management have sub- chain seeks to pare down its Known for its cheddar bis- Restaurant chains are lenges. An all-you-can-eat
40
mitted an all-cash $26 billion debt load, according to people cuits and popcorn shrimp, Red struggling with declining cus- shrimp deal that executives
offer for media and entertain- familiar with the matter. Lobster recently closed dozens tomer traffic as consumers, hoped would turn the chain
20
ment company Paramount The biggest U.S. seafood- of its roughly 650 U.S. loca- especially low-income diners, around contributed to millions
Global, The Wall Street Journal restaurant chain is preparing tions, the people said. Orlando pull back on spending. Many of dollars in losses.
0
reported earlier this month. to file a chapter 11 bankruptcy is home to the chain’s U.S. casual-dining chains depend Red Lobster’s majority
FY2022 ’23 Sony Group said Tuesday petition in Orlando, Fla., be- headquarters. on visits from consumers with owner, seafood supplier Thai
Note: Fiscal year ended March 31.
that it will buy back up to ¥250 fore Memorial Day, the people Red Lobster did $2.2 billion incomes of $50,000 or less, a Union Group, said it had lost
¥1 billion = $6.4 million billion of its shares over the said. The company aims to use in domestic business last year, segment of Americans who too much money on the chain
Source: the company next year. the bankruptcy process to ne- down 8% from 2022, market have particularly reduced vis- earlier this year.

Alphabet’s Waymo Probed After 22 Self-Driving Incidents

BY DEAN SEAL crashes or fires involving ve- chains or parked vehicles, ac- when supervised by an in-vehi- zones, were identified based investigation into the ade-
hicles equipped with Waymo’s cording to the regulator. In cle test driver, the ADS disen- on publicly available reports, quacy of Tesla’s December re-
Federal auto-safety regula- fifth-generation automated- some incidents, the collision gaged in the moments just be- NHTSA said. call of two million vehicles
tors are looking into Waymo, driving system, or ADS. In occurred shortly after the fore an incident occurred,” the Waymo earlier this year is- equipped with Autopilot,
the self-driving-car startup other incidents, the vehicles ADS showed unexpected be- report said. sued its first voluntary soft- Tesla’s driver-assist software
owned by Google’s parent Al- exhibited behavior that poten- havior near traffic-safety-con- Certain collision incidents ware recall following two that automates some driving
phabet, following 22 reported tially broke traffic-safety laws. trol devices. were reported directly by crashes in Phoenix. The com- tasks. The regulator has tied
incidents involving the unit’s No injuries or fatalities were “Based on initial evaluation Waymo while others, includ- pany recently launched driver- the technology to at least 14
automated-driving system. reported. of these incidents, NHTSA un- ing when automated vehicles less rides on freeways with fatalities and hundreds of
The National Highway Traf- Reports included collisions derstands that the Waymo ADS drove in opposing lanes employees as passengers. crashes. It also has probed
fic Safety Administration said with stationary or semista- was either engaged throughout against oncoming traffic or The NHTSA said last General Motors’ driverless-car
17 of the incidents were tionary objects, such as gates, the incident or, in certain cases when entering construction month that it has opened an division.
P2JW136000-5-B00400-1--------XA

B4 | Wednesday, May 15, 2024 * ** ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Amazon Names New Cloud Chief OpenAI

Scientist
Company veteran
Garman takes over
years old, indicating he
wanted to spend more time
with his family and recharge.
Amazon’s quarterly revenue
Amazon Web Services Other
years, due largely to the inten-
sive computing resources re-
quired to train AI models.
Last month, Amazon said it
was slashing hundreds of AWS
jobs in sales, marketing and
Leaves
Company
$175 billion
business at heart of Tuesday’s announcement, a “There’s a very large oppor- global services. The company
surprise to many close Ama- tunity in front of us,” Jassy also said it would cut hun-
tech giant’s AI push zon observers, follows a re- 150 said on a conference call with dreds more from its physical
bound in the cloud unit, which analysts in April. AI capabili- stores technology team, which
BY SARAH E. NEEDLEMAN accounts for the majority of 125 ties are reaccelerating that focuses on the systems under- BY DEEPA SEETHARAMAN
the company’s profits, after a business’s growth rate, he lying the company’s cashier-
Amazon.com named com- stretch of turbulence. 100 said. “I don’t know if any of us less checkout programs. OpenAI’s chief scientist
pany veteran Matt Garman to AWS is at the heart of Ama- has seen a possibility like this Garman has spent his entire and co-founder, Ilya
succeed the head of its cloud- zon’s efforts to transform it- 75 in technology in a really long career at Amazon, moving up Sutskever, is leaving the arti-
computing division, shaking self and to put AI at the center time, for sure since the cloud, the ranks over the years. He ficial-intelligence company
up the leadership of its main of its growth since falling be- 50 perhaps since the internet.” started as an M.B.A. intern in about six months after he
profit engine as it vies for po- hind Microsoft, Google and AWS sales had decelerated 2005 and joined the company voted to fire Chief Executive
sition in an artificial intelli- other peers in the space. Ama- last year after years of rapid full-time the following year as Sam Altman only to say he re-
25
gence boom that is reshaping zon CEO Andy Jassy has said expansion. Lower enterprise one of the first AWS product gretted the move days later.
its industry. generative AI could be a criti- demand hurt the unit, though managers. Garman became the Sutskever and the com-
Garman, 48 years old, is cal element of Amazon’s next 0 Amazon indicated it expected general manager of all AWS pany’s current leaders praised
succeeding Adam Selipsky, an- pillar of growth in addition to 2021 ’22 ’23 ’24 growth to pick up again as compute services in 2016 and each other in announcing the
other longtime Amazon execu- its online retail business, Ama- Source: S&P Capital IQ businesses responded posi- moved to lead sales and mar- news on Tuesday, a sign of
tive who has been chief execu- zon Prime and AWS. tively to the company’s latest keting in 2020. leadership reverberations at
tive of the unit, Amazon Web The company has said that AWS. The company’s cloud cloud offerings. In the first Garman, who starts the OpenAI following Altman’s
Services. The company gave tens of thousands of busi- business is also a primary ve- quarter, AWS sales increased new role June 3, said he would temporary ouster in Novem-
limited explanation for the nesses are using its AI app de- hicle for making money from more than 17% to about $25 make “some organizational ad- ber. OpenAI has since replaced
change in its announcement velopment platform, named the AI boom as cloud sales are billion. The division’s operat- justments” as part of the tran- nearly all of its directors and
Tuesday, with Selipsky, 57 Bedrock, which runs through expected to soar in the coming ing profit rose nearly 84%. sition in coming weeks. said it would instill stronger
governance practices.
Sutskever, a technical vi-

Foxconn sionary highly regarded in the

AI field, said in a post on X
that he is working on a new

Bets on AI project but didn’t explain why

he is leaving now. He ex-
pressed confidence that Open-

As Profit AI will build artificial intelli-

gence that is safe and
beneficial. “The company’s

Jumps 72% trajectory has been nothing

short of miraculous,” he said.
“It was an honor and a privi-
lege to have worked together,
BY SHERRY QIN and I will miss everyone
dearly.”
Foxconn Technology “Ilya is easily one of the
Group backed its upbeat out- greatest minds of our genera-
look for the year after posting tion, a guiding light of our
a surge in first-quarter profit, field, and a dear friend,” Alt-
betting that its artificial-intel- man wrote in a statement an-
ligence servers will drive long- nouncing that the company
term sales growth. and Sutskever would “part
The world’s largest con- ways.” OpenAI President Greg
tract electronics manufac- Brockman described Sutskever
CFOTO/DDP/ZUMA PRESS

turer, known for assembling as an artist, saying: “His vi-

Apple’s iPhones, said Tuesday sion and gusto are infectious.”
that net profit rose 72% from Left unmentioned by all
a year earlier to 22.01 billion three was any reference to
New Taiwan dollars, equiva- Sutskever’s role in firing Alt-
lent to $679 million. Sales at Taobao and Tmall Group, Alibaba’s core domestic business, grew by 3.7% in the quarter. A Taobao and Tmall display. man last year just before
An even larger surge had Thanksgiving.

Alibaba Earnings Fall, Sales Rise

been expected, given that the Sutskever was among the
year-earlier result was hin- researchers who showed that
dered by a NT$17.3 billion deep learning could be de-
write-down related to Fox- ployed to solve pattern-recog-
conn’s 34% stake in Japanese nition problems at a previ-
electronics maker Sharp. Ana- BY TRACY QU AND BEN OTTO Alibaba’s quarterly net crease in sales to 25.595 bil- ported a 62% rise in profit, ously unthinkable level. This
lysts in a FactSet poll had pro- profit/loss lion yuan, while logistics sales thanks to rapid growth in its sparked further advances in
jected a profit of NT$28.76 bil- Alibaba Group’s profit sank 50 billion yuan rose 30% to 24.56 billion yuan. high-margin business. the AI field, ultimately leading
lion. in the latest quarter, even as The company’s overseas e- Once a darling of Wall to tools like ChatGPT.
First-quarter revenue fell revenue growth picked up due 40 commerce unit reported a 45% Street, Alibaba suffered slug- He later joined OpenAI as a
9% to NT$1.324 trillion, equiv- to higher sales in its key e- 3.27B rise in revenue—after 44% gish growth as the Chinese co-founder and board member
alent to $40.85 billion, amid commerce, cloud and logistics 30 growth in the previous quar- economy cools and competition with Altman, Brockman and
lower demand for consumer businesses. ter—to 27.45 billion yuan. from the likes of PDD’s Pin- others. His presence helped
electronics. The Chinese company said 20 Chief Executive Eddie Wu duoduo e-commerce platform OpenAI recruit many of the
That was in line with unau- Tuesday that net income in its said in a conference call that and ByteDance’s short-video world’s best researchers.
dited figures previously pro- fiscal fourth quarter ended 10 the group expects Alibaba app Douyin rises. Revenue At OpenAI, he focused on
vided by the company. The March rose 86% from a year Cloud’s revenue, excluding in- from cloud services, considered developing artificial general
year-earlier figure was earlier to 3.27 billion yuan, 0 ternal customers, to return to one of Alibaba’s most promis- intelligence or AGI—systems
boosted by the booking of equivalent to $452.1 million, double-digit growth in its fis- ing businesses, has also slowed that could achieve broad, hu-
sales that had been delayed by well short of the 15.27 billion –10 cal second half, and Taobao’s over the past two years. manlike thinking—and ensur-
Covid-19 shutdowns affecting yuan expected by analysts in a and Tmall’s gross merchandise Hong Kong-listed shares of ing that the technology is
Foxconn’s factory in Zheng- FactSet poll. Alibaba said the –20 value to return to healthy the company, which is also aligned with human values. He
zhou, China. bottom line was hurt by a net FY2021 ’22 ’23 growth in the new fiscal year. listed in the U.S., are up 9.3% often urged OpenAI employees
The Taiwan-listed com- loss in investments during the Alibaba said its board ap- this year, short of the bench- to “feel the AGI.”
Note: Fiscal year ended March 31.
pany’s cloud and networking quarter due to mark-to-market 1 billion yuan = $138 million proved a $4 billion dividend mark Hang Seng Index’s 12%. Last October, Sutskever ap-
segment was a bright spot, changes. Source: S&P Capital IQ for the 2024 fiscal year. It ex- Alibaba co-founder Jack Ma proached colleagues on the
generating solid revenue Adjusted net profit, which pects to finish upgrading its last month praised the com- nonprofit board that oversees
growth thanks to robust de- excludes items including billion yuan and outpacing the Hong Kong listing to primary pany’s top leadership and con- OpenAI to discuss what he de-
mand for AI servers. share-based compensation ex- previous quarter’s 5.1%. from secondary by the end of tinuing restructuring efforts scribed as Altman’s long-run-
Foxconn, formally known as penses, investment gains and Sales at Alibaba’s core do- August. in a rare memo to employees, ning pattern of pitting em-
Hon Hai Precision Industry, losses and some impairments, mestic e-commerce business, Quarterly sales growth was The Wall Street Journal re- ployees against one another,
has been taking steps in recent fell 11% to 24.42 billion yuan, Taobao and Tmall Group, rose in line with the 6% posted ported. In the letter, he said The Wall Street Journal re-
years to diversify its lines to missing analysts’ expectations 3.7% from a year earlier to Tuesday by fellow Chinese this year’s core focus wasn’t ported last year. Among other
include electric vehicles and of 25.47 billion yuan. 93.22 billion yuan. Its cloud- tech giant Tencent. The social- to chase performance indica- things, Sutskever was upset
AI, while expanding production Quarterly revenue rose 6.6% computing unit, which has media and gaming company, tors but to “know ourselves that Altman had elevated an-
in countries such as India to to 221.87 billion yuan, edging trimmed prices in recent which said solid ad sales off- and go back to the track fo- other AI researcher, Jakub
reduce concentration in China. analysts’ estimates of 220.62 months, posted a 3.4% in- set gaming weakness, re- cusing on consumers.” Pachocki.

Chinese Tech Firm Uber to Buy

Delivery Arm
Tencent Reports In Taiwan
A Strong Quarter BY BEN OTTO

Uber Technologies will ac-

BY SHERRY QIN its gaming segment. Online ad quire the Taiwan operations of
revenue rose 26%, while do- Delivery Hero’s Foodpanda de-
Chinese technology giant mestic game sales fell 2% on livery business for $950 mil-
Tencent reported a sharp rise year amid a lack of meaning- lion in cash, with closing
in profit for the first quarter, ful title releases during the slated for the first half of 2025.
buoyed by rapid growth in its period, improving slightly Uber also will separately
high-margin businesses. from the 3% decline in the purchase $300 million in newly
The Chinese videogame and fourth quarter. issued ordinary shares of Ber-
social-media company said “Several of our leading lin-based Delivery Hero, the
Tuesday that its net profit games in China and interna- companies said late Monday.
rose 62% to 41.89 billion yuan, tionally started to benefit The companies said Food-
JEFF CHIU/ASSOCIATED PRESS

or $5.79 billion, higher than from team reorganizations we panda’s Taiwanese consumers,
the 35.61 billion yuan expected put in place… creating a foun- merchants and delivery part-
in a FactSet poll of analysts. dation for our games revenue ners would be transitioned to
The Shenzhen-based com- to resume growth in future Uber’s Uber Eats division. They
pany’s gross profit margin ex- quarters,” the company said. added that the deal marks one
panded to 53% from 45% a China’s online-game indus- of the largest-ever interna-
year earlier, supported by try has been in the spotlight tional acquisitions in Taiwan
high-margin businesses, such amid a regulatory crackdown Tencent is due to release its highly anticipated game title ‘Dungeon & Fighter Mobile’ this month. outside of the semiconductor
as short videos and mini since 2021, but authorities industry.
games embedded in its super have signaled a letup in recent as well as support a slowing Tencent is due to release After announcing its plan Uber last week said it
app WeChat. months. economy. its highly anticipated game ti- to more than double its share swung to a first-quarter loss as
Its short videos saw total In a surprise move, China’s Investors have welcomed tle “Dungeon & Fighter Mo- repurchases in 2024, the com- legal settlements and equity
user time grow 80% from a gaming regulator in February the move, with the tech com- bile” on May 21 in China. pany said it is “on track” to investments weighed on re-
year earlier and gross receipts approved a new batch of for- pany’s Hong-Kong listed Citi analysts expect the buy back over 100 billion sults. Ride bookings were
of mini games rise 30%. eign videogames, which ana- shares gaining 30% so far this game and a few other releases Hong Kong dollars, or about weaker than expected, but
Revenue for the period rose lysts see as part of efforts to year, outpacing the 12% to help Tencent’s domestic $12.8 billion, of its shares this Uber Eats delivery bookings
6% from a year earlier, as solid reverse a prolonged decline in growth of the benchmark gaming revenue return to year, as well as pay higher were slightly higher than ana-
ad revenue offset weakness in the country’s stock markets, Hang Seng Index. growth in the second quarter. dividend. lysts’ expectations.
P2JW136000-4-B00500-165DE63070D

THE WALL STREET JOURNAL. * * * * Wednesday, May 15, 2024 | B5

TECHNOLOGY & BUSINESS

AI Targets Earth-Warming Jet Contrails

Researchers look at
how the technology
can help pilots avoid
leaving streaks in sky
BY LINDSEY CHOO

Everyone has looked up and

seen white streaks across the
sky where a jet has just flown.
These condensation trails, or
“contrails,” which form when
water vapor condenses around
jet-engine pollutants, have
been contributing to climate
change since at least 1999, ex-
perts say. A report published

URBANANDSPORT/NURPHOTO/REUTERS
in 2021 by the Intergovern-
mental Panel on Climate
Change said that clouds
formed from contrails account
for about 35% of aviation’s
global-warming impact.
Now, airlines, tech compa-
nies and other researchers
have been looking at possible
ways of predicting when and An experiment used AI to guide planes where they were less likely to leave contrails, which form when water vapor condenses around jet-engine pollutants.
where contrails form, in hopes Addressing the issue of contrails can be as easy as adjusting the altitude of planes.
of reducing their environmen-
tal impact. lines, Google Research and Bill route, gathering and process- cantly reduced the technology ect’s goal is to reduce contrails plane where you hit strong
The most-harmful contrails Gates’s Breakthrough Energy ing satellite-imagery data would have to be embedded by about 80%, using artificial turbulence and the pilot says
are those that persist as cirrus conducted 70 test flights using along the way, and then return throughout the airlines’ cur- intelligence to extract satellite we’re going to go up or down
clouds, sometimes for hours, satellite imagery and artificial by a route determined by the rent flight systems, and other information in real time, says to get out of it; so this would
says Andrew Gettelman, an intelligence to observe contrail data—with the intention of airlines would have to cooper- Steven Barrett, former head of be the same thing,” says Marc
earth scientist at the Energy formation. avoiding forming con- ate. department and now director Shapiro, head of the Break-
Department’s Pacific North- By using AI and satellite trails. The initial tests showed “If one airline avoids creat- of the Laboratory for Aviation through Energy contrails team,
west National Laboratory in imagery to identify contrail that planes successfully ing a contrail and another and the Environment at MIT. one of the groups in a broad
Richmond, Wash. In some formation, airlines should be avoided making contrails when doesn’t, you still have the con- Addressing the issue of con- initiative started by Gates to
cases, contrails created by sep- able to plan routes that avoid using the return routes set by trail,” she says. trails can be as easy as adjust- support research and develop-
arate jets even combine, form- where contrails usually form, the model. Delta Air Lines, in a part- ing the altitude of planes to ment of clean-energy technol-
ing a bigger surface area that says Dinesh Sanekommu, Jill Blickstein, vice presi- nership with MIT’s Depart- avoid areas with high humid- ogy. In some situations, Sha-
traps more heat. product manager on contrails dent of sustainability at Amer- ment of Aeronautics and As- ity, to avoid the conditions piro says, it could result in a
To explore the possibility of at Google Research. ican Airlines, says that while tronautics, is also developing where contrails can form, small amount of added fuel be-
reducing cloud cover caused In the experiment, planes the initial tests look optimis- an algorithm to detect and members of the studies say. cause the plane isn’t flying in
by contrails, American Air- were directed to fly a normal tic, for contrails to be signifi- forecast contrails. The proj- “You’ve probably been on a the optimal trajectory.

Payments-Company Waystar Plans to Restart IPO Pitch

BY CORRIE DRIEBUSCH inally hoped to initiate an IPO valuation around $5 billion or perking up after more than der pressure to sell holdings tive exit route.
AND LAURA COOPER late last year but pushed off $6 billion, one of the people two slow years. to return money to their in- Still, deal activity also has
those plans as a result of said. Several companies that re- vestors. been picking up compared
Healthcare-payments com- choppy markets. That is above the $2.7 bil- cently went public, including Muted merger-and-acquisi- with last year.
pany Waystar is weighing an The company now expects lion the company was valued social-media company Reddit tion activity in recent years— IPO volume is up nearly
initial public offering in early to launch its roadshow pitch at in 2019 when EQT acquired and digital-rewards company partly driven by differing 50% in the U.S. so far this
June, according to people fa- to investors later this month a majority stake alongside Ibotta, have been seeing their price expectations between year, while U.S. mergers-and-
miliar with the matter. and make its stock-market de- Canada Pension Plan Invest- stocks trading above their IPO buyers and sellers—has in acquisitions volumes have
The company, backed by but in early June. ment Board. prices. many cases made taking com- risen more than 30%, accord-
private-equity firm EQT, orig- Waystar is likely to target a The IPO market is finally Private-equity firms are un- panies public a more attrac- ing to Dealogic.

Google to Roll Out Summaries

Of AI Searches to Billions of People
BY MILES KRUPPA
dog•ged
Google will show artificial- /'dôg d/
intelligence-powered answers
to billions of people using its adjective
search engine by the end of the
year, broadening its rollout of
the technology as it tries to
Despite spending my early life in a shelter, there’s no dog more
fend off growing competition determined than me. Thanks to the National Disaster Search Dog
in its core business.
The move, starting this
Foundation, if you’re ever trapped under rubble after a disaster,
week in the U.S., strengthens I’ll find you. That’s my job, and what I was born to do. You’ll never find
Google’s embrace of generative
AI, computer programs that
a dog more dogged.
can produce fluent text and
other kinds of media. THE NATIONAL DISASTER SEARCH DOG FOUNDATION
Investors and competitors Strengthening disaster response in America by rescuing dogs and partnering them
consider the rollout a barome- with first responders to save lives. Be Part of the Search™ today. Call (888) 4K9-HERO,
ter of the search giant’s confi- visit SearchDogFoundation.org, or write to SDF, 6800 Wheeler Canyon Road,
GOOGLE (2)

dence in the technology—and Santa Paula, CA 93060.

its willingness to reshape the
way people interact with infor- Google says AI overviews are useful for answering questions.
mation online. The rollout will
be watched closely for how it prodded it to move more respond to prompts that are
affects Google’s hundreds of quickly in releasing competing the equivalent of 1,500 pages of
billions of dollars in advertising technology. text in length, or about 100
sales and its relationship with None of Google’s AI efforts emails, Google said. A version
online publishers that rely on cut closer to the heart of its of the chatbot available in the
the search engine for valuable business than the new search coming months will be able to
traffic. features. Google unveiled the hold audio-based conversations
Google over the next few project a year ago after Micro- with users.
days will begin automatically soft, OpenAI’s largest backer, In one demo, Google showed
answering certain searches in unveiled a version of the Bing a woman wearing augmented-
the U.S. with a feature called AI search engine that used AI to reality glasses and asking an AI
overviews. People asking respond to questions in a con- program to answer questions
Google to explain the connec- versational format. about her environs, harking
tion between lightning and Startups such as Perplexity, back to the Glass project it dis-
thunder, for instance, will see a which has been valued by in- continued after negative public
passage of text answering the vestors at more than $1 billion, reception. It is calling the new
question at the top of the re- have released similar tools that initiative “Project Astra.”
sults page before the tradi- can synthesize information A Google spokeswoman said
tional list of links. from around the web. OpenAI the glasses were a functional
“The tech enables you to is working on a search product research prototype from the
solve user problems,” said Liz that would compete with those company’s AR division. “We do
Reid, a vice president oversee- offerings, said people familiar not have any launch plans to Victor
ing Google search. “When it with the matter. An OpenAI share,” she said.
does that—and when it does spokeswoman declined to com- Investors are sensitive to Active Search Dog
Rescued from Redding, CA.
with high-enough quality—us- ment. Hundreds of millions of changes in Google search that Photographed by Shaina Fishman
ers embrace it and they em- people in the U.S. will begin could reduce the amount peo- at SDF’s National Training Center.
brace it quickly.” seeing AI overviews in search ple click on ads. Most of parent
Google will introduce the AI- this week, and more than a bil- Alphabet’s $307 billion of reve-
powered summaries in scenar- lion will see them by the end of nue last year came from ads
ios in which people have found the year after they are rolled placed next to search re-
they provide clear value, such out to other countries, Google sults. Google offered few de-
as when answering lengthy said. It tested the features with tails about how ads would
queries, Reid said. Otherwise, users who signed up through a work with the AI overviews,
users will see Google’s typical program called Search Labs. which take up a significant
mix of links, ads and webpage Google on Tuesday intro- portion of the typical search-
snippets. duced several updates to its results page. It is hosting an
Google unveiled the changes Gemini chatbot, one day after event next week during which
Tuesday at its annual I/O con- OpenAI unveiled an AI voice it is expected to provide more
ference, which has become a assistant that could better di- details about ad formats in the
showcase for the company’s AI gest images and video in addi- summaries.
capabilities since the late 2022 tion to text. The Gemini chatbot —Deepa Seetharaman
release of Open-AI’s ChatGPT for paying subscribers can now contributed to this article.
P2JW136000-5-B00600-1--------XA

B6 | Wednesday, May 15, 2024 * ** ** THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Construction of Rental Houses Balloons
Builders bet that
many people will
keep renting amid
high costs to buy
BY WILL PARKER

Developers are building

new houses for rent at an un-
precedented rate, aiming to
capitalize on the steep home
prices and higher mortgage
rates that are forcing many
Americans to keep renting.
In 2023, 93,000 new single-
family homes for rent were
completed, according to esti-
mates from housing-consult-
ing firm John Burns Research
and Consulting. That was 39%
more rental homes than in
2022, and the most in any
year ever. The breakneck pace
is poised to continue this year
before easing by 2025.
New rental homes come in
all shapes and sizes, from one-
bedroom cottages to five-bed-
room spreads with big back-
yards. Some are townhomes,
others are detached houses.
They are sprouting up espe-
cially in outer-ring suburbs of
Arizona, Texas and Florida cit-
ies, and in other places with
fast population and job
growth.
While rent growth has
slowed from its double-digit- After last year’s records, another 99,000 new rental homes
percentage pandemic peaks, are under construction this year. The breakneck pace is
rents for houses are still expected to ease by 2025. A Texas rental-home complex.
trending higher than those for
apartments, according to 100,000
JBRC. Occupancy, which has
been slipping in multifamily New rental houses built annually in the U.S.
buildings, has also been more 80,000
resilient in the rental-house

DESIREE RIOS FOR THE WALL STREET JOURNAL (2)

sector, indicating more sus- 60,000
tained demand.
Rental builders are betting
that the lowest level of home 40,000
affordability since the 1980s
means that even relatively af-
fluent Americans will remain 20,000
renters, squeezed by near-re-
cord home prices, mortgage
0
rates above 7% and other ris-
ing home-related costs. A 2000 ’05 ’10 ’15 ’20 ’23
large number of people also Source: John Burns Research and Consulting
simply prefer to rent a house,
builders say. the planning stages won’t get ber of older millennials and average monthly apartment growth to drop at his com- “The optics of it from a pol-
In Paso Robles, Calif., real- built because of the lender retirees to rent as median rent, according to a report pany’s properties. icy standpoint are better,” said
estate developer STG Capital pullback that is also under- home prices have grown at from brokerage CBRE. But so far this year, more Rick Palacios, director of re-
Partners is building more than mining multifamily construc- twice the pace of median in- Rents for new houses often tenants are choosing to renew search at JBRC.
200 two- and three-bedroom tion, analysts and builders comes since 2000,” Heitman fall somewhere in between. their leases rather than move. Publicly traded landlord In-
rental duplexes. Monthly rents said. executive Brian Pieracci said. Many builders see the most “We are seeing a lot more vitation Homes, for example,
will range from $3,000 to Even so, many builders ex- Nationally, rents for both opportunity in places low on stickiness right now,” he said. recently went into contract to
$3,700, while the median pect any construction dip to apartments and houses rose rental supply. Even in places Though purpose-built rental buy 500 homes being built in
home price in the Californian be short-lived. “This isn’t go- more than 20% during the that have logged a large in- communities are flourishing, Charlotte, N.C.; Nashville,
town is about $700,000. ing away,” said developer pandemic years. As of 2022, crease in new supply, develop- large landlords that snap up Tenn.; and Jacksonville, Fla.
“We’re comfortable with Richard Ross, whose Quinn the median American renter ers have been able to keep older homes and convert them On a recent earnings call,
that market because there ha- Residences broke ground on spent 31% of his or her income rental houses mostly full and into rentals have come under Invitation’s chief investment
ven’t been any large projects about 300 new rental houses on housing, according to Har- have enticed new tenants with increased scrutiny by lawmak- officer, Scott Eisen, said the
built there in years,” said in Canton, Ga., this April. vard University’s Joint Center concessions such as a month ers, who say these companies company’s involvement in the
Rand Sperry, STG’s managing And many investors remain for Housing Studies, a share of of free rent when needed. make it harder for families to new-construction market en-
partner. bullish on the sector. Chicago- income the federal govern- Josh Hartmann, chief exec- become first-time home- courages builders to build
After last year’s record lev- based asset manager Heitman ment considers cost-burdened. utive of rental builder Nex- owners. Some of these compa- more homes than they would
els, another 99,000 new rental this month launched a $235 But home sales prices and Metro Communities, which nies have partnered with otherwise.
homes are under construction million partnership with mortgage costs have risen has 12 projects under way home builders to build new “They might only start a
this year. Plans for new proj- builder Crescent Communities even faster. In March of this across the Sunbelt, said the rental homes, rather than just 200-home community, but
ects have slowed, however, as to construct new rental homes year, the average monthly record new supply of houses buy existing ones, a move they with us as their partner, they
lending conditions have tight- across the Sunbelt. mortgage payment had bal- for rent in Texas caused va- say is aimed at addressing might start a 300-home com-
ened. Many homes that are in “We expect a growing num- looned to 38% more than the cancy to go up and rent housing shortages. munity,” Eisen said.

Total active condo listings in Total active condo

South Florida, by building age, listings in South 20,000
in first quarter 2024 Florida, quarterly
Less than 10 years 15,000
812
10,000
10-30 years

2,133
5,000

30 years +
0
15,759
2023 ’24
Note: Includes Miami-Dade, Broward and Palm Beach Counties Source: ISG World

Law Roils across the state.

BRYAN CEREIJO FOR THE WALL STREET JOURNAL

In a number of these build-

ings, prices are starting to

Florida plummet. While units built less

than 30 years ago are selling
for 38% more today than they

Condos did in 2020, units 30 years or

older are now going for almost
12% less than they did back
then, according to a data anal-
Continued from page B1 ysis by brokerage ISG World.
Under the new law, buildings Owners are struggling to
must pass milestone structural find all-cash buyers because A recent Florida law means a special assessment of more than $134,000 per unit owner for repairs at Miami’s Cricket Club.
inspections no later than 30 mortgage lenders are increas-
years after they are built. ingly unwilling to take on the to keep next to nothing in their of Miami and Biscayne Bay. of which was used for repairs out against those who can af-
In Miami, about 38% of the risk associated with these units. coffers. Now, about 40 units in They spent another to the pool deck and other ar- ford the assessments and are
housing stock is condos, the “It’s not the buyers that the building of 220 are listed $100,000 on renovations. They eas. So when the condo board eager to move on.
highest of any major metropol- aren’t qualifying,” said Craig for sale but are seeing little in- installed extra-large format estimated an almost $30 mil- Residents still meet at the
itan area in the U.S., according Studnicky, chief executive at terest. Italian porcelain tiles and redid lion special assessment four building’s bar and pool decks to
to Zillow. Of those buildings, ISG World. “It’s the buildings “These units are practically the entire kitchen. years later, it came as a shock. celebrate birthdays. But now,
nearly three-quarters are at that aren’t qualifying.” being given away,” said Sari Pa- The first sign of the Cricket “Just because the project those gatherings are often
least 30 years old. For those Few buildings have as many pir, a retired real-estate agent Club’s financial shortfall came passed inspection in 2020 charged with owners pooling
that have large repairs loom- condo owners looking to get who has lived in the Cricket when banks wouldn’t give them doesn’t necessarily mean that documentation in hope of find-
ing, many owners are scram- out as the Cricket Club, which Club with her partner Shaul a mortgage unless they put the condition is acceptable ing evidence that the assess-
bling to sell before Jan. 1 when was once one of the city’s Szlaifer since 2018. “Even if we down 25%, Tkachun said. The now,” said Alexandros Wash- ments should be lower.
building reserves must be fully more desirable places to live. found a buyer, what could we reason, the lender said, was burn, the condo board presi- Some are worried developers
funded to be in compliance The high-rise boasts its own buy with the pennies we’d re- that their building had no re- dent. “There is an enormous may already be purchasing con-
with the law. bar, boat dock, tennis courts ceive for our unit?” serves. Two years later, they amount of value in the Cricket dos in the building for a poten-
“I think this is just the be- and pool deck. Maria Tkachun and her hus- face a six-figure assessment. Club that will only grow when tial takeover, in which a devel-
ginning,” said Greg Main-Bail- State law previously allowed band purchased their seventh- In 2020, two years before we fix it.” oper tries to gain control of a
lie, an executive managing di- condos to waive reserve fund- floor unit at the Cricket Club in the new law was passed, the Residents say that the as- building to knock it down and
rector at real-estate firm ing year after year, leading 2022 for $490,000. With a ter- building completed a recent re- sessments have sowed discord build a newer one. These condo
Colliers, who oversees 40 many buildings, including the race and a balcony, the apart- certification after taking out in the building, pitting owners terminations are happening up
condo renovation projects nearly 50-year-old Cricket Club, ment boasts 180-degree views about $9 million in loans, some who feel they are being pushed and down the state’s coastline.
P2JW136000-2-B00700-1--------EW

THE WALL STREET JOURNAL. * * Wednesday, May 15, 2024 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq CivitasRscs CIVI 76.68 0.57 DraftKings DKNG 44.13 0.92 FiveBelow FIVE 141.99 1.96 HomeDepot HD 340.50 -0.46 KoreaElecPwr KEP 7.26 0.07 Mettler-Toledo MTD 1496.14 34.50
Stock Market listed securities. Prices are consolidated from trades reported by various
market centers, including securities exchanges, Finra, electronic communications CleanHarbors CLH 213.96 1.84 Dropbox DBX 24.02 0.23 Flex FLEX 28.99 0.43 HondaMotor HMC 33.52 -0.27 KraftHeinz KHC 36.19 -0.30 MicrochipTech MCHP 93.86 1.32
networks and other broker-dealers. The list comprises the 1,000 largest companies Cleveland-Cliffs CLF 17.80 0.10 DukeEnergy DUK 102.31 -0.58 Floor&Decor FND 123.55 0.98 Honeywell HON 203.21 -0.59 Kroger KR 55.28 0.37 MicronTech MU 124.81 1.81
based on market capitalization. Clorox CLX 138.55 -2.73 Duolingo DUOL 178.40 -2.59 FlutterEnt FLUT 201.80 -2.37 HormelFoods HRL 35.78 0.23 LKQ LKQ 44.23 -0.32 Microsoft MSFT 416.56 2.84
Underlined quotations are those stocks with large changes in volume compared Cloudflare NET 73.35 -0.22 DuPont DD 78.35 -0.52 FomentoEconMex FMX 120.79 -1.23 DR Horton DHI 148.00 1.14 LPL Financial LPLA 268.41 0.98 MicroStrategy MSTR 1297.63 51.67
with the issue’s average trading volume.
Coca-Cola KO 63.10 -0.48 Dynatrace DT 46.43 0.51 FordMotor F 12.44 0.11 HostHotels HST 18.53 0.08 s L3HarrisTech LHX 221.13 0.55 MidAmApt MAA 136.82 0.75
Boldfaced quotations highlight those issues whose price changed by 5% or more if
CocaColaCon COKE 953.50 1.49 elfBeauty ELF 161.55 -0.18 Fortinet FTNT 60.20 0.57 HoulihanLokey HLI 136.80 0.84 LabCorp.ofAmerica LH 211.20 0.83 MitsubishiUFJ MUFG 10.41 0.13
their previous closing price was $2 or higher.
s Coca-ColaEuro CCEP 74.81 0.35 EMCOR EME 374.26 0.70 Fortis FTS 40.78 -0.05 HowmetAerospace HWM 80.88 0.66 LamResearch LRCX 912.54 8.75 MizuhoFin MFG 3.99 0.04
Footnotes:
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four Cognex CGNX 47.09 0.24 ENI E 32.69 -0.04 Fortive FTV 77.47 0.64 Hubbell HUBB 401.04 -0.98 LamarAdv LAMR 119.53 0.31 Mobileye MBLY 28.72 0.72
quarters. CognizantTech CTSH 67.78 -0.09 EOG Rscs EOG 129.43 0.03 FortuneBrands FBIN 74.23 0.12 HubSpot HUBS 589.65 -8.14 LambWeston LW 85.58 0.48 Moderna MRNA 128.32 2.65
Stock tables reflect composite regular trading as of 4 p.m. ET and Coherent COHR 56.65 2.28 EPAM Systems EPAM 187.05 -3.67 FoxA FOXA 33.31 0.13 Humana HUM 344.50 4.92 LasVegasSands LVS 46.32 -0.60 MohawkInds MHK 123.02 1.95
changes in the official closing prices from 4 p.m. ET the previous day. CoinbaseGlbl COIN 203.05 3.54 EQT EQT 40.71 0.92 FoxB FOX 30.96 0.22 JBHunt JBHT 168.16 -1.21 LatticeSemi LSCC 71.46 0.67 MolinaHealthcare MOH 349.97 -2.38
ColgatePalm CL 94.57 0.11 EagleMaterials EXP 268.70 0.99 Franco-Nevada FNV 126.75 0.85 HuntingtonBcshs HBAN 14.08 0.12 LegendBiotech LEGN 44.38 1.41 MolsonCoorsB TAP 58.14 -0.62
-2.42 Leidos LDOS 146.60
Tuesday, May 14, 2024 Net Net Comcast A CMCSA 39.70 ... EastWestBncp EWBC 77.86 0.68 FranklinRscs BEN 24.42 0.47 HuntingIngalls HII 251.51 0.51 monday.com MNDY 181.86 0.58
Stock Sym Close Chg Stock Sym Close Chg ComfortSystems FIX 334.32 1.83 EastGroup EGP 165.01 1.99 s FreeportMcM FCX 53.48 1.44 HyattHotels H 150.47 1.24 Lennar A LEN 162.33 0.32 Mondelez MDLZ 71.93 0.17
Net
Stock Sym Close Chg SABESP SBS 15.36 0.18 EastmanChem EMN 100.73 -0.29 FreseniusMedCare FMS 21.98 0.32 ICICI Bank IBN 26.90 ... Lennar B LEN.B 151.08 0.41 MongoDB MDB 359.27 0.03
s Aramark ARMK 33.68 0.38 BrookfieldAsset BAM 39.96 0.41 ConagraBrands CAG
31.00 0.05 Eaton ETN 330.45 1.94 FullTruck YMM 8.78 -0.03 IdexxLab IDXX 521.11 18.09 LennoxIntl LII 496.85 11.37 MonolithicPower MPWR 713.71 10.66
A B C ArcelorMittal MT 25.98 0.26 s Brookfield BN 44.65 0.65
Confluent CFLT 30.67 0.71 eBay EBAY 52.10 0.11 Futu FUTU 73.52 0.99 s ING Groep ING 17.80 0.36 s LeviStrauss LEVI 22.97 0.29 MonsterBev MNST 54.48 -0.24
ArchCapital ACGL 97.90 -0.01 BrookfieldInfr BIP 29.95 -0.57
ConocoPhillips COP 121.04 -0.55 Ecolab ECL 231.90 0.15 IQVIA IQV 231.14 2.10 LiAuto LI 26.40 -0.60 Moody's MCO 402.10 4.62
AECOM ACM 91.44 -0.56 ADM ADM 61.67 -0.96 BrookfieldRenew BEPC 30.89 -0.47
ConEd ED 96.64 -0.17 Ecopetrol EC 12.09 0.43
G H I ITT ITT 137.52 0.97 LibertyBroadbandA LBRDA 53.89 0.57 s MorganStanley MS 99.38 0.82
AES AES 20.32 0.36 s AresMgmt ARES 144.93 4.78 s Brown&Brown BRO 88.45 0.98
ConstBrands A STZ 253.99 -4.78 s EdisonIntl EIX 74.92 0.48 GE Aerospace GE 160.00 0.50 IcahnEnterprises IEP 18.59 0.22 LibertyBroadbandC LBRDK 53.67 0.70 Morningstar MORN 297.26 0.86
s Aflac AFL 86.30 0.43 argenx ARGX 356.01 -3.47 Brown-Forman A BF.A 49.56 -0.35
ConstellationEner CEG 217.74 4.15 EdwardsLife EW 86.46 1.76 GE HealthCare GEHC 80.52 -0.51 Icon ICLR 315.57 6.06 LibertyFormOne A FWONA 62.70 0.92 Mosaic MOS 30.08 0.62
AGCO AGCO 117.28 1.32 AristaNetworks ANET 313.66 3.79 Brown-Forman B BF.B 48.82 -0.30
Cooper COO 95.96 3.13 ElancoAnimal ELAN 17.07 0.07 GE Vernova GEV 165.63 4.10 IDEX IEX 224.66 -0.76 LibertyLiveC LLYVK 39.46 0.05 MotorolaSol MSI 361.05 3.05
Ansys ANSS 325.86 -2.34 Arm ARM 116.65 -0.58 Bruker BRKR 75.67 1.43
Copart CPRT 54.40 -0.19 Elastic ESTC 109.31 1.91 GFLEnvironmental GFL 31.25 -1.18 IllinoisToolWks ITW 249.38 -0.91 LibertyFormOne C FWONK 70.03 1.08 MurphyUSA MUSA 427.24 -8.48
APA APA 30.17 -0.03 AspenTech AZPN 209.06 1.76 BuildersFirst BLDR 169.71 2.34
Core&Main CNM 59.66 0.41 ElbitSystems ESLT 199.50 1.88 s GSK GSK 45.66 0.49 Illumina ILMN 115.58 2.81 LibertyLiveA LLYVA 37.66 -0.02 NICE NICE 224.00 -1.55
ASE Tech ASX 10.49 0.19 Assurant AIZ 177.33 0.98 BungeGlobal BG 103.44 -4.17
CorebridgeFin CRBG 29.94 0.93 ElectronicArts EA 126.59 0.01 Gallagher AJG 250.72 1.22 ImperialOil IMO 69.05 -0.57 LibertySirius C LSXMK 25.34 0.08
NIO NIO 5.79 0.38
ASML ASML 915.03 -2.21 AsteraLabs ALAB 72.32 2.06 BurlingtonStrs BURL 195.88 2.05
Corning GLW 34.95 0.67 ElevanceHealth ELV 534.63 -4.14 s GameStop GME 48.75 18.30 Incyte INCY 57.05 -0.55 LibertySirius B LSXMB 25.55 0.50 NNN REIT NNN 42.68 -0.09
AT&T T 17.30 0.04 AstraZeneca AZN 77.04 -0.39 CACI Intl CACI 424.00 -1.25
Corpay CPAY 283.30 -4.21 EmersonElec EMR 114.35 -0.47 Gaming&Leisure GLPI 44.88 0.36 Informatica INFA 29.64 0.21 LibertySirius A LSXMA 25.37 0.08 NRG Energy NRG 82.08 -0.38
AbbottLabs ABT 104.01 -0.76 Atlassian TEAM 184.08 1.25 CAVA CAVA 78.51 2.12
Corteva CTVA 57.55 0.25 Enbridge ENB 36.99 -0.17 Gap GPS 21.52 -0.74 Infosys INFY 16.95 0.03 Light&Wonder LNW 92.99 0.93 NVR NVR 7551.47 -5.77
AbbVie ABBV 161.59 0.31 AtmosEnergy ATO 117.25 0.92 CBRE Group CBRE 88.72 0.59
CoStar CSGP 87.78 -0.80 s EncompassHealth EHC 86.85 0.67 Garmin GRMN 169.91 0.55 IngersollRand IR 91.54 0.70 EliLilly LLY 763.986.28 s NXP Semicon NXPI 267.66 3.73
Accenture ACN 306.95 -0.46 Autodesk ADSK 215.83 -0.82 CDW CDW 221.58 -0.47
Costco COST 777.90 2.75 Endeavor EDR 26.54 0.05 Gartner IT 436.57 -3.52 Ingredion INGR 118.13 -3.24 LincolnElectric LECO 230.66-1.00 Nasdaq NDAQ 60.41 -0.21
AcuityBrands AYI 262.57 0.81 Autoliv ALV 122.04 -0.48 CF Industries CF 74.38 0.62
CoterraEnergy CTRA 28.16 0.19 EnergyTransfer ET 15.87 0.05 s GenDigital GEN 24.54 0.54 Insulet PODD 172.27 11.25 Linde LIN 432.11
-2.67 Natera NTRA 105.52 2.19
Adobe ADBE 475.95 -7.16 ADP ADP 245.50 -2.30 CGI A GIB 102.34 0.64
Coty COTY 10.95 -0.22 EnphaseEnergy ENPH 117.11 6.33 Generac GNRC 143.08 3.01 Intel INTC 31.05 0.54 LithiaMotors LAD 274.95 0.18 NationalGrid NGG 71.53 0.73
AdvDrainageSys WMS 173.31 2.29 AutoZone AZO 2921.43 -16.49 CH Robinson CHRW 83.87 -0.60
Coupang CPNG 22.25 0.03 Entegris ENTG 130.22 1.43 GeneralDynamics GD 294.06 0.53 InteractiveBrkrs IBKR 121.80 1.55 LiveNationEnt LYV 95.83 0.24 s NatWest NWG 8.31 0.14
AdvMicroDevices AMD 153.16 2.60 s Avalonbay AVB 197.49 0.50 CME Group CME 210.80 0.88
Crane CR 145.31 2.95 Entergy ETR 111.30 -0.55 GeneralMills GIS 70.85 0.21 ICE ICE 134.39 0.65 s LloydsBanking LYG 2.74
0.06 NetApp NTAP 109.04 0.89
s Aegon AEG 6.71 0.08 Avangrid AGR 37.16 -0.14 CMS Energy CMS 62.39 -0.01
Credicorp BAP 170.21 -0.15 EnterpriseProd EPD 28.95 0.18 GeneralMotors GM 45.03 -0.14 InterContinentl IHG 99.48 -0.56 LockheedMartin LMT 467.18 -3.38 NetEase NTES 98.64 -0.85
AerCap AER 90.75 1.04 Avantor AVTR 25.11 0.82 CNA Fin CNA 44.64 -0.21
s Crocs CROX 145.31 2.37 Equifax EFX 247.37 2.64 Genmab GMAB 29.53 0.37 IBM IBM 167.36 -0.20 Loews L 77.34 ... Netflix NFLX 613.66 -2.93
AffirmA AFRM 33.44 1.43 AveryDennison AVY 225.74 0.67 CNH Indl CNHI 11.77 0.31
CrowdStrike CRWD 329.55 10.37 Equinix EQIX 789.82 12.93 Gentex GNTX 34.75 0.04 IntlFlavors IFF 96.63 0.11 LogitechIntl LOGI 89.17 2.81 Neurocrine NBIX 138.48 2.33
AgilentTechs A 151.28 3.52 s AxaltaCoating AXTA 36.54 0.35 CRH CRH 82.55 0.43
CrownCastle CCI 101.06 1.02 Equinor EQNR 28.72 0.05 GenuineParts GPC 155.58 -1.95 IntlPaper IP 39.85 0.33 Lowe's LOW 231.58
-1.40 NewOrientalEduc EDU 88.62 0.94
AgnicoEagleMines AEM 68.64 0.89 AxonEnterprise AXON 296.46 -3.77 CSX CSX 33.93 -0.59
Crown Holdings CCK 84.69 0.58 s Equitable EQH 40.23 -0.08 Gerdau GGB 3.74 0.02 Interpublic IPG 31.73 0.33 lululemon LULU 352.35
5.19 NYTimes A NYT 48.09 0.05
AirProducts APD 248.56 -1.70 BCE BCE 34.17 0.23 CVS Health CVS 56.00 -0.47
CubeSmart CUBE 42.55 0.18 EquityLife ELS 62.29 -0.16 GileadSciences GILD 67.65 0.11 Intuit INTU 635.42 8.23 LyondellBasell LYB 101.52 0.20 Newmont NEM 42.57 0.11
Airbnb ABNB 146.70 -2.43 BHP Group BHP 58.79 1.61 CadenceDesign CDNS 283.33 -1.13
Cummins CMI 295.18 3.73 EquityResdntl EQR 67.39 0.64 GitLab GTLB 54.28 1.01 IntuitiveSurgical ISRG 384.19 3.31 NewsCorp B NWS 26.40 0.11
AkamaiTech AKAM 93.13 -1.19 BJ'sWholesale BJ 77.74 -0.73 CaesarsEnt CZR 36.71 0.44
Curtiss-Wright CW 274.48 1.47 ErieIndemnity ERIE 394.17 -8.56 GlobalPayments GPN 110.19 0.81 InvitatHomes INVH 34.98 0.23
M N NewsCorp A NWSA 25.57 0.11
Albemarle ALB 135.46 3.95 BP BP 37.96 -0.14 CamdenProperty CPT 106.91 0.17
CyberArkSoftware CYBR 238.30 4.28 EssentialUtil WTRG 39.22 0.04 GlobalFoundries GFS 54.39 1.76 IronMountain IRM 80.53 2.14 s M&T Bank MTB 155.06 1.27 NextEraEnergy NEE 75.42 0.84
Albertsons ACI 20.80 0.11 BWX Tech BWXT 89.21 0.52 Cameco CCJ 49.98 1.00
s EssexProp ESS 264.97 4.41 Globant GLOB 174.45 -0.65 ItauUnibanco ITUB 6.51 0.09 MGM Resorts MGM 41.29 0.36 Nike NKE 92.79 0.07
s Alcon ALC 89.28 8.62 Baidu BIDU 109.42 -2.37 CampbellSoup CPB 46.01 -0.22 D E F EsteeLauder EL 134.06 -0.65 GlobeLife GL 88.56 3.42 MinisoGroup MNSO 24.15 -1.20 NiSource NI 28.87 0.07
AlexandriaRlEst ARE 124.02 3.30 BakerHughes BKR 32.63 0.22 CIBC CM 49.00 -0.30
-0.53 EvercoreA EVR 195.86 -0.02
J K L MKS Instrum MKSI 124.55 5.84 Nokia NOK 3.93 0.14
Alibaba BABA 79.51 -5.09 Ball BALL 70.03 0.76 CanNtlRlwy CNI 126.42 -0.19 DTE Energy DTE 114.78 GlobusMedical GMED 62.84 -0.91
AlignTech ALGN 278.08 5.34 BBVA BBVA 10.69 0.23 CanadianNatRscs CNQ 75.87 -0.54 s Danaher DHR 259.26 7.65 Everest EG 378.76 -2.42 GoDaddy GDDY 132.82 -0.75 JD.com JD 33.35 -0.43 MPLX MPLX 40.45 -0.74 Nomura NMR 5.72 0.01
Allegion ALLE 127.34 1.63 BancoBradesco BBDO 2.33 0.01 CdnPacKC CP 81.24 -0.79 Darden DRI 148.94 -0.12 Evergy EVRG 55.30 -0.44 GoldFields GFI 16.80 0.05 s JPMorganChase JPM 201.51 2.78 MSCI MSCI 488.11 2.54 Nordson NDSN 271.99 -1.77
AlliantEnergy LNT 51.36 0.02 s BancodeChile BCH 24.44 0.54 CapitalOne COF 143.08 0.88 Datadog DDOG 116.75 -1.51 EversourceEner ES 60.90 -0.38 s GoldmanSachs GS 458.47 4.91 Jabil JBL 117.65 -0.12 MagnaIntl MGA 47.55 0.58 NorfolkSouthern NSC 229.94 -1.04
Allstate ALL 169.08 -0.80 BancSanBrasil BSBR 5.58 0.03 CardinalHealth CAH 97.43 -0.61 DaVita DVA 137.01 0.42 ExactSciences EXAS 54.00 -1.59 Grab GRAB 3.56 0.02 JackHenry JKHY 165.69 -2.03 s MakeMyTrip MMYT 77.03 1.43 NorthernTrust NTRS 86.28 0.39
AllyFinancial ALLY 40.78 1.12 BcoSantChile BSAC 19.57 0.40 Carlisle CSL 418.92 4.23 Dayforce DAY 62.10 0.25 Exelon EXC 38.40 0.27 Graco GGG 83.13 -0.06 JacobsSolns J 137.87 -0.45 ManhattanAssoc MANH 216.64 3.02 NorthropGrum NOC 474.07 -2.58
AlnylamPharm ALNY 147.89 -2.00 BancoSantander SAN 5.09 0.03 Carlyle CG 42.30 0.58 DeckersOutdoor DECK 882.45 31.78 Expedia EXPE 113.48 0.81 Grainger GWW 950.55 1.29 JamesHardie JHX 36.96 0.58 ManulifeFinl MFC 26.01 0.32 Novartis NVS 103.31 1.05
Alphabet A GOOGL 170.34 1.20 BanColombia CIB 35.08 0.43 CarMax KMX 75.76 0.86 Deere DE 412.78 4.79 ExpeditorsIntl EXPD 117.52 -0.09 GraphicPkg GPK 28.48 0.41 JefferiesFinl JEF 46.18 0.17 Maplebear CART 34.30 -0.45 NovoNordisk NVO 132.92 0.51
Alphabet C GOOG 171.93 1.03 s BankofAmerica BAC 38.49 0.28 Carnival CCL 14.52 -0.04 DellTechC DELL 134.12 3.11 ExtraSpaceSt EXR 148.65 0.76 GpoAeroportuar PAC 187.39 -0.35 J&J JNJ 151.38 0.16 MarathonOil MRO 26.57 0.12 NuHoldings NU 11.55 0.17
Altria MO 45.50 0.46 BankMontreal BMO 94.50 0.39 Carnival CUK 13.30 0.04 DeltaAir DAL 53.06 0.07 ExxonMobil XOM 117.67 0.71 GpoAeroportSur ASR 351.44 0.37 JohnsonControls JCI 66.88 0.82 MarathonPetrol MPC 174.51 -3.35 Nucor NUE 172.62 -1.12
Amazon.com AMZN 187.07 0.50 BankNY Mellon BK 58.35 0.50 CarrierGlobal CARR 64.96 0.63 DescartesSystems DSGX 95.71 -1.70 F5 FFIV 171.93 0.53 Guidewire GWRE 119.09 2.78 JonesLang JLL 196.75 2.15 Markel MKL 1645.20 10.73 Nutanix NTNX 67.29 1.70
Ambev ABEV 2.36 0.03 BankNovaScotia BNS 48.01 -0.08 Carvana CVNA 120.95 4.05 DeutscheBank DB 17.45 0.41 FMC FMC 66.27 -0.44 HCA Healthcare HCA 320.50 3.32 JuniperNetworks JNPR 34.44 -0.06 MarketAxess MKTX 204.42 -1.51 Nutrien NTR 57.50 0.54
Amcor AMCR 10.43 0.06 s Barclays BCS 11.04 0.20 s CaseysGenStores CASY 337.76 -2.50 DevonEnergy DVN 49.83 -0.07 FTAI Aviation FTAI 78.48 1.83 HDFC Bank HDB 55.95 0.05 KB Financial KB 57.98 -1.04 Marriott MAR 235.87 -1.63 nVentElectric NVT 81.67 1.07
Amdocs DOX 82.07 -1.93 BarrickGold GOLD 17.15 0.21 Catalent CTLT 55.52 -0.28 DexCom DXCM 125.97 1.02 FTI Consulting FCN 220.85 -1.94 HF Sinclair DINO 56.90 0.69 KBR KBR 65.97 -0.23 Marsh&McLen MMC 205.07 -0.48 NVIDIA NVDA 913.56 9.57
Ameren AEE 74.88 0.41 Bath&BodyWks BBWI 48.68 0.86 Caterpillar CAT 358.18 1.50 Diageo DEO 143.64 1.07 s Fabrinet FN 232.39 12.62 HP HPQ 30.76 0.82 KE Holdings BEKE 17.84 0.10 MartinMarietta MLM 606.13 -1.92
AmericaMovil AMX 19.87 ... BaxterIntl BAX 35.24 -0.19 Celanese CE 159.71 -0.53 DiamondbkEner FANG 198.05 -0.75 FactSet FDS 441.51 1.48 HSBC HSBC 44.72 0.75 KKR KKR 102.44 2.20 MarvellTech MRVL 68.02 -1.00 O P Q
AmerAirlines AAL 15.19 0.26 BectonDicknsn BDX 235.00 -1.95 CelsiusHldg CELH 91.54 4.96 Dick's DKS 200.49 6.18 FairIsaac FICO 1353.93 21.40 H World HTHT 41.29 0.59 s KLA KLAC 729.92 17.22 Masco MAS 71.10 0.31 ONEOK OKE 81.68 1.08
AEP AEP 90.79 -0.73 BeiGene BGNE 160.77 -1.40 Cemex CX 7.91 -0.04 DigitalRealty DLR 141.86 -1.23 Fastenal FAST 67.23 -0.13 Haleon HLN 8.32 0.07 s Kanzhun BZ 21.32 0.45 MasTec MTZ 106.77 -0.21 ON Semi ON 72.99 0.66
AmerExpress AXP 241.53 2.88 BellRing BRBR 59.89 0.28 Cencora COR 221.94 -0.98 DiscoverFinSvcs DFS 124.40 0.23 FederalRealty FRT 102.47 0.01 Halliburton HAL 37.56 0.22 Kaspi.kz KSPI 119.97 1.40 Mastercard MA 454.20 -3.56 OReillyAuto ORLY 1006.77 -5.98
AmericanFin AFG 130.74 -0.55 BentleySystems BSY 55.49 0.65 CenovusEnergy CVE 20.19 -0.23 Disney DIS 105.35 -0.48 FedEx FDX 259.04 -7.85 HartfordFinl HIG 101.33 0.79 Kellanova K 62.56 0.07 MatadorRscs MTDR 63.48 0.61 OccidentalPetrol OXY 63.06 0.15
AmHomes4Rent AMH 36.07 0.14 Berkley WRB 78.83 0.22 Centene CNC 76.87 -0.28 DocuSign DOCU 59.73 -0.03 Ferguson FERG 218.75 -0.94 Hasbro HAS 62.18 1.21 Kenvue KVUE 20.63 0.27 MatchGroup MTCH 31.94 0.98 Okta OKTA 97.89 -0.51
AIG AIG 79.44 0.45 BerkHathwy B BRK.B 410.24 -0.98 CenterPointEner CNP 29.68 0.02 DolbyLab DLB 82.57 0.35 Ferrari RACE 411.02 5.29 HealthpeakProp DOC 19.82 0.25 KeurigDrPepper KDP 34.17 0.05 McCormickVtg MKC.V 74.33 -1.40 OldDomFreight ODFL 181.94 -0.08
AmerTowerREIT AMT 186.96 1.96 BerkHathwy A BRK.A 619250-1750.00 CentraisElBras EBR 7.47 0.08 DollarGeneral DG 140.31 2.38 Ferrovial FER 40.40 2.50 Heico HEI 210.08 0.18 KeyCorp KEY 15.11 0.23 McCormick MKC 74.60 -1.14 OldRepublic ORI 31.43 0.31
AmerWaterWorks AWK 133.13 -0.65 BestBuy BBY 74.35 -0.35 CerevelTherap CERE 42.24 0.18 DollarTree DLTR 118.88 -1.32 FidNatlFinl FNF 51.96 0.55 Heico A HEI.A 168.57 1.11 KeysightTech KEYS 151.50 1.79 McDonald's MCD 270.66 -0.66 OmegaHealthcare OHI 30.86 0.12
Ameriprise AMP 435.33 3.39 Bio-Techne TECH 84.15 2.18 CharlesRiverLabs CRL 232.82 4.41 DominionEner D 52.84 -0.20 s FidNatlInfo FIS 76.39 0.64 HenrySchein HSIC 72.77 -0.36 KimberlyClark KMB 135.10 -1.19 McKesson MCK 551.58 -3.03 Omnicom OMC 96.58 0.28
Ametek AME 168.53 -1.57 Bio-RadLab A BIO 294.01 8.57 CharterComms CHTR 278.13 3.48 Domino's DPZ 510.71 0.47 FifthThirdBncp FITB 38.47 0.27 Hershey HSY 208.89 -0.62 KimcoRealty KIM 19.21 0.06 Medpace MEDP 398.52 9.25 s OnHolding ONON 36.30 5.61
Amgen AMGN 311.41 2.96 Biogen BIIB 226.88 1.54 CheckPoint CHKP 148.91 -1.12 Donaldson DCI 74.96 0.35 FirstCitizBcshA FCNCA 1738.09 -4.76 Hess HES 158.48 -1.13 s KinderMorgan KMI 19.41 0.26 Medtronic MDT 84.30 0.78 OntoInnovation ONTO 228.30 6.68
AmkorTech AMKR 33.30 0.61 BioMarinPharm BMRN 79.65 -0.85 Chemed CHE 569.00 0.21 DoorDash DASH 114.68 -1.83 FirstHorizon FHN 15.95 0.16 HessMidstream HESM 35.45 0.25 s KinrossGold KGC 7.80 0.21 MercadoLibre MELI 1683.91 6.57 OpenText OTEX 30.55 -0.06
s Amphenol APH 128.56 1.40 BioNTech BNTX 92.28 -0.44 CheniereEnergy LNG 157.42 2.68 Dover DOV 183.71 -0.55 FirstSolar FSLR 186.97 -2.57 HewlettPackard HPE 17.65 0.27 KinsaleCapital KNSL 378.15 2.74 Merck MRK 128.66 -0.63 Oracle ORCL 120.87 4.50
s AnalogDevices ADI 211.94 3.56 Birkenstock BIRK 48.25 0.81 CheniereEnerPtrs CQP 48.54 1.54 Dow DOW 59.65 0.29 FirstEnergy FE 39.84 0.15 Hilton HLT 205.30 -0.79 Knight-Swift KNX 49.48 -0.53 MetaPlatforms META 471.85 3.84 Orange ORAN 11.51 0.06
AngloGoldAsh AU 24.34 0.06 BlackRock BLK 802.96 12.63 ChesapeakeEner CHK 90.81 2.42 DrReddy'sLab RDY 69.67 -0.21 Fiserv FI 153.68 0.46 Hologic HOLX 75.65 0.08 Philips PHG 26.96 ... MetLife MET 73.31 0.90 Continued on Page B8
AB InBev BUD 65.67 0.96 Blackstone BX 125.97 3.84 Chevron CVX 163.61 -0.92
AnnalyCap NLY 20.16 0.22 Block SQ 71.20 1.46 Chipotle CMG 3176.67 -18.73
AnteroResources AR 33.97 0.52 BlueOwlCapital OWL 18.52 0.13 ChordEnergy CHRD 182.37 1.27 ADVERTISEMENT
Aon AON 287.92 -0.66 Boeing BA 180.76 2.32 Chubb CB 253.16 -1.38
APi Group

AppFolio
APG 37.00 0.17
ApolloGlblMgmt APO 110.87 1.09
APPF 247.19 -2.22
Booking
BoozAllen
BKNG 3772.85
BAH 149.06
BorgWarner BWA 37.59
27.85 ChunghwaTel CHT 38.62 -0.05
-2.76 Church&Dwight CHD 106.83 -0.04
-0.03 ChurchillDowns CHDN 133.90 -0.87
Business Real Estate & Auctions
To advertise: email [email protected] or WSJ.com/classifieds
Apple AAPL 187.43 1.15 BostonProps BXP 64.05 1.30 Cigna CI 346.42 -2.72
AppliedIndlTechs AIT 195.72 0.98 BostonSci BSX 73.49 0.68 CincinnatiFinl CINF 118.21 -0.12
ApplMaterials AMAT 209.82 3.19 BristolMyers BMY 44.71 -0.35 Cintas CTAS 687.70 -1.06
AppLovin APP 83.44 -2.93 BritishAmTob BTI 31.09 0.17 CiscoSystems CSCO 48.95 0.27 OHIO PENNSYLVANIA
Aptargroup ATR 147.90 0.03 Broadcom AVGO 1380.03 42.52 s Citigroup C 63.59 0.19
Aptiv APTV 82.84 0.10 BroadridgeFinl BR 199.87 2.07 s CitizensFin CFG 36.43 0.49

Borrowing Benchmarks
wsj.com/market-data/bonds/benchmarks
Court
Ordered LIVE AUCTION
CASE NUMBER CV22-970434 PARK NATIONAL BANK V. WESTLAKE 555, LLC ET AL.

24650 Center Ridge Road, Westlake, Ohio 44145

Money Rates May 14, 2024
New 10-Year
Lease with
Key annual interest rates paid to borrow or lend money in U.S. and Regus
international markets. Rates below are a guide to general levels but
don’t always represent actual transactions.
Week —52-WEEK—
Inflation Latest ago High Low
March index Chg From (%)
March 26 weeks 5.165 5.155 5.350 4.975
level Feb. '24
'23 Secondary market
U.S. consumer price index Fannie Mae INCREDIBLE INVESTMENT OPPORTUNITY
All items 312.332 0.65 3.5 30-year mortgage yields 64,064 SF Class B office building on 3.04± AC located in Westlake
Core 317.088 0.53 3.8 30 days 6.507 6.572 7.495 5.788 Inspection Dates: May 23 & 30 | 10:00 - 11:30 a.m. Published Reserve
60 days 6.523 6.587 7.554 5.791
International rates
Other short-term rates
On-Site Auction: June 6 @ 11:00 a.m. $1,700,000
(Registration @ 10:00 a.m. EST)
Week 52-Week (2/3 of Appraised
Latest ago High Low Week 52-Week OH Auctioneer | OH RE Salesperson:
Latest ago high low Mark Abood, ESQ. Value of $2,563,000)
Prime rates Private Selling Officer
Call money (ORC Section 2329.152) Projected NOI over
U.S. 8.50 8.50 8.50 8.25
Canada 7.20 7.20 7.20 6.70 7.25 7.25 7.25 7.00 OH RE Salesperson: $500k at 100% Occupancy!
Elizabeth Finazzo, ESQ.
Japan 1.475 1.475 1.475 1.475 Commercial paper (AA financial)
+1 216 239 5060 | www.colliers.com/p-usa1136052 7.5% Buyer’s Premium
Policy Rates 90 days n.a. 5.37 5.54 5.11 DISCLAIMER: The information contained herein is subject to independent inspection and verification by all parties relying on it. No liability for its
inaccuracy, errors or omissions is assumed by the sellers or broker/auctioneer. All acreage, square footage, and dimensions are approximate. This
Euro zone 4.50 4.50 4.50 3.75 Secured Overnight Financing Rate offering may be withdrawn, modified, or canceled without notice at any time. Each property is subject to prior sale. This is not a solicitation or offering
to residents of any state or jurisdiction where prohibited by law.
Switzerland 2.00 2.00 2.25 2.00
Britain 5.31 5.31 5.40 5.05
5.25 5.25 5.25 4.50
Australia 4.35 4.35 4.35 3.85 Value 52-Week
ILLINOIS
Latest Traded High Low BUILDINGS FOR SALE CALIFORNIA
Overnight repurchase
U.S. 5.35 5.36 5.48 5.04 DTCC GCF Repo Index
Treasury 5.348 46.070 5.504 5.075
MBS 5.374 43.410 5.689 5.087
U.S. government rates
Notes on data: BANKRUPTCY
Discount U.S. prime rate is the base rate on corporate AUCTION
5.50 5.50 5.50 5.25 loans posted by at least 70% of the 10 largest (Subject to Bankruptcy Court Approval)
U.S. banks, and is effective July 27, 2023. Other
Federal funds prime rates aren’t directly comparable; lending Bid Deadline: June 28
Effective rate 5.3300 5.3300 5.3500 5.0800
practices vary widely by location; Discount rate
is effective July 27, 2023. Secured Overnight
Auction Date: July 9
High 5.6500 5.6500 5.6500 5.4000 Financing Rate is as of May 13, 2024. DTCC
Low 5.3100 5.3100 5.3300 5.0500 GCF Repo Index is Depository Trust & Clearing
Bid 5.3300 5.3300 5.3300 5.0700 Corp.'s weighted average for overnight trades in
Offer 5.3500 5.3500 5.3700 5.0800 applicable CUSIPs. Value traded is in billions of
U.S. dollars. Federal-funds rates are Tullett
Treasury bill auction Prebon rates as of 5:30 p.m. ET.
4 weeks 5.270 5.275 5.750 5.010
Sources: Federal Reserve; Bureau of Labor 100+ PROPERTIES Near
13 weeks 5.250 5.250 5.345 5.060
Statistics; DTCC; FactSet;
Tullett Prebon Information, Ltd.
Colgate University, NY
(Residential, Self-Storage, Commercial/
Office Buildings & Vacant Land)

Dividend Changes Offers will be accepted on

individual assets, defined
packages, and the full portfolio
Amount Payable /
Company Symbol Yld % New/Old Frq Record MBMarshall-RealEstateSale.com
Increased KEEN-SUMMIT CAPITAL PARTNERS LLC
Materion MTRN 0.5 .135 /.13 Q Jun07 /May23
(646) 381-9222 • Keen-Summit.com
Stocks
Chimera Investment CIM 1:3 /May22
Foreign
Diversified Energy DEC 13.9 .29 Q Jun28 /May24
GasLog Ptrs Pfd. B 11.2 .73026 Jun17 /Jun10
NOTABLE
GLOPpB Q
RenaissanceRe Hldgs RNR 0.7 .39 Q Jun28 /Jun14
RenaissanceRe Pfd. F
RenaissanceRe Pfd. G
RNRpF
RNRpG
6.2
5.9
.35938
.2625
Q
Q
Jun03 /May31
Jun03 /May31 COMMERCIAL
Taiwan Semiconductor ADR TSM 1.2 .4865 Q Oct09 /Sep12 PROPERTIES
Special EVERY WEDNESDAY
Merrimack Pharm MACK ... 15.10 May17 /May10
PhenixFIN PFX ... 1.31 Jun10 /May27 LIST YOUR PROPERTY TODAY
Note: Dividend yields as of 3:30 p.m. ET (800) 366-3975
Sources: FactSet; Dow Jones Market Data [email protected]
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: © 2024 Dow Jones & Company, Inc.
spin-off. All Rights Reserved.
P2JW136000-2-B00800-1--------NS

B8 | Wednesday, May 15, 2024 NY * * THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Continued From Page B7 Net Net Net Net Net Net Net Net
Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Stock Sym Close Chg RealtyIncome O 54.87 -0.09 Roku ROKU 62.26 2.10 Seagate STX 96.22 3.07 s Southern SO 78.71 0.01 s TevaPharm TEVA 17.09 0.21 Vertiv VRT 98.73 3.93
PayPal PYPL 64.58 0.63 Progressive PGR 213.67 1.26
Orix IX 106.59 -0.52 Pearson PSO 12.44 0.14 Reddit RDDT 62.34 4.15 Rollins ROL 46.92 0.51 s Sempra SRE 76.63 -0.49 s SoCopper SCCO 123.79 3.12 s TexasInstruments TXN 191.13 3.31 Viatris VTRS 11.14 -0.22
Prologis PLD 108.28 0.60
Oshkosh OSK 121.89 -0.02 PembinaPipeline PBA 37.08 0.21 RegalRexnord RRX 162.30 0.03 RoperTech ROP 520.83 -0.93 ServiceIntl SCI 70.00 -0.13 SouthwestAir LUV 28.13 TexasPacLand TPL 607.68
0.15 2.40 Viking VIK 28.10 0.10
PrudentialFinl PRU 118.88 1.08
OtisWorldwide OTIS 97.07 0.48 PenskeAuto PAG 161.63 1.34 RegencyCtrs REG 59.75 -0.05 RossStores ROST 132.86 -0.74 ServiceNow NOW 721.62 -8.50 SouthwesternEner SWN 7.49 TexasRoadhouse TXRH 167.89
0.22 2.37 VikingTherap VKTX 72.50 0.15
Prudential PUK 20.13 0.22
Ovintiv OVV 49.78 -0.01 Pentair PNR 83.19 0.56 RegenPharm REGN 984.64 7.68 s RoyalBkCanada RY 104.30 -0.31 SharkNinja SN 71.40 1.02 Spotify SPOT 290.12 0.41 Textron TXT 88.10 0.22 VinFastAuto VFS 4.11 -0.45
PublicServiceEnt PEG 73.74 0.25
OwensCorning OC 177.70 2.04 Penumbra PEN 208.73 3.96 RegionsFinl RF 20.10 0.17 RoyalCaribbean RCL 140.80 -0.04 Shell SHEL 74.06 -0.11 s SproutsFarmers SFM 76.74 0.65 ThermoFisher TMO 594.80 4.10 Vipshop VIPS 16.40 -0.41
PublicStorage PSA 279.83 2.92
PDD PDD 138.69 -1.83 PepsiCo PEP 179.87 -1.03 ReinsGrp RGA 207.12 0.54 RoyalGold RGLD 128.45 2.00 SherwinWilliams SHW 314.05 -1.82 StanleyBlackDck SWK 91.80 1.60 ThomsonReuters TRI 167.83 0.34 Visa V 277.74 -1.65
PulteGroup PHM 116.18 -0.20
PG&E PCG 18.01 0.14 PerformanceFood PFGC 70.39 0.65 Reliance RS 290.65 -3.15 RoyaltyPharma RPRX 28.07 -0.31 ShinhanFin SHG 35.20 0.14 Stantec STN 81.94 -0.67 3M MMM 100.08 0.45 Vistra VST 91.47 1.30
PureStorage PSTG 56.41 2.08
PNC Finl PNC 159.40 1.35 PermianRscs PR 16.83 0.07 RenaissanceRe RNR 223.15 -0.52 RyanSpecialty RYAN 53.66 0.54 ShockwaveMed SWAV 331.00 0.62 Starbucks SBUX 75.63 -0.55 s Toast TOST 27.16 0.14 Vodafone VOD 9.19 0.42
Qiagen QGEN 45.39 1.06
POSCO PKX 74.07 0.53 PetroleoBrasil PBR 16.69 -0.35 RentokilInit RTO 26.98 0.50 Ryanair RYAAY 128.60 0.04 Shopify SHOP 58.03 -0.75 StateStreet STT 76.56 0.40 TollBros TOL 127.38 1.23 VulcanMatls VMC 267.75 -2.34
Qorvo QRVO 99.05 0.70
PPG Ind PPG 135.38 -0.36 PetroleoBrasilA PBR.A 15.87 -0.26 Repligen RGEN 172.48 9.14 SAP SAP 189.70 -0.26 SimonProperty SPG 149.54 2.57 SteelDynamics STLD 135.07 0.22 TopBuild BLD 419.95 10.29
PPL PPL 29.19 0.02 Pfizer PFE 28.38 -0.06
s Qualcomm QCOM 188.97 4.76
RepublicSvcs RSG 187.34 -0.89 S&P Global SPGI 428.03 0.02 SiriusXM SIRI 3.17 0.03 Stellantis STLA 23.32 0.66 Toro TTC 90.48 2.38 W X Y Z
QuantaServices PWR 263.36 -2.07
PTC PTC 180.53 1.41 PhilipMorris PM 99.84 0.55 ResMed RMD 215.85 -2.04 SBA Comm SBAC 199.10 1.07 s SkechersUSA SKX 69.00 0.76 Steris STE 236.00 3.44 TorontoDomBk TD 56.72 -0.04 WEC Energy WEC 84.42 -0.46
QuestDiag DGX 139.16 -1.62
Paccar PCAR 108.12 1.57 Phillips66 PSX 144.85 -0.23 RestaurantBrands QSR 71.75 -0.36 SEI Investments SEIC 67.74 -0.05 Skyworks SWKS 94.42 0.52 StifelFinancial SF 83.39 0.56 TotalEnergies TTE 73.97 -0.09 WEX WEX 203.17 -3.00
PackagingCpAm PKG 181.64 0.21 s Pilgrim'sPride PPC 38.50 0.72 R S Revvity RVTY 106.53 0.98 SK Telecom SKM 21.63 0.34 SmithAO AOS 86.40 0.34 STMicroelec STM 41.84 1.32 ToyotaMotor TM 217.12 1.48 W.P.Carey WPC 59.35 0.68
PalantirTech PLTR 21.44 0.50 PinnacleWest PNW 77.00 0.04 RexfordIndlRealty REXR 45.39 0.56 SS&C Tech SSNC 63.20 0.14 Smith&Nephew SNN 25.77 0.66 Stryker SYK 324.30 -0.26 TractorSupply TSCO 274.50 2.83 WPP WPP 53.23 0.29
PaloAltoNtwks PANW 301.54 RBC Bearings RBC 272.70 4.89 RioTinto RIO 69.69 -0.15 Saia SAIA 405.21 2.19 Smucker SJM 115.20 -0.89 SumitomoMits SMFG 11.81
-0.71 Pinterest PINS 42.02 0.17 0.15 TradeDesk TTD 86.18 -1.35 Wabtec WAB 165.15 0.25
ParamountA PARAA 22.02 RB Global RBA 76.25 -1.08 Rivian RIVN 11.19 0.29 Salesforce CRM 276.80 -0.72 Snap SNAP 15.62 -0.14 SunComms SUI 117.44
-0.12 PlainsAllAmPipe PAA 17.45 0.10 -0.32 Tradeweb TW 111.25 1.50 WalgreensBoots WBA 18.35 0.23
ParamountB PARA 12.33 RELX RELX 43.51 0.70 Robinhood HOOD 18.02 1.13 Samsara IOT 39.55 0.09 Snap-On SNA 279.12 -0.81 SunLifeFinancial SLF 50.80
-0.68 PlainsGP PAGP 18.34 0.17 0.13 TraneTech TT 330.06 3.42 Walmart WMT 59.86 -0.55
ParkerHannifin PH 549.40 -1.63 Pool POOL 377.50 RPM RPM 113.65 -0.18 Roblox RBLX 31.66 0.70 Sanofi SNY 49.50 -0.71 Snowflake SNOW 160.95 1.16
4.41 SuncorEnergy SU 39.19 -0.45 TransDigm TDG 1275.77 -4.79 WarnerBrosA WBD 8.56 0.18
Parsons PSN 76.83 0.07 Primerica PRI 224.48 RTX RTX 105.70 -0.10 s RocketCos. RKT 14.60 0.18 SareptaTherap SRPT 132.66 0.96 SOQUIMICH SQM 49.51 1.41
0.54 Sunoco SUN 53.72 0.92 TransUnion TRU 78.30 -0.12 WarnerMusic WMG 32.16 -0.09
Paychex PAYX 123.71 -1.06 PrincipalFinl PFG 84.19 RalphLauren RL 166.31 0.70 Rockwell ROK 270.84 1.92 Schlumberger SLB 48.62 -0.13 SoFiTech SOFI 7.47 0.36
0.27
SuperMicroComp SMCI 822.37 39.61 Travelers TRV 217.59 1.01 WasteConnections WCN 165.66 -0.43
PaycomSoftware PAYC 174.51 0.43 ProcoreTech PCOR 67.93 RangeResources RRC 36.53 1.04 RogersComm B RCI 39.84 0.23 s SchwabC SCHW 77.07 2.37 Solventum SOLV 65.10 1.96
SUZ 9.76 -0.09 Trex TREX 88.49
0.12 0.90 WasteMgt WM 209.86 -0.96
Suzano
Paylocity PCTY 169.86 2.92 Procter&Gamble PG 165.76 -0.11 RaymondJames RJF 126.96 1.26 RoivantSciences ROIV 11.33 0.15 Sea SE 66.26 1.80 Sony SONY 81.23 5.08 Trimble TRMB 57.09 0.03 Waters WAT 358.99 9.71
Symbotic SYM 45.06 2.32
s Trip.com TCOM 55.70 0.80 s Watsco WSO 484.45 4.99
SynchronyFinl SYF 45.18 0.27
TruistFinl TFC 39.39 0.21 WattsWater WTS 215.61 1.88
Synopsys SNPS 559.63 2.24
Twilio TWLO 62.22 -0.02 Wayfair W 71.28 -0.09
ADVERTISEMENT Sysco SYY 75.89 0.33
TylerTech TYL 484.85 3.75 WeatherfordIntl WFRD 124.46 1.71
T U V
The Marketplace
TysonFoods TSN 60.27 0.62 WebsterFin WBS 46.21 0.72
UBS Group UBS 30.16 0.48 WellsFargo WFC 61.89 0.63
TAL Education TAL 13.58 -0.07
UDR UDR 39.37 0.25 s Welltower WELL 98.82 -0.66
TC Energy TRP 38.72 0.09
To advertise: 800-366-3975 or WSJ.com/classifieds U-Haul UHAL 69.11 0.64 WescoIntl WCC 179.60 1.77
s TD Synnex SNX 123.33 1.34
U-Haul N UHAL/B 66.17 0.64 WestPharmSvcs WST 354.48 -3.69
s TE Connectivity TEL 149.29 1.45
US Foods USFD 54.53 -0.09 WesternDigital WDC 73.54 2.57
Telus TU 16.44 0.17
UWM UWMC 7.35 0.40 s WesternMidstrm WES 37.90 0.78
NOTICE OF SALE BUSINESS OPPORTUNITIES NOTICE OF SALE Ternium TX 43.12 0.49
Uber UBER 65.32 -0.70 Westlake WLK 157.19 0.92
TFI Intl TFII 136.90 -0.98
Ubiquiti UI 137.25 2.28 WestRock WRK 51.66 0.56
TIM TIMB 16.38 0.08
NOTICE OF PUBLIC AUCTION UiPath PATH 20.20 0.40 Weyerhaeuser WY 31.19 -0.02
NOTIFICATION OF PUBLIC SALE OF COLLATERAL

10%
Reference is hereby made to that certain Indenture, dated as of June 26, 2003 (the “Indenture”), by and among TJX TJX 99.04 0.29 UltaBeauty ULTA 401.68
Mulberry Street CDO II, Ltd., as Issuer thereunder, Mulberry Street CDO II Funding Corp., as Co-Issuer thereunder, FIXED PLEASE TAKE NOTICE THAT, for default in payment TKO TKO 102.24 2.85 Unilever UL 54.04
-2.28
0.11 s
WheatonPrecMtls WPM 55.36
Williams WMB 40.36
0.79
0.70
Deutsche 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 RETURN and performance of obligations under certain Pledge
and Security Agreement dated August 29, 2018, by
T-MobileUS TMUS 162.41 -0.94 UnionPacific UNP 244.94
TPG TPG 42.38 0.02 UnitedAirlines UAL 55.09
-0.74 Williams-Sonoma WSM 317.15 1.53
the Uniform Commercial Code as in effect in the State of New York, the following assets will be sold (individually the defaulting Debtor/Borrower/Pledgor, as set forth 0.69 WillisTowers WTW 253.89 0.21
or on a portfolio basis) to the highest qualified bidder(s) at Public Auctions to be held on the dates and times set
forth below*:
Faes & Co Income Fund further below, Mannion Auctions, LLC, by William E.
Mannion, auctioneer, and/or Matthew D. Mannion,
T.RowePrice TROW 114.36 1.69 UnitedMicro UMC 8.22
TaiwanSemi TSM 151.95 5.54 UPS B
0.13 Wingstop WING 387.24 9.82

PORTFOLIO NO. 1 – Zero Factor

Real Estate-Backed, auctioneer, on behalf of Palm Avenue Hialeah Trust, a
Delaware statutory trust, for and on behalf of and solely
UPS 147.94
TakeTwoSoftware TTWO 144.96 1.01 UnitedRentals URI 694.47
-2.66 Wipro WIT 5.41 0.05

Bid Deadline: May 29, 2024 at 10:00 a.m. (prevailing Eastern time)
Consistent, Stable Returns with respect to Series 2023-3, (the “Secured Party”),
TakedaPharm TAK 13.45 0.34 US Bancorp USB 41.95
-2.20 WoodsideEnergy WDS 18.57 -0.02
will sell, pursuant to Section 9-610 of the Uniform 0.46 Woodward WWD 177.22 0.34
No CUSIP Security Original Principal Amount ($) Accredited Investors Only Commercial Code, at public auction certain Collateral as Tapestry TPR 42.11 0.76 US Steel X 38.00 0.03 WooriFinl WF 32.32 -0.20
1 00075QAN2 ABFC 2006-OPT1 M9 1,000,000.00 set forth below. Manner of Disposition: Via the virtual
• 90-day liquidity (after 1yr commitment) Zoom platform and in-person at the offices of Offit TargaResources TRGP 114.43 1.52 s UnitedTherap UTHR 269.78 5.44 Workday WDAY 246.88 -0.20
2 004421VB6 ACE 2006-NC1 M8 2,000,000.00
Kurman, P.A., Attorney’s for Secured Party, located at Target TGT 158.96 -0.84 UnitedHealth UNH 513.88
3 03072S2E4 AMSI 2006-R2 M8 4,000,000.00 • Income paid quarterly 590 Madison Avenue, 6th Floor, New York, NY 10022.
2.14 WynnResorts WYNN 98.04 0.05
4 03072SY33 AMSI 2006-R1 M8 4,400,000.00 • Almost 2 decades of experience Date and Time of Sale: June 4, 2024 at 11:00 a.m. TechnipFMC FTI 26.69 0.27 UnitySoftware U 23.03 0.34 XP XP 21.90 0.12
5 040104RQ6 ARSI 2006-W1 M8 8,000,000.00 ET. Terms of Public Sale: The below defined Collateral s TeckResourcesB TECK 52.54 1.08 UnivDisplay OLED 174.92
6 040104TS0 ARSI 2006-W4 M9 6,659,000.00 1.94 XPO XPO 112.24 2.76
will be sold “as is,” without representation or warranty
7 12506YBJ7 CDCMC 2003-HE2 B2 7,884,000.00 CALL: 424-210-5345 of any kind. The sale is subject to the conditions set TeledyneTech TDY 396.00 5.18 UniversalHealthB UHS 178.91 0.32 XcelEnergy XEL 55.56 -0.27
8 12669FJK0 CWHL 2003-60 B2 755,000.00 [email protected] forth in the Terms of Sale and such revisions thereto
as may be announced at the start or prior to the auction
Teleflex TFX 212.62 5.64 UnumGroup UNM 52.94 0.03 Xylem XYL 142.07 0.80
9 12669UAK6 CWHL 2002-R2 1B2 4,638,000.00
10 12670FAN0 CWL 2007-9 M8 2,600,000.00 www.faes.co/ten commencing (including without limitation, terms and Ericsson ERIC 5.66 0.30 VICI Prop VICI 29.90 0.29 YPF YPF 23.02 0.24
conditions with respect to the availability of additional TelefonicaBras VIV 8.87 0.04 VailResorts MTN 205.63 2.59 Yum!Brands YUM 137.49 1.11
11 12670FAP5 CWL 2007-9 M9 4,000,000.00 information, bidding requirements, deposit amounts,
12 144528AN6 CARR 2006-NC3 M9 3,925,000.00 bidding procedures, and the consummation of the public Telefonica TEF 4.44 0.04 Vale VALE 12.56 -0.01 YumChina YUMC 39.25 0.36
13 144531CR9 CARR 2005-OPT2 M8 2,000,000.00 sale), which will also be available by contacting Secured TelekmIndonesia TLK 19.31 0.13 ValeroEnergy VLO 155.93 ... ZTO Express ZTO 21.58 -0.19
14 17309NAQ4 CRMSI 2006-1 M9 2,000,000.00 CAREERS Party’s representatives: Jason A. Nagi, Esq., Offit
Kurman, P.A. at jason.nagi@offitkurman.com or 212- TempurSealy TPX 53.33 0.32 VeevaSystems VEEV 203.82 -0.04 ZebraTech ZBRA 320.98 4.98
15 17309QAN4 CMLTI 2006-WFH3 M9 4,000,000.00
16 17309SAN0 CMLTI 2006-WFH4 M9 950,000.00 380-4108, Joyce A. Kuhns, Esq., Offit Kurman, P.A. at Tenaris TS 35.13 0.40 Ventas VTR 47.96 0.35 Zillow C Z 44.70 1.86
jkuhns@offitkurman.com, 410-209-6400, or Matthew D.
17 17312GAL5 CMLTI 2007-AHL3 M8 2,000,000.00 Mannion at [email protected] or 212-267-6698, TencentMusic TME 14.66 -0.14 Veralto VLTO 96.94 1.07 Zillow A ZG 43.85 1.65
18
19
17312GAM3
17313CAL3
CMLTI 2007-AHL3 M9
CMLTI 2007-WFH3 M8
1,500,000.00
5,156,000.00
Director or Alex Fuchs at [email protected] or 212-359-
9912. Note to Potential Bidders: Only a bona fide bidder
s TenetHealthcare THC 128.56 2.44 VeriSign VRSN 169.73 -1.36 ZimmerBiomet ZBH 119.97 0.38
Wren House Infrastructure Management (US), s Teradyne TER 127.11 2.26 VeriskAnalytics VRSK 246.93 0.59 Zoetis ZTS 168.87 0.96
20 22541NL49 CSFB 2003-CPN1 H 5,000,000.00 who wires $1,000,000.00, lien holders and the Debtor/
LLC seeks Director in NY, NY to dvlp, expand Borrower/Pledgor will be permitted to participate in Tesla TSLA 177.55 5.66 Verizon VZ 40.49 -0.05 ZoomVideo ZM 63.53 0.42
21 22541NP78 HEAT 2003-2 B1 7,500,000.00 & maintain relationships w/current & potential
22 22541S3E6 HEMT 2004-6 M4 750,000.00 the auction. The bid deadline is May 30, 2024 at 5:00 TetraTech TTEK 212.96 2.80 VertexPharm VRTX 428.59 -1.34 Zscaler ZS 176.82 1.82
fin’l & strategic partners, incl advisors. p.m. ET. The successful bidder must increase its/his/
23 225458DA3 HEMT 2005-1 M9 1,500,000.00 Req’mnts: Bachelor’s or foreign equiv in any her initial deposit to total at least 10% of the winning
24 32027NEH0 FFML 2003-FFH1 M5 10,196,000.00 field or rel. & 9 yrs of progressively responsible bid price, no less than 24 hours after the auction
25 35729MAP2 FHLT 2006-3 M9 3,927,000.00 exp in job offered or rel. occupation: leading concludes. Secured Party reserves the right to reject
26
27
35729VAP2
36228FKR6
FHLT 2006-D M9
GSAMP 2002-HE B1
5,020,000.00
6,541,000.00
cross-border deals, incl regulated transactions
& refinancings; evaluating risks, returns & valu-
all bids and to terminate or adjourn the sale to another
time or place without further publication. Secured Party BANKRATE.COM® MMA, Savings and CDs
28 36228FWM4 GSRPM 2003-2 B2 1,367,000.00 ations of companies & submitting bids in en- further reserves the right to bid all or some part of
the outstanding indebtedness in lieu of cash. NOTICE
29
30
362334PU2
362341JQ3
GSAMP 2006-FM1 B2
GSAA 2005-10 B3
3,242,000.00
6,598,000.00
ergy, energy transition, transportation, & digital
sectors; leading drafting of investment papers & IS FURTHER GIVEN that in the event the net sale Average Yields of Major Banks Tuesday, May 14, 2024
proceeds (after expenses and costs including attorneys’
31 362440AL3 GSAMP 2007-HE2 M6 3,000,000.00 presenting investments to internal Investment fees) of said sale(s) are not sufficient to satisfy the MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Committees & Board-level Committees; dvlpng Type
32 39678AAH9 GCCFC 2006-RR1 G 5,000,000.00 indebtedness secured by the said agreement(s), the
33 40430HDN5 HASC 2006-OPT1 M9 2,000,000.00 mgmt incentive plans; expanding network of ad- Debtor(s)/Borrower(s)/Pledgor(s) will be liable for the National average
34 41161GAM5 HVMLT 2006-8 B7 6,753,000.00
visers, industry experts, co-investors across US deficiency.
& European mrkts. 2 yrs of exp must incl: serv- Collateral Package: Secured Party: Palm Avenue Savings 0.58 0.45 0.51 1.69 1.53 1.60 1.40 1.15 1.18
35 41161VAM2 HVMLT 2006-7 B7 5,457,000.00 ing as non-exec dir. & board observer on Hialeah Trust, a Delaware statutory trust, for and on
36 41162DAQ2 HVMLT 2006-12 B7 7,000,000.00 boards of portfolio companies. Telecommuting behalf of and solely with respect to Series 2023-3. Jumbos 0.95 0.46 0.52 1.74 1.60 1.72 1.52 1.26 1.32
37 43710XAP3 HELT 2007-FRE1 M9A 7,000,000.00 &/or work from home may be permissible pur- Debtor/Pledgor: Madison 33 Partners, LLC. Pledge and
38 44328BAP3 HASC 2006-HE2 M8 7,700,000.00 suant to company policies. When not telecom- Security Agreement Date: August 29, 2018. Collateral: Weekly change
39 45071KDN1 IXIS 2006-HE1 B2 4,098,000.00 muting, must report to work site. 25% trvl req’d Collateral shall mean all Pledged Membership Interests
40 46625YDS9 JPMCC 2004-CBX F 6,000,000.00 in Borrower Madison 33 Owner LLC, books and records Savings -0.01 0.00 0.00 -0.01 -0.01 0.01 0.01 -0.02 -0.01
internationally & nationally. Offered salary is be- relating to the Pledged Membership Interests and all
41 542514RD8 LBMLT 2006-WL1 M8 8,864,000.00 tween $174,000 & $330,000/yr. 40 hrs/wk. Sub- rights, distributions, certificates, options, securities,
Jumbos -0.01 0.00 0.00 -0.01 -0.01 -0.01 -0.02 -0.03 -0.01
42 542514RV8 LBMLT 2006-1 M8 5,000,000.00 mit resume to [email protected] & indi- security entitlements and other investment property
43 54251RAP8 LBMLT 2006-6 M9 1,000,000.00 cate job code AH032024LA. or financial assets that may hereafter be received,
44
45
57643LRC2
589929M62
MABS 2006-HE1 M8
MLMI 2003-WMC2 B2
1,000,000.00
4,600,000.00
receivable, distributed or exercised in respect of, or
exchanged for, all or any of such Pledged Membership Consumer Savings Rates
46 59023EAR9 MLMI 2006-HE4 B3 2,146,000.00 Interests, and all proceeds of all of the foregoing.
Borrower is the owner of improved real estate at Below are the top federally insured offers available nationwide according to Bankrate.com's
47 61744CRJ7 MSAC 2005-WMC4 B3 7,000,000.00
48 61744CRZ1 MSAC 2005-WMC5 B3 7,000,000.00 Public Policy & 172-174 Madison Avenue (a/k/a 21 E. 33rd Street), weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
New York, New York 10010, which consists of units visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
49 617463AN4 MSIX 2006-2 B3 5,000,000.00 Latin America Advisor (block/lot): PH-A (863/1170), PH-B (863/1171), PH-C
50
51
61748BAN4
61749BAQ6
MSAC 2006-HE4 B3
MSAC 2006-NC5 B3
2,200,000.00
6,000,000.00
Covington & Burling LLP seeks (863/1172), PH-D (863/1173), SKY (863/1174), 11B
(863/1126), 15B (863/1135), 17B (863/1141), 18B High yield savings
52 61749QAP5 MSIX 2006-1 B3 5,000,000.00
Public Policy & Latin America (863/1144), 27A (863/1168), CU-A(863/1101) and
Advisor in New York, NY (part- CU-B (863/1102), subject to mortgages in the aggregate Bank Yield Bank Yield
53 61750FAQ3 MSAC 2006-HE6 B3 4,500,000.00
time telecommuting permitted). outstanding amount of $62,624,337.02 as of March 31, Phone number Minimum (%) Phone number Minimum
54 61750MAQ8 MSAC 2006-HE7 B3 7,000,000.00 2024, consisting of the outstanding principal amount (%)
55 63860FAN3 NSTR 2006-B M9 5,126,000.00 10-15% int’l travel req. Spprt of $43,588,340.55, accrued regular and default interest
56 64352VKJ9 NCHET 2005-1 M9 5,896,000.00 public policy team srving clients from 11/1/20 - 3/31/24 in the aggregate amount Money market account Six-month CD
57 64352VLS8 NCHET 2005-3 M9 7,000,000.00 $18,313,565.10, plus accrued unpaid fees in the amount
in LATAM. Job reqs Mast’s in of $475,786.86, and unpaid charges in the amount of MyBankingDirect $500 5.55 Rising Bank $1,000 5.35
58 64352VMH1 NCHET 2005-A M7 4,946,000.00
59 68403KAM7 OOMLT 2007-6 M8 1,000,000.00 Law or rltd & 5 yrs of exp in any $63,151.02, and administrative expenses and unpaid (516) 683-4100 (888) 222-9484
occup invlvng biz dvlpmnt in miscellaneous fees in the amount of $183,333.48, and
60 68403KAN5 OOMLT 2007-6 M9 1,500,000.00 other fees in the amount of $160.00, with accruing per
61 69121PCS0 OWNIT 2006-1 B1 1,000,000.00 LATAM lgal sctor. Salary BrioDirect $5,000 5.35 Merrick Bank $25,000 5.35
diem interest thereafter of $18,021.65, plus attorney’s
62 753910AL2 RASC 2005-KS12 M8 2,000,000.00 $232,398-250,000/yr. Email cvr fees and cost of sale in favor of Secured Party. (877) 369-2746 (866) 638-6851
63 759676AT6 RAMC 2006-2 M9 2,000,000.00 ltr & CV to [email protected] Further Information: Upon execution of a
64 759950GH5 RAMC 2005-4 M7 1,500,000.00 confidentiality and non-disclosure agreement, Vio Bank $100 5.30 Popular Direct $10,000 5.30
65 80557BAU8 SAST 2007-3 B2 6,000,000.00
Ref “Public Policy & Latin additional due diligence information will be made (888) 999-9170 (800) 274-5696
66 83611DAN8 SVHE 2006-NLC1 M9 5,854,000.00 America Advisor 3215763”. available by contacting Secured Party’s representatives:
Jason A. Nagi, at jason.nagi@offitkurman.com or 212-
67 83611MMG0 SVHE 2006-OPT1 M8 1,000,000.00 380-4108, Joyce A. Kuhns, Esq., Offit Kurman, P.A. at One-month CD One-year CD
68 83612CAP4 SVHE 2006-OPT5 M9 4,000,000.00 jkuhns@offitkurman.com or 410-209-6400, Matthew D.
69 86358EPY6 SAIL 2004-11 M9 2,000,000.00 Mannion at [email protected] or 212-267-6698, VirtualBank,adivisionofFirstHorizonBank $10,000 2.48 CIBC Bank USA $1,000 5.36
70 9292276Q4 WAMU 2003-AR7 B3 2,600,000.00 or Alex Fuchs at [email protected] or 212-359-
(877) 998-2265 (800) 662-7748
71 92922FEE4 WAMU 2003-AR10 B3 6,599,000.00 DEA 9912.
72 92922FKZ0 WAMU 2003-AR12 B3 1,000,000.00 Lone Star Bank $1,000 0.20 LimelightBank,adivisionofCapitalCommunityBank $1,000 5.35
73 93364EAQ7 WMHE 2007-HE3 M9 1,134,000.00 (713) 358-9400 (800) 639-6015
74 93934FQD7 WAMU 2006-AR4 B7 1,000,000.00
75 93934FQE5 WAMU 2006-AR4 B8 1,165,000.00 UCC Sale. All assets of Municipal Presidential Bank, FSB $1,000 0.10 Rising Bank $1,000 5.31
LEGAL NOTICE
Portfolio No 2 - RMBS Finance & Services Corp, 581 Main (800) 799-1424 (888) 222-9484
Bid Deadline: May 30, 2024, 10:00 a.m. (prevailing Eastern time) D E A N O T IC E O F F O R FE I T U R E
No CUSIP Security Original Principal Amount ($) S O U T H E R N D I S T R I C T O F T E X AS St, Suite 660, Woodbridge, NJ 07095,
Two-month CD Two-year CD
1 04542BCM2 ABFC 2003-AHL1 M2 5,000,000.00 10K Yellow Gold Double Curb Link Brace- including all rights to Accelerated
2 040104AM3 ARSI 2003-W1 MF6 6,000,000.00 VirtualBank,adivisionofFirstHorizonBank $10,000 2.74 First National Bank of America $1,000 4.80
3 040104BM2 ARSI 2003-W3 MF6 4,000,000.00
let, Seized from Hector Hernandez on Municipal Payments (AMP) platform,
8/29/2020, at Falfurrias Border Patrol (877) 998-2265 (800) 968-3626
4 07384YKJ4 BSABS 2003-AC4 M2 9,000,000.00
Checkpoint, Encino, TX. Any person as- non-factoring accounts payable
5 29445FAN8 EMLT 2003-2 M5 4,971,000.00 Lone Star Bank $1,000 0.20 TAB Bank $1,000 4.80
6 36228F3P9 GSAA 2004-3 AF4 9,000,000.00 serting an ownership or possessory inter- program for local governments, to
7 36228FKQ8 GSAMP 2002-HE M2 2,683,000.00 est and desiring to claim the above be sold at public sale at 10:00 am (713) 358-9400 (800) 355-3063
8 36228FWL6 GSRPM 2003-2 B1 3,416,000.00 bracelet has 30 days from the date of Presidential Bank, FSB $1,000 0.10 Luana Savings Bank $2,000 4.76
9 61909QAF3 MABS 2002-NC1 M3 7,450,000.00 first publication to file a claim with DEA local time on Friday, 5/31/24 at
10 589929J66 MLMI 2003-WMC1 B1 5,000,000.00 at 1111 Southern Minerals Road, Corpus 5330 Yacht Haven Grande, Suite (800) 799-1424 (800) 666-2012
11 589929M54 MLMI 2003-WMC2 B1 7,320,000.00 Christi, TX, 78409. Attn: DEA/ARG J-206, St Thomas, VI 00802. You
12 61746RDF5 MSAC 2003-HE2 B3 2,298,000.00 Three-month CD Five-year CD
13 61746REN7 MSAC 2003-HE3 B3 6,000,000.00 may register to bid by phone, contact Popular Direct $10,000 5.30 First National Bank of America $1,000 4.55
14 61746REC1 MSAC 2003-NC10 B3 7,000,000.00 [email protected] or (340)-774-8800
15 61746WYW4 MSDWC 2003-NC1 M3 5,000,000.00 (800) 274-5696 (800) 968-3626
16 65535VCD8 NAA 2003-A3 B1 7,120,010.00 NOTICE OF SALE for more information Banesco USA $1,500 5.30 First Internet Bank of Indiana $1,000 4.50
17 64352VCT6 NCHET 2003-2 M3 7,000,000.00
18 759950AV0 RAMC 2003-1 BF 2,000,000.00 (888) 228-1597 (888) 873-3424
19
20
74951PBK3
81375WCY0
RESIF 2003-CB1 B5
SABR 2005-OP1 B3
6,876,000.00
2,000,000.00
BANKRUPTCY SALE Merrick Bank $25,000 5.30 Quontic Bank $500 4.30
NOTICE OF SALE Atlantic Radio Telephone, Inc.
21 80556AAN7 SAST 2006-3 B3 3,000,000.00 PLEASE TAKE NOTICE, that in accordance with (866) 638-6851 (800) 908-6600
22 9292276P6 WAMU 2003-AR7 B2 9,861,000.00 Case No. 23-15483-LMI
applicable provisions of the Uniform Commercial Code
Southern District of Florida
23 92922FBY3 WAMU 2003-AR9 1B1
Portfolio No 3 - Mixed
7,507,300.00 as enacted in New York, by virtue of certain Events
of Default under that certain Pledge and Security Business: Sale and service of satellite High yield jumbos - Minimum is $100,000
Bid Deadline: May 30, 2024 at 10:00 a.m. (prevailing Eastern time) Agreement dated as of November 6, 2023 (the “Pledge airtime and equipment under the
No CUSIP Security Original Principal Amount ($)
Agreement”), executed and delivered by HENDEL GOLD
and MOSES GOLD (collectively, the “Pledgor”), and brand name Satphonestore. Sales and Money market account Six-month CD
1 63543VAJ2 NCSLT 2006-3 D 7,000,000.00 in accordance with it rights as holder of the security, installation of marine electronics
2 78443CAH7 SLMA 2003-A C 6,000,000.00 50 EMMETT GV LLC (“Secured Party”), by virtue of to the South Florida and Caribbean Vio Bank 5.30 Merrick Bank 5.35
3 36228CVE0 GSMS 2005-ROCK G 10,000,000.00 possession of those certain Membership Interest markets since 1976. (888) 999-9170 (866) 638-6851
4 03702WAL8 AHR 2004-1A EFX 3,427,000.00 Certificates held in accordance with Article 8 of the
5 894127AN9 TRAP 2002-1A D 5,500,000.00 Uniform Commercial Code of the State of New York Stalking Horse Bid: $4,500,000.00 * UFB Direct 5.25 Popular Direct 5.30
6 87330PAJ1 TBRNA 2005-1A D 1,000,000.00 (the “Code”), and by virtue of those certain UCC-1 Minimum Bid: $4,600,000.00 *
Filing Statement made in favor of Secured Party, all (877) 472-9200 (800) 274-5696
in accordance with Article 9 of the Code, Secured Party * subject to purchase price adjustment
Additional Information. All bids must be submitted by the applicable above-noted Bid Deadline in accordance with Western State Bank 5.15 TAB Bank 5.27
the terms and conditions set forth in a bid package (the “Bid Package”) relating to this Public Auction. In addition,
will offer for sale, at public auction: (i) all of Pledgor’s Bid Deadline: May 28, 2024
right, title, and interest in and to the following: (701) 277-5003 (800) 355-3063
please be advised that the sale of the above-noted assets (individually or on a portfolio basis) will be made only EMMETT GROUP LLC (the “Pledged Entity”), and (ii) Auction Date: June 3, 2024
to the highest qualified bidder(s). For additional information regarding this Public Auction, and to obtain a Bid certain related rights and property relating thereto Final Sale Hearing: June 5, 2024
Package, please contact Odeon Capital Group LLC, Attn: James Burke, Managing Director, E-mail: jburke@odeoncap. (collectively, (i) and (ii) are the “Collateral”). Secured One-month CD One-year CD
com; Telephone No.: 212-230-5866; Mobile No.: 917.613.5476 and Yulia Gilman, Director, E-Mail: ygilman@odeoncap. Party’s understanding is that the principal asset of the CJ Webber- [email protected]
Pledged Entity is the premises located at 50 Emmett VirtualBank,adivisionofFirstHorizonBank 2.48 GTE Financial Credit Union (U) 5.38
com; Telephone No.: 212.257.6168; Mobile No.: 631.682.4257. The Public Auction will be a public disposition (within
Street and Tax Assessor’s Lot 70A Emmett Street, (877) 998-2265 (888) 871-2690
the meaning of Section 9-610 of the UCC). Bristol, CT (the “Property”).
Disclaimer. The Trustee is authorized at this Public Auction, if the Trustee deems it necessary or otherwise advisable Mannion Auctions, LLC (“Mannion”), under the direction Lone Star Bank 0.20 CIBC Bank USA 5.36
or is required by applicable law to do so: (a) to restrict the prospective bidders on, or purchasers of, any of the above- of Matthew D. Mannion or William Mannion (the
noted assets to be sold to those persons who (i) represent and warrant that they are a “qualified institutional buyer,” “Auctioneer”), will conduct a public sale consisting of the (713) 358-9400 (800) 662-7748
Collateral (as set forth in Schedule A below), via online

THE
as such term is defined in Rule 144A(a)(i) promulgated by the SEC under the Securities Act of 1933, as amended (the Presidential Bank, FSB 0.10 LimelightBank,adivisionofCapitalCommunityBank 5.35
bidding, on May 30, 2024 at 3:30pm, in satisfaction
“Act”), and a “qualified purchaser” for purposes of Section 3(c)(7) of the United States Investment Company Act of an indebtedness in the approximate amount of
of 1940, as amended; and (ii) agree that they will not resell such assets without compliance with the registration (800) 799-1424 (800) 639-6015
MARKETPLACE
$5,927,944.64, including principal, interest on principal,
requirements of the Act and applicable state securities laws or pursuant to valid exemptions therefrom and (b) to and reasonable fees and costs, plus default interest
impose such other limitations or conditions in connection with this Public Auction as the Trustee deems necessary or through May 30, 2024, subject to open charges and all Two-month CD Two-year CD
advisable in order to comply with the Act or any other applicable law. additional costs, fees and disbursements permitted by
law. The Secured Party reserves the right to credit bid. VirtualBank,adivisionofFirstHorizonBank 2.74 Luana Savings Bank 4.91
Online bidding will be made available via Zoom Meeting. (877) 998-2265 (800) 666-2012
Meeting link: https://bit.ly/50EmmettUCC (URL is
case sensitive); Meeting ID: 839 8584 4234; Passcode: ADVERTISE TODAY Lone Star Bank 0.20 TAB Bank 4.80
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES 745473; One Tap Mobile: +16469313860,,83985844234#
,,,,*745473# US; Dial by your location: +1 646 931 3860
(800) 366-3975 (713) 358-9400 (800) 355-3063
US
Bidder Qualification Deadline: Interested parties For more information visit: Presidential Bank, FSB 0.10 First Internet Bank of Indiana 4.76
NO-HOME-LOAN PAYMENT mortgage REIT who intend to bid on the Collateral must contact Greg
Corbin (“Corbin”), at Northgate Real Estate Group, 433 wsj.com/classifieds (800) 799-1424 (888) 873-3424
& MAX.-CASH-OUT REFI!
(Best Wholesale Reverse Mortgage Terms Direct to Borrowers)!
(California & Nationwide)!
No change in ownership or title
8%-9% Return
Fifth Avenue, 4th Floor, New York, NY 10016, (212)
419-8101, [email protected], to receive the
Terms and Conditions of Sale and bidding instructions
by May 28, 2024 at 3:30pm. Upon execution of a
Three-month CD
Popular Direct 5.30
Five-year CD
First Internet Bank of Indiana 4.50
TAX EFFICIENCY standard confidentiality and non-disclosure agreement,
(800) 274-5696 (888) 873-3424
(you retain ownership & title)! additional documentation and information will be
$200,000 to $8 million & up! REAL ESTATE SECURED available. Interested parties who do not contact Corbin Merrick Bank 5.30 Luana Savings Bank 4.38
and qualify prior to the sale will not be permitted to
No upfront fees, & no lender fees or broker fees! GROWTH / INCOME enter a bid. (866) 638-6851 (800) 666-2012
SCHEDULE A: Pledged Interest: PLEDGOR: HENDEL
And no mortgage loan payment SEEKING RIA’S & GOLD, an individual, ISSUER: EMMETT GROUP LLC, Banesco USA 5.30 Popular Direct 4.30
plus max. cash out! a Connecticut limited liability company. INTERESTS
ACCREDITED INVESTORS PLEDGED: 50% membership interest. PLEDGOR: MOSES (888) 228-1597 (800) 274-5696

866-700-0600
Please call us toll-free or visit our website for your GOLD, an individual. ISSUER: EMMETT GROUP LLC,
No-Home-Loan Payment plus Max.-Cash-Out Reverse Mortgage Quote: a Connecticut limited liability company. INTERESTS Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
PLEDGED: 50% membership interest. The UCC1 was filed compounding and rate stated for the lowest required opening deposit to earn interest. CD
Free Quote: 1-877-969-0833 on November 15, 2023, with the New York Department figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
ALLIANCE MORTGAGE FUND of State under the Filing No. #202311150429355. KRISS
or visit: nohomeloanpaymentrefi.com 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 & FEUERSTEIN LLP, Attn: Jerold C. Feuerstein, Esq., © 2024 Dow Jones & Company, Inc.
which may be checks. Rates are subject to change.
www.AlliancePortfolio.com Attorneys for Secured Party, 360 Lexington Avenue, Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
To Get a Free Reverse Mortgage Quote! No-Loan-Payment
Refi, Inc. ® RE Broker • CA DRE • 02066955 Broker License ID Suite 1200, New York, New York 10017, (212) 661-2900 All Rights Reserved.
Internet: www.bankrate.com
P2JW136000-2-B00900-1--------XA

THE WALL STREET JOURNAL. * * Wednesday, May 15, 2024 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
39558.11 s 126.60, or 0.32% Trailing P/E ratio 27.64 21.97 5246.68 s 25.26, or 0.48% Trailing P/E ratio * 23.24 18.42 16511.18 s 122.94, or 0.75% Trailing P/E ratio *† 30.65 27.56
High, low, open and close for each P/E estimate * 19.01 17.60 High, low, open and close for each P/E estimate * 21.26 18.78 High, low, open and close for each P/E estimate *† 26.05 26.27
trading day of the past three months. Dividend yield 2.10 2.12 trading day of the past three months. Dividend yield * 1.47 1.67 trading day of the past three months. Dividend yield *† 0.83 0.83
All-time high 39807.37, 03/28/24 All-time high 5254.35, 03/28/24 All-time high: 16511.18, 05/14/24

Current divisor 0.15221633137872

40000 5300 16300

39300 5200 16000

38600 5100 15700

37900 5000 15400

Session high
65-day moving average 65-day moving average
DOWN UP 37200 4900 15100
Session open Close
t

Close Open
t

65-day moving average 36500 4800 14800

Bars measure the point change from session's open Session low
35800 4700 14500
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
* 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*1,035,074,634 14,079,207
Industrial Average 39616.41 39371.92 39558.11 126.60 0.32 39807.37 32417.59 19.8 5.0 4.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 787,441,107 7,978,180
Transportation Avg 15764.32 15511.67 15562.87 -65.99 -0.42 16695.32 13556.07 14.1 -2.1 -0.7 Most-active issues in late trading Decl. volume* 241,078,482 6,060,790
Utility Average 947.61 936.88 940.47 -0.54 -0.06 948.92 783.08 1.8 6.7 1.2 Volume After Hours Issues traded 2,881 312
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 52248.48 51932.63 52214.98 288.02 0.55 52402.86 40847.04 27.6 9.3 6.4 Advances 1,874 170
AMC Entertainment AMC 20,445.4 7.47 0.62 8.98 9.58 3.40
Barron's 400 1151.79 1143.90 1151.32 7.42 0.65 1166.53 891.86 29.1 7.4 4.6 Declines 938 125
Norwegian Cruise Line NCLH 13,613.0 15.67 0.05 0.32 15.85 15.60
Unchanged 69 17
Nasdaq Stock Market Intel INTC 9,733.7 31.05 0.001 0.002 31.11 31.02 New highs 159 8
Nasdaq Composite 16526.27 16386.43 16511.18 122.94 0.75 16511.18 12343.05 33.8 10.0 7.1 SPDR S&P 500 ETF Trust SPY 9,241.5 523.27 -0.03 -0.01 523.63 523.09 New lows 14 7
Nasdaq-100 18339.58 18175.30 18322.77 124.16 0.68 18339.44 13426.01 36.5 8.9 11.0 GameStop Cl A GME 8,121.4 53.35 4.60 9.44 63.56 25.09 Closing Arms† 0.52 0.75
Snap SNAP 6,407.0 15.60 -0.02 -0.13 15.64 15.48 Block trades* 5,216 190
S&P
Visa Cl A V 5,764.7 277.33 -0.41 -0.15 281.58 277.01 Nasdaq NYSE Arca
500 Index 5250.37 5217.98 5246.68 25.26 0.48 5254.35 4109.90 27.7 10.0 7.9
Permian Resources PR 5,023.7 16.87 0.04 0.24 16.87 16.45
MidCap 400 3023.03 3004.87 3020.39 29.22 0.98 3046.36 2326.82 25.0 8.6 3.5 Total volume*7,270,243,409 231,019,530
SmallCap 600 1345.17 1334.61 1340.43 14.21 1.07 1344.66 1068.80 20.0 1.7 -0.4 Percentage gainers… Adv. volume*6,054,277,452 165,204,344
Arcutis Biotherapeutics ARQT 902.2 9.50 1.37 16.85 11.26 8.13 Decl. volume*1,176,392,364 65,170,693
Other Indexes
BioAtla BCAB 185.9 3.00 0.39 14.94 3.25 2.53 Issues traded 4,364 1,931
Russell 2000 2088.36 2076.03 2085.69 23.57 1.14 2124.55 1636.94 20.1 2.9 -2.1
GameStop Cl A Advances 2,726 1,669
NYSE Composite 18226.80 18133.95 18220.81 86.85 0.48 18312.67 14675.78 20.4 8.1 3.5 GME 8,121.4 53.35 4.60 9.44 63.56 25.09
Declines 1,491 242
Value Line 608.39 601.11 606.55 5.44 0.91 615.81 498.09 14.0 2.1 -3.0 AMC Entertainment AMC 20,445.4 7.47 0.62 8.98 9.58 3.40
Unchanged 147 20
NYSE Arca Biotech 0.55 Petco Health & Wellness WOOF 166.9 2.22 0.18 8.82 2.27 2.00
5232.25 5177.43 5209.41 28.31 5511.46 4544.40 -1.8 -3.9 -2.2 New highs 177 309
NYSE Arca Pharma 1018.96 1013.26 1018.59 2.34 0.23 1029.37 837.32 16.1 11.9 11.7 ...And losers New lows 77 14
KBW Bank 106.78 105.86 106.54 0.96 0.91 106.54 71.71 45.1 11.0 -7.3 dLocal DLO 599.6 10.30 -3.28 -24.15 13.80 10.07 Closing Arms† 0.36 2.52
PHLX§ Gold/Silver 143.18 141.35 143.10 2.06 1.46 143.10 102.94 9.1 13.8 -3.1 iShares Core MSCI EM IEMG 50.7 46.63 -7.34 -13.60 53.97 46.63 Block trades* 82,844 812
PHLX§ Oil Service 87.93 87.01 87.83 0.86 0.99 98.76 69.29 23.9 4.7 12.3 Infinera INFN 85.5 5.10 -0.70 -12.07 5.80 4.95 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4908.52 4811.82 4903.93 80.84 1.68 5165.83 3048.71 60.9 17.4 18.0 Boot Barn Holdings BOOT 218.3 99.52 -7.51 -7.02 107.79 97.09 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.03 13.27 13.42 -0.18 -1.32 21.71 12.07 -25.4 7.8 -10.6 Disc Medicine IRON 76.8 29.66 -2.18 -6.85 31.84 29.66 Arms of less than 1 indicates buying demand; above 1
§ Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 785.88 3.05 0.39 8.1 MMTec Augmedix
MTC 8.90 4.05 83.51 12.90 0.36 846.8 AUGX 1.15 -1.20 -51.07 6.25 0.99 -70.3
MSCI ACWI ex-USA 333.25 0.67 0.20 5.3 MicroCloud Hologram HOLO 3.23 1.23 61.50 113.00 1.50 -85.0 Inotiv NOTV 2.12 -2.05 -49.16 11.42 1.61 -66.2
MSCI World 3435.15 14.04 0.41 8.4 GameStop Cl A GME 48.75 18.30 60.10 64.83 9.95 121.7 Shimmick SHIM 2.40 -1.24 -34.07 7.99 2.15 ...
MSCI Emerging Markets 1080.96 2.24 0.21 5.6 SunPower SPWR 4.39 1.64 59.64 12.18 1.77 -57.8 Akoya Biosciences AKYA 2.90 -1.22 -29.61 8.80 2.78 -51.4
Americas MSCI AC Americas 1981.51 9.28 0.47 9.3 Maxeon Solar Technologies MAXN 3.68 1.21 48.99 33.74 1.71 -88.2 Fennec Pharmaceuticals FENC 7.34 -2.68 -26.75 11.92 6.30 -0.5
Canada S&P/TSX Comp 22243.34 –15.83 –0.07 6.1 Koss KOSS 6.15 1.78 40.73 6.95 2.27 63.6 Reborn Coffee REBN 2.53 -0.88 -25.81 8.00 0.92 -61.4
Latin Amer. MSCI EM Latin America 2493.28 –3.28 –0.13 –6.4 Harrow HROW 16.24 4.17 34.55 24.19 7.60 -22.8 Virpax Pharmaceuticals VRPX 2.29 -0.75 -24.67 11.77 1.98 -71.9
Brazil Bovespa 128515.49 360.70 0.28 –4.2 ProKidney PROK 4.12 1.04 33.77 13.51 1.12 -57.7 JanOne JAN 2.95 -0.89 -23.18 5.26 0.22 181.0
Chile S&P IPSA 3668.97 18.08 0.50 5.8 AMC Entertainment AMC 6.85 1.66 31.98 54.97 2.38 -84.3 CareCloud CCLD 1.83 -0.49 -21.12 3.58 0.68 -42.8
Mexico S&P/BMV IPC 57231.74 –499.38 –0.87 –0.3 Arcadia Biosciences RKDA 2.68 0.64 31.46 5.60 1.85 -44.2 Nano Nuclear Energy NNE 3.26 -0.87 -21.07 6.27 3.25 ...
EMEA STOXX Europe 600 521.65 0.79 0.15 8.9 Delcath Systems DCTH 7.07 1.67 30.93 7.99 2.25 14.2 Safe & Green Holdings SGBX 3.76 -0.90 -19.31 27.00 2.01 -53.8
Eurozone Euro STOXX 524.94 1.00 0.19 10.7 Sunnova Energy Intl NOVA 5.33 1.15 27.51 24.56 3.37 -65.1 Locafy LCFY 3.10 -0.71 -18.64 16.79 2.50 -65.6
Belgium Bel-20 3968.81 –11.77 –0.30 7.0 Big Lots BIG 4.71 1.00 26.95 11.06 3.13 -39.0 Shattuck Labs STTK 8.48 -1.87 -18.07 11.76 1.33 220.0
Denmark OMX Copenhagen 20 2727.26 0.05 19.4 Celularity CELU 3.64 0.75 25.95 8.90 1.59 -30.0 Inspire Veterinary Ptrs IVP 2.65 -0.58 -17.96 410.00 2.62 ...
1.44
France CAC 40 8225.80 0.20 9.0 Generation Bio GBIO 3.54 0.70 24.65 6.98 0.86 -22.0 New Horizon Aircraft HOVR 1.70 -0.33 -16.26 12.14 1.00 -83.5
16.52
Germany DAX 18716.42 –0.14 11.7
Israel Tel Aviv 2013.57
–25.80
… Closed 7.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 35151.42 335.51 0.96 15.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 910.63 –1.28 –0.14 15.7
Norway Oslo Bors All-Share 1646.90 1.10 0.07 8.4 Faraday Future FFIE 1,519,519 3771.8 0.29 367.54 117.36 0.04 abrdn Bbg Ind Mtls Strat BCIM 325 4368 25.03 1.10 25.18 20.14
South Africa FTSE/JSE All-Share 78632.58 –54.31 –0.07 2.3 AMC Entertainment AMC 608,457 2330.3 6.85 31.98 54.97 2.38 ReNew Energy Global RNW 20,575 3012 6.05 0.33 7.79 4.78
Spain IBEX 35 11239.30 0.78 11.3 Crown Electrokinetics CRKN 370,878 7130.1 0.05 3.93 12.54 0.04 AMC Entertainment AMC 608,457 2330 6.85 31.98 54.97 2.38
87.30
Sweden OMX Stockholm 0.71 10.2 Greenwave Tech Solns GWAV 221,864 1917.5 0.04 6.71 1.12 0.04 GameStop Cl A GME 201,119 1964 48.75 60.10 64.83 9.95
995.22 7.06
0.14 Plug Power PLUG 201,654 503.7 3.44 19.03 13.44 2.25 First Seacoast Bancorp FSEA 106 1960 9.14 0.44 9.20 6.25
Switzerland Swiss Market 11784.07 15.99 5.8
Turkey BIST 100 10173.42 117.44 1.17 36.2 GameStop Cl A GME 201,119 1964.3 48.75 60.10 64.83 9.95 Catcha Investment Cl A CHAA 133 1505 11.40 -1.30 12.48 9.07
U.K. FTSE 100 8428.13 13.14 0.16 9.0 SunPower SPWR 136,049 2065.3 4.39 59.64 12.18 1.77 Xtrkr MSCI USA ESG Ldrs USSG 482 1445 48.93 0.53 49.51 37.51
U.K. FTSE 250 20618.52 58.18 0.28 4.7 FuelCell Energy FCEL 129,559 468.0 0.88 23.95 2.94 0.64 TC Bancshares TCBC 70 1305 13.85 1.31 15.33 12.35
Nikola NKLA 127,879 32.4 0.56 1.89 3.71 0.52 Jamf Holding JAMF 6,136 1237 17.73 -13.13 22.89 14.83
Asia-Pacific MSCI AC Asia Pacific 178.49 0.31 0.17 5.4
ProSh UltraPro Shrt QQQ SQQQ 126,145 -8.5 10.34 -1.99 28.11 10.05 Merchants Bancorp MBIN 1,769 1202 42.62 -10.48 48.68 22.71
Australia S&P/ASX 200 7726.80 –23.23 –0.30 1.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3145.77 –2.25 –0.07 5.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19073.71 –41.35 –0.22 11.9
India S&P BSE Sensex 73104.61 0.45 1.2
Scan this code
328.48
Japan NIKKEI 225 38356.06 176.60 0.46 14.6 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3313.35 9.70 0.29 2.3 track most-active stocks,
South Korea KOSPI 2730.34 3.13 0.11 2.8 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20985.85 128.14 0.61 17.0 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1376.57 4.07 0.30 –2.8
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003928 25458 4.9
CREDIT MARKETS Argentina peso .0011885.4220 9.5 Europe
Brazil real .1949 5.1299 5.7 Czech Rep. koruna .04361 22.932 2.5

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso
.7325 1.3653
.001093 914.58
3.1
4.5
Denmark krone
Euro area euro
.1450 6.8958
1.0820 .9243
1.8
2.0
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000260 3851.50 –0.6 Hungary forint .002805 356.49 2.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007189 139.11 2.3
A consumer rate against its Money Market/Savings Accts Mexico peso .0593 16.8515 –0.7 Norway krone .0926 10.8009 6.2
benchmark over the past year 6.00% Uruguay peso .02594 38.5450 –1.3 Poland zloty .2535 3.9444 0.2
Bankrate.com avg†: 0.48% 16% Sweden krona .0926 10.8031 6.9
Tradeweb ICE Asia-Pacific
Federal-funds Banesco USA 5.25% Tuesday Close 5.00 Switzerland franc 1.1033 .9064 7.7
Australiadollar .6628 1.5088 2.8
target rate 6.00% Coral Gables, FL (888) 228-1597 t 8 WSJ Dollar Index Turkey lira .0310 32.2876 9.5
t China yuan .1382 7.2336 1.7
t 4.00
s
Ukraine hryvnia .0251 39.8500 4.5
CFG Community Bank 5.25% Hong Kong dollar .1280 7.8120 0.03
4.00 One year ago 0 India rupee .01198 83.493 0.4
UK pound 1.2591 .7942 1.1
Baltimore, MD 888-205-8388 3.00 Middle East/Africa
s Indonesia rupiah .0000621 16097 4.6
Money market UFB Direct 5.25% Euro
2.00 2.00 –8 s Japan yen .006393 156.42 10.9 Bahrain dinar 2.6532 .3769 –0.01
account yields
t San Diego, CA 877-472-9200 Yen Kazakhstan tenge .002268 440.98 –3.2 Egypt pound .0214 46.8376 51.4
0.00 UFB Direct 5.25% 1.00 –16 Macau pataca .1242 8.0500 –0.05 Israel shekel .2706 3.6961 2.6
Malaysia ringgit .2119 4.7195 2.7 Kuwait dinar 3.2511 .3076 0.1
San Diego, CA 877-472-9200 1 3 6 1 2 3 5 7 10 20 30 2023 2024
–2.00 New Zealand dollar .6041 1.6554 4.6 Oman sul rial 2.5984 .3849 –0.03
TAB Bank 5.27% month(s) years
J J A S ON D J FMA M Pakistan rupee .00360 278.125 –1.1 Qatar rial .2743 3.645 0.1
Ogden, UT 800-355-3063 maturity Philippines peso .0173 57.848 4.4 Saudi Arabia riyal .2666 3.7505 0.01
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7398 1.3518 2.4 South Africa rand .0544 18.3882 0.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007323 1365.51 5.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033171 301.47 –6.9 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 99.67 –0.14–0.14 4.00
Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Taiwan dollar .03092 32.343 5.4
Yield (%) 52-Week Total Return (%) Thailand baht .02735 36.560 6.3 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR
Money market, annual yield
5.31
0.48
5.31
0.48
5.05
0.46 l
l 5.40
0.64
5.30
0.40
U.S. Treasury, Bloomberg 2134.940 4.650 4.650 5.120 3.830 –1.281 –3.233 Commodities
Tuesday 52-Week YTD
Five-year CD, annual yield 2.84 2.84 2.77 l 2.87 2.39 U.S. Treasury Long, Bloomberg 3041.540 4.670 4.670 5.280 3.920 –8.253 –9.418 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.50 7.55 7.01 l 8.28 4.41 Aggregate, Bloomberg 2027.380 5.060 5.060 5.740 4.440 0.525 –2.951
15-year mortgage, fixed† 6.98 6.33 l 7.42 4.55 DJ Commodity 1039.91 -4.10 -0.39 1044.00 930.59 8.18 8.57
6.94 Fixed-Rate MBS, Bloomberg 1999.640 5.250 5.280 6.050 4.550 0.329 –3.158
Jumbo mortgages, $766,550-plus† 7.57 7.62 7.07 l 8.33 4.46 Refinitiv/CC CRB Index 287.38 -0.31 -0.11 298.18 253.85 10.58 8.93
High Yield 100, ICE BofA 3581.242 7.349 7.333 9.101 7.030 10.483 1.980
Five-year adj mortgage (ARM)† 6.69 6.73 5.70 l 7.16 3.63 Crude oil, $ per barrel 78.02 -1.10 -1.39 93.68 67.12 10.10 8.89
Muni Master, ICE BofA 584.570 3.471 3.463 4.311 3.038 2.555 –0.710
New-car loan, 48-month 7.84 7.83 7.01 l 7.88 3.78 Natural gas, $/MMBtu 2.344 -0.037 -1.55 3.575 1.575 -1.35 -6.76
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 858.114 7.563 7.592 8.842 7.205 9.533 –1.949
banks.† Excludes closing costs. Gold, $ per troy oz. 2353.40 17.30 0.74 2398.40 1816.60 18.36 14.11
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW136000-2-B01000-1--------XA

B10 | Wednesday, May 15, 2024 * * THE WALL STREET JOURNAL.

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 Jan'25 3.766 3.802 3.745 3.771 –.011 89,555 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept .6523 .6524 .6499 .6513 –.0011 2,519
May 199.25 199.25 199.00 202.85 2.45 177 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open May
Open High hi lo Low Settle Chg interest Agriculture Futures July 195.60 201.60 192.75 200.85 4.80 96,584 .7311 .7335 .7305 .7331 .0015 213
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June .7321 .7340 .7308 .7329 .0010 214,468
Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. July 18.60 t
18.95 18.31 18.87 .24 355,407 British Pound (CME)-£62,500; $ per £
May 4.8230 5.0820 s 4.8180 4.9535 0.1490 2,762 May 461.00 461.00 453.25 453.60 –4.60 152 Oct 18.67 t
18.96 18.35 18.88 .21 196,997 June 1.2561 1.2595 1.2511 1.2592 .0033 213,314
July 4.7700 5.0260 s 4.7665 4.8950 0.1290 188,872 July 471.75 475.50 466.50 467.40 –5.00 670,323 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 1.2572 1.2605 1.2523 1.2602 .0033 3,341
Gold (CMX)-100 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. July 38.00 38.00 38.00 38.00 … 1,558 Swiss Franc (CME)-CHF 125,000; $ per CHF
May 2336.00 2358.00 2336.00 2353.40 17.30 37 May 415.00 415.00 415.00 410.60 –3.00 13 March'25 37.25 37.25 37.25 37.25 .24 1,702 June 1.1052 1.1087 1.1018 1.1073 .0016 90,205
July 427.25 433.50 s 418.00 422.60 –3.25 3,349 Cotton (ICE-US)-50,000 lbs.; cents per lb. Sept 1.1167 1.1203 1.1146 1.1190 .0017 482
June 2342.30 2365.20 2340.50 2359.90 16.90 258,250
Soybeans (CBT)-5,000 bu.; cents per bu. July 77.74 77.91 t 74.63 74.63 –3.00 106,799 Australian Dollar (CME)-AUD 100,000; $ per AUD
July 2354.60 2375.70 2352.30 2370.60 16.80 249 May 1196.75 1204.75 1195.00 1199.00 –6.50 1 Dec 75.95 75.95 74.05 74.18 –1.45 86,145 June .6615 .6635 .6586 .6631 .0015 200,539
Aug 2364.50 2387.70 2363.40 2382.50 16.80 210,435 July 1219.25 1222.50 1203.50 1214.40 –5.00 351,526 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept .6631 .6651 .6604 .6647 .0014 948
Oct 2388.50 2410.00 2387.40 2404.80 16.50 14,458 Soybean Meal (CBT)-100 tons; $ per ton. July 409.20 424.20 s 406.00 424.20 20.00 7,683 Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec 2413.00 2432.90 2408.70 2427.50 16.40 28,252 May 362.80 362.80 362.80 363.60 2.00 15 Sept 399.00 417.00 s 395.65 416.85 18.65 1,211 June .05918 .05930 .05891 .05906 –.00010 254,017
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 366.50 375.00 365.10 373.30 6.80 228,798 Sept .05820 .05846 .05812 .05824 –.00008 254
May 973.50 973.50 972.50 981.50 16.60 6 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures Euro (CME)-€125,000; $ per €
June 965.50 994.00 964.00 982.40 16.60 19,580 May 42.38 43.91 42.38 42.68 –1.84 114 June 1.0807 1.0842 1.0781 1.0836 .0030 636,324
Platinum (NYM)-50 troy oz.; $ per troy oz. July 45.15 45.29 43.11 43.40 –1.75 241,233 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Sept 1.0848 1.0887 1.0828 1.0881 .0030 5,283
May 973.80 973.80 973.80 1039.30 34.00 2
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 122-250 123-230 121-300 123-170 19.0 1,651,955

July 1010.70 1048.80 s 1009.60 1044.60 33.80 71,040

May 19.25 19.25 19.25 18.72 .01 78 Sept 122-290 123-250 122-020 123-190 19.0 336 Index Futures
July 18.78 18.93 18.54 18.91 .18 5,043 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. June 116-090 116-280 115-210 116-250 13.0 1,603,856 Mini DJ Industrial Average (CBT)-$5 x index
May 28.270 28.610 28.110 28.485 0.264 259 May 648.00 671.00 s 645.75 657.00 –13.25 35 Sept 116-110 116-300 115-240 116-280 13.0 20,823 June 39542 39736 39405 39677 118 99,014
July 28.420 28.985 28.310 28.702 0.259 136,005 July 686.00 696.00 s 667.75 672.40 –14.40 203,618 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 39953 40116 39817 40066 118 513
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. June 108-245 109-035 108-150 109-030 8.5 4,386,338 Mini S&P 500 (CME)-$50 x index
May 675.00 675.00 675.00 724.00 … 6 Sept 109-005 109-120 108-240 109-115 8.5 42,244 June 5241.75 5274.25 5216.75 5269.50 24.00 2,024,672
June 79.23 79.38 77.68 78.02 –1.10 205,002
July 698.50 708.75 679.50 683.25 –16.75 119,110 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 5301.75 5334.00 5279.00 5329.25 24.25 31,484
July 78.72 78.86 77.26 77.65 –0.95 329,046 Mini S&P Midcap 400 (CME)-$100 x index
Aug 78.14 78.34 76.81 77.20 –0.88 181,674
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 105-202 105-270 105-140 105-267 5.5 6,166,653
May 239.950 244.375 239.925 243.275 3.900 4,762 Sept 106-000 106-067 105-250 106-065 5.7 28,946 June 3008.20 3043.50 2997.70 3032.80 27.20 37,404
Sept 77.63 77.75 76.29 76.69 –0.83 129,293 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 3000.00 3065.70 3031.70 3058.80 27.20 3
Aug 251.925 256.800 251.675 255.675 4.325 22,544
Dec 75.99 76.13 74.83 75.23 –0.70 178,450 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 101-205 101-232 101-184 101-231 2.1 4,050,479 Mini Nasdaq 100 (CME)-$20 x index
Dec'25 71.26 71.39 70.43 70.95 –0.27 101,245 Sept 101-316 102-024 101-287 102-021 2.5 8,885 June 18282.00 18433.00 18165.50 18415.00 119.50 239,941
June 176.150 179.100 175.900 178.175 2.600 59,758
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 18512.75 18660.25 18406.50 18645.00 122.50 3,549
Aug 173.900 176.925 173.775 176.125 2.725 101,192
June 2.4402 2.4472 2.4014 2.4200 –.0168 76,213 Hogs-Lean (CME)-40,000 lbs.; cents per lb. May 94.6725 t 94.6700 94.6700 –.0025 431,006
94.6725 Mini Russell 2000 (CME)-$50 x index
July 94.6900 t 94.6800 94.6850 –.0050 344,189
94.6900
June 2071.90 2103.50 2058.30 2095.00 22.50 462,507
July 2.4544 2.4627 2.4179 2.4345 –.0186 63,168 May 91.775 91.875 91.675 91.825 .375 3,136
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Sept 2094.40 2124.70 2081.40 2117.00 22.80 1,363
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 100.975 101.750 100.450 100.925 .875 68,539
Mini Russell 1000 (CME)-$50 x index
June 2.5162 2.5191 2.4517 2.4596 –.0509 87,306 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Feb 94.6525 94.6525 94.6525 94.6550 .0025 5,101
June 2878.10 2888.40 2871.30 2887.10 14.60 6,146
May 481.00 483.00 t 470.00 481.00 –2.00 454 Dec 95.0900 95.1250 95.0500 95.1150 .0200 1,204,717
July 2.4999 2.5047 2.4426 2.4515 –.0452 100,975 U.S. Dollar Index (ICE-US)-$1,000 x index
July 539.00 540.50 528.50 532.00 –7.00 8,394
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. Currency Futures
June 105.07 105.38 104.84 104.89 –.21 42,155
June 2.362 2.397 2.306 2.344 –.037 164,565 Sept 104.75 104.87 104.48 104.50 –.21 776
May 18.69 18.81 s 18.68 18.72 .01 4,251
July 2.576 2.610 2.520 2.559 –.028 290,397 Japanese Yen (CME)-¥12,500,000; $ per 100¥
June 21.26 21.62 s 20.76 20.86 –.40 5,033
June .6435 .6437 .6410 .6426 –.0011 294,202 Source: FactSet
Aug 2.650 2.679 2.596 2.628 –.030 93,745 Cocoa (ICE-US)-10 metric tons; $ per ton.
Sept 2.636 2.658 2.583 2.609 –.034 180,642 May 9,000 9,000 9,000 8,751 602 1
Oct 2.699 2.721 2.648 2.675 –.032 136,506 July 7,151 7,865 7,151 7,322 156 46,952
Bonds | wsj.com/market-data/bonds/benchmarks
Cash Prices | wsj.com/market-data/commodities Tuesday, May 14, 2024 Tracking Bond Benchmarks
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
from the futures price on an exchange, which reflects what the commodity might be worth in future months. highs and lows for different types of bonds
Tuesday Tuesday Tuesday Total Total
Copper,Comex spot return YTD total Yield (%) return YTD total Yield (%)
4.9535 Wheat,No.2 soft red,St.Louis-u 6.5700
Energy Iron Ore, 62% Fe CFR China-s *117.3 Wheat - Hard - KC (USDA) $ per bu-u 7.1725
close return (%) Index Latest Low High close return (%) Index Latest Low High
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.750 Steel, HRC USA, FOB Midwest Mill-s *805.0 Wheat,No.1soft white,Portld,OR-u 6.6500 Mortgage-Backed Bloomberg Fixed Income Indices
Broad Market Bloomberg Fixed Income Indices
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.700 Battery/EV metals Food
BMI Lithium Carbonate, EXW China, =99.2%-v,w 15225 2027.38 -1.6 U.S. Aggregate 5.060 4.440 5.740 1999.64 -1.8 Mortgage-Backed 5.250 4.550 6.050
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13625 Beef,carcass equiv. index
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1980.09 -1.5 Ginnie Mae (GNMA) 5.230 4.590 6.020
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4250 choice 1-3,600-900 lbs.-u 287.42
Engelhard industrial 2357.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4168 select 1-3,600-900 lbs.-u 277.03 3079.22 -1.3 U.S. Corporate 5.510 5.020 6.430 1174.92 -1.9 Fannie mae (FNMA) 5.260 4.540 6.050
Handy & Harman base 2354.85 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3214
Butter,AA Chicago-d 2.9950 2995.69 0.1 Intermediate 5.410 4.950 6.350 1821.09 -1.2 Freddie Mac (FHLMC) 5.170 4.540 6.190
Handy & Harman fabricated 2613.88 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 206.00
LBMA Gold Price AM *2340.30 4044.68 -4.0 Long term 5.700 5.160 6.600 584.57 -0.6 Muni Master 3.471 3.038 4.311
LBMA Gold Price PM *2343.80 Burlap,10-oz,40-inch NY yd-n,w 0.8000 Cheddar cheese,blk,Chicago-d 193.00
Krugerrand,wholesale-e Cotton,1 1/16 std lw-mdMphs-u 0.7038 Milk,Nonfat dry,Chicago lb.-d 116.50 584.70 -2.3 Double-A-rated 5.100 4.540 5.760 414.01 -1.1 7-12 year 3.179 2.721 4.097
2431.05
Maple Leaf-e Cotlook 'A' Index-t *85.20 Coffee,Brazilian,Comp-y 1.9575
2454.43 -0.5 12-22 year
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.1965 831.38 -0.9 Triple-B-rated 5.710 5.250 6.700 473.50 3.727 3.388 4.742
American Eagle-e 2454.43
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.4750
Mexican peso-e 2826.38 High Yield Bonds ICE BofA 448.62 -0.1 22-plus year 4.249 4.070 5.274
Flour,hard winter KC-p 19.50
Austria crown-e 2294.27 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a. 533.79 1.5 High Yield Constrained 7.924 7.620 9.560 Global Government J.P. Morgan†
Austria phil-e 2454.43
Bran,wheat middlings, KC-u,w 75 Hogs,Iowa-So. Minnesota-u 90.16
Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u Pork bellies,12-14 lb MidUS-u 1.3589 518.51 2.3 Triple-C-rated 13.274 12.616 15.455 533.36 -1.9 Global Government 3.510 2.900 3.810
4.3800
Engelhard industrial 28.9000 Pork loins,13-19 lb MidUS-u 1.4165
Corn gluten feed,Midwest-u,w 97.2 1.1 High Yield 100 786.59 -2.0 Canada 3.700 3.090 4.260
Handy & Harman base 28.4000 Steers,Tex.-Okla. Choice-u n.a. 3581.24 7.349 7.030 9.101
Corn gluten meal,Midwest-u,w 418.3
Handy & Harman fabricated 35.5000 Steers,feeder,Okla. City-u,w 294.25 350.28 -1.7 EMU§ 3.213 2.669 3.790
Cottonseed meal-u,w 330 466.46 2.2 Global High Yield Constrained 7.746 7.552 9.440
LBMA spot price *£22.4400 Hominy feed,Cent IL-u,w 106
(U.S.$ equivalent) *28.1250 Meat-bonemeal,50% pro Mnpls-u,w
Fats and Oils 353.39 2.1 Europe High Yield Constrained 6.432 6.207 8.022 644.14 -2.4 France 3.160 2.540 3.630
320
Coins,wholesale $1,000 face-a 22305 Oats,No.2 milling,Mnpls-u 4.4275 Degummed corn oil, crude wtd. avg.-u,w n.a. U.S Agency Bloomberg Fixed Income Indices 455.10 -2.7 Germany 2.640 2.020 3.030
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h n.a.
LBMA Platinum Price PM *1005.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. 1780.23 -0.03 U.S Agency 5.010 4.350 5.390 271.88 -2.5 Japan 1.360 0.710 1.360
Platinum,Engelhard industrial 1020.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 384.40 Soybean oil,crude;Centl IL-u,w 0.4319
Palladium,Engelhard industrial 982.0 Soybeans,No.1 yllw IL-bp,u 11.8700 Tallow,bleach;Chicago-h n.a. 1577.18 0.2 10-20 years 5.010 4.340 5.370 494.59 -2.8 Netherlands 2.850 2.260 3.320
Aluminum, LME, $ per metric ton *2510.0 Wheat,Spring14%-pro Mnpls-u 8.7575 Tallow,edible,Chicago-u n.a. 20-plus years
3343.21 -3.1 5.020 4.500 5.740 786.68 -3.1 U.K. 4.410 3.790 4.880
2706.59 -0.7 Yankee 5.340 4.860 6.110 858.11 1.1 Emerging Markets ** 7.563 7.205 8.842
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;
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 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 5/13
Source: Dow Jones Market Data ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

Global Government Bonds: Mapping Yields

Father’s Day Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
JUNE 16TH Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
4.875 U.S. 2 4.817 t l 4.855 4.882 4.002
4.375 10 4.444t l 4.479 4.499 3.461
4.250 Australia 2 4.025 t l 4.036 3.911 3.181 -80.2 -84.0 -81.5
3.750 10 4.341 s l 4.338 4.280 3.335 -10.8 -15.5 -13.3
2.500 France 2 3.065 s l 3.049 2.861 2.775 -176.2 -182.7 -122.1
3.500 10 3.031 s l 2.990 2.868 2.848 -141.8 -150.3 -62.0
2.500 Germany 2 3.001 s l 2.969 2.858 2.593 -182.6 -190.7 -140.3
2.200 10 2.553 s l 2.512 2.361 2.275 -189.6 -198.2 -119.4
3.600 Italy 2 3.539 s l 3.520 3.423 3.309 -128.8 -135.6 -68.7
4.200 10 3.853 s l 3.819 3.735 4.173 -59.7 -67.4 70.5
0.300 Japan 2 0.347 s l 0.338 0.280 -0.049 -448.0 -453.8 -404.5
0.800 10 0.966 s l 0.941 0.867 0.389 -348.4 -355.2 -307.9
2.800 Spain 2 3.202 s l 3.186 3.058 2.935 -162.5 -169.0 -106.1
3.250 10 3.324 s l 3.297 3.180 3.349 -112.5 -119.6 -11.9
0.125 U.K. 2 4.318 t l 4.372 4.364 3.798 -50.9 -50.4 -19.8
4.250 10 4.174 t l 4.222 4.140 3.780 -27.5 -27.2 31.2
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Investment-grade spreads that tightened the most…
Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Wells Fargo WFC 4.300 5.27 July 22, ’27 65 –48 n.a.
John Deere Capital … 5.150 5.05 Sept. 8, ’26 23 –41 17

SUMMER GRILLING STARTS HERE!

Morgan Stanley MS 3.625 5.09 Jan. 20, ’27 47 –41 44
Philip Morris International PM 4.750 5.06 Feb. 12, ’27 44 –34 38
Toronto–Dominion Bank* TD 5.532 5.34 July 17, ’26 52 –34 45
Toyota Motor Credit … 4.650 4.98 Jan. 5, ’29 52 –31 49
We craft the most tender, juicy world-class steaks available National Australia Bank … 2.990 5.88 May 21, ’31 143 –26 n.a.
Goldman Sachs GS 5.150 5.63 May 22, ’45 93 –18 93
anywhere so you can enjoy a superior steak experience.
Guaranteed. …And spreads that widened the most
Georgia Power … 4.300 5.59 March 15, ’42 88 126 n.a.
Suncor Energy … 7.150 5.63 Feb. 1, ’32 118 85 110
69
• 10 Top Sirloin Steaks Oracle ORCL 6.125 5.83 July 8, ’39 138 136
Howmet Aerospace HWM 5.900 5.35 Feb. 1, ’27 72 67 73
(6 oz each) UnitedHealth UNH 3.850 4.99 June 15, ’28 52 51 49
National Australia Bank … 2.648 5.72 Jan. 14, ’41 102 49 n.a.
• FREE KC Steak Experience Guide 48
Societe Generale … 7.367 7.23 Jan. 10, ’53 257 263
• FREE Seasoning Packet John Deere Capital … 4.900 5.05 March 7, ’31 58 35 56

High-yield issues with the biggest price increases…

plus 10 FREE Steakburgers Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
and FREE SHIPPING
Hughes Satellite Systems … 6.625 36.91 Aug. 1, ’26 56.750 0.75 57.000
0.44
ONLY $ 99.99
Bausch Health … 11.000 16.82 Sept. 30, ’28 82.430 82.625
Paramount Global PARA 6.875 7.49 April 30, ’36 95.207 0.26 95.549
A $204.90 Value | ITEM #V100 Prime Security Services Borrower … 5.750 6.24 April 15, ’26 99.125 0.13 99.459
Bath & Body Works BBWI 6.875 6.67 Nov. 1, ’35 101.605 0.11 102.125
SC A N TO BUY
ADT Security … 4.875 6.33 July 15, ’32 90.829 0.08 91.500
ORDER NOW …And with the biggest price decreases
KansasCitySteaks.com/A2405WJ or call 800 793 9144 United States Cellular USM 6.700 6.27 Dec. 15, ’33 103.050 –1.20 99.269
Use Promo Code A2405WJ Mauser Packaging Solutions Holding … 7.875 7.11 April 15, ’27 102.000 –0.25 102.095
Paramount Global PARA 4.375 7.70 March 15, ’43 67.256 –0.17 68.355
ORDER BY 2 PM CT JUNE 11TH for FATHER’S DAY DELIVERY. Bath & Body Works BBWI 6.950 7.27 March 1, ’33 97.951 –0.17 n.a.
DISH DBS … 5.875 20.86 Nov. 15, ’24 93.250 –0.11 94.000
Offer expires 6/30/2024. Free shipping applies to standard delivery only. Additional fees will
apply to Overnight, Saturday, Alaska and Hawaii deliveries. Some restrictions may apply. For Teva Pharmaceutical Finance Netherlands III ... 3.150 6.23 Oct. 1, ’26 93.297 –0.02 93.511
full details, please visit KansasCitySteaks.com/A2405WJ
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
P2JW136000-6-B01100-1--------XA

THE WALL STREET JOURNAL. * * * * * * Wednesday, May 15, 2024 | B11

MARKETS & FINANCE

Nasdaq Hits Record, S&P 500 Closes In

A surprisingly ishness and sent the Nasdaq Index performance on Tuesday stock indexes have climbed this several times for volatility.
Composite up 0.8% to close at a month on renewed optimism Walmart shares fell 0.9% af-
strong report on record, its first since April 11.
1.0%
that the Fed will be able to cut ter The Wall Street Journal re-
consumer prices The S&P 500 rose 0.5% to just
Nasdaq Composite
interest rates in 2024. For the ported that the retailer, set to
shy of a record, while the Dow year, the S&P 500 is up 10%. report earnings on Thursday, is
could damp rally Jones Industrial Average was
0.8 S&P 500 The benchmark 10-year cutting hundreds of corporate
0.3% higher. Dow Jones Industrial Average Treasury yield settled lower at jobs.
BY JACK PITCHER Investors could be forced to 0.6 4.444%. Overseas, the Stoxx Europe
reassess their optimism after Surveys out this week un- 600 rose 0.15%. At midday
Stock indexes traded at or Wednesday’s release of the derscored just how bullish in- Wednesday, Japan’s Nikkei 225
near records after traders took consumer-price index. A sur- 0.4 vestors have grown in recent Stock Average was up 0.35%,
in one inflation report and prisingly high reading for April weeks. Investment managers’ Hong Kong’s Hang Seng Index
looked ahead to another that would extend a streak of three risk appetite has jumped to the was down 0.2% and the Shang-
will offer a much-anticipated reports that have come in 0.2 highest level since late 2021, hai Composite was down 0.35%.
look at con- firmer than expected. Econo- according to the S&P Global In- S&P 500 futures were up 0.1%.
TUESDAY’S sumer prices. mists polled by The Wall Street vestment Manager Index.
MARKETS A report on Journal are forecasting a 3.4% 0 Trading in meme stocks
wholesale year-over-year rise in infla- GameStop and AMC Enter- AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
prices Tuesday offered mixed tion. Five-minute intervals tainment on Tuesday resem- All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
signals for investors trying to “A hot CPI print would cre- –0.2 bled the frothiest days of the between that price and the face value.
assess the Federal Reserve’s ate volatility as expectations 10 a.m. 11 noon 1 p.m. 2 3 4 pandemic-era trading craze in
52-WEEK BILLS
path forward in its fight for interest-rate cuts are low- 2021, after social-media posts
Applications $142,520,161,300
against inflation. The producer- ered,” said Richard Ratner, in- Source: FactSet prompted a resurgence in in- Accepted bids $50,572,731,300
price index rose more than vestment adviser at Bel Air In- terest. " noncompetitively $1,530,176,400
" foreign noncompetitively $0
economists expected in April vestment Advisors. when it can lower interest erated discussion in Amster- GameStop shares closed 60% Auction price (rate) 95.050611
but was revised lower for Fed chair Jerome Powell rates. dam on Tuesday, adding that higher, while AMC was up 32%. (4.895%)
Coupon equivalent 5.155%
March. said Tuesday that the central “We’re just going to have to he expected inflation to con- They were among the most Bids at clearing yield accepted 21.72%
Traders saw little reason to bank is maintaining a wait- see where the inflation data fall tinue heading lower. heavily traded shares, and Cusip number 912797LB1
pull back on their recent bull- and-see stance on whether and out,” Powell said during a mod- After pulling back in April, GameStop trading was halted The bills, dated May 16, 2024, mature on May 15, 2025.

OPEC Sticks to Oil-Demand View, Posts Fall in Output

BY GIULIA PETRONI pressures and reduced geopo- cartel and its allies to extend
litical risk as oil supplies re- cuts to the second half of the
The Organization of the Pe- main largely unaffected by the year in a bid to prop up
troleum Exporting Countries war in Gaza. prices.
left its estimates for global Brent crude, the interna- Iraq’s oil production fell by
oil-demand growth unchanged tional benchmark, currently 32,000 barrels a day to 4.18
for this year and next, while trades at around $82 a barrel million barrels a day in April,
reporting a fall in crude out- compared with around $90 a while Nigerian production de-
put as the market awaits the barrel a month ago, while creased 46,000 barrels a day
cartel’s next production policy WTI, the U.S. oil gauge, is at to 1.35 million barrels a day.
move at its meeting in June. around $78 a barrel compared Iran’s production rose by
The Vienna-based group with $86 a barrel in mid-April. 14,000 barrels a day to 3.21
said in its monthly report that OPEC raised its U.S. eco- million barrels a day. Oil pro-
it continues to forecast oil de- nomic-growth estimates to duction from Saudi Arabia
mand to grow by 2.2 million 2.2% for 2024 from 2.1% previ- rose by 2,000 barrels a day to
barrels a day this year and by ously, and to 1.9% from 1.7% 9.03 million barrels a day.
ALAA AL-MARJANI/REUTERS

1.8 million barrels a day in for 2025. The global economic- The group left its estimates
2025, unchanged from its pre- growth forecast was main- for supply growth from coun-
vious estimates. tained at 2.8% for the current tries not participating in the
The cartel’s latest report year and 2.9% for 2025, with Declaration of Cooperation at
comes as oil prices trade the eurozone growth forecast 1.2 million barrels a day for
range bound after dropping to unchanged at 0.5% this year 2024, saying the main drivers
mid-March levels earlier this and 1.2% the next. OPEC crude-oil production fell by 48,000 barrels a day to 26.575 million barrels a day in April. of growth are expected to be
month. Bearish sentiment is Overall OPEC crude-oil pro- the U.S., Canada, Brazil and
driven by prospects of higher- duction fell by 48,000 barrels citing secondary sources. Ear- taling around 2.2 million bar- on its next policy move at its Norway. Growth expectations
for-longer interest rates in the a day to 26.575 million barrels lier this year, OPEC+ extended rels a day until the end of meeting on June 1. for 2025 were also maintained
U.S. due to persistent inflation a day in April, the cartel said, its voluntary output cuts to- June, and is now set to decide Most analysts expect the at 1.1 million barrels a day.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
EssexProp ESS 265.18 1.7 ING Groep ING 17.82 2.1 NanoViricides NNVC 2.26 24.2 SeapeakPfdB SEALpB 25.72 0.2 USCopperIndex CPER 29.94 0.5 Cerence CRNC 4.84 -2.2 LyraTherap LYRA 0.35 2.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Euronav EURN 20.19 2.6 IZEA IZEA 3.60 7.2 NatlHealthInv NHI 66.87 1.4 SelectMedical SEM 34.30 1.1 UnitedTherap UTHR 269.83 2.1 CERoTherap CERO 1.10 -2.1 MainzBiomed MYNZ 0.60 -6.2
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low FNB FNB 14.19 1.0 IamGold IAG 4.46 5.5 NatWest NWG 8.33 1.7 SelectWater WTTR 9.94 -0.1 ValleyNatlPfdA VLYPP 22.90 1.0 ChecheWt CCGWW 0.03 -33.1 MarkforgedWt MKFG.WS 0.02 -24.9
in the latest session. % CHG-Daily percentage change from the previous trading session. FTAI Infra FIP 8.40 4.2 Immersion IMMR 8.95 5.1 Nelnet NNI 110.28 6.7 Sempra SRE 77.88 -0.6 VerraMobility VRRM 27.56 1.7 ClarivatePfdA CLVTpA 24.54 6.5 Mobile-health MNDR 2.20 -5.4
Fabrinet FN 232.69 5.7 Impinj PI 168.72 5.2 NewYorkMtgPfdG NYMTZ 18.56 -0.9 Semrush SEMR 15.80 -0.5 VerricaPharm VRCA 11.41 -0.7 CommunityHlthcr CHCT 23.69 -0.9 N2OFF NITO 0.90 -6.1
Tuesday, May 14, 2024 FidNatlInfo FIS 76.68 0.8 JPMorganChase JPM 201.58 1.4 Nova NVMI 200.09 3.4 ShattuckLabs STTK 11.76 -18.1 VillageSuper A VLGEA 30.35 1.5 CreativeMedia CMCT 2.84 -1.6 NaaSTechnology NAAS 0.61 -7.1
52-Wk % 52-Wk % 52-Wk % FirstBanCorp FBP 18.34 1.7 JanusHenderson JHG 33.81 2.6 Novavax NVAX 15.00 2.8 SkechersUSA SKX 69.69 1.1 VirtuFinancial VIRT 24.25 4.7 CueHealth HLTH 0.09 7.9 NanoNuclearEner NNE 3.25 -21.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FirstUS Bcshs FUSB 11.19 -0.4 Joint JYNT 17.07 3.7 OCA Acqn A OCAX 11.00 ... Southern SO 79.16 ... Watsco WSO 487.74 1.0 Cyngn CYN 0.07 4.3 NauticusRobot KITT 0.12 24.1
Avalonbay AVB 198.90 0.3 CardiolTherap CRDL 2.25 ... FitLifeBrands FTLF 30.80 -2.8 KLA KLAC 731.73 2.4 OcaAcqn OCAXU 11.86 7.0 SoCopper SCCO 125.07 2.6 Welltower WELL 100.33 -0.7 DSS DSS 1.40 1.9 NextPlat NXPL 1.13 8.6
Highs AvidityBio RNA 29.10 11.1 CarlyleSecured CGBD 18.00 0.6 FreeportMcM FCX
Freshpet FRPT
53.66
128.13
2.8
3.4
KaiserAlum KALU 101.66 0.3 OFSCreditPfdE OCCIN
OkeanisEcoTankers ECO
23.34
34.49
0.1
0.5
SpringValleyII A SVII 11.05 0.1 WesBancoPfdA WSBCP
WesternMidstrm WES
24.89
37.91
1.4
2.1
DeltaApparel DLA 1.61 1.0 Nuburu
PetrosPharm PTPI
BURU 0.12 -7.6
0.58 -4.7
Avnet AVT 53.46 1.4 CarrolsRestr TAST 9.56 0.1 Kanzhun BZ 21.38 2.2 Sprott SII 43.40 1.9 Domo DOMO 7.07 -3.7
ACI Worldwide ACIW 36.93 0.3 Frontline FRO 26.77 0.7 OnHolding ONON 37.31 18.3 Williams WMB 40.40 1.8 RaptTherap RAPT 3.98 -9.1
AxaltaCoating AXTA 36.56 1.0 CaseysGenStores CASY 344.01 -0.7 KewauneeSci KEQU 43.36 10.8 SproutsFarmers SFM 77.28 0.9 DouglasElliman DOUG 1.04 ...
ADMA Biologics ADMA 9.17 4.2 GATX GATX 136.78 0.8 Oppenheimer A OPY 44.24 0.1 ZimIntShipping ZIM 19.80 0.9 ReNewEnergyWt RNWWW 0.26 -28.8
AxosFinancial AX 62.41 1.2 CenterraGold CGAU 6.85 0.5 KinderMorgan KMI 19.45 1.4 Sylvamo SLVM 69.80 2.5 EdibleGarden EDBL 3.61 13.0
Aflac AFL 86.58 0.5 GSK GSK 45.76 1.1 OptexSystems OPXS 8.37 1.1 RevivaPharm RVPH 1.64 7.4
BOK Fin BOKF 95.07 1.4 CentralGarden CENT 47.04 -0.1 KinrossGold KGC 7.80 2.8 TD Synnex SNX 123.38 1.1 ZetaGlobal ZETA 16.52 3.3 Farmmi FAMI 0.70 -11.4
AG Mortgage PfdA MITTpA 20.14 0.4 GameStop GME 64.83 60.1 OscarHealth OSCR 23.10 4.0 RockyMtnChoc RMCF 3.23 -4.6
BW LPG Cheesecake Koss KOSS 6.95 40.7 TE Connectivity TEL 149.43 1.0 Five9 FIVN 52.64 -0.4
Lows
BWLP 16.44 1.2 CAKE 40.73 2.3
ActiniumPharm ATNM 10.24 11.6 GasLogPtrsPfdC GLOPpC 25.48 0.6 PACS Group PACS 27.22 7.3 RubiconTech RBT 0.19 -6.8
BancodeChile BCH 24.46 2.3 CheetahNetSupply CTNT 7.00 437.8 Kyndryl KD 27.80 5.3 TasekoMines TGB 2.74 6.6 FutureFuel FF 4.92 -1.2
AddusHomeCare ADUS 111.99 -0.6 GenDigital GEN 24.58 2.3 ProceptBio PRCT 66.08 2.9 RyersonHolding RYI 21.65 -0.8
AdtalemGlbEduc ATGE 66.83 1.0 BankofAmerica BAC 38.79 0.7 CirrusLogic CRUS 111.74 2.7 L3HarrisTech LHX 222.57 0.2 TaskUs TASK 14.92 4.1 AcadiaPharm ACAD 14.72 -2.1 GP-ActIIIAcqn GPATU 10.05 -0.2
GencorInds GENC 20.30 2.0 PapayaGrowthI PPYAU 12.41 6.3 SAB Biotherap SABS 3.72 -1.1
Aegon AEG 6.71 1.2 BankofAmPfdE BACpE 23.96 0.5 Citigroup C 63.97 0.3 LeMaitreVascular LMAT 78.14 2.4 TeckResourcesB TECK 52.74 2.1 AdventTech ADN 2.77 8.2 GoHealth GOCO 8.54 1.3
GeneDx WGS 23.79 -8.7 ParamountGoldNV PZG 0.63 9.0 SAB BiotherapWt SABSW 0.01 -37.5
AeroVironment AVAV 195.36 3.7 Barclays BCS 11.07 1.8 CitizensFin CFG 36.52 1.4 LeviStrauss LEVI 23.00 1.3 Tele&DataPfdUU TDSpU 21.20 -1.9 AethlonMedical AEMD 0.80 -14.5 GranitePointMtg GPMT 3.29 -4.6
GlobalShipLease GSL 25.17 3.3 Paysafe PSFE 19.83 20.2 S&W Seed SANW 0.36 -7.7
AffinityBncshs AFBI 17.20 0.7 BaringsBDC BBDC 9.91 0.3 ClearwaterPaper CLW 50.85 -0.9 LibertyEnergy LBRT 23.44 3.8 TenetHealthcare THC 128.79 1.9 Agriforce AGRI 0.08 -4.2 HealthcrTriangle HCTI 0.74 -5.8
GolarLNG GLNG 26.69 1.4 Pennant PNTG 23.57 -5.0 SMX SMX 0.11 -8.1
Agilysys AGYS 92.35 14.9 BenchmarkElec BHE 41.10 2.5 Coca-ColaEuro CCEP 74.97 0.5 LionsgateStudios LION 10.70 -0.8 Teradyne TER 127.38 1.8 AirSculptTech AIRS 4.40 -2.4 HeliusMedical HSDT 1.49 -7.5
GoldmanSachs GS 461.77 1.1 PerimeterSolns PRM 8.10 1.9 ScinaiImmun SCNI 0.43 -3.3
Alcoa AA 40.84 -0.8 BlackHawkAcqnRt BKHAR 1.10 30.9 Comstock CHCI 8.56 16.5 LloydsBanking LYG 2.75 2.2 TevaPharm TEVA 17.10 1.2 Akanda AKAN 0.09 -5.0 HeritageGlobal HGBL 2.12 0.9
GraniteConstr GVA 64.33 2.3 Pilgrim'sPride PPC 38.58 1.9 Scorpius SCPX 0.07 -57.7
Alcon ALC 89.32 10.7 BlueBird BLBD 50.44 3.1 CorpAmAirports CAAP 18.42 0.3 LouisianaPacific LPX 90.03 1.7 TexasInstruments TXN 191.46 1.8 Akoya AKYA 2.78 -29.6 HolleyWt HLLY.WS 0.17 -8.0
Group1Auto GPI 323.00 3.0 PitneyBowes PBI 5.78 9.4 SeelosTherap SEEL 0.24 -11.9
AmNatlPfdA ANGpA 25.25 1.3 BlueOwlCapital OBDC 16.60 1.0 Costamare CMRE 13.94 4.0 HNI HNI 47.32 2.8
M&T Bank MTB 155.33 0.8
Popular BPOP 91.63 0.8
ThirdHarmonic THRD 13.00 7.0 AltaEquipment ALTG 8.36 4.1 HomeFedBncpLA HFBL 10.60 -7.0
Silvaco SVCO 18.60 1.7
AmSharedHosp AMS 3.55 0.9 BlueprintMed BPMC 111.02 -2.4 Crocs CROX 147.36 1.7 HUYA HUYA 5.52 16.7 MakeMyTrip MMYT 77.68 1.9 ProficientAuto PAL 15.30 1.1 Toast TOST 27.70 0.5 AmbiparEmergency AMBI 3.20 -2.0 Hurco HURC 17.54 0.7 SplashBeverage SBEV 0.28 -2.2
Amphenol APH 128.68 1.1 BreadFinancial BFH 42.00 ... Cronos CRON 3.12 ... Haemonetics HAE 97.75 1.2 MasoniteIntl DOOR 132.89 0.1 PyxisTankers PXS 4.99 -0.2 Torm TRMD 38.28 3.5 AmOncology AONC 3.25 0.3 Hyperfine HYPR 0.76 10.1 SyntecOptics OPTX 2.94 5.0
AnalogDevices ADI 212.42 1.7 BrightView BV 12.96 3.7 Cryo-Cell CCEL 9.37 2.8 Hafnia HAFN 8.60 1.8 MetalsAcqnWt MTAL.WS 3.87 5.5 Qualcomm QCOM 189.29 2.6 Transcat TRNS 120.10 1.0 Ampco-Pitt AP 1.67 -8.6 Identiv INVE 4.01 -2.1 Taoping TAOP 0.68 -8.6
AngelOakMtgREIT AOMR 12.01 1.6 Brink's BCO 98.95 0.8 DT Midstream DTM 66.08 1.9 HalozymeTherap HALO 45.18 0.5 MidCapFin MFIC 15.79 1.0 RadNet RDNT 56.78 1.8 TransMedics TMDX 137.22 0.3 AmpriusTechWt AMPX.WS 0.11 -28.7 iHeartMedia IHRT 1.15 1.6 TelesisBio TBIO 3.96 1.6
AnteroMidstream AM 14.65 1.3 BrinkerIntl EAT 63.80 2.4 Danaher DHR 259.79 3.0 HannonArmstrong HASI 32.90 -0.8 MillicomIntl TIGO 23.48 2.5 RealReal REAL 4.56 -2.5 Trip.com TCOM 55.72 1.5 Armlogi BTOC 4.14 -7.6 IndContractDrill ICD 1.29 -5.8 TenaxTherap TENX 3.44 -2.3
Aramark ARMK 33.73 1.1 Bristow VTOL 36.07 3.8 Deluxe DLX 23.91 3.2 HeartlandFinUSA HTLF 45.00 ... MineralsTechs MTX 80.77 0.9 ResearchFrontiers REFR 2.24 4.8 TristarAcqnIWt TRIS.WS 0.14 20.0 Auddia AUUD 1.36 -7.7 InfuSystems INFU 6.80 -1.0 TopWealth TWG 0.98 -3.8
ArdmoreShipping ASC 21.96 3.8 Brookfield BN 44.69 1.5 DieboldNixdorf DBD 42.73 0.6 Hibbett HIBB 87.13 0.1 MMTec MTC 12.90 83.5 RocketCos. RKT 15.60 1.2 TsakosEnergyPfdE TNPpE 26.72 0.6 Augmedix AUGX 0.99 -51.1 InnovSolSuprt ISSC 5.21 -3.1 TrinityBiotech TRIB 1.49 -3.8
AresCapital ARCC 21.40 0.5 BrookfieldReinsA1 BNRE.A 44.48 1.1 DutchBros BROS 36.32 2.5 HighwoodsProp HIW 27.81 2.4 MorganStanley MS 100.18 0.8 RoyalBkCanada RY 105.00 -0.3 TsakosEnergy TNP 29.69 2.7 AvenueTherap ATXI 3.52 -2.8 InspireVeterinary IVP 2.62 -18.0 Vacasa VCSA 5.27 -6.5
AresMgmt ARES 145.01 3.4 Brown&Brown BRO 88.51 1.1 EdisonIntl EIX 75.66 0.6 HimalayaShipping HSHP 8.78 -0.3 MorphoSys MOR 18.52 1.8 RushStreetInt RSI 8.79 1.2 TurningPoint TPB 34.71 -0.5 AvitaMedical RCEL 7.51 4.4 Leafly LFLY 1.80 -2.7 VirpaxPharm VRPX 1.98 -24.7
Arhaus ARHS 17.05 3.4 CRA Intl CRAI 167.67 1.6 Embraer ERJ 28.86 9.1 HudbayMinerals HBM 10.10 14.2 MuellerIndustries MLI 59.85 2.1 SNDL SNDL 2.93 9.2 TutorPerini TPC 19.56 3.8 BellevueLifeSciRt BLACR 0.12 -7.7 LionsgateStudios LION 8.99 -0.8 WheelerREIT WHLR 0.11 9.8
ArisMining ARMN 4.49 1.4 CTS CTS 52.28 -0.6 EncompassHealth EHC 87.04 0.8 HumacyteWt HUMAW 1.23 41.2 MuellerWater MWA 19.43 0.1 SP Plus SP 54.42 0.9 TwistBiosci TWST 49.67 1.5 BinahCapital BCG 4.96 13.4 LogicMark LGMK 0.73 1.8 XIAO-I AIXI 1.00 -2.3
Armlogi BTOC 6.26 -7.6 Cadeler CDLR 20.46 5.2 Equitable EQH 40.74 -0.2 Humacyte HUMA 6.62 17.2 NB Bancorp NBBK 15.74 1.8 SchwabC SCHW 77.27 3.2 UL Solutions ULS 37.12 0.2 CISO Global CISO 0.80 -3.5 LucyScientific LSDI 0.65 -8.8 XTI Aerospace XTIA 1.53 3.8
AspenAerogels ASPN 27.91 -7.0 CapitalSouthwest CSWC 27.22 1.8 EssentialProp EPRT 27.59 -0.6 IDT IDT 39.86 2.4 NXP Semicon NXPI 268.43 1.4 SeanergyMaritime SHIP 10.79 3.3 US Gold USAU 5.08 10.1 CN Energy CNEY 0.63 4.3 LuxUrban LUXH 0.44 -16.0 ZappEV ZAPP 1.38 -9.4

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Closing Chg YTD iSh MSCI EM EEM 43.05 0.54 7.1 JPM EqPrem JEPI 57.10 0.07 3.9 SPDR S&P Div SDY 131.33 ... 5.1 VangdMegaGrwth MGK 287.33 0.50 10.7
Tuesday, May 14, 2024 iShNatlMuniBd MUB 106.86 0.06 –1.4 JPM UltShIncm JPST 50.34 0.02 0.2 TechSelectSector XLK 208.34 0.89 8.2 VangdMC VO 246.21 0.40 5.8
ETF Symbol Price (%) (%)
Closing Chg YTD iSh1-5YIGCpBd IGSB 51.03 0.14 –0.5 PacerUSCashCows COWZ 55.91 0.30 7.5 VanEckSemicon SMH 227.08 1.71 29.9 VangdMBS VMBS 45.06 0.31 –2.8
ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 69.22 0.58 6.6 iSh1-3YTreaBd SHY 81.38 0.10 –0.8 ProShUltPrQQQ TQQQ 60.67 1.86 19.7 VangdSC Val VBR 190.17 0.89 5.7 VangdRealEst VNQ 83.80 0.77 –5.2
CommSvsSPDR XLC 82.01 0.45 12.9 iShCoreS&P500 IVV 525.96 0.46 10.1 iShRussMC IWR 82.76 0.62 6.5 SPDRBbg1-3MTB BIL 91.59 0.01 0.2 VangdExtMkt VXF 172.45 0.97 4.9 VangdRuss1000Grw VONG 87.15 0.58 11.7
CnsmrDiscSel XLY 178.68 0.46 –0.1 iShCoreS&P MC IJH 60.31 0.89 8.8 iShRuss1000 IWB 287.60 0.45 9.7 SPDR DJIA Tr DIA 395.58 0.28 5.0 VangdDivApp VIG 181.66 0.39 6.6 VangdS&P500ETF VOO 481.04 0.47 10.1
DimenUSCoreEq2 DFAC 31.79 0.54 8.8 iShCoreS&P SC IJR 110.40 1.00 2.0 iShRuss1000Grw IWF 338.57 0.51 11.7 SPDR Gold GLD 218.09 0.85 14.1 VangdFTSEAWxUS VEU 59.82 0.61 6.6 VangdST Bond BSV 76.30 0.12 –0.9
EnSelSectorSPDR XLE 93.70 0.13 11.8 iShCoreS&PTotUS ITOT 115.10 0.52 9.4 iShRuss1000Val IWD 177.42 0.41 7.4 SPDRPtfDevxUS SPDW 36.22 0.67 6.5 VangdFTSEDevMk VEA 50.70 0.70 5.8 VangdSTCpBd VCSH 76.95 0.13 –0.5
FinSelSectorSPDR XLF 41.87 0.50 11.4 iShCoreTotUSDBd IUSB 44.98 0.22 –2.4 iShRuss2000 IWM 206.86 1.04 3.1 SPDRS&P500Value SPYV 49.53 0.26 6.2 VangdFTSE EM VWO 44.02 0.50 7.1 VangdShortTrea VGSH 57.78 0.07 –0.9
GrayscaleBitcoin GBTC 54.78 –2.51 58.2 iShCoreUSAggBd AGG iShS&P500Grw IVW 85.26 0.60 13.5 SPDRPtfS&P500 SPLG 61.55 0.44 10.1 VangdFTSE Europe VGK 69.55 0.84 7.9 VangdSC VB 225.16 1.01 5.5
96.55 0.27 –2.7
HealthCrSelSect XLV 144.06 0.43 5.6 iShS&P500Value IVE 184.70 0.29 6.2 SPDRS&P500Growth SPYG 73.89 0.65 13.6 VangdGrowth VUG 345.65 0.53 11.2 VangdTaxExemptBd VTEB 50.22 –0.02 –1.6
iShEdgeMSCIMinUSA USMV 82.99 0.10 6.4
IndSelSectorSPDR XLI 125.12 –0.02 9.8 iShSelectDiv DVY 124.90 0.42 6.6 SPDR S&P 500 SPY 523.30 0.46 10.1 VangdHlthCr VHT 263.28 0.42 5.0 VangdTotalBd BND 71.65 0.29 –2.6
iShEdgeMSCIUSAQual QUAL 163.56 0.44 11.2 iSh7-10YTreaBd IEF 92.88 0.29 –3.6 SchwabIntEquity SCHF 39.40 0.66 6.6 VangdHiDiv VYM 120.30 0.37 7.8 VangdTotIntlBd BNDX 48.60 –0.14 –1.5
InvscNasd100 QQQM 183.50 0.64 8.9
InvscQQQI QQQ 445.93 0.64 8.9
iShGoldTr IAU 44.57 0.84 14.2 iShShortTreaBd SHV 110.24 0.01 0.1 SchwabUS BrdMkt SCHB 60.94 0.51 9.5 VangdInfoTech VGT 524.12 1.03 8.3 VangdTotIntlStk VXUS 61.53 0.62 6.2
InvscS&P500EW RSP 166.73 0.40 5.7 iShiBoxx$IGCpBd LQD 106.66 0.29 –3.6 iShTIPSBond TIP 106.29 0.19 –1.1 SchwabUS Div SCHD 79.69 0.16 4.7 VangdIntermBd BIV 74.27 0.23 –2.8 VangdTotalStk VTI 259.45 0.49 9.4
iShCoreDivGrowth DGRO 57.92 0.29 7.6 iShMBS MBB 91.28 0.35 –3.0 iSh20+YTreaBd TLT 90.86 0.56 –8.1 SchwabUS LC SCHX 62.05 0.45 10.0 VangdIntrCorpBd VCIT 79.36 0.24 –2.4 VangdTotWrldStk VT 111.24 0.62 8.1
iShCoreMSCIEAFE IEFA 75.20 0.71 6.9 iShMSCIACWI ACWI 110.86 0.55 8.9 iShUSTreasuryBd GOVT 22.41 0.22 –2.7 SchwabUS LC Grw SCHG 93.54 0.68 12.8 VangdIntermTrea VGIT 57.83 0.24 –2.5 VangdValue VTV 161.93 0.42 8.3
iShCoreMSCIEM IEMG 53.97 0.54 6.7 iShMSCI EAFE EFA 80.94 0.75 7.4 iSh0-3MTreaBd SGOV 100.48 ... 0.2 SPDR S&PMdCpTr MDY 551.79 0.82 8.8 VangdLC VV 239.97 0.39 10.0 WT FRTrea USFR 50.44 0.02 0.4

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
SeriesBondFd 8.82 +0.02 -1.5 SrsEmrgMkt +0.11 8.0 JPMorgan R Class
18.72 R2030 25.37 +0.11 6.0 MuShtAdml 15.72 ... 0.8 WndsrII 46.90 +0.27 9.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 14.01 +0.08 8.0 SrsGlobal +0.09 7.0 CoreBond
14.82 10.08 +0.02 -0.9 Putnam Funds Class A PrmcpAdml r 171.57 +1.09 9.7 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.44 +0.03 -6.0 SrsGroCoRetail +0.20 16.4 CorePlusBd
22.67 7.10 +0.02 -0.6 PutLargCap p 34.95 +0.12 13.6 RealEstatAdml 118.75 +0.93 -4.3 ExtndIstPl 322.97 +3.28 5.3
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 25.89 +0.29 3.4 SrsIntlGrw +0.05 7.6 Lord Abbett I
18.43 Putnam Funds Class Y SmCapAdml 107.90 +1.11 5.9 IdxIntl 19.75 +0.12 6.4
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 144.40 +0.81 9.8 SrsIntlVal +0.07 9.7 ShtDurInc p
12.80 3.84 ... 1.6 PutLargCap 34.97 +0.13 13.7 SmGthAdml 89.47 +1.05 5.4 MdCpGrAdml 99.39 +0.47 5.3
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 18.26 +0.10 9.9 TotalBond +0.02 -0.8 Metropolitan West
9.36 Schwab Funds STBondAdml 10.00 +0.01 0.2 MdCpVlAdml 80.10 +0.35 7.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 14.00 +0.07 6.5 Fidelity SAI TotRetBdI 8.89 +0.03 NA 1000 Inv r 112.88 +0.61 10.3 STIGradeAdml 10.17 +0.01 0.9 SmValAdml 81.74 +0.75 6.2
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.15 +0.03 -1.5 TotalBd 8.87 +0.02 -0.6 TRBdPlan 8.34 +0.03 NA S&P Sel 80.80 +0.40 10.5 STIPSIxAdm 24.11 +0.01 1.3 TotBd2 9.32 +0.02 -1.5
Fidelity Advisor I U.S.TreBdIdx 8.59 +0.02 -1.7 MFS Funds TSM Sel r 88.91 +0.50 9.8 TotBdAdml 9.44 +0.03 -1.5 TotIntlInstIdx r 132.09 +0.76 6.5
Total Bd 9.35 +0.02 -0.9 Fidelity Selects IIE 35.09 +0.24 6.5 TIAA/CREF Funds TotIntBdIdxAdm 19.44 -0.01 -0.8 TotItlInstPlId r 132.12 +0.76 6.5
Tuesday, May 14, 2024 Fidelity Freedom Semiconductors r 31.45 +0.46 29.7 MFS Funds Class I EqIdxInst 36.95 +0.20 9.7 TotIntlAdmIdx r 33.03 +0.19 6.5 TotSt 126.28 +0.72 9.7
Net YTD Net YTD Net YTD FF2030 17.34 +0.07 5.1 Softwr 27.00 +0.10 -0.6 GrowthI 200.51 +0.92 16.5 IntlEqIdxInst 23.47 +0.16 7.4 TotStAdml 126.31 +0.71 9.8 VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 15.40 +0.07 6.5 Tech 32.29 +0.18 13.3 ValueI 51.26 +0.12 8.2 LrgCpGrIdxInst 58.04 +0.35 12.0 TxMCapAdml 270.96 +1.40 10.0 BalInst 46.49 +0.20 5.3
FF2040 11.29 +0.06 8.1 First Eagle Funds Natixis Funds VANGUARD ADMIRAL TxMIn r 16.28 +0.10 6.3 DevMktsIndInst 16.30 +0.10 6.3
AB Funds Artisan Funds US CoreEq2 35.50 +0.20 9.7 Freedom2030 K 17.32 +0.07 5.2 GlbA 68.44 +0.38 8.5 LSGrowthY 25.60 +0.16 10.2 500Adml 484.81 +2.41 10.5 DevMktsInxInst 25.48 +0.16 6.3
MuniIncmShares 11.06 +0.02 1.0 IntlVal Inst 49.51 +0.11 7.7 US Small 46.27 +0.40 4.6 USGroAdml 163.30 +0.88 11.3
Freedom2035 K 15.38 +0.07 6.5 Franklin A1 Northern Funds BalAdml 46.49 +0.21 5.3
ValAdml 63.19 +0.28 9.1 ExtndInst 130.87 +1.33 5.2
AB Funds - ADV Baird Funds US SmCpVal 46.92 +0.42 4.8 Freedom2040 K 11.30 +0.06 8.2 IncomeA1 2.34 +0.01 2.8 StkIdx 53.97 +0.26 10.5 CAITAdml 11.33 ... -0.2 GrwthInst 178.01 +1.00 11.4
LgCpGrAdv 104.88 +0.70 13.0 AggBdInst 9.63 +0.03 -1.2 US TgdVal 33.11 +0.30 4.2 WdsrllAdml 83.21 +0.48 9.4
Idx2030InsPre 19.68 +0.08 4.3 FrankTemp/Frank Adv Old Westbury Fds CapOpAdml r 194.69 +1.09 8.6 InPrSeIn 9.34 +0.02 -0.3
American Century Inv CorBdInst 9.96 +0.02 -0.8 USLgVa 48.56 +0.19 9.5 WellsIAdml 61.15 +0.20 2.1
Idx2035InsPre 22.61 +0.11 5.4 IncomeAdv 2.31 ... 2.5 LrgCpStr 19.16 +0.08 10.4 DivAppIdxAdm 49.30 +0.19 7.1 InstIdx 432.35 +2.15 10.5
Ultra 83.61 +0.51 12.2 BlackRock Funds Dodge & Cox WelltnAdml 75.40 +0.36 6.2
Idx2040InsPre 23.68 +0.12 6.8 FrankTemp/Franklin A Parnassus Fds EMAdmr 36.54 +0.15 7.0 InstPlus 432.35 +2.15 10.5
American Funds Cl A HiYldBd Inst 7.01 ... 2.2 Balanced 104.44 +0.37 4.9 DynaTech A 151.26 +0.78 13.1 ParnEqFd +0.32 8.6 EqIncAdml WndsrAdml 76.80 +0.31 6.0
Idx2045InsPre 24.86 +0.14 7.4 59.77 90.74 +0.38 8.3 InstTStPlus 89.94 +0.51 9.8
AmcpA 41.73 +0.22 9.5 BlackRock Funds III GblStock 16.14 +0.06 8.2 VANGUARD FDS
Idx2050InsPre 24.90 +0.13 7.4 Growth A 135.62 +0.65 10.6 PGIM Funds Cl Z ExplrAdml 108.66 +0.89 5.3 MidCpInst 67.40 +0.30 6.3
AMutlA 54.24 +0.19 6.8 iShS&P500IdxK 615.54 +3.05 10.0 Income 12.38 +0.03 -0.9 Fidelity Invest RisDv A 93.05 +0.04 5.5 TotalReturnBond NA ... NA ExtndAdml 130.88 +1.33 5.3 DivdGro 38.71 +0.05 5.2 MidCpIstPl 332.43 +1.52 6.3
BalA 33.82 +0.18 6.1 BlackRock Funds Inst Intl Stk 52.96 +0.23 7.7 Balanc 28.69 +0.11 7.0 Guggenheim Funds Tru PIMCO Fds Instl GroIncAdml 101.35 +0.47 12.3 IntlVal 42.94 +0.19 6.4 SmCapInst 107.90 +1.12 5.9
BondA 11.13 +0.02 -1.6 EqtyDivd 20.76 +0.07 8.8 Stock 257.99 +1.23 8.5 BluCh 203.73 +1.29 17.6 TotRtnBdFdClInst 23.21 +0.06 -0.9 AllAsset 11.09 +0.03 NA GrwthAdml 177.99 +0.99 11.4 LifeGro 44.12 +0.22 6.5 SmCapIstPl 311.43 +3.21 5.9
CapIBA 68.67 +0.30 4.4 StratIncOpptyIns 9.34 +0.01 0.7 DoubleLine Funds BluChpGr K6 31.20 +0.19 16.2 Harbor Funds TotRt 8.47 +0.02 -0.5 HlthCareAdml r 90.17 +0.37 5.2 LifeMod 31.81 +0.13 4.5 STIGradeInst 10.17 +0.01 0.9
CapWGrA 65.40 +0.42 9.1 TotRet NA ... NA TotRetBdI 8.62 +0.02 NA Contra 19.07 +0.11 18.6 CapApInst 108.72 +0.56 12.7 PIMCO Funds A HYCorAdml r 5.35 ... 1.0 PrmcpCor 34.80 +0.24 9.6 STIPSIxins 24.13 +0.01 1.3
EupacA 59.47 +0.42 8.7 Calamos Funds Edgewood Growth Instituti ContraK 19.13 +0.10 18.6 Harding Loevner IncomeFd 10.53 +0.02 1.3 InfProAd 22.92 +0.05 -0.3 STAR 28.11 +0.14 4.7 TotBdInst 9.44 +0.03 -1.5
FdInvA 80.00 +0.57 12.1 MktNeutI 14.53 +0.01 2.7 EdgewoodGrInst 47.66 +0.12 9.0 CpInc 9.89 +0.02 4.4 IntlEq 26.91 +0.20 3.7 PIMCO Funds I2 InfTechIdx 268.32 +2.66 8.5 TgtRe2020 27.62 +0.08 2.8 TotBdInst2 9.32 +0.02 -1.5
GwthA 70.86 +0.43 12.2 Columbia Class I Fidelity GroCo 37.05 +0.32 16.1 Invesco Funds Y Income 10.53 +0.02 1.4 IntlGrAdml 110.18 +1.09 8.2 TgtRe2025 19.10 +0.07 3.9 TotBdInstPl 9.44 +0.03 -1.5
HI TrA 9.57 ... 3.0 DivIncom I 32.55 +0.08 7.5 500IdxInstPrem 182.39 +0.91 10.5 InvGrBd 9.83 +0.02 -1.2 DevMktY 40.43 +0.30 4.7 PIMCO Funds Instl ITBondAdml 10.06 +0.02 -1.6 TgtRe2030 37.15 +0.16 4.7 TotIntBdIdxInst 29.17 -0.02 -0.7
ICAA 55.87 +0.30 11.2 Dimensional Fds Contrafund K6 27.29 +0.14 18.5 LowP 47.99 +0.23 8.9 JHF III DispVal IncomeFd 10.53 +0.02 1.4 ITIGradeAdml 8.47 +0.02 -0.8 TgtRe2035 23.33 +0.10 5.5 TotStInst 126.33 +0.71 9.8
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N PerA 61.24 +0.38 9.6 EmMktCorEq 23.99 +0.10 7.2 FidSerToMarket 17.19 +0.09 9.8 NASDAQ 209.63 +1.56 10.2 John Hancock BlChip 172.28 +0.97 15.4 LTGradeAdml 7.66 +0.03 -4.0 TgtRe2045 28.51 +0.15 6.9 Victory Port
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P2JW136000-0-B01200-1--------XA

B12 | Wednesday, May 15, 2024 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

A Breakup Now Sets Up a Merger Later Home

Depot
Anglo American’s plan to sell assets for a balance-sheet boost will likely draw suitors
Mining is about splitting things
Still Looks
apart to isolate the valuable bits.
So is a big part of mining giant
BHP’s proposed takeover of Anglo
Sturdy
American.
On Tuesday, Anglo outlined its Interest-rate cuts can’t come fast
plan to remain a stand-alone busi- enough for Home Depot.
ness, having rejected a second po- The company on Tuesday re-
tential offer valued at roughly $43 ported that comparable-store sales
billion from BHP on Monday. Anglo declined 2.8% in the quarter ended
wants to keep the copper mines April 28 compared with a year ear-
that its Australian suitor covets, its lier, worse than the 2% drop ana-
cash-generative iron-ore operations lysts polled by Visible Alpha ex-
and its British nutrient-mining pected and marking the sixth
startup, which is probably too consecutive quarter of declines. U.S.
speculative to sell at a sensible comparable-store sales declined
price. Everything else is on the 3.2%. Though the top line missed
block: De Beers diamonds, plati- expectations, decent gross margins
num, steelmaking coal and nickel. and other line items—such as
The new strategy, which has lower-than-expected provision for
been in the works for months, income taxes—helped the company
ANGLO AMERICAN/REUTERS

isn’t all that different from what narrowly beat net-income expecta-
BHP proposed. The Australian tions.
miner wants Anglo to demerge its The delayed start to this year’s
South African iron-ore business spring can be blamed for much of
Kumba, which is listed in Johan- the miss on top-line expectations.
nesburg, whereas Anglo would While bad weather is a lousy ex-
keep it. BHP would keep Anglo’s Anglo American’s Los Bronces copper mine in Chile. Anglo wants to keep the copper mines its suitor BHP covets. cuse for some companies, it really
steelmaking coal to combine with does tend to affect home-improve-
its own, alongside the merger of on Monday, brokerage RBC esti- Multiples of enterprise value to Ebitda* deadline of May 22 imposed by the ment retailers’ ability to sell out-
the two companies’ copper and mated the sum of Anglo’s parts 10 times
U.K. takeover code will likely de- door categories. Home Depot said
Glencore
other iron-ore assets. But both could be worth $48.6 billion if the pend on its estimate of these syn- it would likely make up for those
plans would break up the old An- conglomerate carries out BHP’s di- Anglo American ergies, set against the risks that missed sales as the weather
9 BHP
glo conglomerate. vestment plan on its own—13% its deal gets bogged down in anti- warms up and reiterated its full-
This outcome is a clear win for more than BHP’s latest bid. Rio Tinto trust probes and the politics of year expectations of a 1% decline
8
investors. The company has long Crucially, a breakup would free South Africa, where Anglo was in comparable-store sales exclud-
traded at a discount to other big up Anglo’s debt-heavy balance 7 founded 107 years ago and re- ing the extra week in its current
mining companies because of its sheet for much-needed investment mains deeply embedded. This is fiscal year.
conglomerate structure, with a to boost copper output. At a Bank 6 also what investors should focus High interest rates are weighing
confusion of different commodi- of America conference in Miami on if they are presented with a on Home Depot from multiple di-
ties, two listed companies and a on Tuesday, BHP Chief Executive 5 clear choice next week. rections. While people are still
luxury brand in De Beers all under Mike Henry made much of his BHP might conclude that it is spending on their homes, they re-
one roof. Over the 10 years before company’s superior financial 4 worth biding its time. Anglo’s own main hesitant about spending on
BHP’s takeover approach, Anglo’s strength. But if Anglo sells assets breakup plan will throw up assets expensive projects that are likely to
enterprise value as a multiple of to pay down debt, this is no killer 3 to buy, such as the steelmaking require financing such as kitchen-
earnings before interest, taxes, de- argument for a deal. 2015 ’20 ’24 coal business the South African and-bath remodels, according to
preciation and amortization was So what additional value would company no longer wants but BHP management. Comparable sales of
*Earnings before interest, taxes,
on average 21% lower than those merging with BHP bring to the ta- depreciation and amortization would keep. And a slimmer Anglo, items priced higher than $1,000
of BHP, Rio Tinto and Glencore. ble? The question hinges on the Source: FactSet which would emerge toward the were down 6.5%. Additionally, high
With Anglo’s shares up 25% synergies available through com- end of next year under the com- mortgage rates’ chilling impact on
since BHP’s initial proposal, that bining mining operations—the stage under Britain’s arcane take- pany’s own strategy, would also home buying and selling is weigh-
discount turned into a 5% premium. cost savings possible through com- over rules, BHP hasn’t publicly make an easier target for BHP to ing on sales. While Home Depot has
But the stock might not fall much bined marketing, joint procure- quantified these. take another swing at. Even if it said that home prices—not housing
even if BHP backs away, given the ment and so forth. With its deal Whether BHP goes hostile with loses this battle, BHP needn’t give turnover—ultimately drive home-
alternative of a breakup. In a note still at the informal “proposal” an improved, formal offer before a up on the war. —Stephen Wilmot improvement demand, the retailer
said the steep decline in turnover
seen over the past 18 months is a
clear headwind.

Israel’s Once-Dominant Drugmaker Is Revived

The retailer’s shares were little
changed Tuesday. A lot of bad news
was already baked into the stock,
which, pre-earnings was down
nearly 12% since Home Depot in
Teva Pharmaceutical, one of the Teva’s net debt/Ebitda* multiple has always had a strong generics quarter, a 67% increase from the March announced the richly priced
world’s largest makers of generic core, but what catapulted it into the same period last year. Teva sees acquisition of SRS Distribution, a
6.5 times
drugs, has been in the penalty box drug-giant realm was the develop- the drug garnering $1.5 billion in distributor to roofing, landscaping
with investors for years. The crisis ment of multiple-sclerosis drug Co- sales this year. Teva’s inflamma- and pool contractors. The acquisi-
of confidence began in 2016, after 6.0 paxone, which became its biggest tory-bowel-disease treatment, tion should give Home Depot a
the company agreed to pay $40.5 blockbuster. Cash flow from Copax- known as an anti-TL1A therapy, is valuable Rolodex of contractor cus-
billion for Allergan’s generic-drugs 5.5 one allowed the company to be- another pipeline drug with poten- tomers, but it comes with addi-
unit, doubling down on copycat come highly acquisitive, but the tial to be a blockbuster. Last year, tional leverage and a pause to share
drugs just as that industry im- 5.0 company never quite figured out Merck agreed to pay $10.8 billion buybacks while the company pays
ploded. The deal was largely to how to replicate that huge success. for a drug in the same category, down the debt.
blame for pushing the company’s When former Bristol Myers ex- yet right now Wall Street isn’t as- All the interest-rate-related pres-
4.5
market capitalization below $10 bil- ecutive Jeremy Levin sought to cribing too much value to Teva’s sures mean sales at Home Depot
lion in recent years from about $60 bring his “string of pearls” strategy version, which is still in mid-stage could really bounce back if and
billion a decade ago. 4.0 as Teva’s CEO by doing small deals studies. Initial results are expected when rates fall. Even if slightly
But exciting things are happen- on the branded side, he got pushed later this year. lower rates don’t immediately lead
ing at the company and investors 3.5 out by a board rife with conflicts of David Maris, a longtime indus- to more housing turnover, it would
are taking notice. It isn’t so much 2017 ’20 ’24 interest. The next CEO, Erez Vigod- try veteran, is another bullish make loans for large projects more
that the generics business is man, doubled down on generics by voice coming around to the stock. palatable. And Home Depot’s con-
*Earnings before interest, taxes,
booming again. Rather, it looks depreciation and amortization doing the Allergan deal—a huge Maris, a shareholder, argues there tinuing investments to cozy up to
like Teva is showing some sparks Source: FactSet mistake in retrospect. is more room to run despite the professional customers—including
of innovation on the branded side Relatively new CEO Richard big recent gains. He points to a the recent acquisition—link its
of its business. Consistent success antipsychotic for schizophrenia in Francis is trying to once again debt pile that has substantially de- growth to lower interest rates even
in that arena could lead investors the U.S. The company reported the bring back innovation as part of creased from more than six times more. After all, expensive projects
to value it as an innovative com- injectable met its primary clinical the company’s overall strat- net debt to earnings before inter- that consumers are deferring are
pany rather than as a pure-play goals in a late-stage study. Impor- egy, dubbed “Pivot to Growth.” est, taxes, depreciation and amor- the types likely outsourced to con-
generic drugmaker, where valua- tantly, the drug was well tolerated, Whether he can instill innovation tization to about 3.7 times. An an- tractors.
tion multiples are much lower. with no incidence of postinjection into the DNA of a company used to nouncement this year that Teva Even if rates stay higher for lon-
Shares of the Israeli company delirium/sedation syndrome, a key copying others’ discoveries re- will sell its active-pharmaceutical ger, though, the foundations for
nearly doubled in the past year, problem that hobbled a similar Eli mains to be seen. What is certain, ingredient business should allow home-improvement demand are
giving it a market capitalization of Lilly study. A once-monthly treat- though, is that there are already the debt pile to be reduced fur- still there: Home prices remain
about $18 billion. Last week, the ment could be a major advance for some individual success stories. ther. UBS’s Verma says the asset high, which means homeowners are
company reaffirmed its 2024 guid- millions of people diagnosed with “Generics are still an important could fetch about $3.5 billion. likely to keep spending on upkeep
ance and reported first-quarter schizophrenia because it would part of the story, but you have a “The existential threat of its and renovation. It also is difficult to
adjusted earnings per share that provide an alternative to what is bunch of these underappreciated debt has significantly diminished,” see housing turnover decline even
fell short of the FactSet consensus. currently a daily pill. programs that are starting to gen- Maris notes in an interview. further. While private fixed resi-
The stock surged 13%. The reason: The drug is part of a broader erate data,” says Ashwani Verma, Teva is still far from the hal- dential investment as a share of
strong results of its once-monthly pipeline of branded assets that are an analyst at UBS. cyon days when it was one of Wall GDP has averaged 4.5% of the U.S.
injectable for schizophrenia. gradually allowing Teva to reclaim Austedo, a drug for Hunting- Street’s favorite healthcare stocks, economy historically, it is now
Teva is developing an extended- its reputation as a generics power- ton’s disease, is leading the but the company is showing signs closer to 3.9%, according to a report
release version of olanzapine, the house with some success in devel- charge. The drug generated $282 of life again. from Scot Ciccarelli, equity analyst
most-prescribed second-generation oping branded drugs as well. Teva million in sales during the first —David Wainer at Truist Securities.
Whichever way the Federal Re-
serve goes, Home Depot’s business
looks very much structurally sound.

Meme-Stock Mania Was Fleeting for Brokers Home Depot share price
—Jinjoo Lee

$400
The anticipated return of Red- tion revenue from equities trading sciently acquired E*Trade in early slightly less market-making trad-
dit user Keith Gill, aka Roaring surged in the first quarter of 2021 2020, and Charles Schwab, which ing income than it did in the first 390
Kitty, has fanned excitement that to $133 million from $80 million had bought TD Ameritrade. Their quarter of 2020, when markets
a sequel to 2021’s meme-stock in the last quarter of 2020. But shares are both little changed this were whipsawing around the be- 380
mania might be on the way. Along that jolt didn’t last and it quickly week. ginning of the Covid-19 pandemic.
with some of the original meme settled to a level below the pre- Morgan Stanley’s self-directed What transpired in 2021 came 370
stocks, a few others rallied, too— mania quarters of mid-to-late daily average trades were down against the backdrop of the pan-
including Robinhood Markets, 2020. 37% in the first quarter of 2022 demic, when so many were stuck 360
which found itself at the center of Options-trading revenue also from a year prior, and Schwab’s working at home. Interest rates
that trading frenzy. dropped off in the second quarter, were down 22%. Robinhood’s for were near zero, encouraging even 350
But before investors pile into but was still higher than during equities and options were off by some risk-averse people to take a
the picks and shovels of the next 2020 through the end of the year. 60%, driven particularly by equi- chance. 340
mania, it is worth remembering It also hasn’t returned to those ties. Of course, at those far larger If traders sit the next mania
330
that the phenomenon burned as 2021 levels since. institutions, retail trading is just a out, they might miss the opportu-
quickly as it did brightly. And A somewhat more lasting rise small piece of their business. nity for a quick buck. But they can 320
didn’t always leave big riches be- in trading activity actually hap- Virtu Financial, the market- console themselves with dining
hind. pened at established brokers Mor- making firm, had a very good first out, traveling and not being sick. Jan. 2024 March May
Robinhood’s quarterly transac- gan Stanley, which had pre- quarter in 2021. But it generated —Telis Demos Source: FactSet