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Historic Recipes
Rekindled

A
DEMOCRATIC
SURPRISE
REVIEW OFF DUTY
VOL. CCLXX NO. 119 * * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, NOVEMBER 18 - 19, 2017 WSJ.com

Zimbabwe’s President Mugabe Reappears as Pressure Mounts U.S. Seeks


What’s To Bolster
News Saudi
World-Wide
Defenses
T he Trump administration
is looking at ways to
quickly strengthen Saudi BY DION NISSENBAUM
missile defenses and disrupt AND FELICIA SCHWARTZ
the flow of Iranian weap-
ons across the Mideast. A1 WASHINGTON—The Trump
 Saudi authorities are administration is looking at
widening a corruption probe ways to quickly strengthen
and seeking cash settle- Saudi Arabia’s missile defenses
ments from some people. A7 and disrupt the flow of ad-
vanced Iranian-made weapons
 Russia’s Kaspersky, which
across the Middle East as con-
the U.S. suspects of a cyberspy-
cerns grow over a destabilizing
ing role, was seen as a poten-
new crisis in the region.
tial threat as early as 2004. A2
U.S. officials said they have
BEN CURTIS/ASSOCIATED PRESS

 Senate GOP leaders face rushed to ease regional ten-


concerns about their tax bill sions after an eruption of unex-
from at least a half-dozen pected developments, including
Republican senators. A4 Saudi Arabia’s internal political
upheaval, the mysterious resig-
 The White House request
nation of Lebanon’s prime min-
for disaster-relief funds
ister while visiting Riyadh, and
falls far short of what is
the launch by Tehran-backed
needed, lawmakers said. A3
VALEDICTORY? President Robert Mugabe on Friday made his first public appearance since the military put him under house arrest, presiding rebels in Yemen of an Iranian-
 Zimbabwe’s Mugabe made at a university graduation on the outskirts of Zimbabwe’s capital, Harare. The longtime leader’s party moved for a no-confidence vote. A6 made missile that was shot
his first public appearance down near the Saudi capital.
since the military took The Trump administration is

Bannon ‘War’ a Tough Sell


control of the country. A6 pushing for a quick resolution
to the political stalemate in
 NATO’s head apologized
Lebanon so the U.S. and Saudi
to Turkey after its leader
Arabia can focus on what
pulled troops from a joint ex-
Washington sees as the most
ercise he called offensive. A6
significant regional threat:
 Indonesia’s speaker is the Former Trump official’s general election. Iran’s supply of sophisticated
focus of a corruption probe
into missing state funds. A7 campaign against GOP Tax Overhaul’s Path In recent weeks, however,
two of the biggest GOP donors
weapons to its Middle East al-
lies, including Hezbollah.
 A Venezuelan opposition incumbents may find Concerns about the Senate tax bill are coming who have funded disruptive “The state of uncertainty is
from at least six GOP senators, including Bob campaigns in the past have not serving anyone but Hezbol-
leader fled house arrest and luring donors difficult Corker, and supporters can lose only two of distanced themselves from lah and its allies,” said a senior
crossed into Colombia. A8
the lawmakers for the measure to pass..... A4 Mr. Bannon. And the Senate Trump administration official.
BY JULIE BYKOWICZ race in Alabama, where Mr. “The longer it goes on, the
Business & Finance AND GREGORY ZUCKERMAN Bannon backs Republican can- worse it is for Saudi interests
challengers to GOP senators likely would require tens of didate Roy Moore, who is fac- and U.S. interests and the inter-
Steve Bannon has vowed to with a goal of toppling Senate millions of dollars to rally vot- ing sexual assault allegations, est of our friends.”
 Emerging-market bonds lead a “season of war” on Majority Leader Mitch McCon- ers and build the name recog- has energized Mr. McConnell’s To address what it sees as
are showing signs of stress, Washington’s Republican es- nell, who he has called ineffec- nition of various candidates defenders. the biggest danger from recent
part of a broader world- tablishment. But donors most tive and insufficiently loyal to facing well-financed, sitting Sheldon Adelson, a Las Ve- developments, the Trump ad-
wide correction in junk- likely to fund a disruptive cam- President Donald Trump. Mr. senators. Indeed, outside gas gambling billionaire, and ministration is exploring new
bond prices this week. A1 paign may be hard to win over. Bannon, who hasn’t ramped up groups spent nearly $3 million his wife indicated this week plans to help deter the Iranian
Mr. Bannon, the former any fundraising yet, wants to in 2012 to help Richard Mour- that they won’t be part of Mr. Please see SAUDI page A7
 Fox’s overseas operations
White House strategist and defeat five GOP senators up dock defeat Republican Sen. Bannon’s election efforts.
are the main attraction for
Breitbart News executive, is for re-election next year. Dick Lugar in Indiana. Mr. “They are supporting Mitch  Riyadh pursues cash
Comcast and others inter-
planning to support primary Turning that into reality Mourdock went on to lose the Please see BANNON page A4 settlements in probe............. A7
ested in acquiring some of the
media company’s assets. B1
 Wells Fargo fired its
head of consumer lending
for critical comments he
made about regulators. B1
Investor Zeal Cools
For Riskiest Debt
GORDON WELTERS FOR THE WALL STREET JOURNAL

 Auto makers in China


are struggling to find buy-
ers for electric vehicles. B1
 Tesla is playing the long
Emerging-market bonds are levels, fell further this week
game with its approach to
showing signs of stress, fresh after two ratings firms de-
an all-electric semi truck. B3
evidence that investor interest clared the government in de-
 Stocks fell, dragging the in some of the world’s riskiest fault after missed interest
S&P 500 and Dow to weekly debt may be cooling down af- payments.
losses. The blue chips slid ter a long rally. The recent weakness in
100.12 points to 23358.24. B11 emerging markets was part of
 Bitcoin’s price surged to By Manju a broader correction in junk-
a record of almost $8,000, Dalal, Saumya bond prices around the globe
erasing a sharp pullback. B10 Vaishampayan this week that has mostly af-
and Christopher fected lower-rated issuers. The Top-ranked grandmaster Magnus Carlsen, left, faces off with amateur Max Deutsch.
 Stitch Fix stumbled in its Whittall selloff followed some poor U.S.

An Unlikely Chess Match Tests


Nasdaq debut closing just corporate earnings and a pull-
over its IPO price at $15.15. B2 Companies in China, Hong back in the stock market that
Kong and Indonesia recently raised concerns that riskier in-
 Abercrombie & Fitch and

Limits of Self-Improvement
pulled planned bond sales to- vestments are due for a more
Foot Locker posted strong
taling $800 million in dollar- sustained downturn.
sales, boosting shares. B2
denominated debt. The com- Flows out of high-yield
 Google is expanding in panies blamed weak market bond funds jumped to $6.7 bil-
Japan to ride a wave of tech- sentiment, bankers and inves- lion in the week ended Nov. 15,
nology investment in Asia. B4 tors said. Venezuela bonds, al- according to strategists from
ready trading at distressed Please see JUNK page A2
Novice gives himself a month to beat world champion Magnus Carlsen
Inside Activate the Crowd Control Unit! BY BEN COHEN shuffled deck of cards. He sketched an eerily
accurate self-portrait. He solved a Rubik’s
NOONAN A13 They’re Opening a Wegmans HAMBURG, Germany—Max Deutsch went Cube in 17 seconds. He developed perfect mu-
through a month of training before he trav- sical pitch and landed a standing back-flip. He
Alabama i i i eled across the ocean, sat down in a regal ho- studied enough Hebrew to discuss the future
tel suite at the appointed hour and waited for of technology for a half-hour.
Women, Say No Specialty-food chain debuts draw crowds the arrival of the world’s greatest chess Max, a self-diagnosed obsessive learner,
player. wanted his goals to be so lofty that he would
To Roy Moore that rival iPhone launches, Taylor Swift Max was not very good at chess himself. fail to reach some. At that, he failed. Max was
He’s a 24-year-old entrepre- 11-for-11.
BY SARAH E. NEEDLEMAN ager, who came to the discount neur who lives in San Fran- Moves 1-9: A Strong Opening He knew from the begin-
CONTENTS Sports....................... A14 AND HEATHER HADDON grocer hoping to win a $100 gift cisco and plays the sport 8 ning of his peculiar year
Business News.. B2-4 Style & Fashion D2-4
Food................... D1,9-10 Travel...................... D7-8 card. She succeeded. occasionally to amuse him- that the hardest challenge
Gear & Gadgets... D11 U.S. News............ A2-4 VINELAND, N.J.—There are “People were walking up to self. He was a prototypical 7 would come in October: de-
Heard on Street....B11 Weather................... A14 some retail events that modern me like I was some kind of ce- amateur. Now he was pre- feating Magnus Carlsen in a
Obituaries................. A9 Wknd Investor....... B5
Opinion............... A11-13 World News....... A5-8
Americans don’t hesitate to wait lebrity,” said Ms. Marroccelli. paring himself for a match 6 game of chess.
HOLIDAY BOOKS..... C5-18 in line for. An iPhone launch. A She used her winnings at the against chess royalty. And Magnus Carlsen is a 26-
5
movie-star book signing. store, part of the German Lidl he believed he could win. year-old world champion
Next on the list: The grand Stiftung & Co. chain, to buy $36 The unlikely series of 4 from Norway who has be-
> opening of a grocery store. in peppers, parsley and other events that brought him to come a global celebrity be-
Theresa Marroccelli was first produce. this stage began last year, 3 cause of chess. He belongs
in line at 4:45 a.m. on Thursday Employees danced to music when Max challenged him- alongside Garry Kasparov
at the debut of a Lidl store in played by a DJ as a line of first- self to a series of monthly 2 and Bobby Fischer in any
s Copyright 2017 Dow Jones &
Vineland, N.J. “It gives me some day shoppers stretched around tasks that were ambitious 1 conversation about the most
Company. All Rights Reserved practice for Black Friday,” said the corner. Jamie Doroshuk, a bordering on absurd. He talented players ever.
the 50-year-old project man- Please see OPEN page A9 memorized the order of a a b c d e f g h Please see CHESS page A10
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, November 18 - 19, 2017 * ******* THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

New Tobacco Ads Aren’t Likely to Go Viral


For de- all smokers pick up the habit through Thursday, between 7 million millennial prime-time phlets tucked into cigarette
cades, ciga- by age 26. p.m. and 10 p.m. for 52 weeks viewers who tuned in live or packs. Reynolds American
rette makers The corrective ads, which primarily on the major net- viewed content within seven declined to say how much it
misled the will begin rolling out on Nov. works for a total of 260 spots. days of broadcast. In addi- expects to spend.
public about 26, are the result of a 1999 Simultaneously, they must tion, 1.2 million viewers ages The combined total is
the benefits of U.S. Department of Justice publish full-page print ads in 2 to 17, a group known as likely to be a fraction of what
smoking while concealing in- lawsuit that won a court ver- at least 45 newspapers on generation Z, tuned in. The they invest to sell their prod-
formation about its dangers. dict concluding tobacco com- five Sundays spread over total audience included about ucts, though the earlier legal
Now, the companies must panies had falsely denied, about four months. If a 20 million viewers. settlements have already
run court-mandated correc- distorted and minimized the newspaper doesn’t pub- funded more than $1 billion

A
tive ads acknowledging that significant adverse health lish on Sunday, the ads will more effective strat- in antismoking campaigns.
smoking and nicotine are consequences of smoking. appear on Fridays. The ads egy to reach younger In 2015, tobacco compa-
highly addictive; cigarettes The ads are unlike those will also appear on the news- people would incorpo- nies spent $8.24 billion on
are designed to create and of other prominent anti- papers’ websites. rate additional digital plat- cigarette advertising and
sustain addiction; and smok- smoking efforts that have But few of the nation’s forms, said Keith Nieder- promotion, according to the
ing causes cancer and other aired for years, paid for with 71.7 million millennials ages meier, who directs the most recent figures pub-
diseases. money from an earlier legal 18 to 34 or its 21 million undergraduate marketing lished by the Federal Trade
But the nation’s 92 million settlement with tobacco teenagers ages 13 to 17 are program at the University of Commission.
millennials and teenagers companies. likely to notice. Pennsylvania Wharton In contrast to the tradi-
may not get the message be- The new ads will be the first According to data col- School and researches mil- tional approach taken by the
cause the ads will run pri- in which the companies ac- lected by Nielsen, 31 of the lennials. corrective ads, today’s mar-
marily on network television knowledge the risks and admit newspapers that will run the “If they’re not in the places keting campaigns to sell to-
and in newspapers. to having intentionally made corrective ads (the only ones millennials are absorbing the bacco products include so-
“That’s not where young cigarettes more addictive. Nielsen had data for) are most impactful ads—online cial-media platforms such as
people’s eyeballs are,” said All of the defendants in the read by a combined six mil- video, social media, search Instagram and $1-a-pack cou-

T
Robin Koval, CEO and presi- he media buy was lawsuit are now owned by Al- lion millennials, a figure that and a combination of those— pons given away in mobile
dent of Truth Initiative, a originally ordered in tria Group Inc. or British represents average Sun- they are undershooting the pleasure lounges towed by
nonprofit organization that 2006, before social American Tobacco, whose U.S. day readership or, if there is potential impact of the cam- 18-wheelers to concerts and
campaigns against youth media and other digital plat- subsidiary is Reynolds Ameri- no Sunday edition, average paign,” he said. bars.
smoking. forms took off. Appeals by can Inc. Spokesmen for the daily or weekly readership. The Wall Street Journal The tobacco companies’
Reaching that demo- the tobacco companies de- companies said they are com- Data weren’t available for previously reported that Al- court-ordered and marketing
graphic is important, she layed the rollout for more plying with the court order. younger readers. tria expects to spend $31 mil- messages are both clear. The
said, because according to than a decade, but the origi- As stipulated, they must air Meanwhile, in the past lion to put the corrective ads only question is, which mes-
the Centers for Disease Con- nal terms were never up- 30- or 45-second TV ads five year, ABC, CBS and NBC to- on TV, in newspapers, on its sage is getting through to
trol and Prevention, virtually dated. times a week, Monday gether averaged around 1.9 own websites and in pam- young people?

JUNK Bond Blip


Investors have been demanding more compensation to own
would go through an air
pocket,” said Luke Spajic, head
of portfolio management of Russian Firm Was
Long Seen as Threat
corporate junk bonds in the U.S. and emerging markets. emerging Asia at Pacific In-
Continued from Page One vestment Management Co.
Bank of America Merrill 5.5 percentage points Investors have turned more
Lynch. That was the third Emerging markets cautious ahead of a flurry of
highest withdrawal on record, Spreads on high-yield indexes new dollar-bond deals coming
5.0 U.S.
the bank said. before the Thanksgiving holi- BY PAUL SONNE about why other agencies con-
“We’re seeing huge out- day next week. That includes tinued to use the firm’s prod-
flows from mutual funds and 4.5 Nigeria’s plans to sell up to $5 WASHINGTON—A Russian ucts.
ETFs, so it’s triggering this billion in government debt next cybersecurity firm whose prod- The Journal reported in Oc-
domino effect,” said Stephen week, which data provider Dea- ucts current and former U.S. of- tober that hackers suspected of
Ketchum, managing partner at 4.0 logic says would be the largest ficials suspect Moscow has used working for the Russian govern-
Sound Point Capital Manage- such deal ever from Africa. as a tool for spying was flagged ment targeted a National Secu-
ment. Many issuers are also pre- by U.S. military intelligence as a rity Agency contractor through
Bondholders’ recent skit- 3.5 paring to sell bonds before potential security threat as the contractor’s use of Kasper-
tishness marks a sharp turn Christmas ahead of the Fed’s early as 2004, according to new sky Lab antivirus software and
from most of this year, when next possible interest-rate in- information the Defense Depart- stole details of how the U.S.
3.0
yield-hungry investors plowed crease. They include Chinese ment provided to Congress. penetrates foreign computer
billions of dollars into emerg- J F M A M J J A S O N internet companies Alibaba In 2013, the Defense Intelli- networks. Kaspersky has long
ing-market bonds. Sources: Bank of America Merrill Lynch; Group Holding Ltd. and Baidu gence Agency, the U.S. military said it doesn’t assist the Russian
Many investors have been Federal Reserve Bank of St. Louis THE WALL STREET JOURNAL. Inc., which are planning or spy service, also issued a Penta- government with spying.
betting that global growth and considering U.S. dollar-bond gon-wide threat assessment The revelation about Kasper-
a low default rate in the devel- also been concentrated in the for the first time this year in sales, according to people fa- about products made by the sky comes amid heightened con-
oping world means that sell- debt of some telecommunica- October, according to Australia miliar with the matter. company, Kaspersky Lab, ac- cerns following the U.S. intelli-
offs should be viewed more as tions firms, which account for & New Zealand Banking Group But other issuers have cording to an email this week gence assessment that the
opportunities than warnings a large chunk of the market. Ltd. pulled back after not finding from the Pentagon to the House Russian government worked to
signals. “When there are peri- But in much of the develop- Venezuela’s missed debt enough interest. Hong Kong- Committee on Science, Space help President Donald Trump’s
ods of weakness, investors ing world, bond markets re- payments, along with political listed Concord New Energy and Technology. The contents of 2016 campaign. Russia has de-
have been very condi- main on edge. As prices have tension stretching from Leba- Group Ltd., which has a high the assessment weren’t dis- nied meddling in the election.
tioned…to buy the dip,” said fallen, yields on global high- non to Zimbabwe, rattled in- speculative-grade credit rating, closed. The company said it remains
Ashley Perrott, head of pan- yield and emerging-market vestor sentiment. this week tried to sell three- The DIA “began producing “ready to work with the U.S.
Asian fixed income at UBS As- bonds have climbed. The aver- After months of big gains, year dollar bonds at a yield of threat reporting referencing government to address any and
set Management in Singapore. age spread—or the gap be- analysts are now watching for 7.125%, but failed to attract Kaspersky Lab as a threat actor all concerns and further collabo-
And by the end of the week, tween yields on these bonds signs of a turn in sentiment as sufficient investor demand. as early as 2004,” according to rate to mitigate against cy-
there were signs that the junk and U.S. Treasurys—this week major central banks, led by the Chinese steelmaker Inner the email, reviewed by The Wall berthreats, regardless of their
market was settling down. hit a two-month high of 3.88 Federal Reserve, reverse years Mongolia Baotou Steel Union Street Journal, raising questions origin or purpose.”
High-yield bonds staged a big percentage points, after touch- of easy monetary policies that Co. also withdrew a $200 mil-
rebound on Thursday. The av- ing a multiyear low of 3.41 have encouraged many inves- lion sale of three-year unrated
erage yield in the Bloomberg percentage points in late Octo- tors to embrace riskier assets. bonds on which it wanted to Kushner Responded Abbe Lowell, Mr. Kushner’s
Barclays U.S. corporate high- ber, according to a Bank of Yet, some say as long as cen- pay 5.7%, while Indonesian lawyer, Senate Judiciary Com-
yield index dropped to 5.82% America Merrill Lynch index. tral banks taper their bond palm-oil producer Sawit Sum- Fully, Lawyer Says mittee Chairman Chuck Grass-
from 5.97% on Wednesday, its The index has gained 8.6% this purchases or raise interest bermas Sarana canceled what ley (R., Iowa) and Sen. Dianne
largest decline in nearly 14 year. rates slowly and inflation would have been its inaugural Feinstein (D., Calif.) wrote that
months. Bond prices, which China’s benchmark 10-year stays low, higher-yielding as- sale of $300 million in U.S. An attorney for Jared Kush- Mr. Kushner hadn’t turned over
move inversely to yields, were yield jumped to a three-year sets will remain attractive. dollar bonds. ner, President Donald Trump’s all the documents the panel
mostly flat on Friday. high this week. Foreign inves- Given the strong rally ear- —Julie Wernau son-in-law, said on Friday that had requested and asked that
A large part of the recent tors were also net sellers of lier this year, “it was inevita- and Sam Goldfarb certain documents requested he be more forthcoming.
high-yield bond declines have emerging-market debt in Asia ble that emerging markets contributed to this article. by a Senate committee investi- Mr. Lowell, in a Friday letter
gating the Trump campaign’s to the senators viewed by The

U.S. WATCH
ties to Russia weren’t relevant Wall Street Journal, contended
to its initial request, disputing that Mr. Kushner’s production
the panel’s suggestion that his of material to congressional
client hadn’t wholly fulfilled its committees in July had “fully
ECONOMY demand for the material. responded to their requests.”
In a letter Thursday to —Rebecca Ballhaus
Housing Starts Rose
STEPHANIE ZOLLSHAN/THE BERKSHIRE EAGLE/ASSOCIATED PRESS

13.7% in October
U.S. housing starts rose last CORRECTIONS  AMPLIFICATIONS
month to the highest level in a
year, a sign that builders are
getting back on track after hurri- West Face Capital Inc. won The recipe for chocolate-
canes lashed the Southeast and a 2014 bidding war for To- swirled pumpkin Bundt cake
damped residential construction ronto wireless carrier Wind with molasses glaze requires a
activity in September. Mobile Corp. Inset text accom- 10-to-12-cup Bundt pan. An Off
Housing starts increased panying a Banking & Finance Duty article on Nov. 4 about
13.7% in October from the previ- article on Thursday about vegan desserts incorrectly
ous month to a seasonally ad- West Face incorrectly said it listed a 10-to-12-quart Bundt
justed annual rate of 1.29 million, lost the bidding war. pan.
the Commerce Department said
Friday. Readers can alert The Wall Street Journal to any errors in news articles by
Residential building permits, emailing wsjcontact@wsj.com or by calling 888-410-2667.
which can signal how much con-
struction is in the pipeline, NATIONAL ADOPTION DAY: The Bleau family adds Adrian, 2, and Natalia, 1, in Pittsfield, Mass.
jumped 5.9% to an annual pace THE WALL STREET JOURNAL
of 1.297 million last month. nore symptoms of the chronic NEW YORK PUBLIC HOUSING technical services, had resigned (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
—Laura Kusisto neurological disorder that causes on Friday. Luis Ponce, a senior
movement difficulties. Two Resign Amid vice president for operations,
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
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Jesse Jackson Says son’s annually, according to the Two senior officials at New to an agency spokeswoman. 200 Burnett Rd., Chicopee, MA 01020.

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which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
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The Rev. Jesse Jackson dis- toms generally worsen over other was demoted on Friday ment. A woman who identified Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
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In a letter to supporters, the Mr. Jackson noted Parkinson’s New York City Housing Au- by the federal government for REPRINTS & LICENSING
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THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, November 18 - 19, 2017 | A3

U.S. NEWS

Politicians
Spar Over
PuertoRicansTrytoStartOver
Roughly 160,000 have
Disaster arrived in Florida,
many with little cash
Relief and no one to turn to
BY KRISTINA PETERSON BY ARIAN CAMPO-FLORES
AND NATALIE ANDREWS
ORLANDO, Fla.—When Félix
WASHINGTON—Lawmak- Martell took his 5-year-old
ers from both parties said the daughter, Eliany, to her first
White House’s latest request day of school in central Flor-
for emergency disaster-relief ida this week, they stopped at
funds falls far short of what is a McDonald’s bathroom to
needed to recover from this wash her because they had
year’s devastating storms, and been living in a car for days.
braced for a political fight “I wanted her to be clean,”
over how to pay for it. he said, tearing up.
In its funding request Fri- Two months after Hurri-
CASSI ALEXANDRA FOR THE WALL STREET JOURNAL

day, its third to date, the cane Maria hit Puerto Rico,
White House asked for $44 evacuees are streaming off the
billion in emergency disaster island, fleeing grim conditions
relief and suggested trimming including a widespread lack of
federal spending by $59 billion power that prompted the res-
to offset the cost of the aid, a ignation Friday of the director
step that could ignite a con- of the island’s electric utility.
gressional fight over whether Many are landing in central
disaster relief has to be paired Florida—straining schools, in-
with budget cuts elsewhere. tensifying demand for medical
Budget Director Mick Mul- care and pinching an already-
vaney said in a letter to con- tight housing market.
gressional leaders that the About 160,000 people have
White House would be re- arrived in Florida from Puerto Storm refugees Félix Martell and his daughter, Eliany, initially slept in a borrowed car, but now they are staying at a hotel in Ocala, Fla.
questing additional funds later Rico since early October, ac-
to help Puerto Rico and the cording to state data, many scrounged together enough hurricane. Both suffer from
U.S. Virgin Islands recover coming to the Orlando metro money to buy airline tickets to asthma, and without electric-
from Hurricane Maria, but area. Some arrivals have Orlando, where he had lived a ity to run a nebulizer at home,
Number of Puerto Ricans who have come to Florida since Oct. 3
that more time was needed to enough resources to make the few years recently working as they had to travel every day to
assess the damage there. transition smoothly. Many are a cook at Applebee’s. a hospital to use one. At night,
Congress has already ap- landing with little cash and no Upon arrival last week, he the heat bathed the 2-year-old
proved almost $52 billion in friends or relatives to turn to. learned that he and Eliany and 6-month-old in sweat and
disaster relief. Mr. Mulvaney More than 26,000 arrivals would have to wait about a mosquito bites left their skin
said in his letter that the ad- have sought services at three week for a temporary housing riddled with pock marks. Find-
ministration believes it is disaster-relief centers set up application to be processed by ing ice to cool their milk was a
“prudent to offset new spend- after the storm. FEMA. With no other options daily ordeal.
ing,” and that it wants to work “What we’re facing here is for housing, he bought bus “I saw them suffering,” said
with lawmakers to find the something that’s unprece- tickets to find an acquaintance Mr. Díaz, who is studying ac-
best way to do that. dented,” said John Horan, 80 miles north in Ocala. counting. “I reached a point
The two biggest chunks of chairman of the Seminole But when he and his daugh- where I couldn’t take it any-
the disaster-relief request sent board of county commissioners. ter arrived at his friend’s more.”
to Congress Friday are $25 bil- Florida Gov. Rick Scott has house, there was no room. She The 27-year-old security
lion for the Federal Emergency assigned state agency staff to already had taken in two other guard came to Orlando, ahead
Management Agency’s disas- the disaster-relief centers to Puerto Rican families. of his wife and two children to
ter-relief fund and $12 billion help arrivals apply for benefits All she could offer Mr. Mar- make arrangements. He, too,
for flood mitigation projects. and has suspended occupa- tell and his daughter was a went to the relief center and
Even before the White tional licensing fees to help Nissan sedan, which became garten. He also contacted his the hotel room, she exclaimed, applied with FEMA for assis-
House had officially sent its Puerto Ricans work in the their temporary home at a rest former employers in the area, “Wow, there’s television!”—a tance and has lined up a tem-
request, senior Republicans state. The Federal Emergency area along Interstate 75. Mr. and was told he could start as treat after nearly two months porary hotel room through
from Texas were criticizing it Management Agency is work- Martell created a makeshift soon as he got settled. without power. Heart of Florida United Way
as insufficient. In a hearing ing to temporarily place new- bed in the back seat for his After dropping his daughter Mr. Martell said he is confi- for when his family arrives.
Thursday evening, Senate Ma- comers with the greatest daughter, covering the win- off at school Monday, he found dent he will find steady work He is also helping his
jority Whip John Cornyn (R., needs in hotel rooms. dows with a shirt. He bathed assistance at a family resource and get settled as soon as he mother, María Báez, 52, who
Texas) called the request Here are two families’ sto- her with towels and soap in a center set up for evacuees at a can figure out a housing solu- evacuated with her 5-year-old
“wholly inadequate.” Texas ries: family restroom and fed her facility run by Latino Leader- tion. But he worries about his special-needs grandson whom
Gov. Greg Abbott has re- bread, milk and snacks he ship Inc., a nonprofit in Or- daughter, who lost her mother she is raising. She has no
quested $61 billion in assis- bought with food stamps. lando. Workers were so moved to cancer a year-and-a-half friends or relatives in Orlando.
tance, which Mr. Cornyn sup- ‘I don’t want this to “I tried to explain to her, by his story they secured a ho- ago. “I don’t want this to taint Mr. Díaz and his wife are
ports, an aide said. ‘My love, we’re going to be tel room in Ocala, where he her future.” determined to get a fresh start
Democrats said the request
taint her future’ better here,’ ” Mr. Martell said. took his daughter that night. in Florida and have no plans
didn’t come close to what After nearly two months “Don’t worry, Daddy,” he re- It is only temporary, but he to return to Puerto Rico. This
would be needed, particularly with no electricity or running calls her saying. “We’re not al- hopes a FEMA-provided room ‘I saw them suffering’ week, he started a job cleaning
for Puerto Rico, which is water, and a closed elementary ways going to be in a car.” will come through. Isaac Díaz and his wife carpets, and he has enrolled in
struggling to restore power school, Mr. Martell decided to The following day, Mr. Mar- Eliany fell in love with her grew increasingly concerned English classes and plans to
and rebuild. Puerto Rico is leave the island, worried about tell enrolled his daughter in a new school, with its colorful about conditions for their two continue studying accounting.
asking Congress for $94.4 bil- the condition his daughter was school in Ocala, where she classrooms and big cafeteria, children at their home in San “You have to think about
lion to rebuild. living in. Mr. Martell, 43, could start classes in kinder- he said. When he took her to Juan in the weeks after the the future,” Mr. Díaz says.

Ethics Probes Put Committee in Spotlight Trump Adds


High-Court
BY NATALIE ANDREWS did. There is no merit to further scrutiny to the six-person

Senate Majority Leader


Mitch McConnell’s call for eth-
pursuing this matter.”
In addition, Mr. McConnell
has called for the ethics com-
panel that does most of its
work behind closed doors. The
committee generally under-
Candidates
ics investigations into two mittee to investigate U.S. Sen- takes its initial investigations BY LOUISE RADNOFSKY
Democratic senators and a Re- ate candidate Roy Moore, an without public disclosure to re-
publican candidate is putting a Alabama Republican, should spect the privacy of those fac- WASHINGTON—President
spotlight on a Senate commit- he be elected in December. An- ing allegations. At times, it has Donald Trump said he was
tee that largely operates in se- other senator, Cory Gardner of given updates on high-profile putting five more individuals
JULIO CORTEZ/ASSOCIATED PRESS

cret and doesn’t disclose the Colorado, who leads the GOP’s cases, sometimes to announce on his list of candidates to fill
results of many of its investi- Senate campaign arm, said that a case has been dismissed. any future Supreme Court va-
gations. that Mr. Moore should be ex- In the committee’s state- cancy, adding figures Friday to
On Thursday, a woman ac- pelled if he wins election, an ment that it was resuming the a roster that has been cheered
cused Sen. Al Franken (D., outcome that the ethics com- Menendez inquiry, it said “no by his social-conservative sup-
Minn.) of sexual misconduct in mittee can recommend. other public statement will be porters.
a 2006 incident, and a federal Several women have ac- made on this matter except in Mr. Trump said during the
judge declared a mistrial in the cused Mr. Moore of making accordance with committee campaign that he would nomi-
corruption trial of Sen. Bob Me- Sen. Bob Menendez, left, outside of court in New Jersey Thursday. sexual advances on them when rules.” nate Supreme Court justices
nendez (D., N.J.). Those events they were teenage girls and he Should the panel find wrong- only from a list prepared by
prompted Mr. McConnell (R., took up the matter. Mr. Menendez’s trial turned was in his 30s. doing, it can issue a private or the Heritage Foundation, a
Ky.) to issue statements calling Prosecutors haven’t said on accusations of a yearslong Messrs. Moore and Menen- public reprimand. It can also conservative think tank, and
for the Select Committee on whether they plan to retry Mr. bribery scheme that prosecu- dez have denied the accusa- recommend censure, which re- Leonard Leo of the Federalist
Ethics to take up the two cases. Menendez. A spokeswoman for tors said involved nearly $1 mil- tions against them. Mr. Fran- quires a majority vote. The Society. The additions to the
The committee said later the panel’s chairman didn’t re- lion in campaign contributions ken said he didn’t recall the panel can also recommend ex- list, which bring it to 25
that day it would resume its spond to a question about why and lavish gifts. He said in a 2006 event in the same way as pulsion, which requires approval names, come as a convention
2012 inquiry into Mr. Menen- the panel was taking up the statement: “The ethics commit- his accuser but offered his by two-thirds of the Senate. of the Federalist Society, a con-
dez that it deferred in 2013 case before prosecutors decide tee will come to no different “sincerest apologies.” —Kristina Peterson servative legal organization, is
when the Justice Department whether to retry the senator. conclusion than this jury Taking on the cases brings contributed to this article. under way in Washington.
Two of the newcomers,
Amy Coney Barrett and Kevin

Next HHS Chief to Inherit Agency That Faces Criticism Newsom, were recently con-
firmed as judges in the Chi-
cago-based Seventh Circuit
and Atlanta-based 11th Circuit,
BY STEPHANIE ARMOUR President Donald Trump ums next year. The deadline board that are continuing to has focused on the Centers for respectively.
AND LOUISE RADNOFSKY has nominated Alex Azar, a the state wanted to meet for move forward and make a real Medicare and Medicaid Ser- Another new name, Brett
former deputy secretary at the waiver was August, and difference,” said HHS spokes- vices, the arm charged with Kavanaugh, is a judge long
The next head of the De- HHS, to succeed Dr. Price. Mr. state officials said they were woman Charmaine Yoest. implementing the ACA. Some known for siding with conser-
partment of Health and Hu- Azar will have his first nomi- told in June it would be ap- HHS officials cited the dis- employees said CMS Adminis- vative arguments on the U.S.
man Services will be handed nation hearing within weeks. proved in time. By late Sep- tribution of almost $900 mil- trator Seema Verma is fre- Court of Appeals for the Dis-
an agency facing criticism While Mr. Azar is making tember, the approval still lion in funding for the opioid quently inaccessible to them. trict of Columbia Circuit.
from state officials and inter- his way through the nomina- hadn’t come, and Mr. Dayton crisis, the release of rules par- The CMS employees also said Britt Grant, a 2017-ap-
nal strife. tion process, HHS is facing said he initially couldn’t reach ing back contraceptive-cover- they are excluded from meet- pointed justice of the Supreme
HHS, which employs about criticism from some state offi- HHS leaders on the phone. age requirements, and the ings where they could provide Court of Georgia, and Patrick
80,000 people, oversees Med- cials and its own current and “I’ve never seen anything smooth running of the ACA input into key decisions. “It’s Wyrick, a 2017-appointed jus-
icaid, Medicare, the Affordable former employees for prob- like it in my six years dealing open enrollment season. really become dysfunctional,” tice of the Supreme Court of
Care Act and such agencies as lems that range from being with a Republican administra- Running the HHS is notori- one CMS worker said. Oklahoma, were also among
the Centers for Disease Con- unresponsive on important de- tion and my 6½ years now ously challenging, as the CMS officials disputed that the additions released by the
trol and Prevention. It has cisions to neglecting staff ad- dealing with a Democratic ad- agency is often tasked with account, saying Ms. Verma White House on Friday.
been caught up in the fallout vice, while several key posi- ministration,” Mr. Dayton said handling crises, as well as im- emphasizes collaboration. Ms. The White House didn’t
from Republicans’ failure to tions remain unfilled. at the time. plementing complex programs. Verma declined to respond to suggest a Supreme Court va-
repeal the health law and a Minnesota’s Democratic White House and HHS offi- HHS’s struggles in the Obama a request for comment. cancy is imminent, and there
scandal over government- Gov. Mark Dayton has said his cials disputed the character- administration rolling out the A senior White House offi- are no public signs any justice
funded travel that led to the state had trouble getting HHS izations, saying the depart- ACA were well documented. cial said tension between ca- is preparing to step down.
resignation of Secretary Tom approval for a waiver needed ment is running well. “There’s Under the Trump adminis- reer and political staff is to be —Jess Bravin
Price in September. to cut health insurance premi- all kinds of issues across the tration, some of the criticism expected at any large agency. contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A4 | Saturday/Sunday, November 18 - 19, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

GOP Makes Quick Progress on Tax Plan


BY RICHARD RUBIN ter 2025, and make a corporate
tax rate cut permanent. Some
WASHINGTON—Republi- of those decisions were driven
cans are powering tax overhaul by the budgetary procedures
plans through Congress with Republicans are using. As a re-
remarkable speed, having de- sult, in the Senate bill, there
parted town for a Thanksgiv- would be tax increases for all
ing recess after important vic- income groups below $75,000
tories in the Senate and House. in 2027, though Republicans
In late October, they had no say future Congresses would
public bill text for their rewrite prevent that from happening.
of business and individual To Democrats and their al-
taxes and were mired in messy lies, the tax bill’s speed is a
debates about limiting tax ben- maddening mess that is likely
efits for 401(k) plans. Now they to lead to errors and unin-
have a House vote with a com- tended loopholes.
fortable margin, a Senate plan But they also see the GOP
that moved through committee policies fitting more perfectly in
and fresh momentum to finish their TV ads and sound bites
before Christmas. than they had ever imagined.
Republicans’ pedal-to-the- “I never would have
metal pace is driven in part by thought that they would do
political necessity. They are something so brazen and po-

CHRIS KLEPONIS/ZUMA PRESS


looking for an economic policy litically explosive as raising
victory after having failed to taxes on all individuals and
overturn the Affordable Care undermining the health-care
Act as previously promised. system to pay for corporate
Primary election campaigns tax cuts,” said Seth Hanlon, a
will crank up soon after the senior fellow at the Center for
new year starts and midterm American Progress, a Demo-
elections aren’t far off. With House Majority Leader Kevin McCarthy spoke as Republicans celebrated passing their tax overhaul bill Thursday in Washington. cratic-aligned policy group.
this week’s legislative wins Lawmakers left Washington
they stand a chance to finish a votes locked down yet. But their ideal proposals in favor of instead of full repeal. selves to removing tax breaks and won’t be back until Nov.
tax rewrite before a new sena- close watchers of the legisla- what is doable. The Senate Republicans have benefited and there are trillions of dol- 27. Expect a sprint to the fin-
tor is seated from Alabama to tion caution against underesti- plan, in particular, pushed aside from their decision to move lars of tax increases embedded ish that will last for roughly
succeed Luther Strange, who mating Republicans’ motivation several planks of the framework along the spectrum from “tax in the bills. Some of those four weeks.
took the seat vacated by Attor- to finish the tax bill very soon. that party leaders wrote in late reform” toward “tax cuts” and higher taxes are canceled out “This could all still crumble
ney General Jeff Sessions. “There’s a chance that it September. Unlike the frame- create a net tax reduction of by the tax cuts, but the pro- and come to nothing. But even
There are still roadblocks, happens even more quickly work, the Senate plan has seven nearly $1.5 trillion. That posal still creates multitudes the most hardened tax reform
especially in the Senate, where than people think,” said Rohit individual tax brackets instead means that most households of winners and losers. skeptic at this point has to ac-
concerns about business taxes, Kumar, a former Senate GOP of four, a 32% top rate on busi- would get tax cuts, at least in The Senate proposal would knowledge that this could hap-
health care and deficits could aide now at PwC LLP. nesses that don’t pay the cor- the early years of the plan. repeal the individual mandate pen,” said John Gimigliano of
slow them down or even derail To get this far, Republicans porate tax instead of 25%, and a Even with that leeway, Re- to have health insurance, set KPMG LLP. “They really want
the effort. They don’t have 50 have been flexible, setting aside doubled estate tax exemption publicans committed them- individual tax cuts to expire af- to pass something.”
JACQUELYN MARTIN/ASSOCIATED PRESS

ANDREW HARRER/BLOOMBERG NEWS


ANDREW HARNIK/ASSOCIATED PRESS

SUSAN WALSH/ASSOCIATED PRESS

TOM WILLIAMS/ZUMA PRESS


YURI GRIPAS/REUTERS

Sen. Jeff Flake (R., Ariz.) Sen. Bob Corker (R., Tenn.) Sen. Ron Johnson (R., Wis.) Sen. Lisa Murkowski (R., Alaska) Sen. Susan Collins (R., Maine) Sen. John McCain (R., Ariz.)

Six Senators to Watch as GOP Pursues Tax Overhaul


BY SIOBHAN HUGHES scale back tax cuts else- when he negotiated the deal partnerships, sole propri- Affordable Care Act—recent this month to expand access
AND KRISTINA PETERSON where. that limited the size of tax etorships, limited liability evidence that they are will- to Medicaid under the health
Here’s a look at GOP sena- cuts to a net $1.5 trillion, be- companies and others that ing to buck GOP legislative law.
Senate GOP leaders have tors to watch as leaders con- fore accounting for economic pay taxes through their own- leaders and President Donald
moved their tax bill through sider adjusting the bill be- growth. By contrast, some ers’ returns instead of at the Trump. Sen. John McCain
the committee process and fore an expected vote during Republicans had wanted tax corporate rate. The top rate Some of Ms. Murkowski’s Concern: Defense Funding
now face a new challenge: the week after Thanksgiving. cuts that would add as much for pass-throughs would re- concerns involve the tax Sen. John McCain of Ari-
Concerns about the bill are as $2.5 trillion in deficits main over 30%. bill’s effect on the health law. zona has said that he views
coming from at least a half- Sens. Bob Corker over 10 years. Some of those pass- The bill would repeal the the tax bill favorably so far
dozen Republican senators, and Jeff Flake through businesses are small health law’s individual man- and that the process that
and supporters can lose only Concern: Federal Debt Sen. Ron Johnson manufacturers. Mr. Johnson date—the requirement that went into shaping it has
two of them for the legisla- Sens. Bob Corker and Jeff Concern: Pass-Through ran a plastics manufacturing most individuals carry health been more transparent than
tion to pass. Flake have chosen not to run Businesses business before joining the insurance—a change that the GOP health-care bill he
Addressing the concerns for re-election next year. Sen. Ron Johnson of Wis- Senate. Congress’s nonpartisan bud- opposed this summer.
of some could alienate oth- That has freed them to break consin became the first Re- get analysts said would cause At the same time, Mr. Mc-
ers. Because Republicans from party leaders and take publican this week to say he Sens. Lisa Murkowski average premiums to rise. Cain is pushing to make sure
chose to limit their tax cuts positions that otherwise wouldn’t vote for the tax bill and Susan Collins Ms. Collins, of Maine, has the military gets at least
to a net $1.5 trillion over 10 could cost them influence in approved by the Senate Fi- Concern: Health Provi- also expressed concerns over $700 billion for the rest of
years, changes meant to a future Senate or endanger nance Committee because, he sions repealing the individual man- fiscal year 2018.
please senators who want them in GOP primary elec- said, it treated “pass- Sens. Lisa Murkowski and date and said Congress Mr. McCain hasn’t drawn a
deeper tax cuts for certain tions. through” entities unfairly. Susan Collins were among should pass a bipartisan bill direct connection between
businesses, for example, or Both said they are worried The Senate bill would cut the three Republicans who to extend payments to insur- the two issues, but GOP aides
rework health-care provi- that the tax bill will drive up the corporate tax rate to 20% voted this summer against ers. It is clear that health worry that a standoff over
sions would require lawmak- deficits. Mr. Corker showed from 35%, but that wouldn’t the final version of the Sen- care is a big issue in Maine, military spending could im-
ers to find new revenue or the depth of his sentiment benefit pass-throughs—the ate GOP bill to dismantle the as residents voted earlier peril his support for the bill.

BANNON said.
Mr. Bannon could try to fi-
nance his 2018 plans with the
Gillibrand
Continued from Page One
kind of fundraising that pow-
ered Mr. Trump’s campaign:
Weighs In on
McConnell 100%. For anyone
to infer anything otherwise is
wrong,” Mr. Adelson’s spokes-
small donors. He recently be-
came involved with a political
group that amassed a large
Bill Clinton
man, Andy Abboud, said. email list of Trump supporters BY JANET HOOK
The statement came a day during the 2016 campaign.
after Mr. Bannon praised Mr. Andrew Surabian, a former A prominent Democrat who
Adelson during a Zionist Or- aide to Mr. Bannon at the is a potential 2020 White
ganization of America dinner White House, now serves as a House hopeful has said she
in New York, saying Mr. strategist to the Great Amer- thinks that Bill Clinton should
Trump’s victory “wouldn’t have ica Alliance. During the 2016 have resigned as president be-
MARY SCHWALM/ASSOCIATED PRESS

come” without the casino mag- election, the super PAC por- cause of his 1990s sexual rela-
nate’s help. Mr. Adelson, who is tion of the group raised more tionship with an intern.
a major donor to the organiza- than $28 million that it used In an interview with the
tion, didn’t attend the dinner. to back Mr. Trump, FEC re- New York Times on Thursday,
In addition, it is unclear cords show. Sen. Kirsten Gillibrand of New
how committed billionaire Led by GOP strategist Eric York was asked if Mr. Clinton
Robert Mercer remains to Mr. Beach and Ronald Reagan cam- should have stepped down af-
Bannon, whom Mr. Mercer has paign manager Ed Rollins, the ter the scandal, which broke
long supported by helping to group relied on a mix of larger open in early 1998. After a
fund Breitbart News and other Steve Bannon, former chief strategist to President Donald Trump, in Manchester, N.H., on Nov. 9. donor checks and small contri- long pause she said, “Yes I
political and media projects. butions generated through a think that is the appropriate
Mr. Mercer recently said he he wrote. “However, I make and chief executive of Canary ate, said that the Bannon-led telemarketing campaign. response.”
would step down as co-chief my own decisions with respect LLC, a Colorado drilling ser- GOP insurgency doesn’t inter- Mr. Beach said the “Great Ms. Gillibrand succeeded
executive of hedge fund Re- to whom I support politically.” vices company, said he is con- est him. He said he had spoken America Alliance and Steve Hillary Clinton as senator
naissance Technologies. Mr. Mercer’s spokesman de- sidering financially support- with Mr. Bannon in October. “I Bannon are tracking in the when she left to become secre-
Asked if Mr. Mercer would clined to comment. ing Mr. Bannon’s efforts. He will focus my funds on replac- same direction.” tary of state. Ms. Gillibrand
reduce or increase his support Mr. Adelson’s family has in- cited “a giant amount of frus- ing Democrats, not Republi- In the first half of 2017, the has been an ally of the Clin-
now that he has stepped back vested more than $200 million tration among conservatives” cans,” Mr. Friess said. group’s super PAC raised tons and has been a leader in
from his firm, Mr. Bannon said in Republican candidates and with the lack of progress in Early last month, Mr. Ban- about $1.8 million, according the effort to combat sexual ha-
in a brief interview on Sunday causes since 2012, and Mr. Mer- Congress. non met with about 20 Silicon to FEC records. rassment in the military.
that he would get more sup- cer’s has given more than $37 Others who have spoken Valley executives and spoke Part of the group is a non- The comment drew immedi-
port from Mr. Mercer. million, according to Federal with Mr. Bannon about his for over an hour about U.S. profit organization that ate fire from Philippe Reines, a
In his resignation letter Election Commission filings. 2018 plans, including retired economic policy, Iran and the doesn’t have to disclose do- top aide to Mrs. Clinton, who
from Renaissance, Mr. Mercer Mr. Bannon has met with do- Home Depot Inc. co-founder need to support politicians nors, and Mr. Beach declined was first lady at the time of
said he is selling his stake in nors across the country in re- Bernard Marcus, haven’t made willing to alter policy toward to identify those contributors the affair.
Breitbart News to his daugh- cent months and they have re- commitments for 2018 activi- China and protect intellectual or say whether any of them “Over 20 yrs you took the
ters and emphasized his inde- sponded enthusiastically, a ties, according to people fa- rights, according to a person are new to the Bannon-led Clintons’ endorsements,
pendence from Mr. Bannon. person close to Mr. Bannon said. miliar with the conversations. familiar with the meeting. cause. He said no donors had money, and seat. Hypocrite,”
“I have great respect for Mr. He is considering starting his Foster Friess, a Wyoming Some in the room expressed stepped away from the group he wrote on Twitter. “Interest-
Bannon, and from time to time own political or nonprofit group. multimillionaire who is con- willingness to finance Mr. because of Mr. Bannon’s moves ing strategy for 2020 prima-
I do discuss politics with him,” Dan Eberhart, a GOP donor sidering running for the Sen- Bannon’s effort, the person against GOP incumbents. ries. Best of luck.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | A5

WORLD NEWS
German
Talks Fail
France Bets Big on Jobless Benefits
Welfare expansion is Some economists say it is

To Bridge needed for gig


economy, Macron says;
difficult to predict how
France’s 2.8 million self-em-
ployed individuals will react to

Divisions unions are skeptical


gaining access to unemploy-
ment insurance. They say the
overhaul could end up indi-
BY ANDREA THOMAS BY WILLIAM HOROBIN rectly subsidizing the gig econ-
omy at the expense of tradi-
BERLIN—Angela Merkel’s PARIS—Should freelancers tional employers and
path to a fourth term as Ger- and workers who quit their employees.
man chancellor hit a hurdle jobs receive unemployment If the overhaul meets its
Friday when negotiations to checks? President Emmanuel goal of increasing mobility in
form the country’s first three- Macron of France thinks so. the labor market, other critics
party coalition reached a self- The former investment are concerned companies
imposed deadline without an banker is negotiating with la- would struggle to retain talent.
agreement on key policy areas. bor unions and businesses to “Nobody can say what the
Ms. Merkel had set a Thurs- smooth the way for his plan to impact will be. We are entering

NICOLAS LIPONNE/ZUMA PRESS


day deadline for the talks to extend unemployment pay- a zone of great uncertainty,”
produce a framework docu- ments—until now mainly re- said François Hommeril, presi-
ment outlining the govern- served for fired or laid-off dent of white-collar labor union
ment’s top priorities. But the workers—to people who volun- CFE-CGC.
delegates left their meeting in tarily leave jobs. That includes A national poll in October by
the early hours on Friday people shaking up their careers research firm Elabe showed
without a deal. After four to start their own businesses or 87% favor unemployment
weeks of talks, Ms. Merkel’s take up on-demand work like checks for the self-employed,
conservative camp, the pro- driving for Uber. Activists from the labor federations CGT and FO marched in Lyon on Thursday as part of a and 74% say people quitting
business FDP and the Greens Such a change would be a nationwide protest against the French government's economic and social overhauls. their jobs should get them.
have yet to bridge deep differ- groundbreaking innovation for Standing in Mr. Macron’s
ences on issues ranging from an economy as big as France’s, greater security, with quick ac- way is a coalition of business
migration to tax, climate and a considerable gamble for cess to unemployment welfare Big Spender leaders and labor unions, which
change and security. Mr. Macron, who swept into even if they resign or are self- France is already among Europe's most generous providers jointly manage the unemploy-
“The task to build a govern- leadership this year under the employed. of out-of-work income maintenance and support. ment insurance system. While
ment for Germany is an im- banner of more traditional But while it is easier to qual- the state guarantees part of the
portant task and the effort is changes to labor policies. ify for welfare in countries Public spending on unemployment system’s debts and sets finan-
worth it,” Ms. Merkel said Fri- The president says he wants such as Denmark and Austria, support as a percentage of GDP cial targets, unions and busi-
day. France to be at the vanguard of those countries have stricter ness federations determine the
France 1.98%
While some delegates ex- countries experimenting with approaches than France does to rules and the size of checks.
pressed optimism an agree- ways to manage the global shift compelling job seekers to get Finland 1.96% An overhaul would change
ment could be reached over from traditional salaried em- back to work, according to the Spain 1.91% that. As the system transforms,
the weekend, the lack of prog- ployment to a more fluid job Organization for Economic Co- Netherlands 1.82% Paris is set to wrest more con-
ress has raised the specter of market defined by startups and operation and Development. Belgium 1.72% trol from unions. Mr. Macron’s
political deadlock, which could the gig economy. His plan— “The threat of sanction is government has moved to
Austria 1.50%
lead to fresh elections early coupled with an overhaul of very credible and they really slash payroll levies that di-
next year. state-financed training—aims follow job-search efforts be- Denmark 1.30% rectly finance the program. It
“It was clear right from the to backstop workers so they cause they are being so gener- Italy 1.30% says it will pay for the program
beginning that it would be ex- can take the kinds of profes- ous,” OECD labor economist Portugal 1.01% with revenues from general
tremely difficult,” said Oskar sional risks that Mr. Macron Stéphane Carcillo said. Germany 0.88% taxation.
Niedermayer, professor of po- sees as fueling economic France applies far less over- Note: 2015 data That approach is riling
Sweden 0.55%
litical science at Berlin’s Free growth. sight once somebody qualifies Source: European Commission unions. “There is a strong risk
University. “If they fail to “Society is changing. I’m not for unemployment checks. Poland 0.28% THE WALL STREET JOURNAL. of a…centralizing and very
strike a deal by [Saturday], proposing to protect you Claimants spend an average of technocratic shift in power,”
they should end this disgrace- against society or this change; 10 months on the dole and re- spent just over 1.6%. toughen monitoring of job said Laurent Berger, leader of
ful attempt.” I am proposing to arm you to ceive around 72% of their pre- That largess makes France a seekers and put a limit on how the CFDT, France’s largest pri-
Europe’s largest economy find a place in this society,” Mr. vious salary or wage. Monthly high-stakes testing ground for often somebody could resign vate-sector union.
has been without a sworn-in Macron said last month. checks can be as high as €6,500 welfare expansion. Unemploy- and claim unemployment All sides will meet at the end
government since a Sept. 24 His proposal is a step to- ($7,675) after taxes. The U.S. ment rose to 9.7% in the third checks. Opponents say Mr. Ma- of the month, when the gov-
election delivered a disap- ward the “flexicurity” systems committed about 0.4% of its quarter and the state-backed cron’s plans could still encour- ernment is expected to detail
pointing victory for Ms. of smaller European economies gross domestic product to pub- insurance program is saddled age the work-shy to freeload on its plan. Ultimately, it would
Merkel that left the chancellor such as Denmark. There, em- lic unemployment spending in with more than €30 billion in benefits, driving unemploy- have to pass a vote in the Na-
without an outright center- ployers have flexibility to hire 2013, the latest year for which debt and 2.5 million claimants. ment higher and blasting a hole tional Assembly, where Mr. Ma-
right majority. and fire yet workers enjoy the OECD has data; France Mr. Macron says he would in public finances. cron has a large majority.
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A6 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

WORLD NEWS

NATO Apologizes
To Irate Turkey
The head of NATO apolo- Mr. Stoltenberg said. “The inci-
gized to Turkey on Friday af- dents were the result of an in-
ter its president, Recep Tayyip dividual’s actions and do not
Erdogan, pulled his troops reflect the views of NATO.”
from a joint exercise he said While NATO officials de-
had offended him and the na- clined to detail the perceived
tion’s founder, Mustafa Kemal offenses, a Turkish official
Atatürk. said there were two of them.
In the first, considered
By Julian E. Barnes more minor, a technician cre-
in Brussels and David ated an internal website for
Gauthier-Villars the war game portraying the
in Istanbul fictitious enemy and including
a picture of Atatürk.
The quick apology from The more serious incident,
BEN CURTIS/ASSOCIATED PRESS

Jens Stoltenberg, the secre- the official said, was the fault
tary-general of the North At- of a civilian affiliated with the
lantic Treaty Organization, Norwegian armed forces. As
highlighted the delicate rela- part of a media simulation
tions between the alliance and that was part of the exer-
Turkey, which boasts one of cise, NATO created a simu-
the alliance’s largest militaries. lated version of Twitter. On
Tensions between Turkey the ersatz social-media site,
Pollcewomen standing outside a tent as President Robert Mugabe presides over a university graduation ceremony in Harare on Friday. and other NATO members have the civilian created a fake ac-

Supporters Forsake Mugabe


flared lately. Ankara has count for Mr. Erdogan and is-
blocked visits of German par- sued offensive tweets, accord-
liamentarians to German mili- ing to the Turkish official.
tary personnel stationed at “This fake Erdogan he cre-
Turkish bases, and allied diplo- ated started sending around
mats have expressed concern weird messages,” the official
BY GABRIELE STEINHAUSER war veterans, which has called ful message,” said Knox nearly two days at his private over Turkey’s perceived drift said. “It was not in line with
AND JOE PARKINSON on Mr. Mugabe to resign, also Chitiyo, an analyst at Chat- palace before being taken for toward Moscow, exemplified by NATO solidarity.”
said they would rally on Sat- ham House, a London-based the talks to the military-occu- its recent decision to purchase Upon learning about the in-
HARARE, Zimbabwe—Presi- urday, along with civil society think tank. pied State House, his official Russian weapons systems. cidents, Mr. Erdogan ordered
dent Robert Mugabe on Friday and opposition groups. U.S. Secretary of State Rex residence and office. Mr. Stoltenberg said the con- the 40 Turkish troops in the ex-
made his first public appear- The top generals, who have Tillerson called on Friday for Dressed in a blue-and-yel- troversy arose during an exer- ercise to leave, he said Friday.
ance since the military took secured key government and the rapid restoration of civil- low robe and mortarboard, cise Thursday at NATO’s Joint He also said he was appalled by
control of Zimbabwe, height- civic infrastructure in over- ian rule in Zimbabwe. “We all Mr. Mugabe appeared to nod Warfare Center in Stavanger, the state of NATO. “There can’t
ening the drama over the night operations that began should work together for a off at the graduation cere- Norway. “I apologize for the of- be such an alliance; there can’t
longtime leader’s fate as his on Tuesday, immediately quick return to civilian rule in mony on Friday of the Zimba- fense that has been caused,” be such allies,” he said.
remaining political support that country in accordance bwe Open University in Ha-
appeared to melt away. with their constitution,” Mr. rare, before he was roused by
While a stony-faced Mr. Tillerson said at the start of a applause and proceeded to ac-
Mugabe appeared at a univer-
The party the elderly meeting of African foreign knowledge graduates.
sity graduation ceremony, president co-founded ministers at the State Depart- Officials suggested that

ADEM ALTAN/AGENCE FRANCE-PRESSE/GETTY IMAGES


provincial branches of the rul- ment. ZANU-PF and former Vice
ing ZANU-PF party were
has recommended a The mounting pressure for President Emmerson Mnan-
meeting to recommend a vote vote of no confidence. Mr. Mugabe’s exit comes after gagwa, whose ouster last
of no confidence in his leader- talks to resolve the situation, week prompted the military
ship. The party’s move brokered by South African intervention, were working to
marked a stinging rebuke to ministers and a Catholic keep power in their own
the 93-year old Mr. Mugabe, a sanctioned the rallies, under- priest, failed to reach a deal hands.
party co-founder long vener- lining the consensus between on Thursday. The ruling party’s provin-
ated by the membership. the party and the military to Mr. Mugabe resisted a cial branches called on Friday
Earlier Friday, the party push Mr. Mugabe, the world’s quick departure from power, for the reinstatement of
called on all Zimbabweans to oldest head of state, from pinning his hopes on support ZANU-PF members suspended
gather on Saturday at the cap- power. from other African heads of in the days ahead of the mili-
ital’s Robert Mugabe Square “Rallies with veterans state, senior security officials tary takeover, one of whom
for a mass rally in support of alongside opposition and civil said. was Mr. Mnangagwa.
the military’s actions. Zimba- society all saying he must Mr. Mugabe was initially —Bernard Mpofu Turkish President Recep Tayyip Erdogan speaking on Friday in
bwe’s powerful association of go—it will send a very power- held under house arrest for contributed to this article. Ankara in front of images of Mustafa Kemal Atatürk and himself.

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | A7

WORLD NEWS

Asian Nations Squeeze Pyongyang Powerful


Indonesia
After U.S. push, North
Korea’s trade partners
put more muscle into
Politician
enforcing sanctions Detained
BY JAKE MAXWELL WATTS A major corruption investi-
AND BEN OTTO gation involving some $170
million in missing state funds
SINGAPORE—Southeast is zeroing in on one of Indone-
Asian countries are cracking sia’s most powerful politicians
down on North Korea’s con- following his detention in a
duits for doing business in the hospital Friday.
region, a change for many af-
ter months of U.S. pressure, By Ben Otto
though some remain reluctant in Singapore
participants in the campaign and Anita Rachman
ED JONES/AGENCE FRANCE-PRESSE/GETTY IMAGES

to isolate Pyongyang. in Jakarta, Indonesia


The moves to stanch the
flow of funds to North Korea The case of Setya Novanto,
partly address longstanding speaker of Indonesia’s House of
charges by the United Nations Representatives, is being
that Southeast Asian states closely watched to see if the in-
haven’t done enough to curb vestigation widens to other
the regime’s access to banks, high-ranking politicians and al-
ports and markets it needs to ters the political landscape
help fund its weapons pro- ahead of elections in 2019,
gram. when President Joko Widodo is
While China accounts for expected to seek a second term.
about 90% of North Korea’s Authorities are investigating
trade, the regime has long had People walked past the central station in Pyongyang on Thursday. Singapore moved to suspend all trade with North Korea last week. a scheme in which politicians
economic links with Southeast allegedly siphoned as much as
Asia, with three countries in followed a similar move in bassy there, following the fall- $170 million in public funds
the region among Pyongyang’s September by the Philippines, out over the killing of Mr. Closing the Valve from a program issuing na-
top 10 trading partners. The whose foreign minister said af- Kim’s half brother in Kuala Southeast Asian nations rank among North Korea's top tional identity cards. Cost over-
U.N. warned in a September ter a meeting with the U.S. Lumpur in February. trade partners, after China's 2016 total of $6.06 billion. runs were allegedly generated
report that a Chinese ban on ambassador that it would cut Secretary of State Rex Til- by marking up procurement
North Korean coal exports had ties to fully comply with lerson has been leading the Rank Total trade, in millions USD, 2016 Change costs, which were divided
led Kim Jong Un’s regime to United Nations sanctions. global campaign to cut off Exports to N.K. Imports from N.K. from 2015 among dozens of politicians
focus on Southeast Asia as an Myanmar last month filed Pyongyang. On Thursday, after 2: South Korea $332.6  87.7% and government officials, the
alternative market. its first sanctions-implementa- meeting with Mr. Tillerson’s Anti-Corruption Agency says.
Mr. Kim’s regime uses diplo- tion report to the U.N.—11 deputy, the African nation of 3: Russia 76.9  8.9 Antigraft officials say they
matic and business relation- years after the U.N. initially Sudan became the latest to de- believe Mr. Setya was among
4: India 59.0  22.9
ships in the region to run front asked all member countries to clare it would sever military the politicians to have bene-
companies that breach sanc- submit accounts of enforce- and trade links. 5: Thailand 49.7  0.6 fited in the case. Mr. Setya,
tions by trading restricted ment efforts—and expelled a Administration officials who was injured in a car crash
goods with other parts of the North Korean diplomat sus- have said in recent weeks their 6: Philippines 45.0  104.7 Thursday, is under the watch of
world, such as Africa. pected of having ties to a sanc- global campaign to pressure armed guards at the hospital.
7: Pakistan 25.7  23.5
In the latest action to cut tioned company. North Korea has been fruitful, Fredrich Yunadi, Mr. Setya’s
off Pyongyang, officials in Malaysia is reviewing its citing efforts this year in more 8: Singapore 13.0  56.4 lawyer, said his client wasn’t in-
Singapore said this month that economic and diplomatic rela- than 20 nations to curb North Sources: South Korea's Korea Trade-Investment Promotion
volved in the scandal and
the country was suspending all tions with Pyongyang and is Korea’s diplomatic or business Agency (KOTRA); Ministry of Unification and Customs Service hadn’t received payments. “This
trade with North Korea. That considering shutting its em- operations. THE WALL STREET JOURNAL. is a political game,” he said.

Riyadh Seeks Cash Settlements in Corruption Probe


Authorities in Saudi Arabia dom, according to two people are all accused of wrongdoing, Among them are billionaire 2,000 bank accounts have been accumulated illegally, much of
are widening a corruption in- familiar with the matter. or whether some of them have Prince al-Waleed bin Talal, a frozen, according to three peo- it kept abroad. Now, authori-
vestigation that has reached At least two dozen military been called in as witnesses. But top investor in companies in- ple briefed on the matter. ties believe they can lay claim
the upper echelons of the royal officers, including multiple their detainment signals an in- cluding Twitter, Citigroup and Saudi authorities said all on assets worth about $300
commanders, recently have tensifying high-stakes cam- Lyft, as well as Prince Miteb wealth that can be proved was billion to $400 billion, accord-
been rounded up in connection paign spearheaded by Saudi bin Abdullah, the former head amassed through corruption ing to two people.
By Summer Said in with the Saudi government’s Arabia’s 32-year-old crown of the National Guard, one of would become state property. “They don’t want to put
Dubai and Margherita sweeping corruption investiga- prince, Mohammed bin Salman. the kingdom’s three main secu- Authorities are pushing for these people in jail,” said one
Stancati in Beirut tion, according to two senior Saudi authorities launched a rity forces. Neither could be plea bargains that could see person familiar with the mat-
advisers to the Saudi govern- campaign of arrests on Nov. 4 reached to comment. the accused transfer the bulk ter. “They want the money.”
family and entangled promi- ment. Several prominent busi- that has swept up some of the The government said 201 of their wealth to the state. Most of those detained are
nent businessmen who are now nessmen also were taken in by kingdom’s wealthiest and most people have been held without The government initially being held in Riyadh’s Ritz Car-
being asked to surrender as- Saudi authorities in recent days. powerful people, including roy- charges, but hasn’t officially hoped to recover as much as lton hotel, which is operating as
sets in exchange for their free- It isn’t clear if those people als and cabinet ministers. named those people. Nearly $800 billion it believed was a high-security five-star prison.

SAUDI Growing Flow


Military value of U.S. arms exports to selected countries
Continued from Page One 5 billion TIV*
threats. Top of the agenda is
making sure Saudi Arabia has Qatar
the ability to defend itself from 4 Turkey
any further missile attacks. Egypt
Last month, the Trump ad- United Arab
3
ministration cleared the way Emirates
for Saudi Arabia to buy a multi- Iraq
billion-dollar missile defense 2
system. The approvals allow
Saudi Arabia
Saudi Arabia to purchase up to
$15 billion in launchers, mis- 1
siles, radar and technology to
help counter the threat. U.S. of-
ficials said that deal could be 0
accelerated as a result of the 2006 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16
missile fired at Riyadh. *Trend-indicator value, a unit developed by SIPRI to facilitate comparisons over time, is based on the known production costs of a core set of
The U.S. is also considering weapons. The units represent a weapon’s military value—its size, payload, speed, range, age and other factors—rather than its financial value.
new ways to disrupt the flow of Source: SIPRI Arms Transfers Database THE WALL STREET JOURNAL.
Iranian-made missiles being de-
ployed across the Middle East. program, a move the Trump ad- Mr. Hariri to return to Beirut, Arabia’s plans for an internal
The U.S. Navy has previously ministration sought even before where he must personally pres- crackdown or pivotal meeting
seized what it says are Iranian- the latest launch. Administra- ent his resignation to the presi- with Mr. Hariri, said they didn’t
made weapons bound for Iran’s tion officials say they hope to dent for it to take effect. U.S. think the Saudis had thought
Houthi allies in Yemen, who are use this month’s thwarted at- officials wouldn’t discuss spec- through the full consequences
embroiled in a protracted fight tack on Riyadh as a catalyst for ulation that Saudi Arabia forced of their actions, including the
with Saudi Arabia. international support. Mr. Hariri to resign. decision to order Saudi citizens
The most recent missile at- “It could be an impetus for Lebanese political leaders to leave Lebanon as the crisis
tack aimed at Riyadh elevated taking some sort of collective have said Mr. Hariri is effec- worsened. The U.S. relayed its
concerns about the spread of action to try to constrain the tively a captive in Saudi Arabia, displeasure to Saudi Arabia and
more advanced missiles to Ira- Iranians in that regard,” the se- and his decision to remain the situation has calmed down
nian allies, U.S. officials said. A nior administration official said. there has only fueled the per- slightly, an official said, ex-
U.N. resolution linked to the But U.S. officials are also ception that leaders in Riyadh pressing hope to see some clar-
2015 Iran nuclear agreement concerned about the surprise forced him to step aside. ity about Mr. Hariri’s next
bars the transfer of arms, in- resignation of Lebanese Prime moves soon.
cluding missiles, to and from Minister Saad Hariri, a Saudi “The next couple of days will
Iran. U.S. officials see more ally who has blasted Iran and be telling,” a second U.S. official
room to enforce that ban, its ally Hezbollah for stoking
Washington is said.
which expires in 2020. regional tensions. exploring new plans At the same time, the U.S.
The U.S. military also could Mr. Hariri’s fate has created has worked to coordinate
to help deter Iranian
The
step up its efforts to seize a frustrating complication for moves with Israel in hopes of
weapons shipments going the Trump administration, threats in the region. averting an immediate clash
through the Persian Gulf and which wants some clarity so it with Hezbollah. Members of the

Ultimate Gift
across the region, U.S. officials can galvanize support for new National Security Council re-
said. Additionally, it could action against Iran. cently flew to Israel for talks,
mount an expanded public cam- “We and the Saudis agreed U.S. officials said they hope U.S. officials said.

for Him
paign to expose the weapons that it was unfortunate Mr. Hariri’s plans to accept an Israel has carried out scores
transfers, the officials said. that…the real threat of active invitation from France to visit of airstrikes in neighboring
Saudi Arabia choked off war against the Saudi capital Paris on Saturday will silence Syria since 2012 aimed at Hez-
transportation access to Yemen was overshadowed by the questions about his ability to bollah weapons depots and
after the latest missile launch, prime minister’s resignation,” freely travel. arms shipments. The most re- ARC5 SHAVER: ES-LV95-S
drawing protest from humani- the senior official said. “We thought it might not be cent reported airstrike in Syria,
tarian-aid groups and some U.S. Mr. Hariri issued his surprise bad for him to go someplace which Israel hasn’t acknowl-
lawmakers who said Riyadh’s resignation two weeks ago from like Paris in order to demon- edged, took place on Nov. 2—
move would exacerbate cholera Saudi Arabia, which has ex- strate that he had freedom of two days before Saudi Arabia
and famine in Yemen. pressed growing concerns movement,” the senior adminis- launched its internal crack-
U.S. officials are also talking about Hezbollah’s expanding in- tration official said. down, Mr. Hariri resigned, and
to allies about efforts to con- fluence in Lebanon. U.S. officials, who said they the Saudis shot down the mis-
strain Iran’s ballistic missile Lebanese leaders have urged got no heads-up about Saudi sile near Riyadh.
A8 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

WORLD NEWS WORLD WATCH


Kenyan Opposition Protests Turn Deadly as Odinga Presses for Election’s Annulment ARGENTINA
Navy Loses Contact
With Submarine
Argentina’s Navy said Friday
it has lost contact with a sub-
marine off the country’s south-
ern coast and has mounted an
extensive search. The Navy said
that communications were lost
Wednesday with the ARA San
Juan, a German-built diesel-elec-
tric vessel with 44 crew mem-
bers aboard.
Navy ships and aircraft were
searching near the last known
location of the vessel off the
province of Chubut. A Navy
spokesman said that it is possi-
ble that the submarine had an
electrical issue and that it
couldn’t yet be termed lost.
—Associated Press

GREECE
Violence Breaks Out
At Anniversary March
Hundreds of youths attacked
LUIS TATO/AGENCE FRANCE-PRESSE/GETTY IMAGES

police in Greece’s two largest cit-


ies Friday, hurling rocks, flares and
gas bombs, following large, peace-
ful marches to mark the anniver-
sary of the 1973 crackdown on a
student uprising against Greece’s
former military dictatorship.
In Athens, protesters hurled
gas bombs as they confronted
police in narrow streets in the
city center. Police fired tear gas
at the protesters. There were no
reports of injuries or arrests. Vi-
BLOODY RETURN: A man injured by a tear-gas canister was pulled to safety in Nairobi on Friday, after police tried to stop supporters of opposition leader Raila Odinga from olence also broke out in Greece’s
welcoming him back from overseas. At least three protesters were shot dead in a Nairobi suburb. Mr. Odinga is seeking a court ruling to annul October’s presidential vote. second-largest city, Thessaloniki.
—Associated Press

EUROZONE

Venezuela Opposition Figure Takes Fight Abroad Draghi Strikes Upbeat


Note on Growth
BY JUAN FORERO hunger,” a reference to a de- was never tried, and he always Capriles, who resides in Madrid. he boarded a flight bound for European Central Bank Presi-
AND ANATOLY KURMANAEV clining economy and shortages denied the charges, saying the He said he would continue Madrid on Friday night. dent Mario Draghi delivered a
of food and medicine that have accusations were trumped up. to fight for the freedom of the His departure was welcomed glowing report card on the euro-
BOGOTÁ, Colombia—Anto- especially devastated the poor. Government officials didn’t many political prisoners in by allies, who recall Mr. Le- zone economy Friday, but indi-
nio Ledezma, a top opposition “We can’t lose hope,” Mr. Le- comment on Mr. Ledezma’s dis- Venezuela from Europe and dezma’s role in urging Venezu- cated that the ECB is in no rush
figure who led protests against dezma told a Colombian radio appearance on Friday. He joins other parts of the world. elans to protest in 2014 against to start raising interest rates.
President Nicolás Maduro’s station. “That’s the great virtue a long list of government adver- He called on Venezuelans Mr. Maduro’s government. Speaking in Frankfurt, Mr.
government, fled house arrest of the Venezuelan people.” saries who have fled Venezuela, not to lose their dignity and to “I salute Antonio Ledezma, Draghi said growth is broadening
in Caracas on Friday and Mr. Ledezma, a former further diluting an opposition “continue the struggle with who’s a moral compass for Ven- across the currency bloc and in-
crossed the border into neigh- mayor of greater Caracas once movement that is divided and decorum” against the Maduro ezuela,” Luis Almagro, the head creasingly “feeding on itself,” as
boring Colombia, officials said. seen as a presidential candi- weakened after Mr. Maduro cre- government, which the U.S. of the Organization of American rising employment levels boost
Mr. Ledezma said he date, spent more than 1,000 ated a special assembly with calls a dictatorship. States, said via his Twitter ac- private consumption and invest-
planned to coordinate opposi- days in jail and under house powers over every institution. Mr. Ledezma’s stepdaughter, count. He said Mr. Ledezma was ment. But he stressed that the
tion to Mr. Maduro’s govern- arrest for allegedly instigating Mr. Ledezma told the Colom- Oriette Schadendorf, said the “now free to lead the struggle ECB’s support is still needed be-
ment from abroad, saying it political violence and plotting bia radio station that he former mayor made the deci- from exile for the installation of cause inflation remains weak.
was “killing Venezuela with against the government. He planned to join his wife, Mitzy sion on his own to flee and that a democratic system.” —Tom Fairless

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | A9

OBITUARIES
VA N U B O S E AL LECHTER
1965 — 2017 1928 — 2017

Entrepreneur Found a Way Retailer Packed Stores


With Kitchen Tools
To Connect Remote Areas
A
s a retailer of pots and Lechters Inc., through the 1980s.
pans and other kitchen- The company went public in 1989
ware, Al Lechter was old- and brought in younger execu-
BY JAMES R. HAGERTY a company. school. Not for him was the 1980s tives from bigger chains as Lech-
In an interview with an MIT trend of museum-style displays at ters raced to expand. Mr. Lechter

V
anu Bose could have coasted publication, he recalled thinking, high-end kitchen stores. He retired as president in 1993.
into the stereo-equipment “Oh my God, what have I done? I stuffed his Lechters stores with New executives spread the New
company founded by his fa- just pushed myself off the cliff.” thousands of basic kitchen tools, Jersey-based chain to malls
ther, Amar. Instead, while working While setting up the company, from spatulas and pickle grabbers across the country, opened outlet
on his doctoral degree in engineer- he got into a dispute with MIT over to egg slicers and as many as stores, experimented with new
ing and computer science in 1998, how much it would have to pay for eight types of garlic presses. Gad- formats and expanded the prod-
he set up his own company to ex- licensing technology developed by gets dangled from rows of hooks uct line to include closet organiz-
ploit new technology for cellular his team at the university. Amid a extending from floor to ceiling. ers and picture frames. Then mall
communications. bitter struggle with the university Most sold for less than $10. traffic dwindled and competition
After a wobbly start, his Vanu in 1999, he told The Wall Street “Stack it high, and let it fly,” heated up. In 2001, Lechters
Inc. has been gaining traction as a Journal: “MIT is like my second he often said. A consultant calcu- closed its remaining stores and
supplier of solar-powered equip- home. I love this place. But right lated that four out of five people liquidated.
ment used to bring cellular service now I don’t plan to donate a cent.” entering the stores ended up buy- Mr. Lechter died Nov. 6 at his
to underserved areas including The two sides eventually com- ing something. His approach home in Boca Raton, Fla. He was
Rwanda and dead zones in the promised, and Dr. Bose became an worked well from the mid-1970s, 89 and had Alzheimer’s disease.
mountains of Vermont. He hoped honored alumnus and member of when Mr. Lechter co-founded —James R. Hagerty
eventually to connect “the final bil- MIT’s board of trustees.
lion” people with zero or unreli- Vanu Inc. was founded to de-
able cell service. velop and find markets for technol-
“If we can make this network Vanu went to their apartment, pre- ogy that allows cellphone transmis- L E ES H A N B I R N EY
profitable [in Rwanda], we can pared gazpacho and other delica- sion equipment to be upgraded 1939 — 2017
probably make it work anywhere,” cies, set out candles and unplugged through changes in software rather
he said in an interview with the the phone. than more expensive installations
Boston Business Journal last year.
His company is broadening its net-
work of base stations in Rwanda
Vanu Gopal Bose was born April
29, 1965, in Boston and grew up in
Wayland, Mass. His father was a
of new hardware. Selling that tech-
nology to cellphone service provid-
ers proved difficult.
Executive Built Up
and aims to expand into other Afri-
can countries. It already supplies
technology to cellphone service
professor at the Massachusetts In-
stitute of Technology who made a
fortune with his Bose Corp. His pa-
The company, which has raised
about $35 million of venture capi-
tal, finally began focusing on cus-
Real-Estate Portfolio
providers in India, Ghana and ternal grandfather, Noni Bose, who tomers in areas neglected by the

M
other places. fought against British rule in India, major cell providers. any immigrants implant they had three children.
After Hurricane Maria knocked fled to the U.S. in 1920. Rather than relying on cellphone themselves in the U.S. by She bought her first invest-
out cell service in Puerto Rico, the Vanu Bose grew up in a home towers, Vanu provides base sta- buying real estate. Lee- ment property, an 18-unit apart-
company donated base stations to with an indoor pool and sometimes tions that stand only about 30 feet shan Birney went further, devel- ment building in South Orange,
help restore connections there. leapt into it from a balcony one off the ground and can cost as lit- oping a business that now owns N.J., in 1981, and taught herself to
“That makes it all worthwhile, flight above. As a boy, he was al- tle as $5,000 to $10,000. The Lex- 2,500 apartment units and more be a landlord.
right there,” Dr. Bose said in a ra- ready an insider at MIT, attending ington, Mass.-based company has than one million square feet of She asked hardware store em-
dio interview last month. summer programs or watching his about 65 employees. office and commercial space in ployees to tell her how to fix
On Nov. 11, he died of a pulmo- famous dad play badminton. He Survivors include his wife, Ju- New Jersey and the Houston area. leaky faucets and toilets. When a
nary embolism at age 52. later earned his bachelor’s, mas- dith, their daughter, Kamala, his At age 24, despite her parents’ repairman had to be called, “I
Dr. Bose was known for cha- ter’s and doctoral degrees at MIT. mother and a sister. misgivings, she moved from her would follow into the basement
risma and for celebrating mile- Dr. Bose recalled suffering native Taiwan to the U.S. in 1963 to see what he did,” she told the

P
stones with style. In 1995, he art of his graduate research through “enforced violin lessons” to study. One motive was to avoid New York Times in 2005. Some-
learned that his friends Andrew involved skin patches as al- as a boy. His daughter was a more being pressured by her parents times, all it took was pushing a
and Susan Beard had been too ternatives to needles or pills eager violin student, and he took into an early marriage. button.
busy to make plans for their first for delivery of medication, and he up the instrument anew to play it She earned a master’s degree “The next time,” she said, “I
wedding anniversary. “This out- pondered a career in medical tech- with her. They were due to play at in nutrition from Columbia Uni- knew how to push a button.”
raged Vanu, and he wouldn’t stand nology. He also thought about an a recital together the day he died. versity and an M.B.A. from New Ms. Birney died Oct. 27 at a
for it,” said Mr. Beard, now chief academic career, but then turned York University. She married a hospital in Houston. She was 78
operating officer of the company. down a chance to apply for a fac-  Read a collection of in-depth Coloradan, James Birney, who and had liver cancer.
While the Beards were at work, Dr. ulty job, saying he wanted to start profiles at WSJ.com/Obituaries made a career on Wall Street, and —James R. Hagerty

FROM PAGE ONE

OPEN
Continued from Page One
GINA FERAZZI/LOS ANGELES TIMES/GETTY IMAGES

31-year-old accountant who


came to check out international
fare, left with German chocolate
truffles, clementines and gluten-
free cinnamon-raisin bread. “It
was exciting,” she said. “I’d
rather go to a grocery-store
opening than a bar or a club.”
Across the U.S., grand open-
ings of specialty grocery chains
such as Whole Foods Market,
Stew Leonard’s and Wegmans
Food Markets Inc. are attracting
customer hordes. Credit televi- Lining up for a 2016 Aldi grand opening in Moreno Valley, Calif.
sion shows such as “Mas-
terChef” and the spread of so- days since at least the 1950s and drinks at the stores. “I will go
called food porn on social doesn’t give out freebies to woo see people at the bar having a
media, industry observers say, shoppers at dawn, according to beer at 10 a.m.”
for popularizing party-atmo- the company. As part of its multibillion-
sphere store openings. Stores are beefing up grand dollar expansion, the German
By 7 a.m., roughly 2,000 peo- openings, said Mr. Livingston, discount grocer Aldi is running
ple had swarmed a shopping because of intensifying competi- multiday openings with tastings
center in Hanover, N.J., to mark tion for shopper loyalty. At to- of chocolate truffles and im-
the arrival one Sunday this day’s store debuts, handouts ported brie—and a chance to
summer of a Wegmans and its might include free groceries for win produce for a year. People
exotic cheeses and hen-of-the- months, artisanal tote bags, came in droves, said Scott Pat-
woods mushrooms. fresh-baked muffins or Havarti ton, vice president for corporate
“It reminded me of when the cheese tastings. Some chains buying in the U.S., like they
Beatles came to America,” said pour small-batch India pale ales were “lining up for a concert.”
Robin W. Dente, community-af- starting in the morning or hire By persuading Americans to
fairs coordinator for the town- local funk bands. try chili-lime chicken burgers
ship, which needed 14 police of- The most eager patrons and champagne mangoes, gro-
ficers to direct traffic. camp out the night before the cers can help amass cultlike fol-
Lindsey Mixer, a recent uni- doors open. Heidi Ji and Sara lowings. Sprouts Farmers Mar-
versity graduate, said she Savino, both 19, crept out of Ms. ket, a Phoenix-based natural-
skipped class last year to attend Ji’s Honda Civic at 5 a.m., sleep- grocery chain of 285 stores, is Gourmet Français
a Trader Joe’s grand opening in ily wrapping themselves in blan- bringing ghee oil (a sprayable
Metairie, La. She kets and sitting on a Indian butter) and matcha tea French Duck Press
walked away with concrete entrance (an Asian brew) to parts of the
Thai chili lime ca- walkway at a Whole U.S. more accustomed to meat Culinary rarity. Superior craftsmanship. Timeless sophistication.
shews. Foods store opening and potatoes. The duck press was an indispensable tool of French haute
“There was a row in Cary, N.C., in early Stew Leonard’s, a Connecti- cuisine. Solid in construction and built to last, this silverplate
of employees high- November. cut-based chain, is known for press à canard was used in the preparation of the traditional
fiving you as you An employee in a holding Christie Brinkley wine
walked in,” she said. carrot costume tastings and other celebrity French dish canard au sang. At one time, no exceptional French
“There was a brass schmoozed with events. Before it entered Long restaurant would be without one of these grand devices,
band playing music shoppers in folding Island last year, it hit up local but today, these presses are exceedingly scarce. Circa 1890.
outside, and people chairs. “We really al- media and handed out 100,000 133/4”w x 13”d x 23”h. #30-6323
were dancing.” ready did our gro- $5-off coupons at a village
More than 830 cery shopping” the pumpkin festival and several
new grocery stores Carrot man prior weekend, Ms. other events.
are slated to have Ji said. “We just More than 20,000 people
opened this year in the U.S., up came for the free food.” Four showed up at its Farmingdale
slightly from last year, accord- hours later, the college sopho- store the first day, and the crush
ing to a survey by the IHL mores left with fresh sourdough clogged the aisles, Stew Leon-
Group consultancy. In the past, boules and $5 gift cards. ard’s officials said.
those new stores might have “We feel honored people The company reassessed its
had lower-key openings, said su- want to spend that much time approach. For the debut of a 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
permarket-research analyst Da- in our stores,” said David Lan- second Long Island store in Au-
vid J. Livingston. “Nobody ever non, executive vice president of gust, it invited local politicians Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
got excited if a new A&P operations for Whole Foods, re- for a party but kept the grand Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
opened.” cently acquired by Amazon.com opening pared down, said Stew
One exception has been Weg- Inc. Some patrons, he said, take Leonard Jr., the chain’s CEO.
mans, which has drawn lines of the day off for an opening, “We’ve gone from a thunder
loyal “Wegmaniacs” to opening which can include morning to a rain philosophy.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

IN DEPTH

CHESS Gates—that Max showed vul-


nerability. Every move he’d
made until then had been the
right one. And yet he knew
Continued from Page One immediately that he’d done
It was undeniably a stunt, something wrong, even if he
one The Wall Street Journal didn’t know what it was. He
helped arrange, but it was could see it on Magnus’s face.
also about something bigger,
a grand experiment in human
performance. Max’s adventure ‘You twitched’
had implications for children “You twitched,” Max said
and parents, workers in any afterward.
industry and really anyone in- Max dragged his knight to
terested in self-improvement. the middle of the board. It

KEVIN HAGEN FOR THE WALL STREET JOURNAL


At the heart of their chess wasn’t technically a mistake.
match was a question about It was more a waste of a
success: Can we hack our move that didn’t advance a
brains in a way that radically larger strategy. If he were
accelerates the traditional playing Weitzman back home,
learning curve? he might have recovered. But
“Huh,” Magnus said. “Why he couldn’t against Magnus.
not?” They remained statistically
To understand how Max tied until Max picked up his
Deutsch found himself sitting queen and jumped her two
across the chessboard staring spots diagonally to the right
at Magnus Carlsen, there are for his 12th move. He could’ve
worse places to start than a kept his slight edge for at
Brown University dormitory. least another four turns by
Max heard music coming repositioning a pawn instead.
from a room down the hall ‘Max learns faster than anybody I’ve ever met in my entire life,’ says But he didn’t have Magnus’s
one night and walked outside experience to foresee he was
to investigate with his friend a friend. His absurd goals include trying to beat Magnus Carlsen. leaving his knight exposed,
Cliff Weitzman. They found and he didn’t have his propri-
three people on the floor etary algorithm to let him
playing the sitar. Max sat Clockwise, from top: Max Deutsch mastering chess, guitar, the Rubik’s Cube and pull-ups know that moving his queen
down with them. Weitzman was foolish.
chatted with his hall mates. “This is a typical mistake
“But 15 minutes later, I for an amateur,” Polgar said,
stopped the conversation and “not recognizing the potential
started listening to Max,” he threat.”
said. “He had taught himself Max was in trouble. It only
sitar in 15 minutes sitting on got worse from there. Two
the floor.” moves later, instead of taking
The most surprising thing Magnus’s knight with his
about the night was that pawn, Max used his queen. It
Weitzman wasn’t surprised. was a horrible mistake. Mag-
“Max learns faster than nus made him pay.
anybody I’ve ever met in my “When you moved your
entire life,” he said. queen over here,” Magnus
Max has been that way lon- said as he remade the board
ger than he can remember. from memory, “what was the
Growing up in the idea?”
Westchester County, N.Y., sub- Max didn’t have a convinc-
urbs—his father ran a lighting tory of chess in 2014. by playing better competi- cuts that would allow him to numbers to memorize and no ing explanation. There was
company and his mother was Magnus is now an interna- tion—that he would have to automate Magnus’s intuition. time even if there were. none. It was the type of error
a theater actress before stay- tional star and such a Norwe- lose as much as possible to Max guessed that Magnus His attempt to build him- his opponent had methodi-
ing home to care for her gian hero that nearly half the learn as much as possible. would play a certain opening, self into a computer had cally drilled himself to avoid,
kids—he was an inquisitive population stayed up past He was in New York visit- and he downloaded thousands failed. Max Deutsch would and Magnus pounced once he
child with a voracious appe- midnight to watch last year’s ing family one day midway of games with that opening to have to beat Magnus Carlsen identified the precise moment
tite for learning. world championship. through October when he build a computer model that as a human being. that probability had swung
He’d always dreamed of To play Magnus is a cruel agreed to take on the chess would distinguish good moves decisively in his favor. He
completing a bucket list of form of chess torture. regulars who congregate ev- from bad moves. He would knew he was not going to lose
seemingly impossible tasks— “Most schools of chess put ery afternoon in Bryant Park. use techniques of machine Funk music from that point on. He was
crazy ideas that would stretch a lot of emphasis on the Max played three matches learning to identify patterns— Max was anxious. He tried right.
the boundaries of his own openings to get an edge be- that day. He lost all three. the patterns that Magnus has to relax by listening to funk Magnus’s body language
performance. Max came up fore the actual fight begins,” Max realized that he would internalized—and devise an music and fiddling with his shifted. He barely thought
with goals he believed he said Susan Polgar, the oldest have to be more inventive in algorithm that computed Rubik’s Cube, but the setting about his moves anymore.
could achieve within a month. of three renowned chess-play- his approach to learning whether a move was good or wasn’t ideal. The room on the Max deliberated for minutes;
The only thing they had in ing sisters. “He puts the least chess. bad. ground floor of the Hotel At- Magnus swiped his pieces in
common was the underlying emphasis on that. He puts a “If I can’t play like a hu- He began to doubt himself lantic Kempinski was so chilly seconds. He felt the board
motivation. lot more emphasis on the psy- man,” he said, “then how can two weeks before the match. Max had to wear a fleece shrinking. Max was beginning
“To take basic skills,” Max chological aspect of the I play?” He didn’t have the algorithm North Face jacket he nearly to see he couldn’t escape. The
said, “and very rapidly push game.” Max figured he would have even after buying extra com- forgot to pack. He was more situation was as unpleasant
them to the extreme.” Magnus can look at the to play like a computer. puting power to expedite the tired than he would’ve pre- as the chess intelligentsia had
He told Weitzman about pieces of a chessboard and im- He thought about memo- number-crunching. And he ferred. cautioned. At one point, Max
his plan. “Well, this sounds mediately recall what match it rizing every configuration of admitted he wasn’t sure he Magnus commanded atten- accidentally toppled his king.
very much like you,” he said. was, who was playing, when the chessboard. But he calcu- could pull off the mental gym- tion from the second he sat Not long afterward, he was
And then he showed Weitz- and where it took place and lated that would take approxi- nastics in 20 minutes. By the down. He looked slick in a tai- officially checkmated. The
man the list. why it was worth his atten- mately one trillion trillion time he made it to Hamburg, lored suit, and he maintained match had lasted 39 moves
“Max, this is absurd,” he tion. It’s difficult to appreciate trillion years. Max didn’t have the algorithm was churning a steely demeanor behind each over 22 minutes and 21
said. “You can’t learn things how amazing this is without that kind of time. away on his laptop, but it thick-rimmed glasses. He was seconds. Magnus stuck out his
this fast.” seeing it for yourself. He went hunting for short- wasn’t ready. There were no taking the match seriously hand. Max shook it. Only then
“I know how to play enough that he barely ex- did Magnus finally unfurl a
chess,” he said. “I don’t know changed pleasantries before- smile.
Rubik’s Cube much else.” The Turning Point hand. He didn’t try to make Max’s year of monthly
But he could. And he did. Chess experts found them- Max Deutsch was holding his own against chess world champion small talk, either. Max looked challenges was over. But he
Max began every month by selves in rare agreement: One Magnus Carlsen until he made a couple of rookie mistakes. intimidated. refused to take his loss as
considering the process that month of training wouldn’t Magnus wasn’t invincible. anything but a victory. He’d
would lead to his desired re- cut it. Polgar was flabber- On the 12th move, Max creates a vulnerability… His peak rating is higher than wanted his ambitions to be
sult. He concocted an elabo- gasted that Max was even try- that of anyone else who has ambitious enough that he fell
rate plan to crack the Rubik’s ing. ever played chess, but his ca- short. He said in a postgame
Cube, for example, that in- “What?!” she said. “Will 8 reer winning percentage in interview that attempting to
volved memorizing patterns that person have any aid? competition is only 62.5%. He beat the most unbeatable
and ordering lubricant to cut Like, a computer?” lost several days earlier to chess player had introduced
seconds off his solving time. Nope. 7 someone online whose name him to new lines of thinking.
He tracked his progress “You mean just his own he couldn’t recall. Magnus He was smarter about ma-
through daily blog posts and skill?” didn’t want to lose again, and chine learning. There was also
6
video evidence. That’s right. he didn’t think he would. nothing stopping him memo-
He had some familiarity “And no prior tournament “But I’ve been surprised rizing those tens of thousands
with his tasks. Max had been experience?” before,” he said. of numbers when his algo-
5
playing chess since he was Correct. Max moved his white pawn rithm was finished. Maybe
young and still messes around “Well,” she said, “it sounds to e4. Magnus moved his there would be a rematch.
2 …leaving
on a board with life-size quite unrealistic.” 4
black pawn to e5. And they “Till next time,” Magnus
his knight
pieces outside Weitzman’s Wynn Las Vegas odds- 3 Moving his unprotected. were off. wrote on the board.
apartment. He’d played Mag- maker Johnny Avello said the pawn forward Max had been right about And then something funny
nus on his Play Magnus app, probability of an upset was 1 Max moves the opening. If his algorithm happened. It became clear
3 would have
which is powered by an en- 100,000 to 1. No betting house his queen… had worked, he would’ve been Magnus wasn’t ready to leave.
been wiser.
gine that simulates the Nor- would ever offer those odds. in a solid position. But he was His previously blank face
wegian’s skill and style at dif- The line that betting house 2 anyway. After eight moves, brightened. Now he was ebul-
ferent ages. Pinnacle posted, at the Jour- using his own limited chess lient. He zipped pieces around
It might seem beneath the nal’s request, was the most ability, the unthinkable was the board and mumbled how
best player on the planet to lopsided one that internal 1 occurring: Max was winning. he would’ve handled certain
entertain the whims of a ran- regulators would allow. His skill wasn’t lost on Play situations if he were Max. He
dom amateur for no good rea- A $100 wager on Max paid a b c d e f g h Magnus’s chief executive offi- recalled the exact chronologi-
son. But Magnus had done it $50,000. A $100 wager on cer, Kate Murphy, and head of cal order of all 39 moves and
before. He seems to enjoy the Magnus paid 10 cents. …and on the 14th move, Magnus exploits the opening. communications Arne Horvei scribbled them in a notebook.
spectacle. “I’ve consulted with some as they watched silently from He looked disappointed when
Magnus agreed to play Bill of our chess experts,” said a distance. “It’s lasting much Max revealed that his original
Gates and limit himself to a Pinnacle sports manager Jel- 8 longer than I expected,” Hor- plan to write an algorithm
severe time handicap. He ger Wiegersma, “and they all vei whispered. had been foiled.
crushed the billionaire in nine pretty much guaranteed me Magnus had reason to be- His handlers looked at
moves. He visited Harvard that Max will have no shot.” 7 lieve his opponent was better their watches. Magnus was
University to play 10 lawyers It was the reigning world than he actually was. He was late. In a few weeks he’ll fly
at the same time while blind- champion’s right to set the aware of Max’s algorithm, but to London for the final stage
folded. He beat them anyway. 6 Max hadn’t informed the en-
rules of the match. His camp of the Grand Chess Tour as
Magnus often gets com- decided it would be rapid-for- emy it wasn’t done. Max had the heavy favorite to win the
pared to chess greats, but the mat chess in which each his full attention because sport’s prestigious annual cir-
5
better analog may be some- player had 20 minutes to Magnus didn’t know he was cuit, and he will almost cer-
one in his other favorite make all his moves. The date bluffing. At one point, Mag- tainly end this year the same
sport: basketball. Magnus was set for Nov. 9 in Ham- 3 Magnus then takes 1 Max takes nus’s hands were shaking. way he’s ended the last six
4 Magnus’s knight
Carlsen is similar to LeBron burg, where Magnus was al- Max’s knight with “This is not going to be years: as the No. 1-ranked
James. They were both recog- ready scheduled to host a his bishop, leaving with his queen… easy,” Magnus thought. chess player.
nized as prodigies who came promotional event. 3
Max’s queen vulnerable. Max knew the probability So why was he still linger-
of age in an era of unprece- Max hadn’t started think- of him winning. But even ing with this stranger? It
dented public scrutiny. They ing about chess at the end of 2 …when he while being highly rational, turned out that Magnus
both exceeded the hype. September. He was still learn- 2 should have he’d allowed himself some ir- Carlsen was envious of Max
Magnus became the sport’s ing how to freestyle rap. used his pawn. rational thoughts. A small Deutsch. He still had the
youngest grandmaster in He played real people on- part of him believed he could whole game ahead of him.
2004 at 13 years old. He as- line, but only after lying 1 win. He’d fantasized about “I hope you at least keep
cended to No. 1 in 2010. He about his meager chess rating how it would happen. an interest in the game, be-
won his first world champion- to make himself appear better a b c d e f g h
It was on the ninth move— cause it’s very interesting,”
ship in 2013. And he achieved than he really was. Max fig- the same point in the game Magnus said. “I wish I could
the highest rating in the his- ured he could only improve THE WALL STREET JOURNAL. that Magnus checkmated Bill learn it new.”
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | A11

OPINION
Trump vs. the Deep Regulatory State
By Christopher DeMuth Environmental Protection Agency regulatory budget goes much

F
Administrator Scott Pruitt on end- deeper. It aims not only at re-
ederal regulation has ing sweetheart legal settlements straint but at reforming agency
been growing mightily and putting the misbegotten Clean culture. Faced with a two-for-one
since the early 1970s, Power Plan out of its misery; rule and a requirement to reduce
powered by statutes that Transportation Secretary Elaine annual costs, regulators will be
delegate Congress’s law- Chao on modernizing air-traffic obliged to monitor the effective-
making authority to mission- control and streamlining permit ness of all their rules and to
driven executive agencies. Begin- reviews. All are outstanding exam- make choices. There will be ef-
ning in 2008, the executive state ples of regulatory statesmanship. forts to game the system, as
achieved autonomy. The Bush ad- Second, the Trump administra- there always are. But the best
ministration during the financial tion is turning back from unilat- game in town may be to shift
crisis, and the Obama administra- eral lawmaking. Mr. Obama made from maximizing rules to maxi-
tion in normal times, decreed ma- several aggressive excursions into mizing, within the budget con-

MICHAEL REYNOLDS/BLOOMBERG
jor policies on their own, without this dangerous territory. He is- straint, environmental quality,
congressional authorization and sued orders shielding certain public health, workplace safety
sometimes even in defiance of classes of illegal aliens from de- and other regulatory goals. And,
statutory law. portation, spent billions without in all events, there will be fewer
President Trump might have a congressional appropriation to rules!
been expected to continue the subsidize insurance plans on the Many readers may be puzzled
trend. As a candidate, he had ObamaCare exchanges, and im- that our tempestuous president
railed against imperious Washing- posed the EPA’s Clean Power should preside over the princi-
ton and promised to clear regula- Plan. Each was a substantive pol- President Trump signs an executive order, March 13. pled, calibrated regulatory reform
tory impediments to energy de- icy that Congress had considered described here. I have a hypothe-
velopment and job creation. Yet and declined to enact. Each was commerce secretary, Juanita taking office, he directed that un- sis. Perhaps our first business-
he also was an avid protectionist, justified by legal arguments that Kreps, proposed a regulatory bud- less a statute requires otherwise, man-president, whatever his trou-
sounded sometimes like an anti- administration officials conceded get as a good-government mea- agencies may issue new regula- bles in dealing with Congress,
trust populist, and had little to to be novel and that many impar- sure; Sen. Lloyd Bentsen (D., tions only by rescinding two or foreign leaders and other outside
say about regulatory programs tial experts (including those who Texas) introduced legislation; and more existing regulations, with forces, is comfortable and profi-
like those of the Federal Commu- favored the policies on the mer- several academics (myself in- net costs held to an annual bud- cient in managing his own enter-
nications Commission and the its) regarded as risible. Each ran cluded) worked out the theory get. His budget for fiscal 2017 prise, which is now the executive
Food and Drug Administration. He into strong resistance from the and practicalities in congressional was zero, which was easily met branch. He devoted unusual per-
was contemptuous of Congress courts. reports and journal articles. after agencies issued few new sonal attention to his regulatory
and admiring of President Mr. Trump is returning immi- The idea never went anywhere. rules and lawmakers rescinded appointments, including those
Obama’s unilateral methods. gration policy and ObamaCare ap- One problem was the inherent many under the Congressional Re- whose programs did not figure in
Clearly, this was to be a results- propriations to Congress, where sponginess of regulatory cost es- view Act. Now, an OMB directive his campaign strategy. He gives
oriented, personality-centered they belong. His EPA has pro- timates, which seemed inconsis- from Ms. Rao in September has his subordinates wide running
presidency. posed to withdraw the Clean tent with the clear dollar metrics set a goal of “net reduction in to- room, checks in with questions
Power Plan and replace it with that drive spending budgets. An- tal incremental regulatory costs” and pep talks, and likes manage-
something else, based on a solid other was the herculean task of in fiscal 2018. ment systems and metrics. He
The tempestuous president analysis of what the Clean Air Act tracking the aggregate cost of the The Trump regulatory budget may even understand that modern
is overseeing a principled, actually authorizes the agency to stock and flow of agency rules. is still in beta version. Many tech- presidents have become too pow-
do. The constitutional significance When Ronald Reagan came into nical and procedural issues re- erful for their own good and can
far-reaching reform of of these steps has been masked office, he instead imposed a cost- main to be worked out regarding benefit from sharing responsibil-
agencies that had exceeded by media accounts and interest- benefit test on individual rules, cost estimation, the timing of ity with Congress.

I
group perseverations that focus enforced by OMB. All subsequent new versus rescinded rules, and
their constitutional writ. on politics and policy, not the administrations essentially con- the interplay of the regulatory t may all come to naught. Mr.
separation of powers. But Mr. tinued that approach. budget with the cost-benefit test Trump’s officials may get
Trump has made clear that he But several developments have and the requirements of adminis- worn down and his regulatory
The record so far has been rad- would be happy to see Congress combined to revive the budgeting trative law. As the new protocols budget mired in bureaucracy. He
ically different. With some excep- enact legal status for aliens who idea in a more workable form. Al- take shape, it is important to un- may eventually lose patience with
tions (such as business as usual were brought to the U.S. as chil- though the cost-benefit test has derstand their potential for re- Congress and claim kingly prerog-
on ethanol), and putting aside a dren, as well as health-insurance improved regulation at the mar- versing the heretofore uninter- atives, as Mr. Obama did.
few heavy-handed tweets (such as subsidies, if legislated in conjunc- gins, it has become progressively rupted expansion of the But if my hypothesis is correct,
raising the idea of revoking tion with other policies he favors. less constraining over time and regulatory state. it is more likely that he will go
broadcast licenses from purvey- Global-warming policy is a work proved manifestly inadequate to Budget cutting is conventional further in making the administra-
ors of “fake news”), President in progress in both the adminis- the dynamics of large-scale regu- in business. Doing more next year tive state less stultifying and
Trump has proved to be a full- tration and Congress. latory growth. The Obama admin- at 5% less expense is private-sec- “more constitutional.” He could,
spectrum deregulator. His admin- Perhaps Mr. Trump was led to istration corrupted cost-benefit tor progressivism—a means of for example, follow the Supreme
istration has been punctilious summon Congress on these mo- analysis, inflating benefits while pursuing continuous improve- Court’s lead in the Clean Power
about the institutional preroga- mentous matters by political cal- minimizing costs, to sell a host of ment in operating methods and Plan case and require that all new
tives of Congress and the courts. culations and his own policy dubious energy and environmen- market performance. But the ap- rules take effect only after legal
Today there is a serious prospect preferences. That would be fine— tal rules. Moreover, the cost-bene- proach is unfamiliar in govern- challenges have been resolved. He
of restoring the constitutional the Constitution depends on po- fit test applies only to new rules, ment, where budgeting is con- could apply White House regula-
status quo ante and reversing litical self-interest to sustain its leaving established and often ob- ceived of as adding to an tory policies and budgeting to the
what seemed to be an inexorable structure. But one should not solete regulations untouched. inflation-adjusted baseline. “independent agencies” such as
regulatory expansion. Consider gainsay the administration’s Most administrations, including Even more alien in government the FCC and Securities and Ex-
three leading indicators. broader concerns with the trajec- Mr. Obama’s, have compensated is considering the costs its rules change Commission. He could re-
First, Mr. Trump has appointed tory of unbounded executive gov- by nudging agencies to review impose on others. The regulatory nounce the many instances of di-
regulatory chiefs who are excep- ernment. Neomi Rao, who leads their regulatory accumulations, agency’s ethos is to extend con- rect executive taxing and
tionally well-qualified and are de- the influential Office of Informa- but with generally meager results. trols to an ever-widening range of appropriation-free spending that

A
termined reformers. Deregulation tion and Regulatory Affairs at the entities and activities while tight- have grown in recent decades. He
succeeds only when political offi- Office of Management and Bud- t the same time, a hybrid ening them continuously along could, rather than fussing over
cials are earnestly committed to get, is a constitutional scholar form of regulatory budgeting every margin. his adversaries’ broadcast li-
the broad public missions of their and a deep critic of congressional has been adopted with some This mindset is by no means censes, liberate all spectrum li-
agencies—and equally committed overdelegation. She has mused, success in Britain and Canada, universal, but it is the source of censes from their antiquated, in-
to ferreting out bureaucratic ex- with fine subtlety, that the while kindling interest in the U.S., many regulatory pathologies: in- novation-deadening use
cesses, ideological detours and in- Trump administration aims to notably from Sen. Mark Warner difference to the other worthy restrictions.
terest-group machinations. make the federal government (D., Va.) and House Budget Com- purposes competing for the lim- The list is long of salutary reg-
Mr. Trump’s new agency leaders “more constitutional.” mittee Republicans. Under this ited resources of regulated par- ulatory reforms that are well
are making these distinctions and A third indicator is the intro- variant, agencies may issue new ties; obliviousness to the unin- within the jurisdiction of our fed-
pushing ahead: FDA Commissioner duction of regulatory budgeting, rules only by simultaneously with- tended, counterproductive ways eral CEO. Pursuing them energeti-
Scott Gottlieb on facilitating ge- which sounds tedious but is po- drawing some existing rules, with that markets and people respond cally could restore the good name
neric drug competition and incor- tentially revolutionary. The idea the estimates of the costs imposed to the rules; and disdain for pri- of executive initiative.
porating “real-world evidence” in goes back to the late 1970s, when and saved used to make the trade- vate social and economic forces
reviewing new medications and the new health, safety and envi- off commensurate. So the budget- that advance agency goals inde- Mr. DeMuth is a distinguished
devices; FCC Chairman Ajit Pai on ronmental agencies were first is- ing begins by counting rules and pendently and sometimes out- fellow at the Hudson Institute and
lifting public-utility controls from suing rules that required private employs cost estimates only for in- flank them. The Clean Power Plan former president of the American
the internet and ownership re- businesses and individuals to cremental actions, but it creates in- was stayed by the Supreme Court Enterprise Institute. He worked on
strictions from the media; Educa- spend tens of millions of dollars centives for agencies to assess the in February 2016—and U.S. environmental policy and the cre-
tion Secretary Betsy DeVos on cor- or more. It seemed anomalous effectiveness of their existing regu- greenhouse-gas emissions have ation of EPA in the Nixon White
recting the abuses of Title IX; that this should be free of the dis- lations and to set priorities. since fallen by more than the House and was administrator of
Interior Secretary Ryan Zinke on ciplines of taxing, appropriating President Trump’s regulatory plan projected. the Office of Information and Reg-
active forest management and and budgeting that applied to di- budget is of this form. In an exec- The cost-benefit standard is a ulatory Affairs under President
multiple use of public lands; rect expenditures. Jimmy Carter’s utive order issued shortly after useful counterweight, but a Reagan.

How New York Courts Are Keeping Prosecutors in Line


A good prosecutor sures that busy prosecutors will DiFiore and Chief Administrative dence that very likely could have made concerted efforts to persuade
never forgets the make finding and turning over Judge Lawrence Marks. Starting on resulted in Stevens’s acquittal. my colleagues on the federal bench
government’s con- such material a priority. It’s one Jan. 1, 2018, trial judges statewide Among the more egregious exam- to do the same. In 2009 I urged
stitutional obliga- thing for prosecutors to know they will be required to issue Brady or- ples: Rather than call a witness the Judicial Conference Advisory
tions. Every prose- are supposed to follow the law. But ders in all criminal proceedings. whose testimony would have sup- Committee on the Rules of Crimi-
cuting attorney has it’s far more likely actually to hap- This is the first rule of its kind in ported Stevens, the government nal Procedure to propose amend-
a legal and ethical pen when a judge’s order tells the nation, though I hope my col- flew the witness home to Alaska. ments requiring the disclosure of
CROSS
COUNTRY duty to seek out them exactly what is expected, and leagues in the federal and other The prosecution also concealed that all exculpatory information to the
and turn over to the what the consequences are for state courts will follow suit. its star witness had an illegal sex- defense.
By Emmet G.
defense all evidence noncompliance. ual relationship with an underage But the committee chose not to
Sullivan
favorable to the ac- A Brady order also ensures that prostitute, whom he had asked to act, saying that the number of af-
cused that is in the prosecutors who commit intentional Evidence that supports the lie about their relationship. fected cases did not suggest “that
possession of any government offi- misconduct can be held account- Henry Schuelke, the special pros- the problem is so severe as to war-
cial, including the police. The Su- able. Often it takes years for a accused is supposed to be ecutor I appointed to investigate the rant a rule change.” While the egre-
preme Court made this clear in a wrongly convicted defendant to dis- turned over to the defense. misconduct, found that Justice De- gious intentional misconduct of the
1963 case, Brady v. Maryland, and a cover that exculpatory evidence was partment lawyers committed delib- Stevens case thankfully does not
line of subsequent rulings over five withheld. By that time, the statute Ted Stevens would know. erate and “systematic” ethical viola- happen every day, failure to comply
decades. of limitations for bringing disciplin- tions by withholding critical with constitutionally required dis-
The trouble is what to do about ary or criminal charges against the evidence pointing to Stevens’s inno- closures does occur. Judges have a
prosecutors who deliberately ignore prosecutor may have already ex- My wake-up call to the impor- cence. Yet Mr. Schuelke also found responsibility to take action against
these rulings. Most prosecutors op- pired. If a Brady order is in place, tance of Brady orders came when I that I was powerless to act against unethical prosecutors and to exer-
erate under high ethical standards, however, the prosecutor can be held presided over the deeply flawed the wrongdoers, because I had not cise their supervisory authority to
but a small minority intentionally in contempt of court or subjected to trial of Ted Stevens, the longtime issued a direct, written court order prevent Brady violations before
withhold evidence that might lead other judicial sanctions. U.S. senator from Alaska. In Octo- requiring them to abide by their eth- they happen.
to acquittal, which too often results As of 2015, roughly 28 of the 94 ber 2008, Stevens was nearing the ical and constitutional obligations to By mandating that judges
in innocent people serving lengthy federal district courts nationwide end of his seventh term, and was disclose favorable evidence. throughout New York issue Brady
prison sentences. have promulgated rules clarifying almost certain to be re-elected, The experience led me to change orders, Chief Judges DiFiore and
One solution is for judges, at the the disclosure obligations of prose- when he was found guilty of lying my own courtroom practice. I now Marks have taken a bold stance that
start of each new case, to issue cutors who appear before them. But on Senate disclosure forms about issue a detailed, standing Brady or- will no doubt be noticed by their
what’s known as a Brady order. The only a fraction of federal and state the cost of renovations to his vaca- der in every criminal case before colleagues across the nation. It is
order notifies prosecutors of their judges have standing orders focused tion home. Stevens’s name was my court. This reminds the prose- my hope that other states, and our
legal and ethical obligations, re- on the duty to disclose exculpatory tainted, and he lost re-election, al- cutors who appear before me ex- federal court system, soon will fol-
minding them of their duty to seek evidence. tering the course of events in the actly what is required of them, and low New York’s lead.
out—and then to turn over to the In New York state courts, at Senate. it ensures that any who intention-
defense in a timely fashion—evi- least, that is about to change, Just six months later, it was re- ally withhold evidence can be held Mr. Sullivan is a U.S. district
dence favoring the accused. thanks to a groundbreaking rule is- vealed that federal prosecutors had accountable. court judge for the District of Co-
A judge-issued Brady order en- sued last week by Chief Judge Janet concealed numerous pieces of evi- Over the past eight years, I have lumbia.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A12 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Germany’s Green Energy Meltdown The Moore Mess Is a Subset of a Sad Polity

A
merican climate-change activists point to generate in parts of Germany that need the Regarding your editorial “The Roy charge in a political campaign without
to Europe, and especially Germany, as power the least, especially the north. Berlin will Moore Mess” (Nov. 15): America is a much challenge.
constitutional republic and, as such, WILLIAM E. TURNAGE
the paragon of green energy virtue. But need to spend another huge sum building trans-
Roy Moore’s acceptability as a senator Jacksonville, Fla.
they ought to look closer at mission lines to the industrial should be judged solely by the people
Angela Merkel’s political Voters promised a south. of Alabama, not editorial boards or Sen. Cory Gardner proclaims Mr.
struggles as she tries to form revolution get coal and providing The other costs relate to cynical, self-serving politicians. There Moore should be expelled from the
a new government in Berlin electricity when the is no way to prove or disprove the 40- Senate if he wins the election because
amid the economic fallout high prices instead. wind doesn’t blow and the sun year-old accusations regarding his he “does not meet the ethical and
from the Chancellor’s failing doesn’t shine, which is often conduct, which he denies, and it is moral requirements of the U.S. Sen-
energy revolution. in Germany. The traditional classically hypocritical that Democrats ate.” Apparently this is a new guide-
Berlin last month conceded it will miss its plants needed to fill in the gaps are overwhelm- condemn Mr. Moore when much line, as it didn’t exist when it might
2020 carbon emissions-reduction goal, having ingly fired by coal, on which Germany still relies worse sexual misconduct was proved have hurt Democrats in the Senate or
cut emissions by just under 30% compared with for roughly 40% of its power. to have been committed by Ted Ken- White House. Perhaps the Senate
nedy and Bill Clinton with nary a peep should publish these “requirements”
1990 instead of the 40% that Mrs. Merkel prom- Natural gas would be cleaner and is easy to
from the left. so we can review and hold our sena-
ised. The goal of 55% by 2030 is almost surely switch on and off. But gas is more expensive CLYDE HARKINS tors to these high standards.
out of reach. than coal, and the peak daytime consumption Corona del Mar, Calif. EMERY SALADIN
Mrs. Merkel’s failure comes despite astro- hours when gas could recoup that investment Wildwood, Mo.
nomical costs. By one estimate, businesses and are also the times utilities are more likely to be This is right out of the Democrats’
households paid an extra €125 billion in in- required to buy overpriced solar power. playbook that has been used many The lesson of the Mr. Moore mess
creased electricity bills between 2000 and 2015 As a result, natural gas accounts for only times. They even rerun the same isn’t just that Alabama Republicans
to subsidize renewables, on top of billions 9.4% of Germany’s electricity, down from a little scene of a teary woman in company of made a poor choice in nominating Roy
more in other handouts. Germans join Danes over 14% in 2010. Gas accounts for some 30% the same lawyer who was used the Moore for the Senate. The larger les-
in paying the highest household electricity of U.S. electricity generation, and the shift to last time. son is that Washington is now gener-
Mr. Moore may not be an attractive ally held in such low esteem by Ameri-
rates in Europe, and German companies pay gas from coal explains a majority of the reduc-
candidate, but notions of fair play cans that they are often willing to
near the top among industrial users. This is a tions in carbon emissions in U.S. generation aren’t reserved for those we like. By vote for any outsider knucklehead who
big reason Mrs. Merkel underperformed in since 2005, according to a report last month by failing to look at the creditability of comes along. Some get elected.
September’s election. the U.S. Energy Information Administration. the accusers, the Journal and others JOHN ENDEAN
Berlin has heavily subsidized renewable en- German households pay nearly 36 U.S. cents a give free rein to anyone to make a Washington
ergy since 2000, primarily via feed-in tariffs re- kilowatt-hour of electricity, versus an average
quiring utilities to buy electricity from renew- of 13 cents in America.
able generators at above-market rates. Mrs. No wonder voters are in revolt. Surveys say
Merkel put that effort into overdrive in 2010 that in theory Germans like being green, but Virtual Medicine Could Do a Lot More Good
when she introduced the Energiewende, or en- polls about household energy costs say other-
ergy revolution. wise. The right-wing Alternative for Germany In “The Hype of Virtual Medicine” doing well and when something is
(Review, Nov. 11), Ezekiel J. Emanuel wrong. This would eliminate the need
The centerpiece is the escalating emissions- (AfD) won a surprising 13% vote share in part
is right that medical technology isn’t for the types of “see you in three
reductions targets Germany now is missing, on a promise to end the Energiewende immedi- changing patient behavior. After all, month” checks, and ensure the pa-
which surpass the 20% reduction by 2020 to ately. A new study from the RWI Leibniz Insti- no home-monitoring device can roll tient gets seen as soon as a problem
which the rest of the European Union has com- tute for Economic Research finds that 61% of us out of bed, lace up our running develops.
mitted. The policy is also supposed to reduce Germans wouldn’t want to pay even one euro- shoes or remove the salty snacks That type of algorithmic analysis is
total energy consumption to 50% of the 2008 cent more per kilowatt-hour of electricity to from our cupboards. But high-tech being used in large hospital systems
level by 2050, with a 25% reduction in electric- fund more renewables. systems can do a lot more to improve today to notify physicians when a pa-
ity use. That was a tall enough order for an in- This is casting Mrs. Merkel’s coalition talks patient health than the doctor sug- tient on a medical or surgical floor is
dustrial economy. Then Mrs. Merkel made it into disarray. Her prospective Green Party part- gests. By blaming the limitations of likely to need ICU care the next day,
even harder in 2011, with a hasty promise after ners want to double down on Energiewende dis- technology and patient noncompli- but it isn’t available for patients to
Japan’s Fukushima disaster to phase out nu- tortions by banning coal, starting with the 20 ance, he’s overlooking the fundamen- use in their own homes. The reason is
tal problem: Med-tech systems are as senseless as it is damaging to our
clear power by 2022. most-polluting plants. Mrs. Merkel’s center-
designed around the needs of the de- health. Simply, developers fear mal-
Energiewende enthusiasts say the policy is right Christian-Democratic parties and the free- veloper, not the user. That’s made ev- practice suits. Every such data ana-
racking up successes despite the problems. market Free Democrats are willing to close 10 ident by the countless home-monitor- lytic approach is based on probability
That’s true only in the sense that if you throw plants at most, in recognition that more would ing devices that stream endless data analysis, and as such it will miss a
enough money at something, some of the cash strangle the economy of energy absent nuclear to busy doctors who don’t want it or problem on occasion. But it is far su-
has to stick. In electric generating capacity, for power after 2022. have the time to sift around for pos- perior to what happens today.
instance, renewables are now running almost Whatever agreement she works out, it’s clear sible abnormalities. But imagine a ROBERT PEARL, M.D.
even with traditional fuel sources. that German voters want more honesty about tool that tells the patient when he is Washington
Yet much of that capacity is wasted—only the cash-and-carbon costs of Mrs. Merkel’s
one-third of Germany’s electricity is actually green ambitions. If instead she recommits to
generated by renewables. Berlin has invested soaring energy costs and dirty-coal electricity, Where Is the FEC on DNC’s Abuse of the Law?
heavily in wind and solar power that is easiest expect another voter rebellion in 2021. Cleta Mitchell guidelines. This is
and Hans von Spa- the most clearly

A Blue Slip—Not a Franken Veto kovsky’s “Hillary


Clinton, the DNC
germane argument
in relation to Mrs.

T
and the Law” (op- Clinton, the DNC
he hits keep coming for Al Franken. At nees for district courts, whose authority is gen- ed, Nov. 13) obfus- and the law.
TOM WILLIAMS/CQ ROLL CALL

the same time folks are calling on the erally limited to one state, and appellate-court cates the intersec- Bernie Sanders
Minnesota Democrat to resign after he’s nominees, whose jurisdiction might span sev- tion of these wasn’t the only one
been accused of sexual assault, eral states. He implied that he topics. The meet- to lose out. Martin
the Chairman of the Senate Ju- Restoring an important is still inclined to give home- ing ground is clear. O’Malley, Lawrence
The most basic le- Lessig, Lincoln
diciary Committee is ending a Senate courtesy to state Senators more say over
gal infraction here Chaffee and Jim
Franken veto over judicial district nominees. But he is skirting Federal Webb at least de-
nominees. its rightful purpose. made clear he won’t let the Election Commis- Former DNC Chair Donna Brazile. served a fair shake.
Chairman Chuck Grassley blue slip become a substitute sion rules. FEC reg- I still want to be-
said Thursday that he’ll move for the filibuster, which Demo- ulations cap individual campaign con- lieve in an America that takes pride in
forward with a confirmation hearing for Minne- crats eliminated to pack the D.C. Circuit during tributions to individual candidates at free and fair elections.
sota Supreme Court Justice David Stras. Mr. the Obama years. a more austere level than what can be GRANT FEROWICH
Stras’s nomination to the Eighth Circuit Court The Iowa Republican also noted that only two contributed to a party. If one candi- Washington
of Appeals has stalled because of Mr. Franken’s of the 18 Judiciary Chairmen had allowed a single date had effective control over the
failure to return a “blue slip” signalling that a home-state Senator to stop nominees with blue party’s operations, were contributions
Senator doesn’t object to the nomination. Re- slips. When Joe Biden chaired the committee, he made to the DNC funneled dispropor- H-1B Enforcement Is Right
tionally to Hillary Clinton’s campaign?
publican John Kennedy has likewise not re- let President George H.W. Bush know that though
FEC rules expressly prohibit this type
And Helps American Labor
turned his blue slip for Kyle Duncan, a nominee a Senator’s decision to withhold a blue slip would of campaign-finance activity. While many have great sympathy
for the Fifth Circuit, but Mr. Kennedy isn’t trying weigh heavily in the evaluation of a nominee’s fit- Ms. Mitchell and Mr. von Spakovsky for Violet Tran’s desire to remain and
to block a hearing. ness, “it will not preclude consideration of that admirably introduce the convoluted work in America, the fact is that her
The Senate’s blue slip tradition spans a cen- nominee unless the Administration has not con- schema but they wound up burying the job isn’t one for which there is a
tury and is meant to encourage consultation be- sulted with both home state Senators prior to lead. Since everyone is to be treated shortage of U.S. citizens ready, will-
tween the White House and Senate on nominees. submitting the nomination to the Senate.” equal under the law according to our ing and able to fill it (“Trump’s de
But Mr. Franken is using the blue slip as an ideo- That’s the approach Mr. Grassley is following, Constitution, I fail to discern the faint- Facto Small-Business Tax,” op-ed,
logical veto. and it restores a Senate courtesy to its rightful est reason why it would not be applied Nov. 15). President Trump ran on a
Mr. Grassley distinguished between nomi- purpose. and enforced in the case of persons platform that included a review of
wittingly or unwittingly violating FEC the H-1B program with the goal of re-
ducing the number of foreign workers

The Menendez Mistrial Faith and Other Resources


taking jobs from our labor force.
It seems only fair and reasonable

V
that the president serves the needs
arious ethicists are pronouncing shock for Melgen over a Medicare coverage decision, For Overcoming Adversity and interests of our country and only
that a federal jury failed to convict New the Department of Health and Human Services Meg Jay’s essay “The Secrets of Re- extends this visa program, as it was
Jersey Senator Robert Menendez on listened but rejected the Senator’s pleas. Mel- silience” (Review, Nov. 11) resonates originally envisioned, to individuals
corruption charges, resulting gen was convicted of Medicare on many levels. All the successful peo- with highly specialized technical ex-
in a mistrial Thursday after The charges were thin fraud in a separate trial in ple I’ve known have the ability to pertise not otherwise available. The
the jury ended up hung 10-2 problem solve, persevere and persist result of this effort will benefit both
for acquittal by one juror’s ac-
against the Iran deal’s April. Prosecutors and political in the face of adversity. The secret is the home countries of these bright
to find what you’re good at as early and energetic young workers, while
count. But our readers weren’t main Democratic critic. partisans claim it is becoming
as possible in life. Then seek out oth- allowing Americans to pursue their
surprised, since we wrote as impossible to convict a politi- ers who care about you and can help dreams.
early as April 2015 that the cian of corruption, but that’s you—mentors, teachers and friends. WES POTTER
charges were thin and deserved “more than a an exaggeration and ignores that prosecutors Last, plan how to grow these talents Natick, Mass.
little skepticism.” too often abused the law to put politicians in the with realistic goals. Maybe the es-
The New Jersey Democrat isn’t a model pub- dock. They so broadly defined “honest services” sence of life is struggle. It’s a teacher
lic servant, and the details of his support for his fraud that a jury could interpret it as a politician that leaves an indelible impression— Pepper ...
longtime friend Salomon Melgen, a Palm Beach doing anything for a donor. one that can serve us well in both our
doctor and Democratic Party donor, aren’t Mr. Menendez thanked the jury on Thursday, personal and professional lives.
And Salt
pretty. He supported visa applications for Mel- though it’s a shame he indulged in the race card LARRY SLEEP THE WALL STREET JOURNAL

gen’s overseas girlfriends—Brazilian ac- by claiming that “certain elements of the FBI Santa Barbara, Calif.
tresses—and interceded with government offi- and of our state cannot understand, or even
Throughout America’s history,
cials on behalf of his business interests, among worse, accept that the Latino kid from Union faith has lifted countless everyday
other things. City and Hudson County can grow up to be a folks, as well as presidents, astro-
Few of these facts were in dispute during the United States Senator and be honest.” The late nauts, prisoners of war, scientists,
nine-week trial, but the question for the jury GOP Senator Ted Stevens could tell him that etc. Our faith can provide a dramatic
was whether this behavior is a crime. Prosecu- prosecutorial abuse doesn’t need race as a mo- role in overcoming the inner strug-
tors claimed they amounted to quid-pro-quo tive. (See Judge Emmet Sullivan nearby.) gles we all face.
corruption, but Mr. Menendez replied that they The Menendez indictment also suffered from ROBERT MILLER
were routine constituent service or the result suspicious timing, coming as it did when the Maitland, Fla.
of a 25-year friendship. Senator was the ranking Democrat on the For-
Most of the jurors sided with the defense, eign Relations Committee and among the skep- Letters intended for publication should
and that’s not surprising after the Supreme tics of Barack Obama’s Iran nuclear deal. He had be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
Court narrowed the definition of bribery and to step back from his committee role after the or emailed to wsj.ltrs@wsj.com. Please
corruption in its landmark Skilling (2010) and indictment. Prosecutors will want to retry the include your city and state. All letters
McDonnell (2016) cases. Prosecutors now have Senator to vindicate their charges, but the bet- are subject to editing, and unpublished
to prove a genuine bribe or a specific, clear ter part of the law and wisdom calls for drop- letters can be neither acknowledged nor “I cherish my creamer-stirring
returned.
quid-pro-quo. In Mr. Menendez’s intervention ping the case. as a moment for quiet reflection.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | A13

OPINION

Alabama Women, Say No to Roy Moore


of rape, harassment and exposing rise up. It has to do with the victims
himself, but his party backed him Moore chose.
and he kept the presidency. Demo- Who were the girls he targeted? In-
cratic Sen. Al Franken was credibly terestingly, this tribune of the com-
DECLARATIONS accused Thursday, by an anchor at mon folk and their earnest, believing
By Peggy Noonan KABC radio in Los Angeles, of grop- ways allegedly preyed mostly on the

A
ing and harassing her on a USO tour unprotected. He chose young women
labama has its back up, or in 2006. When she resisted him, Lee- he could push around. Some came to
at least its Republicans and ann Tweeden wrote, “Franken repaid him at his law office, bringing with

JONATHAN BACHMAN/GETTY IMAGES


conservatives do, and it’s me with petty insults,” and took an them all the problems of broken
understandable. They don’t obscene photo of her on the way America—child-custody fights, violent
like when Northerners and home, as she slept. Will the liberal divorces, bounced checks. They
liberals and people in Washington tell media dig into Mr. Franken as they worked at Red Lobster, at a mill, on
them who their senator should be. have dug into Mr. Moore? Or is he the night shift at Sears.
They don’t like when reporters from too good a source and friend? A thing about predators, from the
outside come down and ask questions Alabama Republicans are accused men of the Catholic Church sex scan-
and turn over rocks looking for what’s of mere tribalism in sticking with Mr. dals to the man cruising the mall, is
crawling on the underside. There’s al- Moore, who has been accused of re- that they never prey on the protected.
ways an underside. Man is made from peated sexual predation on teenage Roy Moore in Jackson, Ala., Nov. 14. They don’t prey on the daughter of
crooked timber. girls. But serious policy issues are at the biggest family in town, the child
play in the December election, includ- If you care about late-term abor- what he stands accused of doing. His of the man who owns the factory or
ing ones that have to do with our tion, that is enough reason to oppose “porn,” his addiction, was cruising the local newspaper. They tend to
This tribune of the character as a nation. Here is one. Ala- Mr. Jones. It is not surprising that Mr. malls for young women, often teenag- prey on kids with no father in the
bama is one of the most pro-life states Moore’s supporters would stick with ers. His “attacking children” was mov- home.
common folk and their in the nation. Alabamans take abortion him when seen through that light. ing sexually on those young women Tina Johnson “was 28 years old, in
earnest ways allegedly seriously and are profoundly opposed But still: It won’t do. All the above and leaving them damaged. a difficult marriage headed toward di-
to partial-birth abortion, the aborting having been said, Alabamans who Women around the world are mov- vorce, and unemployed,” AL.com re-
preyed on the unprotected. of a child so late in gestation that it continue to back Mr. Moore are mak- ing against predators, harassers, bul- ported of the latest accuser, Wednes-
could survive outside the womb, with ing a terrible mistake. lies, rapists. It is inspiring. The legali- day. “She was at the office to sign
or without medical assistance. Just because something is under- ties of the Alabama race may be at an over custody of her 12-year-old son to
People from the Deep South feel Most of Europe outlaws late-term standable doesn’t mean it’s right. The impasse, but it would be good to see her mother.”
culturally patronized. This is because abortion. They see the very idea of it charges against Mr. Moore are not Republican women in the state lead a As they left the office, she said, Mr.
they are. Reporters from outside don’t as barbaric. As it is. only serious; they are completely charge and insist on someone else. Moore molested her. She told no one,
admire or relate to them; when a Roy Moore is against partial-birth credible. Find another conservative. There are not even her mother.
Washington Post journalist presented abortion. His Democratic challenger, If you read the original Washington plenty in Alabama. That is a tell, that she didn’t tell
as fact, in a 1993 news report, that Doug Jones, was asked his position by Post story, you know it was rigorously I put it on the women because Re- her mother. They almost never tell
evangelical Christians are “largely Chuck Todd, in an interview in Sep- reported, with great care and profes- publican men there right now are lost. the mother. She’s got enough going
poor, uneducated and easy to com- tember on MSNBC. sionalism. Four women who did not They are busy playing to every stereo- on. Maybe she can’t handle more.
mand,” you know he was thinking of Mr. Todd: “What are the limita- seek out the press, who did not know type every bigot ever held about Maybe she’s not interested in han-
Southern evangelicals. Hollywood has tions that you believe should be in the each other, and who surely guessed them. They are busy comparing Roy dling more.
long cast Southerners as witless and law when it comes to abortion?” going public would bring them noth- Moore and his victims to St. Joseph Often the victims had had brushes
brutish in films from “Inherit the Mr. Jones replied: “I am a firm be- ing but grief, came forward and pro- and the Virgin Mary. They are busy with the law. Predators can smell that:
Wind” to “Deliverance” and “Missis- liever that a woman should have the vided first-person details that estab- leaving phone messages falsely claim- It means no one will believe them if
sippi Burning.” freedom to choose what happens to lished a pattern. Thirty people ing to be Washington Post reporter they talk.
Politically, Southern conservatives her own body.” corroborated details. This is not attack “Bernie Bernstein,” offering big cash Roy Moore targeted the deplorables.
have long decried a double standard. Mr. Todd: “You wouldn’t be in fa- journalism. It is great journalism. for dirt on Mr. Moore. They are busy They were people with no sway, no
Ted Kennedy spent much of his life vor of legislation that said ban abor- If Roy Moore had a long and dem- saying they’d vote for any Republican pull. Some of them, in the presidential
as a somewhat inebriated roué tion after 20 weeks or something like onstrated history of randomly attack- over a Democrat. Gotta be loyal to election, voted for Donald Trump.
whose actions caused the death of a that?” ing children with a baseball bat, or if your own. There are better conservatives in
young woman, but now we’re in- Mr. Jones: “I’m not in favor of any- the FBI announced it had found in his They have been busy making them- Alabama than Roy Moore. Republican
structed to call him the Lion of the thing that is going to infringe on a possession a stash of child porn, selves look like fools. women, rise up and raise hell. That
Senate. Bill Clinton was worse than woman’s right and her freedom to Moore supporters would never back There is another reason Republi- would be real loyalty, and to those
Roy Moore. Mr. Clinton was accused choose.” him. But that, in a way, figuratively, is can and conservative women should who are really your own.

Philanthropy Booms in the Trump Era—but It Also Gets Political


By James Piereson As of August, total commitments ex- largest gatherings of nonprofit lead- Manhattan Institute report published lanthropy mirrors changes in the
And Naomi Schaefer Riley ceeded $700 million, “not including ers in the country, Ellen Alberding, earlier this year, left-leaning policy wider political landscape. In the past,

T
those by groups that announced pro- president of the Joyce Foundation, foundations such as Rockefeller and liberal advocacy efforts were heavily
he Trump administration has portional increases in grant making told a cheering audience, “founda- Carnegie control about $38.38 billion, focused on preserving funds for anti-
turned out to be a bonanza for but did not give dollar amounts.” tions could and should be more ag- compared with $7.41 billion for those poverty programs. But that focus
the nonprofit world. Liberal These grants include $375 million gressive on the advocacy front on the that lean right, such as the Charles seems increasingly dated as support
groups like the American Civil Liber- from the Bill and Melinda Gates issues they really care about.” Brian Koch and Earhart foundations. for a wide social safety net consoli-
ties Union and Planned Parenthood Foundation for “responding to Trump Gallagher, chief executive of United Not only does this mean less long- dates, to the point that existing pro-
have reported great fundraising suc- administration plans to cut federal Way Worldwide, expanded this mes- term funding for, say, voucher pro- grams are increasingly difficult to cut
cess since last year’s election. In addi- spending on international family sage beyond foundations to nonprof- grams that directly help low-income or even reform.
tion, many large foundations have de- planning”; $100 million from the its generally: “If you don’t have a pol- families; it means less support for all Liberal philanthropists today are
cided to direct hundreds of millions Omidyar Network to “support inves- icy strategy, then you don’t have a sorts of educational institutions and absorbed in a network of new
of dollars toward new ventures to tigative journalism, help citizens en- mission and purpose.” Philanthropy, social-service groups that shun gov- causes: abortion rights, climate
combat the supposedly ill effects of gage with government, and reduce in other words, is politics in a differ- ernment funding. This trend coin- change, income inequality, immi-
administration policies. Though few hate speech”; and $35 million from ent guise. cides with the disappearance of small grant rights, regulation of the inter-
the California Foundation, which is While they would presumably ar- religious institutions in areas where net, the elimination of “hate,” and
“shifting its entire grant-making bud- gue that such advocacy brings bene- they are most needed. Catholic par- other social and identity-based proj-
Such advocacy fails get to focus on access to health care fits to those on the margins of soci- ishes and schools in inner cities have ects. Without a counterbalance pro-
for Californians, including immi- ety in the long run, it does not been consolidated, some shutting vided by right-leaning philanthro-
to provide direct grants; maintaining the social safety provide the direct and tangible bene- their doors. Evangelical churches in pies, expect private money to flow
and tangible benefits net for low-income residents; and fits that improve the material, spiri- Appalachia often find their pews even more asymmetrically toward
preventing hate crimes.” tual and intellectual lives of individu- empty as the young move away or ever more radical causes.
to individuals in need. Between new money given to com- als right now. This is one reason why abandon religious commitments. Ef-
bat discrimination, climate change it is disappointing that the assets forts to address these trends are un- Mr. Piereson is a senior fellow at
and “fake news,” and funds to pro- controlled by left-leaning foundations likely to find much sympathy at left- the Manhattan Institute. Ms. Riley is
conservatives will applaud the aims vide for abortion and other liberal vastly outweigh those controlled by wing philanthropies. a senior fellow at the Independent
of these campaigns, the expenditures advocacy groups, liberal foundations right-leaning ones. According to a The evolving focus of liberal phi- Women’s Forum.
have ironically helped to demonstrate are doing a great deal to make up for
a core conservative principle: When any reductions in government money
government steps back, private
money often fills the void.
A few leaders in the liberal philan-
going toward these causes. Moreover,
according to the Chronicle, “the Ford
and MacArthur funds said their
For GE Investors, Growth in the Spring
thropic world saw this dilemma ap- grant-making strategies were already Don’t believe in singled out for being slow to re- passing episode of mismanage-
proaching. After the 2016 election, aligned with the challenges posed by magic. The secret spond to falling turbine shipments, ment, especially when it has
Caleb Gayle, a former program officer the current political and economic revealed in GE’s etc. But it wasn’t staff that decided strong technical overlap with GE’s
at the George Kaiser Family Founda- environment.” troubles is that to saddle GE with the turbine busi- aircraft-engine business.
tion, argued in the Chronicle of Phi- But mega-spending by billionaire there is no secret. ness of France’s Alstom two years What do these have to do with
lanthropy that the nonprofit sector family foundations is not exactly General Electric ago. And what to make of French medical devices? Nothing, but GE
shouldn’t spend more to make up for what most people, let alone conser- fared brilliantly Minister Arnaud Montebourg’s will be keeping medical devices too,
BUSINESS
gaps in government funding. Instead vatives, have in mind when they think two decades ago comment that the GE-Alstom deal because the division is doing well
WORLD
he counseled exercising “strategic re- about the private sector filling the under Jack Welch represented “the return of the and Mr. Flannery ran it.
By Holman W.
straint.” Why? “To many founda- void where government falls short. because he steered state in the economy”? Mr. Monte- Whether GE is a sensible con-
Jenkins, Jr.
tions,” he wrote, “it might seem cruel They think about churches running it into growing bourg opposed GE’s bid at first, glomerate is a question that occu-
to resist calls to spend more . . . But soup kitchens or the YMCA providing businesses in a then ended the fight by allowing pies theorists. From today’s position,
if grant makers start to far exceed temporary housing for the homeless. booming global economy, then three of Alstom’s units to become cyclical and management improve-
the 5 percent annual minimum, they They think about private citizens do- whipped his underlings to control joint ventures of GE and the ments alone ought to be able to pro-
will validate the conservative desire nating money and time to everything costs and extract profits. Any syner- French state. Mr. Immelt even vide shareholders a return on their
to strip money from government an- from foster-care agencies to drug- gies from a lower cost of capital or promised that GE, which usually now-depressed holdings.
tipoverty measures.” treatment centers. mastering the arcana of tax regula- cuts costs and consolidates opera- What strategic suspense remains
This summer, the Chronicle col- While some liberal philanthropies tion were probably a small factor in tions, would create 1,000 additional concerns Mr. Immelt’s digital strat-
lected information on “foundation ac- help people who are genuinely in his success. jobs in France. egy, subject of so many curious
tions taken in direct response to need, a great deal of their money has His methods were always going GE struck a similarly ill-starred commercials featuring wispy mil-
Trump administration policies or been diverted instead to political ad- to be hard for his successors to bargain last year for a controlling lennials explaining their jobs to
more generally linked by grant makers vocacy. At last year’s annual meeting replicate. Competition from private stake in oil-field services outfit their dads.
to the current political environment.” of Independent Sector, one of the equity for undervalued business op- Baker Hughes, hoping to catch a re- He spent $4 billion on an “in-
portunities is greater. Other compa- bound in oil prices. It didn’t happen dustrial internet” to monitor the
nies use the same whips now to but still might, in which case Mr. performance of turbines and other
mobilize employees. A certain Flannery may well shelve plans to devices down to their smallest
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY CNBC host used to debunk corpo- dump the stake when contractually parts, greatly economizing on
Rupert Murdoch Robert Thomson rate tax reform because companies permitted to sell in 2019. maintenance and downtime. But
Executive Chairman, News Corp Chief Executive Officer, News Corp like then-parent GE seldom pay the Mr. Flannery is said to be hard- GE’s “Predix” software proved
Gerard Baker William Lewis statutory rate. In fact, curbing headed and probably is. Half his job buggy. The company had to call a
Editor in Chief Chief Executive Officer and Publisher wasteful tax-minimization strate- now is to beat down the stock price two-month “timeout” earlier this
Matthew J. Murray DOW JONES MANAGEMENT: gies is the best argument for tax and blame previous management, year. And customers were confused
Deputy Editor in Chief Mark Musgrave, Chief People Officer; reform. In any case, Corporate then wait for things to look up. why a software “service” came
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS:
Anna Sedgley, Chief Operating Officer & CFO;
America (especially Silicon Valley) He receives only lukewarm with so many equipment-purchase
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President has long since caught up with GE in plaudits from Wall Street for his obligations. Eventually, too, GE
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: this department. promise to make GE smaller, with dumped its own expensively built
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; Under Jeffrey Immelt, GE suf- fewer ways to stumble in the fu- server farms in favor of Amazon
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; fered a pretty ordinary case of a ture. Any philosophizing about Web Services. Shareholders, of
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; company being in markets that what businesses are “core” to GE course, have yet to see a return
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; didn’t grow as expected, especially was always a bit of a show. The from any of this.
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International power. And a good bit of successor “core” businesses are those that Mr. Immelt was surely correct
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: John Flannery’s turnaround, the stand to make Mr. Flannery look that digital technology will revolu-
Almar Latour, Publisher; plan for which was unveiled this good a year or two from now. tionize heavy industry. Whether GE
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: week, will actually consist of wait- Electricity demand is expected to really has much to offer against
Joseph B. Vincent, Operations; Christopher Lloyd, Head; ing till things get better. increase 50% in the next 20 years; nimbler startups with names like
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Unlike Mr. Immelt, though, he has GE turbines generate one-third of Uptake and Flutura remains a ques-
EDITORIAL AND CORPORATE HEADQUARTERS: the advantage of being able to bash the world’s electric power. You tion. Never mind. What will really
1211 Avenue of the Americas, New York, N.Y., 10036 previous management in the mean- would be crazy to sell this busi- make Mr. Flannery’s tenure is to-
Telephone 1-800-DOWJONES
time. Staff at the power division are ness at a price depressed by a day’s battered down stock price.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

SPORTS
From left, Tottenham’s Eric Dier,
Mousa Dembele and Dele Alli walk
off the pitch after a 1-0 defeat to
Manchester United on Oct. 28.

OLI SCARFF/AGENCE FRANCE-PRESSE/GETTY IMAGES


SOCCER

Spurs’ Revival Cursed by Bad Timing


Tottenham is enjoying its best run in decades but has no title to show for it, thanks to chaos at the top of the Premier League
cio Pochettino said late last season. “We tories in 38 games. ing to keep his personal record intact when
BY JOSHUA ROBINSON
need time to try to create a strong team, a Now Tottenham has to deal with Pep the two rivals meet at Emirates Stadium on
strong club, a strong mentality.” Guardiola’s undefeated Manchester City Saturday.
ONLY ONE TEAM in the English Premier Which is why Tottenham’s best shot at a side, which is blowing away opponents for “Our challenge, our aim, is to win, not
League has spent nearly every moment of title might have come too early. In 2015-16, fun and leads Europe’s five major leagues in only to beat Arsenal,” Pochettino said last
the past 2½ seasons locked in a title race. one season after Pochettino’s arrival, every scoring. It hasn’t helped matters that Tot- season when it became mathematically im-
It’s a club that has developed one of the other big club in England seemed to fall tenham’s temporary move to Wembley Sta- possible for the Gunners to overtake his
most exciting attacks in the country and one apart at the same time. By spring, the title dium jarred the club into dropping seven side. “It’s to [beat] the 19 other teams
of its meanest defenses. It has genuine su- was Tottenham’s to win if it could just hold points in its first three home games. against us in the Premier League.”
perstars for the first time in a generation. its nerve and keep the pressure on Leicester Still, since the beginning of the 2015 sea- Tottenham’s general improvement the past
And its drill-sergeant manager is turning City. Unfortunately for Spurs, they happened son, only Manchester City has posted more couple of seasons recently sparked a conversa-
the heads of the biggest clubs on the conti- to catch the one season out of 132 when total points than Tottenham—and even then tion at the club around the term “Spursy.” For
nent. Somewhere along the line, all of that Leicester defied the odds to win the title. the gap is only two. Spurs have been 10 years, it has served as convenient shorthand
probably should have turned into a champi- The following year, Tottenham was even points better off in that time than Arsenal, for the club’s habit of being capable of great-
onship for Tottenham Hotspur. more dangerous as forwards Harry Kane and 13 better than Chelsea and a full 15 better ness, but just as likely to trip over its own
But Tottenham remains without a cham- Dele Alli evolved into world-beaters. Spurs than Manchester United. And yet, Totten- shoelaces. Losing to Crystal Palace, as it nearly
pionship in the Premier League era, despite led the league in scoring on the back of ham has nothing to show for itself. did earlier this month, in the same week it
the fact that Spurs have lost fewer games Kane’s 29 goals in 30 appearances, plus 18 So the club has had to satisfy itself with beat Real Madrid in the Champions League,
than any team in the country since the start from Alli and 14 more from Son Heung-Min. small, but significant benchmarks, such as for instance, would have been textbook Spursy.
of the 2015-16 campaign. The club also conceded the fewest goals in all finally breaking the hoodoo its neighbor Ar- “To be honest I have heard of the ‘Spursy’
The problem is that Tottenham’s strongest four professional divisions of English soccer. senal lorded over it. Spurs finished above term,” Pochettino said this month. “I’ve heard
spell in decades happens to overlap with the So what happened? How did Spurs’ first the Gunners last season for the first time in people say we are not that anymore. In the
most chaotic period in Premier League his- league title since 1961 elude them that time? 22 years, which prompted plenty of Arsenal last few years I’ve heard more and more peo-
tory. Instead of lifting trophies, the club Well, English soccer’s state of chaos hand-wringing over a possible shift in the ple say that. The challenge is to keep the
charged headfirst into new and confusing ob- caught up to it again. balance of power. good times as it’s a great club.”
stacles like the Leicester City miracle, a mys- Chelsea, after being so disastrous under How much that matters to anyone outside “All those people like the fans and staff
teriously revived Chelsea side, a historically Jose Mourinho a season earlier, recovered in of North London is debatable, but it has who love Tottenham feel disappointed for
brilliant Manchester City and even Totten- spectacular fashion. Under manager Antonio done plenty for the Tottenham’s self-esteem. this history of the club,” he added. “There is
ham’s own stadium. Conte, virtually the same squad of players Pochettino has never lost to the Gunners in a view of Tottenham in the past we are try-
“We need to be patient,” manager Mauri- bludgeoned the Premier League with 30 vic- six Premier League meetings and he’s hop- ing to change things.”

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. THE COUNT
d
Edmonton 0s <0

RECEIVERS ARE
V
Vancouver Calgary
0s
10s
30s 10s
ip
Winnipeg

DRIVING FANTASY
Seattle
ttl 20s
30s
Portland
P d 30s
l
Helena Montreal
50s Ottawa

OWNERS INSANE
Bismarckk 20s 40s
A g t
Augusta
g
Eugene Boise
i 20s Billings Mpls./St.
pls //St. Paul
P
Pa T
Toronto A bany
b y
Albany t
Boston 50s
50s 40s
oux FFalls
Sioux ll k
Milwaukee rtford
Hartford 60s
30s P
Pierre Detroit
t Buffalo
ff l
New Yorkk
ew Y 70s
60s Reno Cleveland
C d
Salt La
Lake
Lake City
C 20s Cheyenne
es Moines
Des i h g
Chicago
Pittsburgh Ph
hil d lph
hi
b g Philadelphia
Fantasy football’s popularity has grown in
h
Omaha 80s
Sacramento
Denver
Indianapolis
di p li 50s recent years with pinball scoring driven by the
40s 30s hington
hi gton D.C.
Washington DC 90s
San
an Francisco
Colorado
C d Topeka p d
Kansas Springfield most dominant position in the sport—wide re-
Cityy
Cit Charles
h
Charleston h d
Richmond 100+
50s
Las
Veg
Vegas
Springs
40s St.. Louis
L
Lou Louisville
L
Lou ill ceiver. But if you’re wondering why your team
l igh
h
Raleigh
Los A
Angeles
Angel
Wichita
hit 60s doesn’t seem very good and Sundays are in-
Santaa Fe Nashville
h
80s Phoenix
Ph LLittle
ittlee Rock Ch l
Charlotte creasingly filled with disappointment, the an-
Albuquerque kl homa
om City
Oklahoma City Memphis
ph Warm Rain
San Diego Atlanta C l bbi
Atl t Columbia swer is simple: Wide receivers have stopped
70s 80s
Birmingham
i gh
Tucson
Tuc Ft. Worth Dallas
D ll Jackk
Jackson
Cold
putting up points.
El P
Paso 70s 80s T-storms
bil
Mobile Jacksonville The last time there were fewer productive
Austin
A ti 80s
0s Houston Stationary NFL wideouts was 1991. Julio Jones is having a down year.
Orlando
l d Snow
10s -0s New
w Orleans
ew
Tampa 80s This season through Week 10, no receiver
70s
Missing in Action
an Antonio
San A
20s Anchorage
A h g Honolulu
l l 70s Miami
Showers Flurries is averaging 100 yards per game. As recently
30s 80s as 2014, there were four.
Ice
Number of receivers averaging 100+ yards per
There are only three wide receivers averag- game and 80+ yards per game:
ing 80 or more yards per game: Antonio
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W Brown (Steelers, 98.0), DeAndre Hopkins (Tex- SEASON 100+ YPG 80+ YPG
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; ans, 89.2) and Adam Thielen (Vikings, 88.1). 2017* 0 3
Omaha 48 25 s 53 36 s Frankfurt 43 35 sh 44 35 sh
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 80 59 s 78 50 pc Geneva 46 32 pc 43 33 c From 2012 to 2015, there were 10 or more re- 2016 1 5
Today Tomorrow Philadelphia 55 50 r 55 36 pc Havana 83 63 pc 82 63 pc
City Hi Lo W Hi Lo W Phoenix 80 54 pc 80 55 s Hong Kong 79 66 sh 72 66 c
ceivers each year averaging 80 or more yards 2015 2 10
Anchorage 24 13 c 24 16 sn Pittsburgh 56 36 r 38 26 sf Istanbul 63 52 c 59 50 sh per game, according to Stats LLC. Granted, 2014 4 13
Atlanta 70 42 pc 54 32 s Portland, Maine 44 41 r 53 24 r Jakarta 89 74 sh 92 76 t Brown broke through with 144 yards and 2013 2 12
Austin 79 43 s 65 39 s Portland, Ore. 50 38 c 50 44 r Jerusalem 73 53 pc 68 50 pc
Baltimore 56 49 pc 54 34 pc Sacramento 61 36 s 61 48 pc Johannesburg 77 52 s 82 58 pc
three touchdowns on Thursday night against
2012 1 10
Boise 47 29 pc 50 40 pc St. Louis 63 30 sh 45 32 s London 48 37 pc 47 43 pc the Titans, but those types of games increas-
Boston 50 48 r 55 31 r Salt Lake City 44 25 pc 49 34 s Madrid 68 36 s 64 36 s ingly seem like outliers rather than the norm. 2011 1 7
Burlington 44 39 r 47 23 r San Francisco 61 47 s 62 54 pc Manila 90 78 sh 90 78 pc 2010 0 5
Charlotte 66 44 pc 57 30 s Santa Fe 50 21 s 52 24 s Melbourne 82 62 t 82 61 pc
The question is, “Why?”
Chicago 48 28 r 35 28 s Seattle 51 43 c 50 40 r Mexico City 76 44 s 68 44 pc The easy answer is that quarterback play *Through Week 10 Source: Stats LLC; WSJ
Cleveland 55 35 r 38 28 sn Sioux Falls 39 20 s 47 28 s Milan 54 34 s 52 34 s is at an all-time low due to top passers get-
Dallas 70 42 s 63 41 s Wash., D.C. 59 51 pc 54 35 pc Moscow 37 33 c 36 30 c
Denver 47 26 s 59 29 s Mumbai 93 78 pc 93 80 pc
ting hurt or aging out of excellence. But the
league-wide passer rating is barely different choice, as teams are increasingly stockpiling qual-
Detroit
Honolulu
54 33 r
81 68 pc 82 68 s
38 27 sf
International Paris
Rio de Janeiro
50
94
42 pc
75 s
48 38 pc
88 72 sh now (86.7) than in the peak-WR year of 2014 ity defensive backs through the draft, according
Houston 83 47 pc 67 44 s Today Tomorrow Riyadh 80 55 s 79 55 c
Indianapolis 60 29 r 37 26 pc City Hi Lo W Hi Lo W Rome 60 41 s 58 42 pc
(87.0) Others point to formations with more to Pro-Football-Reference’s statistical analysis.
GRANT HALVERSON/GETTY IMAGES

Kansas City 49 29 sh 52 38 s Amsterdam 48 42 sh 48 41 sh San Juan 85 74 sh 84 76 sh wide receivers on most plays. Note, however, The idea is to nab someone like Saints rookie
Las Vegas 64 41 pc 65 47 pc Athens 63 54 t 63 54 t Seoul 34 23 s 38 30 pc that the percentage of three-WR sets in 2014 cornerback Marshon Lattimore, who has trans-
Little Rock 71 38 c 57 33 s Baghdad 80 56 pc 78 62 c Shanghai 54 42 c 56 48 pc
Los Angeles 77 55 s 75 55 pc Bangkok 94 80 s 91 78 c Singapore 87 74 t 88 76 pc was 59.6% and this year it’s 62.1%, actually formed the team’s defense into one of the top
Miami 83 66 s 84 68 s Beijing 43 20 s 44 22 c Sydney 73 66 t 75 64 pc down from last year (65.7%). units in the league this year. Lattimore joins the
Milwaukee 43 27 sn 35 27 pc Berlin 42 36 pc 43 35 sh Taipei 74 62 r 66 65 r But quarterbacks are throwing less to all growing stable of corners league wide capable of
Minneapolis 35 19 pc 38 29 s Brussels 46 35 sh 46 36 pc Tokyo 56 45 r 52 41 pc
Nashville 69 36 t 48 27 s Buenos Aires 67 50 s 79 51 s Toronto 47 35 r 38 27 c wide receivers than in any year since 2010, locking down an opposing team’s top wideout—
New Orleans 80 50 pc 63 46 s Dubai 88 72 s 88 70 s Vancouver 49 43 sh 48 36 r just 57.2% of the time, according to Stats. and making fantasy lineups seem more barren
New York City 54 51 r 55 35 pc Dublin 46 36 sh 48 46 pc Warsaw 41 35 sh 40 33 sh This may be out of necessity rather than than ever. —Michael Salfino
Oklahoma City 58 32 s 60 36 s Edinburgh 45 30 pc 44 34 r Zurich 43 31 pc 41 29 sh
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Wells Fargo Fires


A Top Official
BY EMILY GLAZER tives as a sort of parting gift
AND ALLISON PRANG for years of service. They can
add up to several years’ worth
Wells Fargo & Co. fired its of pay in stock grants, options
head of consumer lending, and bonuses all at once. In re-
Franklin Codel, for critical cent years, banks have clawed
comments he made about reg- back or withheld such pay-
ulators to a former employee, ments from executives when
according to a people familiar their conduct leads to regula-
with the matter. tory fines or losses.
The abrupt dismissal of the The restrictions on the pay-
23-year Wells Fargo veteran, ments at Wells Fargo affected
one of the top dozen officials Mr. Gwizdz, who had led the
at the bank, highlights the national sales team for the
tense environment at the bank’s mortgage division, one
lender as it sorts through a va- of the people said.
riety of regulatory probes Regulations of golden para-
stemming from sales-practice chute payments for the
issues in its retail bank. bank are administered by all
Specifically, Mr. Codel was the bank’s main regulators, in-
fired Thursday over a dispar- cluding the Federal Deposit In-
JIM DAVIS/GETTY IMAGES

aging remark he made about surance Corp., the Federal Re-


regulators to Greg Gwizdz, a serve and the Office of the
senior mortgage official who Comptroller of the Currency.
worked under Mr. Codel and Last year, the OCC restricted
was terminated earlier this Wells Fargo’s ability to give
year, people familiar with the the payments.
A jet ascends after taking off from Boston’s Logan International Airport, with a rental-equipment lot in the foreground. matter said.

Carriers Battle in Boston


Mr. Codel’s remarks related

23
to how so-called golden para-
chute payments had been lim-
ited at the bank because of its
regulatory problems last year,
one of the people said. Number of years that Franklin
JetBlue controls third tried to make a run at Bos- Mr. Gwizdz reported Mr. Codel worked at Wells Fargo
Beantown Brawl ton,” said Marty St. George, Codel’s comment to the bank,
of lucrative travel Delta and other major airlines are increasing service in Boston, but so executive vice president of which reported it to its regula-
market but Delta is market leader JetBlue. commercial and planning for tors. Though it isn’t uncom-
discounter JetBlue. “We kind mon for bankers to make dis- In a brief interview Friday,
is staking a claim Number of scheduled one-way flights out of Boston* of do our own thing and don’t paraging remarks about Mr. Codel said he was “proud
focus that much on the com- regulators in private, one per- of my career with Wells Fargo”
BY SUSAN CAREY JetBlue
March 2017 petitive traffic flows. We are son familiar with the matter but declined to comment on
March 2018 really confident in our value said that given Wells Fargo’s details of his firing, saying ad-
JetBlue Airways Corp. and proposition.” position with a bevy of investi- ditional questions should be
Delta Air Lines Inc. are ramp- Delta Bob Cortelyou, Delta senior gations, it felt the need to act. directed to the bank.
ing up a turf war in Boston. vice president of network “Wells has to be very Mr. Codel’s firing comes
Airline executives say a di- American planning, said the No. 2 U.S. thoughtful and careful here,” more than a year after it was
verse economy, growing popu- airline by traffic is well posi- this person said, “What others discovered that Wells Fargo
lation and high concentration tioned to compete even as Jet- may do, they can’t.” was involved in a sales scan-
United
of business fliers are spurring Blue adds flights from Boston Timothy Sloan, Wells dal that is now expected to
their expansion at Boston’s Lo- to Delta’s Atlanta and Minne- Fargo’s CEO, said in a state- have resulted in the creation of
gan International Airport, Southwest apolis hubs. “I think they’re ment that as “difficult as this as many as 3.5 million accounts
which generates outsize reve- trying to stretch their wings,” situation is, the decision re- using fictitious or unauthorized
nue for its size. he said of JetBlue. Delta plans flects our commitment to our customer information. He
Spirit
American Airlines Group to have 105 daily flights out of values and culture.” wasn’t directly implicated in
Inc., United Continental Hold- Boston by March, up from 93 Mr. Gwizdz, who couldn’t be that scandal.
0 1,000 2,000 3,000 4,000 5,000
ings Inc. and ultradiscounter in June of this year. reached to comment, was fired The company said in July it
Spirit Airlines Inc. also are in- Source: OAG Aviation Worldwide THE WALL STREET JOURNAL. JetBlue controls nearly a over the summer related to the would refund $80 million to
creasing seats and flights to third of passenger traffic in regulatory problems within customers who had been in-
Boston albeit at a slower clip, says fares have dropped on fornia, is adding service and Boston, serving 65 destina- Wells Fargo’s mortgage divi- correctly charged for auto in-
according to data from OAG some routes where it now com- working with regulators to tions in the U.S., the Carib- sion. A 26-year veteran of the surance.
Aviation Worldwide Ltd. petes with Delta out of Boston. launch flights from the Golden bean and Central America with bank, Mr. Gwizdz had previ- The bank then said 570,000
The U.S. airline industry has Meanwhile, Alaska Air State to Hawaii in the next 160 daily flights and plans to ously overseen Wells Fargo’s customers could have been af-
been consolidating, but that Group Inc. is building on its year or so. And the entire in- go to 200 within a few years. roughly 7,900 mortgage-loan fected. In October, the bank
hasn’t kept carriers from com- acquisition of San Francisco- dustry is battling for market The airline partners with 17 officers. said it would refund around
peting aggressively in lucrative based Virgin America Inc. by share at Los Angeles Interna- foreign airlines on interna- Golden-parachute payments 110,000 mortgage customers
markets such as Boston, San bringing new flights to Cali- tional Airport, where no single tional routes out of Boston. are controversial with some who may have wrongfully paid
Francisco and Seattle. Along fornia. Southwest Airlines airline dominates. Mr. St. George said Boston regulators and investors, typi- fees for mortgage lock exten-
with added service, JetBlue Co., the biggest carrier in Cali- “Every legacy airline has Please see AIR page B2 cally going to exiting execu- sions.

THE INTELLIGENT INVESTOR | By Jason Zweig


Electric
A 10% Stock Gain Vehicles
May Feel a Bit Puny Struggle
Big gains
can be hard to
ments from 1984 through
2013 in which companies
In China
20TH CENTURY FOX/EVERETT COLLECTION

find in the fi- earned either more or less BY TREFOR MOSS


nancial mar- than investors had expected.
kets. Nowa- In a positive earnings sur- GUANGZHOU—Electric ve-
days, though, prise, a company reports net hicles aren’t yet living up to
they seem to be everywhere, income greater than the av- the hype, auto makers in China
and that could change how erage forecast by Wall Street are finding, as they churn out
you feel about taking risks. analysts; in a negative sur- more EVs than they can sell to
Through Thursday, the prise, earnings fall short of satisfy government directives.
S&P 500 was up 359% since that consensus. Beijing tempts buyers with
the bull market began March The researchers found subsidies and the construction
9, 2009, counting dividends, that when companies an- Among properties on the table is the Twentieth Century Fox studio, producer of ‘The Greatest Showman.’ of a vast charging network—
according to S&P Dow Jones nounced a positive surprise and pushes consumers to buy
Indices. This year alone
through Thursday, Alphabet
Inc. (the parent company of
Google) has returned 32%;
the day after a firm in the
top tenth by market value
also beat expectations, their
shares didn’t go up nearly as
Fox Overseas Assets Lure Bids electric cars in crowded cities.
The policies have made China
a driving force in world-wide
development of EVs, and left
Amazon.com Inc., 52%; Ap- much as they normally BY JOE FLINT TV studio, some U.S. cable net- versal studio, but hasn’t built foreign auto makers scram-
ple Inc., 50%; and Facebook would. And the day after a works and the international op- as big an overseas presence as bling to keep up.
Inc., 56%, including divi- big company announced a For Comcast Corp. and oth- erations, as well a stake in some of its peers. Yet at the Guangzhou Auto
dends. negative earnings surprise, ers interested in acquiring streaming service Hulu. Comcast only gets about 8% Show, companies are reckon-
Against that backdrop, the shares of all companies pieces of 21st Century Fox, Comcast is especially inter- of its revenue from interna- ing with the challenge of at-
even what investors used to reporting earnings per- the media company’s interna- ested in Fox’s holdings in Eu- tional operations, largely be- tracting buyers—and generat-
regard as a generous annual formed slightly better than tional operations are the main rope and India, according to a cause its massive cable and ing profits—while meeting
gain—say, 10%—starts to feel usual. attractions, as the U.S. pay- person familiar with the cable broadband distribution business Beijing’s requirement that
paltry. New research into a An earnings surprise television market slows down. giant’s thinking. They include operates just in the U.S. By con- electric vehicles account for
mental process called “con- should move a stock only be- 21st Century Fox is enter- its 39% stake in U.K. pay-TV op- trast, 21st Century Fox gets 28% roughly 3% to 4% of their total
trast effects” shows how cause it contains new infor- taining acquisition interest erator Sky and Star India, a of total revenue from overseas, output in 2019.
that works and how it can mation about that company’s from companies including Com- fast-growing group of channels while Discovery Communica- Volkswagen AG aims to
alter your behavior. prospects. In fact, “today’s cast, Verizon Communications carrying everything from tions Inc. gets 47%. build 400,000 EVs by 2020 to
Finance professors Samuel news will seem slightly less Inc. and Sony Corp.’s entertain- cricket to nightly soap operas. The U.S. pay-TV business has meet the green-car targets,
Hartzmark of the University impressive if yesterday’s at- ment unit, people familiar with The largest U.S. cable-TV been hugely profitable for years. but it is unrealistic to expect
of Chicago Booth School of tention-grabbing surprises the matter say. Fox earlier held and broadband provider, Com- And Comcast, which invested consumers alone to buy that
Business and Kelly Shue of were positive,” says Prof. talks with Walt Disney Co., but cast has a market cap of $169 heavily in advanced set-top box many, said Jochem Heizmann,
Yale University’s School of Hartzmark, “and slightly didn’t reach a deal. The assets billion. It owns the NBC net- technology, was able to fend off the company’s chief executive
Management analyzed nearly more impressive if yester- on the table include the Twen- work, the NBCUniversal suite some of the impact rivals felt as in China. The company, he
76,000 earnings announce- Please see INVEST page B5 tieth Century Fox movie and of cable channels and the Uni- Please see FOX page B4 Please see CHINA page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE


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

A Ford Motor..................B3 RH..............................B11


Abercrombie & Fitch...B2 Funko...........................B2 Rockwell Automation
Alaska Air Group........B1 G ...................................B11
Alphabet ................ B1,B4 Roku .......................... B11
General Electric.B10,B11
Amazon.com..........B1,B4 General Motors...........B3 S
American Airlines Group Goldman Sachs Group Siemens.....................B11
.....................................B1 .....................................B2 Snap...........................B11
American International SoftBank Group..........B4
Group.......................B10
H
Southwest Airlines .... B1
Apple...........................B1 Honeywell International Spirit Airlines ............. B1
Axios ........................... B4 ...................................B11 Stitch Fix...................B11
B J T
BlackRock..................B10 J.C. Penney..................B5 Tesla.....................B3,B11
Blue Apron Holdings JetBlue Airways ......... B1 Toyota Motor..............B3
............................. B3,B11 J.P. Morgan Chase......B2
U
Brookfield Asset L
Management...........B10 United Continental
Lidl...............................A1 Holdings....................B1
C Lidl Stiftung ............... A1 Urban Outfitters.......B11
Cloudera .................... B11 M V
Cummins ..................... B3 Macy's.........................B5 Virgin America............B1
D MetLife......................B10 Volkswagen.................B3
Daseke.........................B3 Microsoft.....................B4 W
Delta Air Lines ........... B1 N-O Wal-Mart Stores
Dongfeng Motors........B3
Nikola Motor...............B3 ........................ B3,B5,B11

KELSEY AYRES/NASDAQ
E Nissan Motor..............B3 Walt Disney................B4
Electronic Arts............B4 Okta...........................B11 Wells Fargo.................B1
Emerson Electric.......B11 P-R West Face Capital......A2
F Peugeot-Citroen..........B3 Y
Facebook......................B1 Prudential Financial..B10 Yahoo...........................B4
Foot Locker..........B2,B11 PSA Group...................B3 Yahoo Japan................B4
CEO Katrina Lake, center, celebrates the company’s IPO on Nasdaq. The stock closed up 1% on Friday after its price was cut.

B
INDEX TO PEOPLE
J Porat, Ruth ................. B4
Stitch Fix Trips Down the Runway
Brown, Tina.................C7 Jobs, Laurene Powell . B4 R BY MAUREEN FARREL tors had said they were con- she had the “luxury of choosing
C Johnson, Dick..............B2 Rosenthal, Jeff...........B2 AND CORRIE DRIEBUSCH cerned about the company’s Rocky Debut timing,” as they didn’t need the
K ability to keep up its growth Shares of Stitch Fix closed cash because they had roughly
Codel, Franklin............B1 S
Stitch Fix Inc. stumbled in and fend off potential compe- slightly above their IPO price $110 million ahead of the IPO.
Cortelyou, Bob............B1 Katzenberg, Jeffrey....B4 Saikawa, Hiroto..........B3 its stock-market debut, dip- tition. The company had been on their first day of trading. Stitch Fix’s revenue rose
D Ketchum, Stephen......B2 Schwartz, Roy.............B4 ping below its IPO price before aiming to price its shares be- 34%, to $977 million, in the
Kondratiuk, Jean- Shanker, Ravi..............B3 $19
Dominique, Larry........B3 François.....................B3 eking out a gain at the close. tween $18 to $20 apiece. year ended July 29, from $730
Singh, Navjot..............B2 The fashion startup had While some closely held million in 2016, according to a
E L Sloan, Timothy ........... B1 priced its shares below expec- companies have opted to raise regulatory filing. Between the
Elon Musk.................B11 18
Lake, Katrina...............B2 Spallanzani, John......B10 tations Thursday night in the large amounts of private capi- years ended July 2015 and 2016,
F Linebarger, Tom..........B3 T latest rocky debut for a high- tal to put off going public, revenue more than doubled.
Flannery, John .......... B11 M Talal, Prince al-Waleed profile technology offering. company founder and CEO Ka- 17 Meal-kit-delivery service
G Müller, Matthias.........B3 bin.............................A7 The stock opened at $16.90 trina Lake said an IPO was al- Blue Apron Holdings Inc. and
Gabrielson, Oskar.......B4 Musk, Elon..................B3 Tavares, Carlos ........... B3 Friday, above the initial-pub- ways the plan. Early on, she 16 Snapchat maker Snap Inc. are
O Thompson, Ben.........B10 lic-offering price of $15, and said, she struggled to raise fi- both trading below their IPO
Glynn, Thomas............B2
Troska, Hubertus........B3 rose as high as $18.53. But the nancing from venture-capital prices. It marks another blow
Gwizdz, Greg...............B1 Osborne, Jeffrey.........B3
stock, which listed on Nasdaq investors. Stitch Fix last raised 15 IPO price for Goldman Sachs Group
H-I V
P Inc., closed trading at $15.15, capital in 2014 at a $300 mil- Inc., which was a lead under-
VandeHei, Jim.............B4
Heizmann, Jochem ..... B3 Penner, Greg ............... B4 up 1%, valuing Stitch Fix at lion valuation, according to a writer on Stitch Fix’s offering
Y 14
Hirsch, Greg................B3 Perrott, Ashley...........B2 $1.46 billion. person close to the deal. along with J.P. Morgan Chase
Iger, Robert.................B4 Pitaro, Jimmy ............. B4 Yang, Jing....................B3 The average first-day pop “We always imagined that 10 11 noon 1 2 3 4 & Co. Goldman also led the
for a U.S.-listed IPO in 2017 is this is a path we’d want to have Source: FactSet IPOs of Blue Apron and Funko
10%, according to Dealogic available for us,” she said. “The THE WALL STREET JOURNAL. Inc., the latter of which earlier

CHINA for some Chinese auto mak-


ers—but not electric pioneers
like BYD Co. and BAIC Motor
data through Thursday.
Stitch Fix, which selects
and ships outfits for its cli-
question was always around
timing.” She said that they
chose to go public now because
jectory, a difference from a
year ago when the company
this month posted the worst
first-day fall since 1995 for a
company raising $100 million
Continued from the prior page Co., whose overall car sales in ents, has a track record of the business has “good predict- was notching “really crazy or more in a U.S.-listed IPO,
said, is studying options like the first nine months of 2017 profitability, but some inves- ability” around its revenue tra- growth rates.” Still, she said, according to Dealogic.
car-sharing services to soak up were down 19% and 26%, re-
the excess. spectively. They have over-
EV supply already exceeds
demand: Auto makers made
424,000 in the first nine
months of the year, but sold
committed to EVs, some ana-
lysts think, accounting for
nearly half the Chinese market
between them.
Hopeful Signs for Some Apparel Retailers
only 398,000, according to the EV launches at the auto BY AUSTEN HUFFORD
China Association of Automo- show Friday included the BAIC AND ALLISON PRANG
bile Manufacturers. And ana- Lite, a two-seater that seeks to
lysts estimate individual con- stand out with flashing exte- Specialty retailers, includ-
sumers account for as little as rior LED panels that Deputy ing Abercrombie & Fitch Co.
a quarter of the total, with the General Manager Lu Hao said and Foot Locker Inc., gave
rest bought by state-run taxi will entice young buyers. With some hope to investors that
companies or other public-ser- subsidies, the Lite costs their businesses were evolving
vice fleets. This echoes the EV around $13,100. Pushing up with the times, providing a re-
market’s development in the the price when subsidies end prieve after a sluggish start to
U.S., where demand is flagging would kill sales, Mr. Lu said, the year as they warned that
even with heavy incentives in so to make the cars viable changes in shoppers’ habits
DAVID PAUL MORRIS/BLOOMBERG NEWS

some areas. BAIC would need to develop would hurt profits.


“Customers are hesitant to service revenues. Shares in Foot Locker had
pay a lot more money for an BYD is sticking to its 2018 their best day in at least 40
electric vehicle,” said Huber- EV sales target of 200,000, a years in Friday trading, while
tus Troska, China head for company spokeswoman said, Hibbett Sports Inc. and Aber-
Daimler AG, parent of Mer- up from its goal of 170,000 crombie stock rose 15% and
cedes-Benz. And that cost gap this year. Through October, it 24%, respectively. The compa-
is with generous EV subsidies had sold 88,000 EVs. nies all posted same-store
in place. The government is Even as China’s EV leaders sales that were higher than
set to end them in 2020. struggle and despite concerns expected, with the price
Still, car makers pile on. about the strength of demand, moves highlighting the impact Abercrombie & Fitch Co. sales at stores opened at least a year grew at its fastest rate in six years.
Last week, Ford Motor Co. be- the big foreign players are of positive reports from the
came the latest foreign maker readying their assault on the sector. Still, the companies re- year ago. times this year, raising its
to commit to make EVs in market. Volkswagen will invest At Abercrombie & Fitch, ported that to win customers, Foot Locker in August sig- forecast Friday from previ-
China, announcing plans for a nearly $12 billion in EV devel- sales at stores opened at least they had to increase discount- naled that growth in the ath- ously lowered guidance,
new $756 million plant. Tesla opment and launch five EVs a a year grew at its fastest rate ing and marketing spending, leisure market may be coming though the new guidance re-
Inc. aims to build an EV fac- year in China through 2025, in six years as the teen retailer which cut into profits. Hibbett to an end, as it reported its mains below what was ex-
tory in Shanghai. Mr. Heizmann said. Daimler is closed stores, lowered prices said those promotions hurt its first same-store sales decline pected even earlier.
Government policy assures investing around $750 million and revamped its marketing. gross margin for the quarter, since 2009. On Friday, the re- Hibbett Chief Executive Jeff
a certain level of demand: In in a local battery plant to The quarter’s results “re- which was 32% of net sales, tailer’s 3.7% decline in compa- Rosenthal said that in the third
congested cities like Guang- power electric Mercedes-Benz flect clear progress across all down from 35.4% a year ago. rable-store sales came in quarter the performance of its
zhou, new license plates for cars. our brands in a still challeng- “Our markdown strategy is ahead of estimates, as analysts e-commerce business beat in-
gasoline cars are severely re- Their determination chal- ing market,” Abercrombie based on our being competi- polled by Consensus Metrix ternal expectations, as it saw
stricted, making EVs more ap- lenges Chinese hopes of domi- Chief Executive Fran Horowitz tive in the marketplace,” Foot expected a 4.2% decline. results from marketing cam-
pealing. And for now there are nating the future EV market. said on a call with analysts. Locker Chief Executive Dick For Hibbett, analysts ex- paigns and strong conversion
the generous subsidies. Con- When it comes to EVs, “profit- Abercrombie and others have Johnson said on a call with pected a drop of 8.4%, but the from those browsing online to
sumers pay only $5,400 for ability will be achieved with been hit hard by declining analysts. retailer posted same-store actual sales. Those investments
the Baojun E100 electric car, volume sales,” and ultimately mall traffic, changing tastes Even with the stock gains sales that fell 1.3%. led to higher store operating,
for example, but its maker—a only the big foreign manufac- and competition from fast- Friday, all three companies Hibbett has also altered its selling and administrative ex-
joint venture between General turers have the scale, said fashion and online players. were lower than they were a annual guidance multiple penses, the company said.
Motors Co. and SAIC Motor Janet Lewis, Macquarie Capi-
Co.—gets an extra $8,760 from tal Research’s managing direc-
the government.
Even given falling costs for
batteries and other EV tech-
tor of equity research.
—John Stoll in Detroit
contributed to this article.
AIR Seattle early next year. Mint is
aimed at corporate clients and
affluent leisure fliers looking
with the goal of creating a new
hub and gateway to Asia there.
That sparked a slugfest with
business class on flights to San
Francisco and Los Angeles.
Logan can accommodate
nologies, the end of subsidies Continued from the prior page for lower fares than JetBlue’s longtime code-sharing partner the added flights from JetBlue,
will make it impossible for is JetBlue’s highest-margin rivals charge for the front of Alaska Airlines in which the Se- Delta and other carriers, said
many makers to profit on EVs, Electric Shock city and predicted Logan will the cabin. attle-based carrier held its own Thomas Glynn, chief executive
said Jing Yang, an associate Sales of electric vehicles are pass its base at New York’s Delta, which traces its roots in its hometown and Delta got a of the Massachusetts Port Au-
director at Fitch Ratings. They forecast to grow in China, but John F. Kennedy International in Boston to its 1972 acquisi- hub—though at the expense of thority, which operates the
will “have to sacrifice short- will still make up a small share of in the years ahead as its busi- tion of Northeast Airlines, has their relationship. airport. Today, larger air-
term profitability for market the market when subsidies end. est airport. added 11 destinations from Lo- planes serve some of the
share,” or simply quit the EV Government data shows gan in the past year—some of routes to handle rising de-
Passenger-vehicle sales in China
business, Ms. Yang said. fares to and from Boston in them cities that JetBlue also mand at lower per passenger
Auto makers could face
EVs Others
the second quarter were serves—and intends to fly to
The added airline cost, and the overall number
similar problems in the U.S. 35 million vehicles cheaper than in many other 42 destinations by spring. competition could be of flights has actually
GM, for example, which cur- End of government large markets. Nonetheless, Taking a page from Delta’s dropped, Mr. Glynn said.
rently sells one fully electric
30 subsidies Logan, the nation’s 17th-larg- playbook, JetBlue has signed
a boon for travelers The added competition
vehicle there—the Chevrolet 25 est airport by passenger traf- sponsorship deals with the four in the Boston area. could be a boon for travelers.
Bolt—plans two more by early fic, is No. 7 in overall revenue biggest professional sports JetBlue says fares have
2019. But demand is uncertain 20 because of a preponderance of teams in the Boston area. But dropped on routes where it
outside states that offer heavy business fliers, who tend to Delta’s charter unit transports competes with Delta. And road
incentives, such as New York, 15 pay more because they book the Celtics and Red Sox to Mr. Cortelyou said Delta’s warriors are cheering the new
California and Colorado. The trips at the last minute. away games. Delta said it has global reach will help it com- choices, including a doubling
10
company, which aims to be JetBlue launched its luxury new sponsorships with Bos- pete with JetBlue in Boston for of international routes since
profitable on battery-powered 5 business-class service, dubbed ton’s House of Blues, Boston corporate customers. Delta 2006. “From the perspective
cars by 2021, has said ride- Mint, last year on flights from Calling Music Festival and the serves four of the five leading of business travelers, having
sharing fleets, such as Lyft 0 Boston to San Francisco and Head of the Charles Regatta. European destinations from more international and domes-
Inc. drivers, will play an im- ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 Los Angeles. More Mint desti- This won’t be the first time Boston and operates a shuttle tic flights is good for us,” said
portant role in keeping EV forecast nations from Boston are in the Delta is chasing a market service with frequent flights to Navjot Singh, managing part-
sales viable. Source: Bernstein Research works, including San Diego leader. The airline started grow- New York. It is also introduc- ner at McKinsey & Co.’s Bos-
This has been a strong year THE WALL STREET JOURNAL. next month and Las Vegas and ing rapidly in Seattle in 2013 ing its Delta One lie-flat bed ton office.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, November 18 - 19, 2017 | B3

BUSINESS NEWS

Tesla Plays the Long Game With Semi


Company touts range time to market.” Cowen analyst about $500 million over the
Jeffrey Osborne said “our mind next three years developing
and cost to operate, wasn’t blown.” electric powertrains for buses,
but questions remain; Trucking companies are fo- fork lifts, city delivery trucks
cused on ownership costs, reli- and other vehicles that typically
‘mind wasn’t blown’ ability and the availability of travel shorter distances and
service. Without costs for diesel would require smaller batteries.
Tesla Inc. Chief Executive fuel and maintenance expenses Tesla was vague about how
Elon Musk is taking on the for an internal combustion en- it achieves the cost difference.
commercial truck market with gine, Mr. Musk said the Semi Tesla would charge truckers 7
an approach that defies conven- will cost $1.26 a mile to oper- cents per kilowatt-hour for
tional expectations: an all-elec- ate, compared with $1.51 for a electricity drawn from its solar-
tric vehicle capable of traveling diesel truck. powered charging stations.
for hundreds of miles on a sin- Incumbent truck and engine That is about half the average
gle charge. makers in the U.S. remain wary kilowatt cost in the U.S.
of the economics behind heavy- Part of Mr. Musk’s calcula-
By Bob Tita, duty electric trucks. With the tion for making his trucks at
Tim Higgins price of diesel averaging $2.50 least 20% cheaper to operate
ALEXANDRIA SAGE/REUTERS

and Jennifer Smith a gallon and new model trucks than a diesel truck is through
providing significantly better the creation of a fast-charging
Commercial truck makers fuel economy than a decade network dubbed Megachargers
trying electrification initiatives ago, most predict that wide- that he says will be built world-
have largely focused on smaller spread adoption of large elec- wide, allowing the commercial
trucks for short-run duties, ar- tric trucks is at least a decade vehicles to regain 400 miles
guing the battery range, weight away and will be driven by reg- worth of charge in 30 minutes.
and cost of long-haul electric Tesla’s new electric semi truck was unveiled during a presentation this week in Hawthorne, Calif. ulatory restrictions for truck They could be installed at ori-
trucks makes them impractical. engine emissions. gin and destination points al-
With the Semi, unveiled this Stores Inc. said Friday it has ger. The Semi is aerodynamic, dent at trucking company “We don’t think they’re viable lowing for recharging during
week and due out in 2019, Mr. preordered 15 Tesla trucks to but the likely weight of the bat- Daseke Inc., said in an email. in long-haul, heavy-duty trucks,” loading and unloading.
Musk is promising a vehicle test. J.B. Hunt Transport Ser- tery and its 500-mile range may The company specializes in Tom Linebarger, chief executive Mr. Musk didn’t release a
that can travel 500 miles on a vices Inc. also placed a reserva- hurt its ability to compete hauling oversize industrial of engine maker Cummins Inc. price for the Semi and there are
single charge—enough to cover tion for “multiple” Semis, but against heavy-duty diesel trucks equipment and materials, often told investors Thursday. “Given other issues to address. Lithium
most regional freight deliver- only to deploy in short-run ser- can run for 800 to 1,000 miles over long distances. the range and given the weight ion batteries are heavy and
ies—and is cheaper to operate vice such as to and from West between refills. Morgan Stanley auto analyst sacrifice with lithium ion, it just bulky, for instance, and extend-
than diesel trucks. Coast ports and truck-to-train “The limited 500-mile range Ravi Shanker said the Semi doesn’t look like battery electric ing the range of the battery
Some potential customers transfer yards. of the Tesla truck hinders our “topped most of our expecta- vehicles are the right solution likely adds weight, which sub-
said they are willing to give Fleets that move cargo thou- ability to be an early adopter,” tions in terms of performance, for long-haul trucks.” tracts from the amount of cargo
Tesla a try. Retailer Wal-Mart sands of miles may be less ea- Greg Hirsch, a senior vice presi- cost savings, capability and Cummins plans to spend that can be carried.

Peugeot Takes Slow Lane in Return to U.S. Market


BY WILLIAM BOSTON initial step doesn’t involve vehicles winning the Indianap- 2013, Peugeot had €8.1 billion Mr. Dominique has Peugeot to “push the button and
AND NICK KOSTOV Peugeot-made cars and instead olis 500 in 1913, 1916 and 1919. in positive cash flow last year launched a handful of mobility very quickly…make those cars
focuses on a car-sharing app Since taking the helm of the and a 6% profit margin, mak- services for Peugeot North for the U.S. market,” he said.
BERLIN—Peugeot SA wants and a peer-to-peer car-sharing nearly bankrupt PSA Group SA, ing it one of the most profit- America such as Free2Move, a Besides having improved
to become a household name service to learn consumer which owns the Peugeot, Cit- able mass-volume car makers car-sharing app, in Seattle, Peugeot’s finances, Mr. Tavares
in the U.S., but there is one preferences. Consumers will and TravelCar, a service that also has repaired its relations
hitch: The maker of the Peu- be able to test-drive Peugeot allows car owners to rent their with French employees. The
geot, Citroën, and Opel brands cars long before they can buy. vehicles when they aren’t in company, France’s biggest car
hasn’t sold a car in America in “If we make a big mistake,
Peugeot last year was one of the world’s most use. The mobility services are maker by sales, shed 17,000
nearly three decades. it’s over,” he said. “We don’t profitable mass-volume car makers. Peugeot’s first efforts to get jobs over three years without
“Our goal is to become a want to step in and step out. its feet wet in the U.S. market. forced layoffs, which got the
global car maker,” Carlos Tav- We want to step in and stay.” “It’s a way of stepping in unions on board and overcame
ares, Peugeot’s 59-year-old, Peugeot pulled out of the without taking enormous risks resistance to his plans.
Portuguese-born chief execu- U.S. in 1991 after years of roën and Opel brands, Mr. Tava- in the world. by throwing new cars at the Jean-François Kondratiuk, a
tive told The Wall Street Jour- plunging sales, which hit a low res has overseen a cost-cutting The former Nissan and Re- market,” Mr. Tavares said. former union representative
nal in an interview. “The U.S. of 4,261 in its last year. But turnaround, helped by a bailout nault executive this year ap- He has already brought in a who sits on Peugeot’s supervi-
is a country that is very close the company has a long his- from the French state and pointed a former Nissan col- team of U.S. engineers to over- sory board, said Mr. Tavares,
to our hearts.” tory in the U.S., said Mr. Tava- China’s Dongfeng Motors Ltd. league, Larry Dominique, to see development of new models unlike his predecessors, takes
His plan is a 10-year road res, a former race-car test- After bleeding more than €1 steer Peugeot’s campaign to that would be designed to U.S. time to meet with workers and
map that is so gradual that its driver who recounted Peugeot billion ($1.18 billion) in cash in re-enter the U.S. market. standards. That would allow their representatives.

VW Bets Big on Electric Cars


BY WILLIAM BOSTON

BERLIN—Volkswagen AG
in just a few years are ex-
pected to drive themselves
and be part of roaming robot
Friday, after company direc-
tors approved his five-year
budget, adding that the plan
DEFY
Your Age.
plans to invest around $40 bil- taxi services. “creates the framework to
lion over the next five years to Critics have dismissed the make Volkswagen No. 1 world-
develop electric vehicles, self- vision of a driverless automo- wide in electric mobility by
driving cars and Uber-like mo- tive world as pie in the sky, 2025.”
bility app services, in the lat- but the multibillion-dollar Volkswagen said it would
est sign that auto makers are gamble by the industry’s big- retool its plant in Zwickau in
betting the future of their in- gest players demonstrates that eastern Germany to become
dustry on the new technology. Volkswagen, Ford Motor Co., its first electric-car plant in
Volkswagen’s drive to pro- General Motors Co., Toyota Europe. It is expected soon to
duce electric cars and self- Motor Corp., and others are announce that will produce
driving vehicles comes as the committed to develop the new electric cars at its U.S. plant in
entire industry pivots from a technology and quickly get the Chattanooga, Tenn., or its
century-old business model of new vehicles on the road. Puebla, Mexico, factory.
building gasoline-powered “The car is being rein- U.S. auto makers are also
cars for the family to produc- vented,” Volkswagen Chief Ex- beginning to redirect invest-
ing fleets of electric cars that ecutive Matthias Müller said ment capital away from con-
ventional engines and into
electric cars.
Ford has said that by 2022
it would slash spending on
conventional engines by a
third, around $500 million,
and invest instead in develop-
ing electric and hybrid vehi-
cles. That comes on top of
about $4.5 billion in planned
spending to develop more
than a dozen new electric ve-
hicles. GM plans to launch 20
electric vehicles world-wide
over the next six years.
But those plans pale in
KRISZTIAN BOCSI/BLOOMBERG NEWS

comparison to Volkswagen.
Under its “Roadmap E” um-
brella, Volkswagen plans to Take Control of Your Health.
produce at least one electric
or hybrid version of each of its Feel 10+ years younger with the Cenegenics Elite Health
300 models by 2030 and is
taking bids for $59 billion of Program, the Gold Standard in Age Management Medicine.
battery-cell orders.
—Nathan Allen in Barcelona
Electrical wiring for VW cars at a factory in Wolfsburg, Germany. contributed to this article BENEFITS INCLUDE
+ Decreased Body Fat + Improved Mental Sharpness
Nissan Report Faults Management + Increased Muscle Tone and Sleep Quality
BY SEAN MCLAIN The scandal resulted in Nis- cle checks at Nissan factories + Increased Physical and + Decreased Risk of
san recalling 1.2 million vehi- possibly as far back as 1979,
YOKOHAMA, Japan—Nis- cles in Japan, nearly every one and the practice became the Sexual Vitality Age-related Diseases
san Motor Co. released an in- it produced in the past three norm throughout the 1990s.
ternal report detailing how years, and has hammered do- “For us, this happened all
factory workers engaged in a mestic sales after the company of a sudden. But in retrospect,
multidecade coverup designed shut down production for looking at the details, I see Schedule your complimentary consultation today!
to fool inspectors and meet Japan to resolve the issues. that there are things we
management demands. The report blamed manage- should have done,” said Chief
Friday’s report seeks to out- ment for setting unrealistic Executive Hiroto Saikawa.
line causes of a vehicle-inspec- targets, relying on factory The report said foremen and
tion scandal at Japan’s second- workers to figure out the de- factory workers were aware of
largest car maker by sales—in tails. As a result, factory work- the violations and made efforts
which final vehicle inspections ers cut corners to meet those to hide the evidence from com-
where being conducted by the
wrong personnel. Trainees, for
targets and then hid the evi-
dence, the report said.
pany auditors and government
regulators. There was no evi-
866.251.2319
example, received badges to The investigation found dence that factory manage- TRYCENEGENICS.COM
make it seem like they were that trainees have been con- ment or headquarters knew
fully qualified inspectors. ducting parts of the final vehi- about the coverup.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B4 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

BUSINESS & TECHNOLOGY

Google to Add Engineers in Japan Media


Startup
Company is pushing
infrastructure buildup
at time Yahoo Japan Bolsters
also is expanding
BY MAYUMI NEGISHI
Funding
BY BENJAMIN MULLIN
TOKYO—Google is expand-
ing in Japan to ride a wave of Less than a year after Polit-
technology investment in Asia ico co-founder Jim VandeHei
and challenge cloud-computing launched the media startup
providers Amazon.com Inc. Axios with plans to upend the
and Microsoft Corp. way news organizations de-
Google, a unit of Alphabet liver stories and advertising,
Inc., said on Friday it plans to the company is plotting a ma-
move in 2019 to a new Tokyo jor expansion of its newsroom.
office big enough to double To fund the expansion, Ax-
its staff. The company also ios has raised $20 million, ac-
said it is seeking new ways to cording to Axios co-founder
use big data and machine and President Roy Schwartz.
learning in Japan, as well as The funding round, Axios’s
expand its cloud services for second, was co-led by venture-
local businesses. capital firms Greycroft Part-
Japanese companies, includ- ners, e.ventures and Lerer
ing the likes of utility Tokyo Hippeau Ventures.
Electric Power Co. and cloth- Greycroft and Lerer Hip-
ing-chain operator Fast Retail- peau both participated in Ax-
ing Co., increasingly are looking ios’s initial $10 million round
for faster and more secure last year.
KIYOSHI OTA/BLOOMBERG NEWS

ways to store and analyze huge Other backers from last year
amounts of data. also increased their invest-
Google’s plans for Japan ment, including Comcast
come as the company invests Corp.’s NBCUniversal, Laurene
heavily in Asia to catch up in Powell Jobs’s Emerson Collec-
services such as cloud-storage tive and Wal-Mart Stores Inc.
products from Amazon and Mi- Chairman Greg Penner. Wn-
crosoft. drCo, a media-and-technology
“Doubling our presence in A Google Cardboard virtual reality headset was used to demonstrate SoftBank’s Pepper robot at a media event in Tokyo last year. firm founded by Hollywood ex-
Japan means growing our ecutive Jeffrey Katzenberg, is a
strong engineering teams Japan’s biggest internet-portal deep-learning applications and delivery system. firm Nielsen Co. Japan. new investor in the round.
here,” Alphabet Chief Financial operator, a joint venture be- a data-research center with 500 As a trailblazer for Japan’s But increasing smartphone Axios plans to use some of
Officer Ruth Porat said at a tween SoftBank Group Corp.’s engineers, spending years to use of the internet, Yahoo use has helped Google log twice the financing to expand its ca-
news conference. Google has Japan unit and Yahoo Inc., is personalize its voice-recogni- Japan has managed to keep its as many user searches as Yahoo pacity for data analysis, prod-
about 1,300 employees in building up its own infrastruc- tion and electronic-payments lead over Google among per- Japan, according to web-traffic uct development and audience
Japan. ture for big data and machine services. sonal computer users, with a analysis firm Statcounter. growth, as well as developing
That could see Google vying learning. In 2010, the company ad- monthly average of 34 million A Yahoo Japan spokesman new coverage areas, said Mr.
with Yahoo Japan Corp. for en- Yahoo Japan has invested in opted Google’s search-engine users to Google’s 22 million, ac- declined to comment on Schwartz. By the end of 2018,
gineers in a tight labor market. a supercomputer specializing in algorithms and advertisement- cording to market research Google’s plans. Axios plans to have roughly 150
staffers, up from 89 now.

FOX Global Hunt


Comcast is especially interested in Fox's international assets, in part because the U.S. pay-TV market has stagnated.
Jim VandeHei
launched Axios
in January to
Continued from page B1 Quarterly net change in Comcast’s video subscribers Share of revenue from international operations* help fix what

ZUMA PRESS
customers retreated from cable. International Total revenue he labeled a
100 thousand customers
But lately, the cable giant has Comcast $80.4B ‘broken’ media
also gotten hit. In the most re- business.
cent quarter, it lost 125,000 res- 50 Disney $55.6
idential and business TV cus-
tomers, its largest quarterly loss When Axios made its debut
in three years. 0 Time Warner $29.3 in January, Mr. VandeHei said
Comcast noted that a spate the company would introduce
of major hurricanes had cost it Fox† $28.5 a high-end paywall, help fix
some subscriptions, but ac- –50 what he called a “broken” me-
knowledged on an earnings call CBS $13.2 dia business and create smart,
that larger forces were also at short content and newsletters
work, including competition –100 aimed at corporate executives
3Q 2017 Netflix $8.8
from online TV services and t125,000 and other professionals.
“skinny” pay-TV bundles. The –150 Today, there is still no pay-
impact of consumers cutting or Discovery $6.5 wall. Mr. VandeHei says that
trimming back cable-TV pack- 2014 ’15 ’16 ’17 has been put off until late
ages has also hurt the cable net- *Based on most recent fiscal year †21st Century Fox owns a minority stake in Sky and doesn't consolidate its revenue 2018, in part to allow the com-
works business for all media Sources: the company (customers); MoffettNathanson (revenue) THE WALL STREET JOURNAL. pany to continue to build its
companies, including Comcast, audience with the free site.
putting pressure on ratings and the Fox International Chan- AT&T’s deal, it would be un- benefit from combining their cast is effectively a silent part- Advertising and audience
advertising revenue. nels, which include networks likely to let Comcast add even movie and TV studios with ner in Hulu now—one of the growth have beat expecta-
21st Century Fox’s portfolio in Europe, Latin America and more content to its portfolio. Twentieth Century Fox. Disney conditions of its 2011 purchase tions, the chief executive said,
would immediately make Com- Asia, according to analysis Comcast’s last attempt at a has already announced its in- of NBCUniversal. That condi- so “we’d be insane not to pour
cast a force overseas. Star India from MoffettNathanson. so-called horizontal acquisi- tentions to launch a streaming tion expires next year. Time all of our effort into building
alone has grown to $1.3 billion 21st Century Fox and Wall tion—buying Time Warner Ca- service that would compete Warner is the other stake- that audience.”
in revenue from $570 million in Street Journal-parent News ble—fell apart following resis- with Netflix; having access to holder. According to a person fa-
2010, and its earnings before Corp share common ownership. tance from regulators. Fox properties would boost its Both Disney and Comcast al- miliar with Axios’s pitch to in-
interest, taxes, depreciation For all suitors, AT&T Inc.’s Comcast would have no in- offerings. Sony’s motion picture ready own several popular U.S. vestors, the company brought
and amortization are expected pending deal with Time War- terest in spinning off its NB- business has been struggling cable networks, so the 21st in more than $10 million in
to grow from $230 million in ner Inc. looms as an important CUniversal properties to help for years and consistently Century Fox networks that may revenue in its first seven
the most recent fiscal year to signal of the regulatory envi- get a deal done, the person fa- lagged behind that of Fox, so it be available for purchase aren’t months, mostly through short-
$1 billion by 2020. ronment. The government is miliar with the company’s could benefit from the in- as crucial. Sony, however has form native advertising that
There are still some risks of threatening to sue to block the thinking said. creased scale of a combination. only a small U.S. cable pro- appears in between stories.
betting on non-U.S. assets, in- transaction, which could Sony has a larger presence Another benefit to Comcast gramming presence and acquir- Delaying the subscription
cluding exposure to foreign scramble the calculations for abroad with entertainment and Disney would be the oppor- ing FX, it’s sister channel FXX service means the startup will
currency fluctuations. And the deal makers about what kind channels reaching close to two tunity to acquire 21st Century and the National Geographic continue to rely on advertising
profit margins are generally of mergers could get approval. billion subscribers. Acquiring Fox’s 30% stake in the online Channel would instantly make to drive revenue at a time
thinner: At Fox, domestic net- Some antitrust experts ex- Sky and Star would greatly in- video-streaming service Hulu it a substantial player. when troubles in the online ad
works have an Ebitda margin pect that if the Justice Depart- crease its already strong hand. and become the controlling —Ben Fritz and Keach Hagey business are making it tough
of 41% compared with 22% for ment doesn’t give the nod to Disney and Sony would each partner, with a 60% stake. Com- contributed to this article. for new-media upstarts.

EA Halts In-Game Sales for ‘Star Wars Battlefront’ Sequel


BY SARAH E. NEEDLEMAN week outlining Disney’s con- tronic Arts developers re-
AND BEN FRITZ cerns, the person said. tooled the game by making
“We’ve heard the concerns some features more widely
Electronic Arts Inc. halted about potentially giving play- available without asking play-
in-game sales of virtual goods ers unfair advantages,” Oskar ers to reopen their wallets.
in its high-profile sequel to Gabrielson, general manager It wasn’t enough: An outcry
“Star Wars Battlefront” on the at Electronic Arts’s DICE stu- in early November forced Elec-
eve of the game’s launch, bow- dio, said in a statement. “This tronic Arts to tweak the game
ing to pressure from Walt Dis- was never our intention. Sorry again, allowing players to
ney Co. as well as customers we didn’t get this right.” much more quickly access be-
who fear big spenders could A little more than a month loved champions such as Luke
gain an unfair edge over other Skywalker and Darth Vader
players. without needing to dole out
Electronic Arts said it was extra cash. Electronic Arts fi-
turning off such microtransac-
tions for now and that they
would be restored at an un-
specified later date.
$5.1B
Electronic Arts’ revenue forecast
nally put a temporary stopper
on Thursday.
Electronic Arts doesn’t ex-
pect the move to have signifi-
PATRICK T. FALLON/BLOOMBERG NEWS

The decision came after ex- for the fiscal year ending in March cant impact on fiscal 2018
ecutives at Disney, which owns earnings, it said Friday in a
“Star Wars” and licensed the Securities and Exchange Com-
videogame rights to Electronic mission filing. The company’s
Arts, grew upset at how online before the “Star Wars Battle- forecast calls for $5.1 billion in
outrage over the costs of gain- front II” launch, players test- revenue for the fiscal year
ing access to popular charac- ing the game told Electronic ending in March.
ters such as Luke Skywalker Arts it had gone over to the Electronic Arts’ pivot on
reflected on their marquee dark side. the cusp of releasing a poten-
property, a person familiar The sequel packed in too tial blockbuster—the game’s
with the matter said. many ways to bleed money— predecessor sold more than 14 Stormtroopers at an Electronic Arts event in June, when it unveiled its ‘Battlefront II’ videogame.
Even Chief Executive Robert for souped-up weapons or million copies—reflects swell-
Iger was alarmed. Ultimately, fancy character animations— ing tension over how video- ity to sell full games, as well retailing, videogame makers to new highs over the past five
Disney’s head of consumer from people already expected games are conceived, created as add-on content and lucra- have boosted profit margins. years. In late trading Friday,
products and interactive me- to spend $60 to buy the game, and sold. tive in-game goods digitally, at The allure of digitally fueled Electronic Arts stock price was
dia, Jimmy Pitaro, sent a mes- the testers said. Just before Driving the transformation any time. By sidestepping gains has sent the shares of $108.82, up from $78 a year
sage to Electronic Arts this Friday’s release date, Elec- is videogame companies’ abil- manufacturing, packaging and major game publishers soaring ago and $13 in 2012.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | B5

WEEKEND INVESTOR
TAX REPORT | By Laura Saunders

Republican Bills and the Art of the Possible


Lawmakers There are provisions that but fewer filers could deduct rescinds or postpones the rent law allows a saver with ance. Under the proposal,
in the U.S. appear in both bills, and charitable donations. value of many tax breaks. a traditional individual re- borrowers would have until
House of Rep- these are likelier than others Both bills would also re-  State and local tirement account, or IRA— they file their federal return
resentatives to make it to the finish peal the personal exemption taxes. Both bills repeal the which typically has taxable to repay the loan.
and Senate line. There are also a few for each family member, deduction for state and local payouts—to convert some or  Stock options. Both
have separate proposals that were in both which stands at $4,150 for income and sales taxes, so all assets to a Roth IRA, bills originally had provisions
tax-overhaul bills with a mul- bills but have been discarded, 2018. expect that to happen if the which typically has tax-free that effectively killed the use
titude of differences, but the and are likely to stay out.  Estate tax. Both bills overhaul goes through. payouts. Taxes are usually of so-called nonqualified
similarities between them are Here are areas of overlap would double the current es- It is worth noting that the due on such transfers. stock options, which many
a good indicator of what between the House and Sen- tate-tax exemption of $5 mil- bills differ on property taxes. Current law also allows companies award to valued
could actually pass. ate tax bills for individual The House would allow filers savers who do this Roth con- employees. These provisions
Right now, the differences taxpayers. to deduct up to $10,000 of version to undo it, as long as have been withdrawn from

$22.4M
stand out the most. Republi-  Standard deduction property taxes, while the the reversal is complete both bills.
cans in the House, for exam- and personal exemption. Senate fully repeals this by Oct. 15 in the following  Moving expenses. Both
ple, have voted to shrink the Both bills would almost write-off. year. This option has allowed bills also repeal a deduction
mortgage-interest deduction double the deduction taxpay-  Home sales. Both bills savers whose assets drop in by taxpayers for certain mov-
and end the write-off for ers get if they don’t itemize Estate-tax exemption for married make an important change to value after a Roth conversion ing expenses and another
large medical expenses and write-offs on Schedule A. For couples proposed by Republicans the popular exemption of to get out of owing tax on break for moving expenses
teachers’ expenses. Senate 2018, this break would rise to profit on the sale of a home, phantom income. Both bills that are reimbursed by em-
Republicans want to keep the $24,400 in the House bill and which is $500,000 for mar- would end the ability of sav- ployers. There is an exception
current deductions for mort- $24,000 in the Senate bill for ried couples and $250,000 ers who do these Roth con- for Armed Forces members
gage interest and large medi- married couples, and half lion per person, adjusted for for singles. versions to reverse them. on active duty.
cal expenses. And they would that for singles. inflation. The change would The new rule would re- Both bills also include a  Donations for athletic
expand the write-off for Currently about 30% of take effect for 2018, and the quire sellers to live in a provision that would extend seating. Both bills prohibit
spending by teachers. more than 150 million filers exemption would be $11.2 house for five of the prior the time for employees who charitable deductions for do-
Republicans in both cham- itemize, and the change could million per individual and eight years, rather than two leave a company to repay nations made to colleges and
bers want to cut taxes for reduce the portion of those $22.4 million for a married out of the prior five years, to 401(k) loans. Under current universities for the right to
pass-through businesses such who itemize to 10%. This couple. get the exemption. The House law, workers must repay such purchase tickets to sporting
as partnerships and S corpo- would simplify filing for  Alternative minimum bill also limits the exemption loans within 60 days of leav- events beginning in 2018.
rations, but in very different many people and make en- tax. Both bills repeal the for high earners. ing a firm, or else owe in- Current law allows such de-
ways. forcement easier for the IRS, AMT, a complex surtax that  Retirement plans. Cur- come tax on the loan’s bal- ductions.

INVEST not stocks, but if you think


chowing down on Cheetos or
Oreos has nothing in com-
and the light seems daz-
zlingly bright. In speed dat-
ing, men who have just met
good news is making the lat-
est surprises seem pallid.

I
Continued from page B1 mon with investing, you’re an attractive woman find n the battered retail in-
day’s surprises were disap- mistaken. their next prospective date dustry, however, any
pointing.” less attractive, even if out- news that isn’t bad feels

A
On average, a highly posi- fter being exposed to side observers judge their great. On Nov. 9, Macy’s Inc.
tive surprise from a big com- a run of snack foods appearance as equivalent. exceeded analysts’ earnings
pany yesterday reduces stock they valued highly, The stock market is full of expectations after falling
returns by 0.55% for firms people lowered their bids for contrast effects. short for the past six quar-
announcing earnings today, the next Snickers or Fritos Over the past five years, ters, according to Dow Jones
even if their results were ex- they encountered; after see- according to FactSet, the Market Data Group; the
traordinarily good. That ex- ing a batch of snacks they stocks of companies that stock shot up 11% on the day.
tra 0.55% price change soon wouldn’t pay up for, they bid beat the consensus forecast On Nov. 10, J.C. Penney Co.
disappears, suggesting that more for the next ones they of Wall Street analysts have jumped 15% in a day after
investors overreact to the saw. risen 1.2%, on average, over the company beat revenue
event and its context. “Investors probably pro- the period from two days be- forecasts and lost less
Another study, just pub- cess gains and losses not fore the announcement of money than analysts had ex-
lished in the Proceedings of just in the moment, but rela- earnings through the second pected.

CHRISTOPHE VORLET
the National Academy of Sci- tive to the other gains and day after. Even mighty Wal-Mart
ences, found that “how much losses they’ve recently been So far this quarter, more Stores Inc. leapt 11% on
people would pay for any seeing,” says Prof. Louie. If than 90% of companies have Thursday when it earned
item was a function of what stocks are doubling all reported earnings, of which more than analysts pre-
they’d seen in the recent around you, he says, a mod- 74% earned more than ana- dicted; that positive surprise
past,” says Kenway Louie, a erate gain like 10% may lysts expected. Yet their followed two straight quar-
neurobiologist at New York make you feel “What’s the shares have risen an average ters of falling short of expec- get an equivalent rise out of only feelings. The market is
University and co-author of big deal?” of only 0.4%, or one-third of tations, according to Dow investors—or stocks might expensive by any measure.
the study. Contrast effects are every- the typical gain from a posi- Jones Market Data Group. seem like bargains when Don’t let contrast effects fool
People in that experiment where. Walk out of a movie tive surprise over the past While it may take ever- they reverse a string of dis- you into thinking bargains
were bidding on snack foods, theater into the sunshine, five years. Too much past more-positive surprises to appointments—those are abound.

Futures Contracts Contract Open Global Government Bonds: Mapping Yields


Open High hilo Low Settle Chg interest
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 15.26 15.46 15.20 15.37 .11 397,446 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Contract Open May 15.22 15.40 15.17 15.33 .11 135,567
Open High hi lo Low Settle Chg interest Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Copper-High (CMX)-25,000 lbs.; $ per lb. March 27.33 27.33 27.33 27.33 … 2,795
Nov 3.0300 3.0645 3.0300 3.0625 0.0190 323 Cotton (ICE-US)-50,000 lbs.; cents per lb. 1.500 U.S. 2 1.726 s l 1.712 1.542 1.046
March'18 3.0735 3.0950 3.0550 3.0910 0.0195 110,195 69.21 70.08 69.21 69.78 .57 19,350
Dec 2.250 10 2.354 t l 2.376 2.300 2.304
Gold (CMX)-100 troy oz.; $ per troy oz. March'18 69.18 69.75 69.06 69.35 .17 144,080
Nov 1288.30 1288.30 1288.30 1295.80 18.40 40 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 2.750 Australia 2 1.787 t l 1.800 1.921 1.724 6.1 8.7 67.8
Dec 1278.80 1297.50 1278.10 1296.50 18.30 257,076 Dec … … s … 166.80 .70
Feb'18 1282.70 1301.70 1282.60 1300.90 18.30 198,177
2.750 10 2.584 t l 2.594 2.773 2.577 23.0 21.8 27.3
Jan'18 165.15 167.00 165.15 166.80 .70 7,408
April 1290.60 1306.00 1290.30 1305.20 18.40 21,757 0.000 France 2 -0.595 t l -0.589 -0.530 -0.578 -232.0 -230.1 -162.5
June 1292.80 1310.00 1292.50 1309.40 18.40 21,104 Interest Rate Futures
Dec 1308.20 1322.80 1307.80 1322.60 18.60 11,454 0.750 10 0.713 t l 0.729 0.622 0.747 -164.1 -164.8 -155.7
Palladium (NYM) - 50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 0.000 Germany 2 -0.711 s l -0.745 -0.727 -0.632 -243.6 -245.8 -167.8
Dec 986.40 995.45 985.70 992.90 8.05 22,368 Dec 153-050 154-050 153-030 153-250 7.0 756,246
March'18 983.55 991.00 980.00 988.80 9.10 12,561 March'18 152-040 153-010 152-010 152-210 7.0 56,077 0.500 10 0.362 t l 0.380 0.367 0.284 -199.2 -199.7 -202.1
June 973.80 973.80 973.80 982.20 8.30 413 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 124-255 125-025 124-245 124-290 1.5 3,275,498 0.050 Italy 2 -0.266 t l -0.252 -0.151 0.043 -199.1 -196.4 -100.4
Nov 928.20 928.20 926.40 951.40 18.40 4 March'18 124-160 124-250 124-160 124-200 1.5 148,492 2.050 10 1.835 t l 1.839 2.003 2.109 -52.0 -53.8 -19.6
Jan'18 934.40 957.50 933.80 954.60 18.40 69,519 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 116-292 117-007 116-287 116-300 .2 3,210,630 0.100 Japan 2 -0.193 t l -0.189 -0.135 -0.156 -191.9 -190.2 -120.2
Nov 17.125 17.305 17.125 17.358 0.302 5 March'18 116-230 116-265 116-225 116-237 .2 167,868
0.100 10 0.037 t l 0.046 0.070 0.009 -231.7 -233.0 -229.5
Dec 17.080 17.385 17.020 17.373 0.301 101,613 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 107-157 107-162 107-150 107-152 –.5 1,741,621 2.750 Spain 2 -0.362 t l -0.352 -0.306 -0.127 -208.7 -206.4 -117.3
Dec 55.25 56.68 55.18 56.55 1.41 91,396 March'18 107-107 107-112 107-100 107-102 –.5 149,509
Jan'18 55.46 56.82 55.39 56.71 1.36 579,065 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 1.450 10 1.551 s l 1.540 1.547 1.611 -80.3 -83.6 -69.4
Feb 55.60 56.89 55.51 56.81 1.32 193,140 Nov 98.845 98.845 98.843 98.843 … 206,411 1.750 U.K. 2 0.483 t l 0.500 0.411 0.186 -121.3 -86.0
-124.3
March 55.67 56.93 55.58 56.87 1.27 287,699 Jan'18 98.610 98.610 t 98.605 98.610 … 343,550
June 55.51 56.71 55.44 56.65 1.08 233,871 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 4.250 10 1.298 t l 1.311 1.279 1.294 -105.6 -106.6 -101.1
Dec 53.97 54.96 53.84 54.81 0.78 260,418 Dec 100.813 101.125 100.797 100.984 .094 29,353
1 Month Libor (CME)-$3,000,000; pts of 100% Source: Tullett Prebon
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec 1.9058 1.9545 1.9001 1.9466 .0445 73,403 Dec 98.5400 98.5400 t 98.5400 98.5400 .0050 2,264 Corporate Debt
Jan'18 1.9094 1.9560 1.9030 1.9486 .0433 121,887 Jan'18 98.5250 98.5250 t 98.5250 98.5250 –.0025 165 in that same company’s share price.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Eurodollar (CME)-$1,000,000; pts of 100%
Dec 1.7188 1.7523 1.7169 1.7447 .0310 82,592 Dec 98.4625 98.4650 98.4550 98.4575 –.0050 1,678,030 Investment-grade spreads that tightened the most…
Jan'18 1.7170 1.7505 1.7146 1.7442 .0325 170,441 March'18 98.2950 98.3000 98.2900 98.2950 … 1,384,991 Spread*, in basis points Stock Performance
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 98.1600 98.1700 98.1550 98.1600 … 1,274,074 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Dec 3.072 3.134 3.059 3.097 .044 92,941 Dec 98.0050 98.0200 98.0000 98.0100 .0050 1,638,453
Jan'18 3.171 3.221 3.159 3.191 .038 310,495 Pitney Bowes PBI 3.625 Sept. 15, ’20 275 –33 303 9.93 –0.40
Feb 3.169 3.216 3.161 3.190 .035 104,351 Currency Futures Teva Pharmaceutical Finance TEVA 2.950 Dec. 18, ’22 335 –22 328 ... ...
March 3.134 3.176 3.127 3.152 .031 180,331
April 2.946 2.978 2.934 2.961 .018 125,022 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Synovus Financial SNV 3.125 Nov. 1, ’22 95 –17 n.a. 46.39 0.30
May 2.930 2.957 2.922 2.943 .015 93,889 Dec .8852 .8944 .8849 .8929 .0068 266,614 HSBC Holdings HSBC 6.000 May 22, ’49 248 –15 244 48.28 0.02
March'18 .8899 .8991 .8898 .8976 .0067 4,723
Canadian Dollar (CME)-CAD 100,000; $ per CAD GE Capital International Funding Unlimited GE 2.342 Nov. 15, ’20 55 –9 52 ... ...
Agriculture Futures Dec .7844 .7868 .7800 .7838 –.0007 135,330 AT&T T 4.800 June 15, ’44 220 –9 224 34.51 –0.03
Corn (CBT)-5,000 bu.; cents per bu. March'18 .7857 .7874 .7810 .7847 –.0007 3,458 Toyota Motor Credit TOYOTA 2.600 Jan. 11, ’22 27 –9 29 ... ...
Dec 336.50 343.50 336.50 343.00 6.50 522,895 British Pound (CME)-£62,500; $ per £
March'18 348.75 355.50 t 348.75 355.00 6.00 622,874 Dec 1.3204 1.3271 1.3178 1.3228 .0034 169,801
Barclays BACR 5.250 Aug. 17, ’45 160 –8 n.a. ... ...
Oats (CBT)-5,000 bu.; cents per bu. March'18 1.3263 1.3306 1.3227 1.3271 .0034 3,572
Dec 262.25 262.25 254.50 257.00 –5.25 3,131 Swiss Franc (CME)-CHF 125,000; $ per CHF …And spreads that widened the most
March'18 276.25 276.25 269.00 272.25 –5.00 3,994 Dec 1.0080 1.0143 1.0076 1.0134 .0052 82,691
1.0181 1.0214 1.0151 1.0207 .0051 304
Viacom VIA 5.875 Feb. 28, ’57 386 31 361 33.00 9.63
Soybeans (CBT)-5,000 bu.; cents per bu. March'18
Jan 972.75 992.00 971.50 990.50 18.50 327,103 Australian Dollar (CME)-AUD 100,000; $ per AUD Alliance Data Systems ADS 5.375 Aug. 1, ’22 306 11 273 224.35 –0.43
March 983.75 1003.00 982.50 1001.50 18.25 141,864 Dec .7584 .7605 .7533 .7564 –.0021 123,730 AT&T T 5.150 March 15, ’42 223 10 225 34.51 –0.03
Soybean Meal (CBT)-100 tons; $ per ton. Jan'18 .7561 .7596 t .7535 .7562 –.0021 620 General Motors Financial GM 3.200 July 6, ’21 85 9 70 ... ...
Dec 310.70 318.90 310.20 318.20 7.70 72,674 Feb .7580 .7600 t .7538 .7561 –.0021 593
Jan'18 312.60 320.70 312.20 320.00 7.50 116,979 March .7588 .7598 .7530 .7560 –.0021 1,177 Amazon.com AMZN 3.800 Dec. 5, ’24 55 8 48 1129.88 –0.65
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .7540 .7557 .7535 .7558 –.0021 253 Comcast CMCSA 3.600 March 1, ’24 62 8 n.a. 36.16 –2.45
Dec 34.52 34.65 34.15 34.44 .01 100,087 Mexican Peso (CME)-MXN 500,000; $ per MXN Hartford Financial Services HIG 6.100 Oct. 1, ’41 137 7 n.a. 56.14 0.23
Jan'18 34.66 34.80 34.31 34.59 … 131,347 Dec .05221 .05265 .05205 .05258 .00042 178,557
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'18 .05146 .05181 .05128 .05179 .00042 609 Banco Santander SANTAN 3.125 Feb. 23, ’23 116 7 106 ... ...
Jan 1213.00 1230.00 1205.50 1228.50 12.00 9,284 Euro (CME)-€125,000; $ per €
March 1241.50 1257.00 1238.50 1256.00 11.50 1,122 Dec 1.1790 1.1840 1.1783 1.1815 .0031 457,469 High-yield issues with the biggest price increases…
Wheat (CBT)-5,000 bu.; cents per bu. March'18 1.1866 1.1906 1.1862 1.1885 .0031 7,183 Bond Price as % of face value Stock Performance
Dec 421.50 428.00 421.00 427.25 5.75 145,743 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
March'18 437.50 444.00 437.25 443.50 5.50 233,128 Index Futures
Wheat (KC)-5,000 bu.; cents per bu. Frontier Communications FTR 7.875 Jan. 15, ’27 66.250 2.20 n.a. 6.96 4.50
417.75 422.75 416.50 422.00 5.00 69,776 Mini DJ Industrial Average (CBT)-$5 x index
Dec
Dec 23416 23440 23305 23316 –108 157,902
Men's Wearhouse TLRD 7.000 July 1, ’22 94.750 2.00 92.450 ... ...
March'18 434.00 440.00 434.00 439.50 5.00 156,651
Wheat (MPLS)-5,000 bu.; cents per bu. March'18 23416 23426 23299 23307 –110 2,440 BI–LO BILOLF 9.250 Feb. 15, ’19 94.500 1.88 92.750 ... ...
Dec 631.00 635.75 626.75 635.00 4.75 24,526 S&P 500 Index (CME)-$250 x index Tesla TSLA 5.300 Aug. 15, ’25 97.000 1.84 94.000 315.05 0.82
March'18 645.25 651.00 641.50 650.00 4.75 34,204 Dec 2582.20 2584.90 2575.60 2576.30 –8.70 65,063
March'18 2580.80 2583.00 2578.80 2577.10 –8.70 5,180 EP Energy EPENEG 9.375 May 1, ’20 78.063 1.59 80.500 ... ...
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Nov 157.775 157.925 157.575 157.775 … 2,642 Mini S&P 500 (CME)-$50 x index Denbury Resources DNR 4.625 July 15, ’23 62.800 1.55 61.000 1.74 6.75
Jan'18 154.000 154.000 151.350 151.725 –2.175 27,788 Dec 2584.25 2586.00 s 2574.75 2576.25 –8.75 3,219,914 Post Holdings POST 5.750 March 1, ’27 102.750 1.50 100.750 80.95 –1.59
Cattle-Live (CME)-40,000 lbs.; cents per lb. March'18 2585.00 2586.50 s 2575.75 2577.00 –8.75 95,818
Mini S&P Midcap 400 (CME)-$100 x index Coveris Holdings EXOPAC 7.875 Nov. 1, ’19 100.625 1.25 99.750 ... ...
Dec 119.625 119.800 118.550 118.850 –.700 58,458
Dec 1834.70 1843.60 1830.10 1840.20 4.30 94,260
Feb'18 125.200 125.375 124.350 124.675 –.450 155,674
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'18 1820.70 1820.70 s 1820.70 1838.30 4.30 9 …And with the biggest price decreases
Dec 60.200 62.100 60.000 60.650 .550 45,720 Mini Nasdaq 100 (CME)-$20 x index Revlon Consumer Products REV 6.250 Aug. 1, ’24 55.250 –5.00 62.000 ... ...
Feb'18 66.525 68.075 66.350 67.075 .500 93,446 Dec 6342.8 6351.8 s 6308.5 6313.3 –27.8 292,214
March'18 6360.0 6367.3 s 6325.3 6329.5 –27.5 2,452 Community Health Systems CYH 8.000 Nov. 15, ’19 88.875 –2.88 90.250 4.15 –1.66
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Jan 451.90 451.90 439.70 439.70 –10.00 5,668 Mini Russell 2000 (ICE-US)-$100 x index SFR Group SFRFP 7.375 May 1, ’26 102.500 –2.80 104.250 ... ...
March 438.30 438.40 427.60 427.60 –10.00 895 Dec 1485.90 1498.80 1480.20 1492.90 6.70 67,360 Windstream Services WIN 6.375 Aug. 1, ’23 65.000 –2.00 n.a. ... ...
Milk (CME)-200,000 lbs., cents per lb. March'18 1493.40 1493.40 1493.00 1493.90 6.80 92
Mini Russell 1000 (ICE-US)-$100 x index Altice Luxembourg ATCNA 7.625 Feb. 15, ’25 97.050 –1.95 103.750 ... ...
Nov 16.79 16.81 16.78 16.79 –.01 4,317
Dec 15.38 15.42 15.26 15.27 –.19 4,355 Dec 1430.90 1431.80 1429.30 1429.10 –3.40 279 Altice Financing ALTICE 7.500 May 15, ’26 106.000 –1.25 105.750 ... ...
March'18 … … … 1430.10 –3.40 1
Cocoa (ICE-US)-10 metric tons; $ per ton. Talen Energy Supply TLN 6.500 June 1, ’25 82.750 –1.19 84.250 ... ...
Dec 2,115 2,140 2,115 2,126 –5 533 U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 93.72 93.85 93.42 93.58 –.28 39,766 Masonite International DOOR 5.625 March 15, ’23 103.750 –1.03 104.500 72.00 0.84
March'18 2,145 2,147 2,112 2,131 –9 137,756
Coffee (ICE-US)-37,500 lbs.; cents per lb. March'18 93.39 93.52 93.12 93.26 –.29 2,728
*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.
Dec 126.15 126.55 123.55 123.80 –2.90 20,654 Note: Data are for the most active issue of bonds with maturities of two years or more
March'18 129.80 130.05 127.05 127.25 –2.90 117,141 Source: SIX Financial Information Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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B6 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23358.24 t 100.12, or 0.43% Trailing P/E ratio 20.56 20.58 2578.85 t 6.79, or 0.26% Trailing P/E ratio 24.44 24.19 6782.79 t 10.50, or 0.15% Trailing P/E ratio * 26.10 23.75
High, low, open and close for each P/E estimate * 19.17 17.74 High, low, open and close for each P/E estimate * 19.36 18.25 High, low, open and close for each P/E estimate * 21.25 19.12
trading day of the past three months. Dividend yield 2.20 2.55 trading day of the past three months. Dividend yield 1.93 2.14 trading day of the past three months. Dividend yield 1.05 1.25
All-time high 23563.36, 11/08/17 All-time high: 2594.38, 11/08/17 All-time high: 6793.29, 11/16/17

Current divisor 0.14523396877348


23500 2580 6750

23000 2550 6650

22500 2520 6550

Session high
22000 2490 6450
DOWN UP
t

Session open Close


65-day moving average
Close Open 21500 2460 6350
t

65-day moving average 65-day moving average


Session low
21000 2430 6250

Bars measure the point change from session's open


20500 2400 6150
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.

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* 868,823,257 14,155,400
Industrial Average 23433.77 23356.01 23358.24 -100.12 -0.43 23563.36 18867.93 23.8 18.2 9.8 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 545,489,034 10,796,582
Transportation Avg 9568.40 9469.90 9483.09 -110.00 -1.15 10038.13 8783.74 7.1 4.9 1.7 Most-active issues in late trading Decl. volume* 311,734,240 2,859,944
Utility Average 763.96 757.27 758.08 -6.11 -0.80 774.47 626.66 20.9 14.9 8.5 Volume After Hours Issues traded 3,074 330
Company Symbol (000) Last Net chg % chg High Low Advances 1,915 210
Total Stock Market 26759.66 26697.24 26718.22 -37.94 -0.14 26830.60 22691.17 17.7 14.8 8.0
SPDR S&P 500 SPY 11,853.5 257.66 -0.20 -0.08 258.59 257.61 Declines 1,039 104
Barron's 400 688.67 683.76 687.39 2.20 0.32 691.56 581.60 18.2 14.3 8.5
Principal US Mega-Cap USMC 6,200.0 25.13 -0.06 -0.25 25.13 25.13 Unchanged 120 16
Nasdaq Stock Market PwrShs DB Com Track DBC 3,902.9 16.32 … unch. 16.32 16.26 New highs 113 3
Nasdaq Composite 6797.75 6777.43 6782.79 -10.50 -0.15 6793.29 5251.11 27.5 26.0 13.2 PS DB Opt Yd Div Cmdty PDBC 3,654.8 17.78 -0.02 -0.13 17.78 17.78 New lows 28 2
6345.56 6308.48 Closing tick 265 67
Nasdaq 100 6314.51 -24.63 -0.39 6345.81 4734.10 31.3 29.8 14.4 iShares China Large-Cap FXI 3,166.9 46.56 0.07 0.15 46.57 46.45
Closing Arms† 0.94 0.85
VanEck Vectors Gold Miner GDX 2,898.2 22.79 … unch. 22.82 22.73
Standard & Poor's Block trades* 6,668 106
iShares MSCI EAFE ETF EFA 2,614.4 68.84 -0.07 -0.10 68.94 68.84
500 Index 2583.96 2577.62 2578.85 -6.79 -0.26 2594.38 2181.90 18.2 15.2 8.1 Nasdaq NYSE Arca
PwrShrs QQQ Tr Series 1 QQQ 2,517.3 153.70 -0.25 -0.16 154.00 153.64
MidCap 400 1843.34 1831.02 1840.74 4.35 0.24 1843.36 1605.93 14.6 10.8 8.8 Total volume*1,974,170,017 214,948,949
SmallCap 600 912.60 902.39 908.91 3.68 0.41 918.72 803.00 13.2 8.5 10.5 Percentage gainers… Adv. volume*1,148,086,602 109,236,370
Decl. volume* 789,146,108 104,344,067
Other Indexes Accuray ARAY 326.9 5.25 0.45 9.38 5.25 4.80
Issues traded 3,061 1,301
Russell 2000 1496.86 1481.09 1492.82 5.94 0.40 1512.09 1313.80 13.5 10.0 8.6 Diana Containerships DCIX 33.8 8.77 0.54 6.56 8.94 8.12
Advances 1,755 696
NYSE Composite 12314.69 12277.31 12302.89 -0.39 -0.003 12430.52 10709.51 14.9 11.3 4.2 Caesars Entertainment CZR 40.4 13.00 0.68 5.48 13.00 12.30 Declines 1,170 582
Value Line 543.73 539.80 542.76 2.47 0.46 545.98 494.76 9.7 7.2 3.1 Pennsylvania REIT PEI 9.9 11.96 0.44 3.82 11.96 11.52 Unchanged 136 23
NYSE Arca Biotech 4154.32 4126.63 4150.01 8.94 0.22 4304.77 3075.02 23.1 35.0 8.3
TPI Composites TPIC 16.1 19.60 0.54 2.83 19.60 19.06 New highs 132 67
New lows 32 10
NYSE Arca Pharma 535.25 533.18 534.52 -0.43 -0.08 560.52 463.78 11.9 11.0 -0.2 ...And losers
Closing tick 391 12
KBW Bank 99.49 98.42 99.18 0.11 0.11 102.31 85.30 15.7 8.1 10.9 BBX Capital Cl A BBX 20.0 6.99 -0.57 -7.54 6.99 6.99 Closing Arms† 1.03 1.16
PHLX§ Gold/Silver 81.16 80.02 80.88 1.04 1.30 96.72 73.03 2.0 2.6 4.0 Anthera Pharmaceuticals ANTH 9.8 2.10 -0.11 -4.98 2.14 2.10 Block trades* 7,189 1,132
PHLX§ Oil Service 131.91 129.60 131.31 1.79 1.38 192.66 117.79 -20.0 -28.6 -18.5 California Resources CRC 18.0 15.20 -0.71 -4.46 15.91 15.20 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1320.16 1304.83 1306.93 -6.18 -0.47 1321.13 836.79 49.8 44.2 26.7 Immunogen IMGN 299.3 5.95 -0.20 -3.25 6.15 5.95 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 12.01 11.16 -0.33 -2.81 16.04 9.14 -11.1 -18.6 issues with the volume of shares rising and falling. An
11.43 -6.5 Domtar UFS 43.1 45.00 -1.20 -2.60 47.02 45.00 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers


Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2953.40 3.03 0.10 16.7 Gulfmark Offshore GLF 29.50 22.24 306.34 34.96 0.11 1934.5 Ameri Holdings AMRH 3.49 -5.21 -59.89 ... ... ...
DJ Global Index 384.19 0.13 0.03 17.8 Eastside Distilling ESDI 5.69 1.34 30.80 12.00 3.35 -2.7 OptimumBank Holdings OPHC 4.98 -3.27 -39.64 13.96 1.85 18.0
DJ Global ex U.S. 258.50 0.62 0.24 20.8 Shoe Carnival SCVL 26.75 6.12 29.67 31.79 15.08 -9.6 Carver Bancorp CARV 3.31 -1.72 -34.21 7.95 2.01 -17.3
Americas DJ Americas 620.22 –0.84 –0.14 14.8 Foot Locker FL 40.82 8.97 28.16 79.43 28.42 -43.1 Meridian Waste Solutions MRDN 1.75 -0.90 -33.96 12.50 0.68 -87.0
Brazil Sao Paulo Bovespa 73437.28 925.49 1.28 21.9 Diana Containerships DCIX 8.23 1.63 24.70 262765.44 1.56 -99.9 China Adv Constr Matrl CADC 5.25 -2.60 -33.12 9.75 1.55 118.8
Canada S&P/TSX Comp 15998.57 63.20 0.40 4.7 Abercrombie Fitch ANF 15.55 3.00 23.90 16.36 8.81 6.5 Vascular Biogenics VBLT 6.85 -2.15 -23.89 9.05 3.90 39.8
Mexico S&P/BMV IPC 47857.14 109.45 0.23 4.9 Tuniu ADR TOUR 8.97 1.59 21.54 9.75 6.69 -2.6 CHF Solutions CHFS 10.03 -2.76 -21.58 576.00 3.60 -90.5
Chile Santiago IPSA 4089.35 58.57 1.45 26.9 PAVmed PAVM 4.33 0.72 20.04 10.72 2.54 -51.3 Destination XL Group DXLG 1.83 -0.48 -20.65 4.55 1.46 -56.5
Catalyst Biosciences CBIO 5.93 0.94 18.84 21.30 3.11 -48.7 SemiLEDS LEDS 5.52 -1.41 -20.35 10.49 1.61 41.2
EMEA Stoxx Europe 600 383.80 –1.13 –0.29 6.2
Natural Grocers NGVC 6.25 0.95 17.92 13.79 4.79 -44.2 Birks Group BGI 1.98 -0.48 -19.52 2.72 1.00 70.7
Eurozone Euro Stoxx 386.45 –1.69 –0.44 10.3
Belgium Bel-20 3954.04 –37.82 –0.95 9.6 Splunk SPLK 81.70 12.40 17.89 81.99 50.64 36.4 Newater Technology NEWA 10.65 -2.11 -16.54 16.25 7.32 ...
France CAC 40 5319.17 –17.22 –0.32 9.4 Sportsman's Warehouse SPWH 4.68 0.70 17.59 9.87 3.40 -45.5 Comstock Hldg Cl A CHCI 1.76 -0.31 -14.80 3.36 1.58 -6.9
Germany DAX 12993.73 –53.49 –0.41 13.2 NantKwest NK 4.91 0.66 15.53 8.45 2.71 -35.3 Jianpu Technology ADR JT 7.20 -1.20 -14.29 8.43 7.15 ...
Israel Tel Aviv 1405.60 … Closed –4.4 Aegean Marine Petroleum ANW 3.75 0.50 15.38 13.10 3.20 -65.0 Century Casinos CNTY 7.83 -1.25 -13.77 9.50 6.28 17.7
14.9 Key Energy Services KEG 10.14 1.35 15.36 38.00 8.20 ... Williams-Sonoma WSM 45.78 -7.09 -13.41 56.94 42.68 -13.5
Italy FTSE MIB 22092.95 –113.65 –0.51
Netherlands AEX 536.62 –2.57 –0.48 11.1
Russia RTS Index 1132.45 5.93 0.53 –1.7 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10010.40 –78.30 –0.78 7.0
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 577.36 –4.61 –0.79 8.0 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9183.61 36.79 0.40 11.7
SPDR S&P 500 SPY 63,826 2.7 257.86 -0.29 259.35 218.29 Atlantic Coast Financial ACFC 1,381 5272 9.07 4.37 9.24 6.63
U.K. FTSE 100 7380.68 –6.26 –0.08 3.3
Intel INTC 61,692 150.4 44.63 -2.23 47.30 33.23 Natural Resource Partners NRP 744 3790 25.35 -0.59 45.60 22.81
Asia-Pacific General Electric GE 58,460 -14.6 18.21 -0.22 32.38 17.46 GTY Technology Hldgs Cl A GTYH 610 3338 9.95 -1.29 13.00 9.75
Australia S&P/ASX 200 5957.30 13.80 0.23 5.1 Advanced Micro Devices AMD 55,285 -1.4 11.38 1.16 15.65 8.26 FinTech Acqn II FNTE 336 3293 9.81 0.16 11.76 9.70
China Shanghai Composite 3382.91 –16.34 –0.48 9.0 Bank of America BAC 47,621 -25.5 26.62 -0.52 27.98 19.87 Century Casinos CNTY 1,673 2675 7.83 -13.77 9.50 6.28
Hong Kong Hang Seng 29199.04 180.28 0.62 32.7 iShares MSCI Emg Markets EEM 45,091 -5.3 46.82 0.49 47.02 33.94 Presidio PSDO 3,648 2221 14.96 2.82 16.90 12.75
India S&P BSE Sensex 33342.80 235.98 0.71 25.2 Finl Select Sector SPDR XLF 41,796 -18.5 26.16 -0.11 26.93 22.00 VanEck Vectors Retail ETF RTH 161 2214 85.17 1.00 85.25 75.72
Japan Nikkei Stock Avg 22396.80 45.68 0.20 17.2 Teva Pharmaceutical ADR TEVA 40,694 68.4 13.84 8.21 39.08 10.85 TPG Pace Holdings Cl A TPGH 515 1966 9.71 -0.10 9.89 9.70
Singapore Straits Times 3382.38 41.08 1.23 17.4 Square Cl A SQ 38,916 373.4 44.18 5.44 45.74 12.08 Direxion S&P 500 Bear 1X SPDN 271 1929 31.82 0.19 38.20 31.64
South Korea Kospi 2533.99 –0.80 –0.03 25.0 Comcast Cl A CMCSA 37,371 53.7 36.16 -2.45 42.18 33.97 Gores Holdings II Cl A GSHT 905 1735 9.94 -0.60 11.24 9.30
Taiwan Weighted 10701.64 76.60 0.72 15.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS & CURRENCIES Currencies


U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Europe
A consumer rate against its 5-year CDs
3.75% Argentina peso .0572 17.4785 10.1 Czech Rep. koruna .04611 21.688 –15.6
benchmark over the past year 10% Brazil real .3070 3.2578 0.1 Denmark krone .1585 6.3094 –10.7
Bankrate.com avg†: 1.48% s
3.00 Euro Canada dollar .7832 1.2768 –5.0 Euro area euro 1.1793 .8480 –10.8
Barclays 2.35% 5
Chile peso .001598 625.80 Hungary forint .003780 264.54 –10.1
–6.6
Five-year CD yields 1.50% Wilmington, DE 888-720-8756
t 2.25 0 Ecuador US dollar 1 1 unch Iceland krona .009676 103.35 –8.5
EverBank 2.35% Mexico peso .0529 18.9179 –8.8 Norway krone .1214 8.2393 –4.7
Friday
t

1.00 1.50 Uruguay peso .03389 29.5100 0.5 Poland zloty .2784 3.5919 –14.2
t Jacksonville, FL 855-228-6755 –5
Venezuela b. fuerte .095622 10.4579 4.6 Russia ruble .01696 58.964 –3.8
Federal-funds 0.50 Home Savings Bank 2.35% 0.75 –10
s Yen s Sweden krona .1186 8.4326 –7.4
target rate Asia-Pacific
One year ago
t

Salt Lake City, UT 801-487-0811 WSJ Dollar index Switzerland franc 1.0114 .9887 –3.0
0.00 –15 Australian dollar .7565 1.3219 –4.8
0.00 First Internet Bank of Indiana 2.38% Turkey lira .2579 3.8776 10.0
China yuan .1509 6.6287 –4.6
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0378 26.4530 –2.3
Indianapolis, IN 888-873-3424 Hong Kong dollar .1280 7.8115 0.7
–0.50 month(s) years UK pound 1.3216 .7567 –6.6
Goldman Sachs Bank USA 2.40% India rupee .01540 64.940 –4.4
D J F MAM J J A S O N maturity Indonesia rupiah .0000740 13515 Middle East/Africa
–0.1
2017 New York, NY 855-730-7283
Japan yen .008920 112.11 –4.2 Bahrain dinar 2.6466 .3779 0.2
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003012 331.96 –0.5 Egypt pound .0567 17.6460 –2.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1243 8.0451 1.6 Israel shekel .2845 3.5150 –8.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2406 4.1555 –7.4 Kuwait dinar 3.3116 .3020 –1.2
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields New Zealand dollar .6818 1.4667 1.6 Oman sul rial 2.5979 .3849 –0.01
Pakistan rupee .00949 105.360 0.9 Qatar rial .2590 3.861 6.1
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr Philippines peso .0197 50.831 2.5 Saudi Arabia riyal .2666 3.7503 –0.01
Libor, 3-month 1.44 1.41 0.92 l 1.44 1.21 Singapore dollar .7375 1.3560 –6.3 South Africa rand .0715 13.9874 2.1
Money market, annual yield 0.32 0.32 0.26 l 0.36 -0.11 Treasury, Ryan ALM 1461.847 2.167 2.172 2.237 1.818 2.389 2.035 South Korea won .0009136 1094.54 –9.4
Five-year CD, annual yield 1.48 1.49 1.19 l 1.49 -0.07 .0065079 153.66 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1733.484 2.352 2.397 2.609 2.058 2.142 1.840 Sri Lanka rupee 3.5
30-year mortgage, fixed† 3.90 3.88 3.73 l 4.33 -0.16 Taiwan dollar .03324 30.085 –7.3 WSJ Dollar Index 87.09 –0.25–0.28 –6.29
DJ Corporate 378.227 3.162 3.172 3.390 2.879 5.461 3.939
Thailand baht .03043 32.860 –8.2 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.30 3.25 2.99 l 3.50 0.07 Aggregate, Barclays Capital 1939.500 2.660 2.670 2.790 2.380 2.967 2.394 Vietnam dong .00004403 22713 –0.3
Jumbo mortgages, $424,100-plus† 4.26 4.23 4.21 l 4.88 -0.04 High Yield 100, Merrill Lynch n.a. n.a. 5.572 n.a. n.a. n.a. n.a.
Five-year adj mortgage (ARM)† 3.55 3.48 3.20 l 4.03 0.01
Fixed-Rate MBS, Barclays 1985.950 2.880 2.910 3.120 2.660 1.837 2.040
New-car loan, 48-month 2.99 3.01 2.85 l 3.36 -0.24
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
Muni Master, Merrill n.a. n.a. 2.000 n.a. n.a. n.a. n.a. COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 800.331 5.587 5.662 6.290 5.279 9.913 5.867 Commodities Friday 52-Week YTD
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg

DJ Commodity 613.09 8.20 1.36 616.58 532.01 14.05 8.08


Get real-time U.S. stock quotes and track most-active Track the Markets 190.39 1.14 195.14 3.96 -1.10

WSJ
TR/CC CRB Index 2.14 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 56.55 1.41 2.56 57.35 42.53 23.77 5.27
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.097 0.044 1.44 3.93 2.56 8.93 -16.84
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stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1295.80 18.40 1.44 1346.00 1127.80 7.22 12.68
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 18 - 19, 2017 | B7

BIGGEST 1,000 STOCKS


YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM 11.92 49.38 39.74 KAR Auction KAR 2.9 28 47.70 0.17 17.53 48.98 36.62 ShinhanFin SHG ... 8 44.24 -0.51 140.41 142.80 44.35 ChinaLodging HTHT ... 67 124.63 -2.83
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 47.35 54.36 34.36 KB Fin KB ... 9 52.00 -1.28 144.67 123.94 38.69 Shopify SHOP ... dd 104.89 1.00 -3.02 81.98 68.24 CincinnatiFin CINF 2.7 24 73.46 -0.13
The list comprises the 1,000 largest companies based on market capitalization. 27.10 20.77 15.14 KKR KKR 3.5 10 19.56 0.01 -8.85 188.10 150.15 SimonProperty SPG 4.6 29 161.95 2.08 28.87 152.83 109.74 Cintas CTAS 1.1 34 148.92 -1.19
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading 1.56 18.82 13.43 KT KT ... 11 14.31 0.05 24.37 62.16 46.44 SmithAO AOS 1.0 29 58.89 -0.14 18.80 36.67 29.12 CiscoSystems CSCO 3.2 19 35.90 0.02
volume. 21.00 109.13 79.05 KSCitySouthern KSU 1.4 20 102.67 -0.85 18.45 40.43 27.26 Smith&Nephew SNN 1.4 19 35.63 -0.34 21.65 87.99 67.23 CitrixSystems CTXS ... 29 86.51 0.87
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was -11.33 76.69 58.76 Kellogg K 3.3 29 65.36 0.08 -10.83 143.68 99.56 Smucker SJM 2.7 24 114.19 -2.46 120.87 140.94 57.42 Cognex CGNX 0.3 52 140.52 2.58
$2 or higher. 0.22 19.53 16.28 KeyCorp KEY 2.3 16 18.31 0.18 -46.94 29.44 11.28 Snap SNAP ... dd 12.99 0.43 30.13 76.51 51.35 CognizantTech CTSH 0.8 23 72.91 -2.32
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 19.28 45.65 34.79 KeysightTechs KEYS ... 33 43.62 -0.28 -8.32 181.73 140.83 SnapOn SNA 2.1 16 157.02 -0.05 123.69 314.76 124.94 Coherent COHR ... 37 307.32 2.99
s-New 52-week high. standards vj-In bankruptcy or receivership or 1.24 78.33 67.00 KilroyRealty KRC 2.3 49 74.13 0.05 108.73 63.80 26.68 SOQUIMICH SQM 1.3 46 59.80 2.54 4.74 42.18 33.97 Comcast A CMCSA 1.7 17 36.16 -0.91
t-New 52-week low. lf-Late filing being reorganized under the 0.18 136.21 109.67 KimberlyClark KMB 3.4 19 114.32 -0.58 64.72 47.59 27.72 Sony SNE ... 26 46.17 0.07 -3.03 60.61 51.90 CommerceBcshrs CBSH 1.6 20 56.06 0.36
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -23.09 26.63 17.02 KimcoRealty KIM 5.8 38 19.35 0.05 3.62 53.51 46.20 Southern SO 4.6 93 50.97 -0.39 -8.82 42.75 30.95 CommScope COMM ... 34 33.92 0.24
four quarters. requirements. assumed by such companies. t-17.87 23.01 16.70 KinderMorgan KMI 2.9 30 17.01 0.18 34.47 44.69 31.15 SoCopper SCCO 2.3 28 42.95 0.49 28.32 36.76 26.47 Copart CPRT ... 21 35.55 -0.39
FD-First day of trading. t-NYSE bankruptcy 15.09 44.45 26.68 Knight-Swift KNX ... 55 38.94 -0.12 9.77 64.39 44.70 SouthwestAir LUV 0.9 16 54.71 -0.56 s 61.67 306.69 179.22 CoStar CSGP ... 92 304.74 1.21
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and -11.46 59.67 35.16 Kohl's KSS 5.0 12 43.72 1.47 -10.89 47.48 39.78 SpectraEnerPtrs SEP 7.1 14 40.85 -0.61 6.79 183.18 149.52 Costco COST 1.2 28 170.98 ...
changes in the closing prices from 4 p.m. the previous day. 27.22 42.35 28.19 KoninklijkePhil PHG 2.3 23 38.89 -0.46 -8.13 146.09 98.11 SpectrumBrands SPB 1.5 23 112.39 2.89 19.35 60.65 39.71 Ctrip.com CTRP ... 83 47.74 0.91
YTD 52-Week Yld Net -6.11 21.59 16.51 KoreaElcPwr KEP ... 4 17.35 0.02 38.35 84.75 51.85 SpiritAeroSys SPR 0.5 28 80.73 -0.01 38.90 65.73 39.77 CyrusOne CONE 2.7 dd 62.13 -0.63
Friday, November 17, 2017 -32.16 36.44 19.69 Kroger KR 2.1 14 23.41 1.13 -12.55 66.50 46.07 DISH Network DISH ... 24 50.66 0.16
% Chg Hi Lo Stock Sym % PE Last Chg -26.01 9.65 5.62 Sprint S ... dd 6.23 -0.02
YTD 52-Week Yld Net 43.63 71.75 47.08 Kyocera KYO ... 23 71.50 -0.18 s224.14 45.74 12.08 Square SQ ... dd 44.18 2.28 17.01 67.95 52.53 DentsplySirona XRAY 0.5 dd 67.55 0.37
% Chg Hi Lo Stock Sym % PE Last Chg 6.36 91.84 59.44 Coca-Cola Femsa KOF 2.6 18 67.58 -0.39 77.02 15.06 8.07 LATAMAirlines LTM 0.5 dd 14.48 0.86 42.36 168.25 114.27 StanleyBlackDck SWK 1.5 21 163.27 0.28 6.41 114.93 82.77 DiamondbkEner FANG ... 26 107.54 1.01
9.86 77.27 63.43 ColgatePalm CL 2.2 28 71.89 -0.74 -23.33 75.50 35.00 L Brands LB 4.8 15 50.48 1.36 -1.69 23.01 21.27 StarwoodProp STWD 8.9 13 21.58 0.03 -38.54 29.18 14.99 DiscovComm C DISCK ... 9 16.46 0.74
NYSE -18.16 16.09 12.12 ColonyNorthStar CLNS 8.8 dd 12.21 -0.17 6.93 17.05 11.64 LG Display LPL ... 7 13.74 0.18 18.77 99.99 74.45 StateStreet STT 1.8 16 92.31 -0.09 -25.56 30.80 19.25 DiscovComm B DISCB ... 11 21.70 0.70
16.18 80.25 60.39 Comerica CMA 1.5 18 79.13 0.71 27.55 44.16 30.90 LINE LN ... 85 43.38 0.25 9.32 21.02 16.16 Statoil STO 4.4 dd 19.94 -0.06 -35.97 30.25 15.99 DiscovComm A DISCA ... 9 17.55 0.79
19.74 26.48 20.26 ABB ABB 3.0 23 25.23 -0.05 8.99 11.33 7.82 SABESP SBS ... 8 9.46 0.01
-8.69 12.47 10.00 AES AES 4.5 dd 10.61 -0.16 21.22 192.00 143.54 L3 Tech LLL 1.6 25 184.39 -0.80 30.36 93.39 64.37 Steris STE 1.4 52 87.85 -0.04 22.58 95.64 65.63 DollarTree DLTR ... 24 94.61 -0.02
-9.71 41.68 32.16 ConagraBrands CAG 2.4 25 35.71 0.09 17.12 164.22 123.36 LabCpAm LH ... 21 150.36 -0.66 111.54 24.80 9.34 STMicroelec STM 1.0 35 24.01 -0.19 27.50 45.70 32.25 E*TRADE ETFC ... 21 44.18 0.16
20.47 85.70 66.50 Aflac AFL 2.1 12 83.85 -0.46 4.56 147.77 106.73 ConchoRscs CXO ... 37 138.65 0.41
-18.86 43.03 32.55 AT&T T 5.7 17 34.51 -0.01 40.58 54.03 30.43 LambWeston LW 1.4 24 53.21 -0.24 29.71 160.62 108.29 Stryker SYK 1.1 33 155.40 -1.08 340.64 63.60 13.05 EXACT Sci EXAS ... dd 58.87 0.37
-0.02 54.22 42.27 ConocoPhillips COP 2.1 dd 50.13 -0.09 24.51 68.41 51.35 LasVegasSands LVS 4.4 25 66.50 -0.18 3.01 8.30 6.93 SumitomoMits SMFG ... 8 7.87 0.06 13.91 61.90 45.80 EastWestBncp EWBC 1.4 16 57.90 0.68
44.65 56.69 37.38 AbbottLabs ABT 1.9 43 55.56 0.02 17.44 89.58 68.85 ConEd ED 3.2 22 86.53 -0.83 12.19 48.86 38.46 Lazard LAZ 3.6 13 46.10 0.10 20.87 93.85 69.90 SunComms SUI 2.9125 92.60 -0.66 19.84 39.27 27.28 eBay EBAY ... 5 35.58 -0.04
49.49 98.26 58.60 AbbVie ABBV 3.0 23 93.61 -0.86 41.08 227.20 144.00 ConstBrands A STZ 1.0 28 216.29 -1.05 32.11 178.81 124.90 Lear LEA 1.1 11 174.88 1.16 2.45 40.57 32.22 SunLifeFinancial SLF 3.6 12 39.35 ... 16.50 62.50 49.79 EchoStar SATS ... 48 59.87 0.67
24.18 147.28 112.31 Accenture ACN 1.8 27 145.45 -1.59 -10.90 60.30 29.08 ContinentalRscs CLR ... dd 45.92 0.40 -4.97 54.97 43.16 Leggett&Platt LEG 3.1 19 46.45 0.46 8.29 36.71 27.96 SuncorEnergy SU 2.9 21 35.40 0.12 34.13 153.13 98.42 ElbitSystems ESLT ... 25 136.67 -0.40
-29.91 257.94 153.28 AcuityBrands AYI 0.3 22 161.82 -2.54 36.43 256.39 158.73 Cooper COO 0.0 34 238.65 -0.80
30.02 86.42 51.74 Adient 19.46 64.20 47.30 Leidos LDOS 2.1 30 61.09 -0.75 5.32 61.69 51.06 SunTrustBanks STI 2.8 15 57.77 0.05 38.17 122.79 73.74 ElectronicArts EA ... 29 108.82 -2.78
ADNT 1.4 8 76.19 1.75 30.33 32.33 23.48 Corning GLW 2.0 13 31.63 -0.02 39.56 59.32 41.12 Lennar A LEN 0.3 17 58.89 0.80 32.29 495.35 327.37 Equinix EQIX 1.7155 472.80 -2.29
-47.21 177.83 78.81 AdvanceAuto AAP 0.3 19 89.27 -1.23 -6.64 38.05 26.01 SynchronyFin SYF 1.8 13 33.86 0.48
-6.88 20.88 14.24 Coty COTY 2.9 dd 17.05 0.20 44.04 50.75 32.74 Lennar B LEN.B 0.3 14 48.72 0.52 16.77 93.61 75.07 Syngenta SYT ... 41 92.31 -0.05 4.12 7.47 5.09 Ericsson ERIC 1.8 dd 6.07 -0.02
23.21 6.70 4.89 AdvSemiEngg ASX 3.7 14 6.21 0.01 32.16 213.82 146.03 Credicorp BAP 2.3 14 208.62 4.72 26.82 201.40 146.25 LennoxIntl LII 1.1 28 194.25 -0.75 -0.87 57.23 48.85 Sysco SYY 2.4 25 54.89 0.41 9.16 129.73 105.38 ErieIndemnity A ERIE 2.5 30 122.75 0.48
9.58 6.21 4.73 Aegon AEG 5.0 17 6.06 0.05 12.51 16.46 13.06 CreditSuisse CS 4.4 dd 16.10 0.12 76.93 32.50 14.22 Exelixis EXEL ... 54 26.38
21.32 54.50 41.34 AerCap AER ... 8 50.48 0.29 8.09 27.34 20.61 LeucadiaNatl LUK 1.6 16 25.13 0.08 154.54 36.16 11.02 TAL Education TAL ...197 29.76 0.38 0.55
26.79 114.97 80.82 CrownCastle CCI 3.8 91 110.02 -1.10 12.30 45.08 37.21 LibertyProperty LPT 3.6 19 44.36 -0.25 s 37.18 95.37 66.14 TE Connectivity TEL 1.7 20 95.04 -0.11 9.42 161.00 111.88 Expedia EXPE 1.0 49 123.95 1.91
39.67 184.98 116.04 Aetna AET 1.2 32 173.20 -1.56 11.49 61.61 51.57 CrownHoldings CCK ... 17 58.61 -0.60 11.65 62.63 50.48 ExpeditorsIntl EXPD 1.4 25 59.13 -0.65
28.07 198.40 139.52 AffiliatedMgrs AMG 0.4 20 186.09 0.60 12.70 89.09 64.18 EliLilly LLY 2.5 40 82.89 -0.55 19.22 38.47 30.81 Telus TU 4.2 23 37.97 0.26
8.10 103.37 79.76 Cullen/Frost CFR 2.4 18 95.38 0.58 12.09 77.45 61.45 LincolnNational LNC 1.8 12 74.28 0.27 55.42 19.42 11.17 TIM Part TSU ... 29 18.34 0.44 -9.96 77.50 55.80 ExpressScripts ESRX ... 10 61.94 -0.51
s 50.99 69.09 42.92 AgilentTechs A 0.9 35 68.79 0.05 16.64 181.79 134.06 Cummins CMI 2.7 16 159.41 -7.72 21.15 33.68 24.27 LionsGate A LGF.A ... 34 32.59 1.55 -5.47 80.92 66.44 TJX TJX 1.8 19 71.02 1.96 -14.61 149.50 114.63 F5Networks FFIV ... 19 123.58 1.52
6.19 51.86 35.05 AgnicoEagle AEM 1.0 38 44.60 -0.02 25.69 60.98 43.95 DCT Industrial DCT 2.4 55 60.18 -0.36 55.58 182.90 114.00 Facebook FB ... 35 179.00 -0.59
6.28 111.88 87.82 Agrium AGU 3.3 41 106.86 0.06 26.16 32.08 22.50 LionsGate B LGF.B ... 32 30.96 1.43 46.33 42.71 28.34 TaiwanSemi TSM 2.7 19 42.07 -0.03
14.63 116.21 90.91 DTE Energy DTE 3.1 21 112.92 -1.07 70.45 46.33 26.41 LiveNationEnt LYV ...2267 45.34 -0.02 18.96 48.85 34.16 Tapestry TPR 3.2 26 41.66 0.66 3.17 52.74 39.79 Fastenal FAST 2.6 26 48.47 ...
12.35 163.56 133.63 AirProducts APD 2.4 29 161.58 0.40 39.97 99.00 64.06 DXC Tech DXC 0.7164 96.90 -0.42 5.49 29.39 23.20 FifthThirdBncp FITB 2.2 11 28.45 -0.02
14.84 3.87 2.86 LloydsBanking LYG 3.0 19 3.56 0.02 -25.02 61.83 39.59 TargaResources TRGP 8.7 dd 42.04 0.14
-25.17 101.43 61.10 AlaskaAir ALK 1.8 11 66.40 0.53 19.86 93.86 76.27 Danaher DHR 0.6 28 93.30 -0.28 87.54 62.57 25.56 FirstSolar FSLR ... dd 60.18 -0.17
23.91 322.19 245.50 LockheedMartin LMT 2.6 25 309.70 -2.95 -19.51 79.33 48.56 Target TGT 4.3 12 58.14 3.04
58.24 144.99 82.18 Albemarle ALB 0.9 32 136.21 0.88 13.88 95.22 71.02 Darden DRI 3.0 21 82.81 0.48 20.80 130.20 102.51 Fiserv FISV ... 30 128.39 -1.15
5.10 49.99 43.70 Loews L 0.5 17 49.22 0.02 -5.55 40.34 28.96 TataMotors TTM 0.0 14 32.48 0.67
54.56 50.31 28.01 Alcoa AA ... 28 43.40 1.10 -14.47 70.16 52.51 DaVita DVA ... 21 54.91 -0.73 s 29.23 18.74 13.97 Flex FLEX ... 18 18.57 0.15
12.80 86.25 67.77 Lowe's LOW 2.0 23 80.22 0.75 -25.08 37.09 24.53 TechnipFMC FTI 2.0 ... 26.62 0.08
13.57 127.15 105.74 AlexandriaRlEst ARE 2.7144 126.21 0.02 31.76 136.69 91.33 Deere DE 1.8 23 135.77 1.16 28.57 48.06 33.75 FlirSystems FLIR 1.3 29 46.53 -0.95
21.12 107.83 78.01 LyondellBasell LYB 3.5 11 103.90 0.70 9.49 33.76 14.56 TeckRscsB TECK 0.7 7 21.93 0.71
110.83 191.22 86.01 Alibaba BABA ... 54 185.13 -0.30 48.24 83.98 51.02 DellTechs DVMT ... dd 81.49 0.16 33.83 41.56 28.50 Fortinet FTNT ... 84 40.31 0.05
2.65 173.72 139.46 M&T Bank MTB 1.9 19 160.57 0.70 86.08 34.20 17.04 TelecomArgentina TEO 1.3 17 33.81 0.42
-6.83 667.19 521.07 Alleghany Y ... dd 566.60 -8.15 46.55 104.09 60.50 DelphiAuto DLPH 1.2 19 98.70 -0.54 16.62 39.32 29.32 Gaming&Leisure GLPI 7.1 20 35.71 -0.61
14.46 34.65 25.15 MGM Resorts MGM 1.3 32 33.00 ... -9.67 10.53 7.10 TelecomItalia TI 3.2 ... 8.03 -0.02
29.14 89.81 63.71 Allegion ALLE 0.8 23 82.65 0.24 1.28 55.75 43.81 DeltaAir DAL 2.4 10 49.82 -0.63 s 26.73 61.75 47.03 Garmin GRMN 3.3 17 61.45 0.70
-0.43 39.43 30.88 MPLX MPLX 6.8 38 34.47 0.04 -8.64 8.45 5.85 TelecomItalia A TI.A 4.6 ... 6.66 0.03
-16.73 256.80 169.61 Allergan AGN 1.6 dd 174.88 0.07 18.38 19.48 13.47 DeutscheBank DB 1.1 dd 19.13 0.09 1.16 86.27 63.76 GileadSciences GILD 2.9 8 72.44 0.03
60.68 128.00 76.52 MSCI MSCI 1.2 38 126.58 1.20 45.93 185.66 119.67 TeledyneTech TDY ... 31 179.50 -1.59
-1.82 266.25 209.00 AllianceData ADS 0.9 24 224.35 -0.98 -15.31 50.69 28.79 DevonEnergy DVN 0.6 13 38.68 0.52 -9.36 73.34 52.12 Macerich MAC 4.6 74 64.21 -0.45 -3.01 37.20 28.81 Goodyear GT 1.9 8 29.94 0.63
17.18 45.55 35.26 AlliantEnergy LNT 2.8 24 44.40 -0.23 s 65.19 266.45 142.97 Teleflex TFX 0.5 49 266.21 2.77
30.94 137.59 99.75 Diageo DEO 3.0 25 136.10 0.07 -43.17 45.41 17.41 Macy's M 7.4 9 20.35 0.10 12.93 16.85 11.95 TelefonicaBras VIV ... 22 15.11 0.25 44.87 24.20 14.33 Grifols GRFS 1.4 ... 23.28 0.47
15.61 45.69 32.01 AllisonTransm ALSN 1.5 17 38.95 -2.42 20.20 127.23 86.70 DigitalRealty DLR 3.1 95 118.11 -2.16 -14.25 81.77 63.83 MagellanMid MMP 5.6 18 64.85 -0.30 101.52 58.61 23.23 GpoFinGalicia GGAL 0.0 15 54.25 -0.40
35.15 101.12 69.04 Allstate ALL 1.5 15 100.17 0.60 8.70 11.64 8.15 Telefonica TEF 4.5 18 10.00 -0.02
-9.75 74.33 57.50 DiscoverFinSvcs DFS 2.2 11 65.06 0.24 23.36 55.76 39.50 MagnaIntl MGA 2.1 10 53.54 0.18 5.66 36.19 27.17 TelekmIndonesia TLK 2.4 18 30.81 0.14 -17.71 44.73 28.97 HD Supply HDS ... 11 34.98 -0.15
40.22 26.93 18.11 AllyFinancial ALLY 1.8 12 26.67 0.25 -0.75 116.10 96.20 Disney DIS 1.5 18 103.44 -0.16 41.98 127.31 84.89 Manpower MAN 1.5 19 126.18 -0.70 23.27 116.20 77.20 Hasbro HAS 2.4 20 95.89 -0.01
-39.28 35.29 18.73 AlticeUSA ATUS ... ... 19.86 -0.38 -20.05 37.21 25.91 Tenaris TS 1.8113 28.55 0.56
s 36.07 61.59 44.98 DolbyLab DLB 1.0 32 61.49 0.54 18.41 21.70 16.62 ManulifeFin MFC 3.0 15 21.10 0.05 71.54 44.33 23.39 Teradyne TER 0.6 20 43.57 -0.26 -8.88 93.50 65.28 HenrySchein HSIC ... 20 69.12 -0.39
-1.77 77.79 60.01 Altria MO 4.0 8 66.42 0.54 s 15.43 85.52 65.97 DollarGeneral DG 1.2 19 85.50 0.59 -13.06 19.28 10.55 MarathonOil MRO 1.3 dd 15.05 0.53 -0.40 46.80 35.76 Hologic HOLX ... 15 39.96 0.24
67.78 23.54 9.93 AlumofChina ACH ... 42 17.13 -0.31 -61.82 39.08 10.85 TevaPharm TEVA 2.5 dd 13.84 1.05
6.18 83.64 70.54 DominionEner D 3.8 24 81.32 -0.64 23.67 63.41 42.57 MarathonPetrol MPC 2.6 19 62.27 0.26 9.08 55.80 43.66 Textron TXT 0.2 23 52.97 0.07 4.50 111.98 83.35 JBHunt JBHT 0.9 27 101.44 -1.54
27.09 7.03 4.70 Ambev ABEV ... 35 6.24 0.07 12.19 221.58 156.26 Domino's DPZ 1.0 34 178.65 1.18 18.19 1105.23 870.07 Markel MKL ...238 1069.00 3.88 2.42 14.74 12.14 HuntingtonBcshs HBAN 3.2 16 13.54 0.14
20.66 64.89 48.28 Ameren AEE 2.9 25 63.30 -0.34 34.78 201.20 139.07 ThermoFisherSci TMO 0.3 32 190.17 -0.44
11.48 48.91 39.49 Donaldson DCI 1.5 27 46.91 -0.02 21.84 84.90 66.75 Marsh&McLen MMC 1.8 23 82.35 -0.56 0.34 48.61 41.81 ThomsonReuters TRI 3.1 30 43.93 -0.12 96.36 137.86 64.50 IAC/InterActive IAC ... 32 127.22 2.77
37.23 19.50 11.23 AmericaMovil AMX 1.8 32 17.25 0.03 10.80 41.12 34.98 DouglasEmmett DEI 2.3 76 40.51 -0.17 -6.23 244.32 191.09 MartinMarietta MLM 0.8 30 207.72 -1.66 32.07 173.01 113.47 IdexxLab IDXX ... 50 154.88 0.80
37.92 19.11 11.09 AmericaMovil A AMOV 1.8 31 16.96 ... 33.80 138.07 86.27 ThorIndustries THO 1.1 19 133.87 2.68
25.74 97.09 68.10 Dover DOV 2.0 22 94.22 0.21 24.48 41.10 30.08 Masco MAS 1.1 23 39.36 0.22 28.44 238.90 170.72 3M MMM 2.0 26 229.36 -0.06 23.19 48.53 34.20 IHSMarkit INFO ... 45 43.62 0.16
-15.83 51.70 41.06 AmCampus ACC 4.2102 41.89 -0.46 5.30 73.85 64.01 DowDuPont DWDP ... 47 70.74 0.06 44.33 152.00 99.51 Mastercard MA 0.6 35 149.02 -1.31 s140.33 238.89 93.38 IPG Photonics IPGP ... 35 237.23 3.96
21.32 77.93 57.89 AEP AEP 3.2 20 76.38 -0.38 22.47 97.29 75.72 Tiffany TIF 2.1 26 94.83 1.89
-3.76 99.47 82.89 DrPepperSnap DPS 2.7 22 87.26 0.14 6.43 106.50 88.64 McCormick MKC 1.9 27 99.33 -0.22 -8.09 103.90 85.88 TimeWarner TWX 1.8 17 88.72 0.71 20.86 64.68 40.52 IRSA Prop IRCP 4.3 15 57.25 -0.30
26.47 96.90 70.77 AmerExpress AXP 1.5 18 93.69 0.13 -20.69 47.75 29.83 DrReddy'sLab RDY 0.9 35 35.91 0.24 6.87 106.58 89.14 McCormickVtg MKC.V 1.9 27 99.50 0.84 -11.31 64.46 47.06 IcahnEnterprises IEP 11.4 5 52.86 0.19
15.69 106.77 79.95 AmericanFin AFG 1.4 13 101.95 -0.22 s 51.61 47.45 28.93 Toll Bros TOL 0.7 17 47.00 0.27
14.04 91.80 72.34 DukeEnergy DUK 4.0 29 88.52 -0.69 36.97 170.92 117.71 McDonalds MCD 2.4 24 166.72 -1.37 15.84 86.50 69.32 Torchmark TMK 0.7 18 85.44 0.43 55.92 124.48 73.76 Icon ICLR ... 23 117.25 1.57
2.24 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 21.45 -0.23 8.58 30.14 23.70 DukeRealty DRE 2.8 39 28.84 -0.17 1.20 169.29 133.82 McKesson MCK 1.0 7 142.13 -0.57 63.25 214.50 119.37 Illumina ILMN ... 39 209.02 0.51
-8.04 67.47 57.90 AIG AIG 2.1 dd 60.06 ... 10.40 73.86 52.31 Toro TTC 1.1 26 61.77 -0.08
0.96 34.62 26.15 ENI E 5.9 32 32.55 0.14 11.60 89.72 69.35 Medtronic MDT 2.3 27 79.49 0.23 16.80 57.79 45.18 TorontoDomBk TD 3.3 14 57.63 0.24 5.19 153.15 98.49 Incyte INCY ... dd 105.47 -1.01
38.03 155.28 99.72 AmerTowerREIT AMT 1.8 55 145.87 -2.53 0.53 109.37 81.99 EOG Rscs EOG 0.710164 101.64 0.21 -6.23 66.80 54.40 Merck MRK 3.4 54 55.20 0.03 23.05 47.30 33.23 Intel INTC 2.4 16 44.63 -1.02
23.02 91.39 69.96 AmerWaterWorks AWK 1.9 34 89.02 -0.67 7.47 56.98 45.47 Total TOT 5.4 16 54.78 0.24
-9.74 75.74 49.63 EQT EQT 0.2281 59.03 -0.27 7.55 55.91 44.17 MetLife MET 3.1 dd 51.65 0.11 50.48 74.44 47.01 TotalSystem TSS 0.7 33 73.78 -0.24 49.33 55.66 33.01 InteractiveBrkrs IBKR 0.7 47 54.52 0.13
42.67 163.04 109.19 Ameriprise AMP 2.1 15 158.28 1.20 19.32 94.96 73.52 EastmanChem EMN 2.3 13 89.74 -0.41 50.74 694.48 407.87 MettlerToledo MTD ... 38 630.92 0.42 s 36.59 156.71 111.48 Intuit INTU 1.0 42 156.55 0.90
0.83 97.85 71.90 AmerisourceBrgn ABC 1.9 21 78.84 -1.09 5.20 128.11 103.62 ToyotaMotor TM ... 11 123.29 -1.08
12.74 82.34 63.94 Eaton ETN 2.0 12 75.64 -0.80 s 30.97 56.43 32.38 MichaelKors KORS ... 16 56.29 0.53 8.48 51.85 43.71 TransCanada TRP 4.0 32 48.98 -0.48 s 85.67 400.00 203.57 IntuitiveSurgical ISRG ... 51 392.48 -1.32
44.57 70.43 45.78 Ametek AME 0.5 30 70.26 0.14 23.66 52.36 38.98 EatonVance EV 2.4 23 51.79 0.29 s 25.54 35.72 27.86 MicroFocus MFGP ... 52 35.44 -0.09 13.21 65.51 37.26 IonisPharma IONS ...369 54.15 -0.21
s 33.21 89.72 66.00 Amphenol APH 0.8 29 89.52 0.21 5.67 295.00 203.72 TransDigm TDG ... 33 263.08 -5.32
12.14 134.89 114.09 Ecolab ECL 1.1 30 131.45 -0.54 4.53 110.95 87.59 MidAmApt MAA 3.4 48 102.36 -0.78 s 78.76 55.75 28.92 TransUnion TRU ... 43 55.29 0.98 58.22 48.99 25.25 JD.com JD ... dd 40.25 0.03
-30.95 73.33 39.96 AnadarkoPetrol APC 0.4 dd 48.15 0.65 28.73 12.30 7.84 Ecopetrol EC ... 21 11.65 0.02 7.14 7.01 5.83 MitsubishiUFJ MTU ... 9 6.60 0.03 26.24 115.34 84.28 JackHenry JKHY 1.1 35 112.08 -0.11
20.46 112.21 75.11 Andeavor ANDV 2.2 21 105.34 0.55 6.13 135.71 110.82 Travelers TRV 2.2 15 129.92 -0.89
12.36 83.38 67.73 EdisonInt EIX 2.7 18 80.89 -0.86 -1.95 3.87 3.37 MizuhoFin MFG ... 9 3.52 -0.03 34.78 9.79 6.35 TurkcellIletism TKC ... 13 9.30 0.06 22.78 163.75 99.28 JazzPharma JAZZ ... 22 133.87 0.34
-12.42 60.14 43.21 AndeavorLog ANDX 8.9 19 44.50 0.07 14.29 121.45 81.12 EdwardsLife EW ... 31 107.09 -0.01 16.03 11.59 7.19 MobileTeleSys MBT 6.7 12 10.57 0.10 -10.84 24.13 18.05 JetBlue JBLU ... 10 19.99 -0.27
9.06 126.50 98.28 AB InBev BUD 3.2 58 114.99 0.08 -4.95 3.80 2.44 TurquoiseHill TRQ ... 28 3.07 0.06
7.35 67.78 53.92 EmersonElec EMR 3.2 27 59.85 0.83 s 36.32 272.46 189.44 MohawkInds MHK ... 21 272.20 1.55 27.36 21.96 14.12 Twitter TWTR ... dd 20.76 0.40 211.09 61.59 17.52 JunoTherap JUNO ... dd 58.64 0.90
15.25 12.73 9.83 AnnalyCap NLY 10.4 5 11.49 0.02 -45.80 26.17 13.63 EnbridgeEnPtrs EEP 10.1 23 13.81 -0.12 -18.12 102.14 78.10 MolsonCoors B TAP 2.1 8 79.68 0.19 29.19 110.00 74.66 KLA Tencor KLAC 2.3 16 101.65 -3.12
-15.77 27.23 17.89 AnteroResources AR ...398 19.92 0.66 23.37 183.98 139.61 TylerTech TYL ... 52 176.14 2.40
-16.52 44.52 34.39 Enbridge ENB 5.4 24 35.16 0.66 12.47 122.80 100.29 Monsanto MON 1.8 23 118.33 -0.27 s 26.41 78.03 55.72 TysonFoods TSN 1.5 16 77.97 0.71 -8.81 97.77 75.21 KraftHeinz KHC 3.1 25 79.63 -0.05
s 53.60 222.24 135.00 Anthem ANTM 1.3 20 220.83 -0.06 0.94 13.85 8.01 Encana ECA 0.5 15 11.85 0.16 55.71 148.00 93.51 Moody's MCO 1.0 53 146.79 2.70 23.16 38.16 27.85 LKQ LKQ ... 23 37.75 0.08
26.58 152.78 109.82 Aon AON 1.0 ... 141.18 -0.10 9.44 18.31 15.10 UBS Group UBS 3.5 16 17.15 0.10
24.97 11.10 7.75 EnelAmericas ENIA 3.4 28 10.26 0.12 15.27 51.52 39.89 MorganStanley MS 2.1 13 48.70 0.10 7.37 40.71 32.85 UDR UDR 3.2126 39.17 -0.34 s 99.06 217.00 97.79 LamResearch LRCX 1.0 19 210.47 -2.75
-35.12 69.00 38.14 Apache APA 2.4 24 41.18 0.69 25.27 6.31 4.25 EnelChile ENIC ... 12 5.70 0.02 -21.79 34.36 19.23 Mosaic MOS 0.4 24 22.94 0.46 13.86 79.09 62.45 LamarAdv LAMR 4.3 24 76.56 0.10
-2.77 46.85 39.66 ApartmtInv AIV 3.3140 44.19 -0.50 4.10 52.00 43.92 UGI UGI 2.1 20 47.97 -0.10
36.11 27.74 18.35 EnelGenChile EOCC 7.2 14 26.46 0.37 9.72 94.94 76.92 MotorolaSol MSI 2.3 23 90.95 -0.02 -0.11 30.73 22.46 US Foods USFD ... 23 27.45 0.55 23.60 104.35 66.76 LibertyBroadbandA LBRDA ...527 89.56 1.31
51.24 33.37 18.90 ApolloGlbMgmt APO 5.3 10 29.28 -0.05 -15.54 20.05 15.03 EnergyTransferEq ETE 7.2 20 16.31 -0.33 140.54 29.78 10.75 NRG Energy NRG 0.4 dd 29.49 0.05 22.98 104.66 68.15 LibertyBroadbandC LBRDK ...536 91.09 1.35
21.07 37.30 29.24 AquaAmerica WTR 2.3 27 36.37 -0.24 7.52 25.39 18.99 UltraparPart UGP 2.4 24 22.30 0.24
-30.27 26.99 15.97 EnergyTransfer ETP 13.5 8 16.75 0.12 9.76 25.06 21.96 NTTDoCoMo DCM ... 17 24.97 -0.01 36.92 61.62 38.41 Unilever UN ... 25 56.22 -0.74 -1.99 37.00 27.36 LibertyGlobal C LBTYK ... 33 29.11 0.34
14.28 44.12 32.87 Aramark ARMK 1.0 27 40.82 0.08 17.75 87.95 67.39 Entergy ETR 4.1 dd 86.51 0.61 95.23 3362.85 1570.00 NVR NVR ... 24 3258.47 -17.88 -1.47 37.69 28.17 LibertyGlobal A LBTYA ... 34 30.14 0.31
27.85 30.50 19.59 ArcelorMittal MT ... 4 28.00 -0.09 35.14 60.13 38.58 Unilever UL 3.1 25 55.00 -0.76
-10.21 30.25 23.59 EnterpriseProd EPD 7.0 19 24.28 -0.05 -7.37 75.24 58.80 NationalGrid NGG 3.5 12 58.94 -0.36 11.53 119.71 98.60 UnionPacific UNP 2.3 20 115.63 -0.94 2.13 27.82 19.58 LibertyLiLAC C LILAK ... 24 21.62 -0.30
-13.65 47.44 38.59 ArcherDaniels ADM 3.2 18 39.42 0.23 -5.80 147.02 89.59 Equifax EFX 1.4 25 111.37 1.79 -14.48 43.63 29.90 NatlOilwell NOV 0.6 dd 32.02 0.51 -2.46 28.11 19.65 LibertyLiLAC A LILA ... 24 21.42 -0.38
28.64 30.69 18.47 Arconic ARNC 1.0 dd 23.85 0.12 -20.14 83.04 56.51 UnitedContinental UAL ... 9 58.20 -0.48
23.55 90.86 66.66 EquityLife ELS 2.2 43 89.08 -0.99 -3.76 46.34 36.45 NatlRetailProp NNN 4.5 35 42.54 0.27 48.00 2.73 1.74 UnitedMicro UMC 3.2 20 2.59 -0.02 24.42 26.00 17.24 LibertyQVC A QVCA ... 10 24.86 0.64
s141.62 234.63 87.33 AristaNetworks ANET ... 48 233.82 2.05 6.15 70.45 58.28 EquityResdntl EQR 2.9 60 68.32 -0.90 112.09 94.63 37.16 NewOrientalEduc EDU ... 49 89.29 1.16 56.50 62.41 36.58 LibertyVenturesA LVNTA ... 24 57.70 0.62
8.88 84.53 65.51 ArrowElec ARW ... 14 77.63 -0.84 -1.48 121.75 102.12 UPS B UPS 2.9 28 112.94 -0.76
7.89 270.04 208.92 EssexProp ESS 2.8 31 250.85 -3.09 -20.11 17.68 11.67 NY CmntyBcp NYCB 5.4 15 12.71 0.05 s 42.16 151.15 90.77 UnitedRentals URI ... 21 150.09 1.73 23.56 41.14 27.55 LibertyFormOne C FWONK ... ... 38.71 1.88
22.47 35.60 25.55 AstraZeneca AZN 2.7 25 33.46 -0.06 63.01 126.99 75.30 EsteeLauder EL 1.2 34 124.69 -0.95 -36.04 55.08 27.45 NewellBrands NWL 3.2 11 28.56 0.38 18.37 39.37 27.63 LibertyFormOne A FWONA ... ... 37.11 1.78
2.60 55.22 43.25 Athene ATH ... 7 49.24 -0.05 0.99 56.61 48.66 US Bancorp USB 2.3 15 51.88 0.07
4.58 277.17 206.60 EverestRe RE 2.3 36 226.32 0.85 -25.19 50.00 24.41 NewfieldExpln NFX ... 17 30.30 0.86 6.30 124.79 106.21 UnitedTech UTX 2.4 18 116.53 -1.36 8.93 26.52 18.85 LibertyBraves A BATRA ... dd 22.32 -0.01
20.47 91.00 69.57 AtmosEnergy ATO 2.2 24 89.33 -0.62 16.26 66.15 50.56 EversourceEner ES 3.0 21 64.21 -0.68 6.28 39.62 30.40 NewmontMin NEM 0.8186 36.21 0.12 8.55 26.20 18.57 LibertyBraves C BATRK ... dd 22.35 -0.01
141.30 67.69 24.71 Autohome ATHM ... 40 61.00 0.05 31.15 213.93 148.56 UnitedHealth UNH 1.4 23 209.90 -1.23
16.26 42.67 31.55 Exelon EXC 3.2 19 41.26 0.02 30.62 159.28 112.63 NextEraEnergy NEE 2.5 18 156.04 -1.25 -8.61 129.74 95.26 UniversalHealthB UHS 0.4 13 97.22 -1.16 19.41 46.43 33.79 LibertySirius A LSXMA ... 30 41.22 0.44
7.11 127.75 96.08 Autoliv ALV 2.0 21 121.19 -0.07 s 12.89 87.48 68.09 ExtraSpaceSt EXR 3.6 33 87.20 ... -13.28 45.73 34.22 NielsenHoldings NLSN 3.7 26 36.38 0.71 21.52 46.24 33.14 LibertySirius C LSXMK ... 30 41.22 0.61
-20.30 813.70 491.13 AutoZone AZO ... 14 629.43 10.84 21.69 53.61 42.00 UnumGroup UNM 1.7 13 53.46 0.21
-11.10 93.22 76.05 ExxonMobil XOM 3.8 26 80.24 -0.32 16.45 60.53 50.06 Nike NKE 1.4 25 59.19 1.96 -4.61 9.12 7.44 VEREIT VER 6.8 dd 8.07 0.06 15.39 99.59 71.62 LincolnElectric LECO 1.8 21 88.47 0.51
4.08 199.52 158.32 Avalonbay AVB 3.1 29 184.37 -1.72 64.32 95.25 53.63 FMC FMC 0.7649 92.94 -0.38 22.31 27.76 21.31 NiSource NI 2.6 33 27.08 -0.24 43.96 40.82 23.59 LogitechIntl LOGI 1.8 28 35.66 0.46
35.80 53.10 35.42 Avangrid AGR 3.4 24 51.44 -0.56 32.73 71.95 48.05 VF VFC 2.6 29 70.81 0.73
19.98 196.70 155.09 FactSet FDS 1.1 30 196.09 0.80 -31.79 42.03 22.98 NobleEnergy NBL 1.5 dd 25.96 0.16 40.76 112.91 75.17 Visa V 0.7 40 109.82 -1.20 20.56 129.51 90.35 LogMeIn LOGM 0.91058 116.40 -1.00
54.22 108.99 69.53 AveryDennison AVY 1.7 24 108.29 0.04 -6.76 145.80 119.37 FederalRealty FRT 3.0 42 132.50 0.60 2.70 6.65 4.13 Nokia NOK 3.8 dd 4.94 0.02 2.03 72.70 47.26 lululemon LULU ... 32 66.31 0.60
22.50 34.47 24.72 AxaltaCoating AXTA ...139 33.32 0.14 42.84 237.77 154.11 VailResorts MTN 1.8 47 230.41 1.84
16.00 231.35 182.89 FedEx FDX 0.9 20 216.00 -1.91 -4.07 6.80 5.28 NomuraHoldings NMR ... 9 5.66 -0.05 74.24 110.60 53.51 MKS Instrum MKSI 0.7 19 103.50 -0.35
-0.43 49.91 41.17 BB&T BBT 2.8 17 46.82 0.05 32.68 11.71 7.00 Vale VALE 5.6 10 10.11 0.14
87.77 121.14 52.72 Ferrari RACE ... 37 109.17 -0.85 -14.75 61.85 37.79 Nordstrom JWN 3.6 14 40.86 0.89 s 21.31 82.92 60.35 ValeroEnergy VLO 3.4 18 82.88 22.79 211.06 145.10 MarketAxess MKTX 0.7 46 180.40 4.15
11.89 48.59 42.44 BCE BCE 4.6 20 48.38 0.18 0.76 s 51.77 125.64 76.88 Marriott
90.35 18.33 7.42 FiatChrysler FCAU ... 8 17.36 -0.20 18.02 134.52 102.76 NorfolkSouthern NSC 1.9 20 127.54 -1.68 17.39 73.14 54.38 Vantiv VNTV ... 48 69.99 -0.35
MAR 1.1 34 125.48 1.10
15.65 44.62 33.37 BHPBilliton BHP 4.2 19 41.38 ... 67.12 17.21 7.98 FibriaCelulose FBR ... 38 16.06 0.27 27.63 306.61 220.72 NorthropGrum NOC 1.3 22 296.85 -3.70 46.29 21.08 13.59 MarvellTech MRVL 1.2 47 20.29 0.03
14.97 39.12 28.73 BHPBilliton BBL 4.8 16 36.17 0.14 37.14 109.71 76.29 VarianMed VAR ... 41 109.03 -0.19
62.80 40.12 22.84 FidNatlFin FNF 2.7 18 39.91 0.12 15.29 86.90 66.93 Novartis NVS 3.2 30 83.98 0.96 68.54 32.87 15.42 MatchGroup MTCH ... 19 28.82 0.18
4.57 41.55 33.10 BP BP 6.1 33 39.09 0.32 52.50 21.63 11.55 Vedanta VEDL 11.6 19 18.94 0.43
26.64 18.48 11.65 FNFV Group FNFV ... 8 17.35 -0.20 s 41.97 51.05 30.89 NovoNordisk NVO 0.9 22 50.91 0.41 -32.20 32.43 12.71 Mattel MAT ... dd 18.68 0.46
-11.86 16.00 10.60 BRF BRFS ... dd 13.01 0.20 50.20 68.07 40.50 VeevaSystems VEEV ... 74 61.13 -0.01
21.71 96.67 73.97 FidNatlInfo FIS 1.3 57 92.06 -1.14 -7.93 68.00 51.67 Nucor NUE 2.8 16 54.80 0.01 38.73 55.43 37.32 MaximIntProducts MXIM 2.7 26 53.51 -0.03
-28.83 24.65 16.15 BT Group BT 3.9 16 16.39 0.03 3.01 72.36 57.97 Ventas VTR 4.8 38 64.40 -0.11 60.06 26.54 14.88 MelcoResorts MLCO 1.4 41 25.45 0.26
167.14 75.86 27.58 58.com WUBA ...162 74.80 0.96 5.23 37.41 30.63 OGE Energy OGE 3.8 18 35.20 -0.24 -14.91 54.83 42.80 Verizon VZ 5.2 12 45.42 0.65
50.93 61.88 37.63 BWX Tech BWXT 0.7 31 59.92 0.04 48.68 56.40 35.28 FirstAmerFin FAF 2.8 22 54.46 -0.32 -11.74 59.47 47.14 ONEOK OKE 5.9 32 50.67 0.02 72.75 297.95 148.98 MercadoLibre MELI 0.2 90 269.73 7.25
-17.02 40.82 29.62 BakerHughes BHGE 2.3 dd 30.91 0.76 23.55 21.20 13.65 VistraEnergy VST ... 0 19.15 0.17 42.32 95.92 60.77 MicrochipTech MCHP 1.6 37 91.30 0.52
17.90 19.23 13.96 FirstData FDC ... 22 16.73 -0.04 -3.97 73.51 57.20 OccidentalPetrol OXY 4.5526 68.40 1.23 s 56.56 123.50 76.81 VMware VMW ... 39 123.26 0.55
6.51 43.24 35.65 Ball BLL 1.0 62 39.98 -0.54 0.18 105.52 80.55 FirstRepBank FRC 0.7 22 92.31 0.81 41.47 37.52 24.88 Olin OLN 2.2 81 36.23 0.16 s110.58 46.55 18.18 MicronTech MU ... 11 46.16 -0.02
26.00 9.35 6.04 BancoBilbaoViz BBVA 5.0 12 8.53 -0.01 -9.18 90.29 71.89 VornadoRealty VNO 3.1 19 76.60 -0.22 -1.76 57.97 46.09 Microsemi MSCC ... 35 53.02 -0.16
11.88 35.22 27.93 FirstEnergy FE 4.2 dd 34.65 0.01 -18.41 89.66 65.32 Omnicom OMC 3.2 14 69.44 1.99 7.24 42.96 33.53 VoyaFinancial VOYA 0.1 dd 42.06 0.53
31.15 95.80 65.53 BancodeChile BCH 2.9 18 90.00 1.61 26.26 183.61 121.52 FleetCorTech FLT ... 30 178.69 0.04 27.28 53.14 37.64 Oracle ORCL 1.6 21 48.94 -0.26 32.60 86.20 58.80 Microsoft MSFT 2.0 28 82.40 -0.80
60.62 136.10 61.12 BancoMacro BMA 0.7 13 103.36 -4.02 -1.69 136.82 108.95 VulcanMatls VMC 0.8 43 123.04 -0.81 -11.74 150.87 107.53 Middleby MIDD ... 21 113.69 2.48
-11.08 58.37 37.04 Fluor FLR 1.8 33 46.70 0.28 9.78 17.63 13.98 Orange ORAN 3.5 89 16.62 0.08 36.26 156.08 96.10 WABCO WBC ... 26 144.64 -0.39
40.51 32.02 21.06 BcoSantChile BSAC 3.4 18 30.73 0.38 14.91 103.82 73.45 FomentoEconMex FMX 1.5 12 87.57 0.74 50.69 134.59 82.44 OrbitalATK OA 1.0 25 132.20 -0.23 69.86 46.69 16.73 Momo MOMO ... 24 31.22 -0.94
24.52 6.99 4.40 BancoSantander SAN 2.9 13 6.45 -0.05 16.27 70.09 54.96 WEC Energy WEC 3.1 22 68.19 -0.58 -4.58 47.23 39.19 Mondelez MDLZ 2.1 29 42.30 0.11
-0.99 13.27 10.47 FordMotor F 5.0 11 12.01 -0.03 6.95 89.51 73.70 Orix IX ... 8 83.24 -0.29 20.92 71.99 55.97 W.P.Carey WPC 5.6 47 71.45 -0.05
5.53 48.74 32.02 BanColombia CIB 3.3 10 38.71 0.53 20.73 26.30 18.23 ForestCIty A FCE.A 2.2 76 25.16 0.22 31.98 94.16 61.74 Oshkosh OSK 1.1 23 85.27 0.67 40.21 62.80 41.02 MonsterBev MNST ... 45 62.17 0.17
20.45 27.98 19.87 BankofAmerica BAC 1.8 15 26.62 -0.14 -10.90 93.81 69.20 Wabtec WAB 0.6 28 73.97 0.30 -1.47 45.87 29.39 Mylan MYL ... 23 37.59 0.09
20.50 38.24 29.51 Fortis FTS 3.7 20 37.21 -0.55 s 66.08 85.76 50.77 OwensCorning OC 0.9 26 85.63 1.84 s 41.02 100.13 65.28 Wal-Mart WMT 2.1 23 97.47 -2.15
7.84 78.86 64.55 BankofMontreal BMO 3.7 13 77.56 -0.02 34.72 74.38 52.99 Fortive FTV 0.4 27 72.25 -0.19 -11.14 71.57 49.83 PG&E PCG 3.9 12 54.00 -1.15 17.85 118.20 96.00 NXP Semi NXPI ... 25 115.50 0.31
10.74 55.29 43.85 BankNY Mellon BK 1.8 15 52.47 0.24 32.56 74.20 49.79 WasteConnections WCN 0.8 53 69.45 -1.07 13.16 78.31 63.36 Nasdaq NDAQ 2.0 50 75.95 -0.02
21.14 68.82 53.15 FortBrandsHome FBHS 1.1 23 64.76 0.32 21.09 38.54 25.50 PLDT PHI 5.6 14 33.36 0.69 13.74 82.87 68.52 WasteMgt WM 2.1 26 80.65 -1.05
s 19.00 66.35 52.87 BkNovaScotia BNS 3.8 14 66.26 0.41 41.10 85.67 53.31 Franco-Nevada FNV 1.1107 84.32 -0.51 13.59 139.23 109.16 PNC Fin PNC 2.3 16 132.85 0.36 44.16 46.33 29.44 NatlInstruments NATI 1.9 53 44.43 -0.21
-11.27 12.05 9.29 Barclays BCS 2.2 dd 9.76 0.05 47.49 199.83 133.35 Waters WAT ... 29 198.21 -1.39 s266.67 46.98 11.41 NektarTherap NKTR ... dd 44.99 0.06
2.27 47.65 38.54 FranklinRscs BEN 2.0 13 40.48 -0.07 35.45 77.76 50.37 POSCO PKX ... 14 71.18 0.36 11.31 167.94 134.08 Watsco WSO 3.0 31 164.87 -1.08
48.47 335.84 206.26 Bard CR BCR 0.3 44 333.56 -0.69 5.08 17.06 11.05 FreeportMcM FCX ... 19 13.86 0.24 20.12 119.85 93.80 PPG Ind PPG 1.6 22 113.83 -0.18 s 50.13 54.72 34.72 NetApp NTAP 1.5 23 52.95 -0.16
-11.95 20.78 13.80 BarrickGold ABX 0.9 8 14.07 0.15 89.42 84.19 32.60 Wayfair W ... dd 66.39 0.49 s 70.66 375.10 211.11 Netease NTES 0.8 25 367.50 41.26
15.68 50.22 38.05 FreseniusMed FMS 1.1 22 48.83 -0.32 6.49 40.20 32.67 PPL PPL 4.4 16 36.26 0.04 44.44 208.89 127.82 WellCareHealth WCG ... 25 198.00 -2.02
44.07 65.70 43.13 BaxterIntl BAX 1.0 34 63.88 -1.11 -5.28 26.63 18.83 GGP GGP 3.7 33 23.66 -0.26 s 47.52 133.47 84.53 PVH PVH 0.1 25 133.12 3.18 56.06 204.38 113.51 Netflix NFLX ...195 193.20 -2.31
33.08 225.23 161.29 BectonDicknsn BDX 1.3 63 220.31 -1.21 -1.74 59.99 49.27 WellsFargo WFC 2.9 14 54.15 -0.45 86.77 75.98 37.34 Neurocrine NBIX ... dd 72.28
s 26.96 66.12 48.97 Gallagher AJG 2.4 26 65.97 0.14 32.60 120.75 84.01 PackagingCpAm PKG 2.2 21 112.47 0.60 -0.02
0.80 73.17 59.63 Berkley WRB 0.8 16 67.04 -0.04 1.54 78.17 61.08 Welltower HCN 5.1 59 67.96 0.02 s 37.29 16.27 11.75 NewsCorp B NWS 1.2 dd 16.20
s 31.02 30.14 21.02 Gap GPS 3.1 14 29.40 1.92 14.13 164.57 107.31 PaloAltoNtwks PANW ... dd 142.72 4.02 0.20
11.18 285950 235320 BerkHathwy A BRK.A ... 24 271410 -1290.00 16.66 103.36 77.97 WestPharmSvcs WST 0.6 39 98.96 0.26 s 38.22 15.93 11.41 NewsCorp A NWSA 1.3 dd 15.84 0.12
42.42 30.66 19.91 GardnerDenver GDI ... dd 30.05 1.16 -3.28 33.40 24.65 ParkHotels PK 5.9 2 28.92 ... -1.65 57.50 49.20 WestarEnergy WR 2.9 23 55.42 -0.45
11.09 190.68 156.82 BerkHathwy B BRK.B ... 24 181.06 -0.99 15.66 130.02 90.37 Gartner IT ... dd 116.90 -2.07 30.24 189.83 134.03 ParkerHannifin PH 1.4 23 182.34 0.04 13.06 131.49 103.76 Nordson NDSN 0.9 25 126.68 0.78
s 22.33 61.19 45.47 BerryGlobal BERY ... 25 59.61 -0.30 12.34 57.04 43.68 WestAllianceBcp WAL ... 19 54.72 0.48 5.64 99.30 80.49 NorthernTrust NTRS 1.8 21 94.07 0.36
12.73 10.69 8.36 Gazit-Globe GZT 4.1 2 9.74 0.19 -27.78 39.82 22.98 ParsleyEnergy PE ...318 25.45 0.48
30.84 63.32 41.67 BestBuy BBY 2.4 15 55.83 0.58 -13.74 47.82 35.56 WesternGasEquity WGP 5.9 22 36.53 0.14 28.94 61.48 38.66 NorwegCruise NCLH ... 17 54.84 0.87
14.54 214.81 164.97 GeneralDynamics GD 1.7 20 197.77 -1.45 -8.01 10.31 7.04 Pearson PSO 1.5 dd 9.19 0.05
40.16 268.40 169.19 Bio-RadLab A BIO ...323 255.49 -0.77 -23.71 67.44 43.62 WesternGasPtrs WES 8.1 34 44.83 -0.39 98.01 218.67 84.77 NVIDIA NVDA 0.3 52 211.36 -0.25
-42.37 32.38 17.46 GeneralElec GE 5.3 23 18.21 -0.04 11.05 36.30 28.30 PembinaPipeline PBA 4.9 37 34.78 -0.05
8.33 47.55 41.10 BlackKnight BKI ... 68 45.50 -0.70 -9.39 22.70 18.39 WesternUnion WU 3.6 43 19.68 -0.09 -20.80 286.57 169.43 OReillyAuto ORLY ... 19 220.49 0.83
-13.03 64.06 49.65 GeneralMills GIS 3.6 19 53.72 0.05 22.06 71.65 55.76 Pentair PNR 2.0 31 68.44 0.21
49.49 11.78 6.65 BlackBerry BB ... 9 10.30 -0.08 67.01 96.14 52.57 WestlakeChem WLK 0.9 20 93.51 0.82 38.68 124.13 80.56 OldDomFreight ODFL 0.3 29 118.97 -0.12
25.95 46.76 31.92 GeneralMotors GM 3.5 10 43.88 0.28 9.61 119.39 98.50 PepsiCo PEP 2.8 24 114.68 -0.55
24.56 489.79 365.83 BlackRock BLK 2.1 22 473.99 -0.03 3.02 27.05 22.17 WestpacBanking WBK 6.0 14 24.19 -0.07 68.03 22.03 10.85 ON Semi ON ... 24 21.44 0.05
28.47 31.93 23.34 Genpact G 0.8 23 31.27 -0.02 38.66 73.05 49.72 PerkinElmer PKI 0.4 37 72.31 0.01
17.57 35.09 25.57 Blackstone BX 5.5 14 31.78 0.21 17.20 61.60 49.23 WestRock WRK 2.9 36 59.50 0.35 6.97 35.45 29.57 OpenText OTEX 1.6 58 33.06 -0.04
-9.85 100.90 79.86 GenuineParts GPC 3.1 19 86.13 0.14 3.20 91.73 63.68 Perrigo PRGO 0.7 dd 85.89 -1.11
68.46 267.62 144.46 Boeing BA 2.2 24 262.26 -1.44 20.57 36.92 29.81 Weyerhaeuser WY 3.5 32 36.28 -0.27 40.74 67.12 45.57 PTC PTC ...1302 65.12 -0.08
20.65 32.15 23.55 Gildan GIL 1.2 18 30.61 0.23 -9.13 81.80 60.69 PetroChina PTR 3.1 36 66.97 -0.73
31.69 53.84 34.44 BorgWarner BWA 1.3 38 51.94 -0.10 8.28 23.06 16.94 WheatonPrecMet WPM 1.7 45 20.92 0.36 4.37 75.68 58.78 Paccar PCAR 1.5 17 66.69 -3.01
-8.96 44.53 34.72 GSK GSK 5.7 29 35.06 -0.13 0.30 11.71 7.61 PetroleoBrasil PBR ... dd 10.14 0.17
-0.59 140.13 116.77 BostonProps BXP 2.4 39 125.04 -0.14 -9.01 202.99 158.80 Whirlpool WHR 2.7 16 165.40 2.52 -17.05 57.53 43.08 PacWestBancorp PACW 4.4 15 45.16 1.30
44.11 104.83 65.91 GlobalPayments GPN 0.0 ... 100.03 -0.19 11.80 10.73 6.96 PetroleoBrasilA PBR.A ... dd 9.85 0.15 t-12.46 32.69 26.82 Williams
30.65 29.93 19.67 BostonSci BSX ... 46 28.26 -0.02 s 41.77 49.78 33.06 GoDaddy GDDY ... dd 49.55 WMB 4.4 48 27.26 0.24 6.64 66.31 54.20 Paychex PAYX 3.1 28 64.92 -0.72
0.22 8.90 36.78 30.51 Pfizer PFE 3.6 22 35.37 -0.19 -7.34 42.32 33.12 WilliamsPartners WPZ 6.8 23 35.24 0.22
36.21 33.73 15.26 Braskem BAK 2.7 61 28.89 0.67 -1.40 17.87 11.91 Goldcorp GG 0.6 22 13.41 0.17 12.19 123.55 86.78 PhilipMorris PM 4.2 23 102.64 -0.02 s 93.51 78.01 38.06 PayPal PYPL ... 59 76.38 -1.32
4.93 66.10 46.01 Bristol-Myers BMY 2.5 24 61.32 -0.55 -0.60 255.15 209.18 GoldmanSachs GS 1.3 12 238.02 9.09 6.40 4.50 Wipro WIT 0.6 32 5.28 0.01 -6.15 20.13 15.96 People'sUtdFin PBCT 3.8 20 18.17 0.06
-1.35 7.22 95.00 75.14 Phillips66 PSX 3.0 23 92.65 0.19 36.00 53.50 30.62 WooriBank WF 2.9 9 43.52 -0.88
17.48 73.41 53.52 BritishAmTob BTI 2.3 11 66.18 0.61 56.54 134.11 80.20 Graco GGG 1.1 70 130.07 0.40 4.08 66.67 48.38 PinnacleFoods PF 2.3 38 55.63 -0.31 s 84.36 35.30 17.15 PilgrimPride PPC ... 14 35.01 0.03
-23.75 25.34 17.23 BrixmorProp BRX 5.9 18 18.62 0.27 -14.82 262.71 155.00 Grainger GWW 2.6 24 197.82 42.41 110.74 71.87 Wyndham WYN 2.1 20 108.76 0.53 19.18 2067.99 1459.49 Priceline PCLN ... 24 1747.22 15.57
-0.68 15.40 92.48 72.61 PinnacleWest PNW 3.1 19 90.05 -0.73 s 73.01 74.90 41.89 XPO Logistics XPO ... 62 74.67 0.48
34.62 91.75 63.28 BroadridgeFinl BR 1.6 31 89.25 0.59 24.50 34.09 25.85 GreatPlainsEner GXP 3.2 33 34.05 0.06 -15.47 199.83 125.46 PioneerNatRscs PXD 0.1213 152.22 1.18 6.61 36.34 27.51 Qiagen QGEN ... ... 31.02 -0.01
25.45 43.15 32.41 BrookfieldMgt BAM 1.4 92 41.41 0.17 8.06 9.38 7.18 GpoAvalAcc AVAL 4.7 13 8.58 25.04 52.22 38.22 XcelEnergy XEL 2.8 22 50.89 -0.29 46.65 81.20 49.53 Qorvo QRVO ... dd 77.33 -0.58
0.13 -37.94 33.95 18.76 PlainsAllAmPipe PAA 6.0 22 20.04 0.09 -18.79 39.08 25.84 Xerox XRX 3.5 dd 28.36 0.10
31.28 44.91 31.03 BrookfieldInfr BIP 4.0163 43.94 -0.12 14.46 10.82 6.73 GpFinSantMex BSMX 2.0 12 8.23 0.09 -40.02 36.09 18.98 PlainsGP PAGP 5.8 dd 20.80 0.22 2.33 70.24 48.92 Qualcomm QCOM 3.4 26 66.72 0.61
11.19 50.81 41.10 Brown&Brown BRO 1.2 26 49.88 -0.05 t-10.58 27.37 18.63 GrupoTelevisa TV 0.5 48 18.68 34.13 67.64 46.67 Xylem XYL 1.1 39 66.42 -0.06 22.64 108.29 67.54 RandgoldRscs GOLD 1.1 32 93.62 0.90
-0.43 46.80 126.85 77.91 PolarisIndustries PII 1.9 38 120.95 1.20
26.51 60.28 45.17 Brown-Forman A BF.A 1.4 33 58.51 -0.05 65.19 83.47 49.18 Guidewire GWRE ...291 81.49 39.27 26.48 15.00 YPF YPF 1.0 69 22.98 -0.02 6.67 543.55 340.09 RegenPharm REGN ... 36 391.59 -3.10
0.31 5.53 20.27 15.74 Potash POT 2.1 35 19.09 0.04
30.34 59.71 43.72 Brown-Forman B BF.B 1.3 33 58.55 0.20 1.65 91.03 69.18 HCA Healthcare HCA ... 11 75.24 -0.73 s 28.54 151.44 115.00 Praxair 24.11 81.65 61.38 YumBrands YUM 1.5 24 78.60 0.06 s 10.14 73.94 52.85 RossStores ROST 0.9 24 72.25 6.56
PX 2.1 27 150.64 1.60 62.71 43.55 25.53 YumChina YUMC ... 29 42.50 0.27
-28.11 73.01 46.94 BuckeyePtrs BPL 10.6 15 47.56 0.26 -9.83 33.67 25.09 HCP HCP 5.5 18 26.80 -0.04 18.63 69.95 56.12 PrincipalFin PFG 2.9 11 68.64 0.25 34.78 94.39 60.21 RoyalGold RGLD 1.2 55 85.38 -0.28
-9.33 83.75 63.87 Bunge BG 2.8 21 65.50 0.33 59.85 100.26 59.00 HDFC Bank HDB 0.5 ... 97.00 39.44 18.08 11.14 ZTO Express ZTO ... 38 16.83 -0.03 42.78 122.67 78.34 Ryanair RYAAY ... 17 118.88 1.45
2.47 5.17 94.67 81.18 Procter&Gamble PG 3.1 24 88.43 -0.82
s 23.58 104.84 74.01 BurlingtonStrs BURL ... 29 104.73 4.58 46.56 22.31 14.40 HP HPQ 2.6 16 21.75 7.55 36.79 29.30 ZayoGroup ZAYO ... 96 35.34 0.46 55.29 170.81 102.29 SBA Comm SBAC ...197 165.21 0.54
0.18 45.21 52.08 32.77 Progressive PGR 1.3 22 51.55 -0.02
35.59 25.90 14.08 CBD Pao CBD 0.1 66 22.44 0.72 20.16 50.86 38.95 HSBC HSBC 4.1 73 48.28 8.15 133.49 98.20 ZimmerBiomet ZBH 0.9 35 111.61 -0.63 s 35.94 67.15 46.20 SEI Investments SEIC 0.8 29 67.10 0.70
0.01 25.59 67.25 46.33 Prologis PLD 2.7 20 66.30 -0.75 s 32.24 71.12 48.55 Zoetis
35.85 43.35 28.21 CBRE Group CBG ... 18 42.78 -0.21 -22.78 58.78 38.18 Halliburton HAL 1.7174 41.77 0.26 5.95 115.26 97.88 PrudentialFin PRU 2.7 11 110.25 -0.12
ZTS 0.6 40 70.79 0.38 89.68 119.20 55.79 Sina SINA ... 35 106.40 -1.11
-10.92 71.07 53.00 CBS A CBS.A 1.2 80 57.74 0.63 -9.60 25.73 18.90 Hanesbrands HBI 3.1 12 19.50 0.28 s 25.51 50.05 37.32 Prudential PUK 1.6 18 49.94 0.57 39.65 42.48 28.43 SS&C Tech SSNC 0.7 38 39.94 -0.17
-10.81 70.09 52.75 CBS B CBS 1.3 79 56.74 0.34
NASDAQ 25.38 223.82 149.01 SVB Fin SIVB ... 24 215.22 0.99
-19.01 63.40 44.52 HarleyDavidson HOG 3.1 15 47.25 -0.85 17.37 52.12 40.11 PublicServiceEnt PEG 3.3 58 51.50 0.12
12.71 39.32 25.04 CF Industries CF 3.4 dd 35.48 -0.69 36.47 141.97 99.13 Harris HRS 1.6 31 139.84 -0.51 -5.21 232.21 192.15 PublicStorage PSA 3.8 31 211.85 -1.82 9.32 22.34 17.30 AGNC Invt AGNC 10.9 5 19.82 0.06 12.96 88.45 64.87 ScrippsNetworks SNI 1.5 17 80.62 0.81
11.31 54.07 45.81 CGI Group GIB ... 21 53.46 0.02 17.82 57.16 46.35 HartfordFinl HIG 1.8 43 56.14 0.13 s 75.46 32.45 18.18 PulteGroup PHM 1.1 16 32.25 0.35 -7.05 13.74 10.57 ANGI Homesvcs ANGI ... dd 11.86 0.11 3.27 50.96 30.60 Seagate STX 6.4 15 39.42 0.30
11.93 50.40 39.48 CIT Group CIT 1.3 dd 47.77 0.72 4.98 33.00 27.47 HealthcareAmer HTA 4.0127 30.56 0.01 1.24 112.97 85.24 QuestDiag DGX 1.9 19 93.04 0.10 62.80 155.14 91.89 Ansys ANSS ... 47 150.57 -0.89 13.30 73.91 45.31 SeattleGenetics SGEN ... dd 59.79 0.50
19.15 50.85 39.42 CMS Energy CMS 2.7 26 49.59 -0.58 44.70 93.00 59.94 Heico HEI 0.2 44 89.31 -0.62 35.02 22.72 15.68 RELX RENX 1.4 28 22.63 -0.01 60.72 185.39 98.84 ASML ASML 0.7 ... 180.33 -1.46 -13.51 192.15 137.17 Shire SHPG 0.2 29 147.37 2.74
29.18 55.62 37.88 CNA Fin CNA 2.2 16 53.61 -0.62 38.16 78.70 50.72 Heico A HEI.A 0.2 37 75.05 -0.10 29.88 23.41 16.90 RELX RELX 1.3 29 23.34 -0.04 72.45 198.29 103.53 Abiomed ABMD ... 96 194.32 -0.59 -13.50 164.23 116.68 SignatureBank SBNY ... 18 129.92 0.13
9.14 143.39 108.05 CNOOC CEO 3.8 17 135.29 -0.52 -28.06 85.78 42.16 Helm&Payne HP 5.0 dd 55.68 1.31 -3.64 56.48 47.87 RPM RPM 2.5 38 51.87 0.26 77.51 67.03 35.12 ActivisionBliz ATVI 0.5145 64.10 -0.03 22.70 5.89 4.22 SiriusXM SIRI 0.8 30 5.46 0.06
9.68 17.69 13.90 CPFLEnergia CPL 1.6 32 16.89 0.11 36.41 79.64 47.62 Herbalife HLF 1.8 15 65.67 0.21 -19.07 46.92 28.76 RSP Permian RSPP ... 60 36.11 0.48 77.02 184.44 98.00 AdobeSystems ADBE ... 57 182.24 -0.06 47.33 117.65 71.65 Skyworks SWKS 1.2 20 110.00 -0.06
3.61 38.06 32.44 CRH CRH 1.2 20 35.62 0.47 5.48 116.49 95.68 Hershey HSY 2.4 32 109.10 -0.60 -1.34 114.00 66.06 RalphLauren RL 2.2 92 89.11 0.70 0.35 15.65 8.26 AdvMicroDevices AMD ... dd 11.38 0.13 s 59.73 81.99 50.64 Splunk SPLK ... dd 81.70 12.40
-10.43 84.72 66.45 CVS Health CVS 2.8 15 70.68 0.42 -28.48 65.56 37.25 Hess HES 2.2 dd 44.55 0.46 20.95 87.22 68.97 RaymondJames RJF 1.1 19 83.78 0.48 -16.86 71.64 44.65 AkamaiTech AKAM ... 33 55.44 0.18 2.54 64.87 52.58 Starbucks SBUX 2.1 29 56.93 -0.31
s 25.81 29.41 20.55 CabotOil COG 0.7 dd 29.39 0.65 1.64 15.12 12.70 HewlettPackard HPE 2.2195 13.68 0.41 28.77 190.25 137.70 Raytheon RTN 1.7 25 182.85 -1.42 -9.38 149.34 96.18 AlexionPharm ALXN ... 49 110.87 0.54 3.57 40.17 32.15 SteelDynamics STLD 1.7 17 36.85 -0.10
53.81 52.73 31.99 CalAtlantic CAA 0.3 15 52.31 0.70 s 32.80 74.44 49.95 Hilton HLT 0.8783 74.11 0.09 -1.74 63.60 52.85 RealtyIncome O 4.5 46 56.48 -0.01 164.11 257.60 88.56 AlignTech ALGN ... 77 253.89 -1.03 17.37 34.20 23.20 Symantec SYMC 1.1 dd 28.04 -0.16
10.72 96.39 75.36 CamdenProperty CPT 3.2 56 93.08 -1.24 s 35.56 44.48 23.46 HollyFrontier HFC 3.0 23 44.41 0.61 80.70 126.67 68.54 RedHat RHT ... 76 125.95 -0.68 -12.92 63.40 46.42 Alkermes ALKS ... dd 48.40 0.65 s 50.12 89.40 56.03 Synopsys SNPS ... 42 88.36 -0.68
-17.78 64.23 44.99 CampbellSoup CPB 2.8 17 49.72 1.40 s 25.10 168.43 127.41 HomeDepot HD 2.1 23 167.74 0.24 -2.25 72.05 58.63 RegencyCtrs REG 3.1105 67.40 0.14 240.57 147.63 35.98 AlnylamPharm ALNY ... dd 127.51 1.13 11.79 51.22 36.12 TD Ameritrade AMTD 1.7 30 48.74 -0.35
10.49 92.22 76.42 CIBC CM 4.6 11 90.16 0.64 11.75 33.75 27.05 HondaMotor HMC ... 10 32.62 0.02 10.03 16.03 12.98 RegionsFin RF 2.3 16 15.80 0.10 32.04 1048.39 737.02 Alphabet C GOOG ... 34 1019.09 -13.41 4.36 68.88 53.09 T-MobileUS TMUS ... 24 60.02 0.22
18.35 84.48 63.71 CanNtlRlwy CNI 1.7 23 79.77 -0.24 26.45 147.60 111.78 Honeywell HON 2.0 22 146.49 -0.39 19.50 152.19 120.31 ReinsGrp RGA 1.3 12 150.37 1.05 30.72 1063.62 753.36 Alphabet A GOOGL ... 35 1035.89 -12.58 27.53 97.35 65.33 TRowePrice TROW 2.4 16 95.98 0.45
9.38 36.79 27.52 CanNaturalRes CNQ 2.5 21 34.87 -0.07 -4.85 37.97 29.75 HormelFoods HRL 2.1 20 33.12 0.19 9.45 67.18 54.47 RepublicSvcs RSG 2.2 26 62.44 -0.80 83.66 72.47 38.24 Altaba AABA ... dd 71.02 0.27 139.03 120.62 46.27 TakeTwoSoftware TTWO ...108 117.82 -1.08
18.12 179.17 141.32 CanPacRlwy CP 1.0 18 168.64 -0.56 s 76.11 48.31 27.14 DR Horton DHI 1.0 18 48.13 0.61 36.39 87.81 57.45 ResMed RMD 1.7 34 84.63 -0.35 50.68 1139.90 736.70 Amazon.com AMZN ...287 1129.88 -7.41 47.43 389.61 180.00 Tesla TSLA ... dd 315.05 2.55
36.03 39.15 27.76 Canon CAJ 3.7 20 38.28 -0.20 5.57 20.23 16.40 HostHotels HST 4.0 25 19.89 -0.08 36.24 68.89 45.92 RestaurantBrands QSR 1.3 45 64.93 -0.24 9.06 67.98 56.10 Amdocs DOX 1.4 21 63.53 -1.26 33.95 99.05 69.92 TexasInstruments TXN 2.5 23 97.74 -0.58
0.68 96.92 76.05 CapitalOne COF 1.8 12 87.83 0.68 4.72 31.85 23.75 HuanengPower HNP 6.1 30 27.27 -0.16 23.74 50.77 36.25 RioTinto RIO 4.7 14 47.59 -0.04 -4.24 400.99 338.30 Amerco UHAL ... 21 353.91 -3.99 -14.92 78.25 49.87 TractorSupply TSCO 1.7 19 64.50 1.47
-20.09 84.88 55.69 CardinalHealth CAH 3.2 17 57.51 0.09 2.70 127.34 109.31 Hubbell HUBB 2.6 23 119.85 -0.45 s 12.55 55.22 42.92 RobertHalf RHI 1.7 22 54.90 ... 1.50 54.48 39.21 AmerAirlines AAL 0.8 12 47.39 -0.29 37.38 43.97 27.18 Trimble TRMB ... 54 41.42 -0.11
-1.32 116.40 92.09 Carlisle CSL 1.4 22 108.83 -0.05 14.42 264.56 186.25 Humana HUM 0.7 18 233.46 -2.45 44.61 210.72 129.66 Rockwell ROK 1.7 31 194.36 0.75 16.27 191.10 138.83 Amgen AMGN 2.7 15 170.00 -0.77 11.09 32.60 24.81 21stCenturyFoxA FOXA 1.2 19 31.15 1.83
7.86 77.64 54.29 CarMax KMX ... 19 69.45 -1.10 26.43 253.44 174.07 HuntingIngalls HII 1.2 18 232.87 -2.95 42.59 136.50 87.48 RockwellCollins COL 1.0 28 132.27 -0.34 24.51 92.96 67.62 AnalogDevices ADI 2.0 43 90.42 -0.06 11.85 31.94 24.30 21stCenturyFoxB FOX 1.2 19 30.48 1.88
27.20 69.89 49.73 Carnival CCL 2.7 18 66.22 0.40 60.12 32.59 18.18 Huntsman HUN 1.6 14 30.55 0.31 39.06 54.24 37.81 RogersComm B RCI 2.9 28 53.65 0.27 46.91 176.24 108.25 Apple AAPL 1.5 18 170.15 -0.95 -15.63 314.86 187.96 UltaBeauty ULTA ... 29 215.10 9.14
29.91 70.56 49.44 Carnival CUK 2.7 18 66.50 0.33 26.46 70.95 50.21 HyattHotels H ... 42 69.88 -0.12 33.24 48.29 31.39 Rollins ROL 1.0 54 45.01 -0.30 s 75.05 60.89 29.85 ApplMaterials AMAT 0.7 20 56.49 -1.35 8.43 233.42 180.29 UltSoftware ULTI ...204 197.72 0.23
46.79 140.44 90.34 Caterpillar CAT 2.3 95 136.13 -0.23 s 45.25 9.93 6.69 ICICI Bank IBN 0.8 22 9.89 0.17 40.02 261.37 179.96 RoperTech ROP 0.5 37 256.34 -0.16 11.21 102.60 79.95 ArchCapital ACGL ... 31 95.96 0.27 s221.49 182.65 52.10 UnivDisplay OLED 0.1 89 181.00 1.75
32.96 109.11 75.79 Celanese A CE 1.8 18 104.69 0.46 28.09 19.01 13.16 ING Groep ING 3.1 ... 18.06 -0.01 16.72 80.98 64.20 RoyalBkCanada RY 3.7 14 79.03 0.22 117.48 53.45 23.80 Atlassian TEAM ... dd 52.37 -0.06 1.04 4.50 3.21 VEON VEON 2.8 4 3.89 0.14
1.67 10.37 7.36 Cemex CX ... 11 7.85 ... 15.29 37.75 28.75 Invesco IVZ 3.3 15 34.98 0.41 32.91 7.63 4.80 RoyalBkScotland RBS ... dd 7.35 0.05 s 72.26 127.92 68.06 Autodesk ADSK ... dd 127.49 0.49 s 49.53 114.00 75.71 VeriSign VRSN ... 31 113.75 0.78
-32.85 16.82 6.76 CenovusEnergy CVE 1.5 4 10.16 0.09 37.36 110.67 71.90 IQVIA IQV ...361 104.46 0.02 51.63 133.75 78.77 RoyalCaribbean RCL 1.9 17 124.40 1.61 8.06 121.77 93.95 ADP ADP 2.3 28 111.06 0.03 13.17 92.92 75.60 VeriskAnalytics VRSK ... 34 91.86 1.04
68.36 98.72 54.40 Centene CNC ... 19 95.14 -0.80 42.25 129.40 88.29 IDEX IEX 1.2 33 128.11 ... 13.83 65.83 48.34 RoyalDutchA RDS.A 6.1 24 61.90 0.34 45.53 274.97 160.79 Baidu BIDU ... 31 239.27 -0.05 100.10 167.85 71.46 VertxPharm VRTX ...189 147.41 -0.53
17.69 30.45 23.24 CenterPointEner CNP 3.7 21 29.00 -0.03 28.32 159.36 120.06 IllinoisToolWks ITW 2.0 24 157.14 -0.78 9.99 67.40 51.10 RoyalDutchB RDS.B 5.9 25 63.76 0.20 -16.14 56.86 40.15 BankofOzarks OZRK 1.7 15 44.10 0.03 -25.50 46.72 22.13 Viacom B VIAB 3.1 7 26.15 2.46
-9.33 7.60 3.49 CentraisElBras EBR ... 3 6.22 0.16 2.43 16.14 13.42 Infosys INFY 2.6 16 15.19 -0.08 31.61 116.90 81.30 SAP SAP 1.2 33 113.75 -0.19 20.20 348.84 244.28 Biogen BIIB ... 19 313.97 -0.01 -14.29 49.00 28.20 Viacom A VIA 2.4 9 33.00 2.90
-37.76 27.61 14.06 CenturyLink CTL 14.6 26 14.80 0.05 13.43 96.23 74.02 Ingersoll-Rand IR 2.1 21 85.12 -0.14 49.33 166.17 107.21 S&P Global SPGI 1.0 24 160.59 0.49 0.05 100.51 79.50 BioMarinPharm BMRN ... dd 82.88 0.32 s 26.73 31.03 24.17 Vodafone VOD 3.6 dd 30.96 0.32
137.66 58.08 20.76 Chemours CC 0.2 36 52.50 0.98 7.07 134.03 113.07 Ingredion INGR 1.8 19 133.79 0.83 7.17 64.80 50.67 SINOPEC SHI 6.3 7 58.01 -1.18 18.13 64.41 40.00 Bioverativ BIVV ... 14 56.11 0.82 -24.06 119.12 82.44 WPP WPPGY 3.6 10 84.03 0.46
-2.54 120.89 102.55 Chevron CVX 3.8 33 114.71 0.14 18.03 71.24 53.91 ICE ICE 1.2 25 66.59 0.51 23.21 28.13 20.44 SK Telecom SKM ... 11 25.75 -0.28 20.88 29.84 21.51 BlueBuffaloPet BUFF ... 33 29.06 0.07 -13.91 88.00 63.82 WalgreensBoots WBA 2.2 19 71.25 -0.05
23.80 30.90 21.38 ChinaEastrnAir CEA ... 9 27.67 0.87 22.14 57.80 42.05 InterContinentl IHG ... 26 56.55 0.12 -6.21 115.34 93.92 SLGreenRealty SLG 3.1 98 100.87 0.06 164.51 164.80 56.80 bluebirdbio BLUE ... dd 163.20 3.05 s185.05 118.65 40.12 Weibo WB ... 98 115.73 -1.99
33.88 17.85 12.74 ChinaLifeIns LFC 1.0 20 17.23 -0.16 -10.25 182.79 139.13 IBM IBM 4.0 12 148.97 -0.15 s 57.14 107.87 66.43 Salesforce.com CRM ... dd 107.58 0.55 -20.47 75.00 52.75 BrighthouseFin BHF ... ... 55.67 0.25 34.36 95.77 58.30 WesternDigital WDC 2.2 19 91.30 0.09
-4.33 58.83 50.00 ChinaMobile CHL 4.1 13 50.16 -0.25 26.24 153.97 113.16 IntlFlavors IFF 1.9 28 148.75 0.16 10.14 50.65 38.45 Sanofi SNY 3.7 22 44.54 -0.11 53.79 281.80 160.62 Broadcom AVGO 1.5265 271.86 -0.25 30.90 165.00 119.70 WillisTowers WLTW 1.3 48 160.07 0.14
-0.52 84.88 67.82 ChinaPetrol SNP 4.3 11 70.65 -0.38 11.83 32.07 17.25 IntlGameTech IGT 2.8 dd 28.54 -0.26 20.89 17.05 11.12 SantanderCons SC 0.7 9 16.32 0.17 2.33 36.54 30.01 CA CA 3.1 19 32.51 -0.07 s 68.98 112.80 65.79 Workday WDAY ... ... 111.68 2.34
63.75 43.35 25.60 ChinaSoAirlines ZNH 1.7 10 42.10 0.13 2.17 58.96 47.85 IntlPaper IP 3.5 25 54.21 0.14 6.65 32.40 25.34 Sasol SSL 3.9 13 30.49 0.51 12.13 67.49 56.50 CDK Global CDK 0.9 32 66.93 0.53 76.03 156.40 85.57 WynnResorts WYNN 1.3 42 152.28 -0.92
7.59 53.77 45.58 ChinaTelecom CHA 2.7 15 49.63 1.02 -18.62 25.71 18.30 Interpublic IPG 3.8 13 19.05 0.39 -40.71 74.99 41.15 Scana SCG 5.6 14 43.45 -1.55 26.91 71.53 50.49 CDW CDW 1.3 24 66.11 -0.31 18.95 75.14 52.54 Xilinx XLNX 1.9 30 71.81 -0.86
29.09 16.55 11.25 ChinaUnicom CHU ...148 14.91 -0.17 14.10 23.93 19.80 InvitatHomes INVH 1.4 ... 22.82 -0.37 -26.19 87.84 61.02 Schlumberger SLB 3.2159 61.96 0.65 7.07 81.35 63.41 CH Robinson CHRW 2.3 23 78.44 -1.96 172.02 116.90 37.81 YY YY ... 20 107.23 0.21
-23.18 499.00 263.00 Chipotle CMG ... 56 289.84 6.14 25.52 41.18 31.29 IronMountain IRM 5.8 52 40.77 -0.05 13.20 46.21 37.00 SchwabC SCHW 0.7 29 44.68 0.04 20.93 141.44 111.19 CME Group CME 1.9 32 139.49 -0.60 64.88 34.83 17.88 Yandex YNDX ... 99 33.19 0.79
12.50 156.00 125.00 Chubb CB 1.9 18 148.63 -0.23 -4.14 4.95 3.70 IsraelChemicals ICL ... 5 3.94 -0.02 2.33 102.50 81.48 ScottsMiracleGro SMG 2.2 27 97.78 -0.18 38.94 55.48 33.82 CSX CSX 1.6 26 49.92 -0.20 26.82 117.44 72.73 ZebraTech ZBRA ...193 108.76 0.90
7.83 36.37 31.28 ChunghwaTel CHT 4.8 22 34.02 0.08 26.85 14.59 9.10 ItauUnibanco ITUB 0.4 12 13.04 0.26 0.84 50.62 41.22 SealedAir SEE 1.4 30 45.72 0.14 76.76 45.39 24.15 CadenceDesign CDNS ... 48 44.58 -0.28 12.54 50.91 32.63 Zillow A ZG ... dd 41.02 -0.07
1.27 54.18 42.55 Church&Dwight CHD 1.7 26 44.75 -0.39 13.73 102.42 77.29 JPMorganChase JPM 2.3 14 98.14 -0.33 -6.69 9.14 4.49 SemicondctrMfg SMI ... 5 7.11 -0.51 45.00 13.60 6.95 CaesarsEnt CZR ... dd 12.32 -0.43 12.12 51.23 32.56 Zillow C Z ... dd 40.89 0.02
48.41 206.45 131.03 Cigna CI 0.0 22 197.97 -3.00 2.86 63.42 49.31 JacobsEngg JEC 1.0 31 58.63 0.20 18.75 122.97 98.12 SempraEnergy SRE 2.8 27 119.51 -0.35 38.36 24.85 14.85 Carlyle CG 10.6 12 21.10 0.05 7.57 48.33 37.64 ZionsBancorp ZION 1.4 17 46.30 0.19
-14.22 146.96 89.49 CimarexEnergy XEC 0.3 29 116.57 0.96 0.69 17.28 13.55 JamesHardie JHX 1.2 27 16.01 0.25 22.75 50.83 36.48 SensataTech ST ... 27 47.81 0.03 57.64 116.91 67.85 CboeGlobalMkts CBOE 0.9 63 116.48 0.46 NYSE AMER
20.02 76.14 54.98 Citigroup C 1.8 14 71.33 -0.34 19.71 37.39 30.24 JanusHenderson JHG 3.5276 36.63 0.56 25.77 36.56 26.28 ServiceCorp SCI 1.7 19 35.72 0.12 -10.06 147.17 94.55 Celgene CELG ... 25 104.10 0.75
7.13 39.75 31.51 CitizensFin CFG 1.9 15 38.17 0.25 19.78 144.35 109.32 J&J JNJ 2.4 24 138.00 -0.87 23.28 48.48 36.34 ServiceMaster SERV ... 27 46.44 -0.22 1.83 22.11 13.31 CentennialRsc CDEV ...143 20.08 0.39 17.55 51.51 37.85 CheniereEnergy LNG ... dd 48.70 -0.55
11.24 141.76 112.28 Clorox CLX 2.5 25 133.51 -1.03 -11.65 46.17 34.51 JohnsonControls JCI 2.7 21 36.39 0.25 71.56 129.56 72.80 ServiceNow NOW ... dd 127.54 1.82 38.06 73.86 47.01 Cerner CERN ... 33 65.40 -0.14 -4.55 33.47 26.41 CheniereEnerPtrs CQP 6.4 dd 27.51 -0.07
10.25 47.48 39.88 Coca-Cola KO 3.2 44 45.71 -0.84 49.32 155.25 97.60 JonesLang JLL 0.5 20 150.87 -2.16 10.57 23.31 19.29 ShawComm B SJR 4.2 28 22.18 0.16 18.62 408.83 260.00 CharterComms CHTR ...116 341.54 0.91 17.39 27.45 19.34 CheniereEnHldgs CQH 6.9328 26.26 0.32
21.59 44.75 30.55 Coca-Cola Euro CCE 2.5 24 38.18 -0.14 -6.94 30.96 23.87 JuniperNetworks JNPR 1.5 16 26.30 0.11 44.00 398.22 260.00 SherwinWilliams SHW 0.9 34 386.98 -1.05 20.94 119.20 80.78 CheckPoint CHKP ... 22 102.15 -0.86 -10.13 36.85 27.59 ImperialOil IMO 1.6 17 31.24 0.03
B8 | Saturday/Sunday, November 18 - 19, 2017 * *** THE WALL STREET JOURNAL.

NEW HIGH AND LOWS


WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %


The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session. WellsFargoPfdN WFCpN 25.32 0.3 DiamondHillVal DHVW 30.89 -0.2 SPDRMSCIUSAStrat QUS 75.78 -0.3 ComstockMining LODE 0.37 0.6 Flex FLEX 18.74 0.8 OrganicsETF ORG 32.46 0.8 VeriSign VRSN 114.00 0.7
WellsFargoPfdO WFCpO 25.27 0.7 DirexAllCapIns KNOW 42.23 0.5 SPDR NYSE Tech XNTK 85.58 0.2 Freshpet FRPT 18.55 -0.5 PDLCommBncp PDLB 15.34 0.9 VicShUS500Vol CFA 47.18 ...
Friday, November 17, 2017 Winnebago WGO 49.95 1.7 DirexEM Bull3 EDC
DirexHmbldrBull3 NAIL
120.84
78.58
1.5
2.7
SPDRRuss1000Mom ONEO 74.65 0.2 Nasdaq highs - 132 Garmin GRMN
GladstonePfd2024 GLADN
61.75
26.00
1.2
0.9
PatriotNatBncp PNBK 18.00 0.7 VidentCoreUSEquity VUSE 32.06 0.5
XPO Logistics XPO 74.90 0.6 SPDRRuss1000Yd ONEY 72.58 1.0 PayPal PYPL 78.01 -1.7 Vodafone VOD 31.03 1.0
52-Wk % 52-Wk % 52-Wk % AllenaPharm ALNA 12.87 2.6
Zoetis ZTS 71.12 0.5 DirexPharmBl3X PILL 24.66 5.4 SPDR S&P500MidGr MDYG 153.62 0.2 GlbXConsciousCos KRMA 18.80 -0.1 pdvWireless PDVW 35.50 0.6 Weibo WB 118.65 -1.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AltairEngg ALTR 24.33 0.9
DirexNasd100EW QQQE 42.65 0.3 SPDRS&PSft&Svs XSW 69.10 0.3 GlbXMillThematic MILN 18.87 0.4 PilgrimPride PPC 35.30 0.1 WisdTrChinaxSOE CXSE 87.13 0.3
AmerCarMart CRMT 48.95 9.4
Gannett GCI 11.66 1.8 OnAssignment ASGN 63.00 1.3 NYSE lows - 28 EmgMktInternetEcom EMQQ 39.10 1.1 SchwabUS MC SCHM 51.68 0.4
AnaptysBio ANAB 79.18 2.4
GlbXSocialMedia SOCL 33.82 1.4 PinnacleEnt PNK 28.86 0.6 Workday WDAY 112.80 2.1
NYSE highs - 113 Gap GPS
GlMedREIT PfdA GMREpA
30.14
25.38
7.0
0.7
Oppenheimer A OPY
OwensCorning OC
25.50
85.76
1.0
2.2
AXIS Capital AXS 51.20 0.1
ETFMG VideoGame GAMR
ETRACSMnly2xLevISE HOML
47.70
54.15
-0.5
2.3
SPDR S&P Home XHB 41.66 0.2
ApplMaterials AMAT 60.89 -2.3
HailiangEduc
HimaxTechs
HLG
HIMX
43.00
12.00
9.6
-2.4
PorterBancorp PBIB 15.55 -1.0 Xunlei XNET 16.65 0.1
VanEckCSI300 PEK 49.08 0.1 PwrShDWA EM PIE 20.30 0.8
AT&T Nts 2066 TBB 25.65 0.2 AMBR 6.14 0.3 AssemblyBiosci ASMB 36.90 1.7
AdamsDivEquityFd ADX 15.92 0.3
GlbNetLeasePfdA GNLpA 25.50 1.1 PBF Energy PBF 33.02 0.9 AmberRoad
BlkRk2022GlbIncm BGIO 9.61 -0.5
EthoClimateLeader ETHO
FidelityMSCICnDisc FDIS
33.18
37.10
0.4
0.7
VanEckRetail RTH 85.25 1.0 AtlanticCoastFin ACFC 9.24 4.4
HorizNasd100 QYLD
Hortonworks HDP
24.56
19.53
-0.5
-0.1
PwrShGoldDragon PGJ 46.20 1.3 Nasdaq lows - 32
GoDaddy GDDY 49.78 0.4 PGT Innovations PGTI 15.80 2.3 VangdCnsmrDiscr VCR 148.19 0.6 PwrShNasdInternet PNQI 115.48 0.6
AgilentTechs A 69.09 0.1 BridgepointEduc BPI 8.18 -10.6 FidelityQualFactor FQAL 30.71 -0.2 Autodesk ADSK 127.92 0.4 HutchisonChina HCM 36.32 -0.8 Ability ABIL 0.50 1.0
GrubHub GRUB 64.99 0.3 PVH PVH 133.47 2.4 VangdMCGrowth VOT 125.93 0.2 PwrShRuss1000Low USLB 30.34 -0.1
AlabamaPwrPfdA ALPpQ 26.65 1.1 BylineBancorp BY 19.11 -0.3 FT ConsDscAlpDx FXD 39.54 1.3 BuildersFirstSrc BLDR 19.37 2.5 IIVI 48.60 1.3 ArchrockPtrs APLP 11.70 0.4
Guess GES 18.20 4.9 PennyMacFinS PFSI 19.55 2.6 VangdS&P400Grwth IVOG 130.79 0.2
II-VI PwrShS&P SC CD PSCD 57.13 1.6
AlbanyIntl AIN 61.45 1.5 ChinaOnlineEduc COE 12.10 1.0 FNI 40.08 0.8 CB FinSvcs CBFV 31.10 -2.5 IPG Photonics IPGP 238.89 1.7 AtlasFinNt2022 AFHBL 25.11 -0.3
Haemonetic HAE 58.02 1.2 Praxair PX 151.44 1.1 FT Chindia PrincipalContVal PVAL 25.49 0.2
AlonUSAPartners ALDW 14.59 4.3 VirtusGlovistaEM EMEM 25.20 0.8 CCMP 99.81 -0.7 BKYI 1.54 4.0
HeritageInsurance HRTG 17.43 4.8 ProPetro PUMP 17.96 4.2 Despegar.com DESP 27.25 -2.3 FT USEquityOpp FPX 66.70 0.3 CabotMicro Interface TILE 24.40 0.2 BIO-key
WBITacticalLCGD WBIE 25.17 0.1 Cal-MaineFoods CALM 46.65 0.3 PrincplMillennials GENY 33.35 2.5 18.05 -9.2
Amphenol APH 89.73 0.2 Hillenbrand HI 43.90 2.0 Prudential PUK 50.05 1.2 EllingtonResiMtg EARN 12.50 2.3 FT Water FIW 47.26 0.3 Intermolecular IMI 1.21 3.4 Bandwidth BAND
WisdTrBloomFR USFR 25.27 0.7 Children'sPlace PLCE 128.50 2.6 RCI Hospitality RICK 31.31 1.0 BisonCapAcqnRt BCACR 0.25 -18.2
Anthem ANTM 222.24 ... Hilton HLT 74.44 0.1 PulteGroup PHM 32.45 1.1 GenieEnergy GNE 4.67 -10.5 FlexShQualDivDef QDEF 42.70 -0.1 Intuit INTU 156.71 0.6
AristaNetworks ANET 234.63 0.9 WisdTrEMxSOE XSOE 31.56 1.0 ChinaInternet CIFS 59.18 2.7 RMR Group RMR 56.80 1.8 BroadwindEnergy BWEN 2.39 -0.4
HollyFrontier HFC 44.48 1.4 PureStorage PSTG 17.43 2.1 Glaukos GKOS 26.44 -2.3 FrankFTSEChina FLCH 25.71 0.2 IntuitiveSurgical ISRG 400.00 -0.3
BBTpF 25.56 1.5 WisdTrUSLCValueFd EZY 78.72 0.3 ChromaDex CDXC 7.10 3.9 Rambus RMBS 14.95 0.4 CTI Ind CTIB 3.25 0.7
BB&T Pfd F HomeDepot HD 168.43 0.1 RH RH 107.48 -2.4 GrupoTelevisa TV 18.63 -2.3 GSActiveBetaEM GEM 35.33 0.5 iPath2yearBear DTUS 33.80 0.3
BankofAmPfdCC BACpC 27.29 1.0 WisdTrUSMCDivFd DON 34.05 0.2 Cimpress CMPR 122.33 2.6 RedRockResorts RRR 28.13 1.6 CapitalaFinance CPTA 7.43 0.1
DR Horton DHI 48.31 1.3 Regis RGS 15.90 -0.6 JianpuTech JT 7.15 -14.3 GuggChinaTech CQQQ 64.88 -0.2 iRhythmTechs IRTC 54.01 4.3
BankofAmPfdI BACpI 26.61 0.9 WisdTrUSTotalEarn EXT 30.84 -0.4 ClearBrLCGrw LRGE 28.16 0.9 RossStores ROST 73.94 10.0 CapitalaFinNts22 CPTAG 24.25 0.1
ICICI Bank IBN 9.93 1.7 RexfordIndPfdB REXRpB 25.01 ... KinderMorgan KMI 16.70 1.1 HartfordMultiUSEqu ROUS 29.86 ... iShAsia50ETF AIA 66.69 0.2
BkNovaScotia BNS 66.35 0.6 CommVehicle CVGI 11.34 1.8 SEI Investments SEIC 67.15 1.1 CECO Env CECE 5.15 5.5
Insperity NSP 115.75 3.4 RingCentral RNG 48.15 1.7 KinderMorganPfdA KMIpA 32.18 1.1 InnovatorIBD50Fd FFTY 34.27 -0.1 iShMSCIACxJpn AAXJ 76.92 ...
BerryGlobal BERY 61.19 -0.5 InterXion INXN 57.77 1.6 RiverNorthMktPfA RMPLp 25.48 -0.4 MainStreetCapNt MSCA 25.52 1.2 iShCoreMSCIEmgMk IEMG 56.72 0.4 NYSE Arca lows - 10 CoriumIntl CORI 11.65 6.9 iShMSCIEMESGOpt ESGE 73.43 0.5
SMTC
SandersonFarms SAFM
SMTX 1.84
167.32
-2.4
-1.7
ClearSignWt CLIRW 0.51 -21.4
Box BOX 22.34 -0.8 Kaman KAMN 57.56 1.5 RobertHalf RHI 55.22 ... NuvHiIncmDec18 JHA 9.77 ... iShEdgeMSCIMultUSA LRGF 31.25 ... CoStar CSGP 306.69 0.4 J&JSnackFoods JJSF 145.83 -0.3 CoherusBioSci CHRS 8.10 -11.6
AdvShRangerEqBear HDGE 8.22 -0.5 ScientificGames SGMS 50.53 1.0
BoydGaming BYD 30.15 1.0 KornFerry KFY 42.94 0.4 Salesforce.com CRM 107.87 0.5 NuvHiIncm2020 JHY 9.86 -0.1 iShMSCIEmgMarkets EEM 47.02 0.5 Crocs CROX 10.86 0.1 Kingstone KINS 18.74 ... Conifer CNFR 5.85 ...
DirexEM Bear3 EDZ 9.60 -1.5 SierraOncology SRRA 2.44 8.3
BurlingtonStrs BURL 104.84 4.6 LifeStorage LSI 89.85 -1.1 SiteOneLandscape SITE 71.20 3.2 NuvMN QualMuni NMS 14.92 -0.3 iShMSCIUSAEqWeight EUSA 53.61 0.2 DicernaPharma DRNA 9.90 0.6 LamResearch LRCX 217.00 -1.3 Curis CRIS 0.88 -5.4
DirexSemiBear3 SOXS 14.50 1.4 SinovacBiotech SVA 7.84 2.1
CabotOil COG 29.41 2.3 LomaNegra LOMA 22.35 0.2 Square SQ 45.74 5.4 PQ Group PQG 14.85 0.5 iShMorningstarMC JKG 179.42 0.2 DigitalTurbine APPS 1.79 6.7 LendingTree TREE 292.40 3.8 ENGlobal ENG 0.77 ...
FrankFTSEAustralia FLAU 24.89 -0.2 SkyWest SKYW 50.40 1.4
CanadaGoose GOOS 26.40 5.3 MI Homes MHO 34.87 1.7 SteelPtrsPfdA SPLPpT 21.19 0.5 Qudian QD 21.15 -9.1 iShMornMCGrowth JKH 198.30 0.2 EducDev EDUC 14.45 2.7 LivaNova LIVN 84.91 ... GeniusBrands GNUS 2.64 0.7
KraneMSCIChinaEnv KGRN 24.71 -2.7 Splunk SPLK 81.99 17.9
CantelMedical CMD 104.28 -0.3 MVC Capital MVC 10.88 -0.9 TE Connectivity TEL 95.37 -0.1 SandRidgeMS II SDR 1.18 ... iShRussellMid-Cap IWR 202.36 0.2 Electro-Sensors ELSE 5.24 3.7 MillAcqn Un MIIIU 10.91 0.8 GlobalBrokerage GLBR 1.05 -15.1
ProShDecRetail EMTY 37.68 -3.5 EnphaseEnergy ENPH 3.19 -0.4 StaarSurgical STAA 16.55 5.5 HaymakerAcqnUn HYACU 9.98 0.1
Carters CRI 106.67 1.1 MeritageHomes MTH 50.95 0.7 Teleflex TFX 266.45 1.1 Semgroup SEMG 21.35 0.2 iShS&PMC400Growth IJK 210.94 0.2 Marriott MAR 125.64 0.9
COT 16.97 2.8 ProShLgOnline CLIX 39.61 -1.2 EsquireFinancial ESQ 17.00 -1.3 StarBulkNts22 SBLKZ 24.64 0.3 HeatBiologics HTBX 0.41 -17.0
Cott MetropolitanBk MCB 39.65 1.1 Toll Bros TOL 47.45 0.6 SendGrid SEND 17.50 2.6 iShGlobalConsDiscr RXI 104.98 ... MicronTech MU 46.55 ...
DK 29.77 3.9 ProShrUS MSCI EM EEV 8.72 -1.5 FANH 21.60 6.5 SuperiorUniform SGC 24.99 3.1 HighlandSrLoan SNLN 18.13 -0.2
DelekUS MichaelKors KORS 56.43 1.0 TransUnion TRU 55.75 1.8 SocialCapHed IPOA 9.97 -0.3 iShRussellMCGrowth IWP 117.61 0.3 Fanhua MidPennBancorp MPB 31.09 1.9
DLB 61.59 0.9 SchwabSrtTRmUSTrsr SCHO 50.17 ... FirstBancshares FBMS 32.70 -0.2 Synopsys SNPS 89.40 -0.8 HDSN 5.54 0.3
DolbyLab MicroFocus MFGP 35.72 -0.3 Triple-S Mgmt GTS 27.71 0.4 TownsquareMedia TSQ 7.00 -0.3 HancockMultiSC JHSC 25.17 0.1 MonotypeImaging TYPE 24.60 0.6 HudsonTech
DollarGeneral DG 85.52 0.7 KraneEMCnsTech KEMQ 25.50 0.4 VelocityShVIXTail BSWN 18.00 -0.2 FT CloudComp SKYY 44.90 -0.1 89.64 ... TabulaRasaHlth TRHC 35.07 -0.3 MatthewsIntl MATW 52.85 -5.9
MohawkInds MHK 272.46 0.6 TrueBlue TBI 28.75 1.1 TsakosEnergy TNP 4.05 3.9 Morningstar MORN
DriveShack DS 5.19 2.8 NACCO Inds NC 46.60 3.0 TsakosEngyNavPfdE TNPpE 25.86 0.1 MSMktVectRupee INR 43.22 8.7 FT LC CoreAlpha FEX 56.67 0.1 NVE NVEC 89.14 -4.0 TechTarget TTGT 13.61 2.7 Reading A RDI 14.37 1.2
WstAstCpLoanFd TLI 10.31 ...
EntercomCommsWi ETMw 11.85 2.0 NamTaiProperty NTP 13.30 ... TysonFoods TSN 78.03 0.9 Williams WMB 26.82 0.9 PwrShDynMkt PWC 94.65 -0.3 NYSE American highs - 3 FT MC CoreAlpha FNX 63.87 0.6 Nathan's NATH 100.50 4.1 TheBancorp TBBK 9.80 0.5 RealIndustry RELY 0.23 -40.4
EntergyLA Bds66 ELC 25.03 0.3 NatlRetailPropPfdF NNNpF 25.14 0.4 UnitedRentals URI 151.15 1.2 PwrShS&PEM Mom EEMO 21.54 0.6 FT MC GrwthAlpha FNY 38.45 0.3 NektarTherap NKTR 46.98 0.1 TowerSemi TSEM 35.00 -0.6 SecurityNatFin SNFCA 4.88 1.0
AmpioPharm AMPE 1.42 4.5
ExtraSpaceSt EXR 87.48 ... NewMediaInvt NEWM 17.02 0.7 ValeroEnergy VLO 82.92 0.9 PwrShRussMCGrw PXMG 41.32 0.6 FTMuniHiIncm FMHI 50.27 0.1 NTAP 54.72 -0.3 TransActTechs TACT 14.45 1.3 SNES 0.86 -36.7
FangHoldings SFUN 5.27 -5.4 NewRelic NEWR 55.95 0.6 Verso VRS 9.74 4.0
NYSE Arca highs - 67 PwrShRussTop200G PXLG 45.04 -0.2
GulfmarkOffshore GLF 34.96 306.3
FT Nasd100Tech QTEC 74.46 ...
NetApp
Netease NTES 375.10 12.6 Tuniu TOUR 9.75 21.5
SenesTech
SentinelEnerUn STNLU 9.66 0.3
TrioTech TRT 8.00 5.3
Forestar FOR 19.60 3.2 NextEraEnergyUn NEEpR 57.70 -0.8 Visteon VC 129.85 0.9 ARKWebx.0ETF ARKW 44.20 0.9 ProShLgOnline CLIX 40.46 -1.2 FT Nasd100 EW QQEW 57.24 0.3 NewsCorp B NWS 16.27 1.3 USA Tech USAT 8.50 3.7 StericyclePfdA SRCLP 50.01 1.0
GAMCO PfdA GNTpA 25.00 0.6 NortelInversora NTL 43.55 0.4 VMW 123.50 0.4 BuzzUSSentLdrs BUZ 31.61 0.3 ProShUltMSCIEM EET 91.10 1.2 FT SMID CapRising SDVY 19.99 1.4 NWSA 15.93 0.8 OLED 182.65 1.0 TPIV 2.61 -1.9
GTT Comm GTT 39.70 1.3 NovoNordisk NVO 51.05 0.8
VMware
Wal-Mart WMT 100.13 -2.2 CSOPFTSEChinaA50 AFTY 18.88 1.0 RivFrDynUSFlex RFFC 31.74 ...
NYSE American lows - 2 FT TotalUSMkt TUSA 31.87 1.2
NewsCorp A
NuvNasd100Dyn QQQX 23.95 0.4
UnivDisplay
UtahMedProducts UTMD 79.10 -0.1
TapImmune
VangdSTGovBd VGSH 60.44 ...
Gallagher AJG 66.12 0.2 OaktreeSpecNts24 OSLE 25.30 0.2 WattsWater WTS 72.20 0.1 CnsmrDiscSelSector XLY 93.70 0.4 SPDRMSCIEMStrat QEMM 63.85 0.6 Cohen COHN 8.35 -1.3 FiveBelow FIVE 60.12 1.3 Orbotech ORBK 55.32 0.9 UTStarcom UTSI 3.34 1.2 VantageEnerA VEAC 9.67 -0.3

Mutual Funds | WSJ.com/fundresearch Fund


Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
BlackRock Funds Inst DoubleLine Funds Freedom2035 K 15.23 +0.02 NS ParnEqFd 44.21 -0.12 13.5 LifeMod 26.91 ... 12.5
Explanatory Notes Data provided by EqtyDivd 22.93 -0.02 12.3 TotRetBdI NA ... NA Freedom2040 K 10.70 +0.02 NS I PIMCO Fds Instl V PrmcpCor 26.99 -0.02 21.7
GlblAlloc 20.36 ... 11.5 Fidelity Invest Invesco Funds A AllAsset NA ... NA VANGUARD ADMIRAL SelValu r 33.25 +0.14 15.5
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of HiYldBd 7.79 +0.01 7.1 E Balanc 23.70 ... 14.2 EqIncA 11.23 +0.02 7.5 TotRt 10.27 +0.01 4.8 500Adml 238.72 -0.62 17.2 STAR 27.21 +0.02 15.7
at least $500 million each. NAV is net asset value. Percentage performance figures StratIncOpptyIns 9.93 +0.01 4.1 Edgewood Growth Instituti BluCh 88.28 -0.06 33.8 PIMCO Funds A BalAdml 34.09 -0.01 11.2 STIGrade 10.66 ... 2.0
are total returns, assuming reinvestment of all distributions and after subtracting Bridge Builder Trust EdgewoodGrInst 29.60 -0.12 33.3 Contra 126.96 -0.37 29.8 J IncomeFd NA ... NA CAITAdml 11.80 ... 4.8 TgtRe2015 15.92 +0.01 9.7
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. CoreBond 10.19 +0.02 3.9 ContraK 126.97 -0.36 29.9 CapOpAdml r155.95 +0.09 25.5 TgtRe2020 31.59 ... 11.8
John Hancock Class 1 PIMCO Funds D
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date F CpInc r 10.25 ... 10.3 LSBalncd 15.97 +0.01 13.1 IncomeFd NA ... NA EMAdmr 37.29 +0.26 27.7 TgtRe2025 18.52 ... 13.3
return. 3-YR%RET is trailing three-year return annualized. D Federated Instl DivIntl 41.38 +0.07 24.3 LSGwth 17.15 +0.02 16.7 PIMCO Funds Instl EqIncAdml 76.13 -0.18 13.6 TgtRe2030 33.45 ... 14.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Dimensional Fds StraValDivIS 6.39 -0.01 11.2 GroCo 183.92 -0.06 34.5 IncomeFd NA ... NA ExtndAdml 82.44 +0.36 14.3 TgtRe2035 20.54 -0.01 15.8
John Hancock Instl
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 5GlbFxdInc 11.02 +0.01 2.2 Fidelity GrowCoK 183.88 -0.06 34.6 PIMCO Funds P GNMAAdml 10.50 ... 2.0 TgtRe2040 35.38 -0.01 17.1
DispValMCI 24.01 ... 11.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EmgMktVa 30.16 +0.17 27.7 500IdxInst 90.41 -0.23 17.2 InvGB 7.93 +0.01 3.6 IncomeP NA ... NA GrwthAdml 70.87 -0.19 24.8 TgtRe2045 22.22 -0.01 17.6
JPMorgan Funds
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EmMktCorEq 22.56 +0.14 31.9 500IdxInstPrem90.41 -0.23 17.2 InvGrBd 11.28 +0.01 4.0 Price Funds HlthCareAdml r 88.61 -0.19 16.9 TgtRe2050 35.75 -0.01 17.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; MdCpVal L 39.86 +0.08 9.5 TgtRetInc 13.57 ... 7.2
IntlCoreEq 14.08 -0.02 22.9 500IdxPrem 90.41 -0.23 17.2 LowP r 52.92 +0.33 15.5 JPMorgan R Class BlChip 97.44 -0.27 34.2 HYCorAdml r 5.90 ... 6.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 25.85 +0.04 2.4 TotIntBdIxInv 10.98 +0.01 2.2
IntlVal 19.74 -0.03 20.5 62.76 +0.27
ExtMktIdxPrem r 14.4 LowPriStkK r 52.89 +0.33 15.6
CoreBond 11.65 +0.02 3.7 CapApp 29.68 -0.04 13.3 InfProAd
WellsI 26.93 +0.02 8.0
IntSmCo 21.19 -0.02 23.9 IntlIdxPrem r 42.92 -0.04 21.6 MagIn 105.79 -0.42 22.6 EqInc 34.75 ... 12.0 IntlGrAdml 95.24 +0.13 41.5
Welltn 42.57 -0.03 11.0
Friday, November 17, 2017 IntSmVa 22.96 -0.03 21.4 13.86 -0.03
SAIUSLgCpIndxFd 17.2 OTC 109.35 -0.11 37.2 L EqIndex 69.41 -0.18 17.0 ITBondAdml 11.40 +0.02 3.8
WndsrII 38.69 +0.03 11.2
Net YTD Net YTD Net YTD US CoreEq1 22.06 ... 15.8 TMktIdxF r 75.00 -0.10 16.7 Puritn 23.13 -0.05 15.9
Lazard Instl Growth 70.16 -0.29 31.8 ITIGradeAdml 9.79 +0.01 4.1
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret US CoreEq2 20.92 +0.01 13.7 TMktIdxPrem 74.99 -0.10 16.7 SrsEmrgMkt 21.74 +0.17 38.5 HelSci 73.78 -0.15 24.9
LTGradeAdml 10.63 +0.06 9.6 VANGUARD INDEX FDS
EmgMktEq 19.76 +0.14 24.4 MidCpAdml 186.15 +0.56 15.4 500 238.68 -0.62 17.1
CapWGrA 52.35 -0.02 21.3 SmCpA p 56.63 +0.27 23.2 US Small 36.16 +0.18 7.6 11.59 +0.01
USBdIdxInstPrem 3.2 SrsGroCoRetail 18.06 ... 35.2 InstlCapG 39.65 -0.13 35.6
A EupacA p 57.35 +0.08 29.8 TxExA p 13.02 ... 5.0 US SmCpVal 38.46 +0.28 3.3 Fidelity Advisor I SrsIntlGrw 16.25 +0.02
Loomis Sayles Fds
27.0 IntlStk 19.25 -0.01 25.9
MuHYAdml 11.42 ... 7.3 ExtndIstPl 203.45 +0.88 14.4
14.14 +0.01 6.7
LSBondI MuIntAdml 14.16 ... 4.5 SmValAdml 55.22 +0.20 7.6
American Century Inv FdInvA p 63.42 -0.12 18.7 WshA p 45.09 -0.13 14.3 US TgdVal 24.99 +0.17 4.9 NwInsghtI 33.44 -0.04 25.2 SrsIntlVal 10.76 -0.01 17.5
Lord Abbett A IntlValEq 15.07 -0.02 17.6
38.95 -0.05 12.6 MuLTAdml 11.68 ... 5.9 TotBd2 10.72 +0.01 3.2
Ultra 45.11 -0.06 29.3 GwthA p 51.50 -0.06 22.5 USLgVa Fidelity Freedom TotalBond 10.67 +0.02 4.0