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
DJIA 23458.36 À 187.08 0.8%
What’s
News
Business & Finance
C omcast has approached
21st Century Fox to ex-
press interest in buying a
substantial piece of it. Veri-
zon and Sony are also kick-
ing the tires on Fox assets. A1
 Remarks by the Justice
Department’s antitrust chief
provided another poten-
tially ominous sign for the
AT&T-Time Warner deal. B3
 The FCC voted to relax
curbs on local media owner-
ship, a move likely to spark
a wave of deal making. B4
 Wal-Mart posted its
strongest quarterly U.S. sales
growth in nearly a decade,
boosting its shares nearly
11% to a record $99.62. A1
 U.S. stock indexes got a
lift from Wal-Mart and
House passage of a tax-over-
haul bill. The Dow climbed
187.08 points to 23458.36. B1
 BuzzFeed is on track to
miss its revenue target for
the year by a significant
amount, reflecting troubles
in the online-ad business. B1
 Meredith has made a bid
for Time in the range of $17
to $20 a share, which would
value the magazine pub-
lisher at nearly $2 billion. B1
 Germany’s Siemens un-
veiled a restructuring plan
that will cut 6,900 jobs at
the industrial giant. B3
 Activist investor Sandell
has proposed taking Barnes
& Noble private with $500
million in debt financing. B2
 Emerson increased its of-
fer for Rockwell Automation
amid an effort to get its rival
to the negotiating table. B3
 Norway’s sovereign-wealth
fund said it may stop buy-
ing oil and gas stocks. B10
World-Wide
 The House passed a
sweeping tax-overhaul bill
that would reduce the cor-
porate rate to its lowest
point since 1939 and cut
individual taxes for most
households in 2018. A1, A2
 Mugabe met with Zimba-
bwe’s top general and inter-
national mediators, but
there was no sign of an im-
minent deal to end his rule. A6
 Sen. Franken was ac-
cused of sexual misconduct
by a woman who said he
kissed her against her will
during a 2006 USO tour. A4
 Alabama Democrat Jones
is gaining traction ahead of
a special Senate election as
rival Moore faces sexual-
misconduct allegations. A4
 A federal judge de-
clared a mistrial in the
corruption trial of New
Jersey Sen. Menendez. A3
 The U.S. is laying the
groundwork to build a type
of missile banned by a Cold
War-era pact unless Russia
abandons its own effort. A7
 Mueller’s team in mid-
October issued a subpoena
to Trump’s campaign re-
questing Russia-related doc-
uments from top officials. A5
 Cambodia’s high court
dissolved the main opposition
party, effectively making the
country a one-party state. A8
 Trump’s budget director
is expected to become acting
CFPB head when Cordray
resigns this month. A4
 TransCanada said its
Keystone pipeline leaked
roughly 5,000 barrels of
oil in South Dakota. A5
CONTENTS
Business News...... B3
Crossword............... A11
Heard on Street. B12
Life & Arts....... A10-11
Mansion.............. M1-12
Markets............. B11-12
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
* * * * *
NASDAQ 6793.29 À 1.3% STOXX 600 384.93 À 0.8%
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
President Donald Trump and Speaker Paul Ryan (R., Wis.) leave a meeting with House Republicans in Washington, D.C., shortly before
representatives voted in favor of sweeping changes to the U.S. tax code. Republicans want to finish the new tax law before the year ends.
House Backs Tax Overhaul
Bill is approved with 13
GOP no votes; sets up
battle in Senate, where
passage is less certain
BY RICHARD RUBIN
AND SIOBHAN HUGHES
WASHINGTON—The House
of Representatives passed a bill
that would usher in the most
far-reaching overhaul of the
U.S. tax system in 31 years, a
plan that would reduce the cor-
porate tax rate to its lowest
point since 1939 and cut indi-
vidual taxes for most house-
holds in 2018.
The bill would repeal the al-
Google Has Chosen an Answer Wal-Mart’s Web Clout
For You—It’s Often Wrong Drives Shares to Record
Giant goes beyond search to offer definitive responses to knotty queries
BY JACK NICAS
Google became the world’s
go-to source of information by new products to directly
ranking billions of links from
millions of sources. Now, for
many queries, the internet gi-
ant is presenting itself as the
authority on truth by promot-
ing a single search result as
the answer.
To the question “Does
money buy happiness?”
Google recently highlighted a
result that stated: “There is
enough scientific research to
prove” it.
“Who are the worst CEOs
of all time?” Google answered
with the names and photos of
11 chief executives, including
Gordon Bethune of Continen-
tal Airlines and Robert
Nardelli of Home Depot Inc.
Sometimes, Google’s response depends on
how the question is asked. For “Should abor-
tion be legal?” Google cited a South African
news site saying, “It is not the place of govern-
INSIDE
Opinion.............. A13-15
Sports........................ A12
Streetwise................ B6
Technology............... B4
U.S. News............. A2-5
Weather................... A11
World News....... A6-8
> HOW SIBLINGS
STAY CLOSE
TO HOME
MANSION, M1
FRIDAY, NOVEMBER 17, 2017 ~ VOL. CCLXX NO. 118
10-YR. TREAS. g 8/32 , yield 2.361%
ternative minimum tax, in- new tax law before the year
crease the child tax credit, abol- ends. They are banking on it to
ish the estate tax by 2025 and spur faster economic growth
transform the U.S. system for and see it as essential to retain-
taxing multinational corpora-
tions. The plan also would raise
taxes on some people by re- Franken Accused
moving personal exemptions
and deductions for state and lo-
cal income taxes, medical ex-
penses and student loan inter-
est. On the whole, the bill
would reduce federal taxes by
$1.4 trillion over the next de-
cade.
The 227-205 House vote was
a victory for Speaker Paul Ryan
(R., Wis.) and President Donald Sen. Al Franken (D., Minn.)
Trump, who rallied Republicans apologizes for alleged sexual
in the Capitol before the vote. misconduct..................................... A4
Republicans want to finish the
ment to legislate against
Answer Engine woman’s choices.”
Google is increasingly using When asked, “Should abor-
tion be illegal?” it promoted
answer queries. an answer from obscure click-
bait site listland.com stating,
Percentage of searches “Abortion is murder.”
30%
The promoted answers,
Featured called featured snippets, are
snippets outlined in boxes above other
20 Knowledge results and presented in larger
cards type, often with images.
Google’s voice assistant some-
‘People also
10 ask’ boxes
times reads them aloud. They
give Google’s secret algo-
rithms even greater power to
shape public opinion, given
0 that surveys show people con-
July ’15 Jan. ’16 Feb. ’17 sider search engines their
Note: Based on nearly 1.5 million queries most-trusted source of infor-
Source: Stone Temple Consulting mation, over traditional media
THE WALL STREET JOURNAL. or social media.
Google typically lists the
source below the answer—or credits the source
first when reading an answer aloud—but not
always. The worst-CEOs list was unsourced.
“That’s the dumbest bunch of shit I’ve ever
Please see GOOGLE page A9
So Long, Paleo! Make Room for the Olive Garden Diet
To shed pounds, a pastor turns to the ‘Never Ending Pasta Pass’
BY SPENCER JAKAB
At 222 pounds and a hair
over 5-foot-10, Alan Martin,
52, won’t be gracing the cov-
ers of any fitness magazines.
He’s not worried, though.
That’s 5 pounds less than he
used to weigh.
Mr. Martin, a pastor from
Burlington, N.C., has adopted a
NO JUSTICE diet strategy that, while mod-
estly effective, could be fairly
FOR LEAGUE’S described as unorthodox. For
MOVIEGOERS the last eight weeks, he’s
eaten almost every meal at the
same nearby restaurant.
LIFE & ARTS, A10 It’s an Olive Garden.
In total, Mr. Martin figures
WSJ.com
OIL $55.14 g $0.19 GOLD $1,277.40 À $0.90
ing control of both chambers of
Congress in next year’s elec-
tions.
Thirteen Republicans voted
against the bill; no Democrats
voted for it.
“We are in a generational de-
fining moment for our country,”
Mr. Ryan said on the House
floor before the vote. “It is fi-
nally time that we get the gen-
eral interest of this country to
prevail over the special inter-
ests in Washington.”
The political imperative for
the GOP, along with support
from business groups and con-
servatives, spurred Republicans
to move quickly. Thursday’s
vote came exactly two weeks
Please see TAXES page A2
BY SARAH NASSAUER
Wal-Mart Stores Inc. is hold-
ing its ground against Ama-
zon.com Inc.
The world’s biggest retailer
on Thursday posted its stron-
gest quarterly U.S. sales growth
in nearly a decade, boosted by a
big jump in e-commerce and in-
creased store traffic at a time
when many traditional retailers
are struggling.
Wal-Mart shares rose nearly
11% on Thursday to an all-time
closing high of $99.62. The
stock has rallied 44% so far this
year, much of the gain coming
after the retailer in October
gave an upbeat forecast for
profit and sales in its 4,700 U.S.
stores and online.
“I can tell you we’ve got
plenty of work to do still in our
stores. But I’m pleased with the
momentum and pleased with
the plan we have in place,”
Greg Foran, chief executive of
Wal-Mart U.S., said on a confer-
ence call with reporters on
Thursday.
The company’s fiscal third-
quarter results bucked a string
of mostly downbeat reports
i i i
he’s consumed nearly 100,000 late-night hamburgers. “We
calories while dieting at the don’t eat normal.”
pasta chain, mostly in the
form of linguine, breadsticks, orie, carbohydrate-rich foods
Alfredo sauce and
meatballs. To diet-
ers who wince at
the mere mention
of carbohydrates,
Mr. Martin has a
ready explanation:
It’s actually health-
ier than what he Pasta
usually eats.
“I’m a Southerner,” said Mr. members from “The Sopranos”
Martin, who confesses to eat- (known to enjoy the occasional
ing a barbecue sandwich for bowl of cavatappi), laughed
breakfast and snacking on out loud.
peanut butter, chocolate and
HHHH $4.00
EURO $1.1771 YEN 113.05
Suitors
Line Up
For Fox
Assets
New suitors are circling
21st Century Fox Inc., affirm-
ing that the media empire
built by Rupert Murdoch is
now in play.
Comcast Corp. has ap-
proached the media company
to express interest in buying a
substantial piece of it, accord-
ing to people familiar with the
By Dana Mattioli,
Keach Hagey
and Ryan Knutson
situation. Verizon Communica-
tions Inc. is also kicking the
tires on Fox assets, though a
person familiar with its think-
ing cautioned the exploration
was in the early stages. And
Sony Corp’s entertainment
unit has also informally ap-
proached Fox, the people fa-
miliar with the situation said.
The takeover interest in
21st Century Fox gained steam
after news last week that Walt
Disney Co. recently held talks
with the company but failed to
reach a deal.
The assets Fox is discussing
with potential suitors include
the Twentieth Century Fox stu-
dio, some U.S. cable networks
and the international business.
Fox News, the Fox broadcast
network and the company’s
sports channels haven’t been
part of the talks, the people fa-
miliar with the situation said.
Any deal would be sizable.
21st Century Fox has a market
capitalization of about $54 bil-
lion. Fox’s shares rose 8.1% af-
ter hours on Thursday, after
The Wall Street Journal re-
Please see DEAL page A8
 Meredith submits an offer for
Time Inc......................................... B1
 Another potentially ominous
sign for AT&T’s deal............... B3
 FCC rolls back media
ownership limits...................... B4
from retailers this week, includ-
ing big-box stores like Target
Corp. and off-price operator
TJX Cos., as they battle a shift
to online shopping and heavy
discounting. One exception was
home-improvement retailer
Home Depot Inc., which contin-
ued to log strong gains with a
boost from hurricane-recovery
sales.
Wal-Mart, which gets about
half of its U.S. revenue from
groceries, said Thursday that
sales excluding fuel at stores
open more than a year rose
2.7% in the period ended Oct.
27—its 13th straight quarter of
gains and the fastest growth
since the spring of 2009.
The company has focused on
improving its food business,
and in the wake of Amazon’s
Whole Foods acquisition earlier
this year has ramped up efforts
to let shoppers order groceries
online. Its grocery business de-
livered the strongest quarterly
Please see RETAIL page A4
 Heard on the Street: Wal-Mart
should worry Amazon........ B12
 Best Buy sales hurt by delay
of iPhone...................................... B2
It’s no secret that high-cal-
such as pasta have
become the bête
noire of the body-
conscious. Asked if
losing weight at the
chain was advisable,
Dave Paladino of
Impact Zone gym in
Norwood, N.J., who
once trained cast
Please see DIET page A9
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 | Friday, November 17, 2017 * **** THE WALL STREET JOURNAL.

U.S. NEWS
U.S. WATCH Plan Imperils Affordable Housing
LAW ENFORCEMENT in Southern California to stop BY LAURA KUSISTO

Suspected Members
admitting new students to Whit-
tier Law School. Both are among The tax bills working their Some Tax Changes Would End Quickly
Of Gang Are Arrested some 200 nationally accredited way through Congress could
U.S. law schools, a number many slash production of affordable Republican proposals phase out some tax breaks and delay the Republicans started their
Law-enforcement authorities industry watchers say is unsus- housing across the U.S. at a introduction of others to help cap their costs at below $1.5 trillion tax-overhaul efforts saying
arrested more than 200 sus- tainable in the long term. time when supply is near his- over a decade. they wanted to make perma-
pected members and associates The legal profession suffered toric lows, industry execu- nent changes to the system.
of MS-13 during a recent six- after the last economic downturn, tives warn. House plan They’ve been unable to
week operation targeting the vi- resulting in fewer people seeking The tax code contains sev- ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26 ’27 achieve that.
olent street gang across the out law degrees and difficulty for eral perks designed to en- Projected Because of Republicans’
total net -$50
U.S., the Department of Home- graduates finding jobs that paid courage private investors to decision to cap additional defi-
land Security said Thursday. well. Law schools haven’t recov- build affordable-housing change in cits at $1.5 trillion over a de-
-$100
tax revenue
Officials said federal agents ered. units. Many of those credits cade and use a congressional
annually, -$150
and local police arrested 93 al- Valparaiso officials will look and deductions are now in billions procedure that prevents any
leged MS-13 members and asso- for a possible affiliation with an- play as lawmakers pursue -$200 bigger deficits beyond 2027,
ciates on federal or state other law school and other op- what they have described as -$250
the GOP tax plans include a
charges that ranged from mur- tions for the law-school faculty, an effort to simplify the tax multitude of “sunrises” and
der to assault. An additional 121 and said they are committed to code and ease the burden for “sunsets” that delay some tax
Key provisions: Year provision begins Year provision ends
were arrested for administrative ensuring the 237 existing stu- the broadest swath of taxpay- cuts and cause others to ex-
immigration violations that will dents complete their degrees. ers. Full expensing of pire within a few years.
likely result in their removal —Sara Randazzo The proposals come as business investments* For example, the House
from the U.S., the officials said. steep increases in rents and plan, which passed Thursday,
“MS-13 is one of the greatest ECONOMY home prices are making it Family Flexibility Credit sunsets a new $300 family
public-safety risks in our com- more difficult for lower-in- tax credit and other provisions
munities,” said Derek Benner, a Manufacturing Staged come residents to afford Expanded immediate write- and delays an estate tax re-
offs for small businesses
senior special agent at U.S. Im- October Rebound housing, not only in big peal until 2025.
migration and Customs Enforce- coastal cities but increasingly Changes to rules for non- In the Senate plan, many
ment who oversees its home- U.S. manufacturing made a in smaller ones not typically profits' political activity of the individual income tax
land-security investigations. strong posthurricane recovery in associated with runaway provisions end after 2026, in-
Mr. Benner said the operation, October, making up almost all costs, executives said. Amortizing research cluding lower individual rates,
expenses†
which ended Nov. 11, targeted the output lost from Hurricanes Har- “With the [lists of prospec- larger child tax credits and a
gang’s most dangerous members. vey and Irma and boosting over- tive renters waiting for apart- Repeal of employer- larger standard deduction. It
MS-13, short for Mara Sal- all industrial production. ments] we have, I can’t imag- sponsored dependent care also delays a corporate tax
vatrucha, is composed mostly of Manufacturing output regis- ine having the supply being assistance programs† rate cut until 2019.
immigrants from El Salvador and tered a one-month increase of cut by this much,” said K. Ni- That helps the budget
their offspring, and has more 1.3% in October, significantly cole Asarch, board president Estate tax repeal† math add up. It also creates
than 10,000 members nation- above the combined manufactur- of the Texas Affiliation of Af- an impermanence to many
wide, U.S. officials say. ing-output change in each of the fordable Housing Providers, Senate plan proposals and an unpredict-
—Del Quentin Wilber five prior months. Hurricane-re- which represents the industry. $50 ability that risks leaving some
lated catch-up drove most of the While elements of the tax Projected ’27 businesses and individuals dis-
’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26
EDUCATION growth, with newly minted cars plan could change dramati- total net appointed with the outcome.
and automobile parts playing a cally as it makes its way change in -$50 When tax cuts expire, their
Valparaiso Is Likely big part in output. through Congress, affordable- tax revenue
-$100 cost vanishes from official
annually,
To Close Law School “Manufacturing output is housing developers said they
billions -$150
scores of the cost, even if Re-
surging [and] is at the best level are bracing for pain. publicans actually want and
Valparaiso University, a private since the recession bottomed Both the House and Senate -$200 expect to extend them. If
school in northwest Indiana, on way back in June 2009,” said bills would cut the corporate some proposals are extended,
-$250
Thursday said its board of direc- Chris Rupkey, chief financial tax rate to 20% from 35%. If the long-run actual cost of the
tors voted to stop enrolling new economist at MUFG. that overall tax rate de- policies could be larger than
Key provisions: Year provision begins Year provision ends
law-school students, meaning the More broadly, manufacturing creases, tax credits and de- the $1.5 trillion on paper.
law school will likely be wound helped drive nationwide growth ductions become less valu- Full expensing of The new Senate bill has
down over the next few years. in industrial production, a mea- able. That alone would mean business investments* $515 billion of such maneu-
Enrollment has plummeted at sure that includes manufacturing that nearly 300,000 fewer vers, according to the Commit-
Valparaiso University Law School; output along with mining and low-income units will be pro- Tax credit for family leave tee for a Responsible Federal
this year’s incoming class had 29 utility production. It rose to a duced over 10 years, accord- Budget. The House has $511
Alcohol tax changes
full-time students, down from seasonally adjusted 0.9% in Oc- ing to an analysis by No- billion of them, according to
206 in 2013. tober from the prior month, the vogradac & Co., an accounting Repeal personal exemptions the group.
The news follows a similar Federal Reserve said. firm specializing in real es- “For the multinational cor-
move in April by Whittier College —Sharon Nunn tate. Near doubling of porations, their handouts are
standard deduction
Another part of the House set in stone, written in ink,
bill, meanwhile, takes more Increased child tax credit locked in place, the key thrown
CORRECTIONS  AMPLIFICATIONS direct aim at affordable hous-
ing. It would eliminate a tax Repeal of alternative
minimum tax
away,” said Sen. Ron Wyden
(D., Ore.). “But not for the
Readers can alert The Wall Street Journal to any errors in news articles by break on bonds used by af- middle class.”
emailing wsjcontact@wsj.com or by calling 888-410-2667.
fordable-housing developers. Special deduction for pass- Sen. Bob Corker (R., Tenn.),
If that becomes law, it would through business income who is undecided on the tax
THE WALL STREET JOURNAL reduce affordable-housing bill, said Democrats are trying
(USPS 664-880) (Eastern Edition ISSN 0099-9660) Bigger estate tax exemption
production by nearly 700,000 out those arguments on him.
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
units over the next decade, Reduced individual “It’s important that the
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
according to the analysis. tax breaks business taxes are perma-
Periodicals postage paid at New York, N.Y., and other mailing offices. If all elements of the House nent,” he said. “I’m not much
bill are passed, affordable 20% corporate tax rate† into optics. What I care about
Postmaster: Send address changes to The Wall Street Journal,
200 Burnett Rd., Chicopee, MA 01020. housing production would fall Repeal of individual health- is what drives economic
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of by two-thirds over a decade, insurance mandate† growth, and I think any econo-
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
according to the analysis. mist would tell you it’s the
Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Republicans have said Amortizing research business side being something
eliminating the tax exemption expenses† that’s certain is what drives
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
on “private activity” bonds, *Provision begins in 2017 †Provision has no expiration date the economy.”
which also fund hospitals, Source: Joint Committee on Taxation THE WALL STREET JOURNAL. —Richard Rubin
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By web: customercenter.wsj.com; By email: wsjsupport@wsj.com roads, nursing homes and
By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechat charter schools, would gener-
ate $40 billion of additional relies on the bonds, according Republican, said the fate of Former President Ronald
REPRINTS & LICENSING tax revenue over the next de- to the New York Housing Con- the bonds will be one of the Reagan signed the tax-credit
By email: customreprints@dowjones.com; By phone: 1-800-843-0008 cade. ference, a nonprofit advocacy top issues as changes to the program into law in 1986,
Some uses of the bonds, group. Coastal states also are bill are made. “It is a real im- during the last major tax-code
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS such as for stadium construc- expected to bear the brunt of pact when you look at how overhaul, to encourage pri-
tion, have stoked controversy. changes affecting the single- this plays out with low-in- vate investment in affordable
The changes would have family housing market, such come housing in particular,” housing and move away from
the biggest effect on high- as the House plan to reduce he said. “I think there’s a way the traditional public-housing
cost places like New York the limit on the mortgage-in- to bridge this, but finding model.
City, where 85% of tax-credit terest deduction. that revenue is the trillion- —Siobhan Hughes
affordable-housing production Rep. Tom Reed, a New York dollar question.” contributed to this article.

TAXES through businesses in the Sen-

Continued from Page One
after they revealed the first ver-
sion of the bill. Their chances of
finishing major structural
changes to the tax code now ap-
pear greater than at any point
since Republicans took control
of the House in 2010.
But there are warning signs
as the focus in Washington
turns to the Senate’s companion
bill. All but one of the House
Republicans who voted no on
Thursday were from New York,
New Jersey and California, all
high-tax states. They opposed
new limits in the bill on state
and local tax deductions. The
Senate’s changes to this deduc-
tion are even more severe than
the House’s, denying a $10,000
property-tax deduction that the
House bill includes. That means
Basa Earrings Thursday’s margin may get
18k, Diamonds and Rose Quartz even tighter if and when a final
Collection Starting at $6,400
bill emerges and goes back to
the House for another vote.
The Senate’s passage of its
How DoesYOUR jewelry make you feel? own bill is no certainty either.
Republicans have 52 seats in
that chamber, meaning they
can’t afford to lose any more
New York - Porto Montenegro
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tion. Sen. Ron Johnson (R.,
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sition because of the treatment
of partnerships, S corporations
and other so-called pass-
ate version of the bill.
Senate Republicans, rattled
by Sen. Johnson’s statement a
day earlier, were working
Thursday to address his points.
Underscoring the concern, Mr.
Trump called Mr. Johnson
Wednesday night and asked the
senator to deliver his own anal-
ysis about his problems with
the tax plan. Mr. Johnson was
also scheduled to meet with
Treasury staffers Thursday to
get their views, especially on
the cost of lowering the pass-
through rate to 25%.
Sen. Susan Collins (R.,
Maine) has expressed concerns
about the Senate GOP’s decision
to pair the tax bill with a repeal
of the mandate for individuals
to have health insurance. Sens.
Jeff Flake (R., Ariz.) and Bob
Corker (R., Tenn.) say they are
worried about budget deficits.
Sens. Lisa Murkowski (R.,
Alaska) and John McCain (R.,
Ariz.), who voted against a GOP
health plan this year, are possi-
ble swing votes, too.
If the Senate passes a bill,
lawmakers would either try to
hash out a compromise or get
the House to accept the Senate
version.
For the moment, though,
House Republicans were exu-
berant. Mr. Ryan hugged Major-
ity Whip Steve Scalise (R., La.),
who is responsible for rounding
up votes, right after the totals
were announced. If the Senate
passes a bill, lawmakers would
either try to hash out a com-
promise or get the House to ac-
cept the Senate version.
Democrats called the House
tax plan a giveaway to wealthy
business owners and warned
that it would drive the country
deeper into debt and serve as a
prelude to future cuts in Social
Security and Medicare. They
questioned whether the corpo-
rate tax cuts would spur
broadly shared economic gains
and highlighted what they
called budget gimmicks. That
includes the expiration of a
The focus turns now
to the Senate’s version
of the bill, which isn’t
certain to be passed.
family credit in 2023, meaning
higher taxes in the future.
“They’re trying to sell a bill
of goods to the middle class,”
said Rep. Nancy Pelosi (D., Ca-
lif.), the House Democratic
leader. “It preys on the middle
class and those who aspire to it.
It pillages and loots the middle
class.”
The GOP tax overhaul effort
has been years in the making
and has never advanced this far.
Mr. Ryan and Rep. Kevin Brady
(R., Texas), the House bill’s
chief author, jettisoned several
of their own priorities to get
consensus within the party,
meet Mr. Trump’s aims and
squeeze the plan inside its $1.5
trillion budget target.
After heavy lobbying from
retailers, they abandoned a plan
to tax imports and exempt ex-
ports. They offered the prop-
erty tax deduction to sway law-
makers from New York, Illinois
and California, and that worked
for some, especially for mem-
bers from rural or low-income
parts of those states.
There are some important
differences between the House
bill and its Senate counterpart,
which is headed for a floor vote
after Thanksgiving. A major
one: A decision by party leaders
to include in the tax bill a re-
peal of the Affordable Care
Act’s mandate that Americans
own health insurance. Senators
sparred on Thursday over the
impact of the repeal.
On a 14-12 party-line vote,
the Senate Finance Committee
approved its version of the bill
Thursday night, after adopting
a late amendment. The changes
included a minor alteration in
the tax treatment of carried in-
terest, which would require in-
vestment managers to hold as-
sets for at least three years to
get lower long-term capital
gains rates. That’s unlikely to
affect most hedge funds, ven-
ture capitalists and private eq-
uity managers.
 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. Friday, November 17, 2017 | A3

U.S. NEWS

©T&CO. 2017
THE TIFFANY® SETTING
JULIO CORTEZ/ASSOCIATED PRESS

Sen. Bob Menendez, center, stood with his daughter outside a Newark courthouse after a judge declared a mistrial in his corruption case.

Menendez Draws a Mistrial

BY THOMAS MACMILLAN Mr. Menendez “is one of like him could grow up poor ter hearing details of Mr. Me-
only 12 U.S. Senators to have and rise to become a U.S. sena- nendez’s behavior during the
A federal judge declared a been indicted in our history. tor while staying honest, said case, “New Jerseyans are dis- 800 843 3269 | TIFFANY.COM
mistrial in the corruption trial His trial shed light on serious Mr. Menendez, who holds posi- gusted….If Bob Menendez
of U.S. Sen. Bob Menendez, accusations of violating the tions on the Senate Finance chooses to run for re-election,
giving the Democrat a political public’s trust as an elected of- and Foreign Relations commit- New Jerseyans will reject
lifeline and preserving his ficial,” Mr. McConnell said. tees. him.”
party’s control of the seat for Mr. Menendez faced 18 During the eight-week trial, In a Quinnipiac University
the near future. counts, including conspiracy, prosecutors alleged that Dr. poll of likely voters last month,
Judge William Walls’ action bribery, fraud and making false Melgen lavished the senator 19% said Mr. Menendez de-
came Thursday after a jury statements. The most serious with trips on his private plane, served to be re-elected and
said it couldn’t reach a verdict charge, honest services fraud, luxury Caribbean vacations, a 59% said he didn’t. It found
in the case against the 63- carried a maximum sentence $4,900 stay in a fancy Paris 31% approved of the way he
year-old New Jersey senator hotel and hundreds of thou- was handling his job, and 49%
accused of a bribery scheme sands of dollars in campaign disapproved.
involving nearly $1 million in donations. Brigid Harrison, professor
contributions and gifts from
The Justice In return, they said, Mr. Me- of political science at Mont-
Salomon Melgen, a Florida eye Department said it nendez helped to secure visas clair State University, said the
doctor. Dr. Melgen was Mr. Me- for several of the doctor’s girl- senator has a year to boost his
nendez’s co-defendant in the
would ‘carefully friends, sought to intervene in approval ratings before the
trial. consider’ next steps. a port-security matter that 2018 elections.
The Justice Department would have benefited a busi- Robert Mintz, a former fed-
said it would “carefully con- ness investment of Dr. Mel- eral prosecutor in New Jersey
sider next steps” and let the gen’s, and tried to help with a who now heads the white-col-
court know if it would retry of 20 years in prison. multimillion-dollar Medicare lar defense practice at McCar-
the case. If convicted, the two-term billing dispute involving the ter & English, predicted the
Outside the courthouse in senator could have been forced doctor. prosecutors would likely at-
Newark, N.J., Mr. Menendez re- to vacate his seat by a two- Defense lawyers for the men tempt to retry the case.
iterated his innocence. “Today thirds majority vote of the argued that the government “Prosecutors will no doubt
is resurrection day,” he said. chamber, where Republicans was misconstruing a long- regroup, engage in some self-
Shortly after the judge an- hold a 52-48 majority. standing and genuine friend- critical analysis and consider
nounced that the jury was In an emotional statement ship between the defendants. ways to streamline the trial in
deadlocked, Senate Majority outside the courthouse, Mr. “This is what happens when an effort to present a more
Leader Mitch McConnell, a Re- Menendez thanked his sup- you put a real 25-year friend- compelling case the second
publican, called for the Senate porters and said he had a new ship on trial,” said Abbe Low- time around,” he said in an
Ethics Committee to open an appreciation of how the justice ell, Mr. Menendez’s attorney. email.
investigation into whether Mr. system can be misused. Bob Salera, spokesman for —Leslie Brody
Menendez violated Senate “Certain elements” of the the National Republican Sena- and Byron Tau
rules. state can’t accept that a Latino torial Committee, said that af- contributed to this article.

CLASSIMA
Indian Hospital Agency Stumbles Collection
Starting at
$990

BY CHRISTOPHER WEAVER
AND DAN FROSCH

PINE RIDGE, S.D.—The fed-

eral government’s management
of three Indian hospitals that
treat thousands of patients is www.baume-et-mercier.com
KRISTI EATON/ASSOCIATED PRESS

crumbling, a failure that could

jeopardize care on some of the
nation’s poorest and most re-
mote reservations.
All three hospitals are run

IWC PILOT.
by the federal Indian Health
Service, which was created to
fulfill U.S. legal obligations to
provide health care to mem-
bers of Indian tribes.
The Pine Ridge Reservation hospital in South Dakota is about to be barred from billing Medicare. ENGINEERED
The main U.S. hospital regu-
lator said on Nov. 3 that it Tribe Seeks to Eject The threat was levied after 2012 with Arizona-based Next- FOR ORIGINALS.
would bar the Pine Ridge In- the South Dakota-based tribe Care Inc. over allegations that
dian Hospital in South Dakota Facility’s Managers said it wasn’t consulted in the NextCare had billed Medicare for
from billing Medicare, effec- selection of a new contractor, unnecessary flu and allergy tests.
tive Saturday, the stiffest fed- Tribal Emergency Medicine, to NextCare’s former CEO, John
eral sanction a hospital can The Rosebud Sioux tribal run the emergency room at the Shufeldt, went on to found Tribal
face. Just two other hospitals council this month called for local IHS hospital. EM in 2015. NextCare didn’t ad-
have been barred nationwide the removal of the Rosebud In- “The Rosebud Sioux Tribe mit wrongdoing in the settle-
so far in 2017. dian Health Service Hospital’s feels that IHS is already mis- ment, and wasn’t involved in the
Meanwhile, leaders of the chief executive, director of nurs- spending and misusing our Fed- Rosebud contract.
Winnebago tribe, of Nebraska, ing and other top officials from eral funds, and to bring Tribal Dr. Shufeldt, who also
voted on Nov. 9 to take control the reservation. Emergency Medicine to Rose- serves as Tribal EM’s CEO, said
of an IHS hospital on its lands. Tribes have ejected IHS ad- bud IHS is unacceptable,” the he believed the tests were nec-
And, in an escalating confron- ministrators from their reserva- tribe said in a memo about the essary, but regretted using lan-
tation with the IHS, the South tions before, but it would be directive. guage in emails that seemed to
Dakota-based Rosebud Sioux unusual to exile a hospital’s en- The tribe cited a $10 million offer free meals to staff mem-
Tribe’s council said last week tire management team. Justice Department settlement in bers who ordered more tests.
it would banish five agency of-
ficials from its reservation.
The IHS has faced years of viding care in rural America.” account in a letter to the regu- trust that,” said Lydia Bear
criticism from Congress and The Centers for Medicare lator, saying staff took action Killer, a council member of the
tribal leaders for its poor per- and Medicaid Services found much sooner than inspectors Oglala Sioux Tribe, which gov-
formance, particularly in the the Pine Ridge hospital contin- recorded, and relied on a erns the Pine Ridge reserva-
Dakotas and Nebraska. The uously failed to meet U.S. re- blood-sugar test done by am- tion. “Our people are really Big Pilot’s Watch Edition “Le Petit Prince”. Ref. 5009
Wall Street Journal reported quirements for care and safety bulance medics. concerned.”
this year that conditions at since October 2015. The regulators’ decision to Winnebago Hospital, the
these IHS hospitals have con- A federal inspection last kick the hospital out of Medi- IHS facility on that tribe’s res-
tinued to deteriorate, leading month found that problems care cuts off access to federal ervation, has been banned
to unnecessary deaths. with providing accurate diag- health-care payments, a key from Medicare since 2015, one
In an interview, Rear Adm. noses and timely emergency source of funding. of just five hospitals nation-
Michael D. Weahkee, the acting care persisted. A patient in di- Adm. Weahkee said a re- wide to face the sanction that
IHS director, said the Pine abetic shock didn’t get appro- view showed 52% of the Pine year, after inspectors found
Ridge sanction “is an unfortu- priate care or an initial blood- Ridge hospital’s costs are sup- widespread problems with pa-
nate setback, and it is not sugar reading at the hospital ported by outside payments, tient care.
where we intend to be taking for nearly two hours after he such as from Medicare. He said The Winnebago tribal coun-
the Indian Health Service.” arrived at the emergency the agency would work quickly cil’s vote last week to take
He attributed the problems room, inspectors wrote. The to mitigate the financial im- over operations of the hospital
to the agency’s struggle to re- patient was ultimately trans- pact. came after months of public
cruit and retain “qualified pro- ferred to another hospital and “IHS is saying there’ll be no frustration over the IHS’s in-
fessionals who are willing to died the next day. changes, no impact to the ser- ability to restore the hospital’s
take on the challenge of pro- An IHS official disputed the vices and finances—we do not regulatory standing.
 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
A4 | Friday, November 17, 2017
Franken Accused of Sexual Misconduct
Leeann Tweeden said
the then-comedian
forcibly kissed her
during 2006 USO tour
BY NATALIE ANDREWS
WASHINGTON—Sen. Al
Franken faced allegations of
sexual misconduct Thursday, af-
ter a woman said he kissed her
against her will during a 2006
rehearsal and he posed for a
photo in which he appeared to
grope her while she was asleep.
Mr. Franken, a Minnesota
Democrat, said he didn’t recall
the rehearsal events occurring
the same way but offered his
“sincerest apologies.” He said
the photo was a failed joke and
he “shouldn’t have done it.”
The allegations come as the
Senate Republican leadership is
grappling with the claims of
sexual misconduct against Roy
Moore, the GOP Senate nomi-
nee from Alabama. Mr. Moore
has denied the allegations and
refused to step aside in the
race, but Senate Republicans
say they plan to try to expel
BRYNN ANDERSON/ASSOCIATED PRESS
Democratic Senate candidate Doug Jones, center, talks to supporters as he campaigned in a restaurant recently in Birmingham, Ala.
Jones,Moore’sRival,GainsTraction
BY JOSHUA JAMERSON
AND JANET HOOK
HUNTSVILLE, Ala.—Demo-
crat Doug Jones, who hopes to
pull off an upset in Alabama’s
Dec. 12 special Senate election,
is gaining traction as Republi-
can Roy Moore is being
weighed down by sexual-mis-
conduct allegations.
On the campaign trail, Mr.
Jones is running an under-the-
radar campaign, compared
with the television klieg lights
surrounding his rival. His cam-
paign message isn’t designed
to energize his party’s pro-
gressive activists, but rather
to connect with more conser-
vative Alabama voters.
He is trying to keep his cam-
paign’s focus on kitchen table
issues like jobs and health care.
“I want to be a voice for reason
in the turmoil of modern
RETAIL
Continued from Page One
same-store sales growth in
more than five years, including
sales from online grocery
pickup now available in 1,100
stores.
Wal-Mart’s profit margin fell
in the latest period, and some
analysts questioned whether
Wal-Mart shares could rise fur-
ther with margins under pres-
sure from investments made to
boost sales. “Any way you slice it,
Wal-Mart seems expensive,” said
Morgan Stanley analyst Simeon
Gutman in a research note.
Still, investors on Thursday
appeared to embrace a new nar-
rative for Wal-Mart that has it
well-equipped to battle Amazon,
said Mr. Gutman. Its shares also
likely got a boost from investors
fleeing consumer staple stocks
or other retailers, he noted.
The quarter’s growth is “im-
pressive and underscores the
company’s determination to not
only defend its leading position
but to extend it,” said Neil
Saunders, managing director at
GlobalData Retail.
him if he wins the election.
Mr. Franken is the only sit-
ting senator to currently face
a public accusation of sexual
misconduct. Senate Majority
Leader Mitch McConnell (R.,
Ky.) called for a review of the
Franken matter.
“As with all credible allega-
tions of sexual harassment or
assault, I believe the Ethics
Committee should review the
matter,” Mr. McConnell said.
“Regardless of party, harass-
ment and assault are com-
pletely unacceptable—in the
workplace or anywhere else.”
Democratic Minority Leader
Chuck Schumer (D., N.Y.)
echoed Mr. McConnell’s call,
saying in a statement: “Sexual
harassment is never acceptable
and must not be tolerated.”
Mr. Franken said in a state-
ment he is “asking that an eth-
ics investigation be undertaken,
and I will gladly cooperate.”
The ethics committee has
the purview to investigate
matters that took place before
a lawmaker was sworn into of-
fice. Mr. McConnell has called
for an investigation into the
past allegations against Mr.
Washington,” Mr. Jones says
on his website. “I’m running
for the Senate to return dignity
to the citizens of Alabama.”
His campaign centerpiece is
his record as a straight-shoot-
ing U.S. attorney in Alabama.
“We’re staying in our lane,”
Mr. Jones, 63 years old, told
reporters in Birmingham ear-
lier this week.
When he met with a group
of about two dozen women
working the phones to pitch
him to Alabama voters, he
asked the callers not to focus
on his opponent. “There’s a lot
swirling around, we know it,
but let’s stay on message,” he
said. “That’s what’s going to
take us to victory.”
To win, Mr. Jones will need
to draw Republican votes. One
of the biggest potential obsta-
cles to that might be his
strong support for abortion
Wal-Mart, which has ac-
quired online seller Jet.com and
niche apparel sites like Bonobos
and ModCloth, said e-com-
merce sales in the U.S. rose 50%
from a year earlier for its fiscal
third quarter, following a 60%
rise in the preceding period.
The company doesn’t disclose
e-commerce sales totals on a
quarterly basis. For the current
fiscal year, Wal-Mart expects its
global e-commerce sales to hit
$17.5 billion, still a fraction of
its nearly half a trillion dollars
in annual revenue.
Marc Lore, Wal-Mart’s head
of U.S. e-commerce, declined to
share how the company tracks
Amazon’s market share versus
its own. “Internally we are re-
ally focused on just getting the
fundamentals right,” he said on
the conference call with report-
ers. “We can see the things we
have done are increasing top-
line sales.”
Amazon is on track to cap-
ture about 44% of U.S. online
sales this year, up from 38%
last year, according to eMar-
keter, a research firm. Wal-Mart
is projected to grow to about
3.6% from 2.8% last year, the
firm said.
P W L C 10 11 12
Moore, should he be elected to
the Senate in December.
Leeann Tweeden, a model
and broadcast host, said in a
blog post that the incident with
Mr. Franken occurred in De-
cember 2006 during a USO tour
overseas to entertain troops.
Mr. Franken, who was a come-
dian and author before becom-
ing a senator in 2009, wrote a
skit that included the two kiss-
ing. She said she planned to
turn her head and not be kissed
directly on the mouth.
Backstage, while rehearsing
the skit, Ms. Tweeden alleges
Mr. Franken “mashed his lips
against mine and aggressively
stuck his tongue in my mouth.”
Later, on the flight home,
according to Ms. Tweeden, Mr.
Franken was photographed ap-
pearing to grope, or pretending
to grope, Ms. Tweeden while
she was sleeping. She said she
wasn’t aware of this until she
was reviewing photos she had
been given of the trip. She
posted the photo in her article.
Late Thursday night, Presi-
dent Donald Trump tweeted in
part: “The Al Frankenstien pic-
ture is really bad, speaks a
rights. In an MSNBC interview
in September, he said he
would oppose legislation bar-
ring abortion after 20 weeks
of pregnancy.
Meanwhile, Mr. Moore’s
campaign is facing about a
half-dozen reports of sexual
assault and misconduct, most
involving teenagers while he
was in his 30s. He denies any
wrongdoing.
Senate Majority Leader
Mitch McConnell (R., Ky.) and
other Republicans in Washing-
ton have been calling on him
to step aside because they fear
his troubles will discredit
other Republicans—and that
he will lose the long-held Ala-
bama seat. Democrats haven’t
won a Senate race in the state
for decades.
President Donald Trump has
been keeping the situation at
arm’s length, despite some Re-
Retailer on the Rise
Wal-Mart, whose shares have kept pace with Amazon this year,
posted its strongest sales growth in years.
Wal-Mart's U.S. same-store sales,
change from previous year*
3%
2 Amazon
1
0 yearslong
–1
–2
FY 2014 ’15 ’16
*Excludes fuel
Sources: the company (sales); WSJ Market Data Group
Wal-Mart is focused on cut-
ting costs to improve its profit
margins, Chief Financial Officer
Brett Biggs said in an interview.
“To be candid it’s not what it
used to be, so we are getting
back to some everyday-low-cost
roots.”
Wal-Mart has taken other
H T G K B F A M 1 2 3 4 5 6 7 8
U.S. NEWS
On a flight back from a 2006 USO tour, Al Franken was
photographed pretending to grope Leeann Tweeden while she slept.
thousand words. Where do his
hands go in pictures 2, 3, 4, 5 &
6 while she sleeps? ......And to
think that just last week he was
lecturing anyone who would
listen about sexual harassment
and respect for women.”
Mr. Trump faced allegations
of sexual assault and harass-
ment from multiple women
publicans’ desire that he help
push Mr. Moore from the field.
White House press secre-
tary Sarah Huckabee Sanders
said Thursday that Mr. Trump
believes Mr. Moore should
step aside if the allegations
are true, but won’t demand
that he quit the race.
“The president believes
these allegations are very
troubling and should be taken
seriously,” she said. “And the
people of Alabama should
make the decision.”
The Alabama Republican
Party on Thursday rebuffed
calls for the party to pull its
endorsement. State party
Chairman Terry Lathan said
that, after a meeting Wednes-
day night, the GOP Steering
Committee “supports Judge
Roy Moore as our nominee
and trusts the voters as they
make the ultimate decision.”
Year-to-date share performance
s2.7% 50%
40
Wal-Mart
30
20
10
0
–10
’17 ’18 2017
THE WALL STREET JOURNAL.
steps to bolster margins. For
example it started charging
more for some products on
Walmart.com than in stores, in
part to offset the cost of home
delivery and improve online
profitability, The Wall Street
Journal reported this week.
In recent years, Wal-Mart has
9 O I X X ***** THE WALL STREET JOURNAL.
during his presidential cam-
paign, which he has denied.
White House spokeswoman
Sarah Huckabee Sanders has
said Mr. Trump believes Mr.
Moore should leave the Senate
race if the allegations against
him prove true.
In an initial brief statement
Thursday, Mr. Franken said: “I
Budget Director Likely
To Fill In at CFPB
BY NICK TIMIRAOS
WASHINGTON — White
House budget director Mick
Mulvaney is expected to be-
come acting director of the
Consumer Financial Protection
Bureau when Richard Cordray
resigns from his post this
month, according to a person
familiar with the matter.
The move could be an-
nounced by the White House as
soon as Friday, this person said.
Mr. Mulvaney would con-
tinue to serve as the director
of the White House Office of
Management and Budget. He
would return full time to the
OMB once the White House
nominates and the Senate con-
firms a permanent director for
the job, the person added.
The Trump administration
has used existing political ap-
WASHINGTON WIRE
CONGRESS
Bipartisan Measure
On Guns Under Way
Two prominent senators
reached a bipartisan agreement
on legislation to tighten the na-
tional background check system
for gun purchases that could
soon get swift consideration by
the full chamber.
Senate Majority Whip John
Cornyn (R., Texas) joined Sen.
Chris Murphy (D., Conn.) to back
a measure that would encour-
age states and federal agencies
to submit records to the back-
ground check system. Mr. Mur-
phy has been one of the cham-
ber’s most vocal advocates of
stricter gun laws, and his agree-
ment with a red-state senator
is likely to win widespread sup-
port among Democrats, an aide
said.
“We seem to have found a
point of consensus among the
right and left,” Mr. Cornyn said.
—Kristina Peterson
shifted from its long-running
strategy of building more cav-
ernous supercenters. In 2015 it
closed more than 150 U.S. stores.
It plans to build just two dozen
stores next fiscal year. Instead, it
has focused on improving exist-
ing stores and investing in e-
commerce, including acquiring
online retail startups and adding
fulfillment centers. The com-
pany has also raised starting
wages for store employees.
The company on Thursday
said it was close to settling a
foreign-bribery
probe. Wal-Mart, which has
spent $870 million to investi-
gate and upgrade compliance
following allegations of bribery
in Mexico and other countries,
said it would record a $283 mil-
lion charge related to the set-
tlement as talks with U.S. gov-
ernment agencies have
“progressed.”
The quarterly rise in same-
store sales for Wal-Mart’s U.S.
operations was well above the
1.8% growth estimate of ana-
lysts polled by Consensus Me-
trix. Wal-Mart said the 2.7%
rise reflected in part a 1.5% in-
crease in store traffic, as well
as its e-commerce gains.
certainly don’t remember the
rehearsal for the skit in the
same way, but I send my sin-
cerest apologies to Leeann. As
to the photo, it was clearly in-
tended to be funny but wasn’t.
I shouldn’t have done it.”
In a longer subsequent state-
ment, Mr. Franken reiterated
his comments on the rehearsal
and the photo, but delivered a
broader apology: “The first
thing I want to do is apologize:
to Leeann, to everyone else
who was part of that tour, to
everyone who has worked for
me, to everyone I represent,
and to everyone who counts on
me to be an ally and supporter
and champion of women...I re-
spect women. I don’t respect
men who don’t. And the fact
that my own actions have given
people a good reason to doubt
that makes me feel ashamed.”
Ms. Tweeden wrote in her
post: “You knew exactly what
you were doing. You forcibly
kissed me without my consent,
grabbed my breasts while I
was sleeping and had someone
take a photo of you doing it,
knowing I would see it later,
and be ashamed.”
pointees to temporarily fill va-
cant regulatory posts in other
cases, including when the
Treasury Department in Octo-
ber designated its tax-policy
chief, David Kautter, to simul-
taneously serve as the interim
head of the Internal Revenue
Service. The term of the IRS’s
confirmed director, John Kosk-
inen, expired on Nov. 12.
“The administration will
announce an acting director
and the president’s choice to
replace Mr. Cordray at the ap-
propriate time,” White House
spokesman Raj Shah said
Thursday.
At his OMB confirmation
hearing in early 2017, Mr. Mul-
vaney called the CFPB “one of
the most offensive concepts”
in the U.S. government.
Mr. Cordray announced his
resignation plans Wednesday.
RETIRED OFFICIAL
Ex-Homeland Security
Chief Is Hospitalized
Former U.S. Homeland Secu-
rity Secretary Tom Ridge was in
critical condition Thursday after
undergoing an emergency heart
procedure at a hospital in Texas.
Mr. Ridge, Pennsylvania’s gov-
ernor from 1995 to 2001, was
attending the Republican Gover-
nors Association conference
when he called for help at his
hotel, said Steve Aaron, his
spokesman.
Mr. Ridge, 72 years old, un-
derwent a cardiac catheteriza-
tion at Dell Seton Medical Cen-
ter at the University of Texas in
Austin, Mr. Aaron said. He has
been responsive with physicians,
his spokesman said.
Mr. Ridge was the nation’s
first homeland security secre-
tary, serving under then-Presi-
dent George W. Bush until Feb-
ruary 2005.
—Associated Press
Consumer spending has been
healthy for most of the year,
buoyed by low inflation that has
kept prices in check and robust
employment that has bolstered
household budgets. But tradi-
tional retailers haven’t neces-
sarily shared in the bounty, as
Americans spend more on cars
and entertainment and increas-
ingly shop online.
Retail industry organizations
have largely predicted strong
holiday sales this year, though
an increasing share is likely to
be captured online. “We expect
a solid performance for the im-
portant holiday season,” said
Mr. Biggs, Wal-Mart’s finance
chief.
In the fiscal third quarter,
Wal-Mart’s revenue increased
4.2% from a year earlier to
$123.18 billion. Profit fell to
$1.75 billion, or 58 cents a
share, from $3.03 billion, or 98
cents a share, as the company
booked charges for paying
down debt early, international
property sales and the brib-
ery-probe settlement. Absent
the charges, profit was $1 a
share.
—Austen Hufford
contributed to this article.
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. * * Friday, November 17, 2017 | A5

U.S. NEWS

Trump Campaign A Week Before Thanksgiving, Food Donations Pile Up

Documents Sought
BY REBECCA BALLHAUS
AND PETER NICHOLAS
Special counsel Robert Muel-
ler’s team in mid-October is-
sued a subpoena to President
Donald Trump’s campaign re-
questing Russia-related docu-
ments from more than a dozen
top officials, according to a per-
son familiar with the matter.
The subpoena, which re-
quested documents and emails
from the listed campaign offi-
cials that reference a set of Rus-
sia-related keywords, marked
Mr. Mueller’s first official order
for information from the cam-
paign, according to the person.
The subpoena didn’t compel
any officials to testify before
Mr. Mueller’s grand jury, the
person said.
The subpoena caught the
campaign by surprise, the per-
son said. The campaign had
been voluntarily complying with
the special counsel’s requests
concern their demands aren’t
being met promptly or aren’t
being entirely fulfilled, former
prosecutors said. A subpoena
can serve as a backup, to make
sure the recipient is complying
as promised, and as a reminder
that failure to provide docu-
ments as demanded would
count as obstructing a grand-
jury investigation.
Mr. Mueller’s team had pre-
viously issued subpoenas to
several top campaign officials,
including former campaign
chairman Paul Manafort and
former national security adviser
Mike Flynn. Mr. Manafort cur-
rently faces charges including
money laundering and tax eva-
sion. He has pleaded not guilty
and his attorney has called the
charges “ridiculous.”
Mr. Mueller’s team is ex-
pected to interview current and
former White House officials,
including communications di-
rector Hope Hicks, in the com-

DON CAMPBELL/ASSOCIATED PRESS

for information, and had been
sharing with Mr. Mueller’s team
the documents it provided to
congressional committees as
part of their probes of Russian
interference into the 2016 presi-
dential election.
The Trump campaign is pro-
viding documents in response
to the subpoena on an “ongo-
ing” basis, the person said.
A spokesman for the special
counsel declined to comment.
Mr. Mueller and congressio-
ing weeks, according to a per-
son familiar with the matter.
On Thursday, Senate Judi-
ciary Committee Chairman
Chuck Grassley (R., Iowa) and
Sen. Dianne Feinstein (D., Calif.),
the top Democrat on the com-
mittee, said in a letter to Jared
Kushner’s attorney that the re-
sponse they received to an ear- HARD AT WORK: Sixth-grader Armella Heppler helped organize donated food items Thursday at Lakeshore Middle School in Stevensville,
lier request was “incomplete.” Mich. Students collected food during this year’s Y-Country ‘Stuff a Truck’ campaign for the Southwest Michigan Community Action Agency.
In their letter, the senators
said others had given them a
document involving “a Russian

Pipeline Leaks in South Dakota

nal committees are probing
whether Trump associates col-
luded with Russian efforts to in-
terfere in the election. Mr.
Trump has denied collusion by
him or his campaign, and Mos-
cow has denied meddling.
Congressional committees
earlier this year asked the cam-
paign to turn over Russia-re-
lated documents, emails and
phone records dating back to
June 2015, when Mr. Trump
launched his campaign.
Sending a subpoena to an
entity that says it has been co-
operating with document re-
quests isn’t unusual in cases in
which prosecutors have some
backdoor overture and dinner
invite” that Kushner forwarded,
but the Kushner team didn’t
turn over that document to the
committee. The letter doesn’t
give other details about the ma-
terial. A Judiciary Committee
spokesman didn’t respond to
questions about the document.
In a statement after the let-
ter was made public, Mr. Kush-
ner’s attorney, Abbe Lowell,
said Mr. Kushner had been “re-
sponsive to all requests” and
had provided documents related
to “Mr. Kushner’s calls, contacts
or meetings with Russians dur-
ing the campaign and transi-
tion, which was the request.”
BY VIPAL MONGA
TransCanada Corp.’s Key-
stone pipeline leaked roughly
5,000 barrels of oil in South
Dakota, the company said on
Thursday.
Although the company iso-
lated the problem quickly and
shut down the pipeline, the
leak comes only a few days be-
fore the Nebraska Public Ser-
vice Commission decides
whether to let the company
build a controversial extension
through that state.
TransCanada shut down the
pipeline Wednesday morning
after its systems detected the
leak, the company said in a
statement. The leak amounts
to 210,000 gallons. Sections of
the pipeline that runs from
Canada’s Alberta province to
Illinois will be shut, although
parts of the southern leg to
Texas will stay open.
Thursday’s spill isn’t partic-
ularly large when compared
with others. Last year, En-
bridge agreed to pay civil pen-
alties totaling $62 million for
leaking more than 26,000 bar-
rels of oil in spills in Michigan
and Illinois in 2010.
The leak comes at an awk-
ward time for Calgary-based
TransCanada. The company is
seeking approval to build an
extension of the pipeline and
is awaiting the vote from the
Nebraska authorities, expected
on Monday.
Opponents of the extension,
who argue that it endangers
the environment, said the leak
only demonstrates the weak-
ness of the pipeline.
“Here is one more reason
the PSC should side with Ne-
braskans over this foreign oil
company,” said Jane Kleeb,
founder of Keystone opposi-
tion group Bold Nebraska. She
said the group has hired an
aerial photographer to take
pictures of the area in South
Dakota where the oil leaked,
near the border with North
Dakota.
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
A6 | Friday, November 17, 2017 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Mugabe in Talks With Zimbabwe Military
No clear outcome in blinking game. Who will blink
first?” said Tendai Biti, who
negotiations over was Zimbabwe’s finance min-
long-term leader’s ister from 2009 to 2013.
The person most likely to
departure from office succeed Mr. Mugabe is Em-
merson Mnangagwa, a fellow
BY GABRIELE STEINHAUSER liberation warrior who was
AND JOE PARKINSON the president’s right-hand man
for decades until his surprise
HARARE, Zimbabwe—Presi- ouster from the vice presi-

ZIMBABWE BROADCASTING CORPORATION/AGENCE FRANCE-PRESSE/GETTY IMAGES

dent Robert Mugabe met with dency last week, according to
the country’s top general and officials and analysts.
international mediators in There were questions on
closed-door talks at Zimba- Thursday, however, over what
bwe’s State House on Thurs- a possible Mnangagwa govern-
day, but there was no sign of ment would look like. Opposi-
an imminent deal to end his tion leaders said the circum-
37-year rule. stances of Mr. Mugabe’s likely
Two senior security offi- exit—and the dire state of
cials said Mr. Mugabe had sig- Zimbabwe’s economy—re-
naled he was prepared to step quired a period of transition
down but was playing for time under a government of na-
and wanted regional powers to tional unity. Such a govern-
be more involved. “He’s trying ment would oversee overhauls
to move the goalposts,” one of of the economy and state fi-
the officials said. Military nances and set up new elec-
leaders, meanwhile, were tions, they said.
pushing for his quick exit from “Our country’s reconstruc-
power, the officials said. tion and national healing pro-
Photos published on the cess can only be a product of
website of the government- free, fair and credible elec-
owned Herald newspaper Mr. Mugabe, second right, standing with Zimbabwean Gen. Constantino Chiwenga, right, and South African envoys in Harare on Thursday. tions, which are to be held
showed Mr. Mugabe, the within a reasonable time post
world’s oldest head of state, since tanks rolled into the cap- be imminent. But the lack of Military leaders have said ternational financial and polit- an agreed transitional ar-
seated at the head of a coffee ital Tuesday evening and the news into the twilight hours their operation wasn’t a coup ical institutions whose support rangement period,” Joice Muj-
table, flanked by Zimbabwean military seized control of key bolstered reports that Mr. but a restoration of order fol- will likely be crucial in the uru, a former vice president,
Gen. Constantino Chiwenga, civic infrastructure. Mugabe was digging in. lowing a purge of the ruling weeks and months to come. said in a statement.
Defense Minister Sidney Sek- The sight of the president The flurry of see-saw spec- ZANU-PF party by what they For a smooth transition, of- Members of the opposition
eramayi and two South Afri- in his official residence and of- ulation on the course of called a group of criminals. A ficials said Mr. Mugabe needs also said the president’s exit
can cabinet ministers who had fice after nearly two days of Thursday’s talks underlined government brought into to step down, allowing the rul- needed to be dignified and
flown into the country to bro- house arrest in his private pal- the military’s tight control of power by a military putsch ing ZANU-PF party to tap a could include some honorary
ker crisis talks. ace initially heightened specu- information and Zimbabweans’ would have no international new president within 90 days. role in a new power structure.
They were the first images lation that an announcement appetite for clarity on what is legitimacy and be prevented “The generals are in total —Bernard Mpofu
of the 93-year-old Mr. Mugabe on Mr. Mugabe’s future might next for the country. from negotiating with the in- control. Now we are playing a contributed to this article.

Madagascar Plagued by Outbreak Israel Sees Threat

BY ALEXANDRA WEXLER
AND AMIR ANTOY From Iran After ISIS
ANTANANARIVO, Madagas- round Israel from all direc-
car—In September, David Ra- tions,” said Naftali Bennett,
naivo woke up with a high fe- Israel’s education minister,
ver and felt very weak. He who sits in the security cabi-
went to a nearby hospital, but net. “We’ve made it clear this
was so depleted he could is unacceptable and indeed,
barely answer the doctor’s we will act to prevent it.”
questions. To Israel, that’s a strategic
Around 24 hours later, the MIDDLE EAST challenge much more severe
RIJASOLO/AGENCE FRANCE-PRESSE/GETTY IMAGES

doctor returned with a diagno- than anything Islamic State

sis: the plague. CROSSROADS could do. “ISIS, unlike Iran,
“I was totally devastated,” By Yaroslav Trofimov doesn’t have an air force, mis-
said the 31-year-old business- siles, sophistication and they
man. “I was thinking, ‘I am go- are not supported by anyone,
ing to die.’ ” JERUSALEM—While much not by a superpower like Rus-
Madagascar, the tropical of the world celebrates the sia,” said Maj. Gen. (Ret.)
island nation off Africa’s impending defeat of Islamic Amos Gilead, the head of the
southeast coast, is contend- State, Israeli officials look at Institute for Policy and Strat-
ing with its worst outbreak Syria and see little reason egy, an Israeli think tank.
of plague in at least 50 for joy. To them, a lesser en- Recognizing Israeli con-
years. emy is being supplanted by a cerns about the Iranian
The health ministry re- far more dangerous one— threat, the U.S., Russia and
ported 2,119 probable cases Health officers spread pesticide against plague carriers at a school at Andraisoro in October. Iran and its allies. Jordan have been negotiating
from Aug. 1 to Nov. 10, includ- Syrian President Bashar de-escalation agreements be-
ing 171 deaths. al-Assad is consolidating con- tween rebels and the regime
Although the plague—also A Death Sentence duces swollen lymph nodes, or chills, head and body aches, trol, and his in southern Syria that would
known as Black Death, the “buboes.” Human-to-human weakness, vomiting and nausea. forces—aided prevent Iran and its militias
disease that decimated Eu- Long Ago, Disease transmission of this form is rare. Can plague be treated? by Iran and from coming too close to Is-
rope’s population in the Can Now Be Beaten But if bubonic plague be- Today, plague can be treated the Lebanese raeli positions on the Golan.
14th century—is endemic in comes advanced it can spread and cured with antibiotics. The militia Hez-

I
Madagascar, it has struck Quicker diagnosis, treatment to the lungs, leading to the less key is diagnosing it quickly. If bollah—are srael, meanwhile, is
some of the islands’ nonen- give patients better outlook common but much deadlier antibiotics aren’t started within eliminating Is- threatening to act if its
demic areas and densely pop- pneumonic plague. a day or two of onset of symp- lamic State’s so-called red lines are vi-
ulated cities for the first The disease is transmitted toms, or 18 to 24 hours for final pockets in the country olated. It has done so many
time. Madagascar has had its to people when they are bitten pneumonic plague, the chance while inching closer to the times with airstrikes against
The vast majority of the worst outbreak of plague in at by infected fleas, handle an in- of survival even with antibiotics Israeli-held Golan Heights. Hezbollah targets in Syria.
cases have been pneumonic least a half-century this year, fected animal, or, in the case of dims, experts say. “Every place we see ISIS Those “red lines” include
plague. The most virulent with more than 170 deaths. pneumonic plague, inhale in- What should travelers do? evacuating, we see Iran taking the creation of permanent
form of the bacterial disease, Here are some facts about this fected respiratory droplets from The Centers for Disease Con- hold,” warned Sharren Haskel, Iranian bases, airfields or na-
it can quickly and easily highly infectious disease. other people who are sick. trol has issued a travel notice, an Israeli lawmaker from val facilities in Syria, the
spread from one person to an- What is plague? Both forms of plague have recommending that travelers to Prime Minister Benjamin Ne- transfer of long-range preci-
other through droplets in the Plague is an infectious dis- been reported in Madagascar Madagascar use insect repellent tanyahu’s Likud party. “We sion missiles to Hezbollah,
air. ease caused by the bacterium since its outbreak began in Au- to protect against fleas and have been dealing with this or the establishment of
In Madagascar, “pneu- Yersinia pestis, which is found in gust. avoid contact with seriously ill threat of Iran through Hezbol- plants to produce such mis-
monic plague had never oc- rodents and their fleas. There What are the symptoms of people. Anyone who experiences lah on our northern border siles in Syria or Lebanon.
curred in big cities with an are two forms of the disease. plague? symptoms should seek medical [with Lebanon], and we would Israeli officials aren’t just
overcrowded population,” Most common is bubonic People who are infected ex- care, and may require antibiotics. not want to see the same worried about Syria. The end-
said Richard Fotsing, a coor- plague, so called because it pro- perience sudden onset of fever, —Betsy McKay setup on our Syrian border.” game of Syria’s war has
dinator with the World prompted the Palestinian Sunni

L
Health Organization based in ike Islamic State, Iran Muslim movement Hamas to
Madagascar’s capital, Anta- cated off a dirt road and period as short as 24 hours. died shortly after arriving, and Hezbollah call for renew links with Shiite Iran.
nanarivo. “In high-density sealed by a large red gate. If detected early on, both and 31 people who came into Israel’s destruction. But The way Israeli officials see it,
areas, the spread of pneu- Transmitted by fleas that forms of plague are curable contact with him subse- unlike Islamic State, they ISIS’s defeat has left Israel es-
monic plague is very rapid, have bitten rats or other ro- with antibiotics. Untreated, quently became ill—four of have the military capability sentially surrounded.
leading to large-scale out- dents infected with a bacteria pneumonic plague is always them died. to pursue that goal. “One of the great trage-
breaks.” called Yersinia pestis, plague fatal. It was more than two weeks With the Israeli-Lebanese dies of the international co-
While the number of new thrives in poor sanitary con- The outbreak comes at a later, when a 47-year-old border largely quiet since alition against ISIS was to
cases has slowed during the ditions and places with inad- destabilizing time in Madagas- woman from Antananarivo the devastating war between bring Iran de facto, Russia,
past month, government offi- equate health services— car—a nation of 25 million was admitted to a hospital Israel and Hezbollah in 2006, Assad and the United States
cials and the World Health Or- which abound in Madagascar, famed for the thousands of in- with respiratory failure Iran and its allies don’t dis- on the same side in a situa-
ganization are still on high one of the world’s poorest digenous species found no- brought on by pneumonic guise their desire to open a tion which ultimately bene-
alert, conducting surveillance, where else on earth—with plague, that the outbreak was second front in Syria. fited Assad and the Iranians,”
warning the public, and lead- presidential and parliamen- identified and field investiga- “Iran’s goal is clear: to es- said Michael Oren, deputy
ing massive cleaning cam- tary elections expected next tions launched. tablish regional hegemony in minister in the Israeli prime
paigns to keep the bacterial
While the number of year. For eight days, Mr. Rana- the Middle East and to sur- minister’s office and a former
disease from spreading fur- new cases has slowed, Panic-stricken city-dwell- ivo, the businessman, re- ambassador to Washington.
ther. ers have pulled children out mained hospitalized at These challenges emerge
They are also conducting
officials and the WHO of school, while neighbors Chapa, while doctors clad in
LEB. Damascus
at what seems like a golden
GOLAN HEIGHTS
screening measures at the are still on high alert. now regard each other with blue and turquoise surgical Islamic period in Israel’s history. The
country’s borders to prevent fear. gowns and face masks admin- State civil wars and insurgencies
international spread. Plague The current outbreak istered antibiotics orally and control that ravaged Israel’s foes af-
Med.
season normally runs August started in late August, when a by injection. Mr. Ranaivo es- Sea ter the Arab Spring in 2011
ISRAEL SYRIA
through April. countries. The Democratic 31-year-old man from a timates he received about 36 proved a boon for the coun-
Workers are cleaning out Republic of Congo and Peru, coastal city traveled to a dis- jabs. try’s security and drew atten-
garbage-filled open drains in along with Madagascar, are trict in the country’s central “After that eight days of W E ST tion away from Israel’s own
BA NK JORDAN
poor neighborhoods. Health the three most endemic highlands, a plague-endemic hospitalization, thank God, the conflict with the Palestinians.
workers’ and visitors’ shoes plague countries in the world area. doctor gave me an exit bill,” Jerusalem “Israel’s position in the
are washed with chlorinated today. After developing malaria- Mr. Ranaivo said. “I thought G AZA world is better than at any
20 miles
water at Antananarivo’s Cen- Plague comes mainly in two like symptoms, he took a that plague could not be time in our national exis-
tre Hospitalier Anti-Pesteux forms: bubonic, which causes shared public taxi, passing treated by a doctor,” he said. 20 km tence,” Mr. Oren said. How-
d’Ambohimiandra, or Chapa, swollen lymph nodes; and through the capital of Anta- “It is curable, and we should Source: Institute for the Study of War
ever, he cautioned, this
where plague patients are pneumonic, which affects the nanarivo and on to the not be afraid and ashamed of (Islamic State control) doesn’t mean the country can
treated—a brick building lo- lungs and has an incubation coastal city of Toamasina. He it.” THE WALL STREET JOURNAL. lull itself into complacency.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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PAID ADVERTISEMENT

Major consensus reached

between china and u.s.
China’s President Xi Jinping and U.S. President Donald Trump have reached extensive and
important consensus on the development of China-U.S. relations.
Mr. Trump made a state visit to China between Nov. 8 and 10; the three-day trip was Mr.
Trump’s first visit to the country since he assumed the presidency in January.
Highlights of the consensus for the two countries include:

Chinese President Xi Jinping (L) holds a grand ceremony to welcome U.S. President Donald Trump at the square outside the east gate of the
Great Hall of the People in Beijing, capital of China, Nov. 9, 2017. (XINHUA/LI TAO)

• Have broad common interest and important responsibility

in protecting world peace, stability and prosperity.
• Demonstrate strategic and leading role of head-of-state
diplomacy in developing bilateral relations.
• Continue close contact through telephone conversations,
letters, meetings and exchange views on major issues of
common concern in a timely manner.
• Give full attention to the four high-level dialogue platforms:
diplomatic and security; comprehensive economic; law
enforcement and cybersecurity, and social and people-to-
people.
• Enhance macro-policy coordination concerning fiscal,
monetary and exchange rate policy; maintain communication
and coordination on domestic structural reform and global
economic governance.
• Step up communication on increasing imports from the U.S.
and review foreign investment policy involving national security
concerns.
• Substantially ease market access to China’s financial
markets such as banking, securities and funds, and insurance
industries in accordance with China’s timetable and roadmap.
• Reduction of tariffs on automobiles gradually and
appropriately by China.
• Reinforce exchange and dialogue at various levels between Chinese Vice Premier Wang Yang (C, back) and U.S. Secretary of Commerce Wilbur Ross (L, back) witness the signing of trade deals, part
military forces. of the business achievements of U.S. President Donald Trump's visit to China, after their talks in Beijing, capital of China, Nov. 8, 2017.
(XINHUA/RAO AIMIN)
• Strengthen cooperation in combating cybercrime and
protecting the internet.
• Prevent each other from becoming a haven for fugitives.
• Make positive moves in repatriating illegal immigrants.
• Enhance law enforcement cooperation on drug control and
the spread of new psychoactive substances.
• Strengthen protection of people and agencies in the other
country.
• Adhere to the one-China policy.
• Enroll more students from each other’s country.
• Welcome the extension of the China-U.S. Agreement on
Cooperation in Science and Technology.
• Cooperate on the prevention and treatment of AIDS,
emerging and reemerging infectious diseases.
• Dedicate to promoting peace, stability and prosperity in the
Asia-Pacific region
• Safeguard international nuclear non-proliferation regimes;
promote complete, verifiable, irreversible denuclearization on
the Korean Peninsula; and not accept the nuclear status of the
Democratic People’s Republic of Korea.
• Expand cooperation on fighting terrorism on a two-way and
mutually beneficial basis.
• Offer assistance to Iraq.
• Stand by the “Afghan-owned and Afghan-led” approach to
realizing the peaceful reconstruction of Afghanistan.
• Cooperate in nuclear safety, crack down on nuclear
smuggling and fight nuclear terrorism.

Paid for and prepared solely by the Xinhua News Agency, the official press agency of the People's Republic of China.
The Wall Street Journal news organization and advertising department were not involved in the creation of this content.
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THE WALL STREET JOURNAL. Friday, November 17, 2017 | A7

WORLD WATCH WORLD NEWS

U.S., Russia Scrap Over Missiles

SOUTH KOREA
Official Dismisses
North’s Plan to Unify
Korea’s top official on North
Korea said that rapid advances
in Pyongyang’s nuclear-weapons
program this year have revived
the Kim regime’s long-dormant
ambitions of unifying the Korean
Peninsula on its terms.
But Cho Myoung-gyon, the
South’s unification minister, dis-
missed those ambitions as unre-
The U.S. is laying the 2016 to a mandatory meeting
groundwork to build a type of under a special treaty commis-
missile banned by a Cold War- sion to answer for the alleged
era pact unless Russia aban- Russian violations, to no avail.
dons its own pursuit of the In March, Air Force Gen. Paul
weapons, U.S. officials said. Selva, the vice chairman of the
Joint Chiefs of Staff, said the
By Julian E. Barnes, Russians had violated the treaty
Paul Sonne by deploying a land-based
and Brett Forrest cruise missile. The missile’s

SHARIFULIN VALERY/TASS/ZUMA PRESS

alistic during an interview Thurs-
day, instead urging North Korea
to sit down with Seoul for talks.
Mr. Cho said that he was
alarmed by increasing signals
that North Korea sees its nu-
clear arsenal as a way to
achieve its decades-old dream of
unifying the Korean Peninsula
under Pyongyang’s leadership.
“Now that they are at the
completion phase, they are com-
ing up with new rhetoric that
they haven’t been emphasizing
for a long time, like unifying the
peninsula under a socialist re-
gime,” he said. “I can say
strongly and clearly that the uni-
fication that North Korea wants
will never happen.”
—Jonathan Cheng
and Andrew Jeong
BANK OF ENGLAND
Bank to Be Ready for
Brexit, Officials Say
The Bank of England’s senior
officials pledged to act quickly to
control inflation and support the
economy once there is “con-
crete” information about the
kind of deal the U.K. is going to
strike as it leaves the European
Union.
BOE Gov. Mark Carney and
Deputy Gov. Jon Cunliffe said
Thursday that they can’t predict
the rules that will govern trade
or other relationships between
the U.K. and the EU after the
split. But they promised to be
ready to respond promptly once
the likely impact of those ar-
rangements on the economy be-
comes clear.
The U.K. is scheduled to leave
the EU in March 2019. Negotia-
tors from each side set an Octo-
ber 2018 deadline to reach a
deal setting out the broad terms
of Britain’s divorce from the bloc.
—Paul Hannon
The U.S. military’s prelimi-
nary research and development,
previously undisclosed, is aimed
at potentially reviving an arse-
nal of prohibited ground-based,
intermediate-range missiles if
Moscow continues violating the
pact, the officials said.
American officials say they
don’t want to end the Cold
War-era accord, known as the
Intermediate-range Nuclear
Forces Treaty, or the INF, but
rather bring Russia back into
compliance. Washington hopes
to show Moscow the kinds of
new American weapons Rus-
sia’s armed forces would face
if they don’t stop violating the
INF, U.S. officials said.
The U.S. told Russia of its
research project in recent
weeks, U.S. officials said, but
said was ready to abandon it if
Russia returns to compliance,
the officials said.
“The idea here is we need to
send a message to the Russians
that they will pay a military
price for violation of this
treaty,” one U.S. official said.
“We are posturing ourselves to
live in a post-INF world…if that
is the world the Russians want.”
A Russian official said on
Thursday that the U.S., not
Moscow, has been violating the
treaty through its missile-de-
fense installations in Europe.
The U.S. denies that claim. The
official added that Russian
President Vladimir Putin has
said a U.S. treaty withdrawal
would bring an “immediate and
reciprocal” Russian response.
In meetings in Brussels last
week, U.S. Defense Secretary
Jim Mattis told allies that
Washington was trying to use
new leverage to push Moscow
into compliance. He said
Washington had no plans to
abandon the INF. “Our effort is
range puts it at odds with the
treaty, U.S. officials have said.
The INF Treaty, signed by
the U.S. and the Soviet Union
in 1987, entered into force the
following year and banned the
use and production of nuclear
and conventionally armed mis-
siles that fly between around
300 miles and 3,400 miles. It
An RS-24 Yars mobile intercontinental ballistic missile rolled through Moscow’s Red Square during a doesn’t ban those fired by
Victory Day parade in May. Russia’s RS-26 missile design is reportedly based on the RS-24. ships or aircraft.
Russian officials have denied
they are in violation of the
Suspect Missiles treaty and instead have accused
The U.S. believes Russia is violating the Cold War-era INF Treaty with these rockets. the Pentagon of violating the
pact by installing Aegis Ashore
SSC-8 RS-26 missile defense systems in Ro-
Other Possible Names 9M729, SSC-X-8 Rubezh, SS-X-31 mania and Poland. U.S. officials
have denied that accusation,
Type Ground-Launch Cruise Missile Intercontinental Ballistic Missile* saying that the Aegis systems
launch only missiles outside the
Possible Launcher Road-mobile Iskander Road-mobile transporter erector parameters of the treaty.
Nuclear Capable Yes Yes The legislation calls on the
administration to determine
Possible Maximum Range Around 1,550 miles Around 3,600 miles† whether Russia’s RS-26 is
Status Allegedly deployed Tested
banned by the INF or will be
regulated as an intercontinen-
tal ballistic missile. Moscow
*Russia has yet to declare the RS-26 an ICBM. If the weapon instead classifies as an intermediate-range missile, it could fall under the INF also has stoked concern with
Treaty ban. If it is an ICBM, it would fall under New START Treaty restrictions. †The missile has been tested at shorter ranges that fall within
the distances banned by the INF Treaty. its SSC-8 cruise missile.
Sources: Arms Control Wonk, NASIC, CSIS, Russianforces.org THE WALL STREET JOURNAL. The INF Treaty remains
critical for Europe’s security.
to bring Russia back into com- and Defense Departments, U.S. passed legislation authorizing The pact removed American-
pliance,” he said. “It is not to officials said. The administra- research and development of a made Pershing II missiles from
walk away from the treaty.” tion is making a push for a conventional “ground mobile” Europe, along with Soviet
The U.S. would only be in vi- Ukraine peacekeeping deal and cruise missile, a potential RDS-10 Pioneer, known to
olation of the treaty if it tests, is trying to strengthen arms- challenge to Russian defenses NATO as the SS-20.
produces or fields the new control accords that have if deployed. The White House The usually stoic NATO sec-
ground-based cruise missile frayed amid U.S.-Russian ten- is likely to approve it in com- retary-general, Jens Stolten-
under development. Research- sions, U.S. officials said. ing weeks, U.S. officials said. berg, grew passionate this
ing and designing the weapon This summer, Congress in- The legislation also requires month while defending the
doesn’t constitute a violation. structed the Pentagon to begin the administration to develop INF Treaty’s importance.
Mr. Mattis is trying to bal- research and development on a new plan for additional sanc- “I’m part of a political gen-
ance Washington’s more mus- an intermediate-range, road- tions on Russia related to its eration in Europe which really
cular response with European mobile, ground-launched mis- violations of the INF and au- grew up with the very intense
fears that the U.S. would aban- sile system in response to Rus- thorizes the administration to debate related to the deploy-
don an arms-control pact that sia’s violations of the treaty. “invoke legal countermea- ment of the SS-20s and the
leaders on the Continent saw The Pentagon started prelimi- sures,” including possible sus- Pershing,” he said. “We also
as a critical milestone in re- nary research for the missile pension of the treaty. very much welcomed the INF
ducing Cold War tensions. given the likelihood that it For months, the U.S. has Treaty which then eliminated
The INF push is part of a soon would be required by sought ways to secure Russian all these weapons in Europe.
larger effort to craft a new law, U.S. officials said. compliance with the INF. The So, I think that the INF Treaty
Russia strategy by the State The House and Senate U.S. summoned Moscow in late is a cornerstone.”

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A8 | Friday, November 17, 2017
Cambodia Supreme Court Bans Opposition Party
SOVANNARA/XINHUA/ZUMA PRESS
Security forces blocked a road leading to the Supreme Court in Phnom Penh, Cambodia, on Thursday.
DEAL
Continued from Page One
ported the interest from Com-
cast and Verizon.
21st Century Fox and the
Journal’s parent, News Corp,
share common ownership.
It is uncertain how regula-
tors would receive a combina-
tion involving a large player
like Comcast or Verizon with
21st Century Fox. AT&T Inc.’s
pending takeover of Time
Warner Inc., which would re-
sult in a behemoth spanning
distribution and content, has
run into resistance in Wash-
ington, and could be headed
for a court battle.
The interest in Fox is part
of a broader wave of consoli-
dation sweeping through the
media industry as the pace of
cable-TV cord-cutting acceler-
ates and new players like Net-
flix Inc. and Amazon.com Inc.
have quickly ascended to dom-
inant positions.
At the same time, a series
of mergers has bulked up dis-
See ‘The
Shape of Water’
Before It Hits
Theaters
tributors like Charter Commu-
nications, AT&T and Comcast,
weakening the leverage that
media companies have to get
their channels distributed at a
good price.
Fox may be more receptive
to offers after its shares un-
derperformed some media
competitors in recent years.
While content creators and
distributors have been consoli-
dating, some of Fox’s pursuits
have been thwarted. Fox saw
the need for greater scale
three years ago and attempted
to buy Time Warner Inc., but
was ultimately rebuffed and
backed off after its stock price
sank. Last year, in yet another
bid for greater scale, it an-
nounced its intention to buy
the rest of Sky beyond the 39%
it already owns.
Comcast has weathered the
storms in pay TV better than
peers in recent years, but has
begun to feel the pinch. In its
most recent quarter, it suffered
its largest quarterly loss of ca-
ble subscribers in three years.
Comcast is particularly inter-
ested in Fox’s international as-
WSJ TALK / E XPE RIE NCE / OFFER / GE TAWAY
WORLD NEWS
Cambodia’s Supreme Court
ruled to dissolve the main op-
position party, effectively turn-
ing the country into the world’s
newest one-party state and ce-
menting long-serving leader
Hun Sen’s grip on power.
Prime Minister Hun Sen’s
By James Hookway
in Bangkok
and Sun Narin
in Phnom Penh
government filed the suit to
ban the Cambodia National
Rescue Party after police ar-
rested its chief figure, Kem
Sokha, in Phnom Penh on
Sept. 3 and charged him with
treason. Prosecutors accused
Mr. Kem Sokha of plotting to
take over the country with the
help of the U.S. But many po-
litical analysts and rights
groups suggest that Mr. Hun
Sen instead is ensuring that
FROM PAGE ONE
sets, one of the people familiar
with the situation said. As the
U.S. pay-TV market saturates,
other countries where penetra-
would make a large bet on
more media content in this en-
vironment is especially sur-
prising. The cable company ac-
tion of cable services is lower quired NBCUniversal in 2011,
can offer more growth. integrating a host of cable TV
The notion that Comcast networks, the NBC broadcast
Fox Chasers
Comcast and Disney have expressed recent interest in buying parts
of 21st Century Fox. Verizon also is eyeing assets.
Revenue by division, in billions
Cable Broadcast Film Consumer Parks/ Cable
networks studio products/ resorts distribution
interactive
21st CENTURY FOX Revenue*
$16.1 5.6 8.2 $30
COMCAST
$10.5 10.1 6.4 4.9 50 $80.4
DISNEY
$16.6 7.1 9.4 5.5 17 $55.6
VERIZON
$89.2 (Wireless) 31.3 (Wireline)† $120.5
*Latest fiscal year. Rev. excludes intracompany adjustments. Sum may not equal total due to
rounding. †Includes Fios
Sources: S&P Capital IQ; the companies THE WALL STREET JOURNAL.
See master storyteller Guillermo del Toro’s otherworldly
fable, brought to life by Sally Hawkins’s stellar performance.
As a WSJ member, enjoy a complimentary pair of tickets to
this exclusive advance screening.
NEW YORK: November 29
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his own Cambodian People’s
Party will win national elec-
tions in 2018, after many of
the country’s opposition
groups united behind the
CNRP. Mr. Hun Sen has been in
power for 32 years.
“Prime Minister Hun Sen
seems afraid that he will lose
elections scheduled for 2018,
so he is using the nuclear op-
tion to destroy the opposi-
tion,” said Brad Adams, Asia
director of New York-based
Human Rights Watch.
The U.S. and Australia ex-
pressed concern over the
court’s ruling, with the White
House saying in a statement
that it would end its support
for Cambodia’s election com-
mission. The European Union
warned that the verdict could
threaten Cambodia’s duty and
tariff-free access to the trade
zone, which has helped the
country build a textiles indus-
network and the Universal stu-
dio. And one reason antitrust
enforcers are skeptical about
the AT&T deal is that they be-
lieve Comcast hasn’t lived up
to the spirit of the conditions
regulators put on that 2011
deal, people familiar with the
matter have said.
For Verizon, a deal with Fox
would help it expand its digital-
media business, which as of
now is driven by the combina-
tion of AOL and Yahoo, both of
which it acquired. Verizon is
looking to build a cache of web-
sites and online video services
it can sell advertising against.
The wireless carrier has
frequently expressed skepti-
cism about the legacy televi-
sion business model, but has
aggressively sought to build
new video businesses based
around mobile video.
Verizon may face slightly
less antitrust scrutiny than
some of its rivals. Unlike Com-
cast and AT&T, which have mil-
lions of pay-TV subscribers,
Verizon only has 4.6 million TV
customers, who are all concen-
trated in the northeastern U.S.
© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6168
try that now accounts for
most of its exports.
In a televised statement
Thursday, Mr. Hun Sen offered
his support for the verdict.
“The royal government will
still continue to be committed
to the multiparty democracy
and rule of law in accordance
with the Cambodian constitu-
tion,” he said.
Opposition spokesman Yim
Sovann was reported by the
Phnom Penh Post as saying,
“This is the end of democracy
in Cambodia.”
Police surrounded the Su-
preme Court building in the
capital in a bid to warn off
protesters, while Mr. Hun Sen
spent the early part of Thurs-
day visiting workers in a tex-
tile factory. Local media re-
ported him as saying to people
there that they should stand
behind him instead of “bowing
your heads to foreigners.”
Reports last week of Fox’s
discussions with Disney sig-
naled a new willingness from
the Murdoch family to con-
sider a restructuring of its me-
dia empire, a move that
shocked the industry and ef-
fectively put Fox on the block.
Over the past week, Fox has
hosted both its quarterly earn-
ings call and its annual share-
holder meeting. While execu-
tives have declined to address
acquisition-related questions,
they have taken the opportu-
nity to emphasize Fox’s ability
to compete with its current
set of assets.
“There’s a lot of talk about
the growing importance of
scale in the media industry,”
21st Century Fox Executive Co-
Chairman Lachlan Murdoch
said at the annual meeting
Wednesday. “Subscale players
are finding it difficult to lever-
age their position into new
and emerging video platforms,
but let me be very clear: We
are not in that category.”
—Joe Flint
and Lukas I. Alpert
contributed to this article.
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. Friday, November 17, 2017 | A9

IN DEPTH

DIET New York City wearing “I Love

Pasta” T-shirts.
Mr. Martin decided to enter
the contest in its inaugural
cise. Mr. Berman tracks his cal-
ories and workouts on a Fitbit,
scrupulously publishing each
calorie burned and consumed
offer, except perhaps in the
case of people like Messrs.
Martin and Berman.
Olive Garden has tried to
Continued from Page One year because he liked the online. He says he’ll soon be make dieting there easier. In
“Pasta? No way, you’ll get chain and lived a short dis- running in a marathon. January, it overhauled its
fat!” tance from one of its eateries. Mr. Berman, who considers menu to highlight lighter fare.
Olive Garden admittedly is It wasn’t so much the lure of himself a “foodie” and rates Its shrimp scampi entree, at
an unlikely place to go to shed the cuisine as it was a value and photographs his meals, is just 500 calories, briefly be-
pounds. Large chain restau- proposition. Mr. Martin, who a longtime lover of Olive Gar- came the best-selling menu
rants have drawn fire for serv- says he grew up poor, admits den. He took his wife, Saman- item. Traditional fan favorite
ing dishes in enormous por- he was thrilled by the idea of tha, there on one of their first chicken Alfredo, at 1,480 calo-
tions that approach a person’s eating free for weeks. “I dates. She now works as a ries, soon reclaimed the top
entire recommended daily in- thought, if someone’s going to server in their local outlet of spot, though.

JEFF BERMAN
take. Giving diners the option give me $1,800 worth of food, the chain. “She’s not at my ex- In the end, it wasn’t Mr.
of then going back for sec- I’ll eat it.” citement level, but she’s sup- Martin’s modest weight loss,
onds, thirds or more free of In his first year in 2014, Mr. portive,” he said. or even the food savings he’ll
charge sounds like a recipe for Martin achieved internet fame Jeff Berman, right, traveled to Burlington, N.C., to eat his 116th Most Pasta Pass winners prize most about his Olive
trouble for diners, the restau- for eating every meal, every Olive Garden challenge meal with fellow participant Alan Martin. aren’t so dedicated. Garden adventure. He met a
rant, and possibly both. day at the chain—setting a re- Spokeswoman Jessica Di- kindred spirit in Mr. Berman.
But, three years ago, facing cord of 115 straight. Since “Those can really add up,” rather eat your shoe.” non said last year’s 21,000 When he recently broke Mr.
a downturn in traffic, Olive then, the company has been he warned. In the end, Mr. Martin fell 5 winners used their cards Martin’s record of 115 meals
Garden’s parent, Darden Res- sending him a new Pasta Pass To tackle the enormous por- pounds short of his goal. He 215,200 times during a promo- on the Pasta Pass, he drove 10
taurants Inc., decided to drum each year, free of charge. tion sizes without feeling like says he’s convinced the Olive tion then spanning seven hours to North Carolina to cel-
up publicity with a promotion. This year, he settled on an he was leaving money on the Garden diet is viable, however. weeks. That is just over 10 ebrate the occasion sharing a
Winners were given a chance even tougher goal: losing 10 table, he ate a lot of salad and For proof, he points to fellow meals on average. gigantic plate of noodles with
to pay $100 for a seven-week pounds. often just the toppings of his Pasta Pass winner Jeff Berman While they got their his newly discovered bowl-
“Never Ending Pasta Pass” of- It was harder than he ex- dinner meal. Mr. Martin’s Face- of Inverness, Fla., who has money’s worth in one sense— mate.
fering unlimited breadsticks, pected. One problem was book page shows a picture of spent 51 days eating 124 meals about $150 worth of food for “We are so alike it’s just un-
soup, salad, pasta and top- something that hadn’t been an his freezer, which is packed at Olive Garden, saving—as of $100—they probably brought real,” Mr. Martin said. “In the
pings. To the company’s de- issue before: His own celeb- with a veritable strategic pasta Nov. 15—about $1,920.72. This friends along, ordered dessert entire United States, we have
light, hundreds of winners rity. At the Burlington restau- reserve of Olive Garden takeout year’s promotion ends Sunday. or drinks and weren’t going to to be the two craziest pasta-
took to social media to record rant, the manager kept inflat- containers filled with leftovers. Mr. Berman, a 35-year-old eat there quite as often as eating machines.”
their meals. The passes sell ing his calorie count by In the past, the toughest military contractor who is the they would have with a pass. Mr. Berman feels the same
out in under a second. bringing him sweet tea free. part of the whole exercise same height as Mr. Martin, Hospitality experts point out way. He jokes that the two
On the now eight-week pro- Eventually, Mr. Martin fig- came in the final week, when weighs just 152 pounds with margins on items such as men were fated to be drawn
motion’s first day this year, ured out some useful tricks he had to drag himself in to 10% body fat. That’s about a soup, salad, breadsticks and together by their love for Ol-
people could be seen at the Ol- such as limiting himself to a eat yet another bowl of pasta. pound less than his starting pasta are so high it would be ive Garden. “Each of us even
ive Garden on Times Square in single breadstick. By that point, he said, “you’d weight. One difference: exer- difficult to lose money on the has a daughter named Olivia.”

GOOGLE A Wide Net

Google is pulling featured
snippets from less authoritative
...but overall its answers have a
higher accuracy rate than other
Continued from Page One sources... virtual assistants.
seen,” Mr. Bethune said in an in-
terview. Mr. Nardelli declined to More Answered
100% authoritative Complete and correct
comment.
Also unsourced was an inac- 100
90-99 Google Search
curate answer that said former 80
President Barack Obama and 80-89
Rep. Peter King (R., NY) are 70-79 Google Assistant
Muslim members of Congress. 60
60-69
Google’s featured answers
MICHAEL SHORT/BLOOMBERG NEWS

50-59 Cortana
are feeding a raging global de- 40 (Microsoft)
40-49
bate about the ability of Silicon
Valley companies to influence 30-39 Siri (Apple)
society. Google and other inter- 20 20-29
net giants are under intensify- <20 Alexa (Amazon)
ing scrutiny over the power of 0 Less
their products and their vulner- authoritative 0% 50 100
July Jan. Feb.
ability to bias or manipulation. 2015 ’16 ’17
Facebook Inc. was criticized Note: Percentages don't add up to 100 due to rounding. Accuracy tested in February and March.
for enabling the spread of false The answers give Google more power over public opinion. Its Mountain View, Calif., office, above. Source: Stone Temple Consulting THE WALL STREET JOURNAL.
news reports during the 2016
presidential election, and professor Zeynep Tufekci, who fraction of questions. bet Chairman Eric Schmidt said 40% of featured snippets in Feb- of the busiest weekends for re-
Google has been called out for studies technology’s effect on At the time, the company in 2014, the year Google ruary from more than 60% in tailers. Mr. Miller said he sus-
promoting discredited conspir- society, said Google shouldn’t was developing Google Glass, a launched featured snippets. “It’s July 2015. Answers from sites pects some customers were
acy theories. Executives from put its seal of approval on an- wearable computer resembling why the best answer is quite lit- rated below 40, including blogs fooled. “You treat it as a pri-
Google, Facebook and Twitter swers it isn’t certain are accu- eyeglasses that placed a tiny erally the answer.” and clickbait sites, rose to 15% mary source,” he said. “It’s like,
Inc. were called before Congress rate. “For them to wield their al- screen in the user’s peripheral With many tech companies from 6.5% over the period. ‘Google says it, so it must be
to testify about Russia-backed gorithm like this is very vision. The screen couldn’t dis- betting virtual assistants are the Sites with low rankings can true.’ ”
accounts that used their plat- worrisome,” she said. “This is play a webpage or scroll future of computing, question- generate unreliable answers. To
forms to sow misinformation. how people learn about the through lists, but it could an- answer systems are likely to be- the query “Why are Komodo
The companies say they are ad- world.” swer questions. come more common, and wield dragons endangered?” the fea- ‘Also ask’ boxes
dressing the issues. Gummi Hafsteinsson, who About five engineers from more influence. tured answer was volcanoes, Google is constantly chang-
oversees Google’s virtual assis- the several thousand employees When Google debuted fea- fire and tourism. The source? A ing its search results, so such
tant, said in an interview that on the search team began devel- tured snippets, they appeared Canadian elementary school results only appear some of the
Chosen by algorithm teams of Google employees try oping a question-answer system student’s report posted online. time. In the April blog post,
Google spokeswoman Susan to weed out inaccurate answers, that pulled answers from a wide Komodo dragons aren’t endan- Google said it returned “offen-
Cadrecha said the company’s but that the answers overall range of internet sources, ac- gered. sive or clearly misleading con-
goal isn’t to do the thinking for help inform because they are al- cording to the former search
A budding marketing Because Google’s algorithm tent” for one in every 400 que-
users but “to help you find rele- most always right. “The kinds of manager. industry helps tailor seeks answers that closely ries. It said it would improve its
vant information quickly and things we can answer are unbe- Google Glass was a flop, but match users’ questions, its re- algorithm and make it easier for
easily.” She added, “We encour- lievable,” he said. No one at the search team saw the value
content to become a sponses often reflect how a users and employees to flag
age users to understand the full Google writes an answer for of the answer system and made featured snippet. question is framed. That can problem results.
context by clicking through to “how to remove a red stain it a focus, the person said. lead to different answers to sim- The post came after several
the source.” from a carpet,” he said, but That proved prescient. Today, ilar questions, and contribute to inaccurate featured snippets got
Featured snippets are “gener- Google’s algorithm finds a solu- Google is locked in a race with confirming biases. attention on social media, in-
ated algorithmically and [are] a tion on the web. “I think the four other U.S. tech giants—Ap- on roughly one of every 1,000 A recent search for “Is milk cluding results saying that sev-
reflection of what people are benefit is tremendously big,” he ple, Microsoft, Amazon and searches, the former manager good for you?” yielded an an- eral past U.S. presidents were
searching for and what’s avail- said. “It’s always a balancing act Facebook—to win users with said. The team tweaked the al- swer from a health site saying, Ku Klux Klan members and that
able on the web,” the company in terms of quality.” more intelligent services, includ- gorithm to “squeeze a little bit “Milk can be good for the bones women are evil.
said in an April blog post. “This A study this year by Stone ing virtual assistants, that they more out of it” and increased because it provides vitamin D Ms. Cadrecha of Google told
can sometimes lead to results Temple, a prominent analyst of hope will make them more cen- the number of snippets by and calcium.” the Journal this week that the
that are unexpected, inaccurate the industry, showed Google’s tral to users’ lives, and open roughly 5% to 10% each month, A separate search for “Is milk company recently changed its
or offensive.” search engine answered 74.3% new opportunities to sell ads the person said. Subjects ex- bad for you” featured an answer algorithm to limit featured snip-
Google, a unit of Alphabet of 5,000 questions, and on those and products. panded to include health, law, saying, “Calcium from animal pets on sensitive topics, such as
Inc., handles almost all internet answers it had a 97.4% accuracy The assistants are often in business, politics and religion. milk is not absorbed as well as religion and politics.
searches. Featured snippets ap- rate. Both percentages are devices with smaller screens or Stone Temple’s data indicate that from plant-based sources, Mr. Hafsteinsson of Google
pear on about 40% of results for higher than services from Ama- no screens at all, including Google over time has pulled and it can be accompanied by a said the system is designed to
searches formed as questions, zon.com Inc., Apple Inc. and Mi- smartphones, watches and more answers from less reliable number of dangerous health avoid unanswerable queries, but
according to a July study for crosoft Corp. voice-controlled speakers like sources. The firm judged problems.” That came from Peo- while a subjective question
The Wall Street Journal by Yet since Google handles tril- the Amazon Echo and Google sources using third-party ratings ple for the Ethical Treatment of seems obvious to humans, “it
search-data firm SEMrush. lions of queries a year, even a Home, where long lists of that approximate how Google Animals. might not be to the algorithms.”
An algorithm chooses fea- 2.6% error rate suggests Google ranked sources are impractical. measures a site’s authority. Jackson Miller, owner of a Meanwhile, Google has ex-
tured snippets from websites in serves billions of answers a year “Searching on a mobile de- Answers generated from Nashville, Tenn., resale shop, panded another element—“Peo-
part by how closely they appear that are incomplete, irrelevant vice is very different from a sources with a 90 or higher rat- said Google provided the incor- ple also ask” boxes—that serves
to satisfy a user’s question, fac- or wrong. desktop computer. Speed and ing, such as Wikipedia or the rect dates of Tennessee’s tax- up answers to questions similar
toring in Google’s measure of a An Amazon spokeswoman simplicity really matter,” Alpha- Journal, dropped to less than free weekend this summer, one to a given search. The product
source’s authority and its rank- said it answers most questions appears to rely on the same al-
ing in the search results. with information from trusted gorithm as featured snippets
By answering questions di- third parties, and that it is care- and can push misleading infor-
rectly, Google aims to make the ful with answers on sensitive mation on topics users weren’t
search engine more appealing to topics. An Apple spokeswoman even searching for.
users and the advertisers that said it generally only answers To a search for, “Are people
chase them. The answers’ real questions for which it has clear born evil,” a box suggested the
estate is so attractive that there factual answers. Microsoft said question, “Can a person be born
is a budding marketing industry it aims to offer answers that are homosexual?” Google, citing a
around tailoring content so it “relevant, balanced and trust- website procon.org that pres-
becomes a featured snippet. worthy.” ents differing opinions on con-
(There is even a featured snip- Google launched in 1998 and troversial topics, answered that
pet for “how to get a featured quickly attracted users. Its sim- while “many ex-gays” say they
snippet.”) ple lists of blue links distilled were born gay, “the reality is
Digital-marketing firm Stone the internet’s immense content, that no scientific evidence has
Temple Consulting, which ranked by an algorithm based established a genetic cause for
tracked nearly 1.5 million on how often websites cited homosexuality.”
searches, found that as Google each other. In February, Google included
expanded the use of snippets, it In 2012, Google began an- “People also ask” boxes in 16.3%
has relied more often on less swering basic factual queries of its search results, up from
authoritative sources, such as with so-called knowledge cards, 1.4% a year earlier, according to
purveyors of top-10 lists and drawn from an internal encyclo- Stone Temple data.
gossipy clickbait. pedia called the knowledge Promoting such answers sug-
Those issues have spurred an graph that has more than a bil- gests “they’ve given it their
internal debate on Google’s lion entries based on sources in- stamp of approval, to say this is
search team over how much cluding Wikipedia and the Cen- the one versus these are the 10,”
they should meddle with the tral Intelligence Agency’s World said Pete Meyers, an analyst
featured answers, which the Factbook. For questions with who studies Google results for
GOOGLE (2)

group believes have a greater clear answers, such as, “How the marketing-analytics firm
weight with users than typical tall is Shaq?” the knowledge Moz Inc. “People generally trust
search results, according to a graph proved reliable in helping Google, but now these answers
former manager on the team. users quickly find information. Google’s opposite answers for the questions, ‘Is milk bad for you’ and ‘Is milk good for you.’ aren’t coming from a trusted
University of North Carolina But it could handle only a small source.”
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
A9A | Friday, November 17, 2017 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Malloy’s No. 2 Won’t Seek His Job Ex-Union
Boss Case
Lt. Gov. Nancy Wyman
is latest Democrat in
Connecticut to decide Declared
not to run for governor
BY JOSEPH DE AVILA
A Mistrial
BY THOMAS MACMILLAN
Connecticut Lt. Gov. Nancy
Wyman said Thursday she A federal judge Thursday
won’t run for governor in declared a mistrial in the cor-
2018, ending months of specu- ruption trial of former New
lation about her political fu- York City correction officers’
ture and removing another union head Norman Seabrook,
well-known Democratic candi- after jurors failed to reach a
date from the race. verdict.
Ms. Wyman, a popular Judge Andrew Carter an-
MICHELLE MCLOUGHLIN FOR THE WALL STREET JOURNAL

Democratic politician who has nounced the mistrial in Man-

been active in the party for hattan federal court on the
decades, said she decided sixth day of deliberations in
against running for governor what had been a closely
because she wanted to spend watched trial in New York
more time with her family. City.
“I made this decision after In a statement, acting U.S.
careful consideration and dis- Attorney Joon H. Kim said the
cussion with my family and government will retry the
friends,” said Ms. Wyman, 71 case. “Although justice has
years old. “I look forward to been delayed, we expect it will
supporting the next genera- ultimately prevail.”
tion.” The mistrial represents a
Ms. Wyman has served victory for Mr. Seabrook, a
alongside Gov. Dannel Malloy Lt. Gov. Nancy Wyman, shown at the Connecticut Capitol in January. ‘I look forward to supporting the next generation,’ she said Thursday. powerful figure who wielded
since he was elected in 2011. significant influence in the
Mr. Malloy, who has one of Republicans have been ea- would be out of step with the State Attorney General George reer in public service on the city correction department.
the lowest approval ratings of ger for a chance to retake the state’s voters and would ad- Jepsen, state Comptroller Tolland Board of Education “You can’t continuously try
any governor in the U.S., has Connecticut governor’s office vance the agenda of the Kevin Lembo, and state Sen. four decades ago. to circumvent the truth,” Mr.
said he wouldn’t seek a third in a blue state where every Trump administration. Ted Kennedy Jr. have all As lieutenant governor, Seabrook said after the ruling.
term. member of U.S. Congress be- “As Democrats showed in passed on the race. she led the creation of the “I’m innocent and I’ve been
Ms. Wyman’s decision will longs to the Democratic Party. last week’s municipal elec- The mayor of Middletown, state’s individual health-care innocent from day one.”
deny the GOP the chance to “Wyman’s decision to stay tions, activists, volunteers, Dan Drew, is the only declared marketplace called Access Mr. Seabrook had been
tie her to an outgoing unpop- out of the Connecticut gover- and voters understand that Democratic candidate. Health Connecticut. charged with one count of
ular Democratic governor, as nor’s race further shows that with regressive policies com- Other potential contenders Connecticut Democratic honest services wire fraud and
New Jersey Democrats did in Dan Malloy’s toxic legacy will ing out of Washington, we can who are raising money for a Party Chairman Nick Balletto one count of conspiracy to
this year’s gubernatorial elec- be impossible for Democrats make a difference in our com- run but haven’t officially de- said Ms. Wyman will continue commit honest services wire
tion to the Republican candi- to overcome in 2018,” the Re- munities and our state,” the clared include Chris Mattei, a to be a strong voice advocat- fraud. He had faced up to 40
date, Lt. Gov. Kim Guadagno. publican Governors Associa- spokesman said. former federal prosecutor; ing for the state’s health-care years in prison if convicted.
Ms. Guadagno, who sought to tion said in a news release. Ms. Wyman is the latest Dita Bhargava, who worked in exchange. Prosecutors said Mr. Sea-
succeed Gov. Chris Christie, A spokesman for the Con- big-name Democratic politi- finance; and Bridgeport “We will need her voice brook accepted an $820 Salva-
lost her race last week by a necticut Democratic Party cian who has declined to run Mayor Joe Ganim. more than ever in 2018,” Mr. tore Ferragamo bag contain-
wide margin. said a Republican governor for governor of Connecticut. Ms. Wyman began her ca- Balletto said. ing $60,000 in cash and, in
exchange for the bribe, in-
vested $20 million of his

Donation of $600 Million Put Into Cancer Fight union’s money into a hedge
fund called Platinum Partners.

CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL

Murray Huberfeld, the man
who ran the fund, was Mr.
BY MELANIE GRAYCE WEST Seabrook’s co-defendant in
AND CHARLES PASSY The Met Was in million deficit. the trial. The mistrial decision
While the 2016-17 shortfall also applies to his case.
A $600 million gift from a The Red for Fifth suggests the Met is still strug-
son of Brooklyn will support pa- Consecutive Year gling to get its financial situa-
tient care and clinical programs tion under control, the mu- Prosecutors
for cancer research, Columbia Museum had $10 million gap seum originally had forecast as say they will
University and NewYork-Pres- much as a $15 million deficit. retry Norman
byterian said Thursday. Since 2016, the Met, which Seabrook. The
The donation comes a year The Metropolitan Museum has roughly a $300 million an- former union
COLUMBIA UNIVERSITY MEDICAL CENTER

after the death of Herbert Ir- of Art ran a $10 million operat- nual budget, has taken steps leader says he
ving, a New Yorker who was ing deficit in its 2016-17 fiscal to contain costs, including cut- is innocent.
the co-founder and former year, according to the institu- ting staff.
vice chairman of Sysco Corp., tion’s annual report, which was The Manhattan museum
which distributes products to released Thursday. also has considered a plan to Both men had denied the
food-service providers. It marked the fifth consec- charge out-of-town visitors for charges. Although investiga-
Mr. Irving, an Army veteran utive year that the Met ended admission. Currently, the mu- tors recovered the bag and
who served in Europe during up in the red, according to the seum allows all patrons to pay thousands in cash from Mr.
World War II, was 98 years museum’s financial records. a suggested contribution. Seabrook’s house, his lawyers
old when he died. Last year, the Met had an $8.2 —Charles Passy said the money was from ca-
Mr. Irving and his wife, Donors Herbert and Florence Irving in 2012. Mr. Irving died last year. sino winnings. “What rule is
Florence, who survives him, there that a man that’s
are longtime donors to Colum- to support medicine came a department, and the mu- through college at the Univer- Herbert Irving Comprehensive worked all of his life can’t
bia University’s medical cen- separate donation of $80 mil- seum’s South Asian and sity of Pennsylvania by work- Cancer Center, the Irvings have money?” Mr. Seabrook
ter. The shared medical cam- lion to the Metropolitan Mu- Southeast Asian art galleries ing summers at a hotel in the stressed their friendships with asked. “Everybody else is enti-
pus of Columbia University seum of Art, museum officials are named for the couple. Catskills. They married days doctors and the need to sup- tled to have what they want in
and NewYork-Presbyterian announced Thursday. Museum officials said the after the attack on Pearl Har- port cancer research as moti- their homes but Norman Sea-
was renamed for Mr. and Mrs. That gift is earmarked for $80 million gift is one of the bor. At the time, the couple vations for their giving. brook and his family can’t live
Irving in September 2016. art acquisitions and to sup- largest in the Met’s recent his- pulled in about $40 a week, Mr. Irving said of the comfortably. That’s a prob-
Several other initiatives at the port the institution’s Asian art tory. enough to cover their rent. gift: “I don’t want to sound lem.”
medical center are also named department. In 2015, the cou- Mr. and Mrs. Irving met In a 2012 Wall Street generous and all that jazz, but During the trial, defense
for the Irvings. ple gave a collection of 1,200- during the Depression years Journal article about a $40 I guess we were very poor lawyers attacked the credibil-
With the $600 million gift plus works to the Asian art and Mr. Irving put himself million gift to support the once and we wanted to help.” ity of the government’s star
witness, former New York
real-estate developer Jona

Dinner for 5,000? Rabbis Find Spot in New Jersey Rechnitz, who said he acted as
an intermediary for the two
defendants, arranging the deal
and delivering the bag of
BY CHARLES PASSY wanted to get everyone to- cash.
gether in one large spot,” said Defense lawyers said that
It is the night of 5,000 rab- Rabbi Motti Seligson, a Cha- Mr. Rechnitz, who has pleaded
bis, but now with a New Jer- bad spokesman. guilty to fraud and conspiracy,
sey twist. The dinner poses a number is a liar. Mr. Rechnitz also
The Chabad-Lubavitch of challenges. Because it is at- plays a key role in a pending
movement, a global group of tended by Orthodox rabbis, bribery case involving two
Orthodox Jews that runs the meal must be held to the high-ranking New York Police
3,500 religious highest standard of kosher, Department officers.
FOOD & centers, is hold- the Jewish dietary laws. For several days during the
CULTURE ing its 34th an- Lighting for the event is trial, he testified that he was
nual gathering also an issue. The rabbis wear able to cultivate political in-
over the coming wide-brimmed hats, which can fluence with gifts and cam-
days at its home base in result in a shadow being cast paign contributions, claims
Brooklyn’s Crown Heights on the faces of any speakers that Mayor Bill de Blasio has
neighborhood. at the event’s stage. Chabad denied. The police department
The conference’s Sun- plans to prevent that by light- has declined to comment.
day night dinner, attended by ing the stage from below. Mr. Seabrook still faces a
ANDRES KUDACKI/ASSOCIATED PRESS

roughly 5,000 rabbis plus Preparations for the Sun- lawsuit concerning the hedge-
guests, has turned into such a day dinner are in full swing. It fund investment, brought by
colossal affair that Chabad took three days to pressure- members of the Correction Of-
says it could no longer find a clean the New Jersey space ficers’ Benevolent Association.
suitable venue to stage it and another three to put Phil Seelig, a lawyer for the
within New York City. down the requisite 12,000 plaintiffs in that suit, said the
The solution: Head to Bay- square yards of carpet. union was able to reclaim only
onne, N.J. The move to New Jersey $1 million of the $20 million
The group is renting out a has created a transportation put into Platinum Partners.
warehouse, where it is bring- dilemma. Rabbis will have to Chabad-Lubavitch rabbis gathered in Brooklyn in 2015. This year, their dinner is in Bayonne, N.J. The remaining $19 million is
ing a team together to pre- make it by bus from Chabad’s tied up in the fund’s bank-
pare and serve the four-hour Brooklyn headquarters start- bus route just in case. ters in Laos and Newfound- least that is how Rabbi Yosef ruptcy proceedings, he said.
meal. It had previously been ing in the afternoon. Should As for the menu, the rabbis land, Canada—and are not Chaim Kantor, who heads The mistrial was the sec-
held in different New York they hit a major traffic snag, will feast on both beef and always able to source kosher Chabad’s efforts in Thailand, ond time Thursday that a
City locations, from an ar- they may not be able to recite chicken. Chabad officials say meat. sees it. high-profile corruption trial
mory to a hotel. the middle-of-the-day (or it is important to have a ro- Still, for the rabbis, the “There’s so much excite- ended with a hung jury. A
Such spaces can no longer “mincha”) prayers in a proper bust spread since many of the dinner is often more about ment going on, I never pay mistrial was declared in New-
accommodate all the rabbis in space. Chabad has arranged rabbis work in remote areas— the social and religious aspect that much attention to the ark federal court in the case
a single room. “We really for a “mincha stop” along the Chabad recently added cen- than the culinary one. Or at food,” he said. of U.S. Sen. Bob Menendez.
 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.
FRANK FRANKLIN II/ASSOCIATED PRESS
New York City has chosen developers to create a mixed-use apartment complex in the Hunter’s Point South section of Queens.
Queens Project Developers Picked
BY KEIKO MORRIS
New York City officials have
selected a proposal for a
mixed-use project that will
bring a large number of afford-
able housing units to one of
the city’s last waterfront devel-
opment sites.
The city’s Department of
Housing Preservation and De-
velopment, and Housing Devel-
opment Corp. said Thursday
they have chosen developers
Gotham and RiseBoro Commu-
nity Partnership Inc. to create
a 1,120-unit apartment complex
on the southernmost tip of its
massive affordable-housing
community in the Hunter’s
Point South section of Long Is-
land City, Queens.
The team’s $500 million
project calls for 80% of the
Famed Deli Mixes It Up With a New Craft-Cocktail Bar Upstairs
BY CHARLES PASSY
How about a martini to
pair with that matzo ball
soup?
The 2nd Avenue Deli, one
of the last of New York’s tra-
ditional deli operators, is
adding a second-floor craft-
cocktail bar to its uptown lo-
cation near the corner of
East 75th Street and First Av-
enue.
The goal, say owners, is to
bring a new-school vibe to an
establishment that is rooted
in the Jewish classics, from
corned beef to knishes to,
yes, matzo ball soup.
GREATER NEW YORK WATCH
NEW YORK CITY
Incumbent Loses
City Council Seat
A Democratic councilwoman
in Queens has lost her re-election
bid in a razor-thin race decided in
a count of paper ballots.
Elizabeth Crowley on Thurs-
day morning conceded to her op-
ponent Bob Holden, a registered
Democrat who ran for the City
Council seat on the Republican,
Reform, Conservative and “Dump
de Blasio” ballot lines.
Ms. Crowley was first elected
to the City Council in 2008 rep-
resenting District 30, a section of
Queens that includes Glendale
and Maspeth. Initial results from
the Nov. 7 election had Ms.
Crowley and Mr. Holden in a
dead heat. In the end, Mr. Holden
said he won by 137 votes.
Ms. Crowley was the only in-
cumbent to lose a re-election bid.
Her loss may bring the total
number of Republicans who will
serve on the 51-person City
Council to four, if Mr. Holden de-
cides to take that party affilia-
tion. He hasn’t decided, he said.
Mr. Holden, a college profes-
sor, said his campaign started in
his garage and was led by volun-
teers “who believed in me more
than I believed in myself.”
Mr. Holden has served on the
local community board for de-
cades and said his focus now is
to solve issues block by block.
“That is what people want, and if
I don’t do a good job, in four
years I’m out,” he said.
—Melanie Grayce West
* *
apartments to be designated
affordable on a permanent ba-
sis, the developers said.
“This is an opportunity to
take a fastly appreciating mar-
ket…and ensure there is a place
on the waterfront for people
with a range of incomes,” said
Scott Short, chief executive of
RiseBoro, a nonprofit afford-
able-housing developer.
The team will develop two
parcels at the intersection of
57th Avenue and Second
Street, part of a swath of for-
merly industrial waterfront
property that was rezoned un-
der Mayor Michael Bloomberg
and targeted for affordable
middle-income housing. Mayor
Bill de Blasio’s administration
is expanding that mission to
include low- and very-low in-
come families.
Called 2nd Floor, the bar,
which will have its own en-
trance, is scheduled to open
at the end of November.
“We wanted to create an
extension of the 2nd Avenue
Deli that still incorporates
the same culture and the
same ingredients, but
changes it slightly for a new
generation of customers,”
said Jeremy Lebewohl, one of
the deli’s owners.
The same family has run
the business, which started
with a now-closed location
on Second Avenue, since
1954.
The bar’s food menu will
NEW JERSEY
Rule Change Assists
Transgender Athletes
Transgender high school ath-
letes in New Jersey no longer
need documentation to support
their gender identity.
The New Jersey State Inter-
scholastic Athletic Association
approved a policy that allows
athletes to just notify the school
administration if they want to
change gender. Previously, they
needed a doctor’s note or official
documentation.
Association attorney Steve
Goodell said a new state law re-
quires that students be allowed
to participate in activities corre-
sponding to their gender identi-
ties, but the organization didn’t
want to wait for the state edu-
cation department to act.
He said the organization had
heard from members of the
transgender community who
didn’t believe students should
have to prove their transgender
status. “They really made a con-
vincing case that this is not
something the students are
making up to try to game the
system,” Mr. Goodell said.
An appeals process will be
available to schools to raise con-
cerns about safety or competi-
tive imbalance.
The association’s executive di-
rector, Steve Timko, said the is-
sue of transgender athletes is
being grappled with on a na-
tional level, but he believes his
organization has adapted well.
—Associated Press
NY
GREATER NEW YORK
Gotham and RiseBoro’s de-
velopment will include more
than 900 permanently afford-
able apartments for residents
with incomes ranging from 30%
of the median area income to
145% of the area median, said
Leila Bozorg, HPD deputy com-
missioner of the Office of
Neighborhood Strategies.
A team of Related Cos.,
Phipps Houses and Monadnock
Construction was selected in
2011 to develop two sites in
Hunter’s Point South, and TF
Cornerstone Inc. and Selfhelp
Community Services were cho-
sen to build apartments on a
site as well. Next year, the city
will begin to work with the
community to shape a request
for developers to build on the
last two sites in Hunter’s Point
South, Ms. Bozorg said.
offer a modern take on deli
fare. Think small-bite items
such as beef-tongue sliders,
pastrami deviled eggs and ge-
filte croquettes—the latter a
play on the Jewish staple of
gefilte fish.
The drinks will be in a
similarly creative vein. A case
in point: A Man-O-Manische-
witz cocktail that is made
with the popular kosher
wine, plus gin and lemon.
In the past few decades,
the deli, once a fixture in
New York’s culinary firma-
ment, has started to feel like
a vanishing species. The Car-
negie Deli, a Midtown desti-
Gotham and RiseBoro’s pro-
posal of two high-rise buildings
includes 93 affordable units for
seniors among varying income
levels, as well as between
30,000 square feet and 40,000
square feet of retail and com-
munity facility space, the de-
velopers and city officials said.
The towers are adjacent to a
riverfront park.
The proposal reflected the
amenities the community had
requested, Ms. Bozorg said.
There may be a medical facil-
ity, a grocery store and space
dedicated to arts and culture.
“Each of the buildings will
have amenities for residences
focused on fitness and health,
as well as accessible landscape
roof areas,” said Bryan Kelly,
executive vice president of de-
velopment at Gotham.
nation going back to the late
1930s, became the latest ca-
sualty when it closed at the
end of 2016.
Some restaurant-industry
observers say the decline is
due to the fact that delis ha-
ven’t kept pace with contem-
porary tastes. And they say
that the addition of a craft-
cocktail bar could indeed
help change that dynamic.
Stephen Zagor, a dean at
the Institute of Culinary Edu-
cation, notes that drinks and
deli food work well together.
“The food is salty. It auto-
matically lends itself to
drinking,” he said.
Friday, November 17, 2017 | A9B
New Locations
Sought to House
Rikers Inmates
BY MARA GAY
New York City Mayor Bill
de Blasio’s administration has
taken the first step in shutting
down the troubled jail com-
plex on Rikers Island, releas-
ing a request for proposal to
assess the city’s correctional
facilities and identify sites
where new jails could be built.
Under the proposal, a con-
sultant would determine how
much space is available at the
city’s correctional facilities in
Queens, Brooklyn and Manhat-
tan, and whether they could
be expanded. The consultant
will also propose locations for
new, smaller jails to house in-
mates who would otherwise be
held at Rikers.
Mr. de Blasio has laid out a
10-year plan to close the vio-
lence-ridden Rikers Island
complex and replace it with a
handful of smaller jails that
are safer, less isolated and
more modern.
The mayor said the city has
a “moral obligation to close
down Rikers Island and transi-
tion to a smaller, safer, fairer
jail system.” He said the pro-
cess would include “maintain-
ing an honest dialogue with
communities and elected offi-
cials.”
Mr. de Blasio and others
have said closing the institu-
tion requires reducing the
daily inmate population to
about 5,000 from roughly
9,200 today.
Many former inmates and
correction officers, criminal
justice experts and advocates
have said the 10-jail complex
at Rikers Island is rife with a
culture of violence and is be-
yond repair.
Though the number of in-
mates who set foot on Rikers
Island in a year has plum-
meted to about 58,000 this
year from about 130,000 in the
A sign for the 2nd Avenue Deli’s cocktail bar on the Upper East Side.
IWC PORTUGIESER.
THE LEGEND
AMONG ICONS.
Portugieser Perpetual Calendar. Ref. 5033
mid-1990s, the complex has
continued to be a place of vio-
lence. The number of assaults
per 1,000 inmates under the
care of the Department of Cor-
rection increased to 1,332 in
2017 from 470 in 2007, accord-
ing to a report this month
from City Comptroller Scott
Stringer.
In a draft of the request for
proposal reviewed by The Wall
Street Journal, the city said it
expects a consultant to outline
plans for a smaller, borough-
based jail system that can
“rise above the singular task
9,200
Daily inmate population at the
Rikers Island jail complex
of confinement” and offer in-
mates legal and visitation ser-
vices and help in re-entering
society.
“It might seem bureau-
cratic, but this really jump-
starts the closing of Rikers,”
said Elizabeth Glazer, director
of the mayor’s Office of Crimi-
nal Justice.
Currently, the Manhattan
complex houses about 711 in-
mates, city officials said. The
Brooklyn complex houses
about 586 inmates. The
Queens facility hasn’t been
used since 2002.
Mr. de Blasio, a Democrat,
agreed to close Rikers Island
after a yearslong push by com-
munity groups and criminal
justice advocates.
The overwhelming majority
of those incarcerated at Rik-
ers, about 75%, are pretrial de-
tainees, meaning they have yet
to be convicted of the crime
for which they are being held.
DANIELLE ADAMS
 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 | Friday, November 17, 2017 THE WALL STREET JOURNAL.

LIFE&ARTS
TELEVISION REVIEW

By Dorothy Rabinowitz

View From
The Register
Office
WHEN A WORK is as involving as this
scintillating mash of soap opera, sitcom
hilarity, murder mystery and social com-
mentary, you don’t stop to ask questions
about the genre. “Love, Lies & Records,”
about the lives of employees at the Reg-
ister Office in Greater Leeds, England,
begins noisily—it’s packed with charac-
ters and complicated relationships both
at home and at work, none of which gets
in the way of its instant hold on a
viewer’s attention.
The most important employee in this

WARNER BROS. (2)

saga by Kay Mellor (one of England’s
most popular television writers) is its
heroine, Kate Dickenson (a flawless Ash-
ley Jensen), who has lived with Rob
(Adrian Bower), a detective sergeant, her
partner for 14 years, and assorted chil-
dren. Theirs is a blended family, and it’s
about to become more so. Kate is daunt-
less, devoted to the Register Office and
all that it stands for
That office is where people register
births and deaths, and where they marry.
She comforts people suffering sadness
and loss, as when they register the death
of a parent or spouse, and she is in
charge at the happiest of times for oth-
ers—their wedding ceremonies. For all
her bottomless sympathy Kate puts up
with no nonsense about important mat-
ters. Infuriated, while conducting a wed-
ding, she snaps at the bride who keeps
looking at her watch.
Kate will have occasion for fury often
when she comes under threat of black-
mail at the hands of the hard-working
and ambitious Judy (Rebecca Front), a
fellow registrar jealous of Kate’s promo-
tion to the top job of superintendent. The
material for this blackmail—CCTV video
of a graphically vivid escapade involving a
drunken Kate and a male colleague after
an office Christmas party—has fallen into
Judy’s hands. It’s the source of wild com-
edy and terrifying suspense—an exemplar
of all that’s best about the show’s script,
not least its steady sitcom wit. In the de-
partment of best performances, count the
impressively subtle one Ms. Front deliv-
ers. Even with her chilling, sublimely ma-
lignant smile as she lies and plots the
worst against Kate, there’s a sense of a
deeper dimension to Judy.
This is a series whose impulse to
moral instruction is unconcealed—filled
with social messaging on inclusiveness,
the need to celebrate our differences,
consider the plight of refugees, and
more. By the time episode two ends
we’ve witnessed one gay wedding—don’t
worry, there are more to come—refugee
women in mysterious trouble, and the
beginning of a transgender journey in-
volving James (Mark Stanley), a deputy
registrar and gloriously handsome hunk
about to introduce the realities of his
new life to his colleagues. He’ll be com-
ing to work in women’s clothes the next
Please see TELEVISION page A11
ACORN TV
‘Justice League’:
Crowd Displeaser
The latest from the DC Cinematic Universe trafficks in convincing depression and ersatz elation
BRUCE WAYNE, aka Batman, has
the most pungent line in “Justice
League,” a wilted superhero salad
from the DC Cinematic Universe.
“What are your superpowers
again?” the Flash asks him. “I’m
rich,” Bruce replies. Vast riches
have been heaped on this produc-
tion, to benumbing effect. The
battles to save the world are ge-
neric/titanic; the villain is a
bloodless bore with a boom-box
roar; and the screen, like the rag-
ged story, is chockablock with
such underdeveloped overachiev-
ers as Batman, Wonder Woman,
Aquaman, Cyborg and the Flash.
Of all the members of the newly
constituted League, only the
Flash, played by Ezra Miller as a
quirkily neurotic post-adolescent,
makes it past regret and recapitu-
lation—Superman is dead and hu-
manity is on the skids—to a sense
of occasional fun. That’s because he’s fast,
and other people, as he notes, are slow. “I’ve
never done battle,” the Flash says in a mo-
ment of full disclosure. “I’ve just pushed
people and run away.”
It’s no secret that “Justice League” did
battle with itself on the way to the multi-
plexes. In the wake of “Batman v Superman:
Dawn of Justice” and “Suicide Squad,” two
DC productions that pulled off the singular
trick of being both dislikable and profitable,
“Justice League” was perceived to be dan-
gerously dark and in urgent need of bright-
ening. This process was undertaken not with
dental strips but with rewrites, reshoots and
changes of personnel; Zack Snyder directed
from a screenplay credited to Chris Terrio
and Joss Whedon.
The result is an uneasy admixture of con-
vincing depression and ersatz elation. “The
good guys lost,” the Leonard Cohen lyric in-
forms us during an early section that
mourns the loss of Superman, whose appar-
FILM REVIEW | By Joe Morgenstern
hangs from Notre Dame Cathedral and the
Tower Bridge. Ben Affleck’s Batman smells
fear wherever he goes. Cops can’t cope with
a crime wave, smiles seem to have been
banished, heroics seem to have been can-
celed, and the vile Steppenwolf (Ciarán
Hinds, CGI’d beyond recognition) intends to
put an end to civilization. That’s when Bat-
man and his sometime friend Wonder
Woman (Gal Gadot, once again) start re-
cruiting supertroops for the Justice League:
Jason Momoa is Arthur Curry/Aquaman, Ray
Fisher plays Victor Stone/Cyborg. Soon hope
suffuses the script. “These heroes were here
all the time,” reflects Lois Lane (Amy Ad-
ams), “to remind us that hope is real.” (To
assure us from the get-go that hope is on
the movie’s agenda, a preface shows Henry
Cavill’s Superman, in a clip shot by a kid
with an iPhone, saying “Hope is like your
car keys—easy to lose, but probably
nearby.”)
“Justice League” is a crowd-pleaser only
Ezra Miller as the Flash, Ben Affleck
as Batman and Gal Gadot as Wonder
Woman, above; Ms. Gadot, left.
recting. It’s the contrast between
Gal Gadot’s performance here and
in last summer’s “Wonder
Woman” (which is already avail-
able on Blu-ray and DVD for your
delight and enlightenment). How
can it be that the same gifted and
graceful performer was so won-
derful, to coin a word, in the ear-
lier film, and so bland in this one,
except as a physical force? And
how, by extension, did that earlier
film transcend the limits that
keep this one grindingly ground-
bound?
Two easy answers: These DC
films are by nature dark, and
Wonder Woman, who previously
had a whole movie to herself, is
only one of many characters in
this one. Still, every one of Ms. Gadot’s
scenes in “Wonder Woman”—literally ev-
ery one—was enriched by nuance and sur-
prise, while most of the life has gone out
of her performance in “Justice League.”
(She retains her charm in close-ups that
allow for warmth, or when she turns to
the camera and says wryly, of her fellow
Justice Leaguers, “Children—I work with
children.”)
The deeper answer is that in “Wonder
Woman” she was working with a director,
Patty Jenkins, and a writer, Allan Heinberg,
who were open, and hospitable, to the no-
tion of buoyancy—to the grace notes, con-
tradictions and firefly flashes of feeling that
create a compelling character, a vibrant
scene. Movies like “Justice League” are in
the business of marketing moods—in this
case bleakness and fear, followed by fake
hope. Directors—and producers—who make
movies like “Justice League” use their actors
to do one thing at a time, sell one emotion

ent death took place in the climax of “Bat- if you’re part of a comics-obsessed crowd. per close-up, lest too much humanity con-
man v Superman.” Yet there’s a fascinating aspect of this film fuse the plot. The wonder is they’ve gotten
Ashley Jensen as Kate Dickinson. Black crepe with Superman’s emblem that amounts to a tutorial in acting and di- away with it for so long.

OPERA REVIEW

THE INVASION TAKES L.A.

BY DAVID MERMELSTEIN
Los Angeles
IN OCTOBER 1938, Orson Welles
frightened parts of this nation with
a radio adaptation, written by
Howard Koch, of H.G. Wells’s late-
Victorian novel “The War of the
Worlds.” The drama wasn’t espe-
cially timely in the traditional
sense, but it inspired panic in
Annie Gosfield and the L.A.-based
director and theatrical provoca-
teur Yuval Sharon must think so,
for they have revisited the mate-
rial in collaboration with the Los
Angeles Philharmonic, the public-
art organization Now Art and Mr.
Sharon’s company, the Industry.
Their iteration, which they’re call-
ing an opera but is really more of
a theatrical happening with mu-
sic, transplants the action from
been staged in unusual places—in-
cluding Union Station (“Invisible
Cities”) and in automobiles that
stopped at rotating locations
downtown (“Hopscotch”).
The move to the Walt Disney
Concert Hall—where “War of the
Worlds” received its premiere on
Sunday and where it will be per-
formed twice more on Saturday as
part of the Philharmonic’s “Noon
to Midnight” extravaganza—marks
CRAIG T. MATHEW/MATHEW IMAGING

enough listeners to land Welles on
the front page of several major
American newspapers. Since then,
the radio play and the reaction it
spawned have steadily returned to
public consciousness because some
believe they offer telling insights
into how easily average citizens
can be frightened and manipulated.
The New York-based composer
Koch’s Depression-era New York
and New Jersey to current-day
Los Angeles.
Local arts lovers with a taste
for the cutting edge will know Mr.
Sharon, a recent recipient of a lu-
crative MacArthur Foundation
grant, as the inspired moving force
behind a series of increasingly ad-
venturous new works that have
something of a shift toward the
mainstream for Mr. Sharon, who
was named the orchestra’s “artist-
collaborator” in 2016 and found
mixed success late last season
with two events: a Liederabend
that juxtaposed songs by Schubert
with brief dramatic episodes from
Samuel Beckett and a staged pro-
Please see OPERA page A11 Soprano Hila Plitmann, right, in the new production of ‘War of the Worlds.’
 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. Friday, November 17, 2017 | A11

LIFE & ARTS

Denzel Washington and Colin Farrell
in ‘Roman J. Israel, Esq.’

partner, who did all the trial work,

leaves Roman on his own in a be-
wildering world.
This is a setup for what turns
out to be another very long setup,
a piling on of detail about the ag-
ing hero’s gallant but hermetic ex-
istence. Mr. Gilroy has already
shown us, in one of the first shots,
that this obsessive-compulsive at-
torney, with his retro Afro and avi-
ator-style glasses, plasters every
surface of his office with Post-it
notes—such a plague of yellow
patches that I couldn’t help think-
ing “uh-oh, there goes subtlety.”
The same goes for his staple diet,
peanut butter—countless jars of it
SONY PICTURES

lined up on shelves in his shabby

little apartment. My response was
along the lines of “I get it, I get
it,” though I couldn’t help noticing
that my companion was moved to
FILM REVIEW | By Joe Morgenstern tears by Roman’s self-imposed iso-
lation. One person’s contrivance is

Soul Practitioner
another’s pathos.
Eventually the movie gains mo-
mentum and Mr. Washington, who
has bulked up for the role, gets to
do some scenes with dramatic sub- Host Sigourney Weaver.
stance. But they remain scenes, or

OPERA
IN THE MATTER OF “Roman J. the spirit’s embodiment. plot signposts—sometimes with re- forms, including delightful allu-
Israel, Esq.,” let’s stipulate at the The story is set in present-day markably clumsy wording—in an sions to Kurt Weill’s Broadway
outset that Denzel Washington Los Angeles, but Roman is a flesh- unlikely melodrama of temptation, years and mid-20th-century
could read from law books and and-blood revenant from the downfall and redemption. (A car Latin-inflected dance rhythms.
hold our attention. In fact he does 1960s, a defense attorney and a chase in the desert doesn’t even Continued from page A10 And those fond of vintage sci-fi
just that from time to time in this civil-rights activist in the mold of qualify as a signpost; it’s just a car duction of Lou Harrison’s rarely movies will relish her canny use
crime drama by Dan Gilroy, who his role model, Bayard Rustin. He chase in the desert, unless I’m seen opera “Young Caesar.” of synthesizer (the source of
made his debut as a writer-direc- is also a cross between Candide missing some biblical reference.) For “War of the Worlds,” Mr. those disconcerting radio-wave
tor three years ago with the lean and Don Quixote, in part because Colin Farrell is a hard-charging at- Sharon’s imprint is even greater; sounds and other distortions)
and gripping “Nightcrawler.” Mr. his fiery radicalism has gone out of torney who brings Roman into a he is the work’s librettist as well and theremin (with its inimitably
Gilroy’s new film doesn’t try for fashion, and in larger part because law firm that is modern in all the as its adaptor and director. The eerie fluctuations), as well as in-
lean. When its lawyer hero isn’t he seems to be on the autism spec- worst ways. Carmen Ejogo is a amusing central conceit finds the novatively struck percussion,
citing legal precedent, he uses trum, somewhere in the neighbor- community organizer with her own audience gathered for a concert much of it produced in a section
spectacularly florid language that hood of Asperger syndrome. For dedication to civil rights, and a of Ms. Gosfield’s music, cheekily of the auditorium usually re-
reflects his unusual mental state. more than a quarter-century his deep appreciation of what Roman indebted to Holst’s “Planets,” served for seating or large cho-
But there’s a disconnect between prodigious memory has made him has done with his life. “You really hosted by the actress Sigourney ruses and here sealed off to muf-
what we see and hear and what the intellectual mainstay of a two- took up the mantle of leadership Weaver, appearing as herself and fle the alien sounds.
we’re meant to feel. For all of Ro- person law office, but his deficit of with your advocacy,” she tells him thus injecting both Hollywood pi- That area also serves as some-
man’s poignancy and passion, he social skills has kept him behind over dinner. The proper response to zazz and requisite meta into the thing of a cage for the game so-
remains a construction, a symbol the scenes, away from the court- a mouthful like that is the Heimlich proceedings. She reappears at prano Hila Plitmann, attired as
of unquenchable spirit rather than room. Now the sudden death of his maneuver. key points in the 65-minute expe- an alien in a silvery second skin
rience, her mien morphing from beneath a fish-tailed crimson
mild fluster to dread as she con- gown and a cap that recalls stew-
veys news of the increasing dev- ardesses from the “Mad Men”
astation just outside the concert era. Her performance of menac-

TELEVISION riage—all stand in line

outside the one bath-
room, waiting to get
Mark Stanley

mance and that of

hall’s walls.
Broadening the work’s scope
are the three remote locations
ing hisses and various feats of
vocalise gives her the show’s os-
tensible star turn—her only com-
Continued from page A10 in. Which they can’t Hannah Steele as where related parts of the drama petition the increasingly addled
day, he warns. The announcement do because Jamie the new bride. It’s unfold simultaneously. These sat- bass crooner, a droll James
brings warm congratulations from is inside perfect- remarkable that a ellite sites are within walking dis- Hayden, whose standout song
everyone but Judy, the sinister ing his makeup story line with so tance of Disney Hall and those un- “Venus” was entirely Ms. Gos-
plotter, to whom, perhaps not sur- and female attire. much potential for able to secure entry to the main field’s creation. Other voices (like
prisingly, the script has also as- No early scene a deadly flow of event may wish to visit these an- that of the mezzo-soprano Su-
signed the role of a religious bigot, is more striking or treacle should cillary spaces, all near decommis- zanna Guzmán and the baritone
one who refuses to celebrate gen- indicative of the emerge with such sioned Cold War-era air-raid si- Hadleigh Adams) were transmit-
der transformation. Also gay mar- show’s quality, its power. rens that have been incorporated ted from the remote sites and
FROM BOTTOM LEFT: ACORN TV; CRAIG T. MATHEW/MATHEW IMAGING

riages, which she assiduously sharply drawn charac- By episode six, the se- into the action as the alien equiv- thus unseen at Disney Hall.
avoids performing. ters and skillful perfor- ries does seem to have run alent of sleeper cells. The historic Many of the show’s most relat-
Kate’s attention isn’t limited to mances than the one involving Si- out of material in the outrage-and- sirens have been retrofitted with able lines are too locally oriented
those who come to the Register Of- mon (James Burrows), a young messaging department—there’s a state-of-the-art speakers and for audiences elsewhere, so Mr.
fice in need—she’s prepared to take man who has come to register the distinct sense of plot exhaustion in transmit live the activities in the Sharon will have to alter his li-
care of James, too, who now de- birth of his son. His wife is absent, the theme combining gay marriage hall to those outside. Speakers in bretto if this work is to travel.
mands to be called Jamie, and who Kate notices. She’s in a hospice, and refugees. the hall serve the reverse purpose But there seems no other reason
needs a place to live now that his dying of cancer, against which fate It’s a minor flaw, given all that when the drama shifts to the sci- why this deft and witty riff on
wife doesn’t take well to her hus- she might have had a chance, Si- has come before. And given this entists and onlookers encounter- our inherent vulnerabilities—to
band wearing dresses. He lands in mon explains, if she had accepted chapter’s bounty of non-stop sus- ing the aliens. superior powers, uncertainty, im-
Kate’s already crowded house, treatment and not chosen instead pense over Kate’s choice of the Ms. Gosfield’s music, per- pulsive thinking, etc.—should re-
which leads to bitter comedy, in to have her baby. Discovering the man in her life—a decision whose formed by the Philharmonic’s main bound to this city in partic-
which Kate’s entire blended-with-a- couple are not in fact married, answer will have to come in season New Music Group and authorita- ular. In any case, Mr. Sharon is
vengeance family—her infuriated Kate asks if they’d like her to ar- two. tively conducted by Christopher clearly going places.
partner, Rob; the couple’s equally range a wedding now—the begin- Rountree, is an appealing pas-
upset teenage daughter; Kate’s teen- ning of a memorable spectacle, tiche that combines the indus- Mr. Mermelstein writes for the
age son from a previous partner; thanks largely to Mr. Burrows’s Love, Lies & Records trial sounds for which she is best Journal on classical music and
and Rob’s son from a previous mar- wrenchingly wonderful perfor- Begins Monday, Acorn TV known with more traditional film.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
20s 1 2 3 4 5 68 Ward (off) 6 7 8 9 10 11 12 13
PUZZLE
Vancouver
Vanco 30s
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10s 20s
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<0
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69 Ninny’s lack CONTEST
Calgary
30s 10s
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Pittsburgh
Philadelphia
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hil d lphi 80s 39 40 41 42
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p di p
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hi gton D.C.
Washington DC 90s “Florence on the 40 Watson calls him
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INEXACT SCIENCE | By Marie Kelly to the Senate
54 Grandparent,
often
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
The answer to 23 Old timer 45 Talk over the din 12 Dawn direction 55 Sister of
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest 26 “Judge me by my 46 Answers after 13 War loser, Chekhov’s Masha
Omaha 61 38 c 48 23 s Frankfurt 45 30 sh 43 35 pc crossword is a
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 78 57 s 80 58 s Geneva 49 32 s 46 33 pc
size, do you?” two rings? probably and Olga
Today Tomorrow Philadelphia 50 35 s 57 48 c Havana 80 64 pc 84 64 pc famous scientist. asker 47 Optimally 18 Possessive
City Hi Lo W Hi Lo W
56 Some of it comes
Phoenix 84 58 pc 80 55 pc Hong Kong 81 74 pc 81 65 sh Across 27 Scandal-plagued 49 His “The Gates of pronoun in from Mars
Anchorage 27 16 s 21 14 c Pittsburgh 45 34 pc 57 33 r Istanbul 63 54 c 63 52 c e•rgy giant Hell” depicts a Potsdam
Atlanta 65 48 s 70 40 pc Portland, Maine 42 22 pc 44 41 r Jakarta 91 77 c 91 77 sh 1 Make a 57 Musical featuring
Austin 83 64 pc 77 44 s Portland, Ore. 50 38 c 50 38 c Jerusalem 75 52 s 73 53 pc touchdown 29 Watched some scene from 22 Outdo the Jellicle tribe
Baltimore 52 33 s 56 46 c Sacramento 62 37 s 61 35 s Johannesburg 71 48 s 77 52 s 5 Slacker address boxers, perhaps Dante’s “In•rno” 24 Bocelli offering 58 Plot measure
Boise 45 27 pc 47 30 pc St. Louis 56 54 c 58 29 sh London 47 35 pc 48 38 sh 33 Check the price 51 Collar insert 25 Hotel feature 59 Dortmunder’s
Boston 45 30 s 51 48 r Salt Lake City 49 26 sn 44 26 pc Madrid 67 41 s 67 38 s 9 Wish one owned
of, in a way 53 Like the Huns 28 More agreeable denial
Burlington 36 23 pc 44 39 r San Francisco 62 47 s 62 46 s Manila 89 79 pc 88 78 sh 14 Strong trigger of 36 One of millions
Charlotte 61 39 s 66 43 pc Santa Fe 65 33 pc 51 24 s Melbourne 76 56 sh 81 62 sh 57 Island group off 30 Get rid of 60 Put aside
memories mummified at •
Chicago 44 43 r 46 26 r Seattle 49 43 r 50 44 c Mexico City 74 48 pc 76 44 s the co t of Africa 31 Ship bound for 64 Bow wood
Cleveland 47 40 pc 58 34 r Sioux Falls 51 31 sh 37 19 s Milan 55 36 s 54 34 s 15 Drops the ball Saqqara 61 Now, in
Dallas 82 65 pc 69 41 s Wash., D.C. 53 40 s 58 48 c Moscow 35 31 c 35 31 c 16 Pike’s kin Colchis 65 Treasury Dept.
38 “Toward Nicaragua 32 Harbor sights division
Denver 65 26 sh 46 23 s Mumbai 92 75 pc 91 79 pc 17 They enable u•rs Freedom” writer 62 Penn Station
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43 41 c
83 70 pc 83 68 pc
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52
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Houston 84 68 pc 81 49 pc Today Tomorrow Riyadh 82 53 s 80 56 s 19 Far from relaxed 40 Chemist’s 63 T•tful question S T I C K L A T E B I R D
Indianapolis 50 45 c 59 28 r City Hi Lo W Hi Lo W Rome 63 44 s 61 41 s •verup?
20 Poke fun at on the dance H E N R I A L O U O B E Y
Kansas City 63 40 sh 50 26 c Amsterdam 49 43 pc 48 42 r San Juan 88 77 sh 87 76 sh I N D E X R OM P Q U E E N
Las Vegas 76 48 pc 64 43 pc Athens 66 57 t 65 54 sh Seoul 50 27 r 34 21 s 21 Time when a 42 Future fowl floor A S I A F E E H U R T L E
66 Made an effort S T A I D B O O B
Little Rock 75 65 sh 70 39 c Baghdad 79 52 s 79 57 c Shanghai 70 51 r 53 43 c bond is due for 43 Accident site A N G E R R O V E R O D D S
Los Angeles 72 58 pc 75 54 s Bangkok 94 80 pc 94 79 s Singapore 87 77 pc 86 76 pc repa•ment marker 67 Eternally S A U D I E L I N E R O
Miami 82 70 pc 83 68 s Beijing 47 16 pc 44 20 s Sydney 75 67 t 72 65 t P S I AM E N T A G P E A
Email your answer—in the subject line—to crosswordcontest@wsj.com
s

Milwaukee 45 41 r 42 26 sn Berlin 46 35 s 43 37 r Taipei 87 71 pc 74 62 r C A S S O S U A N E A R

A L E C O P E D F I E N D S
Minneapolis 45 28 r 34 18 pc Brussels 49 34 pc 45 38 sh Tokyo 57 48 pc 55 45 r by 11:59 p.m. Eastern Time Sunday, Nov. 19. A solver selected at random A N D Y O I L E D
Nashville 63 55 pc 67 36 t Buenos Aires 80 46 c 69 51 pc Toronto 38 32 c 47 34 r will win a WSJ mug. Last week’s winner: Tom Cronley, Hillsborough, NC. S A I L O R L O G D E L I
New Orleans 78 63 pc 79 50 pc Dubai 87 72 s 87 71 s Vancouver 46 39 pc 48 41 r OWL P R I C E D A I D E D
New York City 49 37 s 54 51 r Dublin 45 36 pc 47 37 sh Warsaw 43 33 sh 41 35 pc Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. N O S E N E A L P E O N Y
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A12 | Friday, November 17, 2017
Wisconsin Is Rodney Dangerfield
Regular readers of
this sports column—
there have to be at
least two or three of
you, besides my
mother, though I’m not
so sure about her these days,
frankly—must have been wonder-
ing when I was going to finally
weigh in on America’s most impor-
tant sports story:
The undefeated Wisconsin Bad-
gers football team.
I believe the moment has ar-
rived. The Badgers are 10-0 for the
first time in school history, ranked
No. 5 in the polls, and this Satur-
day in Madison, Wis.—a city that’s
basically heaven, with better brat-
wurst and beer—they host those
unctuous weasels from the east:
The Michigan Wolverines.
You know how I feel about folks
from the University of Michigan.
Well, you would know how I feel,
if folks from the University of
Michigan would ever stop talking
about the University of Michigan.
(Every third person at the Journal
went to Michigan.)
I’ll get back to those Michigan
weasels in a second. First, I want
to address the issue of Badger dis-
respect.
A few weeks ago, I was freaking
out, scratching my claws, scream-
ing from the windows that the
high priests and priestesses of col-
lege football were conspiring to
deny Wisconsin from one of the
four playoff spots. My Badgers
aren’t in the cozy smoke-filled
room of college football elitists—
or historic darlings of the college
football media, which is totally in
the tank for the SEC; those clowns
would vote a hamster cage into
the top 10 if it was from the SEC.
It was like the Badgers were the
Rodney Dangerfield of college
football. We stayed undefeated,
and somehow went backward.
(Fun fact: Dangerfield starred in
“Back to School,” which was
filmed on campus at Wisconsin.)
(I know there may be some jour-
nalism ethicists out there who will
object to the use of “we” and “us”
to describe the Badgers here, see-
ing as I’m not actually a member
of the football team. You’re right:
it’s gross. Please mail a formal
complaint to the Columbia School
of Journalism. I hear it’s almost as
prestigious a school as Michigan.)
I was mad a few weeks ago about
BASKETBALL
FROM VOLLEYBALL
TO NBA SENSATION
BY BEN COHEN
THE PROCESS that turned a
Cameroonian volleyball player into
the NBA’s most electrifying young
talent started in earnest only five
years ago. That’s when Joel Embiid
got his very first taste of competi-
tive basketball.
How the Philadelphia 76ers
found a star center was already the
stuff of legend even before Embiid,
who posted a line of 46 points, 15
rebounds, 7 assists and 7 blocks on
Wednesday night, has managed to
play one full season. But the most
incredible thing about his NBA ca-
reer is the prequel: The player who
has become the future of the
league in 2017 was still playing ju-
nior-varsity basketball in 2012.
No one affiliated with any level
of organized basketball had any
idea who Joel Embiid was as re-
cently as 2011. And why should
they have? Joel Embiid was a
Cameroonian teenager who didn’t
even play basketball.
But that changed when he was
invited to attend a Basketball
Without Borders camp that sum-
mer almost solely because he was
7-feet tall. Houston Rockets for-
ward Luc Mbah a Moute, a coach
at the camp, identified his extraor-
dinary potential so quickly that he
made sure he started high school
in Florida that very school year.
“He had only been playing bas-
ketball for six months,” Mbah a
Moute said in a 2014 interview.
“But the moves he was making
were moves of guys who had been
playing for years.”
But first Mbah a Moute had to
convince Embiid’s father, Thomas,
that moving to the U.S. for a
sport that was still foreign to him
was a good idea. “I know it
sounded crazy,” he said. “But his
dad was a very good handball
player. He understands.”
It was harder to understand when
COLLEGE FOOTBALL | By Jason Gay
the Badgers, but I feel much better
now. Last weekend, Georgia and
Notre Dame got thumped and did
everyone a favor. Wisconsin leapt to
No. 5 in the College Football Playoff
rankings, and considering No. 2
Clemson and No. 3 Miami have to
play each other, they’re in a very
good position to make the playoffs—
if they stay unbeaten and win the
dopey Big Ten conference title game.
Besides, I talked to Wisconsin’s
Embiid was stuck playing junior var-
sity and riding the varsity team’s
bench at Montverde Academy. Mbah
a Moute suggested that he transfer
and called Justin Harden, the bas-
ketball coach at The Rock School in
Gainesville, Fla., to ask if he would
be interested in Joel Embiid. Harden
had never heard of Joel Embiid.
“I had not seen him play in per-
son,” Harden said. “I looked him
up on YouTube.”
Harden was encouraged by Em-
biid’s highlights. “But highlights
Joel Embiid is as talented
as anyone in the NBA.
Five years ago, he was
playing JV basketball.
don’t tell you a whole lot,” he said.
It wasn’t until one of the first days
of the 2012-13 school year that they
finally met. “I was amazed at how
good he actually was,” Harden said.
Embiid had the traits to be a
fantastic basketball player. Anyone
could see that he was enormous.
But he also had great hands. “Very
supple,” Harden said. And he had
great feet. “Phenomenally gifted,”
Harden said. The only problem is
that he was still learning how to
play basketball.
Harden graded his players after
every one of their 36 games that
year with a statistical formula.
Embiid received an A or A+ in 19
of those games. He scored 27
points and grabbed 10 rebounds in
one game—that was an A+—but
his flashes of brilliance were more
like tantalizing flickers. He also
had one game with seven points
and five rebounds—that was a D—
and graded out as a completely av-
erage high-school basketball player
in a third of his games.
But he made a significant amount
SPORTS
football Godfather, Barry Alvarez,
now the Badger athletic director,
who told me to calm down.
“I wouldn’t worry or get too up-
set right now,” Alvarez told me.
“There are still games left. A lot’s
going to happen.”
The fact is, Alvarez reminded, it
would be very hard for the commit-
tee to deny an undefeated team—
with a conference championship—
from a Power Five conference.
of progress in that one season. It
was a year that changed his life. “We
finally recognized Joel was our best
player and needed to utilize him
more,” Harden said. “A lot more.”
NBA scouts and college coaches
were intrigued even before Embiid
was actually good. Kansas coach
Bill Self and his former assistant
Norm Roberts heard about this raw
7-footer and took a pilgrimage to
see Embiid practice one day early
in his senior year of high school.
Self was quiet during the workout.
“What do you think?” Roberts
said.
“Are you kidding me?” Self said.
“This guy will be the No. 1 pick in
the draft in two years.”
Self was wrong. Embiid was the
No. 3 pick in the draft the next year.
He likely would have been the
No. 1 pick if he hadn’t gotten in-
jured in his freshman season at
Kansas, where he developed his
game by watching old clips of
Hakeem Olajuwon and developed a
sweet tooth by eating ice cream
and brownies. Embiid’s stardom at
SCOTT POLLACK
Basically, it would be Bucky an-
archy. There’s no need to go crazy
right now.
“People get overreactive,” Alvarez
said.
Candidly, some of the grumbling
about Wisconsin is fair. The Badgers
are awesome, but do have a bit of a
padded resume. We have played
some good competition, and also
steamrolled a few company softball
teams. I think one school we played
Joel Embiid is averaging 23 points and 11 rebounds this season.
Kansas was mind-boggling to the
people who know him way back
when. Which, in his case, was only
a year earlier. “He was playing JV
two years ago,” Harden said at the
time. “That’s kind of crazy.”
Embiid’s early years in the NBA
also weren’t always roses. He
missed his first two seasons with an
injury as the 76ers embarked on the
most audacious rebuilding experi-
ment the league had ever seen. Em-
biid was known as a better tweeter
than basketball player. But he be-
came something of a Philadelphia
folk hero last season when he finally
made his debut and averaged 20
points in 31 games. The Sixers re-
warded Embiid with a contract ex-
tension worth at least $148 million.
He’s making it seem like a bar-
gain. Philly has an 8-6 record. Em-
biid is averaging 23 points and 11
rebounds. And his performance on
Wednesday night against the Los
Angeles Lakers was the best game
he has ever played. According to
Basketball Reference’s game score,
a metric not unlike Harden’s, it
THE WALL STREET JOURNAL.
started a bunch of patio chairs in
the defensive backfield. One may
have had a llama at quarterback.
But you play who you play. Last
Saturday, the Badgers handled an
Iowa team that had rampaged all
over Ohio State the week before.
And now Mr. Khakipants comes
to town.
I cannot overstate how much I
am looking forward to this. Last
year, Wisconsin and Michigan were
undefeated when they met, and
the Badgers lost a tough one. It
was painful. I couldn’t show up to
work for six weeks.
It’s a little bit of a letdown that
Michigan isn’t a juggernaut like we
are. The Wolverines have lost two
games. Two! That’s basically 20
games. They’re not even the best
college football team in Michigan.
People expect more out of Mr.
Khakipants, who gets paid $800
million a season, gets six private
jets and may have bought that Da-
Vinci painting the other night.
Fine. The Badgers—who are
coached by Paul Chryst, a Madison
native who played Badger football
and I’ve heard is paid in State
Street Brats gift certificates—will
just have to beat an underperform-
ing Wolverine team which is likely
looking forward to Ohio State next
weekend. No biggie.
The ESPN people are going to
be on campus to do their “College
Game Day” party for a bunch of
cord-cutters, which is fine. If
someone can hold up a sign that
says WALL STREET JOURNAL RE-
PORTS: HARBAUGH’S KHAKIS ARE
LULULEMON, I’d be grateful.
Meanwhile, the game is sched-
uled to begin on Fox at noon East-
ern, or 11 a.m. Madison time,
which is cruel, since 11 a.m. on a
Saturday in Madison is basically
still Friday night.
Who plays football at 11 a.m.?
This isn’t T-ball!
It doesn’t matter. We can play at
4 p.m. or 4 a.m. Camp Randall will
still rattle. Likewise, you can rank us
fifth, or 15th, or fifty-first. You can
predict we’ll be in the playoff, the
Boca Raton Bowl, or the AL East.
It’s cool. The haters are an honor.
“We just have to take care of
business,” Alvarez said. “Control
what we can control.”
We’re 10-0. Jump on the Bucky
bandwagon. We may not be Amer-
ica’s best college football team,
but we’re definitely the most fun.
CHRIS SZAGOLA/ASSOCIATED PRESS
was the best game any center has
played since Shaquille O’Neal in
2000. He still wasn’t satisfied.
“Wish I could’ve had a quadru-
ple-double,” Embiid said.
Harden didn’t stay up late to
watch his former player. But he was
mesmerized by highlights on Thurs-
day morning. And he couldn’t help
but feel that he’d seen Embiid’s
moves before. “He was doing that
in high school,” Harden said “It just
wasn’t as polished.”
Embiid improving so much in so
little time is why it no lounger
sounds unreasonable to mention
him in the same breath as the
league’s transcendent players—
which is oddly reminiscent of some-
thing his father said in a prophetic
interview almost four years ago.
“Here in Cameroon, we see NBA
players like Kobe Bryant and Le-
Bron, and he wants to be like
that,” Thomas Embiid said. “He
can do better. Because he’s still
learning. He has only three years.
When he plays four or five years,
he’ll get better and better.”
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.
Californians Worth Their SALT
Hell hath no
fury like a
swamp crea-
ture scorned,
and that fe-
rocity
trained
was
al-
POTOMAC
WATCH most exclu-
sively these
By Kimberley
past weeks
A. Strassel
on California
House Repub-
licans. The attack was a case
study in standing up to en-
trenched special tax inter-
ests, and a lesson to other
Republicans in the virtues of
having the backbone to go on
offense.
The House GOP passed its
tax-reform bill on Thursday,
and special medals of valor go
to the 11 of 14 California Re-
publicans who voted in sup-
port. The lobbyist brigade had
joined with Democrats to tar-
get the Golden State delega-
tion, seeing it as their best
shot at peeling off enough Re-
publicans to kill the bill. The
assault was brutal, dishonest
and all-out.
The National Association of
Realtors, incensed that the na-
tion’s millionaires might face
limits on their mortgage-inter-
est deduction, staged a “fly-in”
to Washington, sending dozens
of real-estate agents to harass
Californians. The California
Association of Realtors took
out full-page ads in state and
national newspapers, accusing
Republicans of “punishing”
state homeowners. National
and California-based housing
and building associations
staged press conferences, on-
line ad campaigns, petition
drives—targeting everyone
from Palmdale’s Steve Knight
Finding God on a Mars Colony
HOUSES OF The prospect of leaving the Earth. No doubt
WORSHIP of colonizing future astronauts will report diminishing importance, the moon Titan is believed to have
By Lewis Mars used to
Andrews be no more
than a dis-
tant fantasy,
but today it seems tantaliz-
ingly real. NASA remains com-
mitted to building a deep-
space passenger capsule called
the Orion. Meantime, private
companies like Blue Origin and
SpaceX are bringing excite-
ment to the field. Elon Musk
hopes to put 200 colonists on
the red planet by 2024.
Much of the discussion
about space exploration fo-
cuses on its economic benefits.
Someday there could be
money made from mining pre-
cious metals in the asteroid
belt or shuttling tourists to
off-world vacations. Space col-
onization eventually could cre-
ate a multiplanetary economy.
But what may be even more
profound is space travel’s spir-
itual effects.
Many astronauts have had
religious experiences in space.
Charlie Duke, who went to the
moon with Apollo 16, was in-
spired to become a lay witness
for Christ. Jim Irwin, a moon
walker with Apollo 15, searched
for Noah’s Ark after returning
home. Gene Cernan, Edgar
Mitchell and Rusty Schweickart
have also been very public
about the metaphysical effects
Al Franken Doesn’t Get the Joke
By Shoshana Weissmann as praising the Supreme Court the divisiveness with a com- fire for having pitched a “Sat-
D
Washington
emocratic senators
didn’t have many ques-
tions for Justice Don
Willett about his decisions
and dissents as a member of
the Texas Supreme Court. But
at his Wednesday confirma-
tion hearing for a seat on the
Fifth U.S. Circuit Court of Ap-
peals, they expressed grave
concerns about his sense of
humor.
Justice Willett is almost
certainly the most conspicu-
ous jurist on Twitter—or he
was, until President Trump
nominated him in Septem-
ber—and there were sure to
be questions about his tweets.
At some points, though, the
senators seemed like science-
fiction androids struggling to
grasp the human concept of
humor.
“You’ve equated the consti-
tutional right to same-sex
marriage, which the [U.S.] Su-
preme Court has upheld, with
the constitutional right to
marry bacon,” said Sen. Pat-
rick Leahy of Vermont, the
panel’s ranking Democrat. “I
don’t think one would see that
to the Central Valley’s David
Valadao.
Gov. Jerry Brown un-
leashed on state Republicans,
calling them “sheep” for sup-
porting an end to most state
and local tax, or SALT, deduc-
tions, and sending them let-
ters deploring the tax hit on
residents of high-tax Califor-
nia. Minority Leader Nancy
Pelosi accused them of “loot-
ing” the state. Her Senate
counterpart, New York’s Chuck
Schumer, warned of “political
fallout” that would be “cata-
strophic.” Liberal groups, su-
per PACs and the Democratic
Congressional Campaign Com-
mittee unfurled a digital and
TV ad blitz, charging the GOP
with “eliminating middle-class
tax deductions” to help the
wealthy.
This is the reward for at-
tempting to simplify the tax
code—the forces of distortion
scurry to protect their privi-
leges. Democrats had hoped
Republican infighting would
tank tax reform. But as the
GOP kept marching, the left
and special interests instead
turned to picking off blue-
state Republicans with scare
campaigns about mortgage in-
terest and SALT. Most of the
New York and New Jersey
GOP contingencies quickly
caved, which left the Califor-
nians to field all the incoming
fire. Had they defected in the
same manner as their North-
eastern colleagues, the bill
would have failed.
Their resistance instead
shows the virtues of aggres-
sively arguing the tax-reform
case. Majority Leader Kevin
McCarthy and House Ways and
Means member Devin Nunes
After nearly five centuries of A little farther out, Saturn’s
similar awakenings.
But a few reflections from
isolated astronauts won’t truly
shake the world. Rather, colo-
nizing other planets could help
revive a more elevated sense
of what it means to be human.
For centuries, people felt so
strategically positioned in the
universe as to sense a preor-
dained relationship with its
underlying reality. The most
primitive expression of this
was the belief that humanity
stood at the geographic center
of the firmament.
Nicolaus Copernicus nudged
Homo sapiens off their privi-
leged celestial perch in 1543 by
showing that the sun, not the
Earth, is the center of the solar
system. This was followed by a
long line of humiliating scien-
tific demotions, each of which
made it easier for people to
imagine themselves as acci-
dentally intelligent animals,
not divine favorites.
The result in our own
time? As the Rev. James
Heiser, a Lutheran Bishop
who co-founded the Mars So-
ciety, said in his 2013 address
to the organization’s annual
convention, many people have
become comfortable speaking
of humanity as a virus the
Earth might be better off
without.
decisions.”
The April 2015 tweet in
question read: “I could sup-
port recognizing a constitu-
tional right to marry bacon.”
It was accompanied by a stock
photo of strips being fried.
Mr. Leahy perceived a sizzling
The Senate grills a
judicial nominee,
Don Willett, about
his corny tweets.
disdain for judicial prece-
dent—never mind that the
high court hadn’t made its de-
cision at the time. It had heard
oral arguments in Obergefell v.
Hodges the day before Justice
Willett tweeted.
Justice Willett, who regu-
larly mentions that he doesn’t
take political stances on Twit-
ter, clarified that his tweet
was an “attempt to inject a bit
of levity” at a time when “the
country was filled with rancor
and polarization.”
To which Mr. Leahy replied:
“And you think that cut back
OPINION
are Californians themselves,
and they worked to keep the
delegation armed against the
disinformation. The press, for
instance, continued to parrot
Realtor-fed numbers about su-
per-high house values, even
though much of the state out-
side pricey San Francisco and
Tax reform passes the
House, thanks to the
support of 11 Golden
State Republicans.
Los Angeles would not be hit.
In Central Valley districts like
Mr. Nunes’s, approximately
98% of homes aren’t worth
enough to be subject to the
$500,000 proposed principal
limit on the mortgage-interest
deduction. Members made a
point of repeating this. Some
also reminded middle-class
constituents that the left often
notes the mortgage deduction
mostly benefits wealthier
Americans.
The tax reform’s clamp-
down on SALT deductions is
more politically fraught, given
that six million Californians
claim these tax breaks annu-
ally. But tax writers made sure
state Republicans came armed
with analyses showing how
other reforms—cuts in indi-
vidual rates, the doubling of
the standard deduction, the
elimination of the alternative
minimum tax—would more
than offset a SALT elimina-
tion, and members forcefully
made the case.
What proved most effec-
tive, however, was the state
colonization of space promises
to rehabilitate humankind’s
self-image. We may still have
to accept that we live in an ob-
scure corner of the cosmos, but
soon—for the first time in his-
tory—we may be spreading life
throughout the darkness.
Renewed space
exploration could
spark humanity’s
spiritual reawakening.
Not all of what settlers
need would have to be lugged
from Earth, explains Robert
Zubrin, president of the Mars
Society, in “The Case for
Mars” (Free Press, 2011). Wa-
ter is plentiful at the Martian
poles, and oxygen is trapped
everywhere on the surface as
iron oxide. The planet’s meth-
ane could be used for fuel.
Earth’s moon is looking
more appealing as well. Al-
though it lacks an atmosphere,
the moon has the distinct ad-
vantage of being close. Its sur-
face has supplies of iron, sili-
con and aluminum, as well as
traces of carbon, nitrogen and
other elements needed to sus- director of the Yankee Institute
tain humans.
ment like that?”
Sen. Al Franken of Minne-
sota asked Mr. Willett about
a tweet from February 2014:
“Go away, A-Rod. ‘@Fox-
News: California’s transgen-
der law allows male high
schooler to make girls’ soft-
ball team . . .’ ” The reference
was to Alex Rodriguez, re-
cently dropped from the New
York Yankees.
Mr. Franken wanted to
know if “it demonstrates good
judgment for a man in his late
40s—a sitting Supreme Court
justice—to publicly demean
and humiliate a 17-year-old
girl on Twitter.”
Justice Willett answered: “I
believe that every child is a
gift. Every child is a blessing.”
While conceding that “it was a
ham-handed attempt at lev-
ity,” he clarified that it “was
an A-Rod tweet, not a trans-
gender tweet.”
Mr. Franken, who has dab-
bled in comedy himself, said:
“I don’t get it. But sometimes
when you don’t get a joke, it’s
because it wasn’t a joke.”
He ought to know. In 2008,
during Mr. Franken’s first run
for the Senate, he came under
Republicans’ willingness to go
on offense and throw SALT in
Gov. Brown’s face. California
has the heaviest tax burden in
the country and only just im-
plemented a punishing new
12-cent-a-gallon-increase in
its gasoline tax. Mr. McCarthy
used the occasion to release a
video pouncing on that hike
and noting that “if Gov.
Brown is worried about the
tax burden, let’s make cutting
[taxes] a federal and state
project.”
Other state Republicans ran
with that message, even more
bluntly. “Why punish the rest
of the nation because Califor-
nia is stupid?” asked Rep.
Duncan Hunter in a local TV
interview. Even Rep. Darrell
Issa, who voted “no” on
Thursday (along with Dana
Rohrabacher and Tom McClin-
tock), zapped a letter back to
Gov. Brown, noting that if
SALT had become a big issue,
it was “a direct result of the
tremendous weight that your
misguided policies have put
on California taxpayers.”
“The idea of Jerry Brown
and Nancy Pelosi, who have
spent entire careers making it
more expensive to live, work
and do business in California
lecturing us on taxes is pretty
unbelievable,” Ken Calvert,
dean of the California delega-
tion, told me after Thursday’s
successful vote.
Many Republicans have be-
come so shy of the left’s class-
warfare arguments, they’ve
forgotten the best way to win
on taxes is to enter the debate
head on. And it’s a model all
Republicans could benefit from
as the tax fight rolls on.
Write to kim@wsj.com.
everything required to sustain
a colony. Beyond the solar sys-
tem things get hazier. The
closest star to our own has at
least one Earth-size planet
nearby, Proxima b, which is
warm enough for liquid water,
although its presence has yet
to be confirmed.
It is one thing to hear sci-
entists discuss the fortuitous
biochemistry that allows car-
bon-based life to thrive on
Earth. It will be quite another
to witness the construction
of human settlements on the
moon, Mars and beyond. As
Apollo 11 astronaut Buzz
Aldrin said in 1999, space col-
onization is, beyond any-
thing, “a spiritual question in
the broadest sense, one
promising a revitalization of
humanity and a rebirth of
hope.”
Humanity may not be at the
geographic center of the cos-
mos, and we may not even be
the only highly intelligent life
form. But the deeper that a
chosen few of us push into
space, the clearer it will be to
the rest how astonishingly
tuned the universe is to our
presence.
Mr. Andrews was executive
for Public Policy (1999-2009).
urday Night Live” gag about
using a date-rape drug on a
prominent female journalist.
That was in the mid-1990s,
when Mr. Franken was in his
40s. On Thursday model Lee-
ann Tweeden accused Mr.
Franken of forcibly kissing her
while rehearsing a USO show
in 2006, when the future sen-
ator was 55.
As for Mr. Leahy, hours af-
ter he browbeat Mr. Willett
for his tweets, he retweeted a
meme that mocked President
Trump’s weight, contrasting it
with President Obama’s fit fig-
ure. “I KNOW I shouldn’t have
retweeted this,” the senator
observed. “A moment of
weakness . . .”
Only Sen. John Kennedy of
Louisiana showed any interest
in how Justice Willett would
conduct himself as a federal
judge. Whereas Mr. Kennedy
asked about his views on fun-
damental rights, the Demo-
crats were content to grill him
about bacon.
Ms. Weissmann is a digital
media specialist and policy
analyst with the R Street
Institute.
Friday, November 17, 2017 | A13
BOOKSHELF | By Meghan C. Kruger
The Politics
Of Apps
Technically Wrong
By Sara Wachter-Boettcher
(Norton, 232 pages, $24.95)
I
n 2016, the website ProPublica investigated a recidivism-
prediction software product called Correctional Offender
Management Profiling for Alternative Sanctions, or
Compas. Widely used nationwide, Compas feeds 137 “risks and
need factors” into a proprietary algorithm to help decide an
offender’s bail terms, prison sentence and eligibility for parole.
While some of these factors are related to an offender’s record,
others have nothing to do with it—such as whether anyone in
the person’s family or social circle has ever been arrested. In
the U.S., black people are incarcerated at six times the rate of
whites; as a result, ProPublica found, any African-American is
more likely to be flagged as a risk simply because of who his
neighbors might be. And, indeed, Compas’s “false positive”
rate is nearly twice as high for blacks, leading to denied bail or
harsher sentences for people who do not go on to re-offend.
Such episodes of unintended consequences are not uncom-
mon, argues Sara Wachter-Boettcher in “Technically Wrong:
Sexist Apps, Biased Algorithms, and Other Threats of Toxic
Tech.” Drawing mostly on press accounts, and occasionally on
personal anecdotes, the author
crafts a passionate indictment
of bias in the tech industry.
From social-media platforms
like Facebook and Twitter to the
software used in hiring and
measuring creditworthiness, the
digital products that run our lives
are programmed to disadvantage
women, minorities and the poor.
Technologies of the future, she
contends, are being built on
prejudices of the past.
Ms. Wachter-Boettcher, a web
designer, focuses extensively—perhaps
excessively—on the “front end” tech that users see
and interact with, particularly default settings. Character limits
on sign-up forms that truncate hyphenated names, drop-down
menus that list only three or four options for “race,” social-
media profiles that force users to identify themselves as either
“male” or “female”—all communicate to women, minorities and
LGBT users that their business isn’t welcome, she says. Of argu-
ably greater concern, however, are the largely invisible
algorithms that power “back end” tech: For example, machine
learning and artificial intelligence rely on “training data”—vast
samples of information fed into mathematical models to test
the models’ validity and improve accuracy. In 2015, Google
engineers hadn’t thought to feed their photo auto-tagging algo-
rithm a diverse enough range of samples to teach the program
to identify dark-skinned faces—a problem revealed when an
African-American user found his selfies labeled “gorillas.” The
victims of these errors, the author argues, are left out of tech’s
designs because they’re dismissed as “edge cases”: extreme
examples that fall well outside the range of the “average” user.
Has Silicon Valley programmed its products to
disadvantage women, minorities and the poor?
An indictment of bias in the tech industry.
Ms. Wachter-Boettcher’s book is long on diagnosis but short
on prescription, except naive-seeming exhortations to
“demand that [technology] love us back.” Much of the prob-
lem, in her telling, stems from the fact that marginalized
groups are largely absent from Silicon Valley offices, and so
absent from the discussions of which customers to serve. In
2016, Apple’s global workforce was 68% male; at Google, only
2% and 1% of leadership positions were held by blacks and
Hispanics, respectively. The author rejects the notion that the
problem is with the “pipeline” of qualified job seekers, citing
research that shows top universities graduate blacks and
Hispanics with computer-science degrees at twice the rate at
which companies hire them. Rather, the tech industry is
obsessed with cultural “fit”—by which companies mean hiring
and promoting people who look and think like the existing
workforce. Launching one’s own company is rarely the solu-
tion, the author claims: The venture capital that startups need
typically flows to particular types of founders, who usually
look remarkably like the venture capitalists themselves—white
or Asian and male, and educated at Stanford, Harvard or MIT.
But are the problems the author identifies in tech
particularly novel or unique to that field? After all, the oil and
gas industry employs women at even lower rates; the market-
ing tactics she laments have been used in consumer-facing
industries for ages; and racists have long felt empowered by
cloaks of anonymity, be they literal white robes or fake Twitter
handles. To be sure, neglecting an entire race in product design
is an alarming failure. But tech companies are businesses like
any others: One may have good economic reasons to concen-
trate on its core customer base, just as another may judge that
ignoring “edge cases” means leaving money on the table.
Sooner rather than later, the market should solve this problem.
Unfortunately, Ms. Wachter-Boettcher overlooks a much more
serious, and more distinctive, flaw in the increasingly
monopolistic tech industry: the lack of a competitive market
that would empower consumers to vote with their dollars.
To find the author’s warnings compelling, one must accept
her central premise—that there’s really no such thing as an
“edge case” in technology and that tech somehow stands apart
from other industries. As for what exactly makes tech differ-
ent, the author offers a hint when she explains: “We tell [tech-
nology] our secrets. We rely on it to sustain relationships. It’s
the first thing many of us interact with in the morning, and the
last thing we look at at night. Technology isn’t just pervasive.
It’s personal.” We live, in other words, in a digital world. But
she seems to expect this digital world—human-created, hu-
man-used—to somehow be nobler than the real world.
Technology will always manifest human nature, at its best
and worst. The way to reduce callousness and prejudice in tech
is to reduce their prevalence in human society. But the work of
fostering critical thinking and compassion is done away from
the screen—in schools and churches and town halls, in the
sustained, real-life relationships among neighbors, families and
friends. The solution to Silicon Valley’s problems, then, may be
for the rest of us not to demand more from tech, but less.
Ms. Kruger is a contributing editor for National Affairs.
In HOLIDAY BOOKS this weekend
Michael Moritz on Silicon Valley’s birth • LeBron and
Curry • Ursula K. Le Guin • Jazz singers • The last Texas
pioneer • The ultimate guide to champagne • What to
give history buffs, nature lovers, foodies and everyone else
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A14 | Friday, November 17, 2017 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Solution for Ron Johnson The States Drive Their Golden Geese Away

T
he House of Representatives passed its against a 35% individual rate than against the Regarding your editorial “The Great capitalists (and their enterprises) can
tax reform Thursday, 227-205, with little Senate’s top rate of 38.5%. The House bill is Progressive Tax Escape” (Nov. 14): relocate with facility and profit to any
Florida invites those who have accu- corner of the world, lawmakers should
drama and only 13 GOP defections, nearly even worse as it keeps the current top rate of
mulated wealth and wish to protect it take note of the fact that a high tax on
all from high-tax states. This is 39.6% and even adds a “bubble to go south and pay no taxes on in- high incomes will encourage the flight
a major political achievement. How to satisfy his tax bracket” of 45.6% on many come, gains and estates. It is a race to of those high-income earners to
Now the action moves to the concerns and ease the taxpayers. Cut the top rate the bottom in a financial, geographical lower-taxed countries. When we soak
Senate, where Ron Johnson of and you solve Mr. Johnson’s and moral sense, with its beggar-thy- the rich, we eventually discover that
Wisconsin is curbing GOP en- blue-state blues. problem while giving another neighbor enticements. we have fewer rich to soak, and fewer
thusiasm by saying he can’t boost to growth. Viewed at a larger scale, the prob- of their companies on which to impose
support the current Senate bill. This could have the double lem of interstate tax competition, like a favorably reduced corporate tax.
Could Donald Trump, of all people, have a solu- political benefit of winning back some of those the continuing bids to draw Amazon There really is no discernible differ-
tion that brings him on board? defecting Republicans in high-tax states. Demo- to pick a favorable second headquar- ence between the two major parties.
Mr. Johnson is mainly concerned with the crats have been trying to use this issue as a ters, isn’t strictly speaking a problem STEVEN M. GREENBERG
of high progressive taxes, as your edi- Fort Lauderdale, Fla.
relative treatment of corporations compared wedge against Republicans in California, New
torial asserts. Better to view it the
with so-called “pass-through” businesses that York and New Jersey. “It is so sad to see the be- other way, as a problem of low-tax ju- I have lived in California and Flor-
pay taxes at the individual tax rate. In both the trayal perpetrated by our Republican colleagues risdictions using these devices to com- ida, and now reside in Minnesota. I
House and Senate bills, the top tax rate for cor- on their constituents, on our sense of community pete in a way that erodes the tax can say from personal experience that
porations falls to 20% from 35%. But S corps and our great state,” House Democratic leader bases of other states. That is exactly you get what you pay for in public
and pass-throughs get a smaller tax cut. In the Nancy Pelosi said last week. what is happening globally as well, amenities, services and quality of life.
Senate bill they get a 17.4% deduction from their Democrats want to soak the rich, yet then when Ireland, Panama, Malta, etc. JAMES GEBHARD
income that is taxed at the new top Senate indi- they defend this tax break that principally bene- make rock-bottom offers to global Wayzata, Minn.
vidual rate of 38.5%, which results in a top rate fits high earners in progressive states. In Cali- companies to do business there. De-
of 31.8%, well above 20%. fornia and New York, the deduction can reduce veloped states and countries cannot I know many people who have left
The comparison leaves out that corporate in- the marginal effective tax rate by 5.3% and 5%, run governments at the discounted New York for tax reasons to find a do-
prices offered by these tax havens, and micile in Florida, but their heart isn’t
come is double-taxed through dividends and respectively, compared to 2% in Utah and 0% in it is nonsensical to use their rates as in it. They find that there is very little
capital gains, which raises the overall level of Texas. As top marginal rates rise, so does the reference points for what taxes to do in Florida other than play golf,
corporate taxation to 39% under the Senate bill. value of the deduction. A 35% top marginal rate, “should” be. and they miss the excitement of a big
But then pass-throughs would also pay the 3.8% despite eliminating the state-and-local deduc- It is for this reason that Europe city. Many keep an apartment in New
ObamaCare surcharge on top of that 31.8%, and tion, would be a wash for high earners and pre- studies multistate tax compacts and York and then carefully keep to the
Mr. Johnson is worried that they also can’t de- vent a big tax increase in high-tax states. tax experts examine sales-based pro- 183-day limit to avoid becoming resi-
duct for state and local taxes while corporations But then how to pay for this? One way would tocols to try to design a fairer system dents again. These are people who
can, which adds several more percentage points be to use some of the $318 billion that Republi- for the 21st century. Neither “America want to have the amenities of New
in high-tax states. cans get from eliminating the ObamaCare indi- first” nor “Florida first” will do here. York without having to pay for them.
All told Mr. Johnson thinks corporations get vidual mandate. The Senate Finance Committee Interstate and global companies will They let the taxman run their lives
game the system, and governments rather than paying the taxes and en-
a better deal in the reform bills, and he’s hold- is using the money instead to double the nearly
have a right and an obligation to de- joying the life they really want to live.
ing out for some better pass-through treatment. universal child tax credit to $2,000 from sign systems to stop tax erosion. That can include a nice little vacation
One solution would be to let them deduct state $1,000—even for families making $500,000. JONATHAN D. KAUFELT in Florida when it gets really cold up
and local taxes, and another would be to in- The child credit does nothing for economic Santa Monica, Calif. north.
crease the size of the 17.4% deduction. growth, but it is hugely expensive (10-year cost: Karl M. von der Heyden
But enter Mr. Trump, who suggests cutting $584 billion) and could be pared back to the In this era of globalism, in which NEW YORK
the top individual rate a bit further. On Tues- House amount of $1,600 in conference with an
day he tweeted: “Now, how about ending the income cap of $125,000.
unfair & highly unpopular Indiv Mandate in No doubt the income distribution tables
OCare & reducing taxes even further? Cut top would look modestly worse, but Democrats and Get Real on Pre-Existing Condition Coverage
rate to 35% w/all of the rest going to middle right-wing income redistributionists will claim
Chris Pope’s “The Individual Man- inasmuch as the Affordable Care Act
income cuts?” the bill is a tax cut for the rich no matter what
date Is The Worst Tax Ever” (op-ed, guaranteed coverage of pre-existing
Good idea. The irony is that Republican lead- the GOP does. The redistributionists are now Nov. 13) takes a simple concept and conditions, knew that they could get
ers included a 35% top marginal rate in their complaining that the $2,000 child credit isn’t enmeshes it in unnecessary complex- coverage when needed at the going
September tax framework. But they abandoned permanent, though everyone knows it would be ity. Let’s face it: Covering pre-existing rate. We can either not cover pre-ex-
it in part because they worried that Mr. Trump extended once it begins. conditions requires either a single- isting conditions and force the less
might undercut them by saying top earners With victory in the House, the GOP is on the payer system or mandated participa- fortunate among us to pay a high pre-
should get no rate cut. But with Mr. Trump now cusp of a policy achievement that should boost tion, which the individual mandate mium or go without coverage, or have
on board, that’s no longer a problem. investment, economic growth and American tax was intended to encourage. This our government, already burdened
The Senate’s 17.4% pass-through deduction wages. Mr. Trump has offered the GOP a way requirement is no different than that with a $20-trillion debt, subsidize
would be more powerful as a growth incentive to avoid failure in the Senate. associated with any other insurance those with pre-existing conditions.
program, including home, automobile We should do what we do with all of
and life. All participants pay premi- our other types of insurance and pay

No Republicans Need Apply ums which cover the costs of the less
fortunate who experience catastrophe.
our fair share, and feel comfort know-
ing we are protected and that our

C
That’s what makes insurance viable. premiums subsidize the health-care
arlos Curbelo sure seems to qualify as But the caucus opted to keep it a one-party Unfortunately, our citizens found it costs of the less fortunate among us.
Hispanic. He’s the son of a Cuban father organization. Caucus spokesman Carlos Paz Jr. less costly to pay the individual man- CHELSEA PRIM
and mother who fled the Castro regime. put it this way: “The CHC isn’t just an organiza- date tax than buy the insurance, and Shawnee, Kan.
He speaks Spanish. And as the tion for Hispanics; it is a cau-
Congressman for Florida’s Congressional Hispanic cus that represents certain
26th district—which includes Caucus rejects Cuban- values. This vote reflects the Use the Tax Code Solely to Generate Revenue
the Florida Keys and parts of position of many of our mem-
American legislator. The Nov. 9 letters (“Is GOP Tax Try- nothing?” Sadly, this common-sense
Miami-Dade County—it would bers that Rep. Curbelo and his
ing to Change Demographics?”) in re- approach is the least likely one gov-
seem only natural to join the record are not consistent with sponse to the Nov. 3 editorial “Half a ernment will take.
Congressional Hispanic Cau- those values.” Tax Reform” provide a cross-section The U.S. individual income tax is all
cus, as Mr. Curbelo has been asking to do since In his letter seeking admission, Mr. Curbelo of complaints from potentially gored about having someone else pay for, or
January. conceded that he would likely have differences taxpayers about proposed tax changes. at least subsidize, one’s life choices.
Only one problem: Mr. Curbelo is a Republi- on policies and goals with other members but The sole back-to-basics letter asks: The size of the family one has, the
can. And though there was a day when the Con- believed that “a broader discussion, reasonable “Can Americans ever hope the tax house, type of car, health insurance
gressional Hispanic Caucus had GOP members, debate and diversity of thought” would serve code will focus on its primary pur- one buys (or not), education expenses,
that was years ago. This week the caucus re- the caucus well. pose—funding government—instead savings and investments, etc., have tax
jected Mr. Curbelo’s bid for membership. The group can set any rules it wants, includ- of income redistribution and social en- consequences. Granted, a lot of life
You might think the Congressional Hispanic ing for membership. But with this decision the gineering, with everyone paying some- choices already have been made based
thing, instead of half the filers paying on expected tax treatment of these
Caucus would welcome the chance to admit a Congressional Hispanic Caucus has confirmed
choices, but is that a good reason to
Republican and reject the idea that all Hispanics what many critics have long alleged: that the perpetuate tax-driven life choices?
are expected to think alike. The Congressional organization is less about advancing Hispanics Michelangelo Label Is Well A move to phase out personal ex-
Black Caucus managed to welcome Republican than advancing liberal Democratic priorities. emptions, tax credits, IRAs, other re-
Mia Love from Utah into its ranks. Good to have the caucus make it official. Supported by the Evidence tirement-plan deductions, and exist-
Regarding Cammy Brothers’s Nov. ing itemized deductions coupled with
13 review “Tracing the Education of an indexed standard deduction would
Trump’s South China Sea Message Michelangelo,” (Life & Arts) of Car-
men Bambach’s monumental exhibi-
set an income floor at which income
tax begins. Subject all income above

A
n underreported theme of President Trump urged the Vietnamese to buy Patriot tion “Michelangelo: Divine Draughts- that floor to several progressive tax
man and Designer,” at the rates and let people make their life
Trump’s Asia tour was his attention to missiles, and the relationship could deepen into
Metropolitan Museum of Art: I was choices based on the resulting after-
a regional flashpoint overshadowed by a strategic partnership. surprised by Ms. Brothers’s statement tax income they retain. Such plan
North Korea: the South China In Manila, Mr. Trump and that the attributions of the sculpture would be “fair” in that it would make
Sea. While Mr. Trump avoided He laid down some Philippine President Rodrigo of the “Young Archer” and the Kim- virtually everyone complain.
public statements on the issue important markers Duterte issued a joint state- bell Art Museum’s painting of “The GREGORY MARSHALL
in China, he laid down impor- ment that stressed “the impor- Torment of St. Anthony” are “far Marietta, Ga.
tant markers in Vietnam and on his Asia tour. tance of peacefully resolving from settled” and that “this would
the Philippines. disputes in the South China have been an occasion to invite the
public into the discussion, but the la-
CORRECTION
For five years China has Sea, in accordance with inter-
escalated tensions by building military bases national law, as reflected in the Law of the Sea bels fail to address these matters.”
on artificial islands. Last year a United Nations Convention.” Last year’s tribunal decision was The attributions of these two The International Swaps and Deriv-
works are far more secure than Ms. atives Association rules on defaults in
tribunal found that China’s claim to territorial based on the convention.
Brothers’s casual comment suggests. the credit default swap market. The
waters violated international law, but Beijing This is significant because Mr. Duterte previ- The label for “The Torment of St. An- Nov. 15 editorial, “Venezuela Goes
dismissed the judgment. Chinese vessels con- ously offered to put the verdict aside and thony” does, in fact, address attribu- Bust,” misidentified the name of the
tinue to harass the ships of the other six na- sought to cooperate with Beijing on oil-and-gas tion, and even reproduces new evi- association.
tions that claim territory and economic rights exploration. But China’s aggressive behavior is dence for the painting’s authorship in
in the area. creating political pressure on Mr. Duterte to de- the form of a quickly drawn sketch
In his Nov. 10 speech to the Asia Pacific Eco- fend Philippine claims. beneath the painted surface, recently Pepper ...
nomic Cooperation meeting in Danang, Mr. In August, Manila announced that a commer- discovered at the Kimbell using hy-
Trump cited territorial expansion as a threat to cial deal with China was in the works and Bei- perspectral imaging. This exciting
And Salt
regional stability. “We must uphold principles jing agreed not to occupy more land in the new information builds on the com- THE WALL STREET JOURNAL

that have benefitted all of us, like respect for Spratly Islands or build on Scarborough Shoal, pelling evidence for the painting’s at-
tribution to Michelangelo as pre-
the rule of law, individual rights, and freedom which it seized from the Philippines in 2012. But
sented in the Met’s 2009 exhibition
of navigation and overflight, including open that same day Chinese ships surrounded the “Michelangelo’s First Painting.”
shipping lanes. These principles create stability Philippine-occupied island of Thitu, causing a I cannot imagine anyone question-
and build trust, security, and prosperity among political backlash in Manila. Last year Mr. Du- ing the attribution after having read
like-minded nations,” he said. terte called for American troops to leave the the current exhibition’s catalog, which
The remarks are a direct challenge to China, Philippines, but now the two allies are in talks explores the topic in great depth.
which warns away ships and planes that pass to expand the U.S. presence on Philippine bases ERIC M. LEE
near the land features it controls. Beijing reacted near the South China Sea. Director, Kimbell Art Museum
with outrage after the U.S. Navy conducted four In a meeting with Vietnamese President Tran Fort Worth, Texas
“freedom of navigation operations” this year to Dai Quang on Sunday, Mr. Trump offered to me-
assert the right to use waters claimed by China. diate between China and the other claimants. Letters intended for publication should
An estimated $4.5 trillion in trade transits the That brought a predictable rebuke from China’s be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
South China Sea annually. Foreign Ministry, but quiet cheers in Southeast or emailed to wsj.ltrs@wsj.com. Please
U.S.-Vietnam relations continue to warm as Asia. This presidential trip sent the welcome include your city and state. All letters
a result of China’s pressure. In July Vietnam message that the U.S. has a vital national inter- are subject to editing, and unpublished
abandoned oil exploration in its exclusive eco- est in keeping shipping lanes open and deter- letters can be neither acknowledged nor “Jim, why don’t you hold off
returned.
nomic zone after threats from Beijing. Mr. ring Chinese territorial expansion. on call waiting for now.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
At Williams,
A Funny Way
Of ‘Listening’
By Zachary Wood
‘Y
Williamstown, Mass.
ou’re a racist white suprem-
acist!” a Williams College
student shouted at Christina
Hoff Sommers, after she finished a
recent campus talk on feminism.
To their credit, a handful of stu-
dents responded to Ms. Sommers’s
talk with challenging questions and
cogent criticisms. But insults, rants
and meltdowns consumed the major-
ity of the question-and-answer ses-
sion. As president of Uncomfortable
Learning, a student group that invites
controversial speakers to campus, I
did my best to moderate.
After one student activist shouted
“f— you!” at the speaker, an adminis-
trator seemed to affirm the heckler’s
veto, signaling to me with a timeout
gesture that it was time to end the
event. In an effort to give as many
students as possible a chance to en-
gage the speaker, I approached the
A mob kept disrupting
a speaker I invited to
campus. The president
calls that a success.
administrator and negotiated another
15 minutes for questions. But the re-
mainder of the Q&A consisted mostly
of bellicose rhetoric and long-winded
stories of personal trauma, many of
which had little to do with the topic
at hand. Ms. Sommers, a scholar at
the American Enterprise Institute
and critic of third-wave feminism, en-
dured such “questioning” for more
than an hour.
As a college senior eager to engage
in lively debate, I’m disappointed in
students who used this event as an op-
portunity to taunt and disparage a
speaker who made every effort to en-
gage in good faith. Although many stu-
dent activists at Williams seem hostile
to conservative ideas, I believe all of
my peers are capable of disagreeing
without being disagreeable.
But college administrators aren’t
much help. Since Ms. Sommers’s talk
at Williams, my college’s president,
Adam Falk, has characterized the
event as a success. He wrote in the
Washington Post this week that “our
students listened closely, then re-
sponded with challenging questions
and in some cases blunt critiques.”
That grossly misrepresents what
happened. During Ms. Sommers’s talk,
many students did not “listen closely.”
Instead, they acted disruptively by
mocking her and snickering derisively
throughout her entire speech.
For each “challenging question,”
there were at least five personal at-
tacks, directed either at her or at me
for inviting her. One student started
yelling aggressively, blaming me for
his parents’ qualms about his sexual
orientation. His rant lasted for at
least five minutes. Other students
stood up and exclaimed that they
were better than the speaker because
she was “stupid, harmful, and white
supremacist.”
Shortly after the event, I heard
from several friends that many mem-
bers of the Black Student Union want
nothing to do with me or other black
students associated with Uncomfort-
able Learning. I expect this kind of
recrimination. But I can’t speak for
other students who’ve told me they
worry about how their interest in my
group may affect their relationship
with their black classmates.
Ignoring the attacks directed at
controversial speakers and the stu-
dents who invite them propagates the
misconception that Williams, and
other American colleges, welcomes
intellectual diversity. Things won’t
get any better until college adminis-
trators like Mr. Falk honestly con-
front the threats to open debate at
the institutions they lead.
Mr. Wood is a senior at Williams
College.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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Trump’s Afghan Policy Goes Wrong
By Hy Rothstein
And John Arquilla
C
andidate Donald Trump
once bragged that he con-
sults himself on foreign af-
fairs. But his Afghanistan
policy, announced in Au-
gust, closely follows the guidance of
his military advisers and generals. It
amounts to only a minor recalibra-
tion of policy—with relatively small
U.S. troop increases, big subsidies
for the Kabul government, and no set
timeline for withdrawal. This is not
a fresh strategic approach.
Mr. Trump’s slight adjustment will
never bring stability to Afghanistan, a
country whose history and culture are
replete with rebellious people un-
suited and unwilling to support a
strong central government. American
failure to adjust strategy based on this
reality is a principal cause of Afghani-
stan’s instability.
In developing the way forward,
the president instead should have
demanded that his advisers address
why the massive U.S. investment in
Afghanistan has had such limited
success. He also would have bene-
fited from studying the experience
of other great powers in the coun-
try. The British, the Soviets and
even the pre-9/11 Taliban wrongly
assumed that a strong centralized
government could deliver stability.
Instead Mr. Trump has doomed the
U.S. to keep following the well-worn
path to failure in Afghanistan—at
ruinous cost.
Better policy in Afghanistan be-
gins with understanding the country
itself. The rugged terrain and ethnic
diversity of rural Afghanistan histor-
ically put the villages beyond the for-
mal control of a central government.
Equally important, Afghans outside
Where Have All the Public Companies Gone?
By Jason M. Thomas
T
he media and the public pay
a lot of attention to broad
stock market indexes, but
many of the most well-known mea-
sures aren’t what they seem. The
Wilshire 5000, for example, con-
tains roughly 3,500 companies.
There haven’t been 5,000 domestic
stocks to include in the index since
2005.
The number of public companies
in the U.S. has been on a steady de-
cline since peaking in the late
1990s. In 1996 there were 7,322 do-
mestic companies listed on U.S.
stock exchanges. Today there are
only 3,671. Easy access to venture,
growth and private-equity capital
means that companies no longer
need to pursue an initial public of-
fering to fund growth or access li-
quidity. Increases in regulations,
shareholder lawsuits and activist
demands have also diminished the
appeal of a public listing. Over the
past two decades, the number of an-
nual IPOs has fallen sharply, to 128
in 2016 from 845 in 1996.
Companies are going public later
in their lifespans—if they ever do
at all. The dearth of IPOs has led to
a 50% increase in the average age
of public companies, from 12 years
in 1996 to 18 years in 2016. Jeff Be-
zos founded Amazon in 1994, taking
How Local Utilities Gamed the Natural-Gas Market
By Fred Krupp
I
nnovators and entrepreneurs are
transforming the energy indus-
try. From shale gas to electric
vehicles to low-cost wind and solar,
so much about the way Americans
make and use energy is changing for
the better. Yet regulations haven’t
kept pace. Today a thicket of rules
too often stymies innovation and
damages the economy.
For example, about a third of the
natural gas in the U.S. is used to
make electricity, up from 20% in
2010, according to the U.S. Energy In-
formation Administration. But regula-
tions preclude efficient transactions
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Professional Information Business:
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OPINION
Kabul, seen from a helicopter carrying Defense Secretary Jim Mattis, April 24.
the cities are suspicious of Kabul.
Rural Afghans, who make up about
75% of the population, rarely see
themselves as part of a larger nation.
But that doesn’t mean they lack gov-
ernance. Local institutions are highly
effective, because they are grounded
in perceptions of fairness and trust.
Historically, regimes that have
tried to impose central authority
from Kabul have generated insurgen-
cies. The U.S. has followed this pat-
tern, supporting a governance design
that is contrary to rural Afghans’ un-
derstanding. Thus the presence of
foreign troops in the countryside has
been especially destabilizing, be-
cause they are viewed as defenders
of a corrupt central government
rather than the local population.
This is why U.S. initiatives and in-
vestments have not thwarted the
Taliban.
Despite Mr. Trump’s vow to eschew
nation-building, the Afghan govern-
ment is hooked to a U.S. life-support
system. If the U.S. pulls the plug, the
government in Kabul will die. This is
the company public three years
later with an enterprise value of
approximately $600 million. From
1997 to 2002 public investors en-
joyed a 12-fold appreciation in Am-
azon’s stock. Conversely, Mark
Zuckerberg waited until Facebook
was eight years old before taking it
public. At the time of Facebook’s
IPO in 2012, the social-media com-
pany had a market value of more
than $100 billion.
There are 3,671 domestic
listings today, down from
7,322 in 1996. Investors
can feel the difference.
The trend away from IPOs has
benefited private market players at
the expense of everyday investors.
With companies like Uber, Airbnb
and other successful startups de-
laying their IPOs for so long, there
is little prospect for public returns
on a scale similar to those enjoyed
by Amazon’s early stockholders.
The aversion to public listings isn’t
limited to the technology sector.
Microcap, small-cap and midcap
stocks have all but disappeared
from U.S. exchanges. Over the past
20 years, the average size of a
for the fluctuating gas supplies
electric generators need to match
the daily ebb and flow of demand.
This disconnect keeps most power
generators from contracting directly
with pipelines for gas deliveries,
which they instead obtain in sec-
ondary markets. There, legacy rules
often give local gas utilities, the
traditional pipeline customers, out-
size leverage. And that can cost
consumers and businesses billions.
A new study by a team of econo-
mists from three universities and
the Environmental Defense Fund
shows how expensive this obscure
anomaly can be.
New England regulators have as-
sumed the region’s natural gas pipe-
lines were being used efficiently. Not
so. Valuable space was going unused
on the busy Algonquin Pipeline,
which supplies gas for electricity and
heating, even during the coldest days
when demand is highest. There was
also a persistent gap between the
amount of gas scheduled in advance,
and the volume that flowed.
The researchers discovered that
local gas utilities owned by two
companies, Eversource and Avan-
grid, routinely booked large gas de-
liveries, then cut orders sharply at
the last minute. By then it was too
late for anyone else to use the pipe-
line space, enabling them to limit
the amount of gas available to the
generators that produce half the re-
gion’s electricity.
On 37 cold days, when demand
was high, unused pipeline space re-
sulting from the scheduling changes
represented about 28% of the daily
capacity typically used by gas-fired
Friday, November 17, 2017 | A15
control by the government in Kabul.
Going small will require a shift to
mostly special forces working with
and through legitimate local institu-
tions. As for going long, the U.S.
should be prepared to stay as long as
necessary.
Most bases can be closed. The ex-
isting infrastructure and expendi-
tures fuel the insurgency and corrup-
JONATHAN ERNST/GETTY IMAGES
tion. The Afghan National Army
should shrink as local security forces
grow. The U.S. should maintain
small-strike capability for high-value
terrorist targets and large groups of
terrorists.
Expensive development projects
must come to an end, too. Before fi-
nancial investments are made, they
should be matched by some type of
not a good option, but neither is per- investment or effort by locals. All of
manent dependency on the U.S. this would benefit from an informa-
Afghan political leaders who cur- tion campaign in conjunction with
rently hold some power will resist the Afghans that articulates the jus-
sharing it. But Washington and Kabul tice of our shared cause—the fight
must recognize the flawed design against terrorism.
and move toward a more decentral- The effort to reroute the currents
ized, ultimately more legitimate, of Afghan culture and history by
armed force has come undone. There
is a way ahead that seeks stability
Governing from Kabul and order, rather than requiring
American-style democracy. This way
has never been successful. speaks to the Afghans’ tradition of
The U.S. should look decentralized governance. It also en-
ables the U.S. to prevent Afghanistan
to local institutions. from becoming once again a haven
for terrorists. In that troubled land,
all counterinsurgency is local, and
form of governance. The consent of the American military footprint can
the governed matters. Most impor- be small.
tant, increased government legiti-
macy will go a long way toward de- Messrs. Rothstein and Arquilla
fusing the insurgency. teach in the special operations pro-
With this in mind we offer the fol- gram at the U.S. Naval Postgraduate
lowing recommendations: Go local, School. They coedited “Afghan End-
go small, go long. Going local means games: Strategy and Policy Choices
Afghan stability will depend on local for America’s Longest War” (George-
political arrangements rather than town, 2012).
publicly listed company in the U.S. Equity allocations are supposed
has risen nearly fourfold, after ac- to offer investors exposure to earn-
counting for inflation. ings growth and idiosyncratic busi-
As a large number of yester- ness risk. Company-specific outper-
day’s “growth stocks” have mi- formance has become increasingly
grated to private portfolios, so too difficult to achieve in public markets
has the diversifying economic ex- dominated by mature businesses
posure they provide. The disper- and passive fund flows. Today, it
sion of stock returns—the average isn’t possible to assemble a portfolio
difference in monthly returns with the same makeup as the stock
across all stocks—has declined as market of 1997 without exposure to
a result, narrowing the gap be- private markets.
tween the winners and losers. Less Many investors take this ap-
dispersion reduces the value of proach in emerging markets, where
stock picking, and investors have mega banks, mining, energy and
responded accordingly. Since 2000, telecommunications companies
roughly $1.7 trillion has been in- tend to account for a dispropor-
vested using passive strategies like tionate share of available stocks.
exchange-traded funds and index The limited pool of investment op-
mutual funds. At the same time, tions in such countries means that
funds pursuing active strategies market values tend to be highly
have experienced $1.4 trillion in correlated and fluctuate in re-
outflows. sponse to fund flows rather than
Since ETFs and index funds buy fundamentals. The greater the dis-
stocks on a pro rata basis, ignoring sonance between the stock market
price or fundamentals, the rise of and the real economy, the more in-
passive investing has intensified vestors must rely on various forms
the correlation of returns across of private equity to gain exposure
stocks. Discretionary, research- to the underrepresented but faster-
based stock selection now accounts growing industry segments and
for only 10% of average trading vol- companies.
ume. The offsetting deviations in The stock market today isn’t the
company performance that were stock market of 20 years ago. In-
once the hallmark of a broadly di- vestors, take heed.
versified stock portfolio have been
overwhelmed by marketwide buy or Mr. Thomas is director of re-
sell orders. search for the Carlyle Group.
generators, a big number given the user wants to sign a long-term con-
dollars at stake. tract for this capacity, and the de-
Econ 101 teaches what happened velopers want their investment to be
next: When supply goes down, prices risk-free. The guaranteed charges to
go up. Increases spilled into the consumers for decades would also
wholesale electricity market, boost- lock in gas demand even as cheaper
ing average prices about 20% over a and cleaner sources of energy are
three-year period, costing New Eng- gaining market share.
landers an estimated $3.6 billion. Today’s system is stuck in the
past. Until 1987, it wasn’t even legal
for pipelines to sell gas to electric
They booked large orders generators, and rules dating to the
early 1990s still give electricity
and then canceled at the short shrift, even though the two
last minute, which pushed systems are now heavily interdepen-
dent. Fortunately, conditions are
electric prices up by 20%. starting to look ripe for reform.
In August, Energy Secretary Rick
Perry released a report on electricity
Massachusetts Attorney General markets and reliability that was con-
Maura Healey is reviewing the find- troversial for many reasons, but
ings, Sen. Richard Blumenthal which highlighted the need for im-
(D., Conn.) asked the Federal Energy proved interaction between gas and
Regulatory Commission to open an electricity markets. And some pipe-
investigation on the matter, and line companies now see profit op-
both the Connecticut Public Utilities portunities in more flexible offerings
Regulatory Authority and the Mas- to generators.
sachusetts Public Utilities Depart- Ultimate responsibility rests with
ment are launching inquiries of FERC, which sets the rules for
their own. wholesale energy markets. Bringing
Eversource and Avangrid say the crucial interface between gas
their actions were intended to en- and electric markets up to date is a
sure a steady supply to their gas huge opportunity for new appoin-
customers. Yet nine other gas utility tees to the commission. Fostering
companies taking gas from Algon- contracts to fit generators’ opera-
quin didn’t cancel at the last minute. tional needs and improving overall
Whatever their motive, the flawed transparency will nurture competi-
rules left business and consumers tion and innovation in the industry,
holding the bag. and go a long way toward creating
Developers point to those price an energy grid that is cleaner, af-
spikes as justification to impose the fordable and more reliable.
costs of a new $3 billion pipeline on
electricity consumers. So far, no Mr. Krupp is president of Environ-
electric generator or other large mental Defense Fund.
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
A16 | Friday, November 17, 2017 THE WALL STREET JOURNAL.

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BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P 2585.64 À 0.82% S&P FIN À 0.08%
BuzzFeed Falls Short of Targets
Publisher is part of
wave of new-media
upstarts struggling
to satisfy investors
BY AMOL SHARMA
AND LUKAS I. ALPERT
Digital publisher BuzzFeed
is on track to miss its revenue
target this year by a signifi-
cant amount, the latest sign
that troubles in the online-ad
business are making it tough
for new-media upstarts to live
up to lofty expectations.
BuzzFeed, one of several
digital-media outfits that have
grown quickly in recent years,
had been targeting revenue of
around $350 million in 2017
Meredith
Submits
An Offer
For Time
BY JEFFREY A. TRACHTENBERG
Meredith Corp. has made a
takeover bid for storied maga-
zine publisher Time Inc. in the
range of $17 to $20 a share,
according to people familiar
with the situation.
A deal at that price would
value Time at almost $2 bil-
lion at the top end of that
range. Time’s shares closed as
low as $10 last week.
On Thursday, the stock
jumped 28% to $16.20, valuing
the company at $1.6 billion,
following reports that Mere-
dith had lined up financing
commitments from the billion-
aire Koch brothers and several
banks in pursuit of the acqui-
sition.
Members of Time’s board
have received the offer and
have begun discussing the
matter, one of the people said.
This is at least the third at-
tempt by Meredith, the pub-
lisher of titles such as Better
Homes and Gardens and Fam-
ily Circle, to combine with
Time, known for its People,
Sports Illustrated and Time
magazines.
Since its first approach in
March 2013, the Time Inc.
business was spun off from
parent company Time Warner
Inc. One of the appeals for
Meredith is the magazine pub-
lisher’s digital efforts, includ-
ing video, said a person famil-
iar with the matter.
If successful, Meredith
would gain access to the com-
pany’s 139 million monthly
unique visitors in the U.S.
across all its publications and
its online video business. Non-
magazine revenue sources at
Time Inc. are expected to
reach $1 billion this year.
INSIDE
FASHION IPO
SKIDS
ON RUNWAY
STARTUPS, B2
OSLO
RETHINKS
OIL STOCKS
ENERGY, B10
TECHNOLOGY: TYCOON’S MARTIAL ARTS PROWESS WON’T RESCUE ALIBABA B4
* * * *
S&P IT À 1.33%
but is expected to fall short of
that figure by about 15% to
20%, people familiar with the
matter said. BuzzFeed said in
a statement that it would still
show revenue growth for the
year and had made steady
gains in increasing its audi-
ence.
Other digital-media compa-
nies also are struggling to
meet investor expectations in
an increasingly fierce advertis-
ing environment. Though digi-
tal advertising is growing, the
competition has intensified.
Vice Media, the biggest in the
emerging sector by revenue,
also is expected to miss its
revenue target of more than
$800 million this year, people
close to the company said.
Mashable, a site known for
Specialists take bids for the painting ‘Salvator Mundi’ by Leonardo da Vinci at Christie’s auction house in New York Wednesday.
INTELLIGENT INVESTOR | By Jason Zweig
No Masterpiece: 1.35% Da Vinci Return
“Salvator
Mundi,” the
painting
widely attri-
buted to Leo-
nardo da Vinci,
sold at Christie’s auction
house in New York this week
for more than $450 million. If
we were to regard a work of
art as an investment, has the
Leonardo generated a good
return since the master
painted it?
Figuring that out takes
some guesstimation. After all,
the painting sold for only £45
(about $125 at the time) in
1958.
Leonardo died in 1519. King
Israeli Actress Seen as Corporate Spy
In a music video, aspiring
Israeli actress Stella Penn
Pechanac played a blonde-
haired woman passionately
kissing a man on a park bench.
By Mark Maremont,
Jacquie McNish
and Rob Copeland
In a modeling assignment, she
was a provocatively dressed
redhead. In a university news-
letter, she was a demure bru-
nette wearing a plain blue
scarf.
These days, Ms. Pechanac al-
legedly has put her acting tal-
ents to use in a different role:
as an undercover operative for
Black Cube, an Israeli investiga-
tive firm.
Ms. Pechanac, who couldn’t
be reached for comment, has
been identified by multiple
people as an undercover opera-
tive who, in separate assign-
ments for Black Cube, used
false names and elaborate
cover stories to gather infor-
mation from critics of film mo-
gul Harvey Weinstein and of
U.S. insurance company
THE WALL STREET JOURNAL.
DJ TRANS À 1.61% WSJ $ IDX À 0.03%
tech and pop-culture content,
agreed on Thursday to sell it-
self to trade publisher Ziff Da-
vis for $50 million, people fa-
miliar with the matter said, a
fraction of the $250 million
valuation it received in its last
investment round in March
2016.
Across the industry, digital-
media companies are finding
that lines of business that
caught fire for them early
on—like creating custom con-
tent for brands—are becoming
harder to scale up. Meanwhile,
with each passing year,
Google Inc. and Facebook Inc.
are tightening their grip on
the online-ad market.
That “duopoly” is expected
to command a combined 63%
of U.S. digital-ad spending in
Francis I of France is said to
have bought the “Mona Lisa”
from Leonardo or his heir,
Francesco Melzi, around that
time for 4,000 gold ducats.
Examples of ducats from
the late 15th and early 16th
centuries displayed on the
American Numismatic Soci-
ety’s website weigh approxi-
mately 3.5 grams apiece. A
troy ounce of gold contains
31.1 grams. So 4,000 gold duc-
ats would weigh approxi-
mately 14,000 grams, or 450.1
ounces of gold. At Wednes-
day’s price for gold in New
York of $1277.60 per ounce,
that would be a bit over
$575,000.
Ms. Pechanac in a music video before allegedly going under cover.
AmTrust Financial Services Inc.
Now, Ms. Pechanac has been
named in a court filing by Ca-
nadian financial firm West Face
Capital Inc. alleging she is one
of several Black Cube opera-
tives who used false names,
businesses and websites in re-
cent months to obtain sensitive
LIBOR 3M 1.436
2017, according to eMarketer,
boosting competition among
everyone else for what is left.
At BuzzFeed, some investors
have become worried about
the company’s performance
and rising costs for expansions
in areas like news and enter-
tainment. Those frustrations
were aired at a board meeting
in recent weeks in which direc-
tors took management to task
over what amounts to a $50
million to $70 million shortfall,
people familiar with the situa-
tion said.
“We’ve expanded our ad of-
fering with new products and
programmatic, and rapidly di-
versified revenue through
commerce, licensing, and de-
velopment for TV and film,”
the company said in a state-
Gold’s purchasing power
has remained relatively con-
stant over the centuries, so
this calculation gives one kind
of approximation for how
much King Francis I paid for
the “Mona Lisa.”
There appears to be no re-
cord of how much King Louis
XII and Queen Anne of
France,the presumed first
owners, paid for “Salvator
Mundi,” but let’s assume it
was around the same price
Francis I paid for the “Mona
Lisa.”
What long-term rate of re-
turn would have brought that
estimated price of about
$575,000 up to this week’s
YOUTUBE
information from its current
and former employees.
It isn’t unusual for compa-
nies to hire investigators to
gather information on business
rivals, but experts in the field
say Black Cube’s tactics are
more aggressive than most. Ms.
Pechanac’s alleged activities in
Friday, November 17, 2017 | B1
NIKKEI (Midday) 22404.85 À 0.24% See more at WSJMarkets.com
Big-Box Split
Shares of Wal-Mart and Target
have diverged in recent years as
they grapple with consumers'
ment. “We have greater audi- shift toward e-commerce.
ence reach and a more diversi-
fied business than ever, and 80%
are very well-positioned head- 60
ing into 2018.”
Vice was valued at $5.7 bil- 40 Wal-Mart
lion when private-equity firm
20
TPG invested $450 million in
June. The company’s investors 0
are pushing it to rein in costs
and achieve profitability next –20
year, according to one person. Target
–40
Investors who bought into
these types of companies in 2016 ’17
many cases theorized that fast Source: FactSet
growth would continue, in THE WALL STREET JOURNAL.
part because of the shift of
young audiences away from
television and other tradi-
tional media and toward digi-
Stocks
tal platforms.
That shift is real and the
Please see MEDIA page B2
Rebound
OnTaxBill,
Earnings
BY MICHAEL WURSTHORN
AND RIVA GOLD
Soaring Wal-Mart Stores
shares and House passage of a
tax-overhaul bill in the House
helped U.S. stock indexes
notch their biggest gains since
September.
Thursday’s moves reflected
what has powered much of
this year’s
THURSDAY’S rally: improv-
MARKETS ing profits
and sales at
American
companies, plus the prospect
that corporate tax cuts could
boost earnings even further.
After the S&P 500 posted
its steepest-one day decline
since September a day earlier,
investors snapped up shares
PETER FOLEY/EPA/SHUTTERSTOCK
across several sectors Thurs-
day. Some of the biggest gain-
ers: groups that have struggled
this year, such as consumer-
staples companies, and tech-
nology stocks, major contribu-
tors to this year’s gains.
The Dow Jones Industrial
Average added 187.08 points,
or 0.8%, to 23458.36, while the
S&P 500 rose 21.02 points, or
0.8%, to 2585.64. It was the
biggest one-day percentage
gains for both indexes since
Sept. 11.
The Nasdaq Composite
gained 87.08 points, or 1.3%, to
sale price of $450,312,500? 6793.29, its 66th record of the
Assuming the original amount year and its largest percentage
was invested on Nov. 15, 1519, increase since late October.
without interruption at a con- Upbeat quarterly reports
tinuously compounding rate, from Wal-Mart and J.M.
an average return of slightly Smucker helped drive con-
under 1.35% annually would sumer-staples stocks in the
have yielded this week’s sum. S&P 500 up 1.6%.
That might seem surpris- Shares of Wal-Mart surged
ingly low, but over a 498-year $9.79, or 11%, to $99.62, con-
period, even a paltry rate of re- tributing 67 points to the Dow
turn will multiply your money industrials’ gain Thursday, af-
hundreds of times. (By “your ter the company posted its
money,” we mean your money strongest quarterly U.S. sales
and that of your descendants, growth in nearly a decade
down to something like your thanks, in part, to a jump in e-
great-great-great-great-great- commerce. It was the stock’s
great-great-great-great-great- biggest percentage increase
great-grandchildren.) since 2008 and its highest
Please see ZWEIG page B6 close ever.
“Wal-Mart basically told the
markets last month they were
ramping up their internet busi-
ness and tweaking some things
and it seemed to come through
in their earnings results,” said
the three separate matters of- Mike O’Rourke, chief market
fer a rare view into a dark cor- strategist at JonesTrading.
ner of corporate espionage. “That got consumer staples
The recent exposure also going.”
provides unwanted publicity Shares of J.M. Smucker
for Black Cube, which describes added 10.14, or 9.5%, to 116.65
itself as “a select group of vet- after the maker of Folgers,
erans from the Israeli elite in- peanut butter and fruit
telligence units that specializes
in tailored solutions to complex
spreads beat analysts’ earn-
ings expectations.
business and litigation chal- U.S. stock indexes hit intra-
lenges.”
Black Cube said it “applies
day highs after House Republi-
cans passed a bill to overhaul
high moral standards to its the U.S. tax code.
work, and operates in full com- The Russell 2000 index of
pliance with the law of any ju- small-capitalization companies
risdiction in which it operates.” added 1.6%. Analysts say they
According to West Face’s le- have been tracking the index
gal motion, the company dis- as a proxy for investors’ expec-
covered the alleged Black Cube tations for a tax plan since
operation aimed at West Face they expect the proposal to
only last week, when The Wall benefit smaller, more domesti-
Street Journal posted surveil- cally focused companies.
lance photos and video from an The Stoxx Europe 600 rose
unrelated case of a mysterious 0.8% after seven straight ses-
operative using the name “Di-
ana Ilic.”
sions of losses. At the midday
break Friday in Tokyo, Japan’s
The woman later was identi- Nikkei was up 0.2% after rising
fied by the Daily Mail and by
multiple people interviewed by
1.5% Thursday. At the same
time, Hong Kong’s Hang Seng
the Journal as Ms. Pechanac. Index was up 0.9% after rising
Several West Face employ- 0.6% Thursday, lifted by a rise
Please see STELLA page B2 in tech heavyweight Tencent.
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 | Friday, November 17, 2017
INDEX TO BUSINESSES
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-B
Alibaba Group Holding
............................. B4,B11
Alphabet......................A9
Amazon.com
.................B2,B4,B11,B12
Amber Capital...........B10
American Express.....B10
Andreessen Horowitz.B2
Apple...........................B2
Applied Materials.....B12
AT&T............................B3
Baidu ........................... B4
Barnes & Noble...........B2
Best Buy ..................... B2
BuzzFeed.....................B1
C-D
Caesars Entertainment
.....................................B2
Calvin Klein.................B2
Centaur Holdings........B2
Clairvest Group...........B2
Comcast............A1,B2,B4
Daimler......................B12
Darden Restaurants...A9
Deutsche Telekom....B10
E-F
Emerson Electric.........B3
Exxon Mobil................B3
Facebook......................B1
Fiat Chrysler
Automobiles ............. B3
Ford Motor................B12
Frontier
Communications.....B11
INDEX TO PEOPLE
B-C
Boies, David................B4
Callinan, Jim...............B2
D-E
Dimson, Elroy..............B6
Eagan, Matthew.........B6
F Rupkey, Chris..............A2
Fok, Kitty .................... B4
G Sapir, Michael...........B11
Gaffney, Chris...........B11
Gammel, Jason.........B10
Goettle, Thomas.......B12
Goodell, Roger ............ B4
H Musk, Elon...........B3,B12
Hanson, Rebecca.........B4
Herrmann, John........B11
Caesars to Acquire Casinos
BY AUSTEN HUFFORD
Caesars Entertainment
Corp. plans to buy two Indiana
casinos in a $1.7 billion deal,
just weeks after it finished up
a large bankruptcy proceeding.
Caesars said Thursday it
reached an agreement to pur-
chase Centaur Holdings LLC,
which owns Hoosier Park Rac-
ing and Casino in Anderson,
Ind., and Indiana Grand Racing
and Casino in Shelbyville, Ind.
The company said it would
pay $1.63 billion at closing and
STELLA
Continued from the prior page
ees immediately recognized
photos of the woman as “Maja
Lazarov,” who claimed to be a
London-based recruiter who
had contacted the employees
with potentially lucrative job
offers, according to affidavits
in the West Face motion.
In meetings, “Maja” alleg-
edly asked the employees for
confidential information about
West Face. One was intro-
duced to a supposed psycholo-
gist and convinced to take a
personality test.
West Face’s former corpo-
rate counsel, Alexander Singh,
had two Toronto meetings in
September with “Maja La-
zarov,” according to a West
Face affidavit filed Wednesday
in an Ontario superior court.
Mr. Singh said he later identi-
fied the woman as Ms.
Pechanac.
He said he was flown in
early October to London for
dinner at a one-star Michelin
restaurant, Galvin at Windows,
to meet with the woman and
two men to discuss a potential
job opportunity with a Russian
investment firm, according to
his affidavit.
Instead, Mr. Singh said in
an affidavit that he was “ag-
gressively” questioned about
details relating to West Face’s
legal fight with a rival firm,
Catalyst Capital Group Inc.,
and asked to take a lie-detec-
tor test. Mr. Singh didn’t take
the test and no job offer mate-
rialized.
In the Wednesday motion,
West Face said it believed that
Black Cube had been hired to
spy on it by Catalyst, a Cana-
dian private-equity firm with
which it is embroiled in multi-
ple lawsuits, most relating to a
2014 takeover of a mobile-
phone carrier.
Catalyst didn’t reply to a re-
quest for comment. A person
familiar with the matter said
that Black Cube was investigat-
ing West Face on behalf of an-
other client and that Catalyst
wasn’t a client.
Ms. Pechanac’s Facebook
page has been taken down and
there was no response to
emails sent to addresses that
West Face employees said she
* ***** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
G-H
General Motors.........B12
Goldman Sachs Group
Sandell Asset
S
Management.............B2
Soaring Sales
Stitch Fix’s revenue has jumped in
Deal Would
...................................B10
Google....................A1,B1
Hearst Ventures.........B2
Hellenic
Sears Holdings..........B11
Siemens.......................B3
Sinclair Broadcast Group
recent years, but some potential
investors worry the growth will
be tough to sustain.
Take Barnes
Telecommunications
Organization...........B10
Home Depot ........ A1,B11
.....................................B4
Sony ............................ A1
SPDR S&P Retail......B11
Stitch Fix.....................B2
$977M
& Noble
J-K
J.M. Smucker..............B1
Kroger........................B11
Synchrony Financial..B10
T
$730M
Private
DAVID PAUL MORRIS/BLOOMBERG NEWS
Target..........................A1
L-M TEGNA.........................B4 BY DAVID BENOIT
Lerer Hippeau Ventures Tencent Holdings........B1 AND JEFFREY A. TRACHTENBERG
.....................................B2 Tesla.....................B3,B12 $343M
Lowe's.......................B11 Time ............................ B1
Meredith......................B1 An activist investor in
Time Warner...............B3
Morgan Stanley........B10 Barnes & Noble Inc. has pro-
Toyota Motor............B12
N TransCanada ............... A5 $73 M posed a transaction that would
New Enterprise Tribune Media.............B4 take the bookseller private with
Associates ................ B2 21st Century Fox........B4 FY 2014 ’15 ’16 ’17 the help of current sharehold-
Nexstar Media Group.B4 Two Sigma Investments
Note: Fiscal year ends late July ers and a hefty dose of borrow-
P ...................................B10
V-W
Source: the company ings, an effort that could face
PayPal........................B10
Peugeot.....................B12 Verizon Communications
CEO Katrina Lake reversed plans to sell shares in the offering. THE WALL STREET JOURNAL. formidable obstacles.
ProShares Decline of ............................... A1,B4 Sandell Asset Management
Stitch Fix IPO Is Priced
the Retail Store ..... B11 Viacom.........................B2 Corp. approached the company
ProShares Long Online/ Vice Media..................B1 with a plan that would value
Short Stores...........B11 Visa............................B10
PVH..............................B2 Barnes & Noble at more than
Volkswagen...............B12
R Wal-Mart Stores $650 million, or more than $9
Below Target in Setback
Rockwell Automation.B3 ................ A1,B1,B11,B12 a share, according to people
RRE Ventures..............B2 Walt Disney................A1 familiar with the matter. The
price is roughly $750 million
including Barnes & Noble debt.
BY CORRIE DRIEBUSCH
AND MAUREEN FARRELL
IPO’s asking price too high.
Their disappointing response
sidering the offering, said
Stitch Fix’s growth had been
Barnes & Noble shares rose
7.6% to close at $7.10 after The
was a setback for the San Fran- impressive so far but might be Wall Street Journal reported
J-K O'Rourke, Mike...........B1 Fashion startup Stitch Fix cisco-based company and its difficult to maintain. “Pressure on Sandell’s proposal earlier
Jones, Jerry ................ B4 Otting, Joseph..........B10 Inc. priced its initial public of- 34-year-old chief executive, Ka- is building that it might not Thursday.
Keane, Margaret.......B10 P fering below its target range trina Lake, who canceled plans warrant a unicorn valuation,” The effort faces a number
L Pai, Ajit.......................B4 and sold fewer shares than to sell one million of her shares he said. of obstacles and indeed sev-
Lael Brainard.............B10 R planned, another setback for a as the company looked likely to Stitch Fix has its fans. Reve- eral attempts to take Barnes &
Lake, Katrina...............B2 Rainey, John ............. B10 hot startup looking to cash in price its shares below expecta- nue rose 34% to $977 million in Noble private in the past de-
Lerer, Ken....................B2
on its private-market success. tions at $15 to $16 apiece the year ended July 29, from cade have fallen apart.
Limato, Ed..................M2
S The company priced its Thursday, people familiar with $730 million in 2016, according It calls for $500 million in
M
shares at $15 apiece, according the deal said. to a regulatory filing. Between debt financing, which could be
Ma, Jack......................B4
Spaenjers, Christophe B6 to people familiar with the deal, Investors are sometimes the year ended July 2015 and a difficult ask at a time when
Marsh, Paul.................B6
Maurer, Craig............B10 T compared with the $18 to $20 wary when insiders, particu- 2016, revenue more than dou- the company and the retail
Mino, Giuseppe di.....B10 Tsamaz, Michael.......B10 it had targeted in a regulatory larly senior executives, sell bled. sector more broadly are strug-
Mitrani, Alan...............B3 Twigg, Wes...............B12 filing. Concerns about competi- shares in an IPO because it Some potential investors gling with online competition.
Y-Z tion and the company’s long- could signal skepticism that the said they are concerned that as Another roughly $250 million
N-O Yongfu, Yu...................B4 term growth prospects put stock will trade much higher in a retailer, Stitch Fix could fall would come from current
Nelson, Jonathan........B6 Zeckhauser, Richard ... B6 pressure on the IPO pricing, ac- the near term. The deal ended victim to the Amazon effect if Barnes & Noble shareholders
cording to people familiar with up selling eight million shares, the e-commerce giant decides keeping their stakes and roll-
the deal. During the company’s rather than the 10 million to make a push into the ward- ing them over into a new pri-
roadshow IPO pitch, potential sought in the company’s filing. robe arena. A spokesman for vate entity, but Chairman
investors questioned whether
this is as good as it will get for
At $15 a share, Stitch Fix has
a valuation of roughly $1.4 bil-
Amazon.com Inc. didn’t re-
spond to a request for com-
Leonard Riggio wouldn’t agree
to do so, the company said. He
committed to make $75 mil- the personal shopping service, lion, versus the $1.8 billion it ment. built the chain and still owns a
lion in deferred payments. some of the people said. would have fetched at the mid- Stitch Fix’s stumble in its de- roughly 18% stake.
The largest operating unit Stitch Fix, which selects and point of its original target but sets up 2017 to end on a In a statement, Barnes &
of Caesars Entertainment ships outfits for its roughly two range. Still, that is far above the low note for an IPO market that Noble said it doesn’t consider
emerged from bankruptcy in million active clients, has $300 million Stitch Fix was val- has rebounded from last year’s Sandell’s proposal “bona fide,”
October, wrapping up a re- posted net income for six ued at in a round of financing doldrums. Companies making noting the investor only owns
structuring process that has straight quarters before notch- led by Benchmark Capital in their U.S. stock-market debuts $7 million in common stock.
left the casino behemoth with ing losses the past two quar- 2014, according to a person fa- have raised $46 billion so far “Mr. Riggio has no intention of
less debt and money to invest ters, according to a regulatory miliar with the matter. this year through Wednesday, rolling his shares into such a
in its business. filing. Potential investors had Ahead of Thursday night’s bouncing back from 2016, transaction, and the company
Centaur is owned by To- said that rare record of profit- pricing, Jim Callinan, a portfo- which was the slowest year for believes a debt financing of
ronto-based private-equity ability for a startup appealed to lio manager at Osterweis Capi- new offerings in more than a $500 million is highly un-
firm Clairvest Group Inc., them. But some still found the tal Management who was con- decade, according to Dealogic. likely,” it said.
which bought the company’s
debt in 2010 and took control
during a restructuring.
MEDIA Squeezed Out
The company has moved
into developing other, nonad-
vertising revenue sources, in-
As Facebook and Google take a larger piece of the online advertising
used with them. pie, competition for the rest intensifies. cluding a more robust e-com-
Many of those reporting in- Continued from the prior page merce operation and film and
teractions in Toronto and else- thesis still holds to a certain $100 billion Others television licensing.
where with Ms. Pechanac de- extent. BuzzFeed, Vice and 33% Nevertheless, it has been
scribed her similarly: a woman other companies have built Share of U.S. digital hard to match investors’ expec-
80
in her mid-30s with blonde or substantial businesses and ad revenues tations. BuzzFeed also missed
brown hair and an accent that continue to grow. Plus, some Facebook its revenue target in 2015 by
sounded vaguely central Euro- things that could jump-start 60 about 20% when it brought in
24%
pean, who was sympathetic their growth further, including about $170 million, people fa-
and friendly with women and Facebook’s aggressive embrace 40 miliar with the matter said. It
sometimes flirtatious with of online video advertising, Google* posted solid growth in 2016 to
men. are still in the early stages. 43% generate about $250 million in
They say she gave addresses BuzzFeed’s investors in- 20 revenue, soothing investor con-
in London—several different clude Comcast Corp.’s NBCU- cerns. But those worries have
ones, which generally turned niversal, which has invested 0
Projections resurfaced.
out to be untraceable shared- $400 million, Andreessen BuzzFeed for years had
office spaces—and claimed to Horowitz, Lerer Hippeau 2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 shied away from selling tradi-
work for companies or organi- Ventures, New Enterprise As- *Includes YouTube Source: eMarketer THE WALL STREET JOURNAL. tional display ads, or banner
zations that had generic-look- sociates, RRE Ventures and ads, finding that they didn’t
ing websites, some of which Hearst Ventures. NBCU’s lat- Hippeau Ventures and chair- dustry. Digital is no different.” grab users’ attention and sold
have since disappeared. est infusion was about a year man of BuzzFeed’s board. BuzzFeed has been pushing for low prices. Instead it opted
She sometimes made mis- ago and valued the company “What matters is the con- hard to develop its film and for its “native ads” like quizzes
takes. In dealing with targets at at about $1.7 billion. sumer shift from traditional to video output, from short-form and videos sponsored by com-
West Face, she once referred to “We are seeing growth in digital has happened, and this video clips to be shared on so- panies.
the wrong name for her sup- audience and revenue year- shift will only accelerate,” he cial media to feature-length But in its quest for growth,
posed husband and misspelled over-year at the major digital said. “If some of these compa- films. It also has invested in August the company changed
the name of her purported re- companies which is generally nies are off a bit from their es- heavily in its news division, its approach and began intro-
cruiting firm, according to the opposite of what is hap- timates a year ago misses the hiring more journalists to bol- ducing display ads that can be
emails included in the West pening in traditional media point. Audience behavior ster its early success with bought in an automated, or
Face legal filing. companies,” said Ken Lerer, changes always outpace adver- lighthearted “listicles” and on- “programmatic,” fashion, much
The men who worked with managing partner of Lerer tising shifts in every media in- line quizzes. like on many other websites.
Ms. Pechanac sometimes iden-
BUSINESS WATCH
tified themselves with Russian-
sounding names, according to
the legal motion and several of
those contacted. Two names
turned out to match those of VIACOM CALVIN KLEIN
prominent Russian athletes.
Another, Victor Petrov, resem- Ratings Gains Help Amazon to Sell
bles the name of the Russian U.S. Ad Revenue New Styles Online
president in the Netflix series
“House of Cards,” Viktor Viacom Inc. said ratings gains Calvin Klein Inc. is for the first
Petrov. at its core TV networks helped time selling new underwear only
West Face last week tried to it halt a yearslong slide in do- on Amazon.com Inc. this holiday
turn the tables. It hired a pri- mestic advertising revenue. season, bypassing the depart-
vate investigator to shadow Thanks to a 6% increase in ment stores that typically have
one employee, who had been ratings across six core channels, first dibs on its latest styles.
invited to London by two men ad revenue was flat in the U.S. The move signals a deepening
claiming to be recruiters, ac- in the quarter. Domestic affiliate of the decade-old relationship
cording to the legal filing. revenue fell 3% to $948 million between Amazon and Calvin
While the West Face inves- in the fiscal fourth quarter. Klein, which is owned by PVH
tigator took photos and ob- For the quarter, profit was Corp., and shows how brands are
EDWARD BERTHELOT/GETTY IMAGES
served from the next table, the $674 million, or $1.67 a share, up looking for new ways to reach
recruiters tried to elicit infor- 167% from a year ago. Adjusted shoppers as they visit depart-
mation about West Face, ac- profit rose 14% to $310 million, ment stores and other traditional
cording to the legal motion, or 77 cents a share. Revenue retailers less frequently.
which included a number of rose 3% to $3.32 billion. Calvin Klein’s decision to offer
the photos. —Keach Hagey some products only on Amazon
Catalyst sued Dow Jones & and Allison Prang during the important holiday
Co., the owner of The Journal, shopping season is a setback for
and Journal reporters Rob BEST BUY department stores, which have
Copeland and Jacquie McNish Calvin Klein looks to reach shoppers as they visit stores less often. been losing share to online re-
for defamation over an August Lower Revenue tailers and discount chains. De-
article, and named Mr. Cope- Blamed on iPhone rather than during the third slightly lower than Wall Street’s. partment stores are the main
land as one of several co-defen- quarter as is typical. For the third quarter, Best distributors of Calvin Klein un-
dants in the West Face lawsuit. Best Buy Co. attributed lower The retailer said it gave up Buy reported profit of $239 mil- derwear and jeans in the U.S.,
A Journal spokesperson has revenue in its mobile business to more than $100 million in reve- lion, or 78 cents a share, up since the brand doesn’t have its
said the news organization is Apple Inc.’s iPhone X going on nue because of the late launch. It from $194 million, or 61 cents a own full-price retail stores selling
“confident in the fairness and sale in November, the first reported revenue of $9.32 billion, share, a year ago. those items there.
accuracy” of its reporting. month of the fourth quarter, within its earlier forecasts but —Khadeeja Safdar —Suzanne Kapner
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. * * * * * * Friday, November 17, 2017 | B3

BUSINESS NEWS

Antitrust Siemens Retreats From Old Energy

Chief Airs
Caution on
AT&T Deal
BY BRENT KENDALL
WASHINGTON—The Justice
Department’s new antitrust
chief made clear Thursday he
doesn’t favor approving merg-
ers based on corporate com-
mitments to refrain from par-
ticular conduct, another
potentially ominous sign for
AT&T Inc.’s planned deal for
Time Warner Inc.
The issue has proved a key
one in discussions between the
companies and the Justice De-
German conglomerate
to cut 6,900 jobs as
demand fades from
fossil-fuel power plants
BY ZEKE TURNER
AND WILLIAM BOSTON
BERLIN—German electrical
engineering company Siemens
AG became the latest corporate
behemoth to bow before
sweeping changes to the way
electricity is made the world
over, as it unveiled a restruc-
turing plan to tackle overca-
pacity in its core businesses.
The conglomerate on
Thursday said that it would
cut 6,900 jobs world-wide, or
KRISZTIAN BOCSI/BLOOMBERG NEWS

partment, which is considering 2% of its workforce. The cuts

a lawsuit against the deal.
The AT&T-Time Warner
transaction is a vertical
merger that combines comple-
mentary companies instead of
direct competitors. In the
past, the Justice Department
has shown a willingness to ap-
prove such deals, even if they
raised competition concerns,
as long as the merging parties
agreed to so-called behavioral
remedies.
This happened, for example,
when Comcast Corp. in 2011
won approval to take control
of NBCUniversal after promis-
ing to abide by a range of con-
ditions, including a require-
ment to offer its content to
online video distributors on
reasonable terms.
Many analysts initially
thought the AT&T deal would be
cleared with similar conditions.
But Justice Department an-
titrust chief Makan Delrahim,
speaking at an American Bar
Association conference Thurs-
day, said there was bipartisan
agreement that behavioral
conditions have often proved
to be inadequate.
Mr. Delrahim said such con-
ditions were a form of govern-
affect three of its oldest units.
which provide turbines, indus-
trial motors and other heavy
equipment to clients ranging
from electrical utilities to
commodities companies to the
oil-and-gas industry.
The restructuring comes
just days after Siemens rival The company says the move will remedy overcapacity in turbine production. A gas turbine’s interior on an assembly line in Berlin.
General Electric Co. admitted
it misjudged demand in its as both Siemens and GE had ity at Siemens and its compet- some 13% since early May. presented the company’s an-
own core power businesses anticipated. itors of some 400 of these tur- About half of the job cuts nual earnings, saying its tur-
and announced it would halve “The power-generation in- bines a year. Meanwhile, will be located in Germany, bines business has been strug-
its dividend and launch a dustry is experiencing disrup- demand for large electrical Siemens’s home market, where gling for some time.
sweeping restructuring. GE is tion of unprecedented scope motors that the units produce a green energy revolution and The International Energy
cutting thousands of jobs, and and speed,” Lisa Davis, an also has fallen across indus- an all-out ban on new nuclear Agency this week forecast that
its new chief executive, John American on the Siemens tries from mining to steel to plants have wreaked havoc on renewable systems will account
Flannery, said 2018 would be a board with oversight of the shipbuilding. Siemens said it utilities, their power plants for two-thirds of all investment
“reset year.” power-and-gas division, said doesn’t expect a near-term re- that turn steam into electricity into power-generation systems
Siemens, like GE, has been in a statement Thursday. covery in these markets. and their industrial equipment from now until 2040. In that
caught unprepared for govern- A full 6,100 of the job cuts, For the fiscal year ended suppliers, like Siemens. year, renewables will make up
ments’ and companies’ shift or 13% of the 46,800 work- Sept. 30, Siemens generated Siemens said it plans to 40% of all power generation
away from large, fossil fuel- force at the power-and-gas revenue of €84.3 billion ($99.4 close and combine a handful of world-wide, the agency said.
powered plants to renewables, unit, will address overcapacity billion), an increase of 4% factories in Germany, includ- Jürgen Kerner, a senior
which make electricity in a de- in manufacturing of turbines from a year ago, and net in- ing one with 720 workers in union official and member of
centralized way and without for power plants, a Siemens come of €6.2 billion, up 11%. Görlitz, a town rich in brown the Siemens board, said this
the need to move massive representative said. Siemens’s stock rose 0.9%, coal near the Polish border week that workers would be-
amounts of steam through one Demand for gas turbines to €115.80, on Thursday. Year whose livelihood is already un- gin strategies for “a path of
of Siemens’s turbines. that generate more than 100 to date, the stock is un- der threat from the shift to creative resistance” to the
Meanwhile, gas-powered megawatts has fallen to about changed, underperforming the low-emission technologies. company’s plans and accused
plants haven’t picked up the 110 turbines a year, Siemens Stoxx Europe 600 index, which Siemens Chief Executive its leadership of taking too
slack from embattled coal and said Thursday, compared with is up 6.5%. Joe Kaeser hinted at the re- long to react to changes in the
nuclear businesses as quickly world-wide production capac- Siemens’s shares are down structuring last week when he electricity business.

Emerson Electric Boosts Offer for Rockwell

ment regulation that the Jus-
tice Department was ill-
equipped to impose, and he
criticized past antitrust en-
forcers for experimenting
“with allowing illegal mergers
to proceed subject to behav-
ioral commitments.”
The antitrust chief went on
to note that some antitrust ex-
perts have criticized the Com-
cast settlement.
Mr. Delrahim also offered
an indirect shot at AT&T, even
though he didn’t mention the
company by name. He quoted
from a letter 11 Democratic
senators sent to the Justice
Department last summer rais-
ing objections to the AT&T-
Time Warner deal.
The Justice Department be-
lieves the deal could give AT&T
too much leverage over com-
petitors and harm consumers,
according to people familiar
with the matter. Its decision on
whether to file a lawsuit could
come within days.
AT&T argues the depart-
ment’s concerns are mis-
guided, especially in an age
when online TV packages offer
consumers more ways than
ever to access entertainment.
The company says its deal
would help make film and TV
more affordable.
An AT&T spokesman de-
clined to comment on Mr. Del-
rahim’s speech.
Emerson Electric Co. best interest of the company
boosted its takeover offer for and shareholders but declined
Rockwell Automation Inc., to comment further.
ratcheting up an effort to Emerson is hoping that the
bring its reluctant rival to the higher offer, with a greater
negotiating table and forge a proportion of cash, will be
new giant in industrial auto- enough to convince Rockwell
mation. officials to sit down and talk—
either on their own or at the
By Dana Cimilluca, urging of investors.
Andrew Tangel At least one investor ex-
and Bob Tita pressed interest in seeing
Rockwell seriously consider
Emerson sent a letter Emerson’s latest offer.
Thursday to Rockwell Chief “You have a chance to at
Executive Blake Moret propos- least explore and engage to
ing a takeover at $225 a share, see if there is a fit,” said Alan
60% in cash and 40% in stock Mitrani, managing partner of
for a total value of some $29 hedge fund Sylvan Lake Asset
billion. It is St. Louis-based Management in Englewood,
Emerson’s third bid for Rock- N.J., which he said was a long-
well and compares with a term investor in Rockwell.
$215-a-share offer in October Rockwell shares gained
and one in August valued at 2.6% to $193.61 on Thursday,
$200 a share. Both were equal while Emerson shares fell
parts cash and stock. slightly to $59.02.
The earlier overtures were Emerson is pushing ahead
met with resistance from with the bid because it be-
Rockwell, which has refused to lieves that putting the compa-
engage in negotiations, ac- nies together would create a
cording to people familiar new powerhouse in the pro-
with the matter. duction of equipment and
Mr. Moret, speaking at an software used to control auto-
investor meeting in Houston, mated manufacturing pro-
said Rockwell’s board would cesses, a $200 billion global
carefully consider Emerson’s market.
latest bid to see if it is in the The combined company
Rockwell shareholders, accord-
Hot Pursuit ing to the letter. The deal
Emerson and Rockwell share performance since the takeover would add to adjusted per
attempts were disclosed share earnings in the first
year, according to Emerson.
Rockwell Emerson Nov. 8 The offer is at a relatively
Rockwell releases its fiscal Q4 rich multiple of 21 times past
25% earnings, reiterates position
that Emerson offers not in best earnings before interest, taxes,
interest for company depreciation and amortization
and represents a 30% premium
20
Oct. 2 to Rockwell’s average share
Rockwell receives price in the 90 days leading up
15 Emerson's second to when the pursuit became
offer at $215 a share public Oct. 31.
Rockwell’s strength is in so-
10 called discrete products used
Aug. 2
Rockwell receives Emerson in areas including auto assem-
5 offer for $200 a share bly, packaging and printing,
while Emerson excels in so-
called process control for
Nov. 16
0 power plants, oil-and-gas facil-
Emerson launches third bid, for
$225 a share, on the day Rockwell ities and the like.
holds investor meeting Emerson and Rockwell’s
–5
systems are increasingly used
Aug. ’17 Sept. Oct. Nov. by the same customers.
Source: FactSet THE WALL STREET JOURNAL. Combining the companies
and integrating their product
would have a market capital- trial investment as customers lines would appeal to custom-
ization based on current val- look for more efficiency from ers looking to simplify factory
ues of more than $60 billion existing plants and as manu- control processes and elimi-
and about $23 billion in an- facturing becomes more auto- nate the need for custom-built
nual revenue, and potentially mated and digital. system interfaces, said Sandy
be in a position to better com- Emerson estimates more Vasser, a retired electrical en-
pete with European rivals like than $6 billion of capitalized gineer for Exxon Mobil Corp.
Siemens AG. synergies from the potential who has worked with both
Automation systems have deal, which it reckons is worth companies’ automation sys-
been a sweet spot for indus- an additional $10 a share to tems.

Fiat Chrysler Counts on New Jeep Wrangler to Drive Sales

BY CHESTER DAWSON ati. The current stock market
Rolling Uphill value of Fiat Chrysler is Tesla Introduces
DETROIT—Jeep’s rugged Jeeps make up a small but $26.5 billion, reflecting losses
Wrangler is known for scaling growing percentage of global at brands like Lancia and far Its All-Electric
mountains and crossing riv- SUV sales. lower profit from Dodge vehi- Semitrailer Truck
ers. The sport utility’s next cles than Jeeps and Rams.
challenge is to forge a path Global sales The Wrangler and Ram
for Fiat Chrysler Automo- Jeep vehicles All SUVs pickups together deliver more HAWTHORNE, Calif.—
biles NV as Chief Execu- Forecast than a third of the com- Tesla Inc. Chief Executive
tive Sergio Marchionne pre- 40 million units pany’s North American reve- Elon Musk on Thursday re-
pares to leave the company. nue, according to a Wall Street vealed a sleek, all-electric
30
A revamped version of the Journal analysis of sales vol- semitrailer truck that he
SUV debuts this month, the umes and average transaction promises will go a surprising
20
first major overhaul since prices. And they generate the 500 miles on a single charge
Daimler AG owned the brand vast majority of the profit. and be able to travel autono-
10
in 2006. Designed to be more To free up space to build mously in convoys.
FIAT CHRYSLER

efficient and tech savvy, the 0

new Wrangler is central to a
plan to triple Jeep’s overall an-
nual sales to as many as seven
million vehicles globally, though
it hasn’t said by when. That
would top all of Ford Motor
Co.’s world-wide sales last year.
Jeep’s sales were far smaller
when Mr. Marchionne com-
bined Fiat SpA with the bank-
rupt Chrysler LLC a decade ago.
Mr. Marchionne in the past said
Fiat Chrysler needs a partner to
help shoulder regulatory costs
and technology investments,
and the Jeep brand’s potential
has been seen as a compelling
more Wranglers, Fiat Chrysler Mr. Musk also surprised
moved assembly of the popular the audience of about a thou-
2009 ’14 ’16 ’18 ’20 ’25 midsize Cherokee SUV to Illi- sand people here with Tesla’s
Source: Goldman Sachs nois from Toledo. It also plans newest Roadster, a $200,000
The brand is getting its first major overhaul in more than a decade. THE WALL STREET JOURNAL. to update the Cherokee early car he promised would have a
next year. Mr. Marchionne told range of 620 miles on a
opportunity for suitors. vest in new areas, such as elec- signed Ram 1500 pickup will analysts in October that suc- charge and be available in
But with Fiat Chrysler stock tric cars. In addition to being a be produced at a Sterling cessfully carrying out the three 2020. The car, Mr. Musk said,
price at postmerger highs amid cash cow, the SUV is a key cog Heights, Mich., plant that had model launches over the next will be the fastest production
record profits, merger talk has in a $3.5 billion overhaul of the made a Chrysler sedan discon- 90 days is the “biggest risk” car ever, topping 250 miles
cooled. Intending to step down company’s North American fac- tinued last year. to a near-term profit target and per hour.
in 2019, Mr. Marchonne is now tories that is designed to lessen Goldman Sachs estimates efforts to eliminate net debt. The Tesla Semi is due out
working on a five-year plan to reliance on low-margin passen- the Ram and Jeep lines are Fiat Chrysler could be hurt if in 2019. Without giving a
be unveiled early next year for ger cars and double down on worth a combined $40 bil- demand for trucks and SUVs sticker price, Mr. Musk said
a still-unnamed successor. profitable pickups and SUVs. lion when stripped out of the falters, as often happens when the semi would be cheaper to
The Wrangler’s success Shortly after the new Wran- broader company, which also gasoline prices climb, said Ron operate than a diesel rival.
is critical to Mr. Marchionne’s gler starts rolling out of a fac- includes other U.S. brands as Harbour, a manufacturing con- —Tim Higgins
effort to pay down debt and in- tory in Toledo, Ohio, a rede- well as Italy’s Fiat and Maser- sultant at Oliver Wyman.
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 | Friday, November 17, 2017
FCC Rolls Back Media Ownership Limits
Relaxed rules are likely to spur a wave of consolidation that would reshape the local-TV landscape
BY JOHN D. MCKINNON
AND JOE FLINT
WASHINGTON—Changes in
federal media ownership rules
approved Thursday are likely
to touch off a wave of deal
making, reordering the local-
TV landscape.
The Federal Communica-
tions Commission voted 3-2,
along party lines, to reverse or
revise a number of longstand-
ing limits on local ownership
of TV stations as well as radio
stations and newspapers.
FCC Chairman Ajit Pai, a
Republican who led the
charge for the overhaul, said
at Thursday’s meeting that
“few of the FCC’s rules are
staler” than the broadcast
media ownership rules, some
of which date to the 1970s.
“It’s about time” that the
agency overhauled them to
make sense for the digital-me-
dia age and give local media
more ability to compete in the
CHINA CIRCUIT | By Li Yuan
Alibaba Wages Unhappy Fight to Be Entertaining
Alibaba’s
Jack Ma is
burnishing his
fame by star-
ring in a mar-
tial-arts film
that topped 100 million views
online in just a few days. But
his internet stardom won’t be
enough to rescue his strug-
gling entertainment business,
which is losing money and
market share.
Titled “Gong Shou Dao,” or
“Offense and Defense,” the
22-minute film that began
streaming last weekend
shows the executive chair-
man of Alibaba Group Hold-
ing Ltd. using his Kung Fu
skills to defeat some of the
biggest names in martial-arts
films, including Jet Li and
Donnie Yen.
“GSD” showcases Alibaba’s
breadth in entertainment. It
TPG/ZUMA PRESS
was produced by Alibaba Pic-
tures Group and streamed on
Alibaba’s Youku Tudou site.
The film’s theme song—a duet
between Mr. Ma and pop
singer Faye Wong—was re-
leased on Xiami.com, Alibaba’s
music app, drawing 20,000
comments in short order.
Despite the buzz, the film
isn’t likely to do much for
Alibaba’s entertainment busi-
ness. On Wednesday, Alibaba
said the chief executive of the
business unit, Yu Yongfu,
would be transferred to a
new position, only 13 months
into the job.
I
n an attempt to fix the
entertainment division,
Alibaba is putting it in
the hands of a six-person
management committee. But
the real question is whether
Alibaba should even be in the
entertainment business.
The company makes al-
most all its money from e-
commerce, which was under-
scored by the $25 billion in
China’s Baidu Enters ‘Smart-Home’ Arena
BY ALYSSA ABKOWITZ
BEIJING—In its push into
artificial-intelligence technolo-
gies, Chinese internet giant
Baidu Inc. is entering the
market for “smart home”
products with an intelligent
speaker and a personal robot.
The company, which is best
known as China’s leading
search engine, announced at
its annual Baidu World confer-
ence on Thursday that it will
begin selling two home assis-
tants—similar to Amazon.com
Inc.’s Echo—that can execute
commands such as playing
songs or videos using voice
recognition.
With its core search busi-
ness maturing, Baidu is look-
ing to use its AI capabilities to
foster new enterprises that
can bolster its revenue. Last
year, a medical scandal cut
into its advertising sales and
led to a management shuffle.
The company’s Raven line
of smart-home products,
which will be sold in the Chi-
nese market to start, is seen
* * THE WALL STREET JOURNAL.
BUSINESS & TECHNOLOGY WSJ.com/Tech
INDUSTRY FOCUS
new environment, he added. expand if the current regula- though, Sinclair will still likely policy, disputed the notion But if we can do that in
In a statement, Democratic tions were loosened. Nexstar have to sell some television that the rollback was aimed other manners…we’d be open
commissioner Jessica Rosen- Chief Executive Perry Sook stations to be in compliance. at the company, saying that to looking at it.” 21st Cen-
worcel said the agency’s action told analysts earlier this Some Democrats suggested modernizing the rules is tury Fox and Wall Street
“sets its most basic values on year that the company was the ownership changes by the “critical to the future of free Journal parent News Corp
fire.” She added she is “hard “already in discussions GOP-led FCC were specifically and local broadcasting.” share common ownership.
pressed to see any commit- should the rules change “The entire broadcast com- Comcast Corp. has ap-
ment to diversity, localism or about opportunities that munity has been seeking own- proached Fox to express in-
competition” in the changes. might be available to us.” Ajit Pai, FCC ership relief for decades, and terest in buying a substantial
Television station owners A Tegna spokeswoman chairman, led multiple industries support piece of it, according to peo-
complained that the rules, en- said recently that the com- the push for a advanced broadcast technol- ple familiar with the situa-
acted to ensure diversity of pany is “pursuing an aggres- regulatory ogy,” she said. “To suggest tion. And Verizon Communi-
views, have become burden- sive growth strategy” and overhaul at that these reforms benefit one cations Inc. is also kicking
some, particularly at a time expects “to be a strategic the federal company ignores the wealth of the tires on Fox assets.
when online rivals are dis- and disciplined consolidator agency. publicly available advocacy on One change eliminates the
rupting their markets. at this pivotal time of posi- both of these fronts.” rule that generally prohibits
The new relaxed rules could tive regulatory change.” Nex- Among broadcast networks, a single individual or com-
open the floodgates to more star has said the company aimed at giving a boost to none have expressed an over- pany from possessing a daily
consolidation among television- isn’t looking to do another the conservative-leaning Sin- whelming desire to get bigger. newspaper and a radio or TV
station owners, particularly so- large deal but rather “surgi- clair. FCC officials have said At a Goldman Sachs con- station in the same market.
called super groups that cal and select tuck-in deals.” that most of the changes ference two months ago, A second eliminates a simi-
have arisen in recent years. The most immediate bene- have no impact on Sinclair’s 21st Century Fox Co-Execu- lar rule regarding cross-own-
Several of these large ficiary of the relaxed rules proposed merger. The tive Chairman Lachlan Mur- ership of radio and TV sta-
broadcasting groups, includ- will be Sinclair Broadcast changes that might didn’t go doch said the company will tions. Other changes make it
ing Nexstar Media Group Group, as some of the as far as broadcasters re- “always look at ways that we somewhat easier for a com-
Inc. and Tegna Inc., have changes could smooth the quested, they added. can responsibly grow our pany to own two TV stations
previously indicated to Wall way for its proposed acquisi- In a statement, Rebecca distribution. But it’s not in a single market.
Street that they would be tion of Tribune Media Co. Hanson, Sinclair’s senior vice something that we would —Keach Hagey
looking for opportunities to Even with the new rules, president for strategy and commit a lot of capital to. contributed to this article.
Cowboys
Owner
Steps Up
NFL Feud
BY ANDREW BEATON
Jerry Jones isn’t backing
down from his increasingly
contentious feud with his fel-
low National Football League
owners and the league office.
The Dallas Cowboys owner
on Thursday requested a spe-
cial league meeting to discuss
commissioner Roger Goodell’s
contract-extension negotia-
tions, according to a letter re-
viewed by The Wall Street
Journal, further stoking his
bitter conflict with the NFL’s
leadership.
The letter, addressed to Mr.
Goodell, was sent a day after
the league warned Mr. Jones
to drop the issue.
Instead, Mr. Jones cited a
laundry list of problems facing
the NFL as justification for his
actions, a move that turns one
Jack Ma, right, and Chinese martial-arts actor Jet Li promoted an Alibaba entertainment production in Beijing on Wednesday. of the league’s most powerful
owners into one of its fiercest
sales rung up on Singles’ Day The assets the company Pictures. It lured Zhang Qiang, digital media and entertain- critics. In this fight, though, he
last week. acquired in film and online a senior executive at state- ment businesses, of which is increasingly isolated.
But Mr. Ma has a grand vi- video and music are shrink- owned China Film Group the video site is one of two Later Thursday, the owners
sion that Alibaba’s future ing or losing market share to Corp., to head the studio. primary businesses, grew on the compensation commit-
hinges on its ability to com- rivals including Tencent The studio produced and from 4.1 billion yuan in fiscal tee—from the Falcons, Chiefs,
pete in the double-“H” indus- Holdings Ltd. distributed a few films but year 2016 to 14.7 billion yuan Patriots, Giants, Texans and
tries—health and happiness— One reason: Alibaba failed to come up with any in 2017. But the losses also Steelers—rejected Mr. Jones’s
and he sees entertainment as doesn’t have entertainment blockbusters. Alibaba Pictures expanded from 4 billion yuan request. The six owners said
a key component in the latter. in its DNA. Its executive lost 959 million yuan ($145 to 9.9 billion yuan. an already-planned special
Alibaba also sees online ranks lack the talent to lead million) in 2016, and Mr. In music, Alibaba had an meeting on Dec. 13 will pro-
videos and music as market- creative endeavors that are Zhang lost his CEO position. early start, acquiring Xi- vide “ample opportunity” for
ing channels and a way to fundamentally different from ami.com, a music streaming the owners to discuss the is-
O
keep consumers glued to its its core e-commerce business. ne of Alibaba’s biggest site founded by several Ali- sues Mr. Jones raised.
web portals. The company Tencent hit a similar road- loss centers is video baba alums, in 2013. It then They wrote that the com-
says that the digital media block when it ventured into site Youku Tudou, acquired an online music mittee “intends to continue to
and entertainment business online retail. The company which is spending a lot of player called TTPOD, which work diligently to fulfill its
is fully integrated into the eventually gave up and took a money to buy original con- had over 200 million regis- mandate” from the unanimous
Alibaba ecosystem and that it strategic stake in Alibaba ri- tent in its competition with tered users. resolution in May when all the
is “firmly committed to mak- val JD.com Inc. Tencent Video and search en- Now, Tencent Music Enter- owners voted to extend Mr.
ing long-term investment” in In film, Alibaba paid more gine Baidu Inc.’s video sub- tainment has a more than a Goodell.
the division. than $800 million in 2014 for sidiary iQiyi. 75% share of China’s digital- Still, Mr. Jones’s letter pro-
Maybe so, but its efforts a majority stake in film- and In 2016 Alibaba acquired music market. Xiami.com is vides a window into his think-
so far are like an untalented television-production studio for $4.4 billion the part of far behind after being sur- ing amid the high-stakes clash
rich kid trying to break into ChinaVision Media Group Ltd., Youku Tudou that it didn’t al- passed by other smaller com- that seems likely to roil the
Hollywood. and then renamed it Alibaba ready own. Revenue from petitors. league through the rest of the
season.
In the letter, he cited the
“severe threats of retaliation”
against him that “demonstrate
the dysfunction of the current
process”—a reference to dis-
as a way to generate short- cussions among some owners
term revenue gains while more to potentially remove him.
ambitious ventures such as In recent weeks, Mr. Jones
driverless cars are being de- has been on a mission to sty-
veloped. mie an extension for Mr. Good-
While Amazon and Alpha- ell. Mr. Jones hired high-pro-
bet Inc.’s Google have estab- file litigator David Boies and
lished a market in the U.S. for threatened a lawsuit over the
smart-home devices, China’s issue, which resulted in his
tech firms are just now field- ouster from his status as an ad
ing such products. hoc member of the compensa-
Earlier this year, Alibaba tion committee in charge of
Group Holding Ltd. launched the negotiations.
QILAI SHEN/BLOOMBERG NEWS
the Tmall Genie, a voice-assis- Mr. Jones took issue in the
tant controlled speaker, and letter with Mr. Goodell’s lead-
Tencent Holdings Ltd. an- ership.
nounced a similar product The NFL “has undergone un-
called Xiaowei. Smartphone precedented upheaval in the
maker Xiaomi Corp.’s entry last two years, including a sig-
costs less than $50 and in- nificant decline in television
cludes audiobooks and radio ratings, increased advertiser
as content. Attendees of an event in Beijing on Thursday where Baidu introduced smart devices for the home. discontent, high-profile litiga-
While the market for smart tion concerning player suspen-
speakers in China is still un- said Kitty Fok, China manag- functions as the Raven H, but the home and control the de- sions, and decreasing ticket
known, analysts say many ing director at consulting firm can also move on an axis, al- vice directly. It will be avail- sales,” says the letter, which is
companies are jumping in to IDC. lowing it to dance along to able next month for 1,699 yuan on Cowboys stationery with
gain consumer data. By order- Baidu’s Raven H can hail a music. ($257). the team’s star logo at the top.
ing merchandise or choosing taxi, play a song or search for Unlike other smart speakers Baidu didn’t announce the It adds: “This is not the time
songs online, users give device information on the company’s that are controlled only by price for the Raven R, which for the League to undertake
companies a wealth of data search engine. The second voice, Raven H has a base with will be available in the spring massive contractual obligations
that can be used to offer addi- product, Raven R, is a station- a detachable touch screen, al- along with a third smart-home which are inconsistent with the
tional products and services, ary robot that provides similar lowing a user to move about product, the Raven Q. League’s performance.”
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. Friday, November 17, 2017 | B5
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
B6 | Friday, November 17, 2017
STREETWISE | By James Mackintosh
The Antidote to the Fed’s Poison
Janet Yel-
len has two
meetings left
as chair-
woman of the
Federal Re-
serve, and traders think they
know exactly what she will
do with interest rates. Fed-
eral-funds futures peg the
chance of a quarter-point in-
crease next month at 97%,
with just a 5% chance of a
further rise at her swan song
in January.
Ms. Yellen has plenty of
time to shake the compla-
cency of markets, and she
should. The best way is to
become less predictable. An
emergency Fed meeting on a
Sunday could raise rates
some random amount, say
0.07 percentage point. Even
better, the Fed doesn’t need
to even issue a press release
about it, let alone hold a
press conference. Let the
markets find out that the
overnight borrowing rate has
gone up when it, well, goes
up.
Such talk is heresy for the
modern central banker, and
markets would hate it. But
that is the point. Central
banks have been coddling in-
vestors for years with trans-
parency and forward guid-
ance, to such an extent that
the question of what policy
makers will do has primacy
over analysis of inflation and
the economy.
Central bank openness
and the unwillingness of pol-
icy makers to surprise inves-
tors was a powerful drug in
the crisis, but leaks a slow
poison into the markets. The
result is that investors have
piled on bad risks they
would otherwise be unwill-
ing to take on. It also de-
graded the quality of the sig-
nals markets send about the
economy. Perhaps worst of
all for central bankers, the
ZWEIG
Continued from the prior page
Over the centuries, art
prices have tended to go
through long boom-and-bust
cycles, often falling for
decades, only to surge during
times of widening income
inequality.
In the long run, however,
the market value of fine art
has tended to outperform
cash, bonds and gold—but to
underperform equities. Most
of the return on art is psychic,
not financial, measured in
units of pride or pleasure.
No wonder finance
professors Elroy Dimson and
Christophe Spaenjers call art
an “emotional asset.” They
have estimated that from 1900
DON’T TAKE NEWS
AT FACE VALUE.
Support news literacy at
thenewsliteracyproject.org
transparency has conspicu-
ously failed in its main job of
getting investors to under-
stand the policy process.
Their magical aura is waver-
ing, and the danger is the
curtain is pulled back to re-
veal that mere economists
control the monetary-policy
levers.
Each of these points is im-
portant. But there is also a
question of timing. Central
banks became more open
about their plans for a sound
monetary-policy reason:
They ran out of room to cut
rates.
B
ack in 2004, the Fed
worried that when it
started raising rates
from 1% a market panic
could create economic trou-
bles, and it didn’t have much
scope to respond by cutting
rates further. Guiding the
market about future policy
succeeded in avoiding an up-
set like that of 1994, when
unexpected rate increases
rattled investors.
In the wake of the Leh-
man Brothers collapse in
2008, the Fed cut rates to
0% to 0.25% and had to
switch to bond buying in-
stead of further rate cutting.
Public guidance about future
rates became more explicit,
giving central banks—led by
the Bank of Canada, then
headed by Mark Carney, now
governor of the Bank of Eng-
land—an extra tool to influ-
ence longer-dated borrowing
costs.
The need for that extra
tool is fading. The Fed last
month took its first baby
steps to cut the size of its
bondholdings, while the Eu-
ropean Central Bank is buy-
ing less. They should be
thinking about how to back
away from their crisis-era
communication strategy, too,
but instead they’re consider-
through 2012, fine art
produced a 2.4% average
annual return after inflation,
compared with 0.9% for cash,
1.1% for gold, 1.5% for bonds
and 5.2% for stocks. (They
used British financial assets,
but the results are fairly
similar in other markets.)
So a 1.35% return since 1519
is mediocre but not terrible.
Between 1900 and 2016, after
inflation, U.S. stocks returned
6.4% averaged annually,
French stocks 3.3% and Italian
stocks 2%, according to the
Credit Suisse Global
Investment Returns Yearbook
by Prof. Dimson and his
colleagues Paul Marsh and
Mike Staunton.
That’s not the only way to
reckon the return on a work
of art, of course. Another
method yields a much lower
MONEY & INVESTING
For Sure
Investors in the U.S. are the most confident they’ve been since the
last recession that no bear market or inflation surprise looms.
Chance of S&P 500 falling 20%
in next six months priced into options
30%
25
20
15
10
5 come,” says Hyun Song Shin,
0 for International Settlements
2007 ’09 ’11
Options-implied probability of CPI inflation
above 3% or below 1% over the next five years
70%
60
50
40
30
20
10
0
2009 ’11
Note: Weekly data through Nov. 1
Source: Federal Reserve Bank of Minneapolis
ing making it permanent.
“Why to [sic] discard a
monetary policy instrument
that has proved to be effec-
tive?” asked ECB President
Mario Draghi at a conference
in Frankfurt this week.
“Draghi’s a magician, he’s
tremendously good at ma-
nipulating the markets,” says
Matthew Eagan, co-manager
of the $13 billion Loomis
Sayles Bond Fund in Boston.
Yet, in the U.S. it’s time to
let the markets find their
own levels, and as the Euro-
pean economy recovers, the
same will hopefully soon be
true for the ECB.
Forward guidance men-
aces markets mainly because
value in today’s terms.
Jonathan Nelson, an art
historian at Syracuse
University in Florence and co-
author of “The Patron’s
Payoff: Conspicuous
Commissions in Italian
Renaissance Art,” points out
that Leonardo was paid 250
florins for his altarpiece “The
Madonna of the Rocks” in
1483.
A large altarpiece, said
Prof. Nelson, would bring a
higher price than a small
portrait like “Salvator Mundi.”
However, by 1500 Leonardo
was “much more famous”
than in 1483, said Prof.
Nelson, so for speculative
purposes we could assign
“Salvator Mundi” the same
price of 250 florins.
In their book, Prof. Nelson
and his co-author, economist
’13 ’15 ’17
’13 ’15 ’17
THE WALL STREET JOURNAL.
it encourages risk taking,
over and above that already
encouraged by low rates.
With hindsight, we can see
how the predictability of Fed
rate rises—a quarter point at
every meeting from 2004 to
2006—freed financiers to
pile on short-term leverage,
with disastrous conse-
quences. It isn’t only the
level of interest rates that
matters.
Something similar has
happened today. Low volatil-
ity has become a way of life,
in part because central
banks are so predictable, and
it is encouraging more risk
taking. The danger is that
any shock will be worse as a
Richard Zeckhauser of the
John F. Kennedy School of
Government at Harvard
University, compared art
prices in Renaissance Florence
to the pay of unskilled
construction workers at the
time.
Those wages, Prof. Nelson
said in an email, “remained
extremely stable between
1350 and 1527.” He estimates
that 250 florins would have
bought 12 years of labor by an
unskilled construction worker
in Florence around the time
Leonardo painted “Salvator
Mundi.”
The mean annual wage for
a construction laborer in the
U.S. today, according to the
Bureau of Labor Statistics, is
$37,890. Multiply that by 12
and you get $454,680. That’s
today’s equivalent in U.S.
THE WALL STREET JOURNAL.
result, and really big market
disruptions help create re-
cessions, as in 2001 and
2008.
Forward guidance also
makes markets less useful as
a gauge of what investors
are thinking and so less ef-
fective at allocating capital
to the best effect in the
economy.
“The more you try to in-
fluence market prices for
your own ends the less infor-
mative market prices be-
head of research at the Bank
in Switzerland.
In some ways this isn’t
the fault of the central
banks, who have mostly ex-
plained that the guidance de-
pends on what happens to
inflation and the economy
(after some embarrassing
early mistakes, particularly
from Mr. Carney). But inves-
tors want conviction, even
when central banks spell out
the uncertainty. The Bank of
England is furthest ahead in
explaining the uncertainty,
but its prediction that there
is a 90% chance that in three
years inflation will be be-
tween roughly 4.5% and mi-
nus 0.5% is mostly ignored
in favor of its prediction of
inflation just above 2%.
M
y suggestion of a
small secret rate in-
crease harks back to
the pre-1994 era, when the
Fed didn’t announce its deci-
sions until a month or later.
Democratic accountability
makes it hard for the Fed to
adopt the “never explain,
never excuse” maxim of for-
mer Bank of England Gov.
Montagu Norman. But for
the health of the economy
and their own credibility
central bankers should try to
break the markets’ addiction
to their words.
labor earnings to 250 florins
in Italy around 1500.
Prof. Nelson said he saw
“Salvator Mundi” on exhibit in
London before it was restored
to its present state. “If I had
all the money of a Bill Gates,”
he jokes, “my top bid would
have been closer to
[$454,680] than $450
million.”
The difference between
$454,680 and $450,312,500 is
huge. But a Leonardo is more
than an object and more than
a conventional investment.
Almost nobody would frame
an Apple or Facebook stock
certificate, hang it on a wall
and show it off to visitors.
Being able to say, “And here is
my Leonardo,” on the other
hand, has to be one of the
highest psychic returns any
investor could ever have.
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Financial
Climate
Is Loosest
Since ’94
BY BEN EISEN
The Federal Reserve keeps
lifting rates, but financial condi-
tions keep getting looser.
A measure of how easily
money and credit flow the
through the economy via finan-
cial markets is at its loosest
since January 1994, according to
the latest data from the Federal
Reserve Bank of Chicago. The
National Financial Conditions
Index was most recently at mi-
nus 0.93, meaning financial con-
ditions are almost a full stan-
dard deviation looser than
average.
The latest numbers in the
Chicago Fed index may be re-
vised in the coming weeks
based on future data, but a
trend toward looser conditions
has been continuing for much of
the past 18 months. The mea-
sure tracks a variety of market
factors, such as borrowing
costs, stock-market volatility,
and the level of the U.S. dollar.
Policy makers and investors
alike keep a close eye on finan-
cial conditions for an indication
of the effect monetary policy is
Investors are gauging
the impact of the Fed
policy on the broader
economy.
having on the broader economy.
When markets sold off early last
year after the Fed’s first rate in-
crease of this cycle, for example,
financial conditions quickly be-
came more restrictive. Fed
Chairwoman Janet Yellen men-
tioned it at the time, and even-
tually the Fed slashed its expec-
tations for how quickly it would
raise rates.
Now, the opposite is happen-
ing. The Fed is withdrawing its
easy-money policy by lifting
rates, actions that typically lift
borrowing costs and tighten fi-
nancial conditions. But condi-
tions are loosening, and it is
showing across the various tools
used to measure it. The Gold-
man Sachs Financial Conditions
Index, one of the most widely
watched measures, is also cur-
rently around multiyear lows.
The Chicago Fed’s measure is
broad, spitting out a reading
based on 105 different variables
that are lumped into three cate-
gories. The bucket that has
pulled the index down the most
over the past year has been the
one that measures credit
growth. It fell to minus 0.33
from minus 0.15 in September
2016, indicating conditions are
becoming more encouraging of
borrowing.
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THE WALL STREET JOURNAL.
CHINA DAILY
ALL YOU NEED TO KNOW
This supplement was paid for and prepared solely
by China Daily, an official publication of the People’s
Republic of China.The Wall Street Journal news
organization and advertising department were
not involved in the creation of this content.
CEREBRAL DINING
RESTAURANT WHERE THINKING
GETS YOU A BITE TO EAT, P2
CAVE ART INSIGHTS
GROTTO MARVELS BRING
COUNTRIES TOGETHER, P4
A Day When You Can
Throw a Panda Party
By HE QI
World Wide Fund China
has designated Oct. 27
International Panda Day,
hailing global efforts to
conserve the bamboo-
munching, black-and-white
bear as a good example for
protecting other wild species.
“Hope is the biggest
meaning of International
Panda Day,” said Lo Sze-ping,
chief executive officer of
WWF China, at a ceremony
in Shanghai. “That hope
will encourage society and
people to protect other
species.”
The giant panda, which
has been WWF’s logo since
its establishment in 1961, is
also a symbol of the global
conservation movement,
Lo said. Achievements in
conservation over the past
few decades have given
people good reason to hope
the environment can be
improved and rare species
can be saved if people work
together.
WWF started to protect
the giant panda in 1980
when Wolong National
Nature Reserve in Sichuan
province was established.
At the time, the population
of the black-and-white bear
had reached an estimated
low of fewer than 1,000
because of poaching and
deforestation. WWF has
worked with the government
on initiatives to save the
rare species and its habitat,
including helping to establish
an integrated network of
When Tian Tian the giant panda turned 20 on Aug. 27, the National
Zoo in Washington made sure he celebrated in style, with a giant
birthday cake. YIN BOGU / XINHUA
Hope is the biggest
meaning of Internation-
al Panda Day. That hope
will promote the society
and people to protect
other species.”
LO SZE-PING
CEO OF WWF CHINA
giant panda reserves and
wildlife corridors to connect
isolated panda populations
as well as working with local
communities to develop
sustainable conditions for
the wellbeing of pandas that
minimize their impact on the
forests.
After decades of such
efforts the number of panda
reserves has risen to 67, and
there are now 6.4 million
acres of protected forests.
There were 1,596 wild
pandas in 2004, and 10
years later there were 1,864.
“The biggest threat to
the giant panda is habitat
fragmentation,” Lo said.“We
are trying to build corridors
to connect natural reserves
to reduce the impact of
human activities such as
infrastructure projects.”
The establishment of
International Panda Day will
serve as a reminder of what
can be achieved through
integrated efforts from
all walks of life, home and
abroad, he said.
China Watch materials are distributed by China Daily Distribution Corp., on behalf of China Daily Beijing, China.
Additional information is on file with the Department of Justice, Washington, D.C.
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President Xi Jinping and his wife, Peng Liyuan, with U.S. President Donald Trump and his wife, Melania, at the Hall of Supreme Harmony when
they visited the Palace Museum, or the Forbidden City, in Beijing on Nov. 8, the first day of Trump’s three-day state visit. LAN HONGGUANG / XINHUA
$9b in Trade Agreements Just a ‘Warmup’
By HU YONGQI
Chinese and U.S. companies signed
19 agreements valued at about $9 billion
on Nov. 8 covering areas such as energy,
food and transport. It was an effort that
Chinese Vice-Premier Wang Yang called a
“warmup”for more agreements.
The signings were witnessed by Wang
and U.S. Secretary of Commerce Wilbur
Ross after they met at the Great Hall of the
People in Beijing, where they talked about
China-U.S. economic and trade relations.
The agreements were signed in a
ceremony hosted by the China Council
for the Promotion of International Trade
as Donald Trump visited China for three
days, the third country he was to visit in a
five-country, 10-day tour of Asia.
In the Beijing ceremony, Hu Weiwei,
founderofthebikerentalcompanyMobike
Technology Co., signed an agreement
Country Firm on Opening-Up
President receives experts following Party Congress. An Baijie reports
C
hina will firmly stick to
the basic national policy
of opening-up and look
to work with others while
safeguarding the country’s
sovereignty, security and
development interests, President Xi
Jinping has said.
Xi made the remark as he met members
oftheAdvisoryBoardofTsinghuaUniversity
School of Economics and Management at
the Great Hall of the People in Beijing on
Oct. 30. The members included foreign
and Chinese business people, academics
and former officials.
It was Xi’s first meeting with foreigners
after his re-election as general secretary
of the Communist Party of China Central
Committee at the First Plenary Session
of the 19th CPC Central Committee last
month.
He told the members that the 19th
National Congress of the CPC was highly
significant, boosting Chinese people’s
confidence of continuing on the path of
socialism with Chinese characteristics.
Global business leaders and analysts
have expressed confidence in China’s
economic development as the country
enters a new era characterized by the
pursuit of higher-quality growth.
Satellite System Upgrades for Global Reach
By ZHAO LEI
China has begun to upgrade its Beidou
Navigation Satellite System with global-
coverage capabilities through the launch
of new satellites.
Two third-generation Beidou satellites,
the first of their type, were lofted atop
a Long March 3B carrier rocket from
Xichang Satellite Launch Center in
Sichuan province on the night of Nov. 5
and were placed in medium Earth orbit
thousands of miles above the Earth.
They will function for at least 12 years,
the China Satellite Navigation Office said.
Beidou is the world’s fourth navigation
satellite system, following GPS in the
United States, GLONASS in Russia and
Galileo in the European Union.
The new-generation satellites feature
better accuracy, stability and signal
clarity than previous Beidou models
thanks to improvements in intersatellite
to buy polyurethane tires from the U.S.
company DowDuPont Inc. Liu Qiangdong,
founder and chief executive of the
e-commerce company JD.com agreed to
buy beef from Montana and will buy pork
from the U.S. under another agreement.
The China Chamber of Commerce of
Foodstuffs and Native Produce signed
an agreement with the U.S. Soybean
Export Council to import a large amount
of soybeans. Reignwood Star, a civil
aviation company in Beijing, agreed to buy
helicopters from Bell Helicopter.
Wang and Ross have maintained close
ties, the two having met in Beijing in
September, and they spoke on the phone
last month in preparation forTrump’s visit.
Economic ties that have well served
China-U.S.relationsandtheirdevelopment
can be attributed to business people from
both countries,Wang said.
Every rational action by an enterprise
In a report Xi delivered at the opening
session of the 19th National Congress of
the Communist Party of China on Oct.
18, he said China’s economy has been
switching from a phase of rapid growth
to a stage of high-quality development,
which he said is pivotal for transforming
the country’s growth model.
John L.Thornton,chairman of the board
at The Brookings Institution, said China’s
pursuit of higher-quality growth in the new
era is good not only for China but also for
the world.
“China was going very fast, and the
emphasis was on the rate of growth. In the
new era, China will grow more slowly, but
the emphasis would be on the quality of
growth,” Thornton said, adding that this is
a sign of economic maturity.
The report also said China will be built
into“a country of innovators.”
ChristopherGalvin,chairmanofHarrison
Street Real Estate Capital in Chicago, said,
“Chinaisleadinginawholevarietyofdigital
technologies, and it’s the one country in
theworldthathassignificantopportunities
for business.”
Addressing the Advisory Board of
Tsinghua University School of Economics
andManagement,Xi said Chinaadheres to
the path of peaceful development, taking
Beidou
satellite
navigation
network
27 satellites
launched
from 2000
to June 2016
2 third-generation satellites* launched on Nov. 5
16 satellites
to be launched
by end of 2018
In 2019
and 2020
3 6
into inclined into medium
geosynchronous
satellite orbits
Earth orbits
links, laser communication devices and
atomic clocks. They will also be more
compatible with GPS, GLONASS and
Galileo, the satellite office said.
Friday, November 17, 2017 | B6A
can help stabilize China-U.S. economic
relations, which in return can provide
a better foundation for collaboration
between companies, he said.
Ross said the U.S.-China relationship
is one of the most important trade and
investment relationships in the world.
“China was our third-largest goods export
market in 2016. Over the last decade U.S.
goods exported to China have doubled,
growing by nearly 10% per year.”
Ross said there is much potential for
higher growth, and that the strength of
U.S.-China trade is built on individual
contracts and partnerships.
“Today’s signings can show how we can
build up our bilateral trade.”
Before visiting China Trump visited
Japan and South Korea,and after China he
was to travel toVietnam to attend theAsia-
Pacific Economic Cooperation meeting
and then travel to the Philippines.
part in reforming and building the global
governance system, and is pushing to
build a community of a shared future for
mankind.
China would like to work with the
U.S. as they take each other’s interests
and concerns into account and resolve
disputes, he said.
Members of the board expressed
confidence in the Chinese economy and
extended congratulations to the Party’s
19th National Congress.
Tim Cook, chief executive of Apple Inc.,
said that his company looked forward to
“continuing to be in China and working
together on a very prosperous future.”
“Innovation and technology come from
openness and collaboration. I’d like to
strongly encourage China to continue to
open wider to the outside world.”
Mark Zuckerberg, founder of Facebook,
said that boosting connections will create
economic opportunities, as has been the
case with the Belt and Road Initiative.
“Like the supply-side structural reform
thatyouareworkingon,weknowthatwhen
it’s easier for businesses to connect their
customers on the internet, that enables
the creation of new entrepreneurship,
innovationanddevelopment,andimproves
the life of everyone,” Zuckerberg told Xi.
Xie Jun, chief engineer of third-
generation Beidou satellites at the
China Academy of Space Technology,
said each of the newest satellites can
operate autonomously for at least 60
consecutive days if the ground control
encounters malfunctions. This enables
the network to reduce dependence
on ground stations and to reduce
operational costs.
By the end of next year, China will have
launched 18 third-generation Beidou
satellites into space, including the two
launched on Nov. 5, the office said.
In 2019 and 2020 China will send six
2
into third-generation Beidou satellites into
geostationary
orbits
medium Earth orbits as well as three to
CHINA DAILY inclined geosynchronous satellite orbits
and two to geostationary orbits. Both
are synchronized with the rotation of the
Earth, but geostationary satellites are
parked over the Equator, according to
gisgeography.com.
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
B6B | Friday, November 17, 2017
2 | China
W FOOD FOR THOUGHT
hen Feng
Shangqing
published a paper
in a scientific
journal, she
hoped it would
advance her medical career.But there
have been other rewards,too,such as
itprovidingherwithadiscountedtreat
at a barbecue restaurant in Beijing.
The doctor, who graduated from
Fourth Military Medical University in
Xi’an, Shaanxi province, was given
a discount of 84 yuan ($13) at a
barbecue restaurant that is popular
with medical professionals as a result
of the paper’s “impact factor,” a
measure of the frequency with which
articles are cited in a particular year.
The 84 yuan discount was a multiple
of the paper’s impact factor of 8.4,
which is considered a good score.
Under the rules of the restaurant,
scientists, medical professionals
and social scientists are eligible
for a discount if they have recently
published papers in journals that are
included on internet databases such
as the Science Citation Index and the
Social Sciences Citation Index.
The paper’s impact factor is
multiplied by 10 to determine the
discount, which can account for as
much as 30% of the bill.
“I love barbecued food, and often
ate it with my classmates while at
medical school,” Feng said. “It was
very enjoyable to share our joys and
troubles while eating barbecue and
drinking beer. There were many
barbecue stalls on the streets
outside our school and we used what
is known as the lu chuan method (a
way of eating kebabs straight from
the skewer).”
“As soon as I saw the restaurant’s
promotional material on (the social
networking platform) WeChat I
decided to visit and use my paper to
try the food.”
Since the promotion began
on September 21, hundreds of
customers have visited the eatery —
called Liuyedao, the Chinese name of
The Lancet,one of the world’s leading
general medical journals — near
Beijing Jiaotong University in Haidian
district.
The restaurant covers about 110
square yards, so there is room for
only 12 tables. Because there are no
windows, the room is illuminated by
warmyellowlightsanddecoratedwith
bright green plastic plants.
During the rush hour, customers
often wait for an hour to be seated
and served, and one out of every four
diners is likely to have had a paper
published in the world’s top academic
journals.
Wang Jian, the restaurant’s owner,
said he had no idea the promotion
would make his restaurant famous
among Beijing’s scientists. The
29-year-old physician, a graduate of
the Peking University Health Science
Center, comes from an ancient
barbecue center and has always
wanted to run his own eatery part
time.
“Ancient stone paintings show
that people from my hometown,
Xuzhou in Jiangsu province, first
ate barbecue during the Western
News Digest
Talent flocks to China, says report
China is becoming attractive to
global talent on an unprecedented
level because of its economic
strength, a report by the U.S.
business magazine Forbes says.
The 2018 Global Talent Mobility
and Wealth Management Report
predicts the country will be a major
exchange center for global talent
flow by 2022.
“By that time, China will be not
only the largest export country of
students studying abroad, but also a
major destination for global talent to
settle down,” said Russell Flannery,
Shanghai bureau chief of Forbes
China.
U.S. airliner starts direct flights
American Airlines has recently
begun daily nonstop flights between
Beijing Capital International Airport
and Los Angeles International
Airport. The service is operated with
a Boeing 787 Dreamliner. On Sept.
20 American Airlines relocated its
services from the Beijing airport’s
Terminal 3 to Terminal 2, saying this
reduced transfer times from 150
minutes to 100 minutes and offered
connections to more destinations.
Quantum leap for communications
Wuhan, capital of Hubei province,
launched the world’s most advanced
civilian quantum communications
network on Oct. 31, and it will soon
connect all of the city’s government
bodies, financial institutions
and other entities to allow the
A barbecue outlet in Beijing has become a favorite dining place
for the capital’s scientific fraternity. Li Hongyang reports
Customers at the Lancet Barbecue, which gives discounts to people who have had papers published in academic journals.
WANG ZHUANGFEI / CHINA DAILY
Left: A waitress at the restaurant, which is popular with medical professionals. WANG ZHUANGFEI / CHINA DAILY
Right: Cheng Si, one of the restaurant’s owners, chats with William Summerskill, a senior executive editor at The Lancet, a
respected medical journal in the United Kingdom. PROVIDED TO CHINA DAILY
Doctors and medical
students who have
had articles published
in journals will feel
encouraged, which could
provide the motivation to
produce an even better
academic environment in
China.”
WILLIAM SUMMERSKILL
SENIOR EXECUTIVE EDITOR AT
THE LANCET IN THE UNITED KINGDOM
secure transmission of classified
information, project managers say.
A launch ceremony was held during
a laser technology forum in Wuhan
hosted by China Aerospace Science
and Industry Corp., the major builder
of the network.
Overseas tourism on the up and up
China’s overseas tourism market
is growing, and the momentum will
continue, the Annual Development
Report of China’s Tourism 2017 said.
It said that 122 million overseas trips
were made by mainland tourists
last year, up by 4.3% from the year
before. A total of $109.8 billion was
spent during these trips, an increase
of 5.1% from 2015. The report
was issued by the China Tourism
Academy in Beijing.
New type of dinosaur egg found
Resea rc h e rs h ave fo u n d a
fossilized nest containing a new
type of dinosaur egg, the Anhui
Geological Museum says. The newly
discovered egg, umbellaoolithus
xiuningensis , was named after
Xiuning county, Anhui province,
where it was discovered. The eggs
can be distinguished from all other
known dinosaur eggs,so researchers
have classed them as a new dinosaur
egg family.The fossils date to the late
Cretaceous Period, about 145 million
to 66 million years ago.
Chinese shine in skills contest
China won 15 gold, seven silver
and eight bronze medals at the 44th
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Han Dynasty (206 B.C.-A.D. 24),
and even though there are a lot of
barbecue restaurants in Beijing, I
wanted people to experience the
Xuzhou style for themselves,” he said.
Wang persuaded a former
classmate, Cheng Si, to become his
businesspartner,and16otherfriends,
most of whom are doctors,invested in
the restaurant.
He chose a surefire winner for
his part-time profession because
barbecue is one of the mainstays of
Chinese dinner tables. Last year it
accounted for 20% of the national
dining market, second only to hot
pot as the country’s most popular
dish, according to a report by The
First Barbecue Industry Salon, a
forum organized by the China Cuisine
Association.
Cheng, 26, a physician, and Wang
spent a lot of time researching their
main ingredient, goat’s meat. “After
analyzing the meat, we discovered
that it contains a substance called
4-Methyloctanoic acid, a fatty acid
Ecstasy of gold
Two visitors take a selfie at a botanical garden in Qinhuangdao, Hebei
province, on Oct. 27. As autumn falls, the ginkgo tree leaves turn gold
and draw visitors. CAO JIANXIONG / FOR CHINA DAILY
WorldSkills Competition in Abu
Dhabi,UnitedArab Emirates,the best
performance by a Chinese delegation
since the country joined WorldSkills
in 2010.
It is a historic breakthrough that
shows the growing strength of the
country and the improvement of
skilled Chinese talent, Tang Tao,
vice-minister of human resources
and social security, said during a
welcoming-home ceremony for
the team in Beijing on Oct. 21. The
competition is the world’s biggest
vocational education and skills
excellence event.
that produces a special mutton-type
flavor when barbecued,” Cheng said.
The restaurant opened on April 23,
after a month’s preparation and with
totalinvestmentofmorethan1million
yuan. It quickly became so popular
thatWangandChenghadtohireafull-
time manager so they could continue
with their medical careers.
The restaurant’s name ensures
that it attracts many members of the
capital’s medical fraternity; some are
renowned authorities on a range of
diseases, while others are lecturers at
some of the leading medical schools.
“They all come along to support our
business,” Wang said.
The promotion came about one
night in June, when a doctor from
Peking University First Hospital
invited a colleague who was dining
at a neighboring table to have a drink
withhim.Whentheofferwasdeclined,
the doctor stood up and shouted,
“Doctors from PKU First Hospital get
up and have a shot with me,” leading
more than half of the customers to
Ceramics take pride of place at fair
Nearly 1,000 porcelain businesses
from more than 10 countries
and regions attended the China
Jingdezhen International Ceramic
Fair between Oct. 17 and Oct. 21.
Special display areas for international
porcelain brands, creative ceramics,
high-tech ceramics and fine Chinese
ceramics were set up.
The fair featured activities such as
a potting competition and a ceramic
auction, as well as seminars and
forums on the ceramic industry.
CHINA DAILY
THE WALL STREET JOURNAL.
CHINA DAILY
stand up and raise their glasses.
The incident made a deep
impression on Wang, and the
promotion was born.“Initially,we only
gave discounts to authors of papers
published in The Lancet, but then we
expanded the promotion to all papers
covered by the Science Citation Index
andtheSocialSciencesCitationIndex
so a larger number of scholars and
researchers would also benefit,” he
said.
The day after the promotion was
first advertised,16 customers arrived,
all carrying copies of papers they had
published in academic journals. So
far, the highest impact factor has
been 29.51, which earned the author
a discount of 295 yuan.
The discount system encourages
the scholars to be more productive,
Cheng said.
“If their hard work receives unusual
support like this,it makes things more
interesting.”
This year’s edition of Statistical
Data of Chinese Science and
Technology Papers said the country’s
science papers have been cited more
than 19.35 million times over the past
decade, ahead of those from Britain
and Germany,but behind those of the
United States.
Wh en Wan g ex pla in ed t h e
promotion on WeChat, it quickly
caused a buzz and attracted more
than 100,000 views within an hour of
being posted.
The best-liked response half-
jokingly said the restaurant would
become one of China’s three top
research institutes.
To that end, Wang intends to offer
his customers meals and food for
thought.
“If we doctors enrich ourselves with
more knowledge about advanced
research, our patients will suffer
less. We plan to fit a number of
academic forums between meals at
the restaurant, and professors and
researchers from different branches
of the medical profession will be
invited to address the gatherings.”
Tan Ning, deputy director of the
cardiologydepartmentatGuangdong
General Hospital in Guangzhou,
Guangdong province, heard about
the restaurant from a friend, so he
visited when he attended a meeting
in Beijing.
“I was interested to see what a
doctor’s restaurant would be like and
whether there would be any special
items related to medical science.”
For Tan it was a night of surprises
because he not only encountered one
of his former students, now a chief
physician, whom he had not seen for
a decade, but also met Dr. William
Summerskill,aseniorexecutiveeditor
at The Lancet in London.
Summerskill was attending a
medical conference in Beijing when
he heard about the restaurant named
after his journal and decided to pay
a visit.
“The food tastes good and I think
the idea is fun,” he said. “Doctors
and medical students who have had
articles published in journals will feel
encouraged, which could provide the
motivation to produce an even better
academic environment in China.”
CONTACT US
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All Rights Reserved
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. NY Friday, November 17, 2017 | B6C

PAID ADVERTISEMENT

CHINA DAILY Beijing special | 3

Coordinated
Action Is Vital
to Tackling
City Malaise
By CHEN MEILING

Beijing will stress coordinated

development of its surrounding
regions in the coming years, to solve
the challenges brought about by a
“big city malaise,” experts said.
Approved by the Party’s Central
Committee and State Council, the
city released a development plan
covering 2016-35 in late September
to outline its role, function and goal
as China’s capital,to better construct
a global, harmonious and livable city.
Wang Kai, vice-president of the
A worker constructs building frames on a construction site of Beijing’s sub-center. LUO XIAOGANG / XINHUA ChinaAcademyofUrbanPlanningand
Design,said the blueprint planned for
the capital to forge even closer links

BEIJING’S FUTURE MAPPED

with the nearby city of Tianjin and
northern Hebei province, conforming
to the general development paths of
big cities around the world, such as
London, Tokyo and Paris.

OUT FOR TWO DECADES

“The Beijing-Tianjin-Hebei region
has natural cultural and emotional
links due to the geological location,”
hesaid.“Economic,socialandcultural
exchanges with peripheral areas are
Key development blueprint answers questions on what kind of capital necessary for further development.”
In this sense, Xiongan New Area
the metropolis will become. Li You reports in Hebei province, relieving the
non-capital functions of Beijing, is
the new growth point of the region,

A
blueprint for the
development of China’s
capital over the next two
decades, which caps
the city’s population at
23 million and calls for more green
space, has been given the seal of
approval by the central leadership.
The development plan of Beijing
(2016-35), which was approved
by the Central Committee of the
Communist Party of China and the
State Council on Sept. 29, answers
questions about what kind of city
the capital will be over the next 20
years.
The development plan
emphasizes Beijing’s role as the
capital city and an international
metropolis.
It envisages the strengthening
of its functions as a center for
politics, culture, and international
communications, as well as
scientific and technological
innovation in its core areas, said Cai
Qi, Party chief of Beijing.
Its role as a political center
requires the maintenance of good
security, to ensure that the national
government operates smoothly.
To achieve those goals, the height
of buildings will be restricted to a
certain level and security risks will
be closely controlled.
The cultural center focuses on
the preservation of Beijing’s local
culture,as well as the heritage of the
ancient part of the city.
“The city’s protection should
be a top priority, involving the
rejuvenation of the ancient town,
which is Beijing’s central axis, the
imperial palaces established during
said Li Xiaojiang, a member of the
Beijing-Tianjin-Hebei coordinated
development expert consultation
committee.
A m a j o r pa t h to B e i j i n g ’s
development lies in the construction
of a sub-center in the outskirts of
Tongzhou district and Xiongan New
Area, Li said.
Ye Yumin, director of the academic
committee of the School of Public
Administration of Renmin University
of China,said solving the problems of
the huge city reflected the common
wish of the country and its citizens.
The Beijing development plan
tackled the major challenges,
optimized the overall circumstances
and provided tailored measures
to construct a better Beijing,
which would lead to the strategic
development of the city,Ye said.
Ke Huanzhang, vice-president
of the China Association of City
Planning, said one breakthrough
Relocated residents from Nangezhuang village in Beijing’s Daxing district on the construction site of the city’s new airport. of the plan suggested a control,
LI XIN / XINHUA instead of an increase, in terms of its
population and construction areas.
The city aims to hold its population
Strategic city Spatial structure to 23 million by 2020, with 10.85
planning of Beijing of Beijing million in its six core districts. The
number of registered residents now
Environmentally
Political center friendly area stands at 21.73 million.
HUAIROU The city’s protection should The land used for construction will
Cultural center
be reduced from 1,128 square miles in
International center for
be a top priority, involving 2015to1,104sqmilesby2020,andbe
communications the rejuvenation of the further cut to 1,065 sq miles by 2035,
Technological ancient town, which is according to the new plan. Ke said
innovation MIYUN the implementation of development
center YANQING Beijing’s central axis...” “red lines” were expected to solve
50 km CAI QI Beijing’s problems with the use of
Chang’an BEIJING PARTY CHIEF clear management and regulation
Avenue and its methods.
extension line Shan Jixiang, president of the

Ming and Qing dynasties, as well
as the historical rivers and lake
systems,” said Cai.
The government will also support
the development of public cultural
services and innovation-driven
cultural industries.
Plans for the international
communications center
emphasizes construction of both
hardware and software facilities.
It means the government will not
only build more convention centers,
but also deepen international
access to the capital.
The construction of the center
for scientific and technological
innovation will employ a strategy
that supports major projects at the
vanguard of the development of
technological innovation.
Beijing’s Zhongguancun Science
Park, Huairou Science Park, Future
Science City, as well as the Made in
China 2025 strategy demonstration
zones are on the list.
The key to Beijing’s functioning as
a capital is to protect its historical
heritage.
“It is also the major window to
showcasing the charms of Beijing,”
Cai said. “To better implement the
plan for the smooth development
of Beijing’s non-capital functions,
we should continue to reduce the
pressures of population and the
density of buildings, as well as the
pressures on the commercial and
tourism areas,” Cai said.
To address the issue of population
pressure, the development plan
announced it will target keeping
CHANGPING
Main area
MENTOUGOU
Core area
FANGSHAN
Streamlining Beijing’s
capital functions:
Prohibit building and expansion of
regional wholesale markets
Encourage comprehensive medical
institutions outside Fifth Ring Road to
move to outskirts of city
Beijing’s population to 23 million by
2020, with 10.85 million in the city’s
six core districts.
“The population target was the
result of scientific calculations
that considered Beijing’s water
resources, land resources, energy
supply as well as its ecology,” said
Zhang Wei, deputy secretary-
general of Beijing Municipal
Government.
“It is a practical goal to adjust
Beijing’s population to sustainable
development.”
While controling its population,
Beijing will increase its housing
supply and improve the current
rental housing system.
The government will grant more
30 km
PINGGU
SHUNYI
15 km
Beijing’s
sub-center
TONGZHOU
DAXING
Axle wire and
its extension
line
Beijing’s
new airport
Move general manufacturing
companies from Beijing
Prohibit building or expansion of
logistics facilities including
warehouses within Third Ring Road
Prohibit universities from taking up
more ground space
CHINA DAILY
rights to renters and provide more
public housing to non-local people.
The next five years will see the
supply of all types of new housing
top 1.5 million units in Beijing,
including more houses for rent.
“Adhering to strict restrictions
on property purchases for the
Beijing housing market, the city
will strengthen measures to curb
speculative investment in housing
to prevent financial risks,” Zhang
said.
Meanwhile, Cai said ecological
conservation was another major
part of the development plan. The
development plan establishes goals
for the development of the city’s
ecology.
73
Palace Museum, said the plan had a
broad vision for the old and central
areas, and the urban region covering
percent up to 6,334 sq miles, from Beijing to
the city’s total area expected to Tianjin.
become ecological zones by 2020 —
“It has laid the foundations for
including mountains, forests, rivers and
the protection of a historically and
lakes, nature reserves and scenic spots
culturally famous city,” Shan said.
The plan, comprising eight
It sets a target that by 2020
chapters and 60,000 words, focuses
the ecological area — including on the positioning, spatial layout
mountains, forests, rivers and lakes, and protection of Beijing’s history.
conservation areas, nature reserves It balances the needs of its urban
and scenic spots — will take up 73% and rural areas with regionally
of the city’s total area, increasing to coordinated development, he said.
75% by 2035. Shi Weiliang, president of the
“ T h i s n ew ve rs i o n of t h e Beijing Municipal Institute of City
development plan conforms to the Planning and Design, said the plan
reality and development goals of was based on the key question,“What
Beijing,” Cai said. kind of capital will be constructed and
Wang Menghui, head of China’s how we achieve that?”
Ministry of Housing and Urban-
Rural Development,said that Beijing
was home to the people working and
living in the city. It was everyone’s
responsibility to ensure that Beijing
continued to evolve as an excellent
capital, he said.
The coordinated development of
Beijing, Tianjin and Hebei province
was stressed in the development
plan, along with the 2022 Winter
Olympics to be held in Beijing and
Hebei’s Zhangjiakou.
Under the plan, the event’s
main competition venues and
infrastructure should all be finished
by the end of 2019. The blueprint
also outlined more railways and
highways, saying more major traffic Artists are ready to perform a Peking
routes connecting Beijing, Tianjin Opera show at a cultural park in Fengtai
and Hebei were in the pipeline. district, Beijing. LI XIN / XINHUA
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
B6D | Friday, November 17, 2017
4 | Life
American K12 teachers visit an exhibition about Dunhuang at the Getty Center in Los Angeles, as part of a summer public
program by UCLA Confucius Institute last year. PROVIDED TO CHINA DAILY
JOURNEYS
OF DISCOVERY
The UCLA Confucius Institute is spreading the spirit of the ancient
Silk Road with its cultural programs and collaborations.
Fang Aiqing reports
D
unhuang, on the edge
of the Gobi Desert
in Gansu province,
was once a bustling
oasis on the ancient
Silk Road. Today it
is famous for the Mogao Grottoes,
one of the world’s largest sites of
Buddhist art.
In the eyes of Susan Pertel Jain,
director of the Confucius Institute
at the University of California, Los
Angeles, Dunhuang was once “a
cultural crossroads where people
speaking different languages,
holding different values and belief
systems met, interacted and
achieved something amazing that
can still inspire us today.
“Since the late 4th through the
14th centuries, artists from all
over made artworks here,” she
said. “It is a place of tolerance and
collaboration.”
With this in mind, Jain’s team
has developed programs exploring
different aspects of the art of the
grottoes.
Last year the Getty Center in
Los Angeles held a four-month
exhibition of Dunhuang art titled
Cave Temples of Dunhuang:
Buddhist Art on China’s Silk Road. It
featured models of the caves, along
with paintings and manuscripts
taken from Dunhuang in the early
20th century and held by British and
French libraries and museums.
The exhibition was to celebrate the
25th year of collaboration between
the J. Paul Getty Museum and
Dunhuang Academy in conserving
the cave art and preserving the site.
Before the exhibition, the UCLA
Confucius Institute was asked
by the Getty Center to create
public programs that would
expand people’s understanding
of Dunhuang in collaboration with
Peter Sellars, a professor at UCLA
and a theater director in the United
States.
Jain’s team also hosted an
exhibition-related concert titled
It (Dunhuang) is a place of
tolerance and collaboration.”
SUSAN PERTEL JAIN
DIRECTOR OF THE CONFUCIUS INSTITUTE
AT THE UNIVERSITY OF CALIFORNIA
East and West of Dunhuang: Music
Carried on the Wind in May last year.
Master musicians and scholar-
performers of UCLA from China,
India, the Middle East and Central
Asia brought the ancient exchanges
to life by presenting music from their
own cultures.
“People may never have heard
the types of music depicted in the
artworks before, but the concert
showed us how things happened in
ancient times,” Jain said.
Which in these ritual spaces,
as Sellars once said, was the
stimulation of all the senses.
In another program, Jain’s team
took history, art and sign language
teachers to Dunhuang and had each
of them create a lesson to bring
Dunhuang into the classrooms of
California’s public schools.
Among them was Marisela Ruiz,
a Mexican-American teacher who
taught social studies to students of
the sixth grade at a school in the U.S.
in which all students speak Spanish.
Some of their families lived in
small apartments with 10 to 15
people. One of her students once
told her that his bed was under the
kitchen table because there was no
other spare space.
Thus, on seeing Dunhuang, which
was abandoned for years until the
beginning of the 20th century, the
teacher created her lesson around
the idea of “a sacred space” and
what makes it special. She wanted
the students to know that they
could have their own special spaces
despite their home situations.
CHINA DAILY, YOUR ESSENTIAL GUIDE
NOW ON IPAPER KINDLE, NOOK AND SMARTEDITION
TRY BEFORE YOU BUY A SELECT E-READER
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PAID ADVERTISEMENT
Last year she attended a six-week
summer course about Dunhuang in
another poor neighborhood where
most students were from African
and Latino communities and about
one-third of the students had no
parents and were in foster care.
Again, she used the idea of
Dunhuang being a special place and
one where people from different
cultures came into contact with one
another, to tell the children that it
does not matter who they are and
what kinds of life they are leading,
they are still special.
The children were taken to the
Dunhuang exhibition and introduced
to the dances, music and the
different instruments that might
have been encountered along the
ancient Silk Road.
For Jain, an important goal of
these public programs was to move
the thinking of Dunhuang away from
being simply“pretty paintings on the
wall,” but also a place of inspiration
for global culture in the 21st century.
“If I want to get people interested
in China, an artist can communicate
a lot. Besides, I think artists have
a way of reflecting contemporary
ideas and pushing things that other
people don’t,” Jain said.
For Jain, what began as a short-
term collaboration with the Getty
Center around the Dunhuang
exhibition has become a major
international arts initiative for UCLA
that will connect to major cultural
and educational partners around the
world over the next 10 years.
“The project will tap the network
of educational partners created
through the Confucius Institute
initiative,” said Jain, who was
speaking in Beijing during a visit to
attend the 2017 Confucius Institute
Open Day in September. The theme
of this year’s conference was “My
story with Confucius Institute.”
More than 360 Confucius Institute
branches in more than 100 countries
were celebrating the Confucius
Institute Open Day at the same time.
After a Fall, Success
Shines Ever Brighter
By FANG AIQING
When you’re lying on the ground
staring up at a clear blue sky,
what you see is not necessarily a
magnificent sight.
That is particularly so if a second
earlier you had been on your feet
and running, well into your stride,
pumping adrenalin.
It was not as though things had
been going perfectly well forYanWei
in the Beijing Marathon on Sept. 17.
The night before he had eaten too
much,he said,and now,as the finish
of this marathon beckoned in the
far distance, he was suffering from
stomach pains.
Then suddenly, near the 19-mile
mark, he was brought crashing to
the ground with another competitor
when the two became entangled.
The race had begun about
three hours earlier at 7:30 a.m. in
front of the National Museum of
China in Tian’anmen Square and,
as with many of the world’s great
marathons, most of those who get
to run in them can take in the local
tourist sights even if their minds and
bodies are preoccupied with more
pressing matters.
In the Beijing race the first 5 miles
consists of a straight run down the
sweeping Chang’an Avenue that
takes runners past the National
Center for the Performing Arts, the
Cultural Palace of Nationalities and
the Military Museum, before they
make a sharp right turn at the West
Third Ring Road and head past the
China Millennium Monument and
the CCTVTower.
However, such sights are lost to
runners like Yan, 30, who is visually
impaired,and who must rely on their
mind’s eye and other senses as they
lap up the occasion of the big race.
While accidents such as his being
tripped up in the Beijing event are
more likely to befall runners like him,
the saving grace is that he has a
support team of three or four guides
throughout the 26 miles 385 yards.
With their help he quickly regained
his feet and his composure and
press on,trying to make up for those
precious lost seconds.
He eventually finished the race,
his third Beijing marathon, in 3 hr
40 min, 13 minutes slower than his
previous run in the event. However,
Yan,who hadto copewithloss much
earlier in life than most of us, would
take this setback in his stride.
In a marathon in Longkou, in his
home province of Shandong, just
six weeks later he produced his best
time, 3:15:58.
As remarkable as that improved
performance is, what is perhaps
more remarkable is the short time
in which he achieved it, running 14
marathons in a little less than 800
days, equating to a marathon on
average every 57 days.
One of those was inApril,when he
became the first visually impaired
runner from the Chinese mainland
Yan Wei (center) was the first visually impaired runner from the Chinese
mainland to finish the Boston Marathon. Cheng Yi (left) and Cai Shiyin (right)
are volunteers from the nonprofit group Running in the Dark that provides
professional running training for the visually impaired. PROVIDED TO CHINA DAILY
THE WALL STREET JOURNAL.
CHINA DAILY
I don’t feel right if I don’t go
running two days straight.”
YAN WEI
A VISUALLY IMPAIRED MARATHONER
FROM GAOMI, SHANDONG PROVINCE
to feel the rigors of the fabled
Heartbreak Hill and the other uphill
sections of the Boston Marathon,
and in a field of 43 in the visually
impaired men’s division he finished
22nd with a time of 4:26:51.
Yan, who lost his sight to a rare
cancer called retinoblastoma when
he was a few months old, started
running in May 2015 after learning
that volunteers were available to
help visually impaired runners in
the Beijing event in September that
year.
With a firm resolve to run in the
event only four months off he told
his parents and sister of his plans
and they formed a team to help him
train.
He could run only 1 or 2 miles at a
time, he said, but his progress was
so rapid that before long his sister
was having to ride a bike to keep
up with him and guide him during
training.
He attributes his quick progress
to the physical strength gained
through a daily exercise regimen
that included more than 10,000
skipping rope repetitions.
He would like to run at least 120
miles a month, he said.
“I don’t feel right if I don’t go
running two days straight.”
However, his training is subject
to the availability of running guides,
and it is becoming harder for him
to find them because there are
few who can keep up with him. His
guides typically need to be in better
physical condition than him and
have faster personal times than he
does.
One of his guides for this year’s
Beijing Marathon, Shu Hao, said he
took on the job after meeting Yan
when he was in Boston to take part
in the marathon in April.
Shu said he is highly impressed
not only with Yan’s confidence but
his willingness to put a lot of time
and effort into rigorous training.
One section of that marathon
course a few weeks ago in Longkou,
a couple of hundred miles from
Yan’s home of Gaomi, hugged the
shores of Laizhou Bay for about 4
miles. Without even a hint from his
assistants he would no doubt have
sensed exactly where he was. And
when he crossed the finishing line
with a personal best time, he would
have needed no cheers to tell him
that those who have followed his
fortunes for the past two and a half
years would be heartily feting his
latest success.
SMART EDITION
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. Friday, November 17, 2017 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23458.36 s 187.08, or 0.80% Trailing P/E ratio 20.60 20.62 2585.64 s 21.02, or 0.82% Trailing P/E ratio 24.42 23.99 6793.29 s 87.08, or 1.30% Trailing P/E ratio * 26.13 23.37
High, low, open and close for each P/E estimate * 19.22 17.66 High, low, open and close for each P/E estimate * 19.37 18.05 High, low, open and close for each P/E estimate * 21.32 18.87
trading day of the past three months. Dividend yield 2.22 2.56 trading day of the past three months. Dividend yield 1.92 2.17 trading day of the past three months. Dividend yield 1.04 1.24
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 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 774,470,646 9,263,776
Industrial Average 23492.19 23365.34 23458.36 187.08 0.80 23563.36 18867.93 24.1 18.7 10.0 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 545,985,470 6,114,016
Transportation Avg 9600.76 9465.05 9593.09 152.22 1.61 10038.13 8783.74 9.1 6.1 1.9 Most-active issues in late trading Decl. volume* 212,281,532 3,015,578
Utility Average 766.72 761.86 764.19 -3.03 -0.39 774.47 626.66 21.3 15.9 9.3 Volume After Hours Issues traded 3,081 332
Company Symbol (000) Last Net chg % chg High Low Advances 2,224 210
Total Stock Market 26803.04 26614.54 26756.16 234.96 0.89 26830.60 22691.17 17.7 14.9 8.1
Brocade Comms Sys BRCD 7,007.4 12.70 -0.03 -0.24 12.74 12.68 Declines 752 107
Barron's 400 687.30 679.88 685.19 8.33 1.23 691.56 580.58 18.0 13.9 8.2
Intel INTC 4,408.5 45.65 … unch. 45.82 45.60 Unchanged 105 15
Nasdaq Stock Market SPDR S&P 500 SPY 4,336.9 258.51 -0.11 -0.04 258.63 256.49 New highs 121 4
Nasdaq Composite 6806.67 6742.33 6793.29 87.08 1.30 6793.29 5251.11 27.4 26.2 13.2 Wells Fargo WFC 4,040.9 54.62 0.02 0.04 54.62 54.10 New lows 46 5
6352.47 6293.46 80.78 6345.81 4734.10 30.3 Closing tick 41 5
Nasdaq 100 6339.14 1.29 31.3 14.5 PwrShrs QQQ Tr Series 1 QQQ 3,377.3 154.54 … unch. 154.63 153.70
Closing Arms† 1.23 0.84
Finl Select Sector SPDR XLF 2,810.9 26.20 0.01 0.04 26.25 26.17
Standard & Poor's Block trades* 6,411 118
0.82
Applied Materials AMAT 2,687.7 58.53 0.69 1.19 59.93 56.00
500 Index 2590.09 2572.95 2585.64 21.02 2594.38 2181.90 18.2 15.5 8.2 Nasdaq NYSE Arca
VanEck Vectors Jr Gold GDXJ 2,572.0 31.92 0.01 0.03 31.96 31.85
MidCap 400 1840.65 1823.41 1836.39 18.34 1.01 1843.36 1605.24 14.4 10.6 8.7 Total volume*1,968,594,233 216,874,354
SmallCap 600 907.47 893.57 905.23 15.29 1.72 918.72 799.43 13.2 8.0 10.0 Percentage gainers… Adv. volume*1,601,128,358 157,932,768
Decl. volume* 345,346,281 58,291,236
Other Indexes Shoe Carnival SCVL 39.0 24.99 4.36 21.13 24.99 20.51
Issues traded 3,063 1,309
Russell 2000 1490.97 1464.97 1486.88 22.79 1.56 1512.09 1309.48 13.5 9.6 8.2 Destination XL Group DXLG 10.9 2.65 0.35 15.22 2.65 2.40
Advances 2,264 979
NYSE Composite 12321.90 12258.78 12303.28 82.94 0.68 12430.52 10709.51 14.6 11.3 4.2 Synchronoss Technologies SNCR 14.1 12.00 1.55 14.83 12.00 10.06 Declines 689 310
Value Line 541.20 533.41 540.29 6.88 1.29 545.98 494.76 9.2 6.7 2.8 Splunk SPLK 683.1 77.70 8.40 12.12 78.38 69.30 Unchanged 110 20
NYSE Arca Biotech 4151.53 4083.31 4141.07 65.84 1.62 4304.77 3075.02 21.5 34.7 8.4
21st Century Fox Cl A FOXA 2,015.6 31.75 2.43 8.29 33.62 28.55 New highs 143 92
New lows 39 10
NYSE Arca Pharma 535.50 532.47 534.95 3.49 0.66 560.52 463.78 10.4 11.1 0.01 ...And losers
Closing tick 573 17
KBW Bank 99.92 99.02 99.07 -0.03 -0.03 102.31 85.30 16.1 7.9 10.9 Eagle Pharmaceuticals EGRX 10.7 51.50 -5.48 -9.62 56.99 51.50 Closing Arms† 0.71 1.39
PHLX§ Gold/Silver 80.23 79.60 79.84 -0.20 -0.25 96.72 73.03 -0.01 1.2 4.1 Williams-Sonoma WSM 393.1 48.00 -4.87 -9.21 54.93 47.10 Block trades* 7,159 1,195
PHLX§ Oil Service 130.78 128.85 129.53 -0.89 -0.68 192.66 117.79 -20.7 -29.5 -19.0 Sportsman's Warehouse SPWH 43.5 3.70 -0.28 -7.04 4.01 3.52 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1318.11 1301.36 1313.11 19.91 1.54 1321.13 836.79 51.5 44.9 26.7 Vascular Biogenics VBLT 30.0 8.40 -0.60 -6.67 8.95 8.00 †(TRIN) A comparison of the number of advancing and declining
12.52 11.38 -1.37 -10.43 16.04 9.14 -11.9 -16.2 issues with the volume of shares rising and falling. An
CBOE Volatility 11.76 -4.0 Pixelworks PXLW 5.1 5.36 -0.29 -5.13 5.65 5.36 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 2949.78 20.78 0.71 16.5 China Adv Constr Matrl CADC 7.85 5.70 265.12 9.75 1.55 220.4 Intec Pharma NTEC 5.65 -1.80 -24.16 9.80 4.20 6.6
DJ Global Index 384.02 3.09 0.81 17.8 OptimumBank Holdings OPHC 8.25 5.78 234.01 13.96 1.85 100.2 Diplomat Pharmacy DPLO 14.63 -4.44 -23.28 21.99 12.25 -3.1
DJ Global ex U.S. 257.82 1.97 0.77 20.5 Carver Bancorp CARV 5.03 3.02 150.25 7.95 2.01 25.8 CHF Solutions CHFS 12.79 -3.71 -22.48 576.00 3.60 -87.8
Americas DJ Americas 621.02 5.33 0.87 14.9 Arsanis ASNS 14.03 4.03 40.30 ... ... ... LM Funding America LMFA 2.11 -0.49 -18.85 6.22 1.11 -65.7
Brazil Sao Paulo Bovespa 72511.79 1685.20 2.38 20.4 Mirati Therapeutics MRTX 19.00 4.95 35.23 19.25 2.70 216.7 GTx GTXI 9.78 -1.86 -15.98 12.96 2.73 9.9
Canada S&P/TSX Comp 15935.37 56.89 0.36 4.2 Time Inc. TIME 16.20 3.55 28.06 20.40 9.90 19.1 ION Geophysical IO 12.85 -1.85 -12.59 15.30 3.20 72.5
Mexico S&P/BMV IPC 47747.69 56.89 0.12 4.6 RH RH 104.81 21.51 25.82 105.99 24.41 204.9 Rex Energy REXX 1.91 -0.23 -10.75 9.80 1.70 -32.2
Chile Santiago IPSA 4030.78 30.91 0.77 25.1 SMART Global Holdings SGH 35.98 7.28 25.37 38.24 11.50 ... Aradigm ARDM 3.30 -0.39 -10.57 5.68 0.78 -34.9
0.78 Xunlei ADR XNET 15.18 2.95 24.12 15.45 3.11 240.4 TDH Holdings PETZ 13.62 -1.52 -10.04 31.75 6.02 ...
EMEA Stoxx Europe 600 384.93 2.97 6.5
0.68 Professional Diversity IPDN 3.81 0.71 22.90 13.90 2.45 -43.5 Ever-Glory Intl Group EVK 2.35 -0.25 -9.62 3.00 1.95 9.3
Eurozone Euro Stoxx 388.14 2.61 10.8
Belgium Bel-20 3991.86 28.03 0.71 10.7 Deswell Industries DSWL 2.90 0.46 18.85 3.64 1.70 62.9 Bitauto Holdings ADR BITA 43.05 -4.53 -9.52 54.42 16.56 91.5
France CAC 40 5336.39 35.14 0.66 9.8 Cato Cl A CATO 15.74 2.47 18.61 32.99 12.20 -49.0 AxoGen AXGN 22.60 -2.30 -9.24 25.15 8.05 158.3
Germany DAX 13047.22 70.85 0.55 13.6 Rimini Street RMNI 7.77 1.19 18.06 10.40 6.58 -21.1 Alliqua BioMedical ALQA 2.18 -0.22 -9.17 8.48 1.99 -71.3
Israel Tel Aviv 1405.60 5.55 0.40 –4.4 Remark Holdings MARK 5.68 0.86 17.84 6.25 1.93 26.5 Secoo Holding ADR SECO 8.22 -0.77 -8.57 12.70 6.61 ...
22206.60 0.22 15.5 Kingtone Wirelessinfo ADR KONE 4.18 0.63 17.75 8.00 2.63 -32.5 Oxbridge Re Holdings OXBR 2.75 -0.25 -8.33 6.90 2.30 -45.0
Italy FTSE MIB 47.72
Netherlands AEX 539.19 0.70 0.13 11.6
Russia RTS Index 1126.52 9.99 0.89 –2.2 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10088.70 74.80 0.75 7.9
0.73 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 581.97 4.24 8.9 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9146.82 57.27 0.63 11.3
General Electric GE 88,659 30.4 18.25 -0.05 32.38 17.46 SemiLEDS LEDS 4,336 2883 6.93 8.45 10.49 1.61
U.K. FTSE 100 7386.94 14.33 0.19 3.4
SPDR S&P 500 SPY 63,248 -1.1 258.62 0.85 259.35 217.92 iSh Russell Top 200 Grwth IWY 1,242 2828 71.43 0.96 71.65 55.04
Asia-Pacific Cisco Systems CSCO 58,613 203.3 35.88 5.19 36.67 29.12 Natl Energy Svcs Reunited NESR 566 2471 9.90 0.00 9.97 9.39
Australia S&P/ASX 200 5943.50 9.30 0.16 4.9 Bank of America BAC 53,175 -18.4 26.76 -0.11 27.98 19.71 iSh MSCI Qatar Capped QAT 575 2318 13.59 -0.66 20.57 13.36
China Shanghai Composite 3399.25 –3.27 –0.10 9.5 Finl Select Sector SPDR XLF 50,829 -2.5 26.19 0.04 26.93 21.81 Vantage Energy Acqn Cl A VEAC 1,292 1517 9.70 0.00 9.95 9.68
Hong Kong Hang Seng 29018.76 167.07 0.58 31.9 iShares MSCI Emg Markets EEM 44,572 -8.3 46.59 2.08 46.87 33.94 Forum Merger Cl A FMCI 90 1437 9.70 0.00 10.19 9.50
India S&P BSE Sensex 33106.82 346.38 1.06 24.3 AT&T T 39,411 21.4 34.52 2.10 43.03 32.55 Appian Cl A APPN 2,081 1303 20.05 -5.60 28.65 14.60
Japan Nikkei Stock Avg 22351.12 322.80 1.47 16.9 Wal-Mart Stores WMT 37,547 337.1 99.62 10.90 99.68 65.28 Vanguard Russell 2000 VTWO 584 1260 118.60 1.42 120.82 104.05
Singapore Straits Times 3341.30 –27.40 –0.81 16.0 iPath S&P 500 VIX ST Fut VXX 37,230 14.0 35.01 -4.11 120.64 33.11 Gardner Denver GDI 7,588 1195 28.89 4.90 30.66 19.91
South Korea Kospi 2534.79 16.54 0.66 25.1 Brocade Comms Sys BRCD 35,781 344.0 12.73 1.19 12.74 11.43 iSh Edge MSCI Intl Qual IQLT 97 1160 29.14 0.70 29.47 23.92
Taiwan Weighted 10625.04 –5.61 –0.05 14.8 * 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
Thurs YTDchg
in US$ per US$ (%) Country/currency
Thurs YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Europe
A consumer rate against its Money market accounts
3.75% Argentina peso .0572 17.4772 10.1 Czech Rep. koruna .04604 21.722 –15.4
benchmark over the past year 10% Brazil real .3054 3.2740 0.6 Denmark krone .1582 6.3219 –10.6
Bankrate.com avg†: 0.33%
s Euro Canada dollar .7839 1.2758 –5.1 Euro area euro 1.1771 .8496 –10.6
ableBanking,adivisionofNortheastBank 1.30% 3.00 5 WSJ Dollar index
s
Federal-funds Chile peso .001587 630.30 –5.9 Hungary forint .003774 264.98 –10.0
0.90% Lewiston, ME 877-505-1933 1 1 unch .009655 103.57 –8.3
2.25 Ecuador US dollar Iceland krona
t

target rate 0
Barclays 1.30% Mexico peso .0525 19.0568 –8.1 Norway krone .1218 8.2107 –5.0
Thursday
t

0.60 1.50 Uruguay peso .03398 29.4300 0.3 Poland zloty .2778 3.6004 –14.0
Wilmington, DE 888-720-8756 –5
s Yen Venezuela b. fuerte .098113 10.1924 2.0 Russia ruble .01675 59.695 –2.6
0.30 Capital One 360 1.30% 0.75 –10 Sweden krona .1190 8.4010 –7.8
t Asia-Pacific
One year ago
t

Glen Allen, VA 877-464-0333 Switzerland franc 1.0060 .9940 –2.4

Money market 0.00 –15 Australian dollar .7587 1.3180 –5.1
0.00 Goldman Sachs Bank USA 1.30% Turkey lira .2589 3.8629 9.6
account yields China yuan .1508 6.6301 –4.5
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0378 26.4650 –2.3
New York, NY 855-730-7283 Hong Kong dollar .1280 7.8100 0.7
–0.30 month(s) years UK pound 1.3196 .7578 –6.4
Pacific National Bank 1.30% India rupee .01533 65.220 –4.0
D J F MAM J J A S O N maturity Indonesia rupiah .0000740 13513 Middle East/Africa
–0.1
2017 Miami, FL 305-539-7500
Japan yen .008846 113.05 –3.4 Bahrain dinar 2.6471 .3778 0.2
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003010 332.27 –0.4 Egypt pound .0567 17.6400 –2.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1237 8.0850 2.1 Israel shekel .2843 3.5178 –8.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2399 4.1681 –7.1 Kuwait dinar 3.3100 .3021 –1.1
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 .6849 1.4601 1.1 Oman sul rial 2.5974 .3850 0.01
Pakistan rupee .00951 105.200 0.8 Qatar rial .2598 3.849 5.7
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 50.737 2.3 Saudi Arabia riyal .2666 3.7507 unch
Libor, 3-month 1.44 1.41 0.91 l 1.44 1.20 Singapore dollar .7374 1.3562 –6.3 South Africa rand .0706 14.1563 3.4
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1460.898 2.168 2.122 2.237 1.818 1.981 1.973 South Korea won .0009114 1097.18 –9.2
Five-year CD, annual yield 1.48 1.49 1.19 l 1.49 -0.07 .0065079 153.66 3.5 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1732.009 2.361 2.333 2.609 2.058 1.522 1.759 Sri Lanka rupee
30-year mortgage, fixed† 3.89 3.85 3.73 l 4.33 -0.17 Taiwan dollar .03326 30.062 –7.4 WSJ Dollar Index 87.34 0.03 0.03 –6.03
DJ Corporate 377.681 3.168 3.112 3.390 2.879 4.882 3.812
Thailand baht .03039 32.910 –8.1 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.28 3.22 2.99 l 3.50 0.05 Aggregate, Barclays Capital 1938.820 2.660 2.620 2.790 2.380 2.674 2.364 Vietnam dong .00004403 22710 –0.3
Jumbo mortgages, $424,100-plus† 4.24 4.21 4.21 l 4.88 -0.06 High Yield 100, Merrill Lynch 2839.208 5.646 5.560 6.285 4.948 8.181 3.861
Five-year adj mortgage (ARM)† 3.50 3.45 3.20 l 4.03 -0.04
Fixed-Rate MBS, Barclays 1986.360 2.870 2.860 3.120 2.660 1.691 2.055
New-car loan, 48-month 3.00 3.02 2.85 l 3.36 -0.23
HELOC, $30,000 2.85 5.06 2.85 l 5.30 -1.51
Muni Master, Merrill 521.557 2.040 1.954 2.516 1.736 4.232 2.740 COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 798.894 5.609 5.658 6.290 5.279 9.077 5.730 Commodities Thursday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg

DJ Commodity 604.88 -2.57 -0.42 616.58 532.01 12.82 6.63

Get real-time U.S. stock quotes and track most-active Track the Markets 188.25 -0.21 195.14 3.18 -2.22

WSJ
TR/CC CRB Index -0.39 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 55.14 -0.19 -0.34 57.35 42.53 21.40 2.64
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.053 -0.027 -0.88 3.93 2.56 12.95 -18.02
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1277.40 0.90 0.07 1346.00 1127.80 5.01 11.08
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B8 | Friday, November 17, 2017 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Agriculture Futures Milk (CME)-200,000 lbs., cents per lb. Currency Futures
Nov 16.85 16.85 16.80 16.80 –.04 4,312
Contract Open Corn (CBT)-5,000 bu.; cents per bu. Dec 15.70 15.75 15.44 15.46 –.27 4,433 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest Dec 338.25 339.00 t 336.25 336.50 –1.75 540,579 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec .8871 .8882 .8834 .8861 –.0009 271,776
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 2,158 2,158 2,106 2,131 –2 973 March'18 .8918 .8926 .8885 .8909 –.0009 4,751
March'18 350.75 351.50 t 348.75 349.00 –2.00 600,072
Nov 3.0450 3.0565 3.0405 3.0435 –0.0055 387 March'18 2,133 2,152 2,132 2,140 11 136,897 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oats (CBT)-5,000 bu.; cents per bu. Dec .7833 .7859 .7826 .7845 .0010 137,371
March'18 3.0710 3.1020 3.0580 3.0715 –0.0055 104,027 Dec 268.25 268.75 260.00 262.25 –7.00 3,590 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Gold (CMX)-100 troy oz.; $ per troy oz. March'18 .7840 .7867 .7838 .7854 .0010 3,399
March'18 279.00 279.00 272.25 277.25 –3.00 3,800 Dec 126.55 127.45 125.95 126.70 –.05 23,969
Nov 1277.50 1277.50 1277.50 1277.40 0.90 62 March'18 129.90 130.90 129.30 130.15 .05 116,342
British Pound (CME)-£62,500; $ per £
Dec 1278.00 1281.80 1274.90 1278.20 0.50 269,029
Soybeans (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Dec 1.3182 1.3220 1.3145 1.3194 .0018 168,495
Jan 976.50 978.25 970.25 972.00 –4.25 323,185 March'18 1.3235 1.3259 1.3190 1.3237 .0019 3,455
Feb'18 1282.80 1286.10 1279.40 1282.60 0.50 192,213 March 15.09 15.28 14.94 15.26 .17 395,289 Swiss Franc (CME)-CHF 125,000; $ per CHF
April 1287.40 1289.70 1284.00 1286.80 0.50 21,145 March 987.50 989.50 981.50 983.25 –4.00 140,841 May 15.10 15.23 14.96 15.22 .13 135,916
Soybean Meal (CBT)-100 tons; $ per ton. Dec 1.0125 1.0136 1.0073 1.0082 –.0052 80,826
June 1290.40 1294.10 1288.20 1291.00 0.40 20,938 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'18 1.0204 1.0209 1.0148 1.0156 –.0051 298
Dec 1304.10 1306.50 1303.80 1304.00 0.60 11,431 Dec 311.80 312.90 310.00 310.50 –.80 76,592 March 27.33 27.33 27.33 27.33 .04 2,821 Australian Dollar (CME)-AUD 100,000; $ per AUD
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'18 313.80 314.90 312.00 312.50 –.90 115,817 Jan'19 26.85 26.95 26.85 26.88 .08 210 Dec .7583 .7607 .7566 .7585 .0004 126,694
Dec 984.85 988.65 978.50 984.85 –0.25 23,646 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Cotton (ICE-US)-50,000 lbs.; cents per lb. Jan'18 .7591 .7598 .7578 .7583 .0004 638
March'18 977.75 983.30 975.60 979.70 –0.05 11,346 Dec 34.69 34.85 34.38 34.43 –.32 105,616 Dec 68.92 69.50 68.79 69.21 .40 24,880 Feb .7589 .7606 t .7570 .7582 .0004 560
June 969.30 977.50 969.30 973.90 0.15 409 Jan'18 34.84 34.99 34.54 34.59 –.29 128,608 March'18 68.90 69.49 68.79 69.18 .34 141,383 March .7583 .7598 .7570 .7581 .0004 1,097
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June .7580 .7587 .7579 .7579 .0005 252
Nov 928.20 928.20 926.40 933.00 3.10 4 Jan 1206.50 1217.50 1193.00 1216.50 8.00 9,394 Dec … … s … 166.10 3.10 Mexican Peso (CME)-MXN 500,000; $ per MXN
Jan'18 932.90 937.30 930.40 936.20 3.10 69,557 Jan'18 162.65 167.00 162.20 166.10 3.10 7,091 Dec .05162 .05224 .05162 .05216 .00066 182,866
March 1235.00 1241.50 1224.00 1244.50 8.00 1,111
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'18 .05088 .05141 .05087 .05137 .00065 628
Wheat (CBT)-5,000 bu.; cents per bu. Euro (CME)-€125,000; $ per €
Nov 16.950 16.970 16.950 17.056 0.106 2
Dec 421.50 424.50 419.50 421.50 1.50 156,738 Interest Rate Futures Dec 1.1802 1.1820 1.1775 1.1784 –.0029 458,067
Dec 16.975 17.125 16.945 17.072 0.101 106,594
March'18 438.50 441.00 436.50 438.00 .25 225,810 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March'18 1.1860 1.1886 1.1846 1.1854 –.0029 7,258
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Dec 55.30 55.62 54.93 55.14 –0.19 128,823 Wheat (KC)-5,000 bu.; cents per bu. Dec 154-090 154-090 153-030 153-180 –14.0 756,583
Jan'18 55.51 55.83 55.15 55.35 –0.17 563,199 Dec 418.00 420.75 416.50 417.00 –.75 76,550 March'18 153-030 153-030 152-010 152-140 –14.0 50,171 Index Futures
Feb 55.63 55.95 55.30 55.49 –0.17 186,192 March'18 435.25 437.75 434.00 434.50 –.75 152,598 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
March 55.79 56.06 55.44 55.60 –0.19 288,521 Wheat (MPLS)-5,000 bu.; cents per bu. Dec 125-040 125-040 124-245 124-275 –6.0 3,227,542 Dec 23260 23464 23244 23424 162 158,696
June 55.76 55.96 55.41 55.57 –0.19 235,651 Dec 624.00 630.75 624.00 630.25 5.50 25,560 March'18 124-270 124-270 124-155 124-185 –6.0 119,897 March'18 23261 23453 23239 23417 163 1,872
Dec 54.15 54.39 53.93 54.03 –0.22 259,984 March'18 638.50 645.75 638.50 645.25 6.00 33,246 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 117-022 117-022 116-280 116-297 –3.7 3,143,762 Dec 2564.30 2589.00 s 2562.50 2585.00 19.90 64,596
Dec 1.9083 1.9167 1.8946 1.9021 –.0066 81,144 Nov 157.775 157.925 157.575 157.775 –.225 2,963 March'18 116-277 116-277 116-215 116-235 –3.5 140,957 March'18 2579.00 2588.60 s 2579.00 2585.80 20.20 5,178
Jan'18 1.9130 1.9196 1.8983 1.9053 –.0067 116,585 Jan'18 154.175 154.350 153.200 153.900 –.350 28,146
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2564.25 2589.50 s 2562.25 2585.00 20.00 3,180,712
Dec 107-172 107-175 107-155 107-157 –1.5 1,731,804 March'18 2565.25 2590.25 s 2563.00 2585.75 20.25 85,908
Dec 1.7324 1.7430 1.7121 1.7137 –.0251 88,405 Dec 120.250 120.575 119.250 119.550 –.650 62,774
Jan'18 1.7311 1.7365 1.7106 1.7117 –.0213 165,072
March'18 107-125 107-125 107-102 107-107 –1.5 106,199 Mini S&P Midcap 400 (CME)-$100 x index
Feb'18 125.900 126.225 124.850 125.125 –.625 155,352
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Hogs-Lean (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 1817.60 1841.00 1816.40 1835.90 18.30 93,737
Dec 3.087 3.110 3.046 3.053 –.027 106,964 Dec 61.425 61.550 59.875 60.100 –1.025 48,645
Nov 98.843 98.845 98.843 98.843 … 206,136 Mini Nasdaq 100 (CME)-$20 x index
Jan'18 3.187 3.203 3.147 3.153 –.026 306,007 Jan'18 98.610 98.615 t 98.605 98.610 … 348,243 Dec 6264.5 6358.5 s 6260.8 6341.0 74.8 282,754
Feb'18 67.300 67.500 66.275 66.575 –.875 91,853
Feb 3.187 3.204 3.147 3.155 –.025 105,288 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March'18 6281.0 6374.0 s 6278.0 6357.0 74.8 2,442
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (ICE-US)-$100 x index
March 3.146 3.163 3.113 3.121 –.019 181,512 Jan 452.20 455.90 448.00 449.70 .30 5,670 Dec 100.891 101.063 100.766 100.891 –.344 28,650
Dec 1465.50 1492.60 1465.20 1486.20 22.40 68,086
April 2.941 2.958 2.928 2.943 .003 124,294 March 437.60 442.30 435.20 437.60 1.20 890 1 Month Libor (CME)-$3,000,000; pts of 100% March'18 1485.00 1490.60 1485.00 1487.10 22.50 86
May 2.923 2.938 2.912 2.928 .008 92,755 Jan 98.5250 98.5250 t 98.5250 98.5275 … 54
Mini Russell 1000 (ICE-US)-$100 x index
Feb 98.5150 98.5175 98.5150 98.5125 –.0050 88
Dec 1427.90 1434.60 1427.90 1432.50 11.40 271
Eurodollar (CME)-$1,000,000; pts of 100% U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 98.4725 98.4725 98.4600 98.4625 –.0050 1,711,710
Cash Prices | WSJ.com/commodities Thursday, November 16, 2017 March'18 98.3100 98.3150
June 98.1900 98.1900
98.2950 98.2950 –.0150 1,383,197
98.1600 98.1650 –.0250 1,273,973
Dec
March'18
93.79
93.45
93.92
93.60
93.69
93.40
93.85
93.55
.13
.13
40,012
2,708
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Dec 98.0350 98.0400 98.0000 98.0050 –.0300 1,636,958 Source: SIX Financial Information
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Thursday Thursday Thursday Bonds | WSJ.com/bonds
(U.S.$ equivalent) 17.0400 SoybeanMeal,Cent IL,rail,ton48%-u 307.00
Energy Coins,wholesale $1,000 face-a 12898 Soybeans,No.1 yllw IL-bp,u n.a. Tracking Bond Benchmarks
Propane,tet,Mont Belvieu-g 0.9989 Other metals Wheat,Spring14%-pro Mnpls-u 7.8775
Butane,normal,Mont Belvieu-g 1.0554 LBMA Platinum Price PM *937.0 Wheat,No.2 soft red,St.Louis-bp,u 4.3250 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
NaturalGas,HenryHub-i 3.050 Platinum,Engelhard industrial 933.0 Wheat - Hard - KC (USDA) $ per bu-u 3.7450 highs and lows for different types of bonds
NaturalGas,TranscoZone3-i 3.000 Platinum,Engelhard fabricated 1033.0 Wheat,No.1soft white,Portld,OR-u 5.2725 Total Total
NaturalGas,TranscoZone6NY-i 3.080 Palladium,Engelhard industrial 989.0 return YTD total Yield (%) return YTD total Yield (%)
Food close return (%) Index Latest Low High close return (%) Index Latest Low High
NaturalGas,PanhandleEast-i 2.640 Palladium,Engelhard fabricated 1089.0
NaturalGas,Opal-i 2.810 Aluminum, LME, $ per metric ton *2082.0 Beef,carcass equiv. index Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
NaturalGas,MarcellusNE PA-i 2.500 Copper,Comex spot 3.0435 choice 1-3,600-900 lbs.-u 189.44
NaturalGas,HaynesvilleN.LA-i 2.910 Iron Ore, 62% Fe CFR China-s 61.8 select 1-3,600-900 lbs.-u 170.30 1938.82 3.2 U.S. Aggregate 2.660 2.380 2.790 1986.36 2.3 Mortgage-Backed 2.870 2.660 3.120
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850 Shredded Scrap, US Midwest-s,w 276 Broilers, National comp wghtd-u,w 0.8612 1953.25 1.8 Ginnie Mae (GNMA) 2.820 2.620 3.090
U.S. Corporate Indexes Bloomberg Barclays
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Steel, HRC USA, FOB Midwest Mill-s 615 Butter,AA Chicago 2.2425
Cheddar cheese,bbl,Chicago 165.75 2769.94 5.3 U.S. Corporate 3.260 3.030 3.520 1165.11 2.5 Fannie mae (FNMA) 2.880 2.670 3.120
Metals Fibers and Textiles Cheddar cheese,blk,Chicago 168.00
2612.86 3.6 Intermediate 2.840 2.530 3.010 1793.85 2.6 Freddie Mac (FHLMC) 2.900 2.680 3.130
Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.6150 Milk,Nonfat dry,Chicago lb. 74.50
Engelhard industrial 1278.82 Cotton,1 1/16 std lw-mdMphs-u 0.6846 Cocoa,Ivory Coast-w 2462 3832.54 9.0 Long term 4.180 4.100 4.710 521.56 4.5 Muni Master 2.040 1.736 2.516
Cotlook 'A' Index-t *79.35 Coffee,Brazilian,Comp 1.2507
Engelhard fabricated 1374.73 565.43 3.9 Double-A-rated 2.740 2.470 2.870 364.92 5.1 7-12 year 2.030 1.744 2.618
Hides,hvy native steers piece fob-u 61.500 Coffee,Colombian, NY 1.4441
Handy & Harman base 1280.00
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.2750 714.59 5.8 Triple-B-rated 3.550 3.340 3.870 409.92 6.2 12-22 year 2.450 2.213 3.047
Handy & Harman fabricated 1420.80
Flour,hard winter KC 15.65
LBMA Gold Price AM *1285.70 Grains and Feeds High Yield Bonds Merrill Lynch 396.57 6.9 22-plus year 2.856 2.770 3.622
Hams,17-20 lbs,Mid-US fob-u 0.78
LBMA Gold Price PM *1282.20
Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 63.56 414.12 6.6 High Yield Constrained 5.882 5.373 6.702 Global Government J.P. Morgan†
Krugerrand,wholesale-e 1329.12
Bran,wheat middlings, KC-u 93 Pork bellies,12-14 lb MidUS-u 1.4917
Maple Leaf-e 1341.90 414.07 7.7 Triple-C-rated 10.923 9.584 12.916 543.90 1.3 Global Government 1.430 1.300 1.560
Corn,No. 2 yellow,Cent IL-bp,u n.a. Pork loins,13-19 lb MidUS-u 0.8778
American Eagle-e 1341.90
Corn gluten feed,Midwest-u,w 93.1 Steers,Tex.-Okla. Choice-u 119.00 2839.21 5.8 High Yield 100 5.646 4.948 6.285 756.27 0.4 Canada 2.020 1.570 2.190
Mexican peso-e 1548.88
Corn gluten meal,Midwest-u,w 483.9 Steers,feeder,Okla. City-u,w 170.88
Austria crown-e 1255.70 376.52 6.9 Global High Yield Constrained 5.319 4.934 6.334 372.08 0.8 EMU§ 1.062 0.933 1.363
Cottonseed meal-u,w 225 Fats and Oils
Austria phil-e 1341.90
Hominy feed,Cent IL-u,w 95 305.86 6.6 Europe High Yield Constrained 2.311 1.897 3.814 713.64 1.0 France 0.790 0.710 1.210
Silver, troy oz. Meat-bonemeal,50% pro Mnpls-u,w 213 Corn oil,crude wet/dry mill-u,w 34.8500
Engelhard industrial 17.0400 Oats,No.2 milling,Mnpls-u 2.9475 Grease,choice white,Chicago-h 0.2500 U.S Agency Bloomberg Barclays 509.37 -1.0 Germany 0.450 0.210 0.620
Engelhard fabricated 20.4480 Rice, 5% Broken White, Thailand-l,w 368.00 Lard,Chicago-u n.a. 1638.62 2.1 U.S Agency 2.060 1.620 2.060 288.17 0.003 Japan 0.400 0.270 0.460
Handy & Harman base 17.0950 Rice, Long Grain Milled, No. 2 AR-u,w 24.00 Soybean oil,crude;Centl IL-u 0.3356
Handy & Harman fabricated 21.3690 Sorghum,(Milo) No.2 Gulf-u 7.4813 Tallow,bleach;Chicago-h 0.2650 1464.56 1.2 10-20 years 1.910 1.420 1.910 562.50 -0.7 Netherlands 0.570 0.360 0.760
LBMA spot price £12.9200 Tallow,edible,Chicago-u 0.3400
3367.73 7.7 20-plus years 2.930 2.730 3.460 917.89 0.5 U.K. 1.610 1.340 1.790
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence; 2451.68 4.6 Yankee 2.900 2.610 3.090 798.89 8.1 Emerging Markets ** 5.609 5.279 6.290
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
as of 11/15
Source: WSJ Market Data Group ** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan

Global Government Bonds: Mapping Yields

Borrowing Benchmarks | WSJ.com/bonds Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Money Rates November 16, 2017
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
guide to general levels but don’t always represent actual transactions.
1.500 U.S. 2 1.708 s l 1.683 1.538 1.005
Week —52-WEEK— Week —52-WEEK— 2.250 10 2.361 s l 2.326 2.305 2.223
Inflation Latest ago High Low Latest ago High Low 2.750 Australia 2 1.800 s l 1.793 1.913 1.757 9.2 10.9 75.2
Oct. index Chg From (%)
level Sept. '17 Oct. '16 Britain 0.50 0.50 0.50 0.25 13 weeks 1.240 1.185 1.240 0.480 2.750 10 2.594 t l 2.601 2.756 2.654 23.3 27.6 43.0
Australia 1.50 1.50 1.50 1.50 26 weeks 1.360 1.300 1.360 0.590
0.000 France 2 -0.589 t l -0.569 -0.532 -0.580 -229.7 -225.3 -158.5
U.S. consumer price index
Overnight repurchase Secondary market 0.750 10 0.729 t l 0.738 0.636 0.744 -163.2 -158.8 -148.0
All items 246.663 –0.06 2.0
U.S. 1.29 1.15 1.38 0.15
Core 253.638 0.28 1.8 Fannie Mae 0.000 Germany 2 -0.745 s l -0.746 -0.731 -0.629 -245.4 -243.0 -163.4
U.S. government rates 30-year mortgage yields 0.500 10 0.380 s l 0.377 0.374 0.299 -198.2 -194.9 -192.5
International rates
30 days 3.473 3.460 3.865 3.253 0.050 Italy 2 -0.252 t l -0.229 -0.132 0.061 -191.3 -94.4
Discount -196.0
Week 52-Week 60 days 3.494 3.481 3.899 3.281
1.75 1.75 1.75 1.00 2.050 10 1.839 s l 1.820 2.037 2.043 -52.3 -50.6 -18.1
Latest ago High Low
Other short-term rates 0.100 Japan 2 -0.189 t l -0.186 -0.139 -0.121 -189.8 -187.0 -112.6
Federal funds
Prime rates Effective rate 1.1700 1.1800 1.2000 0.3500 0.100 10 0.046 s l 0.043 0.065 0.011 -231.5 -228.3 -221.3
Week 52-Week
U.S. 4.25 4.25 4.25 3.50 High 1.3125 1.3125 1.3125 0.5625 Latest ago high low
2.750 Spain 2 -0.352 t l -0.341 -0.298 -0.118 -206.0 -202.5 -112.3
Canada 3.20 3.20 3.20 2.70 Low 1.0300 1.0500 1.1600 0.2500
Japan 1.475 1.475 1.475 1.475 Bid 1.1600 1.1600 1.1700 0.3000 Call money 1.450 10 1.540 s l 1.538 1.570 1.557 -82.1 -78.8 -66.6
Offer 1.1700 1.1800 1.1900 0.3200 3.00 3.00 3.00 2.25 1.750 U.K. 2 0.500 s l 0.483 0.451 0.191 -120.8 -120.0 -81.4
Policy Rates
Euro zone 0.00 0.00 0.00 0.00 Treasury bill auction Commercial paper (AA financial) 4.250 10 1.311 s l 1.286 1.339 1.261 -105.0 -104.0 -96.2
Switzerland 0.50 0.50 0.50 0.50 4 weeks 1.045 1.035 1.300 0.305 90 days 1.35 1.32 1.35 0.67 Source: Tullett Prebon

Libor Corporate Debt

in that same company’s share price.
Exchange-Traded Portfolios | WSJ.com/ETFresearch One month
Three month
1.28267
1.43567
1.24494
1.41289
1.28267
1.43567
0.56178
0.91122
Investment-grade spreads that tightened the most…
Six month 1.63171 1.61239 1.63171 1.27433
Spread*, in basis points Stock Performance
Largest 100 exchange-traded funds, latest session One year 1.90067 1.88178 1.90067 1.60456
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Thursday, November 16, 2017 Closing Chg YTD Euro Libor
ETF Symbol Price (%) (%) Teva Pharmaceutical Finance IV BV TEVA 3.650 Nov. 10, ’21 330 –61 288 12.79 1.51
Closing Chg YTD One month -0.399 -0.399 -0.376 -0.405
ETF Symbol Price (%) (%) 113.92 –0.21 0.7 Pitney Bowes PBI 4.700 April 1, ’23 542 –37 424 9.97 3.42
iShTIPSBondETF TIP Three month -0.379 -0.378 -0.325 -0.381
AlerianMLPETF AMLP 10.23 –0.10 –18.8 iSh1-3YTreasuryBd SHY 84.13 0.01 –0.4 Six month -0.317 -0.314 -0.218 -0.322 UnitedHealth UNH 2.300 Dec. 15, ’19 14 –26 35 211.13 0.61
93.13 0.83 14.4 iSh7-10YTreasuryBd IEF 106.04 –0.25 1.2
CnsmrDiscSelSector XLY One year -0.251 -0.240 -0.080 -0.251 Morgan Stanley MS 5.550 July 15, ’49 132 –19 n.a. 48.60 1.04
CnsStapleSelSector XLP 54.95 1.38 6.3 iSh20+YTreasuryBd TLT 125.46 –0.87 5.3
iShRussellMCGrowth IWP 117.18 1.25 20.3
EnSelectSectorSPDR
FinSelSectorSPDR
XLE
XLF
67.10
26.19
–0.40 –10.9
0.04 12.6 PIMCOEnhShMaturity MINT 101.75 –0.01 0.4
Euro interbank offered rate (Euribor) …And spreads that widened the most
PwrShQQQ 1 QQQ 154.54 1.28 30.4 One month -0.372 -0.371 -0.366 -0.375
GuggS&P500EW RSP 97.30 0.86 12.3
Three month -0.329 -0.329 -0.312 -0.332
Life Technologies LIFE 6.000 March 1, ’20 92 23 n.a. … ...
HealthCareSelSect XLV 81.56 1.04 18.3 PwrShS&P500LoVol SPLV 47.23 0.38 13.6
IndSelSectorSPDR XLI 70.89 0.94 13.9 PwrShSrLoanPtf BKLN 23.00 0.09 –1.5 Six month -0.275 -0.276 -0.215 -0.276 ING Bank Nl INTNED 4.125 Nov. 21, ’23 n.a. 20 n.a. ... ...
iShIntermCredBd CIU 109.39 –0.04 1.1 SPDR BlmBarcHYBd JNK 36.81 0.93 1.0 One year -0.192 -0.191 -0.075 -0.192 Macy'S Retail Holdings M 6.700 July 15, ’34 415 12 420 20.25 1.35
SPDR Gold GLD 121.40 –0.01 10.8
iSh1-3YCreditBond CSJ 104.85 ... –0.1
Value 52-Week Ge Capital International Funding Unlimited GE 2.342 Nov. 15, ’20 64 8 52 18.25 –0.05
iSh3-7YTreasuryBd IEI 122.82 –0.12 0.3 SchwabIntEquity SCHF 33.97 0.86 22.7
Latest Traded High Low
iShCoreMSCIEAFE IEFA 64.85 0.94 20.9 SchwabUS BrdMkt SCHB 62.49 0.87 15.3 MPLX MPLX 4.500 July 15, ’23 124 7 111 34.43 0.06
SchwabUS LC SCHX 61.80 0.85 16.0
iShCoreMSCIEmgMk IEMG 56.27 1.96 32.6 DTCC GCF Repo Index 3M MMM 2.000 June 26, ’22 26 6 28 229.42 0.89
SPDR DJIA Tr DIA 234.91 0.84 18.9
iShCoreMSCITotInt IXUS 62.07 1.19 22.9
SPDR S&PMdCpTr MDY 334.16 0.99 10.7 Treasury 1.303 23.800 1.366 0.244 Apple AAPL 2.000 May 6, ’20 29 5 25 171.10 1.19
iShCoreS&P500 IVV 260.34 0.84 15.7
SPDR S&P 500 SPY 258.62 0.85 15.7 MBS 1.341 117.994 1.506 0.257 Aetna AET 2.800 June 15, ’23 100 5 96 174.76 2.20
iShCoreS&P MC IJH 183.31 0.98 10.9
SPDR S&P Div SDY 92.95 0.86 8.6
iShCoreS&P SC IJR 74.31 1.71 8.1 Open Implied
iShS&PTotlUSStkMkt ITOT 59.19 0.96 15.4
TechSelectSector
UtilitiesSelSector
XLK
XLU
63.76
56.20
1.40
–0.32
31.8
15.7
Settle Change Interest Rate High-yield issues with the biggest price increases…
iShCoreUSAggBd AGG 109.19 –0.11 1.0 Bond Price as % of face value Stock Performance
VanEckGoldMiner GDX 22.60 –0.22 8.0 DTCC GCF Repo Index Futures
iShSelectDividend DVY 95.23 0.51 7.5
VangdInfoTech VGT 165.48 1.38 36.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShEdgeMSCIMinEAFE EFAV 71.64 0.87 17.0
VangdSC Val VBR 128.10 1.16 5.9
Treasury Nov 98.790 -0.010 8937 1.210
iShEdgeMSCIMinUSA USMV 51.83 0.64 14.6
VangdSC Grwth VBK 156.29 1.40 17.4 Treasury Dec 98.655 -0.015 2069 1.345 Murray Energy MURREN 11.250 April 15, ’21 52.063 6.31 56.750 ... ...
iShGoldTr IAU 12.29 0.08 10.9 Treasury Jan 98.555 -0.010 450 1.445
iShiBoxx$InvGrCpBd LQD 120.31 –0.12 2.7
VangdDivApp VIG 97.56 0.80 14.5 Frontier Communications FTR 8.500 April 15, ’20 92.500 4.50 93.500 6.66 ...
VangdFTSEDevMk VEA 44.04 0.96 20.5
iShiBoxx$HYCpBd HYG 87.53 0.98 1.1 Weekly survey Time TIME 7.500 Oct. 15, ’25 105.750 4.50 99.500 16.20 28.06
VangdFTSE EM VWO 44.62 1.78 24.7
iShJPMUSDEmgBd EMB 115.03 0.40 4.4
VangdFTSE Europe VGK 57.71 0.77 20.4 Latest Week ago Year ago
J. C. Penney JCP 5.650 June 1, ’20 91.563 3.06 87.250 3.16 3.27
iShMBSETF MBB 106.69 –0.11 0.3
VangdFTSEAWxUS VEU 53.65 1.11 21.4
iShMSCI ACWI ACWI 70.49 1.00 19.1 Navios Maritime Holdings NM 7.375 Jan. 15, ’22 80.493 2.99 83.000 1.35 7.14
VangdGrowth VUG 138.09 1.02 23.9 Freddie Mac
iShMSCIBrazilCap EWZ 39.26 3.26 17.8
VangdHlthCr VHT 151.81 1.16 19.8 SFR S.A. SFRFP 7.375 May 1, ’26 105.500 2.95 105.375 ... ...
iShMSCI EAFE EFA 69.16 0.80 19.8 30-year fixed 3.95 3.90 3.94
VangdHiDiv VYM 82.72 0.76 9.2 Chesapeake Energy CHK 8.000 June 15, ’27 95.980 2.86 96.094 3.85 ...
iShMSCI EAFE SC SCZ 62.43 1.22 25.3 VangdIntermBd BIV 84.20 –0.17 1.4 15-year fixed 3.31 3.24 3.14
iShMSCIEmgMarkets EEM 46.59 2.08 33.1 Five-year ARM 3.21 3.22 3.07 Endo Finance ENDP 5.750 Jan. 15, ’22 83.530 2.78 80.750 7.30 3.99
VangdIntrCorpBd VCIT 87.37 –0.03 1.9
iShMSCIEurozone EZU 43.22 0.75 24.9 VangdLC VV 118.76 0.85 16.0
iShMSCIJapan EWJ 58.98 1.55 20.7 VangdMC VO 149.81 0.83 13.8
…And with the biggest price decreases
iShNasdaqBiotech IBB 310.81 1.49 17.1 VangdMC Val VOE 106.69 0.65 9.8 Notes on data:
iShNatlMuniBd MUB 110.72 –0.10 2.3 U.S. prime rate is the base rate on corporate
Seagate Hdd Cayman STX 4.750 Jan. 1, ’25 96.880 –3.12 99.034 … …
VangdREIT VNQ 85.02 0.83 3.0
iShRussell1000Gwth IWF 131.37 1.04 25.2 VangdS&P500 VOO 237.54 0.85 15.7 loans posted by at least 70% of the 10 largest Sears Holdings SHLD 6.625 Oct. 15, ’18 78.750 –0.75 n.a. 4.57 9.59
iShRussell1000 IWB 143.95 0.86 15.7 U.S. banks, and is effective June 15, 2017. Other
VangdST Bond BSV 79.43 –0.05 –0.0
prime rates aren’t directly comparable; lending Asbury Automotive ABG 6.000 Dec. 15, ’24 103.500 –0.50 105.875 61.70 –0.88
iShRussell1000Val IWD 119.40 0.67 6.6 VangdSTCpBd VCSH 79.59 –0.06 0.3
iShRussell2000Gwth IWO 180.40 1.85 17.2 VangdSC VB 143.10 1.24 11.0
practices vary widely by location; Discount rate AES AES 8.000 June 1, ’20 113.250 –0.50 114.225 10.77 –0.92
is effective June 15, 2017. DTCC GCF Repo Index
iShRussell2000 IWM 147.77 1.47 9.6 VangdTotalBd BND 81.61 –0.13 1.0 is Depository Trust & Clearing Corp.'s weighted CEC Entertainment CEC 8.000 Feb. 15, ’22 99.500 –0.50 n.a. ... ...
iShRussell2000Val IWN 122.47 1.17 3.0 VangdTotIntlBd BNDX 54.96 –0.02 1.2 average for overnight trades in applicable
iShRussell3000 IWV 153.16 0.93 15.2 CUSIPs. Value traded is in billions of U.S. dollars. Telecom Italia Capital TITIM 6.000 Sept. 30, ’34 111.500 –0.50 112.500 ... ...
VangdTotIntlStk VXUS 55.74 1.14 21.5
iShRussellMid-Cap IWR 201.61 0.88 12.7 VangdTotalStk VTI 132.89 0.91 15.2 Federal-funds rates are Tullett Prebon rates as Pilgrims Pride PPC 5.750 March 15, ’25 104.500 –0.47 106.000 34.98 2.46
86.04 0.62 7.0
of 5:30 p.m. ET. Futures on the DTCC GCF Repo
iShRussellMCValue IWS VangdTotlWrld VT 72.30 0.96 18.5
Index are traded on NYSE Liffe US. Acadia Healthcare ACHC 5.125 July 1, ’22 99.875 –0.38 102.000 29.50 4.80
iShS&PMC400Growth IJK 210.08 1.03 15.3 VangdValue VTV 101.73 0.72 9.4
149.63 0.93 22.9
Sources: Federal Reserve; Bureau of Labor
iShS&P500Growth IVW WisdTrEuropeHdg HEDJ 64.53 0.88 12.4 *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.
Statistics; DTCC; SIX Financial Information;
iShS&P500Value IVE 109.16 0.71 7.7 WisdTrJapanHdg DXJ 57.94 1.83 17.0 General Electric Capital Corp.; Tullett Prebon Note: Data are for the most active issue of bonds with maturities of two years or more
iShUSPfdStk PFF 38.26 0.24 2.8 XtrkrsMSCIEAFE DBEF 31.72 0.92 13.0 Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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THE WALL STREET JOURNAL. Friday, November 17, 2017 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE MKT and Nasdaq Stock t-New 52-week low. ForestCIty A FCE.A 24.94 0.05 Leggett&Platt LEG 45.99 0.61 PlainsGP PAGP 20.58 -0.30 Sysco SYY 54.48 0.38 WestAllianceBcp WAL 54.24 0.08 DiamondbkEner FANG 106.53 -0.09 Momo MOMO 32.16 1.57
Market listed securities. Prices are composite dd-Indicates loss in the most recent s Fortis FTS 38.09 0.35 Leidos LDOS 61.84 0.05 PolarisIndustries PII 119.75 -0.81 TAL Education TAL 29.38 0.26 WesternGasEquity WGP 36.39 -0.15 DiscovComm C DISCK 15.72 -0.03 Mondelez MDLZ 42.19 0.24
quotations that include primary market trades four quarters. Fortive FTV 72.44 0.59 Lennar A LEN 58.09 0.07 Potash POT 19.05 0.30 s TE Connectivity TEL 95.15 2.38 WesternGasPtrs WES 45.22 0.68 t DiscovComm B DISCB 21.00 -2.50 MonsterBev MNST 62.00 0.40
as well as trades reported by Nasdaq OMX FD-First day of trading. FortBrandsHome FBHS 64.44 0.38 Lennar B LEN.B 48.20 -0.23 Praxair PX 149.04 2.87 Telus TU 37.71 0.09 WesternUnion WU 19.77 0.17 DiscovComm A DISCA 16.76 0.04 Mylan MYL 37.50 -0.30
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing s Franco-Nevada FNV 84.83 0.05 LennoxIntl LII 195.00 3.68 PrincipalFin PFG 68.39 -0.18 TIM Part TSU 17.90 0.62 WestlakeChem WLK 92.69 2.10 DollarTree DLTR 94.63 1.54 NXP Semi NXPI 115.19 0.19
Exchange, CBOE, National Stock Exchange, ISE standards FranklinRscs BEN 40.55 0.10 LeucadiaNatl LUK 25.05 -0.22 Procter&Gamble PG 89.25 1.02 TJX TJX 69.06 0.02 WestpacBanking WBK 24.26 0.15 E*TRADE ETFC 44.02 0.26 Nasdaq NDAQ 75.97 0.04
and BATS. lf-Late filing FreeportMcM FCX 13.62 -0.01 LibertyProperty LPT 44.61 0.43 s Progressive PGR 51.57 -0.08 TaiwanSemi TSM 42.10 0.56 WestRock WRK 59.15 0.39 EXACT Sci EXAS 58.50 1.08 NatlInstruments NATI 44.64 0.30
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq FreseniusMed FMS 49.15 0.67 EliLilly LLY 83.44 1.25 Prologis PLD 67.05 1.46 Tapestry TPR 41.00 0.74 s Weyerhaeuser WY 36.55 ... EastWestBncp EWBC 57.22 -0.18 s NektarTherap NKTR 44.93 1.86
companies based on market capitalization. requirements. GGP GGP 23.92 0.07 LincolnNational LNC 74.01 0.06 PrudentialFin PRU 110.37 0.15 TargaResources TRGP 41.90 -0.42 WheatonPrecMet WPM 20.56 -0.03 eBay EBAY 35.62 0.32 s NetApp NTAP 53.11 7.29
Underlined quotations are those stocks with t-NYSE bankruptcy s Gallagher AJG 65.83 0.50 LionsGate A LGF.A 31.04 0.48 Prudential PUK 49.37 0.49 Target TGT 55.10 0.94 Whirlpool WHR 162.88 2.41 EchoStar SATS 59.20 1.27 Netease NTES 326.24 23.77
large changes in volume compared with the v-Trading halted on primary market. Gap GPS 27.48 0.58 LionsGate B LGF.B 29.53 0.19 PublicServiceEnt PEG 51.38 0.07 TataMotors TTM 31.81 0.40 t Williams WMB 27.02 -0.48 ElbitSystems ESLT137.07 -2.79 Netflix NFLX 195.51 3.39
issue’s average trading volume. vj-In bankruptcy or receivership or Gartner IT 118.97 1.67 LiveNationEnt LYV 45.36 0.04 PublicStorage PSA 213.67 3.62 TechnipFMC FTI 26.54 0.04 WilliamsPartners WPZ 35.02 -0.39 ElectronicArts EA 111.60 0.12 Neurocrine NBIX 72.30 0.26
Boldfaced quotations highlight those issues being reorganized under the Gazit-Globe GZT 9.55 ... LloydsBanking LYG 3.54 -0.01 s PulteGroup PHM 31.90 0.17 TeckRscsB TECK 21.22 0.01 Wipro WIT 5.27 0.15 Equinix EQIX 475.09 0.67 NewsCorp B NWS 16.00 0.45
whose price changed by 5% or more if their Bankruptcy Code, or securities GeneralDynamics GD 199.22 0.23 LockheedMartin LMT 312.65 2.01 QuestDiag DGX 92.94 1.09 TelecomArgentina TEO 33.39 1.04 WooriBank WF 44.40 0.75 Ericsson ERIC 6.09 0.22 NewsCorp A NWSA 15.72 0.53
previous closing price was $2 or higher. assumed by such companies. GeneralElec GE 18.25 -0.01 Loews L 49.20 -0.49 s RELX RENX 22.64 0.26 TelecomItalia TI 8.05 0.09 Wyndham WYN 108.23 1.75 ErieIndemnity A ERIE 122.27 -0.53 Nordson NDSN 125.90 1.98
GeneralMills GIS 53.67 1.14 Lowe's LOW 79.47 1.10 RELX RELX 23.38 0.27 TelecomItalia A TI.A 6.63 0.04 XPO Logistics XPO 74.19 2.32 Exelixis EXEL 25.83 1.08 NorthernTrust NTRS 93.71 0.43
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and GeneralMotors GM 43.60 0.74 LyondellBasell LYB 103.20 0.70 RPM RPM 51.61 0.60 TeledyneTech TDY 181.09 2.67 XcelEnergy XEL 51.18 ... Expedia EXPE 122.04 0.87 NorwegCruise NCLH 53.97 -1.10
changes in the closing prices from 4 p.m. the previous day. Genpact G 31.29 0.34 M&T Bank MTB 159.87 -1.35 RSP Permian RSPP 35.63 -0.16 s Teleflex TFX 263.44 8.00 Xerox XRX 28.26 0.09 ExpeditorsIntl EXPD 59.78 0.80 NVIDIA NVDA 211.61 1.63
GenuineParts GPC 85.99 0.99 MGM Resorts MGM 33.00 0.11 RalphLauren RL 88.41 1.28 TelefonicaBras VIV 14.86 0.18 Xylem XYL 66.48 0.58 ExpressScripts ESRX 62.45 2.40 OReillyAuto ORLY 219.66 3.89
Gildan GIL 30.38 0.45 MPLX MPLX 34.43 0.02 RaymondJames RJF 83.30 0.51 Telefonica TEF 10.02 0.02 YPF YPF 23.00 0.74 F5Networks FFIV 122.06 2.27 OldDomFreight ODFL 119.09 1.77
Thursday, November 16, 2017 Net Net GSK GSK 35.19 0.31 MSCI MSCI 125.38 1.53 Raytheon RTN 184.27 1.42 TelekmIndonesia TLK 30.67 0.27 YumBrands YUM 78.54 -0.26 Facebook FB 179.59 1.64 ON Semi ON 21.39 0.29
Net Stock Sym Close Chg Stock Sym Close Chg GlobalPayments GPN 100.22 0.83 Macerich MAC 64.66 0.06 RealtyIncome O 56.49 0.02 Tenaris TS 27.99 -0.39 YumChina YUMC 42.23 0.78 Fastenal FAST 48.47 0.90 OpenText OTEX 33.10 -0.08
Stock Sym Close Chg BancoSantander SAN 6.50 0.01 ColgatePalm CL 72.63 0.15 s GoDaddy GDDY 49.33 0.42 Macy's M 20.25 0.27 s RedHat RHT 126.63 2.81 Teradyne TER 43.83 1.09 ZTO Express ZTO 16.86 0.13 FifthThirdBncp FITB 28.47 0.01 PTC PTC 65.20 1.28
BanColombia CIB 38.18 0.40 ColonyNorthStar CLNS 12.38 ... Goldcorp GG 13.24 ... t MagellanMid MMP 65.15 0.18 RegencyCtrs REG 67.26 0.39 TevaPharm TEVA 12.79 0.19 ZayoGroup ZAYO 34.88 0.48 FirstSolar FSLR 60.35 -0.25 Paccar PCAR 69.70 1.51
NYSE BankofAmerica BAC 26.76 -0.03 Comerica CMA 78.42 -0.46 GoldmanSachs GS 239.37 1.76 MagnaIntl MGA 53.36 0.38 RegionsFin RF 15.70 -0.10 Textron TXT 52.90 0.43 ZimmerBiomet ZBH 112.24 1.16 Fiserv FISV 129.54 1.02 PacWestBancorp PACW 44.36 -0.23
BankofMontreal BMO 77.58 0.59 SABESP SBS 9.45 0.04 Graco GGG 129.67 1.36 s Manpower MAN 126.88 2.26 ReinsGrp RGA 149.32 -0.73 ThermoFisherSci TMO 190.61 2.10 s Zoetis ZTS 70.41 0.79 s Flex FLEX 18.42 0.18 s Paychex PAYX 65.64 1.06
ABB ABB 25.28 0.19 Grainger GWW 198.50 2.77 ManulifeFin MFC 21.05 0.03 RenaissanceRe RNR 135.76 -2.83 ThomsonReuters TRI 44.05 0.09 FlirSystems FLIR 47.48 0.28 s
BankNY Mellon BK 52.23 0.29 ConagraBrands CAG 35.62 0.44 PayPal PYPL 77.70 4.27
AES AES 10.77 -0.10
BkNovaScotia BNS 65.85 0.69 ConchoRscs CXO 138.24 0.08 GreatPlainsEner GXP 33.99 0.29 MarathonOil MRO 14.52 -0.27 RepublicSvcs RSG 63.24 0.10 ThorIndustries THO 131.19 -0.80 NASDAQ Fortinet FTNT 40.26 0.36 People'sUtdFin PBCT 18.11 -0.09
Aflac AFL 84.31 -0.13 GpoAvalAcc AVAL 8.45 ResMed RMD 84.98 0.73 3M MMM 229.42
AT&T T 34.52 0.71
Barclays BCS 9.71 0.13 ConocoPhillips COP 50.22 -0.27 0.05 MarathonPetrol MPC 62.01 0.51 2.02 AGNC Invt AGNC 19.76 0.13 Gaming&Leisure GLPI 36.32 0.21 s PilgrimPride PPC 34.98 0.84
Bard CR BCR 334.25 1.99 ConEd ED 87.36 -0.66 GpFinSantMex BSMX 8.14 0.06 Markel MKL 1065.12-23.30 RestaurantBrands QSR 65.17 1.76 Tiffany TIF 92.94 0.43 Ansys ANSS 151.46 2.14 Garmin GRMN 60.75 0.46 Priceline PCLN 1731.65 4.87
AbbottLabs ABT 55.54 0.71 t GrupoTelevisa TV 19.11 RioTinto RIO 47.63 0.07 TimeWarner TWX 88.01
AbbVie ABBV 94.47 0.71
BarrickGold ABX 13.92 -0.03 ConstBrands A STZ 217.34 0.18 -0.14 Marsh&McLen MMC 82.91 -0.23 0.64 ASML ASML181.79 3.88 GileadSciences GILD 72.41 0.60 Qiagen QGEN 31.03 0.35
BaxterIntl BAX 64.99 0.57 ContinentalRscs CLR 45.52 0.68 Guidewire GWRE 81.18 1.88 MartinMarietta MLM 209.38 3.20 s RobertHalf RHI 54.90 1.47 s Toll Bros TOL 46.73 -0.21 Goodyear GT 29.31 0.25 Qorvo QRVO 77.91 1.23
s Accenture ACN 147.04 2.78 Abiomed ABMD 194.91 1.80
BectonDicknsn BDX 221.52 2.42 Cooper COO 239.45 4.79 HCA Healthcare HCA 75.97 1.04 Masco MAS 39.14 0.33 Rockwell ROK 193.61 4.88 Torchmark TMK 85.01 -0.36 ActivisionBliz ATVI 64.13 1.24 Grifols GRFS 22.81 0.15 Qualcomm QCOM 66.11 0.50
AcuityBrands AYI 164.36 1.02 HCP HCP 26.84 RockwellCollins COL 132.61 0.56 Toro
Adient ADNT 74.44 0.17
Berkley WRB 67.08 -1.02 Corning GLW 31.65 0.33 -0.07 Mastercard MA 150.33 2.00 TTC 61.85 0.22 AdobeSystems ADBE 182.30 2.22 GpoFinGalicia GGAL 54.65 3.80 RandgoldRscs GOLD 92.72 0.02
BerkHathwy A BRK.A 272700-30.00 Coty COTY 16.85 0.03 HDFC Bank HDB 94.53 0.61 McCormick MKC 99.55 3.06 RogersComm B RCI 53.38 0.46 TorontoDomBk TD 57.39 0.29 AdvMicroDevices AMD 11.25 0.18 HD Supply HDS 35.13 0.69 RegenPharm REGN 394.69 8.39
AdvanceAuto AAP 90.50 -1.08 HP HPQ 21.57 0.21 McCormickVtg MKC.V 98.66 1.70 Rollins ROL 45.31 0.38 Total TOT 54.54 -0.16
AdvSemiEngg ASX 6.20 -0.01
BerkHathwy B BRK.B 182.05 0.24 Credicorp BAP 203.90 0.93 AkamaiTech AKAM 55.26 1.25 Hasbro HAS 95.90 1.15 RossStores ROST 65.69 1.08
s BerryGlobal BERY 59.91 1.66 CreditSuisse CS 15.98 0.09 HSBC HSBC 48.27 -0.16 McDonalds MCD 168.09 0.77 RoperTech ROP 256.50 1.11 s TotalSystem TSS 74.02 0.98 AlexionPharm ALXN 110.33 -0.01 HenrySchein HSIC 69.51 1.54 RoyalGold RGLD 85.66 0.53
Aegon AEG 6.01 0.01 Halliburton HAL 41.51 -0.18 McKesson MCK 142.70 3.84 RoyalBkCanada RY 78.81 0.51 ToyotaMotor TM 124.37 0.71
AerCap AER 50.19 0.44
BestBuy BBY 55.25 -2.05 CrownCastle CCI 111.12 -1.43 AlignTech ALGN 254.92 5.73 Hologic HOLX 39.72 0.47 Ryanair RYAAY 117.43 2.59
Bio-RadLab A BIO 256.26 2.12 CrownHoldings CCK 59.21 0.90 Hanesbrands HBI 19.22 0.03 Medtronic MDT 79.26 0.58 RoyalBkScotland RBS 7.30 -0.02 TransCanada TRP 49.46 0.18 Alkermes ALKS 47.75 -0.33 JBHunt JBHT 102.98 1.44 SBA Comm SBAC 164.67 -0.63
Aetna AET 174.76 3.76 HarleyDavidson HOG 48.10 0.63 Merck RoyalCaribbean RCL 122.79 0.27 TransDigm TDG 268.40 3.25
Bio-RadLab B BIO.B255.60 -3.00 Cullen/Frost CFR 94.80 0.05 MRK 55.17 0.37 AlnylamPharm ALNY 126.38 0.43 HuntingtonBcshs HBAN 13.40 -0.11 s SEI Investments SEIC 66.40 0.81
AffiliatedMgrs AMG 185.49 0.72 Harris HRS 140.35 1.95 MetLife RoyalDutchA RDS.A 61.56 -0.66 TransUnion TRU 54.31 0.39
s AgilentTechs A
BlackKnight BKI 46.20 -0.25 Cummins CMI 167.13 1.37 MET 51.54 -0.30 Alphabet C GOOG 1032.50 11.59 IAC/InterActive IAC 124.45 -0.33 Sina SINA 107.51 3.26
68.74 1.43 HartfordFinl HIG 56.01 -0.66 MettlerToledo MTD 630.50 5.31 RoyalDutchB RDS.B 63.56 -0.65 Travelers TRV 130.81 -2.90
BlackBerry BB 10.38 0.05 DCT Industrial DCT 60.54 0.94 Alphabet A GOOGL 1048.47 12.06 IdexxLab IDXX 154.08 2.68 SS&C Tech SSNC 40.11 0.42
AgnicoEagle AEM 44.62 -0.78 HealthcareAmer HTA 30.55 0.29 s MichaelKors KORS 55.76 0.58 SAP SAP 113.94 1.06 TurkcellIletism TKC 9.24 0.08
BlackRock BLK 474.02 3.52 DTE Energy DTE 113.99 -0.48 Altaba AABA 70.75 1.32 IHSMarkit INFO 43.46 -0.07 SVB Fin SIVB 214.23 0.49
Agrium AGU 106.80 1.73
Blackstone BX 31.57 0.65 DXC Tech DXC 97.32 1.33 Heico HEI 89.93 0.41 s MicroFocus MFGP 35.53 0.90 S&P Global SPGI 160.10 1.28 TurquoiseHill TRQ 3.01 -0.01 s IPG Photonics IPGP 233.27 6.16
Amazon.com AMZN 1137.29 10.60 ScrippsNetworks SNI 79.81 0.70
AirProducts APD 161.18 0.32 s Danaher Heico A HEI.A 75.15 0.55 MidAmApt MAA 103.14 0.94 SINOPEC SHI 59.19 0.29 Twitter TWTR 20.36 0.45
BoardwalkPipe BWP 14.60 0.08 DHR 93.58 1.16 Amdocs DOX 64.79 0.97 IRSA Prop IRCP 57.55 1.55 Seagate STX 39.12 1.31
AlaskaAir ALK 65.87 1.43
Boeing BA 263.70 0.84 Darden DRI 82.33 0.38 Helm&Payne HP 54.37 0.64 MitsubishiUFJ MTU 6.57 0.04 SK Telecom SKM 26.03 0.55 TylerTech TYL 173.74 3.42 IcahnEnterprises IEP 52.67 -0.67
Amerco UHAL 357.90 0.26 SeattleGenetics SGEN 59.29 1.69
Albemarle ALB 135.33 0.79 Herbalife HLF 65.46 0.41 MizuhoFin MFG 3.55 0.04 SLGreenRealty SLG 100.81 0.65 s TysonFoods TSN 77.26 1.05
BorgWarner BWA 52.04 0.36 DaVita DVA 55.64 1.26 AmerAirlines AAL 47.68 0.49 Icon ICLR 115.68 2.22 Shire SHPG144.63 4.60
Alcoa AA 42.30 0.09 BostonProps BXP 125.18 1.03 Deere DE 134.61 2.34 Hershey HSY 109.70 2.28 MobileTeleSys MBT 10.47 ... s Salesforce.com CRM 107.03 1.60 UBS Group UBS 17.05 0.07 Amgen AMGN 170.77 2.54 Illumina ILMN 208.51 3.09 SignatureBank SBNY 129.79 -0.56
AlexandriaRlEst ARE 126.19 2.30 Hess HES 44.09 0.42 s MohawkInds MHK 270.65 3.55 Sanofi SNY 44.65 -0.01 UDR UDR 39.51 0.11
BostonSci BSX 28.28 0.27 DellTechs DVMT 81.33 1.06 AnalogDevices ADI 90.48 1.32 Incyte INCY 106.48 1.24 SiriusXM SIRI 5.40 0.02
Alibaba BABA 185.43 3.95 HewlettPackard HPE 13.27 0.11 SantanderCons SC 16.15 -0.13 UGI UGI 48.07 0.18
Braskem BAK 28.22 0.27 DelphiAuto DLPH 99.24 1.08 MolsonCoors B TAP 79.49 0.70 Apple AAPL 171.10 2.02 Intel INTC 45.65 0.19 Skyworks SWKS 110.06 1.17
Alleghany Y 574.75 -6.53 Bristol-Myers BMY 61.87 0.80 DeltaAir DAL 50.45 1.43 s Hilton HLT 74.02 0.79 Monsanto MON 118.60 1.34 Sasol SSL 29.98 0.22 US Foods USFD 26.90 0.44 s ApplMaterials AMAT 57.84 2.07 InteractiveBrkrs IBKR 54.39 0.31 Splunk SPLK 69.30 1.57
Allegion ALLE 82.41 0.38 BritishAmTob BTI 65.57 1.42 DeutscheBank DB 19.04 0.56 s HollyFrontier HFC 43.80 0.91 Moody's MCO 144.09 2.13 Scana SCG 45.00 0.61 UltraparPart UGP 22.06 0.31 ArchCapital ACGL 95.69 -0.77 Intuit INTU 155.65 1.79 Starbucks SBUX 57.24 0.54
Allergan AGN 174.81 2.46 BrixmorProp BRX 18.35 0.11 DevonEnergy DVN 38.16 0.25 HomeDepot HD 167.50 2.03 MorganStanley MS 48.60 0.50 t Schlumberger SLB 61.31 -0.24 Unilever UN 56.96 0.25 s Atlassian TEAM 52.43 0.53 s IntuitiveSurgical ISRG 393.80 4.11 SteelDynamics STLD 36.95 -0.07
AllianceData ADS 225.33 0.74 BroadridgeFinl BR 88.66 -0.06 Diageo DEO 136.03 0.94 HondaMotor HMC 32.60 0.44 Mosaic MOS 22.48 0.10 SchwabC SCHW 44.64 0.10 Unilever UL 55.76 0.25 s Autodesk ADSK 127.00 2.98 IonisPharma IONS 54.36 0.71 Symantec SYMC 28.28 0.57
AlliantEnergy LNT 44.63 -0.08 BrookfieldMgt BAM 41.24 0.14 DigitalRealty DLR 120.27 0.12 Honeywell HON 146.88 1.26 MotorolaSol MSI 90.97 0.58 ScottsMiracleGro SMG 97.96 1.24 UnionPacific UNP 116.57 0.87 ADP ADP 111.03 0.37 JD.com JD 40.22 0.87 s Synopsys SNPS 89.04 1.41
AllisonTransm ALSN 41.52 0.07 BrookfieldInfr BIP 44.06 0.38 DiscoverFinSvcs DFS 64.82 -0.45 HormelFoods HRL 32.93 -0.15 s NRG Energy NRG 29.44 0.07 SealedAir SEE 45.58 0.63 UnitedContinental UAL 58.68 1.19 Baidu BIDU 239.32 5.11 JackHenry JKHY 112.19 -0.15 TD Ameritrade AMTD 49.09 -0.01
Allstate ALL 99.57 -0.81 Brown&Brown BRO 49.93 -0.02 Disney DIS 103.60 -0.09 DR Horton DHI 47.52 -0.01 NTTDoCoMo DCM 24.98 0.15 SemicondctrMfg SMI 7.62 0.40 UnitedMicro UMC 2.61 0.06 BankofOzarks OZRK 44.07 -0.12 JazzPharma JAZZ 133.53 -0.64 T-MobileUS TMUS 59.80 3.11
AllyFinancial ALLY 26.42 0.19 Brown-Forman A BF.A 58.56 0.84 DolbyLab DLB 60.95 -0.11 HostHotels HST 19.97 0.21 NVR NVR 3276.35-23.45 SempraEnergy SRE 119.86 -0.55 UPS B UPS 113.70 0.81 Biogen BIIB 313.98 3.70 JetBlue JBLU 20.26 0.11 TRowePrice TROW 95.53 1.18
AlticeUSA ATUS 20.24 -0.02 Brown-Forman B BF.B 58.35 0.84 s DollarGeneral DG 84.91 2.61 HuanengPower HNP 27.43 -0.24 NationalGrid NGG 59.30 -0.05 SensataTech ST 47.78 0.10 UnitedRentals URI 148.36 4.98 BioMarinPharm BMRN 82.56 0.75 JunoTherap JUNO 57.74 1.34 TakeTwoSoftware TTWO 118.90 1.53
Altria MO 65.88 0.62 t BuckeyePtrs BPL 47.30 -0.28 DominionEner D 81.96 -0.27 Hubbell HUBB 120.30 0.67 NatlOilwell NOV 31.51 -0.43 ServiceCorp SCI 35.60 0.79 US Bancorp USB 51.81 -0.20 Bioverativ BIVV 55.29 0.11 KLA Tencor KLAC 104.77 1.82 Tesla TSLA 312.50 1.20
AlumofChina ACH 17.44 -0.69 t Bunge BG 65.63 0.48 Domino's DPZ 177.47 1.71 Humana HUM 235.91 2.63 NatlRetailProp NNN 42.27 0.09 ServiceMaster SERV 46.66 0.35 UnitedTech UTX 117.89 1.02 bluebirdbio BLUE 160.15 3.25 KraftHeinz KHC 79.68 1.53 TexasInstruments TXN 98.32 1.55
Ambev ABEV 6.17 0.12 BurlingtonStrs BURL 100.15 1.65 Donaldson DCI 46.93 0.57 HuntingIngalls HII 235.82 0.26 NewOrientalEduc EDU 88.13 3.15 ServiceNow NOW 125.72 2.40 UnitedHealth UNH 211.13 1.27 BrighthouseFin BHF 55.42 0.45 LKQ LKQ 37.67 0.52 TractorSupply TSCO 63.30 0.46
Ameren AEE 63.64 -0.41 CBD Pao CBD 21.72 0.91 DouglasEmmett DEI 40.68 0.44 Huntsman HUN 30.24 0.83 NY CmntyBcp NYCB 12.66 -0.08 ShawComm B SJR 22.02 -0.18 UniversalHealthB UHS 98.38 2.61 Broadcom AVGO 272.11 6.51 s LamResearch LRCX 213.22 5.36 Trimble TRMB 41.53 0.59
AmericaMovil AMX 17.22 0.36 s CBRE Group CBG 42.99 0.35 Dover DOV 94.01 1.31 HyattHotels H 70.00 0.04 NewellBrands NWL 28.18 0.17 SherwinWilliams SHW 388.03 2.92 s UnumGroup UNM 53.25 0.36 CA CA 32.58 0.46 LamarAdv LAMR 76.46 0.78 21stCenturyFoxA FOXA 29.32 0.59
AmericaMovil A AMOV 16.96 0.09 CBS A CBS.A 57.11 1.00 DowDuPont DWDP 70.68 1.71 ICICI Bank IBN 9.72 0.15 NewfieldExpln NFX 29.44 -0.13 ShinhanFin SHG 44.75 0.66 VEREIT VER 8.01 0.01 CDK Global CDK 66.40 0.55 LibertyBroadbandC LBRDK 89.74 0.81 21stCenturyFoxB FOX 28.60 0.65
AmCampus ACC 42.35 0.52 CBS B CBS 56.40 0.36 DrPepperSnap DPS 87.12 -0.21 ING Groep ING 18.07 -0.04 NewmontMin NEM 36.09 0.01 Shopify SHOP 103.89 5.85 VF VFC 70.08 0.45 CDW CDW 66.42 0.66 LibertyBroadbandA LBRDA 88.25 0.80 UltaBeauty ULTA 205.96 5.97
AEP AEP 76.76 0.17 CF Industries CF 36.17 0.85 DrReddy'sLab RDY 35.67 -0.27 Invesco IVZ 34.57 0.09 NextEraEnergy NEE 157.29 -0.07 SimonProperty SPG 159.87 0.49 Visa V 111.02 0.97 CH Robinson CHRW 80.40 0.45 LibertyGlobal A LBTYA 29.83 -0.24 UltSoftware ULTI 197.49 2.52
AmerExpress AXP 93.56 0.30 s CGI Group GIB 53.44 0.30 DukeEnergy DUK 89.21 -0.48 IDEX IEX 128.11 1.66 NielsenHoldings NLSN 35.67 -0.40 SmithAO AOS 59.03 0.62 VailResorts MTN 228.57 1.60 CME Group CME 140.09 0.42 LibertyGlobal C LBTYK 28.77 -0.27 s UnivDisplay OLED 179.25 6.40
AmericanFin AFG 102.17 -2.26 CIT Group CIT 47.05 0.02 DukeRealty DRE 29.01 0.31 IllinoisToolWks ITW 157.92 2.07 Nike NKE 57.23 0.60 Smith&Nephew SNN 35.97 0.47 Vale VALE 9.97 0.11 CSX CSX 50.12 1.49 LibertyLiLAC C LILAK 21.92 -0.32 VEON VEON 3.75 -0.07
AmerHomes4Rent AMH 21.68 0.10 CMS Energy CMS 50.17 -0.05 ENI E 32.41 -0.33 Infosys INFY 15.27 0.43 NiSource NI 27.32 0.08 Smucker SJM 116.65 10.14 s ValeroEnergy VLO 82.12 0.64 s CadenceDesign CDNS 44.86 0.54 LibertyLiLAC A LILA 21.80 -0.37 s VeriSign VRSN 112.97 2.55
AIG AIG 60.06 -1.08 CNA Fin CNA 54.23 -0.33 EOG Rscs EOG 101.43 0.07 Ingersoll-Rand IR 85.26 1.90 NobleEnergy NBL 25.80 -0.19 Snap SNAP 12.56 0.10 Vantiv VNTV 70.34 1.37 CaesarsEnt CZR 12.75 -0.10 LibertyQVC B QVCB 24.28 0.57 VeriskAnalytics VRSK 90.82 -0.01
AmerTowerREIT AMT 148.40 -0.53 CNOOC CEO 135.81 0.61 EQT EQT 59.30 -0.21 Ingredion INGR 132.96 -0.25 Nokia NOK 4.92 0.08 SnapOn SNA 157.07 1.20 VarianMed VAR 109.22 1.33 Carlyle CG 21.05 0.70 LibertyQVC A QVCA 24.22 0.65 VertxPharm VRTX 147.94 -0.72
AmerWaterWorks AWK 89.69 -0.13 CPFLEnergia CPL 16.78 0.22 EastmanChem EMN 90.15 0.60 ICE ICE 66.08 -0.45 NomuraHoldings NMR 5.71 0.07 SOQUIMICH SQM 57.26 0.68 Vedanta VEDL 18.51 0.40 CboeGlobalMkts CBOE 116.02 0.51 LibertyVenturesA LVNTA 57.08 1.14 Viacom A VIA 30.10 -0.65
Ameriprise AMP 157.08 -0.31 CRH CRH 35.15 0.52 Eaton ETN 76.44 0.57 InterContinentl IHG 56.43 0.70 Nordstrom JWN 39.97 0.78 Sony SNE 46.10 0.86 VeevaSystems VEEV 61.14 0.85 Celgene CELG 103.35 3.01 LibertyFormOne C FWONK 36.83 0.67 t Viacom B VIAB 23.69 -0.92
AmerisourceBrgn ABC 80.31 2.78 CVS Health CVS 70.26 0.46 EatonVance EV 51.50 0.05 IBM IBM 149.12 2.02 NorfolkSouthern NSC 129.22 2.80 Southern SO 51.94 0.02 Ventas VTR 64.51 0.13 CentennialRsc CDEV 19.69 0.29 LibertyFormOne A FWONA 35.33 0.82 Vodafone VOD 30.64 -0.06
s Ametek AME 70.12 1.30 CabotOil COG 28.74 0.29 Ecolab ECL 131.99 1.76 IntlFlavors IFF 148.59 0.64 s NortelInversora NTL 42.99 0.78 SoCopper SCCO 42.46 0.07 Verizon VZ 44.77 0.66 Cerner CERN 65.54 0.76 LibertyBraves A BATRA 22.33 0.69 WPP WPPGY 83.57 0.93
s Amphenol APH 89.31 0.90 CalAtlantic CAA 51.61 0.10 Ecopetrol EC 11.63 0.03 IntlGameTech IGT 28.80 1.04 NorthropGrum NOC 300.55 0.61 SouthwestAir LUV 55.27 0.64 VistraEnergy VST 18.98 -0.17 CharterComms CHTR 340.63 6.41 LibertyBraves C BATRK 22.36 0.67 WalgreensBoots WBA 71.30 1.10
AnadarkoPetrol APC 47.50 -0.12 CamdenProperty CPT 94.32 0.92 EdisonInt EIX 81.75 -0.09 IntlPaper IP 54.07 0.18 Novartis NVS 83.02 0.42 SpectraEnerPtrs SEP 41.46 0.85 s VMware VMW 122.71 1.52 CheckPoint CHKP 103.01 -0.04 LibertySirius C LSXMK 40.61 -0.12 s Weibo WB 117.72 6.55
Andeavor ANDV 104.79 0.96 CampbellSoup CPB 48.32 1.90 EdwardsLife EW 107.10 2.12 Interpublic IPG 18.66 0.21 NovoNordisk NVO 50.50 0.83 SpectrumBrands SPB 109.50 10.15 VornadoRealty VNO 76.82 0.19 ChinaLodging HTHT 127.46 3.77 LibertySirius A LSXMA 40.78 -0.03 WesternDigital WDC 91.21 0.85
AndeavorLog ANDX 44.43 -0.09 CIBC CM 89.52 1.14 EmersonElec EMR 59.02 -0.08 InvitatHomes INVH 23.19 0.18 Nucor NUE 54.79 -0.15 SpiritAeroSys SPR 80.74 0.84 VoyaFinancial VOYA 41.53 0.11 CincinnatiFin CINF 73.59 -0.52 LincolnElectric LECO 87.96 2.08 WillisTowers WLTW 159.93 -2.72
AB InBev BUD 114.91 1.41 CanNtlRlwy CNI 80.01 0.18 EnbridgeEnPtrs EEP 13.93 0.25 IronMountain IRM 40.82 0.29 OGE Energy OGE 35.44 -0.11 Sprint S 6.25 0.09 VulcanMatls VMC 123.85 2.29 Cintas CTAS 150.11 0.61 LogitechIntl LOGI 35.20 0.73 Workday WDAY 109.34 2.73
AnnalyCap NLY 11.47 0.09 CanNaturalRes CNQ 34.94 0.13 Enbridge ENB 34.50 -0.02 IsraelChemicals ICL 3.96 0.06 ONEOK OKE 50.65 -0.18 s Square SQ 41.90 1.24 WABCO WBC 145.03 1.44 s CiscoSystems CSCO 35.88 1.77 LogMeIn LOGM 117.40 3.00 WynnResorts WYNN 153.20 1.58
AnteroResources AR 19.26 0.34 CanPacRlwy CP 169.20 0.43 Encana ECA 11.69 -0.05 ItauUnibanco ITUB 12.78 0.25 OccidentalPetrol OXY 67.17 0.50 StanleyBlackDck SWK 162.99 -0.45 WEC Energy WEC 68.77 0.01 CitrixSystems CTXS 85.64 1.52 lululemon LULU 65.71 0.80 Xilinx XLNX 72.67 1.73
s Anthem ANTM 220.89 2.69 Canon CAJ 38.48 0.58 EnelAmericas ENIA 10.14 0.29 JPMorganChase JPM 98.47 0.28 Olin OLN 36.07 0.71 StarwoodProp STWD 21.55 0.02 W.P.Carey WPC 71.50 0.24 Cognex CGNX 137.94 0.46 MarketAxess MKTX 176.25 -1.57 s YY YY 107.02 -4.37
Aon AON 141.28 -1.55 CapitalOne COF 87.15 -0.48 EnelChile ENIC 5.68 -0.02 JacobsEngg JEC 58.43 1.08 Omnicom OMC 67.45 0.30 StateStreet STT 92.40 0.54 Wabtec WAB 73.67 0.78 CognizantTech CTSH 75.38 1.29 s Marriott MAR 124.38 2.12 Yandex YNDX 32.40 1.16
Apache APA 40.49 -0.54 CardinalHealth CAH 57.42 0.59 EnelGenChile EOCC 26.09 0.16 JamesHardie JHX 15.76 0.08 Oracle ORCL 49.20 0.38 Statoil STO 20.00 0.05 s Wal-Mart WMT 99.62 9.79 Coherent COHR 304.33 1.59 MarvellTech MRVL 20.26 0.19 ZebraTech ZBRA 107.86 3.52
ApartmtInv AIV 44.69 0.50 Carlisle CSL 108.88 1.36 EnergyTransferEq ETE 16.64 0.26 JanusHenderson JHG 36.39 -0.27 Orange ORAN 16.54 0.07 Steris STE 87.89 0.28 WasteConnections WCN 70.52 0.43 Comcast A CMCSA 37.07 -0.11 MatchGroup MTCH 28.64 -0.51 Zillow A ZG 41.09 1.07
ApolloGlbMgmt APO 29.33 0.32 CarMax KMX 70.55 -0.17 EnergyTransfer ETP 16.63 -0.13 J&J JNJ 138.87 -0.23 OrbitalATK OA 132.43 0.04 STMicroelec STM 24.20 0.57 WasteMgt WM 81.70 -0.03 CommerceBcshrs CBSH 55.70 0.05 Mattel MAT 18.22 -0.10 Zillow C Z 40.87 1.00
AquaAmerica WTR 36.61 0.09 Carnival CCL 65.82 0.04 Entergy ETR 85.90 -0.53 JohnsonControls JCI 36.14 0.41 Orix IX 83.53 0.23 Stryker SYK 156.48 1.68 s Waters WAT 199.60 4.76 CommScope COMM 33.68 0.11 MaximIntProducts MXIM 53.54 0.32 ZionsBancorp ZION 46.11 -0.39
Aramark ARMK 40.74 0.91 Carnival CUK 66.17 0.14 EnterpriseProd EPD 24.33 0.31 s JonesLang JLL 153.03 2.79 Oshkosh OSK 84.60 0.54 SumitomoMits SMFG 7.81 0.02 Watsco WSO 165.95 1.76 Copart CPRT 35.94 -0.01 MelcoResorts MLCO 25.19 0.28
ArcelorMittal MT 28.09 0.17 Caterpillar CAT 136.36 2.26 Equifax EFX 109.58 -0.63 JuniperNetworks JNPR 26.19 0.24 s OwensCorning OC 83.79 1.60 SunComms SUI 93.26 0.54 Wayfair W 65.90 2.45 s CoStar CSGP 303.53 6.22 MercadoLibre MELI 262.48 -1.06 NYSE AMER
ArcherDaniels ADM 39.19 0.23 Celanese A CE 104.23 1.10 EquityLife ELS 90.07 1.00 KAR Auction KAR 47.53 -0.40 PG&E PCG 55.15 -0.48 SunLifeFinancial SLF 39.35 0.49 WellCareHealth WCG 200.02 1.82 Costco COST 170.98 2.48 MicrochipTech MCHP 90.78 1.19
Arconic ARNC 23.73 0.37 Cemex CX 7.85 0.12 EquityResdntl EQR 69.22 0.19 KB Fin KB 53.28 1.43 PLDT PHI 32.67 0.24 SuncorEnergy SU 35.28 -0.29 WellsFargo WFC 54.60 0.85 Ctrip.com CTRP 46.83 0.96 s MicronTech MU 46.18 0.82 CheniereEnergy LNG 49.25 0.06
s AristaNetworks ANET 231.77 6.87 CenovusEnergy CVE 10.07 -0.10 EssexProp ESS 253.94 1.79 KKR KKR 19.55 0.33 PNC Fin PNC 132.49 -0.41 SunTrustBanks STI 57.72 -0.06 Welltower HCN 67.94 0.20 CyrusOne CONE 62.76 0.57 Microsemi MSCC 53.18 0.67 CheniereEnerPtrs CQP 27.58 0.18
ArrowElec ARW 78.47 1.16 Centene CNC 95.94 3.79 EsteeLauder EL 125.64 1.03 KT KT 14.26 0.06 POSCO PKX 70.82 0.68 SynchronyFin SYF 33.38 0.85 WestPharmSvcs WST 98.70 0.33 DISH Network DISH 50.50 -0.11 Microsoft MSFT 83.20 0.22 CheniereEnHldgs CQH 26.39 0.29
AstraZeneca AZN 33.52 0.13 CenterPointEner CNP 29.03 -0.32 EverestRe RE 225.47 -3.80 KSCitySouthern KSU 103.52 1.35 PPG Ind PPG 114.01 0.62 Syngenta SYT 92.36 ... WestarEnergy WR 55.87 0.47 DentsplySirona XRAY 67.18 0.58 Middleby MIDD 111.21 1.06 ImperialOil IMO 31.21 0.06
Athene ATH 49.29 0.37 CentraisElBras EBR 6.06 0.10 EversourceEner ES 64.89 -0.11 Kellogg K 65.28 1.54 PPL PPL 36.22 -0.33
AtmosEnergy ATO 89.95 0.38 CenturyLink CTL 14.75 -0.03 Exelon EXC 41.24 -0.53 KeyCorp KEY 18.13 -0.01 PVH PVH 129.94 3.06
Autohome ATHM 60.95 -0.05 Chemours CC 51.55 1.90 s ExtraSpaceSt EXR 87.20 1.53 KeysightTechs KEYS 43.90 0.32 PackagingCpAm PKG 111.87 0.02
Autoliv ALV 121.26
AutoZone AZO 618.59
1.26
9.45
Chevron CVX 114.57 -0.80
ChinaEastrnAir CEA 26.80 0.94
ExxonMobil XOM 80.56
FMC FMC 93.32
-0.65
1.20
KilroyRealty KRC 74.08
KimberlyClark KMB 114.90
1.33
1.47
PaloAltoNtwks PANW 138.70 0.49
ParkHotels PK 28.92 0.42 Dividend Changes
Avalonbay AVB 186.09 1.40 ChinaLifeIns LFC 17.39 0.43 s FactSet FDS 195.29 -0.13 KimcoRealty KIM 19.30 0.20 ParkerHannifin PH 182.30 2.57
Avangrid AGR 52.00 -0.13 ChinaMobile CHL 50.41 -0.11 FederalRealty FRT 131.90 0.31 t KinderMorgan KMI 16.83 -0.20 ParsleyEnergy PE 24.97 -0.21 Dividend announcements from November 16.
AveryDennison AVY 108.25 0.55 ChinaPetrol SNP 71.03 0.05 FedEx FDX 217.91 3.46 Knight-Swift KNX 39.06 0.87 Pearson PSO 9.14 0.04
AxaltaCoating AXTA 33.18 0.83 ChinaSoAirlines ZNH 41.97 2.83 Ferrari RACE 110.02 1.51 Kohl's KSS 42.25 -0.02 PembinaPipeline PBA 34.83 -0.02 Amount Payable / Amount Payable /
BB&T BBT 46.77 -0.05 ChinaTelecom CHA 48.61 -0.05 FiatChrysler FCAU 17.56 0.30 KoninklijkePhil PHG 39.35 0.39 Pentair PNR 68.23 0.76 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
s BCE BCE 48.20 -0.01 ChinaUnicom CHU 15.08 0.09 FibriaCelulose FBR 15.79 0.32 KoreaElcPwr KEP 17.33 0.22 PepsiCo PEP 115.23 0.13
Increased Western Asset Income Fd PAI 4.5 .0575 M Feb01 /Jan19
BHPBilliton BHP 41.38 0.17 Chipotle CMG 283.70 -1.75 FidNatlFin FNF 39.79 0.19 Kroger KR 22.28 0.67 PerkinElmer PKI 72.30 1.17
BHPBilliton BBL 36.03 0.09 Chubb FNFV Group FNFV 17.55 0.20 s Kyocera KYO 71.68 1.51 Perrigo PRGO 87.00 1.20
Western Asset Income Fd PAI 4.5 .0575 M Mar01 /Feb16
CB 148.86 -2.30 Agilent Technologies A 0.9 .149 /.132 Q Jan24 /Jan02
BP BP 38.77 -0.32 ChunghwaTel CHT 33.94 0.13 FidNatlInfo FIS 93.20 -0.34 LATAMAirlines LTM 13.62 0.75 PetroChina PTR 67.70 0.08 Western Asset Premier WEA 5.9 .0675 M Dec29 /Dec22
CDK Global CDK 0.9 .15 /.14 Q Dec29 /Dec01
BRF BRFS 12.81 0.10 Church&Dwight CHD 45.14 0.73 s 58.com WUBA 73.84 2.09 L Brands LB 49.12 -0.14 PetroleoBrasil PBR 9.97 0.14 Western Asset Premier WEA 5.9 .0675 M Feb01 /Jan19
BT Group BT 16.36 -0.09 LG Display LPL 13.56
Griffin Industrial Realty GRIF 1.1 .40 /.30 A Dec08 /Dec01
Cigna CI 200.97 4.47 FirstAmerFin FAF 54.78 0.45 0.39 PetroleoBrasilA PBR.A 9.70 0.33 Western Asset Premier WEA 5.9 .0675 M Mar01 /Feb16
BWX Tech BWXT 59.99 0.11 CimarexEnergy XEC 115.61 0.08 FirstData FDC 16.77 0.03 LINE LN 43.13 0.56 Pfizer PFE 35.56 0.20 Lancaster Colony LANC 1.9 .60 /.55 Q Dec29 /Dec08
BakerHughes BHGE 30.15 -0.45 Citigroup C 71.67 -0.06 FirstRepBank FRC 91.50 -0.53 L3 Tech LLL 185.19 2.85 PhilipMorris PM 102.66 0.61 Prudential Bancorp PBIP 1.1 .05 /.03 Q Dec21 /Dec07 Stocks
Ball BLL 40.52 1.14 CitizensFin CFG 37.92 -0.22 FirstEnergy FE 34.64 -0.14 LabCpAm LH 151.02 1.65 Phillips66 PSX 92.46 0.59 Spire SR 2.9 .5625 /.525 Q Jan03 /Dec11 SPDR S&P Insurance KIE 3:1 Nov29 /Nov30
BancoBilbaoViz BBVA 8.54 0.08 Clorox CLX 134.54 1.76 FleetCorTech FLT 178.65 2.17 s LambWeston LW 53.45 0.71 PinnacleFoods PF 55.94 0.91 Vishay Intertech VSH 1.2 .0675 /.0625 Q Dec21 /Dec07
BancodeChile BCH 88.39 0.46 Coca-Cola KO 46.55 -0.26 Fluor FLR 46.42 1.15 LasVegasSands LVS 66.68 0.43 PinnacleWest PNW 90.78 ... Foreign
BancoMacro BMA 107.38 6.16 Coca-Cola Euro CCE 38.56 -0.28 FomentoEconMex FMX 86.83 -0.08 Lazard LAZ 46.00 0.08 PioneerNatRscs PXD 151.04 -0.47 Reduced
BcoSantChile BSAC 30.35 0.49 Coca-Cola Femsa KOF 67.97 0.64 FordMotor F 12.04 0.04 Lear LEA 173.72 0.59 PlainsAllAmPipe PAA 19.95 -0.41 Aegean Marine Petroleum ANW 2.5 .02 Q Dec13 /Nov29
MetLife Floating Ser A METpA 4.0 .2528 /.25556 Q Dec15 /Nov30 Crescent Point Energy CPG 3.8 .02366 M Dec15 /Nov30
Funds and investment companies Janus Henderson Group JHG 3.5 .32 Q Dec01 /Nov20
Methanex 2.4 .30 Dec31 /Dec17
New Highs and Lows | WSJ.com/newhighs
MEOH Q
52-Wk % 52-Wk % Arrow Dow Jones Glbl Yd GYLD 8.0 .1187 M Nov22 /Nov17
Vermilion Energy VET 5.7 .16953 M Dec15 /Nov30
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Barings Glbl Short Dur HY BGH 9.3 .1534 M Feb01 /Jan23
VelocityShVIXTail BSWN 18.03 -0.7 NVE NVEC 88.99 2.1 Inspire Corp Bd Impact IBD 1.9 .0389 M Nov28 /Nov17 Special
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE VirtusEnhShrtUS VESH 23.57 -0.9 NektarTherap NKTR 45.76 4.3 NeubergerBerman NBH 5.3 .0675 M Dec15 /Nov30
Ethan Allen ETH 2.7 .31 Jan24 /Jan10
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in NetApp NTAP 53.89 15.9
NeubergerBermanCA NBW 4.4 .0512 M Dec15 /Nov30
the latest session. % CHG-Daily percentage change from the previous trading session. NYSE American highs - 4 ObesityETF
OptimumBank OPHC
SLIM 29.47 3.4
13.96 234.0 NeubergerBerrmanNY NBO 4.3 .0437 M
Prudential Bancorp
Dec15 /Nov30
SilverSun Technologies SSNT
PBIP 1.1 .15
.04
Dec21 /Dec07
Dec04 /Nov28
AmpioPharm AMPE 1.41 8.9 Orbotech ORBK 54.64 1.8 VicSh Intl Hi Div Vol Wtd CID 1.0 .02933 M Nov17 /Nov16
Thursday, November 16, 2017 Ashford AINC 85.00 -8.0 Paychex
PAYX 66.31 1.6 Voya Gl Equity Div IGD 9.5 .061 M Dec15 /Dec04
52-Wk % 52-Wk % 52-Wk % GulfmarkOffshore GLF 7.26 2062.6 PayPal 77.94 5.8
PYPL
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MexcoEnergy MXC 7.18 9.3
pdvWireless PDVW 34.70 6.5
Voya Intl High Div IID 8.2 .052 M Dec15 /Dec04
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
PennNational PENN 27.64 1.3 Western Asset Income Fd PAI 4.5 .0575 M Dec29 /Dec22
S2:1: stock split and ratio; SO: spin-off.
NYSE highs - 121 RedHat
RH RH
RHT
105.99
126.67
25.8
2.3
EmgMktInternetEcom EMQQ
ETFMG PrimeMob IPAY
38.58
34.26
2.6
1.6 NYSE American lows - 5 Perceptron PRCP 10.44 2.9
Regis RGS 15.81 5.8 ETRACSMnly2xLevISE HOML 53.35 4.6 Banro BAA 0.11 -2.5 PilgrimPride PPC 35.05 2.5
AberdeenGrChinaFd GCH 12.59 0.8 PNK 28.64 1.1
RiverNorthMktPfA RMPLp 25.47 -0.1 FidelityMSCICnDisc FDIS 36.88 0.9 Cohen COHN 8.45 -1.8 PinnacleEnt
Accenture ACN 147.28 1.9
Mutual Funds | WSJ.com/fundresearch
RobertHalf RHI 55.16 2.8 FidelityMomFactor FDMO 30.98 0.9 ContangoO&G MCF 2.95 -2.6 PorterBancorp PBIB 14.83 9.9
AgilentTechs A 68.95 2.1
Rogers ROG 160.07 3.4 FT ConsDscAlpDx FXD 39.12 1.0 FieldPointWt FPP.WS 0.00 -37.5 PwrShDWA EM PIE 20.15 1.9 Net YTD Net YTD
AlbanyIntl AIN 61.05 2.1
CRM 107.36 1.5 FT TechAlphaDEX FXL 52.70 1.5 0.30 -4.2 PwrShDivAch PFM 25.40 1.1 Fund NAV Chg %Ret Fund NAV Chg %Ret
Salesforce.com KelsoTechs KIQ
AllianzGIDivIncm ACV 22.76 0.8 FT USEquityOpp FPX 66.56 1.8 PwrShDynConsStp PSL 62.58 1.5
Square SQ 41.97 3.0 Oakmark 84.49 +0.55 16.6 MuIntAdml 14.16 -0.01 4.5
Alteryx
Ametek
AYX
AME
27.02 3.1
70.43 1.9
StifelFinlPfdA
Strats WlMrt GJO
SFpA
GJO
27.73
22.46
1.0
1.0
FT Water FIW
FlexShQualDivDef QDEF
47.13
42.68
1.2
1.2
Nasdaq highs - 143 PwrShDynTech PTF
PwrShQQQ 1 QQQ
54.92 2.1
154.89 1.3 Explanatory Notes Data provided by
OakmrkInt 28.46 +0.09 25.4 MuLTAdml 11.68 -0.01 5.9
Amphenol APH 89.69 1.0 AltairEngg ALTR 24.00 1.9 PwrShRuss1000Low USLB
Old Westbury Fds MuLtdAdml 10.94 ... 2.4
TE Connectivity TEL 95.37 2.6 FrankFTSE SKorea FLKR 26.20 2.3 30.32 1.2
Anthem ANTM 222.21 1.2 AnaptysBio ANAB 78.98 4.1 PreformedLine PLPC Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of LrgCpStr 14.86 +0.11 15.8 MuShtAdml 15.76 ... 1.3
Teleflex TFX 266.39 3.1 GlbXSciBetaUS SCIU 30.41 0.7 78.49 2.1
AnthemUn ANTX 55.39 1.0 ApplMaterials AMAT 58.00 3.7 PrincipalContVal PVAL at least $500 million each. NAV is net asset value. Percentage performance figures Oppenheimer Y PrmcpAdml r 136.62 +1.65 25.5
Toll Bros TOL 47.19 -0.4 GSActiveBetaUSLC GSLC 51.73 1.0 25.45 1.9
AristaNetworks ANET 233.34 3.1 AspenGroup ASPU 9.25 3.5 PrincipalPriceSet PSET 31.30 0.6 are total returns, assuming reinvestment of all distributions and after subtracting DevMktY NA ... NA REITAdml r 120.41 +0.91 5.8
TotalSystem TSS 74.44 1.3 GuggChinaAllCap YAO 35.87 2.8 IntGrowY 43.06 +0.51 24.2
ArtisanPtrsAsset APAM 37.55 1.9 Atlassian TEAM 53.45 1.0 ProShUltPrQQQ TQQQ 136.71 3.7 annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. SmCapAdml 68.54 +0.85 12.0
TriNet TNET 43.66 2.5 GuggChinaTech CQQQ 64.80 3.2
AshlandGlobal ASH 70.89 5.3 Autodesk ADSK 127.00 2.4 ProvidenceService PRSC 58.36 0.7 NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date STBondAdml 10.41 -0.01 1.2
BCE BCE 48.59 ...
TsakosEngyNavPfdE
TysonFoods
TNPpE
TSN
25.83
77.74
0.4
1.4
GuggDefEqty DEF
GuggS&P500EWTech RYT
45.79
144.93
0.8
1.7 BrocadeComm BRCD 12.74 1.2 Qualys QLYS 58.80 0.8 return. 3-YR%RET is trailing three-year return annualized. P
STIGradeAdml 10.66 ... 2.1
BerryGlobal BERY 61.16 2.8
UnumGroup UNM 53.61 0.7 GuggS&P500PureGr RPG 104.80 1.4 BuildersFirstSrc BLDR 18.86 1.1 RCI Hospitality RICK 31.28 2.9 Parnassus Fds TotBdAdml 10.75 -0.02 3.2
Box BOX 22.29 2.1 C&F Fin CFFI 60.70 1.6 RMR Group RMR 56.40 0.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e ParnEqFd 44.33 +0.43 13.8 TotIntBdIdxAdm 21.93 -0.02 2.1
ValeroEnergy VLO 82.61 0.8 GuggInsider NFO 61.41 0.7
CBRE Group CBG 43.35 0.8 GuggS&PGlblWtr CGW 35.50 1.0 CRA Intl CRAI 46.58 8.0 Radware RDWR 20.26 1.9 and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, PIMCO Fds Instl TotIntlAdmIdx r 29.84 +0.29 23.5
Valhi VHI 5.57 5.8
CGI Group GIB 54.07 0.6
Valvoline VVV 25.07 4.5 HartfordMultiUSEqu ROUS 29.85 1.3 CabotMicro CCMP 99.73 3.5 RedRockResorts RRR 27.75 2.3 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r AllAsset NA ... NA TotStAdml 64.68 +0.59 16.9
CONSOLEnergyWi CEIXw 25.30 -12.5 InspireGlblHope BLES 27.97 3.4 CadenceDesign CDNS 45.39 1.2 Remark MARK 6.25 17.8 apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not TotRt 10.26 -0.02 4.7 TxMIn r 14.12 +0.13 22.7
VectorGroup VGR 22.19 1.4
CantelMedical CMD 104.18 3.1 iPathAIGCarbon GRN 10.22 -3.9 CarverBancorp CARV 7.95 150.2 SEI Investments SEIC 66.63 1.2 available due to incomplete price, performance or cost data. NE-Not released by Lipper; PIMCO Funds A ValAdml 39.68 +0.29 11.6
Verso VRS 9.56 0.6
Carters CRI 104.94 0.2 iShCoreDivGrowth DGRO 33.57 0.9 Cavium CAVM 77.79 0.7 SchmittIndustries SMIT 2.50 -0.5 data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. IncomeFd NA ... NA WdsrllAdml 68.62 +0.48 11.2
VMware VMW 123.45 1.3
CatchMarkTimber CTT 13.37 1.8 iShUSMedDevices IHI 174.93 1.3 ChinaAdvConstr CADC 9.75 265.1 ScientificGames SGMS 50.40 5.4 PIMCO Funds D WellsIAdml 65.20 +0.06 8.0
Vonage VG 9.21 0.4
ChesapeakeUtil CPK 82.20 1.6 ChinaInternet CIFS 58.41 4.2 SinovacBiotech SVA 7.67 4.2
Wal-Mart WMT 99.68 10.9 iShEdgeMSCIMultif ACWF 30.24 1.1 IncomeFd NA ... NA WelltnAdml 73.58 +0.17 11.2
Cott COT 16.84 -0.2 ChromaDex CDXC 6.68 11.4 SkyWest SKYW 49.85 3.1 Thursday, November 16, 2017
Waters WAT 199.83 2.4 iShEdgeMSCIMultUSA LRGF 31.23 1.0 PIMCO Funds Instl WndsrAdml 79.03 +0.55 15.1
Danaher DHR 93.86 1.3 iShEdgeMSCIUSASize SIZE 81.49 0.7 ChurchillDowns CHDN 220.15 0.9 StarsGroup TSG 22.32 0.2
DollarGeneral DG 85.11 3.2
WattsWater WTS 72.10 2.6
CiscoSystems CSCO 36.67 5.2 Synopsys
Net YTD Net YTD Net YTD IncomeFd NA ... NA VANGUARD FDS
WellsFargoPfdN WFCpN 25.31 ... iShMSCISouthKorea EWY 76.77 2.5 SNPS 89.23 1.6 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret PIMCO Funds P DivdGro 26.39 +0.15 14.4
DriveShack DS 5.05 5.5 iShMSCIUSAESGSelct SUSA 108.39 1.0 ColliersIntl CIGI 60.95 2.3 TabulaRasaHlth TRHC 34.87 10.8
Weyerhaeuser WY 36.92 ... ... NA HlthCare r 210.48 +2.64 17.1
DriveShackPfdB DSpB 26.04 -0.5
Zoetis ZTS 70.49 1.1 iShMSCIUSAEqWeight EUSA 53.55 0.9 CommVehicle CVGI 10.97 8.0 TheBancorp TBBK 9.69 7.5 A TotRetBdI NA ... NA CA TF A p NA ... NA IncomeP NA
EPAM Systems EPAM 104.32 1.0 ConcertPharm CNCE 22.09 5.1 TowerSemi Fed TF A p NA ... NA Price Funds INSTTRF2020 22.52 +0.11 11.8
iShMornLCGrowth JKE 153.44 1.0 TSEM 34.96 2.2
ElPasoElectric EE 60.70 1.3
NYSE lows - 46 iShMorningstarMC JKG 179.28 1.0 Control4 CTRL 34.73 5.0 TransActTechs TACT 14.40 4.0 American Century Inv E IncomeA p NA ... NA BlChip 97.71 +0.99 34.6 INSTTRF2025 22.78 +0.12 13.3
EmpresaDisCom EDN 45.50 3.2 CoStar CSGP 304.63 2.1 tronc 16.20 3.2 Ultra 45.17 +0.50 29.5 Edgewood Growth Instituti RisDv A p NA ... NA CapApp 29.72 +0.14 13.5 INSTTRF2030 22.98 +0.15 14.6
iShMornMCGrowth JKH 197.80 1.1 TRNC
EntercomCommsWi ETMw 11.71 1.7 AXIS Capital AXS 51.60 -1.8 Cutera CUTR 47.15 -6.3 USA Tech 8.23 4.5 American Funds Cl A
EqInc 34.75 +0.23 12.0 INSTTRF2035 23.17 +0.16 15.9
iShRussell1000Gwth IWF 131.53 1.0 USAT EdgewoodGrInst 29.72 +0.34 33.8 FrankTemp/Franklin C 69.59 +0.58 17.3 INSTTRF2040 23.37 +0.19 17.2
Entergy1stMtgBd EAI 25.26 0.6 AmberRoad AMBR 6.40 -0.6 iShRussellMCGrowth IWP 117.42 1.3 DASAN Zhone DZSI 8.76 2.1 UnivDisplay OLED 179.90 3.7 AmcpA p 31.89 +0.28 18.8 Income C t NA ... NA EqIndex
EssentGroup ESNT 45.22 2.2 ApolloSrFRFd AFT 16.08 0.6 HancockMultiSC JHSC 25.13 1.1 Descartes DSGX 30.20 1.2 UTStarcom UTSI 3.26 1.2 AMutlA p 41.10 +0.24 13.2 F FrankTemp/Temp A Growth 70.45 +0.69 32.3 INSTTRF2045 23.51 +0.20 17.7
ExtraSpaceSt EXR 87.36 1.8 BellatrixExplor BXE 2.08 -1.9 JPM DivRetUS Eq JPUS 69.29 0.9 Deswell DSWL 3.64 18.9 VangdRuss1000Grw VONG 134.87 1.1 BalA p 27.45 +0.11 12.3 GlBond A p 12.07 +0.09 3.1 HelSci 73.93 +1.03 25.1 IntlVal 39.30 +0.39 23.8
FactSet FDS 196.70 -0.1 BlkrkMuni2018 BPK 14.95 ... DicernaPharma DRNA 9.83 0.9 VarexImaging VREX Federated Instl InstlCapG 39.78 +0.43 36.0 LifeGro 33.13 +0.24 15.9
37.15 4.3 BondA p 12.91 -0.02 3.1
Fidelity&Guaranty FGL 31.70 0.2 BuckeyePtrs BPL 46.94 -0.6
OppenheimerLgCpRev RWL 48.86 1.3
DigitalTurbine APPS 1.67 5.1 VaronisSystems VRNS 52.00 7.6 CapIBA p 62.75 +0.17 11.6
StraValDivIS 6.40 +0.02 11.4 Growth A p 26.59 +0.16 12.9 IntlStk 19.26 +0.21 26.0 LifeMod 26.91 +0.13 12.5
PIMCO DynMultUS MFUS 26.49 0.8 FrankTemp/Temp Adv
58.com WUBA 75.86 2.9 Bunge BG 63.87 0.7 Ebix EBIX 76.50 1.8 VascularBiogenics VBLT 9.05 17.3 CapWGrA
Fidelity IntlValEq 15.09 +0.11 17.8 PrmcpCor 27.01 +0.33 21.8
PwrShDynMkt PWC 94.62 1.5 52.37 +0.45 21.3
FirstIndRlty FR 32.47 1.8 CBL AssocPfdD CBLpD 22.07 ... PwrShDynLC Grwth PWB 40.81 1.3 EducDev EDUC 14.15 2.1 VeriSign VRSN 113.62 2.3 EupacA p 57.27 +0.74 29.6
500IdxInst 90.64 +0.76 17.5 GlBondAdv p 12.03 +0.10 3.4 MCapGro 92.13 +1.02 22.2 SelValu r 33.11 +0.21 15.0
Forestar FOR 19.00 2.7 CONSOLEnergyWi CEIXw 21.88 -12.5 PwrShS&PEM Mom EEMO 21.49 2.4 ElectroSci ESIO 24.77 5.1 VicShUS500Vol CFA 47.00 0.9 FdInvA p 500IdxInstPrem 90.64 +0.76 17.5 H
MCapVal 31.37 +0.21 7.9 STAR 27.19 +0.16 15.6
63.54 +0.51 18.9
Fortis FTS 38.24 0.9 CobaltIntlEner CIE 0.35 0.6 PwrShRussMCGrw PXMG 41.06 1.2 EnphaseEnergy ENPH 2.98 6.5 VidentCoreUSEquity VUSE 31.87 1.1 GwthA p 500IdxPrem 90.64 +0.76 17.5 N Horiz 55.28 +0.77 27.6 STIGrade 10.66 ... 2.0
51.56 +0.46 22.6
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Hilton
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Bridge Builder Trust
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61.02 -0.4
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OwensCorning OC
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B10 | Friday, November 17, 2017
PayPal Sells Loans
To Synchrony in Bid
To Ramp Up Growth
BY PETER RUDEGEAIR
AND ANNAMARIA ANDRIOTIS
PayPal Holdings Inc. said it
agreed to sell Synchrony Fi-
nancial nearly $6 billion in
loans it made to online shop-
pers, a long-awaited deal that
will give the payments com-
pany significant cash that it
can use for acquisitions or
share buybacks.
As part of the deal, an-
nounced Thursday, Synchrony
will agree to fund future loans
that PayPal makes to consum-
ers who want to finance pur-
chases of goods and services
over the internet, PayPal fi-
nance chief John Rainey said
in an interview. PayPal will re-
ceive about $5.8 billion, or
face value, for the existing
loan portfolio, he said.
The transaction will allow
PayPal to continue arranging
loans for its customers with-
out taking on as much credit
risk. The danger was that an
economic downturn could lead
to a rise in defaults, eating
$5.8B
The rough amount PayPal will
receive for the loan portfolio
into the income PayPal gener-
ates from its main and quickly
expanding business of facili-
tating e-commerce.
Plus, the continuing ar-
rangement with Synchrony
will free up about $1 billion a
year in cash that PayPal would
have otherwise used to fund
loans, Mr. Rainey said. This
will also allow PayPal to ramp
up its lending efforts without
straining its own balance
sheet, he said. “We want to in-
vest in growth,” Mr. Rainey
said of the deal, which is ex-
pected to close in the third
quarter of 2018. “That $6 bil-
lion can be reinvested in
higher-returning alternatives.”
And growth potential, not
credit risk, is what has at-
tracted investors to PayPal’s
stock. The shares are one of
the best-performing financial
stocks over the past year; they
have gained about 94% versus
a roughly 40% rise for Visa
Inc. and about 19% for the
KBW Nasdaq Bank Index.
The gains have swelled Pay-
Pal’s market value, which has
ANDREW HARRER/BLOOMBERG NEWS
Joseph Otting’s confirmation should clarify the direction of the comptroller’s office.
BANK REGULATION
Otting Is Confirmed
As Comptroller
The Senate approved Joseph
Otting as the comptroller of
the currency, filling one of the
remaining positions on the
Trump administration’s financial
team.
The near party-line vote
Thursday to confirm Mr. Otting
was 54-43. The OCC, one of sev-
eral banking-industry regulators,
has been under the leadership of
Keith Noreika in an acting capac-
ity since May.
Mr. Otting’s confirmation
should clarify the direction of
the comptroller’s office. Mr. Nor-
eika, a former banking lawyer,
has been a vocal critic of policies
such as the Volcker rule trading
ban, aimed at preventing banks
from making risky bets with
their own money, and a regula-
tory crackdown on leveraged
loans to heavily indebted compa-
nies. Mr. Otting’s policy views
are less well-known.
—Andrew Ackerman
and Lalita Clozel
now surpassed that of Gold-
man Sachs Group Inc., Ameri-
can Express Co. and Morgan
Stanley.
On Thursday, PayPal’s stock
climbed 5.8%, to $77.70, while
Synchrony rose 2.6%, to
$33.38.
But while unloading credit
risk, PayPal could also be for-
going a strong contributor to
earnings. Craig Maurer, an an-
alyst at Autonomous Research,
estimates that PayPal’s lending
operation accounts for one-
fifth of its per share earnings.
Mr. Rainey declined to say
how much of PayPal’s profit
was tied to lending but said
the loan portfolio PayPal is
selling to Synchrony would
generate about $1 billion in
revenue for 2017. Synchrony
and PayPal have also agreed to
a revenue sharing model, in
which Synchrony will share
some of the financial upside of
the lending program with Pay-
Pal.
PayPal first told investors
in May 2016 that it was ex-
ploring ways to remove con-
sumer-credit risk from its
books in what it referred to as
an “asset-light” strategy.
For Synchrony, the deal
holds both potential reward
and risk. The new partnership
with PayPal is an opportunity
for Synchrony to expand its
presence in online shopping at
a time when consumers are
moving online and away from
brick-and-mortar retail loca-
tions. Most of Synchrony’s
partners are retailers, and the
card issuer works with them
to help boost spending in
stores and online.
Synchrony and PayPal are
also extending their existing
credit-card partnership in
which Synchrony issues PayPal
credit cards.
“We want to grow in the
digital payments space,” Syn-
chrony Chief Executive Marga-
ret Keane said in an interview.
Yet over the past year, de-
linquencies have risen on
credit cards.
Both PayPal and Syn-
chrony’s loan losses have been
worsening. PayPal wrote off
6.4% of its consumer-loan bal-
ances in the third quarter on
an annualized basis, up from
6% a year earlier and 5.6% two
years ago. Synchrony reported
on Wednesday that it wrote
off about 5.9% of outstanding
balances in October on an an-
nualized basis, up 1.2 percent-
age points from a year earlier.
FINANCE WATCH
PRIVATE EQUITY
Two Sigma Looks
Outside for Funds
Two Sigma Investments LP
is preparing to raise outside
money for its private-equity
strategy, which has for years in-
vested only partners’ money, ac-
cording to people familiar with
the matter.
The New York quantitative
hedge-fund firm is splitting off
its Two Sigma Private Invest-
ments into a business called
Sightway Capital and hopes to
register it with the Securities
and Exchange Commission in
January, according to people fa-
miliar with the matter.
Sightway will continue to fo-
cus on illiquid investments, said
a person familiar with the ven-
ture, including in credit, special
situations, real estate and natu-
ral resources. A website for
Sightway showcases video of an
oil rig, farming equipment, a
train, a plane and medical equip-
ment. Wray Thorn will continue
to lead the business.
—Juliet Chung
MONEY & INVESTING
Norway’s sovereign-wealth fund may halt purchases of fossil-fuel stocks to limit its exposure to declines in oil-and-gas prices.
Oslo Reviews Oil Holdings
BY DOMINIC CHOPPING
Norway’s sovereign-wealth
fund said it may stop buying
oil and gas stocks, a move that
would deprive the energy sec-
tor of investment from a $1
trillion asset manager.
The Norwegian central
bank, which uses the fund to
invest the proceeds of the
country’s oil industry, said
that investing money back into
the energy sector amplifies
the government’s exposure to
the price of crude, particularly
given the country’s majority
stake in Statoil ASA.
Oil and gas stocks account
for around 6% of the Govern-
ment Pension Fund Global’s
benchmark index, or just more
than 300 billion Norwegian
kroner ($36.49 billion).
The Stoxx Europe 600 Oil &
Gas index drifted lower Thurs-
day on the news of the poten-
tial divestment. Shares in Sta-
toil fell by as much as 1%. The
fund owns large stakes in
most of the world’s major oil
companies, including a 0.92%
stake in Chevron Corp., a
0.82% stake in Exxon Mobil
Corp., 1.65% in BP PLC, and
2.23% in Royal Dutch Shell
PLC as of the end of 2016.
“An orderly divestment pro-
cess over a period of time
won’t significantly impact
share prices,” said Jefferies
analyst Jason Gammel.
DATA PROTECTION
Fed Official Urges
Consumer Control
Consumers need to be in con-
trol of their financial data, a Fed-
eral Reserve official said Thurs-
day, wading into a continuing
debate about rules governing
the use of personal data in new
financial products.
“Consumers should remain in
control of the data they provide,”
Fed governor Lael Brainard said
in remarks prepared for a Uni-
versity of Michigan conference.
“Consumers need to know and
decide who they are contracting
with, what data of theirs is be-
ing used by whom and for what
purpose, how to revoke data ac-
cess and delete stored data, and
how to seek relief if things go
wrong.” The Obama administra-
tion appointee, who sits on the
Fed’s Washington governing
board that sets rules for banks,
focused on a number of ways in
which new financial products
may not be doing enough to
protect consumers.
—Ryan Tracy
Norway’s $1 trillion oil fund owns large stakes in some
of the energy sector’s biggest players.
Stakes in major oil companies through the end of 2016
Shell
Eni
BP
Total
Sinopec
Valero
Repsol
Chevron 0.9
Exxon Mobil 0.8
Petroleo
0.8
Brasileiro
PetroChina 0.1
Source: Norges Bank Investment Management
Norges Bank, the central
bank, made the proposal to
Norway’s Ministry of Finance
on Thursday, saying that,
given its size, the fund ac-
counts for an increasingly
large share of the nation’s
wealth and is an integral part
of government fiscal policy.
That means that the vulnera-
bility of government wealth to
a permanent drop in oil and
gas prices would be reduced if
the fund pulled out of the
stocks in that sector, Norges
Bank said.
Two years of weaker oil
prices have cut into the income
of many of the world’s largest
sovereign-wealth funds, which
Revamp Urged for Telecom
BY LAURENCE FLETCHER
AND BEN DUMMETT
Activist hedge fund Amber
Capital is urging Greece’s big-
gest telecom company to re-
structure ahead of an impend-
ing stake sale by the country’s
cash-strapped government.
The London-based fund said
it wrote to Hellenic Telecom-
munications Organization
SA’s chairman and CEO and
board and met with two board
members in an effort to push
the company to raise stock
buybacks or dividends as a
way of boosting the share
price. The effort hasn’t previ-
ously been reported.
“We will consider all alter-
natives if the board is not re-
ceptive to our ideas, including
calling a shareholder vote,”
Amber Managing Director
Giuseppe di Mino said in an
interview. “We think the capi-
tal structure is very ineffi-
cient.” Amber, which manages
about $1.7 billion in assets,
holds about a 1% stake in Hel-
lenic Telecommunications,
which hasn’t previously been
disclosed.
Michael Tsamaz, CEO and
chairman of the company,
known as OTE, responded on
Oct. 19 that the board would
take the fund’s proposal into
consideration. An OTE spokes-
man said its management
“regularly meets with inves-
tors upon their request and is
listening to all shareholders
always.”
At a time when investor ac-
tivism is on the rise in Europe,
Amber’s pressure on OTE
stands out as a rare example
of a shareholder agitating for
change in Greece. It is only the
third example of corporate ac-
tivism in the Mediterranean
country since the start of
* *** THE WALL STREET JOURNAL.
2.3%
1.7
1.7
1.6
1.6
1.1
1.0
THE WALL STREET JOURNAL.
are in largely resource-depen-
dent countries like Saudi Ara-
bia and Kuwait.
The Norwegian Ministry of
Finance said the government
aims to make a decision in the
fall of 2018.
A bank official said that the
advice doesn’t reflect a view
on future oil and gas prices.
Norway’s fund was estab-
lished to harness oil and gas
income while giving the gov-
ernment flexibility in fiscal
policy should oil prices drop,
the mainland economy con-
tract and as its oil eventually
runs out.
In September, the fund’s
value reached $1 trillion for
2010, according to data group
Activist Insight.
The move also reflects ris-
ing investor confidence in the
country’s efforts to emerge
from a crushing debt load.
Greece’s Athex Composite in-
dex is up 24% over the past
year, compared with a 12%
gain in the broader Stoxx Eu-
rope 600 index. Having spent
most of the past decade in re-
cession, Greece is expected to
finally exit the last of its three
bailout programs in August.
OTE’s biggest shareholder
is Deutsche Telekom AG,
Activist fund Amber
Capital wants OTE to
boost the share price
ahead of a stake sale.
which owns 40% of the com-
pany and controls its board. It
also has right of first refusal
to acquire a 5% stake that
Greece’s state privatization
fund is selling under terms of
its bailout program. The Ger-
man company hasn’t said
whether it would buy the
stake. The Greek government
plans to retain another 5%.
The privatization fund
could prove an ally for Amber
by helping push the hedge
fund’s recommendations be-
cause they would potentially
increase the value of the stake
it is selling.
Amber worries Deutsche
Telekom could use its power
to oppose any moves to boost
OTE’s share price before the
sale price of the government
stake is agreed on. That would
potentially raise the cost of
the 5% stake it could buy.
NERIJUS ADOMAITIS/REUTERS
the first time, boosted by
strong equity markets and ma-
jor currencies strengthening
against the U.S. dollar.
While the fund’s latest pro-
posal was based on concern
about overexposure to oil, the
fund has been steadily pulling
out of mining companies and
power producers that derive
large portions of their income
from thermal coal.
Other large investors have
launched products that don’t
invest in fossil fuels.
In April, Storebrand, Nor-
way’s largest private-pension
fund, said it had launched two
new fossil-free funds. Several
U.K. pension plans have funds
that don’t invest in the sector.
In 2014, Stanford University
said it wouldn’t invest in coal-
mining companies, and under
pressure from environmental
activists other U.S. endow-
ment funds have debated
whether they should pull out
of fossil-fuel investments.
On Thursday, Storebrand
said Norge Bank’s move should
encourage other funds to
press “oil and gas companies
to revisit their investment
plans and operations in the
transition to a low-carbon
economy.”
Mr. Gammel, though, said
he didn’t expect to see a flight
of money from the sector.
—Sarah Kent
contributed to this article.
“We want to be reassured
that any decision by the board
isn’t influenced by Deutsche
Telekom’s special interests or
agenda,” Mr. di Mino said.
Deutsche Telekom said it
was aware of Amber’s pro-
posal.
“The dividend policy and
potential share buybacks are
clearly topics which have to be
discussed at the level of”
OTE’s board, the German com-
pany said. It added that it was
confident that OTE’s board
“will make any necessary deci-
sion in the best interest of the
company and all of its share-
holders.”
But Mr. Tsamaz struck a
note of caution in his response
to Amber. “The board needs to
balance current circumstances,
such as the improving outlook,
with potential future risks and
threats,” adding that it was
still faced with “significant un-
certainties” in the Greek econ-
omy, while it also faced “arbi-
trary regulatory decisions.”
A Greek finance ministry
official wasn’t available to
comment. A spokeswoman for
the state privatization fund
declined to comment.
OTE provides a range of
services, including fixed-line
and mobile telephony as well
as pay-TV services across the
country. In 2016, the company
generated €3.91 billion ($4.60
billion) in revenue and operat-
ing profit of €385.6 million.
Amber argues that OTE can
afford to increase its dividend
or buy back shares because
the company’s capital expendi-
tures are set to peak this year
and it is scheduled to be debt-
free in 2018, an unusual sce-
nario among European tele-
com companies.
—Nektaria Stamouli
contributed to this article.
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. Friday, November 17, 2017 | B11

MARKETS

Investors Cash In on Venezuela Default

Holders of defensive est payments. The government confer insurance-like benefits high probability of default. made difficult because he and committee of the International
and state-owned oil company on purchasers, potentially al- The country is expected to other government officials Swaps and Derivatives Associ-
swaps are due Petróleos de Venezuela SA lowing the holder to mitigate struggle to meet its debt obli- face U.S. sanctions. That im- ation said holders of Venezue-
$1 billion under have missed $1.5 billion in 15 losses on debt. gations. Venezuela has about pedes most foreign investors lan CDS have a right to collect
payments since Oct. 10, ac- However, the swaps are of- $142 billion in debt, according from negotiating with the Ma- those payments. The commit-
industry panel’s ruling cording to Nomura Securities, ten used as trading instru- to Moody’s Investors Service. duro administration. tee, made up of participants in
and the payouts are against ments, giving Wall Street But the country has only about Bondholders can now push the derivatives market, deter-
BY JULIE WERNAU both entities. firms and others ways to make $10 billion in reserves. for a wave of payments, but mines if these payments
The payouts will mark the short-term bets that an entity Russia came to Venezuela’s some said they would rather should be made.
Investors who hold insur- first time that holders of these will either default or be forced aid on Wednesday, agreeing to get their money late than take The ruling requires an auc-
ance-like derivatives against a derivatives can cash in on to restructure its obligations, restructure more than $3 bil- their chances on what could tion to determine a price for
Venezuelan default will receive Venezuela’s recent string of or will escape trouble even as lion it is owed by its finan- be one of the most compli- the distressed bonds and the
a payout of more than $1 billion missed payments. its problems seem to mount. cially pressed South American cated defaults in history. CDS payout. That process is
following a Thursday financial Based on the current prices Venezuelan bonds have ally. But it is unclear how “The threat for the Maduro expected to cause millions of
industry panel ruling, the latest of Venezuelan bonds, the CDS traded at distressed levels for much additional cash that will regime’s survival is whether dollars in Venezuelan debt to
sign that Wall Street is bracing payout would be about $1.2 months and fell again this bring right away. the holders of the bonds in change hands, as some inves-
for a messy debt restructuring. billion, analysts said. The ex- week after two credit-rating Venezuelan President Nico- question will pursue legal ac- tors look to unload the dis-
The panel’s decision means act amount will be determined firms declared the nation in lás Maduro has been defiant. tion in the U.S.,” said Fernando tressed debt and others look
investors holding these deriva- during an auction process in default on missed interest pay- He has insisted Venezuela will Freijedo, lead analyst for Vene- to buy on the cheap and posi-
tives, known as credit default the weeks ahead. ments. Most Venezuelan bonds pay off its near-term obliga- zuela at risk advisory firm tion for what they hope will be
swaps, or CDS, can collect be- Credit default swaps are fi- have dropped to around 30 tions, and said he wants to re- Economist Intelligence Unit. an eventual restructuring of
cause of late or missed inter- nancial instruments that can cents on the dollar, reflecting a structure other debt, a process The decision Thursday by a all $142 billion.

Treasurys
Fall on
Shift to
More Risk
BY SAM GOLDFARB

U.S. government-bond
prices fell Thursday, retracing
a portion of their recent gains
as investors recovered some
appetite for riskier assets.
The yield on
CREDIT the benchmark
MARKETS 10-year Treasury
note settled at
2.361%, com-
pared with 2.335% Wednesday.
Yields, which rise as bond
prices fall, climbed overnight
as global stocks gained, a re-

ERIK S. LESSER/EPA/SHUTTERSTOCK
versal of their moves over the
previous two sessions.
Stocks have fallen in recent
days along with other riskier
assets, such as junk-rated cor-
porate debt, in what some ana-
lysts have characterized as
profit-taking following lengthy
rallies. That has boosted Trea-
surys, which are seen as safe A Kroger supermarket in Decatur, Ga., this year. Shares in the chain fell sharply on a single day in June after Amazon.com announced its deal for grocer Whole Foods.
by investors because of their

New ETFs Are Way to Sell Old Retail Short

fixed interest payments and
backing by the world’s largest
economy.
As stock indexes rose
Thursday, prices on many junk BY CHRIS DIETERICH targets dispersion between on- Depot Inc. and Lowe’s Cos. While new to complex ProShares registered the
bonds also ticked higher, a line retail stock prices and de- plunged in July after Amazon ETFs, clearly traders are on funds back in July.
sign that many investors are The Amazon-is-crushing- clines in brick-and-mortar announced that it would be- to the idea. No ETF on the Mr. Sapir said this trend
still fairly sanguine about as- traditional-retail trade is so ones. The ProShares Long On- gin selling Sears Holdings market is currently held more doesn’t fit that bill: “We see
set valuations at a time when ubiquitous that it inspired the line/Short Stores ETF, ticker Corp.’s Kenmore line of home by short sellers, who wager this as a long-term, secular
major economies remain in creation of two souped-up ex- CLIX, goes long on a basket of appliances online. on price declines, than the trend.”
growth-mode. change-traded funds for trad- global online retail stocks in- The rise of online retailing SPDR S&P Retail ETF, accord- One risk these days is that
One junk bond that has ers to play with. cluding Amazon.com Inc. and at the expense of bricks and ing to Morgan Stanley Wealth retail stocks are so beaten
come under especially heavy ProShares on Thursday de- Alibaba Group Holding Ltd. Management. down, so rife with bearish
pressure in recent weeks, an buted a short-only ETF that Serious money has been Launches of niche ETFs can short sellers, that they could

50%
11% bond due 2025 issued by takes dead aim at brick-and- made banking on the increas- at times mark turning points remain prone to sudden surges
Frontier Communications mortar retailers. Its name is ing dominance of online retail- in investment trends, as in on good news or as part of
Corp., traded Thursday at dire: The ProShares Decline ing. Amazon’s stock price has the case of funds that follow “short squeezes.” That is a
around 78 cents on the dollar, of the Retail Store ETF. climbed 50% in 2017 while the rare earths or “yieldcos,” cascade of buying that results
up from 75.75 cents on Ticker: EMTY. This is an in- SPDR S&P Retail ETF, or XRT, How much e-retailer Amazon’s public companies spun off by as bears seek to limit losses by
Wednesday, according to Mar- verse ETF, meaning that it is is down 10%. stock is up so far this year parents in the renewable en- repurchasing shares they bor-
ketAxess. designed to rise in price when And traders regularly treat ergy industry. That is because rowed and sold.
Recent economic data have an index of 56 traditional re- what seems like every move a trend needs to form before And then there is the risk
continued to provide “a tail stocks declines. by Amazon into a new busi- it becomes a bright idea. that legacy retailers figure out
healthy, constructive back- Department stores and su- ness segment as a potential mortar “is a theme that most Then, a fund company must how to compete online. Shares
drop” both for risky assets to permarkets are included in the deathblow to incumbent re- consumers are experiencing in meet a series of regulatory of Wal-Mart Stores Inc.
thrive and for the Federal Re- index, as are purveyors of tailers. Shares of Kroger Co. their everyday life, in malls and exchange-specific re- surged 11% Thursday after the
serve to raise interest rates, clothing, electronics and other plunged 19% on a single day and in the brown packages quirements, which can take retailer posted its strongest
said John Herrmann, rates items. in June after Amazon an- they pick up outside their months or longer for an idea quarterly sales since 2009. A
strategist at MUFG Securities Also launching Thursday nounced its purchase of homes,” said Michael Sapir, to leap from preliminary fil- big reason for the jump: A big
in New York. was an ETF that specifically Whole Foods Market. Home founder of ProShares. ing to tradable ETF. boost in e-commerce sales.
While soft inflation has
helped support Treasurys this
year, many analysts believe it
is still on a path to the Fed’s
2% target. Gold Prices Rise but Stay in Tight Range House Tax
Data released Wednesday
showed that the consumer- BY AMRITH RAMKUMAR
Vote Nudges
AND CHRISTOPHER ALESSI
price index advanced 0.1% in
October from a month earlier.
But core prices, which exclude Gold prices inched higher
Dollar Up
volatile food and energy costs, Thursday, boosted for much of BY IRA IOSEBASHVILI
rose 0.2% from September and the session by a weaker dollar.
1.8% from a year earlier, mark- Gold for December delivery The dollar edged higher
ing its strongest annual gain closed up Thursday as investors weighed
since April. COMMODITIES less than the odds of Republican law-
Rising inflation tends to 0.1% at makers pushing through tax
weigh on government bonds $1,278.20 a legislation in coming weeks.
by chipping away at the pur- troy ounce on the Comex divi- The Wall
chasing power of their fixed sion of the New York Mercan- CURRENCIES Street Jour-
payments, while efforts by the tile Exchange. nal Dollar
Fed to keep inflation in check Prices have traded roughly I n d e x ,
through interest-rate increases sideways in November and sit which measures the U.S. cur-
MIKE GROLL/ASSOCIATED PRESS

can also hurt Treasurys. about 5.5% off their year-to- rency against a basket of 16
Reacting to signals from date highs from early Septem- others, gained less than 0.1%
Fed officials, investors have ber, weighed down by a stron- to 87.34.
been dialing up their expecta- ger dollar and interest-rate Expectations for a tax over-
tions for interest-rate in- concerns. haul have helped lift the dollar
creases in the coming months. “This range has definitely in recent months, although
That has pushed up yields on not been a trader’s market. It’s that rally has wavered in No-
shorter-term government been one of the tightest vember. The dollar has fallen
bonds, which are especially ranges I can remember,” said Gold prices have traded sideways in November and sit about 5.5% off their year-to-date highs. by more than 1% since last
sensitive to changes in mone- Chris Gaffney, president of Ev- week.
tary policy. erBank World Markets. Many investors and ana- based on inflation readings at markets turn rocky. Some ana- Some analysts believe the
A stronger dollar makes lysts have said they expect the end of the year could lysts also have said a pullback dollar is headed lower, even if
AUCTION RESULTS gold and other dollar-denomi- rangebound trading to con- swing gold prices. in equities could fuel a rally in a tax bill passes. “We think the
Here are the results of Thursday's Treasury auction. nated commodities more ex- tinue for gold leading up to “Unless we get a surprise gold prices. dollar is in the early throes of
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference pensive for foreign investors. the Federal Reserve’s Decem- on the Fed meeting or a geo- Among base metals, copper a multiyear downtrend,” said
between that price and the face value. The WSJ Dollar Index, which ber meeting. Gold struggles to political shock…I don’t think for December delivery swung Steven Barrow, head of G-10
NINE-YEAR, EIGHT-MONTH TIPS tracks the U.S. currency compete with yield-bearing as- you’re going to see much between small gains and strategy at Standard Bank.
Applications $27,345,892,300
Accepted bids $11,596,917,300
against a basket of 16 others, sets like Treasurys as borrow- movement going into year- losses and closed down 0.2% Mr. Barrow noted that the
" noncompetitively $16,421,500 rose less than 0.1%, getting a ing costs rise. end,” Mr. Gaffney said. at $3.0480 a pound in its fifth dollar has tended historically
Auction price (rate) 99.585502
(0.512%)
boost after the House of Rep- Although the market al- Many investors tend to fa- day of declines in the last six to weaken during Republican
Interest rate 0.375% resentatives passed a tax bill. ready expects the Fed to raise vor gold and other haven as- sessions. presidential administrations.
Bids at clearing yield accepted 44.70% The dollar’s rise late in the rates in December, some ana- sets during times of geopoliti- The industrial metal sits He expects the euro to trade
Cusip number 9128282L3
The Treasury inflation-protected securities, dated
session dragged gold down lysts have said the central cal uncertainty, believing they roughly 6% off its three-year at $1.30 within the year, from
Nov. 30, 2017, mature on July 15, 2027. from its Thursday highs. bank’s outlook moving forward will hold their value better if highs from late October. around $1.1769 today.
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
B12 | Friday, November 17, 2017
Treasury’s New Debt Tactic: Go Short
As demand increases,
the department plans
to issue more bonds
with shorter terms
BY NICK TIMIRAOS
The Treasury Department
has unveiled a new strategy
for managing federal debt that
could ease pressures set to
push up long-term interest
rates and reduce a potential
drag on the economy.
Under the plan unveiled
earlier this month by Treasury,
the department would increase
the share of shorter-term debt
issuance and reduce the share
of longer debt issuance, ending
a yearslong trend that favored
long-term debt issuance.
Total issuance of govern-
ment debt will still rise in
coming years with growing
federal budget deficits. As that
supply increases, it is likely to
weigh on bond prices, pushing
up yields, which rise as prices
fall. And Treasury yields influ-
ence other household and
business borrowing costs, such
as on mortgages and corporate
bonds. The Treasury’s new ap-
proach will shift some of that
upward pressure on yields to
shorter-term debt and away
from longer-term debt.
The move could also help
offset another source of up-
ward pressure on long-term
yields: the Federal Reserve’s
slow retreat from purchasing
long-term Treasurys.
The central bank last month
began reducing its reinvest-
ment of the proceeds of ma-
turing long-term government
bonds into new ones. That re-
duction in demand, particu-
larly coming at a time of grow-
ing supply, is likely to further
weaken prices and nudge long-
term yields higher.
“The impact on the market
of the Fed’s balance sheet run-
off is entirely determined by
how the Treasury refinances
those missing Fed auction pur-
Email: heard@wsj.com
Applied
Materials
Tools Up
Even Applied Materials
knows the party can’t last
forever. But the company
doesn’t see the bash ending
anytime soon.
In its fiscal fourth-quarter
earnings report Thursday,
the maker of semiconductor-
manufacturing gear showed
revenue jumping 20% year
over year to $3.97 billion.
That makes for the com-
pany’s sixth straight quarter
of double-digit sales growth,
helped by strong prices for
memory chips as well as
growing demand for display
production equipment. Oper-
ating income hit a record of
$1.1 billion, up 41% year over
year.
Applied Materials gave an
early peek into fiscal 2018.
CEO Gary Dickerson said the
company is “confident” in
delivering “strong double-
digit growth” for the year.
Chip equipment is a
highly cyclical business that
depends on a handful of
large customers who tend to
curtail their spending
quickly when demand shifts.
That dynamic hasn’t gone
away, but the largest chip-
makers are still working to
catch up with soaring de-
mand as well as update their
manufacturing lines with the
latest processes. Last month,
Samsung Electronics boosted
its planned capital expendi-
tures to more than $26 bil-
lion in semiconductor and
display for this year. That
compares with about $11.4
billion spent in these areas
last year, estimates Wes
Twigg of KeyBanc Capital
Markets.
Applied’s shares are up
nearly 80% this year. The re-
sults should help investors
for whom the fear of missing
out has been supplanted by
the fear of staying in too
long.
—Dan Gallagher
Shifting Strategy
The Treasury Department plans to increase the amount of short-term debt it issues, while reducing
longer-term debt issuance, a strategy that could ease pressures set to push up long-term interest rates.
Average maturity of marketable Treasury debt outstanding
75 months
70
65
60
55
50
45
2000
The yield on the two-year note has
climbed since the start of 2017, while
the 10-year yield has fallen.
Treasury yields
2.5%
2.0
1.5
1.0
0.5
0 9
2015 ’16
*Fiscal years ending Sept. 30
Sources: Treasury Department (maturity); Ryan ALM (yields); Treasurydirect.gov (share of marketable debt, interest)
chases,” said Lou Crandall,
chief economist at financial re-
search firm Wrightson ICAP.
Still, changing the Trea-
sury’s debt-management strat-
egy right now isn’t without
risk given the uncertainty that
already exists over how inves-
tors will manage both the
Fed’s unwind and the trajec-
tory of growing budget defi-
cits. The move also coincides
with Treasury Secretary Ste-
ven Mnuchin’s apparent re-
treat from plans to issue bonds
with 50- or 100-year terms—
which would have boosted the
supply of long-term debt, fur-
ther weighing on prices and
pushing up on yields.
HEARD ON THE STREET
Wal-Mart Should Worry Amazon
Wal-Mart Stores Inc. still
can learn a lot from Ama-
zon.com Inc., but it has the
online retailer beat in one
important category: profits.
The brick-and-mortar be-
hemoth reported third-quar-
ter results on Thursday that
beat investors’ optimistic ex-
pectations. Sales grew at
their fastest pace since 2009,
helped along by a 50% gain
on the year in online sales.
Adjusted earnings per share
increased, even as hefty in-
vestments in e-commerce
and price-cutting pressured
its profit margin. Wal-Mart
shares, which were already
at a record, rose 10.9%.
Wal-Mart’s stock gains are
a payoff for a shift in strat-
egy away from the hangar-
like stores and physical ex-
pansion efforts that for years
defined it. The retailer closed
more than 150 stores in 2015
and since then has focused
on improving its existing
stores. It also has been in-
vesting heavily in e-com-
merce, buying Jet.com last
Car Makers Count Costs of Coming Emissions Standards
Car makers are pouring
billions of dollars into elec-
tric-vehicle programs to
meet coming emissions rules
designed to combat global
warming. But the effort may
not be enough to satisfy reg-
ulators in Europe. The finan-
cial damage from fines—or
measures to avoid them—
could be severe.
Ford Motor Co., for in-
stance, stands to pay fines
totaling €5.6 billion ($6.6 bil-
lion), more than any of its
peers, for the carbon emis-
sions from its European car
sales in 2021, according to
the environmental, social
and governance team at in-
dex and research provider
MSCI. That would be equiva-
lent to more than 90% of
this year’s expected profits.
The analysis assumes Ford’s
MARKETS
’05
Bonds maturing in a year or less make
up a greater share of outstanding debt
than in recent years.
T-bills as a share of total marketable debt
10-year
14%
13
12
11
Two-year 10
’17 2015
After President Donald
Trump’s election last year, Mr.
Mnuchin sent long-term Trea-
sury yields climbing when he
said the U.S. should consider
extending the maturity of
Treasury debt, including by is-
suing ultralong bonds.
Mr. Mnuchin appears to
have shelved those plans after
Wall Street investors, includ-
ing a Treasury committee with
representatives of the nation’s
largest financial institutions,
told the department it didn’t
see strong or sustainable de-
mand for such debt. The lon-
gest U.S. bond now is 30 years
in duration. The Treasury plan
would end a stretch in which it
FINANCIAL ANALYSIS & COMMENTARY
Everyday Low Prices
Wal-Mart Stores and Amazon.com price-to-sales ratios
4 times what Amazon gets
3 suppliers and existing logis-
2
1
0
2013 2014
Source: FactSet
year for $3.3 billion and
snapping up smaller e-com-
merce players. Wal-Mart ex-
pects e-commerce sales to
reach $17.5 billion this year.
Wal-Mart is preparing for
a world where customers are
agnostic about whether they
buy from a physical or online
store, focusing instead on
price and convenience. Ama-
zon’s acquisition of Whole
Global Warning
Fine estimates for excess
European emissions in 2021
€0 billion
Ford
VW
FCA
Hyundai-Kia
Renault-Nissan
MSCI
Daimler PA Consulting
Sources: MSCI; PA Consulting €1 = $1.17
emissions continue to de-
cline at the 2013-15 rate.
A perhaps more nuanced
analysis by PA Consulting
suggests Ford will be much
less affected, with fines of
just $350 million. PA, a con-
sultancy that works with
most car makers and took
account of their individual
Recessions
’10
Even as national debt has grown, the cost
of paying for it has remained relatively
consistent since the financial crisis.
Annual interest paid by the Treasury*
$400 billion
200
0
’16 ’17 1990
has issued a historically high
proportion of longer-term
debt. The weighted average
maturity of U.S. debt has ex-
ceeded 70 months for the past
year, near a multidecade high
and up from a recent trough of
49 months in 2008.
The supply of Treasury gov-
ernment debt has been rising,
with the U.S. government run-
ning deficits of 3.5% of gross
domestic product for the year
ended October, up from 2.6%
one year earlier. Any deficits
from a tax cut passed later this
year or next year by Congress
would further boost Treasury
borrowing.
Meanwhile, the Fed will al-
Amazon.com
Wal-Mart
2015 2016 2017
THE WALL STREET JOURNAL.
Foods suggests that it is
thinking along similar lines.
This portends an intense and
protracted battle for custom-
ers, especially if other tradi-
tional retailers such as Tar-
get Corp. adopt strategies
similar to Wal-Mart’s.
Wal-Mart’s vast network
of stores—it says it has a lo-
cation within 10 miles of
about 90% of the U.S. popu-
emissions strategies, found
that Volkswagen would be
hardest hit, with a fine of
€1.7 billion, or 15% of ex-
6 pected 2017 profits.
The broad conclusion of
both reports is the same:
Most car makers aren’t on
track to meet the new tar-
gets that come into force in
2021. The one manufacturer
with a European footprint
the studies agree won’t have
to fork out is Toyota, thanks
to its dominance of the hy-
brid market. General Motors
also gets off scot-free, hav-
ing sold its European busi-
ness to Peugeot this year.
Some may scoff: Analysts
fretted that car makers
wouldn’t make the 2015 tar-
gets, which are currently in
force and will remain so un-
til 2021. In the end almost
THE WALL STREET JOURNAL.
’15 ’17
’95 2000 ’05 ’10 ’15 ’17
THE WALL STREET JOURNAL.
low $6 billion in Treasury debt
to mature every month during
the fourth quarter without re-
investment, and that monthly
amount will increase by $6 bil-
lion every quarter to a maxi-
mum of $30 billion at the end
of next year.
After several years issuing a
greater share of longer-term
debt, the benefit of continuing
to extend the average maturity
“starts to diminish in terms of
the gains we get,” said Mo-
nique Rollins, the Treasury’s
acting assistant secretary for
financial markets, at a Nov. 1
briefing. “We’re looking at
kind of a stabilization from
here.”
lation—paired with its e-
commerce arm could count
as an advantage here. With
sales that are more than four
from its retail operations, it
has considerable heft with
tics operations that should
not be discounted.
One of Wal-Mart’s biggest
challenges is that its inves-
tors demand profits, while
Amazon has been allowed to
run its retail at a near loss,
or an outright one, as long as
it keeps growing rapidly.
On the other hand, sales
growth is accelerating at
Wal-Mart, and if the chain
keeps boosting online sales
and maintains solid profits,
investors might be less will-
ing to give Amazon a pass.
Wal-Mart has a market capi-
talization near $300 billion
and a price-to-sales ratio of
0.6. Amazon is worth nearly
$550 billion and has a price-
to-sales ratio of 3.5. Which
stock is more vulnerable?
Justin Lahart
everyone passed.
Next time it will be much
harder, though. Manufactur-
ers met the 2015 standards
thanks to diesel cars. This
time, diesel car sales are in
free fall, and electric cars—
for which manufacturers re-
ceive credits under the
rules—aren’t ready to re-
place them. Most manufac-
turers have plans to launch
electric cars from 2019, but
this doesn’t give much time
for consumers to catch on.
Meanwhile they are buying
more petrol cars, increasing
carbon-dioxide emissions.
Lower gas prices also favor
heavier, more pollutive cars,
for which the 2021 emissions
rules only partially adjust.
Car makers typically ex-
press confidence they will
meet targets. But the Euro-
Will Auctions Draw
Enough Bidders?
As the Treasury Depart-
ment prepares to increase its
short-term borrowing, some
investors are concerned that
the rising size of its auctions
raises risks that could spark
selling in the bond market.
Since the financial crisis,
the bond dealers the Treasury
relies on to make sure its of-
ferings are fully subscribed
have been buying much less
debt. That leaves the agency
relying on investors—ranging
from mutual funds to foreign
central banks—to pick up the
slack. Dealers, investors and
analysts say a sudden drop-
off in bidding at auctions
could produce a rapid rise in
yields. Bond yields rise when
prices fall. Such an increase in
yield could send ripples
throughout the economy.
The surge in borrowing
“will make the auction pro-
cess larger and more volatile,”
said Robert Tipp, chief invest-
ment strategist at PGIM
Fixed Income.
Some traders, however,
note that problems stemming
from a poor auction could be
limited to a particular offer-
ing, and that investor con-
cerns about rising yields have
persisted even as yields have
remained near modern lows
over the past nine years.
While Treasury data sug-
gest dealers have been bid-
ding less aggressively at auc-
tions this year than since
data became available, they
play an essential part. This
year, investors have won 80%
of the $1.54 trillion in bonds
they have bid for. But inves-
tor bids aren’t enough by
themselves to fully meet the
more than $2 trillion in an-
nual government borrowing
needs.
—Daniel Kruger
WSJ.com/Heard
OVERHEARD
We were here first!
As Tesla Inc. got set to
unveil its electric semitrailer
design on Thursday night, a
far more experienced truck
maker tried to steal some of
the attention.
“We are the first to have
an all-electric light-duty truck
in series production: the
FUSO eCanter” read one post
from Daimler AG’s account
Wednesday. Another high-
lighted the “first road-ap-
proved truck for autonomous
operation: the Freightliner In-
spiration Truck,” which the
company said has been driv-
ing autonomously through
Nevada since 2015.
Tesla CEO Elon Musk,
meanwhile, said in a post of
his own that Tesla’s truck
“can transform into a robot,
fight aliens and make one hell
of a latte.”
He was joking, of course.
Tesla shares have outper-
formed Daimler’s by more
than 35 percentage points so
far this year.
pean Automobile Manufac-
turers’ Association says the
challenge is getting harder.
For the German car mak-
ers in particular, the fines
would be less significant
than the reputational hit. In
a climate of post-Dieselgate
suspicion, they will “do ev-
erything possible to avoid
bad headlines,” said Thomas
Goettle, PA’s head of auto-
motive.
Much seems to hinge on a
rapid uptake of hybrid and
electric cars in the coming
three years. This is plausible
only if their prices are at-
tractive to buyers. If car
makers want to avoid fines
and headlines, they may
have to accept lower mar-
gins. They will end up pay-
ing one way or another.
—Stephen Wilmot
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

MANSION
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

‘I made a snowman and my brother

Actress Ashley
Judd’s nomadic knocked it down and I knocked my
childhood M12 brother down and then we had tea.’
—Dylan Thomas

HOMES | MARKETS | PEOPLE | UPKEEP | VALUES | NEIGHBORHOODS | REDOS | SALES | FIXTURES | BROKERS

© 2017 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Friday, November 17, 2017 | M1

FROM TOP: MACKENZIE STROH FOR THE WALL STREET JOURNAL (INSET); AMY MIKLER FOR THE WALL STREET JOURNAL; AMY BENCH/ALTERSTUDIO ARCHITECTURE (HOME EXTERIOR)
How Siblings Stay
Close to Home
They build separate houses on
subdivided land; in between are shared
pools, patios and fire pits.

MEETING IN THE MIDDLE Sisters Liz Willis, left, and Kim Coates in front of the pool house between their homes in Austin, Texas. Ms. Coates built a 7,000-square-foot contemporary home, below, and
Ms. Willis is currently building a house on the 8-acre property. Both families share the pool and pool house.

BY NANCY KEATES

WHEN LIZ WILLIS was a freshman at Texas

A&M and her older sister Kim Coates was in her
first year of medical school, they lived together
in a place near College Station, Texas.
It lasted one semester.
“She didn’t like my pizza boxes,” says
Ms. Willis. “She stole all my clothes,” counters
Ms. Coates.
Now the two sisters are living together
again—but this time in different houses—on an
8-acre property in Austin. Between the two
homes is a swimming pool and pool house that
Ms. Coates built and which they share. Ms.
Coates, 52, recently finished building a contem-
porary home that features oak, steel and con-
crete. Ms. Willis, 48, is in the middle of con-
struction to replace a house she’d already
renovated once before.
Multigenerational living is on the rise in the
U.S., as are large compounds of separate build-
Please turn to page M6

TECH CEOS: LIE LOW OR LIVE LARGE? INSIDE

While some heads of richly valued ‘unicorn’ start-ups live modestly in the face of skeptical lenders
and investor scrutiny, others have traded up; WeWork chief’s stroller parking garage.

BY KATHERINE CLARKE

ALON COHEN and Adi Ta-

tarko, founders of online
home renovation and design $70 MILLION
platform Houzz, launched Hedge-fund exec lists
their company after running Hamptons home M2
into difficulties remodeling
their Palo Alto, Calif., home
in 2009.
Eight years later, though
their company is valued at
around $4 billion, the couple
is still living in the same
four-bedroom remodeled
PAUL KOLBUSZ (2); THEO WARGO/GETTY IMAGES

house.
That may sound humble
for the creators of a multi-
billion-dollar company, but
there are reasons for hotshot OLD COUNTRY
chief executives to lay low. A 1710 farm hits the
Startup founders are under market in England M3
intense scrutiny these days
as questions emerge about
whether the private markets
may be in for a correction
following several lackluster
tech IPOs. NEW DIGS Adam Neumann, chief executive of workspace provider WeWork, bought this Greenwich
The CEOs of tech “uni- Village townhome for $10.5 million. The home has been in a multi-year renovation.
corns”—large, well-funded
startups that are valued at realized. the likes of Larry Ellison. 2015, voting and property re- foot home in the Mission
over $1 billion—are under While not cheap, many Ben Silbermann, CEO of Pin- cords show. Brian Chesky, neighborhood of San Fran-
the microscope, since many homes of unicorn CEOs terest, the $12.3 billion vi- CEO of Airbnb, recently cisco, according to public re-
raised money at ultrahigh aren’t mansions by San Fran- sual-search service, lives in a moved out of the apartment cords and his spokesman.
valuations based on the cisco standards, and hardly four-bedroom, $3.995 million he’d lived in since launching Bay Area real-estate IT TAKES TWO
promise of extreme growth compare to the vast Pacific home he purchased in the Airbnb in 2007 and into a agents say their clients are German villa gets a
that may, or may not, be Heights residences owned by Fairmount Heights area in $3.5 million, 3,225-square- Please turn to page M5 second renovation M4
M2 | Friday, November 17, 2017 THE WALL STREET JOURNAL.

MANSION
PRIVATE PROPERTIES

Hedge Fund Exec Lists In

Hamptons for $70 Million
CookFox Architects, the same
firm behind the Bank of Amer-
ica Tower on Bryant Park.
Mr. Cook, who said he rarely
designs private residences, said

CLOCKWISE FROM TOP LEFT: DAVID DUNCAN LIVINGSTON (2); BRIAN WITTMUSS/VHT STUDIOS; SIMON BERLYN
Mr. Rosenstein wanted a high-
performance, sustainable home
that still incorporated the tradi-
tion and comfort of an old
shingle-style property.
Mr. Alexander said his client
was selling because he was
moving on to a larger home.
Barry Rosenstein, the Tal Alexander and Oren Alexan- Mr. Rosenstein, founder of
hedge-fund manager who paid der of Douglas Elliman. The fa- Jana Partners, an activist
a record price for a home in cade of the seven-bedroom, hedge fund, set the record for
East Hampton in 2014, is put- 9½-bathroom home is clad in the most expensive home ever
ting his previous Hamptons cedar panels with custom sold in America in 2014 when
home on the market for $70 stains. There are pavilions, he bought the Further Lane
million. winding paths, private ocean property, according to appraiser
The oceanfront home is just access and a 62-foot lap pool. Jonathan Miller. The closing
off Lily Pond Lane, one of the On the grounds, there is a price was $137 million, though
Hamptons’ best known streets. guest cottage plus another it was inaccurately reported in
Hedge-fund manager Scott structure comprising an office, news reports as $147 million,
Bommer sold three properties a garage and an exercise room. according to Mr. Alexander and
there for $110 million last year, Mr. Rosenstein bought the public records. Mr. Rosenstein
records show. site for $19.2 million in 2005, is building a mansion on the
The total living space of Mr. records show. He replaced a site, also designed by Mr. Cook.
Rosenstein’s property com- 1920s-era cottage on the prop- Mr. Rosenstein declined to
prises 13,623 square feet, ac- erty with a modern beach be interviewed.
cording to the listing agents, house designed by Rick Cook of —Katherine Clarke

Street from Lenox Hill Hospital
 ACRES • OCEANFRONT ESTATE in 2007, paying a combined
$26 million, public records
show. He then combined them
into three homes and is now
bringing them back to market,
each designed in a different
style, according to listing agent
Richard Steinberg of Douglas
Elliman, who is marketing the
properties with colleagues No-
ble Black and Roger Erickson.
LIVE
LIVE
The first and largest, a
ABSOLUTE 15,000-square-foot, 36-foot-
AUCTION THREE ADJACENT NEW YORK wide house at 110 East 76th
Street, is designed in tradi-
ON-SITE
ON-SITE TOWNHOUSES ON THE MARKET tional materials and features
marble, onyx and brass
Real-estate investor Joseph apiece. finishes. Its asking price is
Chetrit is listing a collection of Mr. Chetrit, whose firm has $51 million.
three adjacent Upper East Side owned the Sony Building and The second, a 14,000-
townhouses for $51 million, Hotel Chelsea, bought six adja- square-foot, 34-foot-wide
$44 million and $39 million cent brownstones on East 76th property at 114 East 76th
Street asking $44 million, has
a glass floor in the lobby re-
vealing an in-ground swimming
pool beneath. The third, a
13,000-square-foot, 32-foot-
wide house at 118 East 76th
Street asking $39 million, has
contemporary finishes in metal
and stone and features a
screening room. It also has a
glass-enclosed gym overlook-
ing a swimming pool on the
top floor, Mr. Steinberg said.
The homes, which are lo-
cated in the Upper East Side
Historic District, were pro-
tected, so Mr. Chetrit couldn't
raze the original structures. All
of the homes have between
five and eight bedrooms and
between eight and 10 bath-
rooms, Mr. Steinberg said.
—Katherine Clarke

Saturday, December  at  AM, PT

FASHION DESIGNER’S LOS ANGELES ESTATE ASKS $45 MILLION
 Camino Capistrano, Dana Point, California
A Los Angeles estate owned sage room, said listing agents Mr. Limato represented celebri-
for many years by the late Stephen Resnick and Jonathan ties like Richard Gere and Steve
OPEN HOUSE EVERY WEEKEND from  -  PM
agent-to-the-stars Ed Limato Nash of Hilton & Hyland. Martin and was known for his
Private Appointments & Phone Bidding Available
is listing for $45 million. The seller is designer Jeffrey annual Oscar party, said Rich-
On 1.6 acres in the Coldwa- Rudes, who sold his denim ard Konigsberg, president of


   
V I D EO TO UR & D E TA I L S ter Canyon area, the main company, J Brand, in 2014 and the Edward F. Limato Founda-
AT DECAROAUCTIONSCOM house is approximately 13,400 recently launched a fashion tion. Mr. Limato’s estate, of
square feet and has seven bed- brand called L’Agence, he said. which Mr. Konigsberg was the
rooms. There is also a roughly He bought the estate in 2011 executor, sold the property af-
In cooperation with Julia Jackson-Brown (CalBRE #

 ) 6,400-square-foot guesthouse for $8.2 million, according to ple is now finalizing a divorce, ter Mr. Limato’s death.
and Ramona Maney (CalBRE #


 ) of with three bedrooms. All to- public records. Terre Jacobs, Ms. Jacobs said. Mr. Rudes —Katy McLaughlin
CENTURY  Award (CalBRE #
  )
gether, the estate has 20 bath- his girlfriend whom he later said he moved into the house
This property is listed for sale by Julia Jackson-Brown (CalBRE #

 ) and Ramona Maney (CalBRE
#


 ) of CENTURY  Award (CalBRE #
  ). DeCaro Real Estate Auctions, Inc., is a licensed
rooms. There is also a pool, married, designed the property, in late October but is selling  See more photos of notable
California Auction Firm (CA Bond # 
) performing auction and auction marketing services as part of this tennis court, golf simulator and she said. because “it’s too much house homes at WSJ.com/Mansion.
transaction, and is not performing any real estate brokerage services. Neither Century 21, Fine Homes & Estates
nor any of their affiliated companies is providing any product or service in connection with this event other than a Moroccan-style spa with a The family planned to move for one person.” Email: privateproperties@
as required by applicable law. Brokers and agents are fully protected and encouraged to participate. Review the
Terms and Conditions for further details at DeCaroAuctions.com. steam room, Jacuzzi and mas- in but never did, and the cou- A longtime talent agent, wsj.com

Luxurious single-family homes from the $900,000s to

over $2 million with custom homesites also available .
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
LIVING HISTORY
A Mill’s ‘Magical’
First Impression
A 1710 mill and farmhouse restored over
20 years is now listed for $2.64 million
BY RUTH BLOOMFIELD
SANDRA LAKIN vividly recalls the
moment she first saw her home, a
historic farmhouse and water mill
in the English countryside.
She and her husband, Brian,
were living in a cottage in the vil-
lage of Netherseal, Derbyshire, and
when their daughter called to say
there was a beautiful house on the
market nearby she was not keen to
brave the weather to see it. “I
didn’t really want to go. It was
very foggy,” Mrs. Lakin, 73, recalls.
“But she persuaded me. When we
got there, the estate agent was al-
ready showing someone round. He
said that if we would wait for a
minute, he would show us some-
thing magical.”
That something was a redbrick
farmhouse surrounded by a scatter
of barns. And beyond them was a
mill house set above the largest of
a series of three ponds linked by a
stream running through the
grounds.
“We walked to the mill and
suddenly the sun came out,” said
Mrs. Lakin. “I could see exactly
what he meant.”
The 11-acre property, called Mill
Farm, was too large for their
needs—their two children Scott
and Rachel, now 47 and 48, had al-
ready left home. But the heart
wants what it wants, and Mrs.
Lakin was able to win over her
husband, who is now 76 and the
retired owner of an engineering
company. They bought the prop-
erty in 1999 and undertook an epic
renovation project taking, in total,
some five years to execute.
“How much did it cost? I
stopped counting at £1 million,”
said Mrs. Lakin.
While the three-bedroom main
house had been left “beautiful and
clean” it lacked basics like central
heating, double-
glazed windows, a
usable kitchen, or
even a working
bathroom.
“It looked as
though it was just
as it would have
been when it was
built around 1710,”
said Mrs. Lakin.
Getting the nec-
essary building
permits took al-
most a year, and it
was not until 2000 that the couple
was able to start work. In the
meantime they lived in an RV
parked on the farmyard, enduring
wintertime temperatures as low as
minus-7 degrees.
Their first task was renovating
the water mill, which had once
been used to grind corn for the
whole neighborhood. This quaint
building is now a one-bedroom
guest apartment, where the cou-
ple’s four grandsons stay when
they visit.
Phase two was tackling the
farmhouse itself, which they have
enlarged to 4,898 square feet, with
six bedrooms and five bathrooms.
They opened up long-forgotten
windows that had been bricked up
when British homes were taxed ac-
cording to how many windows
they possessed. They built an addi-
tion behind the original farm-
house, and it houses a large
MANSION
kitchen. This leads to a double-
height entrance hall with a mezza-
nine level above, and on to an L-
shaped living room.
In 2003 the couple was finally
able to leave their RV and move
into the farmhouse, with the work
still going on around them.
With Mr. Lakin at work, Mrs.
Lakin took on the role of project
manager. “I had to fire three sets
of builders,” she said. “I am not
saying they weren’t good, but it
was very difficult for a woman to
handle this kind of project. I knew
what I wanted but they kept on
having their own ideas. In the end
my husband finished off the inside
of the house.”
Landscaping was the final job,
and Mr. Lakin planted around
2,500 trees on the grounds, while
Mrs. Lakin created flower beds
around the house. Some relatively
modern barns were razed, but the
Friday, November 17, 2017 | M3
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (4)
FARMYARD Sandra and Brian Lakin, left, renovated the old millhouse (fore-
ground) and built an addition onto the farmhouse (background).
OLD SOUL The farmhouse addition
has a double-height entryway, above,
and large kitchen, left.
smaller and more manageable, and
closer to their daughter’s home, an
hour’s drive to the east.
The house is listed with Fine &
Country estate agents for offers
over $2.64 million.
Mrs. Lakin says leaving will be
couple renovated the three oldest, wrenching. “Sometimes my friends
which they use as storage. will say to me: ‘Oh you haven’t
The couple have lived at Mill been on holiday this year,’ ” she
Farm for almost 20 years, but as said. “But the thing is, I don’t need
the years advance they feel now is to be on holiday. It is good enough
the time to move to something here.”
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
M4 | Friday, November 17, 2017 THE WALL STREET JOURNAL.

MANSION
BALANCE SHEET

The Second Time Was a Charm

A Hamburg couple did a full renovation of a cottage, then did it over again to get the villa they wanted

BY J.S. MARCUS
SOME
KEY
HAMBURG COUPLE Felix and Anja
Zettel converted a tiny, quirky, cot-

COSTS
tage-size house into a spacious,
sprawling villa that is just what
they wanted for their growing
family. All it took was six years FIRST
and two major renovations. RENOVATION
In 2010, the couple, now both
40 years old, bought a landmark $82,000
1914 cottage in the Alstertal area,
in the northern part of Hamburg, SECOND
Germany. The 1,300-square-foot RENOVATION
home, located on a corner lot mea-
suring 1/6th of an acre, had two $350,000
bedrooms and 1½ baths, along
with Art Nouveau detailing. Selected second
They paid €270,000, or about renovation costs:
$315,000 for the run-down property Kitchen
and then spent €70,000, or about
$82,000, on an initial makeover, $23,300
which they mainly did themselves,
helped by friends and family. The Windows
gut renovation included getting rid
of the previous owners’ loud wall- $35,000
paper. “It was everywhere,” says
Ms. Zettel, a marketing executive, Floors
“including the ceiling.”
However, within a few years, $7,500
their cozy new quarters started to
feel cramped after they had their Heating/ventilation
daughter, Charlotte, now 4. OLD MEETS NEW The Zettels, left, added a glassy, partly subterranean exten-
Hoping to add a new, split-level sion, above, to their cottage; they used Midcentury Modern furniture in the new $17,500
extension with a bedroom, bath- wing’s dining area, below, and added a fireplace, below left.
room and sitting area, the couple Demolition of
sought out Asdfg Architekten, a previous annex
Hamburg studio founded by a
group of young architects who met $8,200
while working on the city’s new
Elbphilharmonie concert hall. Fireplace
Mindful of the original home’s
landmark status—and the resulting $11,700
height restrictions that would limit
an extension—the architects came Foundation/walls
up with an alternative: preserve
the existing cottage for sleeping, $70,000
and move the living, cooking and
TORBEN CONRAD FOR THE WALL STREET JOURNAL (4)

dining areas into a new, 700- Roof

square-foot, open-plan, partly sub-
terranean space. The new wing $55,400
seems to grow out of the original
structure. Landscaping
The year-long project, completed
in 2016, at a cost of about $14,000
$350,000, meant revisiting the 2010
renovation and repurposing rooms light-filled, well- was used for the space, which, garage. The couple now parks
completed just five years earlier. insulated, well- along with the open plan, fosters their lone car in the driveway.
The couple turned their second- heated area, what Mr. Zettel, a social worker The total investment for the
floor master bedroom into their opening up new and the cook in the household, home purchase and two renova-
young daughter’s bedroom, moving possibilities for calls “living like a big Italian tions came to about $747,000.
the master bedroom downstairs entertaining. family.” There are still a few missing
into the former living room. They dows, costing about $35,000, coun- They spent $17,500 on the struc- The double renovation meant pieces to the property, says the
then turned the original first-floor ter any bunker-like feeling, giving ture’s underfloor heating and ven- renovating some spaces twice couple. They currently use the cot-
kitchen into a master bath, and the half-buried space a pavilion-like tilation system. within a matter of years. They re- tage’s second-floor guest bedroom
converted the original dining room quality. The couple included a The couple likes the contrast did the original house’s guest as a closet, while they finalize plans
into a lower-level home office. splurge in the extension, an $11,700 between the quaintness of the cot- bathroom in 2010, which then had to build new closets on the ground
They spent about $23,300 on fireplace to foster coziness. tage, and the rougher, industrial to be converted in 2015 into a new floor. And the extension is missing
the extension’s new open-plan The original cottage had plenty feel of the extension. “In the be- utility room for the two joined its floor moldings—a rough aspect
kitchen, whose oak detailing plays of charm, but insulation problems ginning, we fell in love with the structures. The old home’s previ- that, for the time being, adds to the
off the concrete and glass of the meant that the living and dining old house and all the old ele- ous utility room was in a small extension’s industrial quality.
structure. The extension’s new rooms could get chilly. The exten- ments,” says Ms. Zettel, “but now 1990s annex, which the couple “Otherwise,” says Ms. Zettel,
powder room cost $1,750. sion allows the couple to spend we really like both atmospheres.” spent $8,200 to demolish. They looking back on years of construc-
Walls of floor-to-ceiling win- much of their waking time in a A long, solid oak dining table also got rid of the original one-car tion, “it’s finished.”

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THE WALL STREET JOURNAL. NY / NE Friday, November 17, 2017 | M4A

price reduced $755k

Uptown. 435 East 52nd Street 45 East 66th Street

Impressive 7BR tower residence in
the iconic River House spanning 2
full floors. Co-excl. | $18,500,000.
Lisa T. Deslauriers, 212.439.5182
Linda Reiner, 212.439.4538
Meticulously renovated 9-room
residence with stunning
architectural details. | $6,695,000.
Arlene Reed, 212.439.5180
Andrea Wernick, 212.439.5193

1125 Park Avenue 630 Park Avenue

1067 Fifth Avenue Impeccably renovated 9-room Grand and rarely available
corner home in a sought-after 3-bedroom, 4-bath corner
Exceptional full-floor, 10-room home across from Central Park w/ sweeping Carnegie Hill co-op. | $6,950,000. residence with exceptional
views, 3 wood-burning fireplaces, and a flex layout. | $14,995,000. Ana Centola, 212.439.3802 light. | $3,495,000.
Lisa Larson, 212.439.5188 Judy Kloner, 212.439.4523
Jane R. Andrews, 212.439.4536, Claire Groome, 212.439.4524

975 Park Avenue 1133 Park Avenue 525 East 86th Street 447 East 57th Street 525 East 86th Street
Gracious 6-room home in a Expansive and light-filled High-floor corner 3-bedroom Sprawling 6-room residence in Spacious 2-bedroom residence on a
perfect Park Avenue full-service 3-bedroom residence in a residence with river and one of Sutton Place’s finest high floor with wonderful light and
co-op building. | $3,225,000. full-service co-op. | $2,595,000. city views. | $1,995,000. full-service co-ops. | $1,595,000. open city views. | $1,575,000.
Harriet Kaufman, 212.439.4575 Wendy Greenbaum, 212.439.4542 Mary Dunne, 212.380.2407 John Cronin, 917.583.2341 Lisa Chajet, 212.439.5199
Julio Izquierdo, 212.439.4504

Downtown.

1065 Park Avenue 2 Sutton Place South

Generously sized 1-bedroom Penthouse jewel atop a desirable
home in a desirable full-service co-op with cathedral
full-service co-op. Convertible ceilings and wonderful views.
2-bedroom. | $1,395,000. Co-exclusive. | $1,250,000.
Patricia Favata, 212.380.2404 Ellen Wedeles, 212.439.4543

113 East 2nd Street price reduced

Exquisitely curated two-family townhouse with 7BR owner's unit and

416 Washington Street
Pristine Tribeca loft-like, 3BR
condo with a private 539 sq. ft.
landscaped terrace. | $3,995,000.
Steven Gottlieb, 917.575.1225
June L. Gottlieb, 212.439.4565
25 Leonard Street
Stylish full-floor loft with separate 1BR apartment w/ option to combine or keep as-is. | $9,350,000.
2 bedrooms, 2 baths in the heart
of Tribeca. | $2,700,000. Jason Haber, 212.327.9624, Deborah Ribner, 212.300.1832
James Harrison, 646.670.6704

warburgrealty.com
upper east side | 654 Madison Ave., NY, NY 10065 | 212.439.4500
flatiron | 18 West 21st Street, NY, NY 10010 | 212.300.1850
tribeca | 124 Hudson Street, NY, NY 10013 | 212.380.2400
Warburg Realty Partnership LTD, as the Exclusive Agent, represents the seller of this property. All information in this document is from sources deemed reliable but is subject to errors, omissions, or changes without prior notice. No representation is made as to the accuracy of
any information, including, without limitation, any description, amenities, floor plans, measurements or square footage. All information should be independently confirmed and any reliance is solely at buyer’s own risk. Real estate brokers and salespeople affiliated with Warburg
Realty are independent contractors and are not employees of Warburg Realty. Equal Housing Opportunity.
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M4B | Friday, November 17, 2017 NY / NE THE WALL STREET JOURNAL.

Upper East Side, NYC

GRAND & ELEGANT 6-STORY TOWNHOME
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Louise Phillips Forbes 212.381.3329

Upper East Side, NYC Upper East Side, NYC

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Louise Phillips Forbes 212.381.3329 Sharon Fahy 212.381.3217

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SPECTACULAR RIVER VIEWS CLASSIC 7 PENTHOUSE OFF CENTRAL PARK PURE PERFECTION ON GRAMERCY PARK
$4,950,000 | Web#17687747 $4,500,000 | Web#17419956 $3,895,000 | Web#17334378
Shelle Sklarsh 212.381.2216 Rena Goldstein 212.381.3255 Laurie Silverman 212.381.4262

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ELEGANT PREWAR ON PARK AVENUE CONTEMPORARY TOWNHOUSE 3 BR TRIPLEX WITH STUNNING PARK VIEWS
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EXTRAORDINARY 2 BR RESIDENCE ONE-OF-A-KIND CONDO IN A CASTLE QUINTESSENTIAL CLASSIC 6
$2,595,000 | Web#17199877 $2,500,000 | Web#17402893 $2,425,000 | Web#17551098
Rena Goldstein 212.381.3255 Justin Zucker 718.613.2987 | Rose Tallis 212.381.3230 S. Christopher Halstead 212.381.3220

Upper West Side, NYC Hudson, NY Tribeca, NYC

PRE-WAR ESTATE ON CENTRAL PARK WEST MAJESTIC HOME ON MANSION ROW TURN-KEY FURNISHED LOFT
$1,999,000 | Web#17507188 $1,950,000 | Web#15085984 Rental $25,000/month | Web#17468038
Lisa Rose & Jackie Siegel 212.381.3262/3276 Nancy Felcetto 917.626.6755 David Feldman 212.381.6501

Halstead Property, LLC; Halstead Brooklyn, LLC; Halstead Hudson Valley, LLC; All information is from sources deemed reliable but is subject to errors, omissions, change or price, prior sale or withdrawal without notice. No representation or guaranty is
made as to accuracy of any description. All measurements and other information should be re-confirmed by customer. All New York Yankees trademarks and copyrights are owned by the New York Yankees and used with the permission of the New York Yankees.
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THE WALL STREET JOURNAL.
TECH CEOS: LIE LOW OR LIVE LARGE?
Continued from page M1
becoming reluctant to buy fancy
homes, for fear of spooking inves-
tors wary of distracted or high-liv-
ing founders. “I had one very suc-
cessful young guy recently who
said he loved that the house
looked modest on the outside but
seemed much bigger once you
were inside,” says Nina Hatvany of
Pacific Union, a San Francisco bro-
kerage. “He didn’t want his col-
leagues or investors driving by
and saying, ‘Look, he bought a
mansion.’ ”
Some venture capitalists don’t
hesitate to make their views
known when it comes to startup
founders who spend lavishly on
pricey real estate. “It’s not the
best look,” said Brendan Wallace,
co-founder of Venice, Calif.-based
venture firm Fifth Wall.
A handful of entrepreneurs have
bought big—purchases that stand
out as the market declines. Evan
Spiegel, who heads Snap, the par-
ent company of online messaging
service Snapchat, bought a 7,164-
square-foot Los Angeles mansion
once owned by actor Harrison
Ford for $12 million in May 2016,
according to listing agent Stephen
Shapiro of the Westside Estate
Agency.
With a pool, a gym and a guest-
house, the new spread hosted Mr.
Spiegel’s wedding to supermodel
Miranda Kerr in May. Mr. Spiegel
financed his purchase with an $8
million mortgage from Wells
Fargo, public records show. Snap
missed analysts’ estimates for user
growth and revenue in July, and
its shares are now trading at
$12.56, or 26% below their IPO
price. Mr. Spiegel didn’t respond
to requests for comment.
In April 2016, Matthew Salz-
berg, CEO of meal-kit provider
Blue Apron, paid about $8.7 mil-
lion for a three-bedroom, 2,871-
square-foot apartment at 10 Madi-
son Square West, a newly
completed Manhattan condomin-
ium. Blue Apron’s stock hit a new
low earlier this month, plunging to
$3.07, down from an initial public
offering price of $10.
Adam Neumann, CEO of unicorn
workspace provider WeWork, has
purchased homes in Manhattan,
the Hamptons and in Westchester
County. His company, which is still
privately held, is valued at around
$20 billion. Mr. Neumann has told
friends and associates he sold
more than $100 million of We-
Work’s shares, a large amount to
sell before an IPO, according to
business associates of Mr. Neu-
mann.
In 2014 Mr. Neumann bought a
$10.5 million Greenwich Village
townhouse, public records show.
Built in the Greek Revival style,
the six-bedroom home has been in
a multiyear renovation that in-
volves a major expansion of the
basement and a structure called a
“stroller parking garage.”
While work on the townhouse is
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NY Friday, November 17, 2017 | M5
MANSION
In 2012, as online file-sharing
company Dropbox became known
as one of Silicon Valley’s hottest
commodities with a $4 billion val-
uation, founder Drew Houston paid
$9.94 million for a penthouse
apartment at one of San Fran-
cisco’s most hyped properties, the
58-story Millennium Tower. Now
the building is mired in lawsuits
FROM TOP LEFT: JAE C. HONG/AP; TOSHIFUMI KITAMURA/AFP/GETTY IMAGES; JOHN LAMPARSKI/GETTY IMAGES; PICTOMETRY; JUSTIN SULLIVAN/GETTY IMAGES; PICTOMETRY; STEVE JENNINGS/GETTY IMAGES (2); KIMBERLY WHITE/GETTY IMAGES; ANGELA OWENS/THE WALL STREET JOURNAL; PICTOMETRY
over reports that it is sinking
(though still habitable); several
Evan Spiegel Drew Houston Ben Silberman mutual funds have written down
the value of their Dropbox shares.
It’s always been challenging for
startup founders to cash out early.
Their net worths are usually tied
up in company equity, so to make
a large cash purchase they would
either have to sell a lot of shares,
or convince banks to lend them
millions based on the presumed
value of their stock. Lenders typi-
cally look unfavorably on buyers
whose net worth is made up pre-
dominantly of equity in their own
companies, while investors worry
that share sales blunt the drive of
their entrepreneurs, or indicate
that a founder has lost faith in the
business.
“It’s a risky and possibly an ir-
rational thing to do—to purchase a
home you couldn’t otherwise af-
ford unless you get near-term li-
quidity on your startup’s stock,”
says Mr. Wallace. “Tech company
valuations can change suddenly
and dramatically in a positive or
negative direction.”
Chuck Green, owner of Bay Area
Capital Funding, a mortgage bro-
kerage in San Mateo County, says
concern about inflated valuations
is becoming a major problem when
it comes to financing the luxury
homes of Silicon Valley executives.
Mr. Green says he has one client
with an “enormous number” of
shares vested in a company that
has not yet gone public, but lend-
ers won’t take it into account
when considering him for a loan.
“A lender looks at that and says,
STAYING PUT Houzz founders Alon Cohen and Adi Tatarko still live in the same four-bedroom Palo Alto house. ‘We have no idea what the value of
those shares are, so we’ll value
under way, Mr. Neumann and his them at zero,’ ” Mr. Green says.
family are renting a four-bedroom, Ms. Hatvany, the San Francisco
4,207-square-foot apartment at agent, says the issue may be im-
the condominium building 18 Gra- pacting the high-end of the market
mercy Park in Manhattan, accord- in San Francisco, which has been
ing to public records and a person slower over the past year.
familiar with the deal. An apart- As the last dot-com bust
ment slightly larger than Mr. Neu- proved, Bay Area homes can be
mann’s in the same building is on more enduring than the startups
the market asking $46,500 a that paid for them. Eric Greenberg
month, according to StreetEasy. says he paid $16.1 million for a 3-
Last year, Mr. Neumann pur- acre estate in the tony Northern
Matt Salzberg chased the 60-acre Linden Farm
estate in Westchester for $15 mil-
Brian Chesky California enclave of Ross. He
bought the home when the market
lion, public records show. Built in was hot and he was a rising star
1929, it features a 13,700-square- for founding internet consulting
foot main house, as well as a sta- company Scient, says agent Olivia
ble, a riding ring, a pool and a ten- Hsu Decker. Elton John sang at Mr.
nis court. In addition, he and his Greenberg’s wedding.
wife own a home in the Hamptons, By 2002, Scient had filed for
purchased for $1.715 million in bankruptcy protection; it is no lon-
2012, public records show. Critics ger in operation. Ms. Hsu Decker
of WeWork say WeWork’s valua- recently listed Mr. Greenberg’s
tion is inflated, and it is a real-es- home for $18.8 million.
tate company masquerading as a —Eliot Brown
tech play. contributed to this article
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M6 | Friday, November 17, 2017 THE WALL STREET JOURNAL.

MANSION

HOW SIBLINGS STAY CLOSE TO HOME

Continued from page M1
ings for just one family. But archi-
tects and home builders are noting
the emergence of requests by sib-
lings for separate homes on the
same property, usually divided.
Whether built on land left to them
by parents or property purchased
by one or both, these brothers and
sisters are homesteading together,
but apart.
Having separate houses can al-
leviate some of the stresses associ-
ated with living together. Most no-
tably, it allows for distinct
financial responsibilities and more
privacy. The siblings and their
families can spend time in the
same place and then go to their
separate spaces. Visiting relatives
can see both families at once.
Conversely, living in close quar-
ters poses the danger of magnify-
ing decades-old sibling jealousies
and tensions. Differences in per-

AMY MIKLER FOR THE WALL STREET JOURNAL (4)

sonal wealth or approaches to
home-building can also arise.
Sometimes spouses with their own
agendas can cause problems.
Six years ago, four siblings—
two sisters and two brothers, who
requested their names not be
used—tore down an 8,000-square-
foot house they inherited from
their mother in the San Francisco
Bay Area and subdivided the 1-acre
lot, allocating parcels by having
one of their children pick numbers
from a hat. Each sibling then COMMON GROUND The pool, pool house and outdoor dining area, top, shared by sisters Kim Coates and Liz Willis, along with their families, in Austin, Texas.
asked architect Steven Stept to de- Above, the dining room and a bedroom in the Coates’ home, as well as Wes, one of the family’s three dogs.
sign their homes.
“It’s been an interesting pro-
cess—a little bit painful at times,”
says Mr. Stept, a managing partner
at Feldman Architecture in San
Francisco. The architect is almost
finished with a roughly $7 million
project for the siblings, who range
in age from 40 to 47.
The four houses range from
3,100 square feet to 3,700 square
feet and sit about 20 feet apart
from each other. They’re con-
nected by paths and share a swim-
ming pool. While the siblings
weren’t completely unanimous
about the style of the homes, they
all compromised: The houses share
the same “modern California” aes-
thetic, with boxy shapes clad in
stucco and wood. Inside, however,
the homes have subtle differences
in materials and finishes. One
brother was very detail-oriented
and led others to consider more
modern design, while one of the
spouses questioned the technology
decisions. But the siblings worked
it all out, says Mr. Stept.
WIQAN ANG FOR THE WALL STREET JOURNAL

On Bainbridge Island, Wash.,

Bob Manlowe and his sister, Laury
Bryant, decided to build separate
vacation homes on a 1-acre prop-
erty that had been in their family
for decades. The siblings tore
down two existing structures—a
run-down log cabin built in the
early 1900s and a small house
where their grandparents had
summered—and hired Seattle ar-
chitect Matthew Coates to design FAMILY HOMES On Bainbridge Island, Wash., Bill and Laury Bryant, on the left, share a 1-acre lot with Ms. Bryant’s brother and sister-in-law, Bob and Jayne
one house on the Puget Sound and Manlowe, on the right. They built two new homes: the Manlowes’ home is in the foreground, and the Bryants’ home is on the hill in the background.
one house a little up the hill, offset
so as not to obstruct each other’s
views. The siblings declined to dis-
close construction costs, but simi-
lar houses would cost about $4
million combined to build, contrac-
tors estimate.
Mr. Coates says designing two
homes for siblings has been much
easier than designing one house
for a married couple. That’s be-
cause the homes can be symbiotic
KRISTINA BARKER PHOTOGRAPHY (2)

while still having a distinct archi-

tectural style. “Even the question
of who got the house on the water
wasn’t a problem,” says Mr.
Coates. Mr. Manlowe got the house
on the water, but the two families
share the beach, kayaks and a pa-
tio with a fire pit.
Mr. Manlowe, a 58-year-old at-
torney, says there was never any
question he and his sister would
embark on the project together. He
took the design lead—a role he
was used to as the elder brother
who used to “take me to task,”
jokes Ms. Bryant. As they’ve grown
older, their lives have continued to
be intertwined, with their children,
seven between the two of them,
becoming good friends. “The proj-
ect could have gone either way,
but it ended up bringing us closer
together,” says Ms. Bryant, a 57-
year-old communications consul-
tant. “It was a common bond.”
For Wendy Hogan, achieving
closeness and privacy at the same
time was the goal when she and
her husband, Robert, bought 10
acres for $250,000 just outside of
Rapid City, S.D., near where Wendy
Hogan grew up and much of her
family still resides. The couple,
both psychologists whose primary
home is on Amelia Island, Fla.,
BROTHERLY LOVE Just outside Rapid City, S.D., Wendy and Robert Hogan built a 1,500-square-foot part-time home for themselves, above left, and a 4,500-
quare-foot home for Wendy Hogan’s brother, Bill Howell, above right.
then spent around $1 million to
build themselves a modern 1,500-
square-foot modular home for
part-time use, and a 4,500-square-
foot, full-time home for Wendy
Hogan’s brother, Bill Howell, 59, an
airline-safety inspector. “We had
some extra cash,” says Mr. Hogan.
The two houses have a barn be-
tween them and are about a five-
minute walk apart. In the sum-
mers, when the Hogans are there
for almost four months, they have
Mr. Howell over for cocktails and
dinner every night. “He’s just a re-
ally congenial guy,” says Robert
Hogan. For her part, Dr. Hogan,
who is 62, says that by living so
close to her brother she is tempted
to comment on his parenting—
and sometimes she does just that.
“I talk about it openly and hon-
estly with him,” she says.
Mr. Howell, who is divorced,
says he appreciates his sister’s ad-
vice. “She gives me pointers, but
she’s sensitive about it.” He was a
little worried about privacy issues
but it hasn’t been a problem, and
having his brother-in-law always
working up something on the grill
makes his life easier, he says.
Denver architect Brad Tomecek
spent time separately with the Ho-
gans and Mr. Howell before he cre-
ated the design. The challenge was
how to deliver something cohesive
that would adhere to the Hogans’
more modern aesthetic without
making Mr. Howell, who likes his
La-Z-Boy recliner, uncomfortable.
Most siblings who build homes
on the same property end up di-
viding the land with ownership un-
der separate deeds. While it’s pos-
sible to have a form of joint
ownership known as tenancy in
common, the issue of what hap-
pens if one person wants to sell al-
ways comes up, says Birmingham,
Ala.-based architect Jeff Dungan,
who is in the middle of a project
for two brothers building separate
homes on a 12-acre lot in Florida.
For example, Ms. Coates and
Ms. Willis, the Texas siblings,
along with their husbands, bought
their property in 2001. The 8-acre
parcel, valued at about $960,000,
is located on the Colorado River,
about 13 miles northwest of down-
town Austin. They subdivided the
land in 2015, when Ms. Coates
started to build her 7,000-square-
foot house, designed by Austin-
based architect Kevin Alter, spend-
ing about $500 a square foot.
Now the two sisters own a
dance-clothing company together,
working from an office that’s also
on the property. Though they
spend almost all day every day to-
gether, even having dinner to-
gether with their families some
nights, they have carved out some
separations. Ms. Willis is building
her own pool, so her teenage
daughter doesn’t bother Ms.
Coates, whose own children are
now out of the house. Ms. Coates
recently moved her office upstairs:
She says it’s because they needed
more room for new employees.
Her sister says it’s because she
was talking too much.
“She’s always the queen. She’s
in charge, and I’m good with that,”
says Ms. Willis.
THE WALL STREET JOURNAL. NY Friday, November 17, 2017 | M6A

EAST SIDE

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Curtis W. Jackson 212-317-7714
Adam Michael Flax 212-317-7708
TRIPLE MINT CONDO, MOVE RIGHT IN Upper East Side. Like-new construction w/o
  
          
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FULL FLOOR ON PARK AVENUE Park Avenue. 9RM Condo, 5 rooms on Park Ave, 5,000SF, excellent condition, 4BR, LIBR, maids, WEB# 17231980.
20’ x 30’ corner LR, EIK. $17.9M. WEB# 17524011. Martha Kramer 212-906-9371
Ghislaine Absy 212-906-9243
Julie Cummings Siff 212-906-9246 ESTATE SALE AT IMPERIAL HOUSE 69th/Lexington. 3BR + staff room/3.5 baths in
Douglas S. Russell 212-906-9247 sought after Co-op. Gracious layout and large room sizes. $3.35M WEB# 17143038.
Wolf Jakubowski 212-588-5630
MAGNIFICENT OBSESSION East 60s/Park. 35’ wide, approx. TRIPLE MINT ON FIFTH AVENUE Carnegie Hill. High & Jennifer H. Cooke 212-588-5684
12,000SF, 12’ ceils. Huge unique garden. Well-priced. $24.888M bright prewar Co-op. 9-into-8 rooms: 4BR, 3 baths. S, N & E
WEB# 17667256. exposures incl. side-park views. $5.75M. WEB# 17130003. TROPHY PENTHOUSE W/ TERRACE Park Ave & 83rd. Stunning PH off Park Ave w/
Linda Stillwell 212-452-6233 Amanda J. Young 212-712-1130 

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Paula Del Nunzio 212-906-9207 Anne S. Young 212-452-6204 WEB# 17576120.
Edward F. Joseph 212-588-5646
HIGH FLOOR PARK AVENUE CONDO Midtown East. AMAZING VIEWS 3BR CO-OP Carnegie Hill. Park views from
Stunning 2BR, 2.5 bath ultra-luxury Condo of over 2,000SF with every room. Formerly classic 8 now w/ LR, study, FDR, 3BR, 3 1BR, 1.5 BATHS FACING THE AVENUE >
? @"   
     

city and Central Park views. $6.2M. WEB# 16218372. baths, ren kitchen + pantry. $5.399M. WEB# 17641367. LR/DA combo, wind kit. FS Co-op, gym, roof deck, pets & pied a terres ok. $1.395M.
David B. Everson 212-317-7788 Armin B. Allen 212-396-5851 WEB# 17424106.
Burt F. Savitsky 212-906-9337
Jessica L. Savitsky 212-906-9273

WEST SIDE

4BR, 3 BATH CONDO WITH HUGE GARDEN Upper West Side. Enjoy townhouse
living with a doorman. Approx. 1,960SF 4BR, 3 bath, duplex Condo with 500SF garden.
$3.8M. WEB# 17685177.
Abigail Lash 212-906-9281
CHARM, CONDO, LOCATION 70s Off CPW. Have it all. 3BR, 2.5 baths, fully renovated,
CAC, W/D, facing South w/ amazing light. FS Condo w/ storage, close to Central Park.
MUSEUM TOWER PENTHOUSE ) O Q   " ;  T  !? 

!     V X  Q 

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kit top FS bldg. $15.95M. WEB# 17655508. Nada Rizk 212-317-7705
Edward F. Johnston, III 212-906-9284
Shirley A. Mueller 212-906-0561 2BR CONDO, OPEN VIEWS \Q   
 
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baths, excellent cond, 24hr DM, large roof terrace. $1.875M. WEB# 17447548.
VIEWS, LIGHT, LOCATION, CONDO Upper West Side. 3BR, 2-3BR CONDO W/ DIRECT CP VIEWS Lincoln Square. Sunny Larry Sicular 212-396-5852
3 bath Condo in the heart of the Upper West Side has sunrise and 2-3BR w/ CP views. Approx. 1,800SF, WEIK, poss. 3rd bath, W/D
sunset views. $3.995M. WEB# 17590549. hook-up. Best amenities. Pets ok. $3.195M. WEB# 17660825. GRACIOUS AND LIGHT FLOODED Upper West Side. This is one of the best values
Leslie J.W. Singer 212-588-5675 Daniella G. Schlisser 212-906-9348 we’ve seen. $1.785M. WEB# 17462548.
John Venekamp 212-588-5619 Matthew D. Hughes 212-906-9351 Kathleen M. Sloane 212-906-9258

DOWNTOWN

FULL FLOOR CO-OP LOFT Union Square. 4BR, 3 bath. Approx. 11’4” ceilings.
Exposures NSEW w/ views of The Empire State Building from LR. $5.395M.
WEB# 17549721.
Juliana Frei 212-396-5886
Drew Glick 212-396-5883
MINT, 3BR, GOLD COAST CONDO „
 †   "     
 
150 CHARLES TERRACED STUNNER West Village. This penthouse-like home spans 3,463SF with 3BR, 3.5 baths. $16.995M. 3 bath Condo at Devonshire House. Corner unit w/ prewar detail. Rare. $4.995M.
WEB# 17544202. WEB# 17673897.
John Burger 212-906-9274 Rachel A. Glazer 212-317-3661
Richard Ziegelasch 212-452-6274 Douglas Bellitto 212-906-0542

EXQUISITE FULL-FLOOR SOHO LOFT Soho. Light-infused, GREENE STREET LOFT Soho. Downtown living in this intimate CHIC, MODERN AND MINT Downtown. Triple mint oversized 1BR with balcony offers
4,100SF impeccably restored original detail, 4BR, 4 baths. $9.95M. 2BR, 2 bath Condo Loft in converted landmark building. $5.995M. the lifestyle, aesthetic and indoor/outdoor living. $1.495M. WEB# 17581476.
WEB# 17560145. WEB# 17504376. Mike Lubin 212-317-3672
Wendy Maitland 212-452-6255 Judith M. Gillis 212-452-4490 Lindsey Stone 212-317-3654
Ginger C. Brokaw 212-906-0593 Liz Dworkin 212-906-0509 Aaron “Ari” Meridy 212-317-3653
Emma Maitland 212-906-0543
ICONIC ZECKENDORF TOWERS \  ^"
    
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sweeping views of midtown, Chrysler Building and Union Square Park. $1.285M.
WEB# 17560296.
Gregory M. Roache 212-588-5662

BROOKLYN
GRACIOUS WIDE TOWNHOUSE Brooklyn Heights. Centrally located, wide and deep
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WEB# 17576998.
Gabriel J. Ford 718-858-3876
STUNNING CLINTON HILL HOUSE Clinton Hill. Rare & special newly renovated
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WEB# 17589825.
Nadine Adamson 212-452-4503
Kelsey Hall 212-396-5828
PENTHOUSE 2BR, 2 BATH W/ 2 DECKS >
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dining/kitchen, 2 master suites, huge storage, AC, water view, low cc/tax abatement. $1.8M.
WEB# 17507935.
Phyllis D. Norton Towers 718-858-5739
2 FAMILY VICTORIAN Kensington. Investment opportunity only. Tenant occupied. 34’
X 100’. Private drive and garage. 3BR over 3BR. $1.499M. WEB# 17630918.
Vera Capozucca 718-399-4149
PRIME SLOPE 2BR, 2 BATH PARKING Park Slope. Gracious 2+ BR, 2 bath in FSB,

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Eileen Richter 718-399-4109
Annie Rose 718-399-4137
OVER-SIZED STUDIO IN FS BLDG Prospect Heights. New. Flex Layout, Herringbone
STATELY FORT GREENE HOME Brooklyn. Just what you’ve been waiting for – Five-story townhouse with exquisite original details on € ? 
 `Q €   ‚ )"" %'‚ Q}~ (('
prime Fort Greene. $4.999M. WEB# 17453669. Rudi Hanja 212-317-3675
Anthony T. Crews 718-399-4172 Siim M. Hanja 212-317-3670
Masekela ‘Kela’ Davis 718-399-4135

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal
without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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M6B | Friday, November 17, 2017 NY THE WALL STREET JOURNAL.

The Body, the Brain, the Machines

From computing in the multiverse to ecstatic trauma therapy, get an inside view
of humanity’s future in this special-edition magazine from The Wall Street Journal.

Read More at WSJ.com/FOE

©2017 Dow Jones & Co. Inc. All rights reserved. 6DJ6146
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THE WALL STREET JOURNAL. NY Friday, November 17, 2017 | M7

MANSION

Florida Gulf
Coast Properties
CASA & COUNTRY (2)

FLORENCE CALLING The apartment is in a converted palazzo, above; a hallway space, below.

HOUSE TOUR

An Expat’s Retreat
A Florence apartment with a palazzo past

BY KATY MCLAUGHLIN

WHEN ALISON GILLIGAN

moved from Seattle with
her husband and two young
The Wall Street Journal’s empowering luxury real estate section
sons to Florence in 2004,
the idea was to stay for a
Mansion turns its eyes to Florida’s Gulf Coast, as we highlight some
couple of years. After two of the Sunshine State’s most spectacular homes and developments.
years, the couple asked
themselves, “Why would we In addition to this contextually relevant print alignment opportunity,
ever leave?” recalled Ms. digital sponsorships are available on MansionGlobal.com’s editorial
Gilligan, 56, a children’s feature, “Neighborhood Notes.”
book author.
They bought this palazzo Showcase your brand and property listings as our established print
apartment in 2008, invest- ing and dining space com- a smaller apartment in Flor- section and newest website for luxury homes take a close look at
ing about $3 million in the bined. ence. some of Florida’s top cities and communities.
purchase and renovation, A studio at the back of She is listing the prop-
she said. The 5,500-square- the property, where Ms. Gil- erty for €4.5 million, or
foot apartment is in the San ligan writes and paints, has roughly $5.3 million, with Issue: February 9 | Close: December 8 | Materials: January 12
Frediano neighborhood, a linden tree growing Gemma Bruce of Casa &
which is within walking dis- through it. Country Italian Property.
tance of Florence’s histori- Their sons consider Italy Three years ago, Ms. Gil-
cal center. home and are fluent in the ligan’s husband, technology
For more information, please contact Damon Salerno:
The couple renovated the language. Now that her el- executive David Curtis, died damon.salerno@wsj.com | 305.775.6230
apartment’s four bathrooms dest boy is in college in from cancer. She decided to
and moved the kitchen so New York, and the younger stay in Italy: “I think he
that it faces the property’s boy, now in his last year of would have wanted the
garden. They designed what high school, also wants to same thing. We talked about
Ms. Gilligan calls “the big study in the U.S., Ms. Gilli- how we would always stay
© 2017 Dow Jones & Company, Inc. All Rights Reserved. 3DJ6160.
room,” with the kitchen, liv- gan has decided to move to here,” she said.

All photos virtually rendered

One-of-a-kind, approx. 23,000 square feet | Single-family home | Landmarks approved

World class amenities including spa, swimming pool, basketball court, and 6-car garage.
Elliman.com/2651199

ANDREW AZOULAY
Lic. R. E. Salesperson
O: 212.274.7955
M: 917.622.2334
aazoulay@elliman.com elliman.com
575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2017 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT
NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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M8 | Friday, November 17, 2017 THE WALL STREET JOURNAL.

ADVERTISEMENT

LAKE MICHIGAN FRONTAGE
Make it yours... Bank owned lake front property with 240 acres of pristine
vacant land and 1.25 miles of continuous Lake Michigan Frontage. Located
just 18 miles north of downtown Milwaukee, 2 hours from downtown Chicago,
and adjacent to quaint downtown Port Washington, with its Lake Michigan
harbor, shops and restaurants.
$18,000,000
KIAWAH ISLAND, SOUTH CAROLINA
At nearly an acre, the beautifully tree shaded homesite at 36 Shoolbred
Court overlooks a wide expanse of the Kiawah River and offers a private
dock, deepwater access, and the perfect spot to build your coastal retreat.
Its quiet neighborhood is surrounded by water and scenic marshland, but
top-tier amenities are also close by. A Kiawah Island Club Membership is
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$2,595,000 kiawahisland.com/real-estate
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Live the lifestyle of your dreams in Naples, Florida! Gorgeous single-
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From the $400’s to the $700’s www.glhomes.com

Keith Van De Laarschot Kiawah Island Real Estate GL HOMES

phone: 262.549.8595 email: kvandelaarschot@waukeshabank.com phone: 866.312.1780 info@kiawahisland.com phone: 800.281.9239

JOHN’S ISLAND – VERO BEACH, FLORIDA
Located where the “tropics begin” sits one of the most renowned,
private coastal communities with 3 miles of pristine beach, 3 championship
golf courses, 17 Har-tru tennis courts, pickleball, squash & Beach Club.
Boasting 8,220± GSF, this luxuriously renovated 5BR “smart” home offers
185’ river frontage & views, boat dock w/ lift, study, wine room and pool.
PARK CITY/HEBER VALLEY, UT
Overlooking the Jack Nicklaus Signature course (Golf Magazine’s
“Best New Private” in 2009) with commanding mountain views, 655 Copper
Belt Cir is a luxurious 6 BR home. As the most successful private community
in the Park City area, Red Ledges offers world class mountain, valley, water
and trail activities, all just 45 minutes from a major hub airport.
CHARLESTON, SOUTH CAROLINA
76 On the Harbor Drive - Elegant and dramatic waterfront home boasting
stunning views of the Arthur Ravenel Jr. Bridge, Downtown Charleston and
the Cooper and Wando Rivers. Situated on a cul-de-sac in a private gated
community only 10 minutes from Downtown Charleston. 5 Bedrooms, 3 Full
& 1 Half Bathrooms, 5,810 sq. ft.

$8,500,000 JohnsIslandRealEstate.com $1,795,000 www.RedLedges.com $2,800,000

Red Ledges Realty Handsome Properties
John’s Island Real Estate Company Chris Maddox Debbie Fisher & Myles McLaughlin
phone: 772.231.0900 wj@johnsislandrealestate.com phone: 877.733.5334 info@RedLedges.com phone: 843.727.6460

NEWPORT, RHODE ISLAND DOWNTOWN ST. PETERSBURG FLORIDA AUSTIN, TEXAS

Meticulously restored - 7,440 sf McKim Mead & White classic sited on
11 acres of beautiful grounds overlooking the ocean and Newport Country
Club. Property includes a stately stone residence, charming guest cottage,
and outbuildings. Property abounds with mature specimen trees and
thousands of perennials amidst dramatic rock outcroppings.
$6,500,000 GustaveWhite.com
Gustave White Sotheby’s International Realty
phone: 401.849.3000
Live a fabulous Urban Lifestyle in vibrant downtown St. Petersburg. 3
blocks from the water, artfully designed townhomes now under construction
on a private, gated lane. Totaling 2,335 sq. ft., 3 bedrooms, 3 ½ baths, 2
car garage, private elevator, and amazing rooftop terrace. Low HOA fees.
Walking distance to world-class restaurants, museums, shopping, parks,
marina, and Tampa Bay.
From the $800’s to $900’s www.RegentLane.com
NJR Property Investments LLC
phone: 727.515.5556 email: natalie@njrdevelopment.com
Your Lakeside Farmhouse Awaits. This spacious one-story is situated
on a 1+ acre lot in a private, gated community on the Lake Travis shoreline.
Boasting 3 bedrooms plus casita, 4.5 bathrooms, exquisite pool/spa, outdoor
kitchen & high-tech conveniences, this home blends the comfort of the Texas
Hill Country with the sophistication of a custom home.
$1,690,000 PeninsulaLakeTravis.com
The Peninsula at Rough Hollow
Loren Dickey
phone: 512.456.3756 info@PeninsulaLakeTravis.com

SPENCERTOWN, NEW YORK NAPLES, FLORIDA MCCALL, IDAHO

Crow Hill Manor is a magnificent 42 acre estate in Spencertown NY. Minto Single-Family Estate Homes located in an area famous for Build your dream home at Whitetail Club in McCall, Idaho. Live life on
Early stone main house with newer dramatic, clearstory great room. extraordinary golf communities. TwinEagles boasts not just one championship top of the world with over 2 acres of incredible valley and lake views from
Chefs kitchen, 1st flr ensuite Master. Olympic size pool, pavilion, brick course awarded “Best New Private Course in America” by Golf Magazine, but the crest of Whitetail Club. The lakefront clubhouse, single-track mountain
guest house, caretakers apt. Pond & pond house. Traversed by 3 streams, two 18-hole, tour-quality courses and a spectacular 47,000 sq. ft. country bike trail system, Nordic ski trails, indoor tennis & fitness center & the
waterfalls & lawns. Corporate retreat, family compound, the great escape. club lavished with every imaginable amenity. Best of all, golf membership championship golf course are all outside your doorstep.
initiation fee is included with every Minto new home purchase.
$2,900,000 www.countryliferealestate.com From the mid $500s to over $1 million MintoUSA.com $604,000 WhitetailClub.com
Country Life Real Estate Whitetail Club Realty, LLC.
Linnea VanTassel Minto Communities Joe Carter
phone: 518.392.6600 Linnea@countryliferealestate.com phone: 888.379.9868 phone: 877.634.1725 email: jcarter@whitetailclub.com

To Advertise Call: 800-366-3975

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. NY Friday, November 17, 2017 | M9

Norwalk, CT | $5,250,000 ChaTham, ma | $4,995,000 washiNgToN, CT | $3,995,000 lake waramaug, CT | $3,595,000 NewTowN, CT | $3,495,000
WEB ID: JQDC4 — MLS#170024434 WEB ID: SOED4 — MLS#21713699 WEB ID: MOMQ4 — MLS#170022412 WEB ID: XJYV4 — MLS#170025664 WEB ID: KAPD4 — MLS#L10147742
Michelle&Company — 203.454.4663 Ward Brown — 508.237.1112 Stacey Matthews — 860.868.0511 Stacey Matthews — 860.868.0511 Stacey Matthews — 860.868.0511

wesTporT, CT | $3,298,000 greeNwiCh, CT | $3,295,000 New CaNaaN, CT | $3,195,000 New CaNaaN, CT | $2,995,000 kaToNah, NY | $2,850,000
WEB ID: SLGD4 — MLS#170013685 WEB ID: TQTC4 — MLS#101251 WEB ID: QMZD4 — MLS#170014439 WEB ID: JFVV4 — MLS#170025649 WEB ID: DTSD4 — MLS#4740563
Michelle&Company — 203.454.4663 Charles Magyar — 203.550.1929 W. Werneberg/H. Kaplan — 203.536.2210 M. Miller/N. McMann — 917.349.4763 Hope Mazzola — 914.714.0090

New CaNaaN, CT | $2,750,000 ludlow, VT | $2,750,000 New CaNaaN, CT | $2,499,000 wesTporT, CT | $2,495,000 armoNk, NY | $2,395,000
WEB ID: DHRD4 — MLS#99190904 WEB ID: DGKD4 — MLS#4651114 WEB ID: MBMD4 — MLS#99191868 WEB ID: UFND4 — MLS#99194423 WEB ID: HAID4 — MLS#4738689
Wendy Brainard — 203.253.7790 Katherine K. Burns — 802.999.3989 Maria Weingarten — 917.856.5681 Leslie Clarke Homes — 203.984.1856 Lauren Goldenberg — 914.649.8817

armoNk, NY | $2,195,000 graNd View-oN-hudsoN, NY | $2,195,000 easT lYme, CT | $1,950,000 Chappaqua, NY | $1,949,000 sTamford, CT | $1,850,000
WEB ID: MZSB4 — MLS#4744244 WEB ID: RXTD4 — MLS#4741359 WEB ID: EZKY4 — MLS#E10168454 WEB ID: KGTD4 — MLS#4720140 WEB ID: HRGD4 — MLS#100618
C. Beck/S. Slotnick — 914.261.2041 Adam Blankfort — 845.641.3255 Ann Stewart — 860.235.2131 Lorraine Landau — 914.523.7703 Martin Nirschel — 203.912.9626

wesT harTford, CT | $1,700,000 fairfield, CT | $1,695,000 mouNT pleasaNT, NY | $1,599,950 fairfield, CT | $1,495,000 sTamford, CT | $1,425,000
WEB ID: YJED4 — MLS#G10233391 WEB ID: GHDC4 — MLS#170024415 WEB ID: OTCB4 — MLS#4719889 WEB ID: WNXC4 — MLS#170018610 WEB ID: ORCB4 — MLS#170021437
S. Hatch/B. Collins — 860.841.0866 Gigliotti Group — 203.451.0040 Del Vecchio Scarano Team — 914.490.1928 Gigliotti Group — 203.451.0040 Steve Anastos — 203.461.0153

raveis.luxuryportfolio.com

sTamford, CT | $1,399,000 fairfield, CT | $1,395,000 gosheN, CT | $1,388,000 lYme, CT | $1,350,000 Cheshire, CT | $1,350,000
WEB ID: ZLFB4 — MLS#170019108 WEB ID: BPXD4 — MLS#170015718 WEB ID: FMSD4 — MLS#170018595 WEB ID: JZEC4 — MLS#170021398 WEB ID: OOID4 — MLS#N10232574
Phyllis Doonan — 203.428.1703 Snyder & Pritchard Homes — 203.307.4562 Jessica Travelstead — 860.459.5592 Byron Lazine — 860.941.2755 Barbara Podlisny — 203.206.5954

NorTh haVeN, CT | $1,299,000 liTChfield, CT | $1,295,000 farmiNgToN, CT | $1,275,000 BriarCliff maNor, NY | $1,199,000 CroToN-oN-hudsoN, NY | $1,195,000
WEB ID: ZPVT4 — MLS#N10174140 WEB ID: GDWC4 — MLS#170027816 WEB ID: ITND4 — MLS#G10230673 WEB ID: VZBD4 — MLS#4731927 WEB ID: LPMC4 — MLS#4744663
Iris Meyer — 203.530.7820 Stacey Matthews — 860.868.0511 Karen Campagna — 860.559.4259 Elvira Aloia — 914.420.7476 Jean Cameron-Smith — 914.645.7157

farmiNgToN, CT | $1,150,000 BridgewaTer, CT | $1,099,000 roxBurY, CT | $1,095,000 BridgewaTer, CT | $1,050,000 BraNford, CT | $989,000
WEB ID: KLZC4 — MLS#G10220579 WEB ID: DOXD4 — MLS#99193858 WEB ID: EJGU4 — MLS#99124604 WEB ID: FBQD4 — MLS#F10238428 WEB ID: UNSD4 — MLS#170003227
Jennifer Banever — 860.534.0945 Stacey Matthews — 860.868.0511 Stacey Matthews — 860.868.0511 Carole Sansone — 203.770.1093 Vicky Welch — 203.215.4990

©2017 Luxury Portfolio International.® Offering is subject to errors, omissions, change of price, or withdrawal without notice. All information considered reliable; however, it has been supplied by third parties and should not be relied on as accurate or complete. Equal Housing Opportunity.
 M10 | Friday, November 17, 2017 NY / NE THE WALL STREET JOURNAL.

MANSION
RELATIVE VALUES

THROWBACK LUXURY: ART DECO HOMES

Three high-end properties for sale in Manhattan, Chicago and San Francisco that have a 1920s vibe
FROM LEFT: JULIA GILLARD/MICHAEL WEINSTEIN; CLAY SEIBERT

JAMESON SOTHEBY’S INTERNATIONAL REALTY

$13.25 million $1.095 million $1.5 million
Manhattan San Francisco Chicago
Four bedrooms, 4½ bathrooms Two bedrooms, one bathroom Three bedrooms, 2½ bathrooms

A wood-and-metal staircase in this 3,600-square-foot duplex
penthouse evokes a 1920s luxury ocean liner. The apartment sits
atop Barbizon 63, a tiered, landmarked building that served as a
noted residential hotel for women from the late 1920s until it was
converted in 2006. It also has a 1,300-square-foot wraparound
terrace with Gothic-style arches.
Agents: Susan Grella and Adrienne Wender, Town Residential
With views of the Golden Gate Bridge, this condo is in the Bellaire
Tower, a 1930 building patterned with chevrons and leaf designs
and with ornate metalwork on the front doors. The lobby features
black-and-white tiles, Art Deco light fixtures and a carved Renais-
sance-style ceiling.
Agents: Dena Aslanian-Williams and Betty Taisch, Coldwell Banker
Residential Brokerage
This 3,600-square-foot condominium is filled with Art Deco mo-
saics, carved and painted ceilings and terra-cotta animal embel-
lishments. Geometric stained glass appears in the windows in the
double-height living room. The onetime Victorian house was con-
verted to rentals in 1927 and to condos in the mid-1990s.
Agent: Linda Shaughnessy, Jameson Sotheby’s International
Realty —Leigh Kamping-Carder

ADVERTISEMENT

Distinctive Properties & Estates

To advertise: 800-366-3975 or WSJ.com/classifieds

MULTI STATE OFFERINGS

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 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
M12 | Friday, November 17, 2017
HOUSE CALL | ASHLEY JUDD
A Series
of Homes
That Defined
FROM TOP LEFT: MACKENZIE STROH FOR THE WALL STREET JOURNAL; ASHLEY JUDD; JIM SMEAL/WIREIMAGE
Her Life
The actress moved 13 times
as a child and lived alone
as a teenager; today, a rural
Tennessee farmhouse
Though I consider myself a Kentuckian
through and through, I was born in Granada
Hills, Calif. My mother says that just as I be-
gan to walk, I wandered off and scared the
daylights out of her. But when I returned, I
was so delightful she couldn’t stay mad at me.
My parents had moved to Cali-
fornia with my older sister,
Wynonna, from eastern Kentucky
after my father, Michael, landed a
job in Los Angeles in the mid-’60s.
About a year or so after I was
born in ’68, my parents moved us
to West Hollywood, where they
rented a house near the Whisky a
Go Go.
They were in their early 20s,
and the lifestyle out there didn’t
do much for their relationship. In
1971, when I was 3, they separated.
Their split hit our family hard and
had a profound effect on my life.
My mother, Naomi, had custody,
but my dad was always trying to
see us. Over the course of 12 years,
we moved 13 times. I have memo-
ries of many childhood homes—in-
cluding good, horrible, blank, idyl-
lic and lonely as hell. The houses
became metaphors for life itself.
Both of my parents grew up in
eastern Kentucky, and during the
years I was uprooted, summer
stays at my grandparents’ homes
helped anchor me.
On my mother’s side, Nana and
Papaw Judd’s house was roomy
and full of memories. Drawers
were stuffed with playthings, clos-
ets were filled with soft quilts, and
the kitchen was heaven when Nana
cooked, which was often.
When I visited as a child, then
moved in full time as a senior in
high school, that home provided
me with a sense of being loved
and with many happy traditions.
I recall little things there: a wa-
ter ring on an oil cloth, helping
Nana with pies at Thanksgiving
and a little wax Christmas-choir
set on the mantle in December. As
a child, I yearned for time to stand
still, and that’s what time did in
Nana’s home. I loved the house’s
beveled glass windows, the grand-
father’s clock, the piano room and
the large oak pocket doors.
On my father’s side, my grand-
parents Mamaw and Papaw
Ciminella lived a mile away. Their
house was a brick bungalow on a
beautiful leafy cul-de-sac.
My sister and I lived with them
every summer until I was 10, at
which point my sister was 14 and
off chasing country-music stardom
with our mom. Then I had Mamaw
and Papaw all to myself
Their house had a little eating
booth in the kitchen where Papaw
had his breakfast and worked on
MANSION
the crossword puzzle before he
left for work at their aluminum-
siding business.
I loved going down to breakfast
to the smell of coffee percolating.
I’d look over what Papaw had done
to the puzzle and discuss with Ma-
maw how long we could wait be-
fore turning on the air condition-
ing. We preferred the fresh air.
Days were filled with poking
around our mountain town of Ash-
land, Ky., swimming at the Belle-
fonte Country Club, and looking
forward to a country supper
served every evening at 5:15 sharp,
complete with candlelight.
In the evenings, we played Wif-
fle ball in the front yard, watched
the lightning bugs at dusk, and
then had ice cream at the kitchen
KENTUCKY WOMEN Above, from left, Ashley, Naomi and Wynonna Judd at
the American Music Awards in 1992; top, Ms. Judd last month in New York.
booth. Before sleep, there were
rounds of gin rummy, casino or
crazy eights.
The third eastern Kentucky
home that shaped me profoundly
was the one that belonged to my
beloved Aunt Pauline, one of Pa-
paw Judd’s five sisters.
She lived on a simple farm in
Lawrence County, with my Uncle
Landon. Every one of us—from my
mother and her siblings on down
to my sister and me—adored the
two-story clapboard home and the
farm’s Appalachian way of life.
We had to draw water from the
well and carry pails to the wood-
burning stove. The water would be
heated for the occasional bath in
washtubs, though I preferred to
bathe in the creek. I still do.
THE WALL STREET JOURNAL.
THE WANDERER Ashley Judd,
above, in 1969 in Ashland, Ky.
The farm required hard work,
and it was hot in the summers
when we visited. But the blackber-
ries were delicious, and the cu-
cumbers were wonderful sliced
and salted.
As for those 13 different houses
I lived in growing up, I spent two
of those 12 years living alone.
One year was at age 14 in Ten-
nessee, after my mother and sister
signed a deal with RCA as The
Judds and hit the road, leaving me
behind. The other was at 15, when
I moved myself to my dad’s Ken-
tucky home. He soon left for Flor-
ida and wasn’t able to care for me.
Yet within those adverse child-
hood experiences, there were
those idyllic summer stays with
my grandparents and my great-
aunt and uncle.
Those summer visits lifted my
soul and allowed me to survive the
rest of the year.
The story is that simple and
that awful: During those two
years, I was by myself and no one
did anything about it.
The instability I experienced
during relocations coupled with
brief periods of domestic bliss
taught me to find home wherever I
am. It also mobilized me as an
adult to fight for the vulnerable
and the powerless, and to fight all
forms of sexual exploitation and
abuse.
Today, I live in a sweet and
rambling farmhouse in rural Ten-
nessee. It was built in 1819 from
material taken from the land. The
house has four bedrooms, a beau-
tiful library, living room and an
amazing sleeping porch.
I have many of my grandpar-
ents’ things, including Nana’s bak-
ing tins and one of Mamaw and
Papaw’s rocking chairs.
To this day, I grow hollyhock
and morning glories out back in
honor of the beautiful flowers
Aunt Pauline and Uncle Landon al-
ways had around their home. They
give me great joy.
—As told to Marc Myers
Ashley Judd, 49, is an actress who
has appeared in more than 30
films and, most recently, in the
2017 Showtime series “Twin
Peaks.” She currently stars in “Ber-
lin Station,” an espionage drama
on cable’s Epix network.