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 23430.33 À 72.09 0.3%
What’s
News
Business & Finance
T he Justice Department
filed a lawsuit to block
AT&T from taking over
Time Warner. AT&T CEO
Stephenson said the company
would fight the case. A1, A6
 The FCC is poised to
unveil plans for reversing
rules requiring internet
service providers to treat
all web traffic equally. B6
 Yellen said she would re-
sign as a member of the
Fed’s board of governors
once her successor as chair-
man has been sworn in. A2
 Target and Wal-Mart are
among the retailers trying
new tricks to maximize sales
ahead of Black Friday, aim-
ing to counter Amazon. B1
 Volvo said it agreed to
supply Uber with a fleet of
24,000 self-driving cars
beginning in 2019. B1
 Charlie Rose was sus-
pended from CBS and his
TV show pulled from PBS
and Bloomberg after sexual-
harassment allegations. B1
 Fox has set up a panel of
experts to help Fox News im-
prove its workplace culture
as part of a settlement. B6
 Marvell agreed to buy
chip maker Cavium in a
cash-and-stock deal valued
at roughly $6 billion. B4
 U.S. stocks advanced,
lifted by the industrial and fi-
nancial shares. The Dow rose
72.09 points to 23430.33. B12
 Altice said it will sell non-
core assets, as the telecom
firm seeks to pare debt. B6
 Alibaba is paying $2.88
billion for a 36% stake in
Chinese retailer Sun Art. B5
World-Wide
 The U.S. designated
North Korea as a state
sponsor of terror, an action
that Trump said would lead
to further sanctions. A1
 Merkel weighed the pros-
pect of new German elections
after the collapse of talks to
form a government threat-
ened her leadership. A1, A7
 Zimbabwe’s ruling party
began preparations to im-
peach Mugabe after the 93-
year-old president missed a
deadline to step down. A8
 Nebraska officials ap-
proved the Keystone XL
pipeline, removing its last
major regulatory hurdle. A3
 The Trump administration
is ending a humanitarian pro-
gram for tens of thousands of
Haitians living in the U.S. A3
 A judge found that Trump’s
executive order barring some
federal grant money from be-
ing awarded to “sanctuary
cities” is unconstitutional. A4
 Kenya’s high court up-
held the president’s election
victory, as riot police battled
opposition supporters. A8
 The VA’s top official said
he wants private-sector pro-
viders to play a larger role
in veterans’ health care. A4
 Naval forces from several
nations hunted for an Argen-
tine submarine thought to
have sunk in the Atlantic. A9
 Russia is preparing to
host the leaders of Turkey
and Iran this week for a sum-
mit on the future of Syria. A8
 The U.S. Treasury im-
posed sanctions on what it
said was a “large-scale” Ira-
nian counterfeiting ring. A9
CONTENTS
Business News B3,5-7
Capital Journal...... A4
Crossword............... A11
Heard on Street.. B13
Life & Arts....... A11-13
Markets............. B12-13
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
* * * * * TUESDAY, NOVEMBER 21, 2017 ~ VOL. CCLXX NO. 121 WSJ.com HHHH $4.00
NASDAQ 6790.71 À 0.1% STOXX 600 386.39 À 0.7% 10-YR. TREAS. g 5/32 , yield 2.370% OIL $56.09 g $0.46 GOLD $1,274.60 g $21.20 EURO $1.1733 YEN 112.62
U.S. Sues to Block AT&T Merger
Deal for Time Warner
would hurt consumers,
rapidly evolving media land-
scape.
AT&T Chief Executive Ran-
Web Rules
DirecTV, could use the deal to
squeeze out new streaming
services like Sling TV that
Mr. Stephenson said: “I’ve done
a lot of deals in my career but
I’ve never done one where we
DOJ says; company dall Stephenson said the suit
“defies logic” and that the
Face Reversal could threaten its traditional
pay-TV profits.
have disagreed with the De-
partment of Justice so much on
vows to fight the case company would fight the case, FCC is set to overturn Obama “This merger would greatly even the most basic of facts.”
the first major antitrust action regulations for internet harm American consumers. It AT&T’s deal for Time War-
BY BRENT KENDALL under the Trump administra- would mean higher monthly ner was valued at $85 billion
AND DREW FITZGERALD tion.
Few cases in recent memory
service providers.................. B6
television bills and fewer of the
new, emerging innovative op-
when it was announced in Oc-
tober 2016, just weeks before
WASHINGTON—The Justice have challenged “vertical” could wield its power to charge tions that consumers are begin- the presidential election, as one
Department filed a lawsuit combinations that link compa- cable-TV rivals higher prices ning to enjoy,” said Makan Del- of the largest media deals ever.
Monday to block AT&T Inc. nies in different parts of an in- for HBO, Turner sports and rahim, chief of the Justice The outcome will determine
from taking over Time Warner dustry. The government’s law- other popular Time Warner Department’s antitrust division. the success of AT&T’s plans to
Inc., a sweeping challenge to a suit claims this megadeal programming. Speaking at a hastily ar- transform itself into a media
deal it says would give one would hurt consumers and It also alleges that AT&T, ranged press conference at giant that combines a far-
company too much control in a competition because AT&T which two years ago bought Time Warner’s headquarters, Please see DEAL page A6
Families of Those on Argentina’s Missing Submarine Wait, Hope Trump
Turns Up
Pressure
On North
Korea
The U.S. designated North
Korea as a state sponsor of ter-
ror nearly a decade after re-
moving the label, a move
aimed at ratcheting up pres-
sure on Pyongyang over its
weapons development.
By Felicia Schwartz
in Washington and
Jonathan Cheng
in Seoul
MARINA DEVO/ASSOCIATED PRESS
President Donald Trump
said the designation would
lead to further sanctions on
the North Korean regime from
the U.S. Treasury, with some
significant measures to be an-
nounced on Tuesday.
He cited North Korea’s al-
RACE AGAINST TIME: The father of a crew member of the missing submarine ARA San Juan held vigil on Monday at the naval base in leged support of assassinations
Mar del Plata, Argentina. Naval forces from the U.S. and other countries searched for the submarine, which lost contact Wednesday. A9 on foreign soil as a reason for
the action and said he was
thinking of Otto Warmbier, the
U.S. college student who died
Fear of Tech Giants Fuels Deal Boom
in June shortly after he was re-
turned home from North Ko-
rean custody.
Secretary of State Rex Til-
lerson said the move could
close some sanctions loopholes
Amazon, Facebook, Google and Netflix prod slower-growing companies into takeovers but would be mainly symbolic
because the U.S. and other
BY DANA MATTIOLI CVS Health Corp. could reach a definitive powers at the United Nations
Roaring Back agreement by the end of November to buy have taken steps to isolate the
Investment bankers have gotten used to After a slow start, 2017 is on Aetna Inc. for more than $66 billion, accord- country politically and eco-
being asked by worried retail-industry chief track to be another strong year ing to people familiar with the timing. That nomically.
executives to pitch takeover ideas aimed at for U.S. mergers and acquisitions. would unite two businesses with little oper- “It is very symbolic…be-
fending off Amazon.com Inc. ational overlap. cause it just points out again
Now the fear has spread to media, health $2.0 trillion The possibility that Amazon could enter what a rogue regime this is
care and many other sectors, where CEOs 1.8 the pharmacy business jolted CVS executives and how brutal this regime is
dread the breathtaking competitive advance- 1.6 toward buying a health insurer, which could and how little they care for the
ments made by not just Amazon but also 1.4 help CVS make better use of its retail space, value of human life,” Mr. Tiller-
Facebook Inc., Alphabet Inc.’s Google and people familiar with the matter said. The son said. “The practical effects
1.2
Netflix Inc. drugstore operator could sell insurance, may be limited, but hopefully
The result is an explosion of mergers and 1.0 draw blood and provide other services that we’re closing off a few loop-
acquisitions. 0.8 Amazon can’t easily replicate. holes with this.”
So far this month, about $200 billion of 0.6 Walt Disney Co.’s expression of interest The designation could open
deals have been announced in the U.S., ac- 0.4 earlier this fall in a big chunk of 21st Cen- the way for civil liability claims
cording to Dealogic. November is on pace to tury Fox Inc.’s assets was prompted in part against Pyongyang for acts of
0.2
be the second-biggest deal-making month by the success of Netflix, the fast-growing terrorism against Americans
since the firm began tracking them in 1995. 0 streaming video company, according to peo- and impose more disclosure re-
Three recent deals, either under discus- ’05 2010 ’15 ’17* ple familiar with the situation. Fox has a Please see KOREA page A8
sion or awaiting approval, show in especially *2017 total as of Nov. 16 Please see M&A page A10
dramatic fashion the impact of Amazon and Source: Dealogic  U.S. puts sanctions on alleged
other technology giants on M&A activity. THE WALL STREET JOURNAL.  Retailers’ holiday wish: beat Amazon..................B1 Iranian counterfeiting ring... A9
German Turmoil Threatens Europe
Here’s an Easy Thanksgiving Fix:
Try Serving a Neutered Chicken BY MARCUS WALKER on a governing coalition since taker administration, said on
i i i the nation’s inconclusive ballot Monday she would rather have
BERLIN—The prospects for in September raises the likeli- another election than lead a
‘Game of Thrones’ fans give plump, juicy overhauling the European hood of another vote and shows new government that lacked a
Union and its currency, the how the growing fragmentation majority in parliament.
capons a boost, but some diners balk euro, have hit further trouble as of Europe’s political landscapes “If it comes to a new elec-
Germany grap- has reached the EU’s most im- tion, that’s something you have
ANALYSIS ples with new- portant member, casting doubt to accept,” she told German
BY ESE ERHERIENE praises over its size and taste, found political on Berlin’s ability to shape public television. “I’m not
she recalls saying it was instability and change on the continent. Please see BERLIN page A7
Finally, something other “pretty much” a specially fat- its leaders brace for potential Angela Merkel, Germany’s
than politics to argue about tened Thanksgiving bird. early elections. chancellor for the last 12 years  Merkel weighs options after
on Thanksgiving. Holland Smith, a Los Ange- Germany’s inability to agree now reduced to running a care- coalition talks fail.................... A7
How about castration? les fashion consultant, and
Jeni Ni, co-founder of fash- Ms. Ni’s boyfriend at the time,
ion tech startup Frilly, learned says he was conflicted when
the hard way
some people
he learned the
true nature of
INSIDE
aren’t cool the main
eating capons, course. On one
the gelded hand, he says,
Opinion.............. A15-17 cockerels pop- it was deli-
Sports....................... A14
Streetwise................. B1 ular in Shake- cious. But, he
Technology............... B4 speare’s day says, he re-
REUTERS
U.S. News............. A2-6 and revived of Thanksgiving capon coiled at the
Weather................... A11
World News........ A7-9
late by the “extra torture”
popular drama “Game of the castrated bird endured to
>
Thrones.”
Inspired by the fantasy se-
make it more plump and juicy.
“There’s something about
IN BRITAIN’S CHARLIE ROSE CHARITIES
ries, Ms. Ni served capon at the male side of you that ‘DARKEST HIT BY SEX WILL SURVIVE
Thanksgiving a couple of just…you relate to it a little
years ago. She kept the bird’s bit more,” he says. He decided
HOUR’ ALLEGATIONS TAX REFORM
secret from guests, she says, to never eat capon again.
to sidestep any awkwardness Not long after, the couple LIFE & ARTS, A13 BUSINESS & FINANCE, B1 OPINION, A17
over the practice. Answering Please see CAPONS page A10
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Tuesday, November 21, 2017 * *** THE WALL STREET JOURNAL.

A Check on Court Picks Falls Away
BY JOE PALAZZOLO
AND ASHBY JONES
The Republican head of the
Senate Judiciary Committee
has curtailed one of the last
legislative limits on a presi-
dent’s power to shape the fed-
eral courts, giving Donald
Trump more freedom than any
U.S. president in modern times
to install his judges of choice,
legal experts said.
Last week, Sen. Chuck
Grassley (R., Iowa) reined in a
tradition that empowered sen-
ators to block federal appeals-
court nominees from their
home state. His decision came
about four years after Demo-
crats, citing Republican filibus-
ters of President Barack
Obama’s circuit court nomi-
nees, eliminated a Senate rule
that required the majority
party to mount 60 votes to ad-
vance a nominee to a confir-
mation vote.
Together, the threat of a fil-
ibuster and the use of “blue
slips”—so-named because sen-
ators indicate support or op-
position to nominees on blue
slips of paper—guarded
against lifetime appointments
for nominees deemed far out-
side the mainstream, court ex-
U.S. NEWS
perts said.
Getting rid of these checks
could foment distrust in
judges’ work if Mr. Trump and
later presidents prioritize ide-
ology over experience or legal
talent, some experts said.
“When judges lose legiti-
macy in the public eye, they
lose the ability to enforce un-
popular decisions,” said Arthur
Hellman, an expert on the fed-
eral judiciary and law profes-
sor at the University of Pitts-
burgh. “And that’s when you
see an unraveling in the rule of
law.”
Others said the changes
were part of a natural progres-
sion away from Senate tradi-
tions that allowed the minority
party to stall nominations for
partisan reasons.
“If you’re not a fan of the
Senate-wide filibuster, you’re
probably not a fan of a filibus-
ter by one senator,” said Ilya
Shapiro, a senior fellow in con-
stitutional studies at the Cato
Institute, referring to the prac-
tice of senators blocking nomi-
nees from their states.
So far, the GOP-controlled
Senate Judiciary Committee
has approved two nominees
pronounced unfit to serve by
the American Bar Association,
including Brett Talley, a Jus-
tice Department lawyer who
has never argued a motion in
federal court and whose wife
is the chief of staff for the top
White House lawyer.
The White House declined
to address criticisms of Mr.
Talley.
The ABA’s Standing Com-
mittee on the Federal Judi-
ciary has deemed two other
Trump nominees “not quali-
fied”—ratings Republicans on
the Senate Judiciary Commit-
tee dismissed as the product of
what they called a liberal ad-
vocacy group.
The ABA has rejected that
criticism, saying it has rated
potential judges for more than
60 years.
Hogan Gidley, a White
House spokesman, said Mr.
Trump has nominated “highly
qualified judges.”
Mr. Grassley said that after
his recent move, a negative
blue slip would be a “signifi-
cant factor” for the committee
to consider but wouldn’t pre-
vent a hearing, a break with
the practice of Senate Judi-
ciary Committee chairmen
since at least 2005.
He blamed the Democrats
for abusing the blue slip after
eschewing the filibuster.
The median time from nom-
ination to Senate confirmation
for circuit court nominees was
less than a month in the ad-
ministrations of Lyndon John-
son and Richard Nixon, said
Russell Wheeler, a visiting fel-
low at the Brookings Institu-
tion who studies federal
courts. That number ballooned
to 229 days during Barack
Obama’s two terms, he said.

Heirs to a Decades-Old Tradition, Turkeys Trot in Washington

CHIP SOMODEVILLA/GETTY IMAGES

CELEBRITY: One of the two gobblers that made the rounds Monday before the presidential Thanksgiving pardoning ceremony on Tuesday.

Yellen Plans to Step Down From Fed Board

BY DAVID HARRISON Republican, has nominated Je-
rome Powell, now a Fed gover-
Federal Reserve Chair- nor, to succeed Ms. Yellen.
woman Janet Yellen said she Ms. Yellen, 71 years old,
would resign as a member of previously served as Fed vice
the Fed’s board of governors chairwoman and as president
once her successor as chair- of the San Francisco Fed be-
man has been sworn in. fore then-President Barack
Although Ms. Yellen’s four- Obama, a Democrat, nomi-
year term as chairwoman ends nated her to succeed Ben Ber-
Feb. 3, her term on the Fed nanke. She first joined the Fed
board doesn’t expire until in 1977 as an economist study-
2024. In the past, it has been ing international finance be-
customary for Fed chairmen to fore leaving to pursue an aca-
step down from the board once demic career at the University
their time as Fed chief is up. of California at Berkeley.
President Donald Trump, a In a resignation letter Mon-
day addressed to Mr. Trump,
Ms. Yellen wrote she had been
privileged to serve at the cen-
tral bank over “three eventful
decades.”
During her time at the
helm, Ms. Yellen helped the
economy recover its strength
following the 2008 recession.
Since taking over, she has
watched the unemployment
rate drop to 4.1% today from
6.7% in February 2014. The
economic expansion has con-
tinued uninterrupted and now
ranks as the third-longest ex-
pansion in U.S. history.
In December 2015, Ms. Yel-
len guided the Fed to raise in-
terest rates for the first time
in nearly a decade after hold-
ing them near zero for seven
years. Officials have since
raised rates three more times.
The Fed chief also helped
kick off a yearslong process of
shrinking the central bank’s
portfolio of bonds purchased
during and after the recession
to boost the economy.
“I am gratified that the fi-
nancial system is much stron-
ger than a decade ago,” Ms.
Yellen wrote in her letter.

CORRECTIONS  AMPLIFICATIONS U.S. WATCH

Martin Ford is the author tified him as John Ford. BORDER PATROL ELECTION COMMISSION
of “Rise of the Robots: Tech-
nology and the Threat of a One percent of $10,000 is Trump: Injured Agent Fine Levied Against
Jobless Future.” In Monday’s $100. An article about foolish Expected to Survive Conservative Groups
CEO Council report, a Voices spending habits in Saturday’s
From the Conference item cit- Review section incorrectly stated President Donald Trump The Federal Election Commis-
ing Mr. Ford incorrectly iden- that 1% of $100,000 is $100. said a U.S. Border Patrol agent sion levied a fine on three con-
injured in an incident that killed servative groups for campaign-fi-
Readers can alert The Wall Street Journal to any errors in news articles by his partner was “brutally beaten” nance violations.
emailing wsjcontact@wsj.com or by calling 888-410-2667. but is expected to survive. The commission determined
Mr. Trump described the un- that the American Conservative
identified agent’s condition be- Union illegally funneled money
THE WALL STREET JOURNAL fore a cabinet meeting in Wash- from a nonprofit that doesn’t
(USPS 664-880) (Eastern Edition ISSN 0099-9660) ington, where he also renewed disclose its donors to a super
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
his pledge to build a wall along PAC that is supposed to do so.
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
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Periodicals postage paid at New York, N.Y., and other mailing offices. “As you heard, we lost a Bor- of more than $1.7 million given
Postmaster: Send address changes to The Wall Street Journal, der Patrol officer just yesterday, for use in several 2012 House
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Mr. Trump said. “And we talk nonprofit Government Integrity
Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. about the wall—we’re going to LLC and the super PAC Now or
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com have the wall. It’s a part of what Never PAC to collectively pay a
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By web: customercenter.wsj.com; By email: wsjsupport@wsj.com Martinez, 36 years old, died at a five years ago “no longer have any
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GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS miles southeast of El Paso. tegrity LLC no longer exists.
—Alicia A. Caldwell —Julie Bykowicz
 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.
NATI HARNIK/ASSOCIATED PRESS
The extended Keystone XL pipeline would connect to the Keystone Steele City pumping station in Steele City, Neb., shown in 2015.
Pipeline Gets State Backing
Nebraska regulators
give key approval for
Keystone XL, but its
future is unclear
BY CHRISTOPHER M. MATTHEWS
AND VIPAL MONGA
Nebraska officials approved
the Keystone XL pipeline on
Monday, removing its last ma-
jor regulatory hurdle, though
the future of the long-delayed
project remains far from cer-
tain.
The Nebraska Public Ser-
vice Commission in a 3-2 vote
approved Keystone XL’s route
through the state, which
would extend and expand the
company’s Keystone pipeline
network to carry oil 1,700
miles from Alberta in Canada
to Steele City, Neb.
Opposition from landown-
ers and others in Nebraska
helped animate a national pro-
test movement that effectively
stalled the pipeline for years.
TransCanada Corp. first pro-
posed the project in 2008.
President Donald Trump, a
Republican, revived the proj-
ect in March, reversing a di-
rective from the administra-
tion of his Democratic
predecessor to block its con-
struction. But the pipeline still
required approval from Ne-
braska state regulators.
TransCanada didn’t commit
to the project Monday. The
company has said a final deci-
sion on whether to move
ahead with the pipeline could
ASSOCIATED PRESS
Charles Manson, shown in 1986, led his followers in a killing spree.
Cult Leader, Killer
Was Symbol of Evil
BY ZUSHA ELINSON
Charles Manson, a con-
victed killer and cult leader
who fascinated the American
public ever since he persuaded
his young followers to commit
a string of murders in 1969,
died at the age of 83 on Sun-
day in California.
Manson was serving a life
sentence at Corcoran State
Prison in Central California
and died of natural causes, ac-
cording to prison officials.
In the late 1960s, Manson, a
small-time crook with musical
aspirations, attracted a follow-
ing of mostly young women
that came to be known as the
Manson Family. Manson and
his followers were convicted
in the 1969 killing of pregnant
Hollywood actress Sharon Tate
and six others in Southern
California. Ms. Tate was mar-
ried to film director Roman
Polanski, who was away at the
time of the murders. Manson
hoped the killings would incite
an apocalyptic race war, which
* * * *
U.S. NEWS
Edmonton
Hardisty
A L B E RTA SAS K.
M ON T.
N . D.
Keystone XL pipeline
Big Step
The Nebraska Public Service
Commission voted 3-2 to
NEB.
approve the Keystone XL oil
pipeline, the final major
Steele City
regulatory step for the
project.
Extent of the Keystone
oil pipeline
Constructed Planned
TE XAS
MEXICO
Source: TransCanada
come as early as next month.
“As a result of today’s deci-
sion, we will conduct a careful
review of the Public Service
Commission’s ruling while as-
sessing how the decision would
impact the cost and schedule of
the project,” Russ Girling, Tran-
sCanada’s president and chief
executive, said in a statement.
The route approved by the
commission wasn’t the one
preferred by TransCanada.
The company initially pro-
he called “Helter Skelter,” ac-
cording to prosecutors.
Manson, with a swastika
etched into his forehead, be-
came a symbol of evil. He was
born Charles Milles Maddox in
Cincinnati in 1934 to a 16-
year-old single mother. Man-
son was in and out of institu-
tions and prisons before
ending up in San Francisco in
the 1960s, where he fashioned
himself as a guru of sorts.
He spoke often of the com-
ing race war but then decided
to instigate it himself. On Aug.
8, 1969, Manson told his fol-
lowers, “Now is the time for
Helter Skelter,” according to
court testimony, and sent four
of them to the home where
Ms. Tate lived.
Manson took his followers
out the next night for more,
and they stabbed a couple,
Leno and Rosemary LaBianca,
to death. Manson was found
guilty in 1971 of murder and
conspiracy to commit murder
in those killings. He was also
convicted of killing two others.
250 miles
MANIT OBA
CANADA
S.D.
UNITED
STAT E S
ILL.
Patoka
KA N. MO .
O K LA .
Cushing
Houston Port Arthur
posed a path through the
state’s Sandhills region, which
sits atop one of the largest
freshwater aquifers in the U.S.
That was the route that
sparked the protests; Tran-
sCanada then proposed an-
other route that avoids the
Sandhills, the one approved by
the commission.
Opponents of the project
were reinvigorated last week
when the original Keystone
pipeline leaked about 5,000
Haitian Migrants
Lose Protections
BY ALICIA A. CALDWELL
AND ARIAN CAMPO-FLORES
LOS ANGELES—The Trump
administration is ending a hu-
manitarian program for tens of
thousands of Haitians living in
the U.S. but will give those im-
migrants more than a year to
leave.
Haitian immigrants living in
the U.S. under the govern-
ment’s Temporary Protected
Status program will have until
July 2019 to leave the U.S. or
apply for another status to re-
main, the Department of
Homeland Security said.
The decision to end the pro-
gram has been expected. In
May, then-Homeland Security
Secretary John Kelly an-
nounced a limited, six-month
extension for the program and
advised Haitian immigrants to
use that time to prepare to
leave the U.S. or apply for an-
other immigration status if
they were eligible.
Mr. Kelly suggested at the
time that longstanding TPS
protections for other countries
were also likely to end, saying
that the protections were in-
tended to be temporary. Since
then, Haitian government offi-
cials, advocates and some U.S.
lawmakers have urged the U.S.
government to continue the
protections.
Acting Homeland Security
Secretary Elaine Duke said in a
statement Monday that condi-
tions in Haiti had improved
enough to end the humanitar-
ian protections.
The designation for TPS
was made after a deadly 2010
earthquake killed thousands in
Haiti and devastated parts of
Tuesday, November 21, 2017 | A3
©T&CO. 2017
TIFFANY VICTORIA®
barrels of oil in South Dakota
on Thursday, forcing Tran-
sCanada to shut down sections
of the pipeline.
Landowners, environmental
advocates and others can still 800 843 32-9 | TIFFANY.COM
challenge the project in state
court, though they would need
to persuade judges to grant an
injunction, a high hurdle, ana-
lysts said.
“The movement that has
stood up for nearly a decade to
resist Keystone XL will not back
down,” said Rachel Rye Butler,
a spokeswoman for Greenpeace,
an environmental group.
Jane Kleeb, who has led op-
position to the project for
years, said she thought “any-
thing other than [TransCan-
ada’s] preferred route is a vic-
tory.” She promised to fight
on, arguing that the new route
opens the door to more years
of review and legal challenges.
Other questions still linger
over Keystone XL—including
whether sufficient demand ex-
ists for it. TransCanada had
struggled to line up customers
earlier this year to ship crude
oil from Canada’s oil sands to
its eventual destination be-
yond Nebraska, the U.S. Gulf
Coast, according to people fa-
miliar with the matter.
Mr. Girling said earlier this
month he is optimistic about
demand. “[W]e anticipate the
support for the project to be
substantially similar to that
which existed when you first
applied for the Keystone pipe-
line permit,” he said during a
conference call about the com-
pany’s third-quarter earnings.
the country. A senior adminis-
tration official on Monday
cited the stability of the local
government and the departure
of United Nations military
troops that had been deployed
to Haiti after the earthquake. GIFTS FOR THE HANDSOME HERO
TPS is a humanitarian pro-
gram designed to allow people
from designated countries to
stay in the U.S. in the after-
math of a natural disaster or
other strife.
The protections have come
and gone for several countries,
but immigrants from Honduras
and Nicaragua, along with El
Salvador, have been protected
under the program for nearly
20 years.
A TPS program for El Salva-
dor expires next year and the
government will have to de-
cide its fate by early January.
Hundreds of thousands of Sal-
vadoran immigrants are al-
lowed to live and work in the
U.S. under TPS.
The end of TPS for Haitians
could have significant impacts
on hospitality, health care and
other industries in South Flor-
ida, home to the largest con-
centration of Haitians in the
U.S.
At the InterContinental Mi-
ami hotel, which employs
about a dozen Haitian TPS
holders in jobs like housekeep-
ing and banquet work, “it’s go-
ing to be difficult to replace all
of those positions in the short SALVATORE FERRAGAMO
term,” said Robert Hill, the EXCLUSIVE. Belt. $395. Wallet. $380.
general manager. “The labor
force in South Florida is al-
ready pretty tight.”
President Donald Trump has
made cracking down on immi-
gration, illegal and otherwise, a
priority for his administration.
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 | Tuesday, November 21, 2017
The Varied Threats Confronting Democracy
CAPITAL JOURNAL
By Gerald F. Seib
J
ust over a year has
passed since Election Day
2016, and a special coun-
sel plus three congressional
committees continue to strug-
gle to figure out whether Rus-
sia colluded
with the
Trump cam-
paign to help
tip that elec-
tion.
That is a
hugely important question, of
course. But the danger in fo-
cusing on it too much is that
the country could lose sight
of a broader and more perni-
cious reality: Whatever Rus-
sia did last year amounted to
an attack on American de-
Sexual-Abuse
Battle Comes
To Statehouses
BY NOUR MALAS
As the outcry against sexual
misconduct ripples from Holly-
wood to corporations to Wash-
ington, D.C., it also is growing
in a realm long plagued by
such behavior—state capitals.
Allegations of sexual harass-
ment or sexual misconduct by
state lawmakers have surfaced
in at least a dozen states,
prompting investigations,
changes in reporting and in-
vestigation protocols, and new
or improved employee train-
ing. At least seven lawmakers
face interim or partial suspen-
sions from committees or lead-
ership posts.
Reports and allegations of
abusive workplace behavior
have dominated headlines, and
awareness of the problem is
growing while tolerance is
wearing thin. Yet in U.S. state-
houses, where dozens of
women have recently alleged
misconduct by male col-
leagues, corrective responses
have been patchy.
Accused lawmakers have re-
sisted calls to relinquish their
elected seats, and many legis-
lative leaders face criticism
over how they have dealt with
allegations.
The range of reactions high-
lights how unaccustomed state
legislatures are to acting on a
problem that was once swept
Holiday Update
The Wall Street Journal will not be printed
on Thursday, November 23, in observance
of Thanksgiving.
Continue to stay informed with the latest news.
Log on to WSJ.com or download the WSJ app
on your tablet or smartphone.
Download at WSJ.com/mobile
To contact customer service, please visit
WSJ.com/customerservice
© 2017 Dow Jones & Co., Inc. All rights reserved. 2DJ6167
P W L C 10 11 12
mocracy. Worse, that is only from other figures, and estab-
one of several ways the dem- lish a kind of cult of personal-
ocratic model is under threat. ity built around a constitu-
William Burns, a career tionally blessed school of “Xi
foreign service officer who Jinping Thought.”
served as both ambassador That all thwarted demo-
to Russia and deputy secre- cratic impulses and cemented
tary of state, sees “a conflict Mr. Xi’s personal control,
of ideas and models” playing while solidifying his vision of
out on the world stage. Both an economy built on big and
Russia and China are holding strong state-owned enter-
up what Mr. Burns calls their prises. He also declared that
“authoritarian managed eco- he intends for the resulting
nomic models” as alterna- economic strength to make
tives to democracy. China a “great power” at the
Moreover, to the extent center of international affairs.
that the U.S. itself sometimes Implicitly, at least, Mr. Xi
seems not to take its own also is creating an authoritar-
democratic ideals seriously, ian model for others to follow.
or fails to make them work “What’s interesting to me, at
well, it can actually help least, is the extent to which
erode the appeal of a system Xi, in ways I can’t remember
that has long served as an in the last 40 years or so, is
international beacon of hope. holding up the Chinese model
In short, the democratic as an example,” says Mr.
model is under threat on Burns. That has particular im-
three fronts. Let’s look at portance in Asia, where other
them in turn: nations watch China closely.
China: President Xi Jinping Russia: President Vladimir
used a recent Communist Putin is busy dismantling no-
Party congress to cement his tions of real democracy in
own power, reduce the poten- Russia. He’s widely expected
tial for internal challenges to seek and win a fourth six-
under the rug, according to
lawmakers and current and
former legislative staff, both
men and women, in several
states.
RICH PEDRONCELLI/ASSOCIATED PRESS
“A lot of this is uncharted
territory for everybody,” said
Oregon state Sen. Sara Gelser,
who last week filed a formal
complaint against a colleague,
Sen. Jeff Kruse. Ms. Gelser, a
Democrat, alleges that Mr.
Kruse, a Republican, touched
her inappropriately for years
and that 15 other women have
made similar allegations, ac- Republican Assemblywoman Melissa Melendez, a member of the California Legislative Women’s
cording to the complaint. Mr. Caucus, has pushed for legislation to protect those who come forward to allege sexual misconduct.
Kruse has denied any inappro-
priate touching. Ms. Gelser
had earlier reported her Second Franken
claims informally to the State
Senate, and Mr. Kruse was re- Accuser Speaks Out
moved from committee assign-
ments. “We don’t have a pro-
cess that works quickly when A woman said U.S. Sen. Al
we have a pervasive problem,” Franken grabbed her buttock while
said Ms. Gelser, who is seeking taking a photo with her at the
his expulsion. Minnesota State Fair in 2010, the
State legislatures from Cali- second allegation of misconduct
fornia to Rhode Island have
been struggling with claims
of sexual harassment or mis- tempts have been largely un-
conduct. Although no state successful, according to a Na-
lawmaker has been expelled, tional Conference of State
some face calls from colleagues Legislatures overview.
and leaders to resign. Workplace misconduct in
Most legislatures have pro- state legislatures burst into
cedures that can lead to expul- open view last month in Sacra-
sion. In a minority of states, mento, Calif., where a letter
voters can attempt removal describing endemic sexual ha-
with a recall petition. Such at- rassment in the state capital
VA Chief Wants More Private Health Care
BY BEN KESLING
AND PETER NICHOLAS
WASHINGTON—The top of-
ficial at the Department of
Veterans Affairs said he wants
private-sector providers to
play a larger role in veterans’
health care, a view likely to
draw opposition for a Trump
cabinet member who has en-
joyed rare bipartisan support.
David Shulkin said in an in-
terview that he wants to make
the VA’s hospital system com-
pete with private-sector pro-
viders for military veteran cus-
tomers, which he said would
give veterans greater choice
over their health care.
His view on the future of
the VA resembles that of the
politically conservative Koch
brothers, who recently an-
nounced they are launching a
major effort to reshape the fu-
ture of the nation’s largest
health-care system.
“The direction I’m taking
this is to give veterans more
choice in their care,” Dr.
Shulkin said, speaking from his
office, “and be the decision
maker for their care, which I
fundamentally believe is a con-
cept that has to be imple-
mented.”
House and Senate commit-
tees on veterans affairs are
crafting legislation that would
steer the future of private care
at the VA. It would replace a
law passed in 2014 in the wake
of a wait time scandal. That
law dramatically increased the
H T G K B F A M 1 2 3 4 5 6 7 8
U.S. NEWS
year term as president next
year, and he served as prime
minister during the only four
years since 2000 he hasn’t
been president.
Moreover, he has created a
new National Guard, headed
by his former chief body-
guard, to protect the coun-
try’s leaders from unspecified
threats, and has just proposed
increasing its power. That
sounds like a kind of modern-
day Praetorian Guard.
A
t the same time he is
thwarting democratic
trends at home, Mr. Pu-
tin seems determined to dis-
credit the Western democratic
model on the world stage. His
intelligence services appear to
have meddled in elections in,
among others, France, Britain
and Montenegro, and engaged
in campaigns to sow discord
in political systems elsewhere.
Clint Watts, a former Fed-
eral Bureau of Investigation
counterterrorism expert now
at George Washington Univer-
sity, says Russia began insert-
ing itself into the American
against the Minnesota Democrat.
The allegation, by Lindsay
Menz is the first accusation of
improper touching by Mr. Fran-
ken after he became a sena-
tor. Mr. Franken told CNN, which
first reported the accusation
Monday, that he takes “thou-
sands of photos...and I certainly
don’t remember taking this pic-
gathered more than 300 signa-
tures. The letter quickly
prompted a review of the legis-
lature’s policies and practices.
On Friday, California’s State
Senate leader moved to sus-
pend Democratic Sen. Tony
Mendoza from his leadership
roles pending an investigation
by an outside firm into allega-
Making a Dent
number of appointments vet-
erans get in the private sector
using VA funding.
While lawmakers and major
veterans advocates have
praised Dr. Shulkin’s efforts at
the department, a number of
Democrats and veterans organ-
izations have said they would
oppose what they consider to
be steps toward privatization.
Some say this approach in-
creases access to health care,
while opponents argue it
slowly chokes off funding to
government-run facilities.
Other major veterans advo-
cacy groups have pledged to
fight privatization moves,
though some said Dr. Shulkin’s
vision for the department is a
9 O I X X ***** THE WALL STREET JOURNAL.
presidential campaign in the
summer of 2015, with an ap-
parent goal of weakening
Democrat Hillary Clinton, then
the odds-on favorite to be the
next American president.
Only later, it appears, did
the Russians decide that Don-
ald Trump was the candidate
they wanted to help win, he
says. Throughout, though,
the Kremlin had a broader
goal: weaken the image of
the U.S. by using covert so-
cial-media campaigns to
stoke social and cultural divi-
sions and make democracy
look messy and unstable.
The U.S.: His critics
charge that Mr. Trump ex-
hibits some authoritarian
tendencies of his own, and
his occasional disparaging
remarks about “rigged” dem-
ocratic institutions seem to
suggest that. The fact is,
though, that the American
system of checks and bal-
ances—a hallmark of the
democratic model—remains
strong and vibrant.
Yet there are reasons to
worry about the health of
ture. I feel badly that Ms. Menz
came away from our interaction
feeling disrespected.”
Last week, Leeann Tweeden, a
radio host, said Mr. Franken kissed
her against her will at a 2006 re-
hearsal and posed for a photo in
which he appeared to grope her
while she slept. Mr. Franken apol-
ogized. —Natalie Andrews
tions of misconduct.
Mr. Mendoza denies the al-
legations and said he is com-
mitted to cooperating with the
investigative process.
The California Senate Rules
Committee will meet in an
emergency session later this
month to consider the suspen-
sions.
seemingly new position for
him.
“We have not heard Secre-
tary Shulkin say that, and we
are pleased with how transpar-
ent he’s been,” said Kayda
Keleher, spokeswoman for Vet-
erans of Foreign Wars, a major
advocacy organization.
She said her organization’s
position is that the VA has to
remain at the center of care.
“There is no provider and
there’s no health-care insur-
ance that doesn’t have some-
one watching over their insur-
ance plan,” she said.
The Congressional Budget
Office has estimated that ex-
tensive outsourcing of veter-
ans care to the private sector
the American model. Current
leaders seem unable to find
their way to consensus or
even compromise on the big-
gest issues of the day, which
can breed voter despair and
disillusionment.
D
emographic trends
also are straining the
American model. Be-
cause of the way the Elec-
toral College works, two of
the past three presidents
first won office while losing
the popular vote. And David
Birdsell, dean of the school of
public and international af-
fairs at Baruch College, notes
that by 2040, about 70% of
Americans are expected to
live in the 15 largest states.
They will have only 30 sena-
tors representing them, while
the remaining 30% of Ameri-
cans will have 70 senators
representing them.
That is the way the sys-
tem works, of course. But
there will be a growing need
for enlightened leaders who
can demonstrate that it
works for all.
Judge
Blocks
Sanctuary
City Order
BY ALICIA A. CALDWELL
A federal judge in San Fran-
cisco has found that President
Donald Trump’s executive or-
der barring some federal grant
money from being awarded to
“sanctuary cities” is unconsti-
tutional.
Santa Clara County, Calif.,
and the city and county of San
Francisco sued the administra-
tion in February, arguing that
the federal government
couldn’t block federal funding
to cities and other jurisdic-
tions with policies in place to
protect immigrants who are in
the country illegally.
U.S. District Judge William
H. Orrick on Monday issued a
permanent, nationwide injunc-
tion blocking the administra-
tion from denying the grant
money to jurisdictions the U.S.
Justice Department says aren’t
complying with a law that
governs communications
about immigration status.
“This is a clear rebuke of
the Trump administration’s il-
legal effort to take away fed-
eral funding,” said James R.
Williams, Santa Clara County
counsel.
A Justice Department
spokesman said the adminis-
tration disagreed with the rul-
ing and that the court had ex-
ceeded its authority.
would balloon budgets at the
VA by tens of billions of dol-
lars.
The VA serves as the coor-
dinator of care, meaning veter-
ans typically must go through
a provider at the VA and get
care there or head to the pri-
vate sector. Under current VA
programs, some 30% of all ap-
pointments are with private-
sector providers.
The top Democrat on the
Senate Committee on Veterans
Affairs, Montana’s Jon Tester,
has long maintained that the
VA needs to remain at the cen-
ter of care in order to allow for
congressional oversight, among
other reasons.
“Our nation promised veter-
ans that we would provide
care and benefits for them
when they return from ser-
vice,“ Mr. Tester said.
Dr. Shulkin said the push for
more private-sector care
would be a “graduated ap-
proach,” and he wants veter-
ans eventually to not have to
rely on VA to approve or coor-
dinate their care. At his confir-
mation hearing this year, Dr.
Shulkin vowed to extensively
change the department, while
pledging to oppose privatiza-
tion.
For now, the VA must coor-
dinate care until veterans are
given full transparency about
their health options, he said.
Those familiar with the secre-
tary’s thinking said the goal of
far-greater choice isn’t immi-
nent and could take years.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Tuesday, November 21, 2017 | A5

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A6 | Tuesday, November 21, 2017
AT&T CEO Readies for Fresh Fight With Government
BY DREW FITZGERALD
AT&T Inc. Chief Executive
Randall Stephenson’s strategic
plans have been upended by
the federal government
around Thanksgiving for the
second time.
On Monday, the Justice De-
partment filed a lawsuit chal-
lenging AT&T’s $85 billion
cash-and-stock deal for Time
Warner Inc. after a nearly 13-
month review. It was around
this time in 2011 that AT&T was
forced to withdraw its applica-
tion with the Federal Commu-
nications Commission for a $39
DEAL
Continued from Page One
reaching internet and video
distribution network with such
sought-after content as Time
Warner’s HBO and cable chan-
nels like CNN and TNT.
Shares of both companies
have slumped in recent weeks,
amid concerns about the fate
of the deal and the impact of
cord-cutting on the pay-TV
business. On Monday, Time
Warner shares slipped 1% to
$87.71 while AT&T inched
higher to close at $34.64.
The case also will be an im-
portant test of whether courts
will bless a rare and ambitious
government challenge to a
merger of complementary
companies that don’t compete
head-to-head. The Justice De-
partment hasn’t litigated this
type of case in decades, and it
likely will raise issues that the
current generation of judges
haven’t confronted.
The 23-page lawsuit, filed in
a Washington, D.C. federal
court, alleges the deal could
have considerable negative
ramifications even though
AT&T and Time Warner aren’t
traditional competitors. It says
pay TV distributors continue to
view Time Warner networks as
essential components in any
cable bundle.
AT&T general counsel David
McAtee called the suit “a radi-
cal and inexplicable departure
Be a VIP
at the 2018
Ryder Cup
billion takeover of wireless ri-
val T-Mobile US Inc., amid op-
position from regulators.
Mr. Stephenson has vowed
to fight the Justice Depart-
ment in court to proceed with
a takeover of Time Warner.
“The government contends
that AT&T with 25 million TV
customers and Turner with a
single-digit share of all media
watched will have unlawful
market power, this defies logic
and it is unprecedented,” Mr.
Stephenson said in a press
conference on Monday.
The department’s stance
complicates an already frus-
Unwinding Time Warner
CEO Jeff Bewkes made Time Warner a coveted takeover target by
focusing on HBO, Warner Bros. and the Turner cable networks.
January
Jeff Bewkes March 27
named Time Time Warner Cable
Warner CEO spinoff completed
Dec. 9
AOL spinoff
completed
2008 ’09 ’10
Source: the companies
from decades of antitrust prec-
edent.”
“Fortunately, the Depart-
ment of Justice doesn’t have
the final say in this matter,”
Mr. McAtee said in a state-
ment. “Rather, it bears the bur-
den of proving to the U.S. Dis-
trict Court that the transaction
violates the law.”
The deal’s terms remain
binding through April 22, and
the companies hope a judge
can issue a decision before
then, a timeline that should be
feasible if the case is expe-
dited, as is likely.
Conservative antitrust en-
forcers have tended to favor a
lighter touch in challenging
mergers. The usual predictions,
however, have been uncertain
in light of the populist tone of
President Donald Trump’s ad-
ministration.
Shortly after the deal was
WSJ TALK / E XPE RIE NCE / OFFER / GE TAWAY
FROM PAGE ONE
AT&T CEO Randall Stephenson
trating autumn for AT&T com-
ing off its worst-ever stretch
of customer losses in its tradi-
tional pay-TV business.
June 6
Time Inc. spinoff
completed
Verizon buys AOL
’11 ’12 ’13
Media Mergers
The government sued to block AT&T's takeover of Time Warner, one of
the biggest deals in media or telecom.
Companies Amount
AOL-Time Warner
AT&T-Time Warner
Charter-Time Warner Cable
AT&T-DirecTV
Viacom-CBS
AT&T-MediaOne Group
AT&T-Tele-Communications
Comcast-AT&T Broadband
*Deal includes stock; value is as of the day it was announced
Source: Dealogic, AT&T and Time Warner
announced, the then-candidate
pledged his administration
would block the transaction if
he won the White House. The
president also continues to
criticize CNN, part of Time
Warner, including on Twitter
NY * * THE WALL STREET JOURNAL.
Mr. Stephenson, 57 years try’s top wireless-service pro-
old, is no stranger to Washing- vider in terms of subscribers,
ton after a decade atop one of though it is now second behind
the most regulated companies Verizon Communications Inc.
in the U.S. He entered the tele- But the launch of Apple
com business in 1982 with a Inc.’s iPhone, also in 2007,
low-level job at Southwestern turned the wireless market into
Bell, one of the regional tele- a battlefield. Landline tele-
phone companies formed by phone companies continued to
the breakup of the original suffer worsening revenue while
AT&T monopoly. cable providers, until very re-
He climbed the ranks as the cently, dominated the market
company snapped up rivals for TV and internet service.
and staked a claim on a grow- AT&T is now pleading its
ing cellphone business. By the case in court as many Ameri-
time its board promoted him cans are dropping cable or
to the corner office in 2007, satellite-TV service for
AT&T had become the coun- cheaper online substitutes.
May 18
Charter buys Time
Nov. 20
The DOJ
the department’s decision-
making process, but critics say
the president’s comments have
muddied the waters for the de-
Warner Cable announces it’s partment’s case.
filing suit to Mr. Stephenson on Monday
block the deal
called Mr. Trump’s attacks on
Aug. 5 21st Century CNN the “elephant in the
Fox withdraws bid room,” but said he didn’t know
for Time Warner if they played a role.
Antitrust enforcers during
Oct. 22
AT&T agrees to the Obama era brought a series
June 23 buy Time Warner of notable merger cases and
won most of them in court.
The AT&T case is different
than the typical merger case in
’14 ’15 ’16 ’17 which the government seeks to
THE WALL STREET JOURNAL. challenge a proposed deal that
would combine two direct ri-
vals. Here, AT&T is seeking to
integrate its wireless and pay-
TV capabilities with Time War-
ner’s portfolio of video con-
tent, from the Warner Bros.
Year
studios to channels including
$94.3B 2000 HBO, CNN, TNT and TBS.
85.4* 2016 Antitrust experts generally
64.6 2015 believe that mergers combin-
ing suppliers and distributors
47.9 2014
have the potential to create ef-
43.1 1999 ficiencies that are good for
41.1 1999 consumers, and AT&T argues
36 1998 its deal fits this mold. Advo-
cates for strong antitrust en-
35.7 2001 forcement have said vertical
deals can be a threat to compe-
THE WALL STREET JOURNAL. tition, particularly in markets
that are already concentrated.
last week when he called the In the media arena in par-
news network a “loser.” ticular, some activists warn
Mr. Delrahim, who took over that allowing a single company
as the Justice Department’s to control a wide-ranging dis-
antitrust chief in September, tribution network and popular
has said repeatedly that the programming would give it the
White House didn’t influence power to harm rivals and im-
Witness golf legends make history in Paris. As a WSJ
member, enjoy exclusive access to our Ryder Cup VIP
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© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6059
Despite its setbacks, AT&T’s
strategy hasn’t changed much
in recent years. Mr. Stephen-
son has long envisioned run-
ning a media and telecom
company that could use assets
from each link of the enter-
tainment supply chain to take
a bigger share of earnings
from rivals, people familiar
with his thinking said.
Mr. Stephenson has publicly
dismissed the idea that the
Time Warner deal may fall
through, saying he prefers his
chances in court. “We have a
very good case and we intend
to win,” he said on Monday.
pede future innovation.
AT&T is counting on the
idea that customers bundling
cellphone, pay-TV and internet
service, perhaps with a few
stand-alone subscriptions to
premium channels like HBO
and Cinemax, are less likely to
drop any of those services.
For Time Warner, the deal
could mark a lucrative exit at a
time when the traditional pay-
TV business is being upended
by streaming services and con-
sumers’ demands for cheaper
ways to watch programming
when and where they want.
Time Warner sees the com-
bination with a major distribu-
tor like AT&T—which has mil-
lions of wireless subscribers
and satellite-TV customers—as
an opportunity to give viewers
more flexibility. In the year
since the proposed deal was
announced, threats against tra-
ditional pay-TV have only be-
come more clear. Consumers
are canceling pay-TV subscrip-
tions at an accelerating pace
and technology companies like
Netflix and Amazon have be-
come major forces in the pro-
duction of original content.
Time Warner would be enti-
tled to a $500 million breakup
fee if AT&T were to lose in a
court case or scrap the deal to
avoid a legal fight. Mr. Ste-
phenson has dismissed the
idea of walking away, given
what the company considers
its strong legal position.
—Keach Hagey
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.
Merkel Weighs Options After Talks Fail
German chancellor
vows to stay in office
amid coalition setback,
looks at new elections
BY ANDREA THOMAS
BERLIN—German Chancel-
lor Angela Merkel weighed the
prospect of new elections after
the collapse of talks to form a
new government posed a
threat to her leadership and
raised doubts about the politi-
cal stability of the European
Union’s most powerful country.
The chancellor on Monday
dismissed suggestions she
would step down and said she
AXEL SCHMIDT/REUTERS
would keep working toward
building a stable government.
The lack of progress toward
a government in Berlin since
the Sept. 24 vote means Ger-
many could stay politically
rudderless for weeks, putting
plans by French President Em-
manuel Macron to overhaul
the eurozone back on hold.
Analysts said the collapse
of coalition talks might have
dented Ms. Merkel’s authority,
but noted that after 12 years
as chancellor she remained
BERLIN
Continued from Page One
afraid of it.”
The center-left Social Demo-
crats on Monday again ruled
out forming another governing
pact with Ms. Merkel’s conser-
vative Christian Democrats, at
least while she remains their
leader. The Social Democrats
have been junior partner in her
cabinet for eight of the last 12
years, but have seen their voter
support plunge in that time.
No obvious coalition options
remain. The collapse of talks on
Sunday between Ms. Merkel’s
Christian Democrats and two
ideologically disparate parties,
the pro-business Free Demo-
crats and the environmentalist
Greens, followed a weekslong
impasse on issues including im-
migration, energy and taxes.
In the end, Ms. Merkel’s ef-
fort to form a complex coalition
with the right-leaning Free
Democrats and the left-leaning
Greens foundered on those two
parties’ disputes, including on
immigration. That asylum rules
were one of the main areas of
disagreement, along with en-
ergy policy and taxes, shows
how the refugee crisis of recent
years continues to reverberate
in German and European poli-
tics, pushing centrist parties to
adopt tougher immigration
stances as they try to curb the
growth of right-wing populist
movements such as the Alter-
native for Germany, or AfD.
Germany’s political disarray,
unprecedented in the postwar
era, shows that the Sept. 24
elections were a watershed for
the country and for Europe.
The rise of the far right and the
weakening of established par-
ties have made it significantly
harder to form a government in
a country that for decades was
among Europe’s most politi-
cally stable.
The shift could be lasting,
with the already slim prospects
for overhauling the EU and the
euro further receding.
Among the losers is French
President Emmanuel Macron.
Germany’s political class was
already widely skeptical about
his proposals to transform the
eurozone into a deeper political
and fiscal union. Now, Berlin’s
attention is set to turn further
away from grand deals in Eu-
rope, as parties rethink what
they stand for and Ms. Merkel
fights for her political future.
“What will be missed is any
kind of German activity or ini-
AXEL SCHMIDT/REUTERS
tiative at the Europe level,”
said Ulrich Speck, senior fellow
in Brussels for the think tank
Elcano Royal Institute. “We’ll
see management of what al-
ready exists, but not change.”
On Monday Ms. Merkel can-
OECD Sees Slower Growth
Economic growth in devel-
oped countries slowed in the
three months to September,
but remains on course for a
pickup in 2017 overall.
The Organization for Eco-
nomic Cooperation and Devel-
opment said Monday the com-
bined economic output of its
35 members was 0.6% higher
in the third quarter than in
Chancellor Merkel attended a meeting of the CDU/CSU parliamentary group in Berlin on Monday.
her Christian Democratic
Union’s sole credible leader.
A flash Forsa poll of 1,789 re-
spondents conducted on Mon-
day showed 85% of CDU voters
thought Ms. Merkel should lead
her party into fresh elections,
celed a meeting with Dutch
Prime Minister Mark Rutte to
focus on her domestic trou-
bles—an early sign of how Eu-
rope has now fallen off Ger-
many’s to-do list.
The European Commission,
the EU’s executive arm, ex-
pressed its hope that Germany
won’t become another head-
ache for the bloc. “We are con-
fident that the German consti-
tutional process will provide
the basis for stability and con-
tinuity that has been a trade-
mark of German politics, and
we hope this time will not be
different,” commission spokes-
man Margaritis Schinas said.
The causes of the political
upheaval in Berlin run deep. In
much of Europe, long-dominant
conservative and center-left
parties have suffered an ero-
The slim prospects for
overhauling the EU
and the euro are
further receding.
sion of popularity. Europe’s
long economic crisis, the recent
surge in immigration, and fes-
tering discontent with techno-
cratic governing elites have
spurred the rise of diverse anti-
establishment parties, ranging
from anticapitalist leftists to
neofascists.
Particularly in countries
with proportional representa-
tion, fragmented parliaments
forced rivals into unwieldy co-
alitions, sometimes leaving
countries with only a caretaker
government for long spells.
Until recently, Germany was
different. A strong economy,
low unemployment and Ms.
Merkel’s high approval ratings
helped her conservative Chris-
tian Democrats dominate
power, and helped make Ger-
many the EU’s hegemon.
But the Christian Democrats’
vote sank to 33% in September,
their worst result since 1949,
partly because Ms. Merkel’s
Chancellor Merkel, center, with other G-20 leaders in Hamburg in July.
the three months through
June. This was a slowdown
from the 0.8% growth re-
corded in the second quarter.
The weakening of growth
was largely due to Japan, but
France and the U.S. also con-
tributed. Among the Group of
Seven economies, Germany re-
corded the fastest growth.
—Paul Hannon
WORLD NEWS
suggesting the collapse of the
coalition talks hadn’t inflicted
irreparable damage on her po-
litical support.
But constitutional hurdles
mean it could take weeks, even
months, before Germans go to
pro-refugee policy divided the
right and fueled the rise of the
far-right AfD, which entered
the national parliament for the
first time.
The AfD’s conquest of nearly
13% of the vote has made ma-
jorities harder to muster for
mainstream parties, especially
since the battered center-left
Social Democrats have spurned
serving again under Ms. Merkel.
A return to Germany’s previ-
ous, predictable politics looks
remote. The mainstream cen-
ter-right and center-left camps
would need strong revivals to
have any chance of winning a
majority, as long as the appeal
persists of the AfD, which is
seen as a pariah by other par-
ties, including for its members’
revisionist views on the Nazi
period.
Germany’s purring economy
is unlikely to be upset by the
political convulsions in Berlin.
The country faces few urgent
economic problems, although
long-term challenges are ahead
it to maintain its recent strong
record.
Political Berlin’s broad con-
sensus on foreign affairs also
means that even a caretaker or
minority government would
likely find enough parliamen-
tary backing to uphold Ger-
many’s existing policies on
managing crises abroad, from
the eurozone to Ukraine.
But achieving change in Eu-
rope becomes harder without a
stable government in Berlin.
Paris was already worried by
Germany’s election result and
the prospect that the mildly eu-
roskeptic Free Democrats could
join the government. Germany’s
political breakdown on Sunday
deepened France’s concern. Mr.
Macron promised French voters
he could make the eurozone
more growth-friendly as a cor-
ollary of his often unpopular
fixes to France’s economy.
“We want our main partner
to be stable and strong to ad-
vance together,” an official at
Mr. Macron’s office said.
—William Horobin in Paris
and Emre Peker in Brussels
contributed to this article.
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the polls again. And Monday’s
Forsa polls, like others in re-
cent weeks, suggested a new
ballot would yield roughly the
same result as the September
vote—a fractured parliament
without a clear majority—
New Homes Found
For Banking and
Medicine Agencies
BRUSSELS—European Union
governments voted to move the
agencies that supervise the
bloc’s banking and pharmaceuti-
cal sectors out of London, in the
first formal decisions flowing
from Brexit, officials said.
European officials said Mon-
day’s decisions to move the Eu-
ropean Medicines Agency—the
EU’s equivalent of the U.S. Food
and Drug Administration—to
Amsterdam, and the European
Banking Authority to Paris
showed the bloc could make po-
litically difficult choices arising
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Tuesday, November 21, 2017 | A7
Holding Pattern
Support for Germany's main
parties has remained stable
since the election, suggesting
a new vote would fail to break
the political deadlock.
Nov. 15 poll
Christian Democrats*
Social Democrats
Sept.
election
Alternative for Germany
Free Democrats
The Left
Greens
0% 10 20 30 40
*Includes Christian Social Union
Sources: German Federal Returning Officer
(election); Emnid poll of 1,842 respondents
conducted Nov. 9-15 (poll)
THE WALL STREET JOURNAL.
likely leaving the country in
political gridlock.
Ms. Merkel’s conservative
alliance had been negotiating
for weeks with ideologically
divergent parties after its fail-
ure to secure a decisive vic-
from Britain’s plan to exit the EU.
Paris and Amsterdam were
chosen by drawing lots from a
large, transparent glass bowl af-
ter the final round of voting
was tied. Paris edged out Dub-
lin: Amsterdam won over Milan.
There was anger that no Cen-
tral or Eastern European country
made the short list for either
agency and some backbiting
among ministers for the choices.
The two EU agencies must
relocate from London after the
U.K. leaves the bloc, scheduled
to occur in March 2019.
The European Medicines
Agency is considered the more
lucrative of the two, as it pro-
vides the scientific advice allow-
ing EU regulators to approve
new drugs. It employs some
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national carriers sold via independent agents.
Insurance Co., Boston, MA, or its affiliates or subsidiaries.
tory in September's election
left it needing to form a coali-
tion to govern. In the early
hours of Monday, the small
pro-business Free Democratic
Party broke off talks with her
conservative camp and the
center-left Greens, saying the
negotiations had failed to
bring the parties together.
Investors initially sold the
euro and German stocks on the
news, although markets later
recovered and German stocks
ended the day with gains.
Ms. Merkel and her party
have signaled strong reserva-
tions about Mr. Macron’s plans
to revamp the eurozone—
which include a call for a com-
mon budget for countries that
use the euro—but the chancel-
lor has avoided rebuffing the
French leader.
Ms. Merkel met on Monday
with President Frank-Walter
Steinmeier—the only official
under German law with the
authority to dissolve parlia-
ment and call early elections—
to chart out her next steps.
Mr. Steinmeier said he would
consult with the main parties in
parliament to explore alterna-
tive coalitions before paving the
way for a new ballot.
900 skilled staff members and
has an annual budget of more
than €300 million ($354 million).
Petra Wilson, senior adviser
on health care at FTI Consult-
ing Brussels said that difficult
work remained ahead. “Without
a smooth transition, we could
see very real drug delays that
could have a direct impact on
the health and welfare of Euro-
pean citizens,” she said.
The other agency, the Euro-
pean Banking Authority, is one
of the bloc’s banking regulators,
employing around 160 profes-
sionals. It has a mainly admin-
istrative role, chiefly coordinat-
ing European bank balance
sheet stress tests.
—Valentina Pop
and Laurence Norman
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
A8 | Tuesday, November 21, 2017 THE WALL STREET JOURNAL.

WORLD NEWS

Mugabe Faces Impeachment Effort Kenyan

High Court
Zimbabwe ruling party
aims to oust president
after he misses a
Upholds
deadline to step down Vote Result
BY GABRIELE STEINHAUSER BY MATINA STEVIS-GRIDNEFF
AND BERNARD MPOFU
NAIROBI, Kenya—The Su-
HARARE, Zimbabwe—The preme Court upheld Uhuru Ke-
country’s ruling party started nyatta’s victory in a controver-
preparations to impeach Zim- sial presidential election, as
babwe’s President Robert riot police fought deadly bat-
Mugabe after the world’s old- tles with opposition support-
est head of state missed a ers in Nairobi and Western
midday deadline to step down. Kenya, casting doubt on an
The party removed Mr. imminent return to normality
Mugabe as its leader on Sun- in East Africa’s most impor-
day, five days after tanks tant economy.
rolled into the capital and the In a sign of investor relief,
military took control of the Kenya’s stock exchange had its
AGENCE FRANCE-PRESSE/GETTY IMAGES

government. But the 93-year- best day Monday since late

old leader stunned the country September and the country’s
Sunday night, when he deliv- dollar-denominated eurobond
ered a speech that failed to rallied after the top court said
declare a widely expected end it would throw out three final
to his 37-year rule. legal challenges to Mr. Ke-
The continued standoff has nyatta’s re-election. This put
dumbfounded many Zimba- Mr. Kenyatta on track for inau-
bweans, who this weekend cel- guration on Nov. 28 and an-
ebrated the ouster of their other five years as president.
president in the first free Students at the University of Zimbabwe demonstrated on Monday in Harare as pressure built on President Robert Mugabe to resign. However, opposition sup-
demonstrations in decades. porters protested the outcome,
African leaders will discuss to South Africa after Mr. Mugabe to focus on his ad- uge in the president’s lavish to elevate his own wife, Grace, clashing with riot police in
the future of the resource-rich Mugabe fired him, was ex- vanced age and failing private mansion, officials said, into the executive. parts of Nairobi and Western
nation on Tuesday at a summit pected to return to Zimbabwe health. To impeach the presi- or have fled the country. Speculation continued over Kenya, continuing street bat-
of the Southern African Devel- shorty, the general said. dent, ZANU-PF would likely Some of the president’s for- why Mr. Mugabe’s Sunday tles that have left at least 10
opment Community in Angola. Following an hourslong depend on the support of op- mer allies have called on Zim- speech didn’t culminate in his people dead since Friday.
Fresh consultations with meeting in its Harare head- position parties that have long babweans to return to the resignation. Some officials said Mr. Kenyatta won a second
Mr. Mugabe had made prog- quarters on Monday, the rul- called for his exit. streets to demand his immedi- the generals now running the term in a repeat election Oct.
ress toward “a roadmap on the ing ZANU-PF party said it “It’s not instant coffee,” ate exit, in a repeat of the cel- country had decided it was bet- 26, after the court annulled the
prevailing situation in the would start formal impeach- Tendai Biti, an opposition pol- ebrations of the military inter- ter for the president to be re- original August vote, citing ir-
country,” Gen. Constantino ment proceedings on Tuesday. itician who was Zimbabwe’s fi- vention that swept over he moved though a political pro- regularities. The October vote
Chiwenga, the commander of The multistage process nance minister under a gov- country on Saturday. cess rather than announcing a was deeply divisive as opposi-
Zimbabwe’s military who could drag on for several days, ernment of national unity until “We want him out of office resignation under what would tion leader Raila Odinga boy-
launched last week’s military weeks or even months, as it 2013, said of the impeachment and we want him out of office widely be seen as coercion. cotted it; Kenyans handed most
takeover, said Monday. requires a nine-member com- proceedings. immediately,” said Christopher Others suspected that Mr. of the votes to Mr. Kenyatta.
He added that the president mittee to investigate yet-to-be Mr. Mugabe added another Mutsvangwa, the chairman of Mugabe had snuck the speech The Wall Street Journal
had been in touch with former announced charges against Mr. twist to a week that has taken the powerful association of past the military commanders was able to verify two deaths
Vice President Emmerson Mugabe that would then have multiple unexpected turns by veterans of Zimbabwe’s libera- or skipped over important by gunshot on Monday
Mnangagwa, whose ouster two to be approved by two-thirds calling a cabinet meeting for tion war. passages. through witnesses. The police
weeks ago had prompted the of the country’s lawmakers. Tuesday. The military has de- Many war veterans had been “He’s talking a lot of non- deny killing any opposition sup-
military intervention. Some analysts said they ex- tained several of his ministers, angered by Mr. Mnangagwa’s sense, that old man,” Mr. porters and say they haven’t
Mr. Mnangagwa, who fled pect the effort to remove Mr. while others have sought ref- ouster and Mr. Mugabe’s plan Mutsvangwa said. been firing live rounds.

Russia Prepares to Chart a Course for Syria’s Future

BY NATHAN HODGE
Iraqi Kurds Ask U.S. Iraqi military and Kurdish
MOSCOW—Russia is pre- Peshmerga forces fought
paring to host the leaders of To Mediate Conflict briefly after the Kurds held a
Turkey and Iran this week for With Baghdad disputed independence referen-
a summit on the future of dum in September, and still
Syria, further cementing Presi- threaten each other in places
dent Vladimir Putin’s position WASHINGTON—The Iraqi along the boundary snaking
as a Middle East power broker. Kurdish government asked the through northern Iraq.
Iranian President Hassan U.S. to appoint a special envoy “We feel we are under a
Rouhani and Turkish President to mediate a deepening and huge threat,” Mr. Bakir said.
Recep Tayyip Erdogan are potentially dangerous dispute “The international community
scheduled to meet with Mr. Pu- between the central govern- has to engage. And engage to-
tin on Wednesday in Russia’s ment in Baghdad and the day better than tomorrow.”
SHCHERBAK ALEXANDER/TASS/ZUMA PRESS

Black Sea resort city of Sochi. semiautonomous Kurdish re- Mr. Bakir said he was
The conference is something of gion, a top Kurdish official said scheduled to meet with na-
a victory lap for the Russian Monday. tional security adviser H.R. Mc-
president, who intervened in Falah Mustafa Bakir, the Master on Tuesday. A repre-
Syria in the fall of 2015, provid- head of foreign relations for sentative of the Iraqi
ing air power to prop up the Iraqi Kurdistan, told The Wall government declined to com-
regime of President Bashar al- Street Journal that he has ap- ment. The U.S. said it is weigh-
Assad and reversing the tide of proached U.S. officials with a ing the Kurdish request.
the multisided civil war. request for the Americans to The Iraqi Supreme Court on
With Islamic State nearing do more to address friction be- Monday ruled the referendum
defeat, political observers say tween Baghdad and the Kurd- vote unconstitutional.
the three leaders now have a Foreign ministers Sergei Lavrov of Russia, Mevlut Cavusoglu of Turkey and Javad Zarif of Iran ish government in Erbil. —Ben Kesling
chance to hash out what a post- meeting in Antalya, Turkey, on Sunday, ahead of a planned leaders’ summit in Sochi this week.
conflict Syria might look like.
Dmitri Trenin, director of facto theirs in February 1945.” Tehran, Ankara and Moscow over its military mission in Syrian territory and airspace struction efforts, and the U.S.
the Carnegie Moscow Center, Moscow and Tehran are al- meanwhile have supported the Syria, which includes an air above it,” Russian Foreign Min- and the West oppose delivering
said the Sochi meeting carries lies in Syria, with Iran provid- so-called Astana process in re- campaign against Islamic State istry spokeswoman Maria aid to the Assad regime.
echoes of the February 1945 ing advisers and foot soldiers cent months that has led to and the deployment of hun- Zakharova said Thursday. The U.S. position “continues
Yalta Conference, which helped to support Mr. Assad’s troops. the creation of “de-escalation” dreds of ground troops. The clear outlines of a defin- to be that we see no long-term
shape the post-World War II While Ankara supported rebel zones in parts of Syria. A new round of U.N.-bro- itive political settlement remain role for the Assad family or
order. “The similarity lies in groups seeking to oust Mr. “Turkey, Russia and Iran kered talks on Syria is set to be- elusive, particularly over the the Assad regime,“ Secretary
Russia and its current allies Assad—and Russia and Turkey have reached the point where gin in Geneva on Nov. 28. Ahead future of Mr. Assad. The U.S. of State Rex Tillerson said last
having achieved a military vic- edged toward open confronta- we have a common view” on of that, the Russian position is has backed the U.N.-supervised month, adding: “We’ve cer-
tory and setting about organiz- tion after Turkish F-16s shot Syria, Mr. Erdogan said Friday. clear: When Islamic State is fi- peace talks, amid concerns that tainly made it clear in our dis-
ing peace where there used to down a Russian warplane in No- Mr. Putin’s moves come as nally defeated, it wants the U.S. Russia wants to draw momen- cussions with Russia.”
be a battlefield,” he said. “The vember 2015—Messrs. Erdogan the U.S. and Russia search for out. “In our understanding, this tum away from the Geneva pro- —David Gauthier-Villars
dissimilarity is that Russia and and Putin have mended fences common ground on resolving means that immediately after cess. But international officials in Istanbul and
its allies are nowhere near the since the July 2016 coup attempt the Syria crisis. The Russians the liquidation of the terrorist also say Russia will be unable Asa Fitch in Dubai
total victory which was de against the Turkish leader. are at odds with Washington base...Americans must leave to foot the bill for major recon- contributed to this article.

KOREA Lumpur’s international airport

using a banned chemical nerve
agent as an act of terrorism.
Mr. Trump said Monday
Continued from Page One that the designation amounts
quirements on the banking in- to an escalated effort by the
dustry, said Joshua Stanton, a U.S. to isolate the Kim regime,
Washington-based lawyer who which he called brutal and
gime’s utter disregard for hu-
man life and is an important
step in our efforts to apply
maximum diplomatic and fi-
posing it at a low point in the
U.S.-North Korea relationship
because it may come in handy
somewhere down the road
nancial pressure on Kim Jong when we’re looking for bar-
Un.” gaining chips to use,” he said.
Sen. Edward Markey (D., North Korea was on the list
Mass.), a member of the Sen- for years alongside Iran, Sudan
BRYAN WOOLSTON/REUTERS

has helped draft U.S. sanctions murderous. ate Foreign Relations Commit- and Syria, because of Pyong-
against North Korea. North Korea “must end its tee, said the move “does noth- yang’s roles in the attempted
Robert King, who served as unlawful nuclear and ballistic ing to hold Pyongyang assassination of the South Ko-
a U.S. special envoy on North missile development” and end accountable for its nuclear or rean president during a visit to
Korean human rights in the its support for international ballistic missile programs” and Myanmar and the bombing of a
Democratic administration of terrorism, the GOP president he urged Mr. Trump to insti- Korean Air jet liner during the
former President Barack said. tute additional targeted sanc- 1980s.
Obama, said Pyongyang is North Korea was on the list tions. Otto Warmbier arrived back in the U.S. from North Korea in June. Months before he left office,
likely to regard the move as a of state sponsors of terrorism Some experts wondered if Mr. Bush removed North Korea
direct affront. North Korea has for two decades before the the designation would have an tional hurdle for normalizing tighten the pressure on the from the list and unveiled a
protested previous efforts by GOP administration of then- effect on North Korea’s behav- relations with the United Kim regime all with an inten- package of humanitarian aid,
the U.S. to sanction Mr. Kim President George W. Bush re- ior—and if so, whether it States.” tion to have him understand inducements that were framed
personally and to label the moved it in 2008 to spur might push Pyongyang toward On Monday, Mr. Tillerson this is only going to get worse as part of a deal to get North
country’s leadership as viola- Pyongyang to give up its nu- a more bellicose posture. said the U.S. isn’t out of diplo- until you are ready to come Korea to give up its nuclear
tors of human rights, calling clear weapons program. “Re-designation is unlikely matic options, but would con- and talk,” he said. weapons.
them acts of war. The redesignation had been to change North Korean behav- tinue to apply pressure to Daniel Russel, who was the North Korea has continued
Officials with North Korea’s signaled by officials ahead of a ior or pressure the regime to North Korea until Pyongyang top diplomat for Asia at the to defy international norms.
United Nations mission trip across Asia that Mr. return to the negotiating table, comes to the negotiating table. State Department and is now Since 2008, it has conducted
couldn’t be reached for com- Trump finished a week ago and at least in the short run,” said He cited recent moves by Ma- at the Asia Society Policy Insti- five nuclear tests and launched
ment on Monday. found quick support Monday Andrew Yeo, a politics profes- laysia, the Philippines, Singa- tute, said the U.S. could use the scores of missiles, while
Officials in Mr. Trump’s ad- among Republican lawmakers. sor at Catholic University of pore and Sudan to curtail trade designation as an incentive in threatening to destroy its
ministration have referred to Rep. Ed Royce (R., Calif.), America in Washington. “In with Pyongyang as evidence of later negotiations. neighbors and the U.S.
Pyongyang’s alleged role in the chairman of the House Foreign fact, it actually closes another the success of the Trump ad- “It’s not unimaginable that —Louise Radnofsky
poisoning death of Kim Jong Affairs Committee, said it door towards diplomatic en- ministration effort. some of the thinking at work and Michael C. Bender
Un’s half-brother in Kuala “rightly exposes the Kim re- gagement by creating an addi- “This just continues to here was we’re better off im- 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. * * * * NY Tuesday, November 21, 2017 | A9

WORLD WATCH WORLD NEWS

Storm Hampers Sub Search

SOUTH KOREA
Seoul Will Allow
Citizen to Visit North
South Korea’s government
said it would allow one of its
citizens to visit North Korea, the
latest sign that Seoul sees op-
portunities to engage with
Pyongyang even as it goes along
with U.S.-led efforts to isolate
Kim Jong Un’s regime.
A spokesman for the South’s
Unification Ministry said Mon-
day that officials had approved
a request by Choi In-guk to
visit Pyongyang this week to
attend a ceremony commemo-
rating the first anniversary of
the death of his mother, Ryu
Mi-young, who defected to the
Taliban’s revenue sources.
The general said he was able
to expand the war to the Tali-
ban’s drug-production facilities
through new authorities granted
to him by President Donald
Trump that allowed U.S. forces to
conduct offensive strikes against
the Taliban—not just defensive.
The latest U.S. strategy,
which the president outlined in
August, also added roughly
3,000 U.S. troops, who arrived
weeks ago.
—Nancy A. Youssef
INDONESIA
Antigraft Panel
Arrests Speaker
Indonesia’s antigraft commis-
MAR DEL PLATA, Argen-
tina—Naval forces from the
U.S. and several other coun-
tries, battling strong winds
and high waves, joined in a
race against time to search
By Alberto Messner,
Samantha Pearson
and Taos Turner
for a missing submarine
thought to have sunk hun-
dreds of miles off the coast of
Argentina with 44 crew mem-
bers and dwindling oxygen
supplies.

North in 1986 and became a
senior official in the Pyongyang
government.
—Andrew Jeong
AFGHANISTAN
Airstrikes Target
Opium Production
U.S. and Afghan forces
launched a series of airstrikes on
several opium-production plants
in southern Afghanistan, mark-
ing a new front in the air cam-
paign, the top U.S. military com-
mander there said Monday.
Army Gen. John W. Nicholson
Jr. said the latest U.S. and Af-
ghan air campaign is intended to
weaken the Taliban financially
and push them toward reconcilia-
tion within as little as two years.
Gen. Nicholson said the
strikes, which began Sunday,
marked the “first significant use”
of such bombings against the
REX/SHUTTERSTOCK/EUROPEAN PRESSPHOTO AGENCY
sion arrested one of the coun-
try’s most powerful politicians,
who for weeks evaded question-
ing over his alleged role in the
theft of $170 million of public
money.
Attempts to question Setya
Novanto, speaker of Indonesia’s
House of Representatives, took
an unexpected twist late last
week when he was involved in a
car crash and admitted to the
hospital. The previous day he
had evaded arrest in a police
raid on his home.
Mr. Novanto’s lawyer said he
was badly injured in the crash,
but Corruption Eradication Com-
mission spokesman Febri Dian-
syah said that an independent
panel of doctors said he could
leave the hospital.
Mr. Novanto, also chairman of
Golkar, a major party in Indone-
sia’s governing coalition, has de-
nied any wrongdoing.
—Associated Press
Argentina’s naval spokes-
man Enrique Balbin said the
search for the aging subma-
rine had entered a “critical
phase” because the vessel
could only hold enough oxy-
gen to keep crew alive for
seven days. Authorities last
heard from the submarine on
Wednesday as it was on its
return voyage from the south-
ern tip of South America.
The U.S. Navy has deployed
four unmanned underwater
vessels, in addition to two
P-8A aircraft and personnel,
to help with the search in the
South Atlantic. The U.S. Air
Force sent four planes, in-
cluding three C-17 Globemas-
ter aircraft.
Briefly raising hopes, a U.S.
Navy plane using sonar equip-
ment detected potentially sig-
nificant sounds during its
search, Mr. Balbin said. The
noises, which sounded like
crew members banging tools
against the hull of a vessel,
were analyzed by technicians,
Argentina's President Mauricio Macri speaks to relatives of the missing submarine’s crew members.
who determined that they
hadn’t come from the subma-
rine.
If the submarine hasn’t
surfaced since it lost contact
on Wednesday, its crew could
suffocate within 48 hours,
said Rear Adm. Andrew Len-
non, Commander of Subma-
rines at NATO and head of
the international liaison
group ISMERLO that has
helped coordinate the search.
“In order to extend life as
long as possible, the crew
does everything they can—it’s
a terrible situation,” Adm.
Lennon said. “If the subma-
rine is stranded on the bot-
tom or underwater, the esti-
mate is that the crew can
survive seven days. We be-
lieve that after so much time
we would have found it on
the surface by now, so we are
searching on the bottom.”
Officials said the 43 men
and one woman on the San
Juan have been trained to
stave off panic and sleep to
preserve oxygen while they
wait for help.
A German-built sub used
by Argentina’s navy for 32
years, the ARA San Juan was
returning from a patrol from
the southernmost tip of South
America, some 276 miles off
ARGENTINE PRESIDENCY/REUTERS
Argentina’s vast coast, when
it sent its last signal. Capt.
Gabriel Galeazzi, a navy cap-
tain, said the submarine had
been scheduled to return to
its home base in Mar del
Plata on Monday.
Since Argentina issued a
distress call on Friday, ships
and aircraft from the U.S.,
Britain, Chile and Brazil have
arrived off this country’s
coast to help with the search.
The dramatic hunt has
gripped the nation, coming
only weeks after Argentina
was shaken by the death of
five citizens in the recent
New York terror attack.

U.S. Sanctions Alleged Iran Counterfeit Ring

BY IAN TALLEY
WASHINGTON—The Trump
administration on Monday im-
posed sanctions on what the
Treasury Department described
as a “large-scale” Iranian coun-
terfeiting ring that it says is run
by the Islamic Revolutionary
Guard Corps and potentially
Indonesian parliament Speaker Setya Novanto, center, was worth hundreds of millions of
arrested and questioned by a corruption commission. dollars.
The action against the net-
work affiliated with the IRGC,
an elite military wing that has
taken over swaths of the Iranian
economy, is part of a broader
strategy by the administration
of President Donald Trump to
escalate sanctions pressure on
Tehran. Monday’s designations
also are likely to bolster Wash-
ington’s case in Europe for gov-
ernments to strengthen their
own sanction regimes against
Tehran amid growing tensions
with allies over the Trump ad-
ministration’s criticism of the
2015 nuclear deal with Iran.
Treasury officials said the
network used deceptive means
to bypass European export-con-
trol restrictions, buying ad-
vanced equipment and materi-
als to print counterfeit Yemeni
bank notes potentially worth
hundreds of millions of dollars.
Officials at Iran’s United Na-
tions mission didn’t respond to
a request for comment.
In sanctioning two individu-
als and four companies, Trea-
sury said IRGC-linked agents
used two German front compa-
nies to buy printing presses,
specialty inks, watermarked pa-
per and other counterfeiting
materials.
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 | Tuesday, November 21, 2017
M&A
Continued from Page One
stock-market value of about
$57 billion.
Disney’s cable channels are
under pressure from cord-cut-
ting. In August, the company
announced it will launch two
online subscription streaming
services with sports, movies
and TV programming directly
to consumers. Disney said it
would yank its future movies
from Netflix.
Disney approached Fox
about a potential deal that
would provide Disney with
more content and distribution
assets to better compete
against Netflix. (Fox and News
Corp, the parent of The Wall
Street Journal, share common
ownership.)
“Our goal here is to be a vi-
able player in the direct-to-
consumer space, space that we
all know is a very, very com-
pelling space to be in,” Disney
Chairman and CEO Robert Iger
told analysts and investors
this month.
The Disney-Fox talks
stalled, but they appear to
have unleashed a wider auc-
tion for Fox assets, including
its movie studio and interna-
tional unit. Those assets have
drawn interest from Comcast
Corp., Verizon Communica-
tions Inc., Sony Corp. and pos-
sibly other potential buyers,
according to people close to
the discussions.
AT&T Inc.’s planned pur-
chase of Time Warner Inc. for
about $85 billion would com-
bine a huge but slowing mo-
bile-phone business and the
DirecTV satellite-television
operation with a content ma-
chine that includes Time
Warner, owner of CNN and
HBO.
Randall Stephenson, AT&T’s
chief executive, said the point
of the deal is to create a bul-
wark against Facebook and
Google, which have built “in-
credibly strong” positions in
the advertising market.
“That’s what this is about,” he
said at an event sponsored by
the New York Times.
In a statement to the Jour-
nal, Mr. Stephenson added:
“Tech companies are spending
billions creating content and
distributing it directly to con-
sumers.” AT&T’s planned pur-
chase “gives Time Warner the
opportunity to do the same,
across multiple platforms and
with ad-supported models that
cost consumers less.”
Every M&A cycle looks dif-
ferent. The boom that crested
in 2015 was largely defined by
deals between direct competi-
tors trying to gain scale and
cut costs. Some firms wanted
Many investors were stunned by CVS’s interest in buying Aetna.
CAPONS
Continued from Page One
called it quits, though they
say there was more to it than
the Thanksgiving menu.
Americans have long split
over the Thanksgiving meal.
Some families dabble in ham
or game hens, while others
prefer more exotic alterna-
tives, such as the tur-
ducken—a chicken stuffed
into a duck stuffed into a tur-
key.
Meera Nair, a New York-
based writer who emigrated
to the U.S. from India 20
years ago, says she served ca-
pon because she never liked
turkey, not even one she
cooked tandoori-style. The
neutered bird stirred pas-
sions.
One guest, Joshua Mar-
ston, says he shuddered at
the idea of eating a castrated
animal: “I do question why it
is necessary.”
Ms. Nair turned to Shake-
speare in defense, sending a
text message to her guests
beforehand with a line from
Henry IV: “Wherein neat and
cleanly, but to carve a capon
and eat it?” Mr. Marston and
IN DEPTH
An Amazon logistics facility in Dortmund, Germany. The online retailer is pressuring firms that once thought they were largely immune to threats from tech giants.
to lower their taxes by moving The recent surge is a sign
their headquarters outside the that other drivers of deal ac-
U.S. as part of a deal. tivity are now in control. Debt
The number of deals that remains readily available and
were agreed to and valued in cheap, and high stock prices
the double-digit billions of often go hand-in-hand with
dollars broke records. The sig- mergers and acquisitions.
nature deal of that era was the Shareholders have rewarded
megamerger, such as Pfizer buyers in a number of recent
Inc.’s agreement to buy Aller- deals, which tends to encour-
gan PLC for about $150 billion. age more and is reminiscent of
The Obama administration 2015.
later blocked the deal between The biggest deals in the
the two drugmakers. current crop are every bit as
big as those from the last
boom. Earlier this month,
Broadcom Ltd. launched an
This month is on unsolicited offer for rival chip
pace to be the second- maker Qualcomm Inc. valued
at $105 billion. It would be the
biggest for deals since biggest technology takeover
at least 1995. ever. Qualcomm rejected the
offer and said it undervalued
the company.
It’s still hard for many com-
Before the financial crisis, panies to agree to a merger or
leveraged buyouts dominated takeover, let alone win ap-
the deal environment. During proval from shareholders and
the turn-of-the-century tech regulators. Sprint Corp. and T-
surge, companies rushed to Mobile US Inc. recently aban-
make deals that were seen as doned their monthslong effort
offensive moves to launch to combine the third- and
them into new lines of busi- fourth-largest wireless carri-
ness, like the ill-fated merger ers in the U.S. Disagreements
of AOL and Time Warner. over control and other issues
So far this year, the dollar doomed the talks.
volume of U.S. mergers totals Time Warner shares have
$1.22 trillion, down 18% from tumbled since the Journal re-
the same period in 2016, ac- ported earlier this month that
cording to Dealogic. Invest- the Justice Department could
ment bankers attribute the de- sue to block the AT&T deal.
cline largely to uncertainty The lawsuit was filed Mon-
surrounding federal antitrust day. The government alleged
and tax policy. the deal could raise prices and
slow innovation. AT&T’s Mr.
Stephenson said the suit “has
the whole world questioning
what they can and cannot do.”
Still, interest in deal-mak-
ing is strong and growing at
many companies where com-
petition from technology gi-
ants such as Amazon looms.
Flooded with calls
MICHAEL NAGLE/BLOOMBERG NEWS
Those tech giants have
done few big deals themselves
lately, with the exception of
Amazon’s purchase of Whole
Foods Market Inc. in August
for roughly $13 billion.
Investment bankers who
advise grocery chains say they
were flooded with phone calls
others say taste won them
over.
Capons trace their history
to the Roman Empire and an-
this year out of a total of
roughly 22,000 turkeys and
other big birds. She says she
often cooks capon at Thanks-
cient China. The bird is a deli- giving, slathering the bird in
cacy in Europe, where it is truffle butter and simmering it
typically stuffed and roasted. in a bouillon containing demi-
It was a niche poultry in the glace, seasoning and root veg-
U.S. until “Game of Thrones” etables before roasting.
introduced it to a wider audi- Michiel Hutten, head chef
ence, alongside such Middle at South Avenue Butcher in
Age fare as haunch of goat New Canaan, Conn., says
and pigeon pie. about 15% of his Thanksgiving
To produce capons, breed- bird orders this year are ca-
ers remove the testicles of a pons, compared with 5% to 8%
weeks-old male chicken using last year. In New York City,
small surgical tools. The ab- the Pierre Hotel began serving
sence of male sex hormones capon last year as part of its
means the bird grows larger, Thanksgiving menu offered to
fatter and with more tender residents of its 75 private
meat, say chicken farmers. apartments.
Ray Avila, a poultry farmer, Five families are expected
says he rears about 50,000 ca- to order capon this year, exec-
pons a season at his farm in utive chef Ashfer Biju says.
Osage, Iowa, and can castrate While some people may ob-
100 birds an hour. ject, he says, “if we get down
“When somebody does ask to the root of what is done to
me, ‘Why would you caponize every single animal, we
a rooster?’ Well, why would wouldn’t eat anything.”
you castrate a bull or a boar?” That is the view of Vero-
he says. “It makes the meat nique Kherian’s family in Cali-
better.” fornia. They dislike turkey and
At D’Artagnan, a New Jer- for years roasted a chicken
sey-based gourmet food com- stuffed with veal, chestnuts
pany, founder and owner Ari- and pate for Thanksgiving.
ane Daguin says capon sales When the extended family
have doubled in recent years needed a bigger bird, a rela-
to an estimated 1,200 or so tive delivered a curiously
Spurred Into Action
These three deals show how Amazon and other
technology giants are influencing M&A activity.
WHY NOW?
Amazon's potential entry into the
pharmacy business helped prompt
CVS to seek a deal with Aetna.
WHY NOW?
Netflix competition helped push Disney
to approach Fox. Other potential buyers
are circling.
WHY NOW?
AT&T CEO said combined company
would be stronger advertising
competitor to Facebook and Google.
Source: WSJ Market Data Group
after the Whole Foods deal
was announced. Amazon’s
ability to essentially enter the
business overnight sent shiv-
ers through an industry al-
ready plagued by thin profit
margins. CEOs in other sectors
wondered if theirs would be
next. An Amazon spokesman
declined to comment.
“I see it across nearly every
industry,” says Steven Bar-
onoff, Bank of America Merrill
Lynch’s chairman of global
M&A. “These companies are
causing CEOs to realize that
maybe their stand-alone, sta-
tus-quo option is not as via-
ble.”
Few analysts or investors
saw it coming when the Jour-
nal reported in October that
CVS was in talks to buy Aetna.
CVS has a vast network
that includes more than 9,700
retail locations, more than
1,100 walk-in medical clinics
and a pharmacy-benefit opera-
tion that serves as a middle-
man between drug companies
Capon fan Jeni Ni takes a photo of her Thanksgiving meal.
large chicken that turned out
to be juicier than expected.
When Ms. Kherian discov-
ered it was a cockerel whose
THE WALL STREET JOURNAL.
Market value: $56.48 billion
Market value: $57.17 billion
Market value: $69.08 billion
THE WALL STREET JOURNAL.
and insurers. Aetna is one of
the largest health insurers in
the U.S.
Fear of increasing competi-
tion from Amazon helped spur
CVS to look far afield for a
merger partner, according to
people familiar with the mat-
ter.
Amazon wasn’t the only im-
petus. CVS sees Aetna as a
way to reshape the retailer
amid a broader shake-up of
the health-care industry and
bolster the combined com-
pany’s leverage in negotiations
with drugmakers while giving
it a precious stockpile of
health data.
CVS had begun weighing a
possible transaction with
Aetna before a CNBC report
suggested in May that Amazon
was considering entering the
pharmacy business, people fa-
miliar with the matter said.
As more shopping moves to
Amazon and other online re-
tailers, CVS already was wres-
tling with what to do with its
JENI NI
testicles had been removed,
she says, her first thought
was: Oh well, it tastes deli-
cious.
THILO SCHMUELGEN/REUTERS
stores. The possibility that
Amazon could become a rival
in CVS’s main business in-
creased its desire for a deal
that would diversify the com-
pany further and help repur-
pose its drugstores.
CVS’s board told manage-
ment to size up the potential
effect of Amazon’s entry into
the pharmacy business and de-
vise a counterattack, people
familiar with the matter said.
Separately, CVS’s marketing
department and outside advis-
ers considered whether a part-
nership with Amazon would
make sense. That analysis con-
cluded an alliance was unlikely
due to Amazon’s historical re-
sistance to such deals.
Tongue depressors
Other parts of the health-
care industry are feeling the
heat from Amazon, too.
Health-care services compa-
nies long thought they were
largely immune to threats
from Amazon, but the e-com-
merce company began adding
such supplies to its website a
few years ago.
After starting with low-
margin surgical gloves, tongue
depressors and other items,
Amazon now sells the top 20
basics that every doctor or
dentist needs, says Jim
Forbes, vice chairman in in-
vestment banking at UBS
Group AG. He says some
health-care services compa-
nies have begun to explore
ways to diversify into different
lines of business, including
M&A deals, as a result of pres-
sure from Amazon.
Carl’s Jr. has a cheeky, if-
you-can’t-beat-them-join-
them attitude about Amazon.
The fast-food chain, owned by
CKE Restaurants Holdings Inc.,
tweeted last month: “HEY
@Amazon BUY US. Srsly. For
real. Let’s do this. Let’s change
the future of eating!! #Ama-
zonBuyUs.”
There are no signs that Am-
azon is interested in acquiring
Carl’s Jr.
—Sharon Terlep
and Drew FitzGerald
contributed to this article.
“Our family is not very
picky about the technicalities
of our food. My grandmother
will eat fish eyeballs, like
that’s her favorite part,” say
Ms. Kherian, whose parents
are from Vietnam.
Capon is now part of the
family’s Thanksgiving tradi-
tion, she says.
Yet the bird, no doubt, is a
high-risk entree. Tamaki
Stratman, a lifestyle blogger
in St. Louis, says she regularly
ate Thanksgiving capon while
growing up.
One year, she came across a
stall selling fresh capon at a
local farmers market and de-
cided to cook it on Thanksgiv-
ing for her husband, Jason.
Mr. Stratman, who had
never heard of a capon, says
the meat was moist and ten-
der. After dinner, the couple
looked up capon online and
were shocked. Mr. Stratman
says he would eat it again, but
his wife isn’t so sure.
“I didn’t know it was a cas-
trated rooster when I was a
little child,” says Ms. Strat-
man, news that cast her fond
childhood memories in a dif-
ferent light.
At Thanksgiving this year,
she says, they’ll be serving
Cornish hen.
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 Tuesday, November 21, 2017 | A10A

GREATER NEW YORK

Lead-Paint Flap Spurs Stricter Controls
Mayor de Blasio acts
after revelations the
city failed to conduct
inspections since 2012
BY MARA GAY
New York City Mayor Bill de
Blasio on Monday said he was
increasing controls in the city’s
public housing authority, an-
nouncing the move nearly one
week after a watchdog agency
revealed that the housing au- pointing Edna Wells Handy, lived in apartments that should tions since 2012. “This oc- eral lead paint inspection rules
thority hadn’t conducted in- currently a legal counsel to have been inspected under fed- curred over two administra- either. In August, city officials
spections for lead paint re- New York Police Department eral and city requirements but tions and over multiple years. said, Ms. Olatoye notified offi-
quired by federal and state Commissioner James O’Neill, weren’t. City officials wouldn’t That bears remembering in cials at the U.S. Department of
rules for four years. to serve as acting chief compli- release the names or ages of this situation,” the mayor said, Housing and Urban Develop-
“What happened should not ance officer at the public hous- the children, but said they referring to former Mayor Mi- ment of the lapses. Two
have happened and will not ing authority. were being monitored and chael Bloomberg, who was in months later, in October 2016,
happen again,” Mr. de Blasio Four children living in New have so far shown no signs of office until 2014. she signed off on an annual
said at a news conference in York City Housing Authority ongoing health issues related NYCHA Chairwoman Shola plan to HUD that suggested the
Queens on Monday, where he apartments have tested posi- to lead exposure. Mr. de Blasio Olatoye first learned the au- city was in compliance with
spoke publicly for the first tive for elevated lead levels said “one child exposed to lead thority wasn’t in compliance federal lead laws. The mayor
time since a Department of In- since 2014, according to city is one child too many.” with city requirements in April said Monday Ms. Olatoye be-
vestigation report last week officials. They said two of The city’s housing authority, 2016, city officials said. In July, lieved she had sufficiently no-
outlining the lapses. those children tested positive known as NYCHA, had failed to she learned the authority tified federal officials of the
The mayor said he was ap- for lead-paint exposure, and conduct the lead paint inspec- wasn’t in compliance with fed- lead issues.

Tips to Ease the Pain of Commuting

You may not be able to ditch your commute. But you can make it smarter.
Do you know that you can find out when your subway train or bus will arrive without leaving your desk? Or that thousands of E-ZPass account holders
are needlessly paying full tolls at bridges and tunnels? It’s not that the region’s transit authorities are trying to hide these time- and money-saving tips
from you. In most cases, they want you to travel smarter because it makes the system work better. If more people signed up for an EasyPayXPress
MetroCard that automatically replenishes itself, lines at MetroCard vending machines would be shorter. If more Long Island Rail Road commuters used
New York Penn Station’s new West End Concourse, there would be less of a scrum on the station’s main concourse and corridors most evenings.
Here are six hacks that will make commuting easier or cheaper. If you have a hack to share, send it to paul.berger@wsj.com.

1. WHERE’S MY TRAIN? By Paul Berger

3. THE J.C. PENNEY SHORTCUT:

2. BUS SPOTTER:
BESS ADLER FOR THE WALL STREET JOURNAL

BESS ADLER FOR THE WALL STREET JOURNAL

ALEXANDER COHN/THE WALL STREET JOURNAL

You don’t have to be inside a subway station to find out when
your train will arrive. The Metropolitan Transportation
Authority’s Subway Time app is a countdown clock in your
pocket. It shows arrival information for all lines equipped with
the technology: currently the 1, 2, 3, 4, 5, 6, B, C, E, G, L, M, N,
Q, R, S and W trains, as well as the Staten Island Railway.
Subway Time also shows arrival times for trains that share a
station with countdown-clock enabled lines. The MTA expects
to have countdown clocks on all lines by the end of this year.
This shortcut through J.C. Penney in the Manhattan Mall cuts
the corner between 34th Street-Herald Square and New York
Penn Station, saving time and keeping you warm and dry for
half a block.
There is a similar app for buses. All MTA buses are fitted with On the B, D, F and M lines, take the exit toward 32nd and
GPS tracking equipment. Rather than standing on the street 33rd streets. Instead of turning to exit toward the street, walk
wondering when the next bus will arrive, download the MTA’s straight into J.C. Penney and follow the procession of
Bus Time app. You also can view real-time bus information commuters hurrying up the store’s escalators and past the
at http://bustime.mta.info. Starbucks before making a left toward the 32nd Street exit.

4. A CONCOURSE FOR ALL: 5. NOT SO E-ZPASS: 6. AMTRAK HACK:

PETER FOLEY FOR THE WALL STREET JOURNAL
BESS ADLER FOR THE WALL STREET JOURNAL

BESS ADLER FOR THE WALL STREET JOURNAL

The new West End Concourse at New York Penn Station is
advertised as a Long Island Rail Road facility. But NJ Transit riders
can use it as long as their train leaves from tracks 5 and up. The
trick is finding your platform without descending into Penn
Station’s circles of hell. To do so, download NJ Transit’s mobile app
and set up DepartureVision for a real-time view of Penn Station’s
departure board. Now, you can check your train information from
the street and, if the right track number pops up, head straight to
the pristine $300 million facility on the other side of Eighth Avenue.
E-ZPass transponders issued by the New Jersey service center Avoid long lines on the upper level of New York Penn Station
aren’t eligible for a saving of 30% to 50% on the MTA’s nine where Amtrak representatives check your ticket before allowing
bridges and tunnels, such as the Verrazano-Narrows Bridge, or for you down the escalator. Instead, take the stairs in the center of
a 5% discount on New York State Thruway Authority tolls. To get the concourse or on its south side. They will take you to a
the discounts, New Jersey E-ZPass holders might want to sign up dingy lower level where commuters huddle around departure
for a New York account. Because the Port Authority of New York screens. You can wait here for your track to be called and then
and New Jersey honors discounts for both states at all of its head straight to the platform without being stopped by an
bridges and tunnels, the only benefit of a New Jersey account is Amtrak employee. This is especially useful if you’re traveling in
an off-peak discount of about 25% on the New Jersey Turnpike. a group and want to snag seats together.

Macy’s Thanksgiving Parade

Will See Beefed-Up Security
BY MELANIE GRAYCE WEST
The 91st annual Macy’s
Thanksgiving Day Parade will
see extra precautions this
year, while the balloon-infla-
tion party on the Upper West
Side the night before will see
significant changes, New York
City Police Department offi-
cials said Monday.
The Wednesday balloon
to enter the balloon-inflation the face of terror threats and
event on West 74 Street at we don’t back down in the
Columbus Avenue and go face of terrorism itself,” said
through a screening area be- Mr. de Blasio. “This city is
fore entering the inflating filled with resolve.”
area on West 77 Street. Back- Still, this year’s parade will
packs won’t be allowed, but have a “very forceful police
strollers are permitted. presence,” said Mr. de Blasio,
As usual, the immediate and more of the same familiar
blocks around the American precautions now commonly
Museum of Natural History seen at the city’s major events.
will be closed to traffic be- Police officials said there will
KEVIN HAGEN FOR THE WALL STREET JOURNAL

event will begin two hours
earlier, at 1 p.m., and end at 8
p.m. instead of 10 p.m. The
change is intended to make it
easier for the parade to get
going on Thursday morning, a
police official said.
The Wednesday evening
event, which years ago
mostly attracted local resi-
dents, now draws at least
200,000 people, officials said.
This year, revelers will need
ginning Wednesday morning be no crosstown traffic along
and into Thursday. the parade route. There will be
There are no specific or more trucks filled with sand
credible threats against the and blocker vehicles to close off
city or the parade, said New streets along the route.
York City Mayor Bill de Blasio. Heavy-weapons and canine
While last month’s truck at- teams will be stationed along
tack in lower Manhattan that the route and some officers
killed eight people remains will be on rooftops. Mounted
fresh in memory, he said, patrols and radiation detectors
“New York’s response is to re- also will be deployed. Police
main strong and resilient.” said they plan to station an of-
“We do not back down in ficer on every block. Police at the 2015 Macy’s Thanksgiving Day Parade. Security will be increased for this year’s event.
 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
A10B | Tuesday, November 21, 2017 NY * *** THE WALL STREET JOURNAL.

GREATER NEW YORK

Factory Explosion Injures Dozens and Leaves One Worker Missing
Democrats
Press N.J.
Wage Boost
BY JOSEPH DE AVILA 20%, since the last federal in-
crease, according to the Labor
New Jersey’s Democratic Department.
Gov.-elect Phil Murphy and New York passed a law in
leaders in the state Legislature 2016 raising the minimum wage
are pressing ahead with a to $15 hourly in New York City
ALLYSE PULLIAM/TIMES HERALD-RECORD/ASSOCIATED PRESS

promise to raise the state’s and its suburbs by 2021, with

minimum wage to $15 an hour. the rest of the state following.
“This is as high on the prior- Connecticut passed a law in
ity list as anything that we’ve 2014 gradually increasing the
got,” said Mr. Murphy at a state’s minimum wage to $10.10,
news conference Monday. New a level it reached in January.
Jersey’s minimum wage is cur- The New Jersey Business &
rently $8.44 and will rise to Industry Association said rais-
$8.60 next year. ing the minimum wage will re-
Raising the minimum wage
was one of the major platforms
of Mr. Murphy’s progressive
campaign along with legalizing
‘This is as high on the
marijuana and increasing taxes priority list as anything
FACTORY BLAST: Two explosions and a fire Monday at the Verla International cosmetics factory in New Windsor, N.Y., injured up to
on millionaires. A former Gold-
man Sachs executive, he
that we’ve got,’ says
35 people, including seven firefighters caught in the second blast, authorities said. None of the injuries appeared to be life-threatening. soundly defeated Republican Lt. Gov.-elect Murphy.
Gov. Kim Guadagno earlier this
month.
The increase is all but guar-

Big Names Lure Broadway Crowds

BY CHARLES PASSY
Broadway is booming.
Halfway through the 2017-18
season, ticket sales for shows
are up by 18% over the previ-
ous season’s midpoint tally, to
$779.8 million, according to
the Broadway League, a trade
group that tracks the industry.
The box-office growth is
considerably higher than in re-
cent seasons at the halfway
mark. At this time last year,
sales were down by 0.5%,
though Broadway ended up
seeing a 5.5% annual gain by
the end of the 2016-17 season.
The growth this season is
largely attributable to a num-
ber of new or recent shows
that are seeing strong de-
mand, particularly for top-tier
seats, often categorized as
premium tickets.
Among them are the “Hello,
Dolly!” revival starring Bette
Midler and Bruce Spring-
steen’s show, “Springsteen on
Broadway.” Both continue to
sell out—and both have seats
at prices that would have been
considered unfathomable a
generation ago.
“Springsteen” has a top
ticket price of $850. Even that
is a fraction of the asking
price for seats on the resale
market, which are climbing
well into the four figures.
It also doesn’t hurt that so
many major names beyond Mr.
Springsteen are flocking to
Broadway. Comedian Amy
Schumer, for example, is cur-
rently making her Broadway
debut in the Steve Martin play
“Meteor Shower,” which also
is playing to capacity crowds.
“You’re reaching out to
people who might have not
have otherwise rushed to the
theater,” said Chris Cacace, a
partner with Marks Paneth
LLP, an accounting firm with a
large Broadway practice.
Broadway is enjoying such
success before the holiday sea-
son, which is typically its peak
sales period. The box-office
boom is also coming before
two of the season’s biggest
shows open: the musical “Fro-
zen,” based on the Disney film,
and the two-part play “Harry
Potter and the Cursed Child.”
Some industry observers
caution that Broadway’s suc-
cess isn’t good news for the-
atergoers without deep pock-
ets. As demand increases, so do
prices even for nonpremium
tickets: Last week, Broadway’s
average paid admission reached
$125.77, an increase of nearly
19% over a year ago, according
to the Broadway League.
Broadway League President
Charlotte St. Martin counters
that more than half the shows
on Broadway have an average
paid admission of $101 or lower.
“You’ve got a lot of tickets in
the $80s and $90s,” she said.
anteed now that Democrats
control the statehouse, setting
the stage for the Garden State
to join New York and California
in adopting the $15 an hour
level. Several municipalities
around the country have ap-
proved similar levels.
The prospect of a higher
minimum wage in New Jersey
is a clear sign that Mr. Murphy
will lead the state away from
the policies driven by Republi-
can Gov. Chris Christie over the
past eight years. Last year, Mr.
Christie vetoed a bill—passed
by the Democratic-controlled
state Legislature—that would
have raised the state minimum
wage to $15 an hour over sev-
eral years.
“It’s time to give people who
are working every single day to
improve their quality of life,”
said Senate President Stephen
Sweeney, a Democrat.
sult in a cutback of hours for
workers, will increase automa-
tion and will lead to higher
prices for consumers.
“Increasing the minimum
wage to $15 an hour, without
addressing any comprehensive
reform that will make New Jer-
sey more affordable, will ulti-
mately result in a heavy eco-
nomic burden on small
businesses that will have a rip-
ple effect throughout the state,”
said Michele Siekerka, chief ex-
ecutive of the New Jersey Busi-
ness & Industry Association.
Mr. Murphy said the mini-
mum wage increases will be
phased in over several years.
“We appreciate that you
can’t get from here to there
overnight,” Mr. Murphy said.
“It’s too much sticker shock.
We accept that.”
Lawmakers still haven’t
drafted the minimum-wage leg-

GREATER NEW YORK WATCH

The federal minimum wage islation. Mr. Murphy said he
of $7.25 an hour, set by Con- would work with Mr. Sweeney
gress, hasn’t increased since and incoming Democratic As-
2009. The average hourly wage sembly Speaker Craig Coughlin
CRIME POLITICS group’s website. of U.S. workers has risen by to complete the details of their
Past speakers at the group’s more than $4 an hour, or about proposal.
Mother Gets Prison De Blasio to Headline holiday party have included Ver-
For Smothering Tot Iowa Group’s Event mont Sen. Bernie Sanders, who
ran for the 2016 Democratic
A woman who claimed she New York City Mayor Bill de presidential nomination.
was acting on the devil’s orders Blasio is headed to Iowa next The mayor, a Democrat who
was sentenced Monday to 18 month to headline the holiday was re-elected this month by a
SHEENA ROBINSON

years in prison for smothering
her toddler son in the bathroom
of a Manhattan restaurant.
Latisha Fisher, 38 years old,
pleaded guilty in October in
Manhattan Supreme Court to
Latisha Fisher with Gavriel
party of a liberal political group,
but he swatted away rumors he
is eyeing a run for president in
2020.
“I’m going to be on the job
until Dec. 31 of 2021,” Mr. de
wide margin, has struggled to
build a national profile.
In 2015, he tried to put on a
political conference in Iowa, but
scrapped the idea when he
couldn’t get the leading candi-
SETH WENIG/ASSOCIATED PRESS

first-degree manslaughter in the
death of her 20-month-old son,
Gavriel Ortiz-Fisher.
On March 30, 2015, staff
members at 5 Boro Burger
found Ms. Fisher in the bath-
room of the Sixth Avenue eat-
ery, holding her unconscious son.
Authorities said she told the res-
taurant workers the devil had
made her kill the child.
Ms. Fisher, diagnosed as a
paranoid schizophrenic, was on
probation at the time for attack-
ing an acquaintance with a steak
knife.
—Thomas MacMillan
Blasio said at a news conference
in Queens on Monday.
Mr. de Blasio’s speech at
Progress Iowa on Dec. 19 will fo-
cus “on the future of the pro-
gressive movement and the ef-
fort to resist the conservative
agenda being enacted across the
country,” according to the
dates to attend the event.
He has been a vocal critic of
President Donald Trump, a Re-
publican, and spent much of his
re-election campaign criticizing
Mr. Trump’s policies.
The coming trip was first re-
ported by Politico.
—Mara Gay Gov.-elect Phil Murphy wants a $15 an hour minimum wage.

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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Tuesday, November 21, 2017 | A11

LIFE&ARTS
BONDS: ON RELATIONSHIPS | By Elizabeth Bernstein

Are You a Testosterone or a Dopamine?

A brain-based personality test helps people understand themselves and why they are attracted to other types of individuals
WHY DO WE FALL IN LOVE with
one person and not another?
This question has vexed philoso- What’s Your Type?
phers, psychologists and poets for
generations. The theories—proxim- 1. The Fisher Temperament Index identifies
ity, pheromones, timing—don’t four brain systems linked to personality.
fully explain the mystery. We can Typically, we all express some of each,
be in a room full of attractive, But many people are dominant in one or
available strangers—and be open two areas: either dopamine or serotonin,
to love—and still choose one per- and either testosterone or estrogen.
son over all others. Here are the systems:
A decade ago, the biological an-
thropologist Helen Fisher set out 1. ESTROGEN: People who are expres-
to answer this question of how we sive of the estrogen system tend to be
choose whom we love. Dr. Fisher is intuitive, introspective, holistic, imagina-
known for her research scanning tive, trusting, empathetic, and contextual
the brains of people in various long-term thinkers. They are sensitive to
stages of love, and she went look- people’s feelings, and typically have
ing for neurological clues. good verbal and social skills. These peo-
She found them—and, in the ple are negotiators.
process, she developed a broad
personality test that, unlike many 2. DOPAMINE: People who are high on
others, is based on brain science 2. the dopamine scale tend to be curious,
rather than psychology. The Fisher creative, spontaneous, energetic, rest-
Temperament Inventory measures less, enthusiastic, impulsive, and men-
temperament, which comes from tally flexible. These are the explorers
our genes, hormones and neu- and the risk takers (personally and in
rotransmitters. It can help people business). They are very good at idea
understand themselves and why generation.
they are attracted to certain peo-
ple, both romantically and as 3. SEROTONIN: People who have high
friends or colleagues. (It turns out serotonin activity are more sociable and
some personality types are at- eager to belong. They’re quite traditional
tracted to people who are the op- in their values and less inclined toward
posite of them, while other types exploration. These are the builders and
are attracted to people who are guardians. They’re calm, cautious, con-
similar.) And when you know the trolled, like to make plans, persistent,
personality type of loved ones or concrete thinkers, detail-oriented,
co-workers, you will understand structured, fact-oriented, loyal.
how they prefer to communicate
and will be able to tailor your ap- 4. TESTOSTERONE: People expressive
proach to what works best. The in- of the testosterone system are tough-
ventory is so comprehensive that 3. minded, direct, decisive, skeptical, com-
now some companies are using a petitive, emotionally contained, inventive,
version of it to help understand experimental, exacting, analytical and as-

THOMAS PITILLI (4)

and motivate their employees. 4. sertive. They tend to be good at rule-
To develop her test, Dr. Fisher based systems—engineering, computers,
spent two years reviewing medical mechanics, math, and music. These are
and academic literature, searching the rank-oriented directors.
for the personality traits linked to a
biological system. She identified
four systems, each with its own Dr. Fisher, who is a senior re- tough-minded, emotionally con- gorithm for matching singles. Dr. took her survey; the results were
host of traits: the dopamine, sero- search fellow at the Kinsey Insti- tained, competitive and logical. Fisher analyzed the survey results published in “PLOS One” in Novem-
tonin, testosterone and estrogen tute at Indiana University, in They have good spatial skills and of more than 100,000 people, in ber 2013. She found that the people
systems. Dopamine and serotonin, Bloomington, Ind., and the author are good at rule-based systems, six countries. She found that while who scored high on the dopamine
which are neurotransmitters, gov- of several books, including “The such as math or music. Estrogen men typically register higher on scale showed heightened activity in
ern our “stay or go” scale, which Anatomy of Love.” “You are not types are intuitive, introspective, the testosterone scale and women a pathway of the brain that is dop-
decides how comfortable we are ex- putting people in buckets.” imaginative, empathetic and trust- on the estrogen scale, as expected, amine-rich and linked to curiosity,
ploring unknown risks or whether The four types are each associ- ing. They’re emotionally intelligent. there are no differences between creativity and energy. People who
we prefer the familiar. Testosterone ated with distinct traits. People Once Dr. Fisher identified the them on the dopamine and sero- scored high on the serotonin scale
and estrogen are hormones and de- high on the dopamine scale tend to four types, she created a 56-ques- tonin scales. showed more activity in a tiny re-
termine the extent to which our be adventurous, curious, spontane- tion survey to measure how much She also discovered who is at- gion of the brain linked with social-
brains express male or female traits. ous, enthusiastic and independent. each person expresses the person- tracted to whom. People high in do- norm compliance. People who
We all have all four systems—as They have high energy, are com- ality traits involved. She partnered pamine activity and people high in scored high on the testosterone
do humans, monkeys, lizards and fortable taking risks and are men- with the dating site Chemis- serotonin activity gravitate toward scale showed more activity in the
birds. But we each have different tally flexible and open-minded. Se- try.com, starting in 2006, to run people like themselves. People high brain regions that govern visual and
levels of activity in each system. rotonin types are very social, her survey. (Dr. Fisher is a consul- in testosterone or high in estrogen analytical functions. And people
Some of us are dominant in one traditional, calm and controlled, tant with Match Group, Chemis- tend to like their opposites. high on the estrogen scale showed
or, more often, two areas. Some conscientious and detail-oriented. try.com’s parent company.) Thus To validate that her question- more activity in brain regions
are more balanced. It’s more of a They love structure and making far, more than 14 million people naire accurately measured brain linked to empathy and imagination.
spectrum. “This is a new way of plans. Testosterone types are di- have taken the survey, and Chem- systems, Dr. Fisher did a series of These days, Dr. Fisher uses her
understanding personality,” says rect and decisive, aggressive, istry.com uses it to enhance its al- brain scans on 36 people, after they Please see BONDS page A12

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.
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30s 20s d t
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 62 30 s 53 36 s Edinburgh 54 44 r 48 38 r Zurich 50 31 pc 53 31 s B A N G T I E S T O M

For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A12 | Tuesday, November 21, 2017 THE WALL STREET JOURNAL.

LIFE & ARTS

YOUR HEALTH | By Sumathi Reddy

What’s in Your Supplements?

Researchers find illegal and unknown substances in a study of weight-loss and sports supplements
Lose weight! Gain muscle! Boost
your energy levels!

THOMAS PITILLI
Dietary supplements make lots
of claims and consumers often be-
lieve them: The booming U.S. in-
dustry has grown from $9 billion
in sales in 2007 to $15 billion this

BONDS
year, according to Euromonitor In-
ternational, a market research
firm.
But a new study gives ammuni-
tion to critics of the supplements Continued from page A11
and their potential health risks. personality inventory to advise
The study found two banned marriage therapists, universities
stimulants and two previously un- and corporations in helping
known and little-studied sub- people get along. Companies
stances in six weight-loss and can purchase a new, second-
sports supplements sold in the U.S. generation, 50-question version
The researchers defined “banned” of her questionnaire—focused
as “ingredients for which the U.S. on workplace behavior and rela-
Food and Drug Administration had tionships and different from the
taken enforcement action to re- Chemistry.com survey—through
move from dietary supplements a company she founded with a
prior to August 2016 (when the colleague, called NeuroColor.
samples were purchased).” People who take the test, which
They tested six brands of sup- costs $300, receive a 22-page
plements that listed ingredients on profile of their personality, ex-
the label that appeared to be pos- plaining where they are on the
sible analogs of the stimulant scale, how people can best com-
GETTY IMAGES/ISTOCKPHOTO

DMAA. Among them: Cannibal municate with them based on

Ferox AMPed, produced by a com- their personality, and how they
pany called Chaos and Pain, and can interact effectively with
Simply Skinny Pollen, made by Bee other personality types.
Fit with Trish. The results were
published earlier this month in the
journal Clinical Toxicology.
The researchers discovered a
The personality test is
form of DMAA found in some sup-
Six Supplements Cited duced Liver Injury Network are at- based on brain science
plements, and another stimulant, tributed to herbal and dietary sup-
DMBA, in others. Neither are legal A recent study found two illegal stimulants and two other little-studied plements. The network—a
and measures a
supplement ingredients. This type substances in these six weight-loss and sports supplements. federally-funded group of clinics person’s temperament.
of DMAA has been found to pose Illegal or unnapproved creating a registry of patients for
cardiovascular risks. Researchers Product compound research purposes—started in
Manufacturer
haven’t determined the health 2003 and has seen about 1,500 pa-
risks of DMBA. Game Day MAN Sports Octodrine tients. I took the NeuroColor ques-
The study also uncovered a sec- Dr. Navarro recently presented tionnaire and found the results
ond analog of DMAA not previ- Infrared Gold Star 1,3-DMAA data at the annual gathering of the to be spot-on. It showed me to
ously found in supplements whose American Association for the be high in dopamine and estro-
2-aminoisoheptane Chaos and Pain 1,4-DMAA
safety for humans is unknown. Study of Liver Diseases in Wash- gen—a risk taker who is empa-
And it found octodrine, a stimu- Simply Skinny Pollen Bee Fit with Trish 1,3-DMAA and 1,4-DMAA ington, D.C. Researchers examined thetic, intuitive and social. The
lant formerly available in Europe the supplements their liver pa- profile aims to help me under-
as part of a treatment for low Cannibal Ferox AMPED Chaos and Pain 1,3-DMBA tients were taking. stand myself, and offers advice
blood pressure and asthma. Regu- Triple X Gold Star 1,4-DMAA They verified the labels of more on how I can communicate more
lators removed octodrine from Eu- than 200 supplements and, effectively with other types and
Note: None of the manufacturers could be reached for comment
ropean markets. Animal studies through a chemical analysis, found how they can best communicate
Source: Clinical Toxicology THE WALL STREET JOURNAL.
have suggested it has the potential that in 50% of the cases, what was with me, as well as typical rea-
for adverse cardiovascular effects. on the label didn’t match what sons why I might become
Some of the products listed the tion their quality and safety. Sup- from the marketplace, but it’s im- was in the bottle. Eighty percent stressed in the workplace and
names of similar types of com- plement manufacturers don’t have portant to illustrate the challenges of bodybuilding and performance- solutions to reduce this stress.
pounds on the label, and some to demonstrate safety or effective- that we face,” she wrote in an enhancement supplements had la- (My favorite line from the re-
listed ambiguous or misleading in- ness to the FDA. Many supple- email. bels that didn’t match their actual port, from a section on what
gredients, according to the study. ments are easily available online Companies and individuals who ingredients, while 72% of weight- others should do when interact-
The four manufacturers of the and at mainstream retail stores. manufacture supplements are re- loss products had the same issue. ing with me: “Hear her out–even
supplements did not respond to Dr. Cohen has been studying the sponsible for ensuring that their “People take these supplements if her approach initially seems
calls and emails seeking comment. boundary between drugs and sup- products are safe, she says. New and they think that they’re safe crazy or unconventional.”)
“Many supplements sold as food plements for more than a decade. dietary supplements can be intro- because they’re natural, but some Dr. Fisher sums up the rela-
are actually drugs,” says Pieter Co- “These products are being used duced to the market without re- of them have the capacity to cause tionship advice people can take
hen, an associate professor of like a medication, but from a regu- ceiving approval or even notifying harm for people,” Dr. Navarro says. away from her personality inven-
medicine at Cambridge Health Alli- latory perspective, they’re being the FDA. The government requires The worst-case scenario for these tory in one line, which she says
ance of Harvard Medical School sold as food, and that results in a premarket notification when a di- patients could be liver failure, he is a tweak on the Golden Rule.
and first author of the study. “This lot of confusion.” etary supplement contains a new says. Rather than telling people to “do
is clearly not permitted under the Theresa Eisenman, a spokes- dietary ingredient. She says the Duffy MacKay, senior vice presi- unto others as you would have
law.” woman for the FDA, says the FDA hasn’t received such a notifi- dent of scientific and regulatory them do unto you,” she advises:
“The current regulatory frame- agency doesn’t comment on indi- cation for the stimulants identified affairs for the Council for Respon- “Do unto others as they would
work does an extremely bad job of vidual studies. But she says the or- in the study. sible Nutrition, a Washington, D.C.- have done unto themselves.”
detecting dangerous supplements ganization has previously taken Victor Navarro, medical chair of based trade group of dietary sup-
and then removing dangerous sup- enforcement action against prod- the department of digestive dis- plements and functional foods, Write to Elizabeth Bernstein at
plements,” he says. ucts with DMAA and DMBA. eases and transplantation at Ein- says the products mentioned in the elizabeth.bernstein@wsj.com or
Because supplements aren’t The “FDA has been working to stein Medical Center in Philadel- Clinical Toxicology study are outli- follow her on Facebook,
tightly regulated like prescription remove dietary supplements con- phia, says 20% of the liver damage ers and don’t represent the major- Instagram and Twitter at
drugs, experts increasingly ques- taining both of these ingredients cases reported to the U.S. Drug-In- ity of legitimate supplements. EBernsteinWSJ.

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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
THE WALL STREET JOURNAL. Tuesday, November 21, 2017 | A13

LIFE & ARTS

an energized Björk sought a deep
collaboration with Arca, the Vene-
Björk’s new zuelan producer-composer who
album, ‘Utopia,’ worked with her on “Vulnicura.”
is out on Friday. As his work demonstrates, he, too,
is at ease in the world of experi-
mental electronic music.
“We could be writers, arrangers,
singers, producers—whatever it
took,” she said when we spoke by
phone last week. In “Blissing Me,”
she mentions “two music nerds ob-
sessing“ over MP3s they’ve sent
each other. In praise of the intimacy
of co-creating music, she sings,
“The interior of these melodies is
perhaps where we are meant to be.”
She told me she was delighted by
the process. “I felt like I was cele-
brating. I thought, ‘I’m back home.’”
Björk said a favorite part of her
artistic process is developing ar-
rangements for her compositions.
“I love the feeling. The producer in
me kicks in—what do I have? How
do I cook this up?” With “Utopia,”
an attitude, if not quite yet a
theme for the arrangements,
emerged. “I was obsessed with
lightness and floating and flying. I
just wanted to make music free of
grit and structure.”
More than the lyrics, the music
of “Utopia” speaks to liberation.
Its buoyancy is conveyed by an or-
chestra of flutes, an instrument
SANTIAGO FELIPE

Björk played as a child. In “Saint,”

flutes join with chirping birds—a
motif that is repeated in several
songs—to provide a breathing un-
derpinning joined by gentle per-
MUSIC REVIEW | By Jim Fusilli cussion. “Courtship” features
flutes over chopped, clacking
beats as voices dart in harmony.

Björk’s Return to Love and Trust The thrilling arrangement of “The

INDISPUTABLY among the great-
est in rock-and-pop history, Björk’s
body of work is defined by seem-
ingly dichotomous traits: It can be
enigmatic, as if she is shielding her-
self behind complexity and disre-
gard for orthodoxy, while at the
same time transparent, emotional
and deeply affecting. So it is once
again with “Utopia” (One Little In-
dian), her new, exquisite album that
is a testament to the wonder and
beauty found in the quest for an
idyllic life. It arrives on Friday.
To fully appreciate “Utopia” re-
quires a bit of knowledge about its
back story, though it stands on its
own as another gem among her
nine solo studio recordings. In
2015, she released “Vulnicura,” a
remarkable document of the disso-
lution of her long relationship
with artist Matthew Barney. Told
chronologically beginning months
before the breakup and continuing
into its aftermath, the story un-
folded as a series of personal rev-
elations; and as she grappled for
insight and stability, one had the
sense that Björk was unburdening
herself in real time. She moved
through the stages of grief toward
a suggestion of recovery, but on
the album jacket she was depicted
with a gaping wound where her
heart should have been.
Appropriately, the music of
“Vulnicura” vacillated between
harrowing and bittersweet with
nary a reference to contemporary
popular styles; and, with its
strings, female choir, warm key-
boards and crackling, shard-like
beats, was a marked departure
from its predecessor, “Biophilia,”
with its sound palette of celesta,
gamelan, pipe organs, Tesla coils
and pendulums. Björk’s sonic
modes of communication change
as she grows, and it’s been quite a
while since she worked within the
pop idiom.
Björk, who turns 52 on Tuesday,
said she started to compose what
became “Utopia” while on tour be-
hind “Vulnicura,” a period in
which she began to regain her
equilibrium thanks in part to the
“emotional empathy” she felt from
her audience. The first song she
wrote is the new album’s opening
track; in “Arisen My Senses,”
words, often unintelligible, careen,
but one phrase rings through:
“Just a kiss is all there is.” That
simple statement foreshadows the
album’s primary lyrical theme: The
capacity to love and trust has re-
turned. In “The Gate,” she ac-
knowledges where she had been—
“Didn’t used to be so needy / Just
more broken than normal”—but as
the album evolves, it’s clear she’s
moved on to rediscover and savor
joy. Once again, she is free.
Enthusiasm rising as she wrote,
Gate” places Björk at the center,
where she is surrounded by the
choir’s warm tones and flutes that
move steadily to the fore as beats
come and go. The album feels
weightless, ethereal at times, as if
the flutes are transmitting not
only sound but something that be-
gins as breath, internally and
close to the heart.
Björk said that connecting to
her first instrument was a way to
explore for the most part pleasant,
satisfying memories and create a
sonic template reflecting a utopian
view of life informed by music, na-
ture, friendship and love. Thus,
once again, with “Utopia” she un-
ravels a mystery and communi-
cates from deep within.
Mr. Fusilli is the Journal’s rock
and pop music critic.

FILM Gary Oldman

in ‘Darkest

A DYNAMIC
Hour.’

CHURCHILL

The pearls align on our

FOCUS FEATURES

sterling silver necklace

A simple silver necklace made more

BY TOBIAS GREY
SITTING IN Winston
Churchill’s chair in the War
Cabinet Room at Westmin-
ster sent a chill down Gary
Oldman’s spine. “I discov-
ered a manifestation of
stress which now physically
lives in a piece of furniture,”
the 59-year-old English actor
says. “On the left arm of the
chair are these huge divots
that Churchill had made with
his fingernails, and on the
right arm there are scratches
from his family ring.”
A number of critics have
posited Mr. Oldman as an
early front-runner for the
Academy Award for best ac-
tor for his prosthetically en-
hanced performance of the
British prime minister in
“Darkest Hour,” which comes
out Nov. 22 in the U.S. Mr.
Oldman is by no means the
first actor to play Churchill
for the screen. The past 12
months alone have brought
the movie “Churchill,” star-
ring Brian Cox, and the tele-
vision series “The Crown,”
featuring John Lithgow.
Mr. Oldman’s portrayal en-
compasses a four-week period
beginning with Churchill’s ap-
pointment as prime minister
at the age of 65 in May 1940.
The film culminates with
Churchill’s “We shall fight on
the beaches” speech in the
House of Commons on June
4, which bolstered the nation
in the face of a possible at-
tack by the Nazis. The film,
produced by Working Title
Films and distributed by Fo-
cus Features in the U.S., also
features Kristin Scott Thomas
as Churchill’s supportive wife,
Clementine, and Ben Mendel-
sohn as King George VI.
Mr. Oldman’s research,
which included watching
newsreel footage of Churchill
from the period, led him to
discover a different leader
than the one he had imag-
ined. “We think of him or he
has been portrayed or repre-
sented as a curmudgeon
shuffling around with his
whiskey and his cigar in his
nightgown,” Mr. Oldman
says. “What I saw in this
footage was someone who
was so dynamic that if you
plugged him in, you could
probably light up the West
End” theater district.
Anthony McCarten’s
screenplay for “Darkest Hour”
brings into focus Churchill’s
tendency toward impulsive-
ness. One character complains
that Churchill has 100 ideas a
day, of which 90 are down-
right dangerous and 10 are
brilliant. “I don’t think to lion-
ize people and turn them into
icons is very useful, because I
find that separates them from
us and therefore makes them
less relatable and harder to
learn things from,” says the
film’s director, Joe Wright.
Mr. McCarten’s screenplay
hinges on a little-known but
crucial episode that Church-
ill omitted from his six-vol-
ume “Memoirs of the Second
World War.” “I’ve always
been fascinated by Church-
ill’s speeches, and I got the
idea for my screenplay when
I realized that three of his
greatest ones were written
within a four-week period,”
Mr. McCarten says. alluring with added shimmer. Five
During his research, the
New Zealand-born screen-
freshwater pearls sit in a chic row along
writer discovered that many a sleek sterling curve. An easy, elegant
in Churchill’s War Cabinet, in-
cluding appeasers like Neville touch when a full strand is too much.
Chamberlain (Ronald Pickup)
and Viscount Halifax (Stephen
Dillane), wanted to persuade
the prime minister to craft a
peace deal with Adolf Hitler.
“It’s certainly my reading
of historical record that
Churchill not only seriously
considered a peace deal with
Hitler but took the first step
to allow it to take place,
which was the writing of a
memorandum to Italy, which
would broker the talks,” Mr.
McCarten says.
The idea of a deal was ulti-
mately abandoned—a deci-
sion that provides the stron-
gest elements of drama and
pathos in “Darkest Hour.”
The film also focuses on
another critical event un-
mentioned in Churchill’s
memoirs: his key role in the
evacuation of Dunkirk. Mr.
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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
A14 | Tuesday, November 21, 2017
GOLF
TITLEIST CEO
PUSHES BACK
BY BRIAN COSTA
THE TOP-SELLING ball manufac-
turer in golf is pushing back against
calls to require reduced-distance
balls at the highest levels of the
sport.
Wally Uihlein, chief executive of
Titleist parent company Acushnet
Co., wrote in a letter to The Wall
Street Journal that there is no evi-
dence that golf is being negatively
impacted by players hitting the
ball farther. The letter came in re-
sponse to a Journal article about
golf’s governing bodies exploring
the possibility of creating different
sets of ball regulations for differ-
ent levels of the game.
Uihlein offered a point-by-point
rebuttal to the arguments made by
USGA executive director Mike Da-
vis, who said the costs of length-
ening courses were trickling down
to all golfers and slowing the pace
of play.
“Is there any evidence to sup-
port this canard…the trickle down
cost argument?” Uihlein wrote.
Uihlein also said the ball is just
one reason among many that mod-
ern players hit their shots further,
factors that include improved
player fitness and instruction.
Titleist has long been the domi-
nant player in the golf ball market,
from the amateur game to the PGA
Tour. Part of its pitch to recre-
ational golfers has been the idea of
playing the same balls as the pros.
Uihlein also discounted com-
ments made earlier this month by
Tiger Woods, who said on a pod-
cast, “We need to do something
about the golf ball.” He noted that
Woods endorses Bridgestone,
which—according to Uihlein—has
been selected by the USGA to pro-
duce reduce-distance golf balls on
an experimental basis.
“Given Bridgestone’s very small
worldwide market share and pal-
try presence in professional golf, it
would seem logical they would
have a commercial motive making
the case for a reduced distance
golf ball,” Uihlein wrote.
Spokespeople for Bridgestone
and the USGA didn’t immediately
respond to requests for comment.
ROB SCHUMACHER/REUTERS
Adam Scott uses a Titleist ball.
NBA’S SHORT GUYS PLAY BIGGER
BY BEN COHEN
BASKETBALL PLAYERS have
been using height to their advantage
for as long as basketball has existed.
But what makes Kemba Walker dif-
ferent from almost everyone who
came before him is that he’s not
good because he’s tall. He’s good be-
cause he’s small.
Walker is not small small. He is
NBA small. The point guard of the
Charlotte Hornets is 6-foot-1,
which means he’s nearly always
defended by five players who look
down on him. But that has become
a problem—for them. Walker is at
his best when he’s at his smallest.
“Me being a smaller point
guard,” Walker said, “I can get to
spots on the floor that a lot of oth-
ers can’t.”
He’s become one of the league’s
most efficient players in the
league’s most effective play.
Walker scores more than anyone
who’s in the pick-and-roll as much
as him, and he’s in the pick-and-
roll more than anyone who scores
as much as him. And it’s because
he shrinks. That’s his game.
Walker doesn’t play above the
rim. He stays beneath his defend-
ers because he knows they can’t
keep up with him down there.
“Especially not the bigs,” he
said. “They don’t want to get that
low.”
The dramatic evolution of bas-
ketball in recent years has bene-
fited the very same players who
might have been marginalized in
previous eras. The league’s new
The Fight the NFL Deserves
Loosening the rules
on touchdown celebra-
tions hasn’t really
warmed America.
Then I thought the
Papa John Pizza War
would be the special sauce.
But Jerry Jones vs. Roger Good-
ell is just the zesty matchup this
NFL season needs.
I say settle it with a Pay-Per-View
NFL Rich Guy skills competition:
1. Punt/Pass/Kick
2. 40-yard Dash
3. Skybox Hugging
4. Wine Tasting
5. Island Buying
If there’s a tie…
GULFSTREAM PRIVATE JET
RACE!
You don’t need me to tell you it’s
been a wacky NFL year: polarizing
protests, boycotts on all sides, ad-
vertiser nervousness, presidential
tweetage, a Veep walkout, ratings
volatility and injuries to riveting
talent like Aaron Rodgers, Odell
Beckham Jr. and J.J. Watt.
Games have been…eh. There are
fun exceptions: the Eagles, Vikings,
Saints, Steelers, Rams and Patriots
all have stirring stories to tell. But
a lot of the competition looks like
they grabbed 53 tailgaters in the
parking lot before kickoff.
NFL quarterbacking too often
resembles watching a squirrel try-
ing to wedge a styrofoam cup off
of his head. Then replacing that
squirrel…with a backup squirrel
BASKETBALL
rules against hand-checking gave
physically overwhelmed players
more space and freedom, and the
sport’s drift farther away from the
rim has forced bigs to play small
instead of the other way around.
The result is something of a
golden age for the NBA’s little
guys. Chris Paul and Kyle Lowry
are 6-foot-tall All-Stars. Isaiah
Thomas is the shortest All-Star
ever at 5-foot-9. And making his
debut in last year’s All-Star Game:
Kemba Walker.
He’s been even better this year.
Walker is averaging a career-high
23.5 points after exploding for 47
on Friday night, and it’s largely be-
cause of his comfort in the pick-
and-roll, which has become the
single most important trait of a
modern NBA point guard.
“The thing about the pick-and-
roll is that unless they switch it—
which with him they can’t because
the big guy can’t guard him—
you’re bringing two to the ball,”
Hornets coach Steve Clifford said.
“And one of the basic tenets of
good basketball is drawing a sec-
ond defender.”
It doesn’t really matter how
Walker’s defenders respond, his
coach explained. They can switch.
They can show. They can blitz. The
entire vocabulary of basketball
terms that describe the defense’s
options in the pick-and-roll is use-
less when it comes to Walker.
Walker scores more than one
point per possession whether his
defender goes over the pick, under
the pick or into the pick, according
to Synergy Sports data. And he’s
SPORTS
FOOTBALL | By Jason Gay
trying to wedge six styrofoam
cups off of his head.
There’s also the concussion sci-
ence, which is nothing less than a
cloud of dread hanging over foot-
ball as we know it.
Into this storm marches Jones,
the 75-year-old charmball and oil-
man who owns the league’s glitzi-
est club, and has chosen the thick
of the season to go head-to-head
with Goodell and league HQ for
control of the game.
Jones—whose team, perhaps not
coincidentally, has lost star Ezekiel
Elliott to a six-game suspension for
violating its personal conduct pol-
icy following a league investigation
into domestic violence allegations—
is said to be steamed at Goodell,
demanding “more accountability”
to ownership, and holding up the
commish’s next contract.
Some rival owners, in turn, are
mad at Jones for making a stink-o,
fearful he’s hurting the brand.
(Sorry…The Shield.)
Dirty laundry’s getting out. In-
sults are flying. Angry letters are
being exchanged, like Mailer and
Vidal.
Last week, the Journal’s Andrew
Beaton reported that some NFL
owners had actually discussed trying
to remove Jones from the Cowboys.
The league sent a missive admonish-
ing Jones for “conduct detrimental
to the league’s best interests.”
Yowza. One imagines Jerry bar-
ricading himself in the Jerrydome,
improved from 0.89 points to 0.98
points to 1.07 points per posses-
sion over the last three years.
“When I see an open area and I
think I can slide through,” Walker
said, “I just give it a shot.”
This one type of play now ac-
counts for more than half of his of-
fense. Walker is the ball-handler in
the pick-and-roll on 11.5 posses-
sions per game. The only healthy
player who uses it more frequently
is Houston Rockets guard James
Harden, but he only averages 0.79
points on those possessions.
Golden State Warriors guard Ste-
phen Curry leads the NBA at 1.25
points, but he only uses the pick-
and-roll for 6.3 possessions.
The inherent disadvantage of
smaller players like Walker leaves
them less margin for error than
anyone else in the league. Even
something as elementary as drib-
bling shows how different the
game looks from their perspective.
The average height of Walker’s
dribbles on ball screens last season
was 3.71 feet, which ranked eighth
in the league, behind shorter play-
ers like Thomas and Paul, accord-
ing to SportVU. Of the 50 players
who used the most ball screens,
the ones who let their dribbles
bounce the highest were players
who didn’t have to worry about ex-
ploiting any edge they could find.
No. 2 was Giannis Antetokounmpo.
No. 1 was LeBron James.
Walker can dangle the ball in
front of his body with confidence
that only he can retrieve it because
it’s something he practices.
He used to work with now-
daring the NFL to barge down the
door.
Let’s hit the pause button here
for a second. We live in such crazy,
tantrum-o-rama times that some-
times we don’t appreciate how bi-
zarre a situation actually is. And
this Jones v. NFL throwdown is
truly bizarre.
The NFL, after all, prides itself
on discipline and control—but
above all, the subjugation of the
individual in favor of the group.
This provokes a lot of jokes about
the league being a socialist collec-
tive for billionaires, but it’s basi-
cally true: the NFL’s cherished rec-
ipe is an aged antitrust exemption,
rigorous revenue sharing and a be-
lief that no single franchise may
be evaluated above the NFL itself.
There have been defiant bat-
tles—the late Al Davis feuded with
the NFL for decades, and more re-
cently, Patriots owner Robert Kraft
got crabby with the league office
for poking at New England’s de-
flated footballs.
Still, all-for-one has been a his-
torically lucrative strategy for
ownership.
Jones has always been a bit of an
outlier. Love or hate them, his Cow-
boys are the NFL’s starriest draw—
Dallas’s surprise 13-3 season last
year gave TV ratings a helpful lift.
Jones prides himself as a visionary
who’s always been a step ahead of
the league at maximizing the brand,
and he does have a point. He rei-
The Hornets’ Kemba Walker is at his best when he’s at his smallest.
Magic assistant Jay Hernandez
stepping over hurdles while drib-
bling underneath them. Then he
put himself through drills this
summer with 2 Hands Basketball
trainer Ryan Buhain that included
dribbling with one hand as he
dragged a small cone across the
court with his other hand.
He also picked up some tips
from players of his size along the
THE WALL STREET JOURNAL.
L-R: RON JENKINS/ASSOCIATED PRESS; REX SHUTTERSTOCK/ZUMA PRESS
Jerry Jones, left,
is feuding with
Roger Goodell.
magined the Cowboys as luxury en-
tertainment—a fancypants strategy
now borrowed by many pro clubs.
The NFL acknowledged Jones’s in-
fluence last summer when it gave
him a mustard blazer as a new
member of its Hall of Fame.
If the NFL thought a smart
jacket would lock up Jones’s defer-
ence, it was mistaken. Jones is go-
ing rogue at a vulnerable time. As
player protests continue, the league
continues to be beset by agitated
fans, skittish advertisers, jumpy
networks and a president who’s
more than happy to turn political
football…into a political football.
I do think a reality check is im-
portant here: the NFL still does
quite well. Everything else on TV
would love its ratings.
At the same time, audience hab-
its are changing radically. That has
nothing to do with protests. No
entertainment product is promised
tomorrow. That’s not a football
thing. It’s everything.
Meanwhile, too many games are
boring. And head-injury anxiety
isn’t going away.
Jones likely sees an opportunity
here, to capitalize on the public’s ir-
ritated mood. Are you Team Jerry—
or Team NFL Roger Goodell? It’s a
style war between a maverick and
the company’s company man.
It’s most delicious battle in
sports, and if it were up to me, it’d
be settled the old-fashioned way:
Gulfstreams at dawn.
BOB LEVERONE/ASSOCIATED PRESS
way.
“Jameer Nelson,” Walker said of
the journeyman guard now with
the Pelicans. “He would get down
and throw the ball places and go
after it. I watched him do that over
the years. That’s who I really got it
from.” Walker then named one of
his former teammates as inspira-
tion. “D.J. Augustin,” he said. “An-
other small guy.”
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.
Lois Lerner Doesn’t Trust You
In his court-
room apologia
in the film “A
Few
Men,”
Good
Jack
N i c h o l s o n ’s
Col. Nathan
MAIN
STREET Jessup made
the words fa-
By William
mous. Now, in
McGurn
her bid to
keep her tes-
timony in a recently settled
tea-party lawsuit against the
IRS secret, Lois Lerner has
picked up the Jessup argu-
ment: “You can’t handle the
truth!”
They used different words
but the meaning is the same.
Here’s how lawyers for Ms.
Lerner and her former IRS
deputy, Holly Paz, put it in a
filing aimed at persuading a
judge to keep their testimony
from becoming public: “Public
dissemination of their deposi-
tion testimony would expose
them and their families to ha-
rassment and a credible risk
of violence and physical
harm.” They’re not just think-
ing of themselves, they add.
Young children, family mem-
bers, might be hurt too.
That’s quite an argument.
So enraged would the Ameri-
can public become upon
learning what Ms. Lerner and
Ms. Paz said that they and
those around them would be
in physical peril. Which prob-
ably makes most people won-
der what the heck must the
two have said that would get
everyone so agitated?
The Washington Times,
which broke the story, notes
Fear American Complacency, Not China
By David Kline
T
he last time I visited
China, I had tea with
Deng Xiaoping. It was
1978, and the Chinese leader
outlined for me a plan to mod-
ernize his country by unleash-
ing its enormous entrepre-
neurial energies. At the time, I
thought his approach seemed
pie-in-the-sky.
But today, having just re-
turned from my first visit to
China in 40 years, I’m a be-
liever. Back when I met Deng,
the number of private auto-
mobiles in all of China could
be counted in the thousands.
Today there are about 200
million. Since 1978, China’s
economy has grown more than
5,000%, and the disposable in-
come of its citizens has sky-
rocketed. By 2030, China
could surpass the U.S. to be-
come the biggest economy in
the world.
The size of China’s econ-
omy, though, isn’t what
should worry President
Trump. It’s China’s entrepre-
neurial dynamism—its in-
tense drive for innovation—
that poses the greatest threat
to America’s economic lead-
ership. No longer a nation of
“copycat” industries, China
today leads the U.S. in a
number of vital sectors, in-
cluding mobile payments, ad-
vanced microchips and artifi-
cial intelligence.
More than 10,000 new busi-
nesses are registered every
day in China. That’s seven
startups a minute. In the U.S.,
A Substitute for ‘Complaint Free Wednesday’
By Jerry Cianciolo
W
ith Thanksgiving ap-
proaching, here’s a
question: In the course
of an average week do you
spend more time complaining
or complimenting? For most of
us, it’s probably no contest. If
we wore hissy Fitbits, we’d all
be startled at the number of
times we grouse about minor
annoyances.
Not that complaining is
fruitless. As “Caveman Logic”
author Hank Davis has argued,
there is a certain joy to railing
against perceived wrongs, and
activists might even identify
like-minded grumblers to pro-
mote change. At the very least,
carping about the weather,
poor service or long checkout
lines is an easy conversation
starter.
But as with most things
there may be a downside to
complaining and the agitation
that accompanies it. Stanford
professor of neurology Robert
Sapolsky has conducted exten-
sive research on stress hor-
mones. “If you turn on the
this is not the first time Ms.
Lerner has sought to keep the
public in the dark about her
actions. In 2014, when asked
to testify before Congress
about the IRS targeting, she
declared her innocence—and
then invoked her Fifth
Amendment right to keep
quiet.
Even this latest request to
federal Judge Michael Barrett
is a follow-up to one she made
back in May. At the time,
Judge Barrett said he saw
good reason to limit access to
the attorneys during discovery.
But he also said that the par-
ties could eventually ask that
it be made public—the Cincin-
nati Enquirer has also asked
for the seal to be lifted—and
the burden would be on Ms.
Lerner and Ms. Paz to prove
why it shouldn’t.
It’s hard to see what that
case would be. By contrast,
what a crippling precedent it
would be if government offi-
cials from powerful agencies
such as the IRS were permit-
ted to keep their abuses secret
on grounds they fear that the
people whom they are sup-
posed to serve might be upset
if they found out.
There can be good reasons
to keep a deposition sealed,
from ensuring the privacy of
the innocent to protecting the
life of a mafia informant. But
Ms. Lerner is no innocent. In-
deed, given all the falsehoods
that have been spread in an
effort to whitewash what the
IRS had done, the case for
transparency becomes even
more compelling here.
unfortunately, the entrepre-
neurial itch seems to have
faded. Today barely 8% of all
businesses are startups less
than a year old, down from
roughly 12.5% in 1980. That
should concern every Ameri-
can, given that startups are a
nation’s engine of economic
progress, not to mention its
primary job creator.
Typical of Chinese business
zeal is Xiaomi (sha-oh-mee),
the Chinese smartphone maker
founded in 2010. It is growing
so fast, as Strategy Analytics
Today just 8% of U.S.
businesses are
startups, down from
about 12.5% in 1980.
noted earlier this month, that
by next year, “if current mo-
mentum continues, Xiaomi
could catch or overtake OPPO,
Huawei and Apple to become
the world’s second largest
smartphone vendor.” (Samsung
is the first.) Even more sur-
prising, Alvin Tang, an analyst
at Seeking Alpha, suggested in
September that Xiaomi should
be valued at $69 billion—which
would make it the world’s most
valuable startup, slightly ahead
of Uber.
Xiaomi also shows the origi-
nality and bold experimental-
ism of Chinese businesses. Be-
yond smartphones, Xiaomi’s
network of over 100 partner
startups has created everything
stress response chronically for
purely psychological rea-
sons”—such as by constantly
worrying about pleasing a
boss—“you increase your risk
of adult onset diabetes and
high blood pressure,” Mr. Sa-
polsky told his school’s news
service in 2007.
That idea didn’t
catch on, but why not
count compliments?
Rep. Emanuel Cleaver (D.,
Mo.) once saw a palliative role
for the federal government. In
2009 he introduced H.Con.Res.
155 to designate the day be-
fore Thanksgiving as “Com-
plaint Free Wednesday.” Mr.
Cleaver’s resolution estimated
that Americans complained,
on average, up to 30 times a
day, “resulting in roughly
4,500,000,000 complaints spo-
ken every day.” It encouraged
“each person in the United
States to remember that hav-
ing a positive life begins with
OPINION
On the flip side, the evi-
dence for fear seems over-
blown. Ms. Lerner and Ms. Paz
cite Mark Meckler, a tea party
leader whom they say stoked
feelings against them by call-
ing IRS workers “thugs” and
saying “we’re going to have a
lot of fun abusing these gov-
ernment employees.”
Mr. Meckler told the Times
he’s not impressed. “Four
years of harassing innocent
American citizens for their po-
litical beliefs, and she’s scared
‘You can’t handle the
truth,’ the former IRS
official tells the
American people.
of a guy in a cowboy hat talk-
ing to a bunch of little, old la-
dies at a tea party event?”
And if her fears are legitimate,
aren’t there other ways of
protecting her?
In 2015, the Obama Justice
Department declined to prose-
cute, explaining in a letter to
Congress it “found no evi-
dence that any IRS official
acted based on political, dis-
criminatory, corrupt or other
inappropriate motives that
would support a criminal
prosecution.” But when Attor-
ney General Jeff Sessions an-
nounced settlements of two
lawsuits last month, he con-
firmed the IRS during the
Obama years had targeted or-
ganizations for political be-
liefs and not bad behavior.
from fitness bands to air purifi-
ers to rice cookers. Many of
these products are internet-en-
abled and designed to comple-
ment Xiaomi-made phones and
smart TVs. They’re also tightly
integrated with the online ser-
vices that Xiaomi offers, such
as games and microloans. Oh,
and Xiaomi also runs its own
stores, which inspire in many
Chinese consumers a Costco-
style loyalty.
The complete package is
more customer-centric than
anything I’ve seen in the U.S.
They like to call it “the Xi-
aomi way,” for lack of a bet-
ter term. “We don’t yet have
the language to describe ex-
actly what we do,” a senior
vice president, Wang Xiang,
told me.
China’s entrepreneurs have
been fueled by reforms in re-
cent years that strengthened
intellectual property rights—
ironic for a country long ac-
cused of stealing trade secrets
and ignoring IP protections.
Today Chinese companies are
filing for more patents than
American ones. The patent ap-
plication and examination
process has been streamlined,
and China has established spe-
cialized intellectual property
courts and tribunals to adjudi-
cate lawsuits and issue injunc-
tions against infringers. “IP
infringers will pay a heavy
price,” President Xi Jinping
warned this summer. In Au-
gust, the shoe company New
Balance won $1.5 million from
Chinese shoemakers who had
infringed its logo. The amount
having a positive attitude.”
Capitol Hill curmudgeons
weren’t swayed and the reso-
lution failed to pass.
If complaining is the ham-
burger of everyday life, then
complimenting is the Kobe
beef. Rarely do we serve up sa-
lutes like the one I observed
recently on a Manhattan sub-
way.
As he fielded alerts from
headquarters, the train opera-
tor was also coping with a
jammed door, monitoring an
argument in the rear, and
sniffing around his control
board for an alarming electri-
cal smell. A commuter stand-
ing nearby took note. “You’re a
great multitasker,” he said.
“You can handle anything they
throw at you.” Hearing these
words, the operator regained
his composure instantly. “Try-
ing not to let it get the best of
me,” he said, flashing a smile
and feeling in control again, as
pleased as if he’d found a hun-
dred-dollar bill.
Funny enough, that’s the ef-
fect praise has on us, accord-
ing to a 2012 study. “To the
In some senses, this battle
is because Congress did not do
its job. It started down the
right path when it held hear-
ings, but once Ms. Lerner in-
voked the Fifth, then-Speaker
John Boehner blinked. Instead
of using Congress’s own pow-
ers—including its right, after
she was found in contempt, to
jail her until she talked—he
settled for passing the buck to
the Obama Justice Department
with a recommendation for a
prosecution everyone knew
would never come.
Congress is still paying for
that dereliction of duty. The
various House and Senate in-
vestigations have been frus-
trated by lack of cooperation
from relevant parties, includ-
ing federal agencies such as
the FBI. Surely Republicans in-
vestigating everything from
Hillary Clinton’s emails to Rus-
sia’s mischief in the 2016 elec-
tions would today enjoy far
more cooperation from the rel-
evant parties had they exer-
cised their full authority in the
Lerner case. If we ever hope to
restore the accountability the
Constitution built into the sys-
tem and avoid the corrupting
habit of turning to special
prosecutors, Congress is going
to have to get serious about its
authority as a coequal branch
of government.
Meanwhile, in this case the
plaintiffs, the government and
a newspaper all say they are
for disclosure. Is a judge really
going to buy Ms. Lerner’s ar-
gument that the American peo-
ple can’t handle the truth?
Write to mcgurn@wsj.com.
might seem small by U.S. stan-
dards but represents the larg-
est trademark-infringement
verdict ever handed down in
China.
In the U.S., by contrast, a
series of legislative actions and
Supreme Court rulings have
weakened patent rights, espe-
cially for startups. A new way
of challenging patents called
“inter partes review” results in
at least one patent claim being
thrown out in roughly 80% of
cases, according to an analysis
by Adam Mossoff, a law pro-
fessor at George Mason Uni-
versity. Unsurprisingly, many
of these cases were brought by
defendants facing patent in-
fringement lawsuits in federal
court.
This does not bode well for
America’s global competitive-
ness. The U.S. used to rank
first among nations in the
strength of its intellectual
property rights. But the 2017
edition of the Global IP Index
places the U.S. 10th—tied with
Hungary.
Hungary?
Here’s my advice to Mr.
Trump: Worry less about what
China is doing and more about
America’s declining entrepre-
neurship. As for Chinese theft
of intellectual property, it isn’t
half as worrisome as the dam-
age the U.S. is doing with its
own self-destructive patent
policies.
Mr. Kline is a journalist and
author of “Rembrandts in the
Attic” (Harvard Business
Press, 1999).
brain, receiving a compliment
is as much a social reward as
being rewarded with money,”
said one of the authors, Nori-
hiro Sadato of the National In-
stitute for Physiological Sci-
ences in Japan. It activates the
same area of the brain, the
striatum.
Proof of praise’s salutary ef-
fect comes from a 2015 work-
ing paper at the Harvard Busi-
ness School, which found that
compliments led people to
have “positive changes in their
physiology, creative problem
solving, performance under
pressure, and social relation-
ships.” No wonder Mark Twain
once wrote “I can live on a
good compliment two weeks
with nothing else to eat.”
With Thanksgiving here, of-
fering a few compliments
might not be as weighty as
passing a House resolution.
But you needn’t wait for an act
of Congress to brighten the
lives of those around you.
Mr. Cianciolo is chief editor
of Emerson & Church, Publish-
ers in Medfield, Mass.
Tuesday, November 21, 2017 | A15
BOOKSHELF | By Philip Delves Broughton
A Leap
Of Faith
Who Can You Trust?
By Rachel Botsman
(PublicAffairs, 322 pages, $27)
W
hen the founders of Airbnb first pitched their idea to
investors, the responses ranged from incredulous to
dismissive. It’s one thing for people to buy and sell
with strangers on eBay, prospective backers would say, but to
invite people you meet online to stay in your home? How long
before a host ended up dissolved in acid and washed down the
kitchen sink?
It turned out that millions of people were willing to give
the concept a go, provided they could trust that they wouldn’t
be exploited. “We bet our whole company,” Joe Gebbia, one of
Airbnb’s co-founders, said, “on the hope that, with the right
design, people would be willing to overcome the stranger-
danger bias.”
Rachel Botsman, a visiting scholar at Oxford’s Saïd Busi-
ness School, has studied trust for several years and defines it
as “a confident relationship with the unknown.” It is the sib-
ling of risk. It inspires us to take a leap, to pay hundreds of
dollars up front for a room in
a stranger’s house, to hop into
a private car instead of hailing
a certified taxi. And thanks in
part to the internet, the way
we come to trust others has
been undergoing a fundamen-
tal change. “The real disrup-
tion” going on right now, Ms.
Botsman argues, “is not tech-
nology itself, but the massive
trust shift it creates.”
Trust, Ms. Botsman explains,
began as a “local” phenomenon,
generated within and bounded by
the small communities where
people used to live. Then it became
“institutional,” determined by contracts, courts,
governments and companies. Whereas trust “used to flow
upwards to referees and regulators, to authorities and
experts, to watchdogs and gatekeepers,” that kind of trust has
been eroding in recent years. A 2015 survey by Harvard’s
Institute of Politics, for example, found that 75% of millennials
“sometimes or never” trust the federal government to do the
right thing, while 88% “sometimes or never” trust the media.
Now trust is more “distributed,” Ms. Botsman says, littered
across social networks and Yelp reviews, flowing more
“horizontally, in some instances to our fellow human beings
and, in other cases, to programs and bots.”
Ms. Botsman gives three reasons for the recent collapse of
trust in institutions: the increasing number of people in posi-
tions of power caught abusing our trust and then escaping
punishment; the expanding power of digital technology and
its effect of “flattening hierarchies” and eroding our faith in
the “elites”; and the increasingly isolated “cultural ghettoes”
and “echo chambers”—pockets within social media, for in-
stance—that focus our trust mainly toward the like-minded.
The recent spate of allegations of sexual aggression by power-
ful men and the diverse responses to them are one example of
trust being eroded by a lack of accountability.
Smartphones, social networks and all our digital
gossip and griping are altering the way we learn
to trust others and assess risky behavior.
It’s not clear, however, that many elites are all that concerned
about losing our trust. I’d be amazed if the revelations of the
Panama or Paradise Papers, for example, persuaded the world’s
plutocrats to do anything but tap their brakes on offshore in-
vesting before continuing to the nearest Christie’s showroom.
But there does seem to be a strong link between the narcis-
sism fed by Facebook, Instagram, Twitter, etc., and mistrust.
Two-thirds of people now get their news from social media.
Can we rely on social media to police itself and become wor-
thy of our trust? Should we even expect them to? In February,
Mark Zuckerberg posted an essay on Facebook saying: “There
are questions about whether we can make a global community
that works for everyone, and whether the path ahead is to
connect more or reverse course.” The subtext, of course, was
that Facebook has the answer.
Ms. Botsman isn’t so sure. There’s no question that tech
giants like Facebook and Google are on the front lines of
modern trust. But the author is suspicious. She calls Mr.
Zuckerberg’s company a “system that makes it easy for almost
a third of the world’s population to gossip and gripe, share
and like, even if the content is false, and without proper
checks and balances or any real redress.”
Ms. Botsman has culled a number of wonderfully illustra-
tive examples of how the shift in trust is changing our world,
for better or worse—from the promise of blockchains to
transform financial services with highly shareable, computer-
coded data to the innovative ways that online babysitter ser-
vices are engaging parent-clients.
She reports on the Chinese government’s plan to create a
Social Credit System, in which people are given trust scores
based on their daily activities: where they shop, their social
activities, how long they spend watching television or playing
video games, their spending habits, their health. It’s horribly
Orwellian, but China’s plan is to “accelerate the modernization
of governmental governance capacity,” turning it into a
sharper, more personalized tool. People who don’t rate well
won’t be hired for certain jobs, will be barred from the civil
service and will even find it hard to enroll their children in the
best schools. But people who do rate well will find life easier.
There will no longer be any dividing line between what people
choose to do in private and what they do in public. Everything
will be watched and rated.
But one man’s “Orwellian” is another man’s “transparent.”
Ms. Botsman cites Tala, a lender that offers low-interest loans
to customers through a mobile app. It creates a financial profile
for customers based on 10,000 data points culled from the
phone of applicants—from spending habits and consistency of
income to the size of their address book (and whether entries
are listed by first and last names, a sign of care and attention)—
as determinants of trustworthiness. This system has proved as
valid as any credit score in establishing their likelihood to repay.
Ms. Botsman has found a rich theme here and a fascinating
way of interpreting technological change. Blockchain technol-
ogy today, she writes, is where the internet was in 1993 and
likely to be just as influential. Meanwhile, China’s nationwide
Social Credit System is a scant two years away from launch.
At this rate, Ms. Botsman will have to update her book every
few months to stay relevant.
Mr. Delves Broughton is the author of “The Art of the Sale:
Learning From the Masters About the Business of Life.”
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A16 | Tuesday, November 21, 2017 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Have They Got a Bond for You Should Rich College Endowments Be Taxed?

S
tate and local governments pledge their Hence, Connecticut lawmakers recently au- In their misguided piece about col- I chair the finance committee of
full faith and credit to repay general obli- thorized bonds backed by state income taxes lege endowments, Profs. Thomas Gil- Princeton University’s board of trust-
bert and Christopher Hrdlicka defend ees. Princeton uses its endowment
gation bonds, but politicians in Chicago as a substitute for GOs. The budget noted that
a proposed tax on college and univer- earnings to fund fully half of each
and Connecticut realize their “the new type of borrowing sity endowments and suggest that this year’s operating budget and to help
word is depreciating in value. Connecticut and authorized in the bill may be will help save colleges and universities support major initiatives like ex-
Thus they’re pitching a debt Chicago borrow a debt viewed more favorably in (“A Hedge Fund That Has a Univer- panding the number of students we
arbitrage to reduce their bor- bond markets because it is sity,” op-ed, Nov. 14). Sadly, this dem- enroll, ensuring affordability for stu-
rowing costs. trick from Puerto Rico. linked directly to a large and onstrates a fundamental misunder- dents from all income backgrounds
As part of Illinois’s slow- relatively stable revenue standing of how endowments work and expanding our teaching and re-
rolling bailout of Chicago, source.” Hmmm. and the role they play in funding the search in fields like engineering and
Democrats in Springfield this summer allowed Income-tax revenues in Connecticut have re- very educational opportunities the au- data science.
the city to issue bonds securitized with $700 mil- peatedly fallen short of estimates due to tepid thors purport to support. Far from Under our financial-aid program
lion or so in annual sales tax revenue. Creditors economic growth. Last year they were off by helping higher education, this plan families with incomes below $160,000
will inevitably diminish the resources pay no tuition and families with in-
would have a legal lien on the revenues. Chicago $530 million. Perhaps Democrats consider this
available for student financial aid, comes up to $300,000 can receive
plans to start floating the sales-tax bonds next a rounding error on a $3.5 billion deficit. Chi- teaching and research. some aid. No one is required to bor-
month to refinance existing debt. cago has reassured investors that the new “cor- Endowments are not “rainy-day row, and even our students who don’t
The bonds will be cheaper to finance than poration would be considered bankruptcy-re- funds,” stashed away as a buffer. En- qualify for financial aid pay only about
Chicago’s junk-rated GO bonds, which carry a mote” (our emphasis). However, “in the dowments are designed to provide a half of what their education costs. The
3.5% premium over top-rated municipal securi- unlikely event of a municipal bankruptcy, bond- stable and perpetual source of funding other half is covered by the earnings
ties. Fitch has rated Chicago’s sales tax bonds holders would still be paid.” Not so fast. that underwrites the operation of an from the endowment.
AAA, which is an insult to every triple-A issuer Puerto Rico likewise established a special institution. A federal tax on Princeton’s endow-
including the U.S. Treasury. (Fitch still rates public corporation in 2006 to issue sales-tax “Co- Here’s a simple way to think about ment earnings would drain away tens
Treasurys triple-A, unlike Standard & Poor’s.) fina” bonds, which were billed as more secure it. A tax is a tax. A tax on endowments of millions of dollars that now support
While the city noted in a recent presentation than debt paid from the commonwealth’s operat- will take money from institutions of teaching, research and scholarships.
higher education and transfer it to the C. JAMES YEH
that “ratings agencies rate bonds issued by spe- ing fund. And for a time that appeared true as federal government to help finance Trustee, Princeton University
cial-purpose corporations highly because they politicians raised the sales tax (which was later corporate tax cuts. So while it’s true Princeton, N.J.
are more legally secure than a normal bond,” converted into a VAT) to repay creditors. that an endowment tax would “bene-
that hasn’t historically been the case. But last year Puerto Rico’s governor issued fit” someone, it would not be colleges There is no reason to believe that
Securitized bonds issued by special public a debt moratorium, which led Congress to im- or their students. a 1.4% excise tax on net investment
corporations were once considered less safe pose a fiscal control board and create a quasi- TED MITCHELL income will influence the endowment
than GO bonds because their revenue bases are Chapter 9 bankruptcy process. Cofina and GO President manager to invest in a way that
narrower and can shrink over time. Consider the bondholders are now vying for the same, small American Council on Education would reduce the investment risk. It
2011 bankruptcy of Jefferson County, Alabama, pool of money, and both will be lucky to get half Washington may actually do the opposite. The
which resulted from political corruption at its of what Detroit bondholders recovered. second issue is one of freedom of
Endowments are relied on to gener- choice. Donors, for the most part,
over-leveraged sewer system. Illinois could authorize Chicago to declare
ate earnings that are used year in and know what they are doing when they
Detroit’s Chapter 9 bankruptcy in 2013 set a bankruptcy in the future, and while states can’t year out to support teaching, research make a donation to the endowment
precedent by subverting GO bondholders to pay declare bankruptcy, Connecticut could try to re- and financial aid. The authors’ pro- of their beloved university. Should
public workers and retirees. Prior to Detroit, negotiate the terms of its debt. In the event of a posal that universities should pursue the federal government be empow-
creditors considered GO bonds sacrosanct and default, GO bonds in both places would be less se- an investment policy that “generates ered to make judgments on how that
figured courts would compel local governments cure because of competing creditor claims. almost no investment income” would money should be spent or invested?
to raise taxes or cut pensions to repay them. Investors thirsty for yield may take Chicago be dreadful advice. Universities seek to On that, honorable men may differ,
That assumption proved incorrect. So creditors and Connecticut up on their proposition, but maximize returns with prudent levels but a small excise tax will have little
are now demanding higher yields for GO bonds they shouldn’t complain later if these bets turn of risk precisely so that they have the or no influence.
issued by fiscally irresponsible governments. out to be bad political risks. Caveat creditor. resources they need to pursue their KELLY RUSHING
educational and research missions. Houston

North Korea, Terror Sponsor

P
resident Trump has pledged to avoid the dency, George W. Bush removed Pyongyang from Fossil Fuel to Renewables, Not Horses to Cars
mistakes of his predecessors and stop the terror list in 2008 as part of then Secretary Profs. Lee E. Ohanian and Ted the end of the century there was too
North Korea from amassing a nuclear ar- of State Condoleezza Rice’s forlorn bid to woo Temzelides recount the story of the much supply and stable owners had
senal, and on Monday he took the North into nuclear disar- environmental crisis that hit cities in to pay licensed haulers to haul it
another symbolic step by re- Trump corrects a Bush mament. Pyongyang pocketed the late 1800s—namely excess horse away. The cost of handling the ma-
storing Pyongyang to the State the concession and promised manure—and how it was solved by nure was a strong incentive to switch
Department’s list of state spon-
mistake and calls the to end its nuclear program the introduction of automobiles (“My to automobiles and trucks. Here is
North what it is. Kingdom for a Renewable Energy where the analogy with fossil fuels
sors of terrorism. The designa- even as it continued work in
Source,” op-ed, Nov. 13). They use breaks down.
tion has as much moral as prac- secret. The North has con- this story to imply that free markets Those who burn fossil fuels and
tical impact but is still welcome ducted six nuclear tests, fired and innovation will lead to a transi- produce air emissions of particulates,
as diplomatic truth in advertising. ballistic missiles over Japan, and will before tion away from fossil fuels toward heavy metals and carbon dioxide can
“In addition to threatening the world by nu- long be able to reach the continental U.S. with cleaner technology, if only the gov- simply cast their modern-day manure
clear devastation, North Korea has repeatedly a nuclear-armed missile. ernment would get out of the way. to the winds. If the same person who
supported acts of international terrorism, includ- The re-listing highlights the North’s criminal They neglect, however, an important produced air emissions by burning
ing assassinations on foreign soil,” Mr. Trump said behavior and will further isolate the regime. Sec- government intervention that en- fossil fuels was also the one who bore
Monday. He could have been referring to the mur- retary of State Rex Tillerson said Monday he couraged the switch from horses to the costs of those emissions, for ex-
der of Kim Jong Un’s half-brother with VX nerve hopes the re-listing will “disrupt and dissuade automobiles. ample, through a price on emissions.
agent at an airport in Malaysia in February, but some third parties from undertaking certain ac- A draft horse typically worked Then the free market would have the
only four hours a day. During the correct incentives to develop and
there is no shortage of terror episodes. tivities with North Korea.”
other 20 it produced its manure in its adopt innovative, clean, cheap energy
Ronald Reagan put North Korea on the list in All of this is part of the larger U.S. effort to stable, the owner of which was obli- sources.
1988 after Pyongyang’s agents assassinated four cut off the financial and other lifelines that have gated by law to properly dispose of PROF. RICHARD READY
members of South Korea’s cabinet in Burma and made a mockery of United Nations sanctions and manure. In the early 1800s farmers Montana State University
bombed KAL Flight 858, killing 115 passengers. allowed the Kim crime family to buy off the mili- would pay to get the manure, but by Bozeman, Mont.
U.S. intelligence agencies believe the North was tary and survive in power despite the North’s im-
behind the 2014 cyberattack on Sony Pictures af- poverishment. Mr. Trump said the Treasury will
ter a Sony comedy mocked dictator Kim Jong Un. issue a new set of sanctions on Tuesday that may Menu-Label Cops Fulfill the Climate, Weather and the
The North is also believed to have helped Syria further squeeze countries or companies that do Desire of Most Consumers Progressive World View
build a nuclear-weapons plant that Israel business with the North.
bombed in 2007. And don’t forget the kidnap- The conventional wisdom is that the North Public-health experts beg to differ Regarding Roger Pielke Jr.’s “A
with your implied trivialization of Litigious Climate Threatens Scien-
pings of Japanese civilians and assassinations will never give up its nuclear program, but the
calorie labels and the diabetes, heart tific Norms” (op-ed, Nov. 16): As a
of dissidents abroad. only way to test that claim is by squeezing the disease and cancer that poor nutri- meteorologist specializing in numer-
In an embarrassing moment of his Presi- regime as hard as possible on every front. tion causes (“The Menu Label Cops ical weather prediction (the com-
Win,” Review & Outlook, Nov. 14). puter models that make your daily
These are pressing public-health is- weather forecasts), I, too, have
Angela Merkel’s Failing Center sues worthy of the Food and Drug “worked alongside climate research-

C
Administration’s time. ers” since the 1990s.
hancellor Angela Merkel’s negotiations ing 13% share of the vote in September because The antimenu-labeling bill in Con- Whereas Mr. Pielke finds climate
to form a new coalition collapsed on it promised to be an alternative. And having gress wouldn’t just provide a little scientists, in his excellent commen-
Sunday night, and good riddance. What- punished the FDP in 2013 for bowing too much flexibility for tary on the dangers of taking scien-
pizza makers, it tific disagreements to the courts,
ever else German voters to Mrs. Merkel in a previous
Pragmatism isn’t would make “not particularly political,” my ob-
wanted in September’s murky coalition, voters also rewarded calorie infor- servation is that many are very po-
election, they hoped for more practical when it fails Mr. Lindner with nearly 11% mation mean- litical and of these nearly all are left
political competition. An im- for defending his low-tax, low- ingless and un- to hard-left of center.
plausible coalition of the to inspire voters. regulation views aggressively available to the Climate doesn’t exist in the same
barely willing is the wrong this time around.
ISTOCK

majority of res- way as weather. It is an abstraction

way to deliver. This is what normal demo- taurant, super- subject to no specific physical law,
Conventional wisdom for months over- cratic politics looks like. Mrs. Merkel’s best way market and and as a human idea climate can
looked problems with a so-called Jamaica co- forward is to call a new election and run on an convenience-store customers. Restau- and is readily politicized to the
alition—so labeled because the colors of the agenda to unite and elect a center-right coali- rants could deny their in-store cus- point of becoming a matter of faith
participant parties resemble a Caribbean flag. tion, or step aside to let someone else try. Ger- tomers nutrition information if half or belief.
their orders come as takeout. Super- If rain runoff can be taxed in
Mrs. Merkel wanted to unite the left-wing man pundits say the polls predict another
markets that sell restaurant-type Maryland, is it any wonder that the
Greens and the free-market Free Democrats murky outcome, but a different campaign might food could hide calorie information in science of climate change wouldn’t
(FDP) in a government with her center-right yield different results. less-visible locations, and all chains be litigated in the judiciary?
Christian Democrats (the CDU and Bavarian A campaign making ideological commit- could use arbitrary serving sizes to MIKE FIORINO, PH.D.
CSU). No one could say to what end this motley ments about how she wants to govern would mask total calorie content. The indus- Boulder, Colo.
crew would govern, and the parties couldn’t give voters something to endorse. The center- try has long whined that menu label-
agree on tax rates, green and coal energy, and left Social Democrats already seem to under- ing is impossible, yet the top-50 res-
especially immigration. stand this, which is why they are refusing to re- taurant chains are now doing it, Pepper ...
Mrs. Merkel appears to have used the coali- peat the last four years and form another including a number of pizza chains.
The overwhelming majority of
And Salt
tion talks mainly to deploy the Greens as a po- coalition with Mrs. Merkel and are developing
litical shield for her own bad instincts on taxes their own agenda. Americans want calorie labeling so THE WALL STREET JOURNAL
they can make their own decisions
and migration from attacks by her right flank. Mrs. Merkel could also try to govern in a mi-
about how many calories to eat. And
FDP Leader Christian Lindner has performed a nority coalition with either the Greens or the they’ve waited long enough. It’s time
public service by ending the coalition talks. “We FDP. Then at least she might rule based on some Big Pizza, supermarkets and conve-
were elected to bring about change,” he said coherent principles. But the Bavarian CSU is nience stores stop lobbying and start
Sunday. “It’s better not to govern than to gov- facing a challenge in local elections next year labeling.
ern wrongly.” from the AfD and seems unlikely to tolerate a MARGO G. WOOTAN
If only Mrs. Merkel would heed that advice. coalition with the Greens. A new election seems Center for Science in the Public
She’s in this jam because her political method a better prospect. Interest
prioritizes consensus politics over principle. Germans are said to recoil from an election Washington
That’s often called pragmatism, but it’s not very do-over for the first time in the postwar era,
practical when she leaves voters so bored and and after their fraught history of instability in Letters intended for publication should
confused by her milquetoast campaigns that the 1920s and ’30s. They deserve more credit be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
they deny her a majority or at least a plausible for their democratic transformation over the or emailed to wsj.ltrs@wsj.com. Please
coalition. past 70 years. The real threat now is less elec- include your city and state. All letters
Instead, voters weary of Germany’s storied toral uncertainty than the false sense of stabil- are subject to editing, and unpublished
consensus-based politics handed the right-wing ity embraced by Mrs. Merkel’s collapsing poli- letters can be neither acknowledged nor
returned.
Alternative for Germany (AfD) party a surpris- tics of the middle.
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. Tuesday, November 21, 2017 | A17

OPINION

The Hague Aims for U.S. Soldiers

By John Bolton the ICC; it would be toxic to demo- The ICC always had dramatically

F
or the first time since it
began operating in 2002,
the International Criminal
Court has put the U.S. in
its sights. On Nov. 3, ICC
Prosecutor Fatou Bensouda initiated
an investigation into alleged war
crimes and crimes against humanity
committed in Afghanistan since
mid-2003. This raises the alarming
possibility that the court will seek to
assert jurisdiction over American
citizens.
cratic sovereignty. different possible paths. First, it
The U.S. is not party to the Rome could become yet another embar-
Statute, the treaty establishing the rassing irrelevancy like the Interna-
ICC’s authority. Bill Clinton signed it tional Court of Justice or the U.N.
in 2000, when he was a lame duck. Human Rights Council. That has
But fearing certain rejection, he did been its lot so far. To date, the ICC
not submit it to the Senate. The has been feckless and often in disar-
Bush administration formally “un- ray, acquiring the justifiable reputa-
signed” in 2002 before the Rome tion from its caseload that it was a
Statute entered into force. That project by Europeans to prosecute
same year, Congress passed support- miscreants in their former African
ive legislation protecting U.S. ser- colonies. Burundi recently withdrew
vicemembers from the ICC, a law from the ICC, and others have come
that was decried by hysterical oppo- close.
nents as the “Hague Invasion Act.” Second, the ICC could go rogue—

A ‘war crimes’ inquiry in
Afghanistan shows the
danger of the International
Criminal Court.
Located in The Hague (alongside
such dinosaurs as the International
Court of Justice, which decides
state-versus-state disputes), the ICC
constitutes a direct assault on the
concept of national sovereignty, es-
pecially that of constitutional, repre-
sentative governments like the
United States. The Trump adminis-
tration should not respond to Ms.
Bensouda in any way that acknowl-
edges the ICC’s legitimacy. Even
merely contesting its jurisdiction
risks drawing the U.S. deeper into
the quicksand.
The left will try to intimidate
the White House by insisting that
any resistance to the ICC aligns the
U.S. with human-rights violators.
But the administration’s real align-
ment should be with the U.S. Con-
stitution, not the global elite. It
would not be “pragmatic” to accept
The U.S. then entered into more than
100 bilateral agreements committing
other nations not to deliver Ameri-
cans into the ICC’s custody.
Secretary of State Condoleezza
Rice later weakened America’s oppo-
sition to the ICC. Barack Obama
manifestly longed to join but none-
theless did not re-sign the Rome
Statute. Thus the U.S. has never ac-
knowledged the ICC’s jurisdiction,
and it should not start now. Amer-
ica’s long-term security depends on
refusing to recognize an iota of legit-
imacy in this brazen effort to subor-
dinate democratic nations to the un-
accountable melding of executive and
judicial authority in the ICC.
Proponents of global governance
have always wanted to turn the U.S.
into just another pliant “member”
of the United Nations General As-
sembly or the ICC. They know that
America’s exceptionalism and com-
mitment to its Constitution were
among their biggest obstacles, but
they hoped to cajole Washington
into joining one day. The new Af-
ghanistan investigation demon-
strates why that vision needs to be
confronted now and conclusively
defeated.
The International Criminal Court in The Hague, Netherlands.
The U.S. has done more than any
other nation to instill in its civilian-
controlled military a respect for hu-
man rights and the laws of war.
When American servicemembers vi-
olate their doctrine and training—
which can happen in any human in-
stitution—the U.S. is perfectly
capable of applying our own laws to
their conduct. These laws and proce-
dures do not need to be second-
guessed by international courts, es-
pecially ones that violate basic
rights guaranteed by the U.S. Consti-
tution, like trial by jury.
Moreover, the Rome Statute’s real
targets always have been not merely
individual soldiers accused of war
crimes, but their commanders and
political leaders—all the way to the
commander in chief of the global he-
gemon (as they resentfully see it).
The White House should not facilitate
these efforts to constrain and inhibit
ISTOCK/GETTY IMAGES
its ability to defend Americans.
The ICC prosecutor is an interna-
tionalized version of America’s “in-
dependent counsel,” a role originally
established in the wake of Watergate
and later allowed to lapse (but now
revived under Justice Department
regulations in the form of a “special
counsel”). Similarly, the ICC’s prose-
cutors are dangerously free of ac-
countability and effective supervi-
sion. They are not the superhero
“Justice League International.”
The ICC fits into no coherent rep-
resentative government structure,
which does not exist internationally.
It also fails a critical constitutional
test—the separation of powers—in
that the executive not only prose-
cutes but determines guilt or inno-
cence. Decoupling executive and judi-
cial powers is no mere constitutional
nicety; it is a critical mechanism for
restraining excesses.
which is what the potential prosecu-
tion of Americans represents. Pursu-
ing Washington, it seems, finally
became too hard for the ICC to re-
sist (having already investigated Is-
rael, which is once again the canary
in the mineshaft).
Under the idea of “complementar-
ity,” the ICC could defer to countries
that possess responsible law-en-
forcement mechanisms, which the
U.S. assuredly does. There are plenty
of real criminal states in the world
to keep the ICC busy, if it had the
wit to focus on them. That it doesn’t
speaks volumes.
America should welcome the op-
portunity, as in Churchill’s line about
Bolshevism, to strangle the ICC in its
cradle. At most, the White House
should reply to Ms. Bensouda with a
terse note: “Dear Madame Prosecu-
tor: You are dead to us. Sincerely,
the United States.” Other countries
wanted the ICC; let them live with it.
Mr. Bolton is a senior fellow at
the American Enterprise Institute
and author of “Surrender Is Not an
Option: Defending America at the
United Nations and Abroad” (Simon
& Schuster, 2007).

Why Philanthropies Needn’t Fear Tax Reform

By Suzanne Garment resembling those in the House bill. the Council on Taxes and Philan- what benefits the tax code conveys certainly be happier with an ex-
And Leslie Lenkowsky Under their worst-case scenario, in- thropy to advocate maintaining or on them for doing so. panded deduction. Especially if it

A
familiar and largely correct
narrative holds that tax re-
form always fails because cor-
porate special interests fight to pro-
tect the advantages their lobbyists
have written into existing law. Now
organizations representing the na-
tion’s charities are getting into the
act, lobbying Congress to preserve a
tax structure that they say maxi-
mizes charitable giving.
From the left-leaning National
Committee for Responsive Philan-
thropy to the more conservative Alli-
ance for Charitable Reform, the chari-
table world’s main concern is the
House bill’s proposal to double the
Individual donations to
charities grew 4% in both
2015 and 2016. That rate
will swamp any tax effects.
standard deduction to as much as
$24,400 per married couple. Today
around 30% of taxpayers choose to
itemize their deductions instead of
taking the standard deduction. Chari-
ties reasonably suspect that these
Americans would donate less if they
could no longer benefit from itemiza-
tion. Doubling the standard deduction
could drive the percentage of taxpay-
ers who itemize down to below 10%.
The Joint Committee on Taxation
estimates that doubling the standard
deduction could reduce the amount
of deductible charitable contribu-
tions by nearly $100 billion, from
$241 billion to $146 billion. But a
drop in the amount of deductible
gifts does not necessarily mean an
equivalent drop in actual giving.
No one can predict with certainty
how new non-itemizers might adjust
their expenditures if the House bill as
currently constructed passes the Sen-
ate and is signed into law. But in 2016
researchers from the Lilly Family
School of Philanthropy at Indiana Uni-
versity, with which we are affiliated,
analyzed several decades of data on
the responses to past tax-law changes
cluding an increase in the standard even extending the charitable deduc- By calling for an additional de- means they get to hang on to more
deduction and a cut in the highest tax tion system then in place. According duction for giving, charitable organ- of their hard-earned money next
rate, the analysts predicted a decline to tax historian Joseph J. Thorndike, izations are essentially arguing that year than they did this year.
in noncorporate donations of $13.1 one clergyman warned in 1944 that taxpayer funds should go to them
billion, or 4.6% of 2015 donations. Un- the standard deduction would re- instead of to the government. The Ms. Garment is a tax lawyer and
der more optimistic assumptions, the strict “personal freedom” and be a nonprofit and philanthropic world a visiting scholar at Indiana Univer-
predicted reduction was less than 2%. step toward “fascism.” That hasn’t may end up doing a lot of good with sity, where Mr. Lenkowsky is a pro-
A recent Tax Policy Center estimate of happened. Americans have contin- those extra funds, but the Ameri- fessor emeritus of public affairs and
the drop in giving was slightly larger, ued to give to charities no matter cans they aim to help would almost philanthropy.
between 4% and 6.5%.
Any net loss of contributions
would probably hurt the valuable
work that charities do but, recessions
aside, Americans have steadily in-
creased their giving despite numerous
tax law changes. Individual donations
increased by 4% in 2015 and another
4% in 2016. If donations continue to
increase at such rates, it won’t take
long to make up for changes brought 60 YEARS OF ADVENTURE
about by tax reform.
Nonetheless, the charity lobby is AND DISCOVERY
pushing hard for a “universal chari-
table deduction” allowing all taxpay-
ers, itemizers and non-itemizers, to
deduct contributions to charities. In-
dependent Sector, which represents
nonprofits and foundations, says
such a deduction would raise nearly
as much in new gifts as the House
bill would take away.
But the universal deduction idea
has problems. For one thing, it
would reduce federal revenue by an
estimated $13 billion and burden an
already overloaded Internal Revenue
Service bureaucracy with a greater
number of returns requiring audits.
More important, a universal charita-
ble deduction would violate the
widely acknowledged principle that
reform should create a simpler,
more neutral tax system.
Charities imagine themselves no-
bler than other interest groups be-
cause they look out for people. But
offering tax breaks to sectors of so-
ciety with worthy aims is a danger-
ous political game. Why shouldn’t
mortgage brokers, for instance, get
a tax break? They help people buy
homes, and homeownership is a cor-
nerstone of American social and
economic mobility.
When the standard deduction was
first proposed during World War II
to ease the process of tax collection,
churches and other charities formed

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A18 | Tuesday, November 21, 2017 THE WALL STREET JOURNAL.
 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
TECHNOLOGY: ROBOT MAKER SCOOPS UP $25 MILLION IN FUNDING ROUND B4
BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved. * * * *
S&P 2582.14 À 0.13% S&P FIN À 0.49% S&P IT À 0.28%
Retailers’ Wish: Beat Amazon
Wal-Mart and others azon. Others are rewarding
their most loyal customers or
offer earlier discounts marking store prices lower
and store prices lower than those online.
Amazon was the top prefer-
than items sold online ence for places to begin shop-
ping for the holidays, accord-
BY KHADEEJA SAFDAR ing to a September study of
3,785 respondents by NPD
Instead of copying Ama- Group Inc. The findings show
zon.com Inc.’s playbook, re- that shoppers are making pur-
tailers such as Wal-Mart chases earlier in the season,
Stores Inc. and Target Corp. and more people are feeling
are coming up with new tricks fatigue around holiday shop-
to maximize sales ahead of ping than in past years, with
Black Friday. 41% saying they would rather
Some are offering earlier plan an outing with family and
discounts to attract crowds friends than exchange gifts.
before competition heats up Maria Pugh of Delray
Thursday, and emphasizing Beach, Fla., said she plans to
products not available on Am- skip the rush on Black Friday
India’s Mahindra Wheels Out Deal in U.S.
ZUMA PRESS
ROLLING ON: Mahindra driver Felix Rosenqvist after a race in Morocco last year. The Indian auto maker has bought a plant in Michigan. B3
Uber in Pact for Self-Driving Volvos
BY WILLIAM BOSTON big tech firms have promised
broad deployment of robot cars
Volvo Cars said it agreed to in the near future, but all of the
supply Uber Technologies Inc. technology, regulations and legal
with a fleet of 24,000 self-driv- framework needed for the practi-
ing taxis beginning in 2019—one cal use of such vehicles aren’t yet
of the first and biggest commer- in place. Still, industry executives
cial orders for such vehicles. have predicted with increasing
The deal between Volvo, confidence that companies could
owned by China’s Zhejiang have such cars on the road in a
Geely Holding Group Co., and matter of years, not decades.
Uber was disclosed Monday as a Other car makers have signed
framework agreement without smaller, less specific deals to de-
financial terms. Such an order, velop and produce autonomous
though, would account for about cars, but Monday’s agreement
4.5% of Volvo’s current total represents one of the most con-
sales, based on 2016 figures, and crete deals between two big
is estimated to be worth more players in the field for the pro-
than $1 billion, a person familiar duction of a large number of real
with the situation said. cars. The promised delivery
The auto industry and many date—as little as two years
INSIDE
BIG FISH EATS OIL PULLS BACK
LITTLE FISH OVER DOUBTS
IN SUSHI DEAL ABOUT OUTPUT
RESTAURANTS, B5 ENERGY, B12
THE WALL STREET JOURNAL.
DJ TRANS À 0.41% WSJ $ IDX À 0.36%
and wait until Cyber Monday
to buy housewares and check
out deals for electronics on
Amazon. “The shopping malls
are too crowded,” the 48-year-
old attorney said. “For me, it’s
more about convenience.”
Amazon typically relies on
algorithms that scrape com-
petitors’ prices before auto-
matically matching or nar-
rowly undercutting them on
its website. The online com-
pany, which has long priori-
tized sales over profit, has re-
cently been covering the cost
of discounts on some items
sold by third-party merchants.
Such practices have paid off in
an environment where many
shoppers are constantly on
away—is also one of the first
hard deadlines that a significant
auto maker has set for rolling
out a working model.
Volvo has had a long-running
partnership with Uber to develop
self-driving cars, though it hit a
setback earlier this year. Pilot
projects around the U.S. were
temporarily halted after an early
version of a Volvo-Uber-devel-
oped vehicle flipped on its side
after an accident in Tempe, Ariz.
Police said the incident was
caused by a human driver of an-
other vehicle, not the Uber self-
driving car.
“We believe this is a new seg-
ment, a new business,” said
Volvo Cars Chief Executive Ha-
kan Samuelsson. Jeff Miller,
STREETWISE | By James Mackintosh
Long Bond, Not the Fed, Is Driving the Dollar
The foreign
exchanges
have a mes-
sage for cen-
tral bankers:
The short-
term interest rates they set
aren’t the big deal they once
were. After more than $12
trillion of quantitative easing
world-wide, currency mar-
kets are now more sensitive
to the gyrations of the long-
dated bonds vacuumed up by
the central banks—and that
makes them even harder to
predict than usual.
The change comes at a
LIBOR 3M 1.446
their smartphones making
comparisons.
“Online sales are tradition-
ally driven by price,” said An-
drew Schydlowsky, chief exec-
utive of TrackStreet, a pricing
consultancy. “Retailers and
brands are realizing that the
race to the bottom is very
dangerous and eventually de-
stroys the value of the prod-
uct,” he added.
For the first time, Best Buy
Co. offered hundreds of Black
Friday deals on televisions and
other devices in early Novem-
ber in hopes of driving sales
before the competition heats
up.
The electronics company
has a price-matching guaran-
Uber’s head of auto alliances,
said the agreement “puts us on a
path towards mass-produced
self-driving vehicles at scale.”
Under the agreement, Volvo
will supply Uber with what Mr.
Samuelsson called a “base car,”
based on Volvo’s popular XC90, a
luxury sport-utility vehicle that
seats up to seven passengers. De-
livery of the vehicles is set to be-
gin in 2019, with Uber calling up
vehicles each month through
2021.
The first taxis from the deal
will be built in Volvo’s factory in
Sweden. But the company plans
to produce the vehicles in the
U.S. as well, where Volvo is
building a new factory just out-
side Charleston, S.C.
delicate time for central
banks, with the U.S. tenta-
tively cutting its holding of
Treasurys and mortgage
bonds by $10 billion a month
and the European Central
Bank about to taper its bond-
buying program. A currency
market more focused on
long-dated bonds gives pol-
icy makers less control over
exchange rates and domestic
financial conditions than
usual, just at a moment when
they want to keep a firm grip
to avoid upset.
In the past, it was short-
term interest rates—and the
Tuesday, November 21, 2017 | B1
NIKKEI (Midday) 22488.62 À 1.02%
tee, but the offer doesn’t apply
to items on sale Thanksgiving
through Monday. Toys “R” Us
Inc., which filed for bank-
ruptcy protection in Septem-
ber, also gave shoppers early
access to Black Friday deals.
Target, after a weak holiday
performance last year, cut
prices this year on thousands
of items, including cereal, pa-
per towels and razors. Those
moves helped in the past two
quarters, pushing the company
back to positive sales growth.
In the months leading up to
the holiday, the company has
shifted away from “up and
down” pricing moves, stream-
lining the number of promo-
Please see PRICES page B2
Charlie Rose Is Hit
By Sexual Allegations
BY MARIA ARMENTAL
Longtime television journalist
Charlie Rose has been sus-
pended by CBS and his trade-
mark interview show pulled
from PBS and Bloomberg fol-
lowing allegations published by
the Washington Post that he sex-
ually harassed several women.
Mr. Rose, 75 years old,
best known for long-form in-
terviews, is the executive edi-
tor and host of “Charlie
Rose,” which has appeared
nightly on Public Broadcasting
Service stations and in prime
time on Bloomberg Television.
He also co-hosts the CBS
Corp. morning show “CBS
This Morning” and is a con-
tributing correspondent to
CBS’s “60 Minutes.”
PBS and Bloomberg LP said
Monday they were suspending
distribution of the “Charlie
Rose” show in light of the alle-
gations. CBS said Mr. Rose was
suspended while the company
looked into the matter.
The Post said the women ei-
ther worked or aspired to work
for Mr. Rose at the “Charlie
Rose” show from the late 1990s
to as recently as 2011.
“I deeply apologize for my
inappropriate behavior,” Mr.
Rose said in a statement
posted on his Twitter account.
“I am greatly embarrassed. I
Charlie Rose on Twitter apologized for ‘inappropriate behavior.’
two-year bond yield, which
reflects near-term antici-
pated rate changes—that
were most important for ma-
jor currencies. The more in-
terest it was possible to earn
in a country, the more money
was attracted, and the more
the currency went up. The
extra yield available on U.S.
two-year bonds above Ger-
man two-year bonds, for ex-
ample, was typically tightly
correlated with moves in the
dollar-euro exchange rate.
There are two good expla-
nations: money flows and
fundamentals. Higher interest
See more at WSJMarkets.com
FCC To Reverse
Web-Traffic Rules
Largest broadband providers at
the end of the third quarter
Cable company Phone company
Subscribers, in millons
Comcast 25.5
Charter 23.6
AT&T 15.7
Verizon 7.0
CenturyLink 5.8
Altice 4.0
Frontier 4.0
Mediacom 1.2
Windstream 1.0
WOW 0.7
(WideOpenWest)
Source: Leichtman Research
Changes are expected to pave
the way for new deals. B6
have behaved insensitively at
times, and I accept responsi-
bility for that, though I do not
believe that all of these allega-
tions are accurate. I always felt
that I was pursuing shared
feelings, even though I now re-
alize I was mistaken.”
Companies across indus-
tries are reassessing policies
following a wave of allegations
of workplace sexual miscon-
duct, including accusations
against Hollywood producer
Harvey Weinstein. Mr. Wein-
stein has apologized for his
past behavior with colleagues
but denied allegations of non-
consensual sex.
“PBS was shocked to learn
today of these deeply disturb-
ing allegations,” a PBS spokes-
woman said in a statement fol-
lowing publication of the
allegations against Mr. Rose.
“PBS does not fund this
nightly program or supervise
its production, but we expect
our producers to provide a
workplace where people feel
safe and are treated with dig-
nity and respect.”
“We are deeply disturbed to
learn of these allegations and
are immediately suspending the
show from airing on Bloomberg
TV,” Bloomberg said.
 Fox settles investor lawsuit
on sexual harassment.......... B6
SCOTT OLSON/GETTY IMAGES
rates attract speculative cash
chasing the extra yield, while
also being a sign of higher
nominal growth, which justi-
fies a stronger currency, at
least in nominal terms.
The logic has broken down
this year for both flows of
money and fundamentals,
and the year-to-date correla-
tion between 10-year yield
differentials and the dollar’s
value against each of the
euro, yen and sterling hit the
highest since at least the
early 1990s in September.
Japanese and European in-
Please see STREET page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Tuesday, November 21, 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 FanDuel ....................... B6
Acorns Grow ............... B4
Aetna...........................A1
Alibaba Group.............B5
Alphabet......................A1
Altice...........................B6
Amazon.com
.................. A1,B1,B5,B13
Apple...........................B2
AT&T.......A1,A6,A10,B13
B J.P. Morgan Chase....B11
Bank of America.......B11
Best Buy ..................... B1
Bloomberg...................B1
Boeing ....................... B12
Boeing..............................
Broadcom ..... A10,B4,B13
Buffalo Wild Wings....B5
C Locus Robotics............B4
Caterpillar ................. B12
Cavium............B3,B4,B13
Cboe Global Markets B12
CBS..............................B1
Centennial Resource
Development.............B2
China Resources Holding
.....................................B5
Citigroup......................B5
Comcast .................... A10
CVS Health ................. A1
D Netflix.........................A1
Diageo ....................... B11
DirecTV........................A1
DraftKings...................B6
E-F
Encana.........................B2
Facebook ..................... A1
INDEX TO PEOPLE
B
Beckerman, Michael...B6
Bratspies, Steve.........B2
C Haefele, Mark...........B13
Canavan, John...........B12
D Immelt, Jeffrey.........B13
Delrahim, Makan........A1
Drahi, Patrick..............B6
Drut, Bastien..............B2
E Kalmin, Steven ........... B7
Eccles, Nigel................B6
Entner, Roger..............B6
F Lee, Lian Fen ............ B13
Fadlallah, Tarek.........B13
Faulk, Rick...................B4
Flannery, John .......... B13
G Mahindra, Anand........B3
Gallant, Paul ...............B6
Gertler, Dan ................ B7
Bonds and the Dollar
The link between the dollar and the extra income available from safe
U.S. assets is strong. Unusually, this year the link is stronger with
long-dated bonds than short-dated ones.
Correlation between euro-dollar exchange rate
and U.S.-German bond yield differential
80%
60
40
20
0
–20
1999 2000
Correlation between yen-dollar exchange rate
and U.S.-Japanese bond yield differential
80%
60
40
20
–20
0
–40
1994 2000
Note: Correlation of weekly change, rolling 47 weeks (2017 so far)
Source: Thomson Reuters Datastream
STREET
Continued from the prior page
vestors have been buying lon-
ger-dated U.S. Treasurys be-
cause of negative interest
rates on cash and short-dated
bonds at home, so flows are
more sensitive to long bond
yields than in the past. At the
same time, central banks are
suppressing the usual reaction
of economic fundamentals.
The ECB has promised not to
raise rates for a long time,
even as the eurozone econ-
omy is growing at its fastest
pace in five years. That means
speculation about economic
fundamentals moves longer-
dated bonds a lot more than
short-dated bonds, and in
turn moves the currency.
“The short-term [rates]
differential contains less in-
formation because you es-
sentially have stability of
short-term rates in Europe,”
says Amundi fixed-income
and foreign-exchange strate-
gist Bastien Drut in Paris.
Even during the rally in the
dollar in the past two months,
the focus has stayed on long
bonds, as 10-year Treasury
yields rose more than those
on Germany’s bunds.
The focus on long bonds
helps explain why many trad-
ers were caught off guard by
the plunging value of the dol-
lar this year, when the cur-
rency disconnected from its
usual tie to short-term yields.
The dollar fell even as the
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Q
Fintech Advisory.......B11 Qualcomm..........A10,B13
Fleurette ..................... B7
R
G
Raise Marketplace......B4
Gecamines...................B7 Range Resources......B12
General Electric ........ B13
Roark Capital Group...B5
Glencore ...................... B7
S
I-J
Scale Venture Partners
Intel.............................B4 .....................................B4
Jana Partners ............. B6
Sony .......................... A10
Sprint........................A10
K Starboard Value..........B3
Katanga Mining..........B7 Sun Art Retail Group.B5
Kinder Morgan............B2 T
Kweichow Moutai.....B11
Target..........................B1
L Time Warner
LendUp Global.............B4 ................ A1,A6,A10,B13
T-Mobile US..............A10
M Toys 'R’ Us..................B1
Mahindra & Mahindra B3 21st Century Fox...A1,B6
Marathon Oil.............B12 U
Marvell Technology Uber Technologies ...... B1
Group............B3,B4,B13
V
JAMES DURBIN FOR THE WALL STREET JOURNAL
Mayfair Equity Partners
.....................................B5 Verizon Communications
Mellanox Technologies ...................................A10
.....................................B3 Vistra Energy..............B2
N Volvo............................B1
Navient......................B12 W
Wal-Mart Stores.........B1
News Corp.................A10 Walt Disney................A1
O-P Warner Bros. .............. A6
WPX Energy................B2
Och-Ziff Capital
Management Group . B7 Y-Z
PayPal..........................B4 YO! Sushi .................... B5
Pfizer.........................A10 Zions Bancorp...........B11
A natural-gas flare near a pumpjack in Midland County, Texas. Natural gas is gushing out of West Texas, a byproduct of oil drilling.
Glyphis, George .......... B2
Goodell, Roger ............ B6
H-I
Mostaque, Emad.......B13
Mugabe, Robert..........A8
O
Gas Glut Threatens Permian Boom
BY RYAN DEZEMBER taken to ensure they can move
O'Hara, Sean.............B12
Okhuijsen, Dennis.......B6
AND ALISON SIDER Pressure Point gas out of the West Texas.
Iger, Robert...............A10 Pipeline operators are
R Natural-gas prices at a West Texas trading hub have fallen below the
Natural gas is gushing out poised to benefit from the con-
national benchmark on a glut of fuel from the Permian Basin. Drillers
J Rose, Charlie...............B1 of West Texas, a byproduct of gestion due to higher volumes
Rowland, Robin...........B5 there hope Mexico will buy more gas.
Jones, Jerry ................ B6 frenzied drilling for oil. That is moving through their tubes
K S a problem for energy produc- West Texas natural-gas price U.S. natural gas pipeline
and in some cases by trading
Saliba, Jean-Michel..B13 discount to Henry Hub exports to Mexico
ers, who are running out of in the fuel and charging more
Schydlowsky, Andrew B1 $0.60 a million Btu 150 billion cubic feet
Kitchen, Simon ......... B13
Shu, Susan................B13
places to send it all. for space.
L Simmons, Harris.......B11 Pipelines running from the Kinder Morgan Inc. says
0.50 125
Stephenson, Randall region’s Permian Basin to the the glut has spurred producers
Lowry, Michelle.........B13 ....................... A1,A6,A10 Gulf Coast’s chemical plants, 0.40 100 to sign up for space on a 430-
Lubbe, Jacques ........... B7 T cities and export terminals are mile-long pipeline that it and
M Tritton, Mark .............. B2 essentially full. Drillers in the 0.30 75 two rivals plan to build be-
W Rockies and Canada already 0.20 50 tween WaHa and a trading hub
Martínez, David........B11 Weinstein, Harvey......B1 supply markets in the north near Corpus Christi.
McAtee, David............A6 Wyeno, Ross...............B2 and west. 0.10 25 That pipeline, the Gulf
There is plenty of room on Coast Express, and three com-
pipelines running south to 0 0 peting trade routes won’t be
Mexico, which has emerged as 2017 2013 ’14 ’15 ’16 ’17 completed until at least late
a major market for U.S. pro- Sources: S&P Global Platts (discount); EIA (exports) THE WALL STREET JOURNAL. 2019, though. Meanwhile, pro-
ducers, but there is a catch: ducers’ hopes are pinned to
Much of the gas distribution ergy Corp. said it paid $350 major issue for companies in Mexico, which in August im-
infrastructure and power million in August for a power West Texas. Some drillers are ported nearly 5% of total U.S.
plants there that would buy plant in Odessa, Texas, to take racing to lock up space on production, according to U.S.
the fuel haven’t been built yet. advantage of the cheap fuel. pipelines so they can get their Energy Information Adminis-
10 year Two year The growing gas glut is al- But for oil and gas produc- gas out of the Permian. Ana- tration data.
ready weighing on regional ers, the excess supply could lysts say pipeline access could Much of the added demand
prices. Natural gas prices at potentially force them to take become important information from Mexico will be piped
the WaHa trading hub in West drastic measures—such as cap- tracked by energy investors. from the Permian—eventually.
Texas have fallen to much as ping wells and curtailing oil Some companies, like Cen- “If Mexican pipelines are
57 cents per million British drilling—until new pipelines to tennial Resource Development not on by the end of next year,
thermal units—or about 20%— the Gulf Coast are built and Inc., are paying for guarantees we could even see shut ins and
below spot prices at Louisi- planned power plants come that their gas gets delivered. flaring,” Sanford C. Bernstein
ana’s Henry Hub, the national online in Mexico. The oil producer’s finance chief, & Co. analysts said, referring
benchmark, according to S&P So far, Permian drillers have George Glyphis, recently told to extreme measures like cap-
Global Platts. Analysts forecast been unresponsive to falling analysts that a roughly 14% in- ping wells, curtailing drilling
’10 the gap exceeding $1 next year, local gas prices, focusing in- crease in the company’s third- and setting gas aflame in the
or about a third of the $3 that stead on U.S. crude prices quarter gathering and transpor- desert instead of selling it.
U.S. natural gas futures have which are trading around a tation costs was mostly due to “There is a very pertinent
hovered around this year. two-year high at about $57 a paying pipeline operators to timing issue,” said Ross Wy-
10 year Two year That is good news to re- barrel. Last week, 391 rigs guarantee space. eno, an analyst at S&P Global
gional gas consumers, such as were operating in the Permian, Permian producers includ- Platts. “Will this Mexican ca-
power producers, who can up 71% from a year ago, ac- ing Encana Corp. and WPX pacity come online in late 2018
profit from the lower price. cording to Baker Hughes. Energy Inc. have also recently to help alleviate this looming
Electricity provider Vistra En- But gas is fast becoming a highlighted steps they have constraint?”
PRICES system, which at times results
in higher prices online than in
stores for goods that would
otherwise be unprofitable to
est prices for a basket of 10
popular holiday toys, including
a Barbie doll, Nerf gun and
Xbox videogame, on 38 of the
formation provided by Think-
num, a data-analysis firm. But
Wal-Mart dropped to the low-
est price on the Saturday be-
Continued from the prior page ship. Some product listings on first 47 days, according to in- fore Black Friday.
’10 tions to focus only on “impact- the company’s website now in-
ful” sales, said Mark Tritton, dicate an “online” and “in the
THE WALL STREET JOURNAL. chief merchandising officer at store” price.
Target, at a media event. “In- The Bentonville, Ark., re-
Federal Reserve raised the
overnight policy rate twice,
with a third raise expected
next month. What mattered
stead of playing that game,
we’re priced right from the
very outset.”
The company has also re-
tailer said it would sell more
exclusive products this holiday
as compared with last year.
Wal-Mart is offering “the ab-
instead was the 10-year Trea-
sury yield, which slid from
2.5% in late December to a
duced the phrases it uses for
discounts from 28 last year to
seven, dropping language such
solute best prices and in
deeper quantities than the
competition,” said Steve
why did
low of 2.05% in September, as “weekly wow” and “as ad- Bratspies, chief merchandising
even as German 10-year bond
yields picked up and Japanese
yields did almost nothing.
vertised.” And instead of the
10 days of deals that it has
been offering around Black
officer at Wal-Mart U.S., on a
call this month.
One of the biggest pricing
the turtle cross
Technically, the major cen-
tral banks should care little
about the currency. In prac-
Friday for the past two years,
Target plans to promote week-
end deals throughout the sea-
battlegrounds starting Thurs-
day will be Apple Inc. prod-
ucts. For the iPhone 8 and 8
the ocean?
tice, a stronger or weaker son in hopes of encouraging Plus, Wal-Mart is offering a
currency can have dramatic customers to visit stores on $300 gift card with purchase
effects on how tight mone- days they are more likely to and activation, while Target is
tary policy is, neutralizing or make a trip. It is offering extra giving out a $250 gift card and
exaggerating the effects of incentives to its loyalty-card Best Buy is offering $200 cash
changes in interest rates. holders, such as early access savings.
This year, the Fed’s efforts to Black Friday promotions. The Wall Street Journal is
to tighten monetary policy Wal-Mart, which has long tracking online prices of holi-
have been undone by the emphasized an “everyday low day items to reveal how retail-
weaker dollar and lower 10- price” message, has been ex- ers compete on pricing since
year yields. The U.S. has the perimenting with a new online Oct. 1. Target has had the low-
loosest financial conditions
since 1993, according to a
measure compiled by the Discover a world of investment
Chicago Fed, despite two rate
rises. Back in 1993, bond dif- opportunities with Ariel’s international
ferentials were strongly tied and global strategies. We offer
to the value of the dollar, al-
though back then short- mutual funds and separate accounts
dated bonds mattered more. spanning the market cap spectrum
With inflation still below
target, the Fed hasn’t been
and covering the globe.
PATRICK T. FALLON/BLOOMBERG NEWS
that bothered by the failure arielinvestments.com/think-global
of its interest-rate policies to
bite. If that changes, 1993 Investors should consider carefully the investment objectives, risks, and
was a past that would make charges and expenses before investing. For a current summary prospectus
an unpleasant prologue: The or full prospectus which contains this and other information about
the funds offered by Ariel Investment Trust, call us at 800.292.7435.
following year, the Fed Please read the summary prospectus or full prospectus carefully
seized control with surprise before investing. Distributed by Ariel Distributors, LLC, a wholly-
rate increases that shocked owned subsidiary of Ariel Investments, LLC. Ariel Distributors, LLC is a
member of the Securities Investor Protection Corporation. WSJ ©2017
investors, pushing up bond
yields and breaking their link Slow and steady wins the race.
to the dollar entirely. Preparing for Black Friday at a Wal-Mart store in Burbank, Calif.
 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.
Mahindra Expands in U.S.
Indian auto maker
plans to build off-road
vehicles at factory
north of Detroit
BY JOHN D. STOLL
Mahindra & Mahindra Ltd.
plans to build off-road vehicles
at a small factory north of De-
troit, a potential step toward
the Indian auto and tractor
maker’s bigger goal of selling
cars in the U.S.
The move, announced Mon-
day, is expected to create more
than 100 production jobs and
is the latest example of a for-
eign auto company deepening
its U.S. roots. Auto sales have
boomed in recent years, lead-
ing companies as big as Toyota
Motor Corp. or as little-known
in the U.S. as Chinese wind-
shield maker Fuyao Glass In-
dustry Group, to commit bil-
lions in new investment at a
time when domestic players
are tempering growth.
Mahindra has a large pres-
ence in the U.S. tractor market
but is unknown to most car
PRAKASH SINGH//AFP/GETTY IMAGES
Mahindra’s auto lineup in India includes the e2o electric car. The company’s chairman has his eyes on selling cars in the U.S.
* * * * * *
buyers. Its rugged utility vehi-
cles sell mostly in emerging
markets, and its other auto
brands, including South Ko-
rea’s Ssangyong Motor, don’t
sell to American consumers. In
an interview, Chairman Anand
Mahindra said the company is
considering several ways to
expand in the U.S., including
electric cars or Ssangyong im-
ports from South Korea.
The off-road vehicle to be
built in Auburn Hills, Mich.,
isn’t aimed at the more than 17
million people who buy light
trucks or cars annually in the
U.S. The vehicle, which will be
limited to 45 miles an hour,
will compete in a segment ca-
tering to people needing an
off-roader for tasks on private
property or on lightly traveled
public roads.
The small factory marks a
win for Michigan at a time
when Ford Motor Co. and Gen-
eral Motors Co. are trimming
production and jobs at plants
that build slow-selling sedans
or compact cars. State officials
have courted non-U.S. compa-
nies to fortify a local car in-
dustry long at the heart of
BUSINESS NEWS
global auto making.
American manufacturing,
meanwhile, has picked up pace
over the past 12 months
thanks to growth in the world
economy, a rise in energy and
other commodity prices and
improved business confidence.
U.S. manufacturers have added
156,000 workers since Donald
Trump was elected president
in November 2016, according
to government data.
Mr. Mahindra said the com-
pany is “very happy that [man-
ufacturing] is going to be sup-
ported strongly” by potential
changes to the U.S. system and
other policy positions, but he
said Mr. Trump’s election “has
nothing to do with our deci-
sion….I’ve been talking up the
U.S. for a long time.”
Mahindra & Mahindra first
started investing in Michigan a
few years ago, locating dozens
of engineers in suburban De-
troit. Other foreign-backed
firms, including China-owned
Nexteer Automotive, have been
growing in the state.
“We’re serious about court-
ing Asian investment, global in-
vestment in Michigan,” Tracie
Tillinger, an official with the
Michigan Economic Develop-
ment Corp., said Monday. State
officials are using a combina-
tion of customized incentives
and existing legislation to bring
in firms searching for engineer-
ing or manufacturing space.
Michigan has remained a
hub for automotive engineer-
ing and development, but its
role in U.S. car manufacturing
has faded in recent years. De-
troit’s so-called Big 3, includ-
ing Fiat Chrysler Automobiles
NV, now produce only half of
the cars and trucks built in the
U.S., and most of the new auto
factories built in the country
since the 1980s belong to for-
eign car companies locating in
the South.
Foreign-owned companies
have played a major role in the
auto industry’s rebound from
the financial crisis, now em-
ploying 411,000 people, ac-
cording to data from the Or-
ganization for International
Investment. That number, up
43% from 2010, represents
nearly half of the sector’s em-
ployment, according to the Bu-
reau of Labor Statistics.
Tuesday, November 21, 2017 | B3
Starboard Acquires
Stake in Mellanox
BY DAVID BENOIT
Starboard Value LP has
taken a 10.7% stake in Mellanox
Technologies Ltd., urging the
company to improve its mar-
gins and stock and explore a po-
tential sale, a thesis in part
helped by deal talks at Marvell
Technology Group Ltd., where
Starboard has a seat.
Starboard believes Mellanox
is spending too much on re-
search and development and
other corporate expenses to try
to boost revenue, sacrificing
margins compared with peers,
according to people familiar
with the matter. The activist
wants the company to improve
its operations and potentially
explore a deal to boost the
stock, it confirmed in a filing
late Monday.
A Mellanox spokesman said
the company only learned of
Starboard’s investment Monday
but welcomed the activist. “In
line with our commitment to
drive enhanced shareholder
value, the Mellanox Board of Di-
rectors and management team
continually review our opera-
tional and strategic priorities
and are committed to acting in
the best interests of our share-
holders,” he said.
Shares of Mellanox jumped
5.8% in after-hours trading after
The Wall Street Journal first re-
ported Starboard’s stake and in-
tentions.
The New York activist inves-
tor has a long record of suc-
cessful semiconductor invest-
ments, highlighted earlier
Monday by Marvell’s $6 billion
deal for Cavium Inc., less than
two years after Starboard ar-
rived and the company
promptly ousted its founders.
(See article on page B4.) The
deal helped send Marvell’s stock
higher, and it has now returned
about 157% since before Star-
board arrived in February 2016,
compared with roughly 127%
for the iShares Semiconductor
exchange-traded fund.
Mellanox’s stock has drasti-
cally underperformed the same
ETF in recent years. The Israel-
and Sunnyvale, Calif.-based
company has returned about
12% in the past year but has lost
38% over the past five years,
both worse than the ETF’s re-
turns of 54% and nearly 300%,
respectively.
Marvell recently approached
Mellanox about a potential
transaction but was rebuffed,
Starboard said in its filing, a re-
sponse that helped inform Star-
board’s belief that Mellanox was
hostile to potential deals, ac-
cording to people familiar with
the matter. Starboard’s Peter
Feld is on the board of Marvell.
No discussions are continu-
ing between the sides at this
time, and Mr. Feld has said he
would recuse himself from any-
thing that could happen in the
future, Starboard added.
Mellanox, with a $2.6 billion
market value as of Monday’s
close, specializes in technolo-
gies for high-speed computing
and is a leader in the InfiniBand
systems that help power super-
computers, as well as Ethernet
products. Its high-powered
products are used in the giant
data centers that make cloud-
computing possible. Chief Exec-
utive Eyal Waldman was a co-
founder of the company in 1999.
Revenue since 2012 has
soared, but it hasn’t greatly
helped the bottom line. In 2016,
Mellanox recorded $857.5 mil-
lion in revenue, up from $500.3
million in 2012, but spending on
research and sales and market-
ing combined rose to $456 mil-
lion from just under $200 mil-
lion.
Starboard has long played in
the semiconductor space—this
is the firm’s 12th stake of above
5% in a chip-related company—
and it has typically pushed for
both margin improvement and
deal talks.
That was the case for Mar-
vell, where the activist arrived
as the stock had slumped amid
an accounting probe. Shortly af-
terward, the Marvell founders
were ousted and Starboard
gained board seats that gave
the firm a role in selecting the
next CEO.
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 | Tuesday, November 21, 2017 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Robot Maker Seeks New Markets Marvell

Moves to
Locus Robotics says
latest $25 million
funding will help it
Buy Rival
expand product line Chip Maker
BY JENNIFER SMITH BY CARA LOMBAR

Locus Robotics Corp., Marvell Technology Group

whose robots help workers Ltd. agreed to buy chip maker
fulfill e-commerce orders, Cavium Inc., in a cash-and-
raised $25 million in a funding stock deal valued at roughly
round led by Scale Venture $6 billion that would set it up
Partners that the company to better compete with indus-
plans to use to develop new try giants such as Intel Corp.
JOSHUA ANDRUS FOR THE WALL STREET JOURNAL

products and expand into new and Broadcom Ltd.

markets. The Wall Street Journal
The Wilmington, Mass.- early this month reported a
based company makes soft- possible deal was in the works
ware and autonomous mobile and on Sunday said the deal
robots that sync up with ware- could be announced Monday.
house-management systems to The acquisition would give
help workers handle orders Marvell, known for producing
more efficiently by taking the semiconductors for data-stor-
fastest routes through aisles. age devices, access to Cav-
The robots resemble motor- ium’s communications and
ized stools with shelving and networking chips.
touch screens. They operate in Under terms of the agree-
groups and use sensors to The Massachusetts-based company’s mobile robots sync up with warehouse-management systems to help workers handle orders. ment, Marvell will pay $40 in
navigate through warehouses cash and 2.1757 of its shares
as workers pick items and ier and online menswear re- supply makes it harder and Rick Faulk, Locus’s chief exec- dred, a manufacturer of ro- for each of Cavium’s 69 mil-
move on. tailer Mack Weldon Inc. more expensive to hire ware- utive. botic sorters that has offices lion shares outstanding. The
Locus, whose customers in- Most warehouses still rely house workers. Locus has about 55 employ- in San Francisco and Vancou- ratio was based on a purchase
clude Deutsche Post AG’s DHL largely on people who pull Locus’s Series B round, ees and will generate less than ver, British Columbia, an- price of $80 per Cavium share,
Supply Chain, says its technol- carts through the aisles. Even which included existing inves- $10 million in revenue this nounced $28 million in Series representing about a 17% pre-
ogy can double the number of automated facilities like some tors, will back the company’s year, although it “is growing B funding led by Chinese in- mium over Cavium’s stock
items that workers pick per of Amazon.com Inc.’s vast ful- plans to expand overseas, in- very quickly,” Mr. Faulk said. ternet giant Tencent Holdings price before Nov. 3, when the
hour. fillment centers require hun- cluding in Asia. The company expects to break Ltd. In July, Geek +, a Chinese Journal first reported on a
The business was spun out dreds of workers to pick and The company also plans to even by the middle of 2019, he company that specializes in lo- possible deal.
in 2015 from Quiet Logistics pack goods for shipping. bolster sales and marketing said. gistics robots, said it raised Marvell said Monday the
Inc., which uses Locus robots But the market for logistics efforts, and to extend its tech- Other robotics companies $60 million in financing led by combined company would
to fulfill orders for customers robots is growing as online nology to track inventory and are also taking aim at the lo- an affiliate of private-equity have annual revenue of about
including beauty brand Gloss- sales surge and a tight labor process returned items, said gistics sector. Last month, Kin- firm Warburg Pincus. $3.4 billion, with Cavium
shareholders owning about
25% of the combined company.

PayPal Connects With Automatic Investing Outfit

BY PETER RUDEGEAIR use their accounts to make
contributions to Acorns and
PayPal Holdings Inc. is will be able to monitor and
making a move into robo in- manage their Acorns invest-
vesting. ments from the PayPal app,
The San Jose, Calif., pay- said Joanna Lambert, the com-
ments company is connecting pany’s vice president of con-
its website and smartphone sumer financial services.
apps with those of Acorns PayPal is rolling out the
Grow Inc., a five-year-old au- Acorns offerings in phases,
tomated savings and invest- with the first batch of users
ment service, the two compa- getting access on Monday and
nies said Monday. all U.S. users by early 2018.
PayPal users will be able to The new partnership is be-
ing launched about a year af-
ter PayPal took a minority
stake in Acorns. PayPal has
tried to branch out beyond its
roots in payments and into
other financial services
geared toward consumers
who lack access to bank ac-
counts and other mainstream
financial products.
To catalyze that strategy,
PayPal has put its own capital
to work through strategic in-
vestments into startups. In ad-
dition to Acorns, the company
has invested in online lender
LendUp Global Inc. and gift-
card company Raise Market-
place Inc.
“In the U.S., PayPal is the
largest fintech company fo-
cused on the underserved,”
said Acorns CEO Noah Kerner.
“We’re trying to make us the
second-largest.”
Consumers’ embrace of
low-cost, passive-investing
strategies has helped acceler-
ate the growth of the robo-in-
vesting sector. Total assets in
the digital-advice market will
reach about $220 billion by
the end of 2017, or nearly tri-
ple the level from 2016, ac-
cording to financial-research
firm Cerulli Associates.
Acorns charges $1 a month
to manage most users’ invest-
ments in portfolios of ex-
change-traded funds and won’t
be sharing revenue with Pay-
Pal, Mr. Kerner said.
“This is an exciting combi-
nation of two very comple-
mentary companies that to-
gether equal more than the
sum of their parts,” said Mar-
vell Chief Executive Matt Mur-
phy, who would lead the com-
bined company.
The two companies said
they expect the deal to close
in mid-2018 and to add signifi-
cantly to revenue growth,
margins and earnings.
Cavium shares climbed
nearly 11% Monday in Nasdaq
trading to close at $84.02,
while Marvell shares rose 6.4%
to finish at $21.59.

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THE WALL STREET JOURNAL. * * Tuesday, November 21, 2017 | B5

BUSINESS NEWS

Alibaba Sees
Growth in
The Stores
Online shopping giant
to pay $2.88 billion for
a 36% stake in a Wal-
Mart China competitor
BY LIZA LIN
HONG KONG—E-commerce
giant Alibaba Group Holding
Ltd. is making another big bet
economy,” Alibaba chief execu-
tive officer Daniel Zhang said
in a statement.
Alibaba’s wager follows on-
line retailer Amazon.com
Inc.’s roughly $13.5 billion pur-
chase of U.S. grocer Whole
Foods. While Amazon is com-
peting head-on with super-
markets, Alibaba says it is fo-
cused instead on joining with
retailers.

on brick-and-mortar, saying it
will pay $2.88 billion for a
36% stake in China’s second-
largest big-box retailer, Sun
Art Retail Group Ltd.
Alibaba, which runs the
world’s largest online shop-
ping operation, sees tradi-
tional retail venues as a way
to expand its reach into fresh
foods while also creating new
demand for its Alipay mobile-
payment business and its lo-
gistics services.
“Physical stores serve an
indispensable role during the
consumer journey, and should
be enhanced through data-
driven technology and person-
alized services in the digital
The rush by Alibaba into
physical retail in recent years
has already involved invest-
ments of at least $5 billion, as
it took stakes in companies
including shopping-mall op-
erator Intime Retail Group
(Co.), Sanjiang Shopping Club
Co. and electronics retailer
Suning Commerce Group Ltd.
Alibaba also runs the small
Hema supermarket chain in
China, which offers internet
purchases and deliveries
within the hour for customers
nearby.
Hong Kong-listed Sun Art is
a French-Taiwanese joint ven-
ture that runs more than 450
large supermarket-department
Sun Art, China’s second-largest big-box retailer, runs over 450 supermarket-department stores under the RT Mart and Auchan brands.
stores in China under the RT
Mart and Auchan brands. Ali-
baba is buying both a direct
stake and indirect stake. As
part of the transaction,
Auchan Retail, Sun Art’s main
shareholder, its raising its
stake to 36.2%.
Sun Art gained popularity
for customizing its store prod-
ucts and formats to local
needs, such as stocking hot
sauce on shelves alongside live
clams in tanks where shoppers
could pick and choose.
Sun Art’s 14.6% share of
China’s hypermarket sector
last year made it second only
to China Resources Holding
Co., at 15.5%, according to in-
dustry researcher Euromonitor
International. Wal-Mart’s
China operation is third with
10.2%.
Annual sales growth at Sun
Art has been slowing in the
past three years, as more Chi-
nese move their grocery shop-
ping online. Revenue grew
4.1% in 2016, compared with
5.0% a year earlier.
One banker involved in the
transaction expects more
KIM KYUNG-HOON/REUTERS
such tie-ups of physical and
online retailers, based on
conversations his team is
having with other Asia Pa-
cific clients.
China International Capital
Corp. advised Alibaba on the
deal, while Citigroup Inc. ad-
vised the Taiwan-based seller.
—Julie Steinberg
contributed to this article.

U.K. Sushi Chain Buys Canadian Group in Expansion

BY BEN DUMMETT
U.K. restaurant group YO!
Sushi said it plans to acquire
Ontario-based Bento Sushi for
100 million Canadian dollars
(US$78.3 million) in an effort
to expand in North America.
The deal announced Mon-
day represents a bid for
growth in the casual-dining
market as both companies
seek greater scale and access
to new customers.
The Wall Street Journal
earlier in the day reported the
transaction. Bento, based in
Markham, Ontario, initiated a
dual-track process this year
to either sell itself or launch
an initial public offering in
Canada.
Founded in 1997, YO! Sushi
has grown from one restaurant
in the trendy Soho quarter of
London to almost 100 loca-
tions, mostly in Europe. Its
U.S. locations include restau-
rants in New York and Boston.
With the Bento deal, the
company lays claim to the
second-largest sushi restau-
rant brand in North America
with more than 600 locations
in the U.S. and Canada, and
diversifies into quick-service
formats.
“This acquisition takes YO!
into the next stage in its de-
velopment,” said Robin Row-
land, the company’s chief ex-
ecutive.
With annual revenue of
about £175 million ($231.3 mil-
lion), the combined business is
betting on that greater finan-
cial strength to fuel its expan-
sion plans, particularly in the
U.S., as consumers increas-
ingly seek fresher and health-
ier food choices.
Last week, The Wall Street
Journal reported that Minne-
apolis-based Buffalo Wild
Wings Inc. had received a
takeover bid from private-eq-
uity firm Roark Capital
Group.
YO! Sushi is buying Bento
with the backing of Mayfair
Equity Partners, a London-
based buyout firm that ac-
quired a majority stake in the
restaurant operator in 2015 as
part of a management buyout.
That deal valued YO! Sushi at
£81 million.
YO! Sushi is credited as the
first in the U.K. to introduce
the Japanese “kaiten” sushi
bar, at which servings are de-
livered by conveyor belt to
seated diners.
Bento’s operations consist
of a network of smaller, quick-
service restaurants offering
sushi and other ready-to-eat
Japanese cuisine, as well as
on-site kiosks in supermar-
kets, shopping centers and
other food-service locations.
Started in 1996, Bento also
supplies sushi to grocery-store
chains and institutional food-
service clients in North Amer-
ica. That distribution business
gives YO! Sushi a new source
of revenue that it can build on
by introducing it to the Euro-
pean market.

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B6 | Tuesday, November 21, 2017 * * THE WALL STREET JOURNAL.

BUSINESS NEWS

FCC to Roll Back Web Rules Fox in Settlement

Changes would give
big internet providers
legal challenges, it has the po-
tential to reorder the online
Of Investor Suit on
flexibility to pursue
specialized services
business environment. It could
give internet providers such as
AT&T Inc., Comcast Corp., Char-
ter Communications Inc. and Ve-
Sexual Harassment
rizon Communications Inc. more BY KEACH HAGEY alleged that this environment
BY JOHN D. MCKINNON flexibility to use bundles of ser- “should not have been invisi-
vices and creative pricing to 21st Century Fox has set ble” to the parent company.
WASHINGTON—Federal make their favored content more up a committee of outside ex- The City of Monroe Em-

ZACH GIBSON/BLOOMBERG NEWS

regulators this week are ex- attractive to consumers. perts to help Fox News im- ployees’ Retirement System
pected to unveil their plans for These companies generally prove its workplace culture as also sued for the “unjust en-
reversing Obama-era rules profess support for basic princi- part of a settlement with a richment” of Mr. Ailes’s estate,
that require internet-service ples of “net neutrality,” such as shareholder who accused the according to the complaint.
providers to treat all web traf- not blocking content or throt- company of breaching its fidu- Mr. Ailes, who denied the
fic equally, a move that could tling its delivery. But with the ciary duty by failing to clean allegations, left Fox in July
fundamentally reshape the in- Obama-era bright-line rules up the news network’s “hostile 2016 with an exit package
ternet economy and consum- widely expected to be elimi- work environment.” worth more than $40 million.
ers’ online experience. FCC Chairman Ajit Pai began a process to reverse the 2015 rules. nated, many experts predict the The shareholder, the City of He died in May.
The changes, expected to be industry will experiment with Monroe Employees’ Retire- 21st Century Fox has paid
adopted at the Federal Com- to curb the power of the from faster broadband speeds. new services. ment System, filed the deriva- $50 million in costs and fees
munications Commission broadband providers to un- It remains to be seen how The FCC’s expected an- tive complaint Monday in Del- related to settling sexual-ha-
meeting in mid-December, fairly dominate the online en- much the rules’ demise might nouncement is surfacing just as aware Chancery Court against rassment complaints at Fox
would open the door to a wide vironment through their con- help the telecommunications the Justice Department is filing 21st Century Fox and its News, according to a company
range of new opportunities for trol over the pipes. industry’s bottom line, how- a suit to block AT&T’s planned board. The settlement agree- filing in August.
internet providers, such as Proponents of reversing ever, said Cowen Co. analyst merger with Time Warner Inc., ment, announced simultane- The wave of sexual harass-
forming alliances with content them, including current FCC Paul Gallant. The big internet suggesting that the Trump ad- ously by 21st Century Fox, was ment allegations also claimed
firms to serve up their web- Chairman Ajit Pai, say hard- service providers declined to ministration’s support for big the result of more than a year the job of Bill O’Reilly, the
pages or video at higher and-fast rules can stifle in- comment. telecom combinations has limits. of talks between the investor channel’s star anchor, who left
speeds and quality than those vestment and innovation in a Big internet companies, The change would affect not and the company. in April after the New York
without such deals. fast-moving industry. Internet which supported the Obama ad- only how the internet is regu- The settlement includes a Times reported that he and
Such “paid prioritization” service providers worried the ministration rules, protested the lated, but who regulates it. Un- $90 million payment to 21st Fox News had paid to resolve
was explicitly blocked under Obama administration rules move through their industry der the new plan, legal experts Century Fox from its third- several harassment accusa-
the 2015 rules, which required could open the door to even- trade association. say, oversight responsibility party insurers, the company tions against him. Mr. O’Reilly
internet service providers to tual rate regulation and other “There is simply no reason- would shift to include the Fed- said. In a derivative complaint, has denied the allegations.
keep all corners of the inter- heavy-handed oversight. They able justification for repealing eral Trade Commission as well shareholders sue the board on 21st Century Fox was aware
net equally accessible to con- also viewed the rules as a so- the net neutrality protections as the FCC. behalf of the company itself that Mr. O’Reilly had reached a
sumers and limited the provid- lution in search of a problem, currently on the books,” said Mi- The FTC has long been a key rather than for their own ben- sexual harassment settlement
ers’ ability to favor content, given the internet’s relative chael Beckerman, president and regulator of most internet busi- efit, meaning that any dam- with a network analyst—but
including their own. openness historically. chief executive officer of the In- nesses, a regime that changed ages recovered would be re- not the size of the settle-
The new rules are expected “The winners are clearly ternet Association. “Consumers with the FCC’s 2015 rules, which turned to the company. ment—before Fox News re-
to thoroughly dismantle the the network operators,” said are paying for access to the en- had the effect of exempting in- Monday’s settlement didn’t newed his contract in Febru-
“open internet” plan adopted Recon Analytics Inc. re- tire internet, and [internet pro- ternet service providers from include any admission of wrong- ary, The Wall Street Journal
by the Obama administration’s searcher Roger Entner. He viders] should not be able to dis- FTC regulation. The shift is sig- doing by the defendants. previously reported.
FCC, say industry officials fa- said the internet service pro- criminate against websites and nificant because unlike the FCC, In the complaint, the share- 21st Century Fox and Jour-
miliar with them. Advocates of viders would be able to more apps.” the FTC generally doesn’t adopt holder argued that 21st Century nal-parent News Corp share
the current approach, includ- aggressively pursue special- Mr. Pai began the process of overarching rules, instead devel- Fox was harmed as a result of common ownership.
ing consumer groups and big ized services for medical cus- reversing the 2015 rules earlier oping case-by-case determina- “the systemic, decades long 21st Century Fox says it has
internet companies, argued tomers and self-driving cars, this year. tions about what business be- culture of sexual harassment, already taken some measures
that such regulation is needed both of which could benefit If the rollback survives likely havior is fair or unfair. racial discrimination and retali- to improve its workplace cul-
ation that led to a hostile work ture, including continuing its
environment at Fox News Chan- discrimination and harassment

Altice to Pare Debt by Cutting Assets

nel.” The issues at Fox News training.
came to light over the past year As part of the settlement,
and a half in a series of highly the company has established
public scandals and settle- the Fox News Workplace Pro-
BY SAM SCHECHNER ments, leading to the departure fessionalism and Inclusion
of many of the channel’s top ex- Council to advise Fox News
PARIS—Altice NV promised ecutives and talent. and its senior management on
to pare its mountain of debt Fox News has been rocked how to make sure the channel
by selling so-called noncore by a series of sexual-harass- has an appropriate workplace
assets rather than by issuing ment scandals since the sum- environment, as well as
new equity, reassuring jittery mer of 2016, when former an- strengthen the procedure for
investors who have sent the chor Gretchen Carlson sued reporting violations, increase
telecommunications com- Fox News Chairman Roger human-resources training and
pany’s shares into a tailspin in Ailes, alleging sexual harass- improve recruitment and ad-
recent weeks. ment and retaliation. The vancement of women and mi-
Shares in Altice shot up as company launched an internal norities, the company said. A
much as 15% Monday morning probe, and over the next sev- majority of the council mem-
after the company said the eral months, more women bers will be from outside the
sale of noncore assets in Eu- came forward with similar al- company.
rope—such as cellphone tow- legations against Mr. Ailes. —Lukas I. Alpert
ers—is central to its previ- The shareholder complaint contributed to this article.
ously disclosed plan to reduce
its debt load to below its tar-
HORACIO VILLALOBOS/GETTY IMAGES

gets. Altice has roughly €50

billion ($59 billion) in debt
built up from acquisitions in
NFL Rejects Jones’s
the U.S. and Europe.
The company’s Class A
shares rose 5.2% to €8.52 in
Bid for Vote on Goodell
Amsterdam on Monday. BY ANDREW BEATON marked the latest escalation of
Altice also said that it won’t an unusual epistolary battle
seek to raise funds by issuing National Football League between Mr. Jones and other
new shares or any “equity-linked Web Summit 2017 at Altice Arena in Lisbon this month. The company’s stock jumped Monday. owners and Jerry Jones con- owners over the league’s lead-
issuance” either at the parent- tinued their war of words, ership. In May, the league’s
company level or through its Al- viate doubts about its broader vest in infrastructure and growth. with the league’s compensa- owners voted unanimously to
tice USA arm, which owns its strategy. boost margins—enough to At an investor conference tion committee denying his re- extend Mr. Goodell’s contract,
U.S. assets. The company said The company’s chief execu- borrow more for the next last week, Dennis Okhuijsen, the quest for another vote on a but Mr. Jones has argued that
the vehicle that owns a majority tive resigned and Mr. Drahi re- large deal. But some investors chief financial officer, sought to contract extension for Com- owners should vote again on
of its shares, Next Alt SARL, turned in a more operational worry the machine is running reassure investors, saying that missioner Roger Goodell. the final terms of the agree-
hasn’t sold shares beyond previ- role this month, after problems out of steam. the company had shifted its fo- The committee also again ment before it is signed.
ously disclosed sales, and in France—its largest market— While the company’s U.S. cus to paying down debt and advised Mr. Jones, owner of Mr. Jones has said he is
doesn’t have any margin loans spooked investors, pushing market is doing better than improving operations. the Dallas Cowboys, to drop concerned with the transpar-
on Altice shares. shares down as much as 50%. France, some analysts say Altice is “very focused on the issue, saying his unwilling- ency around the contract and
The partial rebound in Al- Mr. Drahi’s companies bor- there is less opportunity for no [mergers and acquistions] ness to do so “reflects conduct the compensation involved,
tice’s share price gives the ac- rowed to fuel an acquisition cost-cutting there. and to go back to the basics,” unbefitting an owner and is writing previously that contin-
quisitive telecom company binge, first across Europe and Investors also worry about Mr. Okhuijsen said. “We take damaging to the League,” ac- ued television-rating declines
controlled by billionaire Pat- Israel, and then in the U.S. Mr. whether cord-cutting, where deleveraging very seriously,” cording to a copy of the letter and “high-profile litigation
rick Drahi more breathing Drahi and his deputies prom- customers abandon traditional he added. reviewed by The Wall Street concerning player suspen-
room in its race to turn ised their “Altice Way” would and cable television for online —Nick Kostov Journal. sions” have changed the out-
around performance and alle- lower costs, free money to in- streaming services, will limit contributed to this article. The exchange Monday look on Mr. Goodell’s deal.

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Travel
LU X U RY

2018

Ibiza's new summer

hotspot, Seven
Pines Resort.

NEW HOTEL OPENINGS & RELAUNCHES

the opening of Desroches Island to complement
its existing Mahe hotel. On the African continent,

The Hot Rwanda continues to blossom as a new tourism

destination, its credibility compounded by the
arrival of One&Only Nyungwe House, amid a
haven for chimpanzees, and One&Only Gorilla’s

Hotels You Need Nest, where you can trek to see mountain gorillas
in their natural habitat.Further south,in Botswana,
acclaimed conservation outfit Wilderness

to Know
Safaris will relaunch a new-build, new-look
Mombo Camp in the Moremi Game Reserve of
the Okavango Delta.
Across the Atlantic in Argentina, Awasi, the
uber-stylish eco brand, opens tiny Awasi Iguazu,
Is there ever a dull moment in the hotel industry? comprising 14 wooden villas a mere 15 minutes
Certainly there won't be in 2018, when the world welcomes from the famous falls. In the Chilean capital,
even more contenders to the stage, says Pamela Goodman Hotel Santiago is rebranding as a Mandarin
Oriental, the hotel group behind a similar
rebranding exercise is happening on the Caribbean

- Sleep in the Bali rainforest

T
aking a global overview, let’s start in island of Canouan, where The Pink Sands Club
Indonesia, where two new openings in will also adopt Mandarin Oriental management. at Capella Ubud.
Bali are about to steal the limelight. The much-loved Jumby Bay on Antigua switches


 
 
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; 
 
 & 
;   


First up is Echo Beach from
heavyweight design brand Como, which promises
surfing, yoga and spa treatments on the south
coast; second is Capella Ubud, where 22
extravagant tents designed to capture the spirit of
19th-century explorers are situated in the
rainforest. And, new to the renowned diving
waters of Raja Ampat and beyond, comes
the Kudanil Explorer. It boasts eight huge
balconied cabins which are sold, like a hotel, on a
cabin-by-cabin basis. Next, a jump to South-East
Asia where Shinta Mani Wild from The Bensley
Collection is likely to be Cambodia’s most radical
opening: a tented, jungle safari camp—accessed
via zip line—in a remote forest setting. Equally
dramatic, albeit from an urban
perspective, Rosewood Hotels’ new venture in
- The elegant Sitting Room lobby, at The
Cambodia will occupy the top 14 floors of Phnom
allegiance to the Oetker Collection, and beautiful
Cap Julucca on Anguilla, after a post-Hurricane
Irma refurbishment, will reopen toward the end In warmer climes,
of the year under Belmond.
In Europe, London’s most exciting openings Seven Pines Resort
include The Bloomsbury Hotel by the Doyle
Collection, a refashioning of a famous Edwin will be Ibiza's
Lutyens building close to the British Museum,
and L’Oscar, a high-design boutique hotel on new all-suite,
Southampton Row.
In France, in the grounds of the iconic clifftop hotspot for
16th-century Château de Chambord in the Loire
Valley, Relais de Chambord will open with freshly the summer
designed interiors under the management
of Marugal hotels, while Belmond will launch
two new river-barge hotels, Pivoine and Lilas, in

Champagne and Alsace respectively. The French
Bloomsbury in London. show-stealer, however, will be the three new
Penh’s most iconic modern skyscraper—yet this
 - Modern styling meets traditional
big brand can do tents, too, as will be seen in the
company’s first luxury tented villa encampment at
picturesque Luang Prabang in Laos.Off Malaysian
shores, perennial favorite The Datai on the island
of Langkawi re-emerges in July 2018 after a major
renovation project, while a fraction further north
in the little-known Andaman Islands, Taj
Hotels is all set to open a luxury beach resort on
Havelock Island.
Heading north into China, Shanghai is where
it’s at with no fewer than four signature
openings: Swire Hotels launches The Middle
House (to complement The Upper House in Hong
Kong and the Opposite House in Beijing); Rocco
Forte Hotels will take center stage at the city’s
new urban complex known as West Bund; Aman

Grand Suites aboard Belmond’s legendary train,
refinement at the Rosewood, Phnom Penh. the Venice-Simplon-Orient-Express.
Design Hotels has some interesting new
members on the horizon, not least Hotel St.
Resorts opens the ambitious and long-awaited George in Helsinki, where art plays a pivotal role:
Amanyangun on Shanghai’s outskirts; and Edition a large sculpture of a dragon by Ai Weiwei will be
Hotels (set to open seven properties in 2018, in on display in the opening months.
cities including Bangkok, Abu Dhabi and New In warmer climes, Seven Pines Resort will be
York) will occupy two separate towers, just five Ibiza’s new all-suite, clifftop hotspot for the
minutes’ walk from The Bund. In the Himalayan summer, and on the beautiful Greek island of
Kingdom of Bhutan, the so-called “happiest place Santorini the owners behind Vedema and
on earth,” Six Senses opens five intimate lodges Mystique, two Starwood Luxury Collection
to create a scenic countryside trail. resorts, will open a small hotel on Perivolos beach,
To the Maldives next, where LUX* adds a the first of its kind on the island.
second property to its Maldivian portfolio, this one
in the North Ari Atoll, while across the ocean in Pamela Goodman is a freelance writer and
the Seychelles, Four Seasons does the same with a magazine travel editor.

T E C H N O L O G Y & T R AV E L

AT YOUR BLEISURE Smart business travelers are personalizing their work trips and adding in some down time, says Rachel Spratley
Once associated with back-to-back
meetings and bland hotels, business
travel is now viewed by many employees
as a perk of the job.
In June 2017, a study published by
the Global Business Travel Association
(GBTA) revealed that 37% of North
American business travelers had
extended their trips at least once
during the past year to incorporate
leisure time.
And, with this number rising to
nearly half among the emerging
millennial workforce, “bleisure”
(business combined with leisure) stays
are set to become a more significant
part of corporate travel.
Spare time on a recent business trip
to Kansas City allowed Dr. Sara
Martin, from Santa Rosa, Calif., to
explore the city’s vibrant jazz scene.
Such travel opportunities not only
strengthen Dr. Martin's professional
networks, but also allow her to discover
new cities and reconnect with family
and friends.
Booking.com acknowledged the
bleisure traveler’s influence back in
2015, when it launched Booking.com
for Business (booking.com/business)
so companies could manage employees’
bookings and connect travelers with
accommodation that reflected both
personal preferences and business-trip
objectives. And more than half of the profiles of each. This profile builds and experience for employees.
companies in a Booking.com survey creates a more enhanced, personalized Activity-booking engine Musement
from Sept. 2016 said that adding service with every conversation, (musement.com) acquired travel-
leisure time to their employees’ making it easier for business travelers content platform Triposo (triposo.
business trips improved performance to factor time- and cost-effective com) in Oct. 2017 in order to mix
in meetings, solidified relationships leisure breaks into work trips. Triposo’s travel recommendations with
and strengthened cultural Hotel review website and booking Musement’s bookable activities,
understanding. engine LuxuryBARED (www. thereby creating a more intuitive user
Consequently all types of technology luxurybared.com) features luxury experience.
companies across the travel industry hotel reviews from top industry Capitalizing on bleisure down-time
are streamlining and personalizing the professionals, and the website’s state- means that business travelers will have
customer experience, shaking off the of-the-art booking technology far more interesting things
cookie-cutter stereotype of traditional connects viewers directly to those than work to talk about around the
corporate travel. hotels’ reservation sites in order to offer water cooler.
Mezi (mezi.com), a personal travel competitive rates and exclusive
assistant application, is able to engage benefits, which means a good deal for Rachel Spratley is Junior Content
with users and keep living, dynamic companies and a first-class travel Editor for Sarah Miller and Partners.

WSJ. Custom Studios is a unit of The Wall Street Journal Advertising Department. • The Wall Street Journal news organization was not involved in the creation of this content.
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 | Tuesday, November 21, 2017 NY THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. NY Tuesday, November 21, 2017 | B6C

Special Advertising Feature

Six Senses
Krabey Island
in Cambodia.

    
 

WINTER SUN

Things Are
Hotting Up
Do you want to surf, hike,
or just chill on the beach?
It’s time to decide where you’ll
go to keep winter at bay,
says Francesca Syz

WINTER SPORTS
Whether you’re a Generation X-er looking to
unwind or a Generation Z-er embracing that
bucket list, at this time of year everyone craves

Cool Ski Destinations

the same summer feeling.
“People love Hawaii because it’s getting away
without actually leaving the U.S.,” says Tania
Swasbrook, luxury travel specialist at Travelworld

for 2018
of Coronado. “You can spend a few nights in
Honolulu before heading to another island. I
particularly like Lanai, which is often overlooked
but is just a short hop from Maui—and home to
the Four Seasons.”
With limited vacation time a reality for many, More lifts, more hotel rooms, more space on the slopes.
Hawaii and other easily reachable destinations Stephen Wood navigates this year’s winter-sports landscape
like California (be one of the first to experience
the re-vamped Ventana Big Sur, an Alila Resort),
Mexico (new suites at Esencia on the Riviera
Maya) and Costa Rica (fabulous year-round, but

S
even better in December when turtles nest their ki destinations are like currencies: they go
eggs) are hugely popular over the holiday season. up and down. Consider Switzerland, for
And what of the Caribbean in 2018? “Despite example. Until 1864 nobody sold ski
the ravages of Hurricane Irma, St. Barths is holidays there, but then, with a money-
back to business,” says Kristen Pike of KK Travels back-if-not-satisfied offer, an enterprising
Worldwide. Some hotels will remain closed hotelier in St. Moritz enticed some summer
over Christmas, she adds, but “it’s a great time to visitors to return in winter. The hotelier won his
support the destination and instead rent, wager, the Alpine winter holiday was born, and
say, a beautiful home through Eden Rock St. Moritz flourished. Switzerland, too.
Villa Rental.” A century-and-a-half later, selling ski holidays
British export Black Tomato has always in Switzerland is difficult: the strength of the
trailblazed with its destinations. This Christmas, franc makes them too expensive, even for some
it is sending winter-sun seekers to Nicaragua, to Swiss skiers. Hence the big news: “St. Moritz
be Robinson Crusoe’d in style at the exclusive slashes ski-pass prices.” This season, the resort
new Calala Island resort. One of the least- aims to attract even more skiers with the offer of
explored countries in Central America, Nicaragua a CHF38 (€33) per-day ski pass (reduced from
offers a unique combination of pristine nature, CHF79) for guests staying more than one night
colonial towns and gorgeous beaches on its in selected hotels.
  
 
; 
    ;   



Pacific Caribbean coastline. Elsewhere in Switzerland, the project to

The company will also be sending customers to expand Andermatt with 1,000 additional beds  - Bring the day to a romantic end on the over two years) and, elsewhere, a swarm of
Cambodia, where the new Six Senses Krabey continues. This season there are new lift-links on Courtyard Ice Rink at Chedi Andermatt. “mountain coasters,” sledge-rides-on-rails—
Island will open this month and several others a ski area which, ultimately, should be worthy of some over a mile long. In Utah, Snowbird will be

 - Amanresorts' newly made-over
will follow. the resort’s sensational centerpiece, its Chedi more welcoming thanks to an expanded guest
Le Mélézin.
It also will be hard to choose between the new hotel. This was the first Chedi in Europe and, lodge and a spa makeover; but Powder Mountain
Wild Coast Tented Lodge—which straddles along with the W hotel in Verbier, it heralded  - the WOW Suite lounge, W Verbier. aims to be more exclusive by limiting day-passes.
both jungle and beach in Sri Lanka’s Yala further ascents of the Alps. The first alpine Four In Vermont the “beast of the east,” Killington,
National Park and is home to the world’s largest Seasons opens this winter at classy Megève and will be adding 163 new guns to make snow
concentration of leopards—or a classic beach they make a good fit. and at the other extreme, it will offer overnights quickly and efficiently.
holiday at the One&Only Le St. Geran in Every season opens with novelties around in an upgraded mountain hut. Developments for 2017-2018 in Canada are
Mauritius, which has just re-opened after a huge France’s Trois Vallées, the world’s most valuable For the U.S. this is a period of consolidation limited, although links between the British
refurbishment. stretch of snow. As usual, Courchevel and Val on a massive scale. Following a spending spree in Columbia resorts continue to improve and Sun
Then there’s Malibu, having another moment Thorens lead the way. The 1947 restaurant in which Wall Street-quoted Vail Resorts bought Peaks (now with the country’s second biggest ski
thanks to the opening of The Native, a radiant Courchevel now has a third Michelin star, four major North American ski destinations, a area) has new lodgings.
revamp of the Malibu Riviera Hotel. Once a bringing the resort’s total to 14; and two new entity (with a former Vail Resorts executive
refuge for James Dean and Marilyn Monroe, now celebrated hotels, Les Airelles and Amanresorts’ to the fore) has emerged this year to assemble a Stephen Wood writes about winter sports for a
it’s one for you and me. Le Mélézin, have been made over. portfolio of 13. variety of U.K. newspapers and magazines.
In what is becoming a habit, Val Thorens has New in Colorado this season are expanded Details of the Engadin St. Moritz hotel ski pass at
Francesca Syz is a travel writer. added the five-star Montana Lodge Residence; slopes at Arapahoe Basin (468 acres to be added engadin.stmoritz.ch

FA M I LY C I T Y B R E A K S

HOMEWORK FOR THE HOLIDAYS Family spring breaks are for fun, but they can also help teenagers learn by stealth, says Claire Wrathall

Next year’s European Capital of Culture monnaiedeparis.fr), has opened an them Anya Gallaccio, Julie Mehretu

  
, 

is Valletta (www.valletta2018.org) on
the Mediterranean island of Malta,
promising a wide-ranging 140 arts
projects and 400 events, with more than
1,000 artists and performers. In
anticipation of this, two new places to
stay will have opened: luxury hotelier
Gordon Campbell Gray’s recently
remodeled, though still-stately
Phoenicia (campbellgrayhotels.com),
and the sleek Iniala Harbour House
(iniala.com/malta).
The island’s great art treasures are the
Caravaggios in St. John’s co-cath-edral,
two paintings with an extraordinary
backstory: a tale of murder and intrigue
that will engage all but the most
resistant teenagers. Not that art is all
Valletta has to offer: there are megalithic
ruins (the Tarxien Temples), the ancient
forts of St. Elmo and St. Angelo, an
armory, a prehistoric burial site in the
Hal Saflieni Hypogeum, even an
Inquis-itor’s Palace that boasts, for
those with a robust constitution, a
 - The cigar lounge at Hotel
torture chamber.
Paris is eternally appealing, but there
are renewed reasons to visit. First, the
city’s historic functioning mint,
Monnaie de Paris (www.
inventive museum that tells the story of and Oscar Murillo. It may appeal more
money and trade, with exhibits and to parents than their offspring, but the
interactive displays aimed at youngsters university has a host of other museums:
and adults alike. Located on the Left of polar exploration; natural history;
Bank, its vast site also incorporates a sciences; archeology and anthro-pology,
contemporary art space and Guy and fine art in the Fitzwilliam.
Savoy’s three Michelin-star restaurant. In addition, there’s the highly
Also this side of the Seine is the imaginative Museum of Technology in
Hotel Lutetia (www.hotellutetia.com), a former pumping station, the
originally created by retail tycoon pioneering Centre for Computing
History, and the Norman Foster-
designed American Air Museum. In
“Paris is eternally short, something for everyone and a
veritable inspiration to study.
appealing, but there 2018 marks the centenary of the
deaths of two innovators of the Vienna
are renewed reasons Secession, the artists Gustav Klimt and
to visit it.” Egon Schiele, whose tortured figures
tend to resonate with the young. Not
surprisingly, the Austrian capital
Aristide Boucicault, who also founded  - Egon Schiele's "Self-Portait with will honor them both with
France’s first modern department store, Lantern Fruits". The artist will be concurrent exhibitions: Klimt at the
Le Bon Marché, reopening in spring honored with a major exhibition in Belvedere (www.belvedere.at) and
after a €100 million refit. Vienna in 2018. Kunsthistoriches (www.khm.at); Schiele
Meanwhile in the U.K., Kettle’s Yard 
at the Leopold (www.leopoldmuseum.
(kettlesyard.co.uk), Cambridge Lutetia, Paris. org); Wagner at the Wien Museum
University’s modern and contemporary (wienmuseum.com).
art collection, will have reopened after
a root-and-branch makeover with new Claire Wrathall writes about the arts
commissions from 38 artists, among and travel.
E D I T E D b y S A R A H M I L L E R f o r I LT M
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 | Tuesday, November 21, 2017 NY THE WALL STREET JOURNAL.

The Wall Street Journal

congratulates Business
Today’s 43rd International
Conference attendees.

Oduguwa Adeniyi Julie Fukunaga Margarita Parsamyan

Raghav Aggarwal Tianhao Gao Anuj Patel
Syed Faisal Akhtar Robbie Georgel Carlos Paz
Telma Alonso Rouhin Ghosh Marina Pazeti
Keito Ando Amanda Gormsen Anika Prasad
Matei Apolzan Stephane Gosselin Mauricio Rada Orellana
Harshmeet Arora Abiel Gutierrez Rodrigo Riccetto
Ifeoluwa Ayademi Andrés Gvirtz Vineeth Sanagala
Amaan Badruddin Luke Heine Akanksha Santdasani
Udai Baisiwala Daniel Hernandez Cole Scanlon
Temir Barakov Jennifer Hofmann Florian Schottmann
Bianca Barbirato Sophia Huard Pertina Seah
Pau Batlle Jonathan Israel Lucrezia Senesi
Maximilian Behrens Rachel Jacoby Mary Catherine Serafin
Winston Best Jasmin Johnson Romil Shah
Megha Bindal Nicholas Kee Fang Shen
Patrik Birkle Sharon Khoo Tim Shieh
Maria Bondareva Francis Kigawa Bani Singh
Destini Brodi Marcel Kilic Indra Sofian
Karimkhon Bukhadurov Bar Kimelman Daya Srinivas
Joyce Chang Nikolay Koshikov Zachary Stern
Phillip Chao Yassine Larbi Dea Suluashvil
Jaime Chen Gavin Leslie Jasmine Tan
Yuling (Winnie) Chien Florencia Loreti Feng Nian Tey
Kacy Chou Anton Lucanus Sinclair Toffa
Christophe Claus David Maduri Bennett Torrance
Chelsea Conard Raamael Arif Mahmood Karunya Tota
Tiara Conley Malav Majithia Maxence Tremblay
Madeline Conway Aljoša Marković Elizabeth Trinh
Luca Dahlhausen Conor McEwen Kung Sui Tse
Nikola Damiani Abhi Mehta Derek Tu
Kamesh Darisipudi Kartikye Mittal Nerie Angelie Tulauan
Juliette Dautriat Khaoula Morchid Suzanne Van der Wijk
Alankrita Dayal Wideyveline Morin Gabrielle Videla
Flora DiCara Abhimanyu Muchhal Danishia Vijayakumar
Alicia Draper Chipo Mudzengi Catalina Villegas
Ellen Dries Marta Naidenova Vamshi Mohan Voruganti
Prabha Dublish Vineet Nair Jiarui Wang
Pamir Ehsas Henrique Neffa Michael Wong
Brittley Eldredge Jade Nguyen Richard Wu
Vahid Fazel-Rezai Tu Nguyen Yichuan Yan
Yael Florenthal Philippe Noël Venkata Ragavendra
Marissa Foo Heidi Norden Sashisekhar Yeruva
Riva Fouzdar Guzman Noya Nardo Etai Zajonts
Soarea Franchi Ogochukwu Obiagwu Ami Zou
Reuben Froude Timothy Onafuwa Thembelihle Zulu

Special thanks to Business Today’s

Nicole Zivkovic, Neel Ajjarapu,
Aria Wong, Colleen Kang and
Jamie Downey for organizing
the partnership event.

The Wall Street Journal news organization is not involved in this partnership.

© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6175
THE WALL STREET JOURNAL. Tuesday, November 21, 2017 | B7

BUSINESS NEWS MUTUAL FUNDS

WSJ.com/fundresearch

Glencore Shakes Up Unit Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret

In Congo After Review

LrgCpStr 14.91 +0.02 16.2 MuLTAdml 11.67 -0.01 5.8
Explanatory Notes Data provided by Oppenheimer Y MuLtdAdml 10.93 -0.01 2.3
DevMktY NA ... NA MuShtAdml 15.76 ... 1.3
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of IntGrowY 43.19 +0.19 24.5 PrmcpAdml r137.02 +0.55 25.9
at least $500 million each. NAV is net asset value. Percentage performance figures
REITAdml r 119.62 -0.37 5.2
are total returns, assuming reinvestment of all distributions and after subtracting P
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. SmCapAdml 69.13 +0.31 12.9
Parnassus Fds STBondAdml 10.40 -0.01 1.2
BY SCOTT PATTERSON NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date
return. 3-YR%RET is trailing three-year return annualized. ParnEqFd 44.23 +0.02 13.5 STIGradeAdml 10.65 -0.01 2.1
PIMCO Fds Instl TotBdAdml 10.75 -0.01 3.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
LONDON—Glencore PLC is and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, AllAsset NA ... NA TotIntBdIdxAdm 21.96 +0.01 2.2
TotRt NA ... NA TotIntlAdmIdx r 29.91 +0.05 23.8
shuffling the board of one of 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not PIMCO Funds A TotStAdml 64.71 +0.12 16.9
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Monday, November 20, 2017
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ExtMktIdxPrem r 63.07 +0.31 14.9 CapApInst 76.54 +0.22 35.1 N Horiz 55.47 +0.05 28.1
SelValu r
IntlIdxPrem r 42.95 +0.03 21.7 IntlInst r 69.76 +0.04 19.4 STAR 27.24 +0.03 15.8
are probing financial state- HI TrA p 10.38 ... 6.1 N Inc 9.48 -0.01 3.6
SAIUSLgCpIndxFd 13.88 +0.02 17.4 Harding Loevner 10.65 -0.01 2.0
OverS SF r 11.29 +0.01 24.5 STIGrade
ments and disclosures by To- Copper from Katanga province, where Glencore has operations. ICAA p 41.01 ... 14.5 TMktIdxF r 75.15 +0.15 17.0 IntlEq NA ... NA R2020 23.23 +0.02 13.8
TgtRe2015 15.93 +0.01 9.8
IncoA p 23.32 +0.03 10.0 TMktIdxPrem 75.13 +0.14 16.9 TgtRe2020 31.63 +0.04 11.9
ronto-listed Katanga related to N PerA p 45.14 -0.01 27.8 USBdIdxInstPrem 11.58 -0.01 3.1 I R2025 17.92 +0.02 15.6
TgtRe2025 18.54 +0.02 13.4
26.41 +0.03 17.2
international bribery and anti- sulted in the inadvertent the Securities and Exchange NEcoA p 48.27 +0.19 34.3 Fidelity Advisor I Invesco Funds A
R2030
TgtRe2030 33.49 +0.04 14.7
NwWrldA 67.08 +0.14 30.4 R2035 19.32 +0.03 18.6
corruption laws, Glencore and dumping of a large amount of Commission with New York SmCpA p 56.79 +0.16 23.5
NwInsghtI 33.49 +0.05 25.4 EqIncA 11.22 -0.01 7.4 R2040 27.76 +0.04 19.6
TgtRe2035 20.57 +0.03 16.0
TgtRe2040 35.43 +0.05 17.3
Katanga Mining said in sepa- copper into a waste dam. hedge fund Och-Ziff Capital TxExA p 13.02 ... 5.0
Fidelity Freedom
FF2020 16.74 +0.01 13.5 J Value 38.89 +0.08 15.6
TgtRe2045 22.26 +0.04 17.8
rate statements disclosing the Glencore suspended opera- Management Group LLC. WshA p 45.22 +0.13 14.7 FF2025 14.49 +0.01 14.4 John Hancock Class 1
PRIMECAP Odyssey Fds
Growth r 36.86 +0.20 28.7
TgtRe2050 35.81 +0.06 17.8
investigation on Monday. tions at Katanga in 2015. The Justice Department B FF2030 18.16 +0.02 17.0 LSBalncd NA ... NA Principal Investors
TgtRetInc 13.58 +0.01 7.3
Freedom2020 K 16.75 +0.01 NS LSGwth TotIntBdIxInv 10.99 +0.01 2.2
Three Katanga directors, in- The Wall Street Journal re- said Och-Ziff went into busi- Baird Funds Freedom2025 K 14.49 +0.01 NS John Hancock Instl
NA ... NA DivIntlInst 13.92 +0.03 26.5
WellsI 26.94 +0.01 8.0
Prudential Cl Z & I
cluding Glencore’s billionaire ported in July that Glencore is ness with Mr. Gertler despite a AggBdInst 10.88 -0.01 3.8 Freedom2030 K 18.16 +0.01 NS DispValMCI 24.08 +0.07 12.2 TRBdZ 14.51 -0.01 5.7
Welltn 42.59 +0.02 11.1
CorBdInst 11.24 ... 4.2 Freedom2035 K 15.24 +0.01 NS JPMorgan Funds WndsrII 38.70 +0.01 11.2
copper chief, Aristotelis Mis- subject to an investigation by consultant’s warnings that he BlackRock Funds A Freedom2040 K 10.71 +0.01 NS MdCpVal L S VANGUARD INDEX FDS
takidis, are stepping down Canada’s OSC regarding more used political connections in GlblAlloc p 20.23 ... 11.3 Fidelity Invest
NA ... NA
500 238.99 +0.31 17.3
JPMorgan R Class Schwab Funds
from its board following an in- than $100 million in payments Congo to benefit himself and BlackRock Funds Inst Balanc 23.71 +0.01 14.3
CoreBond NA ... NA S&P Sel
ExtndIstPl 204.47 +1.02
40.40 +0.05 17.4 SmValAdml 55.46 +0.24
14.9
EqtyDivd 22.94 +0.01 12.4 BluCh 88.44 +0.16 34.0 8.0
ternal review that found “ma- Katanga Mining made to a his associates. GlblAlloc 20.36 ... 11.5 127.19 +0.23 30.0 TotBd2 10.72 ... 3.2
Contra L T
terial weaknesses” in the com- company owned by an Israeli The Justice Department said HiYldBd 7.79 ... 7.2 ContraK 127.19 +0.22 30.1 TotIntl 17.88 +0.03 23.7
StratIncOpptyIns 9.93 ... 4.1 Lazard Instl TIAA/CREF Funds
pany’s controls over financial businessman. An OSC spokes- a business associate of Och- Bridge Builder Trust
CpInc r 10.27 +0.02 10.5
EmgMktEq 19.66 -0.10 23.8 EqIdxInst
TotSt 64.68 +0.12
19.40 +0.04 16.9 VANGUARD INSTL FDS
16.8
DivIntl 41.42 +0.04 24.4
reporting, Glencore said. woman confirmed the agency Ziff’s, who people familiar with CoreBond NA ... NA GroCo 184.01 +0.09 34.5
Loomis Sayles Fds IntlEqIdxInst 20.16 +0.03 21.8 BalInst 34.13 +0.03 11.3
14.13 -0.01 6.6
Glencore nominated three has an active investigation re- the matter said is Mr. Gertler, GrowCoK 183.97 +0.09 34.6 LSBondI Tweedy Browne Fds DevMktsIndInst 14.14 +0.02 22.7
D Lord Abbett A GblValue 28.27 +0.07 12.9 DevMktsInxInst 22.10 +0.03 22.7
new directors to the board, in- garding Katanga Mining. paid more than $100 million in InvGB 7.92 -0.01 3.5
ShtDurIncmA p 4.26 ... 2.1 82.86 +0.42 14.9
Dimensional Fds InvGrBd 11.27 -0.01 3.9 ExtndInst
cluding its chief financial offi- The OSC investigation bribes to Congolese officials, 5GlbFxdInc 11.01 -0.01 2.1 LowP r 53.11 +0.19 15.9
Lord Abbett F V GrwthInst 70.92 +0.04 24.9
cer, Steven Kalmin. Katanga’s stems from payments Katanga though he hasn’t been charged. EmgMktVa 30.09 -0.07 27.4 LowPriStkK r 53.07 +0.18 16.0 ShtDurIncm 4.26 ... 2.4 VANGUARD ADMIRAL InPrSeIn 10.52 -0.01 2.3
EmMktCorEq 22.56 ... 31.9 MagIn 105.99 +0.20 22.8 500Adml 239.03 +0.31 17.4 InstIdx 235.83 +0.31 17.4
CFO, Jacques Lubbe, resigned, was expected to make to A spokesman for Mr. Gertler’s IntlCoreEq 14.11 +0.03 23.2 OTC 109.46 +0.11 37.4
M BalAdml 34.12 +0.03 11.3 InstPlus 235.85 +0.31 17.4
Katanga said. Glencore, in a sep- Congo’s state-run mining com- company, Fleurette, has denied IntlVal 19.75 +0.01 20.6 Puritn 23.14 +0.01 Metropolitan West
16.0 CAITAdml 11.79 -0.01 4.7 InstTStPlus 58.05 +0.11 16.9
arate statement Monday, said it pany, Gecamines, that were allegations of bribery. Daniel IntSmCo 21.25 +0.06 24.2 SrsEmrgMkt 21.76 +0.02 TotRetBd
38.6
TotRetBdI
NA
NA
...
...
NA
NA
CapOpAdml r156.54 +0.59 26.0 MidCpInst 41.22 +0.10 15.7
IntSmVa 23.03 +0.07 21.8 SrsGroCoRetail 18.07 +0.01 35.3 EMAdmr 37.40 +0.11 28.1 MidCpIstPl 203.31 +0.50 15.7
plans to implement “various instead sent to a Caymans Is- Och, chairman and chief execu- US CoreEq1 22.13 +0.07 16.2 SrsIntlGrw 16.31 +0.06 TRBdPlan
27.4 NA ... NA EqIncAdml 76.31 +0.18 13.8 SmCapInst 69.13 +0.32 12.9
structural and control changes” land company owned by the tive of Och-Ziff, has said the US CoreEq2 21.00 +0.08 14.1 SrsIntlVal 10.75 -0.01 MFS Funds Class I
17.4 ExtndAdml 82.86 +0.42 14.9 STIGradeInst 10.65 -0.01 2.1
36.45 +0.29 8.5 ValueI 40.41 +0.10 12.8 GNMAAdml 10.48 -0.02 1.8 TotBdInst 10.75 -0.01 3.2
across its copper department. businessman Dan Gertler, the firm’s conduct scrutinized by US Small TotalBond 10.66 -0.01 3.9
MFS Funds Instl GrwthAdml 70.92 +0.05 24.9 TotBdInst2 10.72
US SmCpVal 38.74 +0.28 4.1 Fidelity Selects ... 3.3
Monday’s disclosures reveal Journal reported. Glencore the Justice Department was “in- US TgdVal 25.15 +0.16 5.6 Biotech r 213.35 -1.35 22.6 IntlEq 25.41 +0.03 25.4 HlthCareAdml r 87.97 -0.64 16.1 TotBdInstPl 10.75 -0.01 3.2
a chaotic situation at the giant had acknowledged the shift in consistent with our core values.” USLgVa 39.05 +0.10 12.9 First Eagle Funds Mutual Series HYCorAdml r 5.91 +0.01 6.3 TotIntBdIdxInst 32.96 +0.02 2.3
60.25 -0.09 11.0 GlbDiscA 32.04 -0.01 6.5 InfProAd 25.82 -0.03 2.3 TotIntlInstIdx r119.61 +0.20 23.8
Congolese copper mine, in payments and said it was done Glencore in February pur- Dodge & Cox
Balanced 108.91 +0.09 8.8
GlbA
FPA Funds IntlGrAdml 95.54 +0.30 41.9 TotItlInstPlId r119.63 +0.20 23.8
which Glencore first invested at the request of Gecamines. chased Mr. Gertler’s stake in GblStock 13.89 +0.02 16.6 FPACres NA ... NA O ITBondAdml 11.38 -0.02 3.6 TotStInst 64.72 +0.12 16.9
in 2008 as it ramped up oper- Mr. Gertler was a central fig- Katanga Mining, as well as his Income 13.81 -0.01 3.9 FrankTemp/Frank Adv Oakmark Funds Invest ITIGradeAdml 9.78 -0.01 4.0 ValueInst 39.68 +0.08 11.6
Intl Stk 46.21 -0.01 21.3 IncomeAdv 2.32 ... 6.3 EqtyInc r 34.07 +0.10 12.0 LTGradeAdml 10.64 +0.01 9.7
ations. Recurring spills, power ure in a $412 million settlement stake in another jointly run Stock 201.48 +0.39 12.4 FrankTemp/Franklin A Oakmark 84.42 +0.18 16.5 MidCpAdml 186.61 +0.46 15.7 W
outages and plant modifica- in September 2016 between the Congo copper mine, for nearly DoubleLine Funds CA TF A p 7.47 ... 5.5 OakmrkInt 28.49 +0.03 25.5 MuHYAdml 11.41 -0.01 7.2 Western Asset
tions from 2010 to 2013 re- U.S. Justice Department and $1 billion including debt. TotRetBdI NA ... NA Fed TF A p 11.96 -0.01 3.1 Old Westbury Fds MuIntAdml 14.15 -0.01 4.4 CorePlusBdI NA ... NA

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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
B8 | Tuesday, November 21, 2017 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23430.33 s 72.09, or 0.31% Trailing P/E ratio 20.63 20.68 2582.14 s 3.29, or 0.13% Trailing P/E ratio 24.44 24.19 6790.71 s 7.92, or 0.12% Trailing P/E ratio * 26.10 23.75
High, low, open and close for each P/E estimate * 19.17 17.74 High, low, open and close for each P/E estimate * 19.36 18.25 High, low, open and close for each P/E estimate * 21.25 19.12
trading day of the past three months. Dividend yield 2.19 2.53 trading day of the past three months. Dividend yield 1.93 2.14 trading day of the past three months. Dividend yield 1.05 1.25
All-time high 23563.36, 11/08/17 All-time high: 2594.38, 11/08/17 All-time high: 6793.29, 11/16/17

Current divisor 0.14523396877348

23500 2580 6750

23000 2550 6650

22500 2520 6550

22000 2490 6450

Session high
DOWN UP 65-day moving average 65-day moving average
21500 2460 6350
t

Session open Close

65-day moving average Close Open
t

21000 2430 6250

Session low
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* 731,765,553 9,617,108
Industrial Average 23456.88 23360.58 23430.33 72.09 0.31 23563.36 18956.69 23.6 18.6 9.8 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 404,113,847 3,082,529
Transportation Avg 9525.61 9456.16 9521.95 38.86 0.41 10038.13 8783.74 7.0 5.3 1.7 Most-active issues in late trading Decl. volume* 310,593,938 6,158,997
Utility Average 759.27 754.76 755.96 -2.12 -0.28 774.47 626.66 19.2 14.6 8.4 Volume After Hours Issues traded 3,076 331
Company Symbol (000) Last Net chg % chg High Low Advances 1,764 143
Total Stock Market 26789.09 26712.18 26769.55 51.33 0.19 26830.60 22773.93 17.1 15.0 7.9
SPDR S&P 500 SPY 8,161.4 258.24 -0.06 -0.02 258.55 258.00 Declines 1,189 170
Barron's 400 692.09 687.76 692.08 4.69 0.68 692.08 583.16 18.3 15.0 8.5
AECOM ACM 6,917.4 36.00 … unch. 36.56 35.33 Unchanged 123 18
Nasdaq Stock Market VanEck Vectors Gold Miner GDX 5,514.7 22.56 0.02 0.09 22.57 22.50 New highs 161 4
Nasdaq Composite 6795.83 6779.49 6790.71 7.92 0.12 6793.29 5251.11 26.5 26.1 13.0 PwrShrs QQQ Tr Series 1 QQQ 4,045.3 153.83 … unch. 153.94 153.00 New lows 37 6
Nasdaq 100 6324.59 6301.88 -5.90 6345.81 4734.10 29.7 Closing tick 9 18
6308.61 -0.09 29.8 14.1 Bank of America BAC 3,993.1 26.75 0.01 0.04 26.76 26.62
Closing Arms† 1.08 1.80
VanEck Vectors Jr Gold GDXJ 2,774.3 31.80 0.02 0.06 31.85 31.76
Standard & Poor's Block trades* 5,808 117
Urban Outfitters URBN 2,594.3 27.54 -0.73 -2.58 32.00 26.79
500 Index 2584.64 2578.24 2582.14 3.29 0.13 2594.38 2191.08 17.5 15.3 7.9 Nasdaq NYSE Arca
LendingClub LC 2,453.2 4.26 … unch. 4.26 4.26
MidCap 400 1847.38 1839.40 1847.21 6.47 0.35 1847.21 1616.68 14.3 11.2 8.7 Total volume*1,781,059,692 190,167,112
SmallCap 600 915.98 909.07 915.80 6.89 0.76 918.72 806.34 13.6 9.3 10.6 Percentage gainers… Adv. volume*1,054,969,305 98,206,088
Decl. volume* 704,776,105 90,471,418
Other Indexes Amtech Systems ASYS 230.6 16.00 1.88 13.31 16.75 14.35
Issues traded 3,060 1,313
Russell 2000 1503.40 1492.93 1503.40 10.57 0.71 1512.09 1313.80 13.7 10.8 8.7 Ardelyx ARDX 17.8 6.16 0.56 9.91 6.30 5.60
Advances 1,780 805
NYSE Composite 12331.09 12294.96 12320.77 17.88 0.15 12430.52 10791.84 14.2 11.4 4.0 Palo Alto Networks PANW 956.3 152.20 9.67 6.78 153.75 142.32 Declines 1,151 479
Value Line 544.93 542.63 544.92 2.16 0.40 545.98 496.60 9.3 7.7 3.0 China Cord Blood CO 13.4 11.39 0.39 3.55 11.45 10.95 Unchanged 129 29
NYSE Arca Biotech 4150.48 4106.03 4123.31 -26.69 -0.64 4304.77 3075.02 21.2 34.1 7.5
Diana Containerships DCIX 33.6 10.39 0.35 3.49 10.39 10.00 New highs 176 123
New lows 38 16
NYSE Arca Pharma 534.52 531.24 531.79 -2.73 -0.51 560.52 463.78 11.3 10.4 -0.6 ...And losers
Closing tick 131 33
KBW Bank 99.80 99.12 99.69 0.50 0.51 102.31 85.30 16.1 8.6 11.1 Drive Shack DS 5.1 5.15 -0.60 -10.43 5.75 5.15 Closing Arms† 1.03 1.45
PHLX§ Gold/Silver 80.59 79.69 80.01 -0.87 -1.08 96.72 73.03 -1.3 1.5 3.1 Sanchez Energy SN 8.4 4.50 -0.50 -10.00 5.00 4.50 Block trades* 6,187 1,056
PHLX§ Oil Service 130.95 129.57 130.46 -0.86 -0.65 192.66 117.79 -22.2 -29.0 -18.8 ZTO Express (Cayman) ADR ZTO 58.0 15.81 -1.19 -7.00 17.50 14.75 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1324.77 1311.35 1322.81 15.88 1.22 1322.81 836.79 50.5 45.9 26.3 Agilent Technologies A 461.5 66.75 -3.21 -4.59 70.12 63.00 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 12.08 10.44 -0.78 -6.82 16.04 9.14 -14.3 -24.1 issues with the volume of shares rising and falling. An
10.65 -7.8 TrueCar True 7.9 10.85 -0.44 -3.90 11.29 10.85 Arms of less than 1 indicates buying demand; above 1

Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2953.79 2.67 0.09 16.7 OptimumBank Holdings OPHC 7.75 2.77 55.63 13.96 1.85 58.5 CHF Solutions CHFS 8.12 -1.91 -19.04 576.00 3.60 -92.1
DJ Global Index 384.68 0.49 0.13 18.0 Carver Bancorp CARV 4.24 0.93 28.14 7.95 2.01 6.0 TDH Holdings PETZ 9.78 -2.23 -18.57 31.75 6.02 ...
DJ Global ex U.S. 258.75 0.25 0.09 20.9 Remark Holdings MARK 7.67 1.67 27.83 7.75 1.93 66.4 ADOMANI ADOM 4.01 -0.88 -18.00 18.31 3.66 ...
Americas DJ Americas 621.09 0.87 0.14 14.9 Riot Blockchain RIOT 10.35 2.22 27.31 11.17 2.66 267.0 Eastside Distilling ESDI 4.78 -0.91 -15.99 12.00 3.35 -0.4
Brazil Sao Paulo Bovespa 73437.28 … Closed 21.9 Xunlei ADR XNET 18.99 3.79 24.93 19.57 3.11 330.6 Prothena Corp. PLC PRTA 44.60 -7.33 -14.12 70.00 44.43 -31.9
Canada S&P/TSX Comp 16004.40 5.83 0.04 4.7 Social Reality Cl A SRAX 4.10 0.80 24.24 6.85 1.11 -32.7 Spero Therapeutics SPRO 12.72 -1.77 -12.22 15.40 10.83 ...
Mexico S&P/BMV IPC 47857.14 … Closed 4.9 TSR TSRI 6.50 1.25 23.81 11.10 3.80 18.2 Arcturus Therapeutics ARCT 8.80 -1.21 -12.09 18.04 5.81 -36.8
Chile Santiago IPSA 3849.79 –239.56 –5.86 19.4 Ekso Bionics Holdings EKSO 2.92 0.53 22.18 4.90 0.99 -30.3 ION Geophysical IO 12.95 -1.70 -11.60 15.30 3.20 75.0
0.67 Diana Containerships DCIX 10.04 1.81 21.99 262765.44 1.56 -99.9 China Recycling Energy CREG 3.38 -0.42 -11.05 9.39 0.95 84.7
EMEA Stoxx Europe 600 386.39 2.59 6.9
0.44 Northern Technologies NTIC 20.90 3.35 19.09 21.66 12.55 60.2 Century Aluminum CENX 13.50 -1.64 -10.83 20.68 8.39 33.5
Eurozone Euro Stoxx 388.14 1.69 10.8
Belgium Bel-20 3962.24 8.20 0.21 9.9 UTStarcom Holdings UTSI 3.76 0.46 14.03 4.15 1.66 80.9 Yulong Eco-Materials YECO 3.81 -0.46 -10.77 9.00 0.50 -54.1
France CAC 40 5340.45 21.28 0.40 9.8 Hibbett Sports HIBB 19.45 2.35 13.74 43.40 9.40 -51.8 Genie Energy GNE 4.34 -0.52 -10.70 8.31 4.32 -29.5
Germany DAX 13058.66 64.93 0.50 13.7 Digital Ally DGLY 2.65 0.30 12.77 6.00 1.70 -48.0 Westport Fuel Systems WPRT 3.02 -0.35 -10.39 4.09 0.82 141.6
Israel Tel Aviv 1409.85 0.79 0.06 –4.1 U.S. Global Investors A GROW 2.87 0.32 12.55 4.30 1.25 87.6 Bioverativ BIVV 50.76 -5.35 -9.53 64.41 40.00 ...
0.44 15.4 Bloomin' Brands BLMN 20.54 2.27 12.42 22.16 16.11 7.0 AAC Holdings AAC 8.89 -0.93 -9.47 13.06 5.99 -3.9
Italy FTSE MIB 22189.25 96.30
Netherlands AEX 539.71 3.09 0.58 11.7
Russia RTS Index 1128.72 –3.73 –0.33 –2.0 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10025.50 15.10 0.15 7.2
0.28 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 578.99 1.63 8.3 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9299.61 116.00 1.26 13.1
Marvell Tech Group MRVL 66,773 1037.4 21.59 6.41 21.81 13.59 Atlantic Coast Financial ACFC 2,640 5524 9.17 1.10 9.25 6.63
U.K. FTSE 100 7389.46 8.78 0.12 3.5
General Electric GE 63,314 -8.7 17.98 -1.26 32.38 17.46 TSR TSRI 195 3121 6.50 23.81 11.10 3.80
Asia-Pacific iShares MSCI Emg Markets EEM 44,207 -8.6 47.06 0.51 47.10 33.94 Xtrackers MSCI S Korea DBKO 175 2250 31.84 0.01 32.34 23.44
Australia S&P/ASX 200 5945.70 –11.60 –0.19 4.9 Bank of America BAC 42,314 -34.5 26.74 0.45 27.98 20.01 Cavium CAVM 18,039 2139 84.02 10.80 84.41 53.73
China Shanghai Composite 3392.40 9.49 0.28 9.3 SPDR S&P 500 SPY 39,776 -37.2 258.30 0.17 259.35 219.00 iSh Cur Hdg MSCI ACWI US HAWX 207 1850 26.85 0.49 27.21 22.54
Hong Kong Hang Seng 29260.31 61.27 0.21 33.0 Advanced Micro Devices AMD 35,728 -37.3 11.34 -0.35 15.65 8.26 First Tr MCapValAlphaDEX FAB 89 1678 54.30 0.22 54.52 48.84
India S&P BSE Sensex 33359.90 17.10 0.05 25.3 Finl Select Sector SPDR XLF 34,342 -33.8 26.28 0.46 26.93 22.00 First Tr Val Line (R) 100 FVL 197 1646 23.37 0.65 23.39 20.76
Japan Nikkei Stock Avg 22261.76 –135.04 –0.60 16.5 Ford Motor F 31,997 -10.1 12.13 1.00 13.27 10.47 Flex Qlty Div Defensive QDEF 158 1248 42.76 0.35 42.76 38.04
Singapore Straits Times 3386.59 4.21 0.12 17.6 iPath S&P 500 VIX ST Fut VXX 30,560 -5.5 33.36 -3.16 117.92 33.11 Riot Blockchain RIOT 4,875 1215 10.35 27.31 11.17 2.66
South Korea Kospi 2527.67 –6.32 –0.25 24.7 Snap SNAP 30,386 13.8 12.41 -4.46 29.44 11.28 Nuveen Muni 2021 Target NHA 156 1193 9.40 -0.84 10.96 9.29
Taiwan Weighted 10664.55 –37.09 –0.35 15.2 * 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
Mon YTDchg
in US$ per US$ (%) Country/currency
Mon 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 30-year mortgage, Rate
3.75% Argentina peso .0573 17.4657 10.1 Czech Rep. koruna .04594 21.769 –15.3
benchmark over the past year 10% Brazil real .3070 3.2573 0.1 Denmark krone .1577 6.3427 –10.3
Bankrate.com avg†: 3.90% s
3.00 Euro Canada dollar .7799 1.2823 –4.6 Euro area euro 1.1733 .8523 –10.3
Pacific Finance Group, LLC 3.63% 5
Chile peso .001570 636.80 Hungary forint .003755 266.31 –9.5
–4.9
4.00% Bothell, WA 425-354-5602 1 1 .009642 103.71 –8.2
t 2.25 0 Ecuador US dollar unch Iceland krona
Garden State Home Loans 3.75% Mexico peso .0526 18.9960 –8.4 Norway krone .1206 8.2925 –4.1
Monday
t

30-year fixed-rate 3.00 1.50 Uruguay peso .03400 29.4100 0.2 Poland zloty .2774 3.6052 –13.9
mortgage Cherry Hill, NJ 609-216-7912 –5
Venezuela b. fuerte .095616 10.4585 4.6 Russia ruble .01686 59.328 –3.2
2.00 Great American Lending 3.75% 0.75 s Yen
t –10 s Asia-Pacific Sweden krona .1179 8.4832 –6.9
North Ogden, UT 800-706-6648 One year ago
t

WSJ Dollar index Switzerland franc 1.0067 .9933 –2.5

10-year Treasury 0.00 –15 Australian dollar .7547 1.3250 –4.6
1.00 Orange Countys Credit Union 3.75% Turkey lira .2545 3.9286 11.5
note yield China yuan .1507 6.6346 –4.5
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0376 26.5826 –1.8
Santa Ana, CA 714-755-5900 Hong Kong dollar .1280 7.8111 0.7
0.00 month(s) years UK pound 1.3233 .7557 –6.7
Hills Bank and Trust Company 3.88% India rupee .01537 65.054 –4.3
D J FMAM J J A S ON maturity Indonesia rupiah .0000739 13534 Middle East/Africa
0.1
2017 Hills, IA 800-445-5725
Japan yen .008879 112.62 –3.7 Bahrain dinar 2.6472 .3778 0.2
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003001 333.26 –0.1 Egypt pound .0567 17.6497 –2.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1238 8.0767 2.0 Israel shekel .2843 3.5168 –8.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2415 4.1405 –7.7 Kuwait dinar 3.3133 .3018 –1.2
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields New Zealand dollar .6809 1.4686 1.7 Oman sul rial 2.5980 .3849 –0.02
Pakistan rupee .00950 105.250 0.8 Qatar rial .2742 3.647 0.2
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 50.734 2.3 Saudi Arabia riyal .2666 3.7503 –0.01
Libor, 3-month 1.45 1.42 0.92 l 1.45 1.21 Singapore dollar .7371 1.3567 –6.3 South Africa rand .0712 14.0445 2.6
Money market, annual yield 0.32 0.32 0.26 l 0.36 -0.11 Treasury, Ryan ALM 1460.669 2.188 2.186 2.237 1.818 2.292 1.990 South Korea won .0009116 1097.03 –9.2
Five-year CD, annual yield 1.48 1.49 1.19 l 1.49 -0.07 .0065036 153.76 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1731.077 2.370 2.400 2.609 2.058 1.965 1.771 Sri Lanka rupee 3.6
30-year mortgage, fixed† 3.90 3.92 3.73 l 4.33 -0.13 Taiwan dollar .03323 30.093 –7.3 WSJ Dollar Index 87.40 0.31 0.36 –5.96
DJ Corporate 378.126 3.172 3.173 3.390 2.879 5.539 3.975
Thailand baht .03048 32.810 –8.4 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.31 3.30 2.99 l 3.50 0.09 Aggregate, Barclays Capital 1938.490 2.680 2.670 2.790 2.380 3.255 2.377 Vietnam dong .00004403 22710 –0.3
Jumbo mortgages, $424,100-plus† 4.26 4.29 4.21 l 4.88 ... High Yield 100, Merrill Lynch 2843.695 5.584 5.581 6.220 4.948 8.344 4.117
Five-year adj mortgage (ARM)† 3.54 3.51 3.20 l 4.03 0.02
Fixed-Rate MBS, Barclays 1984.200 2.890 2.910 3.120 2.660 2.126 1.983
New-car loan, 48-month 3.01 3.01 2.85 l 3.36 -0.22
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
Muni Master, Merrill 521.270 2.056 2.013 2.516 1.736 4.524 2.673 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 799.981 5.596 5.645 6.290 5.279 9.755 5.723 Commodities Monday 52-Week YTD
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg

DJ Commodity 609.40 -3.69 -0.60 616.58 532.01 10.79 7.43

Get real-time U.S. stock quotes and track most-active Track the Markets 189.21 -0.62 195.14 1.02 -1.71

WSJ
TR/CC CRB Index -1.18 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 56.09 -0.46 -0.81 57.35 42.53 18.11 4.41
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.047 -0.050 -1.61 3.93 2.56 3.29 -18.18
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1274.60 -21.20 -1.64 1346.00 1127.80 5.37 10.83
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Tuesday, November 21, 2017 | B9

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 Milk (CME)-200,000 lbs., cents per lb. Currency Futures
Agriculture Futures Nov 16.79 16.83 16.78 16.83 .04 4,342
Contract Open Dec 15.25 15.44 15.25 15.40 .13 4,320 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Cocoa (ICE-US)-10 metric tons; $ per ton. Dec .8926 .8949 .8881 .8885 –.0044 266,047
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 342.50 345.25 341.50 345.00 2.00 466,868 March'18 .8978 .8992 .8930 .8933 –.0043 4,669
Dec 2,105 2,105 2,066 2,084 –42 473
Nov 3.0510 3.0885 3.0510 3.0905 0.0280 286 March'18 354.50 357.00 353.25 356.50 1.50 652,379 March'18 2,120 2,121 2,081 2,089 –42 137,469
Canadian Dollar (CME)-CAD 100,000; $ per CAD
March'18 3.0950 3.1165 3.0730 3.1155 0.0245 115,692 Oats (CBT)-5,000 bu.; cents per bu. Dec .7833 .7843 .7801 .7809 –.0028 135,640
Coffee (ICE-US)-37,500 lbs.; cents per lb. March'18 .7839 .7847 .7811 .7818 –.0028 3,553
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 256.25 256.75 251.25 255.00 –2.00 2,692 Dec 122.50 123.70 121.15 122.90 –.90 10,974
Nov 1275.90 1275.90 1275.90 1274.60 –21.20 10 March'18 270.50 272.00 267.50 271.00 –1.25 4,382 British Pound (CME)-£62,500; $ per £
March'18 126.90 127.20 124.85 125.75 –1.50 120,438 Dec 1.3226 1.3290 1.3196 1.3247 .0019 168,504
Dec 1294.10 1295.10 1274.10 1275.30 –21.20 268,091 Soybeans (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March'18 1.3253 1.3329 1.3240 1.3290 .0019 3,630
Feb'18 1300.00 1300.00 1278.50 1279.70 –21.20 212,772 Jan 990.00 992.00 983.00 990.00 –.50 319,186 15.30 15.30 14.92 14.98 –.39 400,124
April 1302.00 1303.60 1282.90 1284.00 –21.20 23,469
March Swiss Franc (CME)-CHF 125,000; $ per CHF
March 1000.75 1002.75 994.00 1001.25 –.25 143,963 May 15.29 15.29 14.92 14.99 –.34 137,117 Dec 1.0120 1.0140 1.0080 1.0085 –.0049 82,841
June 1305.40 1306.70 1287.20 1288.30 –21.10 22,192 Soybean Meal (CBT)-100 tons; $ per ton.
Dec 1318.90 1318.90 1301.20 1301.50 –21.10 11,468
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'18 1.0208 1.0212 1.0157 1.0159 –.0048 300
Dec 318.60 320.30 315.30 319.80 1.60 63,897 March 27.32 27.32 27.32 27.32 –.01 2,794 Australian Dollar (CME)-AUD 100,000; $ per AUD
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'18 320.30 322.20 317.50 322.00 2.00 122,796 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec .7555 .7572 .7541 .7544 –.0020 128,157
Dec 990.45 998.25 982.75 986.10 –6.80 20,346 Jan'18 .7551 .7563 .7544 .7542 –.0020 630
March'18 987.90 993.45 979.15 982.45 –6.35 14,711
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 69.80 71.50 69.79 71.37 1.59 12,492
Dec 34.38 34.42 33.69 33.95 –.49 94,943 March'18 69.42 70.92 69.41 70.85 1.50 148,077 Feb .7551 .7569 .7546 .7541 –.0020 583
June 981.55 982.90 981.55 975.45 –6.75 411 March .7551 .7565 .7539 .7540 –.0020 1,280
Platinum (NYM)-50 troy oz.; $ per troy oz. Jan'18 34.51 34.56 33.85 34.10 –.49 138,175 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
June .7541 .7541 .7541 .7538 –.0020 264
Nov 928.20 928.20 926.40 920.40 –31.00 4 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec … … s … 166.80 …
Jan'18 166.15 167.70 166.10 167.30 .50 7,522
Mexican Peso (CME)-MXN 500,000; $ per MXN
Jan'18 954.20 954.20 921.80 923.60 –31.00 70,601 Jan 1228.50 1238.00 1214.00 1237.50 9.00 9,186 Dec .05256 .05259 .05222 .05239 –.00019 181,568
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 1251.50 1266.50 1241.00 1266.00 10.00 1,090 March'18 .05155 .05160 .05145 .05160 –.00019 809
Nov ... ... ... 16.827 –0.531 3 Wheat (CBT)-5,000 bu.; cents per bu. Interest Rate Futures Euro (CME)-€125,000; $ per €
Dec 17.335 17.335 16.820 16.842 –0.531 97,984 Dec 427.75 428.00 419.25 422.00 –5.25 134,999 Dec 1.1787 1.1827 1.1740 1.1750 –.0066 457,904
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March'18 1.1854 1.1895 1.1812 1.1820 –.0065 7,195
March'18 443.00 443.75 436.00 438.50 –5.00 241,033
Dec 56.69 56.76 55.57 56.09 –0.46 29,051 Dec 154-010 154-140 153-190 153-210 –4.0 748,630
Wheat (KC)-5,000 bu.; cents per bu. March'18 152-290 153-100 152-160 152-170 –4.0 60,533
Jan'18 56.80 56.93 55.75 56.42 –0.29 587,805 Dec 422.00 422.50 414.25 416.00 –6.00 64,714 Index Futures
Feb 56.88 56.98 55.85 56.53 –0.28 190,458 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March'18 439.00 439.75 431.75 433.75 –5.75 161,202 Dec 124-310 125-045 124-220 124-220 –7.0 3,282,603 Mini DJ Industrial Average (CBT)-$5 x index
March 56.93 57.00 55.90 56.60 –0.27 300,909
Wheat (MPLS)-5,000 bu.; cents per bu. March'18 124-230 124-280 124-135 124-135 –6.5 196,713 Dec 23318 23427 23241 23395 79 152,299
June 56.55 56.69 55.67 56.36 –0.29 234,318
Dec 636.50 636.50 625.75 626.25 –8.75 24,084 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'18 23326 23418 23236 23389 82 2,518
Dec 54.84 54.87 53.91 54.54 –0.27 263,048
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'18 650.00 651.00 639.25 639.75 –10.25 35,002 Dec 116-312 117-015 116-245 116-245 –5.5 3,188,291 S&P 500 Index (CME)-$250 x index
Dec 1.9467 1.9500 1.9056 1.9321 –.0145 67,932 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'18 116-247 116-275 116-182 116-185 –5.2 189,072 Dec 2574.40 2583.10 2567.80 2582.10 5.80 65,885
Jan'18 1.9493 1.9522 1.9081 1.9343 –.0143 126,648 Jan 151.000 151.850 149.300 149.550 –2.175 27,250 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March'18 2579.50 2583.60 2578.60 2583.00 5.90 5,180
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 149.375 150.200 147.775 148.050 –2.075 16,881 Dec 107-155 107-162 107-137 107-137 –1.5 1,768,384 Mini S&P 500 (CME)-$50 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2576.00 2584.00 2567.75 2582.00 5.75 3,205,145
Dec 1.7455 1.7479 1.7174 1.7438 –.0009 73,663 March'18 107-105 107-110 107-080 107-082 –2.0 160,706
March'18 2577.00 2584.75 2568.75 2583.00 6.00 96,272
Jan'18 1.7480 1.7480 1.7148 1.7378 –.0064 178,201 Dec 118.500 118.800 116.775 117.100 –1.750 56,209 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P Midcap 400 (CME)-$100 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Feb'18 124.275 124.500 122.650 123.025 –1.650 155,663 Nov 98.843 98.845 98.843 98.843 … 206,345 Dec 1838.50 1848.70 s 1833.40 1847.10 6.90 93,314
Dec 3.070 3.089 3.026 3.047 –.050 74,121 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Jan'18 98.610 98.610 t 98.605 98.610 … 341,998 Mini Nasdaq 100 (CME)-$20 x index
Jan'18 3.165 3.179 3.125 3.140 –.051 326,218 Dec 60.825 62.425 60.775 62.025 1.375 43,715 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 6312.0 6329.3 6291.3 6316.0 2.8 288,828
Feb 3.161 3.176 3.124 3.141 –.049 109,951 Feb'18 67.300 68.950 66.975 68.475 1.400 92,977 Dec 101.125 101.125 100.766 100.766 –.219 28,064 March'18 6332.3 6346.3 6308.0 6332.0 2.5 2,377
March 3.123 3.138 3.088 3.107 –.045 180,135 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (ICE-US)-$100 x index
1 Month Libor (CME)-$3,000,000; pts of 100%
April 2.941 2.957 2.929 2.948 –.013 126,335 438.50 440.30 429.70 429.70 –10.00 5,679 Dec 1492.90 1504.40 1486.30 1504.00 11.10 67,326
Jan Dec 98.5400 98.5425 t 98.5375 98.5400 … 2,264
May 2.929 2.941 2.915 2.933 –.010 96,909 March'18 1504.00 1505.00 1504.00 1505.50 11.60 139
March 426.90 428.90 417.60 418.00 –9.60 901 Jan'18 98.5200 98.5200 t 98.5200 98.5225 –.0025 1,054
Mini Russell 1000 (ICE-US)-$100 x index
Eurodollar (CME)-$1,000,000; pts of 100% Dec 1431.10 1432.90 1430.20 1432.90 3.80 298
Dec 98.4575 98.4625 98.4500 98.4500 –.0075 1,632,388 U.S. Dollar Index (ICE-US)-$1,000 x index
Cash Prices | WSJ.com/commodities Monday, November 20, 2017 March'18 98.3000 98.3050
June 98.1650 98.1700
98.2700 98.2750 –.0200 1,403,777
98.1300 98.1350 –.0250 1,266,341
Dec
March'18
93.73
93.41
94.02
93.69
93.49
93.18
94.00
93.68
.42
.42
38,327
2,732
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Dec 98.0100 98.0250 97.9650 97.9700 –.0400 1,631,076 Source: SIX Financial Information
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Monday Monday Monday Bonds | WSJ.com/bonds
(U.S.$ equivalent) 17.1450 Soybeans,No.1 yllw IL-bp,u 9.3950
Energy Coins,wholesale $1,000 face-a 12749 Wheat,Spring14%-pro Mnpls-u 7.7625 Tracking Bond Benchmarks
Propane,tet,Mont Belvieu-g 0.9974 Other metals Wheat,No.2 soft red,St.Louis-bp,u 4.3350
Butane,normal,Mont Belvieu-g 1.0405 LBMA Platinum Price PM *937.0 Wheat - Hard - KC (USDA) $ per bu-u 3.7850
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Correcting previous 1.0625 Platinum,Engelhard industrial 938.0 Wheat,No.1soft white,Portld,OR-u 5.2600 highs and lows for different types of bonds
NaturalGas,HenryHub-i 3.050 Platinum,Engelhard fabricated 1038.0 Total Total
NaturalGas,TranscoZone3-i 3.000 Palladium,Engelhard industrial 1005.0
Food return YTD total Yield (%) return YTD total Yield (%)
NaturalGas,TranscoZone6NY-i 2.960 Palladium,Engelhard fabricated 1105.0 close return (%) Index Latest Low High close return (%) Index Latest Low High
Beef,carcass equiv. index
NaturalGas,PanhandleEast-i 2.580 Aluminum, LME, $ per metric ton *2077.0 choice 1-3,600-900 lbs.-u 187.44 Mortgage-Backed Bloomberg Barclays
NaturalGas,Opal-i 2.780
Broad Market Bloomberg Barclays
Copper,Comex spot 3.0905 select 1-3,600-900 lbs.-u 170.44
NaturalGas,MarcellusNE PA-i 2.430 Iron Ore, 62% Fe CFR China-s 62.3 1938.49 3.1 U.S. Aggregate 2.680 2.380 2.790 1984.20 2.2 Mortgage-Backed 2.890 2.660 3.120
Broilers, National comp wghtd-u,w 0.8580
NaturalGas,HaynesvilleN.LA-i 2.930 Shredded Scrap, US Midwest-s,w 276 1.7
Butter,AA Chicago 2.2100 U.S. Corporate Indexes Bloomberg Barclays 1951.15 Ginnie Mae (GNMA) 2.840 2.630 3.090
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850 Steel, HRC USA, FOB Midwest Mill-s 621 Cheddar cheese,bbl,Chicago 164.00
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 2773.08 5.4 U.S. Corporate 3.270 3.030 3.520 1163.73 2.4 Fannie mae (FNMA) 2.900 2.670 3.120
Fibers and Textiles Cheddar cheese,blk,Chicago 160.00
Metals Milk,Nonfat dry,Chicago lb. 71.50 2612.25 3.6 Intermediate 2.860 2.530 3.010 1792.03 2.5 Freddie Mac (FHLMC) 2.910 2.680 3.130
Burlap,10-oz,40-inch NY yd-n,w 0.6150 Cocoa,Ivory Coast-w 2381
Gold, per troy oz Cotton,1 1/16 std lw-mdMphs-u 0.7010 3848.06 9.5 Long term 4.150 4.100 4.710 521.27 4.5 Muni Master 2.056 1.736 2.516
Coffee,Brazilian,Comp 1.2246
Engelhard industrial 1292.84 Cotlook 'A' Index-t *79.80 Coffee,Colombian, NY 1.4219 565.89 3.9 Double-A-rated 2.760 2.470 2.870 364.61 5.0 7-12 year 2.045 1.744 2.618
Engelhard fabricated 1389.80 Hides,hvy native steers piece fob-u 61.000 Eggs,large white,Chicago-u 1.5750
Handy & Harman base 1286.20 Wool,64s,staple,Terr del-u,w n.a. 715.55 6.0 Triple-B-rated 3.560 3.340 3.870 409.83 6.2 12-22 year 2.456 2.213 3.047
Flour,hard winter KC 15.55
Handy & Harman fabricated 1427.68
LBMA Gold Price AM *1283.85
Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.76 High Yield Bonds Merrill Lynch 396.49 6.8 22-plus year 2.863 2.770 3.622
LBMA Gold Price PM *1284.35 Hogs,Iowa-So. Minnesota-u 63.07 Global Government J.P. Morgan†
Barley,top-quality Mnpls-u n.a. 414.80 6.7 High Yield Constrained 5.819 5.373 6.649
Krugerrand,wholesale-e 1326.52 Pork bellies,12-14 lb MidUS-u 1.4208
Bran,wheat middlings, KC-u 93
Maple Leaf-e 1339.28 Pork loins,13-19 lb MidUS-u 0.8446 414.53 7.8 Triple-C-rated 10.842 9.584 12.812 544.46 1.4 Global Government 1.420 1.300 1.560
Corn,No. 2 yellow,Cent IL-bp,u 3.1900
American Eagle-e 1339.28 93.1 Steers,Tex.-Okla. Choice-u n.a.
Corn gluten feed,Midwest-u,w 2843.70 6.0 High Yield 100 5.584 4.948 6.220 755.64 0.3 Canada 2.040 1.570 2.190
Mexican peso-e 1545.87 Corn gluten meal,Midwest-u,w 483.9 Steers,feeder,Okla. City-u,w 170.88
Austria crown-e 1253.25 Cottonseed meal-u,w 225 377.06 7.1 Global High Yield Constrained 5.274 4.934 6.300 372.80 1.0 EMU§ 1.039 0.933 1.363
Fats and Oils
Austria phil-e 1339.28 Hominy feed,Cent IL-u,w 95 715.26 1.2 France 0.770 0.710 1.210
Corn oil,crude wet/dry mill-u,w 34.8500
306.04 6.6 Europe High Yield Constrained 2.299 1.897 3.814
Silver, troy oz. Meat-bonemeal,50% pro Mnpls-u,w 213
Engelhard industrial 17.1500 Oats,No.2 milling,Mnpls-u 2.8750 Grease,choice white,Chicago-h 0.2500 U.S Agency Bloomberg Barclays 510.07 -0.9 Germany 0.430 0.210 0.620
Engelhard fabricated 20.5800 Rice, 5% Broken White, Thailand-l,w 374.00 Lard,Chicago-u n.a.
1637.81 2.0 U.S Agency 2.090 1.660 2.090 288.48 0.1 Japan 0.390 0.270 0.460
Handy & Harman base 16.9300 Rice, Long Grain Milled, No. 2 AR-u,w 25.00 Soybean oil,crude;Centl IL-u 0.3308
Handy & Harman fabricated 21.1630 Sorghum,(Milo) No.2 Gulf-u 7.6338 Tallow,bleach;Chicago-h 0.2650 1463.51 1.2 10-20 years 1.950 1.460 1.950 563.55 -0.5 Netherlands 0.540 0.360 0.760
LBMA spot price £12.9400 SoybeanMeal,Cent IL,rail,ton48%-u 316.30 Tallow,edible,Chicago-u 0.3400
3370.32 7.8 20-plus years 2.930 2.730 3.460 921.81 0.9 U.K. 1.580 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; 2453.52 4.6 Yankee 2.920 2.610 3.090 799.98 8.2 Emerging Markets ** 5.596 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 11/17
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 20, 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 1.759 s l 1.721 1.572 1.072
Week —52-WEEK— Week —52-WEEK— 2.250 10 2.369 s l 2.344 2.385 2.357
Inflation Latest ago High Low Latest ago High Low 2.750 Australia 2 1.780 t l 1.787 1.949 1.747 2.1 6.5 67.5
Oct. index Chg From (%)
level Sept. '17 Oct. '16 Britain 0.50 0.50 0.50 0.25 Treasury bill auction 2.750 10 2.554 t l 2.584 2.789 2.725 18.5 24.0 36.8
Australia 1.50 1.50 1.50 1.50 4 weeks 1.045 1.035 1.300 0.305 0.000 France 2 -0.592 s l -0.595 -0.523 -0.601 -235.1 -231.6 -167.3
U.S. consumer price index
13 weeks 1.285 1.240 1.285 0.480 0.750 10 0.702 t l 0.713 0.736 0.759 -166.8 -163.1 -159.8
All items 246.663 –0.06 2.0 Overnight repurchase
26 weeks 1.415 1.360 1.415 0.590
Core 253.638 0.28 1.8 U.S. 1.19 1.18 1.38 0.15
0.000 Germany 2 -0.716 t l -0.711 -0.717 -0.662 -247.5 -243.2 -173.4
Secondary market 0.500 10 0.364 s l 0.362 0.455 0.275 -200.5 -198.3 -208.1
International rates U.S. government rates 0.050 Italy 2 -0.274 t l -0.266 -0.147 0.051 -203.2 -198.7 -102.1
Fannie Mae
Week 52-Week 2.050 10 1.816 t l 1.835 2.046 2.086 -51.0 -27.1
Discount 30-year mortgage yields -55.3
Latest ago High Low
1.75 1.75 1.75 1.00 0.100 Japan 2 -0.195 t l -0.193 -0.138 -0.171 -195.4 -191.4 -124.2
30 days 3.466 3.494 3.865 3.253
Prime rates 0.100 10 0.036 t l 0.037 0.073 0.037 -233.3 -230.7 -231.9
Federal funds 60 days 3.486 3.521 3.899 3.281
U.S. 4.25 4.25 4.25 3.50 2.750 Spain 2 -0.362 t l -0.362 -0.278 -0.137 -212.0 -208.3 -120.9
Canada 3.20 3.20 3.20 2.70 Effective rate 1.1700 1.1700 1.2000 0.3500 Other short-term rates
1.475 1.475 1.475 1.475
1.450 10 1.517 t l 1.551 1.662 1.572 -85.2 -79.3 -78.5
Japan High 1.3125 1.3125 1.3125 0.5625
Low 1.0500 1.0500 1.1600 0.2500 Week 52-Week 1.750 U.K. 2 0.497 s l 0.483 0.444 0.202 -126.2 -123.9 -87.0
Policy Rates Latest ago high low
Bid 1.1600 1.1600 1.1700 0.3000 4.250 10 1.296 t l 1.298 1.331 1.338 -107.3 -104.7 -101.9
Euro zone 0.00 0.00 0.00 0.00
Switzerland 0.50 0.50 0.50 0.50 Offer 1.1700 1.1700 1.1900 0.3200 Call money Source: Tullett Prebon
3.00 3.00 3.00 2.25 Corporate Debt
in that same company’s share price.
Key Interest Rates Commercial paper (AA financial)
Investment-grade spreads that tightened the most…
Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days 1.35 n.a. 1.35 0.67
Spread*, in basis points Stock Performance
on actively traded noninflation and inflation-indexed issues that are Libor Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
adjusted to constant maturities. Data are from weekly Federal Reserve One month 1.29418 1.25028 1.29418 0.56778 Teva Pharmaceutical Finance Netherlands Iii TEVA 2.200 July 21, ’21 285 –23 340 … …
release H.15. Three month 1.44594 1.41586 1.44594 0.91983 Royal Bank of Scotland RBS 8.625 Aug. 15, ’49 212 –16 232 7.36 0.14
Week Ended 52-Week Week Ended 52-Week
Nov 17 Nov 10 High Low Six month 1.63489 1.61618 1.63489 1.27433 Bank of New York Mellon BK 4.625 Sept. 20, ’49 141 –15 142 52.52 0.10
Nov 17 Nov 10 High Low
One year 1.90844 1.88428 1.90844 1.62289 E.I. du Pont de Nemours And Co DD 2.200 May 1, ’20 25 –14 39 ... ...
Federal funds (effective) Treasury yields (secondary market)
Citigroup C 5.875 March 27, ’49 107 –13 106 72.05 1.01
1.16 1.16 1.16 0.40 1-month 1.05 1.03 1.05 0.29 Euro Libor
3-month 1.24 1.20 1.24 0.47 Qualcomm QCOM 2.600 Jan. 30, ’23 104 –10 108 66.47 –0.37
Commercial paper 6-month 1.37 1.32 1.37 0.59 One month -0.401 -0.399 -0.376 -0.405 Santander Issuances Sau SANTAN 5.179 Nov. 19, ’25 171 –9 172 ... ...
Nonfinancial TIPS Three month -0.379 -0.378 -0.325 -0.381 American Express AXP 2.200 March 3, ’20 33 –8 n.a. 93.95 0.28
1-month 1.15 1.16 1.16 0.41 Six month -0.312 -0.314 -0.218 -0.322
5-year 0.28 0.23 0.31 -0.02
2-month
3-month
1.23
1.28
1.20
1.26
1.23
1.28
0.55
0.64
7-year 0.43 0.38 0.49 0.20 One year -0.238 -0.247 -0.080 -0.251 …And spreads that widened the most
10-year 0.51 0.47 0.63 0.28
Financial 20-year 0.73 0.71 0.97 0.60 Biogen BIIB 4.050 Sept. 15, ’25 89 20 90 309.46 –1.44
1-month 1.19 1.19 1.19 0.46 Euro interbank offered rate (Euribor) Walt Disney 2.550 Feb. 15, ’22 38 16 n.a. 102.75 –0.67
Long-term avg 0.76 0.74 0.97 0.65 DIS
2-month 1.25 1.24 1.25 0.60 One month -0.372 -0.371 -0.366 -0.375 CBL & Associates CBL 5.250 Dec. 1, ’23 402 15 395 5.66 –1.74
3-month 1.31 1.30 1.31 0.72 Interest rate swaps
Three month -0.329 -0.329 -0.312 -0.332 Bnp Paribas BNP 6.750 March 14, ’49 192 11 166 ... ...
1-year n.a. n.a. n.a. n.a.
Discount window primary credit 2-year n.a. n.a. n.a. n.a. Six month -0.274 -0.275 -0.216 -0.276
1.75
BP Capital Markets BPLN 2.315 Feb. 13, ’20 26 8 28 ... ...
1.75 1.75 1.00 3-year n.a. n.a. n.a. n.a. One year -0.187 -0.191 -0.076 -0.192
4-year n.a. n.a. n.a. n.a.
Amazon.com AMZN 1.900 Aug. 21, ’20 29 6 n.a. 1126.31 –0.32
Conventional mortgages 5-year n.a. n.a. n.a. n.a. Qualcomm QCOM 2.250 May 20, ’20 79 6 n.a. 66.47 –0.37
Value 52-Week
n.a. n.a. n.a. n.a. 7-year n.a. n.a. n.a. n.a. Latest Traded High Low
Treasury yields at constant 10-year n.a. n.a. n.a. n.a. High-yield issues with the biggest price increases…
maturities 30-year n.a. n.a. n.a. n.a. DTCC GCF Repo Index Bond Price as % of face value Stock Performance
1-month 1.07 1.05 1.07 0.30 Corporate bonds, Moody's seasoned Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Treasury 1.183 36.300 1.366 0.244
3-month 1.26 1.22 1.26 0.48 Aaa n.a. n.a. n.a. n.a. MBS 1.216 111.402 1.506 0.257 Real Alloy Holding SGGH 10.000 Jan. 15, ’19 63.000 9.00 n.a. ... ...
6-month 1.40 1.34 1.40 0.60 Baa n.a. n.a. n.a. n.a. FGI Operating GUN 7.875 May 1, ’20 18.500 4.50 n.a. ... ...
1-year 1.57 1.52 1.57 0.77 Open Implied
2-year 1.70 1.64 1.70 1.03
State and local bonds Settle Change Interest Rate
Bristow BRS 6.250 Oct. 15, ’22 82.000 1.50 81.500 14.62 2.17
3-year 1.82 1.76 1.82 1.30 n.a. n.a. n.a. n.a. Altice Financing S.A. ALTICE 7.500 May 15, ’26 107.250 1.38 106.220 ... ...
5-year 2.06 2.01 2.08 1.65 Eurodollars DTCC GCF Repo Index Futures Bombardier BBDBCN 4.750 April 15, ’19 103.500 1.29 101.650 ... ...
7-year 2.24 2.20 2.37 1.90 1 month n.a. n.a. n.a. n.a. Treasury Nov 98.790 -0.005 8537 1.210 SFR S.A. SFRFP 7.375 May 1, ’26 103.770 1.27 104.594 ... ...
10-year 2.37 2.34 2.55 2.07 3 month n.a. n.a. n.a. n.a. Treasury Dec 98.660 0.010 1974 1.340 Enova International ENVA 9.750 June 1, ’21 106.750 1.25 106.750 14.60 1.74
20-year 2.62 2.59 2.91 2.43 6 month n.a. n.a. n.a. n.a.
Treasury Jan 98.555 0.005 458 1.445 Time TIME 7.500 Oct. 15, ’25 107.750 1.25 100.875 16.55 0.91
Notes on data:
Notes on data: …And with the biggest price decreases
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by U.S. prime rate is the base rate on corporate Chs/Community Health Systems CYH 6.875 Feb. 1, ’22 59.250 –3.25 66.500 … …
loans posted by at least 70% of the 10 largest
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window U.S. banks, and is effective June 15, 2017. Other EP Energy EPENEG 9.375 May 1, ’20 75.938 –2.13 79.250 ... ...
primary credit rate is charged for discounts made and advances extended under the Federal prime rates aren’t directly comparable; lending
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
Seagate HDD Cayman STX 5.750 Dec. 1, ’34 94.900 –1.85 n.a. … …
practices vary widely by location; Discount rate
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid is effective June 15, 2017. DTCC GCF Repo Index Real Alloy Holding SGGH 10.000 Jan. 15, ’19 63.500 –1.50 n.a. ... ...
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International is Depository Trust & Clearing Corp.'s weighted
average for overnight trades in applicable
Weatherford International WFT 8.250 June 15, ’23 99.750 –1.30 101.001 3.35 –2.05
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban CUSIPs. Value traded is in billions of U.S. dollars. Bombardier BBDBCN 7.500 March 15, ’25 100.625 –1.00 102.250 ... ...
Federal-funds rates are Tullett Prebon rates as Talen Energy Supply TLN 10.500 Jan. 15, ’26 99.250 –0.88 n.a. ... ...
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only; of 5:30 p.m. ET. Futures on the DTCC GCF Repo
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to Index are traded on NYSE Liffe US. Noble Holding International NE 7.750 Jan. 15, ’24 86.500 –0.80 88.500 … …
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first Sources: Federal Reserve; Bureau of Labor
mortgages *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;
Sources: Federal Reserve; for additional information on these rate data and their derivation, General Electric Capital Corp.; Tullett Prebon Note: Data are for the most active issue of bonds with maturities of two years or more
please see, www.federalreserve.gov/releases/h15/data.htm Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B10 | Tuesday, November 21, 2017 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high. s CboeGlobalMkts CBOE 119.23 s Marriott
NYSE Arca, NYSE MKT and Nasdaq Stock t-New 52-week low. EnergyTransferEq ETE 16.18 -0.13 InterContinentl IHG 57.10 0.55 NY CmntyBcp NYCB 12.94 0.23 Schlumberger SLB 61.72 -0.24 VEREIT VER 8.01 -0.06 2.75 MAR 125.91 0.43
EnergyTransfer ETP 16.71 -0.04 IBM IBM 150.51 1.54 NewellBrands NWL 28.82 0.26 SchwabC SCHW 45.12 0.44 s VF VFC 71.95 1.14 Celgene CELG 103.15 -0.95 s MarvellTech MRVL 21.59 1.30
Market listed securities. Prices are composite dd-Indicates loss in the most recent
Entergy ETR 85.65 -0.86 IntlFlavors IFF 149.94 1.19 NewfieldExpln NFX 30.01 -0.29 ScottsMiracleGro SMG 98.05 0.27 Visa V 109.95 0.13 CentennialRsc CDEV 20.06 -0.02 MatchGroup MTCH 28.76 -0.06
quotations that include primary market trades four quarters.
EnterpriseProd EPD 24.56 0.28 IntlGameTech IGT 28.50 -0.04 NewmontMin NEM 36.33 0.12 SealedAir SEE 45.01 -0.71 VailResorts MTN 228.49 -1.92 Cerner CERN 65.73 0.33 Mattel MAT 18.73 0.05
as well as trades reported by Nasdaq OMX FD-First day of trading.
Equifax EFX 110.91 -0.46 IntlPaper IP 54.15 -0.06 NextEraEnergy NEE 155.92 -0.12 SemicondctrMfg SMI 7.45 0.34 Vale VALE 10.12 0.01 CharterComms CHTR 338.37 -3.17 MaximIntProducts MXIM 53.88 0.37
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing
EquityLife ELS 89.27 0.19 Interpublic IPG 18.91 -0.14 NielsenHoldings NLSN 35.85 -0.19 SempraEnergy SRE 118.80 -0.71 ValeroEnergy VLO 82.09 -0.09 CheckPoint CHKP 102.98 0.83 MelcoResorts MLCO 26.18 0.73
Exchange, CBOE, National Stock Exchange, ISE standards
EquityResdntl EQR 67.92 -0.40 InvitatHomes INVH 22.82 ... Nike NKE 59.25 0.06 SensataTech ST 48.48 0.67 Vantiv VNTV 70.80 0.81 ChinaLodging HTHT 124.04 -0.59 MercadoLibre MELI 265.84 -3.89
and BATS. lf-Late filing s VarianMed VAR 109.24
EssexProp ESS 250.21 -0.64 IronMountain IRM 40.92 0.15 NiSource NI 27.09 0.01 ServiceCorp SCI 35.61 -0.11 0.21 CincinnatiFin CINF 73.43 -0.03 MicrochipTech MCHP 91.39 0.45
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq
EsteeLauder EL 125.18 0.49 IsraelChemicals ICL 3.92 -0.02 NobleEnergy NBL 25.76 -0.20 ServiceMaster SERV 46.45 0.01 Vedanta VEDL 19.21 0.27 Cintas CTAS 148.25 -0.67 s MicronTech MU 47.64 1.48
companies based on market capitalization. requirements.
EverestRe RE 223.84 -2.48 ItauUnibanco ITUB 13.17 0.13 Nokia NOK 5.01 0.07 ServiceNow NOW 127.67 0.13 VeevaSystems VEEV 61.96 0.83 CiscoSystems CSCO 36.50 0.60 Microsemi MSCC 53.84 0.82
Underlined quotations are those stocks with t-NYSE bankruptcy
EversourceEner ES 63.84 -0.37 JPMorganChase JPM 99.01 0.87 NomuraHoldings NMR 5.66 ... ShawComm B SJR 22.20 0.02 Ventas VTR 64.25 -0.15 CitrixSystems CTXS 86.13 -0.38 Microsoft MSFT 82.53 0.13
large changes in volume compared with the v-Trading halted on primary market. s Cognex
Exelon EXC 41.35 0.09 JacobsEngg JEC 59.34 0.71 Nordstrom JWN 41.44 0.58 SherwinWilliams SHW 387.69 0.71 Verizon VZ 46.20 0.78 CGNX 141.92 1.40 Middleby MIDD 114.80 1.11
issue’s average trading volume. vj-In bankruptcy or receivership or s ExtraSpaceSt EXR 87.35 0.15 JamesHardie JHX 16.10 0.09 NorfolkSouthern NSC 127.07 -0.47 ShinhanFin SHG 44.07 -0.17 Vipshop VIPS 9.25 -0.53 CognizantTech CTSH 71.90 -1.01 Momo MOMO 32.94 1.72
Boldfaced quotations highlight those issues being reorganized under the s Coherent
ExxonMobil XOM 80.55 0.31 JanusHenderson JHG 36.02 -0.61 NorthropGrum NOC 300.94 4.09 Shopify SHOP 108.56 3.67 VistraEnergy VST 18.93 -0.22 COHR 310.44 3.12 Mondelez MDLZ 42.11 -0.19
whose price changed by 5% or more if their Bankruptcy Code, or securities
previous closing price was $2 or higher. assumed by such companies. FMC FMC 92.67 -0.27 J&J JNJ 137.93 -0.07 Novartis NVS 83.22 -0.76 SimonProperty SPG 159.01 -2.94 s VMware VMW 124.06 0.80 Comcast A CMCSA 35.83 -0.33 MonsterBev MNST 61.16 -1.01
s FactSet FDS 196.34 0.25 JohnsonControls JCI 36.06 -0.33 s NovoNordisk NVO 51.43 0.52 SmithAO AOS 59.49 0.60 VornadoRealty VNO 76.26 -0.34 CommerceBcshrs CBSH 56.47 0.41 Mylan MYL 36.50 -1.09
FederalRealty FRT 131.24 -1.26 JonesLang JLL 150.50 -0.37 Nucor NUE 55.56 0.76 Smith&Nephew SNN 35.54 -0.09 VoyaFinancial VOYA 42.39 0.33 CommScope COMM 34.45 0.53 NXP Semi NXPI 115.18 -0.32
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FedEx FDX 217.25 1.25 JuniperNetworks JNPR 26.97 0.67 OGE Energy OGE 34.94 -0.26 Smucker SJM 114.01 -0.18 VulcanMatls VMC 123.87 0.83 Copart CPRT 36.31 0.76 Nasdaq NDAQ 76.89 0.94
changes in the closing prices from 4 p.m. the previous day. Ferrari RACE 110.18 1.01 KAR Auction KAR 47.95 0.25 ONEOK OKE 50.83 0.16 Snap SNAP 12.41 -0.58 WABCO WBC 144.93 0.29 s CoStar CSGP 306.63 1.89 NatlInstruments NATI 44.48 0.05
FiatChrysler FCAU 17.53 0.17 KB Fin KB 51.87 -0.13 OccidentalPetrol OXY 67.81 -0.59 SnapOn SNA 159.42 2.40 WEC Energy WEC 67.98 -0.21 Costco COST 172.28 1.30 NektarTherap NKTR 46.40 1.41
Net Net
FibriaCelulose FBR 16.09 0.03 KKR KKR 19.50 -0.06 Olin OLN 36.24 0.01 SOQUIMICH SQM 54.54 -5.26 W.P.Carey WPC 71.49 0.04 Ctrip.com CTRP 47.39 -0.35 s NetApp NTAP 54.73 1.78
Monday, November 20, 2017 FidNatlFin FNF 39.70 -0.21 KT KT 14.20 -0.11 Sony SNE 46.97 0.80 Wabtec WAB 74.06 0.09 CyrusOne CONE 61.70 -0.43 Netease NTES 344.07-23.43
Stock Sym Close Chg Stock Sym Close Chg Omnicom OMC 69.62 0.18
Net FidNatlInfo FIS 91.97 -0.09 KSCitySouthern KSU 103.79 1.12 Oracle ORCL 49.02 0.08 Southern SO 51.18 0.21 Wal-Mart WMT 97.48 0.01 DISH Network DISH 50.01 -0.65 Netflix NFLX 194.10 0.90
Stock Sym Close Chg BHPBilliton BBL 36.22 0.05 Chemours CC 51.93 -0.57 s 58.com WUBA 75.90 1.10 Kellogg K 65.56 0.20 Orange ORAN 16.60 -0.02 SoCopper SCCO 43.13 0.18 WasteConnections WCN 69.23 -0.22 DentsplySirona XRAY 66.43 -1.12 Neurocrine NBIX 71.77 -0.51
BP BP 39.00 -0.09 Chevron CVX 114.72 0.01 FirstAmerFin FAF 54.62 0.16 KeyCorp KEY 18.46 0.15 OrbitalATK OA 132.30 0.10 SouthwestAir LUV 54.65 -0.06 WasteMgt WM 80.92 0.27 DiamondbkEner FANG 107.97 0.43 NewsCorp B NWS 15.95 -0.25
NYSE BRF BRFS 13.12 0.11 ChinaEastrnAir CEA 27.79 0.12 FirstData FDC 16.62 -0.11 KeysightTechs KEYS 44.01 0.39 Orix IX 83.15 -0.09 SpectraEnerPtrs SEP 40.65 -0.20 s Waters WAT 200.27 2.06 DiscovComm C DISCK 16.28 -0.18 NewsCorp A NWSA 15.67 -0.17
BT Group BT 16.48 0.09 ChinaLifeIns LFC 17.12 -0.11 FirstRepBank FRC 93.05 0.74 KilroyRealty KRC 74.41 0.28 Oshkosh OSK 86.59 1.32 SpectrumBrands SPB 112.50 0.11 Watsco WSO 164.70 -0.17 DiscovComm A DISCA 17.36 -0.19 Nordson NDSN 127.67 0.99
ABB ABB 25.38 0.15 BWX Tech BWXT 60.11 0.19 ChinaMobile CHL 50.23 0.07 FirstEnergy FE 34.55 -0.10 KimberlyClark KMB 115.35 1.03 SpiritAeroSys SPR 81.28 0.55 W 66.68 0.29 s DollarTree DLTR 97.11 2.50
s OwensCorning OC 85.25 -0.38 Wayfair NorthernTrust NTRS 94.43 0.36
AES AES 10.60 -0.01 BakerHughes BHGE 30.44 -0.47 ChinaPetrol SNP 70.00 -0.65 FleetCorTech FLT 178.73 0.04 KimcoRealty KIM 18.99 -0.36 Sprint S 6.21 -0.02 WellCareHealth WCG 199.27 1.27 E*TRADE ETFC 44.45 0.27 NorwegCruise NCLH 54.69 -0.15
PG&E PCG 52.65 -1.35
Aflac AFL 84.68 0.83 Ball BLL 39.74 -0.24 ChinaSoAirlines ZNH 43.33 1.23 Fluor FLR 46.78 0.08 KinderMorgan KMI 17.06 0.05 s Square SQ 45.21 1.03 WellsFargo WFC 54.05 -0.10 EXACT Sci EXAS 58.86 -0.01 NVIDIA NVDA 214.08 2.72
PLDT PHI 32.59 -0.77
AT&T T 34.64 0.13 BancoBilbaoViz BBVA 8.36 -0.17 ChinaTelecom CHA 49.14 -0.49 FomentoEconMex FMX 86.47 -1.10 Knight-Swift KNX 39.10 0.16 StanleyBlackDck SWK 164.51 1.24 Welltower HCN 67.93 -0.03 EastWestBncp EWBC 58.12 0.22 OReillyAuto ORLY 220.38 -0.11
PNC Fin PNC 133.29 0.44
AbbottLabs ABT 55.29 -0.27 BancodeChile BCH 84.18 -5.82 ChinaUnicom CHU 14.89 -0.02 FordMotor F 12.13 0.12 Kohl's KSS 44.32 0.60 StarwoodProp STWD 21.59 0.01 WestPharmSvcs WST 99.22 0.26 eBay EBAY 35.53 -0.05 OldDomFreight ODFL 120.43 1.46
ABBV 93.60 POSCO PKX 71.79 0.61
AbbVie -0.01 BancoMacro BMA 99.01 -4.35 Chipotle CMG 283.25 -6.59 ForestCIty A FCE.A 25.24 0.08 KoninklijkePhil PHG 38.70 -0.19 StateStreet STT 93.06 0.75 WestarEnergy WR 55.40 -0.02 EchoStar SATS 59.58 -0.29 ON Semi ON 21.72 0.28
Accenture ACN 146.57 1.12
PPG Ind PPG 114.88 1.05
BcoSantChile BSAC 28.67 -2.06 Chubb CB 149.00 0.37 Fortis FTS 37.09 -0.12 KoreaElcPwr KEP 16.93 -0.42 PPL PPL 35.91 -0.35 Statoil STO 19.81 -0.13 WestAllianceBcp WAL 55.31 0.59 ElbitSystems ESLT138.00 1.33 OpenText OTEX 33.53 0.47
AcuityBrands AYI 162.18 0.36 BancoSantander SAN 6.42 -0.03 ChunghwaTel CHT 33.94 -0.08 Fortive FTV 72.81 0.56 Kroger KR 23.20 -0.21 Steris STE 88.14 0.29 WesternGasEquity WGP 36.78 0.25 ElectronicArts EA 107.64 -1.18 PTC 65.37 0.25
s PVH PVH 136.37 3.25 PTC
Adient ADNT 78.07 1.88 BanColombia CIB 38.85 0.14 Church&Dwight CHD 44.68 -0.07 FortBrandsHome FBHS 64.87 0.11 Kyocera KYO 70.77 -0.73 STMicroelec STM 24.13 0.12 WesternGasPtrs WES 46.20 1.37 Equinix EQIX 471.89 -0.91 Paccar PCAR 67.70 1.01
AdvanceAuto AAP 91.43 2.16
PackagingCpAm PKG 111.77 -0.70
BankofAmerica BAC 26.74 0.12 Cigna CI 199.41 1.44 Franco-Nevada FNV 84.02 -0.30 LATAMAirlines LTM 13.39 -1.09 PaloAltoNtwks PANW142.53 -0.19 Stryker SYK 154.75 -0.65 WesternUnion WU 19.68 ... Ericsson ERIC 6.20 0.13 PacWestBancorp PACW 45.70 0.54
AdvSemiEngg ASX 6.21 ... BankofMontreal BMO 77.33 -0.23 CimarexEnergy XEC 115.28 -1.29 FranklinRscs BEN 40.76 0.28 L Brands LB 50.06 -0.42 SumitomoMits SMFG 7.82 -0.05 WestlakeChem WLK 94.30 0.79 ErieIndemnity A ERIE 122.06 -0.69 Paychex PAYX 65.18 0.26
Aegon AEG 5.99 -0.07 ParkHotels PK 28.67 -0.25
BankNY Mellon BK 52.52 0.05 Citigroup C 72.05 0.72 FreeportMcM FCX 13.95 0.09 LG Display LPL 13.66 -0.08 ParkerHannifin PH 182.90 0.56 SunComms SUI 93.06 0.46 WestpacBanking WBK 24.17 -0.02 Exelixis EXEL 25.65 -0.73 PayPal PYPL 76.01 -0.37
AerCap AER 50.87 0.39 s BkNovaScotia BNS 66.28 0.02 CitizensFin CFG 38.25 0.08 FreseniusMed FMS 48.59 -0.24 LINE LN 43.47 0.09 SunLifeFinancial SLF 39.52 0.17 WestRock WRK 58.45 -1.05 Expedia EXPE 123.49 -0.46 People'sUtdFin PBCT 18.33 0.16
Aetna AET 174.94 1.74 ParsleyEnergy PE 25.83 0.38
Barclays BCS 9.97 0.21 Clorox CLX 134.59 1.08 GGP GGP 23.43 -0.23 L3 Tech LLL 189.22 4.83 Pearson PSO 9.17 -0.02 SuncorEnergy SU 34.94 -0.46 Weyerhaeuser WY 36.11 -0.17 ExpeditorsIntl EXPD 59.09 -0.04 s PilgrimPride PPC 35.46 0.45
AffiliatedMgrs AMG 186.68 0.59 Bard CR BCR 333.29 -0.27 Coca-Cola KO 45.46 -0.25 s Gallagher AJG 66.01 0.04 LabCpAm LH 150.72 0.36 SunTrustBanks STI 58.17 0.40 WheatonPrecMet WPM 20.47 -0.45 ExpressScripts ESRX 61.42 -0.52 Priceline PCLN 1754.02 6.80
s AgilentTechs A 69.96 1.17 PembinaPipeline PBA 34.54 -0.24
BarrickGold ABX 13.90 -0.17 Coca-Cola Euro CCE 38.42 0.24 Gap GPS 29.93 0.53 LambWeston LW 53.69 0.48 Pentair PNR 69.16 0.72 SynchronyFin SYF 33.86 ... Whirlpool WHR 165.20 -0.20 F5Networks FFIV 122.54 -1.04 Qiagen QGEN 31.31 0.29
AgnicoEagle AEM 43.99 -0.61 BaxterIntl BAX 63.88 ... Coca-Cola Femsa KOF 67.09 -0.49 s GardnerDenver GDI 30.57 0.52 LasVegasSands LVS 67.08 0.58 Syngenta SYT 92.29 -0.02 Williams WMB 27.32 0.06 Facebook FB 178.74 -0.26 Qorvo QRVO 79.14 1.81
Agrium AGU 106.76 -0.10 PepsiCo PEP 114.91 0.23
BectonDicknsn BDX 221.50 1.19 ColgatePalm CL 72.07 0.18 Gartner IT 116.62 -0.28 Lazard LAZ 47.11 1.01 PerkinElmer PKI 72.75 0.44
Sysco SYY 54.97 0.08 WilliamsPartners WPZ 35.47 0.23 Fastenal FAST 48.11 -0.36 Qualcomm QCOM 66.47 -0.25
AirProducts APD 161.57 -0.01 Berkley WRB 66.94 -0.10 ColonyNorthStar CLNS 12.16 -0.05 Gazit-Globe GZT 9.71 -0.03 Lear LEA 176.84 1.96 TAL Education TAL 28.25 -1.51 Wipro WIT 5.33 0.05 FifthThirdBncp FITB 28.57 0.12 RandgoldRscs GOLD 93.63 0.01
AlaskaAir ALK 66.10 ... Perrigo PRGO 85.20 -0.69
BerkHathwy A BRK.A 272005595.00 Comerica CMA 79.80 0.67 GeneralDynamics GD 198.74 0.97 Leggett&Platt LEG 46.34 -0.11 PetroChina PTR 65.97 -1.00
s TE Connectivity TEL 95.89 0.85 WooriBank WF 42.85 -0.67 FirstSolar FSLR 61.06 0.88 RegenPharm REGN 385.22 -6.37
Albemarle ALB 135.40 -0.03 BerkHathwy B BRK.B 181.63 0.57 SABESP SBS 9.73 0.27 GeneralElec GE 17.98 0.03 Leidos LDOS 61.64 0.55 Telus TU 38.06 0.09 Wyndham WYN 109.53 0.77 Fiserv FISV 128.32 -0.07 RossStores ROST 72.74 0.49
Alcoa AA 42.21 -1.19 PetroleoBrasil PBR 10.17 0.03
BerryGlobal BERY 59.45 -0.16 ConagraBrands CAG 35.77 0.06 GeneralMills GIS 54.24 0.52 Lennar A LEN 59.12 0.23 TIM Part TSU 18.44 0.10 s XPO Logistics XPO 76.53 1.86 Flex FLEX 18.72 0.15 RoyalGold RGLD 85.35 -0.03
AlexandriaRlEst ARE 126.25 0.04 PetroleoBrasilA PBR.A 9.87 0.02
BestBuy BBY 56.35 0.52 ConchoRscs CXO 139.03 0.38 GeneralMotors GM 44.88 1.00 Lennar B LEN.B 49.00 0.28 TJX TJX 71.19 0.17 XcelEnergy XEL 50.59 -0.30 FlirSystems FLIR 46.88 0.35 Ryanair RYAAY 118.89 0.01
Alibaba BABA 188.00 2.87 Pfizer PFE 35.35 -0.02
Bio-RadLab A BIO 255.29 -0.20 ConocoPhillips COP 50.08 -0.05 Genpact G 31.27 ... LennoxIntl LII 194.80 0.55 TaiwanSemi TSM 42.21 0.14 Xerox XRX 28.50 0.14 Fortinet FTNT 40.77 0.46 SBA Comm SBAC 165.68 0.47
Alleghany Y 560.42 -6.18 PhilipMorris PM 102.54 -0.10
BlackKnight BKI 45.80 0.30 ConEd ED 86.00 -0.53 GenuineParts GPC 86.26 0.13 LeucadiaNatl LUK 25.62 0.49 Tapestry TPR 42.07 0.41 Xylem XYL 66.99 0.57 Gaming&Leisure GLPI 35.89 0.18 s SEI Investments SEIC 67.67 0.57
Allegion ALLE 83.24 0.59 Phillips66 PSX 92.62 -0.03
s Garmin
BlackBerry BB 10.24 -0.06 ConstBrands A STZ 217.58 1.29 Gildan GIL 31.16 0.55 LibertyProperty LPT 44.52 0.16 TargaResources TRGP 42.60 0.56 YPF YPF 22.75 -0.23 GRMN 61.52 0.07 Sina SINA 109.14 2.74
Allergan AGN 171.12 -3.76 PinnacleFoods PF 55.88 0.25
BlackRock BLK 474.77 0.78 ContinentalRscs CLR 45.25 -0.67 GSK GSK 35.12 0.06 EliLilly LLY 83.18 0.29 Target TGT 57.88 -0.26 YumBrands YUM 78.79 0.19 GileadSciences GILD 72.13 -0.31 SS&C Tech SSNC 39.69 -0.25
AllianceData ADS 224.67 0.32 PinnacleWest PNW 89.35 -0.70
Blackstone BX 31.83 0.05 Cooper COO 239.94 1.29 GlobalPayments GPN 101.08 1.05 LincolnNational LNC 74.18 -0.10 TataMotors TTM 32.36 -0.12 YumChina YUMC 41.85 -0.65 Goodyear GT 30.65 0.71 SVB Fin SIVB 215.15 -0.07
AlliantEnergy LNT 44.26 -0.14 s GoDaddy PioneerNatRscs PXD 151.51 -0.71
Boeing BA 264.63 2.37 Corning GLW 31.73 0.10 GDDY 50.18 0.63 LionsGate A LGF.A 32.35 -0.24 TechnipFMC FTI 26.50 0.01 ZTO Express ZTO 17.00 0.17 Grifols GRFS 23.20 -0.08 ScrippsNetworks SNI 80.30 -0.32
Allstate ALL 100.32 0.15 PlainsAllAmPipe PAA 20.09 0.05
GpoFinGalicia GGAL 56.22 1.97
BorgWarner BWA 52.35 0.41 Coty COTY 17.10 0.05 Goldcorp GG 13.28 -0.13 LionsGate B LGF.B 30.78 -0.18 TeckRscsB TECK 22.09 0.16 ZayoGroup ZAYO 36.41 1.07 Seagate STX 39.85 0.43
AllyFinancial ALLY 26.65 -0.02 PlainsGP PAGP 20.89 0.09
s TelecomArgentina TEO 34.13 HD Supply HDS 34.89 -0.09
BostonProps BXP 124.57 -0.47 Credicorp BAP 209.96 1.34 GoldmanSachs GS 238.13 0.11 LiveNationEnt LYV 43.97 -1.37 0.32 ZimmerBiomet ZBH 112.18 0.57 SeattleGenetics SGEN 58.70 -1.09
AlticeUSA ATUS 20.48 0.62 PolarisIndustries PII 122.47 1.52
HAS 95.02 -0.87
BostonSci BSX 28.35 0.09 CreditSuisse CS 16.12 0.02 Graco GGG 131.48 1.41 LloydsBanking LYG 3.55 -0.01 TelecomItalia TI 7.94 -0.09 s Zoetis ZTS 70.95 0.16 Hasbro Shire SHPG141.37 -6.00
Altria MO 65.83 -0.59 Potash POT 19.07 -0.02 HenrySchein HSIC 67.50 -1.62
Braskem BAK 29.05 0.16 CrownCastle CCI 110.48 0.46 Grainger GWW 199.62 1.80 LockheedMartin LMT 314.65 4.95 TelecomItalia A TI.A 6.57 -0.09 SignatureBank SBNY 131.24 1.32
Praxair PX 150.87 0.23
AlumofChina ACH 16.42
ABEV 6.27
-0.71
0.03
Bristol-Myers BMY 60.80 -0.52 CrownHoldings CCK 58.93 0.32 GreatPlainsEner GXP 33.99 -0.06 Loews L 49.35 0.13
PrincipalFin PFG 68.82 0.18
TeledyneTech TDY 179.80 0.30 NASDAQ Hologic HOLX 40.19 0.23 SiriusXM SIRI 5.43 -0.03
Ambev BritishAmTob BTI 66.13 -0.05 Cullen/Frost CFR 95.81 0.43 s GrubHub GRUB 65.03 0.33 Lowe's LOW 81.46 0.16 s Teleflex TFX 266.64 0.43 JBHunt JBHT 101.72 0.28 Skyworks SWKS 109.79 0.11
Ameren AEE 63.16 -0.14 GpoAvalAcc AVAL 8.48 -0.10 LyondellBasell LYB 104.27 0.37 Procter&Gamble PG 88.27 -0.16
TelefonicaBras VIV 15.30 0.19 AGNC Invt AGNC 20.07 0.25 HuntingtonBcshs HBAN 13.57 0.03
BrixmorProp BRX 18.56 -0.06 Cummins CMI 159.80 0.39 Splunk SPLK 81.35 -0.35
AmericaMovil AMX 17.04 -0.21 GpFinSantMex BSMX 8.11 -0.12 M&T Bank MTB 161.61 1.04 Progressive PGR 51.82 0.27 Telefonica TEF 10.00 ... ANGI Homesvcs ANGI 11.90 0.04 IAC/InterActive IAC 126.33 -0.89
BroadridgeFinl BR 89.82 0.57 DCT Industrial DCT 60.22 0.04 Starbucks SBUX 56.81 -0.12
AmericaMovil A AMOV 16.95 -0.01 t GrupoTelevisa TV 18.59 -0.09 MGM Resorts MGM 33.18 0.18 Prologis PLD 66.44 0.14 TelekmIndonesia TLK 30.64 -0.17 Ansys ANSS 151.21 0.64 IdexxLab IDXX 155.40 0.52
BrookfieldMgt BAM 41.34 -0.07 DTE Energy DTE 112.23 -0.69 SteelDynamics STLD 37.33 0.48
AmCampus ACC 41.91 0.02 DXC Tech DXC 97.91 1.01 Guidewire GWRE 81.88 0.39 MPLX MPLX 35.01 0.54 PrudentialFin PRU 110.02 -0.23 Tenaris TS 28.48 0.19 ASML ASML 181.53 1.20 IHSMarkit INFO 43.85 0.23
BrookfieldInfr BIP 43.28 -0.66 s Prudential PUK 49.86 Symantec SYMC 28.19 0.15
AEP AEP 76.44 0.06 HCA Healthcare HCA 74.61 -0.63 s MSCI MSCI 127.19 0.61 -0.08 s Teradyne TER 44.43 0.86 s Abiomed ABMD 195.59 1.27 s IPG Photonics IPGP 240.50 3.27
Brown&Brown BRO 50.27 0.39 Danaher DHR 93.68 0.38 Synopsys SNPS 88.90 0.54
AmerExpress AXP 93.95 0.26 DRI 82.29 -0.52 HCP HCP 26.80 ... Macerich MAC 63.42 -0.79 PublicServiceEnt PEG 51.57 0.07
TevaPharm TEVA 13.08 -0.76 ActivisionBliz ATVI 63.93 -0.17 IRSA Prop IRCP 57.50 0.25
Brown-Forman A BF.A 59.31 0.80 Darden TD Ameritrade AMTD 48.99 0.25
AmericanFin AFG 102.54 0.59 DVA 54.76 -0.15 HDFC Bank HDB 96.52 -0.48 Macy's 20.80 0.45 PublicStorage PSA 211.11 -0.74 TXT 53.48 0.51 AdobeSystems ADBE 182.34 0.10 IcahnEnterprises IEP 51.92 -0.94
Brown-Forman B BF.B 58.85 0.30 DaVita M Textron T-MobileUS TMUS 60.30 0.28
AmerHomes4Rent AMH 21.65 0.20 t BuckeyePtrs BPL 47.41 -0.15 s Deere HPQ 22.12 0.37 t MagellanMid MMP 64.98 0.13 s PulteGroup PHM 32.45 0.20 AdvMicroDevices AMD 11.34 -0.04 Icon ICLR 115.68 -1.57
DE 136.92 1.15 HP ThermoFisherSci TMO 191.00 0.83 TRowePrice TROW 96.30 0.32
AIG AIG 59.69 -0.37 Bunge BG 65.30 -0.20 DellTechs DVMT 81.26 -0.23 HSBC HSBC 48.34 0.06 MagnaIntl MGA 53.92 0.38 QuestDiag DGX 92.41 -0.63 ThomsonReuters TRI 43.87 -0.06 AkamaiTech AKAM 55.38 -0.06 Illumina ILMN 210.67 1.65
s RELX RENX 22.88 0.25 TakeTwoSoftware TTWO 117.40 -0.42
AmerTowerREIT AMT 146.22 0.35 s BurlingtonStrs BURL 106.55 1.82 DelphiAuto DLPH 102.14 3.44 Halliburton HAL 41.57 -0.20 s Manpower MAN 127.24 1.06 ThorIndustries THO 135.16 1.29 AlexionPharm ALXN 108.49 -2.38 Incyte INCY 98.95 -6.52 Tesla TSLA 308.74 -6.31
AmerWaterWorks AWK 88.38 -0.64 DAL 49.79 -0.03 Hanesbrands HBI 19.75 0.25 ManulifeFin MFC 20.90 -0.04 s RELX RELX 23.60 0.26 MMM 231.49 2.13 s AlignTech ALGN 255.51 1.62 Intel INTC 44.62 -0.01
CBD Pao CBD 22.46 0.02 DeltaAir 3M TexasInstruments TXN 98.28 0.54
Ameriprise AMP 160.65 2.37 CBRE Group CBG 42.80 0.02 DeutscheBank DB 19.17 0.04 HarleyDavidson HOG 46.76 -0.49 MarathonOil MRO 14.47 -0.58 RPM RPM 52.08 0.21 Tiffany TIF 94.33 -0.50 Alkermes ALKS 47.77 -0.63 s InteractiveBrkrs IBKR 55.31 0.79
RSP Permian RSPP 36.04 -0.07
TractorSupply TSCO 65.73 1.23
AmerisourceBrgn ABC 77.46 -1.38 CBS A CBS.A 57.80 0.06 DevonEnergy DVN 37.41 -1.27 s Harris HRS 141.92 2.08 MarathonPetrol MPC 61.94 -0.33 TimeWarner TWX 87.71 -1.01 AlnylamPharm ALNY 128.15 0.64 s Intuit INTU 157.78 1.23 Trimble TRMB 41.79 0.37
s Ametek AME 70.66 0.40 CBS B CBS 55.93 -0.81 s Diageo DEO 137.16 1.06 HartfordFinl HIG 55.85 -0.29 Markel MKL 1083.21 14.21 RalphLauren RL 89.56 0.45 Toll Bros TOL 46.99 -0.01 Alphabet C GOOG 1018.38 -0.71 IntuitiveSurgical ISRG 393.03 0.55
RaymondJames RJF 84.72 0.94
21stCenturyFoxA FOXA 30.66 -0.49
s Amphenol APH 89.88 0.36 CF Industries CF 35.78 0.30 DigitalRealty DLR 117.41 -0.70 HealthcareAmer HTA 30.43 -0.13 Marsh&McLen MMC 82.93 0.58 Torchmark TMK 85.08 -0.36 Alphabet A GOOGL 1034.66 -1.23 IonisPharma IONS 53.74 -0.41 21stCenturyFoxB FOX 29.90 -0.58
AnadarkoPetrol APC 48.31 0.16 CGI Group GIB 53.11 -0.35 DiscoverFinSvcs DFS 65.82 0.76 Heico HEI 91.68 2.37 MartinMarietta MLM 208.74 1.02 Raytheon RTN 183.88 1.03 Toro TTC 61.97 0.20 s Altaba AABA 71.95 0.93 JD.com JD 39.20 -1.05 UltaBeauty ULTA 209.16 -5.94
Andeavor ANDV 105.11 -0.23 CIT Group CIT 48.63 0.86 Disney DIS 102.75 -0.69 Heico A HEI.A 76.45 1.40 Masco MAS 39.84 0.48 RealtyIncome O 56.12 -0.36 s TorontoDomBk TD 57.65 0.02 Amazon.com AMZN 1126.31 -3.57 JackHenry JKHY 112.44 0.36
s RedHat UltSoftware ULTI 198.66 0.94
AndeavorLog ANDX 44.75 0.25 CMS Energy CMS 49.41 -0.18 s DolbyLab DLB 61.87 0.38 Helm&Payne HP 55.55 -0.13 Mastercard MA 149.56 0.54 RHT 127.00 1.05 Total TOT 54.67 -0.11 Amdocs DOX 64.43 0.90 JazzPharma JAZZ 136.27 2.40 s UnivDisplay OLED 181.50 0.50
AB InBev BUD 115.53 0.54 CNA Fin CNA 53.57 -0.04 s DollarGeneral DG 86.94 1.44 Herbalife HLF 66.11 0.44 McCormick MKC 100.08 0.75 RegencyCtrs REG 67.19 -0.21 TotalSystem TSS 73.38 -0.40 Amerco UHAL 352.72 -1.19 JetBlue JBLU 19.78 -0.21 VEON VEON 3.94 0.05
AnnalyCap NLY 11.73 0.24 CNOOC CEO 134.48 -0.81 DominionEner D 81.15 -0.17 Hershey HSY 110.10 1.00 McCormickVtg MKC.V100.35 0.85 RegionsFin RF 15.86 0.06 ToyotaMotor TM 124.29 1.00 AmerAirlines AAL 47.69 0.30 JunoTherap JUNO 59.06 0.42 s VeriSign VRSN 115.18 1.43
AnteroResources AR 18.82 -1.10 CPFLEnergia CPL 16.90 0.01 Domino's DPZ 177.77 -0.88 Hess HES 43.56 -0.99 McDonalds MCD 166.93 0.21 ReinsGrp RGA 150.56 0.19 TransCanada TRP 49.62 0.64 Amgen AMGN 168.79 -1.21 KLA Tencor KLAC 102.51 0.86 VeriskAnalytics VRSK 92.53 0.67
Anthem ANTM 219.50 -1.33 CRH CRH 36.23 0.61 Donaldson DCI 47.33 0.42 HewlettPackard HPE 14.09 0.41 McKesson MCK 138.24 -3.89 RepublicSvcs RSG 62.66 0.22 TransDigm TDG 266.64 3.56 s AnalogDevices ADI 93.07 2.65 KraftHeinz KHC 79.93 0.30 VertxPharm VRTX 144.64 -2.77
Aon AON 142.05 0.87 CVS Health CVS 70.38 -0.30 DouglasEmmett DEI 40.66 0.15 s Hilton HLT 74.31 0.20 Medtronic MDT 78.90 -0.59 ResMed RMD 84.71 0.08 TransUnion TRU 54.99 -0.30 Apple AAPL 169.98 -0.17 LKQ LKQ 37.79 0.04 Viacom B VIAB 26.17 0.02
Apache APA 41.07 -0.11 CabotOil COG 29.01 -0.38 Dover DOV 94.64 0.42 s HollyFrontier HFC 44.30 0.22 t Merck MRK 54.10 -1.10 RestaurantBrands QSR 65.62 0.69 Travelers TRV 129.77 -0.15 ApplMaterials AMAT 57.62 1.13 LamResearch LRCX 215.10 4.63 Viacom A VIA 32.75 -0.25
ApartmtInv AIV 44.25 0.06 CalAtlantic CAA 52.53 0.22 DowDuPont DWDP 70.85 0.11 s HomeDepot HD 170.45 2.71 MetLife MET 51.97 0.32 RioTinto RIO 47.82 0.23 TurkcellIletism TKC 9.09 -0.21 ArchCapital ACGL 95.80 -0.16 LamarAdv LAMR 76.55 -0.01 Vodafone VOD 30.93 -0.03
ApolloGlbMgmt APO 29.92 1.03 CamdenProperty CPT 93.00 -0.08 DrPepperSnap DPS 87.23 -0.03 HondaMotor HMC 32.92 0.30 MettlerToledo MTD 631.92 1.00 RobertHalf RHI 54.90 ... TurquoiseHill TRQ 3.04 -0.03 Atlassian TEAM 50.90 -1.47 LibertyBroadbandC LBRDK 90.06 -1.03 WPP WPPGY 83.95 -0.08
AquaAmerica WTR 36.23 -0.14 CampbellSoup CPB 49.93 0.21 DrReddy'sLab RDY 35.28 -0.63 s Honeywell HON 147.94 1.45 s MichaelKors KORS 56.15 -0.14 Rockwell ROK 194.23 -0.13 Twitter TWTR 21.13 0.37 s Autodesk ADSK 126.28 -1.21 LibertyBroadbandA LBRDA 88.46 -1.10 WalgreensBoots WBA 70.78 -0.47
Aramark ARMK 41.17 0.35 CIBC CM 89.84 -0.32 DukeEnergy DUK 88.66 0.14 HormelFoods HRL 33.40 0.28 s MicroFocus MFGP 35.73 0.29 RockwellCollins COL 132.47 0.20 TylerTech TYL 175.10 -1.04 ADP ADP 110.53 -0.53 LibertyGlobal A LBTYA 30.38 0.24 s Weibo WB 120.43 4.70
ArcelorMittal MT 28.30 0.30 CanNtlRlwy CNI 79.50 -0.27 DukeRealty DRE 28.91 0.07 s DR Horton DHI 48.20 0.07 MidAmApt MAA 102.78 0.42 s RogersComm B RCI 54.19 0.54 s TysonFoods TSN 78.96 0.99 Baidu BIDU 238.54 -0.73 LibertyGlobal C LBTYK 29.38 0.27 WesternDigital WDC 90.88 -0.42
ArcherDaniels ADM 39.20 -0.22 CanNaturalRes CNQ 33.98 -0.89 ENI E 32.33 -0.22 HostHotels HST 19.70 -0.19 MitsubishiUFJ MTU 6.58 -0.02 Rollins ROL 45.19 0.18 UBS Group UBS 17.10 -0.05 BankofOzarks OZRK 44.52 0.42 LibertyLiLAC A LILA 21.81 0.39 WillisTowers WLTW 159.89 -0.18
Arconic ARNC 23.89 0.04 CanPacRlwy CP 167.63 -1.01 EOG Rscs EOG 101.44 -0.20 HuanengPower HNP 27.00 -0.27 MizuhoFin MFG 3.53 0.01 RoperTech ROP 258.11 1.77 UDR UDR 39.39 0.22 Biogen BIIB 309.46 -4.51 LibertyLiLAC C LILAK 21.75 0.13 s Workday WDAY 113.80 2.12
s AristaNetworks ANET 241.83 8.01 Canon CAJ 38.35 0.07 EQT EQT 59.33 0.30 Hubbell HUBB 120.45 0.60 MobileTeleSys MBT 10.48 -0.09 RoyalBkCanada RY 78.93 -0.10 UGI UGI 47.70 -0.27 BioMarinPharm BMRN 82.95 0.07 LibertyQVC B QVCB 24.81 0.53 s WynnResorts WYNN 156.96 4.68
ArrowElec ARW 78.55 0.92 CapitalOne COF 88.27 0.44 EastmanChem EMN 90.05 0.31 Humana HUM 233.48 0.02 s MohawkInds MHK 276.74 4.54 RoyalBkScotland RBS 7.36 0.01 US Foods USFD 27.46 0.01 Bioverativ BIVV 50.76 -5.35 LibertyQVC A QVCA 25.14 0.28 Xilinx XLNX 72.64 0.83
AstraZeneca AZN 33.38 -0.08 t CardinalHealth CAH 55.00 -2.51 Eaton ETN 75.69 0.05 HuntingIngalls HII 234.35 1.48 MolsonCoors B TAP 79.20 -0.48 RoyalCaribbean RCL 123.95 -0.45 UltraparPart UGP 22.49 0.19 BlueBuffaloPet BUFF 29.09 0.03 LibertyVenturesA LVNTA 57.63 -0.07 s YY YY 117.60 10.37
Athene ATH 49.08 -0.16 Carlisle CSL 109.86 1.03 s EatonVance EV 52.27 0.48 Huntsman HUN 30.72 0.17 Monsanto MON 118.09 -0.24 RoyalDutchA RDS.A 61.72 -0.18 Unilever UN 56.53 0.31 s bluebirdbio BLUE 165.40 2.20 LibertyFormOne C FWONK 38.58 -0.13 Yandex YNDX 33.71 0.52
AtmosEnergy ATO 89.11 -0.22 CarMax KMX 69.62 0.17 Ecolab ECL 132.13 0.68 HyattHotels H 69.97 0.09 s Moody's MCO 148.31 1.90 RoyalDutchB RDS.B 63.74 -0.02 Unilever UL 55.33 0.33 BrighthouseFin BHF 55.46 -0.21 LibertyFormOne A FWONA 37.19 0.08 ZebraTech ZBRA 108.89 0.13
Autohome ATHM 60.35 -0.65 Carnival CCL 66.13 -0.09 Ecopetrol EC 11.50 -0.15 ICICI Bank IBN 9.62 -0.27 MorganStanley MS 49.11 0.41 SAP SAP 114.03 0.28 UnionPacific UNP 116.01 0.38 Broadcom AVGO 274.88 3.02 LibertyBraves A BATRA 22.67 0.35 Zillow A ZG 41.10 0.08
Autoliv ALV 123.05 1.86 Carnival CUK 66.46 -0.04 EdisonInt EIX 80.43 -0.46 ING Groep ING 17.86 -0.20 Mosaic MOS 23.03 0.09 S&P Global SPGI 162.19 1.60 UnitedContinental UAL 58.76 0.56 CA CA 32.53 0.02 LibertyBraves C BATRK 22.73 0.38 Zillow C Z 40.94 0.05
AutoZone AZO 634.65 5.22 Caterpillar CAT 136.91 0.78 EdwardsLife EW 107.16 0.07 Invesco IVZ 35.46 0.48 MotorolaSol MSI 92.33 1.38 SINOPEC SHI 58.04 0.03 UnitedMicro UMC 2.61 0.02 s CDK Global CDK 67.91 0.98 LibertySirius C LSXMK 41.03 -0.19 ZionsBancorp ZION 47.10 0.80
Avalonbay AVB 183.94 -0.43 Celanese A CE 105.76 1.07 EmersonElec EMR 60.26 0.41 IQVIA IQV 103.90 -0.56 NRG Energy NRG 29.32 -0.17 SK Telecom SKM 25.35 -0.40 UPS B UPS 113.20 0.26 CDW CDW 66.75 0.64 LibertySirius A LSXMA 41.00 -0.22
Avangrid AGR 51.35 -0.09 Cemex CX 7.79 -0.06 t EnbridgeEnPtrs EEP 13.27 -0.54 IDEX IEX 129.05 0.94 s NTTDoCoMo DCM 25.05 0.08 SLGreenRealty SLG 100.52 -0.35 s UnitedRentals URI 151.50 1.41 CH Robinson CHRW 78.43 -0.01 LincolnElectric LECO 88.89 0.42 NYSE AMER
s AveryDennison AVY 110.70 2.41 CenovusEnergy CVE 9.76 -0.40 Enbridge ENB 35.87 0.71 s IllinoisToolWks ITW 158.85 1.71 NVR NVR 3317.31 58.84 s Salesforce.com CRM 107.37 -0.21 US Bancorp USB 51.93 0.05 s CME Group CME 141.90 2.41 LogitechIntl LOGI 35.94 0.28
AxaltaCoating AXTA 33.54 0.22 Centene CNC 93.78 -1.36 Encana ECA 11.63 -0.22 Infosys INFY 15.08 -0.11 NationalGrid NGG 58.81 -0.13 Sanofi SNY 44.32 -0.22 UnitedTech UTX 116.38 -0.15 CSX CSX 49.71 -0.21 LogMeIn LOGM 116.40 ... CheniereEnergy LNG 48.02 -0.68
BB&T BBT 46.98 0.16 CenterPointEner CNP 29.12 0.12 EnelAmericas ENIA 9.89 -0.37 Ingersoll-Rand IR 84.73 -0.39 NatlOilwell NOV 31.72 -0.30 s SantanderCons SC 17.07 0.75 UnitedHealth UNH 210.25 0.35 CadenceDesign CDNS 44.85 0.27 lululemon LULU 66.88 0.57 CheniereEnerPtrs CQP 27.56 0.05
BCE BCE 48.25 -0.13 CentraisElBras EBR 6.30 0.08 EnelChile ENIC 5.47 -0.23 s Ingredion INGR 134.37 0.58 NatlRetailProp NNN 42.40 -0.14 Sasol SSL 29.88 -0.61 UniversalHealthB UHS 96.88 -0.34 CaesarsEnt CZR 12.95 0.63 MKS Instrum MKSI 105.50 2.00 CheniereEnHldgs CQH 26.06 -0.20
BHPBilliton BHP 41.12 -0.26 CenturyLink CTL 14.80 ... EnelGenChile EOCC 25.40 -1.06 ICE ICE 68.08 1.49 NewOrientalEduc EDU 88.23 -1.06 Scana SCG 42.67 -0.78 s UnumGroup UNM 53.88 0.42 Carlyle CG 21.20 0.10 MarketAxess MKTX 183.29 2.89 ImperialOil IMO 30.79 -0.45

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Dividend Changes
ProShDecRetail EMTY 37.43 -0.7 JensynAcqn JSYN 10.40 -0.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ProShLgOnline CLIX 39.47 -0.3 KellyServices A KELYA 30.16 5.0 Dividend announcements from November 20.
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in ProShShtMC400 MYY 11.56 -0.4 LendingTree TREE 296.00 1.8
the latest session. % CHG-Daily percentage change from the previous trading session. ProShShtMC400 SMDD 11.29 -1.2 Limoneira LMNR 26.06 3.9 Amount Payable / Amount Payable /
ProShrUSCnsmrGd SZK 14.73 -0.4 MIAcquisitionsUn MACQU 10.65 1.0 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
ProShrUSCnsmrSvc SCC 27.33 -2.2 Marriott MAR 126.24 0.3
Monday, November 20, 2017 ProShUltMC400 MZZ 19.91 -0.5 MarvellTech MRVL 21.81 6.4 Increased PowerShares Sr Loan Ptf BKLN 3.3 .0628 M Nov30 /Nov21
52-Wk % 52-Wk % 52-Wk % ProShrUS MSCI EM EEV 8.68 -0.3 MicronTech MU 47.86 3.2 PowerShares Variable Rate VRP 4.8 .10248 M Nov30 /Nov21
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SchwabSrtTRmUSTrsr SCHO 50.15 -0.1 MonotypeImaging TYPE 24.75 0.8
Cathay General Bancorp CATY 2.3 .24 /.21 Q Dec11 /Dec01
PS LadderRite 0-5 Yr Corp LDRI 2.0 .04058 M Nov30 /Nov21
USAACoreST USTB 50.08 -0.1 Morningstar MORN 91.12 1.7 Financial Institutions FISI 2.8 .22 /.21 Q Jan02 /Dec14
PGT Innovations PGTI 16.00 1.6 ETFMG PrimeMob IPAY 34.42 0.1
NATH 100.90 -1.4
PS S&P 500 Lo Voltl Prtf SPLV 2.1 .084 M Nov30 /Nov21
Nathan's Hugoton Royalty Trust Un 5.2 .0069 /.00686 M Dec14 /Nov30
NYSE highs - 161 PSBusParksPfdW PSBpW 25.77 1.4 ETRACSMnly2xLevISE HOML 54.56 0.9
PVH PVH 136.40 2.4 EthoClimateLeader ETHO 33.28 0.3 NYSE American highs - 4 NetApp NTAP 54.81 3.4
Mesa Royalty Trust
HGT
MTR 9.9 .1416 /.0998 M Jan31 /Nov30
PS Variable Rate Inv Grd VRIG 2.3 .04807 M Nov30 /Nov21
AT&T Nts 2066 TBB 25.69 0.5 PaycomSoftware PAYC 83.67 1.8 FidelityMSCICnDisc FDIS 37.19 0.1 Ashford
NorthernTechsIntl NTIC 21.66 19.1 Putnam High Income Sec PCF 3.8 .0283 M Jan02 /Dec22
Abercrombie&Fitch ANF 17.19 9.6 PennyMacFinS PFSI
AINC 86.03 5.8 OakValleyBncp OVLY 17.71 1.9 Sysco Corp SYY 2.6 .36 /.33 Q Jan26 /Jan05
19.58 ... FidelityQualFactor FQAL 30.73 0.2 Servotronics SVT 12.80 6.3 Putnam High Income Sec PCF 3.8 .0283 M Feb01 /Jan24
AberdeenGrChinaFd GCH 12.67 1.0 Prudential Orbotech ORBK 56.14 -1.4
PUK 50.08 -0.2 FT ConsDscAlpDx FXD 39.75 0.5 StoneEnergyWt SGY.WS 7.11 6.2 Reduced Putnam Mas Inco PIM 6.6 .026 M Jan02 /Dec22
AgilentTechs A 70.23 1.7 PulteGroup OrganicsETF ORG 32.89 3.2
PHM 32.80 0.6 FT DJ Internet FDN 108.46 0.5 TrioTech TRT 8.25 3.4
AlamoGroup ALG 115.04 1.5 PureStorage 40.10 -0.3
OrigoAcqnUn OACQU 11.95 5.3 Cross Timbers Royalty Tr CRT 7.4 .0929 /.09902 M Dec14 /Nov30 Putnam Mas Inco PIM 6.6 .026 M Feb01 /Jan24
PSTG 17.63 0.9 FT Chindia FNI 58.25 8.1
AIN 62.88 1.9 RELX Overstock OSTK Putnam Muni Opportunities PMO 5.2 .0541 M Jan02 /Dec22
AlbanyIntl
AlonUSAPartners ALDW 14.70 1.2 RELX
RENX 22.93 1.1 FT TechAlphaDEX FXL
RELX 23.65 1.1 FT USEquityOpp FPX
53.09 0.8
66.91 0.2
NYSE American lows - 6 PDLCommBncp PDLB 15.46 0.1 Marine Petroleum Trust Un MARPS 5.7 .0532 /.12628 Q Dec28 /Nov30
Putnam Muni Opportunities PMO 5.2 .0541 M Feb01 /Jan24
Alteryx AYX 27.59 6.9 RedHat 0.20 -15.9
PennNational PENN 28.02 1.8 Permian Basin Royalty Tr PBT 6.7 .051 /.05396 M Dec14 /Nov30
RHT 127.08 0.8 FT ValueLine100 FVL 23.39 0.6 AmericanLorain ALN 10.48 2.0 Putnam Premier Income Tr PPT 6.0 .026 M Jan02 /Dec22
Ametek AME 70.95 0.6 Regis Perceptron PRCP San Juan Basin Royalty Tr SJT 10.9 .0721 /.07274 M Dec14 /Nov30
RGS 16.26 3.6 FT Water FIW 47.41 0.5 AmShrHosp AMS 2.55 -3.7
Amphenol APH 90.12 0.4 ResoluteForest RFP PilgrimPride PPC 35.62 1.3 Putnam Premier Income Tr PPT 6.0 .026 M Feb01 /Jan24
9.40 1.1 FlexShQualDivDef QDEF 42.76 0.4 AsankoGold AKG 0.75 -3.4
PinnacleEnt PNK 29.12 1.5
AristaNetworks ANET 241.95 3.4 RingCentral RNG 48.75 1.4 FrankFTSEBrazil FLBR 24.87 1.1 Cohen COHN 7.69 -7.8
PwrShDWA EM PIE 20.38 0.5
Initial Putnam Tr PMM 5.1 .0318 M Jan02 /Dec22
ArmstrongWorld AWI 55.15 6.8 RogersComm B RCI 54.61 1.0 FrankFTSEChina FLCH 25.95 1.0 ComstockMining LODE 0.36 -3.6
ArtisanPtrsAsset APAM 37.90 2.9 Rogers PwrShDWAMom DWLV 30.73 0.8 Gabelli Go Anywhere Trust GGO 4.6 .20 Q Dec15 /Dec08 Putnam Tr PMM 5.1 .0318 M Feb01 /Jan24
ROG 161.21 0.7 GlbX ChinaConsumer CHIQ 18.27 1.0 NovaGoldRscs NG 3.77 -1.8
AshlandGlobal ASH 71.02 -0.8 RymanHospitality RHP PwrShDWANasdMom DWAQ 103.96 0.8 Highland FR Opps Fd HFRO .077 Dec05 /Nov28 PwrSh S&P SC Hi Div Low XSHD 4.4 .09355 M Nov30 /Nov21
68.16 1.1 GSActiveBetaEM GEM 35.36 0.4 PwrShDynConsStp PSL 62.95 0.8
AssurGrMunNt AGOpE 26.82 0.4 Salesforce.com CRM 109.00 -0.2 GuggChinaTech CQQQ 65.99 2.0
AveryDennison AVY 111.31 2.2 SantanderCons SC 45.83 0.3
Nasdaq highs - 176 PwrShDynTech PTF 55.49 1.1 Funds and investment companies
PwrSh VRDO Tax-Free Wkly PVI 0.7 .01398 M Nov30 /Nov21
BP Midstream BPMP 18.91 1.0 SendGrid
17.17 4.6 GuggDefEqty DEF
AXT AXTI 10.75 12.1 PwrShUS1500 PRFZ 127.94 0.7 PwrShrs 1-30 Laddrd Treas PLW 2.1 .05743 M Nov30 /Nov21
SEND 20.81 11.8 GuggS&P500EW RSP 97.68 0.2
Abiomed ABMD 200.00 0.7 PwrShIntlBuyBack IPKW 36.19 0.9 ChineseYuanDimSumBd DSUM 3.7 .07263 M Nov30 /Nov21 PwrShrs CEF Inco Comp Ptf PCEF 7.3 .14218 M Nov30 /Nov21
BankofAmPfdCC BACpC 27.39 -0.1 SiteOneLandscape SITE 72.79 1.1 GuggS&P500EWTech RYT 145.11 0.6
BankofAmPfdEE BACpA 27.04 0.1 Square AcastiPharma ACST 3.36 144.1 PwrShRuss1000Low USLB 30.39 0.4 FundInvGradeCorpBdPort PFIG 2.5 .05349 M Nov30 /Nov21 PwrShrs Preferred PGX 5.5 .06813 M Nov30 /Nov21
SQ 46.06 2.3 GuggS&P500PureGr RPG 104.86 0.3 PwrShS&P SC CD PSCD 57.55 0.4
BankofAmPfdI BACpI 26.78 0.2 SteelPtrsPfdA SPLPpT 21.20 0.1 GuggS&P400PrGrwth RFG 150.94 0.3 AdamasPharm ADMS 30.49 5.5 Gabelli Dividend & Incm GDV 6.0 .11 M Jan24 /Jan17
AlignTech ALGN 258.61 0.6 PreformedLine PLPC 79.86 1.7 PwrShs Emrg Mkts Sov Debt PCY 4.5 .11038 M Nov30 /Nov21
BkNovaScotia BNS 66.55 ... TE Connectivity TEL 96.15 0.9 GuggInsider NFO 61.54 0.3 Gabelli Dividend & Incm GDV 6.0 .11 M Feb21 /Feb13
BlackstoneMtg BXMT 32.49 0.5 TelecomArgentina TEO AllenaPharm ALNA 12.96 1.9 Qualys QLYS 59.85 1.4 Pwrshs Fundm H Y F Cp Bd PHB 4.2 .06536 M Nov30 /Nov21
34.85 0.9 HartfordMultiUSEqu ROUS 30.00 0.3 QuinStreet QNST 10.06 9.2 Gabelli Dividend & Incm GDV 6.0 .11 M Mar22 /Mar15
Box BOX 23.06 2.8 Teleflex TFX 268.78 0.2 iShCoreMSCIEmgMk IEMG 56.83 0.5
Altaba AABA 72.53 1.3 PwrShs Hi Yld Eqty Dv Ach PEY 3.5 .05052 M Nov30 /Nov21
BoydGaming BYD 30.48 1.4 Teradyne AltairEngg ALTR 24.95 2.5 RCI Hospitality RICK 31.84 2.0 Gabelli Equity Trust GAB 10.6 .16 Q Dec15 /Dec08
TER 44.63 2.0 iShCoreS&P MC IJH 184.51 0.4 RCM Tech RCMT 7.19 1.2 PwrShs Intl Corp Bd Ptf PICB 1.6 .03628 M Nov30 /Nov21
BurlingtonStrs BURL 106.89 1.7 TorontoDomBk TD AmerCarMart CRMT 49.40 -1.9 Gabelli Glbl Multimedia GGT 10.3 .22 Q Dec15 /Dec08
57.80 ... iShEdgeMSCIMultif ACWF 30.33 0.4 RMR Group RMR 58.95 3.8 PwrShs S&P 500 High Divd SPHD 3.7 .1283 M Nov30 /Nov21
CTS CTS 27.65 3.8 TriNet AmeriServFin ASRV 4.30 -1.2
TNET 44.21 1.8 iShEdgeMSCIMultUSA LRGF 31.33 0.4 ROBOGlblRobotics ROBO 41.48 1.0 Gabelli Hlthcr & Well GRX 5.4 .13 Q Dec15 /Dec08
CalWtrSvc CWT 44.40 -0.1 TrueBlue
TBI 28.85 1.2 iShEdgeMSCIUSASize SIZE 81.55 0.1
AnalogDevices ADI 93.99 2.9 Saba Closed-End Funds ETF CEFS 8.0 .14 M Nov24 /Nov21
CanadaGoose GOOS 27.38 1.6 TsakosEngyNavPfdE TNPpE 25.89 -0.3 iShMSCIBRICETF BKF ArchCapitalPfdE ACGLP 25.04 0.2 Radware RDWR 20.32 1.6 Gabelli Util Inco Tr GLU 6.0 .10 M Jan24 /Jan17
45.24 0.7 Rambus RMBS 15.10 2.0
Tekla Hlthcr Investors HQH 9.2 .52 Q Dec29 /Nov28
CapitalOnePfdH COFpH 26.93 0.7 TysonFoods ArchCapGroupPfdF ACGLO 25.56 0.2 Gabelli Util Inco Tr GLU 6.0 .10 M Feb21 /Feb13
Carters CRI 106.90 1.2
TSN 79.27 1.3 iShMSCIEmgMarkets EEM 47.10 0.5
Arsanis ASNS 14.77 3.8 RedRockResorts RRR 28.44 0.7 Tekla Life Sciences HQL 9.0 .43 Q Dec29 /Nov28
UnitedRentals URI 152.76 0.9 iShMSCIKokusaiETF TOK 64.13 0.9
AssemblyBiosci ASMB 38.25 7.0 Remark MARK 7.75 27.8 Gabelli Util Inco Tr GLU 6.0 .10 M Mar22 /Mar15 Virtus Newflt Dyn Credit BLHY 5.1 .10583 M Nov28 /Nov21
ChinaFund CHN 21.87 0.8 90.32 0.9
UnumGroup UNM 53.90 0.8 iShMSCIThailandCap THD RockyBrands RCKY 20.15 -0.3 Gabelli Utility Tr GUT 8.6 .05 M Jan24 /Jan17
ChinaYuchai CYD 25.00 1.9 AtlanticCoastFin ACFC 9.25 1.1
VF VFC 72.17 1.6 iShMSCIUSAEqWeight EUSA 53.73 0.1
ChoiceHotels CHH 76.78 0.3
ValmontInds VMI 166.15 0.6 iShMorningstarMC JKG 179.99 0.3
Autodesk ADSK 128.28 -0.9 SEI Investments SEIC 67.99 0.8
Gabelli Utility Tr GUT 8.6 .05 M Feb21 /Feb13 Stocks
Cohen&Steers CNS 45.87 1.8 AvidTechnology AVID 6.56 8.1 ScientificGames SGMS 52.90 4.1
VarianMed VAR 110.23 0.2 iShMornMCGrowth JKH 198.81 0.3 Senomyx SNMX 1.55 16.1 Gabelli Utility Tr GUT 8.6 .05 M Mar22 /Mar15 Insperity NSP 2:1 /Dec19
Cooper-Standard CPS 121.05 2.3 Vishay BeaconRoof BECN 56.93 1.2
VSH 22.80 1.8 iShRussellMid-Cap IWR 202.78 0.3 SierraOncology SRRA 2.64 7.7 GabelliConvInc GCV 8.5 .12 Q Dec15 /Dec08
Copa CPA 134.91 2.2 Blackbaud BLKB 103.43 0.5
Cott COT 17.19 1.3
VishayPrecision VPG 26.80 3.1 iShS&PMC400Growth IJK 211.53 0.5
bluebirdbio BLUE 165.53 1.3 Silicom SILC 76.96 6.3 GAMCO Nat Rsc Gold & Incm GNT 9.0 .05 M Jan24 /Jan17 Foreign
Visteon VC 132.59 1.6 iShGlobalConsDiscr RXI 105.47 0.5 SkyWest SKYW 51.00 0.7
DaqoNewEnergy DQ 47.13 9.2 BuildersFirstSrc BLDR 19.57 2.1 GAMCO Nat Rsc Gold & Incm GNT 9.0 .05 M Feb21 /Feb13 Chubb CB 1.9 .71 Q Jan19 /
VMware VMW 124.35 0.6 iShRussellMCGrowth IWP 118.08 0.5 SoundFinBancorp SFBC 34.75 -1.2
Deere DE 137.82 0.8 58.92 1.3 CDK Global CDK 68.00 1.5 Grifols ADR GRFS 1.8 .21213 SA /Dec04
Vonage VG 9.38 2.5 iShUSBrokerDealers IAI StaarSurgical STAA 16.70 0.3 GAMCO Nat Rsc Gold & Incm GNT 9.0 .05 M Mar22 /Mar15
DelekUS DK 30.01 0.9 CME Group CME 142.64 1.7
WarriorMetCoal HCC 28.78 1.0 HancockMC JHMM 33.31 0.7 StarBulkNts22 SBLKZ 24.74 -0.2 Ituran Location & Control ITRN .24 Jan10 /Dec27
Diageo DEO 137.99 0.8 CRA Intl CRAI 47.06 -0.9 GAMCOGlblGoldNatRscs&Inc GGN 11.4 .05 M Jan24 /Jan17
Waters WAT 200.71 1.0 HancockMultiSC JHSC 25.28 0.6 StemlineTherap STML 14.85 1.8 Just Energy Group JE 8.8 .09817 Q Dec29 /Dec15
DolbyLab DLB 62.15 0.6 41.78 0.3 CabotMicro CCMP 100.00 1.4 GAMCOGlblGoldNatRscs&Inc GGN 11.4 .05 M Feb21 /Feb13
WattsWater WTS 72.35 0.3 HancockTech JHMT SunHydraulics SNHY 60.07 2.4
DollarGeneral DG 87.48 1.7 Cal-MaineFoods CALM 47.25 2.5 Just Energy Pfd. A JEpA 8.5 .53125 Q Dec29 /Dec15
WellsFargoPfdN WFCpN 25.38 ... JPM DivRetUS Eq JPUS 69.36 0.2
CanterburyPark CPHC 14.00 3.9 TabulaRasaHlth TRHC 35.70 ... GAMCOGlblGoldNatRscs&Inc GGN 11.4 .05 M Mar21 /Mar15
DriveShack DS 5.83 11.9 Manchester United Cl A 1.8 .09 Jan05 /Nov30
WellsFargoPfdW WFCpW 26.33 1.0 JPM US Moment JMOM 25.08 0.5 Talend TLND 46.32 1.6 Newfleet Multi Uncon Bd NFLT 4.7 .10111 M Nov28 /Nov21 MANU Q
DriveShackPfdB DSpB 26.06 ... Cavium CAVM 84.41 10.8
WellsFargoPfdO WFCpO 25.30 -0.2 KraneEMCnsTech KEMQ 25.63 0.5 TheBancorp TBBK 10.06 3.0 Pingtan Marine Enterprise PME 1.2 .01 Q Dec15 /Nov30
DriveShackPfdD DSpD 25.84 1.5
Winnebago WGO 50.40 1.8 MSMktVectRupee INR 43.40 -2.5 CboeGlobalMkts CBOE 119.29 2.4
TransActTechs TACT 15.55 4.2
Nuveen CA Mun Value Fd 2 NCB 4.0 .132 Dec01 /Nov24
EatonVance EV 52.63 0.9 Charles&Colvard CTHR 1.21 5.4
XPO Logistics XPO 76.58 2.5 NationwideMaxDivUS MXDU 25.63 1.3 tronc TRNC 16.85 3.6 PowerSh CA AMT-Fr Mun Bd PWZ 2.6 .05597 M Nov30 /Nov21 Special
EntercomCommsWi ETMw 11.97 4.1 Children'sPlace PLCE 130.95 2.9
Zoetis ZTS 71.14 0.2 PIMCO DynMultUS MFUS 26.60 0.3 Tuniu TOUR 9.88 -5.0 PowerSh Natl AMT-Fr Muni PZA 3.2 .06792 M Nov30 /Nov21
EntergyLA Bds66 ELC 25.05 ... PwrShDynNetwork PXQ 46.54 2.0 ChinaInternet CIFS 62.15 2.6 Alexander & Baldwin ALEX 15.92 Jan23 /Nov29
CMPR 123.77 ... TwinDisc TWIN 26.70 6.6 PowerSh NY AMT-Fr Mun Bd PZT 3.0 .06199 M Nov30 /Nov21
EvercoreA EVR 85.95 3.6
NYSE lows - 37 PwrShDynSemicon PSI 54.45 1.6 Cimpress USA Truck USAK 17.85 3.8 Cincinnati Financial CINF 2.7 .50 Dec15 /Dec01
ExtraSpaceSt EXR 87.89 0.2 PwrShDynSoftware PSJ 66.02 0.8 ClearBr AC Grw CACG 26.99 -0.1 PowerSh Taxable Mun Bd BAB 4.0 .10195 M Nov30 /Nov21
CGNX 142.70 1.0 UbiquitiNetworks UBNT 68.14 2.0 Territorial Bancorp TBNK 2.5 .30 Dec20 /Dec06
FactSet FDS 197.72 0.1 AdvantageOil AAV 5.00 -3.8 PwrShS&PEM Mom EEMO 21.66 ... Cognex UnivDisplay OLED 184.40 0.3 PowerShares DWA Tactical DWIN 4.4 .09752 M Nov30 /Nov21
58.com WUBA 77.92 1.5 AllerganPfdA AGNpA 606.72 -2.0 PwrShRussMCGrw PXMG 41.57 0.8 Coherent COHR 315.18 1.0
UtahMedProducts UTMD 80.00 2.9
FirstCash FCFS 66.20 0.2 BellatrixExplor BXE 2.04 -4.2 PwrShRuss1000EqWt EQAL 30.16 ... CollegiumPharm COLL 17.96 2.7
UTStarcom UTSI 4.15 14.0
PowerShares Finl Pfd PGF 5.3 .08388 M Nov30 /Nov21 Suspended
Forestar FOR 20.15 2.3 BlkRk2022GlbIncm BGIO 9.40 -1.0 ProShLgOnline CLIX ColliersIntl CIGI 61.75 0.9 PowerShares Gl Shrt Tm PGHY 5.1 .10178 M Nov30 /Nov21
41.28 -0.3
67.98 2.1
VangdIntlDivApp VIGI 65.66 0.7 Enduro Royalty Trust NDRO M Nov15 /
FourCornersProp FCPT 26.41 -0.5 BlueApron APRN 2.97 -1.0 ProShUltMSCIEM EET 91.18 0.8 ColumbiaSportswr COLM VarexImaging VREX 37.39 1.3 PowerShares KBW Hi Div KBWD 8.7 .17014 M Nov30 /Nov21
GTT Comm GTT 40.10 0.9 BlueCapReins BCRH 11.80 ... ProShrUMdCp400 MVV 116.23 0.7 CommVehicle CVGI 11.38 -3.0
VaronisSystems VRNS 52.20 6.2 PowerShares KBW REIT KBWY 7.5 .22575 M Nov30 /Nov21
Gallagher AJG 66.17 0.1 BuckeyePtrs BPL 46.56 -0.3 ProShrUlSemi USD 134.43 2.5 CoriumIntl CORI 12.18 -4.2
VeriSign VRSN 115.49 1.3 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
GardnerDenver GDI 30.94 1.7 CBL AssocPfdD CBLpD 22.05 ... ProShUltMC400 UMDD 105.75 1.1 CoStar CSGP 307.52 0.6
VicShUS500EnhVol CFO 47.05 0.4
PowerShares PB US Agg Bd PBND 2.9 .05987 M Nov30 /Nov21
GoDaddy GDDY 50.38 1.3 CardinalHealth CAH 54.66 -4.4 RenaissanceIPOETF IPO 28.46 0.8 DataIO DAIO 13.96 7.2 PowerShares S&P 500 xRate XRLV 1.6 .045 M Nov30 /Nov21 S2:1: stock split and ratio; SO: spin-off.
VidentCoreUSEquity VUSE 32.18 0.6
GrubHub GRUB 65.08 0.5 CommunityHlthSys CYH 3.93 -3.9 RivFrDynUSFlex RFFC 31.80 0.3 Descartes DSGX 30.30 1.2
Weibo WB 122.49 4.1
Haemonetic HAE 58.23 -0.5 DeutscheMuniIncmTr KTF 11.79 -1.1 SPDRBloomBarCvSecs CWB 52.13 0.3 DicernaPharma DRNA 10.24 1.8
WestellTech WSTL 4.24 3.0
Harris HRS 142.04 1.5 Doubleline Oppor DBL 22.39 -0.5 SPDRFactSetInnTech XITK 81.63 1.3 DigitalTurbine APPS 1.90 1.7
WisdTrChinaxSOE CXSE 88.07 1.1
HeritageInsurance HRTG 17.93 2.7 EnbridgeEnergy EEQ 12.62 -3.0 SPDR NYSE Tech XNTK 85.76 0.5 DollarTree DLTR 97.24 2.6
WDAY 114.12 1.9
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Workday
Hilton HLT 74.63 0.3 EnbridgeEnPtrs EEP 13.17 -3.9 SPDRPtfMC SPMD 32.77 0.6 EldoradoResorts ERI 30.15 1.5
WynnResorts WYNN 157.81 3.1
HollyFrontier HFC 44.60 0.5 GabelliEquityRt GABr 0.02 2.3 SPDRS&P500HiDiv SPYD 37.00 0.1 ElectroSci ESIO 25.44 5.8
XenithBkshrs XBKS 33.42 3.1
HomeDepot HD 170.69 1.6 GenieEnergy GNE 4.32 -10.7 SPDRRuss1000Mom ONEO 74.84 0.3 EnsignGroup ENSG 24.34 0.9
Xunlei XNET 19.57 24.9
Honeywell HON 148.30 1.0 GS MLP IncmOpp GMZ 8.00 -0.4 SPDR S&P500MidGr MDYG 154.11 0.4 FidelityNasdComp ONEQ 267.93 0.1 Closing Chg YTD
YY YY 117.99 9.7
DR Horton DHI 48.57 0.1 GrupoTelevisa TV 18.43 -0.5 SPDRS&P500Fossil SPYX 62.99 0.2 FT BICK BICK 30.17 0.4 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
ZAGG ZAGG 22.15 2.3
IllinoisToolWks ITW 159.59 1.1 LaredoPetrol LPI 9.55 1.0 SPDRS&PHlthCareEqp XHE 65.55 0.6 FT CA MuniHi FCAL 51.11 0.4
INGR 134.38 0.4 MagellanMid FT CloudComp SKYY 45.16 0.7 336.26 0.36 11.4
Ingredion
Insperity
MMP 63.55 0.2 SPDRS&PSft&Svs XSW 69.38 0.3
NSP 117.40 0.2 MaidenHldgsPfdC MHpC 24.46 -4.0 SchwabFundUSSmCo FNDA 36.92 0.5 FT NasdTechDiv TDIV 34.95 0.5 Nasdaq lows - 38 Monday, November 20, 2017
ETF
Closing Chg YTD
Symbol Price (%) (%)
SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY 258.30 0.17 15.6
InstalledBldg IBP 70.47 2.0 MaidenNts46 MHLA 23.82 -7.9 SchwabUS MC SCHM 51.84 0.4 FT LC CoreAlpha FEX 56.80 0.2 AkersBiosciences AKER 0.60 -0.9 Closing Chg YTD SPDR S&P Div SDY 93.15 0.11 8.9
InterXion INXN 57.95 -0.6 MaidenNts43 MHNC 24.09 -4.6 SPDR S&PMdCpTr MDY 336.36 0.4 FT LC GrwthAlpha FTC 60.49 0.4 AmTrustFinSvcs AFSI 8.86 2.2 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 47.06 0.51 34.4 63.59 31.5
TechSelectSector XLK 0.38
InvescoMtg IVR 18.14 3.8 Merck MRK 53.63 -2.0 SPDR SP China GXC 110.14 1.1 FT LC US Equity RNLC 21.04 0.1 ArcadiaBiosci RKDA 0.21 -4.4
AlerianMLPETF AMLP 10.25 –0.19 –18.7 iShMSCIEurozone EZU 42.97 –0.07 24.2 UtilitiesSelSector XLU 55.64 –0.30 14.6
iStarPfdD STARpD 26.00 1.0 NOW DNOW 9.75 -3.6 SPDR SP EmAsPac GMF 105.22 0.7 FT MC CoreAlpha FNX 64.17 0.6 ArchrockPtrs APLP 11.60 -1.1
CnsmrDiscSelSector XLY 93.72 0.19 15.1 iShMSCIJapan EWJ 58.98 0.49 20.7 VanEckGoldMiner GDX 22.54 –1.10 7.7
JELD-WEN JELD 38.64 4.5 NuvHiIncm2020 JHY 9.84 -0.4 SPDR S&P Home XHB 41.83 0.6 FT MC GrwthAlpha FNY 38.75 1.0 BIO-key BKYI 1.52 -2.7
21.07 0.4 54.70 –0.11 5.8 iShNasdaqBiotech IBB 308.33 –0.93 16.2 VangdInfoTech VGT 165.22 0.35 36.0
KB Home KBH 29.15 -0.8 OmegaHealthcare OHI 26.43 -1.3 Whiskey&SpiritsETF WSKY 32.25 0.7 FT MC US Equity RNMC BlueknightEner BKEP 5.25 -3.7 CnsStapleSelSector XLP
34.99 0.7 iShNatlMuniBd MUB 110.55 –0.10 2.2 VangdSC Val VBR 129.10 0.40 6.7
KornFerry KFY 43.36 0.7 Owens&Minor OMI 17.75 -5.4 USAA USA ValMom ULVM 50.89 0.3 FT MC ValAlpha FNK BroadwindEnergy BWEN 2.39 -0.8 EnSelectSectorSPDR XLE 67.27 –0.24 –10.7
64.46 0.5 iShRussell1000Gwth IWF 131.22 0.20 25.1 VangdSC Grwth VBK 157.82 0.51 18.5
KronosWorldwide KRO 28.68 4.0 PPDAI PPDF 12.50 -3.4 VanEckCSI300 PEK 49.24 0.4 FT MCGrAlpDX FAD CMSevenStarUn CMSSU 9.97 -0.2 FinSelSectorSPDR XLF 26.28 0.46 13.0
LeggMasonNts LMHB 25.37 0.5 PQ Group PQG 14.65 -3.3 VanEckGaming BJK 44.68 1.2 FTMuniHiIncm FMHI 50.30 0.1 CoherusBioSci CHRS 8.05 6.6 iShRussell1000 IWB 143.89 0.18 15.6 VangdDivApp VIG 97.76 0.32 14.8
GuggS&P500EW RSP 97.62 0.15 12.7
LomaNegra LOMA 22.59 1.7 Qudian QD 19.66 -5.3 VanEckVietnam VNM 16.99 1.4 FT NasdSemicon FTXL 32.14 1.2 Conifer CNFR 5.71 -3.3 iShRussell1000Val IWD 119.42 0.10 6.6 VangdFTSEDevMk VEA 43.95 0.18 20.3
28.59 0.4
HealthCareSelSect XLV 80.90 –0.42 17.3
Luxfer LXFR 13.99 1.9 RexfordIndPfdB REXRpB 23.71 -0.1 VangdCnsmrDiscr VCR 148.50 0.2 FTRisingDivAch RDVY Criteo CRTO 33.85 -3.2 iShRussell2000Gwth IWO 182.24 0.76 18.4 VangdFTSE EM VWO 45.06 0.42 25.9
MI Homes MHO 35.03 1.0 SantndrHldPfdN SOVpC 25.31 -0.4 VangdSC Grwth VBK 157.82 0.5 FT SMID CapRising SDVY 20.10 0.6 ENDRA LifeSci NDRA 2.15 -1.3
IndSelSectorSPDR XLI 70.82 0.45 13.8
iShRussell2000 IWM 149.53 0.73 10.9 VangdFTSE Europe VGK 57.62 0.16 20.2
28.66 1.0 iShIntermCredBd CIU 109.36 –0.06 1.1
MSCI MSCI 128.32 0.5 TortoisePipe&En TTP 17.00 -0.9 VangdDivApp VIG 97.85 0.3 FT SKoreaAlpha FKO ElbitImaging EMITF 2.31 -1.7 iShRussell2000Val IWN 124.05 0.77 4.3 VangdFTSEAWxUS VEU 53.68 0.21 21.5
Manpower MAN 127.32 0.8 Transmontaigne TLP 38.35 -1.4 VangdMC VO 150.75 0.3 FlexShUSQualLC QLC 32.15 0.2 ENGlobal ENG 0.73 -6.6 iSh1-3YCreditBond CSJ 104.76 –0.05 –0.2
iShRussell3000 IWV 153.27 0.24 15.3 VangdGrowth VUG 137.81 0.11 23.6
MethodeElec MEI 47.53 0.3 Universal UVV 52.05 -1.5 VangdMCGrowth VOT 126.28 0.3 ForresterResearch FORR 46.20 1.4 FibrocellScience FCSC 1.44 -2.6 iSh3-7YTreasuryBd IEI 122.71 –0.14 0.2
MetropolitanBk MCB 41.75 4.4 XeriumTech FLL 3.71 7.0 iShRussellMid-Cap IWR 202.60 0.26 13.3 VangdHlthCr VHT 150.79 –0.38 18.9
XRM 3.75 -2.8 VangdS&PMC400 IVOO 124.58 0.4 FullHouse FlexShDiscDurMBS MBSD 23.71 -0.1 iShCoreMSCIEAFE IEFA 64.79 0.28 20.8
KORS 56.72 -0.2 GRMN 61.80 0.1 iShRussellMCValue IWS 86.35 0.16 7.4 VangdHiDiv VYM 82.63 0.21 9.1
MichaelKors VangdS&P400Grwth IVOG 131.20 0.5 Garmin HaymakerAcqWt HYACW 0.95 -5.0 iShCoreMSCIEmgMk IEMG 56.78 0.53 33.8
211.53 0.50 16.1 84.11 1.3
MicroFocus MFGP 35.81 0.8
MiXTelematics MIXT 11.87 -0.1
NYSE Arca highs - 123 VelocityLgLIBOR ULBR 28.85 4.6 GlbXFinTech
WBITacticalLCGD WBIE 25.31 0.5 GlbX Health&Well BFIT
FINX 22.07 0.7
16.56 3.2
IdealPower IPWR
iShESG1-5YCpBd SUSB
1.40 5.4
24.95 -0.3
iShCoreMSCITotInt IXUS 62.11 0.23 23.0
iShS&PMC400Growth
iShS&P500Growth
IJK
IVW 149.25 0.15 22.5
VangdIntermBd
VangdIntrCorpBd
BIV
VCIT 87.39
–0.20
–0.07 2.0
MC 46.20 2.9 ARKIndlInnovation ARKQ 33.74 0.6 WBITacticalLCV WBIF 27.43 0.4 GlbXInternetThings SNSR 20.31 0.1 iShCoreS&P500 IVV 260.04 0.16 15.6 109.24 0.20 7.8
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THE WALL STREET JOURNAL.
Billionaire Advised Venezuela to Default
Country turned to
distressed-debt
investor with ‘direct line
to the vice president’
BY ANATOLY KURMANAEV
CARACAS, Venezuela—Dis-
tressed-debt investor David
Martínez urged Venezuela’s
struggling government to de-
fault on its bonds days before
the country’s surprise an-
nouncement on restructuring
its obligations.
Mr. Martínez, a billionaire
who made his fortune buying
cheap defaulted debt and sell-
ing it after the restructuring,
met in Caracas with the coun-
try’s vice president, Tareck El
Aissami, and other members
of the economic cabinet in late
October, according to Venezue-
lan officials with direct knowl-
edge of the matter.
The government sought Mr.
Martínez’s advice as it was
running out of money and
overdue bond payments were
piling up. Days after the meet-
ing, President Nicolás Maduro
went on state television to say
he wanted to restructure the
country’s debt. To lead the ne-
gotiations, he appointed Mr. El
Aissami, whom the U.S. sanc-
tioned for alleged drug traf-
ficking. Mr. El Aissami denies
the allegations.
Mr. Martínez has a vested
interest in the outcome of debt
talks. His New York-based
company, Fintech Advisory
Inc., received bonds with a
face value of $1.3 billion as a
guarantee for a $300 million
loan to the country in March.
The loan allowed Venezuela
to make a crucial bond pay-
Hedge Fund’s Bet on Caracas Debt Pays Off
BY LAURENCE FLETCHER
A New York hedge fund has
turned a quick $60 million
profit by correctly guessing
cash-strapped Venezuela
would continue to pay its
debts longer than many other
investors imagined.
Emerging-market debt spe-
cialist Greylock Capital, which
manages $1.1 billion, spied an
opportunity in August when in-
vestors dumped the bonds of
state oil firm Petróleos de Vene-
zuela SA, said a person with
knowledge of the fund’s posi-
tioning.
Many investors had fled,
ALEKSANDAR PLAVEVSKI/EPA/SHUTTERSTOCK
Kweichow Moutai makes China’s leading brand of baijiu, a fiery spirit. The company’s market cap surged to about $130 billion but tumbled after recent warnings.
Investors in Liquor Maker Get Sober Advice
China’s hottest liquor com-
pany is getting too fiery for
authorities in Beijing.
Shares of Kweichow
Moutai Co., the world’s most
valuable liquor seller, tumbled
in recent days after Beijing
and the company itself sought
to cool investment fervor that
has caused its shares to more
than double over the past year.
The state-owned company
makes China’s leading brand
of baijiu, a potent spirit popu-
lar at state banquets and
known as a favorite drink of
the late Mao Zedong. Domestic
and foreign investors have
piled into Moutai’s shares,
pushing its market capitaliza-
tion to about $130 billion, well
above the $85 billion market
value of British liquor giant
Diageo PLC.
ment and helped Mr. Martínez
earn Mr. El Aissami’s trust,
said an official who was in-
volved in the deal. “He has a
direct line to the vice presi-
dent for some time now,” the
official said.
Mr. Martínez’s involvement
adds another layer of uncer-
tainty in what already prom-
ises to be one of the messiest
and most complex debt re-
structurings in history. Vene-
zuela holds about $140 billion
of increasingly precarious
debt, according to Moody’s In-
vestors Service.
Through a spokeswoman,
Mr. Martínez declined to com-
ment. It is unclear if he or his
company has any current posi-
tion in Venezuelan bonds or
credit-default swaps and what
impact a default would have
on his investments.
The financier, who is Mexi-
MIRAFLORES PALACE/REUTERS
can and lives in London, has
benefited from Latin American
bond restructurings before,
buying distressed debt at a
fraction of its face value. He
has said he has participated in
almost every sovereign re-
structuring in the past quar-
ter-century.
Mr. Martínez made a big
bet on Argentina’s distressed
debt, allying himself with Ar-
gentina’s late president, Nés-
tor Kirchner, and his wife and
successor, Christina Fernán-
dez, in their battle against
holdout bondholders.
By advising the Maduro ad-
ministration, “he’s now doing
in Venezuela what he did in
Argentina,” said one of the
Venezuelans with direct
knowledge of the meeting.
U.S. sanctions against Mr. El
Aissami add another wrinkle
to the process. When Mr. El
fearing an imminent and messy
default by Venezuela, which is
mired in economic crisis.
Greylock, a veteran of the
Greek and Argentine debt cri-
ses, bet the selling was over-
done and these short-dated
bonds, set to mature in early
November, would still be paid
out, said two people familiar
with the fund’s positioning.
The trade hasn’t previously
been reported.
Greylock already owned
some bonds but “piled in
pretty heavily” when they
tumbled to around 75 cents on
the dollar in August, one of the
people said. Prices were above
The surge has sparked con-
cerns of an overheated Chi-
nese stock market as Moutai
has been at the forefront of a
sharp rally in consumer stocks
this year. Shares of Chinese al-
cohol companies and home-ap-
pliance makers have gained an
average of 73% and 53%, re-
spectively, this year, according
to data from Wind Information
Co. The benchmark Shanghai
Composite Index, in contrast,
has risen 9.3%.
After Moutai’s shares hit a
record last week, an editorial
in China’s state-run Xinhua
News Agency warned inves-
tors of the risks of chasing
Moutai’s shares higher. It said
the stability of the company’s
share price has a “huge knock-
on effect on the overall stabil-
ity of the A-share market,” re-
BANKING & FINANCE
After Venezuelan President Nicolás Maduro said he wanted to restructure the country’s debt, its bonds initially went into a tailspin.
Aissami invited investors to a
presentation in Caracas last
week to discuss the restructur-
ing, every major Wall Street
asset manager stayed home.
Several people said in inter-
views that they were avoiding
the legal risk of appearing in
the same room with him. Mr.
Martínez sent his fund man-
ager, Andrés Lederman, to at-
tend, said other participants.
The U.S. prohibits any deal-
ings with sanctioned Venezue-
lan officials, including Mr. El
Aissami. Last week, after Mr.
90 cents in June but briefly
bottomed at 71.5 cents in early
August before quickly re-
bounding back above 90 cents.
In the event, Venezuela paid
out the full $1.1 billion on the
bonds, the last such principal
payment the country has made.
Shortly afterward, President
Nicolás Maduro announced the
country would seek a debt re-
structuring that could be the
largest and most complicated
ever, sending the price of re-
maining bonds tumbling.
Greylock, which continued
to buy bonds on the dips,
made a roughly 35% return on
its position in around three
ferring to yuan-denominated
shares listed on China’s main
stock exchanges.
Moutai is a “rare treasure”
in the stock market, the edito-
rial said, noting that investors
Beijing tried to cool
buying fervor, with state
media citing risks of
chasing shares higher.
“pulling up the shoots to help
them grow” could inflict “un-
bearable pains.”
The company separately re-
leased a statement imploring
investors to look at its shares
“rationally.”
El Aissami was appointed to
head Mr. Maduro’s debt-re-
structuring task force, the
Trump administration issued a
reminder not to negotiate with
Venezuelans targeted under
U.S. sanctions.
Among Mr. Martínez’s pro-
posals to Venezuela’s debt task
force were those that involved
restructuring oil contracts to
give foreign trading companies
legal ownership of Venezuelan
oil exports, said people with
knowledge of the meeting.
That, he argued, would protect
months, one of the people
said. That equates to a profit
of around $60 million to $65
million, the person said.
However, many investors are
likely to have run up steep
losses on Venezuelan bonds,
which have dropped to about
30 cents on the dollar. Typical
trades aimed at profiting from
a default haven’t worked. In-
vestors buying long-dated
bonds and betting on price falls
in short-dated bonds would
have been squeezed as both
moved in the wrong direction.
And funds writing protec-
tion on the bonds, while bet-
ting against the short-dated
The statements spooked
some investors, who sold their
shares and sent Moutai’s stock
down 5.6% over two days.
Wang Xiaoguang, a 34-year-
old manager at a Shanghai-
based software company,
dumped his holdings in Moutai
last Friday and raked in
440,000 yuan (almost $66,400).
“It was pure luck that I picked
Moutai,” said Mr. Wang. “But
when the state media starts to
criticize the gains, it is high
time to sell everything.”
Chinese authorities have
been known to intervene when
stock-market moves don’t play
out to their liking. State funds
tried to curb a domestic stock
crash in 2015 by buying up
swaths of the market. When
the market was rising too
quickly around a pivotal party
Tuesday, November 21, 2017 | B11
them from unpaid investors
who may try to seize the re-
public’s assets.
Mr. Martínez’s proposals
generated heated discussion in
Venezuela’s economic cabinet,
said Venezuelan officials, with
the government eventually
settling on a middle course of
muddling through payments as
it tries to strike an amicable
agreement with the bondhold-
ers.
After Mr. Maduro said he
wanted to restructure Venezu-
ela’s debt, the country’s al-
bonds, could be badly hit as
Venezuela paid out on the
short-dated bonds but then
triggered a default. On Thurs-
day, a financial industry panel
ruled investors who hold insur-
ance-like derivatives against a
default should receive a pay-
out, putting writers of Venezu-
elan protection on the hook for
more than $1 billion.
Venezuela has been the
best-performing investment
for Greylock over the past
couple of years, reaping it a
profit well in excess of $100
million, one of the people said.
—Julie Wernau
contributed to this article.
congress this October, Beijing
took steps to cool the gains.
Targeting individual stocks,
however, is relatively rare.
Shares of Moutai, which
ranks eighth among the 10 larg-
est China-listed companies by
market capitalization, have been
volatile. The company lost more
than half of its market value be-
tween mid-2012 and early 2014,
when President Xi Jinping em-
barked on an anticorruption
campaign that scrutinized offi-
cials and businessmen engag-
ing in lavish gift-giving.
The shares more recently
have surged along with rising
demand for baijiu from Chi-
nese households. The company
logged 8.73 billion yuan in net
income in the third quarter, up
138% from a year ago.
—Yifan Xie and Chao Deng
ready distressed bonds went
into a tailspin, before recover-
ing somewhat.
Since then, Venezuela has
continued scraping together
interest payments, sometimes
transferring the money days
after the deadline. The pay-
ment delays have allowed in-
vestors last week to start
claiming more than $1 billion
in insurance-like derivatives
on Venezuelan bonds.
—Mariana Martínez
and Ian Talley
contributed to this article.
Zions Sets
Its Sights
On Looser
Regulation
BY CHRISTINA REXRODE
Zions Bancorp has long in-
sisted it isn’t the same as big-
ger rivals with Wall Street
businesses. Now, it wants fed-
eral regulators to say so, too.
The Salt Lake City-based
bank said Monday that it
would petition the govern-
ment to remove it from the
group of big financial firms
that are subject to heightened
regulation.
The move by Zion reflects a
shifting regulatory landscape
in which the Trump adminis-
tration has adopted a friend-
lier tone toward banking and
as a result emboldened the
sector. It also highlights an in-
creasingly popular bipartisan
view that midsize banks don’t
pose the same threat to the fi-
nancial system as banks with
global operations.
That represents a rethink-
ing of the Dodd-Frank Act of
2010. The measure was in-
tended to prevent another fi-
nancial crisis, but to some it
unfairly placed regional banks
under the same regulatory
umbrella as much larger banks
such as J.P. Morgan Chase &
Co. and Bank of America
Corp.
Zions would be the first
bank to openly petition the Fi-
nancial Stability Oversight
Council, a committee of senior
regulators and government of-
ficials created by Dodd-Frank,
to remove it from the list of
institutions commonly known
as “systemically important.”
That postcrisis label applies
to bank holding companies
with more than $50 billion in
assets and some nonbanks
such as big insurance compa-
nies. Those firms are subject
to stricter regulations on capi-
tal, liquidity and other busi-
ness. Zions has about $65 bil-
lion in assets. The biggest
bank in the U.S., J.P. Morgan,
has about $2.56 trillion.
Some Dodd-Frank defenders
say firms like Zions shouldn’t
be allowed to escape tougher
rules, pointing to lenders like
IndyMac Bank that, while
small, still contributed to the
2008 financial crisis. But Zi-
ons Chief Executive Harris
Simmons has maintained that
postcrisis regulations have
hurt his bank’s ability to grow
and serve customers, and that
different regulatory agencies
often overlap or work for com-
peting objectives.
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 | Tuesday, November 21, 2017 * *** THE WALL STREET JOURNAL.

MARKETS

Industrials, Financials Advance Treasury

Traders
Stocks score small
gains, with six of 11 S&P
sectors rising in start of
Cash In
BY SAM GOLDFARB
expected quiet week
U.S. government bonds
BY AKANE OTANI edged lower Monday as inves-
AND RIVA GOLD tors were quick to book profits
following an overnight rally.
Rising industrial and finan- The yield on the benchmark
cial shares helped push U.S. 10-year Treasury note settled
stocks higher. at 2.370%, compared with
Major indexes opened little 2.352% Friday.
changed, then Yields, which fall when bond
MONDAY’S gained later in prices rise, declined overnight
MARKETS the trading ses- after the small,
sion, leaving six CREDIT pro-business
of the 11 sec- MARKETS Free Democratic
tors in the S&P 500 higher for Party broke off
the day. talks to form a
With the U.S. stock market coalition government in Ger-
closed Thursday in observance many.
of Thanksgiving and few major The rally, however, was
economic reports on the short lived, as investors deter-
docket this week, some ana- mined that “the German econ-
lysts and investors say trading omy is strong enough to with-
is likely to be relatively quiet stand this little hiccup,” said
over the next couple of days. John Canavan, market analyst
The Dow Jones Industrial at Stone & McCarthy Research
Average climbed 72.09 points, Associates.
or 0.3%, to 23430.33. The S&P This could be a quiet week
500 added 3.29 points, or 0.1%, in the Treasurys market, ac-
to 2582.14 and the Nasdaq cording to analysts. The mar-
Composite rose 7.92 points, or ket is closed Thursday for
SEAN PROCTOR/BLOOMBERG NEWS

0.1%, to 6790.71. Thanksgiving, and the most

Dow component 3M rose notable economic release is a
$2.13, or 0.9%, to $231.49, report on durable-goods or-
while Boeing added 2.37, or ders Wednesday.
0.9%, to 264.63. The advance One factor that could upset
in the two stocks contributed the calm is investors’ shifting
nearly half of the blue-chip in- appetite for riskier assets.
dex’s total gains for the day. After holding strong for
Fellow blue-chip Caterpillar most of the year, demand for
rose 78 cents, or 0.6%, to Shares of Dow component Caterpillar rose 0.6%. The biggest contributors to the average’s gain on the day were Boeing and 3M. assets such as stocks and junk-
136.91. rated corporate bonds has wa-
Shares of financial compa- 2017, they wouldn’t be sur- weekend left German Chancel- vered in recent weeks, offering
nies rose 0.5% in the S&P 500, prised if stock gains slowed lor Angela Merkel without a Industrial Gains support for Treasurys, which
with Navient and Cboe Global over the next couple of majority in parliament. Ana- Shares of 3M and Boeing helped lead the Dow Jones tend to benefit when investors
Markets posting the biggest months. lysts said the development Industrial Average higher. adopt safer strategies.
gains in the sector. “Is a major pullback going would likely result in the for-
Meanwhile, shares of en- to happen imminently? Proba- mation of a minority govern- Performance minute-by-minute Monday
ergy companies in the S&P bly not. But I do think most ment or new elections. 2.0% AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
500 fell with oil prices, deep- people are starting to think At the midday break Tues- All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
ening their losses for the year. about how far we can move day, Japan’s Nikkei Stock Aver- between that price and the face value.
Range Resources fell 73 forward from here,” said Sean age was up 1% on a weaker 1.5
13-WEEK AND 26-WEEK BILLS
cents, or 4%, to 17.30, and O’Hara, president of Pacer yen after falling 0.6% Monday, 13-Week 26-Week
Marathon Oil fell 58 cents, or ETFs, who added that after a its seventh decline in nine 1.0 Applications $133,732,867,900 $120,005,426,000
3M Accepted bids $42,000,417,900 $36,000,163,000
3.9%, to 14.47. U.S. crude for long rally, shares in the U.S. trading sessions. " noncomp $599,934,900 $471,304,000
December delivery fell 0.8% to are looking expensive relative Also early Tuesday, the Boeing " foreign noncomp $257,000,000 $275,000,000
$56.09 a barrel, notching its to their counterparts overseas. Shanghai Composite was up 0.5 Auction price (rate) 99.678750 99.288569
(1.285%) (1.415%)
fourth decline in five sessions. Elsewhere, the Stoxx Eu- 0.5%, Hong Kong’s Hang Seng Dow Industrials Coupon equivalent 1.307% 1.445%
Some investors said that, rope 600 added 0.7%, with Index was up 0.9%, Australia’s Bids at clearing yield accepted 88.42% 65.40%
0 Cusip number 912796NT2 912796MB2
after a long rally that has stocks in Germany reversing S&P ASX 200 was up 0.3% and
driven up major indexes by earlier declines. South Korea’s Kospi was up 10 a.m. 11 Noon 1 2 3 4 p.m. Both issues are dated Nov. 24, 2017. The 13-week bills
mature on Feb. 22, 2018; the 26-week bills mature on
double-digit percentages in A collapse of talks over the 0.2%. Source: WSJ Market Data Group THE WALL STREET JOURNAL. May 24, 2018.

Growing Apart
Projections for fourth-quarter U.S. growth sharply diverge.
6% Quarterly change in GDP* New York forecast
OPEC Uncertainty Weighs on Oil
BY STEPHANIE YANG With many market partici- Big or Go Home’ event in our fore that shale production can
Atlanta forecast
AND SARAH MCFARLANE pants anticipating an extension view.” respond immediately,” Mr. An-
Average of
economists forecast as long as through the end of As U.S. shale production has sari said. Oil-field-services pro-
4 Oil prices pulled back Mon- next year, “anything less could increased and crude stockpiles vider Baker Hughes reported
day as doubts arose over easily produce a selloff sequel have built up in recent weeks, Friday that the number of U.S.
whether a meeting of global to the May meeting meltdown” the possibility of more U.S. rigs drilling for oil was un-
crude producers next week when oil prices dropped even supply also damped market changed at 738, having risen
2 would result in an extension of as OPEC announced the first sentiment. “Even if they by nine the previous week.
output cuts. deal extension, RBC Capital [OPEC] do extend the deal, I Gasoline futures fell 0.05%,
Light, sweet crude for De- Markets analysts said Monday. don’t see too significant a price to $1.7438 a gallon and diesel
0 cember delivery settled down “The stakes for this meeting rise because the market under- futures lost 0.7% to $1.9321 a
46 cents, or 0.8%, at $56.09 a are high indeed and it is a ‘Go stands even more than ever be- gallon on Monday.
barrel on
COMMODITIES the New
–2 York Mer-
2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 cantile Ex-
*3Q’17 is an estimate change. Brent, the global bench-
Source: Federal Reserve Bank of St. Louis (GDP); Federal Reserve Bank of Atlanta, Federal mark, declined 50 cents, or
Reserve Bank of New York, DataTrek (forecasts) THE WALL STREET JOURNAL. 0.8%, to $62.22 a barrel.
The Organization of the Pe-

U.S. Growth Forecasts troleum Exporting Countries

and other producers including
Russia are scheduled to meet

Rise, Boosting Stocks Nov. 30 and review whether to

extend the production cuts due
to expire in March 2018. The
BY CHELSEY DULANEY means “economists may have production pact aims to reduce
some catching up to do,” ac- bulging global inventories to
Don’t look now, but U.S. cording to Nicholas Colas, co- their five-year average.
growth forecasts are moving founder of DataTrek. While Saudi Arabia has ex-
higher. That is helping to sup- Behind the rising economic- pressed its dedication to ex-
port U.S. stocks. growth projections has been tending the agreement, inves-
Projections for economic better-than-expected data on tors are less sure of Russia’s
growth from two Federal Re- the U.S. housing market and commitment as a major partic-
serve Banks have risen re- industrial production. Stron- ipant outside of the cartel.
cently. The Federal Reserve ger economic growth has “There seems to be some
Bank of New York on Friday helped fuel the record run for equivocation by the Russians
forecast that gross domestic about extending the OPEC
product will rise 3.8% in the deal,” said John Kilduff, found-
fourth quarter, up from a fore- ing partner at Again Capital.
cast of 3.2% a week earlier.
Two Federal Reserve “With the door being left open,
A separate measure from Bank forecasts see you’re seeing the market take a
the Federal Reserve Bank of hit on a potential unraveling,”
Atlanta forecast 3.4% growth
fourth-quarter growth he said.
last week, also up from 3.2%. at 3.4% or better. Oil prices have rallied to
Research firm DataTrek noted two-year highs in recent
that the rival forecasts are months, aided by geopolitical
outpacing projections from tensions in major oil-producing
human economists, who on av- U.S. indexes as companies ben- nations including Saudi Arabia
erage expect 2.7% growth for efit from stronger demand. and by expectations that the
the quarter. DataTrek warns there is cuts will be extended.
Even if the less optimistic still time for the rising growth “We’re expecting a potential
Atlanta Fed model is correct, expectations to reverse. The extension of the deal, that’s the
it would be the best quarter Commerce Department won’t general market consensus,”
for the U.S. economy in more release its fourth-quarter GDP said Mustafa Ansari, energy
than three years. The central estimate until early next year, economist at development
banks’ forecasts are derived and the Atlanta Fed model is bank Arab Petroleum Invest-
from statistical models that typically most accurate about ments Corp. “OPEC knows that
track incoming economic data a month before the quarter it needs to continue doing
and are used by traders to ends. what it’s doing because its tar-
YURI MALTSEV/REUTERS

gauge the economy’s health. “There is still time, there- gets haven’t been reached.”
The estimates have been fore, for the numbers to slip,” Analysts warn that since oil
the subject of some contention Mr. Colas said. With stocks al- has already priced in an ex-
as they often offer diverging ready pricing in stronger tended reduction of OPEC out-
views on the health of the growth, a string of weak data put, any disappointing news
economy. The recent harmony could put pressure on the could lead to a sharp drop for
between the two measures rally. prices. An oil terminal near Nakhodka in Russia’s far east. Russia will join an OPEC meeting set for next week.
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.
Saudi Turmoil Hits Middle East Markets
Kingdom itself has
been shielded by Widening Gulf
state-led buying, hope Saudi Arabia’s political
of change, oil stability tensions have rippled
through markets in
BY MIKE BIRD neighbors such as Qatar
and Bahrain, with less
Political upheaval in Saudi
impact on Saudi assets.
Arabia has sent shares, curren-
cies and bonds in the Middle
East lower—but not in the
kingdom itself.
Riyadh’s internal crackdown
and escalating tensions with
Iran have barely affected do-
mestic markets but have ampli-
fied troubles in smaller neigh-
bors like Qatar and Bahrain.
Saudi markets have likely
been cushioned by state-led
buying, no disruption to the
massive oil industry and hopes
of financial overhaul. While
Crown Prince Mohammed bin
Salman’s consolidation of
power may add uncertainty, it
could also further a program
of economic changes that in-
cludes the privatization of
state assets and opening mar-
kets to foreign investors.
On Monday, Standard &
Poor’s held the kingdom’s
credit ratings stable, saying
“structural reforms could em-
power Saudi citizens and make
Saudi Arabia more attractive
to investors.”
Saudi Arabia’s resil-
ience follows a 2017 global
trend in which geopolitical
concerns have failed to make a
lasting impact on bigger mar-
kets, as investors avoid trying
to price in major events.
Saudi markets are less likely
to react to domestic political
ructions than the kingdom’s
neighbors, according to Emad
Mostaque, co-chief investment
officer of Capricorn Fund Man-
agers, an emerging-market-fo-
cused hedge fund.
This month, Saudi Arabia de-
tained dozens of princes, gov-
ernment officials and business-
men as part of what it called
anticorruption efforts that
marked an escalation in the
Email: heard@wsj.com
Marvell Adds
Some Bulk
To Its Frame
Sometimes confused with
the comic-book company,
Marvell Technology Group
has lately been pulling off
superheroic feats of its own.
A small-but-telling indica-
tor of this is how Wall
Street’s analysts now view it.
Half now recommend buying
the stock compared with the
13% who held that view two
years ago.
Here is another indicator:
Marvell’s share price has
jumped nearly 10% since The
Wall Street Journal first re-
ported this month that the
company was in talks to ac-
quire chip maker Cavium.
Acquiring companies often
weaken. Its offer was for-
mally announced Monday,
valuing Cavium at $80 a
share for a total deal value
of about $6 billion, nearly 24
times Cavium’s adjusted for-
ward earnings.
Marvell’s cash portion of
the deal comes to about $2.6
billion, net of Cavium’s cash
on hand. That is about $1
billion more than what Mar-
vell has in the bank, which
makes investors’ early vote
of confidence notable. The
combination should make
Marvell a stronger competi-
tor to Broadcom in areas
such as network equipment
processors. But Broadcom is
expanding as well, as indi-
cated by its surprise bid for
Qualcomm that would make
it the fourth-largest semi-
conductor company globally
based on revenue.
Marvell has spent the past
year getting in better shape,
both through a restructuring
that helped trim costs and
divestitures that helped nar-
row its focus. This puts Mar-
vell in the right place to
start adding the necessary
muscle needed to battle chip
titans that also are trying to
tap their inner Hulk.
—Dan Gallagher
Five-year currency-forward points*
on Bahrain’s dollar-pegged dinar
show growing speculation this
month that the currency will weaken.
1,500 points
1,000
500
0 0
2015 ’16
*Points measure expected depreciation against the U.S. dollar in the coming five years.
Sources: FactSet; Thomson Reuters (five-year currency-forward points)
crown prince’s effort to consoli-
date power as he spearheads
far-reaching changes.
Meanwhile, Saudi Ara-
bia blamed Iran for a missile
fired by Yemeni rebels toward
Riyadh’s airport this month,
adding to tensions as the two
vie for regional influence.
Nonetheless, MSCI’s index
for Saudi stocks has fallen just
0.3% in the last month. But the
MSCI’s index of stocks listed in
the other five members of the
Gulf Cooperation Council—Ku-
HEARD ON THE STREET
AT&T Girds for Fight of Its Life
Wall Street was sailing
into the end of 2017 with
markets calm, deal making
on a tear, and high confi-
dence that one of the biggest
media transactions in history
would be approved by a
business-friendly administra-
tion.
Two out of three isn’t
bad, but the Justice Depart-
ment’s legal challenge to the
$85 billion AT&T-Time War-
ner agreement is a tough
blow for the deal makers,
analysts and investors who
were exceedingly assured
that the merger would go
through. It would be chal-
lenging for hedge funds to
make up their losses this
late in the year.
The flaw in Wall Street’s
thinking was that precedent
would hold in an administra-
tion that doesn’t highly
value precedent. The Justice
Department will have a
tough time winning the case
in court, or at least that is
what Wall Street believes.
And that may be true, but
Don’t Ground Your Company’s Private Jet Fleet Just Yet
General Electric’s execu-
tives are getting reac-
quainted with the joys of
commercial air travel. But
the decision by the com-
pany’s new chief executive to
cut the use of company-
owned jets may pay off in
symbolism rather than per-
formance.
GE became the latest
high-profile case of corpo-
rate aviation misadventures,
when the company disclosed
that it had been sending a
backup plane to fly with for-
mer boss Jeffrey Immelt.
The decision by new chief
John Flannery is a welcome
sign of improved gover-
nance, but for a company
with as many locations and
operations as GE, it risks go-
ing too far.
In fact, the time saved
MARKETS
Domestically focused stocks in the rest of the Gulf region
fell in the aftermath of Saudi Arabia’s political turmoil.
2%
Index performance
0 EFG Hermes, said anecdotal
–2
–4
–6
October
Yield on Saudi Arabia’s dollar bond maturing
in 2021 has risen since the crackdown, but
some debt of the same maturity in nearby
countries has reacted more sharply.
Increase in yields since Nov. 3, 2017
Bahrain
Oman
Saudi
Arabia
Abu
Dhabi
Dubai 0.07
Qatar 0 vestors expect a boost to the
’17
wait, United Arab Emirates,
Bahrain, Qatar and Oman—is
down 4.9%.
There has been a small sell-
off in Saudi government debt,
but yields on the country’s dol-
lar-denominated bonds matur-
ing in 2021 have risen less
sharply than their equivalents
in Bahrain and Oman. In addi-
tion, bets that the riyal’s long-
standing peg to the dollar will
break barely shifted upward,
as they often do when the
country or its economy is un-
FINANCIAL ANALYSIS & COMMENTARY
Sinking Feeling
Share-price performance
5%
0 since the deal was reached
–5
–10
–15
–20
October
Source: WSJ Market Data Group
the media business is so
fluid right now that it is con-
ceivable that government
lawyers could build a con-
vincing case that consumers
would be hurt by the pro-
posed deal.
AT&T appears undeterred,
which ultimately might be a
blessing. If AT&T wins, it
gets to do the deal without
selling assets, including
Cruising Altitude
Percentage of S&P 1500
firms that disclose use
of a corporate jet
55%
50
45
40
2006 ’08 ’10 ’12
Sources: Lian Fen Lee, Michelle Lowry
and Susan Shu
and communication facili-
tated by private jet travel
generates improved operat-
ing performance in terms of
measures such as return on
assets, notes a recent work-
ing paper by finance and ac-
counting professors Lian Fen
Lee, Michelle Lowry and Su-
san Shu. Using The Wall
Last close before Saudi
crackdown began
November
Saudi Arabia’s stock of foreign-exchange
reserves has declined with the price of
oil but remains higher than in much of
the country’s recent history.
$800 billion
0.42 percentage point
600
0.26
0.19 400
0.18
200
2003 ’05
der pressure.
In comparison, three-year
forward rates for the Bahraini
dinar have climbed, suggesting
investors believe its peg to the
dollar may break and the cur-
rency depreciate.
Saudi Arabia’s troubles have
highlighted some of the prob-
lems of its neighbors. Qa-
tar has been isolated by other
countries in the region, which
accuse it of backing extremist
groups, something it de-
nies. Bahrain’s economy is par-
AT&T
Time Warner
November
THE WALL STREET JOURNAL.
CNN. The telecom will be
able to argue the conven-
tional: that mergers between
companies that don’t com-
pete haven’t typically been
blocked. It also could make
the unconventional argument
that the president may have
overstepped the bounds of
policy to get the Justice
Department to try to block
the deal.
Street Journal’s flight
tracker database, published
in 2011, the trio of academics
collated the routes of private
jets with the location of
company subsidiaries.
The findings were stron-
gest for firms that had the
most widely spread business
operations and would seem
to benefit from being able to
’14 have executives hopscotch
from location to location.
Also benefiting from jet
travel: firms in industries
with high research and de-
velopment costs, for which
complicated information
sharing requires face-to-face
explanations.
The risk is that companies
don’t use the jets for legiti-
mate business purposes.
Abut 10% of flights are to re-
sort destinations such as
Tuesday, November 21, 2017 | B13
MSCI Saudi
Arabia Domestic
MSCI Gulf Cooperation
Council Domestic
(excluding Saudi Arabia)
’07 ’09 ’11 ’13 ’15 ’17
THE WALL STREET JOURNAL.
ticularly vulnerable to low oil
prices, given relatively small
foreign-exchange reserves and
high debt.
Elsewhere, Lebanese mar-
kets have been hard hit by po-
litical turmoil, with the coun-
try acting as a staging ground
for Iranian and Saudi foreign
policies.
Yields on Lebanese govern-
ment bonds, maturing in 2019,
touched a high of 8% earlier in
November, up from 5.1% at the
end of October.
If AT&T loses, it will need
to pay Time Warner a $500
million breakup fee, but it
would save itself from over-
paying. Valuations in the me-
dia world have come down
more than a year ago, and
AT&T doesn’t have the best
record in paying attractive
prices. The company bought
satellite-TV provider DirecTV
at the peak of the market.
The government action
came during one of the big-
gest months of M&A on re-
cord, but some companies
appear to know how to han-
dle the administration. Be-
fore its bid for Qualcomm,
Broadcom’s CEO moved the
company’s headquarters
back to the U.S. and held a
smiling photo opportunity
with President Donald
Trump. Masayoshi Son, the
CEO of SoftBank Group, also
flattered him. For Wall
Street to maintain its mo-
mentum, more CEOs may
have to travel to Washing-
ton. —Ken Brown
Scottsdale, Ariz., West Palm
Beach, Fla., and Las Vegas.
Companies that had other-
wise poor corporate gover-
nance metrics benefited the
least from using private jets.
If corporate jets were
purely seen as excessive,
their use would probably be
on the wane. But, in fact,
roughly half of public com-
panies report jet use in some
form in corporate docu-
ments. The actual number is
probably higher. And that
hasn’t changed much in re-
cent years, even as activist
investors and corporate gov-
ernance pressure has in-
creased in other areas of
boardroom conduct.
The trouble is how to de-
termine whether the plane is
being used for work or plea-
sure. After the Journal popu-
One explanation for the
comparative resilience of
Saudi Arabian markets offered
by investors is interventions
by state institutions and funds.
Simon Kitchen, head of
macrostrategy at Cairo-based
evidence and precedent sug-
gest government money has
supported buying from local
mutual funds.
“The pattern of trading ac-
tivity does seem as if there’s
an orchestration of buying,”
said Tarek Fadlallah, Middle
East chief executive at Nomura
Asset Management.
The Saudi government
didn’t respond to a request to
comment.
The political upheaval
shows no sign of affecting
Saudi Arabia’s oil industry,
which is responsible for the
vast majority of its revenue.
“Saudi tanker shipments ap-
pear to have continued as nor-
mal and policy makers who fa-
vor a modest restriction of
supply remain in place,” said
Mark Haefele, global chief in-
vestment officer at UBS
Wealth Management.
Supply cuts by some of the
world’s largest oil producers,
including Saudi Arabia, have
supported the price of crude in
2017.
As the crown prince has
consolidated power, some in-
local economy and more for-
eign investment in local assets.
According to Riyadh-
based Al Rajhi Capital, only
around 4.2% of Saudi-listed
shares are owned by foreign-
based investors.
“A deepening of financial
markets, increased trade open-
ness, improved business envi-
ronment and improved labor
force skills are likely to pro-
vide a supply-side boost to po-
tential growth,” said Jean-
Michel Saliba, an economist at
Bank of America Merrill Lynch,
in a recent note.
—Nikhil Lohade
contributed to this article.
WSJ.com/Heard
OVERHEARD
Cult leader Charles Man-
son’s death Sunday night
closes the book on a dark
chapter, but it also seems to
have prompted people to
open a book, literally, on his
crimes.
The classic account of the
criminal trial, “Helter Skelter:
The True Story of the Man-
son Murders,” co-written by
prosecuting attorney Vincent
Bugliosi, was a best seller in
1974.
Those looking for the origi-
nal mass-market paperback
published in 1975 will have to
dig a lot deeper to own a
“new” (in other words, un-
read) copy than before its
subject’s death, though.
Website CamelCamel-
Camel.com, which tracks the
prices of new and used books
on Amazon.com, shows that
the best price available
jumped from $119.19 most re-
cently to $1,698 on Monday
morning.
The markup is almost
criminal.
larized the use of public da-
tabase searches to track
planes, executives and com-
panies have gone to great
lengths to obscure flights.
Clever hedge funds may still
be able to track tail num-
bers, but the investing public
is mostly in the dark.
Investors could demand
another solution: Ask compa-
nies to voluntarily disclose
in broad strokes how private
jets are used. If, say, 95% of
trips were to subsidiaries or
finance centers like New
York, rather than vacation
spots like Honolulu, that
would be a sign of judicious-
ness.
Investors would feel bet-
ter and executives might not
feel guilty about one of the
key perks they enjoy.
—Alex Frangos
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B14 | Tuesday, November 21, 2017 THE WALL STREET JOURNAL.

An Open Letter to Employers on Financial Wellness

AMERICA’S WORKERS NEED

NEW PATHS TO PROSPERITY.
This week, we give thanks for our families, our friends and the
bounty that is our country. But the prosperity we celebrate each
Thanksgiving cannot be taken for granted; it is the legacy of
generations who came before us, pursuing the promise that hard
work can create a better life.

But how do we keep that promise within reach, when innovation and
structural shifts are transforming work faster than the nation’s policies
and safety nets can keep pace?

Workers today bear increasing responsibility for their own financial

lives. Yet too many lack access to resources and tools to help
them manage.

These are daunting challenges. But when leaders from all sectors,
private, public and not-for-profit, collaborate on finding ways to
reconnect work and wealth, these are challenges we can meet.

Nearly

610 out
of

workers are stressed about

their financial situation.*
Let’s build new pathways to prosperity by promoting financial
wellness right here in the workplace. Let’s advocate on behalf
of tens of millions who lack 401(k) plans and other workplace
benefit protections.

So that living paycheck to paycheck becomes a thing of the past.

Families can move forward when life sets them back. Workers can
retire on time with the income to pursue what they love.

And underserved communities gain access to the resources to

build better futures.

Prudential believes in a society where financial opportunity is within

reach of all.

We invite you to join us as we work in partnership with

organizations like the Aspen Institute, a nonpartisan forum for
values-based public policy leadership, to advance solutions that
help increase economic opportunity for workers.

As we have seen repeatedly, America is at its best when we lift

each other up. In that spirit, let us join together to bring financial
wellness within reach of every worker.

When we do, the impact will be felt everywhere.

prudential.com/workers

*Prudential, 2017 Financial Wellness Study.

Prudential Financial, Inc., Newark, NJ. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities,
registered in many jurisdictions worldwide.

0312082-00001-00