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DJIA 23590.83 À 160.50 0.7%
What’s
News
Business & Finance
he FCC’s plans for dis-
T mantling open-internet
rules would clear the way
for a range of new deals be-
tween internet-service pro-
viders and online media. A1
 Uber disclosed that it
paid hackers $100,000 in an
effort to conceal a data
breach affecting 57 million
accounts one year ago. A1
 Whitman said she will
step down as CEO of Hewlett
Packard Enterprise early
next year, handing the reins
to the company’s president. B1
 Global tech firms’ shares
are outpacing other sectors
this year by the widest margin
since the dot.com era’s peak. B1
 Stock indexes set records,
lifted by Apple and other
tech shares. The Dow rose
160.50 points to 23590.83. B16
 Trump’s chief negotiator
on trade delivered a down-
beat assessment of efforts
to rewrite Nafta. A8
 Disney executive Lasseter
said he is taking a leave of
absence, citing unspecified
“missteps” on his part. B1
 CBS, PBS and Bloomberg
severed ties with Charlie
Rose in the wake of sexual
harassment allegations. B2
 Prosecutors unsealed
charges against a hacker
linked to Iran’s military, accus-
ing him of breaching HBO. B3
 Akzo and Axalta aban-
doned merger talks after
failing to agree on terms. B7
World-Wide
 Mueller’s investigators
are asking questions about
Kushner’s interactions with
foreign leaders during the
presidential transition. A1
 Mugabe resigned as Zim-
babwe’s president, ending
his 37-year rule, after a week
of drama and uncertainty. A1
 The Justice Department
has opened an investigation
into the use of race in Har-
vard’s admissions practices. A1
 Trump indicated that he
wanted to see GOP Senate
candidate Moore of Ala-
bama elected despite sexual-
misconduct allegations. A5
 Rep. Conyers of Michi-
gan, the No. 3 House Dem-
ocrat, denied allegations
of sexual harassment. A5
 Putin and Assad met
ahead of a summit aimed at
shaping a political settlement
to end the war in Syria. A6
 Hariri returned to Lebanon
for the first time since he re-
signed as prime minister dur-
ing a trip to Saudi Arabia. A6
 The U.S. military said it
conducted an airstrike in So-
malia that killed over 100 mil-
itants linked to al-Shabaab. A6
 North Korea violated
the armistice in a border
shooting last week, a U.S.-
led investigation found. A7
 Beijing is investigating
Lu Wei, a former director
of China’s top internet reg-
ulator, for corruption. A7
Notice to Readers
WSJ.com and WSJ mobile
apps will publish throughout
the Thanksgiving holiday.
The Wall Street Journal
print edition won’t appear
Thursday, but a daily edition
will be available in WSJ iPad
and Android apps.
CONTENTS
Banking & Finance.... B14
Business News.. B3,7
Crossword.............. A14
Heard on Street. B16
Life & Arts....... A11-13
Markets............. B15-16
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
* * * * * WEDNESDAY, NOVEMBER 22, 2017 ~ VOL. CCLXX NO. 122
NASDAQ 6862.48 À 1.1% STOXX 600 388.10 À 0.4%
BEN CURTIS/ASSOCIATED PRESS
Zimbabweans celebrate outside parliament in Harare on Tuesday after the announcement that President Robert Mugabe had resigned
after 37 years in power. His ouster followed a week of turmoil sparked by an attempt to purge key rivals.
The Secret Plot to Topple Mugabe
HARARE, Zimbabwe—Robert Mugabe
awoke last Wednesday in his luxurious
palace known as “Blue Roof” to find that
his head of security wasn’t there for the
usual morning briefing. Only then did the
By Gabriele Steinhauser,
Joe Parkinson
and Bernard Mpofu
93-year-old president, the survivor of
many challenges over 37 years of tumul-
tuous and widely criticized rule, realize
he was under house arrest.
Tech Rally Drives Shift in Markets’ World Order
Shares of global technology companies are outpacing others this year by the widest margin since the
peak of the dot-com era. A handful of key players are dictating market moves around the world. B1
50
40
30
20
10
0 and Rebecca Ballhaus
1998 2000
Source: Morgan Stanley Research and MSCI
Uber Hid Customer Data Breach
BY GREG BENSINGER
AND ROBERT MCMILLAN
Uber Technologies Inc. on
Tuesday revealed it paid hack-
ers $100,000 in an effort to
conceal a data breach affecting
57 million accounts one year
ago, a disclosure that adds to
a string of scandals and legal
problems for the world’s most
Harvard Faces Probe
Over Admissions Policy
BY MELISSA KORN
AND NICOLE HONG
The Justice Department has
opened an investigation into the
use of race in Harvard Univer-
sity’s admissions practices and
has accused the university of
failing to cooperate with the
probe, according to documents
reviewed by The Wall Street
Journal.
The Justice Department is
investigating complaints that
formed the basis of a federal
Opinion.............. A15-17 civil lawsuit filed in 2014 in
Property Report B8-9
Sports....................... A14 Boston, according to the docu-
Technology............... B4 ments. That suit alleges Har-
U.S. News............. A2-5 vard intentionally discriminates
Weather................... A14
World News....... A6-8
against Asian-Americans by
limiting the number of Asian
>
students who are admitted.
The lawsuit, brought by a
nonprofit called Students for
Fair Admissions, said the prac-
tices violate federal civil-rights
law and asks a federal judge to
prohibit Harvard from using
race as a factor in future under-
WSJ.com HHHH $4.00
10-YR. TREAS. À 3/32 , yield 2.361% OIL $56.83 À $0.41 GOLD $1,281.10 À $6.50 EURO $1.1738 YEN 112.44
Cable,
Wireless
Win With
New Rules
BY JOHN D. MCKINNON
AND RYAN KNUTSON
WASHINGTON—Federal
regulators’ plans for disman-
tling Obama-era open-internet
rules would clear the way for
a range of new deals between
internet-service providers and
online media and other ser-
vices, in a victory for cable
and wireless firms.
The proposed changes—
outlined Tuesday by Federal
Communications Commission
Chairman Ajit Pai—have
sparked a lively debate over
the potential impact on the in-
ternet as well as online busi-
nesses and consumers.
Under Mr. Pai’s proposal, in-
ternet providers such as Com-
cast Corp., Verizon Communi-
cations Inc., Charter
Communications Inc. and AT&T
Inc. would be able to form alli-
ances with media and other
online firms such as Facebook
Inc. to offer web services at
higher speeds and quality.
They also wouldn’t be
barred from slowing rival ser-
No one had awakened Mr. Mugabe confounded listeners, a resignation dead- vices to encourage greater use
during the night, according to senior se- line set by Mr. Mugabe’s own party, ex- of the website that is paying
curity officials, as Zimbabwe’s military pulsion from that party, and a parliamen- them, provided such arrange-
deployed tanks and troops around the tary move to impeach—all finally ments are disclosed.
capital, seizing government buildings and clarified on Tuesday: The world’s oldest The Obama-era rules
strategic intersections in response to a head of state resigned. pushed so-called net neutral-
widening purge by the president that The announcement by the speaker of ity, with internet providers re-
was reaching the armed forces. The parliament sent cheering crowds into the quired to treat all web traffic
leader once hailed as “the lion of Africa,” streets of the capital and cities across the equally. The rules limited the
and by then widely derided as “the old country, where on Saturday hundreds of providers’ ability to block or
man,” was a prisoner in his own home. thousands, anticipating the end of the slow online services, or favor
What followed was a week of drama Mugabe era, had marched in their first content—including their own.
and uncertainty that included mass dem- free demonstrations in decades. Crowds The new FCC rules are ex-
onstrations, a presidential speech that Please see MUGABE page A10 Please see RULES page A5
Kushner Transition
Annual performance gap between top and second-best sectors,
using the MSCI AC World Index, in percentage points
Role Is Investigated
Top sector is: WAS H I N GT O N — R o b e r t Israeli officials had asked
Technology Other
Mueller’s investigators are the incoming Trump adminis-
asking questions about Jared tration to intervene to help
Kushner’s interactions with block it. Mr. Trump posted a
foreign leaders during the Facebook message the day be-
presidential transition, includ- fore the U.N. vote—after he
ing his involvement in a dis- had been elected but before he
had assumed office—saying
By Peter Nicholas, the resolution put the Israelis
Aruna Viswanatha in a difficult position and
should be vetoed.
’05 ’10 ’15 ’17 Mr. Trump also held a phone
THE WALL STREET JOURNAL. pute at the United Nations in conversation with Egyptian
December, in a sign of the ex- President Abdel Fattah Al Sisi,
pansive nature of the special whose government had written
counsel’s probe of Russia’s al- a draft of the resolution. Egypt
leged meddling in the election,
according to people familiar
with the matter.
The investigators have
proceeded to call for the vote
to be delayed, but the resolu-
tion passed the following day,
with then-President Barack
highly valued startup. Uber said financial informa- asked witnesses questions Obama’s administration declin-
The ride-hailing firm said it tion such as credit cards and about the involvement of Mr. ing to block it.
fired its chief security officer, Social Security numbers Kushner, President Donald Israeli officials said at the
Joe Sullivan, and deputy Craig weren’t taken. Uber said it Trump’s son-in-law and a se- time that they began reaching
Clark for their roles in the identified the hackers and “ob- nior White House adviser, in a out to senior leaders in Mr.
breach and for covering it up. tained assurances” they had controversy over a U.N. resolu- Trump’s transition team.
In addition to the names, destroyed the stolen data. tion passed Dec. 23, before Mr. Among those involved were
emails and phone numbers of Please see UBER page A8 Trump took office, that con- Mr. Kushner and political
millions of riders, about demned Israel’s construction strategist Stephen Bannon, ac-
600,000 drivers’ license num-  Iranian is charged in hacking of settlements in disputed ter- cording to people briefed on
bers were accessed, Uber said. of HBO........................................... B3 ritories, these people said. Please see TRUMP page A4
INSIDE Dallas Finds the Perfect Gift for
Conspiracy Buffs—a Conspiracy!
i i i
graduate admissions decisions. A painted X marks the spot where JFK
The suit is pending.
The Justice Department, was fatally shot, but who maintains it?
whose Civil Rights Division is
conducting the investigation BY TAWNELL D. HOBBS said Glen Garrett, a 68-year-old
into similar allegations, said in
a letter to Harvard’s lawyers,
MORE RULES OF vendor in the plaza who sells
DALLAS—Some believe the replica newspapers of that day
dated Nov. 17 and reviewed by THANKSGIVING government is behind it. Others for $5.
the Journal, that the school was
being investigated under Title
FOOTBALL point to a cabal of business in- As the 54th anniversary of
terests. A 72-year-old claims to JFK’s assassination approaches,
VI of the Civil Rights Act of have done it, though the X, as it does
1964, which bars discrimination JASON GAY, A14 he admits he did not each year, becomes
on the basis of race, color and act alone. Or a figure a magnet for a na-
national origin for organiza- known as “the tion still obsessed
tions that receive federal fund- cousin” may have with every detail of
ing. The letter also said the played a role. the tragedy. No
school had failed to comply Yet years of deni- matter that the X is
with a Nov. 2 deadline to pro- als, conspiracy theo- X on Elm Street a crudely formed
vide documents related to the ries and even grainy marker of dubious
university’s admissions policies video have failed to reveal the origin taped or painted in the
and practices. perpetrators behind one of the middle of a busy street.
The department told Har-
vard it “may file a lawsuit” to
WHITMAN TO most enduring mysteries in Dal- Tourists strain from curb-
las: Who creates the “X” on Elm sides to get pictures of it
enforce compliance if Harvard STEP DOWN AT Street in Dealey Plaza that sup- through three lanes of flowing
doesn’t hand over the docu-
ments by Dec. 1, according to a
HP ENTERPRISE posedly marks the exact spot traffic. Some are gutsy enough
where President John F. Ken- to make it onto the road for a
separate letter dated Nov. 17 nedy was fatally shot on Nov. shot posing next to it.
from John M. Gore, the acting BUSINESS & FINANCE, B1 22, 1963? It’s unclear how long the X
Please see PROBE page A2 “Nobody knows who does it,” Please see JFK 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 | Wednesday, November 22, 2017 * * THE WALL STREET JOURNAL.

U.S. NEWS
Agency Seeks Tariffs on Washers U.S.
WATCH
BY ANDREW TANGEL bipartisan agency that over- The trade commission’s rec- est in a series of trade fights interests of the United States,”
AND WILLIAM MAULDIN sees trade, on Tuesday re- ommendations are expected to between Whirlpool and two she said. ECONOMY
leased three sets of recommen- head to the White House in South Korean competitors, LG Whirlpool said it is encour-
Federal trade regulators dations that include tariffs of early December. The Trump Electronics Inc. and Samsung aged by the trade body’s rec- Home Sales Stayed
recommended that the Trump 50% on imported washers ex- administration would then Electronics Co. ommendations. Samsung and Sluggish in October
administration impose big tar- ceeding a quota of 1.2 million have about two months to White House spokeswoman LG both said any new trade
iffs on imported washing ma- units annually. Their recom- weigh the recommendations Lindsay Walters said U.S. offi- barriers could limit consumer Home sales in October con-
chines to protect Whirlpool mendations follow their find- and decide what, if any, new cials are reviewing the com- choice, increase prices and sti- tinued to be weighed down by
Corp. and other U.S. manufac- ing in October that Whirlpool trade barriers to put in place. missioners’ recommendations. fle U.S. job growth. supply shortages and the con-
turers. and other domestic washer The recommendations aren’t “The president will examine tinuing recovery from hurricanes
Members of the U.S. Inter- makers suffered “serious in- binding. the facts and make a determi-  U.S. trade official decries lack in Florida and Texas.
national Trade Commission, a jury” from a surge of imports. The washer case is the lat- nation that reflects the best of headway in Nafta talks... A8 Existing-home sales increased
2% in October from a month
earlier to a seasonally adjusted

PROBE annual rate of 5.48 million, the

National Association of Realtors
said Tuesday. But sales dipped
0.9% from the same month a
Continued from Page One year earlier, the second consecu-
assistant attorney general for tive decline on an annual basis.
the Civil Rights Division. The Home sales in areas hit by
department wrote that the ma- hurricanes, including Houston,
terials requested by the Justice Orlando and other major mar-
Department have already been kets, showed gains from previ-
provided by Harvard to the ous months, helping to drive the
plaintiffs in the lawsuit. monthly increase in October, ac-
The documents reviewed by cording to Lawrence Yun, NAR’s
the Journal confirm the exis- chief economist.
tence of an investigation that Housing inventory decreased
the Justice Department in Au- 3.2% in October and is 10.4%
gust indicated it would pursue lower than a year ago, having
and suggest that Harvard has fallen year-over-year for 29 con-
challenged the authority of the secutive months, the NAR said.
department’s Civil Rights Divi- —Laura Kusisto
sion to conduct it.
In a statement, Harvard said: STUDENT LOANS
“As we have repeatedly made
CHARLES KRUPA/ASSOCIATED PRESS

clear to the Department of Jus- Citibank Agrees to

tice, the University will cer- Pay $6.5 Million Fine
tainly comply with its obliga-
tions under Title VI.” The Citibank said Tuesday that it
school added that it was seek- agreed to pay $6.5 million to
ing to engage the department in settle accusations by the Con-
the best way to share relevant sumer Financial Protection Bu-
information while protecting reau that it harmed people
applicants’ privacy. whose student loans it ser-
The Justice Department’s in- Harvard has said its admissions process is consistent with the legal precedents set over the past 40 years by the Supreme Court. viced—including by giving misin-
vestigation escalates a long- formation about a tax deduction.
standing national debate over vember and reviewed by the At a meeting on Sept. 11, According to experts in civil- The plaintiffs in the lawsuit The settlement is for $3.75
the role of race in college ad- Journal, Harvard’s lawyers Harvard representatives “of- rights law, there are many po- are members of Students for million in customer refunds and
missions—an issue the U.S. Su- questioned why the investiga- fered to work collaboratively” tential outcomes to the investi- Fair Admissions, which advo- a $2.75 million civil penalty.
preme Court has intermittently tion was being conducted by with the Justice Department’s gation. One possibility is that it cates for the elimination of af- The CFPB said Citibank mis-
wrestled with since the 1970s. the Civil Rights Division. lawyers, according to the Nov. could lead to litigation in court firmative action in college ad- represented information about
As recently as last year, the Seth Waxman, a partner at 17 letter from Mr. Gore. between the Justice Depart- missions and includes Asian- the borrowers’ eligibility for a
court upheld the use of racial WilmerHale, the law firm repre- The Justice Department gave ment and Harvard. In that case, Americans who were denied tax deduction on interest paid
preferences in public university senting Harvard, called the in- the school a Nov. 2 deadline to if a federal judge finds Harvard admission to Harvard. The on certain student loans, failed
admissions. vestigation “outside ordinary provide the requested informa- has violated Title VI, the court group is led by conservative le- to refund interest and late fees
In early August, the Justice practices” of the Justice De- tion. But over the past two has broad authority to issue a gal activist Edward Blum. it erroneously charged and over-
Department posted an internal partment because responding months, “Harvard has pursued remedy, such as ordering the Mr. Blum also spearheaded a stated the minimum monthly
job listing for attorneys to in- to a complaint filed more than a strategy of delay and has not university to change its admis- challenge to affirmative action payment due on statements.
vestigate racial bias in college two years prior wouldn’t meet yet produced even a single doc- sions policies, the experts say. brought by a white applicant A Citibank spokesman said
admissions, as it prepared to re- the department’s standard of ument,” according to another Schools in violation of Title against the University of Texas, the bank was “pleased to re-
view a separate 2015 complaint “prompt” action. Nov. 17 letter sent from the VI can also lose access to fed- which was decided by the Su- solve this matter.”
filed by a coalition of 64 Asian- Mr. Waxman also denounced agency to Mr. Waxman. eral funds. preme Court last year. —Yuka Hayashi
American associations claiming the investigation on the Mr. Waxman expressed con-
Harvard discriminates against grounds that identical issues cern in his Oct. 6 letter about
Asian-American applicants.
Harvard has previously said
are being litigated in federal
court. The Education Depart-
the privacy of information that
would be shared with the Jus-
CORRECTIONS  THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)

its admissions process is consis-

tent with the legal precedents
ment declined to investigate the
same complaint largely because
set over the past 40 years by the private lawsuit against Har-
the Supreme Court, which have vard covered the issues, Mr.
allowed universities to consider Waxman wrote in an Oct. 6 let-
race as a factor in admissions to ter to the Justice Department.
obtain the benefits of a diverse He also said any investiga-
student body. tion would more appropriately
Justice Department spokes- come from the Justice Depart-
man Devin O’Malley said: “The ment’s Office for Civil Rights,
Department of Justice takes se- inside its Office of Justice Pro-
riously any potential violation grams, not the Civil Rights Divi-
of an individual’s civil and con- sion.
stitutional rights.” He declined The Justice Department in
to comment on the details of its letters to Harvard’s lawyers
any continuing investigation. defended the investigation’s
In letters sent to the Justice delegation to its Civil Rights Di-
Department in October and No- vision.
tice Department, including ap-
plications from high-school stu-
dents “and candid evaluations
of those students.” He pointed
to the fact that Freedom of In-
formation Act requests had
been filed asking for informa-
tion about a possible probe of
the school.
The government said in one
of its Nov. 17 letters that the
Students for Fair Admissions
lawsuit captures the complaints
under investigation and
wouldn’t give Harvard further
details “because the release
may interfere with an active in-
vestigation.”
AMPLIFICATIONS
Prof. René Stulz of Ohio
State University and Prof.
Kathleen Kahle of the Univer-
sity of Arizona were the
sources for data used in the
two charts at the top of the
graphic that accompanied
the Nov. 14 Streetwise column.
Prof. Kahle was incorrectly
omitted from the source cita-
tion.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
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THE WALL STREET JOURNAL. Wednesday, November 22, 2017 | A3

U.S. NEWS

©T&CO. 2017
Newly Restored, Memorial Honors U.S. Marines
MARK WILSON/GETTY IMAGES

TIFFANY T COLLECTION

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A Wild Goose Chase for Safety

Researchers catch, track birds to keep them away from Chicago airport’s planes
BY JOE BARRETT Mr. Askren, carrying a
flashlight-size device that
CHICAGO—Ryan Askren launches a net with a blast of
says chasing wild geese is C02, jogged with a reporter
easy, it’s catching them toward a gaggle of geese. At
that’s hard. first, the jogging seemed to be
JOE BARRETT/THE WALL STREET JOURNAL

“We discovered that when working, with the geese ap-

you walk up to them, they get pearing not to notice the two,
spooked and fly away, but for but soon one goose stirred,
some reason, when you jog, then others, and before he
they don’t notice you,” said could deploy the net, they all
the University of Illinois grad- flew away. He tried a second
uate student on a recent gaggle with the same result.
snowy day in Chicago’s Mar- Finally, he tried one last
quette Park. gaggle. He jogged past the
Mr. Askren is part of a team geese in one direction, then
researching how to keep the doubled back and fired the
birds—whose numbers swell By tagging and then tracking geese when they are chased, device as the birds began to
in the winter—from being hit researchers hope to learn how to keep them away from airports. take flight. The device
by airplanes at nearby Mid- jammed on his first attempt,
way International Airport. As of those flights put them in Kleinschmit, with the USDA’s but he quickly targeted an-
a first step, the team has been the path of one of the air- Wildlife Services at Midway. other goose and the net shot
tagging birds with transmit- port’s busiest runways. But the problem can be cata- out with a dull bang.
ters and studying where they The about $250,000 proj- strophic as shown by the The goose fell and Mr.
go since the winter of 2014. ect is funded by the univer- goose strike that forced a Askren slid to the ground to
What they discovered was sity’s Illinois Natural History plane taking off from New get hold of the animal before
a surprise. Many geese live in Survey, the Illinois Depart- York’s La Guardia Airport to it could get away. He carried
Chicago year round, but an in- ment of Natural Resources, land in the Hudson River in it to a truck where research-
creasing number of migrating the U.S. Department of Agri- New York in 2009. ers carefully untangled it
geese stop and stay here for culture’s Wildlife Services “We want to make the area from the net. They weighed it
the winter instead of going and the airport. around the airport as inhospi- in a sack, took measurements
farther south. Now, the researchers are table as possible,” he said. of its head, beak and wing-
The researchers thought stepping up their effort to tag To that end, the Univer- span and fitted it with a Starting at
these new arrivals would ven- more birds, with plans to sity of Illinois researchers transmitter collar.
$1,950
ture to the countryside, where start chasing them out of will begin chasing the geese “When we think we have
they could feed on grains in their comfortable roosts and out of Marquette Park and the birds figured out, some-
farmers’ fields and return to possibly, outside the city—or other nearby areas using times they throw us a curve-
rest in the city. Instead, they at least the airport’s immedi- ATVs and an amphibious, re- ball and we have to regroup.
ALSON JEWELERS / Cleveland, OH / 216.464.6767
arrive fattened up—and gen- ate surroundings, where they mote-controlled craft called Sometimes we get lucky,
erally hang out in the park, on are less dangerous to planes. a Goosinator, and then track sometimes we don’t,” Mr. BETTERIDGE / Greenwich, CT / 203.869.0124
roofs or in rail yards near the About 100 birds are hit by where they go with the Askren said after releasing BETTERIDGE / Vail, CO / 970.790.6560
airport and take only short planes at the airport every $3,500 transmitters. the goose. It was one of 10 he
flights to conserve energy. year, most without causing But first, the researchers and the team were able to tag www.baume-et-mercier.com
The problem is that many major problems, said Nick need to catch the geese. over three days.
© 2017 CHLOE. ALL RIGHTS RESERVED.

chloe.com
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A4 | Wednesday, November 22, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Senator Faces Bipartisan Hurdle WASHINGTON

Orrin Hatch says his since he took office in 1977.
That included 75 public laws
goal is to ‘bring bearing his name as lead spon-
everybody together’; sor, three times as many as
on taxes, that is hard
anyone else on the Finance
Committee.
With 52 seats in the Senate,
BY NATALIE ANDREWS Republicans can lose no more
than two votes from their own
WASHINGTON—Sen. Orrin party, assuming no Democrats,
Hatch prides himself on a his- as expected, vote for the bill.
tory of bipartisan legislating, “I believe he would much
but in the push for a tax over- prefer a bipartisan bill,” Sen.
haul, it has been anything but Ron Wyden of Oregon, the top
that. Democrat on the Finance Com-
In a heated exchange last mittee, said. “Let’s put it this
week, Mr. Hatch, a Utah Re- way: What he’s especially
WIRE
MILITARY
New Remains Found
In Niger Ambush
The U.S. military said it found
additional human remains be-
longing to one of four soldiers
killed during an ambush last
month in Niger.
An investigation team discov-
ered the remains on Nov. 12 at
the site where the body of
Army Sgt. La David Johnson
was found following the Oct. 4
attack, officials said Tuesday.

publican, shouted at Sen.
Sherrod Brown after the Ohio
Democrat argued the plan was
aimed at helping the rich.
“I come from the lower
middle class originally,” Mr.
Hatch said. “Don’t spew that
stuff on me. I get a little tired
of that crap.”
Mr. Hatch, 83 years old, not
only has to fight off argu-
ments from Democrats that
the bill favors the wealthy and
big business, he needs to cor-
ral Republican senators, some
of whom have reservations
about how the plan affects
deficits, small business and
health care.
He also faces a shifting
White House strategy. The ad-
ministration called on law-
makers to include a provision
in the tax bill repealing the in-
surance mandate in the Af-
Sen. Orrin Hatch (R., Utah), right, speaks with Sen. Ron Wyden (D., Ore.) on Capitol Hill last week.
fordable Care Act, but on Sun-
day said it was willing to
scrap that.
“I know that it takes two
sides to really do landmark leg-
islation,” Mr. Hatch said in an
interview last week. “My goal
is to bring everybody together.”
The most senior Republican
senator, with 40 years in the
chamber, Mr. Hatch was a part
of the “Big Six,” four lawmak-
ers and two White House offi-
cials who crafted a tax blue-
print for the legislation during
the summer. As chairman of
the Finance Committee, he led
the bill’s markup in the Senate.
The bill passed his commit-
tee on a 14-12 party-line vote
and heads to the Senate floor
after Thanksgiving. No Demo-
crats are expected to vote for
it, and six Republicans have
voiced concerns.
Mr. Hatch and Republican
leaders will try before the vote
to find compromise within the
party to get the needed votes. If
it clears the Senate, the bill will
AARON P. BERNSTEIN/REUTERS
proud of is the way he worked
with Sen. Kennedy.”
Mr. Hatch and the late Sen.
Ted Kennedy, a Massachusetts
Democrat, formed an odd-cou-
ple relationship when they led
the chamber’s committee on
health and labor. The two men
helped pass legislation, such
as the State Children’s Health
then either need to pass the Insurance Program, which pro-
House or be reconciled with de- vides low-cost health coverage
viations in a competing House to children in families that
bill and then submitted for an- earn too much money to qual-
other vote in both chambers. ify for Medicaid. The Senate
“The Senate has changed in Finance Committee passed a
recent years, to the point bill to extend the program,
where you can see we’re so which expired on Sept. 30. The
evenly divided, that you know bill is currently awaiting a
each side does not want to vote by the full Senate.
give any votes to the other Mr. Hatch’s record of bipar-
side,” Mr. Hatch said. tisanship is being put to the
Mr. Hatch has sponsored or test. The House passed its ver-
co-sponsored 769 legislative sion of the tax bill with no
provisions enacted into law Democratic support.
“Today, we can confirm that
the Armed Forces Medical Ex-
aminer has positively identified
these remains as those of Sgt.
Johnson,” the Pentagon said in a
statement.
The remains consisted of
bone fragments, a U.S. defense
official said.
The U.S. military and Federal
Bureau of Investigation are look-
ing into the circumstances sur-
rounding the ambush.
Sgt. Johnson was missing for
nearly two days after the am-
bush until his remains were
found. Army Staff Sgt. Bryan
Black, Staff Sgt. Jeremiah John-
son and Staff Sgt. Dustin
Wright also were killed during
the attack, along with five Nige-
rien troops that were part of a
force that they were training.
—Nancy A. Youssef
WHITE HOUSE

TRUMP Street Journal previously re- president later said the FBI’s Drumstick, Wishbone
ported, citing a public letter Russia investigation was a fac- Get Trump Pardon
from congressional investiga- tor in his decision.
tors. Mr. Kushner later up- Mr. Kushner pushed for Mr. President Donald Trump
MICHAEL REYNOLDS/EPA-EFE/REX/SHUTTERSTOCK

Continued from Page One
the exchanges.
The White House referred
questions to Mr. Kushner’s at-
torney, Abbe Lowell, and to a
White House lawyer.
The motivation for the
Mueller team’s questions
about the U.N. is unclear. In-
vestigators typically ask a
host of questions over the
course of a probe, and inqui-
ries don’t necessarily indicate
suspicion. Mr. Kushner figures
into several events that Mr.
Mueller is investigating, in-
cluding a June 2016 meeting
with a Kremlin-linked lawyer
at Trump Tower.
Mr. Kushner said in a July
statement that the meeting
was brief and a waste of time.
Investigators have also
asked witnesses about Mr.
Kushner’s role in arranging
meetings or communication
with foreign leaders during
the transition, the people said.
The special counsel’s mandate
gives Mr. Mueller a broad di-
rective to examine any matters
arising from the Russia inves-
tigation.
The Mueller team’s ques-
tions come as investigators
scrutinize Mr. Kushner for his
initial omission of any foreign
contacts from a government
form required to obtain a se-
curity clearance, The Wall
dated the form at least three
times to include what he has
said were more than 100 con-
tacts with more than 20 coun-
tries.
Mr. Kushner has said the
initial omissions were an “ad-
ministrative error.” His lawyer
declined on Friday a request
by the Senate Judiciary Com-
mittee to provide documents
surrounding the submission of
the form and subsequent up-
dates to it, saying they were
confidential government re-
cords.
A 1799 law called the Logan
Act also bars Americans from
communicating with a foreign
government to influence the
government’s actions related
‘When the president
made the decision to
fire...Comey, Mr.
Kushner supported it.’
to a dispute with the U.S., but
no one has ever been success-
fully prosecuted under the law.
In a statement that Mr.
Kushner gave to congressional
committees in July, he wrote
that at his father-in-law’s re-
quest, he served as the main
Jared Kushner served as a point of contact for foreign countries.
point of contact for foreign
countries at a time when it
was clear Mr. Trump would be
the Republican nominee.
The new details offer a win-
dow into the kinds of ques-
tions Mr. Mueller is asking as
part of a six-month investiga-
tion that has been conducted
largely behind closed doors.
The special counsel and con-
gressional investigators are
probing whether associates of
Mr. Trump colluded with Rus-
sia in what U.S. intelligence
deemed were Moscow’s efforts
to interfere in the 2016 U.S.
presidential election.
The president has denied
any collusion by him or mem-
bers of his campaign, and
Moscow has denied election
interference. Mr. Kushner has
also denied collusion, and his
lawyer has said he is cooperat-
Comey’s firing in discussions
among the president and his
top advisers, according to four
people familiar with the mat-
ter.
One person said Mr. Kush-
ner’s reasons for wanting Mr.
Comey dismissed included
that FBI agents unhappy with
Mr. Comey would applaud the
move and that Democrats
would cheer because they
were angry about Mr. Comey’s
handling of the Clinton email
investigation. Another person
ing with the investigations. said top White House aides,
A spokesman for Mr. Muel- including Mr. Kushner, viewed
ler’s office declined to com- Mr. Comey as too unpredict-
ment. able following his handling of
Another element of Mr. the Clinton probe.
Mueller’s probe has focused on One aspect of Mr. Mueller’s
whether the president ob- probe concerns whether Mr.
structed justice in the May fir- Comey’s firing was an attempt
ing of James Comey, the former to obstruct justice, so it is
director of the Federal Bureau possible he is asking about
of Investigation. Mr. Mueller’s any Kushner role to get a
prosecutors have asked wit- clearer picture of events lead-
nesses detailed questions about ing up to the dismissal.
Mr. Kushner’s views of Mr. Mr. Lowell said in an inter-
Comey and whether Mr. Kush- view, “When the president
ner was in favor of firing him made the decision to fire FBI
or had staked out a position, Director Comey, Mr. Kushner
said the people familiar with supported it.” A White House
the matter. attorney added that Mr. Kush-
Mr. Trump fired Mr. Comey, ner had “no meaningful role”
initially citing the former FBI in the decision: “There’s no
director’s handling of an in- apparent evidence of Jared’s
vestigation into 2016 Demo- involvement in any decision-
cratic presidential nominee making process having to do
Hillary Clinton’s emails. The with Mr. Comey’s firing.”
wielded his pardon power to
spare a pair of turkeys from the
Thanksgiving roaster, joking that
he would also let last year’s tur-
key pardons stand despite his
penchant for overturning his
Democratic predecessor’s orders.
In a brief White House cere-
mony Tuesday, Mr. Trump ex-
tended the annual presidential
tradition of pardoning turkeys
ahead of Thanksgiving, an act of
leniency that prolongs the lives
of Minnesota-bred gobblers
Wishbone and Drumstick, with
the latter receiving the formal
reprieve.
The GOP president said he
and the first lady have wel-
comed many special visitors to
the White House, including
world leaders, Congress mem-
bers “and, along the way, a few
very strange birds. But we have
yet to receive any visitors quite
like our magnificent guest of
honor today, Drumstick.”
“I’m pleased to report that
unlike millions of other turkeys
at this time of the year, Drum-
stick has a very, very bright fu-
ture ahead of it,” he said. Mr.
Trump said Drumstick “and his
friend Wishbone” will spend the
rest of their lives on the campus
of Virginia Tech, joining Tater
and Tot, the two turkeys that
were pardoned last year by
then-President Barack Obama.
—Associated Press

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. NY Wednesday, November 22, 2017 | A5

U.S. NEWS

Trump Now Backs

Moore for Senate
BY LOUISE RADNOFSKY
AND JANET HOOK
WASHINGTON—President
Donald Trump indicated Tues-
day that he wanted to see Re-
publican U.S. Senate candidate
Roy Moore of Alabama elected
despite sexual-misconduct alle-
gations, citing the significance
of maintaining the GOP’s slen-
der majority in the chamber.
“We don’t need a liberal per-
son in there, a Democrat,” Mr.
Of the allegations, Mr.
Trump said, “He totally denies
it.” Previously, the White House
said Mr. Trump believed Mr.
Moore should leave the race if
the allegations proved true.
The president was respond-
ing to questions from reporters
as he left the White House for
his Mar-a-Lago resort in Palm
Beach, Fla., where he will be
spending Thanksgiving.
Mr. Trump was also
asked about other sexual-ha-

SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

Trump said, referring to Mr.
Moore’s opponent, Doug Jones.
Mr. Trump said of Mr. Jones:
‘We don’t need a
liberal person in
there, a Democrat,’
Mr. Trump said.
“I’ve looked at his record. It’s
rassment claims that have
dominated the news in recent
months. “Women are very spe-
cial,” the president said. “I
think it’s very good for our
country” that such stories are
coming out, he said.
Mr. Trump faced multiple
accusations of sexual miscon-
duct during the presidential
campaign. He has denied any
such claims. His campaign was
jolted by the emergence of a
decade-old tape in which he Rep. John Conyers acknowledged a settlement with a former female employee, but denied that it involved sexual harassment.
made crude remarks about

Conyers Denies Harassment Claim

terrible on crime, it’s terrible
on the border, it’s terrible on
the military.”
Mr. Jones is a former U.S. at-
torney who successfully prose-
cuted two Ku Klux Klan mem-
bers for the bombing of a
Birmingham church that killed
four girls.
Mr. Trump didn’t rule out
campaigning for Mr. Moore,
saying, “I’ll be letting you know
next week.”
Mr. Trump’s comments were
the strongest support he has
shown for Mr. Moore in the
wake of allegations of sexual
misconduct from several de-
cades ago. Mr. Moore faces alle-
gations of having made sexual
advances on teenage girls, one
of them age 14, while he was in
his 30s. He denies the claims.
Republicans have been di-
vided over how to handle the
accusations against Mr. Moore
in the Alabama special election
to fill the seat vacated by Attor-
ney General Jeff Sessions. If Mr.
Moore loses, the GOP majority
would narrow to one seat, fur-
ther limiting the party’s ability
to pass legislation.
women. He apologized for the
remarks, which he character-
ized as locker-room banter.
Mr. Trump’s criticism of Mr.
Jones was in line with a shift
in tactics by the Moore cam-
paign, which previously fo-
cused mostly on attacking Re-
publican rivals and the media.
Recently, Moore supporters in-
creasingly have also attacked
Mr. Jones, calling him a liberal
for his support for abortion
rights and other issues.
For the most part, the Jones
campaign has steered clear of
focusing on the allegations
against Mr. Moore. But Mon-
day, the campaign began airing
its first ad that addresses the
issue—by using the words of
prominent Republicans, includ-
ing Mr. Trump’s daughter
Ivanka Trump, and Mr. Ses-
sions.
The ad quotes Ms. Trump
saying, “There’s a special place
in hell for people who prey on
children” and Mr. Sessions say-
ing he has “no reason to
doubt” the women who ac-
cused Mr. Moore of miscon-
duct.
BY NATALIE ANDREWS
WASHINGTON—Michigan
Rep. John Conyers, the No. 3
House Democrat, acknowledged
he settled a wrongful-dismissal
claim in 2015 involving a for-
mer female employee, but de-
nied allegations of sexual ha-
rassment.
Mr. Conyers on Tuesday said
he settled the complaint to
avoid litigation. He added he
would cooperate with any fur-
ther investigation in the House.
News of the settlement and
that it was related to a sexual-
harassment claim surfaced
Monday.
“I expressly and vehemently
denied the allegations made
against me, and continue to do
so,” he said in a statement.
Tuesday afternoon, the
House Ethics Committee an-
nounced it had “begun an in-
vestigation and will gather ad-
ditional information regarding
these allegations.” The commit-
tee keeps its investigations
confidential and said it won’t
make further public statements
“pending completion of its ini-
tial review.”
The revelation adds to the
sexual-misconduct claims in re-
cent months against powerful
men in politics as well as in
media and entertainment.
Sen. Al Franken (D., Minn.)
faces allegations of improper
kissing and groping, which he
has denied, while also apologiz-
ing for a photo in which he ap-
peared to grope a sleeping
woman. Roy Moore, the Repub-
lican candidate for Senate in
Alabama, faces allegations of
sexual misconduct with teenag-
ers, which he has denied.
There is no central human-
resources department for con-
gressional staff. Instead, the Of-
fice of Compliance handles
sexual-harassment cases.
The former Conyers em-
ployee filed a complaint in 2014
with the Office of Compliance,
according to BuzzFeed, which
reported the settlement and
the accusations leading to it, as
well as related documents.
According to the report, the
woman alleged she was fired
for refusing Mr. Conyers’s sex-
ual advances and later reached
a settlement of about $27,000.
Should a claim to the Office
of Compliance result in a settle-
ment, it is typically paid
through an account in the U.S.
Treasury. But the Conyers set-
tlement was paid to the em-
ployee as salary out of Mr. Con-
yers’s office budget, according
to the BuzzFeed report, not the
Treasury account.
Public salary data published
by Congress shows a payment
of $27,111.74 in 2015 to an em-
ployee who then dropped off
the payroll. Efforts to reach the
woman were unsuccessful.
Mr. Conyers, 88 years old,
joined Congress in 1965, mak-
ing him the longest-serving
current House member.
A civil rights icon, he is a
founding member of the Con-
gressional Black Caucus. The
current head of the group, Rep.
Cedric Richmond (D., La.), en-
couraged Mr. Conyers to “coop-
erate fully with any and all in-
vestigations into this matter.”
House Speaker Paul Ryan
(R., Wis.) called the Conyers re-
port “extremely troubling” and
said “people who work in the
House deserve and are entitled
to a workplace without harass-
ment or discrimination.”
House Minority Leader
Nancy Pelosi (D., Calif.) said
there must be “zero tolerance”
for harassment in Congress and
that “any credible allegation of
sexual harassment must be in-
vestigated by the Ethics Com-
mittee.”
Last week, 1,500 former con-
gressional staffers sent a letter
to House and Senate leadership
calling for reforms in the way
staff sexual harassment allega-
tions are handled.

RULES termed the plan “ridiculous

Continued from Page One
pected to be approved at a
commission meeting in mid-
December. Mr. Pai, a Republi-
can, cast the move as a way to
liberate internet service pro-
viders from Obama-era regula-
tion, and to spur innovation
and investment. Republicans
held up examples of compa-
nies large and small they said
had been hurt by the rules.
Aides to Mr. Pai added that
their proposal also could help
lower prices for consumers,
including by allowing internet-
service providers to offset
their costs with the use of
paid prioritization deals,
which allow them to strike
deals with websites for faster
delivery of their content.
But critics—including inter-
net companies, consumer
groups and congressional
Democrats—said the changes
would hurt online firms, espe-
cially startups, by raising costs
and potentially other barriers.
They said the rollback of the
rules also would encourage in-
ternet providers to increase
consumer prices by eliminat-
ing the FCC’s utility-style
oversight of them.
The FCC said the Federal
Trade Commission would
monitor the disclosures of ar-
rangements between internet
providers and online services
to watch for anticompetitive
practices or other harms to
consumers.
The rules are being lifted
for both home internet provid-
ers, such as Comcast and Char-
ter, and wireless carriers, such
as Verizon and Sprint Corp.
Online video streaming ser-
vices such as Hulu, Netflix or
Dish Network’s Sling TV may
face particular pressure from
wireless carriers and internet
providers to pay for more
seamless access to consumers.
Most internet traffic is video,
but internet providers struggle
to make money off it due to
the prevalence of unlimited
data plans.
Now, carriers will be free to
try to extract payment from
online video providers.
Providers also would be
able to more aggressively pur-
sue specialized services for
medical customers and self-
driving cars, both of which
could benefit from faster
FCC Chairman Ajit Pai
U.S. Weighs Easing
TV Station Rules
The Federal Communica-
tions Commission moved a
step closer to potentially rais-
ing the national cap on corpo-
rate television station owner-
ship, a move that would likely
spur more consolidation in
the local television industry.
FCC Chairman Ajit Pai on
Tuesday proposed the com-
mission review a rule that
prevents one company from
owning broadcast stations
that reach more than 39% of
the country. He asked the
commission to take into ac-
count possible changes to the
so-called UHF discount—a
holdover from the analog
television era that allows
some TV stations to count
for less reach under the cap.
“Under the proposal that I
shared with my colleagues
today, we would go about de-
termining the future of the
national cap, including the
UHF discount, the right way,”
Mr. Pai said in a statement.
—Keach Hagey
broadband speeds, analysts
have said.
“Under my proposal, the
federal government will stop
micromanaging the internet,”
Mr. Pai said in a statement.
Telecom companies cheered
the move.
Verizon said that it was
“very encouraged” by Mr. Pai’s
announcement. It added: “We
continue to believe that users
should be able to access the
internet when, where, and how
they choose.”
Internet firms, consumer
groups and many Democrats
cast the move as a threat to
the open internet.
Democratic FCC Commis-
sioner Jessica Rosenworcel
and offensive,” adding that it
“hands broadband providers
the power to decide what
voices to amplify, which sites
we can visit, what connections
we can make, and what com-
munities we create.”
A spokeswoman for Alpha-
bet Inc. unit Google said: “The
FCC’s net-neutrality rules are
working well for consumers
and we’re disappointed in the
proposal released today.”
A Facebook spokesman said
the FCC proposal “fails to
maintain the strong net neu-
trality protections that will
ensure the internet remains
open for everyone.”
Internet companies and
many consumer groups viewed
the Obama-era net-neutrality
rules as crucial for sustaining
competition and preventing
broadband providers from un-
fairly dominating the online
environment through their
control over its pipes.
But Mr. Pai and other crit-
ics argue that the 2015 rules
have discouraged investment
and innovation. Providers also
worried that the rules could
open the door to rate regula-
tion and other new oversight.
Under the FCC rollback,
oversight responsibility for in-
ternet providers would again
include the FTC as well as the
FCC. The Obama-era rules ef-
fectively exempted internet
providers from FTC regulation.
Many conservatives view
the FTC’s case-by-case regula-
tory approach as more appro-
priate for the internet econ-
omy, to encourage innovation.
Progressives prefer the
FCC’s rule-based approach for
the online environment to pre-
vent unfair and anticompeti-
tive practices by internet pro-
viders from taking root.
Allowing paid prioritization
has the potential to reshape
the internet. Historically, in-
ternet providers have allowed
consumers to access any web-
site as fast as the connection
would enable.
While many internet provid-
ers said they had no intention
of changing that practice, they
could have incentives to do so
in the future. Internet provid-
ers and cellular carriers are un-
der pressure from competition,
and have struggled to monetize
the vast internet traffic flowing
over their networks.
—Douglas MacMillan
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
A6 | Wednesday, November 22, 2017 THE WALL STREET JOURNAL.

WORLD NEWS
Putin Hosts Assad Ahead of Syria Talks
Russia, Turkey and
Iran leaders are set to Conditions Worsen
discuss options for In a Rebel-Held
postconflict settlement Damascus Suburb

BY NATHAN HODGE Dozens of people have

been killed in airstrikes on the
MOSCOW—Russian Presi- rebel-held Damascus suburb
dent Vladimir Putin held a of Eastern Ghouta since the
rare meeting with Syrian Pres- Syrian regime launched a new
ident Bashar al-Assad ahead of offensive a week ago, and
a summit Wednesday aimed at others are dying from malnu-
shaping a political settlement trition and lack of medicine,
to end the six-year war in the according to doctors and
country. emergency responders.
The Kremlin said early Tues- Human-rights monitors
day that Mr. Assad had paid a compare the worsening hu-
surprise visit Monday to the manitarian situation to Aleppo,
Russian resort city of Sochi, whose rebel-held eastern half
MIKHAIL KLIMENTYEV/SPUTNIK/AGENCE FRANCE-PRESSE/GETTY IMAGES

where Mr. Putin welcomed his was besieged and bombarded

guest with an embrace. into surrender last year.
The Russian president is “The situation is very sim-
preparing to host the leaders ilar [to Aleppo] but it is even
of Iran and Turkey to discuss worse,” said Ammar Alselmo,
the options for hammering out director of Syrian civil de-
a postconflict settlement in fense group the White Hel-
Syria, as he tries to burnish his mets. “It is the same planned
image as a force in the Middle scenario playing out of forced
East and sideline the U.S. displacement.”
Russia sent warplanes and a Eastern Ghouta is covered
limited troop contingent to under a de-escalation deal
back Mr. Assad’s government brokered by Russia, Turkey
at the end of September 2015. and Iran in May meant to al-
The Damascus government low access to aid and stop the
struggled to hold territory be- violence. It is home to about
fore that operation, but gov- 400,000 people.
ernment forces have made sig- —Raja Abdulrahim
nificant gains in recent months, Russian President Vladimir Putin, right, shaking hands with Syrian President Bashar al-Assad during their meeting in Sochi on Monday.
advancing on territory once
held by Islamic State and other The trip is Mr. Assad’s sec- terrorism, of course, it is still tions sponsored by Iran, Russia neva peace process and the that it would wind down mili-
groups fighting Mr. Assad. ond known journey abroad very far away,” Mr. Putin said, and Turkey in the Kazakh capi- need to jointly combat extrem- tary operations in Syria. In
Russian state television since war broke out in Syria in according to the Kremlin. “But tal, Astana, a process that is ist groups such as Islamic March 2016, Mr. Putin said his
broadcast images of the Syrian 2011. The Syrian leader visited as far as our joint effort to separate from talks in Geneva State, al Qaeda and the Tali- armed forces would start with-
leader shaking hands with Mr. Putin in October 2015, not fight terrorists in Syria is con- mediated by the U.N. Mr. Putin ban. They also discussed drawing from Syria. That move
Russia’s top military brass. long after Russia sent war- cerned, this military operation said Monday a Russian repre- North Korea and Ukraine, the preceded deeper military in-
In a transcript released by planes to bolster the regime’s is indeed coming to an end.” sentative would take part in a White House said. volvement. Later that year, Syr-
the Kremlin, Mr. Assad forces. In recent weeks, Mr. Putin separate meeting of opposition The White House didn’t say ian government forces backed
thanked Mr. Putin and his mil- Mr. Putin touted his inter- has engaged in an intense groups planned in Riyadh on whether the two discussed the by Russian air power launched
itary leaders for reversing the vention as a military success, round of diplomacy that ob- Wednesday and Thursday. future of Mr. Assad. The an assault to retake Aleppo, the
course of the war in his gov- despite continued violence, servers say aims to bolster the Mr. Putin and President Trump administration has said country’s most populous city
ernment’s favor, saying the and said it would begin to negotiating position of the Donald Trump spoke for more there is no role for him in when the war began.
Russian military intervention wind down its presence in the Assad regime and its backers. than an hour on Tuesday, the Syria’s future, but hasn’t speci- —Louise Radnofsky
“allowed the promotion of a country. The Russian government White House said, each stress- fied when or how he should go. in Washington
political settlement in Syria.” “A complete victory over has supported peace negotia- ing the importance of the Ge- Russia has declared before contributed to this article.

Hariri Returns to Lebanon After Weeks Away U.S. Says

BY NAZIH OSSEIRAN

BEIRUT—Prime Minister
and Christians.
The Saudis had long pres-
sured Mr. Hariri to take a
Strikes Kill
Saad Hariri returned to Leba-
non late Tuesday for the first
tougher stance against Hezbol-
lah and wanted him out of the
Militants
time since he resigned more coalition government with the
than two weeks ago during a
trip to Saudi Arabia, trigger-
Iran-allied group because they
felt that the power-sharing
In Somalia
ing a crisis that thrust his gave Hezbollah a veneer of re- BY JESSICA DONATI
country into the center of a spectability it didn’t deserve.
regional power struggle be- Following his meeting with WASHINGTON—The U.S.
tween the Saudis and Iran. French President Emmanuel military said it conducted an
Mr. Hariri arrived on the eve Macron in Paris on Saturday, airstrike in Somalia that killed
of Lebanese Independence Day Mr. Hariri said he would be re- more than 100 militants linked
celebrations after spending turning to Lebanon to clarify to al Qaeda-affiliated al-Sha-
weeks in Saudi Arabia followed the reasons behind his resigna- baab.
by brief visits to France, Egypt, tion. Mr. Aoun has yet to accept Tuesday’s operation was
WAEL HAMZEH/EPA/SHUTTERSTOCK

and Cyprus for reasons that re- Mr. Hariri’s resignation, saying the latest sign of an expansion
main shrouded in mystery. He that it must be handed to the of American military efforts
is expected to meet Lebanese president in person to be valid. against extremists in Somalia
President Michel Aoun on Upon his arrival, Mr. Hariri following large-scale attacks in
Wednesday, which could be an went straight to visit the the capital Mogadishu over
opportunity for him to offi- grave of his father, Rafiq Har- the past month.
cially submit his resignation. iri, which was broadcast live In mid-October, a truck bomb
“We had a long talk about on television. His father was killed more than 300 people in
the stability of Lebanon and assassinated by a massive Mogadishu, raising questions
the need to disassociate Leba- Prime Minister Saad Hariri, center, visiting the grave of his father, who was assassinated in 2005. bomb as he drove through Bei- about U.S. and international ef-
non...from all regional poli- rut in 2005. forts to defeat al-Shabaab. No
cies,” Mr. Hariri said after On his way home to Leba- rent times were reminiscent of miliar with the situation said A tribunal formed after his one claimed responsibility, but
meeting Egyptian President non from Cairo on Tuesday 2005 when his father—a for- Saudi Arabia pressured Mr. death accused a number of se- Somali government officials
Abdel Fattah Al Sisi—a Saudi night, Mr. Hariri made a brief mer prime minister—was as- Hariri to resign and held him nior Hezbollah members and blamed the group.
ally—in Cairo on Tuesday. stop in Cyprus where he met sassinated in Beirut. in the country for two weeks issued warrants for their ar- Adding to concerns, a sui-
“I hope that Independence the president, his office said. In the hours ahead of Mr. against his will—a claim that rest. But Hezbollah has re- cide car bomb targeted a hotel
Day tomorrow will be a cele- In announcing his resigna- Hariri’s return, a convoy of Riyadh denied. fused to hand the officials in the capital two weeks later,
bration for all Lebanese,” he tion on Nov. 4, Mr. Hariri cited cars wended its way through Lebanon, which is still over and Lebanese authorities killing at least 23 people. Al-
added, according to a state- Shiite Iran’s influence in Leba- the streets of Beirut on a rainy scarred by its 15-year civil war never pursued the charge. The Shabaab claimed responsibility.
ment released by his office. non, where its proxy Hezbollah evening, blaring music as pas- from 1975 to 1990, has main- killing prompted mass pro- The Defense Department’s
“As I said in Paris, I will an- is the most powerful military sengers chanted their support tained a delicate balance of tests that forced the with- U.S. Africa Command said
nounce my political stance in and political force in the coun- for the prime minister. power between the country’s drawal of Syrian military Tuesday’s airstrike targeted an
Lebanon and will not talk poli- try. He also said he felt his life Lebanese President Aoun, a three main religious groups: forces that had occupied Leba- al-Shabaab camp around 125
tics now.” was endangered and that cur- Hezbollah ally, and others fa- Sunni Muslims, Shiite Muslims non for nearly three decades. miles northwest of the capital
in coordination with the Fed-
eral Government of Somalia.

At the Riyadh Ritz, Detained Saudis Negotiate for Freedom Al-Shabaab’s

spokesman denied the air-
military

strike had killed more than

BY SUMMER SAID large chunks of their wealth to include businessmen and mem- 100 of its fighters in an online
AND ASA FITCH the state in exchange for their bers of the royal family, accord- message published by its news
freedom, according to Saudi of- ing to Saudi officials. Billionaire agency, according to SITE In-
RIYADH, Saudi Arabia— ficials. The amounts detainees Prince al-Waleed bin Talal—a telligence, which monitors ex-
Crown Prince Mohammed bin are being asked to surrender top investor in Citigroup Inc., tremist groups online.
Salman has become a regular are commensurate with what Twitter Inc. and Lyft Inc.—is The spokesman said the
visitor to the Ritz-Carlton on they are alleged to have gained there, as is Prince Miteb bin Ab- group’s fighters had carried
the western side of his na- improperly, Saudi officials said. dullah, the former head of the out several attacks against Af-
tion’s capital, which is now a The Saudi government Saudi National Guard, according rican forces in the country.
FAISAL AL NASSER/REUTERS

luxurious detention center for didn’t respond to requests to to Saudi officials. They couldn’t Tuesday’s operation follows
wealthy Saudis caught up in a comment. be reached to comment. multiple sets of U.S. airstrikes
widening corruption probe, ac- Designed originally as a The Saudi government has conducted against the group
cording to Saudi officials. palace for hosting foreign dig- established a special commit- this month. The U.S. military
Prince Mohammed, who nitaries, the Ritz boasts al- tee to handle forfeitures and in early November also con-
heads the committee leading most 500 rooms, a sprawling to organize the transfer of as- ducted its first airstrikes
the investigation, typically indoor pool, a small bowling sets to the Saudi state, accord- against a small, local Islamic
travels with only a few trusted alley and a lobby with four The main gate at the Ritz-Carlton hotel in Riyadh on Nov. 5. ing to Saudi officials. State affiliate that emerged in
advisers, and his visits to the statues of rearing stallions. “The investigation commit- the country in recent years.
five-star hotel near Riyadh’s Room prices range from officials. The decision was “The Ritz-Carlton, Riyadh tee is aiming for about 70% of The increased pace of U.S.
Diplomatic Quarter and several around $500 a night to more made “to avoid any detainees and the Courtyard, Diplomatic the total ill-gotten money, military operations reflects
royal palaces tend to last for a than $6,000 for the “royal being transferred to local hos- Quarter are not operating as rather than the entire money,” how Somalia has become a
while, Saudi officials said. suite.” But regular guests pitals and having interaction traditional hotels for the time said a senior Saudi adviser, bigger focus under President
“He does spend hours,” one aren’t allowed beyond the ho- with people outside the investi- being,” said a spokesman for adding that seizing half of the Donald Trump, who this year
Saudi official said. “It is never tel’s high walls at the moment. gation,” one Saudi official said. Marriott International Inc., funds would be a more realis- provided new military author-
a quick visit.” Authorities have expanded The government set up ad- which operates both hotels. tic outcome. A number of the ity to U.S. forces to carry out
For the past two weeks, de- the medical facilities available ditional medical facilities Rooms aren’t available detainees have agreed to attacks in parts of Somalia.
tainees at the Ritz have negoti- on site, after some detainees within the nearby four-star through the Ritz’s online deals, according to Saudi offi- Last year, the U.S. spent
ated with Prince Mohammed sought medical care outside Courtyard by Marriott, accord- booking portal until February. cials. Many are still holding more than $500 million sup-
and his deputies about handing the hotel, according to Saudi ing to Saudi officials. Those detained at the Ritz out for better terms, they said. porting security operations.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * * * NY Wednesday, November 22, 2017 | A7

WORLD NEWS

North Korea Seen U.S. Toughens on China Trade

Breaching Accord
BY ANDREW JEONG to discuss the incident.
Gen. Brooks said that while
SUWON, South Korea— the armistice agreement was
North Korea violated the armi- “challenged” by the incident,
stice that ended the Korean “it remains in place.”
War when its border guards, The finding comes nine CHINA’S WORLD
while pursuing a soldier who days after the soldier’s defec- By Andrew Browne

ALEX BRANDON/ASSOCIATED PRESS

was defecting to the South tion at the Joint Security
last week, crossed the line Area, the most sensitive loca-
separating the two Koreas and tion on the heavily guarded in- SHANGHAI—Bill Clinton
fired across the border, a U.S.- ter-Korean border. called it a “hundred-to-noth-
led investigation found. The video shows the defector ing deal for America.”
The findings, together with driving a jeep toward the mili- U.S. advocates of China’s
video footage from the inci- tary demarcation line before entry to the World Trade Or-
dent, were released Wednes- getting stuck. He gets out of the ganization in 2001 saw no
day in Seoul by the United Na- jeep and runs for the border, downside—“Zero. Zip. Noth-
tions Command, which signed while several North Korean sol- ing. Nada,” exclaimed the President Donald Trump, center, was flanked by U.S. officials and business leaders at a White House
the armistice ending hostilities diers can be seen firing at him. Business Coali- ceremony in August when he signed a memorandum calling for a trade investigation of China.
in the Korean War in 1953 and One of the North Korean sol- tion for U.S.-
which is overseen by Gen. Vin- diers briefly crosses what U.N. China Trade. retary Wilbur Ross. Its re- gious or moral significance.” import tariffs. The U.S. finan-
cent Brooks, the top U.S. gen- Command described as the mili- After all, China sults were underwhelming. And he played down fears of cial community will argue for
eral on the Korean Peninsula. tary demarcation line in pursuit would have to The second try, at an annual Chinese retribution against a softer line. American cor-
Chad Carroll, a spokesman of the defector before returning tear down its economic dialogue in July, non-WTO-compliant actions porate chiefs whose compa-
for the U.N. Command, said at to the northern side of the line. barriers to was a total bust. like import tariffs and quotas, nies rely on Chinese markets
a news briefing on Wednesday The defector was evacuated trade, while American mar- Now, Mr. Lighthizer has arguing that when bilateral for growth will be too scared
that it had notified North Ko- to a South Korean hospital, kets were already wide open. formally launched an inquiry trade is so massively out of of punishment by Beijing to
rea of the armistice violations where a doctor said Wednes- In a 2010 testimony to into Chinese intellectual-prop- kilter (in 2010, the annual U.S. join a White House crusade.
and was requesting a meeting day that he was conscious. Congress, Robert Lighthizer, erty abuses. At the Beijing deficit with China was $230

U
then a trade lawyer, outlined summit, these aides say, he billion; today it is $350 bil- .S.-China relations
the loss of U.S. jobs, facto- shocked the Chinese hosts by lion) the benefits to the U.S. of have reached a turn-

Beijing Investigates ries and intellectual property

that ensued, along with ex-
ploding trade deficits, con-
cluding that the optimists
declining their proffered trade
concessions, including a finan-
cial-opening package that Bei-
jing announced after Mr.
such aggressive moves would
outweigh any possible risks.
Many believe Mr. Trump
will hesitate to pull the trig-
ing point. A broad U.S.
coalition in favor of “compre-
hensive engagement” with
China—the mantra of the

Former Web Czar had been “simply wrong”

and advocating “a signifi-
cantly more aggressive ap-
Trump left the Chinese capital.
His message: Half-measures
won’t work for a White House
A trade war, while
Clinton presidency—has
crumbled. A Hillary Clinton
administration would have
proach.” Now, as the Trump seeking fundamental change. been under similar pressure
BY JAMES T. AREDDY to comment and it wasn’t administration’s chief trade costly for both sides, to get tough.
AND CHUN HAN WONG

clear whether he has legal rep-
resentation. The 57-year-old’s
BEIJING—Lu Wei, a propa- career has been under a cloud
ganda officer for China’s Com- since he was removed as di-
munist Party who in recent rector of the Cyberspace Ad-
years personified its effort to ministration of China in June
shape the global internet, on 2016, although he has kept his
Tuesday became the first ma- title as a vice minister at the
jor political figure to come un- party’s propaganda depart-
der corruption scrutiny since ment.
President Xi Jinping’s second Mr. Lu’s apparent downfall
term began last month. is unlikely to herald a change
Mr. Lu, a former director of in China’s cyberpolicies, as the
China’s top internet regulator, strategies he helped articu-
is being investigated for al- late—strict enforcement of in-
leged “serious violations of ternet and media controls,
discipline,” the party’s disci- plus a strong domestic tech-
plinary agency said in a one- nology sector, all under the
sentence statement, using a party rubric of “cyberspace
common party euphemism to sovereignty”—have only been
describe corruption. heightened since his removal
Mr. Lu couldn’t be reached as internet czar.
M
negotiator, he is readying a eanwhile, almost
barrage of punitive mea- identical bills intro-
sures. Much of the U.S. polit- duced in the U.S.
ical establishment, including House and Senate would limit
Republicans and Democrats, foreign investment in U.S.
are cheering him on. technology companies and in-
Will Mr. Lighthizer spark frastructure on national-secu-
a trade war with China and rity grounds. The main target
blow up the WTO? is clear: China. There is a
This month’s U.S.-China good chance that some ver-
summit saw the first signs of sion of this legislation will
his strategy at work, with a pass with bipartisan support.
departure from the old nego- Mr. Lighthizer apparently
tiations-based playbook. doesn’t fear a showdown,
The first effort to rebal- judging by his 2010 congres-
ance trade—a 100-day re- sional testimony on China’s
view that took place after an first decade in the WTO.
inaugural summit between Although he didn’t advo-
Donald Trump and Xi Jin- cate the U.S. pulling out of the
ping in Mar-a-Lago in WTO, he mocked those who
April—was overseen on the regard compliance with WTO
U.S. side by Commerce Sec- rules as having “almost reli-
would be more
damaging to China.
ger, given his need to enlist
China’s help on North Korea.
Mr. Lighthizer had an answer
to that, too, arguing that
“there will always be some
type of crisis where we could
use China’s assistance.”
Besides, he added: “Our
trade deficit with China is it-
self a major crisis.”
A trade war, while costly
for both sides, would be
more damaging to China.
That doesn’t mean hostili-
ties are inevitable. Republi-
can free-traders will resist
Almost nobody in the U.S.
now argues that America
should assist China’s rise on
the expectation it will
emerge as a democratic free-
market partner.
Some argue that Chinese
state capitalism can’t be con-
strained by WTO dispute-set-
tlement rules. As Clyde Pre-
stowitz, a senior trade
official in the Reagan admin-
istration puts it: “China is
playing football while we’re
playing tennis.” He calls for
tit-for-tat retaliation.
If there is a complaint
against Mr. Lighthizer in the
U.S. mainstream it is that he
is moving too slowly; his
critics are impatient for ac-
tion to begin.

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A8 | Wednesday, November 22, 2017 * **** THE WALL STREET JOURNAL.

WORLD NEWS

U.S. Warns Nafta Prospects Dim Payroll

Overhaul
Trade representative Nafta mechanisms for settling

sees little progress

meeting U.S. demands;
disputes among parties, and in-
ject a “sunset” clause that
would automatically terminate
Fails
Mexico, Canada dig in
the agreement after five years
unless the three countries ex-
pressly agree to keep it.
Canadians
BY JACOB M. SCHLESINGER U.S. business groups have BY PAUL VIEIRA
AND DUDLEY ALTHAUS ramped up a lobbying and pub-
lic relations campaign to per- OTTAWA—Besides the fast-
MEXICO CITY—President suade the Trump administra- est-growing economy in the
Donald Trump’s chief trade ne- tion to soften its stance. Failing Group of Seven, Canada has
gotiator issued a downbeat as- that, they want free-trade Re- another, less-flattering distinc-
sessment Tuesday of efforts to publicans in Congress to try to tion among the developed
rewrite the North American rein in the president. Business world’s biggest economies: a
Free Trade Agreement, decry- groups and economists have widespread failure to pay its
ing “a lack of headway” and been churning out myriad employees.

GINNETTE RIQUELME/REUTERS
accusing Canada and Mexico studies warning of the dire im- Since early last year, more
of refusing to “seriously en- pact of a Nafta collapse. than half, or 150,000, of the
gage” on controversial U.S. Mr. Lighthizer’s assessment Canadian government’s em-
proposals aimed at cutting the overshadowed a more positive ployees have either been over-
U.S. trade deficit. tone offered by lower-level ne- paid, underpaid or not paid at
U.S. Trade Representative gotiators from all three coun- all because of flaws in a new
Robert Lighthizer didn’t go as tries, who touted a number of payroll system, auditors said
far as repeating Mr. Trump’s advances they made this week Tuesday.
threat to pull out of the 23- Kenneth Smith, chief negotiator on Nafta for Mexico, which calls the U.S. position ‘unacceptable.’ in less controversial areas. Canada’s Office of the Audi-
year-old pact if the other par- While Mexico and Canada tor General, a spending watch-
ties don’t agree to American placed blame squarely on the during this week’s meetings. Trump’s “America First” cam- have rejected the Trump ad- dog, issued the report to law-
demands to “rebalance” Nafta U.S. for presenting a list of “Do not expect a counterpro- paign to reorient decades of ministration’s “rebalancing” makers and indicated the
to make it more favorable to proposals they said would posal on something that is un- U.S. trade policy and overhaul agenda, all three countries problems plaguing the public-
the U.S. But he made clear he weaken the pact, and would acceptable,” said a person close its trade agreements to focus have embraced proposals to sector payroll are far worse
expected them to do so by next move its longtime focus away to the Mexican team. less on cooperation with trad- “modernize” the pact. than initially believed and re-
month. from creating a continental The three countries have ing partners and more on Much of the week’s discus- ported in the local press. The
”Absent rebalancing, we will economy among the three agreed to keep talking until the ramping up unilateral enforce- sion focused on applying plans auditor warned its findings are
not reach a satisfactory result,” partners to one that favor the end of March, and have sched- ment actions to curb imports. the three had already accepted early estimates and the final
Mr. Lighthizer said in a state- U.S. over its neighbors. uled informal meetings with The mood among Nafta sup- in previous negotiations for the cost and number of employees
ment following the conclusion “Significant differences re- midlevel negotiators in Decem- porters has darkened consider- 12-nation Trans Pacific Part- affected could end up being
of the fifth round of Nafta re- main on some key areas,” Ca- ber and another formal round ably in the past month after nership, which Mr. Trump much larger.
negotiation talks that ended nadian Foreign Minister Chrys- in Montreal in late January. Trump aides laid out in detail pulled the U.S. out of at the The payroll system, un-
here Tuesday. “I hope our part- tia Freeland, who is leading her This week’s talks in Mexico the ways in which they want to start of his administration. De- veiled in 2009, took seven
ners will come to the table in a country’s negotiating team, were the fifth round since the change Nafta, proposing that spite the president’s objections years to implement at a cost of
serious way so we can see said in Ottawa. While Canada is three countries launched the cars have 50% U.S. content to to TPP, his aides have used 310 million Canadian dollars
meaningful progress before the open to “mutually beneficial” process of rewriting Nafta in enjoy duty-free imports into large portions of that as a tem- (US$242 million) and was an
end of the year,” he added. compromises, she said, “at the August, after Mr. Trump came the U.S., and seeking to slash plate for modernizing Nafta. attempt to consolidate payroll
Canadian and Mexican offi- end of the day we are always close early in his administra- Mexican and Canadian access —Paul Vieira in Ottawa services into one platform. Be-
cials agreed that wide gaps re- going to clearly defend our na- tion to pulling the U.S. out. to U.S. government projects. and William Mauldin fore that, more than 100 fed-
mained between the parties af- tional interests.” The renegotiation is the Other controversial propos- in Washington eral departments and agencies
ter five days of talks, but The Mexicans also dug in first major effort in Mr. als would weaken or eliminate contributed to this article. managed their own payroll
systems. The new system was

WORLD WATCH
meant to achieve savings of
about C$70 million a year.
But instead of saving money,
fixing the pay system is now
ARGENTINA expected cost the government
at least C$540 million.
Improving Weather “Unacceptable doesn’t cap-
Aids Search for Sub ture the seriousness of this is-
sue,” Auditor General Michael
Giant waves subsided off the Ferguson told reporters at a
coast and stormy skies cleared news conference.
Tuesday, making it easier for Canada hired International
search-and-rescue crews from Business Machines to design
several countries as they tried to and implement the pay system.
locate a missing Argentine sub- A spokeswoman for IBM said
marine and its 44 crew mem- the company delivered “its
bers. scope of work per the govern-
American aircraft and under- ment’s specifications,” and
water robot explorers have isn’t responsible for the pay-
joined forces with Britain, Brazil, roll system’s management.
Chile and others to assist Argen- “This is obviously a failure
tina’s navy in its search for the point for Canada,” said Tony
ARA San Juan, which officials Dean, senior fellow at the Uni-
fear may be stranded at depths versity of Toronto’s public-pol-
of at least 600 feet in the south icy school and an independent
Atlantic with dwindling oxygen member of the Canadian Senate.
NIC BOTHMA/EPA/SHUTTERSTOCK

supplies. The new payroll system “was ei-

The submarine last made ther flawed in design or imple-
contact six days ago while re- mentation, or both,” he said.
turning from the southern tip of Among those affected is
Argentina on a routine mission Karen Clarke-Vay, a clerk at a
to check illegal fishing. It has detachment of the Royal Cana-
since vanished, losing contact as AFLAME: Residents of Cape Town’s Masiphumelele district fight a blaze started by a cooking accident in the South African dian Mounted Police in north-
waves grew large and the wind municipality. Strong winds fanned the fire in the densely populated area, made more vulnerable by poor access routes. eastern British Columbia. She
picked up speed. hasn’t been paid since she
—Samantha Pearson, recruiting and using child sol- countries that land on the list, viewed from nongovernmental, killing at least 50 people. started her new position in
Ben Kesling and Ryan Dube diers, a decision that went but the president can issue intelligence, diplomatic and other Bloody debris covered the September. Before that, at a
against recommendations from “national interest waivers” to it. sources. —Paul Sonne floor inside the mosque in Mubi different federal government
CHILD SOLDIERS top department officials. The U.S. supports the Iraqi town in Adamawa state where job in Alberta starting in 2016,
Mr. Tillerson in June didn’t and Afghan militaries and is NIGERIA worshipers had arrived around 5 she was overpaid for more
U.S. Backs Excluding include the three countries on seeking cooperation from Myan- a.m. on Tuesday. than six months. The govern-
3 States From List a list the State Department mar’s military in cracking down Suicide Attack Kills Police spokesman Othman ment will want the money
must issue each year in accor- on North Korea. Scores at Mosque Abubakar said the number of back, she said, but she is un-
The State Department on dance with the Child Soldiers State Department Spokes- injured was uncertain “because certain how much she owes.
Tuesday defended Secretary of Prevention Act. The 2008 law woman Heather Nauert said Mr. A teenage suicide bomber at- they are in various hospitals.” “They said my file is consid-
State Rex Tillerson’s exclusion of bars the U.S. from providing Tillerson decided not to include tacked worshipers as they gath- There was no immediate ered critical but…it can’t be
Iraq, Afghanistan and Myanmar certain security assistance and Iraq, Afghanistan and Myanmar ered for morning prayers at a claim of responsibility for the that critical or else I would be
from a list of countries cited for military equipment licenses to based on information he re- mosque in northeastern Nigeria, bombing. —Associated Press paid,” Ms. Clarke-Vay said.

FROM PAGE ONE

UBER ment regarding the breach and

coverup. “While I can’t erase
the past, I can commit on behalf
of every Uber employee that we
as a negotiating chit, and a
spokesman for the Japanese
investor declined to comment.
Uber said the data breach
breaches. But as a privately
held company, Uber is unlikely
to be the target of an SEC in-
vestigation, said David Chase, a
Continued from Page One will learn from our mistakes.” happened in October 2016 and former SEC enforcement attor-
The San Francisco company Bloomberg earlier reported Mr. Kalanick learned of the ney. While the SEC could inves-
said it would notify owners of on the breach at Uber. hack in November 2016. The tigate any misrepresentations
the affected accounts in the The coverup is another company said it took “immedi- Uber made in connection with
coming days. challenge for the CEO, who in ate steps” to secure the data a sale of shares in the com-
While the scale of the breach less than three months on the and shut down unauthorized pany, “the SEC probably would
SPENCER PLATT/GETTY IMAGES

pales in comparison to recent job has tried to bring stability access while strengthening its not commit resources, thinking
disclosures from Yahoo Inc. and after a year of controversies security controls. But Uber that a sophisticated investor
Equifax Inc., Uber’s attempts to that took place under Mr. Ka- said it failed to disclose the like SoftBank could do the re-
keep it quiet raise questions lanick, Uber’s co-founder. Val- breach to authorities, custom- quired due diligence,” he said.
about how many people knew ued at $68 billion by investors, ers and drivers, and after Mr. With no federal data pri-
about it and whether officers Uber has developed a reputa- Khosrowshahi learned of the vacy law, Uber’s obligation to
still at the company were part tion for pushing the limits of coverup, he ordered an investi- report the breach falls under a
of the effort. the law in its pursuit of domi- gation into the circumstances patchwork of data-breach laws
The New York State Attor- nating the ride-hailing market. Uber said it failed to disclose the breach to customers and drivers. behind the breach and fired in 48 states that come with
ney General’s office has As Uber CEO, Mr. Khosrow- Mr. Sullivan and Mr. Clark. differing and often complex
opened an investigation into shahi has inherited several The company has said it is through a direct investments Uber said it hired Matt Ol- notification requirements. The
the breach, a spokeswoman federal probes of the company cooperating with federal regu- and stake purchases from em- sen, a cybersecurity expert and laws generally apply if a victim
said in an email Tuesday. She over programs targeting rivals lators in their investigations. ployees and other investors. former general counsel of the of a hack lives in that state.
didn’t give further details. and regulators, as a well as a It disputes the allegations SoftBank is working to de- National Security Agency, to ad- Companies that fail to no-
Neither Mr. Sullivan nor Mr. possible violation of the For- made by Alphabet and is con- termine a price at which it will vise the company and retained tify users in a timely manner
Clark could be immediately eign Corrupt Practices Act. testing the lawsuit. offer to buy billions of shares FireEye Inc.’s Mandiant to help following a breach are techni-
reached for comment. A Uber is in a heated legal bat- Mr. Khosrowshahi’s short through a tender offer from with security monitoring. cally in violation of these laws,
spokesman for Uber declined to tle with Google parent Alphabet reign at Uber has been riddled existing investors at a dis- The ride-hailing company but prosecutions are extremely
say who had authorized the Inc., which filed suit in Febru- with infighting among directors, count to Uber’s $68 billion said it is offering free credit rare, said Avivah Litan, an ana-
$100,000 payment. A spokes- ary alleging the company stole particularly between Mr. Kalan- valuation, according to people monitoring for affected driv- lyst with the industry research
woman for Travis Kalanick, who trade secrets related to self- ick and investor Benchmark familiar with the matter. ers and additional monitoring firm Gartner Inc.
was CEO during the time of the driving cars. And it is trying to Capital over the company’s cor- Uber disclosed the breach for fraud on the accounts of By failing to give notice of
breach, declined to comment. recover from claims by a for- porate governance. In the midst ahead of the tender offer be- the customers affected. its breach, Uber may be expos-
“None of this should have mer female engineer that man- of all this, he has spent weeks cause it could be considered Securities and Exchange ing itself to consumer law-
happened, and I will not make agement ignored complaints negotiating a deal for SoftBank material to investors, the peo- Commission regulations com- suits, said Chris Hoofnagle, a
excuses for it,” Chief Executive from her and other women of Group Inc. to invest upward of ple said. It’s unclear if Soft- pel publicly traded companies University of California, Berke-
Dara Khosrowshahi in a state- sexism and harassment. $10 billion in the company Bank may use the disclosure to disclose major data ley, law professor.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A10 | Wednesday, November 22, 2017
JFK
Continued from Page One
has been there—locals say at
least two decades. On rare occa-
sions, the X vanishes, but al-
ways returns. It has been re-
painted or replaced with
reflective tape, mainly in white.
Though recently it turned up in
green. When it fades, or is
scrapped off during road work,
it rematerializes within days.
Sometimes a second X marks
the spot believed to be where
the first bullet hit Mr. Kennedy.
But it is the X closest to an un-
derpass that gets the most at-
tention and is considered “The
X,” purportedly marking the
spot of the final shot listed in an
autopsy report as the fatal one.
Several visitors, when asked
about the X on a recent day, as-
sumed it is maintained by the
City of Dallas.
“It attracts people, that’s why
I assume they keep the X
down,” said frequent visitor
Rickey Chism, a 57-year-old who
lives in the Dallas area and as a
3-year-old witnessed the assas-
sination with his family. Mr.
Chism carries an old news
photo showing him at the site
MUGABE
Continued from Page One
danced and car horns honked in
a cacophonous chorus outside
the cream-colored parliament
building in central Harare. In-
side, officials began removing
Mr. Mugabe’s stern-faced official
portraits from the walls.
“This is historic,” said Ti-
nashe Ndoro, a 23-year-old who
has never found a permanent
job in Zimbabwe’s crisis-addled
economy. “Mugabe was feared,
not loved.”
Among the marchers, the
resignation was largely seen as
a victory for the people of Zim-
babwe—an expression of their
collective will. Fresh details of
the president’s final weeks in of-
fice, however, support a differ-
ent narrative: that his ouster re-
sulted from a struggle between
elites. The move against Mr.
Mugabe was planned and exe-
cuted by an army that met little
resistance from the security ap-
paratus that had protected Mr.
Mugabe for decades, interviews
with more than a dozen people
familiar with how the operation
unfolded show.
By the time Mr. Mugabe
awoke last Wednesday, his mar-
ble-inlaid, Greek-columned pres-
idential palace had become a jail
guarded by soldiers and a cam-
ouflage T72 tank dispatched
during the night from Inkomo
army base.
Mr. Mugabe’s fall ended a
reign during which his status
deteriorated from revered liber-
ation fighter to international pa-
riah. Known as Comrade Bob,
the former schoolteacher over-
saw a series of catastrophic eco-
nomic overhauls that turned
Zimbabwe, a resource-rich for-
mer British colony, from Africa’s
breadbasket into a desperate re-
cipient of food aid and triggered
inflation of historic proportions.
Once hailed as an inclusive
leader, cultivating ties to the
West and goodwill with the
country’s white minority, he
went on to see millions of the
country’s best-educated citizens
flee. White farmers left as the
government took their land and
gave it to Mugabe allies—a cha-
otic process that triggered
Western sanctions in 2003. As
sanctions squeezed, Mr. Mugabe
grew virulently anti-West and
bolstered relations with China,
Iran and Venezuela.
Aid and sanctions
Successive U.S. administra-
tions criticized Mr. Mugabe over
human-rights violations and his
governance. He was one of a
small group of international
leaders personally targeted by
U.S. sanctions. Even so, the U.S.
has been Zimbabwe’s largest
provider of development and
humanitarian assistance, ac-
cording to the State Depart-
ment. The U.S. plans to give
Zimbabwe $147 million in aid in
2018, much of it aimed at HIV/
AIDS prevention, according to
U.S. government figures.
Secretary of State Rex Tiller-
son urged leaders in Harare to
“implement much-needed politi-
cal and economic reforms for a
more stable and promising fu-
ture for the Zimbabwean peo-
ple. Whatever short-term ar-
rangements the government
may establish, the path forward
must lead to free and fair elec-
tions.”
The later years of Mr.
Mugabe’s rule were marred by
increasingly bizarre spectacles.
Tourists often take photos of an X on the street where John F. Kennedy was shot in Dallas.
as a child with his family on the
day President Kennedy was
killed.
The city denies involvement.
City spokesman Richard Hill
points to tour groups that oper-
ate around the plaza as main-
tainers of the X, but he couldn’t
provide any names.
The Sixth Floor Museum at
Dealey Plaza, located in the for-
mer Texas School Book Deposi-
tory where Lee Harvey Oswald
shot Mr. Kennedy from a sixth-
floor window, also has distanced
itself from the X.
Robert Mugabe: From Freedom Fighter to
Zimbabwe’s Strongman of 37 Years
The 93-year-old began his struggle in the 1960s and became the
first ruler of Zimbabwe; his long reign came to an end on Tuesday.
1963—At 39, nationalist Marx-
ist Robert Mugabe returns
from studying abroad and
helps set up the Zimbabwe Af-
rican National Union party.
He’s arrested for “subversive
speech” and spends a decade
in jail.
1975—Mugabe, from neighbor-
ing Mozambique, becomes one
of the leaders of the black-ma-
jority population’s struggle
against the white-ruled gov-
ernment.
1980—Zimbabwe wins its in-
dependence and Mugabe be-
comes prime minister.
1984—Mugabe becomes indis-
putable leader of the merged
Zanu-Patriotic Front party and
installs Soviet-style structures
such as a Politburo. He be-
comes the nation’s first execu-
tive president in 1987, at 63.
1996—Following the death of
his first wife, Mugabe marries
Grace Marufu, his secretary,
who is 41 years his junior.
2000—Mugabe pushes for the
confiscation of land held by
The aged leader delivered ram-
bling speeches and fell asleep in
public. His wife and children
flaunted their wealth, posting
images of sports cars, yachts
and jewelry bought on trips to
Dubai, Paris and Singapore.
As other African liberation
fighters such as Nelson Mandela
and Ghana’s Kwame Nkrumah
took power and then eventually
relinquished it, Mr. Mugabe
clung on. Last year, he vowed to
run in 2018 presidential elec-
tions, where a victory would
have left him governing just a
year shy of his 100th birthday.
For decades Mr. Mugabe re-
fused to nominate an heir, selec-
tively repressing camps that
grew too strong. In recent
months, with the president ail-
ing, the succession struggle
reached a new intensity.
On Nov. 6, Mr. Mugabe
purged Vice President Emmer-
son Mnangagwa, a 75-year-old
politician whose sometimes-
ruthless maneuvering had
earned him the nickname Croco-
dile. Fearing arrest, Mr. Mnan-
gagwa fled with his son, first to
Mozambique then South Africa,
to plot his next move. The firing
of the vice president elevated
Mr. Mugabe’s wife, Grace, into
the line of succession.
Mr. Mnangagwa had deep
ties to the military. And soon
Mr. Mugabe’s purge threatened
to reach the army as well.
By Saturday, Nov. 11, soldiers
of the mechanized brigade at
the barracks of Inkomo, 35 miles
outside Harare, knew a plan was
afoot. Its target was an officer
named Constantino Chiwenga, a
onetime protégé of Mr. Mugabe.
More than three decades ago,
Mr. Chiwenga was a young army
officer who tried to kill himself
after botching his military ex-
ams. Mr. Mugabe summoned the
soldier and made him an offer:
Pledge eternal loyalty in return
for promotion, privilege and
power.
By now, Mr. Chiwenga was a
general, the head of Zimbabwe’s
defense forces. He was also an
ally of the vice president Mr.
IN DEPTH
“The museum is not respon-
sible in any way for the two X’s
painted on Elm Street in Dealey
Plaza,” museum spokeswoman
Laurie Ivy said. The museum
has a live-streaming webcam
from the sniper’s perch, but it is
too far away to discern features
of individuals near the X.
The city has previously de-
fended its removal of the X dur-
ing road work. Its rare removal
is looked at by JFK aficionados
as an attempt by the city to
erase an unpleasant past. “The
city takes it away, and they will
white farmers; inflation
reaches 100,000% by 2008
and the country’s economy
tanks. Western powers impose
sanctions on Mugabe.
Mugabe faces his first real op-
position from trade unionist
Morgan Tsvangirai and his
Movement for Democratic
Change, which wins about half
of contested parliamentary
seats in voting, amid riots and
a deteriorating economy.
2008—Mugabe unleashes vio-
lence against Tsvangirai sup-
porters after they win more
votes in presidential elections.
After intervention by African
leaders such as Desmond
Tutu, and Kofi Annan, a power-
sharing structure is reached,
with Mugabe as president and
Tsvangirai as prime minister.
2013—Mugabe wins re-election
as president in a landslide and
later says he has no intention
of resigning until “God says
‘come.’” He sacks his vice pres-
ident, Joice Mujuru, in 2014 for
allegedly plotting against him;
Grace Mugabe’s political ascen-
dance begins.
Mugabe had fired. As Gen. Chi-
wenga prepared to return from
a trip to China, police loyal to
Mr. Mugabe positioned them-
selves at the Harare airport to
arrest him, in events described
by senior security officials.
Mr. Mugabe awoke to
see soldiers and a
T72 tank dispatched
during the night.
But the army had been
tipped off, and its commandos
were also deployed there—dis-
guised as airport workers. As
the plane landed, the soldiers
shed their airport-worker uni-
forms to reveal army fatigues
and weapons. The police fled,
and Gen. Chiwenga was es-
corted to his army base. The
ambush had been foiled.
Mr. Mugabe, having spent the
day at his 25-bedroom mansion,
made no statement. He was pre-
paring for a busy week manag-
ing the backlash from promot-
ing his wife into the line of
Zimbabwe parliament members broke out in raucous celebration Tuesday after Speaker Jacob
Mudenda announced that 93-year-old President Robert Mugabe was stepping down.
THE WALL STREET JOURNAL.
lime-green X’s that marked
spots on this recent day, and he
believes him.
The cousin, who also sells
smidgen here and there, as evi-
denced by faded markings of
past X’s. Some amateur histori-
ans question the accuracy of the
replica newspapers in the plaza, X, and whether it really does
refused to answer questions mark the spot.
without payment. Regardless, the X typically
Robert Groden, a 72-year-old gets more attention than a
JFK conspiracy theorist who plaque in the grassy knoll at the
sells his books and merchandise site noting the plaza was desig-
on the assassination in the nated as a National Historic
LM OTERO/ASSOCIATED PRESS
plaza, says he and an assis- Landmark in 1993.
tant have maintained the X over The disappearance of the X’s
the years—but he didn’t claim drew much attention in Novem-
the current X’s on the road, one ber 2013, just days before the
of which he called inaccurate. city’s big ceremony in the plaza
“It’s historical,” Mr. Groden to commemorate the 50th anni-
said of the X. “And I got tired of versary of the assassination. A
telling people a 100 times a day city spokesman at the time said
where the spot is.” the two sections of road with
Vendors and tour guides X’s were repaved to level out
replace it,” says Rachel Heath- work year-round at the site. And the road to remove any trip haz-
man, owner of Dallas City Tour, interest has heightened due to ards. That was met with deep
who believes independent walk- the government’s recent release skepticism, and alternate theo-
ing-tour guides help maintain of a trove of JFK documents. ries.
the X. She says the X is one of Last week, visitors ran onto Dallas residents and vendors
the most asked-about places on Elm Street to take quick pic- noted the smoothness of the
her tours. tures with the X, sometimes road at the time. They surmised
Arthur Johnson, a vendor in causing cars to slow to keep that the city wanted to remove
the plaza for 21 years who sells from hitting them. Frequent us- such a visceral reminder of the
replica JFK assassination news- ers of the road know to drive assassination before the arrival
papers, claims that he once saw with caution when folks are of thousands of visitors to the
a city crew come by years ago about in the plaza, not knowing ceremony, including national
and paint the X. He said he what to expect. There have been media.
hasn’t witnessed anyone redo- instances of people lying in the A crude white X was back
ing the X in recent years but road beside the X. marking the spot within a few
that his cousin is claiming two The X sometimes moves a days after the ceremony.
G-40, or generation 40, because
most members are relatively
youthful.
Army commandos and mili-
tary intelligence officers headed
for the home of Mr. Chipanga,
the youth leader who had an-
gered them that afternoon.
Tipped off, he fled with his wife
from their luxurious home to
the police station in the leafy
Borrowdale suburb. The com-
mandos advanced on the sta-
tion, bundled Mr. Chipanga into
the trunk of a car and drove him
to an army base in the city
called King George VI. Last
Thursday evening, his face swol-
len, he appeared on state televi-
DENNIS BALIBOUSE/REUTERS
sion to ask Gen. Chiwenga for
forgiveness for his remarks.
Mr. Mugabe’s head of secu-
rity, Albert Ngulube, went to the
presidential guards’ base armed
with a sniper’s rifle to see what
was happening. He was detained
Robert Mugabe, 93, had been the world’s oldest head of state. and, according to one person in
the security service, “beaten to
2016—A clash escalates be- founds expectations that a within an inch of his life.” The
tween Grace Mugabe and Vice nationwide speech he is mak- military couldn’t be reached for
President Emmerson Mnan- ing will include word that he comment on that.
gagwa, deepening a rift in the is stepping down. The army rapidly seized gov-
ZANU-PF party. Mnangagwa ernment buildings and strategic
is fired in early November The ruling ZANU-PF expels intersections in central Harare.
2017. Mugabe as party leader, re- Troops took control of state
placing him with Mnangagwa, television. At 4 a.m. on Wednes-
Nov. 15, 2017—Zimbabwe’s and prepares to launch im- day, Nov. 15, a general, Sibusiso
military seizes control of state peachment proceedings. Moyo, announced on television
television and the interna- the army was in control and
tional airport. Nov. 21, 2017—President would purge “criminals” around
Mugabe resigns after 37 years the president.
Nov. 19, 2017—Mugabe con- of rule. Zimbabweans thronged the
streets to celebrate what
seemed to be the impending end
succession. The next day, Gen. not the politics the guns,” he of Mr. Mugabe’s rule. But on
Chiwenga held a news confer- said. Sunday, in a televised address at
ence to say the army wouldn’t Within the hour, soldiers set which he was widely expected
stand by and watch Mr. out to prove him wrong. Dozens to formalize his exit, Mr.
Mugabe’s continuing purge. of T69 and T72 tanks and ar- Mugabe stunned the nation by
“The military will not hesitate mored vehicles rumbled out of accepting the military’s inter-
to step in,” he said. the barracks. Halfway to the vention but saying nothing
At that point, allies of Mr. capital, on a road flanked by about quitting.
Mnangagwa were meeting aides train tracks and fields, the tanks “I as the president of Zimba-
of South African President Ja- halted, awaiting orders. bwe and as their commander in
cob Zuma in Cape Town to in- chief do acknowledge the issues
form them of the Zimbabwean they have drawn my attention
military’s plan. Christopher Sealing a checkpoint to,” Mr. Mugabe said in a ram-
Mustvangwa, head of the Zim- In the city center, Mr. bling speech. “You and I have
babwean veterans association Mugabe was meeting with his work to do. Goodnight.”
that once underpinned Mr. cabinet. Advisers informed him Seated to his right, wearing
Mugabe’s power, says he laid of reports of tank movements, fatigues and holding a copy of
out the plan for military inter- but he brushed them aside and the speech, was a stony-faced
vention. A spokesman for Mr. around 6 p.m. returned to Blue Gen. Chiwenga.
Zuma said the South African Roof. Monday dawned with a dead-
presidency was unaware of the Unknown to him, the presi- line for the president’s resigna-
interactions described by Mr. dential guards who patrol the tion, set by the party, approach-
Mustvangwa. palace were already collaborat- ing. When it passed, Zimbabwe’s
At Inkomo army base, sol- ing with the rebellion. The parliament followed through
diers were on high alert. As they guards welcomed his motorcade with a threat to begin impeach-
ate a late lunch on Tuesday, through the checkpoint, then ment proceedings. The fired
Nov. 14, with news headlines sealed it and waited for rein- Vice President Mnangagwa, in
showing on television, one item forcements. Once home, Mr. his first public comments since
grabbed their attention: Kud- Mugabe went promptly to bed. he fled to South Africa 2½
zanayi Chipanga, secretary of At around 9:30 p.m. that weeks ago, vowed on Tuesday,
the ruling ZANU-PF party’s Tuesday one week ago, army of- soon to return to Zimbabwe.
Youth League and an ally of ficers received orders to deploy Then, extending the mystery,
Mrs. Mugabe’s faction, was de- into the city center and arrest the military gave hints it was in
nouncing the military. “The top members of Mrs. Mugabe’s discussions with the long-serv-
guns will follow the politics and faction, which is known as the ing president.
On Tuesday morning, the
parliamentary speaker’s an-
nouncement finally ended the
drama, and Mr. Mugabe’s long
presidential reign.
Mr. Mugabe’s letter, read
aloud by the speaker, didn’t
name a successor, but said that
a new president should be ap-
JEKESAI NJIKIZANA/AGENCE FRANCE-PRESSE/GETTY IMAGES
pointed by Wednesday. The rul-
ing ZANU-PF is set to tap Mr.
Mnangagwa, who must now
navigate a potentially rocky
transition, in the middle of an
accelerating economic emer-
gency.
But in Harare on Tuesday
night, the mood was of jubilant
catharsis.
“This is the best, this is the
best,” said Emmanuel Tembo, a
51-year-old hotel security guard.
“We are tired of him! Thirty-
seven years!”
—Paul Sonne 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 Wednesday, November 22, 2017 | A10A

GREATER NEW YORK

Unpaid Tolls, Fees Cost the MTA Millions
Audit ties losses to huge success for drivers sav-

move to go cashless;
ing time and for the environ-
ment with reduced emissions
agency says program in local neighborhoods—and
since implementing it we’ve
is still a ‘huge success’ increased security and ramped
up toll enforcement. We ag-
BY MIKE VILENSKY gressively pursue scofflaws
and will continue to do so—
New Transit Chief
Ran Toronto System
The man chosen to lead
New York City’s subway and bus
system says he intends to
six years, in Canada.
In a statement to reporters
in Toronto, he said he focused
his tenure in Canada on improv-
ing safety and reliability, modern-
ization and changing the transit
system’s corporate culture.
Although the Toronto Transit

CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL

The Metropolitan Transpor- the Comptroller is using pre- “shake things up a bit.” Commission operates the third-
tation Authority lost millions open road tolling outdated Andy Byford, the 52-year-old largest system in North America,
in unpaid tolls and related fees data that is no longer applica- chief executive of Toronto’s tran- it pales in comparison to New
as it rolled out cashless toll- ble.” sit system, was named Tues- York City Transit. The Toronto
ing, a new audit found. Cashless tolling was rolled day as the next president of system carries 1.8 million people
The audit, released Tues- out with a pilot program at New York City Transit. The au- a day on its subway, buses and
day from New York state the Henry Hudson Bridge in thority, a unit of the Metropoli- streetcars. The New York sys-
Comptroller Thomas Di- November 2012. Drivers who tan Transportation Authority, tem transports 2.3 million people
Napoli’s office, shows the tran- don’t pay with E-ZPass are faces one of its greatest chal- each weekday on buses alone.
sit authority hasn’t collected billed by mail after their lenges in decades amid com- Carmen Bianco, who ran
or has waived unpaid tolls to- plates are picked up by cam- muter frustration concerning New York City Transit from 2013
taling $11.3 million between era. This fall, the MTA com- poor service and delays. through 2015, said the leap to a
2012 and 2017. pleted a program to set up Mr. Byford, who will take up larger system isn’t important.
The audit found $72 million cashless tolling at all of its the post in January, said the What matters is leadership. He
in related unpaid fees, and The cashless tollbooth at the Henry Hudson Bridge in Manhattan. bridges and tunnels. MTA has laid a foundation to described Mr. Byford as a “high-
said the MTA often waived The audit comes at a chal- turn the subway system around. energy” chief executive.
most motorist fees. Go,” or OTG, allowing motor- their use and abuse has lenging time for the MTA, He noted that his job will be to MTA Chairman Joe Lhota,
The audit didn’t compare ists to buy prepaid passes at caused [the MTA] to lose which oversees New York City expedite improvements in punc- who appointed Mr. Byford,
New York’s lost toll money to bridges. But motorists who ex- significant revenue, and thus subways, buses and commuter tuality, reliability and customer said: “We needed a leader who
other tolling authorities’ un- ceeded their prepaid amounts additional controls may be trains in addition to bridges service, and to bring a new per- has done this work at world-
collected tolls, but experts were often hard to track if warranted,” the audit states, and tunnels into the city. Amid spective to an organization that class systems and Andy’s suc-
said it isn’t unusual for states they didn’t register with the recommending that the MTA a rash of subway delays and is “very traditional in outlook.” cesses in Toronto are evidence
to lose money on uncollected state before or after purchas- force OTG users to register derailments, advocates have Mr. Byford has three de- that he is up to this critically
tolls. ing the pass, according to the when they purchase the pushed the state for more cades’ experience as a senior of- important task.”
CANDIDATES LEFT TO RIGHT: STEVE REMICH FOR THE WSJ; EVAN AGOSTINI/INVISION/AP; PETER J. SMITH FOR THE WSJ; ANDREW HARNIK/AP; MIKE SEGAR/REUTERS; CASSANDRA GIRALDO FOR THE WSJ; DREW ANGERER/GETTY IMAGES; ANDREW LAMBERSON FOR THE WSJ; STEVE REMICH FOR THE WSJ

Part of the problem, the au- audit. pass. funding, while state officials ficial at transit systems in Lon-
dit stated, came from an E- “While we understand the A spokesman for the MTA have lobbied the city to pitch don, Sydney and, for the past —Paul Berger
ZPass program called “On the rationale behind OTG tags, said “open road tolling is a in more.

CUNY
Chancellor
Eric
Adams
John
Catsimatidis
Ruben
Diaz Jr.
Shaun
Donovan
Alicia
Glen
Letitia
James
Hakeem
Jeffries
Scott
Stringer
Eric
Ulrich
Will Leave
Next Year
Jockeying Starts for the 2021 Mayor’s Race BY MELANIE GRAYCE WEST

City University of New York

BY MIKE VILENSKY Chancellor James B. Milliken
AND MARA GAY announced Tuesday that he
plans to step down at the end
Traveling the boroughs. of the academic year.
Fighting the mayor. Courting Mr. Milliken, 60 years old,
those close to the governor. said in a statement that lead-
New York City officials are ing CUNY “has been among the
positioning themselves for most rewarding experiences of
2021, when Mayor Bill de Bla- my life, but I have decided it is
sio is term-limited out. the right time for a change.”
Campaigns won’t begin for Mr. Milliken announced in
years, but potential candidates March 2017 that he had been
are already working to raise diagnosed with throat cancer
their profiles before the field and was receiving treatment
gets more crowded. at Memorial Sloan Kettering
At this point, 2021 aspi- Cancer Center in Manhattan.
KEVIN HAGEN FOR THE WALL STREET JOURNAL

rants will begin raising their In an interview Tuesday,

citywide profiles, solidifying Mr. Milliken said that the last
alliances, and positioning few months have been physi-
themselves relative to Mr. de cally taxing, and that leading
Blasio, said former candidates CUNY is an around-the-clock
and campaign aides. job. His prognosis is good, he
“There is obviously a silent said, but “there are still a few
primary happening as people challenges.”
who are thinking about the “Going through something
next election begin to plan the like this does alter your per-
earliest steps,” said Eric Koch, spective and you tend to think
a Democratic consultant and about things differently,” he
former de Blasio campaign ad- Potential candidates are raising their profiles for a chance to succeed Mayor Bill de Blasio when term limits end his reign over City Hall. added.
viser. Mr. Milliken said he would
The 2013 election that Mr. Borough presidents have in- letting the coming race impact scandal over inaccurate lead- three terms in a majority- take some time to think about
De Blasio won was partially a dependence from the mayor the next few years. “There are inspection paperwork. Mr. de Democrat district. next steps, but continuing to
referendum on outgoing and can lay claim to their own going to be those who spend Blasio called it a “stunt.” He garnered attention by teach law at CUNY is an “ap-
Mayor Michael Bloomberg’s accomplishments. all their time running,” he A spokeswoman for Ms. refusing to back then-GOP pealing option.”
tenure. Though Mr. Bloomberg Mr. Diaz, 44 years old, has said. “I was not elected to be a James said that she is focused presidential nominee Donald Mr. Milliken, an attorney,
maintained popularity, the begun staking out a wider pro- candidate.” on her job, “not elections four Trump in 2016 and weighed was appointed CUNY Chancel-
electorate voted for change. file, turning up at Democratic But, he added: “Yes, I aspire years away.” challenging Mr. de Blasio this lor in 2014. During his tenure,
Potential candidates are clubs, parades, and other to one day be mayor of the Comptroller Scott Stringer year but held off. Term-limited enrollment has risen, with
putting some distance be- events on Staten Island and in greatest city in the world.” is sitting on a campaign war out in 2021, Mr. Ulrich said 273,000 students participating
tween themselves and the cur- Queens. He is also allying him- chest of more than $1.5 mil- “my options are wide open.” in a full or part-time program
rent administration. Analysts self with Gov. Andrew Cuomo, Citywide Officials lion, and has previously ex- He may have competition in in fall 2016.
expect that gap to widen. lunching at a seafood restau- Public advocates and comp- pressed interest in the mayor’s billionaire businessman John About 52,000 students
Past candidates said it rant recently with top Cuomo trollers have firsthand experi- job. But he is expected to Catsimatidis. Mr. Catsimatidis, graduated from a CUNY school
isn’t too early to begin strate- aide Melissa DeRosa. ence at City Hall, which has tread cautiously. “I just got re- 69, has become a fixture in last year and Mr. Milliken said
gizing—it might even be get- “It would be disingenuous worked for and against past elected to an amazing job and city politics as a radio host his mission has been to get
ting late. “It’s four years into of me to tell you I wouldn’t candidates. we are laying the groundwork and donor since losing the Re- students a degree as quickly
the cycle already,” said John consider running,” Mr. Diaz Public Advocate Letitia for the next four years,” he publican primary to Joseph as possible.
Liu, the former city comptrol- said. “I’m going to have those James, 59, holds the job Mr. de said. Lhota in 2013. He said he was During his tenure, Mr. Mil-
ler who lost to Mr. de Blasio in conversations and strongly Blasio held before his mayor- considering a run in 2021, but liken appointed new presi-
2013. “Four down, four to go.” consider it.” alty. She has used her bully Republicans “wouldn’t run against friends.” dents to half of the 24 colleges
A former New York Police pulpit and litigation to take on The GOP is outnumbered in in the CUNY system.
Borough Presidents Department captain, Mr. Ad- the city’s Department of Edu- New York City, but after eight Question Marks Prior to leading CUNY, Mr.
Bronx Borough President ams, 57, has focused on im- cation—and recently took on years of Democratic rule the De Blasio aide Alicia Glen Milliken served for 10 years as
Ruben Diaz Jr. and Brooklyn proving relations between po- the mayor. electorate may consider the has never held public office the president of the University
Borough President Eric Adams lice and communities among Last week, she called for party again. but is still viewed as a possi- of Nebraska system.
have both expressed interest other issues throughout his the resignation of his public Republican Queens Council- ble mayoral candidate. As a de A search for a new chancel-
in higher office. tenure. He cautioned against housing commissioner amid a man Eric Ulrich, 32, has won Please see MAYOR page A10B lor will begin in January.

OYSTER PERPETUAL

AIR-KING

rolex oyster perpetual and air-king

are ® trademarks.
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 | Wednesday, November 22, 2017 NY
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Such opportunities
wouldn’t materialize without
his NYU Tandon credentials,
says Mr. Avilez. Before con-
necting with the program, his
14-year stint in the Marines
was the only training on his
résumé—his formal educa-
tion ended with high school.
The incubator space,
dubbed the Veterans Future
Lab and funded in part with
a $1 million grant from the
state economic-development
agency, along with support
from Barclays bank, would be
the envy of any tech startup.
Program participants en-
joy a rent-free stay in a
sunny, 4,000-square-foot loft
‘You’re trained to
block out and ignore
the things that might
hinder you.’
in Brooklyn’s trendy Industry
City complex with long com-
munal tables, a conference
room, kitchen and a work-
shop for fabricating proto-
types using laser cutters and
3-D printers.
Participants also get pro
bono mentoring, design, le-
gal, public relations and
marketing assistance from
NYU Tandon and area firms.
Many participants served
tours in Iraq or Afghanistan.
They range from officers
with MBAs to enlisted sol-
diers fresh off the battlefield,
says Steven Kuyan, a manag-
ing director of NYU Tandon’s
Future Labs program.
While some are thinking
big, others just want to
launch a viable tech business
to support themselves and a
BESS ADLER FOR THE WALL STREET JOURNAL
few employees, he says.
Enterprises founded by
participants include Trip-
Safe, a portable security sys-
tem, and VetPros, which con-
nects consumers with
veterans available for odd
jobs like cleaning, dog walk-
ing and furniture assembly.
While VetPros is generating
revenue, TripSafe is no longer
operating. Mr. Kuyan says that
of the 60-odd veterans who
have participated in the 12-
week training program over
the past several years, about
30% are heading a sales-pro-
ducing startup; others took
jobs with other companies.
This compares favorably
with mainstream entrepre-
neurship training classes,
which typically see about
10% of participants launch-
ing businesses, he says.
He credits the veterans as
much as the program. “They
are driven and passionate on
their own,” says Mr. Kuyan.
“You just have to steer them
in the right direction.”
The program’s greatest
benefit might be its support
for the transition to civilian
life, says Tim Lawton, a par-
ticipant and co-founder of
Frontier7, a data-analytics
startup that helps companies
market their products and
services. Program partici-
pants learn to describe their
skills and strengths in lan-
guage that makes sense to
civilians, says Mr. Lawton, a
West Point grad who served
several combat tours in Iraq
and Afghanistan.
Mr. Lawton says the
startup life, with its un-
known unknowns, can be just
as challenging as military
life, with one major differ-
ence: what’s at risk.
“Which I’m happy about,”
he says. “Which I’m very
happy about.”
MAYOR
Continued from page A10A
Blasio deputy and former
Goldman Sachs executive
overseeing the city’s afford-
able housing plan, Ms. Glen
has cultivated her own iden-
tity within City Hall.
In a city where gentrifica-
tion is a sensitive issue, she
has negotiated and sometimes
sparred with both housing ad-
vocates and real-estate execu-
tives. People close to Ms. Glen
didn’t rule out her running; a
City Hall spokesperson didn’t
comment.
Yet another question mark
is former President Barack
Obama’s budget director
Shaun Donovan.
Mr. Donovan is consider-
ing a 2021 run, according to
a person familiar with his
thinking. He served as hous-
ing commissioner under for-
mer Mayor Michael
Bloomberg and worked in
President Bill Clinton’s ad-
ministration. With ties to
both parties, he could run as
a unifier, said people familiar
with his thinking.
U.S. Rep. Hakeem Jeffries,
who represents parts of
Brooklyn and Queens, has
close relationships with local,
state and federal Democrats.
He has raised his profile ques-
tioning Trump officials in
congressional hearings.
People familiar with his
thinking said he likely won’t
decide on 2021 until after
2018, which could boost his
party into a House majority.
 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. Wednesday, November 22, 2017 | A11

LIFE&ARTS
WORK & FAMILY | By Sue Shellenbarger

Teaching Teens Time Management

How to help your over-scheduled high schooler learn to juggle competing classes and extracurricular activities
THERE’S A REASON your teen is
so tired.
Striving to build long lists of ex-
tracurriculars to beef up their col-
lege applications, high school stu-
dents face mounting conflicts with
teachers, coaches and other activity
leaders who all expect 100% com-
mitment. Teens often have two
events at once, or juggle so many
demands that they nod off trying to
do homework. Most schools give
little guidance.
By high school, students should
be learning to manage their own
scheduling conflicts and advocate
for themselves, psychologists say.
That can be a big developmental
leap for young teens. They must
learn to plan their time further
in advance than many adults
do, and make tough choices
about prioritizing activities
while keeping their grades
up. And parents should
avoid meddling, but be pre-
pared to draw the line when
teens suffer too much.
Brooke Ross struggled as
a high school sophomore to
satisfy competing demands
from authority figures she re-
spected. She played on two
volleyball teams and studied
competitive Irish dance, which
she had done since age 4, says
Ms. Ross, of Hudson, N.H. Her
daily high school volleyball
practices sometimes clashed
with dance practice. After-
school junior-varsity volleyball
games three times a week re-
quired her to attend freshman
and varsity games as well. That
kept her out past 9 p.m., pushing
homework time as late as 11:30
p.m., says her mother, Susan.
Some Saturdays turned into a
mad dash when volleyball games Below, Brooke Ross, 16, dropped two activities in junior year, while blocks of time far in ad-
for her club team conflicted with Sean Smith, 17, canceled conflicting commitments. vance and color-coding Helping High School
dance competitions, leaving Brooke activities. Ms. Welch, Students Avoid
tearful and exhausted. Brooke, 16, spective, says Kelly Adams Fraser, erate, Dr. Cohen 18, is now a fresh- Overload
has dropped Irish dance, which she owner of Green Apple College Guid- says. If students man at the Univer-
misses, and club volleyball, but ance & Education, Bethesda, Md. wait until the last sity of North Caro- n Help your teen learn time-
she’s still stretched this year trying Say, “So Coach reacted badly. minute, “that’s lina, Chapel Hill. management skills, finding calen-
to study for tough junior-year That’s not appropriate. It’s too bad, when the teacher Parents also can dars or planners they’ll use and
classes while playing on one volley- but this sometimes happens in life. gets upset.” help students set pri- encouraging them to log future
ball team and working part time on We all make choices, and maybe he Many teens shun orities. Academics commitments.
Saturdays. didn’t agree with your choices,” Ms. monthly planners in fa- should come first, says
Parents in most cases should Fraser says. vor of smartphone calen- IvyWise’s Dr. Cohen. And it n If a teacher doesn’t hand out
avoid intervening, says Jerry Bu- School counselors or athletic di- dars, preferring to react to can be fine to have as few a syllabus, ask for information
brick, a cognitive and behavioral rectors can sometimes help stu- reminders when dead- as three extracurricular from a student who took the
psychologist at the Child Mind In- dents with conflicts between class- lines loom. But by activities, as long as class previously.
stitute in New York City. A teen work and school-sponsored high school, teens they’re tied to stu- n Give top priority to maintain-
should learn to manage the distress activities, says William R. Hughen, need to take a more dents’ core interests ing good grades, the No. 1 factor
rather than “relying on Mom or district director of school counsel- proactive approach, and “show depth, college admissions officers
MIKE GORMAN (ILLUSTRATION); FROM TOP: SUSAN ROSS; JESSICA FELTON

Dad to rescue him,” he says. Par-
ents can role-play with the teen at
home, coaching him on how to talk
with a teacher or coach.
Accept that these conversations
won’t always go well. Laurie Kopp
Weingarten advised a high school
senior who had to quit her beloved
tennis team when a new coach re-
fused to excuse her from practice
for a long-planned college-admis-
sions interview, says Ms. Wein-
garten, co-founder of One-Stop Col-
lege Counseling in Marlboro, N.J.
The student kept tennis in her life
by volunteering as a coach for chil-
dren.
If a coach or teacher reacts
harshly, put that behavior in per-
ing at Hudson (N.H.) School District.
Parents should step in, however,
if they’re worried about a teen’s
health or well-being. Even then,
says Denise Pope, co-founder of
Challenge Success, a nonprofit that
provides research and programs to
schools and families to help teens
lead more balanced lives, the stu-
dent should be the first to try to
negotiate a solution.
Students can learn to anticipate
what’s coming up in school and
where conflicts may occur, says Kat
Cohen, chief executive officer of
IvyWise, New York, an educational
consulting firm. If students com-
municate early with teachers when
they need a break, most will coop-
using a monthly cal-
endar or planner
that enables them to
see when, say, a tour-
nament will overlap
with midterms, says
Stephanie Klein Wassink,
founder of AdmissionsCheckup,
Wilton, Conn., which provides re-
views of students’ college applica-
tions by former admissions officers.
Nicole Welch of Westport, Conn.,
managed participating in three sea-
sons of varsity sports, honors
classes and other activities by us-
ing a calendar system she calls
“very over-the-top.” She carried a
Lilly Pulitzer to-do list and agenda
book everywhere, mapping out
impact, leadership
and responsibility
over time,” she says.
Sean Smith, 17, of
Kenosha, Wis., over-
loaded himself in his
freshman year by taking five
courses, an online Spanish class,
band, lacrosse, cross-country and
piano lessons and performances.
“Since that initial period of aw-
fulness, I’ve learned to manage my
time better,” Mr. Smith says. He is
still president of two school clubs,
a cross-country team member and
a piano student, but he has
dropped activities that caused con-
flicts. He also saves time for friends
and activities he enjoys.
consider in making decisions.
n Stick to extracurricular activi-
ties the student cares about
and enjoys, where he or she can
have an impact.
n Read your school’s absence
policy to make sure time off for
extracurricular activities will be
excused.
n Watch for red flags. Teens
who can’t get their homework
done, spend too little time with
family or friends, or aren’t eat-
ing or sleeping enough may
need help paring down their
commitments.

BURNING QUESTION

WHAT’S THE BEST TIME OF DAY FOR A BIG MEAL?

BY HEIDI MITCHELL
AT THIS TIME OF YEAR, many
revelers overdo it at the holiday
table, unwilling to forgo the turkey
or ham with fixings that mark the
season.
While many Americans serve
their Thanksgiving meal in the af-
ternoon, around 3 p.m. to 4 p.m., a
giant food-fest at that time of day
may not be optimal.
Lauri Wright, the director of
the Doctorate in Clinical Nutrition
Program at the University of
North Florida’s Brooks College of
Health, dishes on midday dining
and why a healthy breakfast may
be the key to indulging in a big
meal without guilt.
Dieticians have long surmised
GETTY IMAGES/ISTOCKPHOTO
the day,” says the spokeswoman
for the Academy of Nutrition and
Dietetics.
That’s partly because when an-
ticipating a big meal, most people
tend to “save” calories by skipping
meals, usually breakfast. “But
when you do that, you get over-
hungry. Then you tend to overdo it
at the next meal, ingesting as
many as to 30% more calories than
you’d typically eat at any other
meal,” Dr. Wright says.
Dr. Wright says breakfast may be
the most important meal of the day,
but early morning isn’t a realistic
time for a big feast. “It wouldn’t be
any fun for the person waking up to
make the turkey,” she says.
Instead, she suggests eating a
breakfast “that marries proteins
with high-fiber carbohydrates, like

that it’s not when you eat but how
much you eat, Dr. Wright says. But
new research has shown that the
way a body digests and hoards cal-
ories is more complicated than that.
“There is growing evidence that
you should front-load your calories
One strategy for not overdoing it at a Thanksgiving buffet? Use a salad plate instead of filling a larger, dinner-size one. and eat your bigger meal earlier in
eggs and whole-wheat toast,” to
keep your blood sugar and energy
steady throughout the day “and
keep you satisfied so you aren’t
over-hungry when the big meal
arrives.”
Ideally, a huge meal would be
Please see FEAST page A12
A12 | Wednesday, November 22, 2017 NY THE WALL STREET JOURNAL.

LIFE & ARTS

MY RIDE | By A.J. Baime

A Bike Rebuilt to Break a Record in the Desert

Stacie B. London, a Los
Angeles-based art and design
consultant and sales associ-
ate/brand ambassador for
Double RL (a division of
Ralph Lauren), on her 1967
Aermacchi Harley-Davidson
land-speed racing bike, as
told to A.J. Baime.
My father Tony is a gear-
head, and in 1965, he set a
land-speed record for a cer-
tain class of car at the
Bonneville Salt Flats in
Utah. I spent a lot of time in
his shop, and for me, there
was always this idea of a
motorcycle in my head.
I bought my first bike in
2009—a 1969 BMW R60US
that I still have. A year
later, I went to a vintage
motorcycle race at Willow
Springs International
Raceway in California. I had
grown up watching Nascar
on TV with my dad, but I
had never seen real racing
in person. Stacie B. London sits on her
I decided this was some- 1967 Aermacchi Harley-
thing I needed to do, so I Davidson in the Silver Lake
bought a 1968 Honda 160 neighborhood of Los Angeles.
and began road racing in Ms. London has used the
2011. In 2015, the American number 555 in her vintage
Historic Racing Motorcycle motorcycle racing. Her
Association named me Lady nickname has since become
Roadracer of the Year. Triple Nickel.
It was through road rac-
ing that I met my mentor have helped crew for Ralph second-generation land- could achieve. There is a
Ralph Hudson, who has in land-speed-record racing. speed-record-holder. short list of bikes that fit
taught me so many things Last year, he set a record for I searched the record this category, and the one
about how to modify motor- a class of motorcycle, at books and found that the re- that most excited me was an
cycles to get the most speed 266.399 mph. This inspired cord for the 250-cc push rod Aermacchi, a rare Italian mo-
out of them. To give back, I me to attempt to become a class felt soft—something I torcycle imported by Harley-
Davidson beginning in the
early 1960s.
It turned out a friend in
ADVERTISEMENT San Francisco owned one
and agreed to sell it. I
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
bought it in February and
spent three months rebuild-
ing it. I made my rookie runs
at El Mirage, a dry lake bed
PORSCHE in California’s Mojave Desert,
in May, then raced again in
June and July. I took the
bike to Bonneville for Speed
Week in August. The record
for my class is 83.148 mph.

DAVID WALTER BANKS FOR THE WALL STREET JOURNAL

At Bonneville, my speed was
only 1.333 mph off.
Earlier this month, I
 loaded the Aermacchi in my
%   

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 eaters some afternoon hours ing, even if weight gain isn’t you’re kind of full when the
to be physically active rather a concern. “If you can keep really good stuff is served.”
BOATING AVIATION than vegging out on the sofa. your blood-sugar level up Lastly, she says, take your
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meal burns calories and also ergized and avoid those utes for the brain to get the

  
    moves along peristalsis, so it crashing lows,” she says. message that we’re full,” Dr.
works in two ways: using up Dr. Wright has strategies Wright says. “So slow down.”
the energy and encouraging for making the most of a If you’ve skipped breakfast,





digestion,” Dr. Wright says. feast, guilt-free. One is to use you’ll tend to consume your
 
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and overeating,” she adds. fet. “You might not like cran- versation with family and
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"!# ingest reset in a 24-hour cy- is, so you’ll take some. Don’t enjoy the experience as well
cle, there’s no reason to beat waste your calories on foods as the food. That will also
43 5  5 3    &!  6 7 4 yourself up for overindulging you don’t enjoy,” she says. give your body time to regis-
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It takes about 20 minutes for the brain to recognize that you are full. So, slow down while eating.
 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. Wednesday, November 22, 2017 | A13

LIFE & ARTS

of the Dead doesn’t levy taxes, as
Héctor (Gael far as we know, but it imposes all
García Bernal) sorts of rules and operates a bu-
and Miguel reaucracy that includes a Depart-
(Anthony ment of Family Reunions, whose
Gonzalez). skeleton crew interviews skeleton
applicants for temporary exit per-
mits. (A poetic rule, with far-
reaching consequences in the
story’s climax, is that the dead re-
main eligible for such permits—in-
deed, for continuing residency—
only as long as someone in the
living world remembers them.)
Along the way Miguel gets help
and guidance from Héctor (Gael
García Bernal), a charmingly comi-
cal skeleton, and something of a
hustler, who is himself on the
verge of being forgotten, and
therefore truly, permanently dead.
Connoisseurs of movie skeletons
will inevitably think of Tim Bur-
ton’s skeletons-in-the-closet tri-
umph, “Beetlejuice,” and devotees
of ghostly spirits will see influ-
ences of, or homages to, Hayao Mi-
yazaki’s masterpiece, “Spirited
Away.” (Fans of another animated
feature, 2014’s “The Book of Life,”
will find strong thematic resem-
blances.) But this Land of the Dead
is a design world quite unlike any
other, where gorgeous images rule
DISNEY•PIXAR

the haunted roost. The most ele-

gant is a marigold-petal bridge
that connects the living and the
dead. The most stupendous is a
FILM REVIEW | By Joe Morgenstern train station that seems to be a
cross between the venerable Brad-
bury Building, in downtown Los

Delight of the Living Dead Angeles, and the cavernous Gare

A RIOT OF COLOR sets “Coco”
apart. Orange dominates Disney/
Pixar’s celebration of Mexican cul-
ture, and not just any orange, but
the vibrant hue of Aztec mari-
golds. The setting is a town in ru-
ral Mexico where 12-year-old Mi-
guel Rivera (Anthony Gonzalez),
who dreams of being a musician,
is frustrated by his family’s ban on
music. Color also sets Miguel
apart; he is the first nonwhite hu-
man hero of a full-length Pixar fea-
ture. We follow him as he follows
his dream, while the script, more
Disney than Pixar in substance and
tone, keeps strumming the same
chords, albeit with occasional
overtones of self-parody—don’t
just follow your dream but pursue
it, reach for it, seize it. Yet the
film is exuberant and heartfelt,
and the hero’s journey takes him
through spectacular territory; the
picturesque land of the living
pales by comparison to what Mi-
guel discovers in the Land of the
Dead.
“Coco” was directed by Lee Un-
krich, the director of Pixar’s mag-
nificent “Toy Story 3,” and co-di-
rected by Adrian Molina. The
screenplay, by Mr. Molina and
Matthew Aldrich, sets up story el-
ements that require lengthy expo-
sition, though they come together
movingly in the end: family ties,
which constrict as well as nourish
(the music ban started after Mi-
guel’s great-great-grandfather
walked out on his wife and daugh-
ter to pursue his own dream of be-
coming a troubadour); the dubious
nature of celebrity; and the persis-
tence of memory—or its vanishing,
in the case of the poignant title
character, Mamá Coco, Miguel’s
beloved but seemingly senile
great-grandmother. What’s quickly
established and instantly under-
standable, however, is the boy’s
passion for music, which he fo-
cuses on his idol, the late and na-
tionally lamented singer and
movie heartthrob Ernesto de la
Cruz (voiced wittily by Benjamin
Bratt), a local hero who became
the most famous celebrity in Mexi-
can history.
In defiance of his family, Miguel
has set up a secret shrine to Er-
nesto, much as the young hero of
François Truffaut’s “The 400
Blows” created, in an earlier era, a
secret shrine to Balzac. More than
that, he has memorized every one
of Ernesto’s songs and learned to
play them on his homemade gui-
tar. When his secret is discovered,
Miguel reacts with a desperate,
transgressive deed during his
town’s celebration of Día de los
Muertos, the Day of the Dead.
That’s the holiday when the de-
ceased are honored and invited to
rejoin their families for the day, if
only in spirit. And that’s when Mi-
guel, accompanied by his hairless
canine sidekick, Dante, flees in the
opposite direction into the Land of
the Dead, where he searches for
Ernesto, and where, not unlike Or-
pheus in the underworld, he must
free himself of a curse, then obtain
his family’s blessing by sunrise in
order to go back home.
If all of that sounds hugely com-
plicated, it certainly is—the Land
du Nord in Paris.
Eventually the sheer gorgeous-
ness of “Coco” verges on too-
muchness—one senses new theme
parks in the works—and the nar-
rative busyness wears thin. But
the film grows stronger in its lat-
ter stretches—dead though he may
be, Ernesto is full of surprises—
and the tale it tells is most affect-
ing during quiet moments that
strip away the eye-popping scen-
ery. In one of them, Miguel and
Héctor sit in a sinkhole, examin-
ing a photo that contains a family
secret. There’s no one else, and no
need for anyone else—just two
vivid characters, one of them flesh
and blood and the other clothes
and bones. And in a scene that’s
almost silent, Miguel surveys the
lovely, wizened face of his great-
grandmother, Coco, who tells him
all he needs to know about his
family, though she hardly mur-
murs a word.

TELEVISION REVIEW

THE KING OF THE

JUNGLE’S HUMAN SIDE
BY JOHN ANDERSON

‘Savage Kingdom,” which

sounds like a portrait of
Best Buy on Black Friday, is
actually an attempt to give
an assist to Mother Nature,
whom we all love very much
but who has never been very
good on plot development.
Eat or be eaten. Survival of
the fittest. It gets a little
routine.
Opening its second sea-
son with “Savage Kingdom:
Uprising,” this riveting Nat
Geo Wild series provides ex-
traordinarily intimate and
revealing footage of beauti-
ful beasts in an unforgiving
kingdom, but also teases
emotions, drama and moti-
vations out of a seemingly
amoral universe rooted in
territory, ferocity and, most
of all, survival. Sekekama bares his teeth, above; Saba cleans her young, below.
How much human-style
emotion can one impose on vengeance to the fearsome three growing sons stay
a furry, feral cast? Plenty, animals of Botswana’s within the pride too long;
apparently, especially with
narrator Charles Dance as-
Great Marsh. The central
character is the lion king
an intrafamilial power
struggle looms, as does an
Repeat Performance
cribing motives of ven-
geance, envy, lust and more
Sekekama, who has made
the mistake of letting his
attack from his flank: The
“bitter queens of the
Patek Philippe
north,” the lionesses ousted Legendary watchmaker. Five-minute repeater. Classic luxury.
from Sekekama’s clan, are This incredibly rare Patek Philippe gold pocket watch features
preparing a violent return
to the marsh, as their a highly important five-minute repeater complication. This
cubs—“weaned on hunger, complex mechanism is far rarer than all other Patek Philippe
not privilege”—are growing repeaters, as it indicates the minutes in five-minute increments.
into ruthless killers. As Mr. A classic Patek Philippe creation, it displays the precision and
Dance says, somewhat
shockingly, “Uneasy lies the luxury for which the firm is so celebrated. Movement marked
head that wears the crown.” “Philippe & Cie / No. 112055 / Genève, Suisse / Mermod & Jaccard’s, St.
Or, in this case, mane. Louis”. Case hallmarked “PPCo / 750”. Circa 1950. 17/8”dia. #30-6514
The work of Brad Bestel-
ink and his Natural History
Film Unit is intoxicating, and
not limited to the lions: This
reviewer’s favorite is actu-
ally Saba the leopard, who is
more beautiful, graceful and
maternal than those other
cats, and whose story is easy
NATIONAL GEOGRAPHIC/NHFU

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cause Mr. Dance and the pic-
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Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
Savage Kingdom: Uprising
Begins Friday, 9 p.m., Nat Geo
Wild.
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 | Wednesday, November 22, 2017 THE WALL STREET JOURNAL.

SPORTS
FOOTBALL | By Jason Gay

28 Rules of Thanksgiving Football

Holy Moly! This is
the 7th edition of The
Wall Street Journal’s
Rules for Thanksgiv-
ing Family Touch
Football, which must
mean two things:
A. There are kids playing in your
family game who weren’t even born
when the first Rules for Thanksgiv-
ing Family Touch Football came out.
B. I have really milked this gim-
mick for all it’s worth.
My goal, as always, is for you to
have a fun family game, and more
importantly, to keep you out of the
hospital. If you do wind up in the
hospital, you are allowed to lie to
the doctors and say you made the
winning touchdown catch.
(We both know you dropped it.)
Here’s a new round of rules for
2017. Please scream at me on the
internet and let me know what I
missed:
1. Let’s just review the banned list
for Thanksgiving Family Touch
Football: helmets, pads, eye black,
mouthpieces, cleats, chain mail,
light sabers, brass knuckles,
nunchucks, fidget spinners, medieval
flails, tasers, lawn mowers, wood
chippers, tweeting, and, of course,
Michigan Wolverines jerseys.
2. Also: no tripping! Mom and Dad
are allowed to guilt trip, however.
3. Steroids? They’re only legal
in the Thanksgiving turkey. Oh:
you think that supermarket bird
got to be 29 lbs. doing squats and
bench presses?
4. You cannot bring a doughnut
to the Thanksgiving Family Touch
Football Game, unless you bring a
doughnut for everybody.
5. Actually, make that three
doughnuts for everybody. It’s
Thanksgiving—who are you kidding?
6. There’s someone in your game

SCOTT POLLACK
who has lost 20 pounds on a low-
carb diet. They look incredible! Later
tonight, you will wander downstairs
and catch this person in the kitchen,
sitting in the darkness, eating an en-
tire apple pie with their fingers. A Journal holiday tradition is back—with beer, doughnuts and loosened rules on touchdown celebrations.
7. The average Thanksgiving
Family Touch Football game in
America has eight players, 2.7 di-
vorces, and at least one person 12. There will be a 10-minute de- less Boston homer.” 21. This year’s halftime show is he holds out.
who started drinking at 9:45 a.m. lay in the game to look for the liz- 17. As always, betting on Family listening to your cousins yell at 26. I’m grateful to everyone
8. It’s incredible, but your fam- ard that your niece was supposed Touch Football is CASH ONLY. And each other about Bitcoin. who’s read this column over the
ily’s starting quarterback is better to be babysitting over Thanksgiving all monetary disputes will be set- 22. Hey, Great Grandpa Henry years, and if you play a Thanksgiv-
than half of this year’s NFL start- for her third-grade class. tled by an argument over whether wants to go deep for a pass! He’s ing Family Touch Football game,
ing quarterbacks. 13. I bet Tom Brady has a great turnips are any good. 99 years old next month! Amazing. I’m asking you to send me an email
9. Even more incredible: your Thanksgiving Touch Football game, 18. For the record, I am pro-tur- Go, Great Grandpa Henry! Look at at jason.gay@wsj.com with a photo
starting quarterback is Admiral after which he serves everyone a nip. him run! He’s spry as a 30 year and the final score, and your per-
Butterscotch, your sister’s stan- delicious dinner of steamed lettuce. 19. Remember, the NFL has loos- old! Oh no, Great Grandpa Henry mission to publish it on WSJ.com. I
dard poodle. 14. Rob Gronkowski’s turkey, ened up restrictions on touchdown fell down! He’s not getting up. Still promised to do this last year, but
10. I’m not a fan of punting in meanwhile, is deep-fried in Jäger- dances. So that means you have to not getting up. Oh dear. Poor, poor we screwed it up. (OK: I screwed it
Thanksgiving Family Touch Foot- meister. allow your in-laws to do the Leap- Great Grandpa Henry. Still, he had up. I’m sorry.) I promise to do bet-
ball. However, I’m OK if you want 15. At Bill Belichick’s Thanksgiv- frog Celebration they’ve been prac- a good life. ter this year. I sound like I’m
to take any teenager’s smartphone ing, when they ask “What are you ticing in the garage for three weeks. 23. (Moment of silence for Great coaching the Chicago Bears.
and drop-kick it into the woods. thankful for?” Bill tersely replies: It could be worse—they originally Grandpa Henry.) 27. There’s the lizard! And he’s
11. Your Uncle Ron is really proud “We’re on to Christmas.” wanted to do the opening traffic 24. If you win your Thanksgiv- alive! Unlike Great Grandpa Henry,
of that new Porsche he bought. 16. “Wow, that’s a lot of jam scene from “La La Land.” ing touch football game, congratu- who’s already got a beer and is
Would be a shame if someone acci- Thanksgiving Family Touch Foot- 20. Overall, your touch football lations, you’re ahead of the Cleve- watching the Detroit Lions game
dentally overthrew a pass and hit ball rules about the stupid New game shouldn’t resemble an NFL land Browns in the AFC North. at a Buffalo Wild Wings in heaven.
Uncle Ron’s Porsche. Whoops. England Patriots, Jason. That’s a game. For starters, you’ve stayed 25. The Browns want to sign 28. In heaven, the Lions always
Sorry, Uncle Ron. Heh. 15-yard penalty for being a shame- awake for the entire thing. Admiral Butterscotch. I’d suggest win.

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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40s i fi d Charleston
Springfield Charles 41 42 43 44 2 Grazing area
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A h g 30s 70s 70s four-color deck
60s 48 Sorvino of
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REMAINS OF THE DAY | shopping
“Mighty
Aphrodite”
U.S. Forecasts Today Tomorrow Today Tomorrow By Alex Eaton-Salners destination
City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W 49 “Princess
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 43 33 pc 55 42 s Frankfurt 52 39 pc 57 45 pc Across 27 Group of badgers 45 Colonial capital 9 Wise guys? Mononoke” genre
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 80 64 c 77 62 t Geneva 55 37 s 55 40 pc 1 It means “merry” 28 Extremely of New 10 Campaign creator 50 Replies to the
Today Tomorrow Philadelphia 55 30 pc 45 34 s Havana 85 64 pc 84 63 sh
in Basque passionate Hampshire host
City Hi Lo W Hi Lo W Phoenix 87 59 s 87 60 s Hong Kong 70 60 r 67 60 pc 11 Burn a bit
Anchorage 17 13 s 19 14 sn Pittsburgh 37 23 pc 39 27 pc Istanbul 56 50 c 59 47 pc 5 Reunion 29 •In a worldly way 47 Warns of a 12 Truffle-finding 54 Snack since 1912
Atlanta 63 45 pc 59 39 pc Portland, Maine 48 23 r 38 27 pc Jakarta 92 74 t 94 77 pc attendee burglar, perhaps
Austin 64 36 s 70 41 s Portland, Ore. 61 54 r 58 45 r Jerusalem 54 47 pc 54 45 pc 31 Choice tool 56 Start for boy or
Baltimore 53 27 s 46 28 s Sacramento 70 51 pc 70 52 pc Johannesburg 79 59 t 80 58 pc 9 Component of 48 Bazaar 16 Be astonished girl
Boise 64 48 c 62 45 pc St. Louis 42 31 s 55 37 s London 61 47 pc 55 43 r Einstein’s 32 Pataky of the
Boston 52 29 r 41 31 s Salt Lake City 63 41 pc 64 48 s Madrid 63 41 pc 62 41 pc “Fast & Furious” 51 Emerald Isle 18 Astonished 59 Complete
equation
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
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Oklahoma City 51 34 s 67 41 s Edinburgh 48 34 r 42 31 c Zurich 55 30 s 54 35 pc T A G T O A S T Y S A G

For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
What’s Behind the AT&T Lawsuit
This column
will be some-
what ahead
of the curve.
Instead of
oohing and
ahhing over
BUSINESS
WORLD the Justice
Department
By Holman W.
lawsuit filed
Jenkins, Jr.
M o n d a y
against the
AT&T and Time Warner
merger, it will point out what
a dumb piece of work it is, and
wonder why.
It hysterically exaggerates
AT&T’s potential power to use
“must-watch” content from
Turner Broadcasting channels
(CNN, TNT, TBS, the Cartoon
Network) and HBO to extract
ruinous prices from rivals like
Comcast or Sling TV.
This, in a world of Netflix
and Amazon Prime. A world
where ESPN (the most “must-
watch” cable content of all)
has been decimated by volun-
tary customer defections.
Where cord-cutting and cord-
nevering (younger households
that don’t bother with a cable
subscription at all) is acceler-
ating. Where natural experi-
ments like the blackout of
overpriced “must-watch”
Dodgers and Yankees channels
by local cable operators
prompted little or no switch-
ing by consumers.
The case exaggerates not
just AT&T’s power but its in-
centive to gouge rival TV car-
riers for its supposedly must-
watch content. Recall, as
Justice does not, that old-
style cable channels like CNN,
TBS, etc. get their revenue
The Republicans’ Debt Amnesia
Six months
ago, Senate
Majority
Leader Mitch
McConnell fa-
vored revenue-
POLITICS neutral tax re-
form. Despite
& IDEAS
the new GOP
By William
budget, which
A. Galston
permits a $1.5
trillion in-
crease in the deficit over the
next decade, and despite esti-
mates from the Joint Commit-
tee on Taxation that the Senate
Finance Committee’s tax pro-
posal would in fact generate
this increase, he insists that he
still does.
In a recent CNN interview,
Sen. McConnell suggested that
the tax cuts would generate
enough economic growth to
make up for the lost revenue.
“I actually think it’s a fairly
conservative estimate of how
much growth we’re likely to
get out of this pro-growth tax
reform,” he said.
It depends on how he de-
fines “conservative.” If he
means the estimate favored by
many conservative politicians,
he may be right. But if he
means the estimate most con-
servative economists are offer-
ing, he is dead wrong.
Consider the view of Doug-
las Holtz-Eakin, who served as
Congressional Budget Office
director under President
George W. Bush. “If it’s a well-
designed tax policy, it will par-
tially offset the cost” of the tax
cuts, he said. But “there’s no
evidence anywhere that a tax
Random Acts of Kindness? Hardly
By Bob Brody
T
he scene is Yankee Sta-
dium in 2016. My 10-
year-old cousin Grant
charges toward the dugout ev-
ery inning after the home
team bats, screaming for a ball
to be thrown to him. Eventu-
ally the first-base coach flips
him just such a souvenir.
But Grant wants his friend
Clark, also at the game, to get
an official MLB ball, too. So in-
ning after inning my cousin
makes that beeline for the
dugout and yells for another.
All to no avail. Eventually he
tells Clark “here,” and hands
over his ball.
One recent morning some-
thing similar happens in a
fast-food place near my home.
A man pays and instructs the
cashier to give a homeless
man sitting there doughnuts
and coffee after he leaves.
When the cashier obliges, the
homeless man shares his sur-
prise bounty with a fellow
homeless man two tables
away.
not only from subscriber fees
but from advertising, which
requires maximizing the
number of eyeballs. As for
HBO, it’s a premium channel:
Millions of Americans make a
decision every day to live
without this “must-watch”
content.
Even more to the point,
though AT&T would be self-
defeating to do so in this case,
there’s nothing wrong in prin-
cipal with using exclusive con-
tent to lure subscribers in a
competitive marketplace.
Unrecognized by Justice,
AT&T is the underdog in its
TV markets. Four million of its
TV customers are wireline
customers for U-Verse, a DSL
service that Americans con-
sider technologically inferior
to cable broadband. Twenty
million are customers of its
satellite business, DirecTV,
which lacks a two-way high-
speed channel in a world
where even traditional cable
TV is increasingly a profitless
add-on to the service custom-
ers really want, namely two-
way broadband.
Ask any analyst: AT&T’s fu-
ture lies with its 139 million
wireless broadband custom-
ers. For the purposes of Jus-
tice’s lawsuit, though, wireless
is A) fiercely competitive and
B) a nonplayer in TV, though it
promises in the future to be
the ultimate disrupter of the
cable oligopoly.
To summarize, Justice is
absolutely bonkers about what
constitutes “must have” TV
content and its role in foster-
ing “innovation” in the TV de-
livery marketplace.
cut of that magnitude, regard-
less of composition, will off-
set” the full cost.
Or consider the argument
made by Gregory Mankiw, one
of the country’s most re-
spected conservative-leaning
academic economists. In prin-
ciple, he favors so-called dy-
namic scoring, which builds
the effects of increased
growth into revenue models.
It is “potentially more accu-
rate,” he wrote in the New
York Times. But he adds a ca-
veat: “It is also more easily
abused by those who want to
promote their policies with an
unhealthy dose of wishful
thinking.”
So where is the line be-
tween solid analysis and wish-
ful thinking? Professor Mankiw
continued: “Tax cuts rarely pay
for themselves. My reading of
the academic literature leads
me to believe that about one-
third of the cost of a typical
tax cut is recouped with faster
economic growth.”
If Mr. Mankiw is right, then
the Senate bill would add $1
trillion to the national debt
over the next decade. And the
actual outcome could turn out
to be even worse.
Here’s why. As drafted, the
Senate bill reduces the cost of
tax breaks through phase-in
and phase-out provisions. The
bill earns a better budgetary
score from the Joint Commit-
tee on Taxation by setting all
individual tax breaks to expire
by 2025.
Republican congressional
leaders are sensitive to the
Why do we call acts of
kindness random when they
are so clearly intentional? Are
acts of kindness any more ran-
dom than acts of cruelty? The
answer is no.
It’s 6:30 in the morning
and raining hard. A woman
caught in the downpour with-
out an umbrella ducks inside
The usual phrase has
it wrong. Niceness can
only be intentional.
a coffee shop. “I have to get to
the hospital,” she says to a
stranger. She’s a nurse due for
a 7 o’clock shift. “See those
people over here?” the stranger
asks, nodding to a mother, fa-
ther and two children. “They
just pulled up in a car. You
could ask for a ride.”
The nurse is skeptical, but
the stranger is encouraging.
When she finally goes over to
ask for a lift, the family in-
stantly agrees, and out the
OPINION
Now we promised to ex-
plain why. Hold on, it’s going
to be a quick ride. In a series
of speeches in 2015, Obama
regulators laid the ground-
work for challenging vertical
mergers of media content and
distribution in the name of
protecting “innovation.”
“Innovation,” to them,
meant sparking new alterna-
tives to cable’s existing TV and
broadband businesses. And the
And why Donald
Trump’s finger
may have been on
the scale after all.
key lever would be regulating
what Justice now calls “must
watch” TV content to encour-
age online and facilities-based
competitors to cable.
Exactly a year ago this ob-
session with “must-watch”
content, now completely un-
moored from its underlying
rationale, gave rise to Jus-
tice’s bizarre antitrust lawsuit
against DirecTV in connection
with its refusal on behalf of its
customers to overpay for the
L.A. Dodgers channel.
Go back and read our col-
umn at the time. Justice in
this case had worked itself
around perversely to using
antitrust to prop up the tradi-
tional cable TV monopoly. We
also warned why this boded
ill for the just-announced
AT&T and Time Warner
merger when every other ana-
lyst said it would sail through.
criticism that this amounts to
a bait-and-switch strategy to
sell the tax package. Demo-
crats are gearing up to charge
that while the corporate rate
reductions are permanent,
many individuals would find
themselves paying higher
taxes by the mid-2020s.
In response, Treasury secre-
tary Steven Mnuchin has said,
“there are certain parts of this
that expire, but we have every
expectation that down the
Remember when the
GOP was the party
of fiscal discipline?
Congress doesn’t.
road, Congress will extend
them.” He may well be right. If
so, the real 10-year cost of the
bill would be $2.2 trillion, add-
ing nearly $1.5 trillion to the
national debt. Republicans
cannot have it both ways.
Moreover, this is not a good
time to be adding to the na-
tion’s debt burden. According
to the CBO, we are already on
track to add more than $10
trillion to the national debt
over the next decade, raising it
from an already high 77% of
GDP to a sky-high 91%. If there
is even one recession during
this period, the debt will rise
even higher. We’re in a deep
hole, and the Republican plan
would dig it deeper.
Standard economics tell us
that the best time to stimulate
door they go. As they pull
away, the nurse waves goodbye
to the stranger, smiling.
Though rare, such flashes
of empathy and altruism—of
going above and beyond our-
selves, setting aside, if only
momentarily, our personal
wants and needs—do occur. In
Hebrew, this kind of good deed
is called a mitzvah, literally
meaning “commandment,” as
in thou shalt be kind. Those
who perform mitzvahs are in
Yiddish called mensches, de-
fined as people of integrity
and honor.
My daughter Caroline is at
a table outside a cafe in south-
ern Italy. A father holding his
baby daughter comes along for
an espresso. The baby looks at
Caroline. Caroline looks at the
baby. The father notices their
rapport. He brings the baby
over and hands her to Caroline
to hold for a minute.
A few days later, the father
comes back, again with his
baby. This time the baby rec-
ognizes Caroline. The father
surrenders custody, saying
Sure enough, Justice’s lawsuit
this week amounts perversely
to another big, wet favor to
the existing cable monopo-
lists, who would otherwise
face a stronger and more in-
novative AT&T.
The DirecTV lawsuit, filed
just days before Donald
Trump’s election, was the
brainchild of Justice’s Jon Sal-
let, a protégé of Obama anti-
trust division chief Bill Baer
and Obama FCC Chief Tom
Wheeler. The same Mr. Sallet
would have been an early in-
fluence on the yearlong re-
view of the AT&T and Time
Warner merger that landed in
the lap of Trump appointee
Makan Delrahim, who arrived
in his job barely seven weeks
ago. Now here’s where we re-
vise our view from last week’s
column.
Mr. Delrahim may have felt
trapped three ways from Sun-
day. He put himself on record
pooh-poohing behavioral rem-
edies, as applied in the similar
Comcast-NBCU merger. He in-
herited from Mr. Sallet a staff
and work product that was all-
in on Obama-era thinking
about vertical entertainment
mergers. Finally, any decision
on his part to reverse course—
which would have been the
subject of griping leaks from
Obama trustbusters as well as
from the anti-bigness left—
would have been extra con-
spicuous because he works for
a president who had publicly
criticized the AT&T-Time
Warner merger.
So Donald Trump’s anti-
CNN comments may have been
a finger on the scale after all.
the economy is when unem-
ployment is high and output is
well below its potential. This is
not what we see today. The la-
bor market stands at what
most economists believe is full
employment, and the gap be-
tween potential and actual
output—which stood at 6%
during the lows of the Great
Recession—has virtually disap-
peared. Economic output has
accelerated, and there are
early signs of more rapid in-
creases in both wages and in-
flation.
Republicans seem to think
that 2017 is 1981 all over again
and that large tax cuts are
needed to counteract economic
slack. But the better analogy
for our current situation is to
1986, when Republicans and
Democrats came together on
historic tax reforms that low-
ered rates and broadened the
base, without adding to the
deficit.
Republican tax-drafters must
have known that they could
lower corporate tax rates to in-
ternationally competitive levels
and wipe out a slew of special-
interest provisions—without
worsening the deficit. They
made a different choice.
We needed bipartisanship
in the service of tax reform
and fiscal responsibility. In-
stead, we’re getting a party-
line bill that cuts taxes and in-
creases the deficit—without
even giving permanent tax re-
lief to President Trump’s work-
ing-class supporters. I wonder
what will happen when they
find out.
he’s going inside for coffee
and will be right back. Off he
goes, leaving his daughter
with my daughter.
Make of all these stories
what you want. But I’ll say
this: Unless we help each
other, who will? Being kind is
easy. It has taken me 65 years
to learn this, and how desper-
ately I wish I’d known it
sooner.
I’m at the supermarket deli
counter and overhear someone
say something about tomor-
row. Then he adds: “Who ever
even knows if tomorrow is
coming?” The doubt gets un-
der my skin, and I turn around
to face him. “Tomorrow is
coming,” I say. “Mark my
words.”
And guess what arrives the
next day? That’s right. What
used to be tomorrow.
Mr. Brody, an executive and
essayist in New York City, is
author of the new memoir
“Playing Catch with Strangers:
A Family Guy (Reluctantly)
Comes of Age.”
Wednesday, November 22, 2017 | A15
BOOKSHELF | By David M. Shribman
The Pilgrims’
Progress
The Mayflower
By Rebecca Fraser
(St. Martin’s, 358 pages, $29.99)
T
omorrow at 10 a.m., my brothers and I will huddle on a
rickety Massachusetts grandstand a quarter mile from
the Atlantic Ocean watching our old high school’s
football gladiators face our most dreaded gridiron rivals
from the adjacent colonial town. It is a Thanksgiving Day
ritual as revered by us as the turkey feast that will follow.
One of the cherished elements of the morning observance is
to listen to the reedy strains of teenagers standing at mid-
field playing “We Gather Together,” which we and our fellow
spectators believe to be the most American of anthems.
In truth, the hymn that includes the phrase “Beside us to
guide us, our God with us joining” was originally called “Wilt
Heden Nu Treden” and came from Holland. This instance of
cultural appropriation is a mere coincidence—no one had the
bright idea in 1935, when the tune was included in the
national hymnal of the Methodist Episcopal Church, to
search for a Dutch song of praise as a Thanksgiving homage
to the Pilgrims’ sojourn in
Leiden before they embarked
for America. But like many
historical accidents, there is a
poignancy—a poetry, you
might say—to the coincidence.
All of this came to mind
while weaving through “The
Mayflower,” Rebecca Fraser’s
account of the Pilgrims’ progress.
In the canon of American folklore,
the tale begins in England and
moves across the ocean—a seek-
the-Lord’s-blessing journey that
involves faith, daring, struggle and
forbearance and that leads, of course, to
the first Thanksgiving in November 1621. At
that point, usually, the story peters out, much as many of us,
post-feast tomorrow, will lapse into a food coma and doze in
front of the third quarter of the Chargers-Cowboys game.
There is nothing sleep-inducing about the chronicle crafted
by Ms. Fraser, who by a separate family tradition—she’s the
daughter of British historian Lady Antonia Fraser, who has
given us biographies of Mary Queen of Scots and Marie
Antoinette, among others—knows a good story. In Ms.
Fraser’s telling, the Thanksgiving Day events so central to
American identity and character merit a mere three sentences
in a book that spans more than 300 pages. The lesson: There
is more to the Pilgrims’ story—more to American identity and
character—than our Thanksgiving rituals and reveries.
Ms. Fraser hangs her tale on the apprentice printer
Edward Winslow, who came under the sway of Refor-
mation scholars and was, as she puts it, “seized by a sort
of valiant unquenchable fire.” Like others, he made his way
to the Dutch city of Leiden, probably in 1617, hoping for
freedom to worship at a time when, in England, he and his
co-religionists felt themselves to be victims of persecution.
Europe, Ms. Fraser tells us, was encrusted in what was
known as the Little Ice Age, a period rather different from
our own warming era.
The story of Plymouth Colony, told afresh
through the life of one of its lesser-known
founders, the Puritan printer Edward Winslow.
The exigencies of frigid Holland were little as compared
with the challenges, spiritual and physical, to come. It was in
Leiden, where Frans Hals painted and religious exiles
flourished, that Winslow was drawn into the circle of
William Bradford and William Brewster, two breakaway
Congregationalists whose spiritual searching was
geographical as well as theological. For Winslow and others,
religious fervor was mixed with the desire for exploration
and colonization—for a new start in the New World.
These devout voyagers—eventually leaving from Plymouth,
England—thought of themselves as spiritual searchers
crossing a metaphorical Red Sea to the new Promised Land.
Their passage bore little resemblance to the biblical episode.
Sea swells and sea squalls, and the mounting autumn cold,
were among the hardships they endured aboard the
Mayflower until they made landfall in what is now Cape Cod
in Massachusetts. Their greatest achievement was not
survival but an agreement—a document that was, Ms. Fraser
says, “a consequence of their endeavor.” The Mayflower
Compact set out a case for self-governance, creating a broad
social contract to “combine ourselves together into a civil
body politic.” From these democratic beginnings a powerful
idea took root in a frozen foreign soil.
Much of the story that follows is familiar if only in a
gauzy grade-school way: the planting of corn; the sicknesses
and the deaths (one a day, for a period); the Indians, includ-
ing Samoset, Squanto and Massasoit (names once known to
every New England schoolchild). It was with Massasoit—
“grave of countenance, and spare of speech,” in a
contemporary account—that a rudimentary treaty of peace
was signed. Article 6 proclaimed: “That when their men
came to us, they should leave their bows and arrows behind
them, as we should do our pieces when we came to them.”
This was not to be a peaceable kingdom, however, despite
the fervent wishes of Winslow, whose repertoire of devout
beliefs included coexistence with the natives and self-rule for
the colonies. The astonishing influx of settlers from England
upset the fragile balance of natives and colonists just as the
idealism of the early days went into eclipse, though not
without considerable discussion of materialism and grace,
worldliness and wickedness. At one point, amid concerns that
the colony had drifted from its godly moorings, charges of
sedition filled the air. Ours is not the only American epoch when
vital questions have been debated with breathless urgency.
Ms. Fraser’s tale offers an intimate view of colonial life, an
approachable companion to more forbidding scholarly
studies. Its principal flaw is that it wanders too widely,
largely the result of the wanderings of its main character.
But the emphasis on the Winslow story has purpose as well
as poignancy. It was under the command of Edward’s son
Josiah that colonial militiamen killed the son of Edward’s
great friend Massasoit, during a war among colonists and
Indians in the 1670s. But there is more. Josiah Winslow—a
merchant trader dealing in sugar, iron and cloth and “part of
the ferociously rapid infant American capitalism,” in Ms.
Fraser’s characterization—was as fired with business acumen
as Edward had been with religious fervor. In that way he was
as much a founder of the American way as his father.
Mr. Shribman is executive editor of the Pittsburgh
Post-Gazette.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A16 | Wednesday, November 22, 2017
REVIEW & OUTLOOK
The Desolate Wilderness
H
ere beginneth the chronicle of those
memorable circumstances of the year
1620, as recorded by Nathaniel Morton,
keeper of the records of Plymouth Colony, based
on the account of William Bradford, sometime
governor thereof:
So they left that goodly and pleasant city of
Leyden, which had been their resting-place for
above eleven years, but they knew that they
were pilgrims and strangers here below, and
looked not much on these things, but lifted up
their eyes to Heaven,
their dearest country,
where God hath pre-
pared for them a city
(Heb. XI, 16), and therein
quieted their spirits.
When they came to
Delfs-Haven they found
the ship and all things
ready, and such of their
friends as could not come
with them followed after
them, and sundry came
from Amsterdam to see them shipt, and to take
their leaves of them. One night was spent with
little sleep with the most, but with friendly en-
tertainment and Christian discourse, and other
real expressions of true Christian love.
The next day they went on board, and their
friends with them, where truly doleful was the
sight of that sad and mournful parting, to hear
what sighs and sobs and prayers did sound
amongst them; what tears did gush from every
eye, and pithy speeches pierced each other’s
heart, that sundry of the Dutch strangers that
stood on the Key as spectators could not refrain
from tears. But the tide (which stays for no
man) calling them away, that were thus loath
And the Fair Land
A
ny one whose labors take him into the
far reaches of the country, as ours lately
have done, is bound to mark how the
years have made the land grow fruitful.
This is indeed a big country, a rich country,
in a way no array of figures can measure and
so in a way past belief of those who have not
seen it. Even those who journey through its
Northeastern complex, into the Southern lands,
across the central plains and to its Western
slopes can only glimpse a measure of the
bounty of America.
And a traveler cannot but be struck on his
journey by the thought that this country, one
day, can be even greater. America, though many
know it not, is one of the great underdeveloped
countries of the world; what it reaches for ex-
ceeds by far what it has grasped.
So the visitor returns thankful for much of
what he has seen, and, in spite of everything,
an optimist about what his country might be.
Yet the visitor, if he is to make an honest report,
must also note the air of unease that hangs ev-
erywhere.
For the traveler, as travelers have been al-
ways, is as much questioned as questioning. And
for all the abundance he sees, he finds the ques-
tions put to him ask where men may repair for
succor from the troubles that beset them.
His countrymen cannot forget the savage
face of war. Too often they have been asked to
fight in strange and distant places, for no clear
purpose they could see and for no accomplish-
ment they can measure. Their spirits are not
quieted by the thought that the good and pleas-
ant bounty that surrounds them can be de-
stroyed in an instant by a single bomb. Yet they
find no escape, for their survival and comfort
now depend on unpredictable strangers in far-
off corners of the globe.
How can they turn from melancholy when at
home they see young arrayed against old, black
against white, neighbor against neighbor, so
that they stand in peril of social discord. Or not
These editorials have appeared annually since 1961.
Keystone XL on the Cusp
T
he Keystone XL pipeline cleared its final
major regulatory hurdle Monday, but
the fight isn’t over as opponents have
seized on a spill last week on another TransCan-
ada pipeline. The wonder is that the company
still wants to build anything in the U.S. after the
way it has been treated.
The good news is that the Nebraska Pub-
lic Service Commission voted 3-2 to allow
TransCanada to build a pipeline traversing
the state. The federal government has al-
ready given its blessing, and Nebraska was
the last state hold-out.
Nebraska officials refused to sign off on the
preferred Keystone XL route, approving an al-
ternative that the commission says would bet-
ter protect water resources and endangered
species, adding that it “would have little envi-
ronmental impact.”
But it also means TransCanada will have to
deal with a new set of landowners. So the pipe-
line is all but certain to face further litigation
from property-holders and environmental
groups. TransCanada says it will now begin “as-
sessing how the decision would impact the cost
and schedule of the project.”
The usual Keystone XL opponents are now
claiming that last Thursday’s 5,000-barrel leak
in South Dakota is proof that pipelines are in-
herently dangerous. “These pipelines are bound
to spill, and they put communities, precious
drinking water, and our climate at risk,” said
Rachel Rye Butler of Greenpeace.
OPINION
to depart, their Reverend Pastor, falling down
on his knees, and they all with him, with watery
cheeks commended them with the most fervent
prayers unto the Lord and His blessing; and
then with mutual embraces and many tears they
took their leaves one of another, which proved
to be the last leave to many of them.
Being now passed the vast ocean, and a sea
of troubles before them in expectations, they
had now no friends to welcome them, no inns
to entertain or refresh them, no houses, or
much less towns, to re-
pair unto to seek for
succour; and for the sea-
son it was winter, and
they that know the win-
ters of the country know
them to be sharp and vi-
olent, subject to cruel
and fierce storms, dan-
gerous to travel to
known places, much
more to search unknown
coasts.
Besides, what could they see but a hideous
and desolate wilderness, full of wilde beasts and
wilde men? and what multitudes of them there
were, they then knew not: for which way soever
they turned their eyes (save upward to Heaven)
they could have but little solace or content in
respect of any outward object; for summer be-
ing ended, all things stand in appearance with
a weatherbeaten face, and the whole country,
full of woods and thickets, represented a wild
and savage hew.
If they looked behind them, there was a
mighty ocean which they had passed, and was
now as a main bar or gulph to separate them
from all the civil parts of the world.
despair when they see that the cities and coun-
tryside are in need of repair, yet find themselves
threatened by scarcities of the resources that
sustain their way of life. Or when, in the face of
these challenges, they turn for leadership to
men in high places—only to find those men as
frail as any others.
So sometimes the traveler is asked whence
will come their succor. What is to preserve their
abundance, or even their civility? How can they
pass on to their children a nation as strong and
free as the one they inherited from their forefa-
thers? How is their country to endure these
cruel storms that beset it from without and
from within?
Of course the stranger cannot quiet their
spirits. For it is true that everywhere men turn
their eyes today much of the world has a truly
wild and savage hue. No man, if he be truthful,
can say that the specter of war is banished. Nor
can he say that when men or communities are
put upon their own resources they are sure of
solace; nor be sure that men of diverse kinds and
diverse views can live peaceably together in a
time of troubles.
But we can all remind ourselves that the rich-
ness of this country was not born in the resources
of the earth, though they be plentiful, but in the
men that took its measure. For that reminder is
everywhere—in the cities, towns, farms, roads,
factories, homes, hospitals, schools that spread
everywhere over that wilderness.
We can remind ourselves that for all our so-
cial discord we yet remain the longest enduring
society of free men governing themselves with-
out benefit of kings or dictators. Being so, we
are the marvel and the mystery of the world, for
that enduring liberty is no less a blessing than
the abundance of the earth.
And we might remind ourselves also, that if
those men setting out from Delftshaven had
been daunted by the troubles they saw around
them, then we could not this autumn be thank-
ful for a fair land.
Their real agenda is to keep oil and gas in the
ground, though Americans still rely on petro-
leum for 37% of their energy. But in the real
world, which is marred by reality and risk, pipe-
lines have an enviable safety record.
More than 99.99% of oil moved by pipeline ar-
rives at its destination safely. Compared to rail,
pipelines are 2.5 times less likely to have an acci-
dent that results in an oil spill, the Fraser Insti-
tute concluded after assessing Canadian govern-
ment data between 2004 and 2015. A Manhattan
Institute report looked at the U.S. Department
of Transportation’s annual accident data be-
tween 2007-2016. Per billion ton-miles, oil pipe-
lines charted the lowest rate at 0.66. Railways
came in at 2.20, and roads at 7.11.
South Dakota’s Keystone pipeline, where last
week’s spill occurred, has safely delivered more
than 1.5 billion barrels of oil since opening in
June 2010. TransCanada had isolated the af-
fected portion of pipeline within 15 minutes.
South Dakota’s Department of Environment and
Natural Resources said emergency precautions
“seemed to work very well,” and the spill didn’t
spoil surface or drinking water.
Federal and state governments have deemed
these to be acceptable risks, especially given
the enormous economic benefits. Keystone XL
amounts to a shovel-ready, $8 billion invest-
ment in American infrastructure—without tax-
payer money. Unfounded pipeline alarmism has
stymied this project for years, and it would be
a pity if such dishonest tactics succeeded again.
LETTERS TO THE EDITOR
The Hidden Costs of Wind-Power Subsidies
Your editorial “Big Wind and Tax
Reform” (Nov. 11) says the produc-
tion tax-credit subsidy takes billions
out of the pockets of working Ameri-
cans and transfers the money to rich
investors. That’s not half of it.
In addition to the $24/megawatt
hour in production tax credits (PTC)
in the first 10 years of a project’s life,
wind payments under power-pur-
chase agreements (PPAs) with utili-
ties and nonutilities (like Facebook,
Amazon, Google, etc.) can average
$70/Mwh and more over contract
lengths that are typically 20 years
and longer.
Thus, wind energy is guaranteed
compensation from extra-market
sources that is two to four times the
$20 to $30/Mwh typically received
by true market participants. Wind
operators typically offer power to the
market at negative prices to make
sure that they won’t be bumped off-
line so that they can continue to pro-
duce and earn both the PTC and PPA
payments.
Most of the new power transmis-
sion in the U.S. in recent years is be-
ing built to bring wind energy to
large population centers. The cost of
the billions invested in new trans-
Democrats Disingenuous on Mandate Repeal
When it comes to the pending tax
reform, it becomes obvious that the
Democrats can’t even formulate a
good lie and the Republicans simply
cannot resist playing defense (“The
Appeal of Mandate Repeal,” Nov. 16).
Thirteen million Americans were
taxed because they didn’t purchase
health insurance—that means they
were not insured. Rescinding the
mandate doesn’t make them any more
or less insured. Rescinding the man-
date does restore individual choice
(see the Ninth Amendment).
Republicans in the Senate need to
recognize that the Democrats who so
heatedly attack Attorney General Jeff
Sessions have opened the door to re-
scinding the Byrd rule. After all, Rob-
ert Byrd was a senior member of the
KKK, so according to progressive val-
ues, anything associated with his
name should be eliminated from the
public square. How much more do Re-
publicans need to eliminate the Byrd
in their hand?
JACK HAMILTON
Silverdale, Wash.
Slim Chance End of Mugabe
Means Sunrise in Zimbabwe
Regarding Ozan Varol’s “Zimba-
bwe’s Coup Could Provide an Open- foundations are vital economic driv-
ing for Democracy” (op-ed, Nov. 16): ers that provide more than 11 million
No basis for Western-style democ-
racy exists in Zimbabwe. The job of contribute an estimated $905.9 bil-
the armed forces and internal secu- lion to the national economy.
rity services of Zimbabwe is to sup-
press any effort to change the
Mugabe internal power structure,
which possesses no democratic
trappings. After Robert Mugabe, the matter most to them. In turn, Amer-
next power struggle will begin from ica’s charities are using those be-
a point that has no democratic un-
derpinnings. Democracy requires a
culture that accepts the rule of law, housing people, caring for seniors,
a people willing to accept the self-
discipline demanded by a function-
ing democracy and leaders who put is an important part of any “produc-
public interest before self-interest.
None of this exists in Zimbabwe.
The oppressive forces of Zimba-
bwe’s internal security cannot af-
ford to suddenly become enlight-
ened with the concept of democracy
and offer the concept all the pro-
tections needed. To do so would
mean offering themselves as mar-
tyrs for democracy. That is not
what thugs do. The security forces
of Zimbabwe will be looking after
their own welfare, not that of the
people.
RICHARD BRAWN
Petaluma, Calif.
Tax College Endowments?
Well, Do It the Right Way
Regarding Thomas Gilbert and
Christopher Hrdlicka’s “A Hedge Fund
That Has a University” (op-ed, Nov.
14): A 1.4% tax on multibillion-dollar
college endowment funds? Why?
They are tax-free right now and do
pitifully little to reduce student costs.
A minor tax is unlikely to change that
neglect.
Let’s do it right. Hit them for full
ordinary income and capital-gains tax
on all earnings that are reinvested or
applied to purposes other than stu-
dent debt relief.
I did graduate work at one of the
nation’s richest universities. My par-
ents remortgaged their modest home
to help with the cost.
PHILIP MCBRIDE JOHNSON
Fernandina Beach, Fla.
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished
letters can be neither acknowledged nor
returned.
THE WALL STREET JOURNAL.
mission projects is passed through
to electric customers at rates of re-
turn exceeding those allowed by
state public utility commissions. Ac-
cording to a recent report on wind
energy technology by the Berkeley
Lab, about $20 billion in new trans-
mission will be built annually be-
tween 2014 and 2019. For context,
annual transmission expenditures
are about equal to the value of all
coal sold to the electric sector by
U.S. producers in 2016.
Congress (and some states) made
the market for renewable energy, and
rich investors continue to force large
chunks of unneeded energy into the
nation’s power markets. The negative
prices for wind power force local
utilities out of wholesale power mar-
kets because utility-owned genera-
tion can’t compete with subsidized,
mandated power, especially with de-
mand growth very low or flat.
Retail electric rates should be de-
clining because, according to the
wind lobby, renewables are so inex-
pensive. This is clearly not the case.
Wholesale power prices are down but
retail rates are not.
SUSAN FLEETWOOD
Rogersville, Mo.
The current nonsense from the
swamp that ending the insurance
mandate will raise insurance premi-
ums is nonsense. Take Rockingham
County, Va., where my wife and I
live. Our current carrier is Anthem
Inc. at about $1,400 a month. It has
exited our market for 2018. The re-
maining carrier, about to enjoy mo-
nopoly pricing next year, will cost us
$3,000 a month for a bronze plan
with a $13,100 family deductible. We
aren’t eligible for a subsidy. We are
in our 60s, not yet Medicare eligible,
and find a description of our situa-
tion in your editorial. We will be
forced to purchase outrageously
priced insurance most of which we
don’t need, or face a fine. The outra-
geous price increases are already
here.
LEWIS NAGEL
Harrisonburg, Va.
Foundations Give a Boost
To the Economy and Culture
Your Nov. 10 editorial “Tax Reform
Momentum” claims that moving re-
sources into a trust or foundation
“diverts resources from the produc-
tive economy.” This is absolutely
wrong. America’s nonprofits and
jobs, pay $532 billion in wages and
The estate tax provides a powerful
incentive for wealthy individuals to
support this economic engine by giv-
ing to the charities and causes that
quests to enrich communities in
countless ways, such as feeding and
creating arts and culture or helping
guide spiritual well-being. Surely, this
tive economy,” and cutting off re-
sources will lead to job losses, not
job growth.
DANIEL J. CARDINALI
President and CEO
Independent Sector
Washington
A Germany Energy Solution
Regarding your editorial “Ger-
many’s Green Energy Meltdown”
(Nov. 18): I am sitting within two
miles (straight down) of enough natu-
ral gas to fuel the entire U.S. for well
over 100 years. We here in western
Pennsylvania would be more than
happy to liquefy and export some of
our excess to help lower Germany’s
energy costs. Truly a win-win propo-
sition. Let’s roll.
RICHARD J. KRAULAND
Pittsburgh
Pepper ...
And Salt
THE WALL STREET JOURNAL
“What I remember most about that
first Thanksgiving—totally dry turkey.”
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THE WALL STREET JOURNAL. Wednesday, November 22, 2017 | A17

OPINION

The PC Police Can’t Ruin Thanksgiving

By Melanie Kirkpatrick I can’t say I was surprised. Attacks Thanksgiving a “Day of Mourning”

N
ot long after the publica-
tion of my history of
Thanksgiving last year, I
received a menacing
email from someone who
on Thanksgiving come largely from and spent the day fasting. On the
the academy. A University of Texas other coast, Native Americans de-
professor wants Thanksgiving to be clared an “Un-Thanksgiving,” hold-
replaced with a national Day of ing their protest on Alcatraz Island
Atonement to “acknowledge the in San Francisco Bay. Meanwhile,
genocide of indigenous people that Ronald Reagan became the first

UNIVERSAL HISTORY ARCHIVE/UIG VIA GETTY IMAGES

had heard me interviewed on Na-
tional Public Radio. The sender was
outraged at my view that the 1621
event that has come to be known as
the First Thanksgiving is something
to celebrate.
One professor suggests a
new ‘Day of Atonement’
instead. But that’ll never
happen—thankfully.
“How dare you suppress the true
story of ‘Thanksgiving?’ ” she asked.
“Our indigenous people are endur-
ing so much, and you disregard the
genocide and actions forced upon
them. Please stop validating im-
moral and homicidal acts. Where is
your moral fiber? Rescind your in-
valid words. We are watching.”
The email was unsigned, but I
traced the address to a woman who
teaches at an elite Eastern college.
is central to the creation of the
United States.” At Barnard College
in New York City in 2013, the stu-
dent government sent out an email
before the holiday break urging stu-
dents “to not forget that this holi-
day commemorates genocide and
American imperialism.”
For the most part, though, the PC
police are out of luck when it comes
to Thanksgiving. It is not about to
go the way of Columbus Day, which
has been replaced by Indigenous
People’s Day in 55 cities and several
states.
Americans’ favorite holiday has
survived other sporadic attacks over
the nearly 400 years since the fa-
mous three-day feast in Plymouth,
Mass.
In the 17th century, days of
thanksgiving were originally called
to express gratitude to God for spe-
cific beneficences such as a rainfall
that ended a drought. Theologians
objected when thanksgiving holi-
days became annual events for the
purpose of expressing gratitude for
‘The First Thanksgiving 1621’ by Jean Leon Gerome Ferris (1863-1930).
nonspecific, everyday blessings.
They feared that the act of giving
thanks would become an empty
ritual.
In 1789, the first U.S. Congress
debated the constitutionality of a
national Thanksgiving. Opponents of
a proposal to ask George Washington
to declare a day of Thanksgiving ar-
gued that such authority rested with
state governors, not the president.
They objected, too, on grounds of
president to mention Native Ameri-
cans in a Thanksgiving proclamation
when he quoted a Seneca prayer of
gratitude in 1984.
In our own century, the Interna-
tional Indian Treaty Council, the ad-
vocacy group that oversees the al-
ternative Thanksgiving on Alcatraz,
has changed the name to Indigenous
People’s Thanksgiving, which it
views as a more appropriate charac-
terization of the event.
“We have lots to be thankful for,”
Andrea Carmen, the council’s execu-
tive director, told me last year. “Our
ancestors kept our spiritual tradi-
separation of church and state. The tions, our culture, our history, alive.
pro-Thanksgiving forces prevailed, We are thankful in spite of what
and Washington proclaimed our first happened to us.”
national Thanksgiving. The anti- Many participants also mark
Thanksgiving arguments resurfaced Thanksgiving Day in the familiar
in the early 19th century, when Pres- way, she adds. Ms. Carmen sees no
ident Thomas Jefferson explained contradiction. “We’re an inter-cul-
his refusal to name a Thanksgiving tural people,” she says. It is natural
day even though he had done so as that Native Americans would want
governor of Virginia. to mark the day with both of the
Later in the 19th century, Ameri- traditions they value. The gathering
cans’ mania for the new sport of concludes by 9 a.m.—in time for
football sparked a national discus- participants to get home and put a
sion over the meaning of the holi- turkey in the oven.

There’s No Antitrust Case Against AT&T
By Geoffrey A. Manne
In fact, one of the highest-grossing
already polices cable distribution
day. Critics argued that Thanksgiv-
ing Day football intruded on family
gatherings and obscured the reli-
The rites and rituals of our na-
tional Thanksgiving have evolved
over four centuries and that process
gious obligation to give thanks to surely will continue. The essence of

T
he Justice Department an-
nounced Monday that it would
file an antitrust lawsuit in fed-
eral court to stop the proposed
merger of AT&T and Time Warner. In
the days before the news broke, ex-
perts suggested such a challenge was
likely to fail under current law. But
the poverty of the government’s case
is also a matter of economics.
The Justice Department asserts
that “vertically integrating” AT&T’s
distribution network with Time
Warner’s content would make the
merged company too powerful. The
combined firm could raise the prices
The merged firm would get
nothing from withholding
‘Game of Thrones’ or
selling ‘CNN exclusivity.’
that AT&T’s competitors pay to
carry Time Warner content on their
networks. Or it could altogether
withhold popular Time Warner pro-
gramming, like CNN or HBO. Both of
these claims miss the mark.
Withholding Time Warner content
from competitors would make no fi-
nancial sense. AT&T has agreed to
pay $85 billion for Time Warner.
More than half of Time Warner’s
revenue, $6 billion last year, comes
from fees that distributors pay to
carry its content. Because fewer than
15% of home-video subscriptions are
on networks owned by AT&T (Di-
recTV, U-verse, and DirecTV Now),
the bulk of that revenue comes from
other providers.
In other words: Calculated using
expected revenue, AT&T is paying
$36 billion for the portion of Time
Warner’s business that comes from
AT&T’s competitors. The theory
seems to be that the merged com-
pany would simply forgo this reve-
nue in a speculative hope that with-
holding Time Warner content from
distributors would induce masses of
viewers to switch to AT&T—and
maybe, one day, put competitors out
of business. That this strategy
would actually work is unfathom-
able. “Game of Thrones” is good, but
it isn’t that good.
Worth noting, too, is that Time
Warner itself is already vertically
integrated: It both produces content
(such as Warner Bros. films) and
distributes it through channels such
as HBO, the CW and TBS. Still,
some of Time Warner’s most valu-
able shows are available through
unaffiliated distributors including
Showtime, Netflix, Amazon and Fox.
film franchises in history, the War- deals and expressly prohibits pro- God and remember the less fortu- the holiday, however, is unlikely to
ner Bros. “Harry Potter” series, is viders from “unfairly” refusing to nate. The New York Herald lamented change. Families and friends will
available on cable exclusively on make their content available to ri- that, “The kicker now is king and continue to gather, the turkey will
Disney’s Freeform channel. Next vals when doing so would impede a the people bow down to him.” take pride of place on the dinner ta-
year a new deal will take effect and competitive service. By the 20th century, Thanksgiv- ble, and the generous spirit of the
“Harry Potter” will be exclusive to The Justice Department’s asser- ing’s popularity was so strong that American people will ensure that
NBCUniversal channels. This hardly tion that consumers would be even the president could get in the poor, sick, imprisoned and
seems anticompetitive. harmed if AT&T controlled what trouble for tinkering with tradition. lonely will be included in the cele-
AT&T is even less likely to with- amounts to a fraction of the content Franklin Roosevelt launched a na- bration. Just about every American
hold content that isn’t considered in a wildly competitive market—a tionwide brouhaha in 1939 when he celebrates Thanksgiving; for new
“must have”—like CNN, for starters. market full of aggressive (and verti- announced that Thanksgiving would citizens, it is a rite of passage.
Sure, CNN is popular, but news cally integrated) competitors like be celebrated a week earlier than When we gather around the holiday
sources abound. In TiVo’s most re- Netflix, Comcast-NBCUniversal, Dis- usual. Half the states refused to go table this Thursday, we will be tak-
cent Video Trends Report, CNN ney, Viacom and Amazon—is at odds along with “Franksgiving.” Congress ing part in our country’s oldest tra-
doesn’t crack the top 25 of most de- with economic reality. passed legislation in 1941 fixing the dition—giving thanks.
sired channels. People watch it holiday on the fourth Thursday of
when it’s included in a basic cable Mr. Manne is the executive direc- November. Ms. Kirkpatrick, a former deputy
package, but few are willing to pay tor of the International Center for The rise of the Indian Pride editor of the Journal’s editorial
for it particularly. Any strategy of Law and Economics, a nonprofit movement in the 1970s called atten- page, is a senior fellow at the Hud-
“CNN exclusivity” would be destined policy research center in Portland, tion to Native American culture, son Institute and author of “Thanks-
to fail. Ore., which has received grants of which had been neglected or misrep- giving: The Holiday at the Heart of
Nor would it work for the com- general support from both AT&T resented in Thanksgiving celebra- the American Experience” (Encoun-
bined company to raise prices for and its competitors. tions. A group in Plymouth renamed ter, 2016).
HBO or other content: If that idea
made sense, Time Warner already
would have done it. There is nothing
about AT&T owning HBO that would
suddenly make consumers pay more
for it. But for antitrust laws to kick
in, the potential harm must be
“merger specific”—that is, it must
arise as a result of the merger. That
certainly isn’t the case here.
Yes, content providers and video
distributors do sometimes enter into
exclusive deals, but economists have
long understood such agreements as
beneficial for consumers. Even if
they appear to limit distribution,
they spur the creation of new con-
tent and new modes of distribution.
Americans today are already cutting
cords and unbundling their viewing.
Multiple distribution models, each
with a unique collection of content,
can ably compete.
AT&T signed a deal with Taylor
Swift to create and distribute “be-
hind the scenes” videos. Dish Net-
work’s Sling TV is offering “skinny
bundles” of select channels. CBS has
launched its own stand-alone
streaming service. Amazon is bun-
dling original programming into a
Prime subscription. Such innova-
tions would not exist without the
ability to offer exclusive content or
unique arrangements to attract cus-
tomers. A merged AT&T-Time War-
ner, with tighter integration of con-
tent and distribution, would
generate further experimentation
and have an enhanced ability to
compete in this environment.
Moreover, the Justice Department
is also disingenuous when it acts as
if killing the merger is the only way
to ensure that Time Warner content
is available to competing cable pro-
viders. Although the government’s
lawsuit fails to mention it, the Fed-
eral Communications Commission

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BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P 2599.03 À 0.65% S&P FIN À 0.25%
Tech Rally Powers World Markets
Global giants like
Apple, Amazon,
Alibaba and Tencent
are prime movers
BY RIVA GOLD
Shares of global technology
companies are outpacing other
sectors this year by the widest
margin since the height of the
dot-com era, with a handful of
key players dictating how mar-
kets are performing around the
world.
That dynamic was on display
again Tuesday, when the Nas-
daq Composite rose 1.1% to end
at its 67th record close in 2017,
the highest number of record
closes in any year.
HEARD ON
THE STREET
By Nathaniel Taplin
Commodity
Bulls Fail
To Grasp
Full Picture
What are
the classic
signs of an
overheated
market?
Theories are
as legion as the horde of
Wall Street analysts hawking
them, but the most obvious
—amply illustrated by the
furor over bitcoin—is a
tendency for investors to
adamantly ignore evidence
that all may not be well.
Commodity markets today
bear some worrying
similarities to this state of
mind.
In particular, investors are
focused on two positive
developments: forced factory
closures in China, which are
driving metal prices higher,
and better growth in the U.S.
Two big questions,
meanwhile, have received far
less attention.
First, can China’s
campaign against small and
polluting metal furnaces
keep boosting prices even
though the real-estate
market, the ultimate driver
of demand, is now clearly in
retreat? Copper and Chinese
steel prices are both up
roughly 20% since early
June. Sales of residential
floor space have moved from
increasing nearly 10% to
falling 9% on the year over
the period.
That would be less
worrying if capacity curbs
were truly deep and broad.
But they are not. Output cuts
of 10% or less have been
matched by outsize price
reactions in both coal and
steel, says economist Chen
Long at Gavekal
Dragonomics. Capacity cuts
beginning in early 2016
happened to coincide with a
big pickup in real estate. But
if the current pollution-
related crackdown on
industry eases this coming
spring, just as construction
activity really starts to slow,
metal investors will
experience the flip side of
this dynamic.
Second, why are
commodity inventories in
the U.S. so stubbornly high,
even though the growth
picture is brightening? Oil
inventories, which looked
like they were poised to
finally drain this summer,
are starting to creep up
again and have now risen in
three of the past four weeks,
according to U.S. Energy
Information Administration
data.
Meanwhile, U.S. copper
inventories have more than
doubled since Donald
Trump’s election and now
stand at their highest level
in more than a decade, in
part, perhaps, in anticipation
of an infrastructure stimulus
Please see HEARD page B2
TECHNOLOGY: TOSHIBA OPENS DOOR TO ACTIVIST INVESTORS B7
* * * *
S&P IT À 1.19%
Shares of Apple Inc. rose
1.9%, while International Busi-
ness Machines Corp. added 1%.
Microsoft Corp. was up 1.4%,
putting the three tech giants
among the biggest contributors
to the Dow industrials’ gains
Tuesday.
Tech gains boosted the
broader market. The S&P 500
and Dow Jones Industrial Aver-
age also closed at record highs,
rebounding after a rare down
stretch during the previous two
weeks. Blue-chip stock indexes
in Europe and Asia closed
higher.
In a sign that the tech rally is
going global, Chinese internet
company Tencent Holdings
Ltd. rose 2.4% after intraday
gains briefly put the company’s
market capitalization at around
Antitrust Tangle Heads to Court
Here is how AT&T and Time Warner got to where they are, after decades of consolidation and deals in the
telecommunications and media industries.
Pre-1984 1984
AT&T Corp.
Born 1877 as the
Bell Telephone Co.
Ameritech
BellSouth
McCaw bought by AT&T
Pacific Telesis
Southwestern Bell
Bell Atlantic
NYNEX
U.S. West
Time Inc.
Time Magazine McCaw Cellular
debuts in 1923
Warner
Communications
Created in 1969
Turner Broadcasting
Pre-1984 1984
Source: staff and news reports
BY BRENT KENDALL
AND JACOB GERSHMAN
WASHINGTON—The Justice
Department’s lawsuit against
the combination of AT&T Inc.
and Time Warner Inc. sets the
stage for the biggest antitrust
contest in Washington since
the department sued Micro-
soft Corp. in 1998.
The suit against the merger
drew a split reaction from an-
titrust experts a day after the
government unveiled the high-
stakes case.
Advocates of aggressive an-
titrust enforcement voiced
support for the Justice De-
partment’s challenge, which
sets up a rare court battle
over a vertically integrated
INSIDE
ASIAN BUYERS
WIN TROPHIES
IN LONDON
PROPERTY REPORT, B8
DISH DROPS
CBS CHANNELS
IN PRICE FIGHT
TELEVISION, B3
THE WALL STREET JOURNAL.
DJ TRANS À 0.97% WSJ $ IDX g 0.16%
$530 billion, larger than Face-
book Inc.’s $528 billion. Ten-
cent hit $500 billion for the
first time Monday.
Just eight companies—Face-
book, Apple, Amazon.com Inc.,
Netflix Inc., Alphabet Inc.,
Baidu Inc., Alibaba Group
Holding and Tencent—have in-
creased by $1.4 trillion in mar-
ket cap in 2017, a sum roughly
equivalent to the combined an-
nual gross domestic product of
Spain and Portugal.
Tech giants’ powerful user
networks, large cash piles and
access to consumer data have
led many investors to expect
the big will only get bigger.
“You need critical mass to
support continuing innovation,”
said Christopher Dyer, director
of global equity at Eaton Vance.
’90 ’95
Lucent and
NCR spun off
AT&T Wireless
Cingular
Name changed to SBC
AirTouch
Bell Atlantic
Verizon Wireless
Mobile
Vodafone AirTouch
Qwest
America Online Inc.
Time Warner Inc.
Name changed to
AOL Time Warner
System
’90 ’95
merger.
The government argued in
its suit Monday that combin-
ing AT&T’s video-distribution
strength with Time Warner’s
stable of popular cable chan-
nels would give one company
too much control of the media
landscape, which it warns
would lead to higher prices
and less innovation.
Gene Kimmelman, a critic
of the AT&T deal who was a
Justice Department antitrust
official in the Obama adminis-
tration, said the government’s
legal theory of harm to com-
petition “is well established
and has been used in numer-
ous mergers,” including when
the Obama-era department
raised objections to Comcast
Disney Executive to Take Leave
BY BEN FRITZ
AND ALEXANDRA BERZON
John Lasseter is taking a six-
month leave of absence from the
senior creative post at Walt Dis-
ney Co.’s animation operations,
he told staff in an email that
cited unspecified “missteps” on
his part, including making some
personnel feel “disrespected and
uncomfortable.”
Mr. Lasseter, 60 years old, is
the senior creative executive for
both Pixar Animation Studios
and Walt Disney Animation. He
is known for hugging people lib-
erally, in public and in private.
“I especially want to apolo-
gize to anyone who has ever
been on the receiving end of an
unwanted hug or any other ges-
ture they felt crossed the line in
any way, shape, or form,” he
wrote in an email reviewed by
The Wall Street Journal.
At times, said former Pixar
employees contacted by the
Journal, Mr. Lasseter’s habit of
physical affection has made
some people feel awkward or
uncomfortable. Because hug-
ging is a central part of his
public persona, employees felt
it would be difficult to ask him
LIBOR 3M 1.454
While there are exceptions,
“China and the U.S. would be
natural destinations for incre-
mental dollar investment within
tech,” he said.
While technology companies
have helped take U.S. and some
Asian stock markets to records,
less tech-heavy bourses of Eu-
rope, Canada and Australia ha-
ven’t enjoyed the same success.
For MSCI Europe, roughly
85% of its underperformance
relative to world stocks can be
attributed to differences in the
weight and performance of
their technology sectors, ac-
cording to Morgan Stanley.
“There’s no doubt the mar-
kets that have high tech compo-
nents will have been the best
performers this year,” said Paul
Markham, a global equities
’00 ’05
Leap Wireless
Name changed
to AT&T Inc.
Verizon buys Verizon Wireless
U.S. West AOL spun off
joins Qwest
Name changed to
Time Warner Inc.
Time Warner Cable
spun off
’00 ’05
Corp.’s takeover of NBCUniver-
sal.
The department was willing
to settle that case in exchange
for restrictions on Comcast’s
business conduct. The current
Justice Department opposed
that kind of settlement with
AT&T, insisting the telecom gi-
ant instead sell off assets,
something the company was
unwilling to do.
“The only difference is the
Justice Department decided to
sue instead of agreeing to a
consent decree,” said Mr. Kim-
melman, now the president of
Public Knowledge, a public-in-
terest group.
AT&T argues the lawsuit is
an abrupt departure from the
Justice Department’s previous
BRENDAN MCDERMID/REUTERS
John Lasseter, Pixar’s head creative executive, apologized for ‘missteps.’
not to do so, these people said.
Mr. Lasseter’s note said:
“everyone has the right to set
their own boundaries and have
them respected.”
A Disney spokesman said in
an email: “We are committed
to maintaining an environment
in which all employees are re-
spected and empowered to do
their best work. We appreciate
John’s candor and sincere
apology and fully support his
sabbatical.”
A former employee told the
Wednesday, November 22, 2017 | B1
NIKKEI (Midday) 22590.27 À 0.78% See more at WSJMarkets.com
A Holiday Guide
To Gadget Gifts
portfolio manager at Newton
Investment Management, who
has invested in many of the
tech behemoths.
“The narrow nature of this
rally has to be seen as some-
thing of a concern…but these
are cash-generative companies
who are being seen as the bed-
rock of the new economy.”
Global tech stocks are
up 42% this year, roughly dou-
ble the gains of the broad-
based MSCI AC World In-
dex. So far in 2017, the tech
sector is up 21 percentage
points more than the next best
sector, materials—leading
by the widest margin of any Recommended personal-tech
Please see TECH page B15 fare, like Fingerling robots, for
shoppers who need a hand. B4
 Dow, S&P, Nasdaq set
records, led by tech ............ B16
Whitman
Exits HPE
’10 ’15
Market
After Big
capitalization
$211 billion
AT&T
Overhaul
BY RACHAEL KING
$70 billion
DirecTV Time Warner Meg Whitman, one of Sili-
con Valley’s most experienced
chief executives and one of the
most prominent women in
American business, said she
will step down as chief execu-
tive of Hewlett Packard Enter-
Yahoo’s web assets prise Co. early next year, hand-
ing the reins to a company
veteran and signing off on her
Possible overhaul of the troubled hard-
Verizon deal ware maker.
buys AOL
Ms. Whitman, who took the
Time Inc. magazine helm of Hewlett-Packard, the
divison spun off predecessor of HPE, six years
ago, on Tuesday said she
would consider taking another
chief executive position.
“It would have to be the
right role,” said Ms. Whitman,
61 years old, who earlier in her
’10 ’15 career ran eBay Inc. and ran for
governor of California in 2010.
THE WALL STREET JOURNAL. “I’ve been working nonstop for
35 years, so I’ll definitely take
focus on horizontal mergers of some downtime to recharge.”
rivals that risk suppressing Ms. Whitman, a Republican,
head-to-head competition. is not running for office again,
Critics of the government
case say there is a good rea-
son the Justice Department Ms. Whitman’s
hasn’t fully litigated a vertical departure
merger case in decades, leaves few
namely because mergers be- women as
tween distributors and suppli- CEOs of major
ers can produce efficiencies technology
that benefit consumers. companies.
Joshua Wright, an outspo-
ken conservative on antitrust
issues and a former member said spokesman Henry Gomez.
of the Federal Trade Commis- She has said she would con-
sion, said he had no doubt sider a role in government, but
that the department reviewed she isn’t close with the current
Please see DEAL page B2 administration after last year
publicly supporting Hillary
 New antitrust chief jumps Clinton over Donald Trump. Ms.
into his job................................... B2 Whitman hasn’t participated in
Mr. Trump’s various initiatives
with the tech industry.
The Wall Street Journal re-
ported in September that Ms.
Whitman had begun to make
plans to leave HPE as early as
this fall. At the time, Ms. Whit-
man said, “there’s more work to
be done here.”
Antonio Neri, who has been
with HPE for more than 20
years and holds the job of presi-
dent, will take over as chief ex-
ecutive in February. “Antonio is
a deeper technologist than I
am,” said Ms. Whitman, who
will remain on the board.
Ms. Whitman is the latest in
a wave of female corporate
leaders to relinquish power in
recent months. Irene Rosen-
feld, the head of Mondelez In-
ternational Inc., stepped down
this month. Sheri McCoy, CEO
of Avon Products Inc., and
Sally Smith, leader of Buffalo
Journal that during a meeting Wild Wings Inc., have an-
several years ago, Mr. Lasseter nounced plans to depart soon.
put his hand on her thigh un- Tegna Inc. Chief Executive Gra-
derneath the table. The same cia Martore retired this June.
employee said Mr. Lasseter Ms. Whitman’s exit leaves
would sometimes hold her arm few women as chief executives
in public without asking permis- of major technology compa-
sion, and hug her for extended
periods of time that made her
nies. Marissa Mayer left Yahoo
Inc. in June after engineering
uncomfortable. The Disney its sale to Verizon Communi-
spokesman didn’t respond to a
Please see DISNEY page B2
cations Inc. Ginni Rometty
runs International Business
Machines Corp. and Safra Catz
 CBS, PBS, Bloomberg end ties is co-CEO of Oracle Corp.
with Charlie Rose.................... B2 Please see HPE page B7
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 | Wednesday, November 22, 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
Adform........................B3
Adidas ......................... B7
Aetna.........................B16
Airbnb........................B14
Akzo Nobel..................B7
Alibaba Group......B1,B16
Alphabet ................ B1,B7
Amazon.com ............... B1
Apple...........................B1
AT&T.......................B1,B2
Avon Products ............ B1
Axalta Coating Systems
.....................................B7
B Sutter Hill Ventures.B14
Baidu ........................... B1
Baotou Huazi Industry
...................................B15
Bitfury Group..............B8
Bloomberg...................B2
Buffalo Wild Wings....B1
C Tesaro........................B16
Cambridge Associates
...................................B14
Campbell Soup.....B7,B14
Cboe Global Markets B15
CBS.........................B2,B3
CC Land Holdings........B8
Celgene......................B16
Charlie Rose................B2
Citgo Petroleum........B15
CME Group................B15
Comcast.......................B1
CVS Health................B16
D-E
Dallas Cowboys...........B7
Dish Network..............B3
Dollar Tree ................ B16
INDEX TO PEOPLE
B K
Braybrook, Nick...........B8
C Mr. Delrahim, reached by
Catz, Safra..................B1
Chau, Richard............B14
Clark, Craig ................. A1
D Litan, Avivah .............. A8
Delrahim, Makan ........ B2
DeSanctis, Steven....B15
Dimon, James...........B15
Dyer, Christopher........B1
G word response: “Compete.”
Gilchrist-Fisher, Chris.B8
Gomez, Henry.............B1
Goodell, Roger ............ B7
Gottheim, Steven.......B8
H-J
Hardman, Jessica ....... B8
Jones, Jerry ................ B7
CBS, PBS, Bloomberg
End Charlie Rose Ties
BY MARIA ARMENTAL
CBS Corp. fired veteran
broadcast journalist Charlie
Rose on Tuesday, a day after
reports of allegations of sexual
harassment that the media
company called “extremely
disturbing and intolerable.”
The Public Broadcasting
Service and Bloomberg LP,
which had distributed Mr.
Rose’s trademark interview
program the “Charlie Rose”
show, also terminated their re-
lationships with Mr. Rose.
On Monday, The Washing-
ton Post published accounts
from several women who al-
leged that Mr. Rose sexually
harassed them. The women
had worked or aspired to work
for Mr. Rose at the “Charlie
Rose” show from the late
1990s to as recently as 2011.
The show has been on since
1991 and is produced by Char-
lie Rose Inc, an independent
television production com-
pany. It appeared nightly on
PBS member stations and in
prime time on Bloomberg
Television, with Mr. Rose as
DISNEY
Continued from the prior page
request to comment on the for-
mer employee’s allegations or to
a request to speak to Mr.
Lasseter.
Several former Pixar em-
ployees, many of them women,
said they never felt uncom-
fortable around Mr. Lasseter,
even when he hugged them.
Mr. Lasseter has directed
some of Pixar’s biggest films,
HEARD
Continued from the prior page
or trade restrictions that
have failed to materialize.
Big falls in Chinese stocks
have offset this and allowed
prices to move higher. But if
inventories start rising again
in China, too, as growth
slows, traders may start to
wonder why prices are so
high if all that copper is just
piling up in warehouses.
Given the sharp fall in min-
ing investment since 2012 and
still-strong global growth, a
commodity bloodbath is un-
likely. But by the same token,
it isn’t clear why commodities
should be testing current lev-
els when the biggest con-
sumer is slowing and copper
and oil are piling up in tanks
and warehouses in the second
biggest.
If commodities are going
* **** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Effissimo Capital
Management.............B7
Elliott Management ... B7
Equifax........................A8
Nike.............................B7
Nippon Paint Holdings
.....................................B7
O
Antitrust Chief Jumps Into His Job
F-G Oasis Management .... B7
BY BRENT KENDALL
Facebook..B1,B7,B14,B16 Oracle .......................... B1
FireEye........................A8 WASHINGTON—The Justice
P
Floodgate .................. B14 Department’s new antitrust
PPG Industries............B7
Gartner........................A8
Goldman Sachs Group
Public Broadcasting chief, Makan Delrahim, needed
Service ...................... B2 just seven weeks to land him-
...................................B15
Google.........................A8 S self in the middle of the biggest
Greenlight Capital ...... B7 Samsung Electronics B15
antitrust case in 20 years.
H SoftBank.....................A8
Mr. Delrahim, confirmed by
Hewlett Packard
Enterprise.................B1 T the Senate on Sept. 27, made
Hormel Foods............B16 Taiwan Semiconductor the decision to file the govern-
Huaxia Life Insurance Manufacturing........B15 ment lawsuit Monday challeng-
...................................B15 Taubman Centers........B8
ing AT&T Inc.’s planned acqui-
Hudson Bay.................B8 Tegna...........................B1
sition of Time Warner Inc.
I-J Tencent Holdings.B1,B16
The antitrust division he
International Business
Time Warner....B1,B2,B3 leads alleged that the vertical
Machines......A8,B1,B16
Toshiba........................B7 combination of AT&T’s video
J.P. Morgan Chase....B15
M U distribution with Time War-
Uber Technologies
ManageGo...................B8
........................A1,B7,B14
ner’s popular cable program-
Mandiant.....................A8 ming would give the merged
Under Armour.............B7
Microsoft........B1,B7,B16
Mondelez International V-W business the power to raise
.....................................B1 Verizon Communications prices and hinder competitors
CLIFF OWEN/ASSOCIATED PRESS
Morgan Stanley........B15 .....................................B1 and innovation.
N Wal-Mart Stores.........B7 AT&T criticized the govern-
Walt Disney................B1
National Football ment’s arguments as unreason-
League.......................B7 Y-Z
able and inconsistent with past
Netflix.........................B1 Yahoo...........................B1
Netscape Zhongtian Financial practice, which has focused pri-
Communications.....B14 Group.......................B15 marily on horizontal mergers
between direct competitors.
AT&T Chief Executive Ran-
dall Stephenson said the new
lawsuit threw the business
Makan Delrahim, who is challenging AT&T’s Time Warner deal, at his confirmation hearings in May.
world into a state of uncer- division from 2003 to 2005, was too important to leave to changed after the lawsuit Mon-
Porat, Ruth ................. B7 tainty about what types of deals during the George W. Bush ad- Democrat Hillary Clinton. day, when Mr. Stephenson ex-
Kalanick, Travis .......... A8 Rhodes, David.............B2 and investment are permissible. ministration. In that stint as a After Mr. Trump won the plicitly raised the question of
Khosrowshahi, Dara...A8 Rometty, Ginni............B1
department lawyer, he led an presidential election, Mr. Delra- whether the government chal-
Kimmelman, Gene......B1 Rosenfeld, Irene ......... B1
Ruppe, Peter...............B7 phone, declined to comment on investigation into complaints of him joined the White House as lenge was “all about CNN.”
L
S the specifics of the case. But alleged anticompetitive prac- a deputy counsel, where he was The company also is high-
Lasseter, John.............B1
Sandberg, Sheryl ........ B7 asked about Mr. Stephenson’s tices at Clear Channel Commu- a key figure in the administra- lighting a television interview
London, Stacie..........A12 Sands, Greg...............B14 comment that the lawsuit ren- nications’ radio and concert tion’s high court nomination of Mr. Delrahim gave last year as a
Santillo, Ralph............B8
Lowenstein, Chaim.....B8 ders companies unable to know businesses. The department Neil Gorsuch. Around the time private-practice lawyer in
Scott, Hayley..............B8
M what activity they can engage closed the probe after the com- Justice Gorsuch was confirmed which he said the transaction
Smith, Sally................B1
Markham, Paul............B1 in, Mr. Delrahim offered a one- pany spun off its concert arm in April, the president nomi- didn’t appear to raise major an-
Martore, Gracia...........B1 V
into the separate Live Nation nated Mr. Delrahim for the Jus- titrust concerns. In the same in-
Mayer, Marissa...........B1 Valente, Joe................B8
Vanlancker, Thierry.....B7 Mr. Delrahim, who is 48 tice Department antitrust post. terview, Mr. Delrahim said the
McCoy, Sheri...............B1
N W years old, emigrated to the U.S. The Senate confirmed him on a deal could raise “some concerns
Walker, Christopher....B8 with his family when he was 9, 73-21 vote. and antitrust issues of one dis-
Neri, Antonio..............B1
Whitman, Meg............B1 at the time of the Iranian revo-
‘I’ve got to keep my Some Democrats, most tributor owning various con-
P-R
Pai, Ajit.......................A5 Z lution. He spoke no English nose down, be a law prominently Sen. Elizabeth tent, and it might somehow im-
Phelps, Mark.............B15 Zuckerberg, Mark ..... B14 when he arrived. He spent his Warren (D., Mass.), argued Mr. pact other distributors.”
teenage years in California and
enforcer,’ Mr. Delrahim Delrahim would be too friendly Mr. Delrahim’s defenders
graduated from the University said this month. to corporations, but others of- have said his television remarks
of California, Los Angeles, and
got his legal degree from the
George Washington University
fered their support, believing he
would bring cases. That predic-
tion quickly has proven correct.
were the kind of armchair anal-
ysis lawyers frequently provide
to reporters after merger an-
Law School.
He developed an interest in
patent and antitrust law, as well
entity.
Separately, Mr. Delrahim
served on a bipartisan commis-
“I always found him to be an
energetic and creative guy. He
wasn’t there just to warm a
nouncements, before a factual
record has been developed by a
government investigation.
host and executive editor. as an interest in Republican sion created by Congress to seat,” said Washington anti- The new antitrust chief has
Mr. Rose, 75 years old, had politics. study the modernization of an- trust lawyer Seth Bloom, a for- said repeatedly that his deci-
also co-hosted the morning He spent five years as a titrust laws. During that stint mer Democratic staffer on the sion making wasn’t influenced
show “CBS This Morning” and staffer to Sen. Orrin Hatch (R., he left the Justice Department Senate Judiciary Committee by the White House. “I can’t get
was a contributing correspon- Utah) on the Senate Judiciary and spent more than a decade who worked with Mr. Delrahim. any more clear than that,” Mr.
dent on CBS’s “60 Minutes.” Committee, working on among in private practice. President Trump’s continued Delrahim said at a Nov. 10 pub-
His firing from CBS was an- other things legislation that up- Mr. Delrahim in an opinion criticisms of Time Warner’s lic appearance in California.
nounced to staff in a memo dated the federal law governing article last year said Mr. Trump CNN, and his pledge as a presi- “I’ve got to keep my nose
from CBS News President Da- what transactions must be sub- wasn’t his first GOP choice for dential candidate to block the down, be a law enforcer, do
vid Rhodes. “Despite Charlie’s mitted for government antitrust the White House, but he urged AT&T-Time Warner deal, are what’s good [for] the American
important journalistic contri- review. Republicans to support Mr. sure to hang over the case. people,” he said.
bution to our news division, Mr. Delrahim served in the Trump’s candidacy, arguing the AT&T had been avoiding the —Drew FitzGerald
there is absolutely nothing Justice Department’s antitrust direction of the Supreme Court CNN issue. But that tone contributed to this article.
more important, in this or any
organization, than ensuring a
safe, professional workplace—
a supportive environment
where people feel they can do
their best work,” Mr. Rhodes
DEAL was assigned to U.S. District
Judge Richard Leon, a George
W. Bush appointee in Wash-
ington, D.C. It’s not the first
ment’s arbitration terms.
A review of the effective-
ness of the Comcast settle-
ment could be a key issue in
ernment case against a verti-
cal merger came in 1979,
a trucking-industry case the
government lost. The Justice
wrote in the memo. Continued from the prior page major media merger to come the AT&T case. Department won a vertical
Mr. Rose apologized on the case carefully, “but my ini- before his bench. In 2011, AT&T and Time Warner be- case at the Supreme Court in
Monday for inappropriate be- tial reaction is that the com- Judge Leon threatened to hold lieve their deal should have 1972, involving Ford Motor
havior, saying on Twitter: “I plaint is underwhelming and up the Comcast-NBCUniversal been allowed with Comcast- Co.’s acquisition of a company
have behaved insensitively at not likely to prevail in federal deal, saying he was concerned style conditions if there were that made spark plugs.
times, and I accept responsi- court.” that the Obama administra- any legitimate government an- More recently, courts have
bility for that, though I do not Mr. Wright, a George Mason tion’s settlement didn’t afford titrust concerns. The Justice looked at the potential anti-
believe that all of these allega- University professor who was enough protection for online Department believes the Com- competitive harms of vertical
tions are accurate. I always considered by the Trump ad- video distributors like Netflix cast settlement has proven in- mergers in private antitrust
felt that I was pursuing shared ministration for the Justice Inc. He ultimately signed off effective, according to people actions.
feelings, even though I now re- Department’s top antitrust job, on the deal but required addi- familiar with the matter. —Louise Radnofsky
alize I was mistaken.” said the government case is tional oversight of the settle- The last fully litigated gov- contributed to this article.
—Joe Flint lacking a theoretical founda-
contributed to this article. tion and economic evidence.
“There is simply not
enough there beyond concerns
including “Toy Story” and
“Cars,” and has served as a
public face for the studio,
which Disney acquired in
about firm size and that Time
Warner owns some popular
content to satisfy the demands
of a modern vertical antitrust
2006. He also has a formal ad- claim,” he said.
visory role at Disney Imagi- President Donald Trump’s
neering, which designs and public objections to the
builds rides and attractions merger, and his repeated criti-
for Disney’s theme parks cisms of Time Warner’s CNN,
around the world. could complicate the case. As
Mr. Lasseter’s leave of ab- a candidate, he vowed that a
sence comes as sexual-harass- Trump administration would
ment allegations have surfaced block the deal, while acknowl-
against numerous prominent edging that the White House
men in Hollywood and other typically plays no role in a
industries. Justice Department merger
review. The department has
said the president didn’t influ-
Liftoff
U.S. copper inventories
ence its decision to file the
AT&T case.
On Tuesday, Mr. Trump
weighed in on the deal shortly
200,000 tons
before departing the White
House to spend Thanksgiving
160,000 in Florida. The president said
in response to a shouted ques-
120,000 tion from a reporter that he
shouldn’t comment on the liti-
80,000 gation. Then he added: “Per-
sonally, I’ve always felt that
40,000 that was a deal that’s not good
for the country.”
0 Adding a twist to the case,
2015 ’16 ’17 the deal partners’ lead trial at-
Source: Wind Info torney is Daniel Petrocelli of
THE WALL STREET JOURNAL. O’Melveny & Myers LLP, who
represented Mr. Trump in pri-
to keep charging ahead, these vate litigation involving fraud
questions need a satisfactory claims against the now-de-
answer. Otherwise, the mild funct Trump University for-
selloff in recent days could be profit real-estate school. Mr.
a prelude to a more substan- Trump settled the case a year
tial correction in the months ago for $25 million. He denied
ahead, and investors might the allegations and made no
start to look askance at all admission of wrongdoing in
those richly valued growth the settlement.
stocks, too. On Tuesday, the AT&T case
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. Wednesday, November 22, 2017 | B3

BUSINESS NEWS

Iranian Accused Dish Network Drops CBS Channels in Pricing Fight CBS Corp. channels went
dark for some Dish Network

Of Hacking HBO
Suspect allegedly stole
scripts and threatened
to leak them unless
company paid a ransom
BY NICOLE HONG
Federal prosecutors un-
sealed charges against a
hacker linked to Iran’s mili-
tary, accusing him of hacking
into HBO’s computer network,
stealing unreleased scripts of
“Game of Thrones” and then
threatening to leak them pub-
licly unless HBO paid a multi-
million-dollar ransom.
mised user accounts that be-
longed to HBO employees and
used them repeatedly to gain
unauthorized access and steal
proprietary information from
the company, the indictment
said.
In addition to the “Game of
Thrones” material, Mr. Mesri
allegedly stole video files with
unaired episodes of such
shows as “Ballers” and “Curb
Your Enthusiasm.” He also
stole financial documents, cre-
dentials for HBO’s social-me-
dia accounts and the emails of
at least one HBO employee,
the indictment said.
On July 23, an anonymous
Corp. subscribers Monday night
as a pricing dispute between the
companies dragged on.
CBS and local television sta-
tions owned by CBS were no
longer available on Dish in mar-
kets including New York, Los An-
geles, Dallas and Chicago, CBS
said Tuesday. The action, which
affected over two million of
Dish’s 13.2 million subscribers,
came after the sides failed to
reach a new carriage deal before
their current contract ended.
The programmer said its CBS
Sports Network, Pop and the
Smithsonian Channel had also
been dropped. The blackout af-
fected 18 markets in 26 states.
CBS and Dish traded blame.
CBS said Dish was punishing its
subscribers instead of agreeing
to pay the market price for its

ETHAN MILLER/GETTY IMAGES

Behzad Mesri, who is be-
lieved to be in Iran and hasn’t
been arrested, was charged by
the Manhattan U.S. attorney’s
office on seven counts, in-
cluding computer fraud, wire
fraud and aggravated identity
theft.
The government said Tues-
day that Mr. Mesri, 29 years
old, is a computer hacker in
email was sent to HBO em-
ployees that included the fol-
lowing message: “Hi to All los-
ers! Yes it’s true! HBO is
hacked!” The email allegedly
provided evidence that the
hacker had successfully stolen
proprietary data from HBO, a
unit of Time Warner Inc.
Another email later that
day included a threat to pub-
content. Dish said CBS wanted
Dish customers to pay more for
programming that is declining in
viewership or free over the air.
At right, fans in Las Vegas
cheered at a college-basketball
game shown on CBS last year.
—Cara Lombardo

Ad-Fraud Sleuth Uncovers Scheme

Iran who has worked on behalf
of the Iranian military to tar-
get Israeli infrastructure and
nuclear software systems. He
has allegedly operated under
an online hacker pseudonym
of “Skote Vahshat.”
A lawyer for Mr. Mesri
couldn’t be identified.
Joon Kim, the acting Man-
hattan U.S. attorney, said at a
news conference that Mr.
Mesri applied the skills he
learned with the Iranian mili-
tary to extort HBO for per-
sonal profit.
“Today’s charges make
clear that nation-states like
Iran routinely employ alleged
criminals [and] mercenaries
like Mesri to conduct network
attacks in America and else-
where,” Mr. Kim said.
Since at least May, Mr.
Mesri began monitoring the
online activities of HBO em-
ployees, looking for vulnera-
bilities in the company’s net-
work, prosecutors said.
Over the next couple of
months, Mr. Mesri compro-
licly release the stolen data,
including unaired TV episodes
and scripts, unless HBO paid a
ransom of approximately $5.5
million worth of bitcoin. The
email concluded with an im-
age of the Night King, a char-
acter from “Game of Thrones,”
and said: “Good luck to HBO.”
In the coming days, emails
from the anonymous hacker
to HBO personnel raised the
ransom to approximately $6
million in bitcoin, threatened
to destroy data on HBO’s
servers and provided a dead-
line of July 29 for HBO to be-
gin making ransom payments
if it wanted to prevent the
public disclosure of stolen
data.
On July 30, Mr. Mesri began
leaking some stolen materials
over the internet, prosecutors
said, suggesting that HBO
didn’t pay the ransom.
A spokesman for HBO said
Tuesday that the company has
been “working with law en-
forcement from the early
stages of the cyber incident.”
BY LARA O’REILLY
An ad-tech firm says it has
discovered a large and sophisti-
cated advertising-fraud opera-
tion in which fake websites and
infected computers were used
to scam advertisers and pub-
lishers out of hundreds of thou-
sands of dollars a day.
Denmark-based Adform,
which identified and named the
scheme “Hyphbot,” estimates
that it has been going on since
at least August.
According to Adform, the
people behind Hyphbot created
more than 34,000 different do-
main names and more than a
million different URLs, many
designed to fool advertisers
into thinking they were buying
ad inventory from big-name
publishers such as the Econo-
mist, the Financial Times, The
Wall Street Journal and CNN. It
is a tactic known in the indus-
try as “domain spoofing.”
The perpetrators then gen-
erated a wave of nonhuman, or
“bot,” traffic to the fraudulent
sites, which made money
mostly through video ads.
Video ads are lucrative because
they carry higher rates than
other online display ads.
Fake traffic is a serious issue
for advertisers because it
means they have wasted money
buying ads that were served to
computer programs, rather
than real people who might go
on to purchase their products.
Adform says the scheme
could have been largely
thwarted if publishers and ad-
tech companies had kept up-to-
date with an industry initiative,
called Ads.txt, that is designed
to stamp out domain spoofing.
Adform’s investigation sug-
gested that the people behind
Hyphbot used a network of
data centers and unwitting
consumers’ computers, infected
by malware, to access more
than half a million IP ad-
dresses, mostly from the U.S.,
to mimic real browsing behav-
ior on the network of fake
sites. The suspicious URLs were
presenting themselves in ad
auctions via at least 14 differ-
ent ad exchanges at a rate of
up to 1.5 billion requests to ad
buyers a day.
Adform began informing the
affected ad exchanges on Sept.
28, two days after it began its
analysis. It has since seen a re-
duction in the fraudulent traf-
fic, although Hyphbot is still
believed to be active.
Adform also informed the
Federal Bureau of Investigation
in the U.S. and Metropolitan
Police in the U.K. Adform’s full
findings were independently
reviewed by two industry ex-
perts before the publication of
the white paper.
Jon Slade, the chief com-
mercial officer of the Financial
Times, said the publisher was
“not surprised” to hear of an-
other fraud scheme based
around spoofing. Last month,
the Financial Times ran its own
investigation and found 25 ad
exchanges had been offering
fraudulent ad space, purporting
to be from FT.com.
“We are urging all actors in
the supply chain to urgently
implement and adopt the
Ads.txt standard,” Mr. Slade
said. “It’s one of the best bets
for a cleanup that we have.”
Dow Jones, the unit of News
Corp that includes The Wall
Street Journal, said it imple-
mented Ads.txt about a month
ago. A spokesman for Turner,
the Time Warner unit that op-
erates CNN, said it imple-
mented Ads.txt earlier this
year. The Economist declined
to comment.

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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
B4 | Wednesday, November 22, 2017 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Wilson Rothman and Joanna Stern

Merry Gifts for All,

At Every Age and Price Point
R
eady...set...spend! If that’s how the lead-up to Black Friday and the Sonos One
holiday shopping season feels to you, you’re hardly alone. Wireless Speaker 
Rather than throw money at things just because they’re marked
down, you should buy gifts that will retain value over time. Here are the The Sonos One wireless
gadgets we’ve lived with and loved over the past year. speaker is getting friendly with
They’re real gifts for the music lover, the cook, the workaholic and the virtual assistants: It comes with
child (or the child at heart). There’s probably something there for you, too. Amazon’s Alexa built in and will
Check out our full list at wsj.com/tech. soon be compatible with Google
Assistant. It gets Apple AirPlay
2 in 2018. Sounding better than any Echo or Google Home, Sonos
One works by itself or paired. Alexa-compatible music services are
somewhat limited but you can stream dozens more through the
app. $200, sonos.com

 Roku Streaming Stick+

Fingerlings  Roku’s latest stick not only brings more cable-cutting and cable-
on-demand apps than most smart TVs, but also highlights a good
Finger-friendly number of 4K programs, despite the still-limited number of them
robots, with sound, out there. With snappier response and better Wi-Fi, it’s the best
touch and motion way to upgrade your TV on the cheap. $70, roku.com
sensors, make adorable
sounds and movements Sphero Mini 
of their eyes and heads.
At $15, they’re all that’s Life’s pleasures can be simple—like
awesome about toys. The this remote-controlled ping-pong ball
first batch sold out, but you drive around using a phone app. Like
don’t overpay. WowWee most other Sphero robots, it is  Hestan Cue Smart Cooktop and Pan
says shipments will compatible with the Sphero Edu app,
continue into December. which teaches you to code as you program For novices or seasoned cooks looking for a master
$15, wowwee.com step-by-step moves. $50, sphero.com class, the Cue is your guide to preparing a restaurant-
quality dinner. Follow the app’s step-by-step videos while
the system adjusts temperature and keeps track of time.
Cooktop precision also means no more sacrificial
pancakes or overcooked steaks. The base kit comes with a
wireless frying pan; a $300 chef’s pot is good for larger
dishes. $500, hestancue.com

Google Pixelbook 
A $1,000 Chromebook?! No way. Uh-
uh. That’s what we thought—until we
started using the Pixelbook.
The 2.4-pound, supersvelte laptop
has a beautiful, high-resolution
screen, a comfortable keyboard and
more than seven hours of battery
life. And it does double duty as a
tablet: Flip the screen around to
launch your favorite Android apps.
Its secret weapon? Bark
‘OK Google’ to summon
the Google Assistant.
$1,000, store.google.com

Totally Boring Tech Presents

PAID ADVERTISEMENT

Notice to Stockholders of That Your Loved Ones Will Adore

Uber Technologies, Inc. regarding BY JOANNA STERN
a Potential Third-Party Tender Socks—
they’re un-
Offer to Purchase Shares doubtedly the
most boring
gift of all
Uber Technologies, Inc. has been made aware that a consortium of institu- time, yet who
doesn’t need another pair?
tional investors intends to offer to purchase shares of Uber’s outstanding That’s how to view your
Class A Common Stock, Class B Common Stock, Series Seed Preferred Stock, technology gift giving this
Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, year. Who doesn’t need an-
Series C-2 Preferred Stock, Series C-3 Preferred Stock, Series D Preferred other charging cable, more
cloud storage or better Wi-
Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Pre- Fi? I give you permission to
ferred Stock of Uber, including vested shares of Class A Common Stock or forget the drones and fancy
Class B Common Stock issuable upon exercise of vested and exercisable op- iPhones and give the digital
tions to purchase Class A Common Stock or Class B Common Stock, subject equivalent of socks.
to certain terms and conditions to be outlined in an Offer to Purchase and The Gift of Security.
related tender offer materials, which will be distributed by the proposed pur- Teach loved ones who use
chasers to certain stockholders and optionholders of Uber who are eligible the same password every-
to participate in the offer. In order to be eligible to participate in the offer, where to be smarter. Our fa-
vorite password manager,
such record holders, among other eligibility requirements to be specified in
Dashlane, costs $40 a year
an Offer to Purchase and related tender materials, must hold, in the aggre- for a multidevice plan. Put
gate (on an individual shareholder basis excluding affiliated entities or com- $40 on a Visa or Amex gift
monly controlled entities), at least 10,000 shares of Uber’s capital stock and/ card and play Tech Support.
Explain how usernames and
or vested and unvested stock options, and must be an “accredited investor”
passwords go into a digital
as defined in Rule 501(a) of Regulation D promulgated under the Securities vault; the only password left
Act of 1933, as amended. This offer, if made, and the related materials may to memorize is Dashlane’s.
be communicated to eligible holders via email and/or mailing addresses on $40/year, dashlane.com
file with Uber. Accordingly, if you currently are the record holder of at least
The Gift of Safety. Stop
10,000 shares of capital stock and/or vested and unvested stock options, in that person in your life who
the aggregate (on an individual shareholder basis excluding affiliated entities drives with phone in lap—or
or commonly controlled entities) in Uber, it is your responsibility to ensure worse, in hand. We like Best
that your contact information is updated and accurate in Uber’s records in
order to receive the notification to participate in any such offer. If you believe
that your information on file with Uber may be inaccurate or out-of-date,
please contact Uber’s stock team at TO2017@uber.com as soon as possible
to provide your updated contact information.
Buy’s $20 Insignia smart-
phone mount. It attaches to
a windshield, but since that’s
illegal in many states, it also
comes with an air-vent
mount. A rubber holder even
keeps big-screen iPhone Plus
or Galaxy Note models se-
cure. If you really want to be
loved, throw in a car char-
ger. $20, bestbuy.com
The Gift of Connectivity.
Show loved ones they de-
serve Wi-Fi everywhere: Give
them a mesh router system.
Our current favorite, Net-
gear’s Orbi kits, are scalable.
With the main router in the
center of the home, place
satellites throughout the
house. Orbi routers are big-
ger than some rivals, but we
found they provide faster
speeds, even to those deep
dead zones. $300 and up,
netgear.com/orbi
The Gift of Power. With
three gadgets from Anker,
you can create the ultimate
gadget power pack on the
cheap. Start with the Power-
Port Elite 2 to charge two
gadgets simultaneously at
high speed. Throw in a
sturdy nylon braided Power-
Line+ cord (for iPhone or
Android phones) to replace
worn-out cables. Finally, get
the lipstick-size PowerCore+
Mini battery to charge up
when there’s no outlet
nearby. $11 for PowerPort
Elite 2; $10 and up for Pow-
erLine+; $15 for Power-
Core+ Mini, anker.com
The Gift of Cleanliness. It
would be weird to give
someone a broom or sponge,
but a microfiber cloth to
safely clean a grimy phone,
laptop or TV? Totally legit.
The 24-pack from Amazon-
Basics might be overkill. But
stuff them in your dearest
friends’ and family’s stock-
ings, and they’ll thank you.
Remind them that a spritz of
water on the cloth goes a
long way—and never spray
directly on electronics. $15
for 24 microfiber cloths,
amazon.com
The Gift of Storage. Buy
that person who’s constantly
deleting photos at least a
year of iCloud storage. An-
droid owners can always use
more Google Drive storage.
$3 a month for 200GB of
iCloud storage, apple.com;
$2/month for 100GB of
Google Drive, google.com

There can be no assurance that the proposed investors will make or complete
the offer discussed herein, and Uber is expressing no opinion and makes no
recommendation as to whether eligible holders should or should not partici-
pate in any such third-party offer.

This communication shall not constitute an offer to sell or the solicitation of

an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state
or jurisdiction. Any offer to repurchase Uber securities will only be made
through an Offer to Purchase and related tender offer materials if and when
distributed by the proposed purchasers to eligible stockholders and option-
holders of Uber.
NETGEAR

Netgear’s Orbi routers are bigger than some rivals, but they provide faster speeds all over.
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. Wednesday, November 22, 2017 | B5

Shop Black Friday

deals online tomorrow.
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Activation/upgrade fee/line: $30. IMPORTANT CONSUMER INFORMATION: Subject to VZW Agmts., Calling Plan & credit approval. Offers & coverage, varying by svc., not available everywhere; see vzw.com. While supplies last. Restocking fee
may apply. Accessories not available in all stores. Additional colors available online and in stores. MA & NV: Sales tax based on higher of device price or VZW’s cost; CA: Sales tax based on full price of device. Not all products available in Alaska
and Hawaii. Screen images simulated. © 2017 Samsung Electronics America, Inc. Samsung and Samsung Galaxy S are both trademarks of Samsung Electronics Co., Ltd. Other company product names mentioned may be trademarks of their
respective owners. Device offers valid through 11/24/17. Accessory offers valid through 11/27/17. © 2017 Verizon Wireless.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B6 | Wednesday, November 22, 2017 THE WALL STREET JOURNAL.

TREASURES IN HISTORY AN INVESTMENT FOR ALL TIME

LOT T 2312
Extraordinary
EExtr
raordinaryy and Fresh Bespoke
p Pair of Hand-Detachable Side Lock Philippe
pp Grifnee Master Engraved,
g Gold Inlaid Holland & Holland Royal
y Deluxe
Over and Under Shotguns in Desirable 28 Gauge with Case, Full Complement of Accessories, and Factory Letter
Ove
O
Pre-Auction
Pre Estimate $220,000-380,000

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John Wimmer • Michael C. Hawker • Chesapeake Collection

The
Royal
Hunt
Collection
LOT 3302
Fine Ten-Point Red Stag European
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LOT 2126
Park in 1904, from the
Extraordinary and Historic
storic Cased Deluxe Kaiser Wilhelm II Collection
Factory Engraved and
nd Inscribed Samuel Pre-Auction Estimate
Colt Presentation Coltt Model 1862 Police
Percussion Revolver
evolver
l Presented
P d to $11,000-15,000
$11,000 15,000
Major
ajor Charles T. Baker
Pre-Auction Estimate $140,000-240,000

Major Charles T. Baker

LOT 2446
Extraordinary Singer
Manufacturing Co. Model 1911A1
Semi-Automatic Pistol with Two Extra
Magazines and History
Pre-Auction Estimate
LOT
OT 2016
LO $160,000-240,000
Engraved,
Exquisite and Well-Documented John Ulrich Signed Engrave ed, Gold
Inlaid and Relief Carved Factory Exhibition Winchester Deluxee Model
1894 Lever Action Rifle with Factory Letter: Winchester’s Factory
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * * Wednesday, November 22, 2017 | B7

BUSINESS NEWS

Axalta
And Akzo
End Talks
On Merger
BY BEN DUMMETT
Akzo Nobel NV and U.S. ri-
val Axalta Coating Systems
said Tuesday they abandoned
talks to merge after failing to
agree on terms for the pro-
posed tie-up.
The failure of the talks,
which was earlier reported by
The Wall Street Journal, came
after Japan’s Nippon Paint
Toshiba Opens Door to Activists
Share-sale plans are
likely to bring pressure
for cost cuts and
governance changes
BY KOSAKU NARIOKA
TOKYO—Toshiba Corp.’s
plan to sell $5.3 billion of new
shares to overseas funds se-
cures its future but will likely
lead to demands for further
cost-cutting, unit sales and
governance changes from ac-
tivist investors.
Toshiba said Sunday that it
would sell 2.3 billion shares,
equivalent to 35% of its total
TRUEBA/EPA-EFE/REX/EPA/SHUTTERSTOCK

Holdings Co. made a cash bid
for Axalta on Tuesday that
prompted the Philadelphia-
based company to walk away
from Akzo, according to a per-
son familiar with the matter.
It wasn’t clear if Nippon’s
offer will lead to a deal, but its
efforts and those of Akzo to
join forces with Axalta are part
of a broader consolidation
trend in the chemicals indus-
try as companies seek avenues
for growth and cost savings.
Through the Axalta deal,
Akzo would have created a
multibillion-dollar paints-and-
coatings giant. Industries rang-
ing from automotive to mining
use coatings to prevent corro-
sion and improve durability.
The combination of the two
companies could have boosted
profit growth by lowering raw-
material costs, eliminating
overlapping operations, expand-
ing the combined entity’s prod-
ucts and adding new customers.
Now Akzo and Axalta face
that challenge as separate com-
panies at a time of rising raw-
material costs and sluggish de-
mand. In the third quarter,
Amsterdam-based Akzo re-
ported a 13% drop in adjusted
operating profit, hurt in part by
the higher raw-material costs.
Meanwhile, Axalta posted a 20%
drop in adjusted net income in
the same period, amid lower
volumes in North America.
“We remain focused on our
strategic options…to improve
profitability in the future,”
Thierry Vanlancker, Akzo’s chief
executive, said in a statement.
Before initiating merger
talks with Axalta, Akzo had in
April laid out a plan to boost
shares after the new issuance,
to a few dozen foreign funds
including activists such as
Singapore-based Effissimo
Capital Management Pte Ltd.,
New York funds Elliott Man-
agement Corp. and Greenlight
Capital, Inc., and Hong Kong-
based Oasis Management Co.
Japanese companies have
traditionally preferred to sell
stakes to local investors, who Toshiba intends to sell $5.3 billion in new shares to overseas funds. A television set on display at a consumer-electronics fair in August.
tend to make fewer demands on
management than foreign inves- Toshiba signed a deal in Toshiba fell into crisis following ment on its holdings in Asia, fund manager at Ichiyoshi As-
tors, particularly activist funds. September to sell its flash- a series of missteps. pushed for greater disclosure set Management said he ex-
Travis Lundy, an analyst at memory computer chip busi- Once Toshiba sells its mem- at Sharp Corp. during the sale pected more Toshiba staff cuts
investment research website ness to Bain Capital and other ory business, Oasis would be of that company last year. and a management shake-up if
Smartkarma, said Toshiba’s investors that would raise bil- looking for it to use some of Ichiro Yamada, executive earnings don’t improve.
share-sale plan will likely help lions of dollars, but it may the funds to buy back shares, officer for equities at Fukoku Elliott and Greenlight de-
it make necessary aggressive struggle to meet the March Mr. Fischer said. Mutual Life Insurance, which clined to comment on their
restructuring. He said Toshiba deadline to complete the sale. The share-sale deal hands has billions of dollars invested Toshiba investments. In a
probably had no choice but to Seth Fischer, Oasis’s chief in- the greatest voting power to in Japanese stocks, said some statement announcing the
bring in foreign capital because vestment officer, said he wanted Effissimo, which will become foreign funds are likely antici- share-sale plan, Toshiba said it
it faced a March 31 deadline to to see Toshiba trim costs and the largest shareholder with pating restructuring and those would allow it to focus on be-
recover from over $5 billion of sell certain business units if the 11.34% ownership and has that have taken greater stakes coming profitable.
negative shareholder equity or prices were right. He said the amassed a growing portfolio will add greater pressure on —Gregor Stuart Hunter
be delisted from the Tokyo fund would be seeking more of Japanese companies. Effis- management accordingly. in Hong Kong
Stock Exchange. management transparency after simo, which declined to com- Mitsushige Akino, chief contributed to this article.
Amazon Launchpad Offers Lift Skype Is Removed
From China App Stores
BY YOKO KUBOTA was earlier reported by the
New York Times.
BEIJING—Skype, the inter- A customer-service repre-
net-calling and messaging ser- sentative with Skype’s Chinese
vice, has been unavailable for website said Tuesday that the
download from some app iOS version is currently un-
stores and websites in China, available from both the app
the latest disruption to online store and the Chinese website,
communication tools as the and couldn’t say when or if it
government tightens its grip would be restored.
on the internet. Social-media and messag-
The app is no longer avail- ing-platform services that
able on Apple Inc.’s Chinese have been restricted in China
WONDER WORKSHOP

earnings and its stock price to
fend off a $28 billion takeover
attempt from U.S. rival PPG
Industries Inc. A key part of
that plan called for Akzo to
spin off its specialty-chemicals
business from its paints-and-
coating operations and distrib-
ute the majority of proceeds to
shareholders. Akzo also had
targeted a boost in its return
on annual sales to about 15%
by 2020 from about 12% cur-
rently. Both plans remain in
place, a person familiar with
the matter said.
Axalta’s stock surged almost
17% to $33.15 in New York
trading when the merger dis-
cussions first leaked in late
October. The company’s stock
closed at $33.87 on Tuesday,
giving it a market value of
about $8.23 billion. That surge
suggests a negative market re-
sponse to the failed talks could
put pressure on Axalta to find
an alternative partner.
Axalta signaled confidence
in its outlook despite the
breakdown in talks, noting in a
statement that it “continues to
pursue other value-creating al-
ternatives.” Its statement
made no mention of the Nip-
pon offer. —Dana Cimilluca
contributed to this article.
Wonder Workshop is working with the online retailer to boost marketing for its $200 Cue robot.
HPE There were signs Ms. Whit-
man was plotting her next
move. As Uber Technologies
Inc. searched for a new CEO
Continued from page B1 earlier this year, she appeared
Other prominent female before Uber’s board as a final-
tech executives don’t hold the ist ahead of a vote in late Au-
top rank, such as Sheryl Sand- gust, said people familiar with
berg, the chief operating offi- the matter. Ms. Whitman de-
cer of Facebook Inc., and Ruth nied she was ever a candidate.
Porat, chief financial officer at Ms. Whitman had said she
Google parent Alphabet Inc. wouldn’t leave until a succession
Women now command 26 plan was in place. In July, she
of the S&P 500 companies— promoted Mr. Neri to president.
or 5.2% of the total, reports HPE is a shadow of the
Catalyst, a research group. Its company Ms. Whitman took
tally includes Ms. Whitman. over. When Ms. Whitman took
Ms. Whitman’s departure the role at the company then
from HPE has been anticipated known as Hewlett-Packard, it
for months. She had initially was one of the largest tech
said she would stay five years, companies, with about $127
but passed her sixth anniversary billion in annual revenue and
in September. During her tenure, 350,000 employees.
she led a turnaround plan that HPE—which mainly sells
involved the largest split in cor- corporate computing hardware
porate history, tens of thousands after shedding PCs and print-
of layoffs, $18 billion in write- ers, outsourcing services and
offs and a leadership shake-up. software—has 52,000 employ-
ees and on Tuesday reported
2017 revenue of $28.9 billion.
Since HPE was created on
Nov. 2, 2015, the company said,
it has delivered a total share-
holder return of 89%. “We’ve
worked together very closely
over the past five or six years
to restructure the company
and to create the kind of share-
holder value that we’ve done,”
Ms. Whitman said of Mr. Neri.
HPE shares fell 6% to $13.27
in after-hours trading as the
company also issued a down-
beat profit outlook.
The company reported
fourth-quarter profit of $524
million, 32 cents a share, up
from earnings of $165 million,
or 10 cents a share, a year ear-
lier. Adjusted earnings fell to
31 cents a share from 61 cents
a year earlier. Revenue rose
4.6% to $7.66 billion.
—Joann S. Lublin
and Imani Moise
contributed to this article.
App Store through the iPhone include Facebook, Gmail and
while the Android version is Twitter—whose services aren’t
still available on the Chinese available in China unless users
version of Skype’s website. access through virtual private
Microsoft Corp., which owns networks, or VPNs, which cir-
Skype, had no immediate com- cumvent the country’s internet
ment. filters. WhatsApp, the messag-
“We have been notified by ing service owned by Facebook
the Ministry of Public Security Inc., also faced disruptions in
that a number of voice over
internet protocol apps do not
comply with local law,” a
spokeswoman for Apple said.
September.
In China, many users have
shifted away from Skype and
instead have been using other
“Therefore these apps have domestic internet platforms for
been removed from the app communicating, said Duncan
store in China.” Clark, chairman of technology
Representatives for the Min- consulting firm BDA China.
istry of Public Security couldn’t “It’s further fraying of the
be reached to comment. seam between the Chinese in-
“The iOS version of Skype ternet and the global internet,”
has been temporarily removed he said.
from the app store in China,” a In recent months, China has
Microsoft representative said, ramped up its monitoring on
referring to Apple’s operating communications sites. A new
system. “We are working to cybersecurity law, which went
reinstate the app as soon as into force June 1, imposed
possible.” tougher standards on compa-
Comments on Chinese so- nies running internet platforms
cial media indicate users have in China as the government
had problems downloading the sought to block content that
Skype app since at least late “endangers national security,
October. national honor and interests.”
The Skype service itself re- China’s tightening of inter-
mained operable in China, and net control came as it moves
the Skype for Business app to monitor users and hold
was available for downloads. them accountable should they
The removal of the Skype app fail to meet regulations.

SPORTS
Cowboys Owner
Stands Down on NFL
Dallas Cowboys owner Jerry
Jones said late Tuesday that he is
“standing down” from his threats
BUSINESS WATCH
he said, adding that he is trying $45.84 after the food maker basketball division.
to prevent further damage be- said one key customer had a Mr. Ruppe, who spent two
yond what has transpired since “different promotional ap- decades at Nike Inc. before join-
May, when the league’s owners proach,” a dispute that cut into ing Under Armour, declined to
unanimously approved an exten- revenue. The Wall Street Jour- comment.
sion for Mr. Goodell. nal reported in August that Under Armour originated as a
Mr. Jones’s decision to with- Wal-Mart Stores Inc. and sports apparel brand and has
draw his litigation threat was pre- Campbell had disagreed on pro- been building up its shoe divi-
SHANNON STAPLETON/REUTERS

of litigation against the NFL, even
as he stepped up his criticism of
Commissioner Roger Goodell, ac-
cording to a letter reviewed by
The Wall Street Journal.
Amid simmering tensions
over Mr. Goodell’s contract ex-
tension, Mr. Jones wrote that he
believes the National Football
League’s compensation commit-
tee is receiving “valuable feed-
back from a number of owners”
and is subsequently withdrawing
his threatened legal action over
approving the deal.
Mr. Jones said that he be-
lieves the commissioner’s perfor-
mance “cannot be rewarded at
this time.”
“Our job is far from finished,”
viously reported by USA Today. motional pricing and shelf
The contents of Mr. Jones’s letter space for canned soup.
haven’t been previously reported. Campbell said profit in its
The Cowboys and NFL didn’t first quarter was also hurt by a
immediately respond to requests weak carrot crop and higher
for comment about the letter. transportation costs after the
—Andrew Beaton recent hurricanes.
In all, the company said profit
CAMPBELL SOUP fell to $275 million, or 91 cents a
share, down from $292 million, or
A Customer Dispute 94 cents a share, a year earlier.
And Costs Take Toll On an adjusted basis, the com-
pany reported earnings per share
Campbell Soup Co. said of 92 cents. Revenue fell 1.9% to
higher costs and a dispute with $2.16 billion. Analysts polled by
a major customer hurt results Thomson Reuters had expected
and extended a yearslong sales adjusted earnings per share of 97
slide as the company struggles cents on revenue of $2.17 billion.
to diversify beyond canned soup. —Austen Hufford
Shares closed down 8.2% at and Annie Gasparro
Sneaker sales have slowed at sportswear firm Under Armour.
UNDER ARMOUR
Footwear Chief Exits
In Latest Departure
The head of Under Armour
Inc.’s footwear business is leav-
ing, the latest in a series of se-
nior executive departures as the
sportswear company struggles
sion to better compete with tra-
ditional sport footwear rivals
Nike and Adidas AG. The Balti-
more-based company’s quarterly
footwear sales have slowed this
year and account for less than a
quarter of its total business.
The departure of Mr. Ruppe
follows other high-profile exits.
Under Armour’s co-founder, chief
with slowing sales of its apparel marketing officer and the heads
and sneakers. of its women’s, youth and sport
Peter Ruppe, the senior vice fashion divisions have all left
president of footwear for Under since October.
Armour for the past two years, The company this year
is leaving the company, a posted its first-ever losses and
spokeswoman confirmed. He will sales declines as a public com-
be succeeded by Ryan Drew, pany and initiated restructuring
who previously served as gen- and layoffs in August.
eral manager of Under Armour’s Sara Germano
B8 | Wednesday, November 22, 2017 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Asians Scoop Up London Trophies PLOTS
& PLOYS
Private buyers price
HOUSING
institutional investors
out of the market and Group Says Tax Bill
reduce U.K. lending Will Hamper Efforts
A nonprofit that offers hous-
BY OLGA COTAGA ing and services to veterans pur-
chased a 528-unit portfolio in
The ever-growing appetite suburban Chicago, but officials
among rich Asians for trophy said similar deals could be im-
assets in London is leaving periled by the House tax-over-
some institutional investors on haul bill passed last week.
the sidelines. Florida-based Invest in Amer-
Pressured by low yields and ica’s Veterans Foundation fi-
political issues at home, cash- nanced the purchase this week
rich private investors from of the roughly $51 million port-
TOLGA AKMEN/AGENCE FRANCE-PRESSE/GETTY IMAGES

China and Hong Kong are snap- folio using tax-exempt private
ping up trophy buildings in the activity bonds, which the tax bill
U.K. capital. Often prepared to would eliminate.
spend whatever it takes, these Ralph Santillo, who founded
wealthy investors are pricing in- Invest in America’s Veterans
stitutional investors out of the Foundation, said the group is
market. And because they don’t stepping up its pace of acquisi-
need to borrow to buy, U.K. tions. The model, however, relies
lenders are feeling the pinch. on tax-exempt bonds.
Of the £12.2 billion ($16.1 bil- “If the private activity bond
lion) spent on central London program goes away, it puts a
offices in the first three quar- major complication in our efforts
ters this year, almost half came to service veterans,” said Chris-
from private Chinese and Hong topher Walker, a board member
Kong buyers, according to real- The building called the Cheesegrater for its shape is among City of London skyscrapers attracting wealthy buyers from Asia. for the foundation.
estate consultant Knight Frank. —Laura Kusisto
That is a big jump from last ment is one of the institutional ber of buyers coming from according to J.P. Morgan’s Mr.
year, when the group accounted Buying Spree investors staying on the side- China and Hong Kong are tak- Valente. That next highest bid HUDSON BAY
for just less than a quarter of Quarterly investment in London lines. “London is a two-tier mar- ing on the responsibility of was from an institutional in-
overall spending, and from commercial real estate from ket right now—the Asian inves- buying and asset-managing vestor, he said. Saks Owner Defends
2015, when the figure was 7%. China and Hong Kong tors and everybody else,” said themselves,” said Chris Gil- Asians are buying real es- Hurricane Repairs
“We have certainly seen this Joe Valente, head of research christ-Fisher, senior director at tate all over Europe, and their
year a rise from Asian private £3 billion and strategy of European real CBRE Global Investors. The ma- investment is expected to Hudson Bay Co., the owner
investors compared with insti- estate at J.P. Morgan Asset Man- jority of these buyers recently more than double in 2017 from of Saks Fifth Avenue, said in a
tutional investors,” said Jes- agement, adding that the firm is have been family offices rather last year, according to real-es- Monday court filing in Puerto
sica Hardman, head of U.K. waiting for the prices to fall be- than institutions, he said. tate adviser Savills. The U.K. Rico that it has taken steps to
real estate at Deutsche Asset 2 fore entering the market again. One such family office is remains their main market in rebuild a store damaged by Hur-
Management. With Beijing trying to con- Hong Kong-based Lee Kum part because U.K. commercial ricane Maria, denying allegations
By borrowing money at trol how much money goes out Kee Group. Through invest- real-estate yields are almost in a lawsuit that the company is
home, Chinese and Hong Kong of the country, Chinese institu- ment vehicle LKK Health twice those in Asia. dragging its feet.
investors have also pushed 1 tional investors have been re- Products Group, it said in July Another reason is relative Taubman Centers Inc., Saks’
down property lending in Lon- placed by private investors, of- that it was buying one of Lon- political certainty. Even with landlord in the Mall of San Juan,
don. According to a report by ten using Hong Kong stock don’s most recognizable build- Britain’s departure from the Eu- is seeking an injunction to com-
De Montfort University, the exchange-listed vehicles to ings, known as the Walkie ropean Union approaching, “the pel Saks to repair its property,
volume of new loans in the U.K. 0 take advantage of the looser Talkie because of its shape, for political haven that the U.K. of- noting in a court filing that mini-
has fallen 18% year over year in 2013 ’14 ’15 ’16 ’17 capital controls in Hong Kong. £1.28 billion. It was LKK’s first fers means they will pay a little mal work has been done and
the first half of 2017 due to a Note: £1 billion = $1.3 billion And since private investors real-estate purchase in Europe. more for these assets than do- that it had yet to see “a mean-
“slowdown in purchasing activ- Source: CoStar Group don’t usually go through tradi- Another London landmark, mestic investors would do,” said ingful effort to restore the
ity of new properties requiring THE WALL STREET JOURNAL. tional asset managers, who the Leadenhall Building, other- Hayley Scott, from the struc- store.”
debt during 2017.” manage institutional money, wise known as the Cheese- tured property finance team at In a motion to oppose the in-
U.K. institutional investors lion spent by all investors, ac- asset managers have taken a grater, was sold for £1.15 bil- financial-services firm Investec. junction, Saks said it had “imme-
such as asset managers are also cording to www.property- hit, according to Nick Bray- lion to CC Land Holdings Ltd., Still, these investors are diately carried out multiple pro-
dialing back. In all, they have data.com. Two years ago, U.K. brook, head of City of London backed by a Hong Kong prop- generally looking at key Lon- cedures” aimed at rebuilding its
bought £880 million of central institutions bought £2.89 bil- investment at real-estate con- erty owner. The difference be- don locations and are willing store. Taubman on Tuesday said
London real estate so far this lion of property. sultant Knight Frank. tween the winning bid and the to buy mostly the best central that it stands behind its lawsuit.
year, out of a total £15.68 bil- J.P. Morgan Asset Manage- “We are seeing that a num- next highest was £100 million, London buildings. —Esther Fung

Real-Estate Industry Explores Use of ‘Blockchain’ Technology

BY PETER GRANT say it can be applied to the payments or even property counsel of the American Land has been centuries in the mak- jumped into this arena. For ex-
process for recording and purchases. Title Association, said initial ing. In the U.S., property titles ample, last year, Amsterdam-
The real-estate industry is transferring property titles, ManageGo, a New York- tests of the use of blockchain are public documents recorded based Bitfury Group said it
taking its first steps in adopt- providing an efficient and se- based company that provides technology for title recording with roughly 3,600 counties, had an agreement with the Re-
ing cryptocurrencies and the cure way to track who owns a technology to residential prop- by IBM and startups like R3 towns and other jurisdictions. public of Georgia to develop a
technology that backs them in piece of land, an office build- erty managers, plans to begin In some cases, the record is land-titling registry using
what could lead to important ing or a home. supporting the payment of available only in writing and blockchain technology.
changes in the way property is “If you were to design a [ti- rent with virtual money early can be viewed only by visiting Several state governments
bought and sold.
While noticeable differ-
ences might be years or even
decades away, several U.S.
tle] system today, it would
look a lot more like what peo-
ple are talking about in terms
of recording electronically and
next year, according to Chaim
Lowenstein, a ManageGo vice
president. The apartment-
building managers who use
3,600
Number of jurisdictions in the U.S.
a town clerk’s office.
Title-insurance companies
essentially guarantee property
owners that their ownership
in the U.S. also are paving the
way for the new approach.
Earlier this year, Arizona Gov.
Doug Ducey signed legislation
states already have changed through something like the ManageGo will be able to offer in which property titles are filed claim to a property is solid. If that enables local municipali-
laws to allow use of the tech- blockchain than the system we their tenants the option of us- it isn’t the insurers cover the ties to substitute blockchain
nology in property deals. have in place now,” said Mi- ing bitcoin or two other cryp- loss. Blockchain potentially technology for the conven-
The real-estate industry is chael Pieciak, commissioner of tocurrencies, ethereum and could do this much more effi- tional method of recording
mostly focused on how “block- financial regulations for Ver- litecoin, to pay rent. CEV look promising. But he ciently. “That would be a great property ownership and sales.
chain” technology could affect mont, one of the most aggres- The impact of blockchain noted that enormous hurdles thing if we could have all re- Last year, Vermont enacted
the way property titles are re- sive U.S. states in adopting the could be biggest in the multi- remain, and businesses are in cords digitized and available a law that said that transac-
corded and transferred in the technology. billion-dollar industry that the “really early stages of try- online and available in a low- tions recorded with blockchain
sales process. Blockchain acts Some real-estate companies provides title insurance and ing to figure out if this is hype cost and speedy way of finding technology “have the pre-
as a ledger for who owns a also are beginning to experi- plays an integral role in most or reality.” them, searching and analyzing sumption of admissibility from
particular bitcoin or other ment with using cryptocurren- real-estate sales. The traditional system of them,” Mr. Gottheim said. an evidentiary perspective,”
cryptocurrency. Proponents cies for such things as rental Steven Gottheim, senior recording property ownership A number of startups have Mr. Pieciak said.

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THE WALL STREET JOURNAL.
Mall Owners Boost Holiday Spending
BY ESTHER FUNG
The biggest mall and mixed-
use center landlords across
the U.S. are digging deep into
their pockets to attract cus-
tomers this holiday season,
rolling out everything from
winter castles and Santa visits
to gingerbread-making classes
and temporary skating rinks.
But they are under no illusion
their efforts will bring windfalls
to them or their tenants.
Fully aware that most con-
sumers nowadays intend to do
at least some portion of their
holiday shopping online, many
landlords will be happy if the
people coming in to ice skate
make a few impulse purchases
along the way.
“You do have to make a cer-
tain amount of investment,”
said Barbara Garrett, general
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BUSINESS OPPORTUNITIES
manager of mixed-use project
Atlantic Station in Atlanta,
which opened a seasonal out-
door ice-skating rink and held
a Santa parade at its outdoor
retail center on Saturday. The
owner, property giant Hines,
has been spending more in re-
cent years for its Christmas
events and décor, but believes
it is worth it, Ms. Garrett said.
Landlords are investing
more these days to spruce up
their properties to differenti-
ate themselves from others
and from online shopping
channels their tenants also are
promoting. Relying on Black
Friday to generate buzz isn’t
enough any longer, especially
since it has been losing its rel-
evance as retailers roll out
discounts earlier in November.
“We don’t see those long
lines at 3 a.m. anymore,” said
THE PROPERTY REPORT
Ms. Garrett. But “if I can get
you here, you’re most likely to
visit other stores or stay and
watch a movie.”
Individual malls often
spend $150,000 to $500,000
on holiday decorations, said
Greg Maloney, chief executive
officer of JLL’s retail business
in the Americas.
“People want to be festive.
They want to be entertained,”
said Mr. Maloney. “When we
started pulling back [on
Christmas décor and events]
we got a backlash.”
An estimated 164 million
Americans plan to shop during
Thanksgiving weekend, ac-
cording to the National Retail
Federation’s annual survey
conducted by Prosper Insights
& Analytics, up from 154.4 mil-
lion last year. Some 54% of
consumers plan to spend
BUSINESS OPPORTUNITIES
BUSINESS OPPORTUNITIES
Reduce Your Tax Liability
about the same amount of
money as last year, while 24%
plan to spend more. Survey re-
spondents said they plan to
spread their holiday purchases
across different channels, in-
164M
Number of Americans planning to
shop over Thanksgiving weekend
cluding online sites, depart-
ment stores and other stores.
The retailers themselves
have asked landlords for more
cosmetic upgrading to their
stores before Black Friday,
such as lighting fixtures or a
fresh coat of paint to make
BUSINESS OPPORTUNITIES
 
Wednesday, November 22, 2017 | B9
their stores brighter, espe-
cially the area where the cash
registers are located, said Bill
Hayden, chief executive officer
at FacilitySource, a facilities
management company that
oversees 120,000 stores across
the U.S. for more than 80 re-
tailers.
This year, there was an 8%
to 10% increase over last year
in holiday preparation work
orders, Mr. Hayden said.
Landlords of lower-tier
malls in less well-off places
can’t invest as much on elabo-
rate Christmas décor or
events, which in turn could ac-
celerate their spiral into irrel-
evance, especially if they are
competing with newer retail
centers nearby that have
flashier offerings.
But owners of “A-class”
malls and more productive
BUSINESS OPPORTUNITIES
BUSINESS OPPORTUNITIES
mixed-use centers have re-
sources to be more creative.
Rather than a single-minded
goal of increasing sales per
square foot, these landlords
said their focus is on creating
loyal customers.
At North Hills, a mixed-use
property with an open air mall
in Raleigh, N.C., the tree-light-
ing ceremony on Saturday
drew an estimated 10,000 peo-
ple, according to its owner,
Kane Realty Corp. The land-
lord is also organizing holiday-
themed cooking classes for
families and pet adoption
drives in its pop-up shop area
to draw foot traffic.
“Does it drive sales when
they are here? Maybe, maybe
not,” said John Kane, chief ex-
ecutive officer of Kane Realty.
“But it gets people in the habit
of coming here.”
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B10 | Wednesday, November 22, 2017 NY THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Closing Chg YTD iShiBoxx$HYCpBd HYG 87.67 0.21 1.3 iShRussell2000Gwth IWO 184.48 1.23 19.8 PIMCOEnhShMaturity MINT 101.76 –0.01 0.4 VanEckGoldMiner GDX 22.72 0.80 8.6
Tuesday, November 21, 2017
ETF Symbol Price (%) (%) iShJPMUSDEmgBd EMB 115.37 0.14 4.7 iShRussell2000 IWM 151.09 1.04 12.0 PwrShQQQ 1 QQQ 155.50 1.09 31.2 VangdInfoTech VGT 167.25 1.23 37.7
Closing Chg YTD
ETF Symbol Price (%) (%) iShMBSETF MBB 106.58 –0.01 0.2 iShRussell2000Val IWN 125.10 0.85 5.2 PwrShS&P500LoVol SPLV 47.31 0.49 13.8 VangdSC Val VBR 129.86 0.59 7.3
iShCoreMSCIEAFE IEFA 65.27 0.74 21.7
iShMSCI ACWI ACWI 71.06 0.77 20.1 iShRussell3000 IWV 154.29 0.67 16.0 PwrShSrLoanPtf BKLN 23.03 0.13 –1.4 VangdSC Grwth VBK 159.54 1.09 19.8
AlerianMLPETF AMLP 10.11 –1.37 –19.8 iShCoreMSCIEmgMk IEMG 57.49 1.25 35.4
iShMSCIBrazilCap EWZ 40.43 0.60 21.3 iShRussellMid-Cap IWR 203.63 0.51 13.8 SPDR BlmBarcHYBd JNK 36.88 0.19 1.2 VangdDivApp VIG 98.44 0.70 15.6
CnsmrDiscSelSector XLY 94.30 0.62 15.8 iShCoreMSCITotInt IXUS 62.66 0.89 24.1
iShMSCI EAFE EFA 69.58 0.75 20.5 iShRussellMCValue IWS 86.66 0.36 7.7 SPDR Gold GLD 121.51 0.16 10.9 VangdFTSEDevMk VEA 44.29 0.77 21.2
CnsStapleSelSector XLP 54.88 0.33 6.1 iShCoreS&P500 IVV 261.73 0.65 16.3
iShMSCI EAFE SC SCZ 63.16 0.89 26.7 iShS&PMC400Growth IJK 212.95 0.67 16.9 SchwabIntEquity SCHF 34.15 0.65 23.4 VangdFTSE EM VWO 45.62 1.24 27.5
iShCoreS&P MC IJH 185.65 0.64 12.3
EnSelectSectorSPDR XLE 67.42 0.22 –10.5 iShMSCIEmgMarkets EEM 47.69 1.34 36.2 iShS&P500Growth IVW 150.51 0.84 23.6 SchwabUS BrdMkt SCHB 62.96 0.67 16.2 VangdFTSE Europe VGK 57.98 0.62 20.9
iShCoreS&P SC IJR 76.22 1.36 10.8
FinSelSectorSPDR XLF 26.36 0.30 13.4 iShMSCIEurozone EZU 43.22 0.58 24.9 iShS&P500Value IVE 109.66 0.38 8.2 SchwabUS LC SCHX 62.16 0.65 16.7 VangdFTSEAWxUS VEU 54.13 0.84 22.5
iShS&PTotlUSStkMkt ITOT 59.64 0.73 16.3
GuggS&P500EW RSP 97.98 0.37 13.1 iShMSCIJapan EWJ 59.52 0.92 21.8 iShUSPfdStk PFF 38.54 0.05 3.6 SPDR DJIA Tr DIA 235.73 0.67 19.4 VangdGrowth VUG 139.08 0.92 24.8
iShCoreUSAggBd AGG 109.36 0.10 1.2
HealthCareSelSect XLV 81.61 0.88 18.4 iShNasdaqBiotech IBB 310.71 0.77 17.1 iShTIPSBondETF TIP 113.94 –0.01 0.7 SPDR S&PMdCpTr MDY 338.41 0.64 12.2 VangdHlthCr VHT 152.13 0.89 20.0
iShSelectDividend DVY 95.62 0.27 8.0
IndSelSectorSPDR XLI 71.33 0.72 14.6 71.97 17.6 iShNatlMuniBd MUB 110.52 –0.03 2.2 iSh1-3YTreasuryBd SHY 84.03 –0.02 –0.5 SPDR S&P 500 SPY 259.99 0.65 16.3 VangdHiDiv VYM 82.96 0.40 9.5
iShEdgeMSCIMinEAFE EFAV 0.45
iShIntermCredBd CIU 109.43 0.06 1.1 iShEdgeMSCIMinUSA USMV 51.99 0.58 15.0 iShRussell1000Gwth IWF 132.42 0.91 26.2 iSh7-10YTreasuryBd IEF 106.03 0.02 1.2 SPDR S&P Div SDY 93.54 0.42 9.3 VangdIntermBd BIV 84.17 0.07 1.3
iSh1-3YCreditBond CSJ 104.79 0.03 –0.1 iShGoldTr IAU 12.30 0.16 11.0 iShRussell1000 IWB 144.82 0.65 16.4 iSh20+YTreasuryBd TLT 126.74 0.32 6.4 TechSelectSector XLK 64.26 1.05 32.9 VangdIntrCorpBd VCIT 87.52 0.15 2.1
iSh3-7YTreasuryBd IEI 122.61 –0.08 0.1 iShiBoxx$InvGrCpBd LQD 120.86 0.33 3.1 iShRussell1000Val IWD 119.92 0.42 7.0 iShRussellMCGrowth IWP 118.65 0.52 21.8 UtilitiesSelSector XLU 55.79 0.27 14.9 VangdLC VV 119.46 0.68 16.7
VangdMC VO 151.37 0.44 15.0
VangdMC Val VOE 107.61 0.31 10.7
VangdREIT VNQ 85.03 0.75 3.0
VangdS&P500 VOO 238.79 0.67 16.3
VangdST Bond BSV 79.37 –0.03 –0.1
ADVERTISEMENT ADVERTISEMENT VangdSTCpBd VCSH 79.57 ... 0.3
VangdSC VB 145.50 0.85 12.8

The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds
Career Opportunities VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
BND
BNDX
VXUS
81.71
55.05
56.23
0.09
0.09
0.81
1.1
1.4
22.6
To advertise: 800-366-3975 or WSJ.com/classifieds VangdTotalStk VTI 133.90 0.69 16.1
VangdTotlWrld VT 72.88 0.79 19.5
VangdValue VTV 102.15 0.39 9.8
BUSINESS OPPORTUNITIES CAREERS CAREERS WisdTrEuropeHdg HEDJ 64.80 0.54 12.9
WisdTrJapanHdg DXJ 58.17 0.81 17.4
XtrkrsMSCIEAFE DBEF 31.87 0.57 13.6
Associate Regional Director
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THE WALL STREET JOURNAL. Wednesday, November 22, 2017 | B11

BIGGEST 1,000 STOCKS

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
The following explanations apply to NYSE, NYSE s-New 52-week high. KeysightTechs KEYS 45.15 1.14 QuantaServices PWR 36.89 0.42 s ValeroEnergy VLO 83.80 1.71 Fortinet FTNT 41.32 0.55 lululemon LULU 66.58 -0.30 SS&C Tech SSNC 41.01 1.32
Arca, NYSE MKT and Nasdaq Stock Market listed t-New 52-week low. KilroyRealty KRC 75.21 0.80 QuestDiag DGX 92.46 0.05 Vantiv VNTV 71.34 0.54 Gaming&Leisure GLPI 36.04 0.15 MKS Instrum MKSI 105.15 -0.35 SVB Fin SIVB 214.92 -0.23
securities. Prices are composite quotations that dd-Indicates loss in the most recent four KimberlyClark KMB 117.00 1.65 s RELX RENX 23.00 0.12 VarianMed VAR 108.40 -0.84 s Garmin GRMN 62.49 0.97 MarketAxess MKTX 188.41 5.12 ScrippsNetworks SNI 80.10 -0.20
include primary market trades as well as trades quarters. KimcoRealty KIM 18.74 -0.25 s RELX RELX 23.73 0.13 Vedanta VEDL 19.32 0.11 GileadSciences GILD 72.51 0.38 s Marriott MAR 127.62 2.04 Seagate STX 40.14 0.29
reported by Nasdaq OMX BXSM (formerly FD-First day of trading. KinderMorgan KMI 16.87 -0.19 RPM RPM 52.37 0.29 VeevaSystems VEEV 62.70 0.74 Goodyear GT 30.82 0.17 s MarvellTech MRVL 23.28 1.69 SeattleGenetics SGEN 59.05 0.35
Boston), Chicago Stock Exchange, CBOE, National h-Does not meet continued listing Knight-Swift KNX 39.67 0.57 RSP Permian RSPP 36.00 -0.04 Ventas VTR 64.32 0.07 Grifols GRFS 23.17 -0.03 MatchGroup MTCH 29.77 1.01 Shire SHPG 144.83 3.46
Stock Exchange, ISE and BATS. standards Kohl's KSS 44.21 -0.11 RalphLauren RL 90.27 0.71 Verizon VZ 46.18 -0.02 GpoFinGalicia GGAL 56.97 0.75 Mattel MAT 18.53 -0.20 SignatureBank SBNY 131.36 0.12
The list comprises the 1,000 largest companies lf-Late filing KoninklijkePhil PHG 39.01 0.31 RaymondJames RJF 85.15 0.43 VistraEnergy VST 18.90 -0.03 HD Supply HDS 35.16 0.27 MaximIntProducts MXIM 54.21 0.33 SiriusXM SIRI 5.46 0.03
based on market capitalization. q-Temporary exemption from Nasdaq KoreaElcPwr KEP 17.14 0.21 Raytheon RTN 186.59 2.71 s VMware VMW 125.39 1.33 Hasbro HAS 95.05 0.03 MelcoResorts MLCO 26.31 0.13 Skyworks SWKS 110.25 0.46
Underlined quotations are those stocks with requirements. Kroger KR 22.78 -0.42 RealtyIncome O 56.54 0.42 VornadoRealty VNO 76.64 0.38 HenrySchein HSIC 67.97 0.47 MercadoLibre MELI 268.76 2.92 s Splunk SPLK 83.78 2.43
large changes in volume compared with the t-NYSE bankruptcy Kyocera KYO 71.41 0.64 s RedHat RHT 128.51 1.51 VoyaFinancial VOYA 42.19 -0.20 Hologic HOLX 40.60 0.41 MicrochipTech MCHP 91.87 0.48 Starbucks SBUX 57.26 0.45
issue’s average trading volume. v-Trading halted on primary market. LATAMAirlines LTM 13.64 0.25 RegencyCtrs REG 67.81 0.62 VulcanMatls VMC 122.74 -0.88 JBHunt JBHT 103.22 1.50 s MicronTech MU 49.40 1.76 SteelDynamics STLD 37.50 0.17
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being L Brands LB 49.69 -0.37 RegionsFin RF 15.66 -0.20 WABCO WBC 145.06 0.13 HuntingtonBcshs HBAN 13.55 -0.02 Microsemi MSCC 55.22 1.38 Symantec SYMC 28.11 -0.08
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, LG Display LPL 14.36 0.70 s ReinsGrp RGA 152.10 1.54 WEC Energy WEC 68.19 0.21 IAC/InterActive IAC 129.32 2.99 Microsoft MSFT 83.72 1.19 s Synopsys SNPS 89.38 0.48
previous closing price was $2 or higher. or securities assumed by such companies. s LINE LN 44.04 0.57 RepublicSvcs RSG 63.00 0.34 s W.P.Carey WPC 72.32 0.83 IdexxLab IDXX 155.59 0.19 Middleby MIDD 116.58 1.78 TD Ameritrade AMTD 49.20 0.21
L3 Tech LLL 190.48 1.26 ResMed RMD 85.66 0.95 Wabtec WAB 73.33 -0.73 IHSMarkit INFO 43.23 -0.62 Momo MOMO 32.31 -0.63 T-MobileUS TMUS 60.41 0.11
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and LabCpAm LH 152.84 2.12 RestaurantBrands QSR 65.87 0.25 Wal-Mart WMT 96.52 -0.96 s IPG Photonics IPGP 246.28 5.78 Mondelez MDLZ 42.32 0.21 s TRowePrice TROW 97.73 1.43
changes in the closing prices from 4 p.m. the previous day. s LambWeston LW 53.74 0.05 RioTinto RIO 48.05 0.23 WasteConnections WCN 68.92 -0.31 IRSA Prop IRCP 57.98 0.48 MonsterBev MNST 61.27 0.11 TakeTwoSoftware TTWO 119.02 1.62
LasVegasSands LVS 67.79 0.71 RobertHalf RHI 55.11 0.21 WasteMgt WM 80.87 -0.05 IcahnEnterprises IEP 52.56 0.64 Mylan MYL 37.23 0.73 Tesla TSLA 317.81 9.07
Lazard LAZ 47.49 0.38 Rockwell ROK 193.02 -1.21 Waters WAT 198.06 -2.21 Icon ICLR 117.45 1.77 NXP Semi NXPI 115.32 0.14 s TexasInstruments TXN 99.19 0.91
Tuesday, November 21, 2017 Net Net Lear LEA 176.64 -0.20 RockwellCollins COL 132.76 0.29 Watsco WSO 164.41 -0.29 Illumina ILMN 212.05 1.38 Nasdaq NDAQ 77.24 0.35 TractorSupply TSCO 64.87 -0.86
Net Stock Sym Close Chg Stock Sym Close Chg Leggett&Platt LEG 46.40 0.06 s RogersComm B RCI 54.43 0.24 Wayfair W 68.09 1.41 t Incyte INCY 98.95 ... NatlInstruments NATI 44.70 0.22 Trimble TRMB 42.04 0.25
Stock Sym Close Chg Leidos LDOS 61.45 -0.19 Rollins ROL 45.40 0.21 WellCareHealth WCG 202.69 3.42 Intel INTC 44.94 0.32 s NektarTherap NKTR 49.98 3.58 21stCenturyFoxA FOXA 30.88 0.22
Brown-Forman A BF.A 59.10 -0.21 Equifax EFX 110.71 -0.20 s s RoperTech ROP 260.48 2.37 WellsFargo WFC 54.52 0.47 s InteractiveBrkrs IBKR 55.52 0.21 s NetApp NTAP 55.08 0.35
Lennar A LEN 60.53 1.41 21stCenturyFoxB FOX 30.10 0.20
Brown-Forman B BF.B 58.87 0.02 EquityLife ELS 90.66 1.39
NYSE t BuckeyePtrs BPL 46.02 -1.39 EquityResdntl EQR 68.10 0.18
Lennar B LEN.B 50.06 1.06 RoyalBkCanada RY 78.95 0.02 Welltower HCN 68.29
WestPharmSvcs WST 99.79
0.36 Intuit INTU 151.79
IntuitiveSurgical ISRG 398.49
-5.99
5.46
Netease NTES 345.00 0.93 UltaBeauty ULTA 209.96 0.80
LennoxIntl LII 196.98 2.18 RoyalBkScotland RBS 7.34 -0.02 0.57 Netflix NFLX 196.23 2.13 UltSoftware ULTI 198.70 0.04
ABB ABB 25.55 0.17 Bunge BG 65.30 ... EssexProp ESS 252.11 1.90 RoyalCaribbean RCL 124.79 0.84 WestarEnergy WR 55.62 0.22 IonisPharma IONS 54.52 0.78 Neurocrine NBIX 74.19 2.42 s
LeucadiaNatl LUK 25.67 0.05 UnivDisplay OLED 186.50 5.00
AECOM ACM 36.65 0.65 BurlingtonStrs BURL 104.94 -1.61 EsteeLauder EL 125.50 0.32 s RoyalDutchA RDS.A 61.48 -0.24 WestAllianceBcp WAL 55.37 0.06 JD.com JD 39.88 0.68 NewsCorp B NWS 15.95 ...
LibertyProperty LPT 45.19 0.67 VEON VEON 4.00 0.06
AES AES 10.63 0.03 CBD Pao CBD 22.73 0.27 EverestRe RE 222.25 -1.59 RoyalDutchB RDS.B 63.48 -0.26 WesternGasEquity WGP 36.38 -0.40 JackHenry JKHY 113.35 0.91 NewsCorp A NWSA 15.79 0.12 s
EliLilly LLY 83.51 0.33 VeriSign VRSN 116.06 0.88
Aflac AFL 85.08 0.40 CBRE Group CBG 42.82 0.02 EversourceEner ES 63.93 0.09 SAP SAP 115.29 1.26 WesternGasPtrs WES 45.12 -1.08 JazzPharma JAZZ 137.19 0.92 Nordson NDSN 128.18 0.51 s
LincolnNational LNC 73.50 -0.68 VeriskAnalytics VRSK 93.58 1.05
AT&T T 34.33 -0.31 CBS A CBS.A 57.95 0.15 Exelon EXC 41.39 0.04 S&P Global SPGI 163.70 1.51 WesternUnion WU 19.70 0.02 JetBlue JBLU 19.98 0.20 NorthernTrust NTRS 94.46 0.03
LionsGate A LGF.A 32.85 0.50 VertxPharm VRTX 145.11 0.47
AbbottLabs ABT 56.12 0.83 CBS B CBS 56.74 0.81 s ExtraSpaceSt EXR 87.66 0.31 SINOPEC SHI WestlakeChem WLK 94.41 0.11 JunoTherap JUNO 58.77 -0.29 NorwegCruise NCLH 55.48 0.79
LionsGate B LGF.B 31.23 0.45 59.61 1.57 Viacom B VIAB 27.26 1.09
AbbVie ABBV 94.68 1.08 CF Industries CF 36.45 0.67 ExxonMobil XOM 80.87 0.32 SK Telecom SKM 25.70 0.35 WestpacBanking WBK 24.30 0.13 KLA Tencor KLAC 104.73 2.22 NVIDIA NVDA 216.05 1.97
LiveNationEnt LYV 43.89 -0.08 Viacom A VIA 33.35 0.60
s Accenture ACN 148.01 1.44 CGI Group GIB 53.86 0.75 FMC FMC 94.42 1.75
LloydsBanking LYG SLGreenRealty SLG 101.06 0.54 WestRock WRK 58.66 0.21 KraftHeinz KHC 80.01 0.08 OReillyAuto ORLY 215.69 -4.69
3.54 -0.01 Vodafone VOD 30.86 -0.07
AcuityBrands AYI 162.47 0.29 CIT Group CIT 47.61 -1.02 s FactSet FDS 196.76 0.42 s Salesforce.com CRM 108.80 1.43 Weyerhaeuser WY 36.11 ... LKQ LKQ 37.75 -0.04 OldDomFreight ODFL 123.22 2.79
LockheedMartin LMT 316.94 2.29 WPP WPPGY 83.79 -0.16
Adient ADNT 77.86 -0.21 CMS Energy CMS 49.48 0.07 FederalRealty FRT 131.60 0.36
Loews L Sanofi SNY 44.79 0.47 WheatonPrecMet WPM 20.94 0.47 s LamResearch LRCX 218.91 3.81 s ON Semi ON 21.94 0.22
49.38 0.03 WalgreensBoots WBA 71.16 0.38
AdvanceAuto AAP 88.93 -2.50 CNA Fin CNA 53.49 -0.08 FedEx FDX 217.32 0.07
Lowe's LOW 80.59 s SantanderCons SC 17.09 0.02 Whirlpool WHR 168.88 3.68 LamarAdv LAMR 76.30 -0.25 OpenText OTEX 33.91 0.38 s
-0.87 Weibo WB 119.54 -0.89
AdvSemiEngg ASX 6.27 0.06 CNOOC CEO 136.26 1.78 Ferrari RACE 111.49 1.31
LyondellBasell LYB 103.82 Sasol SSL 30.42 0.54 Williams WMB 27.24 -0.08 LibertyBroadbandA LBRDA 88.15 -0.31 PTC PTC 65.03 -0.34
-0.45 WesternDigital WDC 92.35 1.47
Aegon AEG 6.02 0.03 CPFLEnergia CPL 16.86 -0.04 FiatChrysler FCAU 17.91 0.38
M&T Bank MTB 160.19 -1.42 Scana SCG 43.40 0.73 WilliamsPartners WPZ 35.05 -0.42 LibertyBroadbandC LBRDK 89.77 -0.29 Paccar PCAR 67.69 -0.01 WillisTowers WLTW 159.80 -0.09
AerCap AER 50.71 -0.16 CRH CRH 35.34 -0.89 FibriaCelulose FBR 16.34 0.25
MGM Resorts MGM 33.34 0.16 Schlumberger SLB 61.88 0.16 Wipro WIT 5.34 0.01 LibertyGlobal C LBTYK 29.49 0.11 PacWestBancorp PACW 45.42 -0.28 s Workday WDAY 115.29 1.49
CVS Health CVS 71.50 1.12 s FidNatlFin FNF 40.49 0.79 s SchwabC WooriBank WF 43.11 0.26 LibertyGlobal A LBTYA 30.53 0.15 Paychex PAYX 65.12 -0.06
Aetna AET 176.45 1.51 MPLX MPLX 34.38 -0.63 SCHW 46.08 0.96 s WynnResorts WYNN 158.57 1.61
AffiliatedMgrs AMG 190.33 3.65 CabotOil COG 29.07 0.06 FidNatlInfo FIS 91.74 -0.23 s MSCI MSCI 127.50 0.31 ScottsMiracleGro SMG 98.32 0.27 s Wyndham WYN 110.27 0.74 LibertyLiLAC A LILA 21.55 -0.26 s PayPal PYPL 77.77 1.76 Xilinx XLNX 73.21 0.57
s s CalAtlantic CAA 53.78 1.25 s 58.com WUBA 78.54 2.64 s XPO Logistics XPO 77.24 0.71 LibertyLiLAC C LILAK 21.57 -0.18 People'sUtdFin PBCT 18.19 -0.14
AgilentTechs A 69.91 -0.05 Macerich MAC 63.53 0.11 SealedAir SEE 45.14 0.13 s YY YY 118.80 1.20
AgnicoEagle AEM 44.45 0.46 CamdenProperty CPT 93.82 0.82 FirstAmerFin FAF 55.10 0.48
Macy's M 20.42 -0.38 SemicondctrMfg SMI 7.41 -0.04 XcelEnergy XEL 50.61 0.02 s LibertyQVC B QVCB 25.13 0.32 s PilgrimPride PPC 35.61 0.15 Yandex YNDX 34.28 0.57
Agrium AGU 108.22 1.46 CampbellSoup CPB 45.84 -4.09 FirstData FDC 16.77 0.15 MagellanMid MMP 65.05 0.07 SempraEnergy SRE 118.82 0.02 Xerox XRX 28.43 -0.07 LibertyQVC A QVCA 25.14 ... Priceline PCLN 1766.67 12.65 ZebraTech ZBRA 108.77 -0.12
AirProducts APD 162.29 0.72 CIBC CM 89.79 -0.05 FirstRepBank FRC 92.79 -0.26 MagnaIntl MGA 54.29 0.37 SensataTech ST 49.07 0.59 Xylem XYL 67.41 0.42 LibertyVenturesA LVNTA 58.45 0.82 Qiagen QGEN 32.12 0.81 Zillow A ZG 41.40 0.30
AlaskaAir ALK 66.19 0.09 CanNtlRlwy CNI 79.77 0.27 FirstEnergy FE 34.23 -0.32 s Manpower MAN 128.39 1.15 ServiceCorp SCI 35.87 0.26 YPF YPF 22.96 0.21 LibertyFormOne C FWONK 38.84 0.26 Qorvo QRVO 80.59 1.45 Zillow C Z 41.36 0.42
Albemarle ALB 136.70 1.30 CanNaturalRes CNQ 34.29 0.31 FleetCorTech FLT 179.92 1.19 ManulifeFin MFC 21.11 0.21 ServiceMaster SERV 47.37 0.92 YumBrands YUM 79.53 0.74 LibertyFormOne A FWONA 37.16 -0.03 Qualcomm QCOM 66.67 0.20 ZionsBancorp ZION 46.89 -0.21
Alcoa AA 41.39 -0.82 CanPacRlwy CP 170.50 2.87 Fluor FLR 47.56 0.78 MarathonOil MRO 14.52 0.05 s ServiceNow NOW 128.07 0.40 YumChina YUMC 41.68 -0.17 LibertyBraves A BATRA 23.07 0.40 RandgoldRscs GOLD 94.68 1.05
s AlexandriaRlEst ARE 127.96 1.71 Canon CAJ 38.48
CapitalOne COF 87.95
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FomentoEconMex FMX 88.85
FordMotor F 12.12
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MarathonPetrol MPC 62.29 0.35 ShawComm B SJR 22.29 0.09 ZTO Express ZTO 17.04 0.04 LibertyBraves C BATRK 23.12
LibertySirius C LSXMK 41.07
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RegenPharm REGN 384.44
RossStores ROST 72.67
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NYSE AMER
s Alibaba BABA 190.90 2.90 Markel MKL 1084.74 1.53 SherwinWilliams SHW 390.13 2.44 ZayoGroup ZAYO 35.69 -0.72
Alleghany Y 557.78 -2.64 CardinalHealth CAH 55.72 0.72 ForestCIty A FCE.A 25.27 0.03 Marsh&McLen MMC 83.45 0.52 ShinhanFin SHG 43.86 -0.21 ZimmerBiomet ZBH 113.56 1.38 LibertySirius A LSXMA 41.09 0.09 Ryanair RYAAY 120.77 1.88 CheniereEnergy LNG 47.90 -0.12
Allegion ALLE 83.40 0.16 Carlisle CSL 110.54 0.68 Fortis FTS 37.25 0.16 MartinMarietta MLM 207.44 -1.30 Shopify SHOP 110.17 1.61 s Zoetis ZTS 71.36 0.41 LincolnElectric LECO 88.09 -0.80 SBA Comm SBAC 167.83 2.15 CheniereEnerPtrs CQP 27.56 ...
Allergan AGN 170.67 -0.45 CarMax KMX 68.75 -0.87 Fortive FTV 72.45 -0.36 Masco MAS 40.01 0.17 SimonProperty SPG 159.15 0.14 LogitechIntl LOGI 36.39 0.45 s SEI Investments SEIC 68.59 0.92 CheniereEnHldgs CQH 25.89 -0.17
AllianceData ADS 223.84 -0.83 Carnival CCL 67.00 0.87 FortBrandsHome FBHS 65.37 0.50 s Mastercard MA 152.51 2.95 SmithAO AOS 60.77 1.28 NASDAQ LogMeIn LOGM 118.10 1.70 Sina SINA 110.51 1.37 ImperialOil IMO 30.94 0.15
AlliantEnergy LNT 44.15 -0.11 Carnival CUK 67.38 0.92 Franco-Nevada FNV 84.08 0.06 McCormick MKC 100.06 -0.02 Smith&Nephew SNN 35.58 0.04
Caterpillar CAT 137.60 0.69 FranklinRscs BEN 41.58 0.82 AGNC Invt AGNC 20.21 0.14
Allstate ALL 99.70 -0.62 McCormickVtg MKC.V 100.33 -0.02 Smucker SJM 113.54 -0.47 ANGI Homesvcs ANGI 11.87 -0.03
AllyFinancial ALLY 26.39 -0.26 Celanese A CE 107.08 1.32 FreeportMcM FCX 14.15 0.20 McDonalds MCD 168.30 1.37 Snap SNAP 12.34 -0.07
AlticeUSA
Altria
ATUS 20.10 -0.38
MO 65.65 -0.18
Cemex
CenovusEnergy CVE
CX 7.82
9.61
0.03
-0.15
FreseniusMed FMS 49.13
GGP GGP 23.35
0.54
-0.08
McKesson
Medtronic
MCK 142.87
MDT 82.66
4.63
3.76
SnapOn SNA 161.12
SOQUIMICH SQM 57.33
1.70
2.79
s
Ansys
ASML
ANSS 153.40
ASML 185.37
2.19
3.84 BANKRATE.COM® MMA, Savings and CDs
Centene CNC 93.92 0.14 s Gallagher AJG 66.96 0.95 Abiomed ABMD 199.58 3.99
AlumofChina ACH 16.78 0.36 Merck MRK 54.27 0.17 Sony SNE 47.11 0.14 ActivisionBliz ATVI 64.50 0.57
Ambev
Ameren
ABEV 6.35 0.08
AEE 63.16 ...
CenterPointEner CNP 29.09
CentraisElBras EBR 6.18
-0.03
-0.12 s
Gap GPS 29.71
GardnerDenver GDI 30.73
-0.22
0.16
MetLife MET 51.71
MettlerToledo MTD 627.62
-0.26
-4.30
Southern
SoCopper
SO 51.30
SCCO 43.74
0.12
0.61
s AdobeSystems ADBE 184.15 1.81 Average Yields of Major Banks Tuesday, November 21, 2017
CenturyLink CTL 14.53 -0.27 Gartner IT 117.19 0.57 AdvMicroDevices AMD 11.40 0.06
AmericaMovil AMX 17.35 0.31 MichaelKors KORS 56.33 0.18 SouthwestAir LUV 55.43 0.78 AkamaiTech AKAM 55.68 0.30 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
AmericaMovil A AMOV 17.14 0.19 Chemours CC 52.97 1.04 Gazit-Globe GZT 9.88 0.17 s MicroFocus MFGP 35.81 0.08 SpectraEnerPtrs SEP 40.15 -0.50
Chevron CVX 115.17 0.45 GeneralDynamics GD 200.10 1.36 AlexionPharm ALXN 108.05 -0.44 National average
AmCampus ACC 42.51 0.60 MidAmApt MAA 104.59 1.81 SpectrumBrands SPB 113.75 1.25 s AlignTech ALGN 256.43 0.92
ChinaEastrnAir CEA 28.41 0.62 GeneralElec GE 17.83 -0.15
AEP AEP 76.77 0.33
ChinaLifeIns LFC 17.71 0.59 GeneralMills GIS 53.52 -0.72
MitsubishiUFJ MTU 6.63 0.05 SpiritAeroSys SPR 82.71 1.43 Alkermes ALKS 49.36 1.59 Savings 0.12 0.07 0.07 0.13 0.20 0.35 0.48 0.46 0.93
AmerExpress AXP 94.41 0.46 MizuhoFin MFG 3.55 0.02 Sprint S 6.08 -0.13
AmericanFin AFG 102.47 -0.07 ChinaMobile CHL 50.37 0.14 GeneralMotors GM 44.97 0.09 s Square
AlnylamPharm ALNY 132.01 3.86 Jumbos 0.23 0.07 0.08 0.14 0.22 0.38 0.53 0.49 0.99
MobileTeleSys MBT 10.60 0.12 SQ 48.06 2.85 Alphabet C GOOG 1034.49 16.11
AmerHomes4Rent AMH 21.85 0.20 ChinaPetrol SNP 70.81 0.81 Genpact G 31.44 0.17 s MohawkInds MHK 274.25 -2.49 StanleyBlackDck SWK 165.99 1.48 Alphabet A GOOGL 1050.30 15.64 Weekly change
AIG AIG 59.63 -0.06 s ChinaSoAirlines ZNH 43.67 0.34 GenuineParts GPC 85.95 -0.31 MolsonCoors B TAP 79.32 0.12 StarwoodProp STWD 21.69 0.10
ChinaTelecom CHA 49.26 0.12 Gildan GIL 31.30 0.14
s Altaba AABA 72.85 0.90 Savings 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.01
AmerTowerREIT AMT 146.59 0.37 Monsanto MON 118.48 0.39 StateStreet STT 93.06 ... s Amazon.com AMZN 1139.49 13.18
AmerWaterWorks AWK 88.58 0.20 ChinaUnicom CHU 15.01 0.12 GSK GSK 34.81 -0.31 s Moody's MCO 149.46 1.15 Statoil STO 20.11 0.30
Jumbos 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.02
Chipotle CMG 279.51 -3.74 GlobalPayments GPN 103.21 2.13
Amdocs DOX 64.78 0.35
Ameriprise AMP 159.76 -0.89 MorganStanley MS 49.38 0.27 Steris STE 88.58 0.75 Amerco UHAL 358.41 5.69
AmerisourceBrgn ABC 79.46 2.00 Chubb CB 149.18 0.18 s GoDaddy GDDY 50.49 0.31 Mosaic MOS 23.61 0.58 STMicroelec STM 24.68 0.55 AmerAirlines AAL 48.65
s
s
Ametek
Amphenol
AME 70.35 -0.31
APH 90.84 0.96
ChunghwaTel CHT 34.20
Church&Dwight CHD 44.80
0.26
0.12
Goldcorp GG
GoldmanSachs GS 238.02
13.23 -0.05
-0.11
MotorolaSol MSI 92.45
NRG Energy NRG 29.47
0.12
0.15
Stryker SYK 155.73
SumitomoMits SMFG 7.89
0.98
0.07
Amgen AMGN 169.84
0.96
1.05 Consumer Savings Rates
AnalogDevices ADI 90.19 -2.88
AnadarkoPetrol APC 48.02 -0.29 Cigna CI 201.99 2.58 Graco GGG 132.10 0.62 s NTTDoCoMo DCM 25.48 0.43 SunComms SUI 93.45 0.39 Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of fed-
Apple AAPL 173.14 3.16
Andeavor ANDV 105.34 0.23 CimarexEnergy XEC 114.96 -0.32 Grainger GWW 199.63 0.01 s NVR NVR 3377.00 59.69 SunLifeFinancial SLF 39.74 0.22
Citigroup C 72.38 0.33 s GreatPlainsEner GXP 34.14 0.15
ApplMaterials AMAT 58.80 1.18 erally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the fourth quarter
AndeavorLog ANDX 43.88 -0.87 t NationalGrid NGG 58.72 -0.09 SuncorEnergy SU 35.22 0.28 ArchCapital ACGL 97.01 1.21
AB InBev BUD 115.62 0.09 CitizensFin CFG 37.90 -0.35 s GrubHub GRUB 66.79 1.76 NatlOilwell NOV 31.80 0.08 SunTrustBanks STI 57.73 -0.44 of 2015 from federal regulators. 5: most desirable performance; NR: institution is too new to rate,
Atlassian TEAM 52.21 1.31
AnnalyCap NLY 11.82 0.09 Clorox CLX 135.15 0.56 GpoAvalAcc AVAL 8.51 0.03 NatlRetailProp NNN 42.66 0.26 SynchronyFin SYF 33.77 -0.09 not an indication of financial strength or weakness. Information is believed to be reliable, but not
Autodesk ADSK 127.71 1.43
AnteroResources AR 18.78 -0.04 Coca-Cola KO 45.78 0.32 GpFinSantMex BSMX 8.17 0.06 NewOrientalEduc EDU 90.39 2.16 Syngenta SYT 92.37 0.08 guaranteed.
ADP ADP 110.56 0.03
Anthem ANTM 220.02 0.52 Coca-Cola Euro CCE 38.09 -0.33 GrupoTelevisa TV 18.70 0.11 NY CmntyBcp NYCB 12.87 -0.07 Sysco SYY 54.65 -0.32 Baidu BIDU 244.30 5.76
Aon AON 141.44 -0.61 Coca-Cola Femsa KOF 68.90
ColgatePalm CL 72.22
1.81
0.15
s Guidewire GWRE 82.04
HCA Healthcare HCA 75.89
0.16
1.28
NewellBrands NWL 27.97 -0.85 TAL Education TAL 27.89 -0.36 BankofOzarks OZRK 44.45 -0.07 High yield savings
Apache APA 41.44 0.37 NewfieldExpln NFX 30.18 0.17 s TE Connectivity TEL 95.95 0.06 Biogen BIIB 309.06 -0.40
ApartmtInv AIV 44.92 0.67 t ColonyNorthStar CLNS 12.23 0.07 HCP HCP 26.80 ... NewmontMin NEM 36.37 0.04 Telus TU 38.11 0.05 Bank/rank Yield Bank/rank Yield
BioMarinPharm BMRN 82.91 -0.04
ApolloGlbMgmt APO 30.16 0.24 Comerica CMA 79.40 -0.40 HDFC Bank HDB 96.68 0.16 NextEraEnergy NEE 156.21 0.29 TIM Part TSU 18.64 0.20 BlueBuffaloPet BUFF 29.50 0.41
Phone number Minimum (%) Phone number Minimum (%)
AquaAmerica WTR 36.45 0.22 SABESP SBS 9.95 0.22 s HP HPQ 22.46 0.34 NielsenHoldings NLSN 36.00 0.15 TJX TJX 71.23 0.04 s bluebirdbio BLUE 167.25 1.85
Aramark ARMK 41.26 0.09 ConagraBrands CAG 35.54 -0.23 HSBC HSBC 48.35 0.01 Nike NKE 59.39 0.14 s TaiwanSemi TSM 42.58 0.37 BrighthouseFin BHF 56.91 1.45
Money market and savings account Six-month CD
ArcelorMittal MT 28.93 0.63 ConchoRscs CXO 139.63 0.60 Halliburton HAL 41.17 -0.40 NiSource NI 27.22 0.13 Tapestry TPR 41.25 -0.82 Broadcom AVGO 276.59 1.71 DollarSavingsDirect /4 $1 1.50 M.Y. Safra Bank, FSB /NR $5,000 1.42
ArcherDaniels ADM 39.34 0.14 ConocoPhillips COP 50.01 -0.07 Hanesbrands HBI 19.51 -0.24 NobleEnergy NBL 25.57 -0.19 TargaResources TRGP 42.23 -0.37
ConEd ED 86.48 0.48 HarleyDavidson HOG 46.68 -0.08
CA CA 32.58 0.05 (866) 395-8693 (212) 652-7200
Arconic ARNC 23.74 -0.15 Nokia NOK 5.05 0.04 Target TGT 57.25 -0.63 s CDK Global CDK 68.65 0.74
s AristaNetworks ANET 241.43 -0.40 ConstBrands A STZ 219.76 2.18 s Harris HRS 144.00 2.08 NomuraHoldings NMR 5.70 0.04 TataMotors TTM 32.72 0.36 CIT Bank /5 $100 1.35 First Internet Bank of Indiana /4 $1,000 1.41
CDW CDW 66.41 -0.34
ArrowElec ARW 78.96 0.41 ContinentalRscs CLR 45.54 0.29 HartfordFinl HIG 56.09 0.24 Nordstrom JWN 41.30 -0.14 TechnipFMC FTI 26.60 0.10 CH Robinson CHRW 78.79 0.36 (855) 462-2652 (888) 873-3424
AstraZeneca AZN 33.73 0.35 Cooper COO 240.11 0.17 HealthcareAmer HTA 30.95 0.52 NorfolkSouthern NSC 129.10 2.03 TeckRscsB TECK 22.42 0.33 s CME Group CME 142.58 0.68 Barclays /5 $0 1.30 CD Bank /4 $10,000 1.40
Athene ATH 49.23 0.15 s Copa CPA 137.68 2.96 Heico HEI 92.25 0.57 NorthropGrum NOC 304.31 3.37 TelecomArgentina TEO 34.42 0.29
AtmosEnergy ATO 89.42 0.31 Corning GLW 31.93 0.20 Heico A HEI.A 77.00 0.55
CSX CSX 50.22 0.51 (888) 720-8756 (888) 201-8185
Novartis NVS 84.28 1.06 TelecomItalia TI 7.92 -0.02 s CadenceDesign CDNS 45.33 0.48
Coty COTY 16.87 -0.23 Helm&Payne HP 55.84 0.29 s
Autohome ATHM 63.50 3.15
Autoliv ALV 123.78 1.33 Credicorp BAP 212.07 2.11 Herbalife HLF 67.22 1.11
NovoNordisk NVO 51.75
Nucor NUE 55.98
0.32
0.42
TelecomItalia A TI.A 6.59 0.02 CaesarsEnt CZR 13.05 0.10 One-month CD One-year CD
TeledyneTech TDY 185.00 5.20 Carlyle CG 21.35 0.15
AutoZone AZO 632.40 -2.25 s CreditSuisse CS 16.40 0.28 Hershey HSY 108.51 -0.93 OGE Energy OGE 34.82 -0.12 s Teleflex TFX 267.60 0.96 s Cavium CAVM 87.20 3.18
EH National Bank /5 $0 0.81 Banesco USA /4 $1,500 1.75
Avalonbay AVB 185.02 1.08 CrownCastle CCI 112.11 1.63 Hess HES 43.07 -0.49 ONEOK OKE 50.20 -0.63 TelefonicaBras VIV 15.21 -0.09 s CboeGlobalMkts CBOE 119.63 0.40 (888) 392-5265 (786) 552-0524
Avangrid CrownHoldings CCK 59.04 0.11 HewlettPackard HPE 14.12 0.03 OccidentalPetrol OXY 67.88 M.Y. Safra Bank, FSB /NR $5,000
AGR 51.69 0.34
s Hilton
0.07 Telefonica TEF 9.96 -0.04 Celgene CELG 104.50 1.35 0.30 CD Bank /4 $10,000 1.75
s AveryDennison AVY 110.42 -0.28 Cullen/Frost CFR 96.48 0.67 HLT 75.64 1.33 Olin OLN 37.15 0.91 TelekmIndonesia TLK 30.82 0.18 CentennialRsc CDEV 20.34 0.28
AxaltaCoating AXTA 33.87 0.33 Cummins CMI 160.64 0.84 s HollyFrontier HFC 44.79 0.49 Omnicom OMC 69.54 -0.08 Tenaris TS 29.10 0.62
(212) 652-7200 (888) 201-8185
Cerner CERN 66.68 0.95
BB&T BBT 46.57 -0.41 DTE Energy DTE 112.64 0.41 s HomeDepot HD 172.86 2.41 Oracle ORCL 48.63 -0.39 Teradyne TER 44.02 -0.41 CharterComms CHTR 338.42 0.05 VirtualBank /4 $10,000 0.15 Congressional Bank /5 $25,000 1.75
BCE BCE 48.24 -0.01 s DXC Tech DXC 99.02 1.11 HondaMotor HMC 33.12 0.20 Orange ORAN 16.59 -0.01 TevaPharm TEVA 13.33 0.25 CheckPoint CHKP 103.95 0.97 (877) 998-2265 (301) 978-3290
BHPBilliton BHP 41.66 0.54 s Danaher DHR 94.18 0.50 s Honeywell HON 149.35 1.41 OrbitalATK OA 132.33 0.03 Textron TXT 53.69 0.21 ChinaLodging HTHT 122.55 -1.49
BHPBilliton BBL 36.79 0.57 Darden DRI 80.33 -1.96 HormelFoods HRL 34.52 1.12 Orix IX 83.43 0.28 ThermoFisherSci TMO 192.93 1.93 CincinnatiFin CINF 73.46 0.03 Two-month CD Two-year CD
BP BP 39.13 0.13 DaVita DVA 55.17 0.41 s DR Horton DHI 49.35 1.15 Oshkosh OSK 86.23 -0.36 ThomsonReuters TRI 43.98 0.11
s
Cintas CTAS 147.58 -0.67 VirtualBank /4 $10,000 0.15 First Internet Bank of Indiana /4 $1,000 1.88
BRF BRFS 12.93 -0.19 Deere DE 139.23 2.31 HostHotels HST 19.79 0.09 s OwensCorning OC 86.98 1.73 ThorIndustries THO 137.61 2.45 s CiscoSystems CSCO 36.65 0.15
BT Group BT 16.42 -0.06 DellTechs DVMT 82.23 0.97 HuanengPower HNP 27.25 0.25 PG&E PCG 53.73 1.08 3M MMM 234.09 2.60
(877) 998-2265 (888) 873-3424
CitrixSystems CTXS 86.56 0.43
BWX Tech BWXT 60.80 0.69 DelphiAuto DLPH 102.00 -0.14 Hubbell HUBB 120.16 -0.29 PLDT PHI 32.52 -0.07 Tiffany TIF 93.54 -0.79 s Cognex CGNX 144.86 2.94 Applied Bank /5 $1,000 0.05 Banesco USA /4 $1,500 1.85
BakerHughes BHGE 30.66 0.22 DeltaAir DAL 50.67 0.88 Humana HUM 236.42 2.94 PNC Fin PNC 133.11 -0.18 TimeWarner TWX 89.56 1.85 CognizantTech CTSH 71.77 -0.13 (800) 616-4605 (786) 552-0524
Ball BLL 39.60 -0.14 DeutscheBank DB 19.01 -0.16 HuntingIngalls HII 236.64 2.29 POSCO PKX 71.88 0.09 s Toll Bros TOL 47.95 0.96 s Coherent COHR 319.44 9.00
DevonEnergy DVN 37.55 0.14 Huntsman HUN 31.00 0.28
Goldwater Bank /NR $5,000 1.85
BancoBilbaoViz BBVA 8.26 -0.10 PPG Ind PPG 115.34 0.46 Torchmark TMK 85.27 0.19 Comcast A CMCSA 36.42 0.59
BancodeChile BCH 85.09 0.91 s Diageo DEO 137.92 0.76 HyattHotels H 70.65 0.68 PPL PPL 36.02 0.11 Toro TTC 62.44 0.47 CommerceBcshrs CBSH 56.72 0.25
(480) 281-8200
BancoMacro BMA 96.68 -2.33 DigitalRealty DLR 118.28 0.87 ICICI Bank IBN 9.73 0.11 s PVH PVH 136.11 -0.22 s TorontoDomBk TD 58.08 0.43 CommScope COMM 35.09 0.64
BcoSantChile BSAC 29.26 0.59 DiscoverFinSvcs DFS 65.64 0.17 ING Groep ING 17.79 -0.07 PackagingCpAm PKG 112.04 0.27 Total TOT 54.93 0.26 Copart CPRT 36.70 0.39
Three-month CD Five-year CD
BancoSantander SAN 6.40 -0.02 Disney DIS 103.00 0.25 Invesco IVZ 35.63 0.17 PaloAltoNtwks PANW 149.40 6.87 TotalSystem TSS 74.02 0.64 s CoStar CSGP 307.97 1.34 M.Y. Safra Bank, FSB /NR $5,000 1.16 Capital One 360 /5 $0 2.45
BanColombia CIB 39.26 0.41 s DolbyLab DLB 62.47 0.60 IQVIA IQV 104.36 0.46 ParkHotels PK 29.14 0.47 ToyotaMotor TM 125.78 1.49 Costco COST 173.42 1.14 (212) 652-7200 (800) 289-1992
BankofAmerica BAC 26.73 -0.01 s DollarGeneral DG 86.65 -0.29 s IDEX IEX 130.12 1.07 ParkerHannifin PH 184.29 1.39 TransCanada TRP 50.26 0.64 Ctrip.com CTRP 48.11 0.72
BankofMontreal BMO 77.58 0.25 DominionEner D 81.37 0.22 s IllinoisToolWks ITW 159.46 0.61 ParsleyEnergy PE 26.33 0.50 TransDigm TDG 267.15 0.51 s
CD Bank /4 $10,000 1.15 Goldman Sachs Bank USA /5 $500 2.40
CypressSemi CY 17.33 0.26
BankNY Mellon BK 52.42 -0.10 Domino's DPZ 176.88 -0.89 Infosys INFY 15.12 0.04 Pearson PSO 9.23 0.06 TransUnion TRU 55.02 0.03 DISH Network DISH 50.04 0.03 (888) 201-8185 (855) 730-7283
s BkNovaScotia BNS 65.82 -0.46 Donaldson DCI 47.55 0.22 Ingersoll-Rand IR 85.28 0.55 PembinaPipeline PBA 34.83 0.29 Travelers TRV 130.63 0.86 DentsplySirona XRAY 67.01 0.58 First Internet Bank of Indiana /4 $1,000 1.06 First Internet Bank of Indiana /4 $1,000 2.38
Barclays BCS 10.00 0.03 DouglasEmmett DEI 41.02 0.36 s Ingredion INGR 134.93 0.56 Pentair PNR 69.35 TurkcellIletism TKC
0.19 9.19 0.10 DiamondbkEner FANG 109.15 1.18 (888) 873-3424 (888) 873-3424
s Bard CR BCR 336.66 3.37 Dover DOV 94.79 0.15 ICE ICE 68.28 0.20 PepsiCo PEP 116.05 1.14 TurquoiseHill TRQ 3.05 0.01 DiscovComm C DISCK 16.21 -0.07
BarrickGold ABX 13.92 0.02 DowDuPont DWDP 71.26 0.41 InterContinentl IHG 57.41 0.31 s PerkinElmer PKI 73.26 0.51 Twitter TWTR 21.88 0.75 DiscovComm B DISCB 23.50 1.80
BaxterIntl BAX 64.25 0.37 DrPepperSnap DPS 87.03 -0.20 IBM IBM 151.95 1.44 Perrigo PRGO 86.75 1.55 TylerTech TYL 177.90 2.80 DiscovComm A DISCA 17.25 -0.11 High yield jumbos - Minimum is $100,000
s BectonDicknsn BDX 226.83 5.33 DrReddy'sLab RDY 36.80 1.52 IntlFlavors IFF 151.71 1.77 PetroChina PTR 66.84 0.87 s TysonFoods TSN 79.06 0.10 s DollarTree DLTR 99.46 2.35
Berkley WRB 67.00 0.06 DukeEnergy DUK 88.81 0.15 IntlGameTech IGT 28.51 0.01 PetroleoBrasil PBR 10.03 -0.14 UBS Group UBS 17.11 0.01 E*TRADE ETFC 44.90 0.45 Money market and savings account Six-month CD
BerkHathwy A BRK.A 2750002995.00 DukeRealty DRE 29.30 0.39 IntlPaper IP 54.71 0.56 PetroleoBrasilA PBR.A 9.74 -0.13 UDR UDR 39.75 0.36 EXACT Sci EXAS 59.75 0.88
BerkHathwy B BRK.B 183.18 1.55 ENI E 32.59 0.26 Interpublic IPG 18.72 -0.19 Pfizer PFE 35.54 0.19 UGI UGI 47.56 -0.14 EastWestBncp EWBC 58.24 0.12
ableBanking,adivisionofNortheastBank/5 1.30 TriState Capital Bank /4 1.45
BerryGlobal BERY 59.95 0.50 EOG Rscs EOG 101.66 0.22 InvitatHomes INVH 23.37 0.55 PhilipMorris PM 103.36 0.82 US Foods USFD 27.26 -0.20 eBay EBAY 35.96 0.43 (877) 505-1933 (866) 680-8722
BestBuy BBY 56.06 -0.29 EQT EQT 58.32 -1.01 s IronMountain IRM 41.35 0.43 Phillips66 PSX 93.62 1.00 UltraparPart UGP 22.65 0.16 EchoStar SATS 59.99 0.41 M.Y. Safra Bank, FSB /NR 1.26 M.Y. Safra Bank, FSB /NR 1.42
Bio-RadLab A BIO 255.68 0.39 EastmanChem EMN 91.01 0.96 IsraelChemicals ICL 3.92 ... PinnacleFoods PF 55.57 -0.31 Unilever UN 57.16 0.63 ElbitSystems ESLT 140.15 2.15
Eaton ETN 76.30 0.61 ItauUnibanco ITUB 13.24 0.07
(212) 652-7200 (212) 652-7200
BlackKnight BKI 46.20 0.40 PinnacleWest PNW 89.38 0.03 Unilever UL 56.01 0.68 ElectronicArts EA 107.71 0.07
BlackBerry BB 10.54 0.30 EatonVance EV 52.18 -0.09 JPMorganChase JPM 98.93 -0.08 PioneerNatRscs PXD 152.23 0.72 UnionPacific UNP 117.12 1.11 Equinix EQIX 474.26 2.37 BBVA Compass /3 1.25 First Internet Bank of Indiana /4 1.41
BlackRock BLK 481.36 6.59 Ecolab ECL 132.45 0.32 s JacobsEngg JEC 64.86 5.52 PlainsAllAmPipe PAA 19.61 -0.48 UnitedContinental UAL 59.71 0.95 Ericsson ERIC 6.43 0.23 (800) COMPASS (888) 873-3424
Blackstone BX 31.88 0.05 Ecopetrol EC 11.56 0.06 JamesHardie JHX 16.42 0.32 PlainsGP PAGP 20.48 -0.41 UnitedMicro UMC 2.69 0.08 ErieIndemnity A ERIE 123.22 1.16
Boeing BA 266.99 2.36 EdisonInt EIX 80.22 -0.21 JanusHenderson JHG 36.36 0.34 PolarisIndustries PII 123.10 0.63 UPS B UPS 113.92 0.72 Exelixis EXEL 26.05 0.40 One-month CD One-year CD
BorgWarner BWA 52.65 0.30 EdwardsLife EW 109.52 2.36 J&J JNJ 138.34 0.41 Potash POT 19.32 0.25 s UnitedRentals URI 153.69 2.19 Expedia EXPE 124.88 1.39 EH National Bank /5 0.81 MyeBanc,ADivisionofBACFloridaBank/4 1.77
BostonProps BXP 125.20 0.63 EmersonElec EMR 60.35 0.09 JohnsonControls JCI 36.00 -0.06 s Praxair PX 151.35 0.48 US Bancorp USB 51.89 -0.04 ExpeditorsIntl EXPD 59.95 0.86
BostonSci BSX 28.80 0.45 t EnbridgeEnPtrs EEP 12.85 -0.42 JonesLang JLL 150.23 -0.27 PrincipalFin PFG 68.55 UnitedTech UTX 117.04
(888) 392-5265 (855) 512-0989
-0.27 0.66 ExpressScripts ESRX 61.19 -0.23
Braskem BAK 29.21 0.16 Enbridge ENB 36.80 0.93 JuniperNetworks JNPR 26.98 0.01 Procter&Gamble PG 88.72 0.45 UnitedHealth UNH 212.60 2.35 F5Networks FFIV 122.45 -0.09 M.Y. Safra Bank, FSB /NR 0.30 First Internet Bank of Indiana /4 1.71
Bristol-Myers BMY 61.24 0.44 Encana ECA 11.64 0.01 KAR Auction KAR 48.28 0.33 s Progressive PGR 51.87 0.05 UniversalHealthB UHS 98.77 1.89 Facebook FB 181.86 3.12 (212) 652-7200 (888) 873-3424
BritishAmTob BTI 67.41 1.28 EnelAmericas ENIA 10.10 0.21 KB Fin KB 51.39 -0.48 s Prologis PLD 67.40 0.96 s UnumGroup UNM 53.87 -0.01 Fastenal FAST 48.45 0.34 USAA /NR 0.22 M.Y. Safra Bank, FSB /NR 1.70
BrixmorProp BRX 18.56 ... EnelGenChile EOCC 25.77 0.37 KKR KKR 19.50 ... PrudentialFin PRU 110.06 0.04 VEREIT VER 8.13 0.12 FifthThirdBncp FITB 28.48 -0.09
BroadridgeFinl BR 90.70 0.88 EnergyTransferEq ETE 16.05 -0.13 KT KT 14.25 0.05 s Prudential PUK 50.78 0.92 s VF VFC 72.59 0.64 FirstSolar FSLR 60.24 -0.82
(800) 583-8295 (212) 652-7200
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B12 | Wednesday, November 22, 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
23590.83 s 160.50, or 0.69% Trailing P/E ratio 20.77 20.75 2599.03 s 16.89, or 0.65% Trailing P/E ratio 24.44 24.19 6862.48 s 71.76, or 1.06% 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 2.15 2.49 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 23590.83, 11/21/17 All-time high: 2599.03, 11/21/17 All-time high: 6862.48, 11/21/17

Current divisor 0.14523396877348

23500 2600 6900

23000 2560 6750

22500 2520 6600

22000 2480 6450

Session high
65-day moving average
DOWN UP 65-day moving average
21500 2440 6300
t

Session open Close

65-day moving average Close Open
t

21000 2400 6150

Session low
Bars measure the point change from session's open
20500 2360 6000
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* 827,013,527 10,133,000
Industrial Average 23617.80 23500.15 23590.83 160.50 0.69 23590.83 19023.87 24.0 19.4 9.8 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 494,767,461 5,386,399
Transportation Avg 9623.20 9529.44 9614.72 92.77 0.97 10038.13 8783.74 7.9 6.3 1.9 Most-active issues in late trading Decl. volume* 322,262,725 4,335,286
Utility Average 760.44 755.77 757.97 2.01 0.27 774.47 626.66 19.2 14.9 8.3 Volume After Hours Issues traded 3,086 333
Company Symbol (000) Last Net chg % chg High Low Advances 2,010 171
Total Stock Market 26967.93 26856.99 26954.41 184.86 0.69 26954.41 22773.93 17.6 15.8 8.0
SPDR S&P 500 SPY 8,966.8 259.80 -0.19 -0.07 260.01 258.05 Declines 969 139
Barron's 400 697.81 693.73 697.81 5.72 0.83 697.81 583.16 18.3 16.0 8.8
Bank of America BAC 8,857.3 26.74 0.01 0.04 26.80 26.73 Unchanged 107 23
Nasdaq Stock Market MKS Instruments MKSI 5,135.2 105.00 -0.15 -0.14 105.40 105.00 New highs 242 5
Nasdaq Composite 6862.66 6820.02 6862.48 71.76 1.06 6862.48 5251.11 27.4 27.5 13.3 iShares MSCI Emg Markets EEM 4,717.8 47.69 … unch. 47.78 46.76 New lows 34 5
6380.07 6336.26 70.02 6378.63 4734.10 31.1 Closing tick 29 76
Nasdaq 100 6378.63 1.11 30.9 14.5 VanEck Vectors Gold Miner GDX 4,684.0 22.73 0.01 0.04 22.74 22.70
Closing Arms† 1.45 1.26
iShares Russell 2000 ETF IWM 4,488.5 151.09 … unch. 151.14 149.92
Standard & Poor's Block trades* 6,855 103
0.65
Axalta Coating Systems AXTA 4,238.7 35.15 1.28 3.78 39.10 28.50
500 Index 2601.19 2589.17 2599.03 16.89 2599.03 2191.08 18.0 16.1 8.0 Nasdaq NYSE Arca
JPMorgan Chase JPM 4,150.6 98.90 -0.03 -0.03 99.16 98.88
MidCap 400 1859.03 1853.08 1858.96 11.75 0.64 1858.96 1623.28 14.1 11.9 8.8 Total volume*1,865,032,937 207,230,669
SmallCap 600 927.91 918.37 927.81 12.01 1.31 927.81 808.59 13.6 10.7 11.1 Percentage gainers… Adv. volume*1,389,128,503 165,684,391
Decl. volume* 443,144,595 41,038,575
Other Indexes TiVo TIVO 249.6 18.85 1.20 6.80 19.75 17.60
Issues traded 3,104 1,311
Russell 2000 1519.53 1503.45 1518.89 15.49 1.03 1518.89 1313.80 13.8 11.9 9.0 GameStop Cl A GME 2,555.6 17.61 0.88 5.26 19.46 16.73
Advances 1,942 1,040
NYSE Composite 12397.32 12352.57 12385.88 65.11 0.53 12430.52 10808.63 14.5 12.0 4.0 Axalta Coating Systems AXTA 4,238.7 35.15 1.28 3.78 39.10 28.50 Declines 1,008 251
Value Line 549.06 544.92 548.30 3.38 0.62 548.30 496.60 9.3 8.3 3.0 Owens Corning OC 29.5 90.00 3.02 3.47 90.00 86.98 Unchanged 154 20
NYSE Arca Biotech 4177.33 4135.37 4177.33 54.01 1.31 4304.77 3075.02 25.7 35.8 7.7
Copart CPRT 32.6 37.95 1.25 3.41 38.00 36.61 New highs 289 333
New lows 47 41
NYSE Arca Pharma 538.20 533.51 535.60 3.81 0.72 560.52 463.78 14.0 11.2 -0.4 ...And losers
Closing tick 198 35
KBW Bank 100.01 99.24 99.48 -0.21 -0.21 102.31 85.30 15.6 8.4 11.0 Guess GES 675.6 16.17 -1.78 -9.92 18.10 14.57 Closing Arms† 0.61 1.23
PHLX§ Gold/Silver 80.97 80.23 80.66 0.65 0.81 96.72 73.03 -1.6 2.3 3.0 Hewlett Packard Ent HPE 1,252.2 13.26 -0.86 -6.09 14.29 12.90 Block trades* 6,563 1,090
PHLX§ Oil Service 131.84 129.68 130.19 -0.27 -0.20 192.66 117.79 -22.5 -29.2 -19.5 HP HPQ 852.8 21.20 -1.26 -5.61 22.75 20.90 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1338.92 1327.77 1337.92 15.11 1.14 1337.92 836.79 50.6 47.6 26.4 Boardwalk Pipeline Ptrs BWP 9.0 13.35 -0.79 -5.59 14.14 13.35 †(TRIN) A comparison of the number of advancing and declining
10.78 9.67 -0.92 -8.64 16.04 9.14 -21.6 -30.7 issues with the volume of shares rising and falling. An
CBOE Volatility 9.73 -9.0 Baozun ADR BZUN 209.6 33.75 -1.79 -5.04 35.70 31.91 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 2971.75 17.96 0.61 17.4 Valeritas Holdings VLRX 4.81 1.85 62.50 48.00 2.00 -86.2 Acasti Pharma ACST 2.09 -1.01 -32.58 3.36 1.11 59.5
DJ Global Index 387.18 2.50 0.65 18.8 Ekso Bionics Holdings EKSO 4.13 1.21 41.44 4.90 0.99 0.7 Signet Jewelers SIG 52.79 -23.05 -30.39 101.46 46.09 -41.9
DJ Global ex U.S. 260.38 1.63 0.63 21.7 Celsion CLSN 2.86 0.72 33.64 12.46 1.24 -76.1 Cytokinetics CYTK 8.25 -2.85 -25.68 17.20 7.00 -27.0
Americas DJ Americas 625.45 4.36 0.70 15.7 Phoenix New Media ADR FENG 8.09 1.88 30.27 8.14 2.43 109.6 OptimumBank Holdings OPHC 5.95 -1.80 -23.21 13.96 1.85 25.5
Brazil Sao Paulo Bovespa 74594.61 1157.33 1.58 23.9 Ominto OMNT 3.89 0.82 26.71 23.05 2.57 29.7 EP Energy Cl A EPE 1.89 -0.48 -20.25 7.49 1.85 -56.5
Canada S&P/TSX Comp 16076.65 72.25 0.45 5.2 ENDRA Life Sciences NDRA 2.90 0.57 24.46 4.00 2.15 ... Galectin Therapeutics GALT 2.50 -0.55 -18.13 3.68 0.81 169.9
Mexico S&P/BMV IPC 48185.71 328.57 0.69 5.6 Cesca Therapeutics KOOL 3.90 0.68 21.12 6.44 2.41 21.5 Tarena International ADR TEDU 13.36 -2.53 -15.92 21.70 12.52 -19.0
Chile Santiago IPSA 3943.09 93.30 2.42 22.3 OraSure Technologies OSUR 16.55 2.59 18.55 23.01 8.21 85.1 Stone Energy SGY 29.97 -5.52 -15.55 70.88 16.50 18.2
0.44 Cheetah Mobile ADR CMCM 12.80 1.98 18.30 13.79 7.54 18.6 GNC Holdings A GNC 5.76 -0.97 -14.41 15.50 5.34 -62.3
EMEA Stoxx Europe 600 388.10 1.71 7.4
0.46 Atomera ATOM 3.89 0.59 17.89 7.64 2.45 -44.3 PPDAI Group ADR PPDF 10.80 -1.76 -14.01 14.63 10.02 ...
Eurozone Euro Stoxx 389.92 1.78 11.3
Belgium Bel-20 3970.62 8.38 0.21 10.1 U.S. Global Investors A GROW 3.35 0.48 16.72 4.30 1.25 117.5 DSW Cl A DSW 19.55 -2.98 -13.23 25.96 15.14 -21.5
France CAC 40 5366.15 25.70 0.48 10.4 Black Box BBOX 4.15 0.55 15.28 17.05 2.85 -74.1 Aytu BioScience AYTU 2.60 -0.38 -12.75 6.82 0.17 126.1
Germany DAX 13167.54 108.88 0.83 14.7 Vince Holding VNCE 4.26 0.56 15.14 48.00 2.80 -90.0 Professional Diversity IPDN 4.24 -0.56 -11.67 13.90 2.45 -46.1
Israel Tel Aviv 1417.31 7.46 0.53 –3.6 BioScrip BIOS 2.51 0.31 14.09 3.39 0.98 100.8 Vipshop Holdings ADR VIPS 8.22 -1.03 -11.14 15.49 7.79 -31.9
22326.44 0.62 16.1 Seven Stars Cloud Group SSC 2.48 0.30 13.76 3.45 1.10 87.9 LiNiu Technology Group LINU 1.79 -0.22 -10.95 5.33 0.99 64.7
Italy FTSE MIB 137.19
Netherlands AEX 541.82 2.11 0.39 12.1
Russia RTS Index 1147.61 18.89 1.67 –0.4 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9993.40 –32.10 –0.32 6.9
0.77 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 583.44 4.45 9.1 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9324.53 24.92 0.27 13.4
General Electric GE 76,704 9.9 17.83 -0.83 32.38 17.46 Reliv International RELV 227 3163 5.69 1.07 13.77 4.00
U.K. FTSE 100 7411.34 21.88 0.30 3.8
SPDR S&P 500 SPY 60,091 -3.0 259.99 0.65 260.20 219.15 Riot Blockchain RIOT 12,082 2600 11.26 8.79 12.89 2.66
Asia-Pacific iShares MSCI Emg Markets EEM 58,870 22.6 47.69 1.34 47.88 33.94 Resonant Inc. RESN 1,871 2449 5.80 8.01 6.00 3.82
Australia S&P/ASX 200 5963.50 17.80 0.30 5.3 Bank of America BAC 48,867 -24.1 26.73 -0.04 27.98 20.12 Gl X SuperDiv EM SDEM 163 2316 15.55 0.19 19.63 14.25
China Shanghai Composite 3410.50 18.10 0.53 9.9 Ambev ADR ABEV 38,500 95.5 6.35 1.28 7.03 4.70 Model N Inc. MODN 2,322 1926 15.70 6.08 16.20 7.90
Hong Kong Hang Seng 29818.07 557.76 1.91 35.5 Celsion CLSN 36,471 937.5 2.86 33.64 12.46 1.24 Otelco Cl A OTEL 298 1791 12.00 5.73 12.60 5.65
India S&P BSE Sensex 33478.35 118.45 0.36 25.7 Rite Aid RAD 36,249 38.1 1.64 5.13 8.77 1.38 Invesco Mortgage Cap IVR 14,515 1583 18.13 0.61 18.14 14.15
Japan Nikkei Stock Avg 22416.48 154.72 0.70 17.3 Marvell Tech Group MRVL 35,406 418.4 23.28 7.83 23.41 13.59 Cytokinetics CYTK 7,441 1432 8.25 -25.68 17.20 7.00
Singapore Straits Times 3423.38 36.79 1.09 18.8 Finl Select Sector SPDR XLF 35,025 -31.8 26.36 0.30 26.93 22.00 Atlantic Coast Financial ACFC 1,167 1240 9.47 3.27 9.95 6.63
South Korea Kospi 2530.70 3.03 0.12 24.9 Micron Technology MU 35,022 5.9 49.40 3.69 49.63 18.18 Xunlei ADR XNET 33,719 1051 21.46 13.01 24.29 3.11
Taiwan Weighted 10779.24 114.69 1.08 16.5 * 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
Tues YTDchg
in US$ per US$ (%) Country/currency
Tues 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 Five-year ARM, Rate
3.75% Argentina peso .0572 17.4847 10.2 Czech Rep. koruna .04605 21.718 –15.5
benchmark over the past year 10% Brazil real .3069 3.2588 0.1 Denmark krone .1577 6.3397 –10.3
Bankrate.com avg†: 3.60% s
3.00 Euro Canada dollar .7826 1.2778 –4.9 Euro area euro 1.1738 .8520 –10.4
5-year adjustable- NBT Bank, NA 2.50% 5
rate mortgage Chile peso .001576 634.50 –5.3 Hungary forint .003748 266.82 –9.3
4.00% Canajoharie, NY 800-449-6842 1 1 unch .009652 103.61 –8.3
t (ARM) 2.25 0 Ecuador US dollar Iceland krona
Third Federal Savings and Loan 2.69% Mexico peso .0533 18.7725 –9.5 Norway krone .1217 8.2136 –5.0
Tuesday
t

3.00 1.50 Uruguay peso .03404 29.3800 0.1 Poland zloty .2781 3.5963 –14.1
Cleveland, OH 866-627-1785 –5
Venezuela b. fuerte .094128 10.6239 6.3 Russia ruble .01690 59.163 –3.4
2.00 Epic Funding 2.88% 0.75 s Yen
–10 s Asia-Pacific Sweden krona .1186 8.4315 –7.4
Fort Myers, FL One year ago
t

800-530-2680
t
WSJ Dollar index Switzerland franc 1.0088 .9913 –2.7
5-year Treasury 0.00 –15 Australian dollar .7578 1.3196 –5.0
1.00 Schools First FCU 2.88% Turkey lira .2527 3.9566 12.3
China yuan .1508 6.6294 –4.5
note yield 1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0377 26.5545 –2.0
Santa Ana, CA 800-462-8328 Hong Kong dollar .1280 7.8112 0.7
0.00 month(s) years UK pound 1.3237 .7555 –6.7
Citizens Equity First Credit Union 3.00% India rupee .01543 64.809 –4.6
D J FMAM J J A S O N maturity Indonesia rupiah .0000740 13518 Middle East/Africa
–0.1
2017 Peoria, IL 309-633-3603
Japan yen .008893 112.44 –3.9 Bahrain dinar 2.6473 .3778 0.2
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003026 330.46 –1.0 Egypt pound .0566 17.6615 –2.6
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1239 8.0687 1.9 Israel shekel .2844 3.5160 –8.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2420 4.1322 –7.9 Kuwait dinar 3.3091 .3022 –1.1
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields New Zealand dollar .6828 1.4646 1.4 Oman sul rial 2.5974 .3850 0.01
Pakistan rupee .00950 105.210 0.8 Qatar rial .2744 3.644 0.1
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr Philippines peso .0198 50.543 1.9 Saudi Arabia riyal .2666 3.7504 –0.01
Libor, 3-month 1.45 1.42 0.92 l 1.45 1.22 Singapore dollar .7384 1.3543 –6.4 South Africa rand .0716 13.9701 2.0
Money market, annual yield 0.32 0.32 0.26 l 0.36 -0.11 Treasury, Ryan ALM 1461.896 2.191 2.174 2.237 1.818 2.297 1.965 South Korea won .0009165 1091.13 –9.7
Five-year CD, annual yield 1.48 1.49 1.19 l 1.49 -0.08 .0065028 153.78 3.6 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1732.552 2.361 2.381 2.609 2.058 1.897 1.744 Sri Lanka rupee
30-year mortgage, fixed† 3.91 3.92 3.73 l 4.33 -0.12 Taiwan dollar .03335 29.987 –7.6 WSJ Dollar Index 87.26 –0.14–0.16 –6.11
DJ Corporate 379.151 3.158 3.169 3.390 2.879 5.682 3.959
Thailand baht .03053 32.750 –8.5 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.32 3.30 2.99 l 3.50 0.10 Aggregate, Barclays Capital 1940.080 2.680 2.670 2.790 2.380 3.349 2.353 Vietnam dong .00004403 22710 –0.3
Jumbo mortgages, $424,100-plus† 4.29 4.26 4.21 l 4.88 -0.02 High Yield 100, Merrill Lynch 2846.329 5.551 5.712 6.144 4.948 8.104 4.054
Five-year adj mortgage (ARM)† 3.60 3.52 3.20 l 4.03 0.11
Fixed-Rate MBS, Barclays 1984.950 2.910 2.890 3.120 2.660 2.214 1.964
New-car loan, 48-month 3.01 3.00 2.85 l 3.36 -0.19
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 520.527 2.087 2.028 2.516 1.736 4.576 2.620 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 800.623 5.591 5.655 6.290 5.279 4.760 5.596 Commodities Tuesday 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 611.51 2.11 0.35 616.58 532.01 10.74 7.80

Get real-time U.S. stock quotes and track most-active Track the Markets 189.83 0.33 195.14 1.21 -1.39

WSJ
TR/CC CRB Index 0.62 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 56.83 0.41 0.73 57.35 42.53 18.32 5.79
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.017 -0.030 -0.98 3.93 2.56 1.17 -18.98
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1281.10 6.50 0.51 1346.00 1127.80 5.79 11.40
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THE WALL STREET JOURNAL. Wednesday, November 22, 2017 | B13

NEW HIGHS AND LOWS |WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session. LibertyProperty LPT 45.24 1.5 PhoenixNewMedia FENG 8.14 30.3 ValeroEnergy VLO 84.00 2.1 NuvMN QualMuni NMS 14.89 -0.3 ETFMG VideoGame GAMR 47.87 0.9 GuggS&P400PureVal RFV 66.41 0.6 iShMornMCGrowth JKH 200.17 0.6
LomaNegra LOMA 23.32 3.3 PlanetFitness PLNT 31.23 3.2 Valhi VHI 5.74 1.3 PPDAI PPDF 10.02 -14.0 ETRACSMnthly2xLev SPLX 51.01 1.3 GuggS&P600PrGrwth RZG 112.47 1.4 iShMorningstarSC JKJ 169.24 0.8
Luxfer LXFR 14.28 1.3 Praxair PX 152.28 0.3 ValidusPfdB VRpB 25.79 ... Qudian QD 16.00 -3.8 EthoClimateLeader ETHO 33.45 0.5 GuggInsider NFO 61.95 0.7 iShMornSCGrowth JKK 178.27 1.1
Tuesday, November 21, 2017 MGIC Investment MTG 14.75 0.1 Progressive PGR 52.26 0.1 VectorGroup VGR 22.39 1.5 SantndrHldPfdN SOVpC 25.19 -0.2 FidelityHiDiv FDVV 27.89 0.4 GuggMC Core CZA 65.22 0.3 iShRussell1000Gwth IWF 132.51 0.9
52-Wk % 52-Wk % 52-Wk % MI Homes MHO 35.73 1.9 Prologis PLD 67.53 1.4 Verso VRS 10.11 4.6 SeaWorldEnt SEAS 10.65 -1.6 FidelityLowVol FDLO 29.69 0.5 GuggS&P500Top50 XLG 184.55 0.8 iShRussell1000 IWB 144.91 0.6
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MSCI MSCI 128.90 0.2 ProtoLabs PRLB 92.90 6.2 Vishay VSH 23.25 1.5 TallgrassEnPtrs TEP 42.65 -1.5 FidelityMSCICnDisc FDIS 37.36 0.6 GuggS&PGlblWtr CGW 35.62 0.7 iShRussell2000Gwth IWO 184.48 1.2
MVC CapNts22 MVCD 25.48 1.0 Prudential PUK 51.02 1.8 VishayPrecision VPG 27.60 2.5 TortoiseMLPFund NTG 15.51 1.5 FidelityMSCIIT FTEC 50.79 1.2 GuggS&PMC400EW EWMC 62.60 0.4 iShRussell2000 IWM 151.29 1.0
Carters CRI 107.24 0.7 Forestar FOR 20.65 3.3 ManchesterUnited MANU 20.80 4.8 PulteGroup PHM 32.90 0.9 VMware VMW 126.33 1.1 TortoisePipe&En TTP 16.30 -1.8 GuggS&PSC600EW EWSC 53.81 1.2 iShRussell3000 IWV 154.38 0.7
FidelityMomFactor FDMO 31.13 1.0
NYSE highs - 242 Chemed
ChesapeakeUtil CPK
CHE 238.40
84.00
2.8
2.3
FourCornersProp FCPT
GAMCO PfdA GNTpA
26.66
25.09
2.0
0.6
Manpower MAN 128.45 0.9 PureStorage PSTG 17.91 2.0 Vonage VG 9.73 3.7 XeriumTech XRM 3.70 1.3 FidelityQualFactor FQAL 30.89 0.6 GuggTR Bond GTO 52.99 -0.1 iShRussellMid-Cap IWR 203.63 0.5
Mastercard MA 152.63 2.0 QuakerChemical KWR 165.37 1.8 W.P.Carey WPC 72.41 1.2 FidelityValFactor FVAL 31.45 0.6 HartfordMultiGlbSC ROGS 31.10 1.0 iShRussellMCValue IWS 86.70 0.4
AG Mortgage PfdB MITTpB 25.55 0.2
AT&T Nts 2066 TBB 25.79 0.2
ChinaFund CHN
ChinaSoAirlines ZNH
22.25
43.85
1.8
0.8
GTT Comm
Gallagher
GTT
AJG
40.90
67.05
1.8
1.4
Maximus
MeritageHomes MTH
MMS 67.42
51.40
1.6
1.5
RELX
RELX
RENX
RELX
23.03
23.74
0.5
0.6
WarriorMetCoal HCC
WattsWater WTS
29.18
73.10
1.1
1.2
NYSE Arca highs - 333 FT ConsDscAlpDx FXD
FT DJ Internet FDN
39.88
109.79
0.4
1.2
HartfordMultiUSEqu ROUS
IQGlobalResources GRES
30.17
27.60
0.7
1.0
iShRussellTop200Gr IWY
iShRussellTop200 IWL
72.00
59.83
1.0
0.7
AXIS CapPfdE AXSpE 25.66 -0.3 ChoiceHotels CHH 77.60 1.4 GardnerDenver GDI 31.09 0.5 ALPS EqSecWgh EQL 67.96 0.4
MesaRoyalty MTR 17.60 1.2 RayonierAdvPfdA RYAMpA 133.60 9.7 WellsFargoPfdW WFCpW 26.38 ... FT Dow30EW EDOW 21.19 0.8 IQ HedMultStra QAI 30.48 0.3 iShS&P100 OEF 115.11 0.8
AberdeenGrChinaFd GCH 12.79 0.9 Cooper-Standard CPS 122.75 1.4 GoDaddy GDDY 50.80 0.6 ARKIndlInnovation ARKQ 34.47 2.2
MethodeElec MEI 48.44 0.7 RayonierAdvMatls RYAM 18.75 10.6 WellsFargoPfdV WFCpV 26.79 -0.1 FT DJ SelMicro FDM 47.67 1.3 IQRealReturn CPI 27.62 0.1 iShS&PMC400Growth IJK 213.07 0.7
AberdeenSingapore SGF 12.57 0.6 Copa CPA 138.69 2.2 GoldmanSachsPfN GSpN 27.93 ... ARKInnovationETF ARKK 36.52 1.7
MetropolitanBk MCB 42.37 1.8 RedHat RHT 129.23 1.2 WildHorseResource WRD 16.77 1.0 FT FinlsAlpDx FXO 30.70 0.4 InnovatorIBD50 FFTY 34.98 1.5 iShS&P500Growth IVW 150.59 0.8
Accenture ACN 148.47 1.0 Cosan CZZ 9.53 1.6 GreatPlainsEner GXP 34.14 0.4 ARKWebx.0ETF ARKW 45.27 1.9
MicroFocus MFGP 36.21 0.2 Regis RGS 16.55 0.4 WilliamLyonHomes WLH 30.31 1.0 FT Chindia FNI 40.26 0.7 iShAggrAllocation AOA 54.84 0.6 iShGlobalTechETF IXN 157.59 1.4
AgilentTechs A 70.81 -0.1 Cott COT 17.46 -0.5 GrubHub GRUB 66.99 2.7 AdvShFocusedEqu CWS 30.36 1.3
ModelN MODN 16.20 6.1 ReinsGrp RGA 152.35 1.0 Winnebago WGO 51.35 1.8 FT Long/Short FTLS 38.26 0.2 iShCoreDivGrowth DGRO 33.71 0.6 iShIntlDevProperty WPS 39.07 0.8
AlabamaPwrPfdA ALPpQ 26.89 0.9 CreditSuisse CS 16.50 1.7 Guess GES 18.30 1.0 AdvShNewTech FNG 23.35 1.6
Moelis MC 47.05 2.1 RexfordIndlRealty REXR 31.11 1.7 WW Ent WWE 28.00 0.5 FT TechAlphaDEX FXL 53.62 1.1 iShGrwthAllocation AOR 45.61 0.4 iShGlobalConsDiscr RXI 106.04 0.6
AlamoGroup ALG 117.90 2.1 Cubic CUB 64.35 13.6 Guidewire GWRE 83.52 0.2 AdvShWilshireBuybk TTFS 68.62 ...
MohawkInds MHK 279.85 -0.9 RingCentral RNG 49.10 0.1 Wyndham WYN 110.88 0.7 FT USEquityOpp FPX 67.42 0.8 iShCoreMSCIEmgMk IEMG 57.71 1.3 iShS&PMC400Value IJJ 155.92 0.5
AlbanyIntl AIN 64.05 2.3 CurtissWright CW 121.84 1.3 HFF HF 46.10 2.2 AGFiQ US NeutrMom MOM 25.07 0.4
MonmouthRealEst MNR 17.71 1.2 RiverNorthMktPfA RMPLp 25.50 1.6 XPO Logistics XPO 77.49 0.9 FT ValueLine100 FVL 23.55 0.7 iShModAllocation AOM 38.40 0.4 iShS&PSC600Value IJS 151.75 1.2
AlexandriaRlEst ARE 128.00 1.4 DCT Industrial DCT 61.45 2.0 HP HPQ 22.68 1.5 Moody's MCO 149.63 0.8 RogersComm B RCI 54.95 0.4 Barrons400ETF BFOR 40.89 0.9 iShCoreS&P500 IVV 261.97 0.6
Zoetis ZTS 72.14 0.6 FT Water FIW 47.97 1.2 iShNATech-Mult IGN 48.57 1.1
Alibaba BABA 191.56 1.5 DXC Tech DXC 99.44 1.1 Haemonetic HAE 58.99 2.2 Movado MOV 33.70 11.6 Rogers ROG 167.17 4.8 BuzzUSSentLdrs BUZ 32.10 1.4 iShCoreS&P MC IJH 185.73 0.6
FlexShEM FactTilt TLTE 58.90 1.3 iShNorthAmerTech IGM 170.68 1.1
AllianzGIEqtyConv NIE 21.14 1.0
AlonUSAPartners ALDW 15.12 2.5
Dana
Danaher
DAN
DHR
32.14
94.22
0.6
0.5
Harris HRS
HeritageInsurance HRTG
144.75
17.99
1.5
-1.5
NACCO Inds
NTTDoCoMo DCM
NC 48.85
25.49
0.2
1.7
RoperTech ROP
RymanHospitality RHP
261.58
69.49
0.9
2.0
NYSE lows - 34 CSOPFTSEChinaA50 AFTY
ClearSharesOCIO OCIO
19.51
26.34
3.1
0.6 FlexShQualDivDef QDEF 42.94 0.3
iShCoreS&P SC IJR
iShS&PTotlUSStkMkt ITOT
76.23
59.65
1.4
0.7
iSh10+YCreditBond CLY
iShDowJonesUS IYY
62.70
130.38
0.4
0.7
AmRltyInv ARL 10.50 4.4 DaqoNewEnergy DQ 48.05 -1.6 Hilton HLT 76.22 1.8 AdvantageOil AAV 4.90 -1.0 ColumbiaIndiaCnsmr INCO 47.09 1.4 FlexShQualityDiv QDF 43.45 0.5
NVR NVR 3415.70 1.8 SJW Group SJW 67.24 1.6 iShCurHdgMSCISwitz HEWL 27.65 0.3 iShChinaLC FXI 48.33 2.7
AmerStWater AWR 56.66 2.1 DeckersOutdoor DECK 73.61 0.7 HollyFrontier HFC 44.86 1.1 AllerganPfdA AGNpA 606.23 -0.3 CnsmrDiscSelSector XLY 94.36 0.6 FrankFTSEBrazil FLBR 25.11 0.4
NatlRetailPropPfdF NNNpF 25.28 0.2 Salesforce.com CRM 109.19 1.3 iShU.S.Technology IYW 165.44 1.2 iShRussellMCGrowth IWP 118.67 0.5
Ametek AME 71.24 -0.4 Deere DE 140.36 1.7 HomeDepot HD 172.86 1.4 AnadarkoPeteUn AEUA 33.16 -2.2 CS FI LC Grwth FLGE 219.24 2.0 FrankFTSEChina FLCH 26.54 2.0
NewGermanyFund GF 19.30 0.7 SantanderCons SC 17.34 0.1 iShUSMedDevices IHI 177.22 1.4 iShUSBrokerDealers IAI 59.41 0.8
Amphenol APH 91.14 1.1 DelekUS DK 30.86 3.2 Honeywell HON 149.68 1.0 BellatrixExplor BXE 1.98 -1.7 DiamondHillVal DHVW 31.03 0.7 FrankFTSE HK FLHK 26.48 1.8
NewMediaInvt NEWM 17.15 0.2 SchwabC SCHW 46.33 2.1 iShEdgeMSCIMultif ACWF 30.68 0.7 JanusVelTailLC TRSK 30.56 0.6
AristaNetworks ANET 245.65 -0.2 Diageo DEO 138.42 0.6 DR Horton DHI 49.54 2.4 BlackRockFRIncm FRA 13.71 -0.1 DirexAllCapIns KNOW 42.56 0.5 FrankFTSEMexico FLMX 25.42 1.9
NewRelic NEWR 57.84 1.3 SendGrid SEND 21.50 0.1 iShEdgeMSCIMultUSA LRGF 31.48 0.3 HancockLC JHML 34.00 0.4
ArmadaHoffler AHH 15.34 1.3 Dividend&IncomeFd DNI 13.30 0.5 HoulihanLokey HLI 44.43 1.8 NoahHoldings NOAH 47.90 1.8 130.05 0.3 BlackstnGSOSrFloat BSL 17.04 0.6 DirexCSIChinaInt CWEB 57.89 1.8 FrankFTSE SKorea FLKR 26.39 1.2 39.56 1.3
ServiceNow NOW iShEdgeMSCIUSASC SMLF HancockMC JHMM 33.48 0.4
ArtisanPtrsAsset APAM 38.55 2.1 DolbyLab DLB 62.71 1.0 IDEX IEX 130.48 0.8 NortelInversora NTL 44.78 2.2 Square SQ 48.24 6.3 BuckeyePtrs BPL 45.95 -2.9 DirexCSI300CnABl2 CHAU 32.16 5.7 FranklinLibEM FLQE 32.99 1.2 iShEdgeMSCIUSASize SIZE 81.82 0.3 HancockMultiSC JHSC 25.42 0.5
AveryDennison AVY 111.83 -0.3 DollarGeneral DG 88.13 -0.3 IllinoisToolWks ITW 159.96 0.4 NorthstarRltyEur NRE 14.60 1.0 Stoneridge SRI 23.12 2.6 CapitolInvIV Wt CIC.WS 1.08 ... DirexEM Bull3 EDC 127.57 4.1 FranklinGlbEquity FLQG 30.18 0.6 iShACWILowCarbon CRBN 115.95 0.8 HancockTech JHMT 42.16 1.2
BB&T Pfd H BBTpH 27.00 0.2 DriveShack DS 6.18 7.3 IndependenceHldg IHC 29.37 2.3 NovoNordisk NVO 51.88 0.6 TE Connectivity TEL 96.68 0.1 ColonyNorthStar CLNS 12.10 0.6 DirexChinaBl3 YINN 37.78 8.2 GlbX ChinaConsumer CHIQ 18.41 0.7 iShMSCIBRICETF BKF 46.20 1.5 JPM DivRetEM JPEM 58.90 1.0
BRT Apartments BRT 11.07 0.4 DriveShackPfdB DSpB 26.07 0.6 Ingevity NGVT 76.62 2.9 NuvCoreEqAlpha JCE 16.09 1.0 TRI Pointe TPH 18.09 1.0 CommunityHlthSys CYH 3.85 0.3 DirexHmbldrBull3 NAIL 83.39 4.8 GlbX ChinaFinls CHIX 18.60 3.1 iShMSCIEmgMarkets EEM 47.88 1.3 JPM DivRetGlEq JPGE 61.97 0.7
BankofAmPfdEE BACpA 27.08 0.1 EPAM Systems EPAM 105.95 2.2 Ingredion INGR 135.67 0.4 NuvDow30Dyn DIAX 17.95 0.7 TaiwanSemi TSM 42.87 0.9 Doubleline Oppor DBL 22.28 -0.8 DirexMcBull3 MIDU 44.67 1.9 GlbX FTSE SE Asia ASEA 16.48 0.4 iShMSCIEmgMktSC EEMS 52.08 1.0 JPM DivRetUS Eq JPUS 69.65 0.3
BkNovaScotia BNS 66.78 -0.7 ESCO Tech ESE 65.30 3.8 InstalledBldg IBP 72.60 3.1 OasisMidstream OMP 18.50 3.7 Teleflex TFX 269.78 0.4 EP Energy EPE 1.85 -20.3 DirexPharmBl3X PILL 24.95 1.8 GlbXSciBetaUS SCIU 30.54 0.6 iShMSCIHongKong EWH 26.05 1.7 JPM Div US SC JPSE 29.45 1.1
Bard CR BCR 336.98 1.0 EastGroup EGP 95.03 2.4 IronMountain IRM 41.53 1.1 ObsidianEnergy OBE 1.38 5.6 TemplMktFd EMF 17.65 1.5 EnbridgeEnergy EEQ 12.34 -2.0 DirexS&P500Bl3 SPXL 42.21 2.0 GSActiveBetaEM GEM 35.89 1.2 iShMSCIJapanSC SCJ 78.71 1.1 JPM US Moment JMOM 25.27 0.8
BectonDickinsonPfA BDXA 60.46 1.8 EmployersHldgs EIG 49.65 1.9 JELD-WEN JELD 39.53 2.1 OnAssignment ASGN 63.71 1.3 ThaiFund TTF 11.11 0.5 EnbridgeEnPtrs EEP 12.68 -3.2 DirexS&P500Bull2X SPUU 47.20 1.3 GSActiveBetaUSLC GSLC 52.02 0.5 iShMSCIKLD400Soc DSI 95.97 0.6 JPM US Value JVAL 25.24 1.4
BectonDicknsn BDX 227.50 2.4 EssentGroup ESNT 45.23 ... JacobsEngg JEC 65.29 9.3 OneLiberty OLP 26.88 1.8 Toll Bros TOL 48.08 2.0 GNC Holdings GNC 5.34 -14.4 DirexS&P500Bl1.25 LLSP 34.84 0.7 GS Active US SC GSSC 42.88 0.7 iShMSCIKokusaiETF TOK 64.22 0.2 KnowldgLdrDevWrld KLDW 33.11 0.6
BlackstoneMtg BXMT 32.81 1.2 Euronav EURN 8.85 2.3 JohnBeanTech JBT 116.90 2.0 Oppenheimer A OPY 26.60 3.5 TorontoDomBk TD 58.29 0.7 GenieEnergy GNE 4.28 -0.5 DirexSemiBl3 SOXL 170.56 3.6 GSHedgeIndVIP GVIP 52.91 1.0 iShMSCIPacificxJp EPP 47.82 1.1 KraneBoseraChinaA KBA 36.13 2.2
BluegreenVac BXG 13.90 4.2 EvercoreA EVR 87.65 1.7 KB Home KBH 29.20 1.2 OwensCorning OC 87.49 2.0 TriNet TNET 44.64 1.5 Glaukos GKOS 25.20 -10.1 DirexScBl1.25 LLSC 35.30 3.9 GuggBRIC EEB 38.35 1.0 iShMSCISingapore EWS 26.32 1.6 KraneEMCnsTech KEMQ 26.08 1.6
Box BOX 23.18 1.5 EvoquaWater AQUA 21.99 2.5 Kaman KAMN 58.28 1.0 PBF Energy PBF 33.43 1.7 Trinseo TSE 73.45 0.3 GS MLPEnergyRen GER 5.52 -2.6 DirexSCBull3 TNA 68.50 3.1 GuggChinaAllCap YAO 36.60 1.5 iShMSCISouthAfrica EZA 63.89 1.1 MadronaDomestic FWDD 51.32 0.6
BoydGaming BYD 30.74 -0.1 ExtraSpaceSt EXR 88.05 0.4 Kemper KMPR 69.30 2.2 PGT Innovations PGTI 16.25 0.9 Triple-S Mgmt GTS 28.05 2.5 JianpuTech JT 5.50 -10.8 DirexKRBull3 KORU 66.09 3.0 GuggChinaTech CQQQ 67.23 1.5 iShMSCISouthKorea EWY 77.31 1.0 NatixisSeeyondIntl MVIN 46.18 0.4
CTS CTS 28.30 1.6 FactSet FDS 197.74 0.2 KeyCorpPfdE KEYpI 29.97 0.2 PVH PVH 136.84 -0.2 TrueBlue TBI 29.45 1.9 MaidenHldgsPfdC MHpC 24.31 0.1 DirexTechBull3 TECL 114.09 3.0 GuggDefEqty DEF 46.07 0.6 iShMSCITaiwanCap EWT 38.29 1.3 OShFTSEUSQuality OUSA 30.95 0.5
CalAtlantic CAA 54.06 2.4 FairIsaac FICO 155.97 0.4 KornFerry KFY 43.84 1.3 PaycomSoftware PAYC 85.40 2.0 TysonFoods TSN 79.66 0.1 MaidenHldgsPfdA MHpA 25.00 -0.2 Direx iBillionaire IBLN 32.01 0.8 GuggS&P500EW RSP 98.02 0.4 iShMSCIThailandCap THD 90.46 -0.1 OppenheimerLgCpRev RWL 49.08 0.6
CalWtrSvc CWT 44.95 1.6 FidNatlFin FNF 40.50 2.0 KronosWorldwide KRO 29.37 1.0 PebblebrookHotel PEB 37.76 2.1 USG USG 35.37 1.2 NationalGrid NGG 58.71 -0.2 DirexNasd100EW QQQE 42.87 0.7 GuggS&P500EWTech RYT 146.23 0.8 iShMSCIUSAESGSelct SUSA 108.54 0.4 OppenheimerMdCpRev RWK 58.46 0.4
CantelMedical CMD 106.19 2.8 58.com WUBA 79.79 3.5 LINE LN 44.19 1.3 PennyMacFinS PFSI 19.85 1.8 UnitedRentals URI 155.00 1.4 NuSTAR PfdB NSpB 22.61 -2.8 EmgMktInternetEcom EMQQ 40.25 1.5 GuggS&P500PureGr RPG 105.57 0.7 iShMSCIUSAEqWeight EUSA 53.93 0.5 PIMCO DynMultEM MFEM 25.60 1.1
CapitalOnePfdG COFpG 25.34 0.2 FirstIndRlty FR 32.82 1.9 LambWeston LW 54.21 0.1 PennyMacPfdB PMTpB 25.45 -0.2 UnumGroup UNM 54.22 ... NuSTAREnergy NS 27.41 -2.4 ETF Exposure TETF 18.09 0.6 GuggS&P500PrVal RPV 63.33 0.2 iShMornLCGrowth JKE 154.17 0.9
CapitalOnePfdH COFpH 27.04 0.5 FirstRepBkPfdH FRCpH 25.61 0.2 Lennar A LEN 60.86 2.4 PerkinElmer PKI 73.43 0.7 VF VFC 72.67 0.9 NuvCreditOpp2022 JCO 9.68 2.3 ETFMG PrimeMob IPAY 34.67 1.3 GuggS&P400PrGrwth RFG 152.39 1.0 iShMorningstarMC JKG 180.73 0.4 Continued on Page B14

COMMODITIES WSJ.com/commodities

Futures Contracts Contract Open

Open High hilo Low Settle Chg interest
Bonds | WSJ.com/bonds
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb.

Open
Contract
High hi lo Low Settle Chg
Open
interest
March
May
14.98
14.99
15.07
15.08
14.73
14.78
14.88
14.90
–.10 386,533
–.09 135,468 Tracking Bond Benchmarks
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Copper-High (CMX)-25,000 lbs.; $ per lb. March 27.17 27.25 27.17 27.25 –.07 2,763
Nov 3.0860 3.1240 3.0860 3.1255 0.0350 390 Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds
March'18 3.1105 3.1540 3.1020 3.1505 0.0350 124,935 Dec 71.07 72.52 70.40 70.90 –.47 7,894 Total Total
Gold (CMX)-100 troy oz.; $ per troy oz. March'18 70.56 71.34 69.53 70.14 –.71 154,679 return YTD total Yield (%) return YTD total Yield (%)
Nov ... ... ... 1281.10 6.50 10 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 1276.60 1284.50 1275.80 1281.70 6.40 243,578 Dec … … s … 166.80 …
Feb'18 1281.00 1288.70 1280.20 1286.20 6.50 226,514 Jan'18 167.10 168.20 164.20 166.75 –.55 7,889 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
April 1286.40 1292.70 1284.90 1290.50 6.50 24,025
June 1291.30 1297.20 1289.00 1294.90 6.60 22,612 1940.08 3.2 U.S. Aggregate 2.680 2.380 2.790 1984.95 2.2 Mortgage-Backed 2.910 2.660 3.120
Dec 1304.70 1309.90 1302.70 1308.30 6.80 11,773
Interest Rate Futures
Palladium (NYM) - 50 troy oz.; $ per troy oz. U.S. Corporate Indexes Bloomberg Barclays 1951.71 1.7 Ginnie Mae (GNMA) 2.860 2.630 3.090
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 987.35 999.00 983.80 996.50 10.40 16,442 Dec 153-260 154-220 153-240 154-030 14.0 736,301 1164.31 2.4 Fannie mae (FNMA) 2.920 2.670 3.120
2778.96 5.6 U.S. Corporate 3.260 3.030 3.520
March'18 983.35 996.00 980.00 994.00 11.55 18,324 March'18 152-230 153-180 152-210 152-310 14.0 85,179
June 977.70 982.40 977.70 986.25 10.80 413 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2613.19 3.6 Intermediate 2.860 2.530 3.010 1792.58 2.5 Freddie Mac (FHLMC) 2.940 2.680 3.130
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 124-225 124-295 124-190 124-220 … 3,171,013
Nov ... ... ... 934.80 14.40 4 March'18 124-140 124-210 124-105 124-135 … 304,062 3870.62 10.1 Long term 4.110 4.100 4.710 520.53 4.3 Muni Master 2.087 1.736 2.516
Jan'18 926.20 940.40 924.80 938.00 14.40 69,843 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. 566.99 4.1 Double-A-rated 2.750 2.470 2.870 364.02 4.8 7-12 year 2.076 1.744 2.618
Dec 116-247 116-260 116-205 116-217 –2.7 3,018,855
Nov 16.930 16.930 16.930 16.949 0.122 3 March'18 116-192 116-200 116-145 116-155 –3.0 449,651
717.23 6.2 Triple-B-rated 3.540 3.340 3.870 409.19 6.1 12-22 year 2.485 2.213 3.047
March'18 16.985 17.135 16.985 17.062 0.121 93,279 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 107-137 107-140 107-120 107-125 –1.2 1,739,370 High Yield Bonds Merrill Lynch 395.85 6.7 22-plus year 2.892 2.770 3.622
Jan 56.38 57.22 56.32 56.83 0.41 596,888 March'18 107-082 107-085 107-062 107-065 –1.7 257,966
Feb 56.51 57.29 56.43 56.92 0.39 193,537 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 415.37 6.9 High Yield Constrained 5.782 5.373 6.579 Global Government J.P. Morgan†
March 56.58 57.31 56.50 56.96 0.36 297,820 Nov 98.845 98.845 98.843 98.843 … 205,968
April 56.52 57.25 56.52 56.92 0.32 133,195 415.40 8.0 Triple-C-rated 10.785 9.584 12.718 545.08 1.5 Global Government 1.410 1.300 1.560
Jan'18 98.605 98.610 t 98.605 98.605 –.005 340,539
June 56.26 56.87 56.22 56.57 0.21 236,373 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 0.5
2846.33 6.1 High Yield 100 5.551 4.948 6.144 757.51 Canada 2.000 1.570 2.190
Dec 54.44 54.90 54.38 54.60 0.06 264,848 Dec 100.906 101.094 100.781 100.859 .094 28,105
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 1 Month Libor (CME)-$3,000,000; pts of 100% 377.40 7.2 Global High Yield Constrained 5.252 4.934 6.222 373.65 1.3 EMU§ 1.012 0.933 1.363
Dec 1.9311 1.9486 1.9200 1.9359 .0038 60,395 Dec 98.5200 98.5350 t 98.5175 98.5225 –.0175 2,764
Jan'18 1.9339 1.9517 1.9231 1.9381 .0038 126,341 Jan'18 98.5200 98.5200 t 98.5200 98.5225 … 1,917 306.34 6.7 Europe High Yield Constrained 2.276 1.897 3.814 717.18 1.5 France 0.740 0.710 1.210
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Eurodollar (CME)-$1,000,000; pts of 100%
Dec 1.7406 1.7753 1.7387 1.7731 .0293 66,306 U.S Agency Bloomberg Barclays 510.64 -0.8 Germany 0.420 0.210 0.620
Dec 98.4525 98.4550 98.4450 98.4475 –.0025 1,657,286
Jan'18 1.7335 1.7670 1.7325 1.7649 .0271 176,046 March'18 98.2750 98.2750 98.2600 98.2650 –.0100 1,439,913 1637.79 2.0 U.S Agency 2.100 1.660 2.100 288.59 0.1 Japan 0.390 0.270 0.460
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 98.1300 98.1350 98.1050 98.1150 –.0200 1,275,088
Dec 3.032 3.064 3.012 3.017 –.030 63,021 1462.90 1.1 10-20 years 1.970 1.460 1.970 564.37 -0.3 Netherlands 0.530 0.360 0.760
Dec 97.9700 97.9750 97.9350 97.9500 –.0200 1,644,658
Jan'18 3.126 3.157 3.106 3.110 –.030 334,621
Feb 3.130 3.157 3.106 3.110 –.031 112,315 3377.90 8.0 20-plus years 2.920 2.730 3.460 923.23 1.1 U.K. 1.570 1.340 1.790
March 3.094 3.121 3.074 3.078 –.029 181,664 Currency Futures
April 2.940 2.953 2.932 2.940 –.008 126,783 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 2454.82 4.7 Yankee 2.920 2.610 3.090 800.62 8.3 Emerging Markets ** 5.591 5.279 6.290
May 2.930 2.938 2.918 2.928 –.005 97,651 Dec .8892 .8925 .8882 .8902 .0018 257,042 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
March'18 .8944 .8969 .8932 .8950 .0018 4,752
Agriculture Futures ** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec .7808 .7846 .7793 .7830 .0021 136,564
Corn (CBT)-5,000 bu.; cents per bu.
March'18 .7817 .7854 .7806 .7839 .0021 3,705
Dec 344.00 345.75
March'18 355.00 356.75
342.75
353.75
345.00
356.25
… 423,068
–.25 675,186
British Pound (CME)-£62,500; $ per £ Global Government Bonds: Mapping Yields
Oats (CBT)-5,000 bu.; cents per bu. Dec 1.3247 1.3277 1.3218 1.3245 –.0002 171,273
Dec 253.75 257.00 250.50 255.75 .75 2,288 March'18 1.3295 1.3313 1.3267 1.3289 –.0001 3,754 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
March'18 270.00 272.00 266.25 .50 4,715 Swiss Franc (CME)-CHF 125,000; $ per CHF
271.50
Dec 1.0083 1.0119 1.0069 1.0097 .0012 83,256 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Soybeans (CBT)-5,000 bu.; cents per bu.
Jan 990.00 991.25 986.25 989.00 –1.00 317,813 March'18 1.0168 1.0191 1.0144 1.0171 .0012 334 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
March 1001.00 1002.25 997.50 1000.25 –1.00 146,557 Australian Dollar (CME)-AUD 100,000; $ per AUD Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Soybean Meal (CBT)-100 tons; $ per ton. Dec .7545 .7588 .7530 .7581 .0037 128,146
Jan'18 .7540 .7584 t .7530 .7579 .0037 710
1.500 U.S. 2 1.776 s l 1.751 1.572 1.077
Dec 319.80 320.00 317.00 318.30 –1.50 57,071
Jan'18 321.80 322.10 319.20 320.40 –1.60 123,411 Feb .7529 .7586 t .7529 .7578 .0037 398 2.250 10 2.363 t l 2.371 2.385 2.315
Soybean Oil (CBT)-60,000 lbs.; cents per lb. March .7545 .7582 .7527 .7577 .0037 1,306
June .7541 .7541 .7541 .7575 .0037 264
2.750 Australia 2 1.781 s l 1.780 1.949 1.737 0.5 2.9 66.1
Dec 33.96 34.35 33.90 34.17 .22 88,532
Jan'18 34.11 34.51 34.06 34.32 .22 144,727 Mexican Peso (CME)-MXN 500,000; $ per MXN 2.750 10 2.559 s l 2.554 2.789 2.694 19.6 18.3 37.9
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec .05237 .05304 .05227 .05300 .00061 182,247
Jan 1230.50 1236.00 1230.50 1234.00 –3.50 9,139 March'18 .05161 .05221 .05151 .05220 .00060 804 0.000 France 2 -0.588 s l -0.592 -0.523 -0.616 -236.3 -234.3 -169.2
March 1260.50 1265.00 1260.00 1263.00 –3.00 1,129 Euro (CME)-€125,000; $ per € 0.750 10 0.665 t l 0.702 0.736 0.758 -169.9 -166.9 -155.7
Wheat (CBT)-5,000 bu.; cents per bu. Dec 1.1750 1.1774 1.1728 1.1759 .0010 455,394
Dec 421.75 428.75 420.25 424.75 2.75 123,408 March'18 1.1822 1.1841 1.1800 1.1830 .0010 7,318 0.000 Germany 2 -0.710 s l -0.716 -0.717 -0.676 -248.6 -246.7 -175.2
March'18 438.50 445.00 436.50 441.25 2.75 247,252 0.500 10 0.355 t l 0.364 0.455 0.276 -200.8 -200.7 -203.9
Wheat (KC)-5,000 bu.; cents per bu. Index Futures
Dec 416.00 423.75 414.50 420.25 4.25 60,296 0.050 Italy 2 -0.303 t l -0.274 -0.147 0.059 -207.8 -202.4 -101.8
March'18 434.00 441.50 s 432.00 437.75 4.00 166,458 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (MPLS)-5,000 bu.; cents per bu. Dec 23398 23586 s 23375 23543 148 153,597 2.050 10 1.777 t l 1.816 2.046 2.073 -58.7 -55.5 -24.3
626.75 632.25 625.75 .75 22,953 March'18 23380 23577 s 23372 23537 148 2,545
Dec 627.00 0.100 Japan 2 -0.194 s l -0.195 -0.138 -0.170 -197.0 -194.6 -124.7
March'18 640.00 646.25 639.75 641.25 1.50 35,699 S&P 500 Index (CME)-$250 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 2582.80 2600.00 s 2579.00 2596.30 14.20 66,626 0.100 10 0.031 t l 0.036 0.073 0.029 -233.2 -233.5 -228.6
Nov 157.775 157.925 157.575 157.775 … 2,642 March'18 2599.30 2600.00 s 2599.20 2597.50 14.50 5,109
2.750 Spain 2 -0.355 s l -0.362 -0.278 -0.149 -213.0 -211.2 -122.6
Jan'18 150.075 152.050 149.500 151.625 2.075 26,738 Mini S&P 500 (CME)-$50 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2582.00 2600.50 s 2579.25 2596.25 14.25 3,195,685 1.450 10 1.483 t l 1.517 1.662 1.607 -88.0 -85.4 -70.8
Dec 117.400 118.575 117.125 117.975 .875 51,922 March'18 2582.50 2601.50 s 2580.00 2597.50 14.50 99,428
Feb'18 123.250 124.875 122.750 124.050 1.025 155,629 1.750 U.K. 2 0.483 t l 0.497 0.444 0.186 -129.3 -125.4 -89.1
Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1847.40 1859.50 s 1846.20 1858.70 11.60 93,478 4.250 10 1.277 t l 1.296 1.331 1.306 -108.6 -107.5 -100.9
Dec 62.450 62.725 60.575 60.700 –1.325 39,525
Mini Nasdaq 100 (CME)-$20 x index
Feb'18 68.475 69.300 66.800 66.950 –1.525 93,166 Source: Tullett Prebon
Dec 6315.8 6385.3 s 6311.3 6379.5 63.5 289,137
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Jan 429.10 435.00 425.00 431.30 1.60 5,603
March'18 6330.0 6401.3 s 6327.8 6396.0 64.0 2,400
March 414.50 423.80 414.00 420.30 2.30 939 Mini Russell 2000 (ICE-US)-$100 x index
Dec 1502.70 1521.40 s 1501.80 1518.60 14.60 68,143
Corporate Debt
Milk (CME)-200,000 lbs., cents per lb. in that same company’s share price.
Nov 16.83 16.83 16.80 16.82 –.01 4,302 March'18 1515.40 1520.50 s 1515.40 1520.10 14.60 126
Dec 15.43 15.50 15.27 15.37 –.03 4,370 Mini Russell 1000 (ICE-US)-$100 x index Investment-grade spreads that tightened the most…
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1438.00 1442.10 s 1438.00 1441.10 8.20 308
Spread*, in basis points Stock Performance
Dec 2,105 2,105 2,066 2,102 18 466 U.S. Dollar Index (ICE-US)-$1,000 x index Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
March'18 2,092 2,117 2,086 2,110 21 135,919 Dec 93.95 94.09 93.80 93.88 –.12 36,373
Coffee (ICE-US)-37,500 lbs.; cents per lb. March'18 93.68 93.75 93.50 93.55 –.13 2,701 Qualcomm QCOM 2.250 May 20, ’20 37 –42 69 66.67 0.30
Dec 123.15 125.40 122.55 123.85 .95 4,112
March'18 126.10 128.35 125.35 126.65 .90 123,555
Teva Pharmaceutical Fin Netherlands III TEVA 2.200 July 21, ’21 262 –23 350 … …
Source: SIX Financial Information
Bnp Paribas S.A. BNP 6.750 March 14, ’49 178 –20 177 ... ...
Royal Bank of Scotland RBS 8.625 Aug. 15, ’49 201 –17 232 7.34 –0.27

Borrowing Benchmarks | WSJ.com/bonds Goldman Sachs

Morgan Stanley
GS
MS
3.850
3.625
Jan. 26, ’27
Jan. 20, ’27
106
93
–14
–14
126
109
238.02
49.38
–0.05
0.55
Money Rates November 21, 2017 Boardwalk Pipelines BWP 4.950 Dec. 15, ’24 142 –13 n.a. 14.14 –1.12
Credit Agricole ACAFP 7.875 Jan. 23, ’49 256 –12 258 ... ...
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. …And spreads that widened the most
Shell International Finance RDSALN 2.250 Nov. 10, ’20 35 16 n.a. ... ...
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low General Electric GE 5.000 Jan. 21, ’49 129 15 122 17.83 –0.83
Oct. index Chg From (%) E.I. du Pont de Nemours And Co DD 2.200 May 1, ’20 38 13 39 ... ...
level Sept. '17 Oct. '16 Treasury bill auction Six month 1.64489 1.62208 1.64489 1.27822
One year 1.92733 1.89261 1.92733 1.62789 Kinder Morgan KMI 3.050 Dec. 1, ’19 77 13 75 16.87 –1.11
4 weeks 1.130 1.045 1.300 0.340
U.S. consumer price index Citibank NA C 2.100 June 12, ’20 40 12 43 … …
13 weeks 1.285 1.240 1.285 0.480 Euro Libor
All items 246.663 –0.06 2.0 CBL & Associates CBL 5.950 Dec. 15, ’26 460 10 455 5.71 0.88
26 weeks 1.415 1.360 1.415 0.590 One month -0.400 -0.399 -0.376 -0.405
Core 253.638 0.28 1.8 American Express Credit AXP 2.200 March 3, ’20 39 7 n.a. … …
Three month -0.380 -0.378 -0.325 -0.381
International rates Secondary market Six month -0.312 -0.317 -0.219 -0.322 Huntington Ingalls Industries HII 5.000 Nov. 15, ’25 76 7 60 236.64 0.98
One year -0.243 -0.251 -0.080 -0.251
Week 52-Week
Fannie Mae High-yield issues with the biggest price increases…
Latest ago High Low 30-year mortgage yields Euro interbank offered rate (Euribor) Bond Price as % of face value Stock Performance
30 days 3.488 3.493 3.865 3.253 One month -0.372 -0.372 -0.366 -0.375 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Prime rates 60 days 3.512 3.519 3.899 3.281 Three month -0.329 -0.329 -0.313 -0.332
Algeco Scotsman Global Finance ALGSCO 10.750 Oct. 15, ’19 90.000 8.25 81.375 ... ...
U.S. 4.25 4.25 4.25 3.50 Six month -0.273 -0.275 -0.216 -0.276
Canada 3.20 3.20 3.20 2.70 Other short-term rates One year -0.186 -0.191 -0.076 -0.192 Murray Energy MURREN 11.250 April 15, ’21 54.750 3.00 53.000 ... ...
Japan 1.475 1.475 1.475 1.475 FGI Operating GUN 7.875 May 1, ’20 21.250 2.25 n.a. ... ...
Value 52-Week
Week 52-Week Latest Traded High Low Windstream Services WIN 7.500 April 1, ’23 69.000 2.00 67.000 2.28 1.33
Policy Rates Latest ago high low
Euro zone 0.00 0.00 0.00 0.00 DTCC GCF Repo Index Neiman Marcus NMG 8.000 Oct. 15, ’21 57.750 1.50 56.938 ... ...
Switzerland 0.50 0.50 0.50 0.50 Call money NCR NCR 5.000 July 15, ’22 101.250 1.38 101.750 31.09 2.00
Treasury 1.135 37.500 1.366 0.244
Britain 0.50 0.50 0.50 0.25 3.00 3.00 3.00 2.25 MBS 1.159 100.770 1.506 0.257 Frontier Communications FTR 8.750 April 15, ’22 75.500 1.25 72.750 7.08 –2.07
Australia 1.50 1.50 1.50 1.50 Time TIME 7.500 Oct. 15, ’25 109.000 1.25 101.125 16.50 –0.30
Commercial paper (AA financial) Open Implied
Overnight repurchase Settle Change Interest Rate
90 days 1.36 1.32 1.36 0.67 …And with the biggest price decreases
U.S. 1.14 1.24 1.38 0.15 DTCC GCF Repo Index Futures
Libor Bristow BRS 6.250 Oct. 15, ’22 80.500 –1.50 80.500 14.73 0.75
U.S. government rates Treasury Nov 98.790 unch. 6858 1.210
One month 1.31287 1.26350 1.31287 0.58422 Treasury Dec 98.660 unch. 2027 1.340
Rent–A–Center RCII 4.750 May 1, ’21 93.345 –0.91 92.820 11.23 –1.75
Discount Three month 1.45400 1.41899 1.45400 0.92483 Treasury Jan 98.555 unch. 457 1.445 SM Energy SM 6.125 Nov. 15, ’22 100.500 –0.88 99.750 20.05 –0.15
1.75 1.75 1.75 1.00 Uniti UNIT 7.125 Dec. 15, ’24 89.250 –0.78 89.250 15.81 –0.57
Notes on data:
Nine West Holdings JNY 6.125 Nov. 15, ’34 11.500 –0.75 12.500 ... ...
Federal funds U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective June 15, 2017. Other prime rates aren’t directly comparable; lending practices vary SFR S.A. SFRFP 7.375 May 1, ’26 103.000 –0.75 103.010 ... ...
Effective rate 1.1700 1.1700 1.2000 0.3500 GENLAB 10.000
widely by location; Discount rate is effective June 15, 2017. DTCC GCF Repo Index is Depository Genesys Telecommunications Laboratories Nov. 30, ’24 111.500 –0.73 111.708 ... ...
High 1.3125 1.3125 1.3125 0.5625 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the Cenovus Energy CVECN 5.400 June 15, ’47 103.448 –0.60 103.727 ... ...
Low 1.0500 1.0500 1.1600 0.2500
DTCC GCF Repo Index are traded on NYSE Liffe US.
Bid 1.1600 1.1600 1.1700 0.3000 *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.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Tullett Prebon
Offer 1.1700 1.1700 1.1900 0.3200 Note: Data are for the most active issue of bonds with maturities of two years or more
Information, Ltd.
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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
B14 | Wednesday, November 22, 2017 THE WALL STREET JOURNAL.

BANKING & FINANCE

Cash Flooding to Funds Draws Concern

Silicon Valley is luring public offerings and acquisi- ture firms thus far, including
tions. Silicon Valley Gold Rush: Venture Funds an education-focused tech
an unusual mix of The rush has brought an The number of new venture funds ...spawning fears of overcrowding, as even the top tier of firms can fund and Costanoa.
investors, despite unusual mix of prospectors. In is mushrooming as investors seek struggle to beat the public markets. He said he flew out to meet
addition to veterans like Mr. to strike it rich in tech... Mr. Sands and Costanoa’s
fears of excess Sands, there are wealthy team earlier this year, finding
Google and Facebook Inc. en- Number of new funds Annual returns of venture funds, by initial year of fund the firm to be more prudent
BY ELIOT BROWN gineers who want to try in- 140 funds 80% and experienced than most
vesting, celebrities such as the Total new firms.
PALO ALTO, Calif.—Long- band Linkin Park and basket- 120 If Silicon Valley is all about
Through 3rd 60
time venture capitalist Greg ball stars Carmelo Anthony quarter flash and brash these days, the
Sands is no heavyweight in and Kobe Bryant, and big cor- 100 mild-mannered Mr. Sands
Silicon Valley. His young firm, porations like 7-Eleven and 40 sticks out. He sports a 1990s
80
Costanoa Ventures, has made Campbell Soup Co. all spray- tech uniform of khaki pants
unglamorous investments in ing money on tech. Just since 60 and a loosefitting button-down
business software, and its this summer, two separate 20 Nasdaq shirt. His investor pitches can
profits are almost all on paper. venture firms were started by Composite* meander, as he expounds on
40
Yet this past summer, the former Airbnb Inc. employees. 0 Upper quartile the shifting landscape of busi-
51-year-old Minnesota native Since the start of 2013 20 ness software.
raised $175 million for a new through September of this Lower quartile The former early executive
fund with relative ease, shun- year, 516 venture-capital funds 0 –20 of web browser Netscape
ning investors who wanted to were raised by U.S.-based 2007 ’09 ’11 ’13 ’15 ’17 ’86 ’90 ’95 ’00 ’05 ’10 ’15 Communications and large
pump in more money. “This firms new to the sector, in- *Index of Nasdaq Composite returns modified by Cambridge Associates venture firm Sutter Hill Ven-
went pretty much according to cluding a record of 133 last Sources: DowJones VentureSource (funds); Cambridge Associates (returns) THE WALL STREET JOURNAL. tures says he hates marketing
plan,” he said with a chuckle. year and another 87 in this himself, and wishes he could
Silicon Valley is bursting year’s first nine months—on new venture funds “are in a underperformed the Nasdaq The most sought-after ven- just focus on investing.
with fledgling venture-capital pace for a slight downtick—ac- state of denial,” said Mike Ma- Composite Index in most years ture firms, such as Sequoia Many investors, he says, be-
funds like Costanoa, thanks to cording to data compiled by ples, whose seven-year-old since 2000, according to data Capital and Benchmark, rarely lieve “being famous leads to
a seemingly endless flood of Dow Jones VentureSource. Floodgate Fund was early to from Cambridge Associates. let in new investors. So finan- high-quality deal flow. It
cash from college endow- The five-year total is double the wave of so-called seed So venture firms often must ciers like Richard Chau, who doesn’t,” he said.
ments, nonprofit foundations, the level raised in the prior funds that invest in companies be in the top quartile or better oversees private equity and In its five-year history,
pension funds and wealthy ex- five years. The bulk are small to help them get started. to beat the public markets. venture investments for Tu- Costanoa has made bets on
ecutives who are craving tech funds with less than $100 mil- “They’re not going to get a Meanwhile, the influx of lane University’s endowment, companies showing promise
riches in a low-interest-rate lion. Venture firms raised $44 good venture return,” he said. money may be cushioning must sort through a barrage of like big-data startup Alation
world. billion last year, the most Venture funds typically startups with shaky business entreaties from less estab- Inc., and its first fund shows
The money continues to since the dot-com boom. The have a life of 10 years as they models. Far fewer startups lished venture-capital manag- paper returns that would put
flow despite persistent wor- mushrooming of new venture try to return profits to their have gone belly-up in recent ers. “There’s just an incredible it in the top 25% of those sur-
ries from industry veterans outfits is widely viewed by in- investors. A few megahits can years compared with decades amount of money coming in,” veyed by Cambridge Associ-
and observers that startups vestors as unsustainable, with carry a fund, while the rest past, while venture-capital- he said. “Everything’s over- ates. But it is far too early to
are overstuffed with capital too much money chasing too may produce marginal or no backed company formation valued.” say whether Costanoa de-
and have generally returned few good business ideas. returns at all. has soared, according to Dow Mr. Chau has only put serves a place in the pantheon
little in profits through initial Most investors betting on Venture capital overall has Jones VentureSource. money into a handful of ven- of venture firms.

Zuckerberg Wealth Manager Wants to Be a Buyout Firm

BY JULIET CHUNG ing in “growth-stage” private man and Jack Dorsey, the chief
AND ANUPREETA DAS companies such as Jessica executive of Square Inc. and
Alba’s Honest Co., Uber Tech- Twitter Inc. Iconiq manages
A wealth manager that in- nologies Inc. and Indian e- money for all its board mem-
vests money for some of the commerce company Flipkart bers or entities affiliated with
most prominent names in Sili- Ltd. It has made private-equity them, according to people fa-
con Valley plans to ramp up its investments in the past, in- miliar with the matter.
private-equity investing, a cluding in cloud-based finan- Iconiq doesn’t believe its in-
move that raises the specter of cial software firm BlackLine creased focus on buyouts will
possible conflicts with some of Inc., but now believes it has create conflicts of interest
its clients. greater opportunities in this with its clients because it
Iconiq Capital LLC, whose type of investing, said the per- plans to target medium-size
early clients included Mark son familiar with the firm. The tech companies that are too
Zuckerberg and Sheryl Sand- potential buyouts are expected small for its clients’ firms to
berg, plans to pursue more to involve full or partial pur- pursue, according to people fa-
buyouts of mature, medium- chases in mature companies, miliar with the firm.
size technology companies, ac- including publicly traded ones. A person familiar with Ico-
cording to people familiar with In making a bigger commit- niq said it has no “near-term”
the matter. Until now, the firm ment to tech buyouts, Iconiq plans to raise a buyout fund.
JIM VETTER/ICONIQ

has mostly pursued venture- could end up competing for Founded in 2011, Iconiq
capital deals in potentially deals with firms such as KKR prospected for clients by fo-
fast-growing startups. and TPG whose co-founders, cusing on technology entrepre-
Iconiq recently hired Henry Kravis and David Bond- neurs it believed had promise.
Arvindh Kumar from tech-fo- erman, are both clients of Ico- Iconiq’s landing of Facebook’s
cused private-equity firm Iconiq Capital partners, from left, Will Griffith, Divesh Makan, Michael Anders and Chad Boeding. niq. The foundation of Tiger Mr. Zuckerberg, whom Mr. Ma-
Thoma Bravo LLC to run the Global Management’s Chase kan met while a private-client
new strategy and expects to helping clients buy homes and Iconiq’s partners, Divesh firm to be as well-known in Coleman invests in Iconiq adviser at Goldman Sachs
make more hires, the people planes to parceling out their Makan, Chad Boeding, Michael technology investing in a de- funds, according to a person Group Inc., helped the firm es-
said. The firm also has dis- money to various hedge funds Anders and Will Griffith, want cade’s time as Blackstone familiar with the matter. All tablish a name quickly.
cussed the possibility of rais- and private-equity funds. How- to turn the six-year-old firm Group LP, KKR & Co. and TPG three firms—KKR, TPG and Ti- Mr. Makan once referred to
ing a tech buyout fund. ever, a growing focus for Ico- into a tech-focused investor are in private equity, the per- ger Global—are active tech in- Iconiq as “Mark’s family of-
San Francisco-based Iconiq niq involves investing its own across a gamut of asset son said. vestors. fice,” but the firm has been
is a hybrid firm. It offers tradi- and clients’ money itself—a classes, a person familiar with Each of these firms was The three investors sit on moving away from its close
tional wealth-management and typically higher-margin busi- the firm said. Its founders founded at least 25 years ago; Iconiq’s nine-person advisory identification with Mr. Zucker-
family-office services to cli- ness—rather than through have discussed with Iconiq’s KKR began in 1976. board, which also includes berg to emphasize its broader
ents, doing everything from funds managed by others. advisory board wanting the Iconiq is known for invest- LinkedIn co-founder Reid Hoff- client base.

New Highs and Lows | WSJ.com/newhighs Stock

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Continued From Page B13 52-Wk % 52-Wk % CathayGenBncpWt CATYW 22.50 6.6 HimaxTechs HIMX 13.42 11.1 PwrShWaterRscs PHO 29.75 0.8 SterlingBancorp SBT 12.83 0.4 VangdTotIntlStk VXUS 56.30 0.8 Iridex IRIX 7.43 0.9
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Cavium
CboeGlobalMkts CBOE
CAVM 87.57
120.49
3.8
0.3
Hortonworks HDP
ICU Medical ICUI
20.60
216.55
2.7
2.1
PreformedLine PLPC
PrincplMillennials GENY
80.69
33.81
-0.5
1.5
SunHydraulics SNHY
SuperiorUniform SGC
61.50
25.48
2.4
2.1
VarexImaging VREX
VaronisSystems VRNS
37.48
53.60
-0.4
-0.1
Nasdaq lows - 47 iSh1-3YTreasuryBd
KayneAnAcqn KAAC
SHY 84.02 ...
9.67 0.1
Stock Sym Hi/Lo Chg SPDR S&PMdCpTr MDY 338.53 0.6 ProShShXinhuaCh25 YXI 18.84 -2.4
Charles&Colvard CTHR 1.24 1.7 52.00 5.9 ProShUltPrQQQ TQQQ 138.40 3.2 AdvaxisWt ADXSW 0.76 -17.8 MagneGas MNGA 0.33 -10.1
II-VI IIVI Synopsys SNPS 89.81 0.5 VSInverseVIXSTerm XIV 118.00 3.7
SPDR S&P 500 SPY 260.20 0.7 ProShShtMSCI EM EUM 17.95 -1.4 ChartIndustries GTLS 46.21 1.8 IPG Photonics IPGP 247.49 2.4 QAD A QADA 40.00 4.6 AkersBiosciences AKER 0.56 -8.0 MartinMidstream MMLP 13.15 -1.9
PwrShDynBldg&Con PKB 33.75 1.2 TRowePrice TROW 97.84 1.5 VeriSign VRSN 117.13 0.8
SPDR SP China GXC 112.62 2.0 ProShShtMC400 MYY 11.47 -0.5 CiscoSystems CSCO 36.97 0.4 InfinityPropCas IPCC 110.00 0.1 Qualys QLYS 61.20 2.9 AmbacFinWt AMBCW 5.04 -3.0 Matlin&PtrsWt MPACW 0.36 ...
PwrShDynMkt PWC 95.42 0.8 TabulaRasaHlth TRHC 36.59 3.4 VeriskAnalytics VRSK 94.10 1.1
SPDR SP EmAsPac GMF 106.78 1.3 ProShShortQQQ PSQ 35.67 -1.1 26.25 10.0 72.99 -1.2 QuinStreet QNST 10.33 ... ArchrockPtrs APLP 11.02 -4.8 NanoDimension NNDM 3.87 -4.5
PwrShDynNetwork PXQ 47.13 1.1 CitiTrends CTRN Insulet PODD TexasInstruments TXN 99.65 0.9 VicShUSDiscEnhVol CSF 44.59 1.0
SPDR S&P Home XHB 42.24 0.9 ProShShtRus2000 RWM 42.80 -1.0 ClearBr AC Grw CACG 27.11 0.9 InteractiveBrkrs IBKR 56.01 0.4 RCI Hospitality RICK 32.90 3.1 BlueknightEner BKEP 5.10 -1.9 Nxt-ID NXTD 1.01 -12.0
PwrShDynSemicon PSI 55.30 1.6 TheBancorp TBBK 10.19 0.8 VicShUS500EnhVol CFO 47.30 0.5
SPDR IntlSC GWX 36.14 0.8 ProShShrtS&P500 SH 31.10 -0.7 ClearBrDivStrat YLDE 26.87 0.5 Interface TILE 25.05 1.0 RMR Group RMR 60.05 0.3 BroadwindEnergy BWEN 2.38 ... ObalonTherap OBLN 7.60 2.3
PwrShDynSoftware PSJ 67.00 1.3 TowerSemi TSEM 35.43 2.1 VicShUS500Vol CFA 47.35 0.5
SPDR S&P Semi XSD 74.63 1.7 ProShShrtSC600 SBB 34.86 -1.3 ClearBrLCGrw LRGE 28.45 1.0 Intermolecular IMI 1.65 1.5 ROBOGlblRobotics ROBO 42.11 1.7 CMSevenStarUn CMSSU 9.95 ... OcularTherapeutix OCUL 4.20 -8.1
PwrShFTSE US1000 PRF 109.50 0.5 tronc TRNC 17.06 1.4 VicShUSSCVolWtd CSA 45.56 1.4
Whiskey&SpiritsETF WSKY 32.72 0.7 ProShUltVIXST UVXY 13.41 -7.6 Cognex CGNX 145.00 2.1 iPath2yearBear DTUS 34.03 0.7 Rambus RMBS 15.39 1.9 CapitalaFinance CPTA 7.40 0.7 OrexigenTherap OREX 1.55 -1.2
PwrShDynLC Grwth PWB 41.13 0.9 TwinDisc TWIN 28.31 5.6 VidentCoreUSEquity VUSE 32.39 0.6
SummitWaterETF WTRX 31.75 0.3 ProShUltShtDow30 SDOW 22.61 -1.9 Coherent COHR 319.54 2.9 iRhythmTechs IRTC 56.94 3.4 RealPage RP 45.65 1.1 Check-Cap CHEK 1.05 -0.9 PICO PICO 12.98 3.5
PwrShJapanCurr FXJP 30.97 -0.2 2U TWOU 67.10 2.9 Virtusa VRTU 48.71 2.0
TechSelectSector XLK 64.30 1.1 ProShShtMC400 SMDD 11.11 -1.6 CollegiumPharm COLL 19.21 5.6 iShAsia50ETF AIA 68.51 1.8 RedRockResorts RRR 28.55 ... ConcordiaIntl CXRX 0.45 -3.1 Patterson PDCO 32.07 -0.1
PwrShS&PEM Mom EEMO 22.06 2.1 USA Tech USAT 8.80 4.2 Weibo WB 123.00 -0.7
UBS FIEnhLCGrw FBGX 218.35 1.7 ProShShtRus2000 SRTY 33.66 -3.2 CIGI 62.00 1.1 iShCoreMSCITotInt IXUS 62.73 0.9 Remark MARK 7.87 -6.8 Criteo CRTO 33.16 -2.3 ProShUltProShQQQ SQQQ 21.80 -3.2
PwrShRussMC EW EQWM 46.40 0.4 ColliersIntl USA Truck USAK 17.95 0.5 WestellTech WSTL 4.25 2.7
USAA EM ValMom UEVM 50.64 1.1 ProShUltProShS&P SPXU 12.45 -2.0 ColumbiaSportswr COLM 68.50 0.4 iShCoreS&PUSGrowth IUSG 52.99 0.8 Resonant RESN 6.00 8.0 Curis CRIS 0.86 -0.4 RISE Education REDU 9.50 -0.3
PwrShRussMCGrw PXMG 42.08 0.9 UnityBancorp UNTY 20.45 1.0 WisdTrChinaxSOE CXSE 90.34 2.5
USAA USA SC Val USVM 50.93 1.2 ProShrUSCnsmrGd SZK 14.65 -0.7 CommVehicle CVGI 11.50 6.3 iShExponentialTech XT 35.50 1.1 RiotBlockchain RIOT 12.89 8.8 Cytokinetics CYTK 7.00 -25.7 TopImageSys TISA 1.03 -1.9
PwrShRuss1000EqWt EQAL 30.27 0.5 UnivDisplay OLED 186.55 2.8 WisdTrEMConGrwth EMCG 26.18 0.9
USAA USA ValMom ULVM 51.18 0.5 ProShUltShDow30 DXD 9.59 -1.2 ConcertPharm CNCE 22.39 4.3 iShGlbTimber WOOD 70.88 1.1 SEI Investments SEIC 68.99 1.4 CytoriTherapWt CYTXW 0.01 33.8 TremontMortgage TRMT 15.50 0.8
PwrShRussTop200 EQWL 51.40 0.5 UtahMedProducts UTMD 80.45 0.3 WisdTrUSQltyDiv DGRW 39.92 0.7
VanEckCSI300 PEK 50.67 2.8 ProShXinhuaChina25 FXP 16.39 -5.5 CTRL 35.20 3.0 iShMSCI ACWI ACWI 71.10 0.8 SPAR Group SGRP 1.37 -3.4 EdgewaterTech EDGW 6.21 -1.0 TrovaGene TROV 0.59 -5.8
PwrShRussTop200G PXLG 45.30 0.8 Control4 VangdIntlDivApp VIGI 66.16 0.9 Workday WDAY 116.32 1.3
VanEckSMEChiNxt CNXT 36.90 2.6 ProShUltMC400 MZZ 19.73 -1.3 CSGP 311.08 0.4 iShMSCIACWIexUSETF ACWX 49.77 0.9 Silicom SILC 76.99 0.1 ElbitImaging EMITF 2.24 -2.1 USAutoPartsNtwk PRTS 2.24 -1.3
PwrShS&P500xRate XRLV 33.07 0.7 CoStar
VanEckGaming BJK 44.91 0.7 ProShrUS MSCI EM EEV 8.39 -3.0 SiliconLab SLAB 96.65 3.0 VangdRuss1000 VONE 119.48 0.6 WynnResorts WYNN 158.73 1.0 FTD FTD 6.78 -6.1 VangdSTGovBd VGSH 60.39 ...
PwrShS&P500Qual SPHQ 29.60 0.5 Cray CRAY 24.25 9.1 iShMSCIACxJpn AAXJ 78.44 1.5
VanEckRetail RTH 85.40 0.3 ProShUltShtQQQ QID 13.49 -2.1 SkyWest SKYW 51.60 1.5 VangdRuss1000Grw VONG 135.85 0.9 XenithBkshrs XBKS 33.50 -0.6 FibrocellScience FCSC 1.39 -7.3 VantageEnerA VEAC 9.66 ...
PwrShS&P400LowVol XMLV 45.69 0.4 Cree CREE 37.50 0.7 iShMSCIChina MCHI 70.17 2.3
VanEckSemiconduc SMH 105.67 1.0 ProShrUlShtRus TWM 17.90 -2.1 SouthernFirstBcsh SFST 41.60 2.2 VangdRuss3000 VTHR 119.60 0.6 Xunlei XNET 24.29 13.0 FT LowDurOpp LMBS 51.70 ... VS2xVIXShortTerm TVIX 7.33 -7.7
PwrShS&P600LowVol XSLV 47.39 1.2 Crocs CROX 11.08 4.0 iShMSCIEMESGOpt ESGE 74.78 1.3
VanEckVietnam VNM 17.10 -0.7 ProShUltShtS&P500 SDS 43.60 -1.3 Splunk SPLK 84.88 3.0 VangdRuss2000 VTWO 121.32 1.1 YY YY 123.48 1.0 FortressBioPfdA FBIOP 23.76 -1.6 VSVIXShortTerm VIIX 13.48 -4.0
ProShS&P500xEner SPXE 54.33 0.7 CypressSemi CY 17.42 1.5 iShMSCIEmMkAsia EEMA 75.96 1.6
VangdExtMkt VXF 110.25 0.9 ProShrUSSemi SSG 9.52 -1.7 StarBulkNts22 SBLKZ 24.85 0.7 VangdRuss2000Grw VTWG 133.68 1.2 ZAGG ZAGG 23.30 5.9 GlobalBrokerage GLBR 0.90 -13.6 VeronaPharma VRNA 10.44 -6.0
ProShS&P500xHlth SPXV 54.42 1.2 DataIO DAIO 14.40 ... iShMSCIEMxChina EMXC 53.37 0.9
VangdInfoTech VGT 167.28 1.2 ProShrUlShtSmC600 SDD 16.14 -3.7 31.05 2.3 56.91 0.6 StarsGroup TSG 22.50 1.6 VangdTotalCpBd VTC 84.90 0.2 Zynga ZNGA 4.14 2.2 Incyte INCY 96.60 ... WestmorelandCoal WLB 1.12 -23.0
ProShShtVIXST SVXY 113.14 3.7 Descartes DSGX iShMSCIUSAESGOpt ESGU
ProShrUlCnsmr UCC 73.12 1.6 VangdCnsmrDiscr VCR 149.23 0.6 ProShrUSTech REW 16.20 -2.0 DollarTree DLTR 100.54 2.4 iShMornMCValue JKI 153.66 0.1
ProShrUltraDow30 DDM 120.27 1.4 VangdSC Val VBR 129.96 0.6 ProShsVIXSTFut VIXY 26.47 -3.9 ElectroSci ESIO 26.63 3.9 iShPHLXSemicond SOXX 181.46 1.1
ProShXinhuaChina25 XPP 88.71 5.6 VangdSC Grwth VBK 159.54 1.1 SchwabSrtTRmUSTrsr SCHO 50.13 ... EntegraFin ENFC 28.65 1.6 iShS&PSC600Growth IJT 169.78 1.5
VangdDivApp VIG 98.56 0.7 USAACoreST USTB 50.07 ...
ProShUltMSCIEM EET
ProShrUMdCp400 MVV
94.29
117.75
3.1
1.3 VangdFTSE EM VWO
VangdFTSEAWxUS VEU
45.81
54.22
1.2
0.8
VelocityShVIXTail BSWN 17.94 -0.3
EsperionTherap ESPR
ExtremeNetworks EXTR
57.67
13.99
37.66
4.6
7.2
2.4
J&JSnackFoods JJSF
KellyServices A KELYA
148.36
30.93
18.95
1.1
2.3
0.8
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
ProShrUltraQQQ QLD 73.11 2.1 FNBBancorp FNBG Kingstone KINS
ProShrUltraRus UWM 69.33 1.9 VangdGrowth VUG
VangdLC VV
139.12
119.52
0.9
0.7
NYSE American highs - 5 Fanhua FANH 23.25 11.3 LGI Homes LGIH 67.85 3.6
Dividend announcements from November 21. Hartford Corp Bond ETF HCOR 2.9 .1237 M Nov29 /Nov22
ProShrUltraS&P SSO 103.35 1.3 FidelityD&D FDBC 44.00 13.5 LamResearch LRCX 219.70 1.8
ProShrUlSemi USD 136.56 1.9 VangdMegaCap MGC 89.40 0.7
AlphaProTech APT 4.25 -2.4
FidelityNasdComp ONEQ 270.63 1.0 LendingTree TREE 304.50 0.5
Hartford Quality Bond ETF HQBD 2.3 .09688 M Nov29 /Nov22
Ashford AINC 94.22 8.6 Amount Payable /
ProShrUlSmC600 SAA 96.85 2.1 VangdMegaGrwth MGK 109.94 1.0
IssuerDirect ISDR 17.80 -1.8 FirstBancshares FBMS 32.75 -0.2 LibertyQVC B QVCB 25.13 1.3 Hartford TR Bd HTRB 2.0 .06808 M Nov29 /Nov22
ProShrUlTech ROM 91.31 2.6 VangdMC VO 151.48 0.4 FirstCitizBcshA FCNCA 418.17 0.4 Littelfuse LFUS 212.97 2.3 Company Symbol Yld % New/Old Frq Record Intl Multi-Asset Div Incm YDIV 7.0 .1079 M Nov30 /Nov22
PalatinTech PTN 0.99 11.1
ProShUltDow30 UDOW 81.93 2.1 VangdMCGrowth VOT 127.00 0.6 FirstNWBncp FNWB 18.33 1.0 LivaNova LIVN 85.84 1.7
ProShUltMC400 UMDD 107.39 1.6 VangdS&P500 VOO 239.00 0.7
SunlinkHealth SSY 2.08 2.0
FT BICK BICK 30.69 1.4 Marriott MAR 128.37 1.6 Increased Tierra XP Latin Am Rl Est LARE 21.7 .53473 M Nov24 /Nov22
VangdS&P500 Grw VOOG 135.06 0.9 WisdmTr Bloomberg FR Trea USFR 1.1 .0225 M Nov27 /Nov22
ProShUltRus2000 URTY
ProShUltS&P500 UPRO
80.37
128.52
3.0
1.9 VangdS&PMC400 IVOO 125.37 0.6 NYSE American lows - 5 FT CapStrength FTCS
FT CloudComp SKYY
49.81
45.57
0.7
0.9
MarvellTech
MellanoxTech MLNX
MRVL 23.41
58.35
7.8
10.7
Becton Dickinson BDX 1.3 .75 /.73 Q Dec29 /Dec08
WisdomTr US Div xFin DTN 2.1 .15 M Nov27 /Nov22
RenaissanceIPOETF IPO 28.51 1.0 VangdS&P400Grwth IVOG 132.11 0.7 AsankoGold AKG 0.67 -11.3 FT DevIntlEquity RNDM 51.43 0.5 MicronTech MU 49.63 3.7 Hormel Foods HRL 2.2 .1875 /.17 Q Feb15 /Jan16
RivFrDynUSDiv RFDA 30.93 0.4 VangdS&P400Val IVOV 119.67 0.6 FT DevMktsXUS FDTS 43.33 1.6 MonolithicPower MPWR 126.68 1.8 Peoples Bancorp of NC PEBK 1.4 .12 /.10909 Q Dec15 /Dec04 WisdomTr US LC Div Fd DLN 1.3 .095 M Nov27 /Nov22
BallantyneStrong BTN 4.71 -6.9
RivFrDynUSFlex RFFC 32.06 0.8 VangdS&P600 VIOO 139.26 1.4 Banro BAA 0.10 -8.2 FT DorseyDyn5 FVC 25.52 0.7 MonotypeImaging TYPE 25.05 1.2 South Jersey Indus SJI 3.4 .28 /.2725 Q Dec27 /Dec11 WisdomTr US MC Div Fd DON 1.2 .035 M Nov27 /Nov22
SPDRBloomBarCvSecs CWB 52.45 0.7 VangdS&P600Grwth VIOG 145.33 1.6 BioPharmX BPMX 0.11 -32.8 FT DorseyFoc5 FV 27.41 0.8 Morningstar MORN 92.64 2.0 WisdomTr US Total Div Fd DTD 1.4 .105 M Nov27 /Nov22
SPDRFactSetInnTech XITK 82.65 1.3 VangdS&P600Val VIOV 130.65 1.2 FieldPointPetrol FPP 0.23 -21.5 FT DorseyIntl5 IFV 22.19 1.0 NICE NICE 86.15 0.5
SPDRMFSSysGrowth SYG 78.16 0.7 VangdSC VB 145.50 0.9 DorseyWrightPeople DWPP 27.90 0.5 NVE NVEC 91.12 4.4
Initial WisdomTr Yield Enh US ST SHAG 1.9 .0775 M Nov27 /Nov22
SPDRMFSSysValueEqu SYV
SPDRMSCIACWIIMI ACIM
64.23
77.88
0.4
0.5
VangdTotalStk VTI
VangdTotlWrld VT
133.94
72.94
0.7
0.8
Nasdaq highs - 289 FT NasdTechDiv TDIV
FT GerAlpha FGM
35.25
49.61
0.6
1.2
NatlEnerSvsWt NESRW
NektarTherap NKTR
0.80
50.00
14.1
7.7
First Tr Mun Hi Incm FMHI .025 Nov30 /Nov22 WisdomTree Emg Mkts Corp
WisdomTree Fd US HY Cp Bd
EMCB
WFHY
4.1
5.9
.245
.2475
M
M
Nov27 /Nov22
Nov27 /Nov22
ASML ASML 185.45 2.1
Merchants Bancorp MBIN .05 Jan02 /Dec15
SPDRMSCIChinaA XINA 24.80 2.0 VelocityLgLIBOR ULBR 29.55 2.2 FT LC CoreAlpha FEX 57.11 0.6 Neogen NEOG 84.50 3.2
SPDREMFossilFuelFr EEMX 69.79 1.1 VelocityShVIXShrt XIVH 70.00 3.7 AdamasPharm ADMS 31.45 3.5 FT LC GrwthAlpha FTC 60.92 0.8 NetApp NTAP 55.50 0.6
WisdomTree Fund Cp Bd Fd WFIG 3.3 .1375 M Nov27 /Nov22
SPDRMSCIEMStrat QEMM 64.48 1.3 VirtusGlovistaEM EMEM 25.39 0.8 AdobeSystems ADBE 185.55 1.0 FT LC US Equity RNLC 21.11 0.7 Novanta NOVT 55.10 2.6
Funds and investment companies WisdomTree Fund US ST Cp SFIG 2.1 .085 M Nov27 /Nov22
SPDRMSCIUSAStrat QUS 75.95 0.4 WBITacticalLCGD WBIE 25.40 0.4 Aegion AEGN 27.73 2.1 FT MegaCap FMK 33.03 0.5 NuvNasd100Dyn QQQX 24.17 1.4 Alpine Glbl Dynamic Div AGD 7.4 .065 M Dec29 /Dec21 WisdomTree Fund US ST HY SFHY 4.8 .20 M Nov27 /Nov22
SPDRMSCIWorldStrat QWLD 74.65 0.7 WBITacticalLCQ WBIL 26.38 0.5 AlignTech ALGN 258.88 0.4 FT MC CoreAlpha FNX 64.56 0.6 OakValleyBncp OVLY 17.74 -2.8
AllenaPharm ALNA 13.24 1.1
Alpine Tot Dyn Div AOD 7.6 .0575 M Dec29 /Dec21 WisdomTree U.S. Hi Div Fd DHS 1.9 .115 M Nov27 /Nov22
SPDR NYSE Tech XNTK 86.72 1.1 WBITacticalLCV WBIF 27.53 0.5 FT MC GrwthAlpha FNY 39.14 1.0 ObesityETF SLIM 29.69 2.2
SPDRPtfEM SPEM 38.20 1.3 WBITacticalRotatn WBIR 25.41 0.8 Altaba AABA 73.14 1.3 FT MC US Equity RNMC 21.20 0.7 Ollie'sBargain OLLI 47.20 0.8 AlpnGlblPrProp AWP 9.4 .05 M Dec29 /Dec21 WisdomTree US Agg Bd AGGY 2.8 .12 M Nov27 /Nov22
SPDRPtfLTCorpBd SPLB 28.34 0.4 WilshireMicroCap WMCR 35.65 0.6 AltairEngg ALTR 25.59 -1.1 FT MCGrAlpDX FAD 65.00 0.9 ON Semi ON 22.12 1.0 First Tr California Mun Hi Incm FCAL 2.6 .11 M Nov30 /Nov22 WisdomTree US SC Div Fd DES 1.7 .04 M Nov27 /Nov22
SPDRPtfMC SPMD 33.03 0.8 WisdTrCBOES&P500 PUTW 29.91 ... Amazon.com AMZN1140.00 1.2 FT MuCValAlpha FAB 54.57 0.4 OrganicsETF ORG 33.09 0.5
AmplifyOnlineRet IBUY 37.98 1.3
First Tr High Income ETF FTHI 4.1 .0775 M Nov30 /Nov22 WisTree US Qlty Div Grwth DGRW 0.6 .02 M Nov27 /Nov22
SPDRS&P500Growth SPYG 32.54 0.8 WisdTrEMxSOE XSOE 32.31 1.7 FT NasdCleanEdge QCLN 20.81 0.8 Overstock OSTK 60.80 6.7
SPDRS&P500HiDiv SPYD 37.08 0.2 WisdTrGlbxUSQual DNL 58.47 1.0 AnaptysBio ANAB 79.45 5.3 FT NasdGlblAuto CARZ 42.80 1.3 PDLCommBncp PDLB 15.73 2.5 First Tr Instl Pfd FPEI 5.9 .099 M Nov30 /Nov22 WisTree US SmCp Qlty Div DGRS 0.7 .02 M Nov27 /Nov22
SPDRPtfSC SPSM 29.74 1.0 WisdTrUSEarn500 EPS 30.12 0.7 AptoseBiosci APTO 2.30 -4.9 FT Nasd100Tech QTEC 75.04 0.8 PayPal PYPL 78.43 2.3 First Tr Low Beta Incm FTLB 2.8 .0525 M Nov30 /Nov22 WM EM Local Debt ELD 5.1 .16 M Nov27 /Nov22
SPDR Ptf TSM SPTM 32.39 0.9 WisdTrUSLCDivFd DLN 89.22 0.5 ArcBest ARCB 35.30 5.2 FT NasdSmartphone FONE 53.58 1.6 PennNational PENN 28.04 0.5
ArchCapitalPfdE ACGLP 25.05 0.1
First Tr Managed Mun ETF FMB 2.5 .1125 M Nov30 /Nov22 WT Asia Local Debt ALD 1.7 .065 M Nov27 /Nov22
SPDRRuss1000Mom ONEO 75.30 0.6 WisdTrUSLCValueFd EZY 79.24 0.4 FT NasdSemicon FTXL 32.59 1.3 Perceptron PRCP 10.50 -0.8
SPDRRuss1000Yd ONEY 72.79 0.2 WisdTrUSMCDivFd DON 34.26 0.4 ArchCapGroupPfdF ACGLO 25.59 -0.4 FT Nasd100 EW QQEW 57.52 0.7 PilgrimPride PPC 35.78 0.4 First Tr MLP & Engy Incm FEI 10.2 .1183 M Dec15 /Dec04 WT Barclays US Agg Bd AGZD 2.4 .095 M Nov27 /Nov22
SPDRMomentumTilt MMTM 112.03 1.1 WisdTrUSMCEarn EZM 38.47 0.4 Arsanis ASNS 16.50 6.6 FTRisingDivAch RDVY 28.73 0.4 PinnacleEnt PNK 29.14 0.7 First Tr New Opps MLP FPL 11.1 .105 M Dec15 /Dec04 WT Barclays US Agg Bd Neg AGND 2.1 .0775 M Nov27 /Nov22
SPDR S&P500MidGr MDYG 155.23 0.7 WisdTrUSSCDiv DES 28.67 0.9 AspenTech AZPN 68.68 0.8 FT RiverFrDynEM RFEM 70.63 0.9 Plexus PLXS 63.50 0.8
AssemblyBiosci ASMB 39.14 -0.4
First Tr Preferred Secs FPE 5.9 .098 M Nov30 /Nov22 WT Interest Rt Hdg HY Bd HYZD 4.6 .0925 M Nov27 /Nov22
SPDR S&P400MidVl MDYV 101.04 0.5 WisdTrUSSCEarn EES 35.87 0.8 FT TotalUSMkt TUSA 32.06 0.7 PwrShDWA DevMkt PIZ 27.71 0.9
SPDRS&P600SmallCap SLY 133.78 0.8 WisdTrUSTotalDivFd DTD 90.09 0.6 AtlAcquisition ATAC 15.00 51.5 Flex FLEX 19.02 1.3 PwrShDWA EM PIE 20.61 0.9 First Tr SSI Strat Cv Sec FCVT 1.6 .04 M Nov30 /Nov22 WT Neg Dur HY Bd Fd HYND 5.5 .095 M Nov27 /Nov22
SPDR S&P600SCpGr SLYG 235.71 1.5 XtrkrsHarvCSI300 ASHR 32.50 2.7 AtlanticCoastFin ACFC 9.95 3.3 FlexShUSQualLC QLC 32.32 0.4 PwrShDWAMom DWLV 31.02 1.0 First Tr Strat High Fd II FHY 7.5 .08 M Dec15 /Dec04
SPDR S&P600SCapVal SLYV 129.28 1.2 XtrkrsMSCIAllChina CN 39.18 2.1 AvidTechnology AVID 6.65 3.0 ForescoutTechs FSCT 27.99 1.4 PwrShDWA Mom PDP 51.60 0.9
First Tr Strat Income ETF FDIV 3.8 .16 M Nov30 /Nov22 Stocks
SPDRS&PCapitalMkts KCE 54.87 1.0 XtrkrsMSCIEM DBEM 24.75 1.1 AxcelisTechs ACLS 36.63 4.6 ForresterResearch FORR 46.98 1.2 PwrShDWANasdMom DWAQ 104.29 1.4
SPDRS&P500Fossil SPYX 63.16 0.6 XtrkrsRussell1000 DEUS 31.37 0.5 AxoGen AXGN 26.35 7.6 FullHouse FLL 3.88 0.8 PwrShDWASCMom DWAS 48.41 1.4 First Tr Tactical Hi Yd HYLS 5.6 .225 M Nov30 /Nov22 Peoples Bancorp of NC PEBK 1.4 10.00% Dec15 /Dec04
SPDRS&PHlthCareEqp XHE 66.38 1.3 B.RileyNts2027 RILYZ 26.17 0.7 Garmin GRMN 62.61 1.6 PwrShDWATact DWTR 28.77 1.4 First Tr TCW Opportun FIXD 2.1 .0867 M Nov30 /Nov22
SPDRS&PSft&Svs XSW 69.99 1.0 NYSE Arca lows - 41 BarrettBus BBSI 66.94 0.6 GladstonePfdC GAINN 26.98 0.4 PwrShDivAch PFM 25.52 0.5
First Tr/Abrdn Glbl Opp FAM 8.1 .075 M Dec15 /Dec04
Foreign
SPDRGenderDivers SHE 71.52 0.6 BeaconRoof BECN 59.87 4.8 GladstoneLandPfd LANDP 26.85 0.4 PwrShDynConDis PEZ 49.35 1.8 Enerplus ERF 1.1 .00786 M Dec15 /Nov30
SPDRSSgAGlbAll GAL 37.80 0.6 iPathS&P500VIXST VXX 31.91 -3.8 Bio-Techne TECH 132.79 1.6 GlobalIndemnity GBLI 49.91 2.0 PwrShDynConsStp PSL 63.34 0.2 First Trust CEF Incm Opp FCEF 5.0 .09 M Nov30 /Nov22
SchwabEM Equity SCHE 28.36 1.4 DirexCSI300CnA CHAD 30.12 -3.0 Blackbaud BLKB 104.53 1.2 GlbXConsciousCos KRMA 18.87 0.4 PwrShDynTech PTF 56.35 1.6 First Trust Dynamic Eur FDEU 7.9 .121 M Dec15 /Dec04 ETRACS Alerian MLP AMU 7.3 .2999 Q Dec07 /Nov29
SchwabFundUSBrd FNDB 35.89 0.5 DirexEM Bear3 EDZ 9.08 -4.0 bluebirdbio BLUE 169.60 1.1 GlbXFinTech FINX 22.25 0.9 PwrShFTSEIntlLow IDLB 29.66 0.4
First Trust Emg Mkt Local FEMB 9.6 .33 M Nov30 /Nov22 ETRACS Alerian MLP ETN AMUB 7.0 .2999 Q Dec07 /Nov29
SchwabFundUSLrgCo FNDX 36.01 0.5 DirexChinaBr3 YANG 5.55 -7.9 Bruker BRKR 35.25 2.2 GlbX Health&Well BFIT 16.64 0.3 PwrShUS1500 PRFZ 129.35 0.9 Granite REIT GRP.U 5.0 .17046 M Dec15 /Nov30
SchwabFundUSSmCo FNDA 37.26 0.8 DirexMcBear3 MIDZ 14.53 -2.0 BuildersFirstSrc BLDR 19.64 -0.5 GlbXInternetThings SNSR 20.55 1.1 PwrShGoldDragon PGJ 46.25 0.7 First Trust Muni CEF Incm MCEF 3.7 .0575 M Nov30 /Nov22
Schwab1000Index SCHK 25.56 0.6 DirexS&P500Br3 SPXS 32.79 -2.0 CDK Global CDK 68.68 1.1 GlbXMillThematic MILN 19.00 0.3 PwrShIntlBuyBack IPKW 36.57 1.2 First Trust Sr FR Fd II FCT 6.0 .0635 M Dec15 /Dec04
SchwabUS BrdMkt SCHB 62.96 0.7 DirexS&P500Br1 SPDN 31.57 -0.7 CEVA CEVA 49.70 3.9 GlbX Robotics&AI BOTZ 24.60 1.4 PwrShNasdInternet PNQI 116.67 1.3
Special
SchwabUS Div SCHD 49.35 0.6 DirexSemiBear3 SOXS 13.88 -3.5 CME Group CME 143.99 0.5 GlbXS&P500Catholic CATH 32.23 0.7 PwrShQQQ 1 QQQ 155.57 1.1
Fst Tr Hi Inc Lg/Shrt Fd FSD 9.4 .1275 M Dec15 /Dec04 Fulton Financial FULT 2.4 .03 Dec15 /Dec01
SchwabUS LC SCHX 62.19 0.6 DirexScBear3 TZA 12.75 -3.1 CRA Intl CRAI 47.11 2.8 GlbXSocialMedia SOCL 34.65 1.5 PwrShRuss1000Low USLB 30.44 ... Fst Tr VI Multi-Asset Div MDIV 10.4 .1623 M Nov30 /Nov22 Golub Capital BDC GBDC 6.8 .08 Dec28 /Dec12
SchwabUS LC Grw SCHG 69.32 0.9 DirexTechBear3 TECS 6.89 -2.9 CabotMicro CCMP 102.84 3.0 GoldenEnt GDEN 33.02 4.6 PwrShS&P SC CD PSCD 57.87 0.4 FT Enhanced Shrt Maturity FTSM 1.5 .075 M Nov30 /Nov22
SchwabUS MC SCHM 52.17 0.6 FrankShtDurUSGovt FTSD 96.07 ... CadenceDesign CDNS 45.48 1.1 Groupon GRPN 5.70 2.0 PwrShS&P SC Fin PSCF 54.93 1.2
SchwabUS SC SCHA 68.78 0.9 NuShEnhYd1-5Y NUSA 24.88 -0.1 Cal-MaineFoods CALM 48.00 1.3 H&E Equipment HEES 36.44 4.6 PwrShS&P ScHealth PSCH 95.98 2.0
FT Low Duration Opps LMBS 2.7 .1175 M Nov30 /Nov22
GDL Fund GDL 4.1 .10 Q Dec15 /Dec08 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
SPDR DJIA Tr DIA 235.99 0.7 ProShDecRetail EMTY 37.30 2.1 CanterburyPark CPHC 14.95 2.2 HailiangEduc HLG 44.29 0.9 PwrShS&P SmInds PSCI 63.02 2.3
SPDR MSCI exUS CWI 38.92 0.8 ProShShtDow30 DOG 15.68 -0.6 CatalystPharma CPRX 3.29 6.9 HeritageCommerce HTBK 15.60 0.4 PwrShS&PSCMatls PSCM 51.62 1.9 S2:1: stock split and ratio; SO: spin-off.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Prospects
Of Tame
Inflation
Lift Bonds
BY SAM GOLDFARB
U.S. government bond
prices drifted higher Tuesday
as investors continued to bet
that inflation will remain soft
as the Federal Reserve raises
interest rates.
The yield on the benchmark
10-year Treasury note settled
at 2.361%, com-
CREDIT pared with
MARKETS 2.370% Monday.
Yields fall when
bond prices rise.
Over the past month, the
dominant theme in the Trea-
sury market has been a shrink-
ing gap between yields on
short-term and longer-term
bonds, known as a flattening
yield curve.
While the 10-year yield has
barely moved, suggesting in-
vestors see little risk of rising
inflation rates, the yield on the
two-year note has climbed
steadily, reflecting expecta-
tions that the Federal Reserve
will keep raising interest rates.
The yield on the two-year
note settled Tuesday at 1.773%,
up from 1.754% Monday. That
narrowed the gap with the 10-
year yield to 0.588 percentage
point from 0.782 point at the
end of October.
With the Thanksgiving holi-
day approaching, several trad-
ers said they didn’t expect a
The flattening of the
yield curve is a
dominant theme in
the Treasury market.
major move in the Treasury
market this week, though light
trading volumes could occa-
sionally lead to small, sudden
changes in yields.
As an example, the 10-year
yield fell to 2.336% early in the
U.S. trading session from
2.359% less than an hour ear-
lier but then was quickly back
above 2.350%, according to
Tradeweb.
“It seems like a lot of the
[trading] desks have started to
be very thinly staffed,” said
Aaron Kohli, interest-rate
strategist at BMO Capital Mar-
kets.
“The real interesting thing
is what happens next week,”
when the Treasury Depart-
ment will conduct three note
auctions over the two days,
while the Senate could vote on
a sweeping tax overhaul, Mr.
Kohli said.
Many investors and analysts
expect Treasury yields to rise
if Congress passes a tax bill, in
part because the legislation
would add to the federal bud-
get deficit. That would require
the government to sell more
bonds, weighing on prices of
outstanding debt.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated Nov. 24, 2017, mature on Dec. 21, 2017.
ONE-YEAR, 11-MONTH FRNs
Applications
Accepted bids
" noncompetitively
Spread
Bids at clearing yield accepted
Cusip number
The floating-rate notes, dated Nov. 24, 2017, mature
on Oct. 31, 2019.
Low-Volatility ETFs Lure Risk-Averse Investors
BY CHRIS DIETERICH
Investors appear keen to
pile into risk-averse stocks
when times get tough.
Heavy buying of stodgy
stocks last week shows that at
least some big investors prefer
parking money in “safer”
stocks instead of selling equi-
ties outright in bouts of tur-
moil, an inclination that could
provide a buffer against the
long-awaited market pullback.
Low-volatility U.S. stock ex-
change-traded funds grabbed
$1.4 billion last week, a surge
of buying that boosted their
total assets by nearly 6%, ac-
* *
J.P. Morgan Reviews Role in Bitcoin
BY ALEXANDER OSIPOVICH
J.P. Morgan Chase & Co.
Chief Executive James Dimon
has said that if any of the
bank’s traders bought or sold
bitcoin, he would “fire them in
a second.”
But that isn’t stopping the
bank from looking at business
opportunities in the planned
bitcoin-futures market. CME
Group Inc., a Chicago-based
exchange operator, is seeking
to launch bitcoin futures by
the end of this year.
J.P. Morgan is considering
whether to provide its clients
access to CME’s new bitcoin
product through its futures-
brokerage unit, a person famil-
iar with the situation said.
That means the bank’s cus-
tomers could use it to place
bets on whether the digital
currency will rise or fall, while
J.P. Morgan collects fees for
such services.
The process involves as-
Firm Drops Bid for Chinese Insurer
SHANGHAI—A business
backed by a Chinese financier
who went missing earlier this
year has dropped its longtime
plan to take control of Tianjin-
based Huaxia Life Insurance
Co., clearing the way for an-
other company to become the
insurer’s largest shareholder.
Shanghai-listed Baotou
Huazi Industry Co. said Mon-
day it would drop a 2015 bid for
control of Huaxia Life. In a sep-
arate statement issued the
same day, Zhongtian Financial
Group Co. said it plans to buy
as much as 25% in Huaxia Life
for as much as 31 billion yuan,
or $4.67 billion, which would
make it the insurer’s single-
largest shareholder.
The dropped bid marks the
first publicly announced activ-
ity involving companies linked
to a financier named Xiao Jian-
hua who disappeared about 10
TECH
Continued from page B1
sector since 1999, according to
an analysis by Morgan Stanley.
The sector’s dominance
could make leading markets
vulnerable should investors’
enthusiasm fade for tech or
regulation hamper develop-
ment of these companies,
some analysts say.
But most don’t see that hap-
pening soon as the giants of
this sector continue to deliver
on earnings, meaning tech
could continue to be the differ-
entiator among global markets
in the years to come.
Samsung Electronics, Ten-
cent and Alibaba and Taiwan
Semiconductor Manufactur-
ing Co. make up a combined
17% of the MSCI Emerging
Market Index, even more influ-
ential than Facebook, Apple,
Netflix, Amazon and Alphabet,
which make up around 11% of
the S&P 500, according to S&P
Dow Jones Indices.
MSCI Europe has a less than
5% weighting to technology
companies, compared with a
25% weight in MSCI USA and a
$134,535,210,600 17% weight in MSCI World.
$45,000,100,600
$539,371,900
Tech isn’t the only factor
$0 behind this year’s global rally.
99.915250
(1.130%)
A synchronized pickup in
1.147% growth has buoyed earnings
11.13%
912796MH9
around the world, and a con-
tinued hunt for yield has left
few alternatives to stocks.
$47,909,797,900
There are also risks for the
$13,000,127,900 sector, including the prospect
$22,797,900 of greater regulation.
0.048% But some analysts dismiss
56.94%
9128283B4
comparisons with the dot-com
boom. Tech valuations in the
U.S. are just a fraction of where
cording to Steven DeSanctis at
Jefferies LLC. Low-volatility
ETFs own stocks with histo-
ries of less erratic price moves
than the broader market.
No ETF group pulled in
more new money, either in ab-
solute or proportional terms.
For perspective, high-yield
bond ETFs last week experi-
enced $645 million in outflows,
just 2.1% of assets. Those rela-
tively minor high-yield ETF
withdrawals coincided with in-
tense attention over whether a
credit-market hiccup might
transform into a full-fledge
flight out of risky assets.
U.S. stocks did get some re-
MONEY & INVESTING
sessing whether there is de-
mand among J.P. Morgan’s
customers for the proposed
CME bitcoin contract, accord-
ing to this person.
It is possible that J.P. Mor-
gan could decide not to offer
the service. CME’s launch is
also subject to regulatory ap-
proval, meaning it could po-
tentially be delayed or de-
railed by the Commodity
Futures Trading Commission.
Other banks must also
make the call about whether
to support CME’s bitcoin fu-
tures. Goldman Sachs Group
Inc., Bank of America Merrill
Lynch and Morgan Stanley
are among the dozens of firms
that offer their customers ac-
cess to CME’s markets through
their futures-brokerage arms.
Morgan Stanley is evaluating
whether to provide access to
the CME bitcoin contract, a
person familiar with the mat-
ter said.
But none of those banks has
Missing tycoon Xiao Jianhua
months ago in China.
Mr. Xiao’s whereabouts
aren’t known. Chinese authori-
ties have declined to comment.
Police in Hong Kong, where he
had long lived, said in late Jan-
uary that he entered mainland
China.
Heating Up
The global tech sector is leading its peers by the widest margin of any
sector since 1999, even outpacing the record highs in world stocks.
Relative performance
MSCI World Information Technology
300%
250
200
150
100
50
0 Citgo Petroleum Corp., tried
–50
1997 ’98 ’99 2000 ’01 ’02
Index and share-price performance
60%
50
40
30
20
10
0 Technology
J F M A M J J A S O N
Sources: FactSet (relative performance, FAANG stocks, S&P 500); Morgan Stanley Research and MSCI (Europe vs. World)
they were during that era. In
early 2000, the S&P 500 tech
sector traded at a forward
price-to-earnings ratio of 52,
according to FactSet. Today,
that P-E is 19, compared with 18
for the S&P 500 as a whole.
In the third quarter, S&P 500
tech companies beat expecta-
tions by the widest margin of
any sector, with an earnings
newed volatility last week,
compared with placid trading
in 2017. The S&P 500 ended
Friday with its second weekly
decline in a row and last week,
the index snapped a 50-ses-
sion streak without a daily de-
cline of more than 0.5%.
But incrementally choppier
trading stoked the biggest-ever
one-day inflow into the Power-
Shares S&P 500 Low Volatil-
ity Portfolio ETF, which pulled
in $798 million Friday, accord-
ing to FactSet. An additional
$122 million moved into Pow-
erShares S&P MidCap Low
Volatility Portfolio ETF, its
biggest one-day flow ever.
a CEO who has been as critical
of bitcoin as Mr. Dimon, who
has blasted it as a “fraud” and
compared it with past finan-
cial bubbles.
“If you’re stupid enough to
buy it, you will pay the price
for it one day,” he told a con-
ference last month.
The bank’s looming decision
underscores challenges Wall
Street firms face as bitcoin
emerges from the shadowy
margins of financial markets
and investors’ interest grows.
A CME spokeswoman de-
clined to comment on J.P.
Morgan’s deliberations.
Terrence Duffy, chief execu-
tive of CME Group, said in a
CNBC interview this month
that he expects trading in bit-
coin futures to begin the sec-
ond week of December.
Launching futures would
bring the virtual currency a
big step closer to the financial
mainstream, making it easier
for both large financial firms
Business records back up as-
sertions from financial and po-
litical analysts that the tycoon
HANDOUT/AGENCE FRANCE-PRESSE/GETTY IMAGES
controlled a sprawling empire
of financial businesses in China.
He has also handled deals for
political elites in China, the re-
cords and people familiar with
the matter say.
Few of the companies linked
to Mr. Xiao have his name on
the business records. But a
group called Tomorrow Holding
Ltd. is considered the umbrella
company for Mr. Xiao’s business
interests, according to people
familiar with the situation.
Publicly available corporate
records reviewed by The Wall
Street Journal also show how,
by controlling numerous invest-
ment entities, Tomorrow Hold-
ing has owned stakes in busi-
nesses including Hua Xia Bank
Co., Hengtai Securities Co. and
the newspaper Securities Daily.
MSCI World
’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10
MSCI Europe vs. MSCI AC World
Relative weight
Netflix
Facebook Industrials
Amazon.com
Apple Energy
Alphabet
Financials
(Google)
S&P 500 Health Care
growth rate of 21%—nearly
double the next best performer
outside the energy sector.
Many market participants
think this rally still has legs,
pushing record weekly inflows
into tech earlier this
month, with U.S. and Chinese
tech funds gaining particular
traction, according to fund-
tracker EPFR Global.
Get Low
‘Low-volatility’ stock ETFs took in nearly $1.4 billion last week.
ETF flows in week ended Nov. 17
$2 billion
1
0 than to a serious effort to root
–1
–2
Large cap Midcap
Source: Jefferies
Wednesday, November 22, 2017 | B15
and retail investors to trade it.
CME’s smaller crosstown rival,
Cboe Global Markets Inc., is
also seeking to launch bitcoin
futures.
J.P. Morgan already handles
clients’ trades of Bitcoin XBT,
an exchange-traded note de-
signed to track the value of
the digital currency. The bank
has said it doesn’t take posi-
tions in the note and simply
routes customers’ buy and sell
orders electronically to the ex-
changes.
Brokering trades in bitcoin
futures would be similar, be-
cause J.P. Morgan itself
wouldn’t be placing bets as to
whether bitcoin rises or falls.
Instead, it would effectively
act as a conduit between cus-
tomers wishing to trade bit-
coin futures and CME’s mar-
ketplace.
J.P. Morgan is the second-
biggest futures broker in the
U.S., second only to Goldman,
CFTC data show.
In recent months, Chinese
authorities have detained and
put pressure on some of the
country’s highflying private
businesses and their owners,
the Journal has reported. An-
bang Insurance Group Chair-
man Wu Xiaohui was detained
in June, while real-estate de-
veloper Dalian Wanda Group
has sold assets.
Founded in 2006, Huaxia
Life has assets totaling 474.8
billion yuan and is the fourth-
largest insurer in China by pre-
mium income, which was 181.5
billion yuan last year. Guizhou-
based Zhongtian, a property
developer turned financial com-
pany, will acquire 21% to 25% of
Huaxia Life from two Beijing-
based technology companies,
according to a filing it made to
the Shenzhen Stock Exchange.
—Yifan Xie
and James T. Areddy
’11 ’12 ’13 ’14 ’15 ’16
Relative performance
0.01 percentage points
0.4
–0.1
0.4
–0.01
–0.2
–0.3
–0.7
–2.5
–0.6
THE WALL STREET JOURNAL.
“In 1999 [tech companies]
were incredibly expensive and
didn’t yet have a lot of earn-
ings, “ said Mark Phelps, an eq-
uities chief at AllianceBern-
stein. But today, not only are
their earnings keeping up,
“they’ve got more data, more
processing power and they’re
giving the consumer a really
good product,” he said.
Small Cap Low-Vol
THE WALL STREET JOURNAL.
One of the few futures bro-
kers to speak out about CME’s
bitcoin futures plan is Interac-
tive Brokers Group Inc., a ma-
jor electronic brokerage firm.
Thomas Peterffy, its chairman
and chief executive, has
warned that CME needs to
ring-fence its system for clear-
ing bitcoin-futures trades from
the rest of its markets, or else
losses in bitcoin could end up
rippling through the broader
financial system.
“Unless the risk of clearing
cryptocurrency is isolated and
segregated from other prod-
ucts, a catastrophe in the
cryptocurrency market that
destabilizes a clearing organi-
zation will destabilize the real
economy,” Mr. Peterffy wrote
last week in an open letter to
the chairman of the CFTC,
which he also published in a
full-page advertisement in The
Wall Street Journal.
A CFTC spokeswoman de-
clined to comment.
CHARLES KRUPA/ASSOCIATED PRESS
Venezuela
Arrests
6 Citgo
Executives
BY ANATOLY KURMANAEV
CARACAS—Venezuela’s in-
telligence agency arrested six
top executives at the U.S. sub-
sidiary of state-oil company
Petróleos de Venezuela SA, as
part of what authorities are
calling an anticorruption “cru-
sade.”
Attorney General Tarek
Saab said the acting president
and five board members of the
subsidiary, Houston-based
to defraud the nation through
a planned $4 billion financing
’17 deal with three little-known
foreign investment funds. The
executives were detained on
Tuesday in the capital, Cara-
cas, where Citgo was holding
an internal company event.
“Organized crime has been
taking root in the ranks of
PdVSA,” Mr. Saab said.
It wasn’t clear whether
charges had been filed.
Citgo’s acting president,
Jose Pereira, was appointed in
August by his former boss,
Nelson Martinez, who was
given charge of PdVSA. Mr.
Pereira wasn’t reachable for
comment.
A Citgo representative said
the company has procedures in
place to ensure normal opera-
tions as it assesses the allega-
tions against its executives.
“Our priority is to protect
the interests of our company
and our employees,” he said.
“Citgo is a U.S. based company
that operates independently,
and to the standards and regu-
lations set in the U.S.”
The company is one of
PdVSA’s most profitable sub-
sidiaries, operating three re-
fineries in the U.S. and licens-
ing about 1,500 gas-station
franchises throughout the
country.
Since taking office in Au-
gust, Mr. Saab has arrested 50
managers at PdVSA for alleged
overpricing and theft, which
the government says has hurt
the company’s revenue.
People close to PdVSA said
the latest arrests owe more to
the turf wars inside the increas-
ingly authoritarian government
out corruption. It is highly im-
probable, they said, that Citgo’s
executives would embark on a
deal worth $4 billion, which
would represent almost half of
the country’s foreign reserves,
without consulting the central
government.
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B16 | Wednesday, November 22, 2017 * *** THE WALL STREET JOURNAL.

Stocks Surge to Records, Driven by Tech
Small-cap shares
continue winning
streak on hopes for
GOP tax plan
BY MICHAEL WURSTHORN
AND DAVID HODARI
The Dow Jones Industrial
Average, S&P 500 and Nasdaq
Composite all notched fresh
records, as shares of Apple
and other technology compa-
nies pushed U.S. stocks higher.
Investors looking to eke out
additional gains before the
year ends
TUESDAY'S flocked to
MARKETS tech stocks,
some money
managers
said, pushing shares of those
businesses in the S&P 500 up
1.2% Tuesday. Shares of tech
firms, a big contributor to the
market’s rally this year, are on
pace to post double-digit gains
for the quarter.
The market’s recent up-
swing has helped offset losses
suffered over the past two
weeks among stocks in the
Dow industrials and S&P 500,
underscoring the rally’s
strength amid concerns about
lofty valuations and the un-
clear prospects for Republican
tax-overhaul efforts.
“You have a resilient market
that can shrug off a lot of bad
news and continue to rally on
any given good news,” said
Jeff Mortimer, a director of in-
vestment strategy for BNY
Mellon Wealth Management.
“A lot of the individual names
that continue to do well, and
technology is clearly one of
those winners, continue to
move the market forward.”
The Dow Jones Industrial
Average added 160.50 points,
or 0.7%, to 23590.83, while the
S&P 500 gained 16.89 points,
or 0.7%, to 2599.03. The Nas-
daq Composite rose 71.76
points, or 1.1%, to 6862.48.
All three major indexes
closed at new highs, while the
MARKETS
New Heights 30%
“We don’t see anything
that’s going to change this
Stocks rose to fresh highs, buoyed by gains in shares ‘grind-it-out market,’ ” said
of technology and health-care companies. Shares
Lewis Piantedosi, vice presi-
25 dent and director of growth
of several other companies climbed after earnings equity at Eaton Vance. “It
reports and small-capitalization stocks rose for a would take a big spike in inter-
fourth consecutive session. est rates or a downturn in the
20
economy, and we don’t see ei-
ther of those happening in the
Index performance in 2017 next six to 12 months.”
Nasdaq Composite 15 A batch of profit reports,
among the last of the third-
Dow Jones
quarter earnings season, con-
Industrial Average
10 tributed to other individual
S&P 500 stock swings.
Shares of Dollar Tree rose
2.35, or 2.4%, to 99.46 after
5 the discount retailer reported
earnings and sales that ex-
0
Jan. ’17 Feb. March April May June July Aug. Sept. Oct. Nov. The recent upswing
Yield on 10-year Treasury note Russell 2000 has helped offset
2.37% 1520 losses suffered over
1508 the past two weeks.
2.36
1496
2.35
1484 ceeded analysts’ expectations.
2.34 Hormel Foods climbed 1.12, or
1472
3.4%, to 34.52 after it posted a
2.33 1460 quarterly revenue decline that
8 9 10 11 noon 1 2
was less steep than analysts
Thursday Friday Monday Tuesday
expected.
Stock performance Tuesday S&P 500 sector performance Tuesday Investors were also focused
on the handover of power at
8% 1.2% the Federal Reserve. Chair-
Tech
0.9 woman Janet Yellen said she
6 Health care
would resign as a member of
0.6
4 Hormel foods the Fed’s Board of Governors
0.3 once Jerome Powell, her suc-
2
0
cessor as chairman, is sworn
in. Ms. Yellen’s four-year term
0 –0.3 as chairwoman ends Feb. 3.
–2 Dollar Tree –0.6 The WSJ Dollar Index,
Telecom
which measures the U.S. cur-
9:30 10 11 noon 1 2 3 9:30 10 11 noon 1 2 3
rency against 16 others, lost
Note: Yields rise as bond prices fall. All data in EST. 0.2%.
Sources: FactSet (indexes, stocks); Thomson Reuters (Treasury) THE WALL STREET JOURNAL.
Elsewhere, the Stoxx Europe
600 rose 0.4%. Early Wednes-
S&P 500, with its 54th record chines added 1.44, or 1%, to plan last week. The Russell plans to reduce their exposure. day, Hong Kong’s Hang Seng
close, notched an additional 151.95. Microsoft gained 1.19, 2000 gained 1% to a record and That has proved to be a tough Index was up 1% after closing
feat: The index has posted the or 1.4%, to 83.72, helping pro- is on its longest winning streak sell to clients who are nervous 1.9% higher Tuesday and
most records in a calendar pel the Dow industrials. since early October. about the market’s long, unin- notching a nearly 10-year high
year since 1995. Small-capitalization stocks Mr. Mortimer and several terrupted climb, even though during intraday trading.
Shares of Apple rose $3.16, also continued a climb that be- other money managers said stock-market declines this year At the midday break
or 1.9%, to $173.14, while In- gan when the House voted to they continue to favor U.S. mostly have been short-lived, Wednesday, Japan’s Nikkei was
ternational Business Ma- approve the Republican tax stocks and have no immediate Mr. Mortimer said. up 0.8%.

Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard

Crisis Still Casts a Long Shadow Robust Biotech Sector

In math, how you get the
answer to a problem can be
as interesting as the answer
itself. For financial-market
ratios that grab investors’
attention, it may be even
more important.
Take the oft-cited cycli-
cally adjusted price/earnings
ratio for U.S. stocks calcu-
lated by economist Robert
Shiller. The ratio stands at
31.3, a level seen before only
in 1929 and around the dot-
com bubble, a potential
source of concern for inves-
tors worried about a rerun
of history.
The here-and-now focus is
often on the price compo-
nent, as swings in stock mar-
kets make the headlines. But
the denominator—earnings—
matters hugely.
The traditional strength of
the Shiller P/E is that it uses
the mean of 10-year earnings
to look at the cycle. It is a
big-picture measure, not a
short-term snapshot. Right
now, however, that means
the earnings collapse that
Past Pains
Shiller price/earnings ratio for S&P 500
50
40
30
20
10
0
1990 ’95
Sources: Robert Shiller; Kleinwort Hambros
accompanied the global fi-
nancial crisis in 2008-09 is
in the numbers underlying
the ratio, according to
wealth manager Kleinwort
Hambros.
Outliers can skew a calcu-
lation of the mean. Mean-
while, the cycle was an un-
usual one because of the
scale of the financial crisis.
Some argue for recalculating
10-year mean earnings
10-year median earnings
2000 ’05 ’10 ’15
THE WALL STREET JOURNAL.
the series to reflect other
factors that may have af-
fected earnings over time,
such as accounting. In this
case, there is a simpler ad-
justment: Use the median of
10-year earnings.
That boosts the earnings
figure by a bit more than
$10, to just over $93. Calcu-
lating the Shiller P/E on that
basis gives a result of 27.7,
Kleinwort Hambros says. The
gap between the median and
mean price/earnings ratios
now is unusually large and
persistent.
Even though the darkest
days of the crisis lie nearly a
decade ago, they are still col-
oring perceptions today. In
the next couple of years, that
big hit to earnings will drop
out of the calculation. All
else being equal, that would
lower the Shiller P/E.
Investors, of course,
should be looking to the fu-
ture, not the past.
U.S. stocks are still in ex-
pensive territory, although
this adjustment implies a
somewhat brighter outlook
for potential future returns.
But that relies on earnings
remaining strong. And it
doesn’t take a crash like
2008 to sap a market’s mo-
mentum. Much more recent
history—the earnings slump
of 2015 and 2016—shows
how a rallying market can
grind to a halt.
—Richard Barley
Cloaks Problem Areas
It hasn’t been as happy a
year for biotech investors as
one might expect.
By most measures, sector
performance has been
strong. The Nasdaq Biotech-
nology Index is up 17% this
year, in line with a broadly
rising stock market. The S&P
Biotechnology Select Indus-
try Index, which places a
greater weight on smaller
companies, is up nearly
37%. Some of the problems
that plagued the sector in
recent years, such as inves-
tor fears about a possible
crackdown on high drug
prices, have receded.
Health care also has re-
mained a fairly hot sector
for mergers and acquisitions.
There have been 941 an-
nounced U.S. health-care
deals for a total volume of
about $184 billion, according
to Dealogic. That volume is
second only to the tech sec-
tor this year, and other
deals—like CVS Health’s of-
fer to acquire health-insur-
ance giant Aetna—could be
Adding to the gloom: The
stocks that have underper-
formed have been institu-
tional investor favorites.
Bad results have been part
of the problem. Celgene, his-
torically a strong performer,
is down 28% in the past six
weeks after disclosing a key
clinical trial for an experi-
mental Crohn’s disease drug
failed and significantly cut-
ting its long-term earnings
guidance.
Meanwhile, that deal vol-
ume isn’t quite as strong as
it might seem. Announced
deals exceeded $300 billion
in 2014 and 2015, according
to Dealogic. More important
for investors, the deals ha-
ven’t necessarily taken place
where investors expected.
Some of the hardest-hit
stocks have been perceived
buyout targets. The cancer-
focused biotech Tesaro is
down 37% this year, for in-
stance. The Wall Street Jour-
nal reported in March that
Tesaro had put itself up for
sale, meeting with lukewarm

Tencent Has to Learn From Facebook announced soon.

Tencent Holdings passed
Facebook in value Tuesday,
north of $500 billion, the
first Asian tech company in
that territory. But to justify
that valuation, the Chinese
social-media giant needs to
earn money like its U.S.
counterpart.
China’s biggest purveyor
of videogames, Tencent also
owns WeChat, the country’s
most popular social network.
Nearly one billion people use
it to pay bills, book movie
tickets, play games and
more.
Persuading users to down-
load or play its games has
been Tencent’s biggest suc-
cess, accounting for about
half of revenue. The near
doubling of smartphone-
game revenue last quarter
But that backdrop masks
some significant negatives
for investors. Biotech stocks
interest. Tesaro’s immediate
competitors also have seen
their share prices pressured.
That is a recipe for a bull
controls about two-thirds of been priced in: Tencent have underperformed the market without any holiday
Good Impressions time spent on China’s major trades at 43 times expected S&P 500 by 7 percentage euphoria.
Tencent’s quarterly revenue from apps, according to Deutsche earnings. Though its market points over the past month. —Charley Grant
advertising Bank, but takes in only 12% cap is ahead of Facebook’s,
of the country’s online ad- its net profit over the past
10 billion Chinese yuan
8
vertising revenue.
One reason is that the e-
12 months was 40% lower.
Analysts are basing their
OVERHEARD
6 commerce platforms of Ali- bullish stock forecasts on ex-
4 baba Group Holding have pectations Tencent’s revenue To the extent that such share the name of a delicious
2 attracted a big chunk of and profit will double by things are ever welcome, it is bird. Some 28,658 English
0 company ad dollars. But 2020, according to S&P a great week for roasting language articles mentioned
2012 ’13 ’14 ’15 ’16 ’17 Tencent could still take bet- Global Market Intelligence. Turkey—the country, not the “Turkey” in the past week, ac-
Note: 1 billion yuan = $150.7 million ter advantage of its huge Goldman Sachs Group ex- bird. cording to research service
Source: the company WeChat base. Last quarter, pects Tencent’s online-ad The Middle Eastern nation Factiva, about seven times
advertising revenue came to revenue to increase at a 40% is having an atrocious No- the typical weekly pace.
has helped push its stock up $1.70 per user, compared rate in the next two years, vember, with its currency The majority appear to be
12% since results came out with $20.70 for Facebook in compared with 21% for tumbling and tensions with about Thanksgiving.
on Nov. 15. North America, a big upside games. Western allies rising. On The public relations pros
The games also account for Tencent even after ad- Tencent is enjoying a bo- Tuesday, its benchmark bonds advising the government in
for most of Tencent’s gross justing for differences in nanza from its mobile tumbled to a record low. Ankara should tell them to
profit. By contrast, advertis- per capita gross domestic games. But to meet ever-ris- But at least it is a great hurry up and get matters re-
ing, Facebook’s bread and product. ing expectations, it needs to week to bury bad publicity if solved this week, no later
butter, contributed only 13%. The problem is, much of live up to its advertising po- your country happens to than Thursday, if possible.
Thanks to WeChat, Tencent that potential has already tential. —Jacky Wong