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The Meals That An Easygoing


Still Matter Weekend
In Guadeloupe

REVIEW OFF DUTY


VOL. CCLXX NO. 124 * * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, NOVEMBER 25 - 26, 2017 WSJ.com

What’s S&P 500 Powers to New Heights


News Index finishes above
2600 for first time, as
est climb to a round-number
milepost on record. The S&P
took 49 days to reach 2600
have upgraded their year-end
forecasts to account for this
year’s double-digit-percentage
Growth Formula
Firms deemed likely to produce significant revenue increases have
analysts start revising from 2500, a speedy rise ex- gains. The Nasdaq is up 28% outpaced the broader market and the ‘value’ category of lower-priced
World-Wide ceeded only by the 35-day this year, while the S&P 500 companies this year.
their 2018 forecasts surge to 1100 in 1998. and Dow industrials have
The Nasdaq Composite In- climbed 16% and 19%, respec- 25%

G unmen killed at least BY MICHAEL WURSTHORN dex also hit a record on Fri- tively. S&P 500 Growth
20
235 people in an attack day, advancing 21.80 points to The upbeat outlooks under- S&P 500
on a Sufi-linked mosque in U.S. stocks’ record run a high of 6889.16. The Dow score the belief of analysts 15 S&P 500 Value
Egypt’s Sinai Peninsula, notched another milestone, Jones Industrial Average rose and investors that synchro-
marking the deadliest assault with the S&P 500 closing 31.81 points to 23557.99. The nized global growth, an ex- 10
in the country in decades. A5 above the 2600 level on Fri- blue-chip index hit a record panding U.S. economy, and
day for the first time. on Tuesday. (See related arti- companies’ strong profit re- 5
 Mueller is probing Flynn’s
The broad market index cle on page B11.) ports can extend the rally fur-
work on a film financed by 0
rose 5.34 points to 2602.42, Many analysts had pre- ther. The optimism and fear
Turkish interests as part of an J F M A M J J A S O N
up almost 1% for the week dicted early in the year that of missing out on gains has
inquiry into whether he im-
and marking its second-fast- stocks would stall, and they Please see SURGE page A4 Source: FactSet THE WALL STREET JOURNAL.
properly concealed financial
ties to Turkey and Russia. A4
 The Trump administration
is preparing to stop send-
ing weapons directly to
Egypt Grapples With Aftermath of Deadly Mosque Assault Retailers
Kick Off
Kurdish militants battling
Islamic State in Syria. A4
 The CFPB’s leadership
was thrown into uncertainty
as Trump and the agency’s
departing chief both named
Season
On Firmer
temporary directors. A3
 Zimbabwe’s new leader
reached out to political op-
ponents in his inaugural ad-
dress and pleaded with for-
eign investors to return. A7
Footing
 The U.S. and South Korea
BY SUZANNE KAPNER
plan joint exercises involving
AND LAURA STEVENS
hundreds of aircraft, in the
latest show of force aimed at
After a year of struggling to
deterring Pyongyang. A7
keep up with consumers’ shift
 Germany’s SPD said it to e-commerce, many retailers
would hold talks with other found themselves in unexpect-
parties, a change of heart edly good shape on Black Fri-
that makes imminent snap day with pared-down invento-
elections less likely. A6 ries and less need to slash
prices to lure shoppers.
EPA-EFE/REX/SHUTTERSTOCK

Business & Finance Black Friday sales are ex-


pected to come in at around
$33 billion, according to Cus-
 The S&P 500 closed tomer Growth Partners, a mar-
above 2600 for the first time, ket research and analysis firm,
the Nasdaq set a record and representing a 4.8% advance
the Dow rose 31.81 points to over Black Friday last year.
23557.99. All three indexes SLAUGHTER: Gunmen armed with explosives attacked a Sufi-linked mosque in Egypt’s restive Sinai Peninsula on Friday, killing at least Sales for November and De-
have posted double-digit per- 235 people and injuring more than 100. Egypt’s president declared it a ‘heinous act.' No group immediately claimed responsibility. A5 cember are expected to climb
centage gains this year and by about 4% to some $682 bil-
many analysts are optimistic lion, which would make 2017
the rally can continue. A1, B11 the strongest holiday season
since 2014, according to the
 Many retailers found them-
National Retail Federation.
selves in unexpectedly good
shape on Black Friday, with
pared-down inventories and
less need to slash prices. A1
Rise and Fall of a Law-School Empire Macy’s Inc. Chief Executive
Jeff Gennette said the retailer
had made adjustments based
on years past and was well-
 Shares of Macy’s, Kohl’s
positioned for the shopping
and Gap rose and Amazon hit
bonanza. “We don’t have the
a new high, but some retailers’ A for-profit company’s effort to offer education to students rejected elsewhere is unraveling albatross of a lot of extra in-
stocks were left behind. B10
ventory like we did last year,”
 Mitsubishi Materials said BY JOSH MITCHELL of their students were from minority Education Department and American Bar he said.
a subsidiary knew that work- groups. The for-profit schools became Association data indicate. Many owe Macy’s is offering fewer
ers were tampering with Don Lively had a plan to bring more part of a business network called the In- more than $100,000. promotions, Mr. Gennette said.
quality data on parts but blacks and Hispanics into the practice of fiLaw System, backed by Chicago pri- “The whole system broke down,” says “We’re in good shape,” he
continued to ship them. B1 law. vate-equity investors. Enrollment soared Mr. Lively, 69 years old, who serves as added, but cautioned, “we’ve
Mr. Lively, a professor who is white, from several dozen at Florida Coastal in Arizona Summit’s president and owns still got five weeks ahead of
 Unilever has kicked off
set out to open a law school that would 1996 to roughly 4,000 at the three less than 1% of InfiLaw. “We weren’t us” until Christmas.
the search for a new CEO
take minority students even if they had schools combined in 2012. ready to deliver on a scaled basis. We ha- The average Black Friday ad-
to succeed Polman. B1
low test scores or did poorly in college. Now, two decades after it all started, ven’t built up our academic support pro- vertised discount across 17 cat-
 Some YouTube advertisers Using retirement savings, a loan from his Mr. Lively’s mission is in tatters. The gram to a level that would enable us to egories was 45% this year com-
suspended their commercials father and a check from a retired couple Charlotte school closed in August after deliver those things that we were con- pared with 48% last year,
after their ads showed up who read about him in a local newspa- North Carolina revoked its license. En- vinced that we could deliver.” according to price-tracking firm
next to videos that appeared per, he opened Florida Coastal School of rollment in Arizona and Florida is down Federal student loans were central to Market Track LLC. Only three
to attract pedophiles. B1 Law in 1996 in Jacksonville. sharply, and InfiLaw is looking for buy- the venture’s wild growth. Taxpayers of eight major retailers offered
That school and two others he later ers for both schools. Thousands of In- could wind up on the hook for large deeper discounts than they did
 Clariant rejected many
helped run—Arizona Summit in Phoenix fiLaw students have dropped out, trans- chunks of InfiLaw student debt that a year ago, the firm said.
of its largest shareholder’s
and Charlotte School of Law in North ferred or failed state bar exams and are never gets paid back, and the student That isn’t to say deals were
demands, escalating a battle
Carolina—became among the fastest- struggling to pay down a total of more borrowers face years of damaged credit. hard to find. On Friday, shop-
with activist investors. B3
growing law schools in the country. Half than $1 billion in federal student loans, Please see LAW page A9 pers found many of the same
 Dish said it reached a car- Please see RETAIL page A2
riage accord with CBS, end-
ing a three-day blackout. B2
For Crabs, Getting Hit By a Car
Can Be a Fairly Decent Outcome Apps Give Workers Amazon Vaults
To All-Time High
Inside i i i
Early Access to Pay Shares of the online retailer led
the sector higher Friday on
NOONAN A13 Migrating crustaceans force Australians optimism for holiday sales. B10
Amazon.com share price
The Sexual to get creative; Mr. Bray’s leaf blower BY KELSEY GEE Employers across the retail, Daily closes, year to date
restaurant and service sectors
Harassment BY MIKE CHERNEY mally.” For more workers across are searching for inexpensive
$1,200 Friday: $1,186.00
The couple are testing what America, every day is payday. perks to attract and hold on to
Racket Is Over CHRISTMAS ISLAND, Austra- Mr. Bray calls a “crab-safe vehi- Uber Technologies Inc., employees in the face of low
1,100
lia—On a drive near her house cle attachment” on Christmas McDonald’s Corp. and unemployment. For workers,
this month, Jess Bray hit about Island, a remote Australian ter- Bloomin’ Brands Inc.’s Outback immediate access to cash can
CONTENTS Sports....................... A10 half a dozen red crabs with her ritory near Indonesia, where Steakhouse are among a grow- provide liquidity to cover
Books.................... C5-10 Style & Fashion D2-3 1,000
Business News...... B3 Travel...................... D4-6 SUV. She and her husband, millions of red crabs emerge ing group of employers giving emergency costs, but econo-
Food...................... D9-10 U.S. News............ A2-4 Chris, were thrilled. from the forest and travel to the workers near-instant access to mists say it is unclear whether
Heard on Street....B11 Weather.................. A10 “Hundred percent success ocean every year to spawn. wages through payday apps. smaller, more frequent pay-
Obituaries................. A8 Wknd Investor....... B4
rate,” said Mr. Famed British New tools that allow people checks will help U.S. house- 900
Opinion............... A11-13 World News....... A5-7
Bray, who naturalist David to spend the money they just holds under financial strain.
watched on the Attenborough earned have provided some “It’s almost like a drug” for
> side of the road ranked the mi- workers an alternative to employees, says Ed Shaw, ex- 800
as the crabs that gration as one of short-term, high-interest ecutive vice president of hu-
were hit scurried his favorite wild- loans, say the technology man resources for Caspers Co.,
away, seemingly life experiences. startups offering the services. which operates 54 McDonald’s 700

s Copyright 2017 Dow Jones &


unharmed. “They But there is a The payment plan can boost restaurants in Florida. J F MAMJ J A S O N
Company. All Rights Reserved definitely would Please see employee attendance and ten- Roughly 1,300 of the fran- Source: WSJ Market Data Group
have died nor- Red crab CRABS page A9 ure, managers say. Please see PAY page A7 THE WALL STREET JOURNAL.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, November 25 - 26, 2017 * ******* THE WALL STREET JOURNAL.

U.S. NEWS
For Oil Boomtown, the Bills Come Due
BY SHAYNDI RAICE
AND HEATHER GILLERS

When the oil boom came to


Williston, the western North Da-
kota city tried to use the influx
of new wealth to transform it-
self from a hub for transient
roughnecks into a stable and de-
sirable place to live.
ROBYN BECK/AGENCE FRANCE-PRESSE/GETTY IMAGES

So it built new roads, a


wastewater-treatment plant and
a $70 million recreation center,
complete with an indoor water
park and four tennis courts.
But as the oil boom has lev-

LEILA NAVIDI/TNS/ZUMA PRESS


eled off and North Dakota’s agri-
cultural sector hit a rough
patch, state funding has been
stretched thin, stoking resis-
tance to Williston’s plans.
North Dakota legislators are
re-examining the special state
funds Williston receives to pay
for the influx of workers who Above left, pump jacks near Williston, N.D., in 2016. The city used wealth from the oil boom to build a recreation center, with an indoor water park, above right.
weigh on city resources during
boom times. The struggles un- largely unquestioned as the oil 2008 energy companies have The money helped Williston vestments were needed to bol- funding, said the city had no
derscore the difficulties oil-rich boom kept pumping money in. combined hydraulic fracturing build a new wastewater-treat- ster quality of life and to keep choice but to build the way it
towns across the U.S. face in But since around 2014, the and horizontal drilling to access ment plant, after the city’s pop- people in the city so it has a did. He wants the current allo-
striking a balance between state’s agricultural sector began crude oil. From July 2010 to ulation grew more than 80% in large and stable supply of cations to stay as is.
building quickly in boom times declining just as the oil boom July 2015, Williston was the five years. The city was relying workers when the next oil The committee will make fi-
without overspending. started easing. fastest-growing small city in the on lagoons for water that could boom comes around. nal recommendations in Au-
In North Dakota, the state The dynamic has set off a U.S. RV-filled “man-camps” only handle about 12,000 peo- When the price of oil began gust.
money—dubbed “hub city fund- fight for state resources at a bloomed, weighing on an array ple. By 2015, the Census Bureau declining in 2014, so did the Some residents say the city
ing”—has been going to three time when the city’s own reve- of public resources, especially estimated Williston had more population, falling to 26,000 in needs to build more, not less.
oil-rich cities in the state’s west: nue is also faltering. roads and water. than 27,000 residents. 2016. That translated into Joseph Edman, a 36-year-old
Williston, Dickinson and Minot. Williston is spending close to But the city also invested lower sales-tax revenue to fund resident who owns a local con-
From 2013 through 2019, those 17% of its annual budget of $211 hundreds of millions of dollars all the new projects, many al- struction company, said the
cities have been allocated $301 million on debt payments after in a new airport, while critics ready in full swing. schools are growing so quickly
million from state oil-tax reve- borrowing heavily over the past
Williston, N.D., is noted there is an airport 50 Residents recently voted that his three children take
nue, with $178 million for Willi- decade. The city has more than spending close to 17% miles away in Tioga. overwhelmingly for a one-cent classes in modular buildings.
ston, the place with the biggest $200 million in outstanding The indoor recreation cen- sales tax to help fund infra- He resents that people ques-
population boom. debt, much of it issued to cover
of its annual budget ter, built by the city’s park dis- structure. But if the state takes tion the city’s decision to build
State Rep. Mike Brandenburg, infrastructure to accommodate on debt payments. trict using local sales-tax funds, away the hub city funding, Wil- the recreation center, which he
from the southeastern part of its growing population. Last has been a point of special con- liston will be in trouble, Mayor said his kids use every day in
the state, said the legislative year, Moody’s Investors Service tention. Howard Klug said. the wintertime.
committee needs to look at the twice downgraded Williston, “Why did they build a $70 “Whenever you go from “What should we do, just
difference between what these pushing the city’s bonds into “You cannot believe what it million recreation center? Let’s 12,000 to 30,000 people, you work and send taxes back
cities need and what they want. junk status. The city is forecast was like in Williston,” said State just ask that question,” said have to bring on debt,” he said. east?” he said.
“It’s about trying to take care to receive $47 million from the Sen. Rich Wardner of Dickinson, State Rep. Jeff Delzer, who rep- “There was not a do-nothing
of the whole state of North Da- state that was allocated for a hub city 130 miles to the resents Underwood in central option for the city of Willi-
kota,” said Mr. Brandenburg, 2017-2019. It has received $4.6 south. “People were in campers, North Dakota and thinks the ston.”
Notice to Readers
who sits on the committee re- million. they were parked in backyards, state should re-examine the Mr. Wardner, who is chair- The Numbers column will
examining the funds. Williston sits at the center of they had tents. That town was hub city funding. man of the legislative commit- return next week.
Williston’s spending went the Bakken Shale, where since inundated.” Local officials say their in- tee looking at the hub city

First Signs of the Christmas Season in Erie, Pa. U.S. WATCH


TAX LEGISLATION YAHOO
Trump, Senate GOP Guilty Plea Expected
To Meet Before Vote From Alleged Hacker
President Donald Trump will An accused computer hacker
meet with Senate Republicans at is expected to plead guilty Tues-
their weekly closed-door lunch on day to criminal charges stem-
Tuesday, a top GOP lawmaker ming from the 2014 security
said Friday, as the party prepares breach of Yahoo Inc. that a fed-
to vote next week on legislation eral indictment alleges was or-
overhauling the tax code. chestrated by Russian spies.
The Senate Budget Commit- Karim Baratov, a 22-year-old
tee is expected to merge key dual Canadian-Kazakh national,
pieces of the legislation on Tues- was arrested near Toronto in
day, ahead of a full chamber vote March, shortly before U.S. offi-
later that week, according to a cials unsealed a federal indict-
Senate GOP aide. ment that said he conspired
Republicans hold a 52-48 ma- with two Russian operatives and
jority in the Senate and can af- a third Russian hacker who
JACK HANRAHAN/ERIE TIMES-NEWS/ASSOCIATED PRESS

ford to lose no more than two swiped the Yahoo data.


GOP votes on the tax bill, pro- A lawyer for Mr. Baratov de-
vided no Democrats support it. clined to comment. Abraham
House Republicans passed Simmons, a spokesman for the
their version of the tax bill U.S. Attorney in San Francisco,
shortly before the Thanksgiving also declined to comment.
break. But passage in the Senate Mr. Baratov is scheduled to ap-
is expected to be more of a nail- pear Tuesday before U.S. District
biter. Judge Vince Chhabria in San Fran-
Mr. Trump is expected to dis- cisco for a “change of plea” hearing,
cuss the tax bill and the rest of according to the website for the
the year-end legislative agenda U.S. District Court for the Northern
at the Tuesday lunch, the office District of California. A person fa-
of Senate GOP Policy Committee miliar with the case said Mr. Bara-
BRIGHT LIGHTS: A mother and her son at the Festival of Trees at the Bayfront Convention Center in Erie on Friday. Chairman John Barrasso said. tov was expected to plead guilty.
—Kristina Peterson —Del Quentin Wilber

RETAIL She also splurged on a PlaySta-


tion 4 console and videogames.
“I caught up with all my Christ-
mas shopping,” she said.
inventory allows you to stick
with your promotional plan,”
Kohl’s Corp. CEO Kevin Man-
sell said Friday.
Cyber Monday, according to
Customer Growth Partners.
Software company Adobe
Systems Inc. said online sales
card system. Both retailers said
they were working on the is-
sues. Even so, plenty of shop-
pers make the post-Thanksgiv-
said they noticed smaller
crowds than in past years, not-
ing Black Friday deals have
been going on all week. “I’m
Continued from Page One Traditional stores continue In an interview earlier this on Thanksgiving increased 18% ing pilgrimage to stores. not sure it seems extra spe-
promotions that were on offer to grapple with a host of prob- week, Neiman Marcus Group to $2.87 billion. As of 8 p.m. Delaney Dauchy, a 15-year- cial,” Anne Dauchy, 48, said.
last year, including 30% off at lems including sluggish sales CEO Karen Katz attributed a Friday, shoppers had spent old shopping with her mother —Julie Jargon, Erica Phillips,
Coach and 50% off at the Gap. as more shopping takes place jump in the luxury retailer’s $3.54 billion, up 16%. Adobe at a Thousand Oaks, Calif., Benjamin Parkin, Miguel
Many shoppers snapped up online. And there is the broad gross margin in the latest expects online sales to in- mall, said the deals aren’t as Bustillo, and Sarah Nassauer
bargains on Thanksgiving Day. shift in consumer spending quarter to stronger full-priced crease 14% to $107.4 billion for good this year. The Dauchys contributed to this article.
Kevin Krause, 27, was first away from apparel and acces- sales. “We’ve gotten our inven- the November-December pe-
in line outside the Kohl’s store sories and toward dining, tory in perfect alignment with riod, compared with the previ-
in Medford, Ore., on Thanks-
giving afternoon. He decided
our sales,” she said.
That all could change in the
ous year.
Amazon said Thanksgiving
CORRECTIONS  AMPLIFICATIONS
to buy an Xbox One videogame days leading up to Christmas. was one of its biggest mobile Readers can alert The Wall Street Journal to any errors in news articles by
console that was on sale for
Black Friday sales of Shoppers have been trained to shopping days, as orders placed
emailing wsjcontact@wsj.com or by calling 888-410-2667.

$189. “I’m just doing that, and $33 billion are wait for deals, a practice made through its app increased more
then I’m out,” he said. easier by online price compari- than 50% over last year. Best
Analysts have been predict-
expected this year, sons. If they hold off on many selling items included Keurig THE WALL STREET JOURNAL
ing robust holiday sales amid 4.8% ahead of 2016 purchases, retailers will likely coffee makers and its Echo (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
rising wages, low unemploy- have to slash prices more than speaker devices.
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
ment and strong consumer planned as the season pro- “If you go back to the cre- Published daily except Sundays and general legal holidays.
confidence. Another bonus, es- gresses. ation of Black Friday, it was Periodicals postage paid at New York, N.Y., and other mailing offices.
pecially in the Northeast, is travel and entertainment. In a Wal-Mart on Long Is- this amazing opportunity for Postmaster: Send address changes to The Wall Street Journal,
cooler weather compared with But a bright spot has land Thursday evening, Andre customers to get great deals,” 200 Burnett Rd., Chicopee, MA 01020.
a year ago, when temperatures emerged: Stores, having re- Valadas, a 34-year-old soft- Dorion Carroll, vice president All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
edged into the 60s. duced inventories, aren’t sit- ware engineer, said it was of mobile shopping at Ama- the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
“I’d be fully expecting peo- ting on piles of excess goods hard to snag a discounted zon, said earlier this week. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
ple to be thinking about like they were a year ago. Sharp TVs being sold at the “So they would flock to the Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
spending more, not be holding “Because inventory manage- store and at a Best Buy across stores and all of that would be
back as much as in the past,” ment was quite good coming the parking lot. “I hope that if great, until it wasn’t. It got NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
said Andrew Duguay, a senior out of the third quarter, there’s they don’t have deals right too crowded.” By web: customercenter.wsj.com; By email: wsjsupport@wsj.com
economist at Prevedere, a pre- not going to be a need for ag- now they will have them in a A few technical problems By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechat
dictive analytics company. gressive promotions in the few weeks closer to Christ- popped up on Friday. Nike Inc.
Jena Thomas, a university fourth quarter to clear out un- mas,” he said. customers complained about REPRINTS & LICENSING
student shopping with her sold goods,” said Bill Dreher, a Black Friday is expected to error messages when using the By email: customreprints@dowjones.com; By phone: 1-800-843-0008
mother at a Target in Chicago, retail research analyst with be the third-busiest shopping sportswear maker’s website,
bought two TVs that she Susquehanna International. day of the year, behind the and Macy’s said it experienced GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
couldn’t get earlier at Best Buy. “Having the right amount of Saturday before Christmas and a “slowdown” with its credit-
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THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, November 25 - 26, 2017 | A3

U.S. NEWS

Police See
Social Media
Fuel Crime
BY SHIBANI MAHTANI ing a rise in the number of
“petty conflicts that have
CHICAGO—Rukiya Winston, leapt from social-media plat-
a 16-year-old 10th-grader in forms to violent crimes on the
one of this city’s most violent street.” A Wall Street Jour-
South Side neighborhoods, has nal tally found at least 100

ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL


sworn off social media. cases nationally where an act
She is disconnecting from of violence was streamed on
what she sees as a major part just one of these platforms,
of the culture of violence Facebook Live, since it was
around her. launched in early 2016.
“It takes things to a whole “Unfortunately, in too many
new level. You see people get instances, these conflicts are
into it with someone [on Face- resolved with a gun,” said a
book] and the next day they Chicago police spokesman.
are beaten up or shot,” Ms. Prosecutors and law-en-
Winston said. “It is just too forcement agencies in other
much.” cities, including Dallas and Wil-
Facebook and other plat- mington, Del., say social media
forms have emerged as fresh mirrors and contributes to Lt. Laura West leading a discussion about anticrime technology at the Chicago Police Department District 007 this year.
challenges in the fight against gang-related behavior on their
violent crime that continues to streets, too. Police in Dallas ter with it, they’re obviously
grip major cities. this year attributed a string of Killings Are Sparked world, and within the course of retaliatory shooting. very concerned,” he said.
In Chicago—which is on drive-by shootings to incidents three or four months, they Steve Gates, Chicago pro- “There’s a lot of work we have
track to have more than 600 in which one gang challenged By Drill Rap Videos ended up dead,” said Donnell gram director for the Youth Ad- to do to stop the drugs and
murders for the second year in another and posted their loca- Williams, who works with mid- vocate Program, a nonprofit guns flowing into our city, and
a row, a number it had been tion on Facebook or Instagram, dle-school youth at the Sun- that works with at-risk youth, social media is an area we fo-
below for more than a decade prompting an act of violence. In Chicago, violence on the shine Gospel Ministries. said many young men he works cus some of that attention.”
before that—community lead- Tatyanna Lewis, an 18-year- South Side has, in part, been A Chicago police spokes- with turn to rap videos to over- A spokeswoman for Face-
ers and police say the immedi- old from Chicago, was in a fueled by the proliferation of woman said it didn’t have any come the hopelessness they book said that the company
acy of these platforms has running Facebook feud over a drill rap videos on YouTube, de- information that linked the vid- feel in their lives, faced with will double the number of peo-
played a major role in escalat- man with Chynna Stapleton, fined by dark, grim and nihilistic eos to the killings of Mr. few job prospects and blight in ple working on safety and se-
ing disputes, while also pro- 24, in mid-May, when Ms. Sta- lyrics that sometimes insult a Rhyme and Mr. Barry, and that their neighborhoods. curity—reviewing content on
pleton allegedly ran over Ms. rival gang and its members. no arrests have been made. “They go extra hard on pro- Facebook for dangerous and
Lewis with a car, pinning her Community leaders in the Mr. Williams described a jecting this image, and showing hateful speech—to 20,000
to a tree. Ms. Stapleton has Woodlawn neighborhood point petty yet high-stakes world that they can hurt somebody,” from 10,000 in 2018. Threats
Platforms emerge as been charged with first-degree to the recent murders of Sher- where drill rappers would make Mr. Gates said. “It is the same to someone’s personal safety
an ‘accelerant’ for murder, to which she has rod Rhyme, 18 years old, and a disrespectful reference to a story as on the streets, but violates the platform’s com-
pleaded not guilty. Terry Barry, 21, both drill rap- dead member of a rival gang, just on a different platform— munity standards, the spokes-
violence—as well as a In Wilmington, law-enforce- pers who were shot in June sometimes saying they are the only platform that they woman added.
provider of evidence. ment officials and prosecutors and September, respectively. smoking their ashes in a ciga- think they have a voice.” Facebook has also invested
say they see the same escala- “They got involved in this rette. This would then lead to a —Shibani Mahtani in Artificial Intelligence tools
tion of violence through social to monitor content on Face-
media. book Live, and has simplified
viding more evidence that can The exchanges, however, Chicago police have in- say this technology has con- tated a meeting this summer the process by which people re-
aid arrests and convictions. arm prosecutors with evidence, vested heavily in data-driven, tributed to a 13% drop in mur- between Facebook Chief Exec- port problematic videos online.
“It pours an accelerant on including Facebook photos and crime- reduction technology in ders, compared with this time utive Mark Zuckerberg and “People don’t want false
what was already there,” said tags, that they can use in court. the past year, building out last year. Separately, crime an- young men from a violent news or hate speech or bully-
Eric Sussman, the first assis- “If you have a defendant eight “nerve centers” in the alysts also review open-source South Side neighborhood ing or any of the bad content
tant state’s attorney for Chi- and you are trying to get some most violent police districts, accounts and monitor gang where they discussed how that we’re talking about,” Mr.
cago’s Cook County. large sense of whom they are providing a wealth of informa- conflicts through social media. easy it is to get guns and Zuckerberg said on an earn-
The Chicago Police Depart- affiliated with, what other ac- tion about the neighborhood Chicago prosecutors and of- drugs, and the role of social ings call this month. “So to
ment and prosecutors don’t tivities they might be involved and offenders there. ficials have repeatedly called media in provoking violence. the extent that we can eradi-
keep data on how many in- in and what may have led to The centers, which cost $1.3 on Facebook and other tech gi- Mr. Boykin said a team at cate that from the platform,
stances of violence were pro- their crime, there’s informa- million each, integrate data ants for more proactive action Facebook has been in “con- that will create a better prod-
voked by an exchange on so- tion available publicly,” said like live-feeds from cameras in to help curb violence. stant contact” with city and uct,” he said.
cial media, but they say Delaware Attorney General the neighborhood and a sus- Cook County Commissioner county officials since then. —Deepa Seetharaman
anecdotally that they are see- Matthew Denn. pect’s criminal record. Police Richard Boykin said he facili- “[Facebook] is getting bet- contributed to this article.

Fight Erupts on Appointment of CFPB Interim Chief


BY YUKA HAYASHI der the 2010 Dodd-Frank regu- firmed, the White House said. sense approach to leading the lawmakers are ready to oppose Barack Obama, a Democrat,
latory-overhaul law, which cre- Mr. Mulvaney’s appointment CFPB’s dedicated staff…that will anyone who could drastically al- said last week that he would
WASHINGTON—The leader- ated the CFPB, the regulator’s was expected. empower consumers to make ter the agency, such as Mr. Mul- leave the agency before the
ship of the Consumer Financial deputy director serves as acting Mr. Mulvaney, known as a their own financial decisions.” vaney. end of November, ending a tu-
Protection Bureau was thrown chief if the director is absent or harsh critic of the CFPB, has de- Regardless of the fight over “If it takes the Senate a long multuous six-year tenure dur-
into uncertainty on Friday when unavailable. scribed the agency as “one of the interim director position, an time to confirm whomever the ing which he helped to turn a
the president and the agency’s Hours later, President Donald the most offensive concepts” in appointee of Mr. Trump, a Re- president nominates, there is a young agency into a powerful
departing Obama-era chief both Trump designated Mick Mulva- the U.S. government. He has publican, will eventually take lot that the CFPB could accom- financial regulator, often criti-
named temporary directors. ney, director of the White House said he stands by a comment the helm of the CFPB and likely plish in the meantime by way of cized by Republicans and fi-
Richard Cordray, who said Office of Management and Bud- describing it as a “sad, sick implement various steps to enforcement and policy objec- nancial companies.
Friday was his last day at the get, as the CFPB’s acting direc- joke.” overhaul the agency. However, it tives,” said Jenny Lee, a partner Experts have disagreed on
CFPB’s helm, named the tor. Mr. Mulvaney is to serve in The White House said in a may take several months until at Dorsey & Whitney LLP. whether the president has the
agency’s chief of staff, Leandra that post until a permanent di- statement Friday that Mr. Mul- the new director is confirmed Mr. Cordray, who was ap- authority to appoint an acting
English, as deputy director. Un- rector is nominated and con- vaney will “take a common- by the Senate, as Democratic pointed by former President CFPB director.

Puerto Rico Power Grid Repairs Resume


BY ANDREW SCURRIA

The company that was


hired and then fired under a
$300 million deal to rebuild
Puerto Rico’s power grid has
resumed repairs on a critical
RICARDO ARDUENGO/AGENCE FRANCE-PRESSE/GETTY IMAGES

power artery after receiving


partial payment on an $83
million bill backlog.
A Whitefish Energy Hold-
ings LLC spokesman said the
company went back to work
Wednesday after Puerto Rico’s
public power utility paid some
of what was owed under the
controversial contract, enough
to show its “good faith intent
to pay” for services rendered.
Whitefish had suspended work
on the island’s electrical grid
on Monday over a payment
backlog that the company
blamed both on the power Whitefish workers repair power line towers in Puerto Rico in the aftermath of Hurricane Maria.
utility known as Prepa and on
construction subcontractor mobilizing 500 subcontracted Whitefish is now suing Arc wasn’t being fully paid by
Arc American Inc. workers. American in a state court in Prepa, Arc American’s in-
Whitefish and Arc American Whitefish said the backlog Montana, where Whitefish is voices “are not yet due and
are now accusing each other got worse because Arc Ameri- based, saying Arc American owing.”
of leveraging the unfinished can complained it wasn’t being has no basis to jump the line Arc American said it never
job of turning Puerto Rico’s paid and asked for money from and collect payments directly stopped working and denied
lights back on to extract as Prepa directly. Prepa responded from Prepa. Even after the snarling the contract pay-
much money as possible under by cutting off all payments un- partial payment that allowed ments. Whitefish asked for
their agreements. der the Whitefish deal until the work to resume, Prepa is still subcontractors including Arc
The work stoppage was a situation was resolved. “deliberately withholding” a American to walk off the job
setback to power restoration Puerto Rico canceled the “large sum of money” because “seemingly in order to gain le-
efforts that have failed to turn contract with Whitefish last of the subcontractor’s claims verage” over Puerto Rico and
the lights back on for millions month after intense criticism of nonpayment, the Whitefish squeeze the government for
of Puerto Ricans more than on how it was awarded and spokesman said. payments in the final days of
two months after Hurricane priced. But the company was Documents filed in the the contract, Arc American
Maria made landfall. Whitefish scheduled to remain in Puerto Montana case show that Arc CEO Ben Wilson said.
accused Prepa of failing to pay Rico until Nov. 30 to continue American asked for an $8.7 A judge in Montana has
$83 million owed under their work on an important south- million payment from Prepa scheduled a Nov. 29 hearing
contract, including $39 million to-north transmission line last week. Whitefish said in on whether Arc American
for the anticipated costs of de- damaged by Maria. its complaint that because it should withdraw its request.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A4 | Saturday/Sunday, November 25 - 26, 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

In Mueller Cases,
Jury Selection
Poses Challenge
BY ERICA ORDEN seek a change of venue, that re-
quest is unlikely to be granted,
With the first trial resulting said Shira Scheindlin, a former
from Special Counsel Robert federal judge in New York.
Mueller’s investigation expected “This case is national and
in the spring, prosecutors, de- the news about it is national
fense lawyers and the judge and it’s on the networks every
head toward a delicate and of- day. The exposure in D.C. is no
ten difficult task: picking a fair more or less in New York, Chi-
jury. cago, L.A., or even small
CARLOS BARRIA/REUTERS

In high-profile trials, finding towns,” she said.


jurors who don’t come armed In highly visible trials, the
with their own set of conclu- jury-selection process often be-
sions about a case can be a gins with a written question-
challenge. And in a politically naire sent to prospective jurors
divisive climate, that task that asks about their familiarity
Mike Flynn is facing questions from the special counsel over his work on a documentary about an exiled Turkish cleric. grows even more complex for with the defendants and poten-

Flynn Probe Looks at Film


trials that touch on the presi- tial witnesses; their personal
dency, legal experts said. and professional history with
In the expected trial of Paul any of the subject matter re-
Manafort, President Donald lated to the charges; and their
Trump’s former campaign media consumption.
chairman, and Richard Gates, In the recent public-corrup-
Work on Turkish movie The Federal Bureau of Inves- Mr. Gulen has denied playing the alleged role played by Mr. Mr. Manafort’s business associ- tion trial of Sen. Bob Menendez
tigation is preparing to inter- any role in the putsch. Flynn and his son, Michael ate, those involved in the jury- (D., N.J.), the juror question-
draws questions as view consultants hired by Mr. Mr. Flynn’s consulting firm, Flynn Jr., in a plan to forcibly selection process must navigate naire asked from which sources
legal team shift signals Flynn to work on a documen- the Flynn Intel Group, tried to remove Mr. Gulen and deliver a public that has been bom- prospective jurors received
tary film targeting an exiled conceal its role in the docu- him to Turkey in return for barded with media coverage of their news, their political-party
possible cooperation Turkish cleric whom Ankara ac- mentary, said David Enders, a millions of dollars, the Journal Mr. Mueller’s investigation and affiliation and whether they
cuses of trying to overthrow Beirut-based freelance journal- previously reported. regular criticism of the special had ever supported a candidate
BY DION NISSENBAUM the country’s president, accord- ist hired to film interviews. Mr. Flynn’s lawyer and the counsel’s efforts from the GOP by displaying a bumper sticker
AND REBECCA BALLHAUS ing to people familiar with the Mr. Enders said Mr. Kian told Turkish government have said president. or yard sign. Mr. Menendez’s
investigation. Details of the un- him he didn’t want anyone to the plot allegations are false. trial ended in a mistrial.
WASHINGTON—Special finished film project were first know who was behind the A lawyer for Mr. Flynn Jr. de- Jo-Ellan Dimitrius, a jury
counsel Robert Mueller is inves-
tigating former White House
reported by The Wall Street
Journal in May.
movie.
Mr. Kian didn’t respond to a
clined to comment.
Mr. Flynn’s lawyer declined
‘The exposure in consultant who has worked on
numerous high-profile trials, in-
national security adviser Mike The film was at the heart of request to comment. Peter Carr, to comment on the decision to D.C. is no more or cluding those of O.J. Simpson
Flynn’s work on an unfinished
film financed by Turkish inter-
Mr. Flynn’s work for Turkish in-
terests while he served as top
a spokesman for Mr. Mueller,
declined to comment. Mr.
no longer discuss the special
counsel’s investigation with
less in New York, and of former Enron executives
Kenneth L. Lay and Jeffrey Skil-
ests as part of its probe into adviser on then-candidate Don- Flynn’s lawyer, Robert Kelner, the president’s legal team. Chicago, L.A....’ ling, said that in addition to
whether Mr. Flynn improperly ald Trump’s presidential cam- wasn’t immediately available to “It was not unexpected to questioning prospective jurors
concealed financial ties to Tur- paign. While working to get Mr. comment on the matter. us that Gen. Flynn’s lawyers about their political activity,
key and to Russia, according to Trump elected, Mr. Flynn’s FBI agents have contacted might be entering into discus- both the defense counsel and
people familiar with the matter. company signed a $530,000 Mr. Enders and Rudi Bakhtiar, a sions with the special counsel Messrs. Manafort and Gates prosecutors in the special coun-
The focus on the film comes contract with a Turkish busi- former CNN anchor hired to [about] potential pleas,” said are accused of money-launder- sel trials would likely research
amid signs that Mr. Flynn may nessman with close ties to Pres- work on the documentary, to Jay Sekulow, a member of the ing, conspiring against the U.S. each person’s digital footprint.
be working on a deal with Mr. ident Recep Tayyip Erdogan. ask them about their roles in White House team. and failing for years to register And, she said, they will likely
Mueller. Mr. Flynn’s lawyers Mr. Flynn and his business the venture, according to peo- Mr. Mueller’s team is investi- their lobbying activities on be- try to find out if prospective ju-
this week stopped cooperating partner, Bijan Kian, hired con- ple familiar with the matter. gating whether Trump associ- half of the Ukrainian govern- rors have talked about the case
with White House attorneys de- sultants to create a film attack- Mr. Flynn waited until ates colluded in Russia’s efforts ment. The charges stem from to family members, as well as
fending the president, accord- ing the Muslim cleric, Fethullah March of this year to file fed- to interfere in the 2016 U.S. Mr. Mueller’s investigation into whether they have monitored
ing to other people familiar Gulen, who has been accused of eral documents showing that election. Mr. Trump has denied Russia’s alleged meddling in the other “sensational government
with the matter, a possible sign orchestrating a failed July 2016 he was paid to represent Turk- any collusion by him or his 2016 presidential election. trials.”
that Mr. Flynn is sharing infor- coup attempt in Turkey from ish interests. campaign, and Moscow has de- Messrs. Manafort and Gates Still, even with cases that
mation with investigators. his home in rural Pennsylvania. Mr. Mueller also is probing nied meddling in the election. have pleaded not guilty. have received tremendous me-
For defense attorneys, the dia attention, prospective jurors
first juror-related hurdle in a often don’t know much about

Trump Plans to Stop Arming Kurds in Syria widely publicized case is often
the location of the expected
trial because it is usually to
their advantage to select from a
the alleged conduct, especially
if it involves complicated mate-
rial, legal experts said.
Judge Scheindlin, who pre-
BY DION NISSENBAUM dent Erdogan of pending ad- the U.S. has long maintained he had given clear instructions jury pool that has had less ex- sided over three trials of John
justments to the military sup- that the Syrian Kurds are a dis- and that the YPG won’t be given posure to coverage of the case. Gotti Jr., all of which ended in
WASHINGTON—President port provided to our partners tinct force and should not be arms,” said Mevlut Cavusoglu, Attorneys for Messrs. mistrials, said Mr. Gotti’s noto-
Donald Trump’s administration on the ground in Syria” as the considered terrorists. Turkey’s foreign minister. He Manafort and Gates didn’t re- riety as an accused crime boss
is preparing to stop sending fight against Islamic State The U.S. began providing quoted Mr. Trump as saying spond to requests to comment. produced “screaming headlines
weapons directly to Kurdish moves into a “stabilization arms to the YPG in 2014 when “this nonsense should have A spokesman for Mr. Mueller’s every day, because he is such a
militants battling Islamic State phase” to ensure Islamic State the Kurdish fighters success- ended a long time ago.” office declined to comment. media cult figure.” But, she
in Syria, dealing a political blow doesn’t return. fully pushed Islamic State out of Mr. Cavusoglu said Mr. With Mr. Manafort and Mr. said, “while everybody had the
to the U.S.’s most reliable ally in A senior U.S. administration Kobani, a Syrian town on the Trump gave instructions to U.S. Gates, the trial is set to take general familiarity that he was
the civil war, officials said Fri- official said later that the U.S. is Turkish border. Because of Tur- generals and his national secu- place in Washington, D.C., and indicted, they didn’t know the
day. preparing to “wind up” its di- key’s concerns, the U.S. re- rity adviser, Lt. Gen. H.R. Mc- while defense attorneys may particulars.”
Mr. Trump delivered the rect support for Kurdish forces stricted its direct support for Master, that “no weapons
news in a call with President in Syria, a move long expected the YPG and provided arms to would be issued” to the Kurdish
Recep Tayyip Erdogan of Tur- to come after the defeat of Is- the Kurdish fighters through an forces.
key, who has long urged the U.S. lamic State in the Middle East. umbrella group set up, in part, “Of course, we were very
to cut off its support for Kurd- U.S. support for Kurdish to serve as a funnel for weap- happy with this,” Mr. Cavusoglu
ish militants he views as terror- fighters in Syria has been a ma- ons to the militants. said.
ists intent on destroying his jor irritant in U.S.-Turkey rela- With U.S. support, the Kurd- The Turkish announcement
own country. tions. The Kurdish forces in ish fighters became the U.S.’s came as a surprise in Washing-
ANDREW HARRER/BLOOMBERG NEWS

Turkish officials made public Syria are closely aligned with best ally on the ground in Syria. ton, where military and political
the details of the move before the so-called PKK, which is clas- The YPG pushed Islamic State officials in Mr. Trump’s admin-
the White House appeared to sified as a terrorist group by out of northeastern Syria, istration appeared to be caught
have informed its Kurdish allies the U.S. and Turkey. The PKK where they set up a new gov- off-guard. U.S. military officials
in Syria or relayed its plans to has used suicide attacks and car ernment that is viewed with said they had received no new
many officials at the Pentagon bombers to wage a decadeslong alarm by neighboring Turkey. guidance about supplying weap-
or State Department. fight for more Kurdish rights in Turkish leaders first broke ons to the Kurdish forces. But
In its official readout of the Turkey. PKK militants fight and the news Friday after their call they said there were no imme-
call, the White House said the train with their Syrian counter- with Mr. Trump. diate plans to deliver any new
GOP president “informed Presi- parts, known as the YPG. But “Mr. Trump clearly said that weapons to the group. Paul Manafort, President Donald Trump’s former campaign chairman.

SURGE economic growth, low infla-


tion, and slowly rising inter-
est rates. The prospects of
Republicans passing a tax-
any major risks, but we don’t
see all of those [economic fac-
tors] happening again next
year.”
Aiming Higher
The S&P 500 has performed beyond most investors’ expectations this
year, prompting some banks to increase their forecasts significantly.
sales growth, are up 23% this
year, compared with just 7.8%
for value stocks that tend to
sport below-market valua-
Continued from Page One overhaul plan also factors Many firms entered the tions.
helped markets rebound into Goldman’s forecast. year skeptical stocks could go Banks’ 2017 year-end forecast in January ( ) and October ( ) But other sectors have be-
quickly from pullbacks. Other banks that have further, given the gains of re- 2200 2300 2400 2500 2600 2700 gun to narrow the gap. Shares
“That cocktail of factors raised forecasts for next year cent years and the valuations Bank of America of consumer-discretionary
wouldn’t suggest the economy include UBS Group AG and on many broad market in- Bank of Montreal
and consumer-staple stocks
is heading into a recession BMO Capital. dexes. Goldman estimates have also performed better in
anytime soon,” said Michael Still, not all Wall Street an- that the earnings multiple—or Canaccord recent months to push in-
Scanlon, a portfolio manager alysts are calling for another its price relative to earnings— Citigroup dexes higher. Both sectors are
at Manulife Asset Manage- year of big gains. Larry Adam, of the median S&P 500 stock Credit Suisse on pace for their best quarter
ment. “The U.S. equity mar- Deutsche Bank Wealth Man- is in the 99th percentile his- Deutsche Bank since the first three months
kets are the best place to have agement’s chief investment torically, suggesting that of the year, thanks in part, to
Fundstrat
exposure.” officer, has maintained a 2650 there are few periods in his- Friday improving profit outlooks
Goldman Sachs Group Inc. target for the S&P 500 over tory in which the market ap- Goldman Sachs 2602.42 among companies such as
this past week raised its year- the next 12 months, a call he peared more overextended. HSBC Wal-Mart Stores Inc., auto-
end target for the S&P 500 to and his team reiterated last In part reflecting those Jefferies parts retailer AutoZone Inc.
2850, a 9.5% gain from Fri- week. concerns, Bank of America JP Morgan
and J.M. Smucker Co., the
day’s close, saying its “ratio- “We’re dialing down our Corp. initially called for the seller of Folgers coffee and
nal exuberance” reflects con- expectations going forward,” S&P to finish the year at Oppenheimer fruit spreads.
tinued U.S. and global Mr. Adam said. “We don’t see 2300, while Deutsche Bank AG RW Baird One factor that could influ-
expected the broad index to Scotiabank ence stock gains is the Fed-
end at 2350. The index closed Stifel Nicolaus eral Reserve. Investors got
Key Milestones last year at 2239.
UBS
more clarity about the path
2600 The S&P 500 clinched its for interest rates in 2018 after
The S&P 500 has clinched 55 record closes so far
55th closing high on Friday, Weeden & Co. officials on Wednesday re-
this year, the most in more than two decades.
the index’s most records in a Note: Citigroup, Fundstrat, UBS and Weeden & Co. forecasts did not change. leased minutes from the cen-
2500
calendar year in more than Source: Birinyi Associates THE WALL STREET JOURNAL. tral bank’s Oct. 31-Nov. 1
Record close two decades. The Nasdaq has meeting that showed they
2400 also posted the most record Tech companies have been is up 38% in 2017. likely would raise short-term
closes in a single year, mark- a major factor behind indexes’ A narrow part of the mar- rates in the near term due to
ing its 69th on Friday, while gains, and investors and ana- ket has driven a lot of the ad- a strengthening economy.
2300 the Dow industrials have hit lysts expect that to persist. vance in the past year, said Several officials added that
60 highs. Facebook Inc. and Google par- Craig Hodges, chief invest- their support for the move
Many analysts expect in- ent Alphabet Inc. are among ment officer at Hodges Funds. would hinge on whether infla-
2200
dexes to resume their grind the best-performing stocks S&P 500 growth companies, tion picks up.
J F M A M J J A S O N higher through the rest of this year and are a big part of or those with higher-than-av- —Riva Gold
Source: WSJ Market Data Group THE WALL STREET JOURNAL. this year and into 2018. why the S&P 500’s tech sector erage rates of earnings or contributed to this article.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 25 - 26, 2017 | A5

WORLD NEWS
Lebanese Strife Egypt Attack Kills Hundreds
Has Saudi Roots More than 100 others
were injured by gunmen
Saudi Arabia is at the nexus role in the Middle East and said during Friday prayers
of Lebanese Prime Minister he feared for his life.
Saad Hariri’s two big problems: The Saudis pressured Mr. at Sufi-linked mosque
his precarious political future Hariri to resign, according to
and the looming collapse of his people close to Mr. Hariri and At least 235 people were
construction empire, a business the Saudi government. Riyadh, killed and 109 injured Friday
built on decades of support which backs Lebanon’s Sunni when gunmen armed with ex-
from the Saudi royal family. bloc, wants Mr. Hariri to take a plosives attacked a Sufi-linked
more forceful stand against mosque in Egypt’s restive Si-
By Matthew Dalton Hezbollah to counter the influ- nai Peninsula, according to of-
in Paris and Nicolas ence of Shiite Iran. ficials quoted by the state me-
Parasie in Dubai Mr. Hariri remained in Saudi dia, marking the deadliest
Arabia for most of the next two assault in the country in de-
Saudi Oger, a Riyadh-based weeks, fanning accusations that cades.
construction company wholly the Saudis were keeping him

ANADOLU AGENCY/GETTY IMAGES


owned by the Hariri family, there against his will. A spokes- By Dahlia Kholaif in
closed operations across Saudi man for the Saudi government Cairo and Rory Jones
Arabia this summer after the has denied any role in Mr. Har- in Tel Aviv
royal family slashed spending iri’s resignation.
on lavish construction projects. After returning to Lebanon The assailants detonated a
The firm is now relying on the on Tuesday, Mr. Hariri said he bomb at the Al Rawda mosque
Saudi government—its main cli- would hold off handing in his in the town of Ber al Abd,
ent—to pay millions of dollars resignation at the request of west of the city of al-Arish,
in wages owed to the company’s President Michel Aoun so that state media said, before open- The wounded were taken to the hospital after Friday’s attack at the Al Rawda mosque in Egypt.
the two men could discuss it. ing fire. Several ambulances
The political forces buffeting were fired upon as they tried C Y P. with bullets to their heads, in Syria and Iraq in recent
Mr. Hariri arise from his fam- to ferry the injured from the chest and back,” said one wit- months, but it remains a po-
The company’s ily’s ties to Saudi Arabia. That scene, state television said. LEB. ness. “Some [worshipers] had tent force in Egypt and neigh-
Mediterranean
troubles are a measure relationship has for years No group claimed responsi- Sea their heads totally blown up.” boring Libya.
played a key role in Lebanon’s bility for the attack. The Egyp- SYRIA The assailants fired as wor- Mr. Sisi warned this month
of the influence Riyadh political system, which divides tian branch of Islamic State shipers were kneeling, he said, that Islamic State militants
Ber al Abd
wields over Mr. Hariri. power among Sunnis, Shiites regularly stages assaults in Si- detonating a bomb outside the would make their way from
and Christians. nai and is active in al-Arish. A mosque to block the way for Syria and Iraq to Libya, and
Starting with Saad Hariri’s string of terrorist attacks has ISR. medics. then on to Egypt. In Iraq, Is-
father, Rafiq, who founded hit the sparsely populated JORDAN The witness, who was in- lamic State now controls just
former workers, some of these Saudi Oger and became Leba- province since 2013, mostly Cairo S INA I
side the church at the time of a desert area of Anbar prov-
workers say. Saudi officials are nese prime minister, the family targeting policemen and army P EN IN SULA the attack, said he counted ince near the Syrian border.
also investigating the company’s has for decades helped Riyadh troops. Violence against Cop- more than 20 assailants, eight In Syria, the Sunni Muslim
EGYPT
finances, a former senior man- project influence in Lebanon, tic Christians also has in- SAUDI of whom entered the mosque. militant group maintains a
ager at the company said. analysts say. “The Saudis creased. ARABIA The others sprayed worshipers small chunk of territory near
Spokesmen for Mr. Hariri, gained influence over not just The attack is likely to heap 100 miles as they tried to escape, he the Israeli-controlled Golan
Red
Saudi Oger and the Saudi gov- the Sunni community, but also political pressure on President 100 km Sea said. Heights.
ernment didn’t respond to re- the direction of the country,” Abdel Fattah Al Sisi of Egypt, Egyptian officials haven’t Any new recruits would fur-
quests to comment. said Hannes Baumann, a spe- who came to power vowing to THE WALL STREET JOURNAL. commented on the number of ther complicate Egyptian ef-
Saudi Oger’s troubles are a cialist in Middle East politics at take a harsh stance against ex- attackers. forts to eradicate Islamic
measure of the influence Riyadh the University of Liverpool. tremism but has failed to halt of corpses wrapped in blood- The mosque hosts Sufi wor- State’s arm in the country,
wields over Mr. Hariri and a Bankers who worked with regular attacks across the soaked fabric on the floor in- ship rituals that begin every known as Sinai Province.
sign of his fraying relationship Saudi Oger say they have country, particularly in Sinai. side the mosque were broad- Thursday and extend until af- Local residents in Sinai said
with the Saudi government. floated scenarios to save the “This heinous act, which re- cast by state media. ter Friday prayers, local resi- the mosque attacked Friday is
On Nov. 4, Mr. Hariri firm, ranging from a debt re- flects the inhumanity of its The U.S. State Department dents said. associated with Sufism, a mys-
stunned Lebanon when he ap- structuring to Saudi Arabia perpetrators, will not pass condemned the attack, calling If claimed by Islamic State, tical branch of Islam dubbed
peared on Saudi state television taking a minority stake in the without a firm and once-for-all it an unconscionable act of the assault is likely to high- heretical by extremists.
to announce he was stepping firm or nationalizing it. But punishment,” Mr. Sisi said. evil in a statement. “We will light the significant threat the Though not the first to target
down. Mr. Hariri, who is a dual they see little chance it will re- The president declared continue to stand with Egypt group poses in countries Sufis in Egypt, Friday’s attack
Saudi-Lebanese citizen and start its operations. French three days of mourning and and the Egyptian people as where it has a foothold even is the deadliest known recent
leads Lebanon’s Sunni bloc, courts placed Oger Interna- will meet with a panel of top they face the scourge of ter- as it is squeezed out of its assault there against its fol-
said he blamed Iran and its tional, the group’s international security officials and intelli- rorism,” spokeswoman onetime strongholds. Syrian lowers.
Lebanese proxy Hezbollah for affiliate, under judicial admin- gence chiefs to assess the at- Heather Nauert said. regime and Western-backed —Jessica Donati
what he called their destructive istration in September 2016. tack, state media said. Images “Those dead were killed forces have routed the group contributed to this article.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Saturday/Sunday, November 25 - 26, 2017 * ***** THE WALL STREET JOURNAL.

WORLD NEWS

Ireland’s Exporters Prepare for Brexit


From ducks to trucks,
businesses rush to
diversify as U.K.
gets set to leave EU
BY JASON DOUGLAS
AND MAX COLCHESTER

MONAGHAN, Ireland—To
drum up sales of the ducks he
rears at Silver Hill Farm here in
Ireland’s rural north, Barry Cul-
len has turned from his once-
reliable path to U.K. markets
and hopped on a flight to Asia.
The U.K.’s impending exit
from the European Union is
driving business decisions like
this, in some cases with gov-
ernment assistance, in a coun-
try whose economy has more
at stake in Brexit than any
other member state.
Faced with the possibility
of new barriers to trade with

PAULO NUNES DOS SANTOS FOR THE WALL STREET JOURNAL


the U.K., Irish firms are scop-
ing out new markets and re-
thinking their supply chains.
Irish government agencies are
putting up cash and offering
advice to companies seeking
to diversify away from Britain.
The finance ministry in Dublin
has lined up hundreds of mil-
lions of euros in aid for farm-
ers and small businesses.
The country’s fast-track ef-
forts highlight how Brexit is
already reshaping economic
ties across Europe.
“We would be naive not to Barry Cullen, head of sales of Silver Hill Farm, at the company’s farm shop. With Brexit looming, Irish firms such as Silver Hill are looking beyond the U.K. for business.
plan for a bad outcome here,
but we are going to continue Ireland as open as it is today. Hill Farm began rearing and firms. Many Irish firms said on the shape of the U.K.’s fu-
to negotiate for a good one,” With the clock ticking, di- selling ducks for Chinese res- they are already being hit by ture relationship with the EU Vital Partner
Simon Coveney, Ireland’s min- vorce talks between London and taurants in Britain. It now ex- the slide in the pound since and to give companies and au- Trade with the U.K. as a
ister for foreign affairs and Brussels have made only limited ports to 24 countries, said Mr. U.K. voters chose Brexit in a thorities the time to prepare. percentage of total trade in
trade, said in an interview. progress, raising the specter of Cullen, head of sales. But the referendum in June 2016. In Gallinagh, County Mona- goods, 2016
The U.K. is scheduled to an abrupt break between Brit- U.K. still accounts for about The Irish economy could ghan, forklift-truck manufac-
leave the EU in March 2019, ain and the EU that would mean 45% of Silver Hill’s exports. end up between 2.3% and 3.8% turer Martin McVicar said he Imports Exports
and has pledged to withdraw hefty tariffs on trade and cus- Mr. Cullen visited Thailand, smaller 10 years after Brexit isn’t about to wait.
from the EU’s single market, toms checks at the border. Malaysia and Macau this than it would have been had Mr. McVicar, chief executive Ireland
the bloc’s area of common reg- The U.K. is Ireland’s second- month in search of new cus- the U.K. remained an EU mem- of Combilift Ltd., has lined up
ulation and standards, and its largest trading partner after tomers. “Asia is our get-out- ber, depending on what kind a German supplier to get the France
customs union, which sets tar- the U.S., with cross-border of-jail-free card,” he said. of withdrawal deal is reached, axles and wheel motors he has
iffs on goods entering the EU commerce accounting for al- The government in Dublin according to the Economic and been sourcing from the U.K., to Germany
from nonmember states. most a fifth of the nation’s has earmarked €50 million Social Research Institute, a ensure he won’t face any tariffs
Dublin is pressing for a trade in goods and services. ($59 million) to support the Dublin-based think tank. on the vital parts. He has also Italy
Brexit deal that hugs the U.K. In Monaghan, on the border agricultural sector as Brexit U.K. Prime Minister Theresa turned his sights on boosting
as close as possible to the re- with Northern Ireland, Mr. Cul- gets under way, on top of €300 May has said she wants a tran- sales in the U.S. “As a business, 0 10 20 30%
maining 27-member bloc and len has set his sights away million to provide low-interest sition period of around two we have to look at things long Source: Eurostat
keeps the border with Northern from the U.K. In 1962, Silver loans to small and midsize years to complete negotiations term,” Mr. McVicar said. THE WALL STREET JOURNAL.

German Political Shoppers Panic in London After False Reports of Gunfire


Deadlock Loosens
BY ANDREA THOMAS ing, the center-left party’s cau-
tious approach means a solu-
BERLIN—Germany’s Social tion to the current gridlock
Democrats said they would could still take many different
hold talks with other parties forms—from a Merkel-led mi-
to discuss ways out of the po- nority government to a new
litical crisis, reducing the like- grand coalition or even a left-
lihood of imminent snap elec- leaning three-way alliance of
tions after Chancellor Angela conservatives, SPD and Greens.
Merkel’s efforts to form a gov- The comments came after
ernment collapsed. Mr. Schulz met Thursday af-
Yet SPD officials warned ternoon with Federal Presi-
Friday that the party’s change dent Frank-Walter Steinmeier,
of heart—it had previously in- who has been mediating be-
sisted it would play no part in tween the parties in parlia-
the formation of the next gov- ment since the collapse of Ms.
ernment—didn’t necessarily Merkel’s negotiations with the
mean it was ready to rebuild environmentalist Greens and
its “grand coalition” with Ms. the pro-business Free Demo-
Merkel’s camp, which it left crats on Sunday.
after a resounding electoral Manuela Schwesig, the
defeat in September. SPD’s vice chairwoman, made
PETER NICHOLLS/REUTERS

Setting a high bar for any clear that her party’s openness
possible deal, party Chairman to dialogue didn’t mean it was
Martin Schulz said SPD’s ready to re-enter an alliance
members would have a final with Ms. Merkel, at least on
say on whether the party the old terms.
would again form a grand co- “Only because we say we are
alition or tolerate a minority open to talks doesn’t mean this
government. SPD grass-roots is automatically a talk about a ON EDGE: Hundreds of people ran through the British capital’s main shopping street in panic Friday evening, and firefighters and
members have been skeptical grand coalition and certainly armed police, above, rushed to the scene after reports of shots fired that turned out to be false alarms. More than a dozen people
of another coalition. not a vote for a grand coali- were injured. The panic underscored how people are on edge after a series of terrorist attacks in London, Manchester and New York
“The German president has tion,” she told public broad- City. Social-media reports from the Oxford Street shopping district showed people fleeing the streets and hiding in buildings.
called on the parties in a dra- caster ZDF. “A mere continua-
matic appeal to once more tion of the grand coalition led
think about, to strive for a so-
lution because it’s not so easy
by Ms. Merkel…isn’t possible,”
she added, saying there were
WORLD WATCH
to have early elections,” Mr. several alternatives.
Schulz said. “Should these Party insiders said the SPD EUROPE JAPAN VATICAN SOUTH AFRICA
talks lead to our participation was divided between Mr.
in a government in any form Schulz, who ruled out talks Modest Goals Set for U.S. Navy Calls Off Open-Door Policy Pistorius Sentence
or constellation, our party with Ms. Merkel on Monday, Eastern Partnership Search for Sailors For Migrants Is Urged Is More Than Doubled
members will vote on it.” and many lawmakers in the
While the new stance meant party’s parliamentary group, European Union leaders The U.S. Navy said it had Pope Francis denounced anti- Oscar Pistorius’s prison sen-
the prospect of elections as who fear snap elections could scaled back the bloc’s ambitions ended search-and-rescue opera- immigration political movements tence was increased to 13 years
early as February was reced- lead to an even lower score to improve ties with its eastern tions for three missing sailors for “sowing violence, racial dis- and five months by South Af-
than September’s postwar low neighbors at a summit in Brus- after one of its cargo planes crimination and xenophobia,” and rica’s Supreme Court of Appeal
of 20.5%. The party has shed sels on Friday, again dashing crashed near Japan. issued a fresh call for an open- on Friday, a decision that more
almost half of its voters and Ukraine’s hopes of opening a A C-2A Greyhound aircraft door policy toward migrants. than doubled the Olympic run-
lost every single general elec- door to accession talks. carrying 11 passengers and crew The Argentine pope bemoaned ner’s jail term for the murder of
tion over the past 15 years. The EU has in recent years from Japan crashed Wednesday a “spread of rhetoric that empha- girlfriend Reeva Steenkamp.
Some also feared Mr. Schulz’s signed economic and political en route to the aircraft carrier sizes the risks posed to national Supreme Court Justice Willie
uncompromising stance could pacts with Ukraine, Moldova and USS Ronald Reagan, which is op- security or the high cost of wel- Seriti said the court upheld an ap-
make the party appear respon- Georgia, but the bloc is now fo- erating in the Philippine Sea. coming new arrivals.” The state- peal by prosecutors against Mr.
sible for the political crisis. cusing on encouraging trade and Eight people were rescued and ment, released Friday and in- Pistorius’s original six-year sen-
In private, several senior giving its eastern partners extra are in good health, the Navy said. tended for the World Day of tence for shooting Ms. Steen-
SPD officials say they would
KAY NIETFELD/ASSOCIATED PRESS

leverage with the Kremlin. The The Navy said the names of Peace on Jan. 1, comes as right- kamp multiple times in his home
support another grand coali- summit statement acknowledged the lost sailors were being with- wing parties in Europe advocating in 2013. Mr. Pistorius should have
tion while others favor provid- its eastern neighbors’ “European held pending completion of next- a tough line toward new arrivals been sentenced to the prescribed
ing limited support to a aspirations and European choice.” of-kin notifications. It said it is in- have staged a strong showing in minimum of 15 years for murder
Merkel-controlled minority The bloc also signed a partner- vestigating the cause of the elections this autumn. in South Africa, the justice said.
government. Opening talks ship agreement with Armenia to crash. A Pentagon official said The pope called in effect for Mr. Pistorius, who turned 31
with the chancellor now would deepen cooperation in energy, Wednesday there was no indica- an open-door policy—not only to on Wednesday, has served over
buy time for the party to set- transport and trade, though it fell tion in the first hours after the refugees from armed conflicts a year of his initial six-year sen-
tle these differences ahead of short of a previous pact aborted crash of any foul play or attack. but also to economic migrants. tence.
SPD Chairman Martin Schulz a party convention on Dec. 7-9. in 2013. —Laurence Norman —Alastair Gale — Francis X. Rocca —Associated Press
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 25 - 26, 2017 | A7

WORLD NEWS

U.S., South Korea


Set Joint Exercises
BY ANDREW JEONG Korean Peninsula, and reaf-
firms the U.S. commitment to
SEOUL—Military exercises stability in the Northeast Asia
involving hundreds of U.S. and region,” the U.S. military said
South Korean aircraft will take in a statement.
place on the Korean Peninsula Tensions on the peninsula
next month, the U.S. military have run high this year, fueled
said, in the latest show of by advances in Pyongyang’s
force aimed at deterring North weapons programs and hostile
Korea. exchanges between North Ko-
The Vigilant Ace 18 drills, rean dictator Kim Jong Un and

TONY KARUMBA/AGENCE FRANCE-PRESSE/GETTY IMAGES


to be held Dec. 4 to Dec. 8, President Donald Trump. This
will involve a total of 12,000 month, the U.S. sent three car-
U.S. personnel from the Air rier strike groups to the west-
Force, Marines and Navy, and ern Pacific for the first time in
230 U.S. and South Korean air- 10 years.
craft, Air Force spokeswoman The U.S. and South Korea
Lt. Col. Michal Kloeffler-How- regularly hold military drills,
ard said Friday. which Pyongyang routinely de-
Col. Kloeffler-Howard cries as rehearsals for an inva-
played down suggestions that sion.
the exercises were part of a North Korean newspaper
stronger-than-usual military- Minju Joson said in a com-
pressure campaign against the mentary Thursday that South
North, characterizing them as Korean authorities are “hell-
“annual” and “regular.” Air- bent on the joint anti-DPRK Emmerson Mnangagwa inspected an honor guard after he was sworn in as president following three weeks of turmoil in the country.
craft based in South Korea and war exercises,” according to

Zimbabwe’s New Leader Is Sworn In


Japan will take part, including the Korean Central News
F-22 and F-35 fighters, she Agency, using an acronym for
said. South Korea’s defense North Korea’s formal name,
ministry declined to say how the Democratic People’s Re-
many of its own troops would public of Korea. BY GABRIELE STEINHAUSER and—finally—Mr. Mugabe’s ises to the opposition, but he Mr. Mnangagwa mostly
take part, but said the exer- Still, Korea University pro- resignation after 37 years in hinted he was willing to stayed away from the anti-
cises would be similar to past fessor Nam Sung-wook, a Zimbabwe’s new president, power. change tack. “Over the years, Western and anticapitalist
years’ in size and scope. North Korea scholar, said who was sworn in Friday be- The inaugural address was our domestic politics has be- rhetoric that characterized Mr.
“Vigilant Ace 18 highlights Pyongyang is unlikely to criti- fore a cheering stadium crowd watched closely for indications come poisonous, rancorous Mugabe’s speeches, promising
the longstanding military part- cize the exercises more than in Harare, reached out to po- on whether Mr. Mnangagwa and polarizing,” he said. He foreign investors that their as-
nership, commitment and en- usual because they are sea- litical opponents in his inau- would break with his prede- also pledged that presidential sets would be safe in Zimba-
during friendship between two sonal and smaller than other gural address and pleaded cessor, who repressed his po- elections would take place as bwe and asking foreign gov-
nations. It is designed to en- annual U.S.-South Korean mili- with foreign investors to re- litical opponents, dispossessed scheduled next year. ernments to drop sanctions.
sure peace and security on the tary drills. turn to the crisis-hit country. white farmers and became the Other African leaders and “Our country is ready and
Emmerson Mnangagwa, the target of Western sanctions. foreign and local dignitaries willing for a sturdy re-engage-
former revolutionary and Many experts are skeptical had gathered in the capital to ment with all nations of the
right-hand man of his ousted that the new president, who watch Mr. Mnangagwa take his world,” he said, adding that he
predecessor, Robert Mugabe, himself remains on the U.S. oath of office. Not among would work to honor the
said shortly after his oath of Treasury sanctions list for his them was Mr. Mugabe, who country’s internal and external
office: “I am not oblivious to role in the brutal farm inva- stepped down Tuesday after debts. Zimbabwe currently is
the many Zimbabweans from sions, will hail in the new era his own party started im- some $9 billion in arrears in
across the political, ethnic and demanded by many Zimba- peachment proceedings. its repayments to interna-
racial divide who have helped bweans. In his speech, Mr. Mnan- tional financial institutions, an
WILLIAM CARLISLE/U.S. NAVY/REUTERS

make this day and thus have Opposition leaders have de- gagwa paid tribute to his 93- important hurdle to getting
legitimate expectation from manded that the 75-year-old year-old predecessor, calling new budgetary support for the
the office I now occupy.” Mr. Mnangagwa oversee a po- him “a father, mentor, com- impoverished country.
The swearing-in ceremony litical transition, including rade in arms and my leader.” The big challenge for the
caps three tumultuous weeks overhauls of the country’s “Let us accept and acknowl- new president will be meeting
for the southern African coun- electoral laws that favor the edge his immense contribution these promises while his gov-
try, which started with Mr. ruling ZANU-PF, and have said toward the building of our na- ernment is quickly running out
Mnangagwa’s ouster as vice they would consider joining a tion,” said Mr. Mnangagwa, of cash and without alienating
president on Nov. 6, followed government of national unity. asking Zimbabweans to for- voters ahead of next year’s
by tanks rolling into Harare to In his speech, the new pres- give any recent missteps. “Let election, which has to take
U.S. and South Korean navies held exercises in Busan last month. take over the government ident made no concrete prom- bygones be bygones.” place by August.

FROM PAGE ONE

PAY cashes out three days of the


five days she works, on aver-
age, taking home around $41
typically for the day, or half of
Tampa, Fla., now call in sick
less often, says general man-
ager Rebecca Kyeretwie. She
used to have to find workers
Continued from Page One her $10.25-an-hour wage. to cover about 10 hours each
chiser’s workers have signed up “In some ways, employers week when others didn’t show
to use a smartphone app, In- are actually helping you save up.
stant Financial, since Caspers money by not paying you until “People are begging to
began testing it in April. Work- the end of the month,” says come into work now,” says Ms.
ers have quickly taken to the Jonathan Morduch, an eco- Kyeretwie, a 21-year
service, Mr. Shaw says, as dem- nomics professor at New York McDonald’s veteran.
onstrated by the waves of angry University and director of the Lawrence Davis quit a
calls he received from workers school’s Financial Access Ini- $400-a-week warehouse job
on the few occasions that the tiative research center. about a year ago to become a
app experienced a glitch. courier with DoorDash Inc.,
Every day at 10 a.m., the lured by the notion of getting
app notifies users how much paid after each shift.
they earned in the previous
Business owners pay “It’s a blessing,” says Mr.
workday, prompting them to the fees for some apps. Davis. While working full time
decide if they want to deposit in his previous job, he says he
as much as half of that money
For others, employees occasionally relied on short-
onto a debit card. Roughly are charged. term loans and cash advances
20% of employees accept the if he needed quick cash to
money every day, says Mr. cover unexpected costs.
Shaw, who has reviewed ag- “Knowing that I’m going to
gregate usage data. Even so, instant-pay perks get paid instantly keeps me
Instant Financial costs em- are growing in popularity. working every day, and keeps
ployees nothing to use and in- More than 4,500 Outback the goals I’m trying to reach
stead charges business owners Steakhouse employees in the in mind,” says Mr. Davis. He
a fee. Other apps have a reve- U.S. receive their tips through says he typically works around
nue model that eats as much Instant Financial, and ride- nine or 10 hours a day, stop-
as $3 from a worker’s daily hailing services like Uber and ping when he has earned
paycheck. Lyft offer similar features around $250, before taxes.
Daily payments could help from other payroll partners DailyPay Inc. administers
some workers smooth out the for hundreds of thousands of the perk for DoorDash and
financial volatility of fluctuat- drivers. other companies, including
ing work schedules and in- The services have produced GrubHub Inc. DailyPay typi-
come, economists say. some unexpected benefits, cally charges workers a fee
Many Americans remain on managers say: Employees are from $1.25 to $3 each time
shaky financial footing with
little in savings years after the
more willing to put in longer
hours as they see the immedi-
they deposit their earnings
into their accounts. The cost
Think Pink
recession’s end. That prompts
some 12 million consumers to
ate results of their work.
The 86 crew members using
doesn’t bother Mr. Davis, he
says, because he earns three
Rare Sapphires
take out payday loans each Instant Financial at one or four times more than he did Sensational color. Exquisite settings. Coveted gemstones. Pink
year, which quickly accrue in- McDonald’s restaurant in in his last job. sapphires are among the most highly coveted of all sapphires, and
terest and fees, according to
research by the Pew Charita- these rare examples possess the perfect highly saturated pink hue.
ble Trusts. Getting By
Readily available cash (Top) Pink Sapphire and Diamond Bracelet.
Most workers deposit less than $100 into their accounts using payroll
might make it even harder for services like DailyPay after each workday. Sapphires: 16.94 ctw. Diamonds: 4.54 ctw. Set in platinum. #30-6630
some workers to build savings.
Percentage of DailyPay users by the amount transferred* (Bottom) Pink Sapphire and Diamond Ring.
Barbie Roland, a shift man-
ager at Hardee’s in Callahan, Sapphire: 2.12 cts. Diamonds: 0.29 ctw. Set in platinum. #30-6628
Fla., says it took her a few $0-$25 10.8%
weeks to figure out how often
to cash out her daily earnings, $25-$50 32.4%
after she was surprised by
how little was left on payday. $50-$75 23.9%
She accepted so many daily
payments when first testing $75-$100 15.4%
the Instant Financial app in
October that her biweekly pay- $100-$150 10.8% 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
check shrank to $500 from
around $900. $150-$300 5.7% Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
“I thought, did I really Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
press accept that many $300-$1,000 0.9%
times?” says Ms. Roland.
Since then, she has learned *Data are year-to-date through Nov. 22.
it is easier to budget if she Source: DailyPay THE WALL STREET JOURNAL.
A8 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

OBITUARIES
B O B BY BA K E R JEROME PUSTILNIK
1928 — 2017 1928 — 2017

LBJ Protégé Found It Easy InstinetFounderPushed


ComputerTrading
To Cash In on Senate Job
I
n the mid-1960s, when a com- Instinet teletype terminals to
puter still filled a large room, make trades. “Then they made
a Wall Street analyst named very, very little use of us,” he told
BY JAMES R. HAGERTY it easier to collect fees from busi- Jerome Pustilnik saw the poten- Institutional Investor later.
ness people. He also helped set up tial for the technology to trans- He needed to raise more money

S
oon after becoming a page the Quorum Club as a hangout for form stock markets. He teamed up in the early 1980s, and new share-
boy in the U.S. Senate at age politicians on Capitol Hill. One of with associates to found Institu- holders had different ideas about
14 in 1943, Bobby Baker dis- Mr. Baker’s staff members, Carole tional Networks Corp., later strategy. The founder resigned in
covered a talent for being useful to Tyler, a former beauty queen, be- known as Instinet. When it 1983 and sold his stake for a mod-
powerful men. He anticipated came his mistress. launched its computerized-trading est sum. Reuters Holdings PLC be-
when senators might need a quiet An investment in a vending-ma- service in 1969, Mr. Pustilnik gan acquiring stock in Instinet in
place to sober up, knew which ones chine company, Serv-U, exposed promised it would slash trading the mid-1980s and gained control.
enjoyed a risqué story, and could him. A rival filed a lawsuit in 1963 costs and cut out brokers and In 2005, Nasdaq Stock Market Inc.
line up dates for them with young and accused Serv-U of using Mr. other middlemen. bought Instinet for about $1.9 bil-
women. He also learned to gather Baker’s political influence to take He was right about the cost lion.
political intelligence. business from competitors. That savings but wrong about cutting Though he made little from In-
Mr. Baker’s hustle and skills led to stories in the press about out brokers. stinet, Mr. Pustilnik benefited
lifted him to the powerful post of Mr. Baker’s racy lifestyle. His In the 1970s, Mr. Pustilnik from low trading costs later as a
secretary to the Democratic mem- beaming face was on the cover of gradually persuaded pension lifelong individual investor. He
bers of the Senate. His undoing Life. Inside was a picture of Ms. funds and other institutional in- died Nov. 13 at age 89.
came in 1963 with news that he Tyler emerging from the ocean in a vestors to pay fees to use bulky —James R. Hagerty
had used his position to enrich snug bathing suit.
himself. His first instinct was to fight
What surprised him was how back. After downing four double
easy that could be. Tips from a cut him off. martinis at lunch, however, he tod- WA LT E R S M I T H
mortgage company eager to influ- Mr. Baker died Nov. 12 on his dled back to the Capitol and re- 1934 — 2017
ence tax rules allowed him to make 89th birthday. signed from his Senate job, hoping
fast profits in the stock market, he At the start of his career, Mr. that would end the affair. Instead,
wrote in his 1978 memoir, “Wheel-
ing and Dealing.” He received
$2,500 for making a single phone
Baker was required to wear a uni-
form featuring little-boy shorts.
Senators snapped their fingers to
he endured seven years of legal
dramas before being sent to prison.
The night before surrendering him-
Stock Options Funded
call to regulators for a bank in Cal-
ifornia. A freight company paid
him $500 a month for making in-
summon him. He graduated to ele-
gant suits and became so powerful
some dubbed him the 101st senator.
self at the prison gates, he drank
himself numb.
While he was in prison, there
His Newspaper Business
troductions and allowed him to use “I perhaps grew too big for my was yet another indignity: He re-

A
its hotel suite to entertain his mis- britches,” he confessed in his book. ceived a letter from the Columbia fter serving in the U.S. the Stanly News and Press, a
tress. Country Club in Chevy Chase, Md., Army in Korea in the early North Carolina newspaper.

B
In 1966, Mr. Baker was indicted obby Gene Baker, named for informing him he had been ex- 1950s and studying busi- Mr. Smith bought a lucky-num-
for tax evasion and fraud. He the golfer Bobby Jones and pelled for bad behavior. He had the ness at North Carolina Central ber tipsheet called Big Red in
served 16 months in prison. After the boxer Gene Tunney, was right to appeal, in person, on a University, Walter Smith found a 1981 and converted it into a
his release in 1972, Mr. Baker’s born in 1928 in Easley, S.C. His fa- specified date. “Somehow, it did job at the New Jersey payroll-ser- weekly newspaper, the New York
wealth was greatly depleted and ther worked in a textile mill. His not seem like a thing to trouble the vices company that would later Beacon, focused on African-Amer-
his political influence gone. Yet he mother had worked at a depart- warden about,” he wrote. be known as Automatic Data Pro- ican communities. The paper’s
still had some stocks and bonds, ment store before marrying at 18. Mr. Baker admitted in his mem- cessing, or ADP. motto is “Showing the Way to
plus profits from the sale of the The chance to be a Senate page oir that he had been foolish but When he noticed that his take- Truth and Justice.” In 2006, he
Carousel motel in Ocean City, Md., came to him because the son of a suggested he had been led astray home pay was reduced by deduc- bought another weekly, the Phila-
which he helped develop in the local political leader turned it by exposure to boozing, bribery tions for stock options, he com- delphia Observer.
early 1960s. down. Though Bobby wasn’t eager, and bawdy behavior at the highest plained to his boss that he Though he loved golf, Mr.
He was particularly close to his father saw opportunity and put levels of government. He called it a couldn’t afford those. The boss Smith wasn’t ready to retire.
Lyndon B. Johnson during the fu- his son on a Greyhound bus. While “monkey-see monkey-do situation.” gave him a raise, more than mak- “Once you own your own busi-
ture president’s years in the Sen- working in the Senate, he earned a Mr. Baker is survived by four of ing up for the deductions, and as- ness, there’s no such thing as re-
ate. Mr. Baker was sometimes law degree from American Univer- his children, 14 grandchildren and sured him the options would pay tirement,” he said. “You work un-
called “Little Lyndon” and named sity. He married Dorothy Comstock, 14 great-grandchildren. off in time. In 1964, Mr. Smith til you die.”
two of his five children—Lynda and a Senate staffer, in 1949, and they was astounded to find his options He died of a heart attack Nov.
Lyndon—after Mr. Johnson. Once had five children.  Read a collection of in-depth were valued at $2 million, he re- 10 in Miami at age 83.
the scandal erupted in 1963, LBJ Forming a law partnership made profiles at WSJ.com/Obituaries called in a 2013 interview with —James R. Hagerty

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 25 - 26, 2017 | A9

IN DEPTH

LAW mission. “What do you do


with this mass of people that
don’t have the breaks that the
more affluent have?” asks Mr.
Continued from Page One Turner. He and his wife in-
Heavy borrowing by stu- vested 40% of the roughly $1.4
dents at for-profit schools million Mr. Lively used to
such as InfiLaw has contrib- start Florida Coastal.
uted to a rapid expansion in Florida Coastal had mixed
student debt held by blacks. In results at first but eventually
the 1990s, black and white put up impressive numbers. In
students, on average, owed July 2009, 83% of its first-
roughly the same shortly after time test takers passed the
graduation. As of 2012, blacks Florida state bar exam, which
owed nearly twice as much as had an overall pass rate of

DOMINIC VALENTE FOR THE WALL STREET JOURNAL (2)


whites, on average, four years 80%. Mr. Lively attributed the
after graduating from college, success to small class sizes
according to research by Co- and an academic support
lumbia University economist team that helped students in-
Judith Scott-Clayton. She at- dividually.
tributes the change partly to By the early 2000s, how-
increasing black enrollment in ever, his school needed money
for-profit graduate schools. for capital improvements, Mr.
Mr. Lively, a graduate of Lively says. Its building was in
the University of California, disrepair, the parking lot fre-
Berkeley, was teaching law at quently flooded and he
a public university in the early needed to pay professors
1990s and had become frus- more to retain them.
trated, he says, with faculty
egos and a lack of innovation Don Lively, above, is president of Arizona Summit Law School, which has experienced a decline in enrollment. Kate Stapleton, below
at traditional law schools. He Wall Street left, a student at Arizona Summit, and Associate Professor Betsy Hollingsworth work on a case for a class.
believed admissions practices Mr. Lively turned to Wall
hurt blacks and Hispanics. Street. He was impressed, he tive and a Sterling partner, isfy investors and warned of
Law schools rejected tens says, with the social mission declined to comment, citing layoffs if the school didn’t
of thousands of applicants an- of Chicago private-equity firm current negotiations about the grow.
nually based largely on Law Sterling Partners and its expe- future of Infilaw’s two remain- Mr. Ogene denies making
School Admission Test, or rience in other education ven- ing schools. such a statement but says he
LSAT, scores. Selectivity tures, including Sylvan Learn- Bryan Forbes, 32, says he discussed with the staff ways
helped schools achieve higher ing Systems, a tutoring and was turned down by several to control costs and raise rev-
rankings but limited opportu- test-preparation service. law schools for having a be- enue. A spokeswoman for the
nities for minorities, who Sterling, which today has low-average LSAT score and Charlotte School says the alle-
tended to score worse on tests about $4 billion in assets un- undergraduate grade-point gations in the lawsuit are
than whites for a range of rea- der management, saw a busi- average. Charlotte School of “without merit.”
sons still hotly debated by ac- ness opportunity, says one Law accepted him. He began The U.S. attorney in Or-
ademics. Mr. Lively believed former investor of InfiLaw. in 2014. A year later he was lando has declined to get in-
those students could succeed There was “surplus demand” “academically dismissed,” he volved in the suit, which calls
if given extra time and re- for legal education, he says. says. “I was kind of unpre- for the government to be re-
sources. About 100,000 people were pared on my side.” imbursed $285 million in stu-
Around the time his plans applying to law schools every He had borrowed about dent aid. If successful as a
to start a law school began year, but only about half were $36,000 from the government whistleblower, Ms. Bernier
taking shape, the Justice De- accepted, American Bar Asso- for his one semester, a bal- would stand to get a portion
partment under President Bill ciation data show. lined up more investors, in- fewer applicants, lowered ad- ance that has grown, he says, of any recovered money.
Clinton ordered the American Florida Coastal law school cluding Harvard University’s missions standards to fill their because he hasn’t made a pay- The Charlotte school closed
Bar Association to stop bar- was sold to Sterling in 2004. endowment fund, according to classes, according to research ment. He now works as a cus- in August after failing to sat-
ring for-profit law schools A news report at the time said a former owner of Charleston by Aaron Taylor, head of the tomer-service agent at a bank. isfy state regulators’ concerns
from receiving accreditation. the price was $15 million. Mr. School of Law in South Caro- AccessLex Center for Legal Many students dropped about its finances and regula-
The bar association also made Lively says he received about lina who later participated in Education, a nonprofit re- out. Others graduated but tory problems with the bar as-
other changes designed to ad- $1.2 million and the rest went buyout negotiations with In- search group. Admission rates failed the state bar exams sociation stemming from ad-
dress what the Justice Depart- to the Turners, several other fiLaw. A spokesman for Har- across all law schools rose to they need to pass to practice missions practices, according
ment deemed cartellike be- investors and key employees. vard Management Co. said it a collective 51% in 2013, from law. At Arizona Summit, 26% to North Carolina Attorney
havior in higher education. Mr. Lively had wanted to doesn’t comment on its in- 36% in 2010. of first-time takers of the Ari- General Josh Stein. He said in
U.S. officials believed compe- expand Florida Coastal, but vestments. zona exam passed in July of a written statement he is in-
tition from private-sector Sterling was thinking bigger, In 2006, the year Charlotte this year, compared with a vestigating for possible viola-
schools could help drive down he says. It wanted to open law opened, Congress approved a Lower standards state average of 69%, state su- tions of consumer-protection
prices, says James Tierney, a schools in other markets. If loan program known as Grad InfiLaw schools also low- preme court records show. laws, relating partly to “how
former Justice Department the business model worked in Plus. It allowed graduate stu- ered admissions standards, the school marketed itself to
lawyer who helped draft the Jacksonville, why not repli- dents to borrow unlimited and they grew rapidly. Some prospective students.” Fewer
order. cate it nationally? Sterling sums to cover tuition and liv- classes roughly doubled in than one in five original mem-
In the mid-1990s, Mr. Lively identified markets without ing costs. Previously they size, former professors say.
‘The whole system bers of the class of 2016 grad-
met Bernie and Rita Turner, a enough law schools, including were limited to $18,500 a Administrators believed they broke down,’ says Mr. uated, passed the bar exam
retired couple in their 70s Phoenix and Charlotte, Mr. year. were having success with stu- and landed a job that required
who had started Walden Uni- Lively says. No higher-education sector dents with below-average
Lively about the a law degree, Mr. Stein said.
versity, now owned by for- InfiLaw was created as a used Grad Plus as much as standardized-test scores and schools’ problems. Mr. Stein has urged U.S. Ed-
profit Laureate Education Inc. holding company to own the law, Education Department could work with students even ucation Secretary Betsy DeVos
The couple liked his social schools. The new company data show. InfiLaw students further below the average. to use federal law to forgive
eventually piled up more than “If your bar-pass is solid, any student debt taken out by
$700 million in Grad Plus which it was, why not grow?” Once troubling trends Charlotte students during or
Lowering the Bar debt, and another $300 mil- says Susan Daicoff, an Arizona emerged, Mr. Lively says, In- after the fall 2016 semester.
Infilaw lowered admissions standards to attract more students. lion from older loan programs, Summit professor who previ- fiLaw schools raised admis- An Education Department
Many of them later failed state bar exams. Education Department data ously worked at Florida sions standards and reduced spokeswoman said Ms. DeVos
show. InfiLaw says tuition Coastal. enrollment. is considering the request.
Arizona Summit Charlotte School Florida Coastal represents about two-thirds of David Frakt, who inter- “I don’t have any quibble InfiLaw is in talks with
Law School of Law School of Law the annual cost of attending viewed to be dean of Florida with anyone who would criti- nonprofit schools to take over
its schools full time, and living Coastal in 2014, says he was cize us for our outcomes,” or go into partnership with
Median LSAT scores Pct. of students who passed the
bar exam* on their first try expenses are a third. Annual shocked when school officials says Mr. Lively. “I do have the Phoenix and Jacksonville
tuition is about $45,400 at Ar- showed him the incoming problems with people who at- schools, says Mr. Lively.
160 100% izona Summit and $46,000 at class’s academic credentials. tack us on the basis of mo- Mr. Lively says he never got
Florida Coastal, roughly in Over half the students were tive.” rich on InfiLaw and likely
155 90 line with the national average what he called “extremely Former Charlotte professor would have earned more had
for private law schools. high risk,” having ranked in Barbara Bernier filed a federal he stayed in nonprofit educa-
150 80 By 2010, with the U.S. labor the bottom quarter of LSAT whistleblower civil lawsuit al- tion. He said his role in the
market strengthening, the takers and, in many cases, leging the Charlotte school company will be determined
145 70 number of Americans seeking having low grades in college. defrauded the government by by the new owners of the
higher education began falling Mr. Frakt says he warned admitting “academically un- schools, and that he will tell
140 60 sharply, and news reports be- the school’s president, Dennis qualified” students to boost them what he told Sterling
gan appearing about a short- Stone, that most of those new finances. The lawsuit said In- shortly after the initial pur-
135 50 age of high-paying jobs in law. students would fail the bar filaw’s “for-profit framework chase.
Law-school enrollment, after and default on loans. He says and culture dominated aca- “They asked the question,
peaking in 2010, fell about Mr. Stone dismissed those demic issues.” Ms. Bernier ‘Who’s dispensable here?’”
130 40
30% through 2015 to the low- concerns. The school didn’t said in an interview that at Mr. Lively said. “I raised my
2010 ’11 ’12 ’13 ’14 ’15 ’16 2010 ’11 ’12 ’13 ’14 ’15 est level since the 1970s, ac- offer him the job. one faculty meeting, Char- hand. ‘If you think I can be of
*In state where school is based
cording to the website Law Mr. Stone didn’t respond to lotte’s then-President Chidi any value I’m happy to stay. If
Source: Law School Transparency using American Bar Association Data School Transparency. requests for comment. Rick Ogene mentioned the need to you want me to move on, I’m
THE WALL STREET JOURNAL. Law schools, competing for Inatome, Infilaw’s chief execu- boost school finances to sat- very cool with that.’ ”

CRABS ers alongside roads stop crabs


from invading streets. There’s
even a metal bridge designed to
let them cross over a road, and
The red crabs “have evolved
to eat detritus, leaves and seed-
lings on the floor of the forest,
and they don’t have to move
of his tires at the last moment,
or swerve to avoid the crab en-
tirely. With no oncoming traffic,
Mr. Su decided to swerve. The
dirt track in the jungle, Ms.
Preston frequently stopped to
let the crabs pass or navigated
around them. Eventually, she
of crab from flicking up and
dirtying his pants. The method
worked well, he said, though
“you’d still get the odd splatters
Continued from Page One more than 40 tunnels to offer a very fast to do it,” said Rob crab, which didn’t appear to asked one of her guests to get up your back.”
recurring problem: Many crabs safe way to the other side. Muller, chief ranger of Christ- take any evasive action, re- out and rake the crabs away. These days, “we take rakes in
on their way to the coast are The phosphate mine, run by a mas Island National Park, which mained in the middle of the road At one point, however, she our car, we drive at about 5 kilo-
flattened each year by cars and subsidiary of CI Resources Ltd., comprises about two-thirds of as he drove by. heard a crunch, stuck her head meters an hour, our kids now
trucks. The Brays’ idea is to put will keep some trucks off streets the island. Before closing roads People who grew up on the out the window and looked at rake the roads,” he said. “Every
a horseshoe-shaped barrier, if the crabs are out in force. And and putting up barriers, which island “develop this intuitive the ground to see if she ran over crab matters. People’s percep-
made out of conveyor-belt mate- researchers are betting that a started about 15 years ago, Mr. sense of how to duck and weave a crab. “That’s an already dead tion in terms of conservation
rial from a phosphate mine, in tiny wasp from southeast Asia Muller said half a million crabs the crabs,” he said. “It’s kind of one,” she said. “You know you’ve has changed completely.”
front of each wheel to gently will help control the ants. were flattened every year. hard to explain to outsiders.” got a live one if their legs are The Brays hope to use their
nudge crabs out of the way. Whether the efforts will ulti- Chris Su, who works for the Lisa Preston, who runs tour still kicking.” crab-safe attachments to access
Helping the crabs—which mately conserve the crustaceans local government, was driving business Indian Ocean Experi- Kane Martin used to ride his a new accommodation, called
number at least 45 million— is uncertain. It could be another after work on a recent afternoon ences, paid about $1,000 so she motorcycle to a security job at a Swell Lodge, they’re building for
cross the road may help deter- year before scientists know if when he spotted a crab ahead. could install a rack on the roof now-closed casino in the 1990s, tourists who come to see the
mine their fate. The invasive yel- the wasps, which lay eggs inside His options: drive over the crab of her SUV to carry a roughly and would tie garbage bags crabs and other wildlife in the
low crazy ant, which paralyzes the scale insects, are reducing and hope it doesn’t dart in front $20 rake. Driving slowly down a around his legs to prevent bits national park.
the crabs by spraying acid in ant numbers. Crabs sometimes swarm over
their eyes and joints, has cut And introducing a new ani- the last patch of dirt road that
crab numbers by as much as mal to control another carries leads to the site, and they need a
50% in recent decades. risks: The cane toad was set way to get guests and equip-
The ant population has been loose in Australia in the 1930s to ment into the lodge even if the
bolstered by another invasive eat beetles that threatened the migration is in full swing.
species, a scale insect, which sugarcane crop, but it spread They considered other meth-
MIKE CHERNEY/THE WALL STREET JOURNAL

produces a sugary secretion rapidly and poisoned native ani- ods, like attaching contraptions
called honeydew that feeds the mals that ate it. Scientists say that would blast the crabs with
ants. the wasp was studied for seven air or water. They tested leaf
Now people who say they years to ensure there would be blowers on the crabs, which sent
smashed scores of crabs on the no unforeseen impacts. 90% scurrying away, but Mr.
road in previous years try to The crabs, which can be Bray was concerned the other
avoid hitting just one. about a foot long including their 10% would get run over.
Some of the island’s 1,800 claws, are largely defenseless The water didn’t work either.
residents keep rakes in their against both ants and cars. They “The crabs just think it’s rain-
cars during the migration, typi- are mostly deaf and aren’t quick ing and they love it,” he said.
cally from October to December, enough to avoid every vehicle “They don’t run away. They just
to sweep crabs to safety. Barri- going 50 miles an hour. Christmas Island resident Jason Turl used a rake to remove red crabs from the road. lap it up.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

SPORTS
HOCKEY

Death of the
Slap Shot
The number of slap shots taken across the NHL
has fallen nearly 30% since 2009-10
should consider making changes to
BY CURTIS RUSH
bring the slap shot back.
“What if you said, a slap shot is
Toronto a two-point shot? Basketball has a
THE SLAP SHOT is hockey’s three-point line. You could have a
version of the home run in base- two-point line,” said Sean Skinner,
ball, the touchdown bomb in 48, who runs a hockey school in
football—an explosive play that Detroit.
changes a game in an instant and Button, the former NHL execu-
electrifies fans. tive, said the move would force
The problem for the NHL is that teams to defend against more
the slap shot is slowly disappear- long-range shots and therefore in-
ing from the game. crease overall scoring.
Due to the modern game’s “That would open up more
faster pace and changes to equip- space in front of the goal,” Button
ment, most of the game’s best said. “You want to know some-
players have removed the slap thing? I don’t think that’s crazy.”
shot from their arsenal. Colin Campbell, the NHL’s senior
Edmonton Oilers superstar Con- executive vice-president of hockey
nor McDavid, who won the scoring operations, said the idea of a two-
race last season with 100 points, goal line has not been discussed in
took only seven slap shots through the league’s head office. “In my
82 games in 2016-17. He didn’t mind, that will never happen. Not a
make a single one. chance. A goal is a goal is a goal.”
Pittsburgh Penguins’ Sidney He said it’s
Crosby, the league’s top goal more likely that Toronto’s Auston Matthews, above,
scorer last season with 44, had the league would gets his best results from the wrist
only taken five slap shots through increase the size shot, while Washington’s Alex
22 games this year. Mark Recchi, of the nets, and Ovechkin is one of a handful of slap-
an assistant coach on the two-time although that’s shot artists in the league.
reigning Stanley Cup champs, said been discussed,

T-B: BERNARD WEIL/TORONTO STAR/GETTY IMAGES; SCOTT TAETSCH/CSM/ZUMA PRESS


slap shots aren’t in the practice nothing is immi- artists remaining, including Wash-
routine for Crosby or any of the nent on that front. ington’s Alex Ovechkin and Tampa’s
team’s other forwards. “They only Campbell said Steven Stamkos. Yet most of the
take wrist shots,” he said. “It’s all the league hasn’t league’s emerging snipers, like
about quick releases.” talked about the Winnipeg’s Patrik Laine and To-
The New Jersey Devils say they decline of slap ronto’s Auston Matthews, get their
don’t practice the slap shot, and shots “because it best results from the wrist shot.
the team’s top scorer, Taylor Hall, hasn’t been a In 2010-11, slap shots accounted
said he doesn’t even remember the problem.” He said for 13.3% of the goals scored. Last
last time he scored on a slap shot. there have been year? Only 11.7% and the early signs
Devils head coach John Hynes no complaints this season point to a further drop.
said the team works instead on from managers, Meanwhile, the wrist shot is ris-
what he calls “smart shots.” “We coaches or fans. ing as the most potent scoring
do try to practice situations where “I think the game weapon in hockey, accounting for
you’re shooting for sticks, tips, re- has actually more than 50% of all goals scored,
bounds,” Hynes explained. gained something and the trend is rising.
From the 2009-10 campaign, the with the ability of Many coaches and scouts say
number of slap shots taken across the guys to wrist the slap shot is all but extinct
the league fell almost 30%, from it, in tight, up among young players, in part be-
17,574 to 12,694 last season. By po- stairs.” cause of a new factor: Goalies are
sition, forwards accounted for the Yet Campbell physically bigger than ever.
biggest drop at almost 40%, from said he isn’t ready “The goalies are so big that
8,013 to 4,853 last season. to declare the big once they get set, it’s hard to blow
For traditionalists, the increas- wind-up slap shot dead, or near said. “So, it hurt. The harder the stick technology. In the early days, one by him,” said Tim Cherry, who
ing rarity of the big windup, high- death. “Just when you think the shot, the more intimidating it was.” sticks were made of wood. Now scouts players for the Ontario
speed slap shot has robbed the trend is fading away, it comes back.” Over time, though, equipment players use custom-made, one- Hockey League. He noted that one
game of some inherent drama. The slapper exploded on the got bulkier, giving the goalies more piece composite sticks, which are of the top goalies in the Greater
“The slap shot reminded me of NHL scene in the 1950s and 1960s protection and also tightening the lighter, with more flex, providing a Toronto Hockey League is six-foot-
the confrontation between the with Bernie (Boom Boom) Geoffrion spaces for shooters to target. sling-shot effect for the puck with- four inches tall and 160 pounds.
fastball pitcher and the home run and then Bobby Hull, who shot the Players like Phil Esposito in the out requiring a long backswing. “He’s 15 years old.”
hitter,” said former NHL executive puck golf-style at speeds the goal- 1970s began to demonstrate that In addition, when the offensive Skinner, a Detroit skills coach,
Craig Button, 54, now a hockey ies had never seen before. Others an expert marksman from close zone was expanded after the lockout said for the time being in hockey,
analyst. “It was a contest within followed like Bobby’s son, Brett, range didn’t need a full slap shot. in the 2004-05 season—a move de- speed will continue to rule over
the contest that we don’t have and defenseman Al MacInnis. “It’ not how hard you shoot, how signed to boost scoring—the result power.
anymore.” The idea was to practically over- accurate you shoot, but how quick was more coaches collapsed their “The quickest shot probably
Given that the league is strug- power the goalie with the force of you get the shot off,” Esposito said forwards down near the goal to help scores first,” said Skinner, who has
gling with attendance in some the shot. in a recent interview. “I didn’t with defense. That further boosted worked with a number of NHL
markets and to generally attract “In the 1950s and 1960s, goalie worry about picking corners be- the effectiveness of the quick-shot teams. “And then the most accu-
attention in a fractured sports equipment was not very protective,” cause you didn’t have much time.” artists over the big hitters. rate shot. And the hardest shot
landscape, some believe the NHL hall of fame goaltender Ken Dryden Another contributing factor is There are a handful of slap-shot scores last.”

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d
Edmonton <0
0s 0s
V
Vancouver gary
Calgary
20s 10s
40s 10s
ip
Winnipeg
ttl
Seattle 20s
Montreal
50s 30s
Helena Ottawa
P d
Portland Bismarckk
Billings 30s A g t
Augusta 40s
Eugene i
Boise 30s pls //St. Pa
Mpls./St. P
Paul T
Toronto A banyy
Albany t
Boston 50s
50s 40s
oux FFalls
ll rtford
Hartford 60s
Pierre Sioux Milwaukeek Detroit Buffalo
Cleve d
Cleveland ew Y
New Yorkk 70s
Reno 60s Ch g
Chic
Chicago
es Moines
Des
Ch y
Cheyenne h
Omaha Phhil d lphi
h
Philadelphia 80s
P b
Pittsburghh
Sacramento Salt
lt Lake
L City
ty
Denver Spring
Springfield di p
p i gfi d Indianapolis
hington
hi gton D.C.
Washington DC 90s
an Francisco
San Kansas Charles
Charleston
C
Colorado
Las Springs Topeka Ci City
ity
St.. Louis
Lou
L
h
Richmond d 100+
60s 60s LLouisville
Lou ill
MACIEJ FROLOW

V g
Vegas l igh
Raleighh
hit
Wichita Nashville
h ill
Los A
Ange
Angeles C h l tt
Charlotte
80s Ab q q
Albuquerque Santaa Fe
F
L
Little Rockk Memphis phi C b
Columbia
70s Ph i
Phoenix klahoma
homa
ma City
Oklahoma Cit
C y Warm Rain
an Diego
San D g A
Atlanta
T c
Tucson Birmingha
i h
Birmingham
Ft. Worth Dallas
D ll J k
Jackson
El Paso Cold T-storms
70s Mobile
b 70s Jacksonville
10s 0s A ti
Austin Stationary Snow BASEBALL
ew Orleans
New l d
Orlando
-0s t
Houston Tampa
70s

BASEBALLS GET SMARTER


an Antonio
San A
Anchorage
A h g 80s Showers Flurries
20s Honolulu 90s
60s Miami
30s 80s Ice
40s

U.S. Forecasts City Hi


Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W BY TAKASHI MOCHIZUKI
data to a smartphone app. The information
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 57 33 s 59 36 s Frankfurt 46 32 r 40 32 pc
can help pitchers develop trickier curve
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice balls and make sure their pitches don’t tail
Orlando 75 55 s 73 53 s Geneva 50 35 r 40 29 pc
Today Tomorrow Philadelphia 58 40 pc 49 34 pc Havana 83 62 pc 82 62 pc Tokyo off in speed approaching home plate. The
City Hi Lo W Hi Lo W Phoenix 87 58 s 88 59 s Hong Kong 66 59 c 70 64 pc
Anchorage 14 4 s 17 14 pc Pittsburgh 48 32 c 41 31 pc Istanbul 61 49 s 62 52 s
IT LOOKS AND FEELS like a regular base- balls aren’t designed to be hit.
Atlanta 64 42 pc 62 40 s Portland, Maine 51 35 pc 40 24 sf Jakarta 91 78 pc 90 76 sh ball. But the inside is packed with the same The developers of the new balls, which are
Austin 76 49 s 75 48 s Portland, Ore. 51 45 r 53 39 r Jerusalem 62 46 pc 60 49 pc technology used in smartphones, which set to retail for about $180 each, said they
Baltimore 58 38 pc 50 32 s Sacramento 68 56 pc 63 52 r Johannesburg 61 50 t 72 53 pc gives pitchers and coaches an instant read- wanted more people to have access to the
Boise 56 47 pc 60 42 c St. Louis 58 37 s 60 40 s London 44 36 pc 46 39 pc
Boston 56 38 pc 45 31 pc Salt Lake City 62 44 pc 69 53 c Madrid 61 33 pc 56 34 pc out on the ball’s speed and rotation. technology, and they believe it will be useful
Burlington 46 32 sh 33 28 sf San Francisco 70 60 pc 64 52 r Manila 89 78 pc 90 78 pc If you thought the diamond was already even for professionals since pitchers can use
Charlotte 67 39 pc 61 34 s Santa Fe 63 33 s 67 33 s Melbourne 90 68 t 85 61 t drenched in data, get ready for the robo- the balls anywhere.
Chicago 47 29 s 50 33 s Seattle 53 46 r 55 41 r Mexico City 72 43 s 70 39 s
Cleveland 48 34 c 43 34 pc Sioux Falls 51 29 s 53 33 s Milan 49 40 r 52 30 pc balls coming out of Japan. The technology combines two of Japan’s
Dallas 75 46 s 73 50 s Wash., D.C. 61 41 pc 53 37 s Moscow 26 19 pc 25 20 pc Tokyo-based smartphone app maker Acro- passions: baseball and smartphone parts.
Denver 61 38 pc 72 43 pc Mumbai 93 74 pc 94 75 pc dea Inc. started selling its “Technical Pitch” “Technical Pitch” draws on technology
Detroit
Honolulu
47 30 pc 43 31 pc
83 73 sh 84 72 pc
International Paris
Rio de Janeiro
46
86
34 r
74 s
45 38 pc
91 75 pc ball in September in Japan. And sporting from Apple Inc. supplier Alps Electric Co.,
Houston 81 56 s 76 48 s Today Tomorrow Riyadh 68 51 s 71 54 s goods maker Mizuno Corp., with help from a while Aichi Steel Corp., a Toyota group com-
Indianapolis 50 29 s 49 33 s City Hi Lo W Hi Lo W Rome 65 51 pc 60 39 sh Toyota Motor Corp. group company, is pre- pany that has a sideline in smartphone
Kansas City 60 35 s 61 38 s Amsterdam 44 39 r 45 41 sh San Juan 86 75 pc 86 75 s
Las Vegas 80 55 pc 79 56 c Athens 63 52 pc 64 56 pc Seoul 50 38 r 47 19 s paring a similar product, called MAQ, for parts, has teamed up with Mizuno.
Little Rock 67 36 s 63 36 s Baghdad 68 45 c 64 49 c Shanghai 59 44 c 62 46 s next spring. Both are going on sale in Japan, Acrodea said some Major Baseball League
Los Angeles 81 60 s 77 58 pc Bangkok 88 73 s 88 74 pc Singapore 84 74 t 82 75 c with plans to expand later to other regions teams showed interest in buying its smart
Miami 81 66 s 81 66 s Beijing 48 28 s 41 21 s Sydney 80 68 pc 80 70 pc
Milwaukee 44 28 pc 48 33 pc Berlin 44 34 r 40 36 pc Taipei 72 67 r 73 66 r including the U.S., South Korea and Taiwan. ball, while Japanese professional baseball
Minneapolis 40 29 s 42 29 pc Brussels 44 33 r 42 35 pc Tokyo 57 45 pc 62 48 c To use the balls, pitchers just throw nor- teams plan to use it from next month. It de-
Nashville 62 35 s 55 34 s Buenos Aires 76 54 s 84 60 s Toronto 47 27 sh 37 32 c mally to a catcher. Sensors capture data clined to name the teams. Mizuno said it
New Orleans 70 51 s 69 49 s Dubai 81 69 s 82 66 s Vancouver 51 44 r 53 41 sh
New York City 56 42 pc 48 36 pc Dublin 41 33 pc 45 41 pc Warsaw 50 38 pc 43 31 sh such as speed, the tilt of the ball’s rotation would ask Japanese pro teams to test its
Oklahoma City 64 37 s 67 44 s Edinburgh 41 32 pc 43 36 pc Zurich 45 31 r 38 29 sf and rotations per minute, and they send the ball before it hits store shelves next spring.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 25 - 26, 2017 | A11

OPINION
THE WEEKEND INTERVIEW with Laurent de Brunhoff and Phyllis Rose | By Tunku Varadarajan

Babar the Elephant Takes His Final Bow


L
New York explain I meant the question meta- of childhood—that children really
aurent de Brunhoff is very phorically. “No,” he says, sitting al- are protected much more now from
hard of hearing, and much most indignantly upright. “I will any disturbing narratives.”
more tentative with the never make him die.” The vehe- I ask Mr. de Brunhoff about
English language than a mence of a soft-spoken man is al- “Babar’s Guide to Paris,” the end of
man who’s lived in Amer- ways startling, and Mr. de Brun- the elephant’s story. Why Paris?
ica for 32 years ought to be. He is hoff, who seems to have startled And what is the relationship be-
taciturn, too, seldom uttering more even himself, falls silent. tween Babar and that city? “He
than two short sentences in succes- At this moment, as if to the res- wants to know about the relation-
sion. A third sentence, when it cue, enters Phyllis Rose, Mr. de ship between Babar and Paris,” re-
comes, is like a gift from the gods. Brunhoff’s American wife. She peats Ms. Rose. Mr. de Brunhoff
The author and illustrator of the bears a tray of mint tea in little has by now given up on the seem-
winsome and widely loved Babar Moroccan glasses and offers a bus- ingly inaudible timbre of my voice
the Elephant books, Mr. de Brun- tling contrast to her introverted and is grateful for his wife’s inter-
hoff is also shy, almost bashful. It husband. She is, I discover, the ventions. “Well, it is my relation-
becomes clear as he talks that this Babar-whisperer. She can make Mr. ship with Paris, really,” he says. “So
gentle old man of 92, born in Paris de Brunhoff talk, and even when he actually, to me, the book is not so
seven years after World War I doesn’t, she is a marvelously loqua- much showing Babar enjoying Paris
ended, is still very much a boy. “I cious substitute. “Anything you say but is me enjoying the city.”
like to make the elephant alive,” he that he doesn’t get,” she tells me, To quote from the book, Babar
says. “The elephant is a very ap- “I’ll repeat loudly to him, in this tells Isabelle—she of the bowdler-
pealing animal with its big ears and distinctive pitch which he can al- ized 1985 hitchhike—what to do in
trunk, even when it is not dressed ways understand.” As she says the city: “First, he says, you must
like a human.” those last words in that pitch, he go to a café. Order anything. You
perks up like a daydreaming can sit as long as you like. Read a
schoolboy in the presence of a book or just watch the world go
The author of the famed teacher. by.” Mr. de Brunhoff adds that “it’s
children’s series, begun by Does Mr. de Brunhoff think he is the Paris of today,” not of his child-
too old, at 92, to relate to children? hood. True, the metro is very up to
his father in 1931, explains “Do you think you’re too old to re- date, and the Louvre has I.M. Pei’s
ZINA SAUNDERS

Babar’s swan song and how late to children?” Ms. Rose repeats. glass pyramid, which was com-
Mr. de Brunhoff responds surpris- pleted in 1989.
childhood has changed. ingly: “I never really think of chil- But is it, I ask, multiethnic and
dren when I do my books. Babar multireligious in the manner of the
was my friend and I invented sto- real Paris? “I don’t think you could
The character of Babar was cre- ries with him, but not with kids in denying that the two have a re- But there’s no death, she agrees. say that,” Ms. Rose says quickly,
ated by his father, Jean de Brun- a corner of my mind. I write it for markably harmonious understand- “Laurent’s father’s book could not “about a city that’s entirely made
hoff, in 1931 with “The Story of myself.” ing of their project. Just as she fin- be published today,” she declares. up of elephants.” I persist. Is there
Babar.” A young elephant sees his Mr. de Brunhoff describes his ishes his labored answers to my “The publishers simply would not some reflection in the book’s Paris
mother shot by a hunter and flees childhood, and it seems to have questions with paragraphs of her allow the death of a mother to be of the tensions the city has seen in
to the city to save his own life. been an idyllic mix of Parisian so- own, she turns his delicious images mentioned.” recent times? Is there any terror-
There he is adopted by an old lady, phistication and countryside horse- into playful stories on the page. Mr. de Brunhoff, who seems to ism, any burning of cars in the ban-
who teaches him the ways of what play. “When I was a kid, I loved When I ask Mr. de Brunhoff how enjoy being silent as Ms. Rose lieues? “Absolutely not,” says Ms.
is obviously French civilization. Winnie the Pooh,” he says, at which the notion of childhood has holds court, interjects: “I think Rose. “Absolutely not. It’s just a
Now wiser than all other elephants, point he and Ms. Rose have a minor changed over Babar’s (and his) life- that’s true, yes. They would not lovely, serene place where you
he returns to the jungle. When the disagreement about whether he time, Ms. Rose offers to respond publish it.” Ms. Rose explains that drink a lot of coffee.” Mr. de Brun-
reigning tusker-monarch succumbs had read it in French translation. for him. “You’re going to have a such a story line would be thought hoff agrees: “It is the Paris as it
to a poisonous mushroom, Babar “It was probably English,” she in- hard time getting an answer to that likely to alarm children. “The clos- still is, I think.”

T
becomes king, ruling happily ever sists. “His mother spoke very good out of Laurent,” she says with a est that we—Laurent and I—have
after with Queen Celeste. English.” Ms. Rose, a retired pro- sigh. “A property like Babar—a come to that kind of experience,” he book, they stress, is a sim-
De Brunhoff père died in 1937, fessor of literature, taught at Wes- story like Babar—I really can’t she says, “was in ‘Babar’s Little ple story of Babar teaching
having written and drawn seven leyan for many years. When she think of that many other children’s- Girl,’ where in the original story his daughter how to navigate
Babar books. After some hesitation, met Mr. de Brunhoff in Paris, they book characters that have been she goes off hitchhiking, and the the city. Babar, says Ms. Rose,
the son decided to continue the se- fell in love, and in 1985 she whisked around that long. When he does a publishers”—Random House— “isn’t telling her to watch out for
ries. In 1946, at age 21, he pub- him off to Middletown, Conn. signing, you see three and four “would not allow that. That was terrorists. I don’t think that im-
lished his first, “Babar’s Cousin, Since then, Ms. Rose, now 75, generations of people who have too dangerous!” pinges on Laurent’s imagination. I
That Rascal Arthur.” Arguably a has written all the original texts for read these books.” She adds that it It was 1985, and the book was don’t think he takes in the fact that
more gifted artist than his father, the Babar books, while he has pro- “suggests a kind of changelessness about Isabelle, a daughter of Babar there are dangers now, ugly racial
he has now published more than 50 vided the illustrations—drawings in what appeals to human beings and Celeste, who wanders off to tensions and complicated immigra-
Babar books. The most recent, so vivid and empathetic that hu- when they’re very young.” look for two friends of the family tion issues. To say that he has the

C
“Babar’s Guide to Paris,” came out man readers seem to belong to the called Boover and Picardee. Panic mind of a child has profound impli-
this year. same species as Babar. “I have hildren today, she continues, inevitably ensues when everyone cations. He is in this self-contained
Babar is one of the three or four credit for the text on the copyright are “constantly on the com- thinks Isabelle is lost. “It was the imaginative world.”
most popular kid-lit characters of page,” Ms. Rose says. “It’s no se- puter, but they still seem to first book that Laurent did when Today Mr. de Brunhoff says he
the modern age, and, along with cret.” She is careful, however, to re- love narrative and to love books he came to America,” Ms. Rose loves America, particularly New
the Little Prince, the most enduring spect the authorial hierarchy, and being read to them.” Despite all says. “The publishers insisted that York, “with its beautiful architec-
French children’s character of all insists that what she does is “only those screens, “there is this contin- the story be changed—that the girl ture and mix of people.” He sug-
time. The most recent book, how- auxiliary and functional. My job is uous love of story, and of parents already knew the people who took gests that he couldn’t, now, live
ever, is Babar’s swan song, if one to get him, to comprehend him— reading books to them, which her in, who gave her a ride on the anywhere else but Manhattan. So
can describe the end of an elephant like now! I’m the producer; I’m here doesn’t change.” road. She couldn’t ride with why did he set his—and Babar’s—
that way. Mr. de Brunhoff tells me to nudge him.” I suggest to Mr. de Brunhoff that strangers.” last book in Paris? “Interesting
he won’t write again. “I don’t think This is how it works: Mr. de his father’s books—the first two, at Mr. de Brunhoff, now nodding question,” he says, a phrase he uses
I could do another one,” he says, Brunhoff develops an interest in a least—had themes much darker his head in agreement, seems to often as a graceful deflection. “Be-
lowering his gaze. “I had my life theme—yoga, say, or the Olympics, than elephant yoga. They con- spur Ms. Rose on. “I know lots of cause at the end of my life, even if
with Babar and he made me happy. both of which have featured in re- tained violence, for starters the mothers,” she continues, “who I’ve been living in America for de-
But I’m an old guy now and I don’t cent Babar books—and starts to shooting of Babar’s mother. As Mr. won’t let their children read the cades, I’m still a Frenchman. And I
have the energy to create another sketch elephants in lotus positions de Brunhoff hesitates, Ms. Rose first few pages of ‘The Story of wanted to give a reward to Paris.”
book.” or throwing javelins. Ms. Rose’s chips in to say that “in the typical Babar’ because they’re afraid of
Does that mean Babar is dead? job, then, is to weave the images Babar story as written by Laurent, them being traumatized. And that, Mr. Varadarajan is a fellow at
As Mr. de Brunhoff’s face falls, I re- into a narrative. This may seem de- something bad does happen al- to go back to your original ques- Stanford University’s Hoover Insti-
alize I’ve committed a faux pas and cidedly complicated, but there’s no ways, yet it’s always overcome.” tion, is a real change in the nature tution.

San Francisco’s Problem Isn’t Robots; It’s the $15 Wage Floor
Amazon recently re- The workplace trend toward self- risk. A rising minimum wage also consumer spending by north of $100 found an increase in the closure of
ceived proposals service and automation has indeed had a negative effect on job opportu- million—without affecting employ- median-rated restaurants associ-
from cities hoping to made some occupations obsolete. nities for older, less-skilled employ- ment. Now money from the new ro- ated with the city’s rising minimum
host its second head- Customers have been accustomed to ees in manufacturing. bot-tax proposal will be used to off- wage.
quarters. A number bagging their own groceries for at set a reduction in job opportunities, Automation can’t be stopped, and
of California locali- least a decade. Restaurant chains in part caused by the rising mini- it will change more than the service
CROSS ties—including Los such as McDonald’s and Panera The city fears automation mum wage. industry. Earlier this year a Pricewa-
COUNTRY Angeles, Sacramento, Bread are now rolling out kiosks that
will replace workers— These misconceptions put the terhouseCoopers report estimated
Pomona and Chula allow customers to place their own livelihood of employers and employ- that nearly 40% of U.S. occupations
By Michael
Saltsman
Vista—were in the orders. And the automated delivery but its own policies make ees at risk. Mr. Yee’s suggestion that are at a high-risk of automation in
mix. But the tech ti- devices targeted by Mr. Yee will ren- a ban on delivery robots would help the next two decades. But states like
tan should tread der some delivery jobs obsolete. low-value jobs illegal. save drivers’ jobs is a dangerous California are accelerating the trend
carefully in the Golden State, where Employees displaced by technol- confusion of consequence and cause. by creating labor-cost mandates that
policy makers are studying punitive ogy might appreciate that these San If customers are unwilling to under- exceed the productivity of employees
measures against companies that use Francisco politicians are concerned, Instead of spurring self-reflection write a $15 hourly wage for food de- to which they apply. It’s futile to try
workplace robots. but an apology might be more appro- among advocates for new labor man- livery, and employers are prohibited to resist the downward slope of the
The latest example is a statewide priate. Over the past few years, San dates, these consequences have in- from embracing an automated alter- labor demand curve. Instead Califor-
campaign launched this fall by Jane Francisco in particular, and Califor- spired them to propose new laws to native, they’ll either stop delivering nia’s do-gooder legislators should
Kim of the San Francisco Board of nia in general, has increased the cost solve the problems caused by old food or close their doors. study up on the law of unintended
Supervisors. Ms. Kim intends to raise to hire and train employees at risk of ones. Consider the irony: San Fran- This is already happening in San consequences.
money to support a statewide ballot being automated. The minimum cisco voters were promised in 2014 Francisco. A study this year from
measure that would penalize private wage will rise to $15 an hour in San that the minimum-wage initiative Harvard Business School and Math- Mr. Saltsman is managing director
enterprise for embracing automation Francisco in 2018. The rest of Cali- backed by Ms. Kim would increase ematica Policy Research economists at the Employment Policies Institute.
in the workplace, as Amazon has fornia will get there four years later.
done in its warehouses. On top of San Francisco’s hourly

Notable & Quotable: Adventures in Title IX


“The idea is simple: if an employer wage mandate are requirements for
replaces a human worker with a ro- health care, paid leave and employee
bot or algorithm, he or she would pay scheduling.
a tax,” according to the “Jobs of the These added costs give employers Nicholas Wolfinger, writing Nov. 17 this concerned my behavior at faculty The dean’s letter recapitulated the
Future Fund” website. It continues, with already slim profit margins a at quillette.com: meetings. I had rolled my eyes. I had eye rolls, the one-time profanity, and
“If we can expect millions of Califor- strong incentive to automate or em- said “f—” once. And so on. so forth from the report. “Hostile
nians may lose their job, it is our re- brace self-service. In an interview My own investigation for alleged I protested to my Title IX inquisi- body language,” my dean wrote, “[is]
sponsibility to prepare now through with Forbes, the founder of a deliv- Title IX transgressions lasted several tor about the irrelevance of all this to unacceptable in a professional set-
a modest tax on the robots and algo- ery robot company linked his prod- months before eventually clearing a Title IX case focused on sexual ha- ting.” She imposed two punishments
rithms taking their place.” uct’s value proposition to a rising me of sexual harassment and gender rassment and gender discrimination, for my transgressions. The first was
While Ms. Kim would like to tax the minimum wage: “At something like discrimination. In the end, I was very but to no avail. . . . In any event, it an official reprimand, with the
robots, some of her colleagues would $10 per delivery, the majority of citi- lucky. I remain a tenured professor was clear why the Title IX report stated threat of dismissing me if my
prefer to eliminate them. Earlier this zens will not use [human delivery]. at the University of Utah. The costs tried so hard to impugn my collegial- body language didn’t improve forth-
year San Francisco Supervisor Nor- It’s too expensive.” to me were limited to my time and ity: it was providing the source mate- with. The second was a month of un-
man Yee proposed a ban on delivery The empirical evidence supports the $14,000 I ultimately paid to my rial for additional complaints that paid suspension. I wasn’t scheduled
robots. “Our streets are made for peo- the anecdotes: An August study pub- attorney. . . . would originate elsewhere in the uni- to be teaching during the specified
ple,” he proclaimed. In an interview, lished by the National Bureau of Yet the successful resolution of my versity bureaucracy. Three months month, but the suspension would
Mr. Yee said he was concerned that Economic Research linked a rising Title IX case a year ago didn’t come as later my suspicions were realized, as amount to a fine of over $5,000. I
“many delivery jobs would disappear” minimum wage to an increase in un- much of a relief to me. Although the in- I received an official complaint from also would be barred from campus. A
if such a ban were not enacted. He employment for workers in jobs that vestigator’s report cleared me of sexual my dean about my hostile body lan- month of freedom from faculty
later amended the proposed ordinance require a large number of routine misconduct, it far exceeded its original guage and overall poor collegiality. meetings ultimately wasn’t worth
to create a robot permitting process tasks. The authors reported that it mandate by going to great lengths to The complaint was based entirely on $5,000 to me, but I did have to give
with geographic restrictions. wasn’t just service-industry jobs at depict me as a bad colleague. Most of the findings in my Title IX report. it some consideration.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A12 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Licenses to Kill Opportunity Costs and Benefits of Hyphenated Capitalism

M
ore than ever, the government re- Justice found that on average tree trimmers un- Regarding Andy Kessler’s “Quit torical record of countless decisions
quires Americans to get permission dergo 16 times more training than an emer- Modifying Capitalism” (Inside View, made by “self-interested” individuals
Nov. 20): Sustainable, inclusive, so- to cooperate with one another for mu-
to earn a living. In the 1950s one in gency medical technician, and cosmetologists
cially responsible, conscious, state- tual benefit—decisions made willingly
20 workers needed a license more than 11 times. That managed and other hybrid breeds of by buyers and sellers, none of whom
to work; now about one in A new study shows how makes safety sense only if Ed- capitalism elevate state central plan- got all that they wanted, but all of
four do. The rules hurt the state licensing rules ward Scissorhands styles your ners into roles that override and per- whom recognized the benefit of work-
working poor in particular, hair and trims your lawn. vert economic relationships among in- ing together in peace.
but everyone suffers in states block upward mobility. The report also highlights vestors, producers and consumers. The hyphenated capitalism Mr. Kes-
with the most licensing re- how state licensing demands The result is a neutered or otherwise sler leaves out is the key to capital-
quirements, as a new and are inconsistent and often ir- impaired economic system. ism’s current bad name: “crony-capi-
comprehensive report by the Institute for Jus- rational. Only three states and the District of Unadulterated capitalism involves talism.” There is no greater
tice (IJ) illustrates. Columbia require a license for interior design- too much volatility and unequal out- monument to that than our current
IJ examined 102 lower-income professions ers. But in all four, aspirants must clock six comes to be a viable alternative in tax code. It picks winners and losers
the 21st century, but the more adul- under the guise of achieving laudable
across the United States. That list ranges from years of education or experience, pass an exam,
teration that occurs, the more capi- social goals, but is influenced by the
truck drivers to taxidermists, from school bus and pay between $1,120 and $1,485 for the li- tal is misallocated and the slower too-cozy relationships government
drivers to bartenders. The study assessed the cense. That’s far more training than is required economies grow, leaving less money and the private sector. In the process,
difficulty of obtaining a license and the number for a dental assistant (Washington, D.C.), opti- for government. Hybrid capitalist markets are distorted and the infor-
of occupations subject to licensing require- cian (Florida), midwife (Louisiana) or pharmacy systems dilute the economic effi- mation in prices rendered useless.
ments in each state. technician (Nevada). ciencies and results of free markets, This is worth considering during the
Hawaii’s prerequisites are the most grueling Stiff licensing requirements are often prohib- delivering inclusive stagnation or current season in which tax reform
while Louisiana and Washington regulate the itive for America’s working poor, keeping them decline. At that point, the left has morphed into tax cuts, and the
most professions, with both states requiring a trapped in low-wage, low-skill jobs. Many states adopts a new and improved modifier process has remained one of deter-
license for 77 lower-income fields. The nearby also bar people with a criminal record from for capitalism and the vicious cycle mining centralized parameters of divi-
table shows the 10 states with the highest occu- working in a licensed profession. Society pays repeats. sion and redistribution, rather than
FRANK ALLEN efficiently funding the government.
pational-licensing burden. the price. Researchers at Arizona State Univer- Charlotte, N.C. This won’t change until enough ti-
California has the most dysfunctional re- sity’s Center for the Study of Economic Liberty tans of industry realize that their en-
gime. Across professions, it has established “a found that in states with burdensome licensing Mr. Kessler calls attention to the lightened self-interest is truly the
nearly impenetrable requirements, recidi- knowledge incorporated into the public interest.
thicket of bureau- vism rates increased by “price” of a good or service in a capi- LUKE PERKOCHA
cracy” where “no one State Occupational Hazards more than 9% over a talist economy. That price is the his- San Francisco
could” provide a “list The 10 states with the highest number and worst 10-year span. In states
of all the licensed oc- average burden of occupational licensing requirements where it was easier to
cupations,” as one get a license, the rates
state oversight agency 1. California 6. Lousiana went down. Prosecutors’ Misconduct Had a Huge Outcome
admitted last year. 2. Nevada 7. Virginia Nationwide, licens-
U.S. District Judge Emmet Sullivan sued at the trial, Mr. Sullivan was
California’s door re- 3. Arkansas 8. Oregon
ing drives up prices by recommends that all states and the powerless to act against the offend-
pairmen, carpenters as much as $203 billion federal court system follow New ing prosecutors.
and landscapers must 4. Arizona 9. Washington annually. The require- York’s lead and require trial judges to The “butterfly effect” of unethical
first rack up 1,460 5. Hawaii 10. Rhode Island ments also hurt con- issue Brady orders in all criminal Justice Department lawyers in 2008
days of supervised on- Source: Institute for Justice THE WALL STREET JOURNAL
sumers by restricting proceedings so that prosecutors can arguably was the election of Mr. Ste-
the-job experience, access to goods and be held accountable if they withhold vens’s Democratic opponent who sub-
then pay more than $500 for the license, before services. Louisiana has around 400,000 more critical evidence that is favorable to sequently cast one of the 60 votes
they can work as a contractor. black residents than neighboring Mississippi. the accused (“How New York Courts needed to pass ObamaCare. In 2008,
The cost and time to obtain a license is no But in 2012 Mississippi had 1,200 licensed Afri- Are Keeping Prosecutors in Line,” Ted Stevens was the longest-serving
accident, as professional guild members sit on can-style hair braiders. Louisiana, which re- Cross Country, Nov. 18). Judge Sulli- U.S. senator ever to lose a reelection
van’s epiphany regarding the value of bid. Al Franken’s miraculous election
state licensing boards and reinforce the quires 500 hours of training, had just 32, ac-
a Brady order came when he pre- victory by a few hundred votes after
racket. They want to limit competition to keep cording to IJ. sided over the 2008 trial of Ted Ste- a recount also was decisive.
prices high. The study found that heavy-handed licensing vens, longtime U.S. senator from Without the 41st GOP vote of Ted
Until recently, the New Hampshire Board of doesn’t follow party lines, which means the Alaska. Six months after that trial— Stevens in 2010, Senate Democrats
Barbering, Cosmetology & Esthetics could levy rules are rooted in political muscle more than and after Mr. Stevens lost reelection passed ObamaCare thanks to crooked
fines on salons that have a barber’s pole—or ideology. Staunchly Republican Wyoming re- in large part because of the deeply lawyers in the Justice Department.
even a pole painted red, white and blue that re- quires a sign-off for 26 lower-income profes- flawed trial—it was revealed that Brady orders may not root out bad-
sembles one—but no licensed barber. In Febru- sions, the lowest number of any state. But lib- Justice Department lawyers commit- apple prosecutors, but at least they
ary an Arizona board targeted a cosmetology eral Vermont is the runner-up, requiring a ted numerous legal and ethical viola- will pay a personal price for inten-
student who dared to give free haircuts to the license for 31 occupations and beating out Mon- tions by withholding evidence point- tional evidence suppression.
ing to Mr. Stevens’s innocence. But DANIEL BRADY
homeless. He risked being barred from the pro- tana and South Dakota.
because no Brady order had been is- Columbia, Md.
fession until Gov. Doug Ducey interceded. That signals political potential for reform.
Licensing proponents claim they’re merely Giving the poor a pathway to a dignified, self-
protecting public health. But the Institute for supporting life should be a bipartisan priority.
As a Medicine, Pot Has Pluses and Minuses
“Can Marijuana Alleviate the Opi- quirements as any other drug for
Terrorism Takes No Holiday oid Crisis?” (op-ed, Nov. 20) by Rich- safety.
BARTON COBERT, M.D., FACP, FACG

P
ard Boxer is spot on. The need for
resident Trump called Egyptian Presi- success against jihadism, and Mr. Sisi is a partic- changes in the regulations to allow Chapel Hill, N.C.
dent Abdel Fattah Al Sisi on Friday, and ular target after he deposed the Muslim Brother- for the study of marijuana is real and
the White House issued a statement of hood in 2013. The U.S. can help with intelligence, immediate. Further research on medi- Dr. Boxer advances weak statistical
cal marijuana is critical for the opioid associations between state medical-
support after terrorists killed but Mr. Sisi has the challenge
crisis and other areas where cannabis marijuana laws and decreased opioid
more than 235 people in an at- The deadliest attack in of defeating the terrorists may be a useful drug therapy. use, while ignoring evidence that mar-
tack on a mosque near the Si- Egypt shows a growing while encouraging fewer jihad- One area that hasn’t been ad- ijuana use has actually worsened the
nai coast. The assault was es- ist recruits by opening Egyp- dressed where medical marijuana is opioid epidemic. He states that the
pecially vicious as jihadists jihadist threat. tian civil society and politics to now legal is that most states aren’t marijuana gateway effect “is so far
cut down Sufi worshippers, more voices. requiring the collection, analysis and unsupported.” Yet a 20-year review
who practice a moderate form Meanwhile, a Pakistani reporting to health agencies of mari- has shown a relationship between
of Islam. The attack was the deadliest in Egyp- court Wednesday released from house arrest juana side effects. Like any drug, youth marijuana use and subsequent
tian history, exceeding the 224 who died in Hafiz Saeed, the man accused of masterminding marijuana can and will produce side use of other drugs, to be “the most
Metrojet Flight 9268 over the Sinai Peninsula the 2008 Mumbai terror attack that killed 166 effects, some of which will be very se- consistent findings in epidemiological
in October 2015. people. The State Department said the U.S. “is rious and possibly fatal. One ap- studies of drug use in young adults.”
proach that would work now would Youth marijuana use increases the
Mr. Trump couldn’t resist using the event as deeply concerned” and “the Pakistani govern-
be to take the FDA’s side-effect re- risk of opioid disorder and conse-
an argument for his immigration limits, tweet- ment should make sure that he is arrested and porting regulations and requirements quences. Recent findings confirm per-
ing “Need the WALL, need the BAN! God bless charged for his crimes.” President Trump and and put them in place at the state verse outcomes regarding psychosis,
the people of Egypt.” But the attack in Sinai is Secretary of State Rex Tillerson have pressured level for all producers, middlemen for those suffering PTSD and, criti-
almost surely the work of home-grown jihad- Pakistan’s government for cooperation in the and dispensers. The widespread use cally, treatment regarding opioid re-
ists, perhaps inspired by Islamic State. Immi- war on terror and in Afghanistan, and Saeed’s of medical marijuana as a drug covery.
gration at the Mexican border, or even at U.S. release is a test of U.S. influence. should be held to the same FDA re- JOHN P. WALTERS, DAVID W. MURRAY
airports, has nothing to do with it. The recent victory over Islamic State’s HUDSON INSTITUTE
The death toll is a reminder that Muslims con- would-be caliphate in Syria and Iraq is wel- Turnout, Not Trump, Was Washington
tinue to be the main targets of Islamic terrorism come, but the jihadist threat continues to Decisive in Virginia Election In Colorado, emergency rooms are
world-wide. And it underscores that Mr. Sisi is evolve and adapt around the world and won’t
Jim LeMunyon’s letter (“Different seeing an increase in youth with can-
a long way from crushing the jihadist threat in- be defeated by a wall between Ciudad Juarez Explanations for Republicans’ Rout,” nabis in their systems. In addition,
side Egypt. Authoritarian rule is no guarantee of and El Paso. Nov. 16) blaming the Republican Colorado is seeing an increase in
election losses in Virginia on Presi- young motorists pulled over who have
dent Trump is misguided. Republi- high levels of Delta-9 THC (the psy-
A Museum for Art’s Sake can gubernatorial candidate Ed Gil- choactive element of marijuana) in

D
lespie received 16% more votes than their system. The legalization of mari-
eparting leaders are rarely fêted for art. The move enhanced the National Gallery’s the Republican gubernatorial candi- juana in Colorado has a crushingly
what they didn’t do. But we live in a holdings and kept for Washington—and the na- date did in the highly competitive negative impact on the state’s youth
time of cultural turmoil, so it’s worth tion—artworks that might otherwise have been election of 2013. He got the vote of who place it in edible candies or in-
noting the tenure of National dispersed through sale. 95% of Republicans and 50.5% of in- gest it through vaping.
Rusty Powell has put dependents. Normally, this would be Marijuana use isn’t the answer for
Gallery of Art Director Earl A. Under Mr. Powell the Na-
regarded to be a good result—but pain management. Unfortunately,
(Rusty) Powell III, who an- quality above politics tional Gallery has taken a re- not good enough to offset the corre- marijuana use only increases the pain
nounced this month that he freshingly adult approach to sponding 31% increase in votes for in other areas of our society.
will retire in early 2019 after at the National Gallery. the vexed question of contem- his opponent, Ralph Northam. WILLIAM H. ARRINGTON III
25 years on the job. porary art, hewing to the tra- There were two factors specific to Johnstown, Colo.
On Mr. Powell’s watch there ditional approach that works Virginia this year that boosted Dem-
have been no glitzy expansions, scandals or must pass the test of time before entering a mu- ocratic turnout. The election offered
raids on the collection to raise money, no board seum, rather than chasing fads and fashions. a large number of Virginians the op- Pepper ...
dysfunction or dumbing down of exhibitions. In Last year it acquired a soap-and-chocolate portunity to vote for free medical in-
surance for themselves or their fam-
And Salt
many respects his directorship was very low- sculpture by Janine Antoni, nearly a quarter
key, with much of its focus on renewal and res- century after it had caused a sensation at the ily. This was because the Democrats THE WALL STREET JOURNAL
promised to expand Medicaid under
toration of the physical plant. But all that belies 1993 Whitney Biennial. Above all under Mr.
ObamaCare, which the Republican
his concrete accomplishments, which deserve Powell, the Gallery has remained a determinedly legislature had blocked. In addition,
to be celebrated because so many of them have art-for-art’s-sake institution at a time when mu- sitting Democratic Gov. Terry McAu-
become the exception in the art world. seums have been increasingly positioning them- liffe restored the voting rights of
Mr. Powell dialed back the showmanship that selves as political actors. tens of thousands of ex-convicts, who
defined the tenure of his predecessor, J. Carter The Gallery is America’s flagship museum, likely responded with gratitude.
Brown, but without sacrificing substance. Wit- so the stakes couldn’t be higher in selecting a Much of politics is still local.
ness the current exhibition “Vermeer and the new director. Expect a chorus calling on the STEFAN JERZY
Masters of Genre Painting: Inspiration and Ri- trustees to pick someone who’ll make the place Washington
valry,” which manages to say something fresh “more relevant,” by which they surely mean po-
about one of the most closely studied and well- litical. There lies the road to ruin. Letters intended for publication should
exhibited artists. You don’t have to look far to find cultural in- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
When the Corcoran Gallery of Art was im- stitutions damaged in recent years—or brought or emailed to wsj.ltrs@wsj.com. Please
ploding in 2014, Mr. Powell negotiated a soft to the brink of extinction like the New York City include your city and state. All letters
landing for the troubled museum by arranging Opera—by botched succession decisions. The are subject to editing, and unpublished
for the National Gallery to absorb the bulk of the National Gallery’s trustees can look to the exam- letters can be neither acknowledged nor “Listen! Hear that?
returned.
Corcoran’s collection of American and European ple of Mr. Powell’s tenure to get theirs right. Nothing is beeping.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 25 - 26, 2017 | A13

OPINION

The Sexual-Harassment Racket Is Over


Once you, as a fair-minded reader, saw later in the behavior of Harvey Wein-
the numbers and patterns, and once stein: Stay loudly and publicly and
you saw them in a lengthy, judicious, extravagantly on the side of signal
careful narrative, you knew who was leftist causes and you can do what
DECLARATIONS telling the truth. You knew what was you want in the privacy of your of-
By Peggy Noonan true. Knowing was appalling and fices and hotel rooms.”

T
sometimes shocking, but it also came The article called for a Democratic
his Thanksgiving I find as a kind of relief. Party “reckoning” on the way it pro-
myself thankful for some- Once predators, who are almost tected Bill Clinton.
thing that is roiling our always repeat offenders, understood It was a great piece.
country. I am glad at what the new way of reporting such sto- I close with three thoughts.
has happened with the re- ries, they understood something else: The first springs from an observa-
cent, much-discussed and continuing They weren’t going to get away with tion Tucker Carlson made on his
sexual-harassment revelations and it anymore. They’d never known that. show about 10 days ago. He mar-
responses. To repeat the obvious, it And they were going to pay a price, veled, briefly, at this oddity: Most of

ISTOCK/GETTY IMAGES
is a watershed event, which is some- probably in their careers. They’d the accused were famous media per-
thing you can lose sight of when never known that, either. sonalities, influential journalists, en-
you’re in the middle of it. To repeat Why did this happen now? It was tertainers. He noted that all these
the obvious again, journalists broke going to happen at some point: Sex- people one way or another make
the back of the scandal when they ual harassment is fairly endemic. their living in front of a camera.
broke the code on how to report it. Quinnipiac University released a poll It stayed with me. What is it about
this week showing 60% of American men and modern fame that makes
women voters say they’ve experi- actions and heinous ones. Rebecca he exposed himself to her; Kathleen them think they can take whatever
For a quarter century enced it. Maybe the difference now Traister of New York magazine has Willey said she went to him for ad- they want when they want it, and
is that the Clintons are gone—more argued that it is a mistake to focus vice and that he groped and as- they’ll always get away with it, even
we had been stuck in on that in a moment. And maybe now on the question of punishments, saulted her. These women “had far as word, each year, spreads. Watch
He Said/She Said. Now there’s something in this: Sexual ha- that maybe the helpful thing is to fo- more credible evidence” than many out for that guy.
rassment, at least judging by the tes- cus on what’s going on in our society recent accusers. “But Clinton was Second, if the harassment is, as it
predators are on notice. timony of recent accusers, has got- that predators think they can get not left to the swift and pitiless jus- seems to me, weirder and more over
ten weirder, stranger, more brutish. away with this. tice that today’s accused men have the top now than, say, 40 years ago,
The political director of a network Caitlin Flanagan in the Atlantic experienced.” He was rescued in- why might that be?
For a quarter century we had been news organization invites you to his wrote the most important political stead by “a surprising force: ma- Third, a hard and deep question
stuck in the He Said/She Said. Anita office, trains his eyes on you and piece in “Bill Clinton: A Reckoning.” chine feminism.” put quickly: An aging Catholic priest
Hill and Clarence Thomas gave their masturbates as you tell him about What is striking about this moment, That movement had by the ’90s de- suggested to a friend that all this
testimonies, each offered witnesses, your ambitions? The Hollywood pro- she argued, is not the number of volved into a “partisan operation.” was inevitable. “Contraception de-
and the fair minded did their best ducer hires an army of foreign goons women who’ve come forward with Gloria Steinem in March 1998 wrote a generates men,” he said, as does
with the evidence at hand while sort- to spy on you and shut you up? It serious allegations. “What’s remark- famous New York Times op-ed that, in abortion. Once you separate sex
ing through all the swirling political has gotten weird out there. These able is that these women are being Ms. Flanagan’s words, “slut-shamed, from its seriousness, once you sepa-
agendas. In the end I believed Mr. stories were going to blow up at believed.” Most didn’t have police re- victim-blamed, and age-shamed” the rate it from its life-changing, life-
Thomas. But nobody knows, or rather some point. ports or witnesses, and many were victims and “urged compassion for giving potential, men will come to
only two people do. Sexual harassment is not over be- speaking of things that had happened and gratitude to the man the women see it as just another want, a desire
What happened during the past cause sin is not over. “The devil has years ago. “We have finally come to accused.” This revealed contemporary like any other. Once they think that,
two years, and very much in the past been busy!” a journalist friend said some kind of national consensus feminism as “a weaponized auxiliary then they’ll see sexual violations as
few months, is that reporters and this week as another story broke. But about the workplace; it naturally fos- of the Democratic Party.” Ms. Steinem less serious, less charged, less full of
news organizations committed serious as a racket it will never be the same. ters a level of romance and flirtation, characterized the assaults as “passes,” weight. They’ll be more able to ra-
resources to unearthing numbers and i i i but the line between those impulses writing: “Even if the allegations are tionalize. It’s only petty theft, a pack
patterns. Deep reporting found not Some great journalism, some and the sexual predation of a boss is true, the President is not guilty of of chewing gum on the counter, and
one or two victims of an abuser but, in great writing and thinking, has come clear.” sexual harassment.” I took it.
one case, that of Bill Cosby, at least of this moment. Ronan Farrow’s New What had impeded the ability of Ms. Steinem operated with the In time this will seem true not
35. So that was the numbers. The tes- Yorker pieces have been credible and victims to be believed in the past? same logic as the skeeviest apologist only to men, but to women.
timony of the women who went on the gutsy on all levels. Masha Gessen’s The Bill Clinton experience. He was for Roy Moore: Don’t credit any This is part of the reason I’m
record, named and unnamed, revealed piece in the same magazine last week “very credibly” accused, as Ms. charges. Gotta stick with our team. thankful for what I’m seeing. I ex-
patterns: the open bathrobe, the run- warned of moral panic, of a blurring Flanagan wrote, of sex crimes at dif- Ms. Flanagan: “The widespread perience it, even if most women
ning shower, the “Let’s change our of the lines between different behav- ferent points throughout the liberal response to the sex-crime ac- don’t, or don’t consciously, as a
meeting from the restaurant to my iors and a confusion as to the bound- 1990s—Juanita Broaddrick said he cusations against Bill Clinton found form of saying no, this is important.
room/your apartment/my guesthouse.” aries between normal, messy human violently raped her; Paula Jones said their natural consequence 20 years It is serious.

We’ll Always Have ‘Casablanca’


By Robert Garnett complained. He and Humphrey Bog- ex-lover Rick Blaine (Bogart) or he- The Paris train station in which Rick export to French Morocco, then un-

T
art “argued so frequently,” pro- roic resistance leader Victor Laszlo finds himself jilted had recently der Vichy control. Casablancans
he Great American Novel may ducer Hal Wallis recalled, “that I (Henreid)? “There is a little bit of served as Boston’s Back Bay Station couldn’t watch “Casablanca.”
never be agreed on, and may had to come on the set to control difference in acting towards a man in “Now, Voyager.” As shadows waver on the walls of
not exist, but there’s little doubt the quarrels.” that you love and another for whom Meantime, the U.S. Bureau of Mo- Rick’s Café and Ilsa listens to Sam
about the Great American Movie. Sev- On screen, the warm translucent you may just feel pity or affection,” tion Pictures, a division of the Office the piano-player sing “As Time Goes
enty-five years ago this week—on sensuality of Ingrid Bergman perfectly she pointed out, reasonably. of War Information, pressed studios By,” the politics and propaganda dis-
Thanksgiving Day, 1942—“Casablanca” complemented the dark, brusque Bog- Glooming over all was the war— to pad their films with propaganda. solve. We are drawn into deeper hu-
premiered in New York. art—but off-screen they didn’t click. with its restrictions, shortages and “What war information problem does man rhythms of love, and loss, and
“Gone with the Wind,” the great Unhappy in a foundering marriage, he uncertainties. Studio workers and ac- it seek to clarify, dramatize or inter- long-lasting regret. It was the year of
romantic epic of defeat and resil- kept to himself during filming and tors were disappearing into the mili- pret?” a government manual asked Midway and Guadalcanal, perhaps
ience, might be a plausible chal- drank heavily. A veteran film crook, he tary. Jimmy Stewart and Ronald Rea- of every film. “Does it contribute America’s finest hour. With “Casa-
lenger, were its Old South sympa- was uncomfortable in love scenes: “I gan had already left. Clark Gable something new to our understanding blanca,” it was certainly Hollywood’s.
thies not out of fashion in these don’t do it very well.” enlisted while “Casablanca” was be- of the world conflict, and the various Easier, more comfortable times—and
“I kissed him but I never knew ing filmed in the summer of 1942. forces involved?” The anti-German flashier filmmaking—have produced
him,” Bergman said. She thought her Wartime rationing began to pinch, thrust in “Casablanca” earned the nothing to match it.
The film Billy Wilder film-husband Paul Henreid a prima from silk and wool for costumes to bureau’s warm approval; but for ridi-
donna. During filming she was ea- nails for set-building to celluloid for culing Vichy French collaboration—a Mr. Garnett is a professor of Eng-
called ‘the most wonderful gerly looking beyond, to a role in an movie film itself. Sets were recycled. delicate issue—it was withheld from lish literature at Gettysburg College.
claptrap that was ever put ambitious—and now forgotten—film
of Ernest Hemingway’s “For Whom
on the screen’ turns 75. the Bell Tolls” with Gary Cooper,
who at 6 feet 3 inches tall would give
her a co-star to look up to. She was
What the NFL Teaches Corporate America
virtuous times. The showy cinematic noticeably taller than Bogart, an Any public com- Dallas Cowboys owner Jerry Jones. the pay packages of the greatest
virtuosity of “Citizen Kane,” beloved awkward disparity disguised by shoe pany would have The immediate spark was a six- wealth-creating CEOs. It isn’t. Their
of film professors and art-house the- lifts and camera angles. They never fired Roger Goodell game suspension Mr. Goodell issued pay typically consist of at-risk, stock-
aters, interests few others. “The Wiz- worked together again. long ago—in fact, to Mr. Jones’s star running back, based compensation. Mr. Goodell
ard of Oz” might contend, if only “Casablanca” was adapted from three years ago af- Ezekiel Elliott, over accusations of would be handed a pile of money re-
Dorothy had encountered Clark Gable an unproduced play full of “sophisti- ter the Ray Rice domestic abuse that the NFL’s own gardless of performance.
instead of the Tin Man. cated hokum” which Warner Bros. matter. specialist investigator found of du- His fellow owners’ obliviousness
BUSINESS
But “Casablanca” stands alone. acquired shortly after Pearl Harbor. Let’s remember bious credibility. on this point appears to be the
WORLD
“The most wonderful claptrap that The plot groans with inconsistencies what happened. An Without getting into the details, deeper issue setting off Mr. Jones.
By Holman W.
was ever put on the screen,” es- and absurdities. “Don’t worry what’s NFL arbitrator, re- this suspension, as an ESPN investi- Unlike Mr. Goodell, Mr. Jones is an
Jenkins, Jr.
teemed director Billy Wilder said. logical,” Curtiz advised. “I make it go tired federal judge gation convincingly shows, was partly owner and longtime investor in the
“Claptrap that you can’t get out of so fast no one notices.” The screen- Barbara Jones, driven by league-office politics. league. His record of creating
your mind.” play was incomplete as filming be- found that Mr. Rice, of the Baltimore Namely, it was driven by Mr. Goodell’s wealth for himself and his fellow
This American classic is set en- gan, the ending uncertain as it pro- Ravens, did not mislead NFL chief need to justify his large expenditure owners is a lot more impressive
tirely outside the U.S. and follows an ceeded, and Bogart’s final line Mr. Goodell about the severity of his of league funds on a bloated, extrava- than Mr. Goodell’s, unless you think
expatriate who, for unexplained rea- written and dubbed in weeks after domestic violence conviction when gantly remunerated staff of investiga- those big TV contracts are conjured
sons, can’t return home. Virtually all filming concluded. Mr. Goodell punished him with a tors to handle such allegations and out of Mr. Goodell’s personal mag-
the other characters are foreign, as “Every day they were handing out two-game suspension. protect Mr. Goodell from future self- netism rather than TV broadcast-
were the actors who played them. In the dialogue and we were trying to Mr. Goodell only claimed later inflicted embarrassments. ers’ desperate scramble for content
1942 Hollywood was awash with out- make sense of it,” Bergman recalled. that Mr. Rice had misled him when a that can still pull big audiences
of-work European refugees: Of the 14 The scriptwriters couldn’t agree on public furor began to threaten Mr. willing to sit through (if not watch)
actors receiving screen credit, 11 the point of the story. Two wrote Goodell’s own job. Then he needed A tainted CEO’s troubles commercials.
were foreign-born. witty repartee. A third wanted to an excuse—one that he could blame quickly become the tail Mr. Goodell has his friends and de-
Likewise director Michael Curtiz, dull it down with politics and uplift. on Mr. Rice—to reopen the case and fenders, but fairness is not a consid-
a Hungarian martinet with shaky The fourth worried about the script’s hit Mr. Rice with a second, harsher that wags every dog. eration at his level of pay. What’s in
English. “Next time I send some ambiguous romance. penalty aimed at dousing a public- the best interests of the league? Of
dumb son-of-a-bitch for a Coca-Cola, So did Bergman. Which man was relations crisis of Mr. Goodell’s own course, the NFL has a second big
I go myself,” he once memorably her character in love with? Her bitter making. And here resides only the most management problem: It’s structured
To any public company CEO, this obvious blowback from the NFL’s essentially as a cooperative enter-
would have been the kiss of death. failure to learn why firing the CEO is prise of a bunch of billionaire egoma-
How could any institution ask its an essential first step in redressing niacs, a fact that lately has played
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY workers, customers and stakeholders serious institutional failures. into Mr. Goodell’s hands in his battle
Rupert Murdoch Robert Thomson to trust a leader after such a perfor- Take the debacle related to with Mr. Jones. His fellow owners ap-
Executive Chairman, News Corp Chief Executive Officer, News Corp mance? But the NFL is different. Its player national anthem protests. pear to be more afraid of Mr. Jones’s
Gerard Baker William Lewis players don’t work for Mr. Goodell. Mr. Goodell’s approach has largely natural gift for leadership and high
Editor in Chief Chief Executive Officer and Publisher They work for team owners. Mr. favored the players over owners, a level of conviction than they are Mr.
Matthew J. Murray DOW JONES MANAGEMENT: Goodell also works for the owners, tactic that may well be meant to Goodell’s lack of either. Indeed, full-
Deputy Editor in Chief Mark Musgrave, Chief People Officer; and they had reasons for keeping strengthen his hand over the own- fledged Stockholm syndrome may be
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS:
Anna Sedgley, Chief Operating Officer & CFO;
him around despite the Ray Rice ers. ESPN reports that many owners setting in. A league attorney last
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President travesty. have already convinced themselves week sent a letter that seems to have
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: Alas, today the league is finally they can’t afford to lose Mr. Goodell quieted Mr. Jones for now, accusing
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; catching up with a truth many in Cor- until after a new player contract is him of “conduct detrimental to the
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; porate America already knew. Tainted nailed down before the existing one League’s best interests.”
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; bosses, whatever their charms, need expires in 2021. The owners ought to look in the
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; to go immediately. Otherwise their In turn, these considerations now mirror and understand why sports
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International troubles metastasize across the com- make Mr. Goodell’s own contract re- leagues usually seek a commissioner
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: pany’s entire agenda. negotiation an unappetizing spectacle of independent stature and author-
Almar Latour, Publisher; Inevitably, such a leader’s credi- for football fans. Mr. Goodell report- ity. Mr. Goodell may have his virtues,
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: bility problems and job insecurity edly seeks $49.5 million a year plus but he started as an NFL intern. He
Joseph B. Vincent, Operations; Christopher Lloyd, Head; quickly become the tail that wags ev- health care and private jet travel for could show himself to be the leader
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head ery dog. life. His lavish demand, practically an the league really needs if he now
EDITORIAL AND CORPORATE HEADQUARTERS: The Ray Rice matter led directly extortion forcing the owners to excul- found a reason to step down so the
1211 Avenue of the Americas, New York, N.Y., 10036 to the fight now engulfing Mr. pate him from the league’s many NFL would be forced to make a clean
Telephone 1-800-DOWJONES
Goodell and a former ally, legendary problems, is likened in the press to start.
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A14 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

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Faked Data at Issue Again in Japan Unilever


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Mitsubishi Materials It is the latest quality scan- China, and perhaps the U.S., in that country. The scandals major suppliers to the global

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dal to hit Japan’s manufactur- Mitsubishi Materials said. Less have sparked soul-searching aviation and automotive indus-
says factory workers ing industry, this one affecting than a fifth of those customers in Japan about its corporate tries, as well as Japanese de-
doctored quality more than 200 customers in had been notified about the governance and put at risk the fense contractors.

For CEO
Japan and overseas, according problem as of Thursday, the reputation of Japanese manu- Boeing Co. said it was re-
results for products to Mitsubishi Materials. company said, adding that so facturers. viewing its supply chain. “The
Executives held a news con- far no safety concerns had Mitsubishi Materials said quality and safety of our prod-
BY SEAN MCLAIN ference Friday after the com- been identified for any of the subsidiary Mitsubishi Cable In- ucts are our highest priority.
pany revealed on Thursday products. dustries Ltd. discovered its Boeing is reviewing the matter, BY SAABIRA CHAUDHURI
TOKYO—Mitsubishi Mate- that workers had doctored The revelation follows a problem in February and and will take timely and ap-
rials Corp. said one of its sub- quality data to make it appear similar admission by Kobe launched an internal investiga- propriate action as necessary,” Unilever PLC has kicked
sidiaries knew for months fac- that such products as rubber Steel Ltd. last month and Nis- tion in May. It continued to the company said in an off the search for a new chief
tory workers were tampering gaskets and copper products san Motor Co.’s recent disclo- ship affected products until emailed statement. executive, according to a per-
with quality information on met customer standards when sure of improper vehicle in- late October, when the subsid- Companies and analysts say son familiar with the matter,
airplane, car, and power-plant they didn’t. spections, which prompted the iary finished a five-month-long these sorts of revelations have initiating what is expected to
parts but continued to ship the Most of the parts were used auto maker to suspend produc- audit of products shipped deep roots in Japan Inc.’s gov- be a monthslong process to
products, including possibly to for products in Japan, but tion for the Japan market and since April 2015. ernance problems, where de- replace longtime head Paul
the U.S. some went to customers in recall more than a million cars Mitsubishi companies are Please see DATA page B2 Polman.
The search at Unilever, the
Anglo-Dutch packaged-goods
HEARD ON giant that makes household
THE STREET
By Spencer Jakab EU Looks to Improve Bond Market staples such as Hellmann’s
mayonnaise and Dove soap,
comes at time when sweeping
changes in tastes are buffeting

Proving
European corporate bonds are trading less frequently even as companies issue more of them. the consumer-goods industry.
It also follows Kraft Heinz
Market makers’ net inventories of The total amount of European corporate Co.’s surprise $143 billion bid

Investment
nonfinancial European corporate bonds bonds outstanding continues to climb for Unilever.
€50 billion €3.3 trillion Mr. Polman successfully
€3.23 trillion
fended off that overture, but

Success 40 3.2
afterward acknowledged Uni-
lever hadn’t done a good
enough job boosting share-

Takes Time 30

20
€16.1 billion
3.1

3.0
holder returns. He has initi-
ated stock buybacks, raised
margin targets and is explor-
Is it luck or ing options for the company’s
skill? Picking underperforming margarine
a fund man- and spreads business.
10 2.9
ager who can Mr. Polman has been Uni-
beat the index lever’s CEO since 2009 and he
is tough, but 0 €1 billion=$1.18 billion 2.8 has publicly said he expected
picking one who beats it 2008 ’09 ’10 ’11 ’12 ’13 ’14 ’15 2011 ’12 ’13 ’14 ’15 ’16 to run the company for be-
through actual ability is far tween five and 10 years. He
more difficult. The percentage of European Banks’ average holding period for Net return for market makers has also recently said he has
Victor Haghani, a co- corporate bonds that traded* European corporate bonds is increasing of European corporate bonds no plans to leave Unilever be-
founder of one of the best- fore the end of 2018, and it is
known investment firms in 80% 50 days 10% possible he will stay on in his
history, says the most sur- current role through next year.
prising thing is that people 40 5 He could leave sooner depend-
have great confidence that 75 ing on the outcome of the
they can pick these supertal- search, according to another
ented fund managers. Cur- 30 0 person familiar with the mat-
rently the chief executive of ter.
Elm Partners, which es- 70 35 days Mr. Polman didn’t respond
pouses index investing for 20 –5
–0.5% to a request to comment.
wealthy clients, Mr. Haghani Unilever in 2016 appointed
will try to prove that to you 69% a new chairman, Marijin
65 10 –10
with a simple test. Dekkers, to its board. Now
2011 ’12 ’13 ’14 ’15 ’16 2011 ’12 ’13 ’14 ’15 ’16 2011 ’12 ’13 ’14 ’15 ’16
He and two colleagues that he is settled in, the com-
told several hundred ac- *At least once during the month in question pany felt it could start the
quaintances who worked in Sources: European Systemic Risk Board, Risk Control Ltd. , FCA THE WALL STREET JOURNAL. CEO search, this person said.
finance that they would flip The start of the search was
two coins, one that was nor- earlier reported by Britain’s
mal and the other that was BY CHRISTOPHER WHITTALL tive arm of the European recommendations from a re- market has much less capacity Sky News.
weighted so it came up Union, plans to launch a public port published this past than it used to have,” said Wil- Mr. Polman, a Dutchman, is
heads 60% of the time. They The European Commission consultation in early 2018 on week by a group of industry liam Perraudin, director of credited with turning the con-
asked the people how many wants to determine why is it ways to improve how the cor- participants, including banks, consulting firm Risk Control sumer-goods and packaged-
flips it would take them to becoming harder to trade cor- porate bond market functions. asset managers and European Ltd., which carried out the foods company into a giant in
figure out, with a 95% confi- porate bonds, even though Since the financial cri- corporations. Those recom- study for the commission on personal-care products, with
dence level, which one was companies are issuing more of sis, banks and investors have mendations ranged from the European corporate debt big acquisitions like Alberto
the 60% coin. Told to give a them. complained about deteriorat- changes to banks’ capital re- market. Risk Control’s report Culver, the hair and beauty
“quick guess,” nearly a third The Federal Reserve Bank ing trading conditions in cor- quirements to amending the disclosed how reduced capac- care brand, and Dollar Shave
said fewer than 10 flips, of New York and the Bank of porate debt markets, making it process around how compa- ity has hurt banks’ trading Club, the online razor delivery
while the median response England have also examined harder to buy and sell bonds nies raise money in bond mar- desks that act as intermediar- startup. Apart from his deal
was 40. The correct answer the bond market amid worries in large sizes. Many analysts kets. ies in these markets. Because making, he was known for a
is 143. that declining liquidity—or the say that is because banks now As the European corporate they find it harder to unload public focus on sustainabil-
Mr. Haghani’s belief in in- ability to buy and sell bonds hold fewer bonds as a result of debt market has expanded, the bonds quickly, they are doing ity—a stance that won him
dexing means he has a easily at or near a stated the regulation that followed amount of bonds that trade it less, crimping profits. It measured praise from environ-
vested interest in the out- price—could make it harder the financial crisis. regularly has declined by found that banks’ average mentalists but at times ruffled
come. His earlier experience for funds to sell positions in a The commission will gather about 10 percentage points. holding period for bonds critical investors, who called it
as an active investor gives downturn and trigger a self- views from what it describes “The question is what nearly doubled to about 35 a distraction.
him perspective on how hard reinforcing wave of fire sales. as a broad audience and will would happen now if we go days in May 2016 from 18 days More recently, he has had
it is to beat the market. Mr. The commission, the execu- follow up on some of the 22 into another crisis period. The in September 2011. Please see CEO page B2
Haghani was a co-founder of
Long Term Capital Manage-
ment, the hedge fund that
had spectacular results from
exploiting real market anom-
alies before its failure nearly
YouTube Deals With Another Advertiser Backlash
took down the global finan- BY STU WOO ads after discovering they ap-
Please see HEARD page B4 AND SAM SCHECHNER How YouTube Places Ads peared before extremist or rac-
Desired viewers can be reached in different ways: ist videos, following reports
A fresh wave of advertisers from the Times of London and
Rolling Dice suspended commercials on Advertisers YouTube videos Desired audience The Wall Street Journal.
U.S. stock funds that remained YouTube after their ads In response, YouTube gave
showed up next to videos that Ads can be placed before advertisers new tools to con-
in top quartile during a specific types of content,
five-year period appeared to attract pedophile trol where their ads appear.
viewers. believing potential customers The site also took steps to re-
600 view this content.
The backlash Friday was move unsavory content, in-
500 the latest over what critics say Advertisers can buy ads “ICELAND” cluding adding more human
is the inability of YouTube based on keyword reviewers and boosting its use
400 owner Google, and parent Al- searches entered by users. of artificial intelligence.
phabet Inc., to effectively po- YouTube said this week
300 lice the video service and as- that it has removed ads from
sure advertisers their spots Ads can be placed in videos three million videos under its
200 watched by a particular
won’t end up accompanying new policies, and planned to
inappropriate or offensive demographic profile. pull ads from an additional
100
content. Problems arise when users view inappropriate 500,000 videos as it further
0 Big brand advertisers, in- videos including ads targeted to them. strengthens its rules. The site
Year 1 2 3 4 5 cluding candy maker Mars Source: Staff reports THE WALL STREET JOURNAL. said it also removed 50 You-
*Period through June 2017 Inc., sportswear firm Adidas Tube channels for endangering
Source: S&P Dow Jones Indices SPIVA AG, alcohol giant Diageo PLC children, many of which drew A spokesman for YouTube The ad suspensions—hitting children.
THE WALL STREET JOURNAL. and British satellite-TV opera- lewd comments from viewers. said Friday that the video- YouTube on Black Friday, the “While we have made sig-
tor Sky PLC’s Now TV subsid- Other recent reports in the sharing service forbids videos traditional kickoff for the holi- nificant changes in product,
iary, said they had stopped ad- news and on social media have and comments that sexualize day shopping season—follow policy, enforcement and con-
Notice to Readers vertising on YouTube. They highlighted YouTube videos or exploit children, and that similar action by advertisers trols, we will continue to im-
Jason Zweig is away. The responded after the Times of with millions of views that ex- the videos in question should earlier this year. In March, for prove,” the YouTube spokes-
Intelligent Investor column London reported that ads for ploit children by putting them never have displayed any ads. instance, companies, U.K. polit- man said Friday.
will return next Friday. those companies were popping in compromising or predatory “We are working urgently to ical campaigns and govern- The advertiser backlash
up next to videos of young situations. fix this,” the spokesman said. ment agencies pulled YouTube Please see YOUTUBE page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, November 25 - 26, 2017 * ****** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE


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

A Facebook..............B3,B11 Preqin........................B10
Adidas ......................... B1 G R
Alphabet .............. B1,B11 Gap ............... A2,B10,B11 Rio Tinto ................... B11
Amazon.com Google ......................... B1 Risk Control................B1
................ A2,B3,B10,B11 H-I S
Arc American..............A3
Atlas Mara................B10 Huntsman....................B3 Saigon Beer Alcohol
AT&T............................B3 InfiLaw System..........A1 Beverage...................B3
B K Risk Control................B1
KKR............................B10 Signet Jewelers........B10
Bain Capital .............. B10 Sterling Partners........A9
Kohl's............A2,B10,B11
Barclays.....................B10 Sylvan Learning
Blackstone Group ..... B10 L Systems....................A9
Bloomin’ Brands.........A1 Laureate Education....A9
T
C-D M Target...................A1,B10
Carlyle Group............B10 Macy's..........A1,B10,B11 Tesla..........................B11
Caspers........................A1 Market Track...............A1 Time Warner...............B3
CBS..............................B2 Mars............................B1 TPG............................B10
Clariant........................B3 Mattel........................B10 21st Century Fox........B3
Combilift.....................A6 McDonald’s..................A1
Mitsubishi Materials..B1 U
Comcast.......................B3
DailyPay......................A7 N Uber Technologies......A1
Unilever.......................B1
Diageo ......................... B1 Neiman Marcus .......... A2
Diamond Bank...........B10 Netflix.........................B3 V
Discovery Nike.............................A2 Verizon Communications
Communications.......B3 Nvidia........................B11 .....................................B3

TOM PENNINGTON/GETTY IMAGES


Dish Network..............B2 O-P W
DoorDash .................... A7
O'Melveny & Myers....B3 Wal-Mart Stores.A2,B11
E-F Potash Corp. of Whitefish Energy.......A3
Edcon Holdings.........B10 Saskatchewan.........B11 White Tale Holdings...B3

INDEX TO PEOPLE
A Hebner, Mark..............B4 Olson, Catie .............. D10 Dish subscribers in 18 markets, including Los Angeles and Dallas, couldn’t view the Chargers-Cowboys game on Thanksgiving.
Atwood, Rebecca........D7 Hermann, Barbara....D10 P

Deal Ends Dish Blackout of CBS


B Huguenin, Bryce ....... D10 Perman, Craig...........D10
Huth, Johannes.........B10 Perraudin, William......B1
Bammens, Ludo........B10
Hymanson, Sarah.....D10 Polman, Paul...............B1
Berkowitz, Bruce........B4
Brenner, Andrew.......B10 I R BY CARA LOMBARDO markets including New York, while CBS has said Dish is re- were also dropped for three
C Inatome, Rick..............A9 Romualdez, Daniel......D3 Los Angeles, Dallas and Chi- fusing to pay the same price days.
Castle, Jennifer .......... D9 K S Dish Network Corp. said cago. everyone else pays for its sta- Dish said Friday all four
Friday that it reached a car- The action, which didn’t af- tions, which air some of net- channels were being restored
D Katz, Karen.................A2 Schafer III, Gil ............ D7
Kramer, Sara.............D10
riage agreement with CBS fect all of Dish’s 13.2 million work TV’s highest-rated pro- to affected customers.
Davis, Judi .................. D9 Schroer, Mike............B11
Corp. and was restoring the subscribers, came after the grams. Disagreements between the
Diamond, Bob ........... B10 L Stephenson, Randall...B3
programmer’s stations to more two companies failed to reach CBS on Wednesday had said two companies also caused
Drewry, William..........B3 Lafont, Dominique....B10 T than two million subscribers a new deal for Dish to carry the two sides were still “far CBS channels to go dark for
G Lane, Kenneth Jay......D3 Takeuchi, Akira...........B2 affected by a three-day black- CBS’s stations before their apart.” That meant Dish sub- Dish subscribers in 2014. In
Gennette, Jeff............A1 Lively, Don..................A1 V out that lasted through CBS’s current contract ended. scribers in 18 markets span- that case, it took only 12 hours
Glunz, Barbara..........D10 M, O Thanksgiving Day National Neither company disclosed ning 26 states went without for the two sides to reach a
Venuti, Keri.................D9
Grant, Jason ............... D7
Football League game. financial terms of the new CBS on Thanksgiving, when it deal.
Mansell, Kevin............A2 Villaine, Aubert de...D10
CBS and other local televi- agreement. carried an NFL matchup be- CBS shares, down 11% this
Greenfield, Rich..........B3 McGlashan, Bill.........B10 W sion stations owned by CBS Dish had said that CBS tween the Dallas Cowboys and year, rose less than 1% to
Guild, Tricia.................D7 Montoya, Juan............D8 Wasserman-Hone, weren’t available on Dish be- wanted it to pay more for pro- the Los Angeles Chargers. $56.54 Friday. Dish shares,
H Morris, Michael...........B3 Becky.......................D10 ginning late Monday night and gramming that is declining in CBS Sports Network, Pop down 14% this year, slid 1.1%
Haghani, Victor...........B1 Mugabe, Robert..........C4 Wilson, Kendra...........D7 early Tuesday morning in viewership or free over the air, and the Smithsonian Channel to $49.87.

YOUTUBE News Corp owns both the


Times of London and The Wall
Street Journal.
A spokeswoman for Diageo,
the owner of the Smirnoff and
Johnnie Walker, said the com-
CEO
Continued from the prior page Google struggles to police pany won’t advertise again on Continued from the prior page
earlier this year appeared to YouTube because its cache of YouTube until “appropriate to steer Unilever through an
have little impact on Alpha- videos is too vast for humans safeguards are in place,” add- industry slowdown attribut-
bet’s overall business, which to review and software isn’t ing that the company is able to shifting consumer pref-
has continued to post record able to detect much of the un- “deeply concerned” and “in- erences.
sales and profits. Three savory content on its own. vestigating this as a matter of Many shoppers have aban-
months after advertisers urgency.” doned the big, global brands

SIMON DAWSON/BLOOMBERG NEWS


pulled spending in March, Mars said it has suspended made by Unilever and its com-
some had returned. advertising on Google globally. petitors, such as home and
Advertisers don’t want
their brands associated with
objectionable content and as
well can face criticism if their
3M
Number of videos from which
“We are shocked and appalled
to see that our adverts have
appeared alongside such ex-
ploitative and inappropriate
personal-care giant Procter &
Gamble Co. and packaged-food
firm Nestlé SA.
Instead, the companies have
advertising money goes to YouTube has removed ads content,” a spokesman said. sought out smaller, niche
support the videos’ creators. Representatives of Now TV, a brands, which have been able
Advertisers pay roughly $7 to television and internet pro- to effectively market them-
$12 for 1,000 views, and cre- vider in Britain and Ireland, selves on social media or man- Paul Polman has been Unilever’s chief executive officer since 2009.
ators split that revenue with And the latest twist to ill- and as well as London’s Enfield aged to reach consumers di-
YouTube. placed ads only complicates Council, a municipal body, is- rectly through new e-commerce prices rather than boosting est-profile positions in corpo-
The Times of London re- such policing. Videos, if posted sued similar statements. distribution channels. volumes. rate Europe. Bernstein analyst
ported that YouTube videos innocently, might not in and of A spokesman for Adidas They have increasingly ca- In its search for a new CEO, Andrew Wood said outsiders
featuring young girls—in themselves violate YouTube’s said the company has stopped tered to a pivot among many Unilever has a strong internal could include a number of ex-
many cases apparently filming terms of service; however, advertising on YouTube in shoppers toward healthier, bench, analysts said. Those in- ecutives leading some of the
themselves, sometimes in un- many comments posted by most markets around the simpler or locally produced clude Alan Jope, who leads the continent’s biggest compa-
derwear—drew hundreds of viewers clearly do. world until Google can investi- products. personal-care business. An- nies—including British grocery
pedophiliac comments, includ- YouTube said Friday that gate and resolve the issue. A Unilever has recently had to other contender, North Ameri- chain Tesco PLC Chief Execu-
ing encouragement to do lewd “in the last week” it has “dis- spokesman said the firm has weather headwinds in some of can boss Kees Kruythoff, is tive Dave Lewis and Kasper
acts and links to child-abuse abled comments on thousands “taken immediate action, its biggest markets, like India slated to take over as head of Rorsted, former CEO of Ger-
content. The Times reported of videos that we’ve identified working closely with Google on and Brazil, where macroeco- home care early next year. man consumer-goods giant
that the site displayed recom- as of potential interest to all necessary steps to prevent nomic disruption has capped Chief Financial Officer Graeme Henkel AG and now Adidas AG
mendations for similar videos, predators and shut down hun- this from happening again.” spending. The company in re- Pitkethly is another possibil- boss.
such as a view of naked tod- dreds of accounts identified as —Jack Nicas cent quarters has driven ity, analysts said. —Robert Wall
dlers taking a bath. making predatory comments.” contributed to this article. growth mainly by raising The job is one of the high- contributed to this article.

DATA
Continued from the prior page
partments often operate as in-
dependent silos and
information doesn’t filter up
quickly to management.
Economy Minister Hiroshige
Seko said the falsifications
have “shaken the foundations
of fair trade” and called for
Mitsubishi Materials to explain
why it took so long to disclose
the wrongdoing at its subsid-
iary.
“It took a long time to grasp
how much product deviated
from specifications, and unless
we know we can’t have a con-
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES

versation with customers. If


we tell them there’s deviation
without knowing how much, it
will only lead to confusion,”
said Mitsubishi Cable Presi-
dent Hiroaki Murata.
“Now I think I should have
reported as soon I got the in-
formation and looked for our
parent company’s support,” he
said.
Mitsubishi Materials subsid-
iaries operate with broad au-
tonomy, said company execu-
tives Friday. Mitsubishi Materials President Akira Takeuchi, center, at a press conference on Friday in Tokyo.
The parent company didn’t
report the issue during its fi- glut of sell orders. ments of the products were Mitsubishi Aluminum Co.
nancial earnings announce- In its Thursday announce- shut down the same month. shipped out-of-specification
ment this month. ment, the parent company also Roughly half of the 29 cus- products to 16 customers and
“We didn’t disclose the in- revealed problems with two tomers for the products have they have been assured there
formation because we didn’t other subsidiaries. been notified, Mitsubishi Shin- were no safety issues. The
identify all of the affected cli- Mitsubishi Shindoh Co. doh said. Most of the remain- company didn’t provide any
ents yet,” said Akira Takeuchi,
president of Mitsubishi Mate-
faked inspection data on the
strength and conductivity of
ing customers are located in
Taiwan and China, the com-
further details.
Mitsubishi Materials and
DON’T TAKE NEWS
rials. copper strips used in the elec- pany said. Mitsubishi Shindoh Mitsubishi Motors Corp. are AT FACE VALUE.
Mitsubishi Materials shares trical systems of cars and elec- says it is unsure whether those part of the Mitsubishi group of Support news literacy at
fell 8% Friday, the first trading tronic devices. The discoveries companies exported products companies, which operate inde- thenewsliteracyproject.org
day since the initial disclosure, were made in October during with potentially problematic pendently but have cross-share-
and trading was halted amid a an internal audit, and ship- parts to other countries. holding and historical ties.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 25 - 26, 2017 | B3

BUSINESS NEWS
INDUSTRY FOCUS

Media Deal Makers Look to Recalibrate


Antitrust landscape changes with suit against AT&T-Time Warner merger. Will Comcast-Fox talks be affected?
BY KEACH HAGEY Time Warner. The healthy been approached by a host concern for regulators.
AND JOE FLINT performance of most media of suitors including Comcast, Comcast is also interested
stocks on Tuesday—the first Sony Corp. and Verizon in buying Fox’s regional
In the past year, every trading day after the govern- Communications Inc., the sports networks, according
top-tier media company in ment filed its suit—suggests Journal has reported. to the person familiar with
the U.S. has agreed to or at investors are betting the Analysts and investors are Comcast’s thinking, assets
least considered a transfor- government doesn’t have a now trying to discern which that weren’t under discus-
mational merger. Now the strong case. combinations could pass sion with Disney.
industry must figure out But while the litigation muster with antitrust offi- 21st Century Fox and

20TH CENTURY FOX/EVERETT COLLECTION


what the Justice Depart- drags on, merger-and-acqui- cials. Telsey Advisory Group Wall Street Journal parent
ment’s lawsuit to block sition activity in the sector analyst Thomas Eagan wrote company News Corp share
AT&T Inc.’s acquisition of is likely to take a “four- or in a research note that the common ownership.
Time Warner Inc. means for five-month pause,” Mr. Justice Department’s suit “Six months ago, the mar-
other deals. Greenfield said. and clear concerns about ket believed that the indus-
Analysts have been espe- The lull would come as vertical mergers make it dif- try was poised to see fur-
cially interested in the po- the industry is under intense ficult for Comcast or Verizon ther, significant and maybe
tential impact on Comcast pressure from the accelera- to purchase Fox assets, leav- unprecedented consolidation
Corp.’s desire to acquire a tion of customer cord-cut- ing Disney—and possibly over the next several years,”
significant chunk of 21st ting, the growing power of Sony—as “the only real said William Drewry, found-
Century Fox’s assets. Comcast is interested in acquiring a significant chunk of 21st tech companies such as Net- buyer.” ing partner at Pursuit Advi-
Comcast is continuing its Century Fox, whose assets include movies such as ‘Avatar.’ flix Inc., Amazon.com Inc. For Comcast, there are ad- sory, a boutique advisory
talks with Fox and doesn’t and Facebook Inc., and a ditional factors to consider. firm specializing in media.
think a deal would face the sees the purchase of some content provider—similar to wave of consolidation among For one, some antitrust ex- “Now that is under serious
same regulatory hurdles be- Fox content assets as more the AT&T deal that the Jus- pay-TV distributors that has perts have argued that the question.”
cause the vast majority of of a “horizontal” deal of like tice Department is arguing is left the giants of media government didn’t do enough Some believe a horizontal
the revenue from the Fox businesses, rather than a illegal. searching for a transforma- to limit Comcast’s power merger between two content
businesses in question comes “vertical” merger akin to “How could Comcast buy tional next move. when it took control of NBC- providers might still be able
from overseas, said a person telecommunications giant more content if AT&T can’t This fall, those pressures Universal in 2011. Comcast to pass muster. Guggenheim
familiar with Comcast’s AT&T joining with Time buy Time Warner?” asked led Walt Disney Co. to reach would be adding Fox’s movie Securities analyst Michael
thinking. Warner. Rich Greenfield, an analyst out to Fox to discuss buying and television studios, mak- Morris argues that Time
Plus, Comcast already But others question that at BTIG Research. a substantial piece of its en- ing it an even larger pro- Warner could conceivably
owns content through its ac- thinking. A Comcast-Fox deal Of course, it’s possible tertainment assets. Although ducer of content and reduc- merge with Disney, Fox or
quisition of NBCUniversal. would combine what is prin- that AT&T will win the anti- the talks cooled, they helped ing the number of major CBS—should the AT&T deal
Therefore, the media giant cipally a distributor with a trust case and be able to buy put Fox in play. Fox has since studios—and that could be a fall apart.

Serving AT&T Is Onetime Trump Defender Clariant


BY DREW FITZGERALD
AND SARA RANDAZZO
servers say the company’s
choice of legal representation
signaled its eagerness to ag-
frauded thousands of people.
The 2016 election prompted
Mr. Trump to settle that case.
Petrocelli said his experience
with Mr. Trump would have no
impact on the AT&T case or
Dismisses
The lawyer charged with
defending AT&T Inc.’s take-
over of Time Warner Inc. in
gressively fight the lawsuit.
“You’re not hiring a bunch
of paper shufflers,” said Pat-
Mr. Petrocelli at the time said
his client “can fight, as we all
know,” but opted for a $25 mil-
his litigation strategy: “I don’t
think it’s relevant to this.”
Mr. Petrocelli first made a
Activist
court fits the part in a drama
that has already featured
plenty of big personalities and
rick Coughlin, a lawyer with
Robbins Geller Rudman &
Dowd who was one of Mr. Pet-
lion settlement to avoid the
distraction of further litigation.
The president’s shadow
name for himself successfully
representing Ron Goldman’s
family in a 1997 wrongful
Investors’
GREGORY BULL/ASSOCIATED PRESS

unexpected twists.
Trial attorney Daniel Petro-
celli’s client list over the years
has included former Enron
rocelli’s opponents in the case
involving Mr. Trump. “He’s
very comfortable in a court-
room,” Mr. Coughlin said, add-
looms over Mr. Petrocelli’s lat-
est case. AT&T Chief Executive
Randall Stephenson on Mon-
day said the question of Time
death trial against O.J. Simp-
son, which followed the for-
mer NFL star’s acquittal in the
criminal trial over the deaths
Demands
Chief Executive Jeffrey Skil- ing Mr. Petrocelli’s conversa- Warner’s CNN and its role in of Mr. Goldman and Nicole BY BRIAN BLACKSTONE
ling, boxer Manny Pacquiao, tional demeanor often plays the antitrust case was the “el- Brown Simpson.
Walt Disney Co., pop singer well with judges. ephant in the room,” a refer- The Los Angeles-based at- ZURICH—Clariant AG re-
Kesha and a reality-TV star Mr. Petrocelli, who is 64 ence to Mr. Trump’s dislike of torney took the lead in defend- jected many demands of its
turned politician named Don- years old, and his partners at the news channel. ing Mr. Skilling, who was con- largest shareholder in the
ald Trump. O’Melveny & Myers are known Daniel Petrocelli participated in The Justice Department has victed in 2006 of lying to wake of the failed $15 billion
Mr. Petrocelli’s latest client as litigators who will relent- the defense against lawsuits said the White House didn’t investors about Enron’s finan- merger with U.S.-based Hunts-
is bland by comparison: AT&T lessly push their client’s posi- involving Trump University. influence its work. The presi- cial health and sentenced to 24 man Corp., escalating a battle
hired the O’Melveny & Myers tion, sometimes by attacking dent didn’t help the agency years in prison. He continued with activist investors.
LLP partner to defend the opposing counsel, until a court Trump. Mr. Petrocelli repre- Tuesday when he called the the legal fight for years and in Clariant offered White Tale
phone-and-satellite company’s tells them to stop. sented Mr. Trump in his de- deal “not good for the coun- 2013 reached a deal to drop Holdings—which owns more
$85 billion deal to buy Time That willingness to dog- fense of lawsuits claiming try” in response to a reporter’s his appeals in exchange for a than 20% of the Swiss chemi-
Warner against Justice De- gedly fight in court was Trump University, the com- shouted questions. reduced sentence of 14 years. cals company—one seat on its
partment lawyers who say the matched by an equally tena- pany that ran Mr. Trump’s for- Following an AT&T press —Ryan Knutson board of directors, short of the
deal will hurt competition. Ob- cious client in the case of Mr. profit real-estate courses, de- conference on Monday, Mr. contributed to this article. three seats the shareholder
had requested. It also dis-
missed White Tale’s call to
hire an investment bank to ex-
plore strategic options for the
company.
“The board of directors per-
ceives this process to be
merely focused on finding bid-
ders for various businesses
with the ultimate consequence
of breakup the company and
selling the assets,” Clariant
said in a statement Friday.
Clariant executives met
with White Tale earlier this
week, and its board met
Thursday.
White Tale comprises in-
vestment funds 40 North Lati-
tude Master Fund Ltd., con-
trolled by U.S. investors David
Winter and David Millstone,
and Corvex Master Fund Ltd.,
controlled by well-known ac-
tivist investor Keith Meister.
Under pressure from White
Tale, Clariant and Huntsman
scuttled their proposed
merger on Oct. 27. White Tale
had said the proposed deal
was detrimental to sharehold-
ers, and its large stake in Clar-
iant in the end made it impos-
KHAM/REUTERS

sible for the company to win


the necessary shareholder ap-
proval.
“Bottom line...it’s clear
Bottles of beer move along a production line in June at a factory of Saigon Beer Corp., or Sabeco, in Hanoi. Clariant will resist attempts to
break up the company, and at

Vietnam Seeks Investors for a Stake in Brewer


its current valuation, we
struggle to see major new op-
tions to drive upside,” said an-
alysts at Morgan Stanley in a
BY P.R. VENKAT Depending on the level of largest sale of a Vietnamese with sales booming in sectors have more than doubled in research note.
AND JAKE MAXWELL WATTS buyer interest, Vietnam could state-run firm and could add from banking to beverages. value. The company is one of Clariant shares were down
sell more than 50% of the de- weight to the communist gov- Consumer spending is rising, the biggest listed firms in 0.34% Friday.
The government of Vietnam cades-old company and cease ernment’s plans to open up its which is attracting more for- Vietnam and has about a 40% The Swiss company said
has kicked off a process to to be its majority owner. economy to foreign invest- eign investors, especially share of its beer market. Friday that it would give
find potential investors for a The exact amount of shares ment by relaxing ownership those in Japan and Europe The company’s sales and White Tale a chance to pro-
large stake in the country’s it will sell will be decided after limits. who are seeking opportunities profit have been rising. Reve- pose one new member to its
biggest beer company, as it roadshows in Singapore, Lon- While that process is under outside their own markets. nue topped $1.3 billion in 2016 board at the company’s annual
looks to strike a multibillion- don and Ho Chi Minh City in way, the government has often The country also has a and Sabeco posted net income general meeting in March.
dollar deal in the coming the next few days, said a se- been slow to follow through young population and a boom- of $197 million that year, ac- White Tale had also pro-
weeks. nior government official. He with those promises or been ing export sector that is taking cording to S&P Global Market posed that Clariant sell its
On Friday, Vietnamese gov- said the plan is for Vietnam to weak in execution, some for- business from China and coun- Intelligence. plastics-and-coatings business,
ernment officials were in Sing- unload a significant portion of eign investors say. The gov- tries where costs and wages Foreign interest for the though Clariant Chief Execu-
apore meeting investors to its ownership before year-end. ernment had in previous years are higher. government’s stake in the beer tive Hariolf Kottmann said Fri-
drum up interest in state- Sabeco is subject to a for- talked about a potential sale of Vietnam’s economy is ex- company has been strong. day that it isn’t reasonable in
owned Saigon Beer Alcohol eign-ownership limit of 49%, its majority stake in Sabeco, pected to grow more than 6% People familiar with the pro- the near term given the unit
Beverage Corp., or Sabeco. which means that a rule and only recently began acting this year and its stock market cess said Japan’s Kirin Hold- generates significant amounts
The brewer is publicly listed in change may be required for on those plans. is one of the best performers ings Co. and Asahi Group of cash for the company.
Vietnam and has a market any single foreign buyer to Vietnam is one of Asia’s in Asia, with the Ho Chi Minh Holdings Ltd. and Thailand’s White Tale had no immedi-
capitalization of around $8.7 snap up the entire stake the fastest-growing economies, Stock Index up around 40% so Thai Beverage PCL and Singha ate comment.
billion. government is looking to sell. with a population of more far this year. Group were among the compa- Clariant said it would offer
The government currently If a deal for a majority than 90 million, and is seen as Sabeco’s shares started nies that have shown interest details on its business strategy
owns close to 90% of Sabeco. stake is struck, it would be a promising frontier market, trading about a year ago and in buying a stake in Sabeco. in early 2018.
B4 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

WEEKEND INVESTOR

CFTC Chief Works to Tweak Rules


Republican J. Christopher Giancarlo leans on his ability to reach out to Democrats as he reviews Obama-era regulations
BY GABRIEL T. RUBIN can, took over as acting chief vention next week. wrong, like its rules for
on the first day of the “I don’t get hung up on swaps-trading platforms, as
WASHINGTON—J. Christo- Trump administration and whether a guy is a Republi- well as to reach international
pher Giancarlo moved to the was later installed as the can or Democrat—I’m a mu- agreements with other regu-
top job at the Commodity commission’s permanent sician and I just want to lators who moved more
Futures Trading Commission chairman. play, and I think he’s the slowly to implement postcri-
this year from a minority Appointed to the CFTC by same way,” Mr. Peterson said sis rules.
commissioner’s President Barack Obama, he in an interview. Those efforts have won
WEEKEND role, giving him served as a minority com- People who have worked the support of Republicans
PROFILE a chance to missioner for three years— closely with Mr. Giancarlo in Congress and the Trump
push for dissenting at times, but describe him as an under- administration. But Mr. Gian-
changes on mostly trying to reach con- stated presence with a vora- carlo has on occasion failed
Obama-era derivatives regu- cious appetite for learning to anticipate the political

ANDREW HARRER/BLOOMBERG NEWS


lations that he has criticized. about the markets he regu- fallout from some of his de-
But so far, Mr. Giancarlo lates. As a Vanderbilt Uni- cisions. A former major do-
has been content to tweak
Mr. Giancarlo is versity-trained lawyer, he nor to 2012 Republican pres-
derivatives rules tied to the viewed by some on doesn’t shy away from div- idential candidate Mitt
2010 Dodd-Frank regulatory ing into arcane aspects of fi- Romney, Mr. Giancarlo is
overhaul law. His assertion
the left as too cozy nancial regulation. viewed by some on the left
that the bulk of Dodd-Frank with Wall Street. “You couldn’t give him as too cozy with Wall Street.
derivatives regulations is enough material to read and Last year, while still a mi-
here to stay has been disarm- study,” a former CFTC offi- nority commissioner, he
ing to some Democrats, who cial said, citing Mr. Gian- J. Christopher Giancarlo, head of the Commodity Futures Trading withdrew a report on curb-
have worried about large- sensus with the commis- carlo’s interest in academic Commission, accepts that most postcrisis rules are permanent. ing bets on commodities af-
scale deregulation under the sion’s Democratic majority. studies of the causes and ef- ter it brought criticism from
Trump administration. Now, Mr. Giancarlo, 58 years fects of the financial crisis. career, Mr. Giancarlo was a permanent. But he is also consumer advocates and
Those who know him say old, is looking back at rules Mr. Giancarlo’s low-key corporate lawyer and then critical of how some of those congressional Democrats,
Mr. Giancarlo’s moderate ap- that may have been put to- demeanor and center-right an executive at GFI Group, a regulations were imple- who said it was skewed to-
proach and willingness to gether too hastily after the Republican politics have led broker-dealer. mented by the CFTC, espe- ward industry perspectives.
work closely with Democrats 2008 financial crisis, seeing many to compare him with “Jay and I approach these cially some swaps-trading Sen. Elizabeth Warren (D.,
aren’t surprising. if changes are needed. Jerome Powell, President things from a very pragmatic rules put in place under Gary Mass.) said the report didn’t
“He actually brings a sig- An avid musician—on gui- Donald Trump’s nominee for standpoint—what’s the most Gensler, who turned the satisfy, in her opinion, the
nificant amount of continu- tar and banjo—Mr. Giancarlo Federal Reserve chairman. efficient and effective way to sleepy CFTC into a power- legal requirement that it in-
ity to the agency,” said Mark is in a band with the top Both men are East Coasters achieve a mission,” Mr. Gian- house that completed its clude diverse viewpoints.
Wetjen, a former Democratic Democrat on the House Agri- (Mr. Powell from Washing- carlo said in an interview, swaps rules years before “Withdrawing the report
CFTC commissioner who culture Committee, Rep. Col- ton, Mr. Giancarlo from referring to Mr. Powell by other national regulators got was the right thing to do,”
served with Mr. Giancarlo lin Peterson of Minnesota. northern New Jersey) who his nickname. to theirs. Mr. Giancarlo said. “The les-
during the Obama adminis- The two are scheduled to spent years in the private Like Mr. Powell, Mr. Gian- Mr. Giancarlo is now at son there was that when you
tration. perform at the Minnesota sector before taking top jobs carlo generally accepts that work trying to tweak what represent the government,
Mr. Giancarlo, a Republi- Cattlemen’s Association con- in government. Earlier in his most postcrisis changes are he believes the CFTC got appearances matter.”

HEARD Morningstar. The fund had


beaten its benchmark most
years, and its compound an-
wrote. He was right, but per-
haps not in the way that he
meant. Writing in 2014, after
the fund had then been in
business and far longer than
most investors’ patience.
cause others can try to
mimic it. Long Term Capital
Management produced stu-
For example, when Mr.
Berkowitz began his trium-
phant decade, his fund was
Continued from page B1 nual return was an impres- two more years—one bad For managers with more pendous results, but then its tiny. By the end, it was large
cial system in 1998. sive 13 percentage points and one good—for volatile results than Mr. strategy was copied, and Mr. and then probably got a fur-
The research applies di- better than peers on an an- Fairholme, Mark Hebner of Berkowitz’s, Mr. Hebner de- Haghani saw the erosion of ther boost from the award.
rectly to picking fund man- nualized basis. Index Fund Advisors used termined that it could take their edge firsthand. During the year that it
agers. We already know most The fund slumped strik- statistics to determine if several hundred years of The confidence investors lagged behind the market by
active managers fail to beat ingly the very next year, lag- skill was responsible for performance to discern the place in their ability to pick 35 percentage points, it took
an index fund in any given ging behind the S&P 500 by Fairholme’s past success. Us- manager’s true ability. skilled managers is ulti- a lot more people’s savings
year, yet many people pay up nearly 35 percentage points. ing a measure of how much There are other explana- mately costly. Investors buy down with it. For some suc-
for managers they believe The inevitable schadenfreude Mr. Berkowitz’s fund tended tions for investing success top-performing and top- cessful funds, the effect is so
have the skill to do so. in the financial media elic- to deviate from its bench- that aren’t sustainable. rated funds without any abil- stark that a fund manager
For example, performance ited a rebuke from Mr. mark and the same 95% con- Strategies such as value in- ity to determine if skill or retires with vast personal
of the Fairholme Fund won Berkowitz in his 2011 letter fidence interval used in the vesting can fall in and out of luck produced the gains. The wealth and a wonderful rep-
its manager, Bruce Berko- to shareholders. “One cir- coin-flipping paper, he con- favor. And, unlike loaded result is that the typical in- utation while never generat-
witz, the distinction of do- cling of the sun is too short cluded that it was too soon coins, an investment strategy vestor in active funds lags ing a net dollar of value for
mestic equity fund manager a time to differentiate be- to tell. It would take 18 years that is a legitimate winner behind even those funds’ re- investors. Coin flipping can
of the decade in 2010 from tween good and lucky,” he to get an answer, longer than may not stay that way be- turn by quite a bit. get expensive.

Cash Prices | WSJ.com/commodities Friday, November 24, 2017 Global Government Bonds: Mapping Yields
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
separate from the futures price on an exchange, which reflects what the commodity might be worth in future selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
months. Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
Friday Friday Friday Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 American Eagle-e 1352.19 1.500 U.S. 2 1.740 s l 1.731 1.581 1.126
Energy 1560.70
Metals
Mexican peso-e 2.250 10 2.343 s l 2.319 2.417 2.353
Propane,tet,Mont Belvieu-g 1.0074 Austria crown-e 1265.30
Butane,normal,Mont Belvieu-g 1.0421 Gold, per troy oz Austria phil-e 1352.19 2.750 Australia 2 1.775 s l 1.773 1.939 1.778 3.5 4.2 65.2
NaturalGas,HenryHub-i n.a. Engelhard industrial n.a. Silver, troy oz. 2.750 10 2.516 t l 2.520 2.784 2.766 17.3 20.1 41.3
NaturalGas,TranscoZone3-i n.a. Engelhard fabricated n.a. Engelhard industrial n.a.
NaturalGas,TranscoZone6NY-i n.a. Handy & Harman base 1290.50 Engelhard fabricated n.a. 0.000 France 2 -0.558 s l -0.563 -0.526 -0.660 -229.8 -229.4 -178.6
NaturalGas,PanhandleEast-i n.a. Handy & Harman fabricated 1432.45 Handy & Harman base 17.0100 0.750 10 0.705 s l 0.678 0.751 0.793 -164.1 -155.9
-163.8
NaturalGas,Opal-i n.a. LBMA Gold Price AM *1290.15 Handy & Harman fabricated 21.2630
NaturalGas,MarcellusNE PA-i n.a. LBMA Gold Price PM *1290.35 LBMA spot price £12.8000 0.000 Germany 2 -0.686 s l -0.690 -0.701 -0.734 -242.6 -242.1 -186.0
NaturalGas,HaynesvilleN.LA-i n.a. Krugerrand,wholesale-e 1339.31 (U.S.$ equivalent) 17.0500
0.500 10 0.364 s l 0.350 0.478 0.264 -197.9 -196.9 -208.8
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850 Maple Leaf-e 1352.19 Coins,wholesale $1,000 face-a 12820
Other metals 0.050 Italy 2 -0.271 s l -0.297 -0.148 0.080 -201.1 -202.7 -104.6
LBMA Platinum Price PM *933.0
2.050 10 1.823 s l 1.778 2.062 2.142 -52.0 -54.0 -21.0
Platinum,Engelhard industrial n.a.
ADVERTISEMENT Platinum,Engelhard fabricated n.a. 0.100 Japan 2 -0.186 s l -0.192 -0.136 -0.160 -192.6 -192.3 -128.6
Palladium,Engelhard industrial n.a.
Palladium,Engelhard fabricated n.a. 0.100 10 0.028 s l 0.025 0.069 0.035 -231.5 -229.3 -231.8

Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
Aluminum, LME, $ per metric ton
Copper,Comex spot
Iron Ore, 62% Fe CFR China-s
*2090.0
3.1660
67.8
2.750
1.450
Spain 2 -0.344 s
10 1.498 s
l
l
-0.354
1.459
-0.289
1.647
-0.117
1.577
-208.4
-84.5
-208.5
-86.0
-124.3
-77.6
Shredded Scrap, US Midwest-s,w 276 1.750 U.K. 2 0.463 s l 0.450 0.475 0.131 -128.1 -99.5
-127.7
Steel, HRC USA, FOB Midwest Mill-s n.a.
4.250 10 1.253 s l 1.252 1.358 1.302 -109.0 -106.7 -105.1
AVIATION BOATING Fibers and Textiles
Source: Tullett Prebon
Burlap,10-oz,40-inch NY yd-n,w 0.6200
  
  Cotton,1 1/16 std lw-mdMphs-u 0.7118 Corporate Debt
Cotlook 'A' Index-t *81.60
Hides,hvy native steers piece fob-u 61.000
in that same company’s share price.
Wool,64s,staple,Terr del-u,w n.a. Investment-grade spreads that tightened the most…
Grains and Feeds Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Barley,top-quality Mnpls-u n.a.
Bran,wheat middlings, KC-u 93 Teva Pharmaceutical Finance Netherlands Iii TEVA 2.800 July 21, ’23 295 –16 340 ... ...
Corn,No. 2 yellow,Cent IL-bp,u n.a. General Electric GE 5.000 Jan. 21, ’49 103 –10 n.a. 18.19 0.22
Corn gluten feed,Midwest-u,w 95.8
  
     Corn gluten meal,Midwest-u,w 485.1 PepsiCo PEP 1.700 Oct. 6, ’21 14 –8 17 115.90 0.71
        
     


Cottonseed meal-u,w 230 Morgan Stanley MS 4.300 Jan. 27, ’45 113 –5 124 49.06 –0.06
Hominy feed,Cent IL-u,w 92
 
Meat-bonemeal,50% pro Mnpls-u,w 218 AT&T T 4.500 March 9, ’48 214 –5 226 34.81 –0.17
Oats,No.2 milling,Mnpls-u n.a. Barclays BACR 3.200 Aug. 10, ’21 80 –4 n.a. ... ...
Rice, 5% Broken White, Thailand-l,w 390.00 Ford Motor Credit F 3.815 Nov. 2, ’27 149 –4 157 ... ...
Rice, Long Grain Milled, No. 2 AR-u,w 25.00
LUXURY Sorghum,(Milo) No.2 Gulf-u n.a. Macy's Retail Holdings M 4.500 Dec. 15, ’34 343 –4 357 ... ...
SoybeanMeal,Cent IL,rail,ton48%-u n.a.
Soybeans,No.1 yllw IL-bp,u n.a. …And spreads that widened the most
Buy or Lease
Wheat,Spring14%-pro Mnpls-u n.a.
Wheat,No.2 soft red,St.Louis-bp,u 4.2850
Chubb INA Holdings CB 2.300 Nov. 3, ’20 37 4 37 ... ...
3.7800 UnitedHealth UNH 4.250 April 15, ’47 97 4 100 212.51 0.61

SHOWROOM
Wheat - Hard - KC (USDA) $ per bu-u

for Less Wheat,No.1soft white,Portld,OR-u


Food
n.a. Anheuser–Busch InBev Finance
Cisco Systems
ABIBB
CSCO
4.700
4.450
Feb. 1, ’36
Jan. 15, ’20
106
19
3
3
110
30
...
36.49
...
0.11
(800) 366-3975 Nationwide delivery.
Beef,carcass equiv. index Walt Disney DIS 2.950 June 15, ’27 62 2 72 102.64 –0.10
sales.showroom@wsj.com We offer all current makes & models - 189.18
choice 1-3,600-900 lbs.-u General Motors Financial GM 4.000 Jan. 15, ’25 129 2 129 ... ...
for less. Call 7 days. Trades accepted. select 1-3,600-900 lbs.-u 169.68
For more information visit: 0.8613
Visa V 2.800 Dec. 14, ’22 45 2 43 111.97 1.04

877.989.1500
Broilers, National comp wghtd-u,w
wsj.com/classifieds Butter,AA Chicago n.a. Verizon Communications VZ 4.272 Jan. 15, ’36 158 2 165 47.01 –0.19
Cheddar cheese,bbl,Chicago n.a.
© 2017 Dow Jones & Company, Inc. High-yield issues with the biggest price increases…
All Rights Reserved. www.LEASEFAX.com Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
n.a.
n.a. Bond Price as % of face value Stock Performance
Cocoa,Ivory Coast-w n.a. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Coffee,Brazilian,Comp 1.2251
ADVERTISEMENT Coffee,Colombian, NY 1.4258 Western Digital WDC 10.500 April 1, ’24 116.625 1.63 116.500 92.78 –0.14
Eggs,large white,Chicago-u 1.5750 Denbury Resources DNR 9.000 May 15, ’21 98.313 1.56 97.500 1.80 1.69
Flour,hard winter KC 15.50 7.600 Sept. 15, ’39 85.000 1.00 83.000 13.84 0.29
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
0.75
61.03
n.a.
CenturyLink
Transocean
HCA
CTL
RIG
HCA
6.800 March 15, ’38
5.375 Feb. 1, ’25
81.280
103.250 0.75
0.91 79.750
102.375
10.07
77.19
–1.66
0.16
Pork loins,13-19 lb MidUS-u 0.8092 KCA Deutag UK Finance KCADEU 9.875 April 1, ’22 106.750 0.75 105.750 ... ...
Steers,Tex.-Okla. Choice-u n.a. US Concrete USCR 6.375 June 1, ’24 107.750 0.75 107.000 74.30 –0.73
PUBLIC NOTICES Steers,feeder,Okla. City-u,w 166.38
MEG Energy MEGCN 6.375 Jan. 30, ’23 92.250 0.63 90.000 ... ...

LEGAL
Fats and Oils
Corn oil,crude wet/dry mill-u,w 33.7500 …And with the biggest price decreases
NOTICES
   
  
 
 
Grease,choice white,Chicago-h n.a.
  
 Lard,Chicago-u 0.4100
Altice Luxembourg ATCNA 7.625 Feb. 15, ’25 97.000 –0.50 99.250 ... ...
      Soybean oil,crude;Centl IL-u n.a. Banco Bilbao Vizcaya Argentaria BBVASM 6.125 Nov. 16, ’49 102.000 –0.40 102.500 ... ...
  !"#$% "&'#&$& ( &) * +,
$ "$ $ -  . / #& 010
ADVERTISE TODAY Tallow,bleach;Chicago-h n.a. Qwest CTL 6.875 Sept. 15, ’33 94.000 –0.38 92.500 ... ...
Tallow,edible,Chicago-u 0.3400 Resolute Forest Products RFP 5.875 May 15, ’23 103.500 –0.38 103.375 9.35 1.08
* +, + -0 #   !&)&) (
& -0/23 (   * +, $,&4 (800) 366-3975 TeamHealth Holdings TMH 6.375 Feb. 1, ’25 91.000 –0.25 90.030 ... ...
$*/  "&  ( $"" #)&)) KEY TO CODES: A=ask; B=bid; BP=country elevator
Avantor VWR 6.000 Oct. 1, ’24 100.250 –0.25 99.750 ... ...
"$   ) $""  # ( sales.legalnotices bids to producers; C=corrected; E=Manfra,Tordella &
5) (6) $$/ "" &'#&&) *& Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Nokia NOKIA 5.375 May 15, ’19 103.750 –0.15 n.a. ... ...
)    *&&47* ( 5) * @wsj.com Intelligence;
APX APXSEC 7.875 Dec. 1, ’22 107.000 –0.13 107.000 ... ...
+, (6 ) #"  & 8 % )&( L=livericeindex.com; M=midday; N=nominal; n.a.=not
#)$& 70070./ © 2017 Dow Jones & Company, Inc.
quoted or not available; R=SNL Energy; S=Platts-TSI;
T=Cotlook Limited; U=USDA; W=weekly, Z=not *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.
All Rights Reserved.
quoted. *Data as of 11/23 Note: Data are for the most active issue of bonds with maturities of two years or more
Source: WSJ Market Data Group Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 25 - 26, 2017 | B5

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23557.99 s 31.81, or 0.14% Trailing P/E ratio 20.74 20.89 2602.42 s 5.34, or 0.21% Trailing P/E ratio 24.49 24.35 6889.16 s 21.80, or 0.32% Trailing P/E ratio * 26.45 24.02
High, low, open and close for each P/E estimate * 19.35 17.86 High, low, open and close for each P/E estimate * 19.50 18.45 High, low, open and close for each P/E estimate * 21.39 19.50
trading day of the past three months. Dividend yield 2.19 2.48 trading day of the past three months. Dividend yield 1.92 2.12 trading day of the past three months. Dividend yield 1.04 1.24
All-time high 23590.83, 11/21/17 All-time high: 2602.42, 11/24/17 All-time high: 6889.16, 11/24/17

Current divisor 0.14523396877348


23500 2600 6900

23000 2560 6750

22500 2520 6600

Session high
22000 2480 6450
DOWN UP
t

Session open Close 65-day moving average 65-day moving average


Close Open 21500 2440 6300
t

65-day moving average


Session low
21000 2400 6150

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 1 p.m. to 4:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 362,517,607 9,615,890
Industrial Average 23599.18 23551.59 23557.99 31.81 0.14 23590.83 19097.90 23.0 19.2 9.8 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 213,217,832 7,398,271
Transportation Avg 9656.31 9611.90 9620.20 -6.46 -0.07 10038.13 8783.74 6.4 6.4 1.6 Most-active issues in late trading Decl. volume* 141,685,185 1,798,920
Utility Average 762.32 757.93 759.07 1.34 0.18 774.47 626.66 18.6 15.1 8.7 Volume After Hours Issues traded 2,997 312
Company Symbol (000) Last Net chg % chg High Low Advances 1,762 194
Total Stock Market 27003.22 26971.81 26990.54 54.54 0.20 26990.54 22773.93 17.1 16.0 7.9
VelocityShares 3x Lg Nat UGAZ 9,560.1 7.86 0.06 0.77 7.88 7.70 Declines 1,111 97
Barron's 400 697.97 695.49 696.57 0.55 0.08 697.81 583.16 17.1 15.8 8.4
SPDR S&P 500 SPY 5,657.0 260.19 -0.17 -0.07 260.45 259.80 Unchanged 124 21
Nasdaq Stock Market Mylan MYL 3,762.3 37.31 -0.06 -0.16 37.38 37.31 New highs 166 5
Nasdaq Composite 6890.02 6873.74 6889.16 21.80 0.32 6889.16 5251.11 27.6 28.0 13.2 Comcast Cl A CMCSA 1,699.9 35.87 … unch. 35.98 35.86 New lows 21 3
Nasdaq 100 6410.77 6389.40 23.17 6409.29 4734.10 31.8 Closing tick 238 1
6409.29 0.36 31.6 14.4 Marathon Oil MRO 1,374.9 15.27 0.14 0.93 15.27 15.12
Closing Arms† 1.08 0.56
HollyFrontier HFC 1,324.9 44.05 … unch. 44.12 44.05
Standard & Poor's Block trades* 4,050 146
Barrick Gold ABX 1,269.7 14.19 0.09 0.64 14.19 14.10
500 Index 2604.21 2600.42 2602.42 5.34 0.21 2602.42 2191.08 17.6 16.2 7.9 Nasdaq NYSE Arca
Twitter TWTR 1,191.4 22.42 … unch. 22.45 22.37
MidCap 400 1862.84 1857.40 1859.19 1.28 0.07 1859.19 1623.28 13.3 12.0 8.5 Total volume* 868,876,398 107,028,604
SmallCap 600 927.88 923.79 927.25 1.37 0.15 927.81 808.59 12.4 10.7 10.6 Percentage gainers… Adv. volume* 539,552,538 43,605,747
Decl. volume* 301,286,076 62,315,875
Other Indexes iSh Core MSCI Europe IEUR 10.0 53.23 3.13 6.25 53.23 51.26
Issues traded 2,971 1,242
Russell 2000 1521.38 1516.52 1519.16 2.40 0.16 1519.16 1313.80 12.8 11.9 8.6 Net 1 UEPS Techs UEPS 12.8 11.39 0.45 4.07 11.39 11.00
Advances 1,606 768
NYSE Composite 12431.69 12419.40 12421.94 31.11 0.25 12430.52 10808.63 14.2 12.3 4.0 Statoil ADR STO 13.8 21.00 0.60 2.94 21.00 20.40 Declines 1,225 427
Value Line 549.99 548.43 549.04 0.61 0.11 549.04 496.60 8.7 8.5 2.9 Impinj PI 5.0 26.98 0.71 2.70 26.98 26.27 Unchanged 140 47
NYSE Arca Biotech 4225.66 4184.85 4217.84 23.67 0.56 4304.77 3075.02 25.3 37.2 7.4
Pilgrim's Pride PPC 9.0 36.20 0.76 2.14 36.20 35.39 New highs 183 233
New lows 28 33
NYSE Arca Pharma 538.74 536.58 538.23 2.10 0.39 560.52 463.78 13.5 11.8 -0.3 ...And losers
Closing tick 839 27
KBW Bank 99.52 98.88 98.92 -0.28 -0.28 102.31 85.30 13.8 7.8 10.5 Novartis ADR NVS 37.6 81.25 -3.83 -4.50 85.08 81.00 Closing Arms† 0.73 2.57
PHLX§ Gold/Silver 82.15 81.01 81.11 -0.64 -0.78 96.72 73.03 2.5 2.9 3.7 Zogenix ZGNX 15.2 37.44 -1.36 -3.51 38.80 37.44 Block trades* 3,070 900
PHLX§ Oil Service 132.74 131.43 131.64 0.08 0.06 192.66 117.79 -21.5 -28.4 -19.0 TransEnterix TRXC 16.7 2.42 -0.08 -3.20 2.51 2.42 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1342.05 1333.03 1341.69 12.59 0.95 1341.69 836.79 50.6 48.0 26.1 21st Century Fox Cl B FOX 37.0 29.00 -0.78 -2.62 29.85 29.00 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 9.96 8.56 -0.21 -2.13 16.04 9.14 -21.6 -31.1 issues with the volume of shares rising and falling. An
9.67 -8.5 Oasis Petroleum OAS 11.7 9.80 -0.26 -2.58 10.06 9.80 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 2993.71 9.34 0.31 18.3 Marathon Patent Group MARA 5.95 3.77 172.92 9.16 0.50 -21.3 RYB Education ADR RYB 16.45 -10.26 -38.41 31.80 15.56 ...
DJ Global Index 389.48 1.06 0.27 19.5 U.S. Global Investors A GROW 4.91 1.83 59.42 4.97 1.25 234.0 Medigus ADR MDGS 1.68 -0.55 -24.66 10.70 1.62 -82.7
DJ Global ex U.S. 263.11 0.89 0.34 23.0 Riot Blockchain RIOT 23.60 7.61 47.59 24.00 2.66 742.9 Qudian ADR QD 12.22 -3.93 -24.33 35.45 12.03 ...
Americas DJ Americas 626.51 1.29 0.21 15.9 Social Reality Cl A SRAX 7.69 1.87 32.13 7.95 1.11 23.0 Integrated Media Tech IMTE 8.13 -1.87 -18.74 10.00 6.00 ...
Brazil Sao Paulo Bovespa 74157.37 –329.20 –0.44 23.1 Net Element NETE 5.14 1.22 31.12 15.40 2.56 -42.9 Ekso Bionics Holdings EKSO 2.88 -0.61 -17.48 4.90 0.99 -39.2
Canada S&P/TSX Comp 16108.09 33.79 0.21 5.4 Seven Stars Cloud Group SSC 3.14 0.65 26.10 3.45 1.10 145.3 Cleantech Solutions Intl CLNT 5.86 -1.24 -17.46 12.40 2.31 95.3
Mexico S&P/BMV IPC 47941.88 –194.36 –0.40 5.0 Xcel Brands XELB 2.65 0.41 18.54 5.05 1.80 -46.5 Jianpu Technology ADR JT 4.90 -0.85 -14.78 8.43 4.86 ...
Chile Santiago IPSA 3820.81 4.69 0.12 18.5 ANI Pharmaceuticals ANIP 74.56 11.21 17.70 74.70 42.23 24.4 BeyondSpring BYSI 29.14 -4.93 -14.48 48.49 16.55 ...
LM Funding America LMFA 3.54 0.53 17.61 6.65 1.11 -21.5 China Rapid Finance ADR XRF 7.60 -1.26 -14.22 12.86 5.60 ...
EMEA Stoxx Europe 600 386.63 –0.49 –0.13 7.0
0.19 Allied Healthcare Prods AHPI 2.46 0.34 15.80 3.46 1.53 11.8 Shineco TYHT 2.77 -0.45 -13.98 5.29 1.72 -34.4
Eurozone Euro Stoxx 389.89 0.75 11.3
Belgium Bel-20 3985.46 7.27 0.18 10.5 ENDRA Life Sciences NDRA 3.75 0.51 15.74 4.00 2.15 ... VelocityShares 3x Lg Nat UGAZ 7.80 -1.18 -13.14 52.49 7.60 -75.0
France CAC 40 5390.46 10.92 0.20 10.9 PPDAI Group ADR PPDF 9.45 1.27 15.53 14.63 7.83 ... China Adv Constr Matrl CADC 5.00 -0.75 -13.04 9.75 1.55 111.9
Germany DAX 13059.84 51.29 0.39 13.8 ELEMENTS Rogers Energy RJN 2.70 0.34 14.41 3.72 1.94 13.0 Iconix Brand Group ICON 1.79 -0.26 -12.68 10.80 1.44 -81.5
Israel Tel Aviv 1432.71 … Closed –2.6 GAIN Capital Holdings GCAP 8.33 1.03 14.11 8.95 5.56 28.7 Bonanza Creek Energy BCEI 28.38 -3.76 -11.70 377.17 23.33 -75.1
0.08 16.5 VelocityShares 3x DGAZ 32.13 3.81 13.45 35.05 13.50 11.8 Kona Grill KONA 2.00 -0.25 -11.11 13.50 1.50 -84.2
Italy FTSE MIB 22416.31 18.53
Netherlands AEX 540.63 –0.72 –0.13 11.9
Russia RTS Index 1166.09 7.47 0.64 1.2 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10053.50 20.70 0.21 7.5
0.14 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 577.11 0.83 8.0 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9325.60 10.04 0.11 13.5
Marathon Patent Group MARA 42,447 5020.6 5.95 172.92 9.16 0.50 Horizons DAX Germany ETF DAX 178 2970 31.68 1.90 31.91 23.60
U.K. FTSE 100 7409.64 –7.60 –0.10 3.7
VelocityShares 3x Lg Nat UGAZ 39,114 112.8 7.80 -13.14 52.49 7.60 Riot Blockchain RIOT 18,893 2139 23.60 47.59 24.00 2.66
Asia-Pacific iShares MSCI Emg Markets EEM 24,894 -48.4 47.71 -0.21 47.93 33.94 RYB Education ADR RYB 11,397 1622 16.45 -38.41 31.80 15.56
Australia S&P/ASX 200 5982.60 –3.60 –0.06 5.6 General Electric GE 24,582 -65.0 18.19 0.22 32.38 17.46 Servotronics SVT 104 1494 11.77 1.50 12.80 8.50
China Shanghai Composite 3353.82 1.90 0.06 8.1 Qudian ADR QD 24,227 191.2 12.22 -24.33 35.45 12.03 ClearBridge All Cap Grw CACG 117 1158 27.18 0.18 27.18 24.37
Hong Kong Hang Seng 29866.32 158.38 0.53 35.8 SPDR S&P 500 SPY 22,091 -63.7 260.36 0.23 260.48 219.15 Net 1 UEPS Techs UEPS 1,822 929 10.95 -10.87 13.81 8.87
India S&P BSE Sensex 33679.24 91.16 0.27 26.5 Riot Blockchain RIOT 18,893 2138.9 23.60 47.59 24.00 2.66 Rubicon Technology RBCN 58 898 8.50 1.33 10.45 4.61
Japan Nikkei Stock Avg 22550.85 27.70 0.12 18.0 Square Cl A SQ 16,233 62.0 48.86 0.10 49.56 12.38 GAIN Capital Holdings GCAP 2,188 741 8.33 14.11 8.95 5.56
Singapore Straits Times 3442.15 18.98 0.55 19.5 Teva Pharmaceutical ADR TEVA 15,830 -35.9 13.70 1.63 38.49 10.85 Caledonia Mining CMCL 44 728 7.35 8.41 7.45 4.90
South Korea Kospi 2544.33 7.18 0.28 25.6 VanEck Vectors Gold Miner GDX 15,566 -59.5 22.83 -0.39 25.71 18.58 Social Reality Cl A SRAX 8,540 624 7.69 32.13 7.95 1.11
Taiwan Weighted 10854.09 –0.48 –0.004 17.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS & CURRENCIES Currencies


U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Europe
A consumer rate against its 5-year CDs
3.75% Argentina peso .0576 17.3482 9.3 Czech Rep. koruna .04689 21.328 –17.0
benchmark over the past year 10%
s Brazil real .3092 3.2341 –0.6 Denmark krone .1603 6.2382 –11.8
Bankrate.com avg†: 1.49%
3.00 Euro Canada dollar .7866 1.2713 –5.4 Euro area euro 1.1932 .8381 –11.8
Five-year CD yields Barclays 2.35% 5
Chile peso .001577 634.10 –5.3 Hungary forint .003822 261.63 –11.1
t 1.50% Wilmington, DE 888-720-8756 2.25 Ecuador US dollar 1 1 unch Iceland krona .009724 102.84 –9.0
0
EverBank 2.35% s Mexico peso .0539 18.5553 –10.5 Norway krone .1230 8.1280 –6.0
Friday
t

1.00 1.50 Yen Uruguay peso .03406 29.3600 0.03 Poland zloty .2835 3.5275 –15.7
t Jacksonville, FL 855-228-6755 –5
Venezuela b. fuerte .097334 10.2740 2.8 Russia ruble .01713 58.394 –4.7
Federal-funds 0.50 Home Savings Bank 2.35% 0.75 –10 Sweden krona .1208 8.2760 –9.1
target rate s Asia-Pacific
One year ago
t

Salt Lake City, UT 801-487-0811 WSJ Dollar index Switzerland franc 1.0206 .9798 –3.8
0.00 –15 Australian dollar .7615 1.3132 –5.4
0.00 First Internet Bank of Indiana 2.38% Turkey lira .2536 3.9437 11.9
China yuan .1516 6.5983 –5.0
1 3 6 1 2 3 5 710 30 2017 Ukraine hryvnia .0373 26.8284 –0.9
Indianapolis, IN 888-873-3424 Hong Kong dollar .1281 7.8083 0.7
–0.50 month(s) years UK pound 1.3332 .7501 –7.4
Goldman Sachs Bank USA 2.40% India rupee .01549 64.550 –5.0
D J F MAM J J A S O N maturity Indonesia rupiah .0000740 13505 –0.1 Middle East/Africa
2017 New York, NY 855-730-7283
Japan yen .008963 111.57 –4.6 Bahrain dinar 2.6466 .3779 0.2
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003030 330.04 –1.1 Egypt pound .0565 17.6890 –2.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1243 8.0424 1.6 Israel shekel .2850 3.5082 –8.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2431 4.1137 –8.3 Kuwait dinar 3.3125 .3019 –1.2
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields New Zealand dollar .6881 1.4533 0.6 Oman sul rial 2.5970 .3851 0.02
Pakistan rupee .00951 105.185 0.8 Qatar rial .2763 3.619 –0.6
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr Philippines peso .0197 50.634 2.1 Saudi Arabia riyal .2666 3.7505 –0.01
Libor, 3-month 1.47 1.44 0.93 l 1.47 1.23 Singapore dollar .7433 1.3454 –7.0 South Africa rand .0720 13.8866 1.4
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1463.652 2.168 2.167 2.237 1.818 2.609 1.983 South Korea won .0009211 1085.64 –10.1
Five-year CD, annual yield 1.49 1.48 1.19 l 1.49 -0.07 .0065036 153.76 3.6 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1735.885 2.342 2.352 2.609 2.058 2.437 1.776 Sri Lanka rupee
30-year mortgage, fixed† 3.89 3.90 3.73 l 4.33 -0.11 Taiwan dollar .03337 29.970 –7.7 WSJ Dollar Index 86.41 –0.11–0.13 –7.02
DJ Corporate n.a. n.a. 3.162 n.a. n.a. n.a. n.a.
Thailand baht .03062 32.660 –8.8 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.29 3.30 2.99 l 3.50 0.09 Aggregate, Barclays Capital 1943.420 2.650 2.660 2.790 2.380 3.654 2.382 Vietnam dong .00004400 22725 –0.2
Jumbo mortgages, $424,100-plus† 4.28 4.26 4.21 l 4.88 -0.02 High Yield 100, Merrill Lynch 2849.490 5.520 5.587 6.144 4.948 8.146 4.051
Five-year adj mortgage (ARM)† 3.70 3.55 3.20 l 4.03 0.20
Fixed-Rate MBS, Barclays 1988.420 2.860 2.890 3.120 2.660 2.598 1.997
New-car loan, 48-month 3.00 2.99 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 519.624 2.132 2.045 2.516 1.736 4.566 2.564 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 802.900 5.559 5.587 6.290 5.279 10.349 5.661 Commodities Friday 52-Week YTD
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg

DJ Commodity 615.71 -0.20 -0.03 616.58 532.01 11.39 8.54


Get real-time U.S. stock quotes and track most-active Track the Markets 192.22 0.32 195.14 3.49 -0.15

WSJ
TR/CC CRB Index 0.61 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 58.95 0.93 1.60 58.95 42.53 27.99 9.74
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 2.813 -0.155 -5.22 3.93 2.56 -8.82 -24.46
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1286.70 -4.90 -0.38 1346.00 1127.80 9.21 11.89
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B6 | Saturday/Sunday, November 25 - 26, 2017 * *** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS


YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM -3.26 30.96 23.87 JuniperNetworks JNPR 1.5 16 27.34 0.33 17.51 48.98 36.69 ShinhanFin SHG ... 7 44.23 -0.03 23.16 119.20 80.78 CheckPoint CHKP ... 22 104.02 0.40
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 14.55 49.38 40.27 KAR Auction KAR 2.9 29 48.82 0.13 160.81 123.94 38.69 Shopify SHOP ... dd 111.81 1.40 132.68 142.80 45.43 ChinaLodging HTHT ... 65 120.62 -2.60
The list comprises the 1,000 largest companies based on market capitalization. 48.51 54.36 34.75 KB Fin KB ... 7 52.41 0.61 -11.07 188.10 150.15 SimonProperty SPG 4.7 28 158.00 -0.33 -4.28 81.98 68.24 CincinnatiFin CINF 2.8 24 72.51 -0.15
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading 26.77 20.77 15.14 KKR KKR 3.5 10 19.51 -0.01 27.94 62.16 46.44 SmithAO AOS 0.9 30 60.58 -0.28 27.82 152.83 112.96 Cintas CTAS 1.1 34 147.71 0.35
volume. 5.04 18.82 13.43 KT KT ... 12 14.80 0.05 18.95 40.43 27.96 Smith&Nephew SNN 1.4 19 35.78 -0.01 20.75 36.97 29.12 CiscoSystems CSCO 3.2 19 36.49 0.04
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was 25.42 109.13 79.05 KSCitySouthern KSU 1.4 21 106.42 0.47 -13.03 143.68 99.56 Smucker SJM 2.8 22 111.37 -1.33 21.28 87.99 67.23 CitrixSystems CTXS ... 29 86.25 -0.43
$2 or higher. -11.91 76.69 58.76 Kellogg K 3.3 29 64.93 0.22 -47.02 29.44 11.28 Snap SNAP ... dd 12.97 0.35 126.94 145.98 57.42 Cognex CGNX 0.2 53 144.38 1.23
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -0.71 19.53 16.28 KeyCorp KEY 2.3 16 18.14 -0.02 -6.76 181.73 140.83 SnapOn SNA 2.1 16 159.70 -1.67 28.98 76.51 51.52 CognizantTech CTSH 0.8 22 72.27 0.56
s-New 52-week high. standards vj-In bankruptcy or receivership or 23.98 45.65 35.05 KeysightTechs KEYS ... 34 45.34 0.15 96.93 63.80 26.68 SOQUIMICH SQM 1.4 43 56.42 -0.10 131.77 320.73 124.94 Coherent COHR ... 38 318.42 3.59
t-New 52-week low. lf-Late filing being reorganized under the 1.98 78.33 67.00 KilroyRealty KRC 2.3 49 74.67 -0.62 s 70.85 48.03 27.72 Sony SNE ... 27 47.89 0.67 3.90 42.18 34.01 Comcast A CMCSA 1.8 17 35.87 -0.54
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 2.07 136.21 109.67 KimberlyClark KMB 3.3 19 116.48 0.43 4.47 53.51 46.20 Southern SO 4.5 93 51.39 0.03 -1.99 60.61 51.90 CommerceBcshrs CBSH 1.6 20 56.66 -0.20
four quarters. requirements. assumed by such companies. -25.28 26.63 17.02 KimcoRealty KIM 6.0 37 18.80 0.02 38.17 44.69 31.55 SoCopper SCCO 2.3 29 44.13 0.32 -4.76 42.75 30.95 CommScope COMM ... 36 35.43 -0.13
FD-First day of trading. t-NYSE bankruptcy -17.00 23.01 16.70 KinderMorgan KMI 2.9 31 17.19 0.09 10.63 64.39 44.70 SouthwestAir LUV 0.9 16 55.14 0.05 s 53.26 42.50 26.96 Copart CPRT ... 33 42.46 1.45
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 17.72 44.45 26.68 Knight-Swift KNX ... 70 39.83 -0.09 -12.74 47.48 39.78 SpectraEnerPtrs SEP 7.3 14 40.00 -0.25 s 64.57 314.73 179.22 CoStar CSGP ... 94 310.19 1.39
changes in the closing prices from 4 p.m. the previous day. -8.69 59.67 35.16 Kohl's KSS 4.9 12 45.09 0.46 -7.23 146.09 98.11 SpectrumBrands SPB 1.5 23 113.49 -0.79 7.19 183.18 150.00 Costco COST 1.2 28 171.62 -0.86
YTD 52-Week Yld Net 28.36 42.35 28.19 KoninklijkePhil PHG 2.3 23 39.24 0.06 41.11 84.75 51.85 SpiritAeroSys SPR 0.5 29 82.34 -0.53 19.10 60.65 39.71 Ctrip.com CTRP ... 83 47.64 -0.39
Friday, November 24, 2017 -5.47 21.59 16.51 KoreaElcPwr KEP ... 9 17.47 0.27 51.97 17.42 10.51 CypressSemi CY 2.5 dd 17.39 0.21
% Chg Hi Lo Stock Sym % PE Last Chg -26.96 9.65 5.62 Sprint S ... dd 6.15 ...
YTD 52-Week Yld Net -33.41 36.44 19.69 Kroger KR 2.2 14 22.98 -0.16 s258.47 49.56 12.38 Square SQ ... dd 48.86 0.05 -13.91 66.50 46.07 DISH Network DISH ... 24 49.87 -0.56
% Chg Hi Lo Stock Sym % PE Last Chg 10.04 77.27 63.43 ColgatePalm CL 2.2 28 72.01 0.26 43.49 71.75 47.08 Kyocera KYO ... 23 71.43 -0.04 44.73 168.25 114.27 StanleyBlackDck SWK 1.5 21 165.99 ... 16.94 67.95 52.53 DentsplySirona XRAY 0.5 dd 67.51 -0.08
-16.55 16.09 12.10 ColonyNorthStar CLNS 8.7 dd 12.45 0.09 64.43 15.06 8.07 LATAMAirlines LTM 0.5 53 13.45 -0.29 -1.09 23.01 21.27 StarwoodProp STWD 8.8 13 21.71 -0.07 9.14 114.93 82.77 DiamondbkEner FANG ... 27 110.30 1.05
NYSE 15.50 80.25 61.05 Comerica CMA 1.5 18 78.67 -0.67 -26.55 75.50 35.00 L Brands LB 5.0 14 48.36 -0.44 18.97 99.99 74.45 StateStreet STT 1.8 16 92.46 -0.21 -38.54 29.18 14.99 DiscovComm C DISCK ... 9 16.46 -0.26
19.35 11.33 7.82 SABESP SBS ... 9 10.36 -0.17 11.21 17.05 11.80 LG Display LPL ... 5 14.29 -0.18 11.84 21.02 16.16 Statoil STO 4.3 dd 20.40 0.06 -26.24 30.80 19.25 DiscovComm B DISCB ... 11 21.50 -2.00
21.64 26.48 20.26 ABB ABB 3.0 24 25.63 0.23 -10.34 41.68 32.16 ConagraBrands CAG 2.4 25 35.46
-0.72 40.72 30.15 AECOM ACM ... 17 36.10 -0.23
-0.05 s 32.05 45.30 30.90 LINE LN ... 88 44.91 1.04 31.30 93.39 64.37 Steris STE 1.4 53 88.48 0.58 -36.15 30.25 15.99 DiscovComm A DISCA ... 9 17.50 -0.29
6.02 147.77 106.73 ConchoRscs CXO ... 37 140.58 0.29 24.92 192.00 143.54 L3 Tech LLL 1.6 26 190.02 0.82 116.74 24.80 9.69 STMicroelec STM 1.0 35 24.60 0.50 27.47 100.74 65.63 DollarTree DLTR ... 23 98.38 -1.39
-8.00 12.47 10.00 AES AES 4.5 dd 10.69 0.01 0.66 54.22 42.27 ConocoPhillips COP 2.1 dd 50.47 0.25
22.13 85.70 66.50 Aflac AFL 2.1 12 85.00 -0.05 17.69 164.22 123.36 LabCpAm LH ... 21 151.09 -0.82 29.10 160.62 110.91 Stryker SYK 1.1 33 154.67 -0.12 29.49 45.70 32.25 E*TRADE ETFC ... 21 44.87 0.13
17.94 89.58 68.85 ConEd ED 3.2 22 86.90 0.24 s 43.83 54.65 32.01 LambWeston LW 1.4 24 54.44 0.19 5.24 8.30 6.93 SumitomoMits SMFG ... 8 8.04 0.06 343.64 63.60 13.05 EXACT Sci EXAS ... dd 59.27 0.10
-18.15 43.03 32.55 AT&T T 5.6 17 34.81 -0.06 44.73 227.20 144.00 ConstBrands A STZ 0.9 31 221.88 1.43 26.66 68.41 51.35 LasVegasSands LVS 4.3 26 67.65 -0.05 s 22.56 93.92 70.34 SunComms SUI 2.9127 93.89 0.72 13.40 61.90 46.31 EastWestBncp EWBC 1.4 16 57.64 -0.37
46.13 56.69 37.38 AbbottLabs ABT 1.9 44 56.13 0.33 44.26 221.28 147.95 ConstBrands B STZ.B 0.9 28 221.00 3.82 15.70 48.86 38.46 Lazard LAZ 3.4 14 47.54 -0.09 3.62 40.57 32.22 SunLifeFinancial SLF 3.6 12 39.80 0.17 20.71 39.27 27.28 eBay EBAY ... 5 35.84 -0.10
51.26 98.26 58.75 AbbVie ABBV 3.0 23 94.72 0.25 -9.33 60.30 29.08 ContinentalRscs CLR ... dd 46.73 0.49 33.83 178.81 127.42 Lear LEA 1.1 11 177.15 0.95 8.11 36.71 27.96 SuncorEnergy SU 2.9 21 35.34 -0.08 16.00 62.50 49.82 EchoStar SATS ... 48 59.61 0.01
26.04 148.47 112.31 Accenture ACN 1.8 27 147.63 0.52 38.51 256.39 158.73 Cooper COO 0.0 35 242.29 3.39 -4.89 54.97 43.16 Leggett&Platt LEG 3.1 19 46.49 -0.16 4.30 61.69 51.13 SunTrustBanks STI 2.8 15 57.21 -0.41 40.97 153.13 98.42 ElbitSystems ESLT ... 26 143.63 1.24
-31.56 257.94 153.28 AcuityBrands AYI 0.3 21 157.99 -3.50 47.28 138.69 87.69 Copa CPA 2.2 16 133.77 -1.10 19.89 64.20 47.81 Leidos LDOS 2.1 30 61.31 0.21 -7.66 38.05 26.01 SynchronyFin SYF 1.8 13 33.49 -0.18 37.05 122.79 73.74 ElectronicArts EA ... 28 107.94 0.62
32.87 86.42 51.74 Adient ADNT 1.4 8 77.86 0.21 31.23 32.33 23.48 Corning GLW 1.9 14 31.85 0.05 s 44.60 61.35 41.12 Lennar A LEN 0.3 18 61.02 0.41 16.91 93.61 75.07 Syngenta SYT ... 41 92.42 0.02 32.64 495.35 327.37 Equinix EQIX 1.7155 474.07 1.70
-47.24 177.83 78.81 AdvanceAuto AAP 0.3 19 89.23 -0.39 -7.15 20.88 14.24 Coty COTY 2.9 dd 17.00
s 40.28 7.52 4.89 AdvSemiEngg ASX 3.2 16 7.07 0.76
0.02 s 49.66 50.90 32.74 Lennar B LEN.B 0.3 15 50.62 0.59 -0.81 57.23 48.85 Sysco SYY 2.6 25 54.92 0.02 10.55 7.47 5.10 Ericsson ERIC 1.7 dd 6.45 0.06
35.43 214.28 148.44 Credicorp BAP 2.3 14 213.79 1.48 28.22 201.40 146.25 LennoxIntl LII 1.0 28 196.40 0.25 136.41 36.16 11.02 TAL Education TAL ...183 27.64 -0.16 73.37 32.50 14.22 Exelixis EXEL ... 53 25.85 -0.28
9.95 6.21 4.73 Aegon AEG 5.0 17 6.08 0.05 s 16.84 16.74 13.06 CreditSuisse CS 4.3 dd 16.72 0.15 11.94 161.00 111.88 Expedia EXPE 0.9 50 126.81
23.31 54.50 41.34 AerCap AER ... 8 51.31 0.50 10.45 27.34 21.05 LeucadiaNatl LUK 1.6 17 25.68 0.32 37.50 96.68 66.20 TE Connectivity TEL 1.7 20 95.26 0.75 -0.17
29.91 114.97 80.82 CrownCastle CCI 3.7 94 112.72 0.88 14.66 45.39 37.21 LibertyProperty LPT 3.5 19 45.29 0.13 20.09 38.47 31.18 Telus TU 4.2 24 38.25 0.14 13.07 62.63 51.57 ExpeditorsIntl EXPD 1.4 25 59.88 0.06
42.29 184.98 116.04 Aetna AET 1.1 33 176.46 0.22 12.17 61.61 51.57 CrownHoldings CCK ... 17 58.97 0.18 -11.06 77.50 55.80 ExpressScripts ESRX ... 10 61.18 -0.94
31.02 198.40 139.52 AffiliatedMgrs AMG 0.4 21 190.37 0.38 14.25 89.09 65.66 EliLilly LLY 2.5 40 84.03 0.35 s 62.54 19.50 11.17 TIM Part TSU ... 30 19.18 0.43
7.66 103.37 79.76 Cullen/Frost CFR 2.4 18 94.99 -0.49 10.37 77.45 61.45 LincolnNational LNC 1.8 11 73.14 -0.45 -5.67 80.92 66.44 TJX TJX 1.8 19 70.87 0.30 -14.88 149.50 114.63 F5Networks FFIV ... 19 123.19 1.17
52.24 70.81 42.92 AgilentTechs A 0.9 33 69.36 0.67 17.55 181.79 134.06 Cummins CMI 2.7 16 160.66 -2.73 s 58.87 183.15 114.00 Facebook FB ... 35 182.78 1.91
6.40 51.86 35.05 AgnicoEagle AEM 1.0 38 44.69 -0.23 25.09 33.68 24.27 LionsGate A LGF.A ... 35 33.65 0.67 s 49.53 43.02 28.34 TaiwanSemi TSM 2.7 20 42.99 0.58
27.01 61.53 43.95 DCT Industrial DCT 2.4 55 60.81 -0.26 30.15 32.08 22.50 LionsGate B LGF.B ... 33 31.94 0.62 16.68 48.85 34.16 Tapestry TPR 3.3 25 40.86 -0.17 4.45 52.74 39.79 Fastenal FAST 2.6 26 49.07 0.32
8.13 111.88 87.82 Agrium AGU 3.2 42 108.72 -0.01 14.35 116.21 92.19 DTE Energy DTE 3.1 21 112.65 0.03 4.56 29.39 23.20 FifthThirdBncp FITB 2.3 11 28.20 -0.22
70.15 46.33 26.41 LiveNationEnt LYV ...2263 45.26 0.84 -22.61 61.83 39.59 TargaResources TRGP 8.4 dd 43.39 0.11
12.33 163.56 133.63 AirProducts APD 2.4 29 161.56 -0.06 41.21 99.44 64.06 DXC Tech DXC 0.7166 97.76 -0.03 88.88 62.57 25.56 FirstSolar FSLR ... dd 60.61 0.10
15.16 3.87 2.86 LloydsBanking LYG 3.0 19 3.57 0.04 -22.64 79.33 48.56 Target TGT 4.4 12 55.88 -1.61
-26.29 101.43 61.10 AlaskaAir ALK 1.8 10 65.40 -0.18 20.79 94.24 76.27 Danaher DHR 0.6 28 94.02 0.26 20.56 130.20 102.60 Fiserv FISV ... 30 128.13 0.42
26.36 322.19 245.50 LockheedMartin LMT 2.5 25 315.82 0.95 -4.80 40.34 28.96 TataMotors TTM 0.0 15 32.74 -0.15
59.22 144.99 83.10 Albemarle ALB 0.9 32 137.06 1.81 10.34 95.22 71.02 Darden DRI 3.1 21 80.24 0.48 s 32.85 19.11 13.98 Flex FLEX ... 19 19.09 0.30
5.38 49.99 44.19 Loews L 0.5 17 49.35 -0.01 -24.23 37.09 24.53 TechnipFMC FTI 1.9 ... 26.92 -0.14
50.32 50.31 28.01 Alcoa AA ... 28 42.21 -0.43 -10.98 70.16 52.51 DaVita DVA ... 22 57.15 1.76 30.06 48.06 33.75 FlirSystems FLIR 1.3 30 47.07 0.23
11.42 86.25 69.92 Lowe's LOW 2.1 19 79.24 -0.32 17.22 33.76 14.56 TeckRscsB TECK 0.7 7 23.48 0.43
14.09 128.29 105.74 AlexandriaRlEst ARE 2.7144 126.79 -0.16 s 41.21 147.91 99.84 Deere DE 1.6 22 145.50 0.25 s 39.14 42.08 28.50 Fortinet FTNT ... 87 41.91 0.14
21.64 107.83 78.01 LyondellBasell LYB 3.5 11 104.34 0.92 s 92.35 35.25 17.04 TelecomArgentina TEO 1.3 18 34.95 -0.02
117.73 191.75 86.01 Alibaba BABA ... 55 191.19 1.35 47.26 83.98 51.02 DellTechs DVMT ... dd 80.95 0.16 17.47 39.32 29.32 Gaming&Leisure GLPI 7.0 20 35.97 -0.06
1.73 173.72 140.35 M&T Bank MTB 1.9 18 159.14 -0.78 -3.82 10.53 7.15 TelecomItalia TI 3.0 ... 8.55 0.43
-8.57 667.19 521.07 Alleghany Y ... dd 556.02 3.02 49.76 104.09 60.50 DelphiAuto DLPH 1.2 20 100.86 0.08 27.43 62.61 47.03 Garmin GRMN 3.3 17 61.79 0.26
17.55 34.65 25.15 MGM Resorts MGM 1.3 33 33.89 0.44 -0.96 8.45 5.89 TelecomItalia A TI.A 4.2 ... 7.22 0.50
29.56 89.81 63.71 Allegion ALLE 0.8 24 82.92 -0.24 1.87 55.75 43.81 DeltaAir DAL 2.4 10 50.11 -0.30 1.19 86.27 63.76 GileadSciences GILD 2.9 8 72.46 -0.36
2.40 39.43 30.88 MPLX MPLX 6.6 39 35.45 0.59 50.52 185.66 119.67 TeledyneTech TDY ... 31 185.14 1.33
-17.37 256.80 169.61 Allergan AGN 1.6 dd 173.53 -1.30 18.75 19.48 13.47 DeutscheBank DB 1.1 dd 19.19 0.28 s 63.62 129.11 76.52 MSCI MSCI 1.2 38 128.90 1.40 -0.65 37.20 28.81 Goodyear GT 1.8 8 30.67 -0.02
-2.84 266.25 209.00 AllianceData ADS 0.9 24 222.02 0.21 66.12 269.78 142.97 Teleflex TFX 0.5 49 267.71 1.16
-16.73 50.69 28.79 DevonEnergy DVN 0.6 13 38.03 0.04 -9.29 73.34 52.12 Macerich MAC 4.6 74 64.26 -0.01 13.45 16.85 11.95 TelefonicaBras VIV ... 22 15.18 -0.06 43.87 24.20 14.33 Grifols GRFS 1.8 ... 23.12 0.08
16.71 45.55 35.26 AlliantEnergy LNT 2.8 24 44.22 0.03 s 34.52 140.63 99.75 Diageo DEO 2.9 26 139.82 2.20 -41.16 45.41 17.41 Macy's M 7.2 9 21.07 0.44 111.37 58.61 23.23 GpoFinGalicia GGAL 0.0 16 56.90 -0.15
33.68 101.12 69.04 Allstate ALL 1.5 15 99.08 -0.22 10.22 11.64 8.15 Telefonica TEF 4.4 18 10.14 0.12
19.62 127.23 88.22 DigitalRealty DLR 3.2 95 117.54 0.33 -12.36 81.77 63.55 MagellanMid MMP 5.5 18 66.28 0.29 9.05 36.19 27.17 TelekmIndonesia TLK 2.3 19 31.80 0.73 -17.60 44.73 28.97 HD Supply HDS ... 11 35.03 -0.17
39.43 26.93 18.11 AllyFinancial ALLY 1.8 12 26.52 0.15 -9.28 74.33 57.50 DiscoverFinSvcs DFS 2.1 11 65.40 -0.10 24.88 55.76 39.50 MagnaIntl MGA 2.0 10 54.20 0.08 21.67 116.20 77.20 Hasbro HAS 2.4 20 94.65 -0.38
-41.30 35.29 18.73 AlticeUSA ATUS ... ... 19.20 -0.13 -17.36 37.21 25.91 Tenaris TS 1.8117 29.51 0.15
-1.52 116.10 96.20 Disney DIS 1.5 18 102.64 -0.10 44.19 129.06 84.98 Manpower MAN 1.5 19 128.14 0.59 71.81 44.62 23.39 Teradyne TER 0.6 20 43.64 0.36 -7.76 93.50 65.28 HenrySchein HSIC ... 20 69.97 0.02
-3.16 77.79 60.01 Altria MO 4.0 8 65.48 -0.01 s 39.96 63.34 44.98 DolbyLab DLB 1.0 33 63.25 0.40 19.14 21.70 16.62 ManulifeFin MFC 3.0 15 21.23 0.10 1.87 46.80 35.76 Hologic HOLX ... 15 40.87 -0.01
68.27 23.54 9.93 AlumofChina ACH ... 42 17.18 0.50 -62.21 38.49 10.85 TevaPharm TEVA 2.5 dd 13.70 0.22
16.48 88.13 65.97 DollarGeneral DG 1.2 19 86.28 -0.95 -12.59 19.28 10.55 MarathonOil MRO 1.3 dd 15.13 0.25 9.76 55.80 43.66 Textron TXT 0.2 23 53.30 -0.23 7.30 111.98 83.35 JBHunt JBHT 0.9 28 104.16 0.15
29.94 7.03 4.70 Ambev ABEV ... 36 6.38 -0.02 7.34 83.64 70.87 DominionEner D 3.7 24 82.21 0.05 23.20 63.41 44.60 MarathonPetrol MPC 2.6 19 62.03 0.02 1.82 14.74 12.14 HuntingtonBcshs HBAN 3.3 16 13.46 -0.08
20.05 64.89 48.32 Ameren AEE 2.9 25 62.98 0.06 37.14 201.20 139.07 ThermoFisherSci TMO 0.3 33 193.51 0.76
11.37 221.58 156.26 Domino's DPZ 1.0 34 177.34 0.79 18.98 1105.23 873.15 Markel MKL ...239 1076.14 -3.98 1.07 48.61 42.22 ThomsonReuters TRI 3.1 31 44.25 0.17 109.49 137.86 64.50 IAC/InterActive IAC ... 34 135.73 4.80
40.10 19.50 11.61 AmericaMovil AMX 1.8 32 17.61 0.06 14.04 48.91 39.49 Donaldson DCI 1.5 28 47.99 0.13 21.82 84.90 66.75 Marsh&McLen MMC 1.8 23 82.34 -0.31 32.01 173.01 113.47 IdexxLab IDXX ... 50 154.81 0.75
42.33 19.11 11.48 AmericaMovil A AMOV 1.8 32 17.51 0.03 37.00 138.07 87.96 ThorIndustries THO 1.1 19 137.07 0.17
s 11.93 41.19 35.27 DouglasEmmett DEI 2.2 77 40.92 0.25 -7.06 244.32 191.09 MartinMarietta MLM 0.9 30 205.90 -1.23 29.57 238.90 171.09 3M MMM 2.0 26 231.38 -0.20 23.61 48.53 34.20 IHSMarkit INFO ... 46 43.77 0.34
-14.43 51.70 41.06 AmCampus ACC 4.1104 42.59 0.07 26.18 97.09 68.10 Dover DOV 2.0 22 94.55 -0.16 25.17 41.10 30.08 Masco MAS 1.1 23 39.58 -0.36 145.21 248.23 93.38 IPG Photonics IPGP ... 36 242.05 2.57
21.46 77.93 57.89 AEP AEP 3.2 20 76.47 -0.12 20.16 97.29 76.08 Tiffany TIF 2.1 25 93.04 -1.05
5.92 73.85 64.01 DowDuPont DWDP ... 47 71.16 0.56 s 47.93 153.00 99.51 Mastercard MA 0.6 36 152.74 1.49 -7.28 103.90 85.88 TimeWarner TWX 1.8 17 89.50 -0.51 23.33 64.68 40.52 IRSA Prop IRCP 4.2 16 58.42 -0.03
26.19 96.90 71.39 AmerExpress AXP 1.5 18 93.48 -0.34 -4.53 99.47 83.23 DrPepperSnap DPS 2.7 22 86.56 0.16 6.21 106.50 88.64 McCormick MKC 1.9 27 99.13 0.12 -10.24 64.46 47.06 IcahnEnterprises IEP 11.2 5 53.50 -0.13
15.27 106.77 81.80 AmericanFin AFG 1.4 13 101.58 -0.55 s 56.13 48.76 29.11 Toll Bros TOL 0.7 18 48.40 0.33
-21.69 47.75 29.83 DrReddy'sLab RDY 0.9 35 35.46 -0.41 38.93 170.92 117.71 McDonalds MCD 2.4 24 169.11 0.06 15.46 86.50 69.55 Torchmark TMK 0.7 18 85.16 -0.01 55.66 124.48 73.76 Icon ICLR ... 23 117.06 -1.29
4.91 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 22.01 0.21 14.38 91.80 72.34 DukeEnergy DUK 4.0 29 88.78 0.15 3.00 169.29 133.82 McKesson MCK 0.9 7 144.66 -1.14 s 67.81 216.08 119.37 Illumina ILMN ... 41 214.86 -0.49
-9.62 67.47 57.90 AIG AIG 2.2 dd 59.03 -0.20 12.19 73.86 52.60 Toro TTC 1.1 26 62.77 0.05
9.75 30.14 23.93 DukeRealty DRE 2.7 40 29.15 -0.07 16.87 89.72 69.35 Medtronic MDT 2.2 23 83.25 0.91 18.32 58.76 45.18 TorontoDomBk TD 3.3 15 58.38 -0.29 -1.49 153.15 96.60 Incyte INCY ... dd 98.78 -0.22
39.38 155.28 99.72 AmerTowerREIT AMT 1.8 56 147.30 1.99 2.23 34.62 26.37 ENI E 5.8 32 32.96 -0.04 -7.68 66.80 53.63 Merck MRK 3.5 53 54.35 -0.02 23.38 47.30 33.23 Intel INTC 2.4 16 44.75 0.10
22.64 91.39 69.96 AmerWaterWorks AWK 1.9 33 88.74 0.08 10.71 56.98 46.04 Total TOT 5.2 17 56.43 0.32
0.55 109.37 81.99 EOG Rscs EOG 0.710166 101.66 0.07 7.93 55.91 44.17 MetLife MET 3.1 dd 51.83 0.12 s 51.97 74.72 47.01 TotalSystem TSS 0.7 33 74.51 0.74 52.31 56.01 33.01 InteractiveBrkrs IBKR 0.7 48 55.61 0.35
43.83 163.04 109.19 Ameriprise AMP 2.1 15 159.56 -0.02 -11.85 75.74 49.63 EQT EQT 0.2275 57.65 -0.53 51.72 694.48 407.87 MettlerToledo MTD ... 39 635.02 8.67 34.29 158.90 111.48 Intuit INTU 1.0 41 153.91 2.28
3.89 97.85 71.90 AmerisourceBrgn ABC 1.9 44 81.23 -0.17 7.55 128.11 103.62 ToyotaMotor TM ... 11 126.05 -0.03
21.18 94.96 73.52 EastmanChem EMN 2.2 13 91.14 0.24 s 31.71 57.10 32.38 MichaelKors KORS ... 16 56.61 ... 10.45 51.85 43.71 TransCanada TRP 3.9 32 49.87 0.29 88.35 400.00 203.57 IntuitiveSurgical ISRG ... 51 398.15 1.56
44.53 71.24 45.78 Ametek AME 0.5 30 70.24 ... 13.16 82.34 65.35 Eaton ETN 2.0 12 75.92 -0.30 25.61 36.21 27.86 MicroFocus MFGP ... 52 35.46 -0.42 14.01 65.51 37.26 IonisPharma IONS ...372 54.53 0.19
35.28 91.14 66.00 Amphenol APH 0.8 29 90.91 1.01 10.72 295.00 203.72 TransDigm TDG ... 35 275.65 6.66
s 25.62 53.30 39.93 EatonVance EV 2.4 22 52.61 -0.37 6.37 110.95 87.59 MidAmApt MAA 3.3 49 104.16 0.04 78.21 55.75 28.92 TransUnion TRU ... 42 55.12 -0.10 54.13 48.99 25.25 JD.com JD ... dd 39.21 -0.58
-31.01 73.33 39.96 AnadarkoPetrol APC 0.4 dd 48.11 -0.24 13.34 134.89 115.78 Ecolab ECL 1.1 30 132.86 -0.13 10.88 7.01 5.83 MitsubishiUFJ MTU ... 10 6.83 0.05 29.05 115.34 84.28 JackHenry JKHY 1.1 36 114.57 0.35
18.93 112.21 75.11 Andeavor ANDV 2.3 21 104.00 0.05 6.05 135.71 113.10 Travelers TRV 2.2 15 129.83 -0.18
29.83 12.30 7.84 Ecopetrol EC ... 21 11.75 -0.14 0.84 3.87 3.37 MizuhoFin MFG ... 9 3.62 0.04 33.77 9.79 6.35 TurkcellIletism TKC ... 13 9.23 0.05 27.21 163.75 99.28 JazzPharma JAZZ ... 23 138.70 0.66
-13.50 60.14 43.21 AndeavorLog ANDX 9.0 19 43.95 0.03 11.89 83.38 67.73 EdisonInt EIX 2.7 18 80.55 0.40 18.77 11.59 7.39 MobileTeleSys MBT 6.6 12 10.82 0.06 -11.51 24.13 18.05 JetBlue JBLU ... 10 19.84 -0.06
11.49 126.50 98.28 AB InBev BUD 3.2 59 117.56 1.81 -4.33 3.80 2.44 TurquoiseHill TRQ ... 28 3.09 -0.01
16.69 121.45 81.12 EdwardsLife EW ... 32 109.34 0.53 38.00 279.85 189.44 MohawkInds MHK ... 21 275.55 1.54 s 37.55 22.48 14.12 Twitter TWTR ... dd 22.42 0.15 s233.42 63.33 17.52 JunoTherap JUNO ... dd 62.85 2.52
18.25 12.73 9.83 AnnalyCap NLY 10.2 5 11.79 -0.09 10.55 67.78 53.92 EmersonElec EMR 3.1 28 61.63 -0.25 -18.13 102.14 78.10 MolsonCoors B TAP 2.1 8 79.67 0.13 33.50 110.00 74.66 KLA Tencor KLAC 2.2 16 105.04 0.57
-21.40 27.23 17.89 AnteroResources AR ... dd 18.59 -0.30 23.88 183.98 139.61 TylerTech TYL ... 52 176.87 0.24
-48.43 26.17 12.68 EnbridgeEnPtrs EEP 10.7 22 13.14 -0.01 12.28 122.80 101.52 Monsanto MON 1.8 23 118.13 -0.09 s 30.46 80.61 55.94 TysonFoods TSN 1.5 17 80.47 0.84 -8.66 97.77 75.21 KraftHeinz KHC 3.1 25 79.76 -0.06
53.29 222.24 140.50 Anthem ANTM 1.3 20 220.39 -0.03 -11.78 44.52 34.39 Enbridge ENB 5.1 25 37.16 0.18 s 59.36 150.73 93.51 Moody's MCO 1.0 54 150.23 0.83 s 24.14 38.49 27.85 LKQ LKQ ... 24 38.05 -0.09
24.30 152.78 109.82 Aon AON 1.0 ... 138.63 -0.61 10.15 18.31 15.10 UBS Group UBS 3.5 16 17.26 0.06
0.85 13.85 8.01 Encana ECA 0.5 15 11.84 0.09 16.12 51.52 40.06 MorganStanley MS 2.0 14 49.06 -0.03 8.74 40.71 33.32 UDR UDR 3.1128 39.67 0.01 105.08 219.70 97.79 LamResearch LRCX 0.9 20 216.83 1.66
-35.18 69.00 38.14 Apache APA 2.4 24 41.14 -0.40 21.32 11.10 7.75 EnelAmericas ENIA 3.6 27 9.96 -0.05 -18.68 34.36 19.23 Mosaic MOS 0.4 25 23.85 -0.04 12.57 79.09 62.45 LamarAdv LAMR 4.4 24 75.69 0.13
-1.54 46.85 40.65 ApartmtInv AIV 3.2142 44.75 0.11 2.97 52.00 43.92 UGI UGI 2.1 19 47.45 -0.28
30.09 27.74 18.36 EnelGenChile EOCC 7.6 13 25.29 0.05 11.42 94.94 76.92 MotorolaSol MSI 2.3 24 92.36 0.53 0.07 30.73 22.46 US Foods USFD ... 24 27.50 0.11 18.70 104.66 69.14 LibertyBroadbandC LBRDK ...517 87.92 -1.13
56.51 33.37 18.90 ApolloGlbMgmt APO 5.1 10 30.30 -0.13 -15.95 20.05 15.03 EnergyTransferEq ETE 7.3 20 16.23 0.06 136.79 29.78 10.92 NRG Energy NRG 0.4 dd 29.03 -0.19 19.42 104.35 67.37 LibertyBroadbandA LBRDA ...509 86.53 -0.85
21.74 37.30 29.24 AquaAmerica WTR 2.2 27 36.57 0.03 9.02 25.39 18.99 UltraparPart UGP 2.4 25 22.61 -0.14
-31.89 26.73 15.97 EnergyTransfer ETP 13.8 8 16.36 0.05 s 13.01 25.79 22.20 NTTDoCoMo DCM ... 17 25.71 0.11 40.92 61.62 38.78 Unilever UN ... 26 57.86 0.93 0.36 37.69 28.17 LibertyGlobal A LBTYA ... 35 30.70 0.06
15.68 44.12 32.87 Aramark ARMK 1.0 28 41.32 0.35 16.20 87.95 67.84 Entergy ETR 4.2 dd 85.37 -0.14 s103.80 3434.99 1570.00 NVR NVR ... 25 3401.38 -15.84 -0.03 37.00 27.36 LibertyGlobal C LBTYK ... 33 29.69 0.06
34.98 30.50 19.59 ArcelorMittal MT ... 4 29.56 0.37 39.68 60.13 38.99 Unilever UL 3.0 26 56.85 1.01
-11.39 30.25 23.59 EnterpriseProd EPD 7.1 19 23.96 -0.68 t -8.14 75.24 58.42 NationalGrid NGG 3.5 12 58.45 -0.23 14.05 119.71 100.10 UnionPacific UNP 2.2 21 118.25 0.39 2.41 27.82 19.58 LibertyLiLAC C LILAK ... 24 21.68 -0.04
-14.26 47.44 38.59 ArcherDaniels ADM 3.3 18 39.14 -0.10 -7.05 147.02 89.59 Equifax EFX 1.4 25 109.90 0.09 -14.93 43.63 29.90 NatlOilwell NOV 0.6 dd 31.85 -0.09 -1.41 28.11 19.65 LibertyLiLAC A LILA ... 24 21.65 0.09
29.40 30.69 18.47 Arconic ARNC 1.0 dd 23.99 0.24 -18.45 83.04 56.51 UnitedContinental UAL ... 9 59.43 -0.26
25.40 90.86 67.62 EquityLife ELS 2.2 43 90.41 0.60 -3.44 46.34 36.45 NatlRetailProp NNN 4.5 35 42.68 0.13 51.43 2.73 1.74 UnitedMicro UMC 3.1 21 2.65 -0.02 24.22 26.00 17.24 LibertyQVC A QVCA ... 10 24.82 -0.12
150.14 245.65 87.33 AristaNetworks ANET ... 50 242.06 3.05 5.98 70.45 58.94 EquityResdntl EQR 3.0 60 68.21 0.07 110.38 94.63 37.16 NewOrientalEduc EDU ... 48 88.57 -0.74 56.39 62.41 36.58 LibertyVenturesA LVNTA ... 24 57.66 -0.23
10.62 84.53 67.39 ArrowElec ARW ... 14 78.87 0.19 -1.31 121.75 102.12 UPS B UPS 2.9 28 113.14 -0.63
7.69 270.04 211.04 EssexProp ESS 2.8 31 250.37 0.40 -19.86 17.68 11.67 NY CmntyBcp NYCB 5.3 15 12.75 -0.09 s 45.07 155.45 94.20 UnitedRentals URI ... 22 153.16 -0.11 24.03 41.14 27.55 LibertyFormOne C FWONK ... ... 38.86 -0.17
23.87 35.60 25.55 AstraZeneca AZN 2.7 25 33.84 0.01 64.98 126.99 75.30 EsteeLauder EL 1.2 34 126.19 0.35 -36.46 55.08 27.45 NewellBrands NWL 3.2 11 28.37 0.17 18.50 39.37 27.63 LibertyFormOne A FWONA ... ... 37.15 -0.08
2.00 55.22 43.25 Athene ATH ... 7 48.95 -0.35 0.90 56.61 48.78 US Bancorp USB 2.3 15 51.83 -0.08
0.59 277.17 206.60 EverestRe RE 2.4 34 217.67 -1.57 -24.10 50.00 24.41 NewfieldExpln NFX ... 18 30.74 0.08 6.65 124.79 106.85 UnitedTech UTX 2.4 18 116.91 0.18 10.44 26.52 19.30 LibertyBraves A BATRA ... dd 22.63 -0.16
19.65 91.00 69.57 AtmosEnergy ATO 2.2 24 88.72 0.11 16.48 66.15 50.56 EversourceEner ES 3.0 21 64.33 0.52 7.66 39.62 30.40 NewmontMin NEM 0.8188 36.68 -0.03 10.15 26.20 18.57 LibertyBraves C BATRK ... dd 22.68 -0.08
157.87 67.69 24.71 Autohome ATHM ... 43 65.19 0.36 32.79 213.93 150.00 UnitedHealth UNH 1.4 24 212.51 1.29
17.30 42.67 31.77 Exelon EXC 3.1 19 41.63 0.13 30.61 159.28 112.63 NextEraEnergy NEE 2.5 18 156.03 0.85 -5.55 129.74 95.26 UniversalHealthB UHS 0.4 14 100.48 -0.10 18.05 46.43 33.79 LibertySirius A LSXMA ... 25 40.75 -0.08
9.78 127.75 96.08 Autoliv ALV 1.9 21 124.22 0.27 13.13 88.05 68.61 ExtraSpaceSt EXR 3.6 33 87.38 -0.04 -12.97 45.73 34.22 NielsenHoldings NLSN 3.7 26 36.51 -0.08 20.14 46.24 33.14 LibertySirius C LSXMK ... 25 40.75 ...
-19.85 813.70 491.13 AutoZone AZO ... 14 632.98 -5.26 23.13 54.22 42.00 UnumGroup UNM 1.7 13 54.09 0.19
-9.79 93.22 76.05 ExxonMobil XOM 3.8 27 81.42 0.32 16.70 60.53 50.06 Nike NKE 1.3 25 59.32 0.25 -4.73 9.12 7.44 VEREIT VER 6.8 dd 8.06 0.01 14.27 99.59 75.64 LincolnElectric LECO 1.8 21 87.61 -0.09
4.22 199.52 159.96 Avalonbay AVB 3.1 29 184.63 0.03 67.27 95.25 54.75 FMC FMC 0.7661 94.61 1.44 22.13 27.76 21.31 NiSource NI 2.6 33 27.04 ... 43.80 40.82 23.59 LogitechIntl LOGI 1.8 28 35.62 -0.31
37.83 53.10 35.42 Avangrid AGR 3.3 24 52.21 0.48 s 38.50 74.06 48.05 VF VFC 2.5 31 73.89 0.54
s 21.59 199.03 155.09 FactSet FDS 1.1 30 198.71 1.12 -31.71 42.03 22.98 NobleEnergy NBL 1.5 dd 25.99 0.11 43.51 112.91 75.17 Visa V 0.7 41 111.97 1.15 23.30 129.51 90.35 LogMeIn LOGM 0.81082 119.05 -0.15
59.07 111.83 69.53 AveryDennison AVY 1.6 25 111.70 0.60 -7.17 145.80 119.37 FederalRealty FRT 3.0 42 131.92 0.17 5.61 6.65 4.20 Nokia NOK 3.7 dd 5.08 0.03 2.77 72.70 47.26 lululemon LULU ... 32 66.79 -0.01
s 33.12 36.30 24.72 AxaltaCoating AXTA ...151 36.21 0.71 43.85 237.77 154.11 VailResorts MTN 1.8 47 232.04 2.03
16.54 231.35 182.89 FedEx FDX 0.9 20 217.00 -0.83 -2.37 6.80 5.28 NomuraHoldings NMR ... 10 5.76 0.05 77.69 110.60 53.51 MKS Instrum MKSI 0.7 19 105.55 1.08
-1.45 49.91 41.17 BB&T BBT 2.8 17 46.34 -0.15 44.09 11.71 7.47 Vale VALE 5.2 11 10.98 0.21
95.58 121.14 53.71 Ferrari RACE ... 38 113.71 1.89 -14.54 61.85 37.79 Nordstrom JWN 3.6 14 40.96 0.17 28.28 211.06 145.10 MarketAxess MKTX 0.7 48 188.47 0.49
s 12.23 48.64 42.44 BCE BCE 4.6 20 48.53 0.05 14.12 18.25 8.31 ValeantPharm VRX ... 4 16.57 0.03
92.98 18.33 7.48 FiatChrysler FCAU ... 8 17.60 ... 20.30 134.52 102.77 NorfolkSouthern NSC 1.9 20 130.01 0.78 53.00 128.37 77.03 Marriott MAR 1.0 34 126.50 0.11
19.37 44.62 33.37 BHPBilliton BHP 4.0 19 42.71 0.44 20.39 84.00 60.35 ValeroEnergy VLO 3.4 18 82.25 -0.10
64.00 17.21 7.98 FibriaCelulose FBR ... 38 15.76 -0.32 30.16 306.61 220.72 NorthropGrum NOC 1.3 23 302.72 0.70 71.59 24.22 13.59 MarvellTech MRVL 1.0 56 23.80 -0.03
19.77 39.12 28.73 BHPBilliton BBL 4.6 17 37.68 0.41 21.44 73.14 54.38 Vantiv VNTV ... 50 72.40 1.04
65.37 40.61 22.84 FidNatlFin FNF 2.7 18 40.54 0.43 16.80 86.90 66.93 Novartis NVS 3.2 30 85.08 0.60 80.76 32.87 15.42 MatchGroup MTCH ... 21 30.91 0.95
7.14 41.55 33.10 BP BP 6.0 34 40.05 0.27 36.94 110.23 76.29 VarianMed VAR ... 40 108.87 0.08
21.77 96.67 73.97 FidNatlInfo FIS 1.3 57 92.11 0.52 s 45.68 52.32 31.91 NovoNordisk NVO 0.9 23 52.24 0.40 -32.81 32.43 12.71 Mattel MAT ... dd 18.51 -0.30
-14.43 15.92 10.60 BRF BRFS ... dd 12.63 -0.14 53.38 21.63 12.36 Vedanta VEDL 11.5 20 19.05 -0.11
181.68 79.79 27.58 58.com WUBA ... 93 78.87 -0.33 -6.03 68.00 51.67 Nucor NUE 2.7 16 55.93 -0.22 39.62 55.43 37.32 MaximIntProducts MXIM 2.7 26 53.85 0.33
-27.79 24.65 16.15 BT Group BT 3.8 17 16.63 -0.16 54.32 68.07 40.50 VeevaSystems VEEV ... 76 62.81 0.18 66.67 26.76 14.88 MelcoResorts MLCO 1.4 42 26.50 -0.07
50.29 56.40 35.28 FirstAmerFin FAF 2.8 22 55.05 0.45 4.33 37.41 31.26 OGE Energy OGE 3.8 18 34.90 -0.01 3.45 72.36 57.97 Ventas VTR 4.8 38 64.68 0.44
53.78 61.88 37.63 BWX Tech BWXT 0.7 31 61.05 0.01 18.39 19.23 13.96 FirstData FDC ... 22 16.80 0.08 -11.10 59.47 47.14 ONEOK OKE 5.8 32 51.04 0.46 73.81 297.95 148.98 MercadoLibre MELI 0.2 90 271.38 5.49
-17.32 40.82 29.62 BakerHughes BHGE 2.3 dd 30.80 0.09 -11.93 54.83 42.80 Verizon VZ 5.0 12 47.01 -0.09 41.81 95.92 60.77 MicrochipTech MCHP 1.6 36 90.97 0.57
0.87 105.52 80.55 FirstRepBank FRC 0.7 22 92.94 -0.04 -3.94 73.51 57.20 OccidentalPetrol OXY 4.5526 68.42 0.19 24.39 21.20 13.65 VistraEnergy VST ... 0 19.28 -0.16
6.41 43.24 35.65 Ball BLL 1.0 62 39.94 0.42 9.59 35.22 27.93 FirstEnergy FE 4.2 dd 33.94 -0.30 43.89 37.52 24.92 Olin OLN 2.2 82 36.85 -0.07 126.64 49.89 18.18 MicronTech MU ... 12 49.68 0.54
25.85 9.35 6.04 BancoBilbaoViz BBVA 5.0 12 8.52 0.16 57.78 126.33 76.81 VMware VMW ... 39 124.22 0.63 2.04 57.97 46.09 Microsemi MSCC ... 36 55.07 0.43
27.32 183.61 121.52 FleetCorTech FLT ... 31 180.18 1.54 -18.96 89.66 65.32 Omnicom OMC 3.2 14 68.97 0.10 -9.72 90.29 71.89 VornadoRealty VNO 3.2 18 76.15 -0.60
24.09 95.80 65.53 BancodeChile BCH 3.0 17 85.16 -0.40 -10.72 58.37 37.04 Fluor FLR 1.8 33 46.89 -0.37 27.46 53.14 37.64 Oracle ORCL 1.6 21 49.01 0.43 33.99 86.20 58.80 Microsoft MSFT 2.0 28 83.26 0.15
63.47 136.10 61.12 BancoMacro BMA 0.7 13 105.19 5.51 7.24 42.96 33.53 VoyaFinancial VOYA 0.1 dd 42.06 -0.25 -8.36 150.87 107.53 Middleby MIDD ... 22 118.04 -0.11
18.66 103.82 73.45 FomentoEconMex FMX 1.5 13 90.43 0.37 12.09 17.63 13.98 Orange ORAN 3.5 91 16.97 0.23 -2.26 136.82 108.95 VulcanMatls VMC 0.8 43 122.32 -0.53
31.09 32.02 21.06 BcoSantChile BSAC 3.6 16 28.67 -0.14 -0.25 13.27 10.47 FordMotor F 5.0 11 12.10 0.03 50.97 134.59 82.44 OrbitalATK OA 1.0 25 132.45 0.10 74.86 46.69 16.73 Momo MOMO ... 25 32.14 0.03
27.22 6.99 4.40 BancoSantander SAN 2.8 14 6.59 0.13 37.34 156.08 96.10 WABCO WBC ... 26 145.79 1.60 -4.92 47.23 39.19 Mondelez MDLZ 2.1 29 42.15 -0.18
20.87 26.30 18.23 ForestCIty A FCE.A 2.2 76 25.19 0.05 7.52 89.51 73.70 Orix IX ... 8 83.68 0.09 16.85 70.09 54.96 WEC Energy WEC 3.0 23 68.53 0.26
7.96 48.74 32.02 BanColombia CIB 3.2 10 39.60 0.10 22.51 38.24 29.51 Fortis FTS 3.6 20 37.83 0.09 33.65 94.16 61.74 Oshkosh OSK 1.1 23 86.35 0.45 39.26 62.80 41.02 MonsterBev MNST ... 45 61.75 0.48
20.32 27.98 20.25 BankofAmerica BAC 1.8 15 26.59 -0.07 21.04 72.41 55.97 W.P.Carey WPC 5.6 47 71.52 0.04 -2.04 45.87 29.39 Mylan MYL ... 23 37.37 0.09
34.50 74.38 52.99 Fortive FTV 0.4 27 72.13 0.13 s 69.94 88.36 50.77 OwensCorning OC 0.9 26 87.62 0.33 -11.89 93.81 69.20 Wabtec WAB 0.7 28 73.15 0.07
8.80 78.86 65.60 BankofMontreal BMO 3.7 13 78.25 -0.10 20.99 68.82 53.15 FortBrandsHome FBHS 1.1 23 64.68 -0.17 -11.04 71.57 49.83 PG&E PCG 3.9 12 54.06 0.17 16.98 118.20 96.00 NXP Semi NXPI ... 25 114.65 -0.50
10.24 55.29 43.85 BankNY Mellon BK 1.8 15 52.23 -0.20 39.79 100.13 65.28 Wal-Mart WMT 2.1 26 96.62 0.21 15.09 78.31 63.36 Nasdaq NDAQ 2.0 51 77.25 0.08
41.32 85.67 53.31 Franco-Nevada FNV 1.1107 84.45 0.22 16.37 38.54 25.50 PLDT PHI 5.9 13 32.06 -0.50 31.49 74.20 50.05 WasteConnections WCN 0.8 52 68.89 0.35
18.82 66.78 53.63 BkNovaScotia BNS 3.8 14 66.16 0.01 4.12 47.65 38.54 FranklinRscs BEN 1.9 14 41.21 -0.19 13.34 139.23 109.16 PNC Fin PNC 2.3 16 132.56 -0.48 44.00 46.33 29.44 NatlInstruments NATI 1.9 53 44.38 -0.01
-8.36 12.05 9.29 Barclays BCS 2.1 dd 10.08 0.04 13.35 82.87 68.84 WasteMgt WM 2.1 26 80.38 0.12 s328.61 52.67 11.41 NektarTherap NKTR ... dd 52.59 2.84
8.79 17.06 11.05 FreeportMcM FCX ... 20 14.35 0.11 40.29 77.76 50.37 POSCO PKX ... 15 73.72 1.68 45.81 200.71 133.35 Waters WAT ... 29 195.95 -0.62
49.61 336.98 206.26 Bard CR BCR 0.3 44 336.11 0.93 16.94 50.22 38.20 FreseniusMed FMS 1.1 23 49.36 0.44 22.52 119.85 93.80 PPG Ind PPG 1.6 22 116.10 0.83 s 59.94 56.55 34.72 NetApp NTAP 1.4 24 56.41 0.36
-11.76 20.78 13.80 BarrickGold ABX 0.9 8 14.10 -0.04 11.05 167.94 134.08 Watsco WSO 3.0 31 164.48 0.38 59.84 375.10 211.11 Netease NTES 0.8 24 344.21 -3.49
-6.53 26.63 18.83 GGP GGP 3.8 33 23.35 0.01 6.64 40.20 32.69 PPL PPL 4.4 16 36.31 0.25 97.00 84.19 33.60 Wayfair W ... dd 69.05 0.80
44.61 65.70 43.13 BaxterIntl BAX 1.0 35 64.12 0.08 25.85 67.05 48.97 Gallagher AJG 2.4 26 65.39 -1.23 50.12 136.84 84.53 PVH PVH 0.1 26 135.47 0.20 58.12 204.38 113.95 Netflix NFLX ...198 195.75 -0.57
36.68 227.50 161.29 BectonDicknsn BDX 1.3 49 226.28 2.05 47.16 208.89 133.03 WellCareHealth WCG ... 25 201.73 0.36 83.93 75.98 37.34 Neurocrine NBIX ... dd 71.18 -0.63
32.09 30.14 21.02 Gap GPS 3.1 14 29.64 0.47 31.42 120.75 84.01 PackagingCpAm PKG 2.3 21 111.47 -0.60 -1.85 59.99 49.27 WellsFargo WFC 2.9 14 54.09 0.03
-0.48 73.17 61.58 Berkley WRB 0.8 16 66.19 -0.23 47.58 31.88 19.91 GardnerDenver GDI ... dd 31.14 0.16 20.46 157.65 107.31 PaloAltoNtwks PANW ... dd 150.64 -0.75 34.75 16.27 11.75 NewsCorp B NWS 1.3 dd 15.90 ...
12.41 285950 235320 BerkHathwy A BRK.A ... 24 274417 -582.99 1.99 78.17 61.08 Welltower HCN 5.1 60 68.26 0.09 37.61 15.93 11.41 NewsCorp A NWSA 1.3 dd 15.77 ...
15.16 130.02 90.37 Gartner IT ... dd 116.39 0.40 -3.61 33.40 24.65 ParkHotels PK 6.0 2 28.82 -0.26 14.89 103.36 77.97 WestPharmSvcs WST 0.6 39 97.46 -1.12
11.89 190.68 156.82 BerkHathwy B BRK.B ... 24 182.36 -0.20 15.74 10.69 8.36 Gazit-Globe GZT 4.0 4 10.00 0.11 30.91 189.83 134.03 ParkerHannifin PH 1.4 24 183.28 -1.33 14.80 131.49 103.76 Nordson NDSN 0.9 26 128.63 0.51
22.35 61.19 45.86 BerryGlobal BERY ... 23 59.62 0.14 -0.34 57.50 49.20 WestarEnergy WR 2.8 24 56.16 0.12 5.85 99.30 80.49 NorthernTrust NTRS 1.8 21 94.26 -0.13
15.83 214.81 168.00 GeneralDynamics GD 1.7 20 200.00 -0.04 -23.47 39.82 22.98 ParsleyEnergy PE ...337 26.97 0.43 12.24 57.04 44.64 WestAllianceBcp WAL ... 19 54.67 -0.38
33.58 63.32 41.67 BestBuy BBY 2.4 14 57.00 0.51 -42.44 32.38 17.46 GeneralElec GE 5.3 22 18.19 0.04 -6.11 10.31 7.04 Pearson PSO 1.4 dd 9.38 0.05 30.50 61.48 38.66 NorwegCruise NCLH ... 17 55.50 0.19
43.81 268.40 170.81 Bio-RadLab A BIO ...332 262.14 3.45 -14.64 47.82 35.56 WesternGasEquity WGP 5.9 22 36.15 -0.07 103.26 218.67 84.77 NVIDIA NVDA 0.3 54 216.96 2.03
-13.15 64.06 49.65 GeneralMills GIS 3.7 19 53.65 ... 12.52 36.30 28.30 PembinaPipeline PBA 4.8 37 35.24 0.38
8.33 47.55 41.10 BlackKnight BKI ... 68 45.50 -0.45 -23.33 67.44 43.62 WesternGasPtrs WES 8.0 34 45.05 -0.41 -22.32 286.57 169.43 OReillyAuto ORLY ... 18 216.26 -2.39
27.61 46.76 31.92 GeneralMotors GM 3.4 10 44.46 0.17 23.35 71.65 55.76 Pentair PNR 2.0 31 69.16 -0.35
56.60 11.78 6.65 BlackBerry BB ... 9 10.79 0.06 -9.53 22.70 18.39 WesternUnion WU 3.6 43 19.65 0.10 s 43.44 124.56 80.56 OldDomFreight ODFL 0.3 30 123.06 -0.20
30.81 31.93 23.34 Genpact G 0.8 23 31.84 0.28 10.77 119.39 98.50 PepsiCo PEP 2.8 24 115.90 0.82
26.07 489.79 365.83 BlackRock BLK 2.1 22 479.74 0.80 68.94 96.14 54.11 WestlakeChem WLK 0.9 21 94.59 0.01 68.73 22.15 10.85 ON Semi ON ... 24 21.53 0.16
-9.11 100.90 79.86 GenuineParts GPC 3.1 19 86.84 -0.07 40.67 73.43 50.51 PerkinElmer PKI 0.4 37 73.36 0.32
17.17 35.09 25.57 Blackstone BX 5.6 14 31.67 -0.18 2.81 27.05 22.17 WestpacBanking WBK 6.0 14 24.14 -0.09 6.84 35.45 29.57 OpenText OTEX 1.6 58 33.02 ...
4.46 4.39 2.60 Gerdau GGB 1.1 dd 3.28 0.03 4.01 91.73 63.68 Perrigo PRGO 0.7 dd 86.57 -0.13
70.79 267.62 148.31 Boeing BA 2.1 24 265.88 0.73 15.93 61.60 49.23 WestRock WRK 2.9 21 58.86 0.07 42.14 67.12 45.57 PTC PTC ...1315 65.77 0.67
23.89 32.15 23.55 Gildan GIL 1.2 19 31.43 0.06 -7.16 81.80 60.69 PetroChina PTR 3.0 36 68.42 -0.05
34.08 53.84 34.44 BorgWarner BWA 1.3 38 52.88 -0.01 20.21 36.92 29.81 Weyerhaeuser WY 3.5 32 36.17 -0.02 4.76 75.68 58.78 Paccar PCAR 1.5 17 66.94 -0.93
-9.01 44.53 34.72 GSK GSK 5.8 29 35.04 -0.02 2.08 11.71 7.61 PetroleoBrasil PBR ... 28 10.32 0.06
-0.49 140.13 116.77 BostonProps BXP 2.4 39 125.16 0.16 9.94 23.06 16.94 WheatonPrecMet WPM 1.7 46 21.24 -0.01 -17.43 57.53 43.08 PacWestBancorp PACW 4.4 15 44.95 -0.17
49.07 104.83 65.91 GlobalPayments GPN 0.0 ... 103.47 1.04 13.96 10.73 6.96 PetroleoBrasilA PBR.A ... 28 10.04 0.07
32.50 29.93 19.67 BostonSci BSX ... 47 28.66 0.19 s 46.09 51.29 33.06 GoDaddy -7.67 202.99 158.80 Whirlpool WHR 2.6 16 167.82 1.18 6.26 66.31 54.20 Paychex PAYX 3.1 28 64.69 0.01
GDDY ... dd 51.06 0.63 9.27 36.78 30.51 Pfizer PFE 3.6 22 35.49 0.06 -9.86 32.69 26.82 Williams WMB 4.3 49 28.07 0.32
42.01 33.73 15.26 Braskem BAK 2.6 63 30.12 0.73 -3.24 17.87 11.91 Goldcorp GG 0.6 22 13.16 -0.20 12.78 123.55 86.78 PhilipMorris PM 4.1 23 103.18 -0.36 s 99.06 78.90 38.06 PayPal PYPL ... 61 78.57 1.00
5.12 66.10 46.01 Bristol-Myers BMY 2.5 24 61.43 0.29 -1.46 255.15 209.60 GoldmanSachs GS 1.3 12 235.95 -6.18 42.32 33.12 WilliamsPartners WPZ 6.7 23 35.68 0.49 -6.40 20.13 15.96 People'sUtdFin PBCT 3.8 20 18.12 -0.08
-0.48 8.37 95.00 75.14 Phillips66 PSX 3.0 23 93.64 0.35 8.68 6.40 4.50 Wipro WIT 0.6 32 5.26 -0.02
18.54 73.41 53.78 BritishAmTob BTI 2.3 12 66.78 -0.02 57.30 134.11 80.75 Graco GGG 1.1 70 130.70 -0.17 4.30 66.67 48.38 PinnacleFoods PF 2.3 38 55.75 0.14 86.62 35.78 17.34 PilgrimPride PPC ... 14 35.44 0.13
34.75 91.75 63.28 BroadridgeFinl BR 1.6 31 89.34 0.59 -13.82 262.71 155.00 Grainger GWW 2.6 24 200.15 39.12 53.50 30.77 WooriBank WF 2.9 8 44.52 0.52 19.94 2067.99 1459.49 Priceline PCLN ... 25 1758.42 -0.77
-0.25 14.73 92.48 72.61 PinnacleWest PNW 3.1 19 89.52 0.24 42.82 110.88 71.87 Wyndham WYN 2.1 20 109.07 0.01
26.81 43.15 32.41 BrookfieldMgt BAM 1.3 93 41.86 0.41 s 25.59 34.46 25.85 GreatPlainsEner GXP 3.2 33 34.35 0.09 -14.42 199.83 125.46 PioneerNatRscs PXD 0.1216 154.10 0.02 10.66 36.34 27.51 Qiagen QGEN ... 82 32.20 0.33
29.40 44.91 31.03 BrookfieldInfr BIP 4.0160 43.31 -0.02 s 82.30 69.05 32.43 GrubHub 77.90 77.90 42.07 XPO Logistics XPO ... 64 76.78 0.13 52.89 81.20 49.53 Qorvo QRVO ... dd 80.62 1.01
GRUB ...101 68.58 0.88 t-41.41 33.95 18.60 PlainsAllAmPipe PAA 6.3 21 18.92 -0.65
11.57 50.81 41.10 Brown&Brown BRO 1.2 26 50.05 -0.31 8.19 9.38 7.22 GpoAvalAcc AVAL 4.7 14 8.59 24.59 52.22 38.22 XcelEnergy XEL 2.8 22 50.71 0.18 5.69 70.24 48.92 Qualcomm QCOM 3.3 26 68.91 0.78
0.02 -41.75 36.09 18.98 PlainsGP PAGP 5.9 dd 20.20 -0.41
27.98 60.28 45.17 Brown-Forman A BF.A 1.3 33 59.19 0.42 15.99 10.82 6.73 GpFinSantMex BSMX 2.0 12 8.34 -18.41 39.08 25.84 Xerox XRX 3.5 dd 28.49 0.20 26.63 108.29 67.54 RandgoldRscs GOLD 1.0 33 96.67 0.26
0.04 49.46 126.85 77.91 PolarisIndustries PII 1.9 39 123.14 -0.44 s 36.69 67.99 46.67 Xylem
30.99 59.71 43.72 Brown-Forman B BF.B 1.3 33 58.84 0.17 t-11.87 27.37 18.37 GrupoTelevisa TV 0.5 47 18.41 -0.18 7.30 20.27 15.74 Potash POT 2.1 35 19.41 -0.02 XYL 1.1 39 67.69 0.34 4.84 543.55 340.09 RegenPharm REGN ... 35 384.85 -2.69
-29.19 73.01 45.95 BuckeyePtrs BPL 10.8 14 46.85 0.14 67.79 83.52 49.18 Guidewire GWRE ...296 82.77 0.89 s 30.45 153.85 115.00 Praxair 39.45 26.48 15.00 YPF YPF 1.0 69 23.01 -0.16 8.72 73.94 52.85 RossStores ROST 0.9 23 71.32 -0.98
PX 2.1 27 152.88 1.16 25.03 81.65 62.32 YumBrands YUM 1.5 24 79.18 -0.05
-9.68 83.75 63.87 Bunge BG 2.8 21 65.25 -0.23 4.28 91.03 69.59 HCA Healthcare HCA ... 11 77.19 0.12 18.65 69.95 56.12 PrincipalFin PFG 2.9 11 68.65 0.25 37.03 94.39 60.21 RoyalGold RGLD 1.2 56 86.81 -0.43
19.92 106.89 79.07 BurlingtonStrs BURL ... 27 101.63 -0.58 -9.56 33.67 25.09 HCP HCP 5.5 19 26.88 55.90 43.55 25.53 YumChina YUMC ... 28 40.72 0.09 45.95 122.67 78.34 Ryanair RYAAY ... 18 121.52 1.47
0.17 5.20 94.67 81.18 Procter&Gamble PG 3.1 24 88.45 0.12
38.01 25.90 14.08 CBD Pao CBD 0.1 67 22.84 -0.19 62.21 100.26 59.00 HDFC Bank HDB 0.5 ... 98.43 36.45 18.08 11.14 ZTO Express ZTO ... 37 16.47 -0.54 s 59.53 171.29 102.29 SBA Comm SBAC ...202 169.72 2.74
0.51 46.06 52.26 33.27 Progressive PGR 1.3 22 51.85 0.17
36.01 43.35 28.91 CBRE Group CBG ... 18 42.83 0.34 43.13 22.68 14.40 HP HPQ 2.6 14 21.24 8.31 36.79 29.30 ZayoGroup ZAYO ... 96 35.59 -0.11 38.74 68.99 46.20 SEI Investments SEIC 0.8 30 68.48 -0.07
-0.10 27.03 67.53 48.33 Prologis PLD 2.6 20 67.06 0.17
-11.27 71.07 53.00 CBS A CBS.A 1.3 80 57.51 0.52 22.05 50.86 39.08 HSBC HSBC 4.1 75 49.04 9.56 133.49 99.11 ZimmerBiomet ZBH 0.8 36 113.07 ... 94.70 119.20 55.79 Sina SINA ... 36 109.22 -2.83
-0.14 4.67 115.26 97.88 PrudentialFin PRU 2.8 11 108.92 -0.03
-11.13 70.09 52.75 CBS B CBS 1.3 79 56.54 0.30 -23.13 58.78 38.18 Halliburton HAL 1.7173 41.58 33.18 72.14 48.55 Zoetis ZTS 0.6 40 71.29 0.22 42.94 42.48 28.43 SS&C Tech SSNC 0.7 39 40.88 0.38
0.15 26.39 51.02 38.00 Prudential PUK 1.5 19 50.29 0.28
14.17 39.32 25.04 CF Industries CF 3.3 dd 35.94 -0.37 -8.11 25.73 18.90 Hanesbrands HBI 3.0 12 19.82 ... 17.50 52.12 40.72 PublicServiceEnt PEG 3.3 58 51.56 0.13 24.14 223.82 152.06 SVB Fin SIVB ... 24 213.10 -0.98
s 12.66 54.17 45.81 CGI Group GIB ... 21 54.11 0.23
NASDAQ 12.61 88.45 64.87 ScrippsNetworks SNI 1.5 17 80.37 -0.44
-18.75 63.40 44.52 HarleyDavidson HOG 3.1 15 47.40 -0.28 -4.79 232.21 192.15 PublicStorage PSA 3.8 31 212.79 1.50
11.93 50.40 39.48 CIT Group CIT 1.3 dd 47.77 -0.17 40.47 144.75 99.13 Harris HRS 1.6 32 143.94 1.42 s 80.36 33.25 18.18 PulteGroup PHM 1.1 16 33.15 0.31 11.64 22.34 17.30 AGNC Invt AGNC 10.7 5 20.24 -0.18 5.55 50.96 30.60 Seagate STX 6.3 15 40.29 -0.04
18.79 50.85 39.42 CMS Energy CMS 2.7 26 49.44 0.04 16.77 57.16 46.35 HartfordFinl HIG 1.8 42 55.64 -0.14 -0.30 112.97 86.89 QuestDiag DGX 2.0 19 91.62 -0.90 -6.11 13.74 10.57 ANGI Homesvcs ANGI ... dd 11.98 0.10 11.69 71.87 45.31 SeattleGenetics SGEN ... dd 58.94 -0.19
28.55 55.62 37.88 CNA Fin CNA 2.2 16 53.35 -0.02 6.11 33.00 27.47 HealthcareAmer HTA 3.9129 30.89 0.08 s 38.37 23.24 15.80 RELX RENX 1.4 29 23.19 0.16 64.24 155.14 91.89 Ansys ANSS ... 48 151.91 1.43 -13.22 192.15 137.17 Shire SHPG 0.2 29 147.86 -1.92
10.59 143.39 108.05 CNOOC CEO 3.7 17 137.09 -0.72 48.69 93.00 59.94 Heico HEI 0.2 45 91.77 -0.46 s 32.94 23.92 16.95 RELX RELX 1.3 30 23.89 0.15 s 66.11 186.37 98.84 ASML ASML 0.7 ... 186.37 3.37 -13.74 164.23 116.68 SignatureBank SBNY ... 18 129.57 -0.96
10.71 17.69 13.90 CPFLEnergia CPL 1.6 33 17.05 0.05 41.75 78.70 50.72 Heico A HEI.A 0.2 38 77.00 -0.10 -2.84 56.48 47.87 RPM RPM 2.4 39 52.30 0.07 77.26 200.00 103.53 Abiomed ABMD ... 98 199.74 0.88 22.25 5.89 4.22 SiriusXM SIRI 0.8 30 5.44 ...
2.53 38.06 32.44 CRH CRH 1.3 20 35.25 0.13 -27.62 85.78 42.16 Helm&Payne HP 5.0 dd 56.02 -0.59 -16.43 46.92 28.76 RSP Permian RSPP ... 62 37.29 0.81 82.86 67.03 35.12 ActivisionBliz ATVI 0.5150 66.03 0.89 47.00 117.65 71.65 Skyworks SWKS 1.2 20 109.75 1.21
-10.59 84.72 66.45 CVS Health CVS 2.8 15 70.55 -0.93 41.21 79.64 47.62 Herbalife HLF 1.8 15 67.98 -0.11 1.22 113.06 66.06 RalphLauren RL 2.2 94 91.42 -0.52 79.17 185.55 98.00 AdobeSystems ADBE ... 58 184.46 1.56 64.42 84.88 50.64 Splunk SPLK ... dd 84.10 0.57
s 25.21 29.50 20.55 CabotOil COG 0.7 dd 29.25 -0.19 3.89 116.49 95.68 Hershey HSY 2.4 32 107.45 -0.67 22.64 87.22 68.97 RaymondJames RJF 1.0 20 84.95 -0.02 0.35 15.65 8.26 AdvMicroDevices AMD ... dd 11.38 0.01 2.31 64.87 52.58 Starbucks SBUX 2.1 29 56.80 -0.34
s 59.81 54.59 31.99 CalAtlantic CAA 0.3 16 54.35 0.42 -28.72 65.56 37.25 Hess HES 2.3 dd 44.40 0.95 31.03 190.25 137.70 Raytheon RTN 1.7 25 186.06 0.60 -16.33 71.64 44.65 AkamaiTech AKAM ... 34 55.79 0.10 5.37 40.17 32.15 SteelDynamics STLD 1.7 17 37.49 -0.23
11.69 96.39 77.54 CamdenProperty CPT 3.2 57 93.90 0.72 -1.04 15.12 12.70 HewlettPackard HPE 2.3 63 13.32 0.22 -1.90 63.60 52.85 RealtyIncome O 4.5 46 56.39 0.10 -11.23 149.34 96.18 AlexionPharm ALXN ... 48 108.61 1.01 19.55 34.20 23.34 Symantec SYMC 1.1 dd 28.56 0.13
-23.86 64.23 44.99 CampbellSoup CPB 3.0 16 46.04 -0.73 35.76 76.22 50.55 Hilton HLT 0.8801 75.76 0.08 84.16 129.23 68.54 RedHat RHT ... 77 128.36 1.77 165.02 258.88 88.56 AlignTech ALGN ... 77 254.76 0.38 s 53.16 90.33 56.03 Synopsys SNPS ... 43 90.15 0.81
10.88 92.22 77.20 CIBC CM 4.6 11 90.48 0.19 34.46 44.86 23.46 HollyFrontier HFC 3.0 23 44.05 -0.34 -1.65 72.05 58.63 RegencyCtrs REG 3.1106 67.81 0.14 -8.15 63.40 46.42 Alkermes ALKS ... dd 51.05 0.90 12.66 51.22 36.12 TD Ameritrade AMTD 1.7 30 49.12 0.13
18.37 84.48 65.96 CanNtlRlwy CNI 1.7 23 79.78 0.17 s 28.53 173.10 128.68 HomeDepot HD 2.1 24 172.33 0.27 8.43 16.03 13.00 RegionsFin RF 2.3 16 15.57 0.01 254.83 147.63 35.98 AlnylamPharm ALNY ... dd 132.85 0.52 7.25 68.88 53.78 T-MobileUS TMUS ... 24 61.68 0.33
8.85 36.79 27.52 CanNaturalRes CNQ 2.5 21 34.70 0.10 13.50 33.75 27.05 HondaMotor HMC ... 10 33.13 -0.03 s 26.04 159.30 120.81 ReinsGrp RGA 1.3 13 158.59 6.25 34.83 1048.39 737.02 Alphabet C GOOG ... 35 1040.61 4.65 s 30.06 98.31 65.33 TRowePrice TROW 2.3 16 97.88 0.16
21.75 179.17 141.32 CanPacRlwy CP 1.0 19 173.82 0.22 s 29.18 150.43 112.17 Honeywell HON 2.0 23 149.66 0.67 9.26 67.18 55.07 RepublicSvcs RSG 2.2 26 62.33 -0.02 33.32 1063.62 753.36 Alphabet A GOOGL ... 35 1056.52 4.60 139.16 120.62 46.27 TakeTwoSoftware TTWO ...108 117.88 -0.06
37.70 39.15 27.76 Canon CAJ 3.6 20 38.75 0.24 -1.15 37.97 29.75 HormelFoods HRL 2.2 22 34.41 0.14 37.16 87.81 58.53 ResMed RMD 1.6 34 85.11 -0.16 88.60 73.25 38.24 Altaba AABA ... dd 72.93 0.33 47.67 389.61 180.00 Tesla TSLA ... dd 315.55 2.95
0.16 96.92 76.05 CapitalOne COF 1.8 12 87.38 0.12 s 82.95 50.06 27.14 DR Horton DHI 1.0 18 50.00 0.42 38.63 68.89 46.88 RestaurantBrands QSR 1.3 46 66.07 0.21 s 58.16 1186.84 736.70 Amazon.com AMZN ...301 1186.00 29.84 36.08 99.65 69.92 TexasInstruments TXN 2.5 23 99.30 1.22
-21.68 84.88 54.66 CardinalHealth CAH 3.3 16 56.37 -0.60 5.10 20.23 16.50 HostHotels HST 4.0 25 19.80 0.02 28.52 50.77 37.66 RioTinto RIO 4.5 15 49.43 0.42 11.52 67.98 56.10 Amdocs DOX 1.4 22 64.96 0.32 -15.20 78.25 49.87 TractorSupply TSCO 1.7 19 64.29 -0.43
0.48 116.40 92.09 Carlisle CSL 1.3 22 110.82 0.07 3.61 31.85 23.85 HuanengPower HNP 6.2 30 26.98 -0.02 12.12 55.22 42.92 RobertHalf RHI 1.8 21 54.69 0.10 -4.20 400.99 338.30 Amerco UHAL ... 21 354.06 -0.81 39.67 43.97 27.61 Trimble TRMB ... 55 42.11 0.16
5.68 77.64 54.29 CarMax KMX ... 19 68.05 0.06 3.21 127.34 109.31 Hubbell HUBB 2.6 23 120.45 -0.55 42.47 210.72 129.66 Rockwell ROK 1.7 30 191.48 0.46 4.01 54.48 39.21 AmerAirlines AAL 0.8 12 48.56 -0.10 8.67 32.60 24.81 21stCenturyFoxA FOXA 1.2 19 30.47 -0.14
28.14 69.89 49.73 Carnival CCL 2.7 18 66.71 -0.08 17.88 264.56 186.25 Humana HUM 0.7 19 240.51 2.21 42.93 136.50 88.80 RockwellCollins COL 1.0 28 132.58 0.05 16.35 191.10 138.83 Amgen AMGN 2.7 15 170.12 0.16 9.28 31.94 24.30 21stCenturyFoxB FOX 1.2 18 29.78 -0.16
31.04 70.56 49.44 Carnival CUK 2.7 18 67.08 0.02 27.29 253.44 174.07 HuntingIngalls HII 1.2 18 234.45 0.38 39.79 54.95 37.81 RogersComm B RCI 2.9 28 53.93 ... 22.76 93.99 68.42 AnalogDevices ADI 2.0 43 89.15 0.50 -17.48 314.86 187.96 UltaBeauty ULTA ... 28 210.37 -1.93
48.15 140.44 90.34 Caterpillar CAT 2.3 96 137.39 -0.62 61.74 32.59 18.18 Huntsman HUN 1.6 14 30.86 0.04 33.87 48.29 32.03 Rollins ROL 1.0 54 45.22 -0.10 51.07 176.24 108.25 Apple AAPL 1.4 19 174.97 0.01 8.77 233.42 180.29 UltSoftware ULTI ...204 198.34 1.36
35.53 109.11 75.79 Celanese A CE 1.7 19 106.72 0.79 s 29.10 71.45 50.21 HyattHotels H ... 43 71.34 0.43 42.21 261.88 180.94 RoperTech ROP 0.5 38 260.36 -0.22 79.45 60.89 29.85 ApplMaterials AMAT 0.7 18 57.91 0.23 s239.17 192.75 52.10 UnivDisplay OLED 0.1 94 190.95 1.35
1.28 10.37 7.40 Cemex CX ... 10 7.82 -0.03 43.78 9.93 6.69 ICICI Bank IBN 0.8 22 9.79 0.04 17.60 80.98 64.82 RoyalBkCanada RY 3.6 14 79.63 -0.16 10.86 102.60 81.34 ArchCapital ACGL ... 31 95.66 0.06 7.01 4.50 3.26 VEON VEON 2.7 5 4.12 0.07
-35.43 16.82 6.76 CenovusEnergy CVE 1.6 4 9.77 0.06 29.86 19.01 13.16 ING Groep ING 3.1 ... 18.31 0.40 32.91 7.63 4.80 RoyalBkScotland RBS ... dd 7.35 0.05 116.90 53.45 23.80 Atlassian TEAM ... dd 52.23 0.49 s 54.12 117.50 75.71 VeriSign VRSN ... 32 117.24 1.47
71.95 98.72 54.40 Centene CNC ... 20 97.17 0.22 15.66 37.75 28.75 Invesco IVZ 3.3 15 35.09 -0.14 52.62 133.75 78.77 RoyalCaribbean RCL 1.9 17 125.21 -0.24 s 74.98 129.54 68.06 Autodesk ADSK ... dd 129.50 1.73 15.66 94.26 75.60 VeriskAnalytics VRSK ... 35 93.88 0.06
17.82 30.45 23.57 CenterPointEner CNP 3.7 21 29.03 -0.12 37.11 110.67 71.90 IQVIA IQV ...360 104.27 0.32 14.82 65.83 48.34 RoyalDutchA RDS.A 6.0 24 62.44 0.29 7.04 121.77 94.11 ADP ADP 2.3 28 110.02 -0.19 98.93 167.85 71.46 VertxPharm VRTX ...188 146.55 -0.49
-7.29 7.60 3.49 CentraisElBras EBR ... 3 6.36 -0.02 45.11 130.98 88.29 IDEX IEX 1.1 34 130.69 0.38 11.26 67.40 51.10 RoyalDutchB RDS.B 5.8 25 64.50 0.25 51.71 274.97 160.79 Baidu BIDU ... 32 249.42 -0.23 -15.06 49.00 28.20 Viacom A VIA 2.4 7 32.70 -0.20
t-41.80 27.61 13.68 CenturyLink CTL 15.6 24 13.84 0.04 s 30.52 160.47 120.06 IllinoisToolWks ITW 2.0 24 159.84 0.22 34.69 116.90 81.30 SAP SAP 1.2 34 116.41 2.56 -15.92 56.86 40.15 BankofOzarks OZRK 1.7 15 44.22 -0.08 -25.10 46.72 22.13 Viacom B VIAB 3.0 6 26.29 -0.39
141.33 58.08 20.76 Chemours CC 0.2 37 53.31 0.45 5.26 16.14 13.42 Infosys INFY 2.6 16 15.61 0.41 52.63 166.17 107.21 S&P Global SPGI 1.0 24 164.14 0.92 18.29 348.84 244.28 Biogen BIIB ... 19 308.97 -0.83 25.21 31.03 24.17 Vodafone VOD 3.7 dd 30.59 0.19
-1.01 120.89 102.55 Chevron CVX 3.7 34 116.51 0.60 12.25 96.23 74.02 Ingersoll-Rand IR 2.1 21 84.23 -0.36 8.98 64.80 50.67 SINOPEC SHI 6.2 7 58.99 -1.41 -0.16 100.51 79.50 BioMarinPharm BMRN ... dd 82.71 -0.28 -24.44 119.12 82.44 WPP WPPGY 3.6 10 83.62 -0.85
s 41.16 31.73 21.38 ChinaEastrnAir CEA ... 11 31.55 0.20 s 8.39 135.98 113.07 Ingredion INGR 1.8 19 135.45 0.44 28.23 28.13 20.44 SK Telecom SKM ... 8 26.80 0.08 s 24.75 30.28 21.51 BlueBuffaloPet BUFF ... 34 29.99 -0.07 -15.08 88.00 63.82 WalgreensBoots WBA 2.3 19 70.28 -1.05
34.97 17.85 12.74 ChinaLifeIns LFC 1.0 21 17.37 -0.10 20.22 71.24 53.95 ICE ICE 1.2 25 67.83 0.17 -6.11 115.34 93.92 SLGreenRealty SLG 3.1 98 100.98 0.23 s171.96 170.20 60.19 bluebirdbio BLUE ... dd 167.80 0.60 189.38 123.00 40.12 Weibo WB ...100 117.49 0.04
-2.14 58.83 50.00 ChinaMobile CHL 4.0 13 51.31 0.72 s 25.07 58.24 42.83 InterContinentl IHG ... 27 57.91 0.37 56.51 109.19 66.43 Salesforce.com CRM ...10715 107.15 0.32 -18.16 75.00 52.75 BrighthouseFin BHF ... ... 57.29 -0.16 36.54 95.77 60.66 WesternDigital WDC 2.2 19 92.78 -0.13
2.20 84.88 69.32 ChinaPetrol SNP 4.1 11 72.58 0.60 -8.52 182.79 139.13 IBM IBM 4.0 13 151.84 0.07 14.00 50.65 38.45 Sanofi SNY 3.6 23 46.10 0.73 s 59.74 282.99 160.62 Broadcom AVGO 1.4275 282.38 7.01 30.45 165.00 119.70 WillisTowers WLTW 1.3 47 159.52 0.73
s 86.68 50.64 25.60 ChinaSoAirlines ZNH 1.5 11 47.99 0.72 29.32 153.97 113.16 IntlFlavors IFF 1.8 29 152.38 1.40 24.81 17.34 11.12 SantanderCons SC 0.7 9 16.85 -0.10 2.71 36.54 30.01 CA CA 3.1 19 32.63 0.18 s 75.73 116.62 65.79 Workday WDAY ... ... 116.14 0.99
6.72 53.77 45.58 ChinaTelecom CHA 2.7 15 49.23 -0.11 10.11 29.36 17.25 IntlGameTech IGT 2.8 dd 28.10 0.13 7.73 32.40 25.50 Sasol SSL 3.9 13 30.80 -0.42 s 14.69 69.61 56.50 CDK Global CDK 0.9 33 68.46 -0.73 s 84.28 159.99 85.57 WynnResorts WYNN 1.3 44 159.42 0.73
29.96 16.55 11.25 ChinaUnicom CHU ...149 15.01 -0.16 3.51 58.96 48.49 IntlPaper IP 3.5 25 54.92 0.17 -42.88 74.99 41.15 Scana SCG 5.9 13 41.86 -1.63 27.41 71.53 50.49 CDW CDW 1.3 25 66.37 0.07 20.72 75.14 52.54 Xilinx XLNX 1.9 31 72.88 0.64
-25.98 499.00 263.00 Chipotle CMG ... 54 279.31 -1.96 -19.99 25.71 18.30 Interpublic IPG 3.8 13 18.73 0.01 -26.23 87.84 61.02 Schlumberger SLB 3.2159 61.93 -0.21 8.75 81.35 63.41 CH Robinson CHRW 2.3 24 79.67 0.43 204.49 123.48 37.81 YY YY ... 21 120.03 -1.59
12.72 156.00 125.70 Chubb CB 1.9 18 148.93 0.68 18.30 23.93 19.80 InvitatHomes INVH 1.4 ... 23.66 0.16 15.99 46.33 37.16 SchwabC SCHW 0.7 29 45.78 -0.02 22.98 143.99 111.19 CME Group CME 1.9 32 141.86 -0.01 s 73.87 35.32 18.28 Yandex YNDX ... 86 35.00 1.10
9.67 36.37 31.28 ChunghwaTel CHT 4.7 22 34.60 0.15 27.59 41.53 31.39 IronMountain IRM 5.7 53 41.44 0.30 2.32 102.50 81.48 ScottsMiracleGro SMG 2.2 27 97.77 0.71 41.66 55.48 34.44 CSX CSX 1.6 26 50.90 -0.11 27.25 117.44 75.70 ZebraTech ZBRA ...193 109.13 0.57
1.43 54.18 42.55 Church&Dwight CHD 1.7 26 44.82 0.06 -4.38 4.95 3.70 IsraelChemicals ICL ... 5 3.93 0.05 0.51 50.62 41.22 SealedAir SEE 1.4 30 45.57 0.26 s 80.81 45.64 24.15 CadenceDesign CDNS ... 49 45.60 0.60 15.75 50.91 32.63 Zillow A ZG ... dd 42.19 0.42
50.39 206.45 131.03 Cigna CI 0.0 22 200.60 -0.12 28.70 14.59 9.10 ItauUnibanco ITUB 0.4 12 13.23 -0.03 -0.39 9.14 4.49 SemicondctrMfg SMI ... 6 7.59 -0.11 57.65 13.60 7.05 CaesarsEnt CZR ... dd 13.40 0.25 15.25 51.23 32.56 Zillow C Z ... dd 42.03 0.33
-14.26 146.96 89.49 CimarexEnergy XEC 0.3 29 116.52 1.11 13.94 102.42 78.02 JPMorganChase JPM 2.3 14 98.32 -0.32 17.95 122.97 98.12 SempraEnergy SRE 2.8 26 118.70 0.04 38.03 24.85 14.85 Carlyle CG 10.6 12 21.05 -0.35 7.69 48.33 38.23 ZionsBancorp ZION 1.4 17 46.35 ...
21.18 76.14 55.23 Citigroup C 1.8 14 72.02 -0.24 11.04 65.80 49.31 JacobsEngg JEC 0.9 26 63.29 -1.49 25.39 50.83 36.79 SensataTech ST ... 27 48.84 -0.09 s 42.22 88.96 53.76 Cavium CAVM ... dd 88.80 0.20
5.95 39.75 31.51 CitizensFin CFG 1.9 15 37.75 -0.08 3.46 17.28 13.55 JamesHardie JHX 1.2 28 16.45 -0.08 25.88 36.56 26.43 ServiceCorp SCI 1.7 19 35.75 -0.13 s 62.58 120.84 67.85 CboeGlobalMkts CBOE 0.9 65 120.13 0.78
NYSE AMER
12.81 141.76 112.28 Clorox CLX 2.5 25 135.39 0.44 19.93 37.39 30.24 JanusHenderson JHG 3.5277 36.70 0.29 23.63 48.48 36.34 ServiceMaster SERV ... 27 46.57 -0.59 -9.72 147.17 94.55 Celgene CELG ... 25 104.50 -0.66 15.76 51.51 38.75 CheniereEnergy LNG ... dd 47.96 0.07
10.66 47.48 39.88 Coca-Cola KO 3.2 44 45.88 0.04 19.79 144.35 109.32 J&J JNJ 2.4 24 138.01 0.72 72.59 130.05 72.80 ServiceNow NOW ... dd 128.30 0.85 5.27 22.11 14.10 CentennialRsc CDEV ...148 20.76 -0.02 -0.76 33.47 26.41 CheniereEnerPtrs CQP 6.2 dd 28.60 0.70
23.06 44.75 30.55 Coca-Cola Euro CCE 2.5 25 38.64 0.05 -10.39 46.17 34.51 JohnsonControls JCI 2.7 22 36.91 0.12 11.22 23.31 19.41 ShawComm B SJR 4.2 28 22.31 0.09 48.98 73.86 47.01 Cerner CERN ... 35 70.57 0.54 16.18 27.45 20.16 CheniereEnHldgs CQH 6.9325 25.99 0.06
9.54 91.84 59.44 Coca-Cola Femsa KOF 2.5 19 69.60 0.37 48.62 155.25 97.60 JonesLang JLL 0.5 20 150.17 1.36 46.62 398.22 261.65 SherwinWilliams SHW 0.9 35 394.03 3.47 14.26 408.83 265.78 CharterComms CHTR ...112 328.98 -5.29 -10.36 36.85 27.59 ImperialOil IMO 1.6 17 31.16 -0.07
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, November 25 - 26, 2017 | B7

COMMODITIES WSJ.com/commodities

Futures Contracts Open


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

Metal & Petroleum Futures March 57.93 58.81 s 57.65 58.73 0.79 292,651 Soybeans (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
April 57.75 58.50 s 57.50 58.48 0.70 132,632 Jan 995.00 999.75 991.00 993.25 –4.00 312,715 Dec 107-157 107-160 107-145 107-145 –1.2 1,300,417
Contract Open March 1006.25 1011.00 1002.25 1004.75 –3.75 154,663 March'18 107-100 107-100 107-085 107-085 –1.5 626,467
June 57.22 57.87 56.92 57.81 0.57 237,345
Open High hi lo Low Settle Chg interest Soybean Meal (CBT)-100 tons; $ per ton. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 55.08 55.75 54.89 55.71 0.55 262,245
Copper-High (CMX)-25,000 lbs.; $ per lb. NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 323.60 327.00 323.10 323.80 –.60 45,891 Nov 98.845 98.845 98.843 98.843 … 205,928
Nov 3.1260 3.1735 3.1250 3.1660 0.0315 273 Dec 1.9365 1.9560 1.9261 1.9529 .0203 41,950 Jan'18 325.90 329.30 325.30 325.90 –.80 128,835 Jan'18 98.610 98.610 t 98.605 98.610 … 338,342
March'18 3.1590 3.1985 3.1465 3.1915 0.0325 140,584 Jan'18 1.9433 1.9589 s 1.9285 1.9555 .0198 135,116 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 34.06 34.08 33.68 33.94 –.11 67,363 Dec 101.281 101.281 101.031 101.094 –.141 28,075
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 1 Month Libor (CME)-$3,000,000; pts of 100%
Nov ... ... ... 1286.70 –4.90 12 Dec 1.7635 1.7948 1.7615 1.7880 .0201 50,187 Jan'18 34.22 34.22 33.83 34.08 –.12 143,324
Dec 1291.90 1293.30 1285.10 1287.30 –4.90 164,753 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 98.5225 98.5225 98.5100 98.5275 .0075 2,764
Jan'18 1.7615 1.7875 1.7555 1.7809 .0190 175,674
Eurodollar (CME)-$1,000,000; pts of 100%
Feb'18 1296.10 1297.60 1289.50 1291.80 –5.00 288,583 Jan 1239.00 1245.00 1216.00 1242.00 … 8,447
April 1300.60 1301.80 1293.90 1296.10 –5.00 26,160
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 1261.50 1273.00 1261.50 1271.50 … 1,969 Dec 98.4500 98.4550 98.4500 98.4500 … 1,659,144
Dec 2.961 2.986 t 2.797 2.813 –.155 26,517 March'18 98.2900 98.2900 98.2750 98.2800 –.0050 1,509,434
June 1303.00 1305.40 1299.00 1300.50 –5.00 25,060
Jan'18 3.056 3.081 t 2.903 2.916 –.143 359,380
Wheat (CBT)-5,000 bu.; cents per bu.
Dec 1316.20 1318.30 1313.80 1313.90 –5.00 12,530 Dec 422.00 422.25 t 412.50 415.75 –7.00 93,682 June 98.1450 98.1500 98.1300 98.1300 –.0150 1,301,076
Palladium (NYM) - 50 troy oz.; $ per troy oz. Feb 3.054 3.085 t 2.917 2.929 –.135 125,079
March'18 440.25 440.50 t 431.00 434.75 –6.00 261,252 Dec 97.9950 97.9950 97.9700 97.9750 –.0250 1,673,692
Dec 1001.50 1009.70 992.00 993.70 –8.25 8,880 March 3.025 3.053 t 2.894 2.907 –.127 192,002 Wheat (KC)-5,000 bu.; cents per bu.
March'18 999.85 1008.00 991.45 992.75 –7.30 24,905 April 2.905 2.918 2.808 2.817 –.093 132,019 Dec 420.25 421.25 t 411.00 414.50 –6.50 38,171 Currency Futures
June 993.85 993.85 986.50 986.25 –6.40 502 May 2.900 2.909 2.807 2.817 –.085 104,295 March'18 437.75 438.75 t 428.50 432.00 –6.50 179,060 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (MPLS)-5,000 bu.; cents per bu. Dec .9001 .9013 .8968 .8970 –.0034 249,089
Nov 928.20 928.20 926.40 942.30 4.70 4 Agriculture Futures Dec 626.75 626.75 618.00 623.50 –3.25 19,022 March'18 .9049 .9058 .9016 .9017 –.0035 5,028
Jan'18 941.10 945.70 935.10 945.30 4.60 68,384 March'18 640.75 640.75 633.50 638.50 –2.75 36,546 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Silver (CMX)-5,000 troy oz.; $ per troy oz. Corn (CBT)-5,000 bu.; cents per bu. Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Dec 344.25 345.75 339.75 342.25 –3.00 324,101 Dec .7872 .7893 .7846 .7868 –.0005 137,837
Nov 16.990 16.990 16.990 16.981 –0.120 1 Nov 157.775 157.925 157.575 157.775 … 2,642 March'18 .7880 .7900 .7858 .7877 –.0006 3,772
March'18 17.240 17.240 17.035 17.093 –0.123 111,965 March'18 356.00 357.75 352.50 355.00 –2.00 739,814
Oats (CBT)-5,000 bu.; cents per bu. Jan'18 152.550 153.575 151.750 153.300 .575 25,991 British Pound (CME)-£62,500; $ per £
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 1.3330 1.3368 1.3285 1.3339 .0009 172,132
Jan 58.05 59.05 s 57.75 58.95 0.93 577,680 Dec 250.50 251.75 247.75 249.25 –1.50 1,643
Dec 118.950 119.175 118.450 118.575 –.475 43,392 March'18 1.3368 1.3409 1.3330 1.3382 .0009 4,072
Feb 58.01 58.99 s 57.74 58.91 0.89 198,673 March'18 267.00 267.75 264.00 266.75 .25 5,231
Feb'18 125.200 125.400 124.350 124.575 –.900 155,777 Swiss Franc (CME)-CHF 125,000; $ per CHF
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1.0202 1.0233 1.0189 1.0222 .0020 80,653
Dec 63.200 63.675 63.125 63.250 .425 34,625 March'18 1.0274 1.0305 1.0263 1.0295 .0019 347
Exchange-Traded Portfolios | WSJ.com/ETFresearch Feb'18 69.400 70.150 69.325 69.400 .300 93,394 Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec .7614 .7637 .7602 .7612 … 130,701
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Jan'18 .7611 .7634 .7604 .7611 … 740
Closing Chg YTD Jan 425.60 426.10 418.10 420.70 –6.80 5,327 Feb .7610 .7633 .7603 .7610 … 435
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) March 415.50 415.50 407.80 410.60 –6.50 982 March .7609 .7633 .7600 .7608 … 1,642
SPDR S&PMdCpTr MDY 338.34 0.04 12.1 Milk (CME)-200,000 lbs., cents per lb. June .7602 .7616 .7602 .7607 … 258
Friday, November 24, 2017 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR S&P 500 SPY 260.36 0.23 16.5 Nov 16.80 16.82 16.78 16.80 … 4,271 Mexican Peso (CME)-MXN 500,000; $ per MXN
Closing Chg YTD SPDR S&P Div SDY 93.54 –0.05 9.3 Dec 15.38 15.55 15.31 15.42 … 4,427 Dec .05341 .05378 .05329 .05370 .00020 173,440
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 47.71 –0.21 36.3 TechSelectSector XLK 64.50 0.56 33.4 Cocoa (ICE-US)-10 metric tons; $ per ton. March'18 .05256 .05296 .05249 .05289 .00020 851
iShMSCIEurozone EZU 43.83 1.43 26.7 UtilitiesSelSector XLU 55.88 0.16 15.1
AlerianMLPETF AMLP 10.16 –0.29 –19.4
iShMSCIJapan EWJ 60.05 0.82 22.9 VanEckGoldMiner GDX 22.83 –0.39 9.1 Dec 2,119 2,119 2,119 2,109 –10 407 Euro (CME)-€125,000; $ per €
CnsmrDiscSelSector XLY 94.63 0.25 16.3 March'18 2,111 2,121 2,083 2,107 –17 135,425 Dec 1.1834 1.1959 1.1828 1.1942 .0102 455,863
iShNasdaqBiotech IBB 312.63 0.04 17.8 VangdInfoTech VGT 167.77 0.58 38.1
CnsStapleSelSector XLP 54.77 –0.07 5.9 March'18 1.1902 1.2027 1.1898 1.2012 .0102 7,842
EnSelectSectorSPDR XLE 67.88 0.28 –9.9
iShNatlMuniBd MUB 110.15 –0.17 1.8 VangdSC Val VBR 129.69 –0.12 7.2 Coffee (ICE-US)-37,500 lbs.; cents per lb.
iShRussell1000Gwth IWF 132.80 0.36 26.6 VangdSC Grwth VBK 160.06 0.33 20.2 Dec 124.00 126.60 124.00 124.80 .25 2,308
FinSelSectorSPDR XLF 26.22 –0.04 12.8
GuggS&P500EW RSP 97.99 0.05 13.1
iShRussell1000 IWB 145.02 0.22 16.5 VangdDivApp VIG 98.25 0.12 15.3 March'18 127.00 130.40 126.95 127.55 .55 120,649 Index Futures
iShRussell1000Val IWD 119.89 0.03 7.0 VangdFTSEDevMk VEA 44.72 0.63 22.4
HealthCareSelSect XLV 81.77 0.23 18.6
iShRussell2000Gwth IWO 184.63 0.30 19.9 VangdFTSE EM VWO 45.60 –0.37 27.4
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
IndSelSectorSPDR XLI 71.41 ... 14.8 March 15.28 15.49 15.22 15.45 .17 383,765 Dec 23485 23569 s 23432 23517 32 149,022
iShRussell2000 IWM 150.95 0.04 11.9 VangdFTSE Europe VGK 58.70 0.91 22.4
iShIntermCredBd CIU 109.63 –0.02 1.3 May 15.19 15.39 15.17 15.36 .15 131,671 March'18 23488 21563 23431 23512 31 2,769
iShRussell2000Val IWN 124.78 –0.21 4.9 VangdFTSEAWxUS VEU 54.56 0.48 23.5
iSh1-3YCreditBond CSJ 104.87 0.03 –0.1 S&P 500 Index (CME)-$250 x index
iSh3-7YTreasuryBd IEI 122.85 –0.07 0.3
iShRussell3000 IWV 154.55 0.23 16.2 VangdGrowth VUG 139.54 0.40 25.2 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
iShRussellMid-Cap IWR 203.71 0.11 13.9 VangdHlthCr VHT 152.52 0.25 20.3 March 27.38 27.38 27.38 27.38 … 2,812 Dec 2594.50 2602.50 s 2589.50 2601.00 6.40 68,915
iShCoreMSCIEAFE IEFA 65.94 0.70 23.0 86.69 ... 7.8 VangdHiDiv 83.02 0.13 9.6
iShCoreMSCIEmgMk IEMG 57.47 –0.28 35.4
iShRussellMCValue IWS VYM
Cotton (ICE-US)-50,000 lbs.; cents per lb. March'18 2603.50 2603.70 s 2603.50 2602.10 6.40 5,222
iShS&PMC400Growth IJK 213.23 0.15 17.0 VangdIntermBd BIV 84.36 –0.04 1.6 Mini S&P 500 (CME)-$50 x index
iShCoreMSCITotInt IXUS 63.16 0.49 25.1 iShS&P500Growth IVW 150.93 0.37 23.9 VangdIntrCorpBd VCIT 87.78 0.01 2.4 Dec 70.80 72.34 70.60 72.23 1.49 674
iShCoreS&P500 IVV 262.09 0.21 16.5 March'18 71.14 72.08 71.07 71.93 .79 159,855
Dec 2593.25 2603.00 s 2589.50 2601.00 6.50 3,196,045
iShS&P500Value IVE 109.63 0.05 8.1 VangdLC VV 119.63 0.23 16.9
iShCoreS&P MC IJH 185.62 0.04 12.3 March'18 2595.25 2604.00 s 2590.75 2602.00 6.25 113,478
iShUSPfdStk PFF 38.64 0.08 3.8 VangdMC VO 151.58 0.17 15.2 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
iShCoreS&P SC IJR 76.11 0.07 10.7 iShTIPSBondETF TIP 114.14 –0.12 0.9 VangdMC Val VOE 107.70 0.13 10.8
iShS&PTotlUSStkMkt ITOT 59.70 0.17 16.4
Jan 165.75 167.50 164.25 165.90 –.85 8,242 Dec 1856.40 1864.40 s 1852.00 1857.60 .30 94,024
iSh1-3YTreasuryBd SHY 84.10 ... –0.4 VangdREIT VNQ 84.95 0.13 2.9
iShCoreUSAggBd AGG 109.53 –0.02 1.4 March 163.00 165.00 163.00 163.95 –.85 1,712 Mini Nasdaq 100 (CME)-$20 x index
iSh7-10YTreasuryBd IEF 106.28 –0.08 1.4 VangdS&P500 VOO 239.12 0.21 16.5
iShSelectDividend DVY 95.57 –0.04 7.9 iSh20+YTreasuryBd TLT 126.80 –0.28 6.4 VangdST Bond BSV 79.45 –0.01 ... Dec 6388.3 6416.0 s 6375.8 6413.5 24.0 292,729
iShEdgeMSCIMinEAFE EFAV 72.57 0.53 18.5 iShRussellMCGrowth IWP 118.83 0.26 22.0 VangdSTCpBd VCSH 79.67 –0.10 0.4 Interest Rate Futures March'18 6404.5 6432.0 s 6393.0 6430.0 23.8 2,665
iShEdgeMSCIMinUSA USMV 51.96 0.23 14.9 PIMCOEnhShMaturity MINT 101.76 –0.03 0.4 VangdSC VB 145.62 0.12 12.9 Mini Russell 2000 (ICE-US)-$100 x index
iShGoldTr IAU 12.38 –0.32 11.7 156.26 0.37 31.9 VangdTotalBd 81.86 –0.02 1.3
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
PwrShQQQ 1 QQQ BND
Dec 154-200 154-240 153-290 154-080 –8.0 614,101 Dec 1519.80 1524.40 1516.10 1518.80 2.30 68,650
iShiBoxx$InvGrCpBd LQD 121.19 –0.12 3.4 PwrShS&P500LoVol SPLV 47.22 0.17 13.6 VangdTotIntlBd BNDX 55.08 –0.09 1.5
March'18 153-120 153-200 152-260 153-040 –8.0 234,074 March'18 1515.00 1515.00 1515.00 1519.80 1.80 114
iShiBoxx$HYCpBd HYG 87.87 0.07 1.5 PwrShSrLoanPtf BKLN 23.02 –0.04 –1.5 VangdTotIntlStk VXUS 56.69 0.53 23.6
iShJPMUSDEmgBd EMB 115.82 –0.03 5.1 SPDR BlmBarcHYBd JNK 36.99 0.08 1.5 VangdTotalStk VTI 134.11 0.23 16.3 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini Russell 1000 (ICE-US)-$100 x index
Dec ... ... ... 1443.20 7.50 322
iShMBSETF MBB 106.78 –0.06 0.4 SPDR Gold GLD 122.32 –0.25 11.6 VangdTotlWrld VT 73.25 0.37 20.1 Dec 125-030 125-045 124-285 124-310 –4.5 2,666,918
iShMSCI ACWI ACWI 71.35 0.28 20.6 SchwabIntEquity SCHF 34.51 0.73 24.7 VangdValue VTV 102.13 0.09 9.8 March'18 124-275 124-280 124-205 124-230 –4.5 936,517
U.S. Dollar Index (ICE-US)-$1,000 x index
iShMSCIBrazilCap EWZ 40.73 –0.32 22.2 63.02 0.16 16.3 64.73 0.54 12.8 Dec 93.11 93.18 92.61 92.71 –.43 37,979
SchwabUS BrdMkt SCHB WisdTrEuropeHdg HEDJ 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'18 92.78 92.86 92.31 92.40 –.42 3,236
iShMSCI EAFE EFA 70.34 0.82 21.8 SchwabUS LC SCHX 62.28 0.26 16.9 WisdTrJapanHdg DXJ 58.17 1.09 17.4 Dec 116-315 116-315 116-275 116-287 –2.7 2,468,843
iShMSCI EAFE SC SCZ 63.69 0.39 27.8 SPDR DJIA Tr DIA 235.47 0.13 19.2 XtrkrsMSCIEAFE DBEF 31.89 0.57 13.6
March'18 116-250 116-250 116-210 116-222 –3.0 1,088,974
Source: SIX Financial Information

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NEW HIGHS AND LOWS


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. FlexShEM FactTilt TLTE 59.30 -0.2 JPM US Dividend JDIV 25.36 0.9 VangdGrowth VUG 139.58 0.4 VirtusEnhShrtUS VESH 23.51 -0.2 Crocs CROX 11.20 -0.8 LKQ LKQ 38.49 -0.2 TetraTech TTEK 50.75 2.1
FlexShQualDivDef QDEF 42.95 0.2 JPM US Value JVAL 25.32 ... VangdLC VV 119.69 0.2 Cytosorbents CTSO 6.93 1.5 LM Funding LMFA 6.65 17.6 TillCapital TIL 5.45 -2.5

Friday, November 24, 2017


FlexShQualityDiv QDF
FrankFTSECanada FLCA
43.49
25.29
0.2
0.1
KnowldgLdrDevWrld KLDW
NationwideMaxDivUS MXDU
33.28
25.66
0.5
0.2
VangdMegaCap MGC
VangdMegaGrwth MGK
89.54
110.28
0.3
0.4
NYSE American highs - 5 DataIO
ElectroSci
DAIO
ESIO
15.26
27.30
4.9
3.3
LivaNova
MillAcqn Un
LIVN
MIIIU
86.50 0.2
10.99 0.7
TowerSemi
TrilliumTherap TRIL
TSEM 35.56
12.10
0.8
3.4
52-Wk % 52-Wk % 52-Wk % FrankFTSEFrance FLFR 25.47 2.0 NationRiskBaseIntl RBIN 25.75 0.9 VangdMC VO 151.75 0.2 AmpioPharm AMPE 2.20 13.7 Facebook FB 183.15 1.1 MellanoxTech MLNX 58.60 2.1 2U TWOU 69.06 3.2
FrankFTSEGermany FLGR 25.54 0.9 NationRiskBasedUS RBUS 25.59 0.2 VangdMCGrowth VOT 127.30 0.3 Ashford AINC 111.00 -0.7 FidelityNasdComp ONEQ 271.16 0.2 Methanex MEOH 53.50 -0.1 US GlobalInv GROW 4.97 59.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
FrankFTSE HK FLHK 26.51 0.2 OppESGRevenue ESGL 29.75 0.2 VangdS&P500 VOO 239.28 0.2 BancroftFund BCV 22.77 1.4 FT CloudComp SKYY 45.63 0.8 MidPennBancorp MPB 31.50 3.6 UnivDisplay OLED 192.75 0.7
KoreaFund KF 44.64 ... VF VFC 74.06 0.7 FrankFTSEItaly FLIY 25.47 1.7 OppGlbESGRevenue ESGF 30.79 0.2 VangdS&P500 Grw VOOG 135.42 0.3 CaledoniaMining CMCL 7.45 8.4 FT DevMkts FDT 61.67 0.5 Mindbody MB 34.85 0.7 UnivLogistics ULH 23.15 3.6
NYSE highs - 166 KronosWorldwide
LINE
KRO
LN
29.45
45.30
1.5
2.4
Valhi
ValmontInds
VHI
VMI
5.97
166.55
1.2
0.7
FrankFTSE SKorea FLKR
FrankFTSE UK FLGB
26.57
25.09
0.6
0.2
OppenheimerLgCpRev RWL
PIMCO DynMultEM MFEM
49.18
25.71
...
0.1
VangdS&P400Val IVOV
VangdTotalStk VTI
120.07
134.13
-0.1
0.2
UQM Tech UQM 1.58 6.8 FT DevMktsXUS
FT DorseyDyn5
FDTS
FVC
44.18
25.58
1.7
0.2
MonarchCasino MCRI
MonotypeImaging TYPE
47.92 3.2
25.45 0.4
VangdGlblxUS RE VNQI
VangdIntlDivApp VIGI
60.87
66.45
0.4
0.5
AG Mortgage PfdB MITTpB 25.59
AT&T Nts 2066 TBB 25.83
0.1
...
LambWeston
LazardGlblFd
LW
LGI
54.65
17.49
0.4
-0.1
VectorGroup
Verso
VGR
VRS
22.49
11.30
0.8
4.5
FranklinGlbEquity FLQG
GlbX FTSE SE Asia ASEA
30.27
16.67
0.3
0.4
PwrShContrarian CNTR
PwrShDynNetwork PXQ
31.87
47.30
4.3
0.4
VangdTotlWrld VT
WBITacticalLCGD WBIE
73.28
25.42
0.4
0.3
NYSE American lows - 3 FT DorseyFoc5
FT DorseyIntl5
FV
IFV
27.46
22.28
0.3
0.4
NICE
NektarTherap NKTR
NICE 86.38 1.3
52.67 5.7
VangdLTCorpBd VCLT
VangdRuss1000 VONE
95.29
119.72
...
0.2
AXIS CapPfdE AXSpE 25.79 0.5 Lennar B LEN.B 50.90 1.2 WellsFargoPfdV WFCpV 26.81 ... WBITacticalRotatn WBIR 25.50 0.2 AmericanLorain ALN 0.19 2.8 DorseyWrightPeople DWPP 27.94 0.2 NeptuneTech NEPT 1.35 14.4 VangdRuss1000Grw VONG 136.25 0.4
GlbXSciBetaUS SCIU 30.55 0.1 PwrShFTSE US1000 PRF 109.66 0.1
AberdeenSingapore SGF 12.65 0.3 Lennar A LEN 61.35 0.7 WellsFargoPfdW WFCpW 26.55 0.4 WisdTrAPxJp AXJL 69.87 0.3 Cohen COHN 7.65 -5.1 FT NasdTechDiv TDIV 35.28 0.5 NetApp NTAP 56.55 0.6 VangdRuss3000 VTHR 119.77 0.1
GSActiveBetaIntlEq GSIE 29.80 0.8 PwrShAPac xJapan PAF 59.85 0.5
AdvSemiEngg ASX 7.52 12.0 LifeStorage LSI 90.52 1.5 WellsFargoPfdA WFCpX 26.11 0.4 WisdTrCBOES&P500 PUTW 29.94 0.1 FieldPointPetrol FPP 0.18 -17.0 FT GerAlpha FGM 50.33 2.1 NorthernTechsIntl NTIC 22.00 2.9 VangdTotalCpBd VTC 85.12 ...
GSActiveBetaJapan GSJY 33.67 1.0 PwrShDevMkt xUS PXF 45.18 0.8
AlabamaPwrPfdA ALPpQ 27.05 0.4 Luxfer LXFR 14.50 1.4 WildHorseResource WRD 16.97 2.6 GSActiveBetaUSLC GSLC 52.05 0.2 PwrShFTSERAFIDevMk PDN 34.12 0.5 WisdTrGlbxUSQual DNL 58.94 0.6 FT JapanAlpha FJP 59.55 0.4 NovaMeasuring NVMI 31.88 6.4 VangdTotIntlStk VXUS 56.75 0.5
AlgonquinPwr AQN
AllianzGIEqtyConv NIE
11.34
21.29
0.3
0.9
MI Homes MHO 36.26 0.7 Winnebago WGO
WWE
51.75
28.36
0.9
2.0