The Wall Street Journal - 03 08 2018 PDF

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What’s
Apple’s Road to $1 Trillion
The market-value milestone was fueled by runaway success of products like the iPhone. Along the way,
$1 trillion
Trump
Sets Up
the company bought back billions of dollars of its own shares, accelerating the stock's rise. B1
News Apple’s market capitalization
Business & Finance

2x the size of Facebook 5x Citigroup 10x GE 25x Ford 50x CBS 0.8
Emission
Battle
Shares outstanding Value of Apple’s Annual revenue*
share repurchases, quarterly March 2015
A pple became the first

U.S. company to sur-
6 billion $20 billion $250 billion
Replaces AT&T
in the Dow Jones
Industrial Average
pass $1 trillion in market 5
15
200 0.6 President seeks to
value, underscoring the 4
iPhone maker’s explosive 150 curb California’s power
3 10
growth and its role in the
100 to regulate auto
tech industry’s ascent. B1, B5 2
Tech shares rallied, lifting 5
50
pollution and fuel use
the Nasdaq 1.2% and sending 1
the S&P 500 0.5% higher. 0 0 0 BY TIMOTHY PUKO
0.4
The Dow lost 7.66 points. B11 2004 ’10 ’18 2004 ’10 ’15 ’18 2004 ’10 ’18 AND ALEJANDRO LAZO
CBS reported results but
August 2011 WASHINGTON—The Trump
declared questions about Apple’s market value since its initial public offering Jobs steps down administration took direct aim
sexual-harassment allega-
Thursday at California’s role as
tions against Moonves off December 1980 January 2007
de facto auto regulator for the
limits on a conference call. B1 IPO iPhone announced
nation, proposing to end the
January 1984 February 1997 0.2
The Bank of England state’s ability to set its own
raised its benchmark inter- Releases the Macintosh Jobs returns as the company fuel-efficiency standards and to
acquires NeXT
est rate to its highest level in dial back Obama-era limits on
almost a decade, highlight- September 1985 October 2001 tailpipe emissions.
ing inflation concerns. A7 Steve Jobs resigns as iPod introduced The proposal would elimi-
chairman, founds NeXT nate the sharp increase in fuel-
The firm tasked with curb-
economy mandates adopted un-
ing risk in the U.S. options
der the Obama administration
market is being probed over 1980 ’90 2000 ’10 in collaboration with California.
how it handled a recent pe-
*Fiscal year ends in September. 2018 data includes analyst projections. The rules require car makers to
riod of market turbulence. B1 Sources: FactSet (shares outstanding, revenue); Thomson Reuters (buybacks, market value) THE WALL STREET JOURNAL. boost fuel efficiency to 50 miles
U.S. and Mexican offi- a gallon on average by 2025,
cials sought to hammer out thereby cutting emissions.
Russia Defies North Korea Ban

new rules for the auto trade The Trump administration
in Nafta talks, while Canada wants to cut that to 37 miles a
stayed on the sidelines. A7 gallon—one of its biggest roll-
backs yet of former President
AIG’s net fell 17% amid a
Obama’s efforts to fight climate
weak showing for its business
change. It says the prior pro-
of selling property-casualty pol-
Russia is letting thousands Ministry records. tities, an apparent violation of posals overestimated how
icies to corporate clients. B10
of new North Korean laborers By Ian Talley The labor prohibition, part sanctions. Many of the compa- quickly consumers would adopt
Peloton is raising $550 enter the country and issuing in Washington and of a broad array of sanctions, nies appear to be expanding cleaner cars and trucks because,
million in a round of fi- fresh work permits—actions Anatoly Kurmanaev in is aimed at eliminating an im- even as they are supposed to be according to Trump administra-
nancing that values the U.S. officials say potentially vio- St. Petersburg, Russia portant revenue stream for scaling down. tion officials, they will cost
company at $4.15 billion. B3 late United Nations sanctions North Korean leader Kim Jong While sanctions have re- more.
aimed at cutting cash flows to Un’s regime. Most of the duced North Korea’s labor force The Environmental Protec-
Sonos shares surged 33%
Pyongyang and pressing it to 10,000 new North Korean money North Koreans earn overseas, a U.S. official said, tion Agency and the Transpor-
above their IPO price in
give up nuclear weapons. workers have registered in abroad ends up in government those numbers haven’t fallen in tation Department say their
the firm’s market debut. B4
The U.N. Security Council in Russia, according to Russian coffers, U.S. and U.N. officials Russia and China. “We don’t proposal will help the car in-
Blue Apron disclosed in- September barred governments Interior Ministry records re- say. Often, workers toil in gru- want to underestimate the ex- dustry by easing mandates and
creasing customer losses as from issuing new work permits viewed by The Wall Street eling conditions. tent to which there may be se- lowering sticker prices to en-
the meal-kit maker struggles to North Koreans, although Journal. Meanwhile, at least Russian government records Please turn to page A6 tice more buyers.
to fix logistical problems. B6 some existing labor contracts 700 new work permits have also show that some companies California, with a population
were allowed to continue. been issued to North Koreans hiring North Koreans are joint Letter spells out close of 40 million and the country’s
Brookstone filed for chap-
Since the ban, more than this year, according to Labor ventures with North Korean en- Trump-Kim ties......................... A6 Please turn to page A10
ter 11 and said it would close
its 102 mall-based stores. B3
CBS Bars
World-Wide The Kidney Beans Questions
On CEO’s
The administration took
aim at California’s role as de
facto auto regulator for the
nation, proposing to end the
Pile Up as Tariffs Alleged
state’s ability to set its own
fuel-efficiency standards and
to dial back Obama-era lim-
Bite Farm Country Behavior
CBS Corp. reported
its on tailpipe emissions. A1 quarterly results
Russia is letting thou- Thursday but
sands of new North Korean
Processor’s exports fell after EU struck declared questions
about CEO Leslie
laborers enter the country back at U.S. levy; ‘just sitting on our hands’ Moonves’s alleged
and issuing fresh work
permits, in potential viola- sexual harassment
tion of U.N. sanctions. A1 of several women
BY JESSE NEWMAN from retaliatory tariffs off limits on a
A new letter to Trump
sparked by President Donald conference call
from Kim reinforced the cor-
MENOMONIE, Wis.—After Trump’s global trade offen- with analysts. The
dial relationship between the
the U.S. placed tariffs on Eu- sive—levies imposed on a company’s board is
two leaders and kept the door
ropean steel and aluminum wide range of American conducting an
open for another summit. A6
in June, Europe hit back goods from soybeans and investigation into
Senior intelligence offi- with a tax that, among other pork to ginseng and cranber- the allegations. B1
cials described Russian ef- things, made American kid- ries. The duties from trading
forts to interfere in the 2018 ney beans 25% more expen- partners including China,
JAVIER ROJAS/PRENSA INTERNACIONAL/ZUMA PRESS
midterm elections as deep, sive in Europe. Canada, Mexico and the Eu-
real and continuing. A4 Now, Cindy Brown is run- ropean Union have deepened
Beijing said it was pre- ning out of room to store the a downturn that was already
pared to retaliate after
Trump threatened to double
proposed tariffs on $200
beans. One-ton bags of them
cover the floors in her cav-
ernous warehouses. Smaller
sacks are piled on wood-pal-
sapping incomes in the U.S.
Farm Belt.
Businesses reliant on a
single product are especially
Brazil’s Elite Flee Their Paradise
billion of Chinese goods. A6
let shelves. Kidney beans exposed. Focusing on a spe- BY SAMANTHA PEARSON “I’m totally freaked out by fleeing to the U.S. because of
A GE engineer with ties fill tall steel bins that dot cialty crop—often planted by AND LUCIANA MAGALHAES what’s been happening, espe- gang violence or in search of
to Chinese firms was arrested the grounds. farmers to help insulate cially here in Rio,” Mr. Lac- work, these Brazilians are of-
and accused of stealing files Chippewa Valley Bean Co. them from big-commodity RIO DE JANEIRO—Wealthy erda said. ten members of the country’s
related to proprietary power- had been on track to ship to boom and bust cycles—paid Brazilians are leaving the For months, the 40-year- elite—“precisely the people
turbine technology. A3 Europe 60% of its beans off for Chippewa Valley for country, terrified by spiraling old actor has been agonizing who are in a better position to
Zimbabwe’s electoral traded internationally this years, offering higher profit gun violence and pessimistic over whether to move his help change Brazil,” said
commission said Mnangagwa year, worth $25 million. margins. Now, specialization about the nation’s political family to Europe for the Naercio Menezes Filho, direc-
won the presidential vote, a Now, “we’re just sitting on is magnifying the tariff pain, and economic future. safety of his three young chil- tor of the center for public
result that extends the rul- our hands,” said Ms. Brown, even though the Wisconsin Thiago Lacerda, a top soap dren. “In several years, policy at Insper, a São Paulo
ing party’s hold on power. A9 president of the family com- business has grown into one opera star, is one of scores of they’re going to want to go business school.
pany. of the world’s largest proces- celebrities, bankers and other out, to start dating, without About 52% of the richest
A Trump donor agreed to Agricultural businesses sors of dark red kidney wealthy Brazilians considering worrying about getting shot.” Brazilians—those with a
pay $10 million to Cohen if across the U.S. are reeling Please turn to page A11 emigration as a last resort. Unlike Central Americans Please turn to page A10
he successfully helped obtain
funding for a nuclear-power
project, according to people
familiar with the matter. A4 INSIDE A Nation That Loves Slang Worries About Losing It
The government is moving i i i
to require colleges to publish
more detailed data on the fi- Australia, land of diminutives, is divided ‘parmy’ vs. ‘parma’
MIKE MCGINNIS/GETTY IMAGES
nances of their graduates. A2

BY MIKE CHERNEY isn’t only testing friendships
CONTENTS Opinion.............. A15-17 here, it is reaching the highest
Business News B3,5-6 Sports....................... A14
Crossword.............. A12 Streetwise................. B1 SYDNEY—Beth Taylor made levels of government. The pre-
Heard on Street. B12 Technology............... B4 a disappointing discovery about mier of Victoria, one of the six
Life & Arts...... A12-13 U.S. News............. A2-4 her new boyfriend when they Australian states, recently cre-
Mansion............. M1-10 Weather................... A12
Markets............. B11-12 World News..... A6-10
went to lunch recently. He re- ated a poll on Facebook to ask
ferred to the local version of his constituents their prefer-
> LUXURY THE COLLEGE- chicken parmesan, a popular

pub meal in Australia, as a
Parmageddon ence: “parma” or “parmy.” The
poll, which the premier’s office
RESORTS OFFER SPORTS GOD “parma.” Ms. Taylor, 18 years old, who conceded was “completely un-
A ‘TRY OUT’ COMPLEX She is adamant it should be a
“parmy.”
has been dating her boyfriend
for about two months. “This is
scientific,” garnered 32,700
votes, and 81% went for
s 2018 Dow Jones & Company, Inc.
“We got into a deep argu- something that could really “parma.”
All Rights Reserved MANSION, M1 JASON GAY, A14 ment, with the waiter standing make or break our relationship.” Australians believe their
there really awkwardly,” said The pronunciation problem Please turn to page A11
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
A2 | Friday, August 3, 2018 * *** THE WALL STREET JOURNAL.
U.S. NEWS
New Push to Disclose Grads’ Income, Debt
WASHINGTON—The Trump director of student-aid policy at
administration is moving to Major Difference the National Association of In-
require colleges and universi- Average debt-payments-to- dependent Colleges and Univer-
ties to publish more detailed income ratio three years after sities, which represents liberal-
data on the finances of their graduation for Virginia public and arts schools in Washington.
graduates, part of a broader private schools by major Lawmakers from both par-
effort to make higher educa- ties say families need more in-
tion more market driven and formation to navigate the
focused on consumer choice. Psychology 9.9% higher-education marketplace
in an age marked by angst
Criminal justice 8.3
By Michelle Hackman, about college costs. Tuition
Josh Mitchell Business 7.6 has grown an average of 5.9%
and Douglas Belkin a year since 1990, nearly triple
Economics 5.6 the rate of overall inflation.
EDUARDO MUNOZ ALVAREZ/GETTY IMAGES

The new rules, set to be “The data by college is rela-
unveiled by the Education De- Computer science 4.5 tively useless, because colleges
partment in coming weeks, Source: State Council of Higher Education don’t put you in a job. It’s the
will build out an Obama-era for Virginia program of study that does,”
initiative called the College THE WALL STREET JOURNAL. said Anthony Carnevale, head
Scorecard, but will supplant of Georgetown University’s
an Obama-era plan known as The requirements are de- Center on Education and the
the “gainful employment” signed to offer an unprece- Workforce. “If I major in an-
rule. That provision focused dented look at the debt and thropology I have a right to
government oversight on for- earnings of students after they know that it may not get me a
profit colleges, sanctioning graduate. Many colleges al- great job.”
programs that produced stu- ready post campuswide debt New rules aim to allow prospective students to compare not just schools, but programs within schools. The more-detailed data
dents with high debt loads and income averages for grad- would be a step toward em-
and little income after gradu- uates. The new rules will drill in the U.S. has nearly quadru- ish what it deems the worst- cerns. Colleges also argue that powering state and federal of-
ating. deeper, providing debt and pled since 2005 to $1.4 tril- performing schools, is the best the financial return on a de- ficials to determine which
Instead, Education Secre- earnings by major, from Eng- lion, most of it extended by way to create a better-func- gree is just one measure of schools deserve scarce funding
tary Betsy DeVos is pushing lish to engineering. the government. A huge chunk tioning market in higher edu- success. and helping regulators prose-
disclosure requirements that The goal is to allow pro- is going unpaid, despite low cation. “It really risks misleading cute potential cases of fraudu-
apply to all of higher educa- spective students to compare unemployment. The plan is drawing stiff students and risks creating a lent advertising, Mr. Carnevale
tion—including for-profit and not just schools, but programs The moves bring into focus opposition from colleges— potentially false analogy be- said. Schools, meanwhile,
nonprofit schools, public and within schools, before going Mrs. DeVos’s belief that more which have spent decades tween the long-term value of could use the data to drop
private schools, and under- into tens of thousands of dol- information about the value of fighting transparency efforts— certificate programs versus programs with low benefits in
graduate and graduate pro- lars in debt for a degree that a college degree, rather than citing the costs of data collec- bachelors and even masters favor of new ones for which
grams. may not pay off. Student debt government decisions to pun- tion and student-privacy con- programs,” said Tim Powers, the economy has high demand.
California Fires Prompt Additional Evacuations U.S. WATCH

MUELLER INVESTIGATION ECONOMY
Aide to Former Trump Jobless Claims Rise
Adviser Must Testify But Remain Low
An aide to former Trump ad- The number of U.S. workers
viser Roger Stone must turn over filing new applications for unem-
documents and testify before the ployment benefits ticked slightly
grand jury hearing evidence in higher last week but continued
special counsel Robert Mueller’s to hover near the lowest levels
investigation of Russian interfer- since the late 1960s.
ence in the 2016 U.S. election, a Initial jobless claims, an indica-
federal judge ruled Thursday. tion of layoffs across the U.S.,
The Stone adviser, Andrew rose to a seasonally adjusted
Miller, had challenged a subpoena 218,000 in the week ended July
that required him to answer 28 from 217,000 in the prior
questions before Mr. Mueller’s week, the Labor Department said.
grand jury. He said Mr. Mueller Jobless claims can be volatile
was unlawfully appointed and from week to week. The four-
“wields too much power with too week moving average of claims,
little accountability,” according to which smooths out weekly jitters,
the ruling by Judge Beryl A. How- fell to 214,500 in the week ended
ell, chief judge of the U.S. District July 28 from 218,000 the prior
Court for the District of Columbia. week. The data reflect what econ-
Judge Howell, however, wrote omists say is the strongest U.S. la-
that Mr. Mueller’s “power falls bor market in nearly two decades.
well within the boundaries the Applications for unemploy-
Constitution permits.” ment benefits fell earlier in July
FRED GREAVES/REUTERS
Mr. Miller’s attorney, Paul Ka- to their lowest level since 1969,
menar, said he was exploring av- when the workforce was much
enues of appeal. smaller than now, and remain
—Sadie Gurman low by historical standards.
and Rebecca Ballhaus —Paul Kiernan
and Sharon Nunn
MAKESHIFT CAMP: Jim Daniel, accompanied by his dog, slept Thursday after fires forced them to evacuate in Clearlake Oaks, Calif. TRADE
More than 13,000 firefighters were battling blazes statewide, and tens of thousands of people were under evacuation orders. PHILADELPHIA
Tariffs Reduced on
Canadian Newsprint City, U.S. Settle Over
Treatment of Deaf
Lawmakers May Curb Tariff Powers
The Trump administration re-
duced tariffs it imposed this year The U.S. Department of Jus-
on newsprint from Canada, offer- tice entered into a three-year
ing at least a partial reprieve to settlement agreement with the
BY SIOBHAN HUGHES what Trump is talking about, the U.S. newspaper industry. Philadelphia Police Department
AND WILLIAM MAULDIN which is hold countries ac- In January, the Commerce De- over complaints that police
countable and increase our en- partment set temporary tariffs hadn’t provided effective com-
WASHINGTON—GOP Sen. forcement, but at the same of as much as 32% on paper munication to deaf detainees
Rob Portman of Ohio is pro- time we need to be careful that from Canada, responding to a and victims of crime.
posing legislation that would we’re doing it on a basis that complaint from a single U.S. pa- Under the settlement an-
make it harder for the White doesn’t allow other countries per-mill operator in Washington nounced Thursday, the police de-
House to impose the sort of to retaliate against us,” said state about alleged dumping and partment will pay eight individuals
duties that have hit metals im- Mr. Portman, whose state has a Canadian government subsidies. a total of $97,500 and adopt
ports, aiming to move beyond big foreign-car-maker presence. Now, the department has re- Americans with Disabilities Act
DOUGLAS CHRISTIAN/ZUMA PRESS
stalled congressional efforts to Regarding the use of national vised its duties to just over 20% compliant policies including provid-
respond to the Trump admin- security tariffs, he said “our for one Canadian producer, Cata- ing hearing aids, accessible phone
istration’s national security answer is not to get rid of it, lyst Paper Corp., just under 10% equipment and sign-language in-
tariffs. but to take it back to its origi- for two other producers, and as terpreters when necessary.
The measure, which faces nal intent.” little as roughly 1% for others. The The Justice Department
longer odds in the House than Mr. Portman is a closely U.S. International Trade Commis- started an investigation into the
in the Senate, could be most watched figure in trade de- sion is scheduled to vote on the concerns about ADA compliance
meaningful to foreign auto bates. He is a former U.S. trade duties at the end of August, and for hearing-impaired or deaf
makers, who have been in Pres- representative and House law- tariffs could be further reduced. people after receiving a com-
ident Trump’s crosshairs de- Sen. Portman and other senators want the Defense Department maker, and one of his first The News Media Alliance plaint from a deaf detainee say-
spite a recent moderation in to decide if tariffs are justified by national-security reasons. votes in Congress was in favor trade group welcomed the move ing proper communication de-
tensions between the U.S. and of the 1994 North American but said it wasn’t enough. vices hadn’t been provided.
European car companies. Mr. heading off tariffs on automo- posing national security tariffs. Free Trade Agreement. As his North Pacific Paper Co., Investigators reached out to
Trump has threatened to im- bile imports, which Mr. Trump It also has the advantage of be- career progressed, he built a which has pushed for the tariffs, deaf individuals who had inter-
pose tariffs on imported autos, threatened before agreeing not ing advanced from within the reputation as a free-trader who said it is “pleased that our alle- acted with the police department
citing national security con- to impose tariffs on European Senate Finance Committee, also pushed for tougher en- gations of dumping and subsidi- and found complaints from crime
cerns. Union cars during new trade which sets trade policy. forcement of existing trade zation have been confirmed.” victims and other detainees.
Mr. Portman teamed with negotiations with the bloc. “It’s appropriate for us to do laws. —Lukas I. Alpert —Associated Press
Republican Sen. Joni Ernst of It would also expand beyond
Iowa and Democratic Sen. Doug oil imports Congress’s ability
Jones of Alabama to unveil a
bill Wednesday that would give
to decide whether to block na-
tional security tariffs, by giving
CORRECTIONS AMPLIFICATIONS THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
the Defense Department the lawmakers the power to pass a
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
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tariffs are justified by national would nullify tariffs—but accused lenders of helping based in Louisville, Ky. A July Periodicals postage paid at New York, N.Y., and other mailing offices.
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THE WALL STREET JOURNAL. * * * * * Friday, August 3, 2018 | A3
U.S. NEWS
Executive
Wins GOP
Schools Buy Shooter Insurance
Demand is growing
Primary in for ‘active-assailant’
coverage as districts
Tennessee confront a new reality
BY TAWNELL D. HOBBS
BY REID J. EPSTEIN
AND KRISTINA PETERSON School administrators con-
sider the likelihood of a shoot-
Construction executive Bill ing real enough that some dis-
Lee won the Republican pri- tricts are buying active-
mary for Tennessee governor, shooter insurance.
the Associated Press pro- The coverage, also called
jected, in a race featuring four “active-assailant” insurance,
major candidates. gained traction in the past
MIKE STOCKER/SOUTH FLORIDA SUN-SENTINEL/ASSOCIATED PRESS

Mr. Lee, a political new- year, following several mass
comer, spent $5 million of his shootings. Schools use it in
own funds to defeat Rep. Diane hopes of avoiding litigation
Black, who was endorsed by and offsetting costs for coun-
Vice President Mike Pence; seling services, crisis manage-
Beth Harwell, the Tennessee ment and added security after
state House speaker; and Randy an attack.
Boyd, a fellow businessman. “It at least gives us some
Mr. Lee, 57 years old, is peace of mind that, in the
chairman and former chief ex- event of horrible tragedy, we
ecutive of a company founded can begin to put things in
by his grandfather. He had place,” said Lance Erlwein,
never before sought public of- treasurer of Belpre City
fice and portrayed himself in Schools, a district of 1,000
TV ads as an outsider closely students in southeastern Ohio,
allied with President Trump. which purchased a plan last
Ms. Black had hoped an en- year that includes a $25,000
dorsement from Mr. Trump death benefit per victim and Students in February evacuated Marjory Stoneman Douglas High School in Parkland, Fla. A gunman killed 17 people at the school.
would propel her to a primary trauma counseling. “Fifteen
victory. Her TV ads featured years ago who would have school. million in coverage for small ing social media to spot poten- 700,000 a year of getting hit
photos of herself with the ever thought you would need More than 150 children and school systems to about tial threats and if schools offer by lightning, Mr. Mocsary said.
president and clips of Mr. something like this. It’s awful adults have been killed in $175,000 for $20 million in active-shooter awareness Schools typically carry gen-
Trump praising her for her that schools have become the school shootings since 1990, coverage for larger ones. training to students and staff. eral liability insurance to
work on the tax law he signed target.” according to a Wall Street Death benefits often are of- “There’s burgeoning de- cover claims stemming from
last December. But no presi- After a mass shooting at a Journal review. Scores more fered up to $250,000 per vic- mand for this product,” said negligence that results in per-
dential endorsement came for school, it isn’t unusual for vic- were either injured or trauma- tim. Robert Hartwig, director at sonal and physical injury,
Ms. Black, and GOP voters tims and grieving family mem- tized by the incidents. To set premiums, insurers the Risk and Uncertainty Man- death or property damage.
didn’t reward her for having bers to file lawsuits against a Insurance underwriter consider factors including lo- agement Center at the Univer- The School District of In-
the support of Mr. Pence. school district alleging negli- McGowan Program Adminis- cal crime data, student enroll- sity of South Carolina, which dian River County in Vero
In the general election, Mr. gence, including for matters trators, an Ohio-based leader focuses on risks facing organi- Beach, Fla., pays an annual
Lee will face Democrat Karl such as failing to provide ade- in shooter insurance, has writ- zations. “If you’re a risk man- premium of $20,909 for a $3
Dean, who easily won his quate security or missing ten over 300 active-shooter/ ager for a school district, you million policy, which includes
party’s primary on Thursday warning signs of a would-be- workplace violence policies for
The coverage is used have to look at it with the a $250,000 per person death
night. He served two four-year shooter. school districts, charter in hopes of avoiding same eye that you might look or injury benefit after a shoot-
terms as mayor of Nashville. After the February mass schools, private schools and at coverage for a tornado. We ing or other violent act. The
In another competitive Ten- shooting at Marjory Stoneman universities across the country
litigation and to live in a very litigious United insurance covers the district’s
nessee race, Tim Burchett, the Douglas High School in Park- since 2016, when it started of- offset potential costs. States.” schools with 15,000 students
outgoing mayor of Knox land, Fla., 15 survivors filed a fering the coverage. A com- George Mocsary, an associ- and employees. Charter
County, won the GOP primary lawsuit in U.S. District Court pany official said the company ate professor at the Southern schools aren’t covered.
to succeed retiring Republican of the Southern District of issued over 60 policies in July, Illinois University School of Broward County Public
Rep. John Duncan Jr., accord- Florida in July against several and that it has paid out some ment and district staff levels. Law, said the insurance is Schools, which includes Stone-
ing to the Associated Press. parties, including the school policies. They also consider what safety priced too high for something man Douglas High School, said
Mr. Burchett defeated a pri- district’s superintendent, law- Shooter insurance is con- measures the schools have in that has a “extraordinarily in an email that the district
mary field of six other candi- enforcement officials and Bro- sidered gap coverage, handling place, says Paul Marshall, low” chance of happening. The didn’t have active-shooter cov-
dates in the conservative dis- ward County. They seek mone- expenses not typically covered managing director for odds of a student in K-12 pub- erage before February’s mass
trict around Knoxville, tary damages to be under general liability, such as McGowan’s Active Shooter/ lic school getting killed or in- shooting. The policy is some-
positioning him to almost cer- determined by a jury and at- funeral costs and death bene- Workplace Violence Insurance jured in a multivictim shooting thing that has been and con-
tainly win the general election. torney fees for alleged failures fits. Annual premiums can Program. He also considers are about one in 4.8 million a tinues to be considered, it
His victory sidelined rival Ash- to protect students at the range from about $1,800 for $1 whether schools are monitor- year, compared with one in said.
ley Nickloes, an aircraft com-
mander in the Air Force and
Ohio Race Seen as Bellwether for November

Tennessee Air National Guard
member. Many female House
Republicans and outside
groups had rallied around Mrs.
Nickloes in the hopes of elect- BY REID J. EPSTEIN On Monday, Vice President
ing more GOP women. Mike Pence, during his second
In November, Mr. Burchett NEWARK, Ohio—President visit to the district to help Mr.
will face Democratic nominee Trump is heading to Ohio on Balderson, told supporters
Renee Hoyos, who worked for Saturday to shore up support they have a chance to launch a
the past 14 years as the execu- for a Republican House candi- “red wave” and favorably com-
tive director of the Tennessee date who has struggled to pared the 56-year-old state
Clean Water Network. raise money and is failing to senator to Mr. Trump, who
motivate GOP voters. won the district by 11 percent-
Tuesday’s special election age points in 2016.
between Republican Troy “Troy helped bring the kind
Engineer Balderson and Democrat
Danny O’Connor offers a pre-
of leadership to the statehouse
here in Ohio that President
Arrested view of dozens of midterm
races across the country: a re-
Trump has brought to the
White House,” Mr. Pence said.
At GE in liably Republican district that

harbors a supercharged Demo-
cratic base and a core of sub-
In the Trump era, House
candidates’ performance may
matter far less than how vot-
FBI Probe urban voters who polls show
are frustrated with the presi-
ers view the president. The
leading indicator in each of
dent’s leadership. the competitive House special
BY THOMAS GRYTA Both sides view the contest, elections since Mr. Trump
the last special election before took the White House has
A General Electric Co. en- November, as a final check on been the president’s approval
gineer with ties to Chinese party enthusiasm, with each rating in the district, accord-
companies was arrested and party claiming the result here ing to Charlie Cook, publisher
accused of stealing files re- will send a signal of what is to of the Cook Political Report.
lated to proprietary power- come in November. The non- A Monmouth University
turbine technology, which the partisan Cook Political Report poll released Wednes-
FBI says he elaborately con- rates the race a tossup. day found 46% of the district’s
cealed to avoid detection. likely voters approve of Mr.
Xiaoqing Zheng, a U.S. citi- Trump, while 49% disapprove.
zen, was hired by GE in 2008 to Blue Fervor The poll gave Mr. Balderson a
work in its power division in Early votes cast by voters one-point lead, with 11% of
Schenectady, N.Y., according to registered as Republicans or likely voters undecided.
an affidavit by a Federal Bureau Democrats in the three largest National Republican Con-
of Investigation agent filed counties in Ohio’s 12th District gressional Committee Chair-
Wednesday in federal court in man Steve Stivers, who repre-
Democrats Republicans
Albany, N.Y. sents a neighboring central
ANDREW SPEAR FOR THE WALL STREET JOURNAL (2)
Agents searched Mr. Zheng’s Franklin County Ohio district, phoned Mr.
house Wednesday and seized 100% Balderson last month to urge
his passport, electronic devices him to spend less time on his
and a handbook that explains 50 Ohio state Senate duties and
“the type of resources the gov- more time fundraising, accord-
0
ernment of China will give to ing to people familiar with the
individuals or entities who can 2016 general 2018 special conversation.
provide certain technologies,” election election Mr. O’Connor raised
according to the affidavit. Delaware County $607,000 during the latest
To conceal the documents, 100% Federal Election Commission
the FBI said, Mr. Zheng on July reporting period, which ended
5 embedded encrypted files into 50 July 18. Mr. Balderson raised
the code of a seemingly innocu- $139,000.
ous image of a sunset to send 0 Mr. Balderson said he isn’t Republican Troy Balderson, seen above at a rally with Vice President Mike Pence, is facing
them to a personal email ad- 2016 general 2018 special aware of Washington worries Democrat Danny O’Connor, top, on Tuesday in a special election in Ohio for a House seat.
dress. He said he used similar election election about his fundraising.
techniques to take GE materials Licking County “There’s never been a added $1.3 million. The Demo- crat for president for 100 who now operates the website
on five to 10 previous occa- phone call that said, ‘You’re cratic Congressional Campaign years before the 2016 elec- ohioelectionresults.com. But
100%
sions, according to the affidavit. not raising enough money,’” he Committee has spent $750,000 tion—to endorse Mr. O’Connor. for next week’s contest, Demo-
Mr. Zheng’s attorney Kevin 50 said in an interview this week. to back Mr. O’Connor. Mr. Trump’s visit is in- crats have cast 71% of the
Luibrand disputed the allega- Mr. O’Connor’s campaign Mr. Balderson has been an tended to energize local Re- early votes, Mr. Dawson found.
tions, saying his client had not 0 has spent $1.9 million on TV unsteady campaigner. He told publicans. In the 2016 general Mr. O’Connor, the 31-year-
given the GE files to anyone 2016 general 2018 special ads, compared with $500,000 the Columbus Dispatch he election, Republicans in the old Franklin County recorder,
else. Mr. Zheng appeared in election election by Mr. Balderson. The Con- couldn’t name an issue on district’s three biggest coun- doesn’t mention Mr. Trump to
court Thursday and was or- Note: 2018 data through July 31
gressional Leadership Fund, which he disagreed with Mr. ties accounted for 65% of the voters and focuses on health
dered to post $100,000 bail, Source: Mike Dawson’s the House GOP’s super PAC, Trump, prompting the paper’s early vote, said Mike Dawson, care and economic issues,
which he agreed to do by us- ohioelectionresults.com has spent $2.6 million backing conservative editorial page— a former aide to the late Ohio pledging to protect Medicare
ing equity in his house. THE WALL STREET JOURNAL. Mr. Balderson, while the NRCC which hadn’t backed a Demo- GOP Gov. George Voinovich and Social Security.
A4 | Friday, August 3, 2018 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
Fake Accounts Sought Ties to Real Groups

BY DEEPA SEETHARAMAN moved 32 fake pages and active American and Hispanic
AND ROBERT MCMILLAN counts from its main platform culture, after stumbling
and its Instagram photo-shar- across it sometime in the
Organizers behind the ing app. It said the now-de- past year. He was one of
newly revealed batch of fake leted pages “created about 30 more than 84,000 Facebook
Facebook accounts often events” starting in May 2017. users who liked the page,
sought to work alongside le- A spokesman said that didn’t which featured themes of an-
gitimate groups organizing encompass all of their event ticolonialism and resistance.
rallies and protests in the U.S., activity, such as cases where “It was the truth about our
marking a new strategy in ef- the fake page was invited to people,” said Mr. Perez, a 19-
forts to sow discord through host a pre-existing event. year-old construction worker
social media ahead of the mid- Events promoted by the in Salt Lake City. He disagreed
term elections, a review of ar- fake accounts included a No- with Facebook’s assessment
chived event listings shows. vember 2017 march against that the account was fake.
The fake Facebook pages cops in New York, a June 2017 Many up-and-coming grass-
and accounts helped promote birthday celebration in San Di- roots organizations rely on so-
more than three dozen events ego for Rodolfo “Corky” Gon- cial media to connect with ac-
in the past 15 months, most of zales, the late Mexican-Ameri- tivists and publicize events. It is
them protesting the policies of can political activist, and a difficult to tell which groups on-
FACEBOOK/ASSOCIATED PRESS
President Trump or promoting June 2018 protest at the U.S. line are legitimate, said Sam
left-leaning causes, according Immigration and Customs En- Woolley, director of digital intel-
to a Wall Street Journal review forcement headquarters in ligence at the think tank Insti-
of 40 now-deleted listings pro- Washington. tute for the Future. “What’s real
moted by three groups in par- Fake accounts can push un- grass-roots activity versus fake
ticular: “Resisters,” “Black Ele- witting groups toward the grass-roots activity?” he asked.
vation” and “Aztlan Warriors.” fringes, Mr. Brookie said. Facebook didn’t say who
The archived events provide a “It just piggybacks onto was behind the newly deleted
deeper understanding of the Facebook deleted pages from fake groups such as ‘Aztlan Warriors’ and ‘Black Elevation.’ very real sentiment,” he said. groups. Several lawmakers
activity beyond what Facebook By appearing to be peers, fake pointed the finger at Russia.
Inc. disclosed on Tuesday. Forensic Research Lab, which makers said last year. showed a desire to push online pages can push others to in- Efforts to reach the groups
Collaborating with grass- analyzes misinformation online The new accounts identified activity into the real world. In- creasingly polarized positions weren’t successful.
roots organizations on existing and works with Facebook. The by Facebook, like the IRA, pub- filtrating grass-roots organiza- and make the extreme seem Russia has denied it at-
events goes beyond the tactics Kremlin-backed IRA group cre- lished posts and planned tions could undercut trust in normal, he said. tempted to interfere in the
employed by the Internet Re- ated hundreds of fake accounts events related to hot-button legitimate political activists, Victor Perez found himself 2016 election. A spokesman
search Agency, according to and pages on social media dur- causes such as race, immigra- according to researchers study- drawn to the Aztlan War- for the Russian Embassy in
Graham Brookie, director of ing and after the 2016 U.S. tion and women’s rights. Both ing online misinformation. riors, a page that used divi- Washington didn’t respond to
the Atlantic Council’s Digital election, Facebook and law- the IRA and the new accounts Facebook said it had re- sive memes to promote Na- requests to comment.
Officials Pledge to
Fight Interference
In 2018 Midterms
BY REBECCA BALLHAUS terfere in the 2016 election,
AND DUSTIN VOLZ directed at the highest levels
of its government. Tactics in-
WASHINGTON—Senior included hacking state election
telligence officials described systems; infiltrating and leak-
Russian efforts to interfere in ing information from party
the 2018 midterm elections as committees and political strat-
deep, real and ongoing, show- egists; and disseminating
casing their efforts to combat through social media and
a threat President Trump has other outlets negative stories
repeatedly dismissed and about Democratic nominee
played down. Hillary Clinton and positive
“We continue to see a per- ones about Mr. Trump.
vasive messaging campaign by Russia has denied interfer-
Russia to try to weaken and ing in the 2016 election, and
MARK WILSON/GETTY IMAGES
divide the United States,” Di- the president has repeatedly

rector of National Intelligence expressed skepticism about
Dan Coats told reporters at a the intelligence agencies’ con-
briefing Thursday. clusion. He has called the spe-
Speaking at a time when cial counsel investigation into
the administration is facing election interference a “witch
criticism for not doing enough hunt,” and has denied that
to address the threat of Rus- members of his campaign col-
sian election interference, Mr. luded with Moscow. On Senior Trump administration officials briefed reporters Thursday about Russian efforts to interfere in November’s elections.
Coats said Mr. Trump had di- Wednesday, Mr. Trump called
rected intelligence agencies to for Attorney General Jeff Ses- the probe. “We are being hin- gaged in during 2016, for its efforts to combat election occasions.
make election hacking a “top sions to shut down the investi- dered by the Russian hoax. It’s example interfering with voter interference. Mr. Wray said the FBI, which
priority.” gation, calling it “rigged” and a hoax, OK?” Mr. Trump said registration databases. Rus- That criticism intensified has taken a lead role in ad-
“We’re throwing everything a “disgrace.” to cheers from the crowd. sia’s efforts so far have fo- following Mr. Trump’s summit dressing foreign influence oper-
at it,” Mr. Coats said. He Mr. Trump didn’t attend the At the news briefing Thurs- cused on “malign influence op- in Helsinki last month with ations, has opened investiga-
added the U.S. is “doing every- news conference and, later day, Federal Bureau of Investi- erations,” which he called Russian President Vladimir Pu- tions in field offices around the
thing we can to have a legiti- Thursday, didn’t mention his gation Director Christopher “information warfare.” tin, where Mr. Trump appeared country.
mate election that the Ameri- administration’s plans to com- Wray said intelligence agen- Thursday’s briefing from se- to side with the Russian leader Mr. Wray also said the U.S.
can people can have trust in.” bat Russian interference dur- cies haven’t yet seen the nior intelligence officials over U.S. intelligence agencies is improving its intelligence
U.S. intelligence agencies ing an 80-minute campaign “same kinds of efforts to spe- comes as the Trump adminis- on the subject of election in- sharing efforts. The threat of
have concluded that Russia rally in Pennsylvania. cifically target election infra- tration has been criticized by terference. He has since re- foreign influence was “both
undertook a broad effort to in- Instead, he again criticized structure” that Moscow en- lawmakers in both parties over vised his comments on several broad and deep,” he said.
Trump Donor Hired Cohen as Consultant

WE’RE A major donor to President
Trump agreed to pay $10 mil-
with the agreement.
A loan application by Mr.
BULLISH ON
lion to the president’s then- Haney’s company is still pend-
personal attorney if he suc- ing at the Energy Department.
cessfully helped obtain Mr. Cohen hasn’t communi-
funding for a nuclear-power cated with Energy Secretary
BRYNN ANDERSON/ASSOCIATED PRESS
project, including a $5 billion Rick Perry about Mr. Haney’s
COMFORT
loan from the U.S. govern- project, according to the En-
ment, according to people fa- ergy Department. Mr. Cohen
miliar with the matter. made several calls to officials
at the Energy Department in
By Michael Rothfeld, the spring to inquire about the
Rebecca Ballhaus loan guarantee process, includ-
and Joe Palazzolo ing what could be done to
speed it up, according to a per-
The donor, Franklin L. son familiar with the matter.
Haney, gave the contract to Franklin Haney agreed to pay Michael Cohen $10 million if he The Wall Street Journal
Trump attorney Michael Co- successfully helped obtain funding for his nuclear-power project. couldn’t determine how much
hen in early April to assist his Mr. Haney may have paid Mr.
efforts to complete a pair of after Mr. Trump went to the using for the project. He de- Cohen, if anything, in monthly
unfinished nuclear reactors in White House, according to clined further comment about retainer fees.
Alabama, known as the Belle- people familiar with the probe. the project or Mr. Cohen. The agreement was made
fonte Nuclear Power Plant, Investigators are also exam- Mr. Cohen has never regis- shortly before Mr. Cohen’s
these people said. ining potential campaign-fi- tered as a federal lobbyist, home, office and hotel room
Had he been paid the suc- nance violations and bank public records show. were raided by federal agents
cess fee, Mr. Cohen’s deal with fraud surrounding, among A representative for Mr. Co- on April 9, according to the
Mr. Haney could have been other deals, Mr. Cohen’s Octo- hen declined to comment. The people familiar with the con-
among the most lucrative of ber 2016 payment to Stepha- White House didn’t respond to tract. It is no longer in effect,
the known consulting agree- nie Clifford, the former adult- a request to comment. one of them said.
ments he secured after Mr. film star called Stormy Under the contract, Mr. James Thurber, a professor
The Un-Sneaker™ goes to work. Trump’s election by emphasiz- Daniels, to keep her from dis- Haney agreed to pay Mr. Co- of government at American
With leather-lined interior, padded ing his personal relationship cussing an alleged sexual en- hen a monthly retainer in ad- University, said success fees are
with the president, according to counter with Mr. Trump, ac- dition to the $10 million suc- “outside the ethical norms”
collar and custom soles — the world’s people familiar with his pitches. cording to people familiar cess fee if he could help obtain among Washington lobbyists.
The president has since with the probe. Mr. Trump de- the funding, including ap- Century-old court rulings
most comfortable shoe is now severed ties with Mr. Cohen, nies any encounter took place. proval of the full amount of deemed fees contingent on lob-
dressed for the office. who is under federal investiga- “Neither Mr. Haney nor Nu- the project’s application under byists obtaining public funds or
tion in New York in connection clear Development LLC ever a U.S. Department of Energy killing legislation unenforceable
with his work for Mr. Trump entered into a contract with loan program, the people fa- and counter to public policy,
and private business dealings. Michael Cohen or his affiliate miliar with the deal said. saying they encouraged corrup-
Authorities are investigat- for lobbying services related Mr. Cohen’s fee would be tion, he said. Several lobbyists
ing whether Mr. Cohen en- to the Bellefonte project,” said reduced proportionally if he contacted by the Journal said
gaged in unregistered lobbying Larry Blust, a lawyer for Mr. helped obtain less funding $10 million was an unheard-of
Free shipping and returns. Order online or call 844.482.4800.
in connection with his consult- Haney, referring to the name than the contract stipulated, sum to pay a consultant for
ing work for corporate clients of the company Mr. Haney is according to a person familiar government-related work.
THE WALL STREET JOURNAL. Friday, August 3, 2018 | A5
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A6 | Friday, August 3, 2018 * * THE WALL STREET JOURNAL.
WORLD NEWS
Letter Spells Out Close Trump-Kim Ties
North Korean leader’s “mercurial nature,” Mr.
Brazinsky said it was “very,
latest note reflects very difficult for North Korea
cordial relations even to trust the rapprochement
process completely.”
as diplomacy sputters Skeptics say North Korea
may be doing what it did in
BY MICHAEL C. BENDER 2008, when it tore down a
cooling tower at its pluto-
A new letter to President nium- producing Yongbyon
Trump from North Korea’s Kim site to international acclaim,
Jong Un has reinforced the but later built an experimental
cordial relationship between light water reactor at the
the two leaders and kept the same location—that is, making
door open for another summit some gestures to buy time and
meeting, which Mr. Trump weaken international support
suggested might happen soon. for sanctions while not funda-
“Thank you to Chairman mentally altering the character
Kim Jong Un for keeping your of its program.
word & starting the process of Since the Singapore sum-
sending home the remains of mit, North Korea has con-
our great and beloved missing structed two new buildings at
fallen!” Mr. Trump wrote on a missile facility and appears
Twitter, referring to what are to be actively continuing pro-
believed to be the remains of duction there, according to
U.S. soldiers killed in the Ko- satellite imagery captured by
JONATHAN ERNST/REUTERS
rean War. “Also, thank you for San Francisco-based imagery
your nice letter—l look for- provider Planet Labs Inc. and
ward to seeing you soon!” analyzed by the Middlebury
But the warm feelings ha- Institute of International Stud-
ven’t led to major progress in ies at Monterey, Calif.
working-level diplomacy over Gary Samore, who was the
eliminating North Korea’s nu- senior National Security Coun-
clear and missile programs, President Trump on Thursday thanked North Korean leader Kim Jong Un for sending back remains of U.S. soldiers killed in the Korean War. cil official on weapons of mass
according to accounts by the destruction programs in the
two sides. some former officials believe, ator with Pyongyang on its “The North wants to proceed relations and a peace regime Obama administration and is
And while Mr. Kim has been is the possibility the two sides missile programs who is now toward denuclearization incre- lower priorities.” now at Harvard University’s
effusive in praising Mr. Trump, came away from the June 12 at the Brookings Institution. mentally, without committing On possible North Korean Belfer Center, said that the
the North Korean leader spent Singapore summit between The declaration signed by unambiguously to complete moves, “if people are expect- North may have two aims.
his time visiting a potato farm Messrs. Trump and Kim with the two leaders in Singapore elimination and only if there is ing them to entirely disarm in “The first is to construct a
instead of meeting with Secre- fundamentally different expec- laid out a broad blueprint to progress toward improved bi- two months, that’s unreason- process that allows them to
tary of State Mike Pompeo tations about the sequence of establish new relations and lateral relations, including re- able,” said Gregg Brazinsky, a defer giving up their nuclear
during his July visit to Pyong- diplomatic moves to unwind build a lasting “peace regime” moval of sanctions and a peace North Korea expert at George weapons for the foreseeable
yang. The North Korean For- more than 60 years of hostility. alongside a commitment to treaty,” Mr. Einhorn said. “The Washington University in future,” Mr. Samore said. “The
eign Ministry dismissed those “There remains a funda- “work toward” complete denu- Trump administration wants Washington, who favors the second is to extract as many
talks as “regretful.” mental divide,” said Robert clearization. But it didn’t spell rapid and complete denuclear- dialogue process. Also given economic benefits as they can
At the heart of the problem, Einhorn, a former U.S. negoti- out the steps beyond that. ization, with normalization of what he called Mr. Trump’s from South Korea and Japan.”
Russians Beijing Threatens

Defy Curbs To Return Fire
On Korea
Continued from Page One On U.S. Tariffs
JANA ROMANOVA FOR THE WALL STREET JOURNAL
rious violations.”
U.N. officials are probing po- BEIJING—China fired back In its statement, however,
tential violations of the sanc- after the Trump administration the Chinese Commerce Minis-
tions, which contain narrow ex- threatened to double proposed try said China can achieve
ceptions, people familiar with tariffs on $200 billion in Chi- “high-quality” economic
the matter said. nese goods, saying it won’t growth despite the toll exacted
Russia’s Interior and Foreign yield to White House pressure. by tariffs: “China always holds
ministries didn’t respond to re- “China has been fully pre- on to the belief that bad things
quests for comment. In the pared and will have to retaliate can be turned into good
past, the Foreign Ministry has to defend national dignity and things.”
said it accepted the U.N. sanc- the people’s interests,” the The issue of China’s re-
tions. Commerce Ministry said in a sponse to U.S. threats of
Efforts to reach North Ko- statement Thursday. higher tariffs also came up
rea’s embassy in Moscow were North Korean construction workers, like these in St. Petersburg, can spend 17 hours a day at sites. Officials didn’t specify how during the daily news briefing
unsuccessful. A man who an- it would retaliate if the U.S. by the Chinese Foreign Minis-
swered the phone at North Ko- Authorities on Sakhalin Is- levies a 25% tariff on Chinese try.
rea’s mission to the U.N. in Ge- land this year awarded Sakore- goods. Because China imports Commerce Minister Zhong
neva said he had no knowledge In Demand nma two contracts valued at a far less from the U.S. than the Shan at a meeting called on
of the matter. Top occupations for North Korean workers in Russia, total of $180,000, according to U.S. imports from China, it ministry officials to stabilize
China and Russia have drawn based on 2017 permits public records. Sakorenma and can’t keep up tit-for-tat tariffs. foreign trade “by all means,”
U.S. ire in recent months, ac- Genco didn’t respond to re- But it can delay licenses and according to a separate state-
cused by Washington of allow- Plasterer quests for comment. hold up mergers and acquisi- ment posted on the ministry’s
ing North Korean illicit activity Genco appears to operate tion approvals for U.S. busi- website later Thursday.
Mason
and sanctions evasion. Chinese elsewhere in Russia through nesses and increase inspec- “First, I suggest the U.S.
and Russian firms continue to Concrete worker firms with similar names, tions of U.S. products at ports. take the right attitude and not
help the nation import oil prod- Tiler C4ADS said. Some of those The Commerce Ministry to try to blackmail China as it
ucts in excess of U.N.-mandated firms are seeking new permits said the purpose of the U.S. doesn’t work,” spokesman
caps, including through previ- Painter for North Korean laborers, ac- tariffs is to restrict China’s Geng Shuang said in response
ously sanctioned tankers, ac- Seamstress cording to records reviewed by “peaceful development”—not, to a question. “Second, we
cording to U.S. and U.N. officials the Journal. as the U.S. says, to retaliate for suggest the U.S. return to ra-
Welder
and a declassified intelligence In St. Petersburg, the Jour- China’s unfair trade practices tionality and not act impul-
briefing prepared for the U.N.’s Carpenter nal reviewed copies of new with the goal of narrowing the sively, as it will eventually
committee on North Korea Joiner work permits issued by local wide trade gap between the hurt itself.”
sanctions and reviewed by The authorities to North Korean two countries. Mr. Geng said China is also
0 2,000 4,000 6,000 8,000
Wall Street Journal. workers as recently as June. The ministry also took note open to resuming trade talks
North Korean laborers have Source: Russian Labor Ministry THE WALL STREET JOURNAL. of what it said were conflicting
Those hires aren’t reflected in but only based on mutual re-
helped feed the construction Labor Ministry data, which in- White House messages: threats spect and equality. “The U.S.
boom in St. Petersburg, local plying for new work permits cow’s enforcement. dicate there were no applica- of higher tariffs but also sig- unilaterally exerting pressure
businessmen said. and negotiating new projects. Kuwait, Poland and other tions for North Korean work nals it wants to resume settle- on China will get the opposite
“They work till they drop,” “The Kim regime continues countries have said they have permits in the city or surround- ment talks. of what it wants,” he said.
said a contractor who hires to dispatch citizens abroad,” stopped renewing North Korean ing region this year. That strategy, it said, Preliminary talks by Trea-
North Koreans. Workers arrive said C4ADS, a nonprofit that worker visas. U.S. officials Three of the firms that re- “doesn’t work for China at all.” sury Secretary Steven
at construction sites at 7 a.m. advises the U.S. government on credit the clampdown, along ceived local permits—Mokran Trump administration offi- Mnuchin and Chinese Vice
and work until 10 p.m. or even security risks, in a report re- with other sanctions, with help- Ltd., Bu Khyn Ltd. and Kanson cials say the U.S.’s robust econ- Premier Liu He haven’t pro-
midnight, taking just two half- leased on Thursday. “In doing ing compel Mr. Kim to start de- Ltd.—list addresses in a ware- omy gives it the high ground in duced even a plan for addi-
hour breaks for meals of rice so, it continues to flout interna- nuclearization talks. house inside a dilapidated in- the trade battle against China, tional trade negotiations.
and dried fish, he said. tional sanctions to generate for- C4ADS has mapped out net- dustrial estate south of the city which is showing signs of an —Liyan Qi and Grace Zhu
Local developers say they eign currency.” works of firms and individuals center. economic slowdown. China also
pay companies that hire out About 100,000 or more using North Korean workers, Neighboring businesses said depends on trade more than Heard on the Street: U.S. edge
North Korean workers—firms North Korean laborers have mainly in Russia and China. the firms have been upgrading the U.S. on China won’t last.............. B12
they say often represent North Cross-referencing corporate the facility. Several sought Ko-
Korean institutions such as the registry documents, official la- rean-speaking translators in job
military or state conglomer- bor statistics, tax filings and postings in February and July.
ates—about 100,000 rubles
North Korean trade records, C4ADS said When contacted about the posi-
($1,600) a month per worker. In laborers have helped many firms contracting North tions, representatives said they
government filings and job ad- Korean laborers from St. Pe- were filled.
vertisements, such companies
feed St. Petersburg’s tersburg to Siberia appear to Some real-estate companies
list monthly worker salaries of construction boom. violate sanctions. say they are aware of sanctions
16,000 to 20,000 rubles. One such company identified and are gradually winding
That 80% difference is in line by C4ADS and examined by the down use of North Korean la-
with U.S. assessments that Journal is Sakorenma Ltd., bor. But they said they were
North Korea’s government been working overseas in re- which has employed North Ko- given no guidance by the gov-
takes the bulk of earnings. cent years, the U.S. State De- rean workers since at least 2015 ernment. Some plan to keep us-
U.N. sanctions mean these partment said. Pyongyang’s la- and whose ownership structure ing the workers until the next
laborers should be gone by Sep- bor exports earned as much as appears to put it in breach of decade, hoping Mr. Kim’s prom-
tember, a year after the curbs $2 billion a year for the Kim re- U.N. sanctions. ise to end weapons programs
took effect, because the work- gime, some analysts said. According to Russian docu- will lead to relaxed sanctions.
ers are required to leave once According to Russian gov- ments, one of its owners is “They are like soldiers.
WU HONG/EPA/SHUTTERSTOCK
their permits expire, usually ernment data, around 24,000 North Korea’s General Corpora- They’ve got the discipline,” said
within a year. Even workers North Koreans were officially tion for External Construction, an executive at a large real-es-
with multiyear permits must be working in the country at the or Genco. The U.S. imposed tate firm in St. Petersburg. “We
out by the end of 2019. end of 2017. sanctions on the firm in 2016 want to keep working with
Yet many firms contracting Secretary of State Mike for employing North Korean la- them.”
out laborers—Russian compa- Pompeo and the U.S. envoy to bor overseas, alleging some —Natalia Kovtun
nies owned and run by North the U.N., Nikki Haley, said re- Genco revenue is funneled into in St. Petersburg and
Koreans, according to corporate cently that while Russia has Pyongyang’s Munitions Industry Andrew Jeong and
documents and researchers— helped pass North Korean sanc- Department, which supports Yunhwan Chae in Seoul A man pushing a trolley past bags of soybean in a Beijing wholesale
are investing in new offices, ap- tions, they questioned Mos- Mr. Kim’s weapons programs. contributed to this article. market. China has imposed tariffs on imports of U.S. soybeans.
THE WALL STREET JOURNAL. * * Friday, August 3, 2018 | A7
WORLD NEWS
Facing Inflation, U.K. Raises Rates Again

BY JASON DOUGLAS
AND PAUL HANNON
Czech National ahead of the ECB because that
would risk an appreciation of
LONDON—The Bank of Eng-
land raised its benchmark in-
Bank Tightens their currencies against the
euro, and a weakening of ex-
terest rate to its highest level For Fifth Time ports and economic growth.
in almost a decade, highlighting The Czech central bank last
how quickening inflation re- raised its key rate in June and
mains a bigger worry for cen- The Czech National Bank continues to respond to strong
tral banks than a brewing raised its key interest rate economic growth, rapidly rising
global trade war. Thursday for the fifth time in a wages and an inflation rate
The move marks the latest year, confirming its status as that is above its 2% target. In
FACUNDO ARRIZABALAGA/EPA/SHUTTERSTOCK
small step by a major central the most aggressive of Europe’s the three months through
bank to dial back the mone- central banks in following the March, the Czech economy was
tary stimulus that has been Federal Reserve’s efforts to 4.2% larger than in the 2017
supporting the global economy “normalize” its monetary policy. period, while the annual rate of
since the financial crisis The central bank increased inflation was 2.4% in May.
tipped the world into reces- its two-week repo rate to 1.25% The Federal Reserve first in-
sion in 2009. BOE officials on from 1.0% and its Lombard rate creased its key interest rate at
Thursday voted unanimously to 2.25% from 2.0%, citing a the end of 2015 and has fol-
to raise the central bank’s pol- weakening of the koruna’s ex- lowed that with six further
icy rate to 0.75% from 0.5%, change rate that risks pushing moves, most recently in June.
the second rate increase in inflation higher as prices of im- Most European central banks
less than a year. ported goods and services climb. have been wary of following the
The change in policy also Bank of England Gov. Mark Carney said trade fights haven’t had a major effect on economic data. “The main uncertainty is the Fed’s lead, since the continent’s
underscores that—for now— duration of the global factors economic recovery started later
the widening trade dispute be- “We can understand how it which recently caused the ko- than that of the U.S.
tween the U.S. and its biggest could get worse,” BOE Gov. Moving Up runa to depreciate,” the central The Czech central bank has
trading partners isn’t causing Mark Carney said at a news The Bank of England raised its benchmark interest rate bank said in a statement. been one of the few exceptions.
the kind of economic disrup- conference Thursday, referring for the second time in a decade, the latest step by a “Growth in protectionist mea- It was the first in Europe to be-
tion that could throw the to the impact of escalating tit- major central bank to gently tighten policy. sures in global trade and an es- gin to move its monetary policy
global economy out of kilter. for-tat protectionism. calation of the U.S.’s trade dis- back toward settings that were
The U.S. Federal Reserve held But he added central-bank Central-bank policy rates putes with the euro area and considered normal before the
short-term interest rates steady officials aren’t yet picking up 6% other trading partner countries financial crisis. In April 2017, it
Wednesday but signaled it is on any major deterioration in the are an additional source of ex- dropped a peg on the koruna’s
5
track to raise them again next economic data. Mr. Carney said ternal uncertainty.” value against the euro that it
month. Officials didn’t even policy makers are particularly 4 Among other European had installed in November 2013.
mention trade policy in their watchful for any signs that central banks, only those of It raised its key interest rate for
regular policy statement. trade tensions are sapping 3 Romania and the U.K. have the first time in almost a de-
Central banks in India and business confidence and hitting moved their key rates higher in cade in August 2017.
the Czech Republic nudged up investment, echoing remarks 2 the past 12 months. Economists said the central
U.S.
their main interest rates this last month by his counterpart However, there are signs of bank’s focus on the exchange
week, while the European Cen- at the ECB, Mario Draghi. 1 movement elsewhere, with the rate means it is likely to raise
tral Bank is poised to phase “Clearly, a trade war where U.K. European Central Bank confirm- its key interest rate again be-
0
out its bond-buying program you have rounds of retaliation Eurozone ing in July that it intends to end fore the end of the year.
later this year. and rounds of responses would –1 bond purchases under a stimu- “In our view, one additional
Driving these decisions are create an entirely different cli- lus program known as quantita- hike in the rest of this year is
signs that inflationary pres- mate,” Mr. Draghi said. 2007 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 tive easing in December. likely,” said Jiri Polansky, an
sures that have mostly lain dor- The U.S. on Wednesday Note: Changes in the European Central Bank’s interest-rate target Other central banks in Eu- economist at Erste Bank.
are shown on the effective dates, not the dates of announcement.
mant for years are strengthen- threatened to double proposed Sources: Federal Reserve Bank of St. Louis; rope are wary of moving too far —Paul Hannon
ing as the global economy tariffs on Chinese imports, the Bank of England; European Central Bank THE WALL STREET JOURNAL.
enjoys a robust, if uneven, spell latest escalation in a dispute
of growth, led by a booming between Washington and Bei- reckons the new tariffs will the aim of ensuring higher in- the U.K. economy is Britain’s faster growth in prices.
U.S. Figures released Thursday jing over trade policy. Presi- lead to slightly weaker global terest rates don’t derail the looming withdrawal from the Thursday’s increase takes
by the Organization for Eco- dent Trump, unhappy at trade growth in 2018 than it pre- global expansion. EU. The U.K. is scheduled to the benchmark rate to its high-
nomic Cooperation and Devel- practices he perceives as un- dicted in May but it kept its The BOE predicted steady if leave the bloc in March but key est level since 2009. The pound
opment showed global inflation fair on the U.S., has also taken forecast for 2019 unchanged. unspectacular growth for the aspects of its future economic fell despite the rate rise, re-
hit a four-year high in June. aim at imports from allies in- Officials expect global growth U.K. in the coming years and ties to the EU remain unre- flecting Brexit-related concerns
While the threat of a full- cluding Canada, Mexico and this year of 2.75% and 2.5% in signaled it anticipates that it solved. BOE officials fear that among investors.
blown trade war is clouding the European Union. Those af- 2019. can keep a lid on inflation uncertainty is restraining busi- BOE officials have warned
the outlook for the global fected by the U.S. tariffs have Central banks including the with only one or two more ness investment and productiv- that a messy divorce, in which
economy, there are few signs retaliated with levies of their Fed and the BOE have stressed quarter-point rate increases ity growth, limiting the speed the U.K. crashes out of the EU
that the skirmishes are signifi- own on American imports. they plan to raise borrowing through mid-2021. at which the British economy without a deal, could cause se-
cantly weighing on growth. Mr. Carney said the BOE costs slowly and gently with Another uncertainty dogging can expand without spurring vere damage to the economy.
HENRY ROMERO/REUTERS
A production line at an Audi plant in Mexico. The U.S. is seeking to boost its auto exports.
U.S., Mexico Seek Auto Deal, GREAT RATES on CERTIFICATES

With Canada on the Sidelines
BY WILLIAM MAULDIN created an incentive of sorts. deal in principle is possible by PENFED’S CERTIFICATE RATES UP TO
AND ROBBIE WHELAN The talks have dragged on and mid-to-late August—which 5X HIGHER THAN NATIONAL AVERAGE
blown through several dead- would allow for a new agree-
Senior U.S. and Mexican offi- lines, and officials are now seek- ment to be signed before Mr.
2.45%
cials sought to hammer out new ing to get some sort of agree- López Obrador takes office—as
rules for the auto trade at the ment by late August, which long as the U.S. is willing to
center of negotiations to over- would allow a deal to be signed show flexibility on key issues. ONE P E N F E D A PY
haul the North American Free formally before Mr. López Obra- Getting a deal done on Nafta YEAR NAT’L OVER 5X THE NATIONAL AVG*
Trade Agreement on Thursday,
while Canadian officials sat out
dor takes office in December.
U.S. Trade Representative
has become crucial to European
auto makers such as BMW and
AVG .42%
the latest talks amid persistent Robert Lighthizer wants to Volkswagen, which have major
3.00%
tension between Ottawa and tighten the rules for auto trade manufacturing operations in
Washington. to ensure cars traded duty free Mexico and the U.S. These car
The talks with Mexico are in North America have less con- makers increasingly see North FIVE P E N F E D A PY
part of the Trump administra- tent from outside the continent. America as a “safe haven” re- YEAR NAT’L NEARLY 3X THE
tion’s effort to not only boost
exports and narrow the trade
He is also working with Mexico
on rules that would require a
gion in the event that Mr.
Trump’s threatened tariffs hurt
AVG 1.07% NATIONAL AVG*
deficit, but to also chalk up vic- their business in Europe, Mr.
tories that might justify the Kalach said.
president’s confrontational ap-
Auto sector pact could Mr. Kalach also played down APY 1.00% 2.00% 3.00%
proach to trade. The adminis- tensions between the U.S. and
tration wants to enlist at least lead to broader deal to Canada. Canadian Foreign Min- *Source as of 7/26/18: www.fdic.gov/regulations/resources/rates/
the tacit support of traditional ister Chrystia Freeland last
allies—including Nafta members
revamp Nafta accord week traveled to Mexico City to
Mexico and Canada—in an infor all three members. renew contact with the Mexican
creasingly tense standoff with negotiating team, which now in- We have a proud history of serving those in the
China over trade issues. cludes a representative of Mr.
Should Mexico and the U.S. López Obrador, the president- Armed Forces, Department of Defense, Department
reach an accord on autos, an im- certain proportion of a car—up elect. of Homeland Security, Military Associations, eligible
portant sector covered by Nafta, to two-fifths—to be produced by “We’ll be back to the table
it could lead to a broader deal workers earning up to $16 an reasonably shortly, like within veterans and retirees, and their families. You may also
to revamp the pact for all three hour, according to people famil- the next two weeks,” said Can-
members, officials say. President iar with the proposal, which ada’s ambassador to the U.S., qualify through membership in select organizations
Trump is seeking to remake the hasn’t been released publicly. David MacNaughton, in an inter- within our field of membership.
24-year-old agreement in ways Speaking to reporters outside view. “If it is the case that the
that favor American manufac- Mr. Lighthizer’s office Thursday, Mexicans and the Americans are
turing workers but has hit resis-
tance from the other countries,
Mexican officials said they are
working on numerous other ar-
really close, and that they man-
age to get those issues resolved PenFed.org
business groups and lawmakers eas in addition to autos. in the next few days, then I To receive any advertised product, you must become a member of PenFed Credit Union.
that back free trade. Moisés Kalach, a director of think we’ll be back to the table PenFed Annual Percentage Yield (APY) is current as of August 1, 2018, and is subject to change. Minimum opening deposit is $1,000. A penalty will be
The election last month of the private-sector board that sooner rather than later.” imposed for early withdrawal. This will reduce earnings on the account. For all certificates funded by ACH, funds cannot be withdrawn within the first
Andrés Manuel López Obrador advises Mexico’s government on —Paul Vieira in Ottawa 60 days of the account opening. © 2018 Pentagon Federal Credit Union
as Mexico’s next president has Nafta, said Wednesday that a contributed to this article.
A8 | Friday, August 3, 2018 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Pope Seeks End to Death Penalty Japanese

University
Pontiff approves
revised language to
church doctrine on
Accused of
capital punishment Male Bias
BY FRANCIS X. ROCCA BY MEGUMI FUJIKAWA
ROME—Pope Francis for- TOKYO—Tokyo Medical

mally strengthened Catholic University is looking to inves-
Church teaching against capital tigate an allegation that the
punishment, categorically pro- school automatically lowered
hibiting it as an attack on hu- the entrance-exam results of
man dignity and calling for its female applicants for years to
abolition. ensure that most of the en-
The Vatican announced trants were men.
Thursday that the pope had The allegations, earlier re-
approved revised language for ported by the Yomiuri newspa-
the Catechism of the Catholic per, underscore the challenge
Church, an official compen- Prime Minister Shinzo Abe faces
dium of doctrine, to state that in the government’s push to em-
the death penalty is “an attack power women and encourage
on the inviolability and dignity more women leaders in society.
of the person” and that the The Yomiuri said school
church is working “with deter- leaders believed women doc-
mination for its abolition tors were less valuable than
worldwide.” men because they might take
Up to now, the church time off for marriage or mater-
hasn’t entirely ruled out the nity leave, so they skewed the
death penalty if it “is the only entering class in favor of men.
possible way of effectively de- In the academic year that be-
fending human lives against gan in April, the entering class
MAX ROSSI/REUTERS
the unjust aggressor,” but had 97 male students and 23 fe-

noted such cases should be ex- male students, according to the
tremely rare. school’s website. In Japan, med-
The change is the culmina- ical schools generally run six
tion of growing opposition to years and combine undergradu-
the death penalty by the past Pope Francis at the Vatican this week. The pope approved doctrine calling capital punishment an attack on the ‘dignity of the person.’ ate and graduate-level training.
several popes, but also reflects The university began lower-
the priorities of Pope Francis, ment. galistic than Christian.” ing the admission-test scores
who has emphasized issues of China 1,000+ In justifying the change, the This is not the first change of women in 2011, after the
social and economic justice new language cites an “in- to the catechism in the direc- number of successful female
over sexual and medical ethics, Iran 507+ creasing awareness that the tion of less tolerance for capi- applicants doubled to around
and who late last year sug- Saudi Arabia 146 dignity of the person is not tal punishment. The original 40% in 2010, the Yomiuri said.
gested that the church had al- lost even after the commission edition, published in 1992, A spokesman for the univer-
ways been wrong about the Iraq 125+ of very serious crimes” as well while preferring “bloodless sity said it was uncertain
death penalty.
Capital Punishment as the development of “more means” for the protection of whether a separate internal in-
Pakistan 60+ Top countries that carried out
Some conservative Catholics effective systems of detention” human life, accepted as “well- vestigation was probing the
are likely to object that capital Egypt 35+ judicial death sentences and which can today protect soci- founded the right and duty of matter. “If it does, we will an-
punishment remains at least executions in 2017 ety from dangerous criminals legitimate public authority to nounce the results early this
theoretically permissible under Somalia 24 yet “do not definitively deprive punish malefactors by means month. If not, we plan to ask for
traditional teaching. U.S. 23 the guilty of the possibility of of penalties commensurate this to be looked into,” he said.
Ignatius Press, the English- redemption.” with the gravity of the crime, An education-ministry offi-
language publisher of retired Jordan 15 The change follows a speech not excluding, in cases of ex- cial said schools are permitted
Source: Amnesty International
Pope Benedict XVI, last year by Pope Francis in October, in treme gravity, the death pen- to set gender ratios but are in-
Singapore 8 THE WALL STREET JOURNAL.
published a study by two aca- which he called the death penalty.” structed to disclose any such
demics defending capital pun- alty “contrary to the Gospel,” Five years later, Pope John policy in advance.
ishment on the basis of Catho- thought that Catholic doctrine alty, but the pope’s decision and said that the church’s pre- Paul II changed that language According to the Organiza-
lic theology, philosophy and held the death penalty to be could fuel criticism of political vious sanction and use of “this to match his reflections in a tion for Economic Cooperation
scripture. immoral, I would resign” from leaders elsewhere, including extreme and inhumane remedy wide-ranging encyclical on the and Development, the share of
In 2011, the late Justice An- the U.S. Supreme Court. the Philippines, where Presi- that ignored the primacy of value of human life. The 1997 female doctors was about 21%
tonin Scalia, a Catholic, told a Catholic countries in Europe dent Rodrigo Duterte supports mercy over justice” was “dic- revisions have stood until the in Japan in 2016, the lowest
law-school audience: “If I have abolished the death pen- restoration of capital punish- tated by a mentality more le- latest change by Pope Francis. among the surveyed countries.
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THE WALL STREET JOURNAL. * * * * Friday, August 3, 2018 | A9
WORLD NEWS
President
Wins Vote
In Zimbabwe
BY GABRIELE STEINHAUSER On Wednesday, six people
AND BERNARD MPOFU died when soldiers wielding
automatic weapons clashed
HARARE, Zimbabwe—Presi- with opposition protesters in
dent Emmerson Mnangagwa, the capital, Harare.
who deposed Robert Mugabe Mr. Chamisa has repeatedly
MUJAHID SAFODIN/ASSOCIATED PRESS

in November after serving him said he won the popular vote
for decades, was declared the and the election has also been
winner of Zimbabwe’s presi- criticized by international ob-
dential election, extending the servers, including from the
ruling party’s nearly four-de- U.S. and the European Union.
cade hold on power. During a break in the hours-
Zimbabwe’s electoral com- long vote announcement, when
mission early Friday said Mr. the results for nine out of 10
Mnangagwa, 75 years old, re- of Zimbabwe’s provinces had
ceived 50.8% of the total vote, already handed Mr. Mnan-
narrowly avoiding a runoff gagwa a clear lead, the spokes- Police stood guard in Harare on Thursday, a day after deadly clashes between the military and protesters in Zimbabwe's capital.
against his main rival, 40-year- man and national chairman of
old Nelson Chamisa, who won Mr. Chamisa’s Movement for Thursday afternoon, called ing a song that has become the There was no immediate re- used to disperse protesters.
44.3% of the vote. He will be Democratic Change tried to shortly after police raided his unofficial anthem of the inter- sponse from Mr. Chamisa. The observers have ques-
able to build on a two-thirds take the podium in the elec- party’s offices, arresting sev- vention that hoisted him into Most shops in the city center tioned the fairness of Mon-
majority in Parliament, giving toral commission’s press room. eral of his MDC colleagues and the presidency. The dark had remained closed on Thurs- day’s election, flagging the use
him broad sway over future “These results have not seizing computers. streets of the capital’s city cen- day and police in riot gear and of state resources—such as
laws and government decisions. been signed by the polling The tensions have cast a ter remained deserted, except trucks carrying water cannons food aid—and intimidation to
But his ability to fulfill his agents,” the chairman said, be- pall over the first election in for a few cars racing down av- were stationed outside govern- pressure voters. But on Thurs-
campaign promises—namely fore being removed by police. Zimbabwe since the military in enues honking their horns. ment and political offices. After day, Mr. Chamisa rejected the
ending Zimbabwe’s status as The result capped days of November deposed Mr. In a message from his Twit- nightfall, soldiers patrolled observers’ request that he
an international pariah and tensions between Messrs. Mugabe after 37 years in ter account, Mr. Mnangagwa streets, where eight months ago pursue legal means to address
healing its tattered economy— Chamisa and Mnangagwa and power and installed Mr. Mnan- thanked voters for their trust thousands had celebrated Mr. his party’s grievances. “When
will be severely hampered by their supporters. gagwa in his place. and appealed for calm and Mugabe’s overthrow. you go into the court here, you
the violence and allegations of “We removed Mugabe, but Minutes after the results unity. “Though we may have International election ob- just walk into the lion’s den,”
vote rigging that followed not Mugabe-ism,” Mr. Chamisa were announced, supporters of been divided at the polls, we are servers have condemned what he said. “But we’re not about
Monday’s election. said at a news conference Mr. Mnangagwa started chant- united in our dreams,” he said. they said was excessive force to be a meal for lions.”
Israel Says It Killed Suspected ISIS-Linked Militants

Israel’s military said it Wednesday struck the mili- low any encroachment of the militants, which would give Col. Conricus said Israel campaign, Col. Conricus said.
killed seven suspected Islamic tants as they crossed into Is- fighting into its territory after the regime complete control suspects the militants are part Israel’s military said Israel
State-affiliated militants in raeli-controlled territory with shooting down a Syrian fighter over the country’s southwest of the Khaled bin Waleed holds Syria’s government re-
territory it controls near the weapons, military officials said jet last week it said crossed a for the first time since 2012. army, an Islamic State affili- sponsible for keeping militants
border with Syria, reflecting Thursday. The military de- little more than a mile into its Lt. Col. Jonathan Conricus, ate. Israel’s air force targeted from crossing into Israel. It said
scribed it as a “triangle area” airspace over the Golan Heights. an Israeli military spokesman, the militants when they were its military response to
By Felicia Schwartz near the borders of Israel, Syrian regime forces, said Israeli forces conducted a a few hundred meters into Is- Wednesday’s crossing and other
in Tel Aviv and Raja Syria and Jordan in the occu- backed by Russian airstrikes, search on Thursday and found raeli territory and approach- incidents are part of an effort
Abdulrahim in Beirut pied Golan Heights. have been battling Islamic seven bodies as well as five ing Israel’s security fence in to enforce a 1974 cease-fire
The strike comes amid con- State militants for weeks to AK-47s, explosive belts and the Golan Heights, he said. agreement with Syria that es-
the risk of spillover as the tinued fighting in Syria’s south- capture a small area along the what appeared to be grenades. The Israeli military has ob- tablished a demilitarized zone
Assad regime presses a mili- west and is one of several re- border with the Golan Heights. “It did not seem as if they were served Islamic State fighters between the two countries.
tary campaign to retake the cent incidents that Israel’s Syrian state media reported seeking refuge...they were mov- scattered near the border as —Dov Lieber in Tel Aviv and
country’s southwest. military has responded to with this week that government ing in a combat formation with the Syrian regime “appears Thomas Grove in Moscow
The Israeli air force late force. Israel warned it won’t al- forces had nearly defeated the combat equipment,” he said. very close” to wrapping up its contributed to this article.
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A10 | Friday, August 3, 2018 * * THE WALL STREET JOURNAL.
FROM PAGE ONE WORLD WATCH

IRAN
Tehran Starts Naval
Exercise in Strait
Iran began a major naval ex-
ercise near the Strait of Hormuz,
in an apparent response to rhet-
oric from President Trump in re-
cent days that he would ratchet
up pressure against Tehran, U.S.
defense officials said.
The U.S. believes the exer-
cises “fully started” on Thursday,
one defense official said, and
could continue until Aug. 6. A
second official said there are
more than 100 boats and ships
participating in the exercise, but
most are considered smaller
craft.
An air component, consisting
primarily of unmanned aerial ve-
hicles, or UAVs, is also are par-
MAURO PIMENTEL/AGENCE FRANCE-PRESSE/GETTY IMAGES
ticipating in the exercise, a mili-

tary official said. Iranian officials
didn’t respond to a request to
comment.
Mr. Trump, in a July 22 Twit-
ter post written in capital let-
ters, warned of dire repercus-
sions if Iran threatened the U.S.
—Gordon Lubold
and Nancy A. Youssef
EUROPE
Spanish Rescue Boat
Saves 87 Migrants
A member of the military police patrols a beach in Rio de Janeiro in June. Violence is a top concern for Brazilians—and a key reason many are leaving the country.
A Spanish rescue boat saved
Brazil’s ties began recording the data.

Many are moving to exclusive
enclaves on the Portuguese
Packing Up
More Brazilians are making
The economy is set to grow
1.5% this year, while unem-
ployment is over 12%. About
motherland, is fast becoming
Brazilians’ so-called Plan B.
There are now 85,000 Brazil-
87 migrants in international wa-
ters in the Mediterranean Sea,
and says it is in touch with sev-
Elite Flee Riviera and to U.S. cities such

as Orlando and Miami.
Violence is a top concern,
arrangements to leave the
country...
People filing emigration
62% of 16- to 24-year-olds
would emigrate if they could,
according to Datafolha.
ians living in Portugal, the
largest community of foreign
nationals, including many re-
eral countries about where to
bring them.
Laura Lanuza, a spokes-
Paradise especially in Rio, where the

near-bankrupt state govern-
ment is struggling to provide
notifications with the federal
tax office
The young have to pay Bra-
zil’s high taxes but benefit lit-
tle from government spend-
tirees lured by tax incentives,
Portugal’s immigration and
border service said.
woman for the aid group Proac-
tiva Open Arms, says the boat
rescued the migrants early
the police with basic equip- 20 thousand ing, a huge chunk of which Brazilians of Japanese de- Thursday about 54 miles off the
Continued from Page One ment. Even in luxury gated goes to pensions, said Tony scent often return to the land Libyan coast. She says the mi-
monthly household income of communities, surrounded by Volpon, chief economist at of their forefathers. The U.K. grants were mostly from Sudan
more than $2,500—want to bodyguards, or in bulletproof 10 UBS in Brazil. For those with is another popular choice, as and included eight minors.
emigrate, while 56% of col- sports cars, the rich say they a good education, leaving is Switzerland—the adopted It was the first rescue by an
lege-educated Brazilians want no longer feel safe. “looks like a good decision,” home of Brazil’s richest man, aid group in several weeks, as
to leave, according to a study Stray bullets from shoot- he said. Jorge Paulo Lemann, who re- European countries jockey over
published in June by Brazilian outs between drug gangs and 0 located there in 1999 after where to take those rescued at
polling agency Datafolha. security forces have caused ’11 ’12 ’13 ’14 ’15 ’16 ’17 gunmen tried to kidnap his sea. The new Italian government
Overall, 43% of Brazilians scores of casualties, including children on the way to school has refused to let such humani-
would emigrate if they could. a baby who was hit while in
...and the educated and affluent The U.S. is home to in São Paulo. tarian ships dock at their ports.
are particularly eager to
“The hope that Brazilians his mother’s arms in March emigrate. the largest share of As Brazilians have rushed The aid group said it talked
once had in their country has inside one of the city’s well- to leave, the number of immi- with several countries, including
gone out the window, and known private schools. In the Share of Brazilians who say Brazilian expats— grants in the Brazilian work- Spain, to coordinate getting the
many people are now reaching affluent Urca neighborhood, they want to leave the country more than a third. force fell for the first time in rescued migrants to a safe port.
the conclusion that things are where locals go to watch the College educated a decade in 2016. Joseph Wil- —Associated Press
unlikely to change in the next sunset, six dead bodies re- 56% liams, a U.S. businessman who
few years,” said Mr. Menezes cently washed up on the High income* moved to Brazil eight years CONGO
Filho. rocks. 52% The U.S. is still home to the ago, said Brazilians ask him,
Brazil’s government has Marcelo Caio Corrêa de largest share of Brazilian ex- “Why are you here?” Ex-VP Runs Again;
All Brazilians
struggled to keep track of how Melo, a 37-year-old e-com-
43%
pats—more than a third of the “It’s a market with prob- Had Faced Charges
many of its citizens live merce manager in the city, three million Brazilians esti- lems but also opportunities,”
abroad. With the October said security is the main rea- *Monthly household income of more mated to be living abroad, ac- said Mr. Williams, who runs a Former Congolese Vice Presi-
presidential elections ap- son he is emigrating to Portu- than $2,500 cording to Brazil’s foreign real-estate advisory and in- dent Jean-Pierre Bemba submit-
Sources: Brazil's federal tax office; Datafolha
proaching, 41% more Brazil- gal at the end of this month poll of 2,090 people conducted May 9-14, ministry. vestment firm in São Paulo. ted his candidacy for the De-
ians have registered to vote with his wife and two chil- margin of error: +/-2.0 percentage points “Things just work there. In- Still, for Mr. Melo, the e- cember presidential election, a
from abroad than in 2014, ac- dren. THE WALL STREET JOURNAL. frastructure is better, and ev- commerce manager, life in day after returning to the coun-
cording to government figures. “At the beginning of this erything is not so expensive,” Portugal has more appeal. He try following more than a de-
Meanwhile, the number of year, I was in the office and couple of months later, he said Vinícius Barbosa da Silva, is looking forward to simple cade away.
Brazilians filing emigration suddenly we heard a huge ex- said his father was held up by 20, a student from the south things, like being able to an- Mr. Bemba registered in the
notifications with the federal plosion outside, and everyone gunmen. of Brazil who said he plans to swer his cellphone in the presence of members of his op-
tax office reached 21,700 last jumped up,” he said. “It was a Brazil’s dismal economic move to the U.S. in a few street—something he said he position Movement for the Lib-
year, nearly three times the grenade let off by criminals and political prospects also years. no longer does in Rio for fear eration of Congo party, saying
number in 2011, when authori- running from the police.” A weigh heavily on the young. But Portugal, the colonial of it being stolen. he was responding to the aspira-
tions of Congolese. Mr. Bemba in
June was acquitted of war
Trump in pump, get worse gas mileage

and breathe dirtier air,” Mr.
Brown said. “California will fight
crimes by appeals judges at the
International Criminal Court.
His arrival shakes up the po-
Battle Over this stupidity in every conceiv-

able way possible.”
Because car makers start de-
litical landscape in one of Af-
rica’s most turbulent nations.
The opposition worries that
Car Rules veloping new models years in

advance, the lack of clarity
around regulations creates a
President Joseph Kabila, whose
mandate ended in late 2016, will
find a way to hold on to power.
challenge when trying to decide Mr. Kabila has been in office
Continued from Page One where to allocate investments. since 2001.
largest car market, has long Many car companies already Elections have been delayed
been a leader on issues involv- are developing more-efficient since late 2016, to the growing
ing air quality and climate vehicles for overseas markets, impatience of the international
change. Its push for stringent such as China and Europe, community.
regulations has made it an influ- where emissions regulations are —Associated Press
ential testing ground for poli- getting stricter. They are un-
cies cheered by environmental- likely to halt those efforts soon, YEMEN
ists but derided by some said Dave Sullivan, an auto ana-
JUSTIN SULLIVAN/GETTY IMAGES
industry leaders. lyst for AutoPacific Inc. Saudi-Led Airstrikes

Given California’s historic “Auto makers are also look- Kill 28 in Key Port
problem with smog, Congress ing further down the road be-
has granted the state waivers cause who is to say in six years The Saudi-led coalition fight-
through the years to impose the fuel economy standards ing Yemen’s Shiite rebels con-
stricter pollution-control mea- won’t change again” with a new ducted airstrikes in the rebel-
sures than those of the federal U.S. president, he said. held port city of Hodeida on
government. But California also California anticipated the Thursday killing at least 28
has vast influence in setting California for years has set standards for car fuel efficiency that the administration is now fighting. Trump administration moves people and wounding at least
standards for the national auto and has been bracing for a fight 70, Yemeni medical officials
market. Up to 12 other states a deal with California before fi- The administration proposal, said they are eager to hear from for months. Earlier this year, Mr. said, the latest escalation in
follow its lead and adopt its nalizing its rules, projected to which is subject to a 60-day California during the public Brown signed an executive order fighting along the country’s
rules, and the current Obama- happen this winter. public comment period, would comment period. calling for five million zero- west coast.
era regulations largely follow Given the number of states still raise fuel-efficiency man- California has already sued emission vehicles on California The airstrikes took place
those mandates. that follow California’s lead, dates through 2020 but then the administration over its auto roads by 2030. close to the city’s main public
The Trump administration’s mostly in the Northeast and hold them there, significantly policies, and its leaders said Mr. Brown often warns of cli- hospital, al-Thawra, situated
move is an effort to seize back Northwest, car makers say they lowering the longer-term re- Thursday they see the adminis- mate change in apocalyptic near a popular fish market, the
regulatory authority from a fear the Trump administration’s quirements through 2026 to an tration’s moves as an open at- terms, and has made curbing officials said. The wounded,
state that critics say takes its aggressive rollback of fuel-econ- average of 37 miles a gallon. tack on national rules the state emissions from industry, with an mostly civilians, were hospital-
clean air initiative to extremes. omy standards will force states helped set. They disputed the increasing focus on the trans- ized.
The proposal seeks to override to go their own ways. They want administration’s findings and portation sector, central to the The rebel-run Al Masirah TV
state standard setters in favor of to avoid a patchwork of regula- pledged to ramp up their legal state’s policies. Under a law he reported that airstrikes killed 52
“one national standard…set ex- tions and the costly variations in
The car industry efforts, setting the stage for signed in 2016 the state set the people and left more than 100
clusively by the Federal govern- vehicle design that could create. fears a regulatory what could be a seminal battle target of reducing its green- wounded. The Saudi coalition
ment.” The industry’s two largest over who controls car industry house-gas emissions to 40% be- couldn’t be reached to comment.
“Our job is to do what’s right lobbying groups sent a letter
patchwork that could standards. low the state’s 1990 levels by The Saudi-led coalition back-
for all Americans,” Heidi King, Thursday to both Mr. Trump raise its costs. Many lawyers and car indus- 2030, one of the most ambitious ing Yemen’s internationally rec-
deputy administrator of the Na- and California’s governor asking try lobbyists expect the Trump standards in the world. ognized government has sought
tional Highway Traffic Safety for a deal. administration would face a California has about a quar- to expand control over rebel-held
Administration, said in an inter- “We think somewhere be- yearslong legal battle and a Su- ter of the nation’s 4.1 million areas along Yemen’s west coast,
view. tween the administration’s pre- Trump administration offi- preme Court decision to over- traditional hybrid gas-electric particularly in the vital Read Sea
The auto industry is leery of ferred path and between the cials have said they want to ride California’s power. vehicles on its roads, 190,000 of port city of Hodeida, the main
any proposal that stops progress Obama numbers there’s a place avoid plunging auto makers into On Thursday, California Gov. the nation’s 389,000 pure-elec- entry point for food in a country
toward better fuel economy for that works,” said Mitch Bainwol, years of uncertainty, but not at Jerry Brown, a Democrat, called tric vehicles and 175,000 of its teetering on the brink of famine.
fear of a public backlash, even head of the Auto Alliance, which the expense of vehicle safety im- the Trump administration 382,000 plug-in hybrid vehicles, The coalition has been at war
though it views the current rules represents a dozen auto makers. provements they say are essen- moves “an assault on the health according to Edmunds. with the Iran-aligned rebels,
as too stringent. “Our belief is the path is not one tial. They put negotiations on of Americans everywhere.” —Adrienne Roberts known as Houthis, since March
Auto executives are urging of litigation but one of compro- hold in recent weeks as they fi- “Under his reckless scheme, and Mike Colias 2015.
the administration to negotiate mise.” nalized their proposal, and have motorists will pay more at the contributed to this article. —Associated Press
IN DEPTH
Should It Be sity education, globalization and

the loss of some traditions.”
Australians might have
15 Australian dollars. Josh Bene-
tatos, a bartender, said he pre-
fers “parma” but that his co-
couldn’t afford meat in Italy but
found protein to be abundant
and inexpensive in their new
‘Parma’ or mushies (mushrooms) on the

side with dinner, reach for their
sunnies (sunglasses) on a bright
worker that night was more
familiar with “parmy.”
“We saw that it was tonight’s
country.
In Australia, recipes for
chicken parmesan that resemble
‘Parmy’? day or call for firies (firefight-

ers) in an emergency. Bob
Hawke, the former Australian
special and it was written as
‘parma,’ and we were worried
that might be a bit controver-
the current pub favorite seem to
have become popular in local
cookbooks only in the 1980s,
Continued from Page One prime minister who famously sial,” said Mr. Benetatos, 21, said Tania Cammarano, who re-
slang is a defining characteris- set a world record for fast beer adding that customers are typi- cently completed a doctorate on
tic. They modify words with drinking, is sometimes referred cally split 50-50 on the pronun- the history of Italian food in
cute-sounding suffixes more to as Hawkie. ciation. Despite the disagree- Australia. That is about the time
When Oxford Dictionaries se-
PATRICK GILLESPIE
than other native English speak- ments, “we have yet to have any people became concerned about
ers, which linguists say reflects lected “selfie”—a picture taken actual punches thrown over it in saturated fat in red meat and
traditional Australian values of oneself—as the word of the this venue.” were looking for leaner alterna-
such as equality and informality. year in 2013, it traced the ori- Lucy Everden, who stopped tives, she said. She is pro-
So what’s with the kerfuffle gins to 2002, when it appeared in the pub with co-workers for parma.
over breaded chicken slathered on an Australian internet forum. Lee Hinkley, an IT manager in Melbourne, enjoys eating a ‘parma.’ food and drink, had a terse re- Ms. Taylor, who is studying
with tomato sauce and melted Figuring out what to call a sponse when one of her col- beauty therapy, said neither she
cheese? Australians fear their chicken parmesan at a pub, Australian words end in a “-y” The vast distances in Austra- leagues suggested “parma” was nor her boyfriend ordered a
slang could be disappearing in however, is a much more com- sound, said Roly Sussex, a pro- lia, which is about the size of the correct abbreviation. chicken parmesan that recent
an increasingly connected plicated affair. The issue is the fessor emeritus at the Univer- the continental U.S. with about “Wrong,” she said. “I can hon- day. There was a problem in the
world. Last year, a popular “most likely to start a civil war sity of Queensland, who over 8% of the population, account estly say I’ve never heard any- kitchen and no fries were avail-
meat-pie company ran a “Save in this country,” said Lee Hin- the last 20 years has compiled a for some of the differences. In one call it a ‘parma,’” said Ms. able, so they both decided to or-
Our Slang” advertising cam- kley, a 35-year-old IT manager list of more than 6,000 such ab- Victoria, which includes Mel- Everden, 31. Using the “-y” der something else.
paign, printing local slang words in Melbourne, who writes re- breviations. But when saying bourne, Australia’s second-larg- sound is “how we abbreviate “I don’t want to start another
on the packaging of its products. views on his website called Par- chicken parmesan’s formal est city, people typically say things. It’s Aussie.” argument in the middle of a res-
“There’s no doubt that the maDaze. When ordering the name, chicken parmigiana, lo- “parma.” In South Australia, The recipe itself is possibly taurant or pub over this,” she
range of Australian slang has re- dish last year in Sydney, where cals tend to pronounce the first which includes Adelaide, Aus- based off eggplant parmigiana, said, adding that aside from the
stricted in the last few years,” “parmy” is frequently used, “I “i” with an “a” sound, giving tralia’s fifth-largest, it is a southern Italian dish, said Fa- chicken controversy the rela-
said John Hajek, a linguist and would have said ‘parma,’ ” Mr. rise to “parma” as another ab- “parmy.” bio Parasecoli, a food-studies tionship seems to be going
professor at the University of Hinkley said. “I don’t think I breviated form. Still, ‘‘ ‘parmy’ At the Harlequin Inn in Syd- professor at New York Univer- great. “We’re going out for
Melbourne. “That’s got to do could bring myself to say fits with the majority, and I ney on a recent Tuesday night, a sity. Chicken parmesan was dinner tomorrow night, so
with the spread of a universal ‘parmy.’” think I’ve heard it more often handwritten sign on the bar ad- likely developed in the U.S. by maybe we’ll give it another
education, particularly a univer- The majority of modified than ‘parma,’ ” Mr. Sussex said. vertised a “parma” special for Italian immigrants, who usually shot.”
Chelsie Larson works bagging line at Chippewa Valley Bean; right, company president Cindy Brown
Bean Sales U.S. farmers have boosted

production of dry edible
beans, which include pinto,
Vegetable canning and
packaging companies in Eu-
rope that move kidney beans
Show U.S. navy and kidney beans, over

the past decade. Exports of
the dark red variety of kidney
along the supply chain toward
consumers operate on thin
profit margins. Legumbres Lu-
Tariff Pain beans that Chippewa Valley

handles have skyrocketed as
the U.S. displaced China as the
engo SA in León, Spain, has
purchased dark red kidney
beans from Chippewa Valley
Continued from Page One world’s largest supplier, espe- for four years. Chief Executive
beans, a sector the U.S. domi- cially to Europe. Marketed as a Pedro Luengo doesn’t think he
nates. healthy and low-cost protein can pass a 25% tariff on to re-
Ms. Brown said the com- source, the beans increasingly tailers who sell the beans for
pany last month shipped appear in products such as Spanish stews and salads. “We
nearly 40% less than is typical deli salads and frozen meals. don’t have room for such an
for this time of year. She said Chippewa Valley handles increase,” he said.
80 shipping containers’ worth one in four dark red kidney Casibeans, a Belgian trading
of kidney beans, valued at a beans traded internationally, company that sells beans to
total of $2 million, are stuck in according to Randy Fairman, buyers such as canners and
its warehouses as orders from an agricultural consultant who frozen-food producers, is look-
Europe dry up. specializes in dry beans. ing to kidney-bean suppliers in
The Trump administration “If the tariffs hold, the countries such as Canada and
has taken steps to soothe the near-term impact will be dev- Argentina as some of its cus-
nerves of American farmers, astating to small businesses tomers cancel orders for U.S.
promising $12 billion in emer- both in the U.S. and the EU,” beans rather than pay the
gency aid to support produc- Mr. Fairman said. “There is no duty. “A lot of risk has shifted
ers of commodities such as place in the supply chain to us,” said Caroline Suy, gen-
soybeans, wheat, sorghum and where a 25% tariff could be eral manager of the family
pork. It isn’t known what, if absorbed.” company.
TIM GRUBER FOR THE WALL STREET JOURNAL (3)
any, benefit processors such as Since the EU levied the tar- Chippewa Valley’s Ms.
Chippewa Valley and other iff on U.S. kidney beans in late Brown said farmers in coun-
businesses along the supply tries such as Canada and Ar-
chain will see from the aid. gentina will move quickly to
Besides promising aid, Mr. fill the gap by planting more
Trump last week agreed with
European customers of their land to kidney beans.
European Commission Presi- are canceling orders “We’ll see acreage cut back
dent Jean-Claude Juncker to dramatically [in the U.S.] and
begin talks aimed at resolving
and looking elsewhere see it picked up in other coun-
trans-Atlantic trade disputes. for bean supplies. tries,” she said.
European and Trump adminis- Mr. Fairman, the consul-
tration officials disagree on tant, said Americans’ hard-
whether the talks will include won European business will
agricultural products beyond June, in response to steel and begin to evaporate if the EU’s to kidney beans, and they typi- ging system, an additional have dwindled to less than
soybeans and beef. aluminum tariffs imposed by tariffs remain in place. He said cally account for as much as processing line, a warehouse half what they were before Eu-
Despite the disruption tar- Mr. Trump in the spring, some Chippewa Valley will be the 70% of its revenue. and an office building. ropean tariffs took effect. If
iffs have wreaked in agricul- Polish buyers have canceled first to suffer because, in a Low crop prices and the im- Much of that is on hold there are few export orders to
ture, some farmers still sup- orders for Chippewa Valley’s common marketing practice, it position of tariffs on other now. The business has can- fill when U.S. farmers harvest
port the administration’s trade products. Italian customers has guaranteed farmers a set commodities mean there are celed $3.5 million in purchases their kidney-bean crops this
goals, saying they are willing have tried to negotiate lower price for much of their 2018 few crops he could switch to for 2018 and has scrapped fall, she expects she will have
to suffer in the near term if prices. crop. and turn a profit if the price he plans to spend up to $15 mil- to lay off some of the firm’s 33
new trade policies ultimately An English buyer threat- Cordell Huebsch, who raises gets for kidney beans drops as lion on expansion projects employees.
benefit the nation’s economy ened to abandon a shipment corn, soybeans and kidney a result of EU tariffs, Mr. Hueb- next year. “We hope that the need will
or the agricultural sector as a that had arrived in a British beans near Perham, Minn., sch noted. “I need Chippewa For Stark’s Metal Works, a be such this stuff will begin to
whole. Farmers could play a port. Ms. Brown persuaded the says the beans saved his fam- Valley to be around,” he said. metal fabrication company ship,” said her father, Mr. Do-
key role in coming elections in buyer to take the $23,000 ily’s farm from ruin during the Chippewa Valley was in the about 10 miles away, that has ane, who at age 87 still comes
certain farm states, such as shipment and pay the nearly 1980s farm crisis, when prices midst of a growth spurt before meant canceled orders for six to work at Chippewa Valley’s
Wisconsin, despite their de- $6,000 tax, but the buyer then for major commodities this year’s trade disputes be- of eight loading ramps it office every day. Wearing a
cline in numbers over many canceled $92,000 worth of or- plunged. Today, about half of gan. It made plans to erect planned to build for Chippewa green corduroy baseball cap,
years. Ms. Brown didn’t sup- ders. his farm’s acreage is devoted new bins, an automated bag- Valley. he sits near a glass display
port Mr. Trump in the 2016 Each ramp had been priced case lined with 100 cans of
election and said the presi- at $2,400. Then steel and alu- food containing the company’s
dent’s trade tactics haven’t Bean Counting minum tariffs imposed by the beans, labeled “chili” or “three
changed her view. U.S. exports of dark red kidney beans have soared, and European countries are the U.S.’s biggest buyers. U.S. drove up the firm’s metal bean salad” or “haricots
Chippewa Valley Bean Co. shipments of dark red kidney beans suffered in July, a month after the costs more than 50%, said rouges.”
European Union imposed a 25% tariff. owner Greg Stark, and he For now, Chippewa Valley
Pioneer days raised the price of the ramps has stopped processing kidney
Ms. Brown’s ancestors ar- U.S. exports of Top destinations by value, Monthly volume shipped by by $300. Chippewa Valley beans to avoid running out of
rived in northwest Wisconsin dark red kidney beans, first nine months of Chippewa Valley Bean Co., scaled back its purchases. room in its warehouses. The
by covered wagon 160 years by marketing year 2018 marketing year change from a year earlier “It’s very hard to go to a mills where it cleans beans are
ago, building a house and $40 million 150% customer and say my hands quiet, and few trucks rumble
Italy $17.35 million
planting crops on 80 acres are tied, but I can’t lose across the company’s yard. If
Germany 3.22
north of the Chippewa River. First nine money,” Mr. Stark said. the harvest is plentiful, kidney
In 1969 her father, Russell Do- 30 months Canada 3.16 100 beans will have to be piled on
ane, planted his first crop of Netherlands 2.88 EU a machine-shed floor for lack
Last three
dark red kidney beans. Though 20 months France 2.85 Non-EU 50 Plans on hold of storage space.
he also raised beef and dairy Spain 2.44 Before the U.S. metal tar- Ms. Brown said she is flying
cattle and grew corn, the kid- 10 Belgium* 2.40 0 iffs, Mr. Stark signed a con- to Brazil in August to try to
ney beans proved well-suited Poland 2.15 tract to double the size of his gin up new buyers. Until then,
July
to the area’s sandy soils. He U.K.† 1.13 business’s building. Now, fear- Chippewa Valley will continue
0 –50 t37%
found ready buyers, and four Hungary 0.97 ing more orders will dry up, to sock away beans in the
years later launched Chippewa 2010 ’15 ’18 D J F M A M J J he is holding off on plans to hopes tariffs are lifted. “But
Valley Bean Co. to clean and *Includes Luxembourg †Has voted to leave the EU
purchase a new laser cutter. how long can you do that and
market his beans and others Note: Marketing years end Aug. 31 Ms. Brown says Chippewa still keep your doors open?”
grown by neighbors. Sources: U.S. Department of Agriculture (exports); the company (shipments) THE WALL STREET JOURNAL. Valley’s accounts receivable she said.
A11A | Friday, August 3, 2018 NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK

Plan to Rezone Inwood Nears Approval
The city council will square-foot library on Broad-
way on the same lot as the
vote on a mayoral current library. The building
proposal to revamp the will include about 175 afford-
able apartments, a community
Manhattan community center and universal prekin-
dergarten classrooms.
BY KATIE HONAN Mr. Rodriguez, who voted in
favor of the rezoning despite
Mayor Bill de Blasio’s con- strong opposition from some
troversial plan to rezone a of his constituents, said com-
northern Manhattan neighbor- munity feedback led him to re-
hood to spur the development move the commercial district
of thousands of affordable from the plan. And, in an ef-
apartments cleared a major fort to protect small busi-
hurdle Thursday, getting the nesses, all of the owners of
green light to be brought to a buildings that receive city sup-
vote before the New York City plements will be required to
Council. offer 10-year leases to future
The council’s zoning and commercial tenants, Mr. Rod-
franchises committee ap- riguez said.
proved the proposal for rezon- “I know one of the top de-
KELLYANN PETRY FOR THE WALL STREET JOURNAL

ing swaths of the neighbor- mands from the organizer[s]
hood of Inwood, despite a was to downsize the rezoning,
crowd of protesters who say to protect the landscape of In-
the plan would hasten gentri- wood,” he said. “It took a lot
fication and lead to the con- of hours of negotiations to
struction of large high-rises limit the rezoning to the east
that would be out of character of 10th Avenue.”
with current buildings. At the committee hearing,
Seven council members on Councilman Francisco Moya,
the committee voted in favor, chairman of the zoning com-
one abstained, and another mittee, accused the de Blasio
wasn’t present for the vote. administration of trying to di-
The full council will vote vide working-class residents
Wednesday on whether to ap- The New York City Council is slated to vote Wednesday on a plan to rezone Inwood, a neighborhood on the northern tip of Manhattan. through its rezoning. He asked
prove the plan, which would the mayor’s office to create a
be signed into law by Mr. de would protect or add an esti- cal shops and businesses whom attended the committee around the city, with $200 mil- task force to address rezoning
Blasio if it passes. mated 4,100 affordable apart- would be displaced. hearing carrying protest lion given for the Inwood plan. concerns and said he wouldn’t
The final scope of the re- ments in Inwood, an ethnically Katherine O’Sullivan, who signs—fear that large-scale Inwood would be the fifth negotiate with the administra-
zoning proposal was negoti- and economically diverse com- has lived in Inwood for 25 construction projects would neighborhood in New York tion over upcoming rezonings.
ated just hours before the munity. years, said after the commit- displace tenants, even if the City to undergo an extensive “We all want growth, but
committee gave its approval. The plan, which initially was tee vote that she still feels the projects technically are afford- rezoning as part of Mr. de Bla- growth that lifts everyone up,
Councilman Ydanis Rodriguez, drafted by the New York City project is too large. “I’m not a able under city standards. sio’s plan to build more afford- not just the developers,” he
who represents Inwood, said Economic Development Corp., NIMBY; I want people in my The Economic Development able housing across the five wrote in a statement. “A rising
late-stage changes addressed no longer includes a large sec- backyard. But we have to do Corp. has set aside $700 mil- boroughs. tide does not lift all ships—not
community concerns. tion of commercial land after sensible planning,” she said. lion in economic incentives to The proposal also calls for when some of them are
City officials said the plan residents voiced fears that lo- Other activists—some of help facilitate rezonings the construction of a 20,000- drowning.”
Literacy Coaches’ Value Questioned New Jersey Amps Up

BY LESLIE BRODY
A major push by New York

Pressure on Polluters
City to help poor children in BY KATE KING New Jersey Sierra Club, said
public schools learn to read by the six lawsuits are a great
assigning literacy coaches to New Jersey officials filed “first step,” but he wants to see
their teachers had no impact six lawsuits against companies the new administration hire
on second-graders’ progress, accused of polluting, marking more environmental inspectors
according to a study of its an increase in environmental and take on other cases.
first year. enforcement under Gov. Phil “By not doing their job for
The city Department of Ed- Murphy. so long, the state has sent a
ucation conducted the evalua- Mr. Murphy, a Democrat, message that it’s OK to dump
tion, but its officials said took office in January and has on New Jersey,” Mr. Tittel said.
Thursday it was too early to pledged to take a more progres- “This is a good start, but they
STEVE REMICH FOR THE WALL STREET JOURNAL
judge the initiative. They said sive stance on environmental have a lot more to do.”
they would strengthen the issues than former Gov. Chris A spokesman for Mr. Chris-
program while boosting an- Christie, a Republican. Environ- tie defended the former gover-
nual funding to $89 million, mentalists criticized many of nor’s environmental record.
from $75 million. Mr. Christie’s policies during “The ocean water was
The initiative has been a his two terms, including his de- cleaner in 2017 than at any-
key part of the education cision to pull the state out of time in the last 20 years, and
agenda of Mayor Bill de Blasio, the Regional Greenhouse Gas we rebuilt our environmental
who early in his tenure set a Initiative, and his administra- infrastructure even stronger
target of having all students tion’s pollution settlement with after [superstorm] Sandy,” the
read on level by the end of Exxon Mobil Corp., which they spokesman said in an email.
second grade, by 2026. felt let the company off easy. One of the lawsuits filed
Research shows that if chil- A literacy coach at P.S. 114 in the Bronx in 2016. About 500 coaches will be dispatched this fall. Three of the claims lodged
dren lag behind in reading in Wednesday were filed under a
third grade, it is very hard for
them to catch up. About 43%
that both groups of students
were behind in skills in Octo-
said the department deployed
coaches of varying quality,
Skeptics of the initiative
have long argued it would be
New Jersey law that allows the
state to seek damages from
‘If you pollute our
of the city’s third-graders ber 2016 and fell further be- gave them insufficient training better to reduce class size, add polluters for the restoration of natural resources,
passed 2017 state exams in
English language arts, with
hind expectations by May
2017.
and, in some schools, princi-
pals shifted them to drilling
services for the disabled and
require a stronger focus on
natural resources, such as
groundwater and wetlands. The
we are going to make
some high-poverty schools Each group gained an aver- for state exams. phonics, which teaches chil- state hasn’t brought a case un- you pay.’
showing much lower pass age of four months of skills, “The coaching is all over dren to sound out letters as a der its natural resource damage
rates. when they should have gained the place,” Ms. Neuman said. primary way to identify words. law since 2008, even though
The literacy program em- seven months. At the end of “You get some people who The department has ex- prior suits have brought in mil-
bedded 103 coaches in 107 second grade, students in don’t have a clue about read- panded the literacy initiative lions of dollars, officials said. Wednesday seeks compensa-
high-need schools in fall 2016. schools with coaches on aver- ing.” yearly, and will dispatch about “These cases are important tion from companies that New
Each coach was assigned to age performed at the level ex- Department of Education 500 coaches this fall, with ev- because they are a primary legal Jersey alleges are responsible
spend the academic year hon- pected in the second month of Deputy Chancellor Josh Wal- ery elementary school getting mechanism for restoring the for groundwater contamination
ing teachers’ instructional second grade, on a measure lack said he had confidence in a coach or additional attention. natural environment when it has in several Pohatcong Valley
skills in kindergarten through known as the Gates-MacGinitie the coaches, their training and Officials said more funding become polluted or damaged,” towns in northwestern New
second grade. Reading Test. It covered de- principal buy-in. He noted that would go to train coaches to said Catherine McCabe, commis- Jersey. Over several decades in
This evaluation tested sec- coding skills, word knowledge some schools showed real im- help students who don’t speak sioner of the state Department the mid-20th century, contami-
ond-graders in schools that and comprehension. provements. English at home, after-school of Environmental Protection. nants allegedly leaked into the
had literacy coaches, and com- The disappointing results “We think we are on the reading programs in homeless The other three lawsuits water supply from a manufac-
pared their results with peers didn’t surprise Susan Neuman, right track,” he said. “We shelters, work with principals are “cost-recovery cases,” un- turing plant operated by Amer-
in similar city schools that had a New York University profes- know we have a lot of work to in literacy education and other der which the state is trying to ican National Can Co., which
no coaches. The report found sor of literacy education. She do.” steps. recoup money that was spent has since been sold and
cleaning up contaminated changed its name, officials said.
properties, Ms. McCabe said. Citigroup Inc. is the succes-
Corruption Retrial of Ex-Union Boss Begins New Jersey Attorney General

Gurbir Grewal said, “We’re
sending a message to every
company across the state: If you
sor to American National Can,
and along with its subsidiary,
MRC Holdings, Inc., assumed
all liabilities relating to the en-
BY CORINNE RAMEY and charged with conspiracy change for a percentage of the bankrupt, ultimately losing pollute our natural resources, vironmental contamination, the
and fraud. Both were tried this profits, she said. As a kick- $19 million of the union mem- we are going to make you pay.” lawsuit said. A spokesman for
The retrial of Norman Sea- past fall, and in November, a back, he received $60,000 in bers’ dues and retirement Jeff Tittel, director of the Citigroup declined to comment.
brook began Thursday in Man- federal judge in Manhattan de- cash in a Salvatore Ferragamo funds, Ms. Pomerantz said.
hattan federal court with ar- clared a mistrial after jurors bag, she said, delivered by the Defense attorney Margaret
guments about whether the said they were deadlocked. Lynaugh, who represents Mr.
onetime powerful union In May, Mr. Huberfeld Seabrook, told the jury the
leader’s investment of $20 pleaded guilty to one count of Norman case is called U.S.A. v. Norman
million in a risky hedge fund— wire-fraud conspiracy. Mr. Sea- Seabrook is Seabrook, but should be called
which ultimately lost $19 mil- brook is now on trial alone. Mr. accused of Jona Rechnitz v. Norman Sea-
lion—was a corrupt deal or an Huberfeld, who isn’t cooperating fraud in brook.
unfortunate financial strategy. with the government, is slated connection “At bottom, this is a one-
Mr. Seabrook, the head of to be sentenced in September. with pension witness case,” she said. Mr.
New York City’s jail-officers During opening statements investments. Rechnitz, whom she called a
JULIO CORTEZ/ASSOCIATED PRESS
union for two decades, was an Thursday, Assistant U.S. Attor- pathological liar, is the only
outspoken political figure ney Lara Pomerantz said Mr. one who can testify to presence
known for his brash manner Seabrook’s union post made businessman Jona Rechnitz. of the cash in the bag, she said.
and vast control over the jail him powerful but not rich. The exchange could have A lawyer representing Mr.
complex at Rikers Island. “Norman Seabrook wanted to been a scene out of a movie, she Rechnitz, who is cooperating
In 2016, Mr. Seabrook and get paid,” she said. said in the opening statement. with the government, declined
Murray Huberfeld, co-founder Mr. Seabrook arranged to “The bag. The bills. The hand- to comment.
of now-defunct hedge fund Plat- invest $20 million in union off,” she said. “It was all real.” Mr. Seabrook faces up to 20
inum Partners, were arrested funds with Platinum in ex- Platinum Partners went years in prison if convicted. Attorney General Gurbir Grewal announced pollution lawsuits.
THE WALL STREET JOURNAL. * * NY Friday, August 3, 2018 | A11B
GREATER NEW YORK
Tenants-Rights
Group Has Little
Success in Court
BY JOSH BARBANEL peals, the state’s highest court.
Aaron Carr, a 29-year-old for-
During the past two years, mer legislative aide who founded
the Housing Rights Initiative the Housing Rights Initiative in
swept in on behalf of New York 2016 and who serves as its exec-
City’s tenants and organized utive director, said “all the cases
more than 45 lawsuits challeng- are still in active litigation.”
ing what it often calls unbridled He said his group had
fraud by predatory landlords. prompted half a dozen build-
So far, it hasn’t had much ings to re-register apartments
success in the courts. that had been improperly re-
The small nonprofit, with moved from the rent-regulation
only three employees, orga- rolls. Human Rights Initiative is
nizes groups of rent-regulated funded by the Robin Hood
tenants and links them with Foundation charity and individ-
lawyers who typically file class- ual donors, and doesn’t accept
action lawsuits in exchange for contributions from law firms.
a share of the proceeds if they If the broadest class actions
win. The approach has gar- are allowed to go forward, law-
THE FUND
nered sympathetic headlines. yers on both sides say Mr. Carr

The Housing Rights Initiative would break new ground in
also has brought three cases, landlord and tenant law. “We
The Fund, which backs New York startups, was created by, from left, Jenny Fielding, Adam Carver, Katie Hunt and Matthew Brimer. including two class-action suits are proud to be in the forefront
against buildings in the portfo- of this relatively novel move-
Fund Won’t Take VC Money

lio of Kushner Cos., a business ment,” said Lucas Ferrara of
owned by the family of Jared Newman Ferrara LLP, which has
Kushner, President Trump’s filed more than 20 of the suits.
son-in-law and adviser. Kushner
Cos. has denied wrongdoing.
BY YULIYA CHERNOVA Adecco. ing a fund isn’t unheard of. egy. It already has backed a A review of the litigation
Mr. Brimer created the Both Data Collective and 8VC, dozen, including cryptocur- shows that in four cases so
Housing Rights
New York has a new ven- Fund last year with three co- for example, share a portion rency startup Carbon, fitness far, courts have thrown out Initiative organizes
ture-capital fund run by peo- founders: Adam Carver, chief of their carry with some in- studio CityRow, and free- Housing Rights Initiative law-
ple who disavow the term executive of Battlestar Capi- vestors. lancer marketplace Wethos. suits, including some involving
rent-regulated tenants;
“venture capitalist.” tal and a former executive at Mr. Brimer said he hasn’t About 40% of the Fund’s multiple tenants and spanning finds lawyers for cases.
The Fund, as it is called, AngelList; Jenny Fielding, seen this model used in New startups have women found- numerous buildings. The
collected $3.2 million from managing director at Tech- York. ers, Mr. Brimer noted. courts found the tenant claims
some 75 startup founders and stars; and Katie Hunt, an The Fund isn’t collecting Mr. Brimer launched his should be handled the old-
operators with the aim of in- early employee of Warby management fees and has a first New York startup as an fashioned way, one by one in But lawyers for landlords
vesting in the next genera- Parker. limited budget. There is no undergraduate at Yale Uni- state administrative proceed- say the sweeping class-action
tion of New York entrepre- The Fund seeks to help its office. Instead, all of the versity when he began com- ings set up to deal with dis- claims have been organized to
neurs. startups by leveraging the Fund’s investors are members muting into the city, eventu- putes about regulated rents. garner publicity and newspa-
People who earn their live- connections and expertise of of a Slack channel they use to ally becoming a New York Last week, in a 3-2 decision, per headlines, rather than to
lihood as investors aren’t al- its investors, Mr. Brimer said. propose and discuss deals. resident in 2009. an appellate panel gave tenants’ help tenants. They point out
lowed to put money into the Among the investors are The Fund’s co-founders de- The city’s tech scene has lawyers a second chance to that many of these suits target
Fund, said Matthew Brimer, Meetup co-founder Scott Hei- cide on which startups to grown significantly in the de- make the case that a suit’s col- well-known landlords who
one of its co-founders. ferman, SoundCloud founder back. They host in-person cade that Mr. Brimer spent lection of individual complaints aren’t the direct legal owners
“The best people to sup- Alex Ljung, Casper co- get-togethers, sometimes on here. “But the technology and were similar enough to be of buildings and would in most
port early-stage startups are founder Neil Parikh and Pars- the rooftop of Mr. Brimer’s startup community still has heard in a class-action lawsuit. cases not have direct liability
people who’ve been through ley Health founder Robin Ber- apartment in Red Hook, this underdog sensibility,” he Motions to dismiss are pend- for rent overcharges.
this personally,” he said. zin. Brooklyn, every few weeks, added. ing in at least six other cases. In Adam Leitman Bailey, who
Mr. Brimer is one such op- As an incentive to the first for the Fund’s investors and It isn’t a dominant indus- at least one case, settlement is defending landlords in at
erator. He co-founded General 40 of its investors, the Fund portfolio company founders. try, he said, the way tech is discussions are under way, ac- least 10 cases, said at least four
Assembly, a New York startup plans to share a cut of its Mr. Brimer said the Fund in San Francisco, and that cording to court filings. Another of Mr. Carr’s Housing Rights
that began as a coding boot carried interest with them. is writing checks starting at creates “a sense of camarade- appellate ruling, this one up- suits were filed in cases where
camp and recently was ac- Sharing of the profit that $50,000 for budding startups, rie” that the Fund is counting holding a decision against ten- there “was not one overcharge
quired for $412.5 million by partners make from manag- with a “high-volume” strat- on. ants, is before the Court of Ap- in the entire building.”
New York Moves Toward Making

Recreational Marijuana Legal
BY LARA KORTE in committee, and is cau- juana investors have been
tiously optimistic about the among his biggest campaign
Gov. Andrew Cuomo took governor’s work group. contributors. MedMen Oppor-
another step toward legalizing The state Legislature legal- tunity Fund II LP, based in Cul-
marijuana in New York, an- ized medical marijuana in 2014. ver City, Calif., contributed
nouncing the formation of a The governor’s office said the $65,000 to Mr. Cuomo, and an
20-person work group to draft creation of a regulated program executive associated with the
legislation allowing for recre- would enable the state to con- fund, Andrew Modlin, contrib-
ational use by adults. trol quality, set age and quantity uted $25,000, filings show.
Thursday’s announcement restrictions, and reduce racial Mr. Cuomo’s rival for the
came on the heels of a state disparities in criminalization. Democratic nomination, Cyn-
health-department study that Mr. Cuomo, who is running thia Nixon, has called for mar-
addressed the effects of pot le- for a third term, has advocated ijuana legalization and says
galization on public health, the for the softening of marijuana- criminalization disproportion-
economy and the criminal-jus- related crimes for years. Mari- ately hurts minorities.
tice system. The report, released
last month, concluded that the
positive effects of a regulated
marijuana market would out- Absolute Auction Saturday, August AT AM
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ABSOLUTE
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ON-SITE
on public health, criminal jus-
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Mr. Cuomo, a Democrat, said.
When asked for comment on
the work group, a spokesman
for state Senate Majority Leader
John Flanagan said Republicans
in the chamber are focused on
affordability, opportunity and +- ACRES IN COTO DE CAZA
security. “Let the governor and
New York City Democrats focus
PREMIER EQUESTRIAN ESTATE
on legalizing drugs, but that’s
not where our attention is,” the
spokesman said.
Lawmakers and advocates
have been working to move
marijuana legislation in the
past year. Senate Bill S3040,
otherwise known as the Mari-
juana Regulation and Taxation
Act, was introduced in early
2017 and proposes legaliza-
tion. The measure is still in
the Senate Finance Committee OPEN HOUSE SATURDAY & SUNDAY PM
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A12 | Friday, August 3, 2018 THE WALL STREET JOURNAL.
LIFE&ARTS
FILM MOVEMENT (2)

FILM REVIEW | By Joe Morgenstern
‘Murder,’ Mystery and a Master’s Vision

THE JAPANESE filmmaker Hi- yes, he also stole money from him; Masaharu Murder” challenges our belief sys-
rokazu Kore-eda has a quietly se- and, yes, he’s willing to accept a Fukuyama, tems too. It’s the work of a con-
ductive way of finding the sublime death sentence. The man is above, and Yuki temporary master who arrives at
in the mundane. “The Third Mur- thoughtful and appealing, but his Saito and Suzu the philosophical by way of the
der” seems reassuringly conven- account is riddled with cockeyed Hirose, right, in playful, ironic and lyrical.
tional at first, a legal procedural inconsistencies. Something seems Hirokazu i i i
coupled with a courtroom drama. to be missing from his psyche. A Kore-eda’s ‘The I have a confession of my own
But that description doesn’t do cop who arrested him for the pre- Third Murder’ to make. Over the years I’ve writ-
justice to the story’s breadth and vious crime, and who may or may ten about a wealth of foreign-lan-
depth. This mysteriously beautiful not be an astute judge of charac- guage films, as well as small but
film, in Japanese with English sub- ter, calls him an empty vessel. Storm.” At the worthy productions in English,
titles, explores the elusiveness of On the other side of the glass Cannes Film without acknowledging that
motives, the nature of truth and sits Shigemori, the defense attor- Festival this they’re getting ever more difficult
nothing less than the justice sys- ney; he’s played by the pop-star year he won to track down. That’s because of
tem—the way it functions in re- singer and actor Masaharu Fukuy- the top prize, the eroding economic base of inde-
sponse to an accused murderer ama, who was the rigid, driven ar- the Palme pendent production and distribu-
who has already confessed and chitect in Mr. Kore-eda’s fascinat- d’Or, for tion in a period of changing tastes,
continues to insist he’s guilty. ing “Like Father, Like Son.” “Shoplifters,” flourishing TV, streaming video
The defen- Conspicuously which will and dwindling numbers of what
dant, Misumi, is full of himself, open here in used to be called art houses. The
played by Kôji the fall.
Yakusho, a char-
An accused killer insists and scornful of
the notion of What’s re-
whole feature-film industry is in
decline, but indie woes have been
ismatic actor on his guilt in Hirokazu objective truth, markable many decades in the making. I still
best known for about “The
his starring role
Kore-eda’s hauntingly the lawyer in-
sists to his col- Third Murder” is its density (so Part of the narrative plays out
remember a reader’s response to
my ecstatic review of Mike Leigh’s
in “Shall We beautiful drama leagues that many provocative themes bub- in the wintry north of Hokkaido, “Topsy Turvy,” which had its
Dance?” (He was “you don’t need bling beneath a placid surface); in- where Misumi once lived, but it’s American opening in 1999. The
also the macho understanding tensity (conversations between his personality, not the prospect of reader, who lived in Portland,
and hilariously or empathy to lawyer and client, on opposite snow, that made me think of Rob- Maine, noted that on the day my
self-parodying Man In White Suit defend a client”; reducing the sen- sides of the glass, are truly spell- ert Frost and “The Secret Sits,” review ran he couldn’t find the
in “Tampopo.”) Misumi has a prior tence is all that counts, and what- binding); cast of intriguing charac- the mordant couplet that goes “We film listed in a city closer to him
conviction. Three decades ago he ever it takes to do that is the ters (the factory owner’s wife and dance round in a ring and suppose, than Chicago.
went to prison on another murder proper strategy. As you might daughter, the lawyer’s own daugh- / But the Secret sits in the middle At least he knew how to find
charge, and, spared from execution guess, Shigemori becomes what he ter, who shocks him by producing and knows.” What does Misumi the listing. Many readers these
by a compassionate judge, was re- scorns—empathetic to a fault and tears of ostensible grief on com- know about himself, or others in days have the same question: A
leased only recently. a compulsive searcher for some mand); shimmering ambiguity (al- his life? All his lawyer knows is given movie may sound interest-
Now, sitting behind the thick underlying truth about why his cli- though the climactic scene, if I that this case, with this cryptic cli- ing, but where can they see it in a
plate glass of an interview booth ent insists on confessing to a read it right, carries intimations ent at its center, is undermining theater? In the case of “The Third
in a Yokohama detention center, crime he may not have committed. of clarity); and formal elegance much of what he believes, or Murder,” a cursory web search
he’s the picture of perplexing affa- I’ve admired many of Mr. Kore- (the CinemaScope format of Mi- wants to believe, about confes- won’t help. Go to a page provided
bility. Yes, Misumi says, he killed eda’s films, from “After Life” and kiya Takimoto’s cinematography sions, compassion, judicial effi- by its distributor, Film Movement:
his boss, the owner of a food-pro- “Nobody Knows” through “Still gives those detention-center con- ciency, innate evil and the possibil- filmmovement.com/theatrical/in-
cessing plant who had fired him; Walking,” “I Wish” and “After the versations an expansive gravity). ity of doing good. “The Third dex.asp?MerchandiseID=581.
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
1 2 3 4 5 6 7 8 9 10 11 12 70 They often fly
PUZZLE
CONTEST
d t
Edmonton <0
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over the
Vancouver
Vancouver Calgary 70s 13 14 15 16
Mediterranean
10s
60s p
Winnipeg 17 18 19 71 ___ numbers
Seattle 70s 20s (important parts 30 Wear away
80s
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60s 72 Singer James
70s 70s Billings 70s ttawa
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A t 40s 23 24 25 26 27 28 29 for two
Eugene Bismarckk
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Mpls./St. T
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Clevelandd 2 Weaponry 34 Round house
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h Chicago
h g Phhil d lphi
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Ice
SOLVE BY NUMBERS | By Matt Gaffney 12 At the present it to play
15 May’s place 55 Less of a risk
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City
Today Tomorrow
Hi Lo W Hi Lo W
The answer to 22 Chewed nonfood 43 Quad bikes
19 Coast coaster 56 Red Rose
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest 23 Get bigger and 44 Remote 58 Apple variety
Omaha 96 74 s 87 71 t Frankfurt 94 69 s 93 68 t
crossword is a word 21 Or older
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 89 73 t 90 72 pc Geneva 92 67 t 91 66 t bigger possibility for 59 Food in wax
for what seven of game day 24 Card game for
Today Tomorrow Philadelphia 87 72 t 88 73 sh Havana 89 72 pc 89 72 pc 27 ___ Darya two 60 Brief pampering
City Hi Lo W Hi Lo W Phoenix 109 90 pc 110 89 s Hong Kong 92 83 t 92 82 t the clues are. (central Asian 48 Counties
Anchorage 69 57 c 70 59 pc Pittsburgh 79 63 sh 85 65 pc Istanbul 89 77 s 89 76 s 25 Ovine whine 61 Proverb
Across river) comprise it
Atlanta 82 70 t 87 72 pc Portland, Maine 80 67 r 76 65 t Jakarta 91 71 pc 89 72 pc 26 Singer DiFranco ending?
1 Horse place, 30 Rock star of note 49 “ER”’s in-state
Austin 98 68 s 96 73 pc Portland, Ore. 75 58 sh 82 59 pc Jerusalem 83 70 s 85 68 s 27 Plane or 62 Spartans’ sch.
Baltimore 83 70 t 88 70 sh Sacramento 95 60 pc 95 59 s Johannesburg 70 46 s 72 51 s perhaps 33 Some lab work rival
projection 63 She says
Boise 88 57 s 87 58 s St. Louis 94 73 s 94 72 s London 89 66 pc 84 61 pc 5 “Raiders of the 35 Ballet move that 52 Back muscle, for
Boston 88 72 c 83 69 t Salt Lake City 93 66 s 90 65 s Madrid 105 69 pc 102 71 s preceder 25-Down
Lost Ark” sounds like a short
Burlington 83 66 pc 86 67 pc San Francisco 70 54 pc 71 51 pc Manila 86 78 t 84 78 t 28 Secretary of 64 Colleague of
Charlotte 83 70 t 88 71 pc Santa Fe 85 57 t 91 60 t Melbourne 59 44 r 57 48 pc creatures cheese dish 53 Class for intl. Vanna
transportation,
Chicago 83 67 s 92 74 s Seattle 73 58 pc 79 59 pc Mexico City 71 56 t 70 56 t 9 Hamlet’s bigger 37 Come down students
2001-06 65 CPR pro
Cleveland 86 68 pc 86 69 s Sioux Falls 91 71 pc 84 68 pc Milan 93 74 pc 94 75 pc cousin 38 ___ Reader 54 Shafts on lathes
Dallas 97 72 s 96 75 pc Wash., D.C. 83 72 t 89 74 sh Moscow 84 64 pc 83 63 pc 29 Early online 67 South African
13 Buffalo’s county (quarterly 56 Pot that wasn’t forum driver of note
Denver 83 62 pc 92 63 t Mumbai 87 80 sh 86 79 sh
14 Said something magazine) good
Detroit
Honolulu
86 66 pc 88 68 s
88 78 sh 87 78 c
International Paris
Rio de Janeiro
94 68 s
75 69 r
92 66 s
77 69 c 16 Switch finish 39 What a cash- 57 Allowed to buy Previous Puzzle’s Solution
Houston 94 74 pc 91 75 t Today Tomorrow Riyadh 107 81 s 108 82 s alcohol, say
City Hi Lo W Hi Lo W 17 Summer camp strapped startup H A L E R B R A V A D O
Indianapolis 87 67 pc 90 69 s Rome 90 73 t 89 72 t 60 Minutes man I C E F O G R E N A M E S
Kansas City 94 69 s 92 73 pc Amsterdam 85 62 s 79 59 s San Juan 87 78 pc 86 78 pc
org. may want S H T E R P R O O F G L A S S
Las Vegas 107 87 s 109 85 s Athens 91 76 pc 89 76 s Seoul 97 81 s 93 81 s 18 Highly agitated 41 “Black Swan” 66 Dim O A S O Y E Z S E L
S T A I N C A S L E P EW
Little Rock 92 67 s 91 71 pc Baghdad 110 85 s 111 84 pc Shanghai 88 83 r 95 83 s 20 Occupied, as a director 68 Go the distance A S S N D O W N T H E H C H
Los Angeles 88 70 s 87 69 pc Bangkok 90 80 t 91 79 t Singapore 87 80 c 87 79 pc cafe table Aronofsky 69 Guru I T I A U R A A G O
Miami 89 79 t 89 77 sh Beijing 98 78 s 97 79 s Sydney 72 52 s 68 46 s S T O N E G U I L T
Email your answer—in the subject line—to crosswordcontest@wsj.com
s
Milwaukee 77 67 s 91 74 s Berlin 89 66 s 89 64 pc Taipei City 98 82 t 94 81 pc J O E T A R T D R I

Minneapolis 87 72 s 82 69 t Brussels 89 63 s 87 59 s Tokyo 95 81 s 92 81 s A N N E H H A W A Y S P E C
by 11:59 p.m. Eastern Time Sunday, August 5. A solver selected at random M E D I A S O D S A Y W H
Nashville 91 70 pc 93 73 pc Buenos Aires 59 41 pc 59 39 s Toronto 83 65 c 85 67 pc will win a WSJ mug. Last week’s winner: Brian Borchard, Chicago, IL. G T I N O V A T B A
New Orleans 89 76 pc 88 78 pc Dubai 104 90 s 104 91 s Vancouver 71 58 c 72 58 pc A T T H E D R O P O F A H A T
New York City 86 72 pc 84 74 sh Dublin 72 57 c 68 54 pc Warsaw 89 66 t 89 64 pc Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. C H U T N E Y T I E S O N
Oklahoma City 93 70 s 92 73 pc Edinburgh 72 52 t 66 50 pc Zurich 93 65 t 92 63 pc Void where prohibited. U.S. residents 18 and over only.) R U B Y D E E D R U N K
LIFE & ARTS

THEATER REVIEW | By Terry Teachout
Applause Outdoors and for Orphans

Lionel Bart’s ever-so-English shrink from showing what
stage version of “Oliver needs to be shown. At a mo-
Twist” first came to Broad- ment when child abuse is all
way in 1963 and ran there over the front pages, nothing
for nearly two years, after could be more to the point.
which Carol Reed turned it Elijah Rayman is totally
into one of the last high- unselfconscious as Oliver,
budget movie musicals to playing to his fellow cast
whack the box-office gong. members instead of working
But “Oliver!” tanked when it the crowd for cheers and
returned to Broadway in tears. Donald Corren’s Fagin
1984, closing after just 17 is a roguish scene-stealer,
performances. Since then, shunning gross grotesquerie
professional American reviv- without succumbing to
als have been comparatively blandness. (You’d never
scarce, so much so that I’d guess from his genial per-
never seen it performed live formance that Charles Dick-
until I drove up to Connecti- ens’s original character was
cut to take a look at Rob and is widely seen as an
Ruggiero’s new production. anti-Semitic caricature.) The
Mr. Ruggiero has a knack for other kids are all terrific,
fitting big musicals onto and Michael O’Flaherty, the
FROM LEFT: JOAN MARCUS; DIANE SOBOLEWSKI
Goodspeed’s tiny stage with- music director, ensures

out breaking off the that each number
corners, but “Oli- is sung and
ver!” is notable played to
even by his maximum
own high stan- effect. Fine
dards. It is, in costumes
fact, one of by Alejo
the finest Vietti,
things Good- lively cho-
speed has ever reography
done, making a by James
Nikki M. James (center) with the community ensemble rotating cast of the Public Theater’s new Shakespeare in the Park production convincing case Gray, atmo-
of ‘Twelfth Night,’ above; Elijah Rayman in the title role of ‘Oliver!,’ right for a musical at spheric lighting
which many musical- by John Lasiter. If
New York you’d better visit your otolar- mainstage Shakespeare in ful modern-dress version that comedy buffs turn up their you’ve never been to
REJOICE GREATLY! The yngologist. the Park production, com- runs for 90 tightly wrought, noses—and one that could Goodspeed, now’s the time
Public Theater’s delicious While it wouldn’t take plete with a cast that in- feather-light minutes, but I be transferred to Broadway to get your card punched.
new Shakespeare in the Park much work to develop this cludes both familiar faces can do no more in this space almost effortlessly.
production of “Twelfth “Twelfth Night” into a com- like Nikki M. James (who is than suggest its limitless If you remember “Oliver!” Twelfth Night
Night,” which Kwame Kwei- mercial show, the outdoor ideal as Viola) and four- pleasures, not the least of as being cheery to a fault, Public Theater, Delacorte The-
Armah and Shaina Taub have version has an unpreten- dozen not-so-ordinary ordi- which is a fetching perfor- you’re not far wrong: Mr. ater, Central Park (free),
turned into something tious charm all its own. It nary New Yorkers who like mance by Ms. Taub as Feste, Bart’s galloping music-hall 212-539-8750, closes Aug. 19
closely resembling a Broad- got its start two years ago to sing, act and dance. Don’t who is an accordion-toting ditties and pretty-pretty bal-
way musical, is at least as as one of the Public The- call them amateurs, though: street singer. Leave it at this: lads rarely do much more Oliver!
good as any of the new musi- ater’s Public Works produc- Some of their performances The Public’s “Twelfth Night” than nod toward the dark- Goodspeed Musicals, Good-
cals that have opened in the tions, in which “civilians” are slightly rough around is the very essence of what ness of Dickens’s novel. But speed Opera House, 6 Main
past decade, and better than and professionals band to- the edges, but the fizzy fes- Shakespeare in the Park is all Mr. Ruggiero and Michael St., East Haddam, Conn. ($29
all but a handful of them. In- gether to create what Oskar tivity of this heart-lifting about. Schweikardt, his scenic de- and up, depending on availabil-
deed, Ms. Taub’s tuneful pop- Eustis, the Public’s artistic production, originally di- i i i signer, have set “Oliver!” in a ity), 860-873-8668, extended
soul score is reminiscent of a director, calls “radically in- rected by Mr. Kwei-Armah East Haddam, Conn. two-tiered dungeon that through Sept. 13
big-budget Disney show, only clusive” shows that blur the and remounted with pa- SPEAKING OF productions hints at inconceivable hor-
without the soul-shriveling line between community and nache by Mr. Eustis, more that deserve both a larger rors carefully hidden from Mr. Teachout, the Journal’s
slickness of a cold-hearted fully professional theater. than offsets its occasional audience and a longer life, public view, and even though drama critic, is the author,
commodity musical like “Fro- “Twelfth Night” was so well lack of polish. Goodspeed Musicals’ “Oli- their production is true to most recently, of “Billy and
zen.” If you don’t go home received that Mr. Eustis de- I’d like to go into more de- ver!” fills the bill as abun- the musical’s audience- Me.” Write to him at
humming “Count Malvolio,” cided to remount it as a tail about the show, a color- dantly as “Twelfth Night.” friendly tone, it doesn’t tteachout@wsj.com
TELEVISION REVIEW
DADDY-DAUGHTER DEBACLE
did, which is find humor on
the perimeter of woeful cir-
cumstance. There’s nothing
funny about a father having
been MIA for 25 years, or a
woman’s devotion to work
sabotaging her happiness.
Or, for that matter, a genetic
predisposition for alcohol-
ism, which Harry and Rachel
display during an epic, post-
nonnuptial drunk. (“I’m go-
ing to need three more like
this right away, please,”
Harry tells their bartender
upon learning Rachel is
three Manhattans ahead of
him.) In their ensuing stu-
por, from which the viewer
is mercifully protected, they
agree to go to sea together
NETFLIX
on what was supposed to be

Rachel’s honeymoon cruise,
Kristen Bell, Seth Rogen and Kelsey Grammer in Lauren Miller coming to their senses in
Rogen’s ‘Like Father’ the middle of the ocean with
regrets, and hangovers, the
makers. “They’re an act of size of the Titanic.
BY JOHN ANDERSON
love.”) Rachel is smart and Luckily, there are jokes,
driven. And her hands are like little lifeboats, floating all
NEO-SCREWBALL isn’t an probably sweaty, because she around, rescuing “Like Fa-
official movie genre, exactly, drops her cellphone right at ther” from anything resem-
but that’s what writer-direc- the altar. Mr. Right responds bling gravity. Rachel, initially
tor Lauren Miller Rogen is up by saying, in effect, “I don’t.” disgusted that she’s gotten
to with the frothy, seagoing It’s clear they’ve had the herself into this position and
“Like Father.” To call it a whole conversation before. dying to get back to work, be-
boatload of clichés wouldn’t Adding to Rachel’s mo- comes a foil for the real hon-
be wrong. But it’s also true ment of Sacha Baron Cohen- eymoon couples, who, when
that many great Depression- level humiliation is the pres- they get wind of Rachel’s
era comedies and their myr- ence of her father, Harry story, try to break her out of
iad offspring share plot de- her old habits; she even
vices, similarly dysfunctional thaws out enough to have a
relationships and even
scenes—the runaway bride
A woman embarks shipboard fling with an affa-
ble Canadian (Seth Rogen, the
chasing a taxi in her wedding on a cruise with the director’s husband).
gown, for instance. A tweak
here, an update there. What
father she hasn’t Harry, made perfectly
charming by Mr. Grammer,
you have is what Howard seen in 25 years is guilt-ridden and wounded.
Hawks and Leo McCarey of- (“You never Googled me?”
ten did, i.e. creative recycling. he asks plaintively, when Ra-
In “Like Father,” for in- chel says, no, she never
stance, the one doing the (Kelsey Grammer), whom she wondered where he’d gone.)
jilting is actually the groom. hasn’t seen in 25 years, and He’s extremely likable
At her movie-perfect Cen- who has made the journey though, as is Rachel...even-
tral Park wedding, bride-to- from California to New York tually. The explanation for
be Rachel (Kristen Bell)— and witnessed the entire their estrangement is made
hopeless workaholic and the thing. The begowned Rachel plausible, if not entirely for-
second-in-command at a flees, getting into a cab as givable. But forgiveness, of
boutique Manhattan ad Harry watches from his car. course, is the point on the
agency—misses her cue to In keeping with the scrubbed horizon for which “Like Fa-
walk down the aisle. Why? and shiny unreality of the ther” is sailing, from the
Because she’s still on her entire project, he has found moment it embarks from
phone, arranging a pitch for a parking space on Central Central Park.
a potato-chip account. Park West.
(“They aren’t just a snack,” “Like Father” does what a Like Father
she tells the hippie chip lot of its comedic ancestors Friday, Netflix
SPORTS
Eugenio Suarez MLB | By Jared Diamond
third baseman for
the Cincinnati Reds
Suarez Can Run

And Chew Gum
The Reds’ All-Star third baseman, who has emerged as a
legitimate star, is well known for his giant bubble gum bubbles
EUGENIO SUAREZ, examining the role of gum-chewing face. That way, he figured, he could
the All-Star third base- on performance. continue blowing bubbles without
man for the Cincinnati Reds One paper that appeared in the fear of embarrassment.
and one of the most underappreci- journal Stress and Health in 2009 “What’s amazing is that I’ve
ated talents in the game, likes to concluded that chewing gum “was seen it pop on him a few times,
chew gum while on the field. associated with greater alertness and he’s got the perfect peel,” Gen-
This fact alone doesn’t rise to and a more positive mood,” as well nett said. “He just peels it off, and
the level of newsworthiness. Base- as quicker reaction times and im- there’s nothing left on him. That’s
ball players have shoved sticky proved attention. He wrote another impressive. That’s hard to do. It
pink wads into their mouths for in 2015 with collaborator Andrew gets overlooked.”
time immemorial, particularly as a Allen that said that gum “was as- Nobody can argue with the re-
way to replace—or cover up—their sociated with higher productivity sults at this point. Suarez has
nasty tobacco habits. and fewer cognitive problems.” emerged as a legitimate star in the
But Suarez has taken the be- “As far as him saying things like first season of a seven-year, $66
loved pastime of chomping gum it helps him relax, that would be million extension he signed with
into oblivion and transformed it consistent,” said Allen, a postdoc- the Reds in March. He entered
into an art form. He blows bubbles. toral researcher at Maynooth Uni- Thursday ranking third in the Na-
Giant ones, sometimes the size of versity in Ireland. tional League in on-base-plus-slug-
his face. All while engaging in en- None of that explains the bub- ging percentage (.957) and second
deavors that ostensibly require a bles. Plenty of players chew gum in RBIs (81), to go along with his
superhuman amount of athleti- because it allows them to focus on .300 batting average and 24 home
cism. the task at hand in difficult situa- runs.
“He’s a man of many talents,” tions. Few of them complete those Suarez says the key to blowing
added first baseman Joey Votto. such prodigious bubbles is “hold-
“That’s one of them.” ing a lot of air in my mouth” and
Suarez creates his masterpieces flattening the gum with his tongue
with two pieces of sugar-free Dub-
“It makes me relax and before puffing. He also thinks his
ble Bubble, which he snags from not think too much gum of choice, sugar free Dubble
the overflowing buckets that are Bubble, plays a role as well, since
found in every major-league dug-
about the pressure,” he has believes that the sugar in
out. He used to chew three to five Suarez said. the regular Dubble Bubble hinders
pieces of gum at a time for even bubble production.
more monumental bubbleage, He’s not entirely wrong—but
but he recently stopped with he’s not entirely right, either.
that because, he said, “It hurt tasks with an enormous bubble Chad Fell is 49 years old. He
my teeth.” hanging from their lips. Suarez works as a senior reporter for the
The 27-year-old Suarez blows bubbles while fielding Northwest Alabamian, a weekly
picked up his gum obsession grounders in the infield, while newspaper that serves Haleyville,
as a child growing up in Vene- standing at home plate, even while Ala., a city with a population of
zuela, rarely playing baseball sprinting around the bases. Reds about 4,000. He also happens to be
without it. Over time, the gum- second baseman Scooter Gennett the best bubble gum blower in hu-
chewing developed into a source even remembers Suarez blowing a man history.
of comfort, calming him as he gigantic bubble while caught in a In 2004, Fell blew a bubble
moved through the Detroit Ti- rundown. without using his hands that mea-
gers organization and settled Giant bubbles might be fun to sured at 50.8 centimeters in diame-
in with the Reds following a blow and look impressive—but ter, or 20 inches, a Guinness World
trade before the 2015 season. they’re also kind of gross when Record that stands to this day. He
“It makes me relax and they inevitably explode all over blew his record-setting bubble
not think too much about your face. Hence, when kids reach with three pieces—the maximum
the pressure,” Suarez said. the point in their lives when allowed by Guinness—of regular,
“In the big leagues, you’ve they’re disgusted by the idea of not sugar free, Dubble Bubble.
really got a lot of pressure. picking gum out of every pore and Fell, a baseball fan who roots for
BRIAN ROTHMULLER/ICON SMI/ZUMA PRESS
That makes me relax a lot crevice, they tend to stop blowing the Atlanta Braves, said that Su-
and keep my mind free and unreasonably large bubbles. arez is correct that sugar hurts
not think about anything “I’ve blown a bubble to where it bubble-blowing.
else.” popped around my whole head and “The sugar is the enemy of the
Science tends to back up got stuck in my hair,” Gennett said. gum,” Fell said.
Suarez’s feelings about the “After that I was kind of retired.” But, he said, sugar free “is not
value of chewing gum. Andrew Suarez chose another path. In- structured to blow large bubbles”
Smith, a professor of psychol- stead of stopping, he simply de- and has less elasticity because of
ogy at Cardiff University in the cided to master the ever-important the artificial sweeteners used in
U.K., has authored several studies skill of removing gum from his place of the sugar.
COLLEGE FOOTBALL | By Jason Gay
Meyer and the God Complex in College Sports

Urban Meyer is sus- mine whether Meyer appropriately
pended from Ohio handled the matter, or knew about
State. Yes: the univer- it at all. By Wednesday evening, at
sity says it has placed least one betting house was tackily
its head football coach predicting he’d be fired. Assistant
on “paid administra- Ryan Day will handle coaching du-
tive leave,” and surely there are ties in the meantime.
crucial bureaucratic differences be- There’s a lot that needs to be
tween we’re putting you on leave sorted out here, and Meyer has yet
and we’re suspending you from to be heard from, other than a
work, but let’s not argue the im- statement saying he looked for-
pact. Meyer—one of the most cele- ward “to the resolution of this
brated coaches in college sports— matter.” But whatever happens,
is officially, stunningly, on ice. this case is yet another reminder
The issue is whether or not of a continued cultural blind spot:
Meyer protected an assistant we spend far too much time deify-
coach, Zach Smith, after domestic ing college sports coaches.
violence allegations were made Meyer’s spent a generation be-
DARRON CUMMINGS/ASSOCIATED PRESS
against Smith. Meyer dismissed ing presented as a towering figure

Smith last month after Smith’s ex- in modern college football, practi-
wife, Courtney Smith, obtained an cally a living statue. For years,
order of protection against the for- both the media and the college
mer Buckeyes assistant coach. In football ecosystem have lionized
the aftermath of the firing, Meyer his intensity, his work ethic, his
admitted he’d known of a prior do- meticulousness, his devotion…I
mestic violence allegation involv- could go on. Meyer is an un-
ing Smith and his former spouse doubted success on the field—he’s
from 2009, when Smith worked for brought national championships to
Meyer at the University of Florida, both Ohio State and the University Ohio State is probing whether Urban Meyer knew of domestic-violence allegations against an assistant coach.
but he said he’d been unaware of of Florida—but the characteriza-
later allegations against Smith tion is almost mythological. Mo- the fuzzy image, instead of pre- went up and came down at Penn of the culture is showing signs of
from 2015. ments of personal vulnerability—a senting college sports for what it State—and we may see another accelerating past the slow-crawling
Now Meyer’s account is under heart attack while at Florida—are is in 2018: another cutthroat busi- falling to earth in Columbus. Did sports world. I don’t want to give
scrutiny. Former ESPN college presented as rare human aberra- ness, where the bottom line is the another college program believe it us too much credit for evolving—
football reporter Brett McMurphy tions, like slivers of Kryptonite. bottom line. knew best? as the past year has shown, in case
reported Wednesday on a series of This is not just the story of Ur- Think of how often you’ve There are allegations in Court- after case, from the allegations
alleged texts and photos dating ban Meyer. This has been happen- watched a college football or bas- ney Smith’s account—her claims in against Harvey Weinstein to the
back to 2015 between Courtney ing forever in big-time college ketball game and heard the an- her Stadium interview that her conviction of Larry Nassar, this re-
Smith and Meyer’s spouse, Shelley, sports. Some of it is structural— nouncers rhapsodize about the abuse was met with inaction by mains a culture sadly conditioned
that detailed an alleged episode of players come and go, but the coach as a virtual God. It’s absurd, people close to her—that are truly to doubt or diminish women on
violence. These new allegations— coaches remain, the most victori- a ludicrous standard. heartbreaking. But they’re pain- matters of abuse and violence. But
plus an interview of Courtney ous of them staying for decades. It’s also fraught. Over time, the fully familiar. Domestic violence is there’s a growing recognition that
Smith by the digital sports outlet These living statues become a per- powerful college coach may evolve an epidemic, and yet silence is too allegations need to be treated seri-
Stadium—challenge Meyer’s claim manent part of campus, a flesh- into his or her own self-policing often the response. It’s not hard to ously, with urgency, by leaders
that he did not know about any of and-blood version of a vine-cov- nation state. They become hard to see the conflict between a serious prepared to act.
the 2015 allegations. It also raises ered library. discipline, much less fire. It’s an allegation and a workplace incen- That’s it. That’s the human stan-
the question as to whether Meyer Millions get made. Administra- attractive status for a coach to as- tivized to protect itself. That’s not dard that college sports—and ev-
failed to appropriately respond and tors bow. Alumni get nostalgic. pire to, but in the end, it’s a disas- merely a college football thing. eryone else—needs to live up to.
report the case to school officials. Media partners develop pets, enter for everyone. We’ve seen it That’s everywhere. Meanwhile, let’s stop building stat-
It’s now on Ohio State to deter- tangled with their subject, selling again and again—a literal statue The good news is that the rest ues.
OPINION
Failure to Communicate BOOKSHELF | By Peter Hellman
If a tree falls in
a noisy circus,
does it make a
thousands of landowners. The
National Labor Relations Board
is revisiting a 2014 decision
Yes, the mainstream media
relentlessly drives anti-Trump
stories. But what’s new? Re-
same issues—those and Mr.
Mueller—and are often defen-
sive or whiny.
Uncorking
sound? If the
Trump admin-
istration an-
that allowed unions to poach
employer email systems, part
of the board’s plan to review
publicans have long known
they don’t get a fair hearing
from the press, which is why
This House midterm will
hinge on marginal districts—
suburban or exurban areas
The World
POTOMAC nounces its any case that overruled prece- they shifted to talk radio and where Hillary Clinton out-
WATCH largest deregu-
latory effort to
dent in the name of Obama
union backers. The Internal
other alternative media. Mr.
Trump understands that better
polled Mr. Trump or came
close. Those races in turn will
Tasting the Past
By Kimberley
date while the Revenue Service lifted a politi- than most—thus his heavy use hinge on centrist voters. If By Kevin Begos
A. Strassel
president is in cal threat to nonprofits by al- of Twitter, live rallies and Mr. Trump makes those cen- (Algonquin, 277 pages, $26.95)
A
the throes of a lowing them to shield the press conferences. trists believe this election is
Twitter rampage, will anybody names of their donors. about family separation, Re- t a certain moment, a glass of wine can lead the sipper
pay attention? The Department of Health publicans lose. If he refocuses down an unplanned path. Journalist Kevin Begos’s
No, and thereon may hang and Human Services finalized Trump has a solid it on voters’ newly thriving fateful sip took place in 2008 in a nondescript hotel in
the balance of Republican con- its rule allowing more non- prospects, Republicans have a Amman, Jordan, where he was on a reporting assignment.
gressional control. It’s never ObamaCare insurance options record, but he’s shot. “Finding good wine in a hotel room is a tantalizing concept,
clear where Donald Trump to millions of Americans. The too busy making That aforementioned list of but I had a rule: never buy the stuff,” he writes in “Tasting
gets political advice, if he does Senate sent a $717 billion de- accomplishments is only from the Past,” a lively and instructive recounting of his wander-
at all. What is clear is that this fense authorization bill to the noise to tout it. the past few weeks. One re- ings to the curious corners of the wine world.
White House is doing an able White House, increasing ac- markable aspect of the Trump Bored, tired and unable to understand the Arabic spoken
job of whiffing one of the best tive-duty strength and provid- administration is its produc- on television that evening in Amman, Mr. Begos broke his
political messages in decades, ing troops their largest pay It’s the content that is mys- tivity. The cabinet set a pace of mini-fridge rule. The bottle he opened was labeled
a reality that is demoralizing raise in nine years. The Senate tifying. To hold the House and reform in its openings weeks “Cremisan Cellars, Holy Land—Bethlehem.” He took one sip
administration insiders and also confirmed the 24th Trump increase their Senate majority, that has never lagged. If Mr. and was hooked: “Wow. I perked up immediately,” he
GOP candidates alike. circuit-court judge. Republicans must do two Trump isn’t going to spend ev- writes. “The dry red wine had a spicy flavor,” like wines
The following are just a few The Labor Department re- things: get out their base and ery day embracing, elevating made from the Syrah grape, “but not quite.” Compared
pieces of news out of Washing- leased new numbers showing bring along the center. The and making this product of his with the Cabernet Sauvignon, Merlot and Chardonnay that
ton, all of which hold enor- worker compensation in- president, with an unrivaled own presidency the dominant increasingly seemed to him like the same old, same old,
mous promise for Americans. creased 2.8% year over year, bully pulpit, has instituted pol- discussion, then no one will. this wine was “pleasingly
The Environmental Protection the fastest pace in a decade. icies that provide him a near- The press isn’t going to do it. different,” and he imagined
Agency and Transportation Average home values are rising perfect message for those Democrats sure aren’t. And no that it might be fun one day
Department released a plan— at twice that pace. Unemploy- tasks. He can rally supporters other Republican has that to visit the winery.
announced on the website of ment hit record lows. Second- by banging home his promises megaphone. Back stateside, Mr. Begos
these pages—to ax the Obama quarter economic growth came kept and warning that only Some will doubt whether found nowhere to buy
administration’s car-emissions in at 4.1%. their vote this fall will allow Mr. Trump’s unconventional Cremisan wines. His email
standards, saving consumers If all this sounds wonder- him to continue his mission. style even allows him to de- queries to the winery went
$500 billion. Dollarwise, it ful, it is, though many Ameri- And he can court the unde- liver such a message. But med- unanswered. From its
may be the biggest deregula- cans have heard little about it. cided with constant reminders itating in his farewell address “rudimentary” website, he
tion ever. The headlines? Mr. Trump of their new prosperity and on his nickname, the Great learned that Cremisan was a
The Treasury has recom- publicly lecturing his attorney freedom, and a vow that this is Communicator, Ronald Reagan Christian monastery and that
mended rescinding the “payday general. Mr. Trump hashing only the beginning. said: “I never thought it was the winemaker, an Italian monk,
lending” rule, which threatened Charles Koch. More about The president is certainly my style or the words I used used local grapes that Mr. Begos
to cut off the poorest Ameri- Russian collusion, provoked focused on his base, though that made a difference: It was had never heard of: “red Baladi,
cans from viable credit. The In- by the president’s call for the with an eye to whipping them the content.” The content—the white Jandali, and Hamdani.” Paging
terior Department proposed firing of special counsel Rob- up with rallies focused primar- results—of this administration through the Oxford Companion to Wine in
the first real reforms to the En- ert Mueller. China tariffs. Bor- ily on the polarizing issues of is right there, waiting for the 2011, he found no mention of Cremisan or those
dangered Species Act in de- der strife. Michael Cohen. Paul trade and immigration. His president to communicate. mysterious grapes. Nor did he have any luck a year later
cades, offering hope to tens of Manafort. tweets revolve around the Write to kim@wsj.com. when “Wine Grapes,” a huge compendium of 1,368 grape
varieties, was published. Surely the trio of Cremisan grapes
would be included. But they were not.
The Concentration Camp Choir Though the memory of his hotel-room wine “lingered
like the refrain of an old pop song,” it would be seven
years since that tasting before Mr. Begos finally made the
HOUSES OF In the sum- The apocalyptic hymn “Dies all 150 members. Schächter It was soul-saving. I survived journey to Cremisan, one of the trips recounted in
WORSHIP mer of 1944 Irae” is repeated throughout. had to start from scratch with the war and I still have a “Tasting the Past.” Amid his travels, Mr. Begos inter-
By Bryony a delegation “Therefore when the Judge new singers. Music was soul.” viewed an eclectic array of winemakers and vinous
Clarke of Nazi offi- takes his seat, whatever is hid- learned by rote from a single They gave 16 performances researchers. He visited wine venues near and far,
cials, includ- den will be revealed: Nothing score sheet, smuggled in by between September 1943 and sampling many an obscure wine, and even a few well-
ing Adolf shall remain unavenged.” Schächter. They had only a pi- June 1944. On Oct. 17, 1944, a known ones, at their source. His double purpose was to
Eichmann, hosted representa- “Rafael said we would sing ano for accompaniment. After transport took almost the en- track down the ancestral grapes of our modern wine and
tives from the International to the Nazis what we couldn’t long days of hard labor, beset tire choir, and its conductor, to to sample all the off-the-radar wines that he could find.
Red Cross at Terezin concen- say to them,” says Marianka with exhaustion and malnutri- Auschwitz. Ms. Fantlova sat A bounty of books relate the history of wine. For erudi-
tration camp. The visit had May, 95, a Terezin survivor tion, singers had to grapple opposite Schächter on the way tion allied to filigreed prose style, I turn to Hugh Johnson’s
been meticulously planned: who sang in Schächter’s choir. with one of Verdi’s most de- to the camp. “There were “Vintage: The Story of Wine” (1989). Geekier, but plump
gardens planted, barracks ren- “The Latin words remind them manding compositions. about 130 of us locked in the with vinous esoterica, is “A Natural History of Wine” (2015)
ovated, streets cleared. Thou- that there is a judge, and one same truck,” she says. “The by Ian Tattersall and Rob DeSalle. For passion, nothing
sands of prisoners were de- day they will answer to that doors were bolted, there was beats Alice Feiring’s “For the Love of Wine” (2016). Mr.
ported eastward to reduce judge.” Its performance no air. The journey took three Begos’s welcome distinction is to come at the subject as a
overcrowding. The elaborately Terezin was a ghetto and days, and no one knew where curious journalist who makes no claim to being a wine
staged tour, held on June 23, transit camp in German-occu- of Giuseppe Verdi’s we were going.” savant. We experience his discoveries on the wine side
culminated with a performance pied Czechoslovakia. It usually ‘Requiem’ left Nazi She recalls Schächter pull- roads as freshly as he does. The end game of his travels is
by Terezin’s inmate choir. Con- housed around 60,000 ining a tin of sardines from his to encourage wine drinkers to step beyond their tried and
ductor Rafael Schächter chose mates, most of whom would in officials speechless. sock and asking her to mix it true pours to seek out unheralded but worthy wines to
to perform Giuseppe Verdi’s time be deported to extermi- up. “This will be my last sup- drink on and think on. Wine, after all, ought not always to
“Requiem.” nation camps such as Tre- per,” he told her. “I thought he be a habit but sometimes an adventure.
“When the music stopped, blinka and Auschwitz. Terezin Murry Sidlin, a professor of was being a bit of a pessimist,”
the Nazis sat there in silence,” became a hub for the Jewish conducting at the Catholic Uni- says Ms. Fantlova. “After all,
recalls Zdenka Fantlova, 96, a intellectual elite—titans in pol- versity of America, says he we didn’t know what was go- A journalist searches for the ancestral grapes
survivor of Terezin. “Then itics, music and academia. A was in disbelief when he dis- ing to happen—it might not be of our modern wine—and tries to sample all
Eichmann murmured, ‘Interest- vibrant cultural scene flour- covered what Schächter had so bad.”
ing, very interesting.’ ” Follow- ished amid the desperation, done. “I have conducted the Schächter perished on a the off-the-radar pours he can find.
ing his cue, nervous applause with lectures, concerts and ‘Requiem’ all over the world. death march in the spring of
trickled through the hall. Ms. plays performed within the There are passages that are 1945—only one month before
Fantlova adds, “The Nazis barracks. treacherously difficult. It is the liberation of Czechoslo- One of the far places to which Mr. Begos’s adventures take
thought, why would Jews per- In the spring of 1943, enough of an achievement vakia. Of the more than 150,000 him is the Alaverdi Monastery in Georgia, not too far from
form a Christian prayer for the Schächter, a Czech conductor even in optimum conditions— Jews sent to Terezin, only about Tbilisi, the country’s capital. Georgia is thought to be a core
dead? But Schächter had his who led the camp’s choir, de- where the singers are experi- 17,000 survived the war. breeding ground of our domestic wine grapes. For millennia,
reasons.” cided to teach his singers enced, well-rested and healthy. For the choir of Terezin, Georgian wines have been vinified in large clay jars called
Verdi’s nearly 90-minute Verdi’s “Requiem.” Ms. May The ‘Requiem’ demands all singing the “Requiem” was an qvevri buried in the earth. Mr. Begos ascended the Caucasus
masterpiece features a fear- says, “At one rehearsal, your concentration and energy. act of moral resistance. The Mountains to learn about these qvevri-vinified wines at
some evocation of fire and Schächter made an announce- To come to rehearsals after a condemned sang in defiance of Alaverdi. Its winemaking traditions were once subverted, he
fury, promises of posthumous ment. He said, ‘I have a dream cup of gruel and a day of slave their captors and the fate that writes, by the Soviets, whose goal was to maximize the
punishment, and dire warn- to put on some very special labor—I don’t know how they awaited them. “We rehearsed production of industrial wines. Now the old ways are being
ings of God’s wrath. While music by Verdi, that has never did it.” without sufficient food, cloth- revived. The wines are slowly vinified in qvevri from a
other settings of the Latin text been sung in such a place as Ms. May’s answer: “Being ing or sleep,” says Ms. May. melange of grape varieties unfamiliar to Western viticulture,
omit the unsettling sequences this before.’ ” in the choir gave us the won- “But those in the choir had a even if they are progenitors. “I can compare our winemaking
and emphasize only eternal It was no easy task, and the derful ability to think about reason to stay alive.” to a family with many children,” a brown-bearded monk tells
rest and serenity, Verdi accen- choir faced many challenges. A the next rehearsal, the next Mr. Begos. “The children look like each other, but each of
tuates the themes of judg- transport to Auschwitz in Sep- performance—it reminded us Ms. Clarke is a copy editor them has their own individual character.”
ment, justice and vengeance. tember 1943 wiped out nearly we come from a normal world. at the Guardian. Mr. Begos also prowls Italy, which he writes “has done
more to identify, protect, and promote local grapes than
any other country in the world”—400 varieties compared
The Lost Art of the Apology Letter with 90 in Spain. In Sicily, he visits Arianna Occhipinti, a
darling of the “natural” wine movement, who uses local
grapes and, despite hot and dry summers, refuses to plump
By Paula Marantz Cohen fail to write thank-you notes world, one that seems kinder have, we had to choose the one them up by irrigating her vines. Heading north to Milan,
‘D
(or even emails) in response to and gentler—if not more virtu- hundred best accounts, your ac- Mr. Begos shows a knack for ferreting out surprises. Who
ear Mr. and Mrs. Di- gifts. They neglect to RSVP to ous—than our own. count would assuredly be one knew, for example, that Leonardo da Vinci owned a walled
Gioia,” the letter be- invitations to parties (or even Still, for all America’s lax- of the hundred. And yet, it was vineyard across the street from the Santa Maria delle
gins. “We received a weddings). They act nasty on- ness of protocol, certain rules in your account that the error Grazie church, where he painted “The Last Supper.” Mr.
phone call from Sachs Dress line (or even in person) to- have, until recently, been al- had to occur! Isn’t that typical Begos chats up a local grape scientist who tells him that
Shop in New Haven today in- ward people who happen to most universally understood: of our hectic, atomic age?” DNA analysis of plant remnants dug out of the vineyard
quiring about the ‘duns’ we disagree. Write a condolence note after The wording seems old- points to Malvasia di Candia Aromatica, still a widely
mailed to you. We immediately a death. Don’t call people by fashioned not so much because planted Italian white-wine variety.
investigated the matter, and their first names unless you it invokes “our hectic, atomic When Mr. Begos finally wended through the Jerusalem hills
found, to our extreme chagrin, Common courtesy is know them well. Apologize for age” but because it shows a to Cremisan, it was a bit of a let-down. The red wine he tasted
that $2 payment which you no longer common, mistakes. Unfortunately, these genuine interest in the people brought back none of the memories of the hotel-room wine
had made was mis-posted on basic formalities are no longer behind the payment. The that had seduced him seven years before. Monks no longer
our records to some one else’s but old-fashioned. instinctual. The apology, in writer, who happens to be made the wine. Under a young Palestinian winemaker who
account. This explanation is particular, has disappeared. president of the company, has had studied in Italy for three years, the facility’s new wines
not intended as an excuse, for The computerized nature of made the effort to review the had traded up to clean-cut modernity. Gone was the unique
there can be no excuse for America’s approach to eti- modern business has eroded DiGioias’ records and express flavor that Mr. Begos remembered. “The red was a decent dry
such errors, even though they quette has always been more human contact, and in a liti- his respect and gratitude for wine, but unremarkable, with none of the spiciness and depth
do occur due to the tens of freewheeling than Europe’s. gious culture an apology can their business, in the best that had first attracted me,” he writes. Or maybe that
thousands of accounts which We never used the kinds of be construed as an admission words he can muster. Could an character was solely a product of his mind-set in an hour of
we handle.” long-winded signoffs still cus- of guilt. apology be phrased with more boredom. When mood and venue change, so can wine.
I was given a copy of this tomary in France: Recevez, The novelty of that old let- sincerity and charm?
letter, dated April 10, 1957, by cher Monsieur/chere Madame, ter to the DiGioias is that it is I keep a copy of this letter Mr. Hellman is the author of “In Vino Duplicitas: The
my friend Rosemary, who l’expression de mes sentiments courteous, responsible and in my wallet to lift my spirits Rise and Fall of a Wine Forger Extraordinaire.”
found it among her late par- distingués. (Receive, dear Sir/ personally contrite, all at the in the face of a rude world—
ents’ belongings. Rosemary Madam, the expression of my same time. It immediately ac- and to remind me how to say
and I often discuss what she best regards.) We never en- knowledges blame for the mis- my own apologies, when the Coming in BOOKS this weekend
calls the “disappearance of ci- gaged in the kind of elaborate take. It then continues: occasion inevitably arises. The quest to create an artificial heart • Joseph Epstein
vility,” the growing tendency social rituals familiar from “Furthermore, upon examin- on honor • Merchants and money in Old London • The
toward thoughtless or rude Jane Austen’s novels. Yet a rea- ing your account and related Ms. Cohen is a dean and literary life of Teddy Roosevelt • Our quantum reality •
behavior. Even seemingly well- son Austen remains popular is records, we realize that if, out English professor at Drexel Sam Sacks on the best new fiction • & much more
brought-up people these days that she portrays a mannerly of the tens of thousands we University.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
New York’s Charter Mugging Why Shouldn’t Trump Talk About the Fed?
M
ess with a politically connected union, can continue its thuggish tactics. President Donald Trump’s criti- tained its independence from poli-
and you’ll be driven out of New York. Local 3-affiliated PACs have given some cism of the Federal Reserve (“Break- tics and has continued to do so no
ing Custom, Trump Raps Fed,” page matter who resides in the White
That’s the message the Cuomo Ad- $200,000 in campaign donations statewide since
one, July 20) includes the state- House.
ministration sent to busi- Jan. 1, 2017, including at least ment, “I’m letting them do what CHRISTIAN B. TEETER
nesses last Friday as the Pub- A union intimidation $23,000 to support Andrew they feel is best,” implying he has Los Angeles
lic Service Commission campaign gets help Cuomo. Last September Mr. the discretion to take stronger
revoked its approval of Char- Cuomo participated in a Local steps. The independence of the Fed is
ter Communications’ merger from Gov. Cuomo. 3 rally, addressing the workers Your article highlights an unfortu- what sets us apart from many na-
agreement with Time Warner on strike. He referred to Char- nate irony: The Fed’s already ear- tions. One may not like what the
Cable. The official narrative is ter’s merger and its require- marked interest-rate hikes for 2018 Fed does, but it keeps the U.S. econ-
that the telecom company is failing to live up ment that Spectrum expand coverage to rural and might now be even more likely, in omy moving forward. The Fed began
to its merger obligations, but in reality this is underserved parts of the state. “If they don’t get order for the Fed to assert its politi- quantitative easing for a reason. The
political retribution. their act together and fulfill that agreement, cal independence. Presidential pres- bond-buying program was enormous
sure reinforces the wisdom and ben- but brought us to where we are to-
The story began after the 2016 merger, as they’re going to be out of the State of New York,"
efit of an independent Fed. Think day. Note: President Trump dropped
Charter negotiated a new collective-bargaining Mr. Cuomo told Local 3 members. “I want Charter about our nation’s monetary policy Janet Yellen and now is going after
agreement with the International Brotherhood to understand that.” being run by the same administra- his chosen pick to lead the Fed. This
of Electrical Workers Local 3, which represents Charter says it met its most recent expansion tion that has imposed billions in needs to stop.
about 1,700 cable technicians. Charter, which quota. But lo, New York’s Public Service Com- trade tariffs and created an esti- FRANK POPELESKI
does business in New York under the trade mission claims that more than 18,000 of the mated $1 trillion budgetary deficit. Seffner, Fla.
name Spectrum, offered union workers an aver- new properties don’t count, in part because Fed Chairman Jerome Powell
age raise of 22%, effective immediately. some addresses are in New York City. And last should take the next opportunity to I agree with President Trump. Je-
The company also wanted to replace its de- Friday the commission called a special session confirm that the Fed will continue rome Powell is making a huge mis-
fined-benefit pension with the same 401(k)- on Charter’s expansion, giving a day’s notice. its work and policy decisions based take by planning to increase interest
style retirement benefits that its other 94,000 Why the rush? Spokesman James Denn said the 100% on the data. rates incrementally. Alan Greenspan
WILLIAM GOLDMAN did the same at the end of his ten-
employees nationwide receive. Local 3 rejected commission “moved forward to promptly pro- Palos Verdes Estates, Calif. ure and helped tank the market.
the offer and went on strike on March 28, 2017, tect the interests of New Yorkers.” But Diane The fact that Mr. Powell is hy-
two days before its contract expired. Charter Burman, the contrarian on a commission full of Presidential criticism of the Fed pothesizing on the net effect of Mr.
has hired non-Local 3 members to replace the Cuomo appointees, was on vacation. isn’t unprecedented in modern Trump’s tariffs is puzzling. The Fed
strikers, who are still picketing. The remaining three commission members times. In 1992 President George should be working with the White
Charter says the union has since engaged in voted to deny Charter’s petition for rehearing H.W. Bush blamed the Federal Re- House on this matter. The proper in-
intimidation and vandalism. Last September a on the expansion. In an unprecedented move, serve for his election loss to Bill terest rate can’t be set without
union picketer “violently shook” a 28-foot lad- they also revoked Charter’s merger approval in Clinton, alleging that interest rates knowing the net impact of President
der where a Charter subcontractor was working New York state. The regulators gave Charter 60 weren’t reduced fast enough in the Trump’s tariffs.
“in an effort to cause the worker on the ladder days to come up with an exit plan that includes aftermath of the 1990-91 recession. STEPHEN BONICK
Despite that criticism, the Fed re- Los Angeles
to fall to his death or serious injury,” the com- a replacement provider.
pany claimed in a lawsuit against Local 3. In an Though the decision effectively evicts Char-
affidavit, Charter technical operations supervi- ter from the state, the commission claims the
sor Anthony Rodriguez described how union company is still obligated to continue its net- Readers Support the Right to Disarm Bears
picketers showed up at a job site last Septem- work expansion. Completing the shakedown, Mike Kerrigan’s “Bear With Me? know that a hiker with a camera is
ber and shouted at nonstriking workers, “I’m the commission imposed $1 million in fines on Get It Away!” (op-ed, July 27) omits likely to wander off, thereby jeopar-
going to kill your family the same way you’re Charter for alleged delays, in addition to the $2 the most suspect of bear safety tips: dizing the entire group? And would
killing mine.” million it levied last month. No bear has ever been known to at- said bear go after the thoughtless
Charter said its coaxial and fiber-optic ca- Charter says Friday’s unexpected decision to tack a group of five or more. When a photographer or the four innocents?
bles have been intentionally damaged more revoke the merger was made without public naturalist advised this rule of thumb Our reliance on ursine counting skills
than 125 times, cutting off TV, internet and comment. Mr. Denn says there have been “ro- would be our primary means of pro- was nearly unbearable.
tection from bear attacks, I wondered M. SHAWN BORT
phone service for tens of thousands of custom- bust public comments accepted,” pointing to a
who had done such a study and where Phoenixville, Pa.
ers. “The saboteurs clearly knew the optimal lo- website where around 450 people have submit- the data was to back up her claim.
cations where they could cut cable lines to mul- ted feedback on the general topic of Charter in Each day I carefully selected which Many years ago I was in Wyoming
tiple customers without being harmed or New York since 2015. hiking group to join after assuring elk hunting with a guide in prime griz-
observed,” Charter said. Dani Lever, a spokeswoman for Mr. Cuomo, myself that its other members were of zly-bear territory. Camped in an area
The Queens district attorney charged one Lo- says Charter’s failure to sufficiently expand “is at least average size lest a bear dis- with a host of bear tracks in the sur-
cal 3 member with criminal mischief for allegedly at the heart of the [commission’s] action.” She count our safe number due to some- rounding snow, I asked one evening
cutting cables that knocked out service for 38,000 says the commission “rightly exercised its au- one’s diminutive stature. As we wan- how to stay safe from grizzly bears.
Spectrum customers. Local 3 did not respond to thority as a regulator,” and “efforts to link a dered around the Alaskan wilderness “First, tie bells to your shoes so
our repeated inquiries, but it said in court it is- crackdown on bad corporate behavior to any- in our group of five, I worried that we they can hear you. Second, learn the
sued a notice instructing members to engage in thing [else] would ignore the very clear facts would encounter a bear suffering from difference between black bear and
dyscalculia, or two bears who would grizzly bear scat [feces].”
“peaceful and lawful picketing.” and undermine the very real complaints from
simply divide and conquer. How close I asked about the scatological dif-
The New York Supreme Court dismissed rural communities.” together did we need to be in order ference.
Charter’s tort claim against the union in Charter plans to challenge the commission’s for a bear to recognize us a group of “Grizz scat has bells in it.”
March. Justice Kathryn Freed wrote that “to actions in court. But labor leaders are betting five? If bears are smart enough to GLEN ESNARD
properly plead this claim, Charter was re- this episode will change how other New York count, are they also smart enough to Jackson, Wyo.
quired to allege that each and every member businesses negotiate. Cave to the union or the
of Local 3 authorized or ratified the allegedly Governor will kill your business. By the way, Mr.
unlawful conduct claimed.” Charter is appeal- Cuomo is running for a third term, and then he
ing, but in practice the ruling means the union plans to run for President—with union support. No Cease Fire in Sight as Culture War Rages
Sen. Orrin Hatch’s call for the com- Martin Luther King Jr. to preach love
A Trillion-Dollar Apple batants on both sides of the culture
war to set standards of social dis-
and tolerance. Too bad.
DENNIS RHODES
A
course is timely and thoughtful, but I Naples, Fla.
pple’s ascent Thursday to become the after a run of mistakes. Exxon was the leader in fear it will fall on deaf ears (“Geneva
first U.S.-listed company to reach $1 tril- stock-market valuation only a few years ago, and Conventions for the Culture War,” op- While I support Sen. Hatch and his
lion in stock-market value is worth cele- it’s still a great company, but its market cap is ed, July 28). genuine desire to deescalate our coun-
brating as a capitalist success whether or not you now surpassed by that of Apple, Amazon, Face- As a right-of-center gay man, I am try’s partisan tension, I couldn’t help
own the stock or an iPhone. Thanks to human in- book, Microsoft, Alibaba and even J.P. Morgan. heartbroken that major gay-rights or- feeling worse about the issue after
genuity, technological breakthroughs and smart A market economy offers great rewards but bru- ganizations have become virtual hate reading his op-ed. Comparing our cul-
management, a single firm has enhanced the tal discipline. groups, practicing the very same intol- tural disputes to actual armed con-
wealth and well-being of millions in a way gov- How long will Apple stay on top? Its execution erance they were originally formed to flicts with references to POWs and
fight. Hundreds of thousands of LGBTs scorched-earth tactics seems like no
ernment never could. For perspective, the entire has been spectacular, and its sales defy predic-
do not self-identify as progressives. way to reduce our political division. If
U.S. economy surpassed $20 trillion for the first tions of slowing down. But Apple’s profit margins They are given little respect by the we want to make rules to rein in our
time in the second quarter. have fallen from their heights, and consumers may greater gay community. Thankfully, at “culture wars,” the first rule should be
Apple’s milestone is all the more notable be- eventually decide they don’t want to replace their least one organization, the Log Cabin to stop calling them wars.
cause success at the top in business can be so iPhones as often as Apple would like. Enjoy the Republicans, represents gay conserva- JOHN GALLOWAY
fleeting. GE was an investment staple for de- time at the pinnacle because a competitive econ- tives and independents. Powell, Ohio
cades but its new managers are breaking it up omy is always looking for the next big thing. I am 64 years old. When I was 30, I
witnessed the hatred centered on gays
Russian War or Peace Saga
Don’t be Naive, Google
and determined not to hate back. Hat-
ing back is pointless. Sen. Hatch
makes no mention of the key role the
Perplexes the Progressives
I
nation’s clergy can play in his sce- William A. Galston’s suggestion that
ntent on abiding by its founding motto, tagon’s AI program was accompanied by an nario. Sadly, gays have produced no the president is “soft” on Vladimir Pu-
“Don’t Be Evil,” Google announced in June 8,000-word statement of Google’s ethical prin- tin and Russia is typical nonsense
that it would not participate in a U.S. mili- ciples on the use of artificial intelligence. Well, from Democrats who for nearly eight
tary program seeking to apply yes, the intersection between Pope Paul VI Addressed the years accused President Reagan of
artificial intelligence to drone The company may AI and human autonomy is risking World War III by denouncing
technology. This week it has complicated. Objectification of Women the Soviet Union as the “evil empire”
been reported that Google is
re-enter China after But no one paying atten- Ashley McGuire’s “The Controversial and for supporting increased spending
attempting to reintroduce its nixing the Pentagon. tion to China’s ambitions Text That Saved Me” (Houses of Wor- on defense to include missile defense
flagship search engine into doubts that it is developing ship, July 27) concerning Pope Paul (“Trump’s Russia Remarks Were No
China, albeit with censoring artificial intelligence for do- VI’s encyclical “Humanae Vitae” ban- Gaffe,” Politics & Ideas, July 18). Can
ning contraception deserves thoughtful Democrats ever decide whether they
and surveillance filters demanded by the Chinese mestic political control and sophisticated mili-
reflection. My main takeaway from this are more afraid of a war or a diplo-
government. This does not compute. tary applications. Its Communist Party leaders piece is that there are unintended con- matic rapprochement with Russia?
Eight years ago, Google co-founder Sergey are doing so to gain a decisive advantage over sequences from virtually every change ANDREAS FRIEDRICH
Brin pulled the company out of China, telling China’s military competitors, primarily the we make as a society, including the Gettysburg, Pa.
The Wall Street Journal that “in some aspects United States and its citizens. continuing “liberation” of women from
of their policy, particularly with respect to cen- A recent Journal article detailing China’s all forms of “shackles,” procreation in-
sorship, with respect to surveillance of dissi- high-tech military programs quoted former Peo- cluded. The author writes, quoting Pepper ...
dents, I see some earmarks of totalitarianism.” ple’s Liberation Army Maj. Gen. Xu Guangyu: Pope Paul VI: “A man who grows accus-
That was true then and is more so now. China “China will not ignore or let slip by any dual-use tomed to the use of contraceptive
And Salt
is famously using advanced technology to erect technology, or any technology at all, that might methods may forget the reverence due THE WALL STREET JOURNAL
an Orwellian surveillance state. improve the ability of our military to fight, our to a woman.” Ms. McGuire adds: “This
risks reducing a woman to ‘a mere in-
But like other companies, Google has con- awareness, or our ability to attack.” In other
strument for the satisfaction of his
cluded it cannot sacrifice access to China’s mar- words, the U.S. finds itself in an intense military own desires,’” quoting the encyclical.
ket, which is now dominated by the Chinese competition with China. If American tech compa- Our society is increasingly concerned
search-engine company Baidu. That means con- nies deny their own country access to advanced with the “objectification” of women
forming itself to China’s rules on social control knowledge, the U.S. will fall behind. and their mistreatment as “sexual ob-
of the internet. Google hasn’t decided whether The good news is that most U.S. technology jects,” with good reason. It is impor-
to proceed with this search-engine initiative, companies, including in Silicon Valley, under- tant to consider how we got here.
but clearly no license will be granted unless the stand these realities and are contributing to the HENRY SCOTT
company agrees to give Chinese censors access U.S. effort to defend itself. Google and its hyper- Potomac, Md.
to the site’s vast internal information. political employees stand out for seeming to
That Google would seek re-entry to a country spend a remarkable amount of time navel-gaz- Letters intended for publication should
whose efforts at totalitarian control are ining and composing codes of conduct. be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
creasing while the company ostentatiously sep- Sergey Brin had it right in 2010: China’s suc- or emailed to wsj.ltrs@wsj.com. Please
arates itself from a U.S. defense program is cess at lifting its people out of poverty is re- include your city and state. All letters
more than a contradiction. It is naive. What markable. Its determination to deploy American are subject to editing, and unpublished “So it costs more than your first
kind of world does Google think we live in? knowledge to control the Chinese people re- letters can be neither acknowledged nor house, but did it have built-in
returned.
The June decision to withdraw from the Pen- mains abhorrent. Blu-ray, television, GPS . . .’’
OPINION
The Senate’s Unprecedented Obstruction

By David B. Rivkin Jr. executive-branch nominees. President since Mr. Trump took office.
And John Shu Obama’s nominees needed about 2½ The Senate has traditionally oper-
W
months on average and President ated under the principle that the
hen Harry Reid and George W. Bush’s needed about 1½ president is entitled to nominate peo-
the Democratic Senate months—even though the filibuster ple who reflect his philosophies and
abolished the filibus- was in place for all of Mr. Bush’s policies, especially within the execu-
ter for most nomina- eight years and more than five of Mr. tive branch. Cloture, roll-call votes,
tions in 2013, the idea Obama’s. In many instances Democrat and other Senate procedures were
was to overcome obstruction from obstructionism today ensures that not designed to stop confirmations.
the Republican minority and allow Obama administration holdovers oc- The current practice is a misuse.
President Obama to fill positions ex- cupy key executive-branch positions Majority Leader McConnell an-
peditiously. Now that Republicans 20 months after the 2016 presidential nounced that he will shorten, if not
hold the White House and a Senate election. cancel, this year’s August recess.
majority, Democrats wish they hadn’t So how have the Democrats done When he did so last year, the Senate
given up the filibuster. it without the filibuster? By weap- confirmed 77 nominations with no
C-SPAN
onizing a pair of Senate rules. Rule unnecessary floor debate. He also
22, which covers “cloture,” allows for should consider having the senators
Obama’s nominees faced eight separate time-consuming steps. Secretary of State Pompeo’s cloture vote was followed by an identical roll call. work full weeks, and some nights and
Rule 6, on “roll-call votes,” can re- weekends.
only 17 cloture votes in his quire each individual senator to ver- But a tiny minority can still de- has been in office a little more than More fundamentally, Mr. McConnell
first term. Trump’s have balize “yea” or “nay,” instead of a mand a cloture vote as a way of slow- 18 months, and there have been 108 and Rules Committee Chairman Roy
simple group voice vote. ing things down. Only 16 signatures cloture votes on his nominees. Blunt should put a stop to these
faced 108 in 18 months. “Cloture” is a venerable Senate pro- on a cloture petition are needed to These delays are usually not about abuses. The Senate should promptly
cedure, dating to the early 20th cen- complete the first step. Then the pro- substantive objections. Often Demo- amend its rules to ensure that its pro-
tury, which was created not as a dila- cess is grindingly slow: The Senate cratic senators eventually vote for cedural rules, in particular Rules 22
Yet they’ve managed to subject tory tactic but the opposite—a way of clerk reads the petition; an “interven- confirmation. Their purpose mani- and 6, may not be used to delay a pres-
many of President Trump’s nomina- ending filibusters and forcing a matter ing day” must occur for the cloture festly is to snarl the Senate calendar ident’s nominations unless the major-
tions to lengthy delays anyhow. It took to a floor vote. The Senate first in- petition to “ripen” or “mature”; a live and severely limit the number of con- ity leader, the minority leader, and
the Senate almost seven months to voked cloture on Nov. 15, 1919, to end quorum call has to take place; the firmation votes. both parties’ top members of the ap-
confirm Ric Grenell as Ambassador to a filibuster of the Treaty of Versailles. majority leader presents the cloture Roll-call votes exacerbate cloture plicable committee all agree to do so.
Germany. Jeff Clark, whom Mr. Trump From 1919 until 1963, the Senate in- petition; the actual cloture vote oc- delays because they take a long time This would ensure fairness to presi-
nominated more than a year ago to voked cloture five times, or about once curs; up to 30 hours of “post-cloture to organize and conduct. By contrast, dents and senators regardless of party.
head the Justice Department’s Envi- every nine years, and never to delay a debate” ensues; then, finally, the ac- a voice vote, once scheduled, takes
ronment and Natural Resources Divi- confirmation vote. tual confirmation vote arrives. virtually no time at all. And it takes Messrs. Rivkin and Shu practice
sion, still awaits his confirmation vote. Mr. Reid’s 2013 move reduced the The numbers tell the story: The only 11 senators to demand a roll- appellate and constitutional law in
Likewise Eric Dreiband, Mr. Trump’s threshold for invoking cloture on nom- Senate held only one cloture vote on call. Again, the numbers illuminate Washington and Newport Beach, Ca-
pick for the Civil Rights Division. The inations from three-fifths of all seated any nominee (executive or judicial) the trend: the Senate held 21 nomi- lif., respectively. Mr. Rivkin served
Senate finished their hearings last senators (60 when the chamber has no during George H.W. Bush’s entire nation roll-call votes during George Presidents Reagan and George H.W.
year, and no member has raised a vacancies) to a simple majority. That presidency, 10 during Bill Clinton’s H.W. Bush’s presidency, 13 during Mr. Bush in the White House Counsel’s Of-
question about their qualifications. means a minority can no longer “win” first term, four during George W. Clinton’s first term, 60 during fice and the Department of Justice;
On average it has taken the Senate a cloture vote and prevent the majority Bush’s first term, and 17 during Ba- George W. Bush’s first term, 46 dur- Mr. Shu served Presidents George
three months to confirm Mr. Trump’s from confirming the appointment. rack Obama’s first term. Mr. Trump ing Mr. Obama’s first term—and 119 H.W. Bush and George W. Bush.
Two Years in Prison for Doffing a Scarf

By Roberto González was a “Western spy,” and for de- and #WhiteWednesdays have since in public during a visit to the city and is expected to live in exile.
And Prachi Vidwans clining to sign a confession. gone viral. of Kashan on May 8. She was ar- What has happened to these
A
Like many of those who dare to The unveiling protests began late rested once more, this time with women and others like them is a
n Iranian court has ordered speak out in Iran, Ms. Shajarizadeh last year and have gained world- her 9-year-old son, and spent an- moral outrage. Most authoritarians
Shaparak Shajarizadeh, a 43- was charged as a criminal under wide attention. The regime has re- other nine days in prison before beat least pretend to care about civil
year-old woman from Tehran, the country’s Islamic Penal Code. sponded with violent repression. ing released on bail. liberties, offering excuses as they
to spend the next 20 years atoning She was accused of “violating com- Ms. Shajarizadeh is one of dozens Ms. Shajarizadeh’s final sentence crack down on dissent. But Iran’s
for an act that shouldn’t be a crime. pulsory veil laws” and “inciting of women who have been arrested. was handed down on July 8. She leaders are unabashedly tyrannical.
Last month she was sentenced to corruption and prostitution.” The didn’t learn about the verdict right In a public statement in March,
two years in prison and 18 years’ latter charge was added to allow a away because her attorney, Nasrin Iran’s Supreme Leader Ali Khame-
probation for removing her hijab, or subservient judge to impose a For removing her hijab in a Sotoudeh, was also battling politi- nei dismissed the protesters for
head scarf, in public. heavy sentence. (The Supreme cal persecution. Ms. Sotoudeh, who women’s rights and pledged that
This sentence was the culmina- Leader of Iran exercises direct in- Tehran protest, a 43-year- represented three Girls of Revolu- the “nation is always prepared to
tion of Ms. Shajarizadeh’s persecu- fluence over the courts.) After nine old woman was convicted tion Street activists, was arrested crush aggressors and critics.”
tion by the Iranian government. In days in detention, including seven on June 13 by Iranian security offi- The Girls of Revolution Street
February, she stood unveiled on a in solitary confinement, she was re- and driven into exile. cers who told her she had been have sent a message to the re-
traffic island on Tehran’s Gheitari- leased on bail. convicted in absentia on unidenti- gime, their countrymen, and the
yeh Street, waving her head scarf Iran has forced women to wear fied charges and sentenced to five international community. Those of
on a stick. Minutes later police offi- the hijab since the Iranian Revolu- Several demonstrators have sus- years in prison at Tehran’s infa- us in the free world have an obli-
cers slammed her to the ground, tion in 1979. The policy was met tained severe injuries due to exces- mous Evin Prison. gation to use our rights to amplify
arrested her, and carted her off to with resistance from the start, but sive force used by the police. Many Ms. Sotoudeh now faces two na- their message—and hold the re-
the Vozara Detention Center. the latest iteration of protests be- have been subjected to physical tional security charges: “propa- gime accountable.
According to the Human Rights gan in 2014 when exiled Iranian abuse while in detention and de- ganda against the State” for giving
Foundation, Ms. Shajarizadeh was journalist and author Masih Aline- nied contact with relatives and le- interviews to the international Mr. González is an international
forcibly injected with an unidenti- jad created the Facebook page “My gal counsel. Iran has gone so far as press, and “assembly and collu- legal associate and Ms. Vidwans a
fied substance and subjected to ex- Stealthy Freedom” and urged Ira- to alter Tehran’s utility boxes in an sion” for having “colluded” with research associate at the Human
tensive interrogation. She was se- nian women to post pictures and effort to prevent protesters from Ms. Shajarizadeh, her client, in a Rights Foundation. HRF submitted a
verely beaten and dragged by the videos of themselves wearing white standing on them. courthouse in Kashan. Ms. petition to the U.N. Working Group
hair for refusing to confirm the in- headscarves on Wednesdays. The Ms. Shajarizadeh, unfazed by her Shajarizadeh fled Iran with her son on Arbitrary Detention on Ms.
terrogator’s allegations that she hashtags #GirlsOfRevolutionStreet first arrest, appeared unveiled again after the verdict was announced Shajarizadeh’s case.
Work Requirements Hurt Poor Families—and Won’t Work

By Jason Furman unconditional benefit, however, SNAP a year. For a second offense, the Strategies, a set of 11 randomized tri- the University of Chicago, found that
W
requires most working-age, nondis- penalty is three years. als done during the 1990s in a half it was thanks less to work require-
ith the unemployment rate abled beneficiaries to register for work Medicaid work requirements have dozen cities across the country. These ments than to the roaring economy
around 4% and people flood- with a state agency and accept any similar problems. Kentucky’s plan, trials found modest increases in work and the expanded earned-income tax
ing back into the workforce, reasonable job offer. currently being stayed by the courts, over the short run, but the effect faded credit. This insight should be the basis
the question facing economic policy In fact, 74% of working-age SNAP would require beneficiaries to work out by the end of five years, generally of an alternative approach: Govern-
makers has changed: Once the cyclical recipients are employed within the 80 hours each month or lose their leaving the treatment group no more ment can do more to ensure that work
recovery has fully run its course, what year before or after they received health coverage. Again, the narrow likely to be employed than the control pays, that people who want employ-
can be done to help into employment benefits, and most of the rest have measurement is a problem. One-quar- ment have the support they need, and
Americans still left behind? health issues or are caring for family ter of beneficiaries who work at least that jobs will be available for them to
The answer offered by many Re- members. Some of the SNAP statis- 1,000 hours annually—averaging to What beneficiaries find.
publicans is to increase work require- tics tossed around miss this because 80 hours a month—could be denied The most promising ideas put the
ments on low-income benefits. The they focus on whether people were coverage for part of the year, accord- lack is not motivation, private sector first. Numerous pro-
House farm bill would tighten eligi- working in the month they received ing to the Center on Budget and Pol- but stable, consistent, posals have been made to expand the
bility for the Supplemental Nutrition benefits. icy Priorities. What these people lack earned-income tax credit, including
Assistance Program, also known as Grading SNAP recipients based on is not motivation, but stable, consis- decently paid jobs. for workers without dependent chil-
food stamps. States are doing the whether they worked in a single tent, decently paid jobs. dren who get essentially nothing to-
same for Medicaid under federal month is particularly problematic be- Partly as a result, Kentucky itself day. Rep. Ro Khanna, a Democrat who
waivers. But such steps would jeopar- cause, as economic research by Kris- estimates that more than 95,000 peo- group. A notable exception was Port- represents Silicon Valley, has sug-
dize the health and nutrition of mil- tin Butcher and Diane Schanzenbach ple would lose health coverage under land, Ore., which, along with the work gested temporary subsidies for em-
lions of Americans, while doing little has shown, the jobs available to this its policy. Taking medical care away requirement, provided intensive sup- ployers who hire unemployed and
to increase work. population are often temporary and from low-wage workers in unstable port to train and place people into disadvantaged workers. Others are
Of the people who would be tar- unstable. “Working” often means in- jobs is not only ineffective in promot- jobs. Still, on average in all the cities, proposing additional support for job
geted by work requirements for voluntarily cycling into and out of ing employment, it may be counter- households ended up with low-paid training and placement, child care,
means-tested benefits, a large majority employment. productive, since losing access to work that did not make up for the paid leave—all of which can be effec-
already are working. SNAP is like Mil- Policies that fail to appreciate regular treatment can make it harder money they lost on their benefits, leav- tive in enabling people who want to
ton Friedman’s negative income tax: a this can be more punitive than pro- for people with serious health needs ing more people in deep poverty. work to do so.
near-cash benefit that is provided work. Under the House plan, an to look for and keep a job. Employment rates did increase a lot As a last resort, providing federal
broadly to people with low incomes able-bodied adult who spends a sin- The best direct evidence on work after President Clinton and Congress jobs may have to be part of the policy
and then phased out as their finances gle month without working 20 hours requirements comes from the Na- reformed welfare in 1996. But research mix. This is an idea advanced not only
improve. Unlike Friedman’s proposed a week would lose SNAP benefits for tional Evaluation of Welfare-to-Work by Jeffrey Grogger, an economist at by progressives but also by Kevin Has-
sett, chairman of President Trump’s
Council of Economic Advisers. In 2013
Notable & Quotable: Gender

Mr. Hassett advocated “a short-run
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY jobs program that recruits the long-
Rupert Murdoch Robert Thomson term unemployed to assist with the
Executive Chairman, News Corp Chief Executive Officer, News Corp
From “Gender Nation Glossary,” don’t exist on a spectrum, ei- normal functions of government.”
Matt Murray William Lewis
Editor in Chief Chief Executive Officer and Publisher
Refinery29.com, June 1: ther. . . . The largest progressive idea, a
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT:
Dead name [ded-neym] | noun federal jobs guarantee, is not ready to
Mark Musgrave, Chief People Officer; In case you haven’t heard, we’re in (dead names) become law today and will have to
Jason Anders, Chief News Editor; Thorold Barker,
Europe; Elena Cherney, Coverage Planning;
Edward Roussel, Chief Innovation Officer; the middle of a gender revolution. . . . The name given to a transgender reckon with the increasingly prob-
Anna Sedgley, Chief Operating Officer
Andrew Dowell, Asia; Neal Lipschutz, Standards; Aliagender [ah-lee-uh-jender] | person at birth, which they often lematic budget outlook. But enabling
Meg Marco, Digital Content Strategy; OPERATING EXECUTIVES: adjective (aliagender people) change when they transition. It
Ramin Beheshti, Product & Technology;
more people to work—and thereby
Alex Martin, Writing; Michael W. Miller, Features
& Weekend; Shazna Nessa, Visuals; Kenneth Breen, Commercial; Someone who defines their gen- should not be used to refer to them. boosting economic growth—isn’t a
Rajiv Pant, Product & Technology; Ann Podd, News Jason P. Conti, General Counsel; der as “other” than a man or a Use the person’s chosen name partisan objective. Anyone who
Production; Matthew Rose, Enterprise; Tracy Corrigan, Chief Strategy Officer; woman. It was coined as a way to instead. . . .
Frank Filippo, Print Products & Services;
shares this goal should welcome the
Michael Siconolfi, Investigations;
Nikki Waller, Live Journalism; Steve Grycuk, Customer Service; talk about a third gender without Homosexual [hoh-muh-sek-shoo- debate over big ideas to achieve it
Stephen Wisnefski, Professional News; Kristin Heitmann, Chief Commercial Officer; appropriating the term Third Gender uh l] | adjective (homosexual people) with work incentives and supports. In
Carla Zanoni, Audience & Analytics Nancy McNeill, Advertising & Corporate Sales; from other cultures. . . . An outdated clinical term refer-
Christina Van Tassell, Chief Financial Officer;
the meantime, it would be a mistake
Gerard Baker, Editor at Large Bigender [bahy-jen-der] | adjec- ring to queer people that is consid- to put poor families into an even
Suzi Watford, Chief Marketing Officer;
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International tive (bigender people) ered derogatory and offensive. . . . deeper hole with ineffective and
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: Almar Latour, Publisher Someone who identifies with two Other [uhth-er] | adjective damaging work requirements.
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; distinct genders, such as man/ Often used on documents to indi-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head woman or woman/androgyne. Bigen- cate that someone is neither a man Mr. Furman, a professor of practice
EDITORIAL AND CORPORATE HEADQUARTERS: der people don’t necessarily identify nor a woman. Should not be used to at the Harvard Kennedy School, was
1211 Avenue of the Americas, New York, N.Y., 10036 with each gender 50% of the time, talk about people whose gender you chairman of the White House Council
Telephone 1-800-DOWJONES
and unlike gender fluid people, they do not know. of Economic Advisers, 2013-17.
TO EVERYONE WITH A SMILE,

The members of the American Dental Association have a simple message
for you. When you visit an ADA dentist, you can count on our advice and
expertise to keep you healthy and smiling.
We care deeply about our patients and will use our clinical training and
the latest research to provide you with the highest quality care.
We know it’s harder than ever to know who to trust. The ADA believes
that ongoing supervision by a dentist is critical for any dental care
you receive. Dental diagnoses and treatments are not do-it-yourself
projects. We recommend an ADA dentist by your side providing you
with the expertise you need and deserve for optimal health.
In between appointments, we’re still

looking out for you with our
ADA Seal of Acceptance.
The ADA Seal has
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you’ll know that our independent
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We’re here for you. We’re here

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Sincerely,
The 161,000 dentists of the

American Dental Association
FindADentist.ADA.org
TECHNOLOGY: ALPHABET’S ‘SMART CITY’ HAS NO EASY STREET B4
BUSINESS & FINANCE

© 2018 Dow Jones & Company. All Rights Reserved. * * * * ** THE WALL STREET JOURNAL. Friday, August 3, 2018 | B1
S&P 2827.22 À 0.49% S&P FIN À 0.04% S&P IT À 1.37% DJ TRANS À 0.66% WSJ $ IDX À 0.46% LIBOR 3M 2.341 NIKKEI (Midday) 22545.15 À 0.14% See more at WSJMarkets.com
Apple Value Surges to $1 Trillion

BY TRIPP MICKLE the milestone when it climbed death spiral in the late 1990s. based Florence Capital Advi- cent markets history.
CBS
Prohibits
AND AMRITH RAMKUMAR
Apple Inc. on Thursday be-

above $207.04 in midday trad-
ing. The stock has risen 23% so
far this year, its latest rally
His successor, Tim Cook, has
turned Apple into a cash-gen-
erating giant by pushing its ex-
sors, which has more than
$400 million under manage-
ment and counts Apple among
The iPhone, and the smart-
phone era it birthed, helped lift
other tech giants—and dis-
Questions
came the first U.S. company to
surpass $1 trillion in market
value, underscoring the iPhone
coming after it reported strong
revenue and profit gains Tues-
day as demand for high-price
isting products to prominence
in China and cultivating its
rapidly growing services busi-
its largest holdings.
Along the way, Apple has
led a broader tech boom that
rupted many other businesses.
Smartphones drive mobile ad-
vertising businesses at Google
On Probe
maker’s explosive growth and iPhones remained resilient and ness—moves that have helped has made a handful of giant and Facebook, and account for BY JOE FLINT
its role in the technology in- sales from the app store and stave off concerns about the companies central in people’s an increasing share of the e- AND KEACH HAGEY
dustry’s ascent to the forefront other services hit all-time absence of a new, blockbuster daily lives and investment commerce transactions lifting
of the global economy and highs. device. portfolios. The five most valu- Amazon. The elephant in the room
markets. Apple’s rise has been pro- “We’ve heard a number of able companies—Apple, Ama- Technology’s ubiquity, and went unmentioned.
Shares of the world’s most pelled by the sustained success times since Mr. Jobs died that zon.com Inc., Google parent the industry’s swelling wealth CBS Corp. reported quar-
valuable public company rose of the iPhone developed under the company was going to slip Alphabet Inc., Microsoft Corp. and clout, also have triggered terly results Thursday amid a
$5.89, or 2.9%, to $207.39, late co-founder Steve Jobs, a and fall, but they’ve continued and Facebook Inc.—are all tech growing criticism and regula- maelstrom of corporate
making it worth slightly more product visionary who helped to execute,” said Greg Hersch, and internet firms, a level of tory scrutiny—one of several drama. The media company’s
than $1 trillion. Apple reached revive the company from a founder of New York City- industry dominance rare in re- Please turn to page B5 board is investigating allega-
tions that Chief Executive Les-
lie Moonves sexually harassed
Brookstone Files for Bankruptcy Protection multiple women over his ca-
reer. And its relationship with
controlling shareholder Na-
tional Amusements Inc. is the
subject of a court battle.
But at the start of a confer-
ence call to discuss the earn-
ings, a company official issued
an edict that such terrain
would be off limits for ques-
tioning. Over the next 48 min-
utes, Wall Street analysts
stayed off the topic.
There were two questions
about legalized sports betting;
one on Amazon.com Inc.’s po-
tential as an ad-sales jugger-
naut; many about CBS’s grow-
ing streaming ambitions.
Although CBS stock has
tumbled on news of the allega-
tions Mr. Moonves faces, and
the ensuing intrigue about
how the company and its
board are handling the situa-
tion, no analyst asked the rea-
son for leaving Mr. Moonves in
place pending the investiga-
DEREK DAVIS/PORTLAND PRESS HERALD/GETTY IMAGES
tion, when the board first was

made aware of allegations
against him, and by whom,
and has the company received
or uncovered any additional
complaints.
On Twitter, reporters and
other observers mocked the
analysts for failing to ask
about the scandal.
One analyst, Rich Greenfield
of BTIG Research, said on
Twitter, “Shame on the CBS
analysts who were allowed to
HIGHFLIER FALLS: The specialty retailer known for selling drones, massage chairs, travel gadgets and other novelties at malls and airports said Thursday that it would ask questions and failed to use
close its 102 mall-based stores. As more shopping moved to smartphones and mall trips became more targeted, the company’s stores became less of a draw. B3 the opportunity.”
Mr. Moonves opened with
lengthy remarks about the
company’s results, speaking of
Musk Uses Twitter as Sword Against Shorts

his optimism about the com-
pany’s new streaming-video
services. In the question-and-
answer portion, he jumped at
BY SUSAN PULLIAM vestors who bet on price de- been followed by a jump in or to comment further. Mr. The gain—on volume of 23 the chance to weigh in on
AND SAMARTH BANSAL clines by borrowing shares, Tesla’s stock price, hurting Musk didn’t respond to a re- million shares and the stock’s sports gambling services as a
hoping to buy them back at a shorts in the process. quest for comment. largest percentagewise since source of ad revenue.
Fund manager Paul Wick lower price and pocket the dif- On Thursday, short sellers On June 17, Mr. Musk took December 2013—came after “We’re extremely excited,”
says he braced for a hit to his ference—to trim their posi- suffered a $1.7 billion loss, ac- aim at bearish investors in a the company reassured inves- Mr. Moonves said, adding the
bearish position in Tesla Inc. tions, though Mr. Wick said he cording to S3 Partners, after tweet that said such investors tors it would post a profit category has “an unbelievable
when Chief Executive Elon held tight. Tesla’s second quarter results had “about three weeks before later this year and was burn- upside.”
Musk on May 4 lashed out at Mr. Musk has been en- cheered investors, boosting the their short position explodes.” ing less cash than expected. Several analysts didn’t im-
short sellers in the auto gaged for some time in a digi- company’s shares 16%. The stock rose 4% the first day Mr. Musk also apologized for mediately respond to re-
maker, warning they were tal cat-and-mouse fight with Kamran Mumtaz, a Tesla of trading after Mr. Musk’s the prior quarter’s conference quests for comment about
about to suffer the “burn of negative investors on his spokesman, responded to ques- tweet. call when he derided analysts the earnings call.
the century.” company’s stock, and so far tions about this article by send- Tesla shares began a long for their questions about the Analysts can come under
He got it. Tesla shares he is often winning. His ex- ing an emoji with a smiling face decline after that but on company. pressure from the companies
jumped nearly 4% that day, traordinary use of Twitter to and waving hands and declined Thursday made a big reversal, Earlier in the morning they cover as well as their
leading some short sellers—in- battle short sellers has often to elaborate on what it meant closing at $349.54, up $48.70. Please turn to page B4 Please turn to page B6
Options STREETWISE | By James Mackintosh

INSIDE
Clearing
Under
FANG Group Has Stories With Bite
Tales told while last month Goldman
Scrutiny Measuring FANGs
The popular NYSE FANG+ index is unusual, putting equal weight on
about stocks
have a power-
Sachs analysts included Mi-
crosoft to get the “FAAMG.”
BY DAVE MICHAELS 10 stocks including two from China. Calculated like a normal ful hold on in- Needless to say, that acronym
AND GUNJAN BANERJI market-value weighted index it went up a bit less and has fallen less. vestors, and hasn’t caught on.
no story is The approach mixes dis-
The company tasked with 200% more powerful today than the ruption (Amazon, Tesla, so-
NYSE FANG+
curbing risk in the U.S. op-
tions market is under investi- 160 standard
FANGs—widened to include
an array of technology com-
cial media, Netflix, Alphabet);
high-margin network semi-
DOWDUPONT
gation by federal regulators Index performance
Market-value weighted
excluding Chinese stocks
panies beyond the original monopolies (Facebook, Alpha- GETS OVER
for how it handled a recent
period of market turbulence,
120
Market-value
Facebook, Amazon, Netflix
and Google, now Alphabet.
bet, Microsoft); high-margin
brands (Apple) and techno-
COLD SNAP
according to people familiar 80 weighted The past two weeks have logical leadership (Nvidia).
with the matter. shown both why the wider EARNINGS, B3
40
Y
The probes from the Secu- S&P 500
FANGs grouping makes little et, the moves in the
rities and Exchange Commis- sense and at the same time FANG complex mat-
sion and Commodity Futures 0 how important it is to the tered, for two reasons.
Trading Commission in- bigger debate about whether They have become synony-
clude concerns that Options –40 to buy cheaper “value” stocks mous with growth, so inves-
Clearing Corp. failed to accu- 2014 ’15 ’16 ’17 ’18 or pay up for expensive com- tors to some extent are happy
rately forecast how much panies with better growth to substitute one company
cash would be needed to Three-day percentage change in Russell 1000 Value prospects. for another, meaning moves
cover trading losses triggered Index minus change in Growth Index Putting together a selec- in the price of one affect the
by a spike in volatility last 4 pct. pts. tion of big disruptive compa- price of the others. The
Biggest three-day
February, some of the people 3 swing away from nies is a reasonable idea; it is FANGs-etc. are also huge: the
said. 2 growth stocks and growth investing in its purest FAAMGs are now the five big-
The turbulence wiped out
exchange-traded funds that 1 into cheaper ‘value’ form. But the original
thought has been broadened
gest companies in the U.S.
As a result, the bad news
KELLOGG SAYS
offered a way for investors to 0
stocks since 2009
to include anything big and from Facebook and Twitter, IT’S GONNA HAVE
bet on volatility and left
many traders with losses. The
–1 vaguely techy: the widely ref-
erenced NYSE FANG+ index
showing that social-media
companies face higher costs
A GREAT DAY
–2
role of Options Clearing as a includes Tesla, Apple, Nvidia to police their users’ posts,
clearinghouse is to keep 2014 ’15 ’16 ’17 ’18 and Twitter, as well as two rippled through the wider FOOD, B6
Please turn to page B11 Source: Thomson Reuters THE WALL STREET JOURNAL. large Chinese companies, Please turn to page B2
B2 | Friday, August 3, 2018 * *** 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
Abraaj Group.............B10
AdvancedMD.............B11
Aetna.........................B12
CVS............................B12
D
DowDuPont.................B3
Microsoft.....................B1
Mokran........................A6
N
Fiat Chrysler Stalls Out in China
E National Amusements New Fiat Chrysler Automo- Mr. Marchionne said during
Alphabet.........B1,B4,B12
Amazon.com........B1,B12 Express Scripts Holding .....................................B1 biles NV chief executive Mike Jeep Jam Passenger-vehicle sales in China* an April conference call that
...................................B12 Netflix...........B1,B11,B12 Manley once promised that Volkswagen Group Jeep had done a poor job estab-
American International Fiat Chrysler is lagging behind
Exxon Mobil................B5 News Corp...................B6 China would be the company’s 2.07 million units lishing an identity that reso-
Group.......................B10
North Pacific Paper....A2
the competition in China as its
Apollo Global F global engine of growth. reliance on Jeep grows. General Motors nates with Chinese buyers. The
Nuclear Development.A4 1.67
Management...........B10 Facebook first Jeep specifically designed
Nvidia..........................B1 Renault-Nissan-Mitsubishi
Apple.......B1,B5,B11,B12 ........... A4,B1,B6,B11,B12 By Trefor Moss in Fiat Chrysler's total vehicle for China, the seven-seat Grand
Athene Holding.........B10 O-P 0.77
Fiat Chrysler Shanghai and Mike sales in China Commander SUV, hit the mar-
B Automobiles ............. B2 Options Clearing.........B1 Toyota
Colias in Detroit 0.72
ket in May. Around 3,000 had
Fitbit............................B4 Peloton Interactive.....B3 Jeep Other brands
Baidu ........................... B4 been sold by the end of June.
Barclays.....................B10 G Post Holdings ............. B3 250 thousand units Honda
Now he has to deliver. 0.67 But new models won’t be
Berkshire Hathaway...B5 GAM Holding.............B10 S The U.S.-Italian car maker enough, said Mr. Hu, the dealer.
BlackRock....................B5 Hyundai
General Electric..........A3 Sakorenma..................A6 sold fewer than 85,000 vehicles 200 A price war among Fiat Chrys-
Blue Apron Holdings 0.55
General Mills...............B6 Sears Holdings............B6
............................. B6,B12
in China in the first half of the Daimler ler dealers—Mr. Hu’s outlet is
Global Payments.......B11 Sherborne Investors
BMW ........................... B2 GoPro...........................B4
year, one of the weakest perfor- 150 0.36 offering 20% discounts—has
(Guernsey)..............B10
Boeing ....................... B12 Great Wall Motor.......B2 Sonos...........................B4 mances by any international BMW forced many to sell at a loss
Brookstone..................B3 auto group. Sales of Jeep, the 100 0.30 and created customer doubt
H Stark's Metal WorksA11
Bu Khyn ...................... A6 star of the Fiat Chrysler stable, Ford about the Jeep brand’s quality,
Hanesbrands.............B12 State Street................B5
0.27
C Harley-Davidson ....... B12 T were down 35% from a year 50 he said.
Peugeot-Citroen
Casibeans..................A11 Hershey.......................B6 earlier. 0.16
The company didn’t respond
Target........................B12
Catalyst Paper............A2 HNA Group..................B3 Tesla.....................B1,B11 “Jeep is in a downward spi- 0 Mazda to questions about its China
Caterpillar ................. B12 Honeywell International Teva Pharmaceutical ral,” said Hu Ping, sales man- 0.16 business.
CBS..............................B1 ...................................B12 2012 ’13 ’14 ’15 ’16 ’17 ’18*
Industries..................B3 ager at a Jeep dealership in Fiat Chrysler Mr. Manley said during last
Chieftain Capital J Thomas H. Lee Partners Zhenjiang in eastern China. week’s analyst call that one lo-
Management...........B12 *January-June 2018 0.08
Jeep.............................B2 .....................................B3 Barring a quick turnaround. Source: LMC Automotive Jaguar-Land Rover calized model wouldn’t be
Church & Dwight ...... B11
K-M Twitter ........................ B1 “It’s just a matter of time be- THE WALL STREET JOURNAL. 0.08 enough to turn things around,
Cigna..........................B12
Cisco Systems.............B3 Kanson ........................ A6 U-V fore my boss decides to quit and that Fiat Chrysler needs to
Clorox ........................ B11 Kellogg.........................B6 United Technologies.B12 selling Jeeps.” sions after leaving his Asia role, flooding the SUV segment and beef up its dealer network and
Cushman & WakefieldB2 Meituan Dianping.......A2 Vanguard Group..........B5 Four years ago, when Mr. was named chief executive July Chinese auto makers were improve existing vehicles.
Manley was running Fiat Chrys- 21. He succeeded Sergio Mar- emerging as credible rivals. Chinese car buyers typically
ler’s Asia-Pacific arm, he told chionne, who died last week at Last year China’s Great Wall have less brand loyalty than
INDEX TO PEOPLE investors the company was on
the brink of explosive growth in
age 66.
“The biggest challenges we
Motor Co. publicly expressed
an interest in acquiring Jeep,
U.S. consumers, and they expect
regular product updates and
China. He forecast that com- face…are all focused in China,” underscoring the brand’s en- new technology.
A Friedlich, Jim .............. B6 Musk, Elon.............B1,B2 bined sales there of Alfa Ro- Mr. Manley told analysts on a during strength. “There are certainly a com-
Amico, Alissa............B10 G N-R meo, Chrysler, Fiat and Jeep ve- conference call last week, as But to be competitive in bination of things that we need
B Goeckeler, David.........B3 Natkin, Mark...............B4 hicles would more than triple the company cut its profit fore- China’s cutthroat marketplace, to fix,” Mr. Manley said. “That
Brin, Sergey................B4 H Redstone, Shari..........B6 to 850,000 in 2018. Now it is cast largely because of its unex- Jeep needs to offer more local- process has started.”
Brown, Campbell.........B6 Hersch, Greg...............B1 Rockwell, John............B6 most likely the tally will be pected China slump. ized models and more frequent Fixing Jeep is critical, given
Brown, Cindy .............. A1 Hoag, Jay .................... B3 S down sharply from last year’s Jeep, the storied American updates, said Jeff Cai, general the brand’s outsize importance
C I Schultz, Kåre .............. B3 242,000. sport-utility vehicle brand, manager at JD Power China. for the company in China. It ac-
Cahillane, Steve..........B6 Icahn, Carl.................B12 Spence, Patrick...........B4 The world’s largest auto was the first foreign auto Another challenge, he said, are counted for 91% of Fiat Chrys-
Cavender, Ben.............B4 Irving, Chad.................B6 Staley, Jes.................B10 market and a core market for maker to set up a joint ven- electric-car quotas taking effect ler’s sales in the country last
Szabo, Viktor ............ B11 other car companies, China ac- ture in China, back in 1983. in 2019 that may force Fiat year, up from 42% in 2014, in
Cook, Tim...............B1,B5 L
Cordani, David...........B12 Lynch, John...............B12
T-U counted for just 5% of Fiat But the project never thrived Chrysler to buy credits from ri- part because the Fiat brand was
Coughlin, Mark............B5 Lynch, William............B3 Tan, Adam...................B3 Chrysler’s global sales in 2017, and was closed in 2006. vals. dropped from the local lineup.
D-F M Trentham, Travis ........ B6 compared with 42% for General By the time Jeep restarted In May Mr. Marchionne said Fiat’s once-popular small city
Upadhyay, Nishant ... B11 Motors Co. and 18% for Ford local production in 2015, the company would invest cars fell out of favor as China’s
Dickerson, Brad.........B12 Manley, Mike .............. B2
Duperreault, Brian....B10 Miller, Keith................B6 W-Y Motor Co. China’s auto market was near- $52.7 billion in new vehicles tastes shifted to large SUVs.
Fadlallah, Tarek.........B10 Miller, Trip...................B5 Whittaker, Meredith...B4 Mr. Manley, who headed the ing the end of a long period of over the next five years, a fifth —Lin Zhu in Beijing
Foley, John..................B3 Moonves, Leslie..........B1 Yang, Shawn...............B4 company’s Jeep and Ram divi- breakneck growth, rivals were of it in electric cars. contributed to this article.
BMW Boosts Prices in China for Its U.S.-Made Cars

BY MAX BERNHARD auto market by volume. It curities on multiple continents,
rently makes more than 80% of making them particularly ex-
BMW AG said it was draw- cars it sells in China locally posed to rising trade barriers.
ing up plans to navigate rising and is set to expand further, President Trump has re-
global trade barriers, days af- Mr. Krüger said. The company peatedly singled out German
ter the German auto maker is also stepping up joint ven- car makers as benefitting un-
raised prices on some cars it tures with Chinese partners to fairly from European Union
sells in China because of newly expand. trade policies. He had repeat-
imposed import tariffs. In June, BMW rival Daimler edly threatened to increase the
Chief Financial Officer Nico- AG issued a profit warning be- U.S. tariff on cars from Europe
las Peter told reporters on cause of the Chinese tariffs. to 20% or even 25%. Last week,
Thursday that the cost to The German auto maker also though, Mr. Trump and Euro-
BMW of increased tariffs in sells U.S.-made SUVs in China pean Commission President
China would be several hun- and said it couldn’t fully re- Jean-Claude Juncker agreed to
LUKE SHARRETT/BLOOMBERG NEWS
dred million dollars this year cover the added cost. work toward resolving their
unless it takes countermea- BMW on Thursday stuck to differences over trade and hold
sures. its full-year guidance of slight off on new tariffs.
After the Trump administra- growth in sales and earnings, Car makers also have been
tion placed import duties on with pretax profit unchanged hit by higher raw material
Chinese-made goods this year, from 2017 as it reported sec- costs after the U.S. imposed
Beijing retaliated with an addi- ond-quarter earnings. The import tariffs on foreign-made
tional 25% tariff on a number company’s net profit dropped steel and aluminum. Detroit’s
of products made in the U.S., 6.4% from last year’s second Big Three auto makers—Gen-
including cars. Washington on The German auto maker said it will take a hit from higher Chinese tariffs despite the price increases. quarter to €2.06 billion ($2.40 eral Motors Co., Ford Motor
Wednesday threatened to more billion), with sales 2.9% lower Co. and Fiat Chrysler Automo-
than double its proposed tar- The company makes those cars Chief Executive Harald adding that such shipments at €25 billion. BMW shares fell biles NV—last month lowered
iffs on Chinese imports. in Spartanburg, S.C. The Krüger said the company had aren’t a response to Chinese slightly on Thursday. their profit outlooks, blaming
BMW this week said it had higher-end X7 SUV that BMW other ideas on how to contend trade action. Global trade disputes are the fallout from those lev-
raised the suggested retail plans to build in the U.S. will with the trade situation, but BMW has already been roiling the auto industry. Car ies. Daimler also said it was
price for its X5 and X6 sport- be immediately priced in China didn’t offer details. BMW al- boosting car production in makers both in the U.S. and feeling the impact from higher
utility vehicles in China by to reflect the tariffs, Mr. Peter ready ships some X5 SUVs to China to satisfy local demand Europe rely on far-flung sup- raw-material costs, while BMW
about 4% and 7%, respectively. said. China from Thailand, he said, in what is the world’s largest pliers and manufacturing facil- called the effect manageable.
Cushman Shares Rise in NYSE Debut

BY NISHANT MOHAN company set Wednesday night. commercial-property market. private-equity firm TPG Capital
The IPO was priced at the mid- Cushman plans to use the purchased Cushman in 2015. It
Shares of Cushman & point of its expected range. bulk of its IPO proceeds to pay combined that firm with DTZ
Wakefield, a global brokerage Shares, which ended the down its $3 billion in debt. and Cassidy Turley to create the
and real-estate-services firm, day up 4.8% at $17.81, trade on Proceeds could swell to $931.5 global real-estate firm. The
opened at $18 in their first the New York Stock Exchange million should its underwrit- group paid about $3.5 billion to
day of trading Thursday, up under the symbol “CWK.” ers Morgan Stanley, J.P. Mor- acquire the three firms. The in-
5.9% from the company’s ini- The company, which offers gan, Goldman Sachs and UBS vestor group, which also in-
tial public offering price. brokerage, property-manage- exercise the option to pur- cludes PAG Asia Capital and On-
Cushman expected net pro- ment and other services, purchase an additional 6.75 mil- tario Teachers’ Pension Plan
ceeds of $719.3 million, based sued going public amid a long- lion shares. Board, continues to own 70% of
on the $17-a-share price the running expansion in the An investment group led by the company.
FANGs growth stocks have been do-

ing phenomenally well and
value stocks—cheap stocks as
might, just perhaps, be start-
ing to shift away from the
pursuit of growth at any cost.
pay higher taxes or apply old-
world laws to cyberspace.
Only the last of those seemed
Stories measured by price-to-book,

price/earnings or price-to-
sales ratios—far less well.
Tesla is the most obvious
example. Its shares jumped
even as losses were bigger
to bother investors in the lat-
est quarter, with Alphabet
stock shrugging off a $4.3 bil-
Have Bite Since the start of 2015, the

Russell 1000 Growth index is
up 65%, including dividends,
than expected, because it cut
capital-spending plans, re-
lion European antitrust fine
and a higher effective tax
rate.
Continued from page B1 while the value index re- Just as the political perils
market—even though the turned only 30%. Growth apply more to some compa-
same issues don’t apply to stocks are also extremely ex-
The fascination with nies than others, so does the
companies such as Amazon, pensive, with the Russell growth is bound to growth story, because these
Apple or Alphabet. measure trading at 21.4 times companies are at very differ-
It wasn’t just that the estimated operating earnings
break, but valuation ent levels of maturity. Yet Ap-
FANGs-etc. fell. The market over the next 12 months, is no guide to when. ple’s blowout results still had
had its biggest three-day close to the post-Lehman the power to renew confi-
swing away from growth Brothers high reached in Jan- dence in growth stocks in
stocks and into cheaper uary. Value stocks have been general on Wednesday, help-
“value” stocks since 2009. Al- much cheaper in the past, but duced cash outflow, and CEO ing all but one of the U.S.
most 60% of the companies in at 14.3 times earnings they Elon Musk showed some sen- members of the NYSE Fang+
the S&P 500 classified as remain far cheaper than sitivity toward Wall Street. to rise.
growth were down in the growth. Shareholders are more wor- Better still for growth in-
three days to Monday’s close, At some point the fascina- ried about future cash calls vestors, the Russell 1000
according to data from S&P tion with growth will break, than they are excited about Growth index had its third-
Dow Jones Indices, while al- but valuation is no guide to another round of expansion. best one-day performance
most 60% of the “value” when. Another danger for the against value this year.
stocks were up. Yet the second-quarter biggest companies is the The FANGs-etc. story
There is a good case for a earnings reports of the threat of government inter- doesn’t appear to be over yet,
rotation out of growth and FANGs-etc. offered a couple vention—to limit their mo- even if it is becoming a little
into value, because U.S. of pointers that shareholders nopoly power, force them to more nuanced.
THE WALL STREET JOURNAL. * * * * Friday, August 3, 2018 | B3
BUSINESS NEWS
Brookstone Seeks Pickup in Seed Sales Boosts DowDuPont
Chapter 11 Shelter
BY LILLIAN RIZZO The chain got its start as a
AND PATRICK THOMAS catalog retailer in 1965 selling
“hard-to-find tools,” and was
Brookstone Inc., the spe- taken private in 2005. Weighed
cialty retailer known for sell- down by debt and weak sales,
ing massage chairs, travel gad- the company filed for bank-
gets and other novelties at ruptcy in 2014 and was sold to
malls and airports, filed for a consortium of Chinese inves-
bankruptcy protection Thurs- tors. The catalog remained un-
day and said it would close its til earlier this year, when
102 mall-based stores. Brookstone decided to cease
The shops were popular sending the booklets as it
places to hang out when Amer- faced a cash crunch.
icans spent more of their idle The business outlasted sev-
KC MCGINNIS FOR THE WALL STREET JOURNAL

hours at malls, relaxing in eral of its competitors, includ-
Brookstone’s massage chairs ing Sharper Image, which filed
and browsing its eclectic offer- for bankruptcy and closed its
ings. But as more shopping stores in 2008, and in-flight
moved to smartphones and catalog SkyMall, which filed
mall trips became more tar- for bankruptcy in 2015. Both
geted, the stores became less brands live on as websites un-
of a draw. der new owners.
Several shoppers at a Brookstone said Thursday it
Brookstone in New York City would put its 35 airport stores
on Thursday morning were up for sale. Those locations are
surprised to hear the chain still performing well, the com-
had filed for chapter 11 bank- pany said.
ruptcy protection. Some were The airport stores, which Sales in DowDuPont Inc.’s ag- aided as well by strong sales of DowDuPont said earlier this year topping estimates from analysts
testing out a neck massager. sell products as diverse as riculture business rebounded af- insecticides. that it expected to complete its polled by Thomson Reuters. The
Others were just looking to kill travel pillows and Brookstone- ter a late planting season, help- Overall, DowDuPont’s net split up into three companies in company’s top-line results also
time. None was making a pur- branded virtual-reality gog- ing boost the chemical giant’s sales rose 17% to $24.25 billion between 14 and 16 months. exceeded expectations.
chase.“My wife’s getting coffee gles, make up 17% of Brook- top line for the second quarter. in the second quarter. For the latest quarter, the The Delaware-based company
so I thought I’d walk over to stone’s net sales. In 2017, the Cold weather led to a first- The comparisons are on a pro company reported a profit from said Thursday that it expects net
Brookstone and see if there is airport stores had $38 million quarter drop in the company’s forma basis, assuming Dow and continuing operations of $1.77 sales to grow by more than 10%
anything cool,” said Lee in sales, down from $44 mil- seed sales compared with a year DuPont had merged, whereas billion, down 3.7% on a pro forma in the third quarter. DowDuPont
Schneider, 49, of Neenah, Wis., lion in the previous year. earlier. In the latest period, its their deal didn’t close until Au- basis. also raised its annual savings
who left without buying. Brookstone will also look to agriculture business reported gust 2017. Its adjusted per-share earn- target to $1.4 billion for this year.
“That’s usually what I do at a sell its intellectual property, $5.73 billion in sales, up 25%, Following on its merger, ings rose to $1.37 from 97 cents, —Allison Prang
Brookstone.” including the brand name.
Peloton Financing Values Bike Maker at $4.15 Billion

BY MAUREEN FARRELL and President William Lynch lion valuation. continuing its more than 100% Management LLC, will take marked for initiatives includ-
said in an interview that they Peloton, founded in 2012, year-to-year revenue growth part, Peloton said. ing international expansion.
Peloton Interactive Inc. is expect this financing will be makes a $1,995 stationary bi- rate, Mr. Foley said. It has re- TCV’s founding general The IPO market has been
raising a $550 million round of the last before an IPO. The cycle. Most customers use the cently generated earnings be- partner Jay Hoag, an early booming, hastening the debuts
financing as the maker of timing of a public debut re- bikes at home, paying about fore interest, taxes, deprecia- Netflix Inc. investor, said that of a number of companies that
video-streaming stationary mains fluid, but 2019 “makes a $39 a month to stream live tion and amortization, but Mr. while many companies claim had been content to draw on
bikes contemplates an initial lot of sense,” Mr. Foley said. classes that the company pro- Foley said he expects it to lose to be the Netflix of their cate- private funding and delay go-
public offering as soon as next The latest financing adds to duces using its own instruc- money in the second half as gory, Peloton is a rare example ing public. So far this year, 146
year. Peloton’s already ample fund- tors. The New York-based the company invests in growth of one that is. “We’re totally companies have raised $41.2
The funding round, led by raising and comes at a sizable firm, which has showrooms opportunities. convinced it’s the Netflix of billion on U.S. exchanges, ac-
venture-capital firm TCV, val- premium to its last round. In around the U.S., plans to TCV, a new investor, is con- fitness,” he said. cording to Dealogic. That is up
ues Peloton at $4.15 billion, ac- 2017, Peloton raised $325 mil- launch a treadmill this fall. tributing $150 million to the While roughly $150 million more than 30% from last
cording to people familiar with lion from investors including The company is on pace to latest round. Nearly all of the of the proceeds will be used to year’s dollar volume at this
the terms of the financing. Wellington Management Co., generate more than $700 mil- company’s existing investors, give existing investors and point in the year, when 107
Peloton’s co-founder and Fidelity Investments and lion in revenue in the fiscal including its earliest institu- employees the option to sell companies had raised $30.9
Chief Executive John Foley Kleiner Perkins at a $1.25 bil- year ending next February, tional investor Tiger Global shares, the rest will be ear- billion through IPOs.
BUSINESS WATCH Only $29!

You would be hard pressed
HNA GROUP
to find a timepiece of this
CEO Adds Duties outstanding quality
After Official’s Death and precision at
this price.
HNA Group Co. said it gave
its chief executive an additional
role following the sudden death
of the Chinese conglomerate’s
chairman last month.
Adam Tan, the company’s
GIULIA MARCHI/BLOOMBERG NEWS
vice chairman and CEO, was

named chairman of HNA’s inter-
national operations, the group 
said Thursday. That role was “Are you kidding?
previously held by Wang Jian, What a great watch
who died several weeks ago af- at a ridiculous price.
ter an accident in France. Thank you Stauer!”
Mr. Wang, who was also co-
founder of the airlines-to-hotels — Gitto, Hicksville NY
conglomerate, was on a sight- Adam Tan will lead HNA’s international business.
seeing outing with colleagues in
early July when, according to
French police, he fell from a wall
Cisco has beefed up its soft-
ware offerings in the past sev-
the nine months through June
30, up 7% from the comparable
It’s Enough to MakeYou
while posing for a photo near a
cliff-side church in Provence. A
French investigator told The
eral years, part of its transfor-
mation from a legacy seller of
network switches and other
period a year earlier.
Under the terms of the deal,
which is expected to be com-
Blue in the Face
Wall Street Journal about two gear, said David Goeckeler, exec- pleted in October, 8th Avenue Time to take a stand against overpriced watches with the
weeks later that authorities be- utive vice president of Cisco’s Food & Provisions Inc. would
lieved Mr. Wang’s death was an networking and security busi- become the holding company for Stauer Urban Blue, now only $29.
accident, and hadn’t identified ness. The company’s largest se- the business.
any suspicious activity.
Mr. Wang, who was 57 years
curity acquisition came in 2013,
when it paid $2.7 billion for
—Maria Armental
Y ou need a new watch…the one you are
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office, but extravagantly-priced watches that
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own stand against overpriced watches with
old, and Mr. Tan had been re- hardware and software maker TEVA PHARMACEUTICALS
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offering.
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Copaxone enjoyed a roughly
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B4 | Friday, August 3, 2018 * ***** THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Google’s China Move Causes Stir Sonos

Jumps
Work on customized operating system is used by
mobile search app

recalls controversial
China’s smartphone manufac-
turers, who count on good rela-
tions with Google for product
33% in
exit from country
development, especially for
phones sold globally.
Google also could face push
Debut
The prospect of Google of- back outside China if it tries to BY MAUREEN FARRELL
fering a mobile search app use a censor-friendly version of AND NISHANT MOHAN MOHAN
suited to China undercut shares its search engine to work its
of the dominant Chinese search way back into the country. Speaker company Sonos
In a statement on Twitter Inc.’s stock surged 33% above
posted Tuesday but later re- its initial-public-offering price
By Liza Lin in Shanghai
ALEKSANDAR PLAVEVSKI/EPA/SHUTTERSTOCK
moved, Google researcher Mer- Thursday in its market debut.
and Shan Li in Beijing edith Whittaker said the proj- The shares closed at $19.91
ect was “a violation of Google’s after being priced Wednesday
engine, but analysts cautioned pledge” against technology that night at $15, as investors
the U.S. company faces hurdles infringes on human rights. Ms. scrambled for a piece of the
in regaining entry to a country Whittaker also co-directs a maker of popular, high-end
it split with eight years ago New York University research home-audio gear while IPO
over the issue of censorship. unit on artificial intelligence stocks are performing well.
Shares of Beijing-based tech and society. Still, the first-day pop for
giant Baidu Inc. fell 7.7% on In a tweet, Sen. Marco Rubio Sonos, which trades on the
Wednesday following news that (R., Fla.) said the news was Nasdaq under the ticker sym-
Google is testing a mobile ver- “very disturbing,” but added he bol SONO, came after the com-
sion of its search engine that The U.S. search giant retreated from China in 2010 over the issue of government censorship. was willing to give Google the pany priced the shares below
would adhere to China’s strict benefit of the doubt until more the $17-to-$19 range that it
controls over content. The Cyberspace Administra- forgotten, said Ben Cavender, a vestments in China, including information is presented. had initially targeted. Sonos
Trade friction with the U.S. tion of China, which would senior analyst at China Market opening an artificial-intelli- During Google’s long ab- executives and investors attri-
is one broad obstacle to need to approve a Google Research Group. “China has a gence lab in Beijing in Decem- sence, China’s own search en- buted the lowered pricing in
Google’s re-entry into China’s search engine, didn’t respond very long memory,” he said. “I ber. The company also hopes to gines and other web services part to a recent selloff in tech-
search market. to requests for comment. would expect a lot of push back bring its official Google Play have advanced, erecting yet an- nology stocks.
“At this moment, it’s not a There is also Google’s trou- from regulators.” app store back into the Chinese other obstacle to re-entry, said Sonos Chief Executive Pat-
particularly hospitable environ- bled history in China. Even as its search engine is market, according to people fa- Shawn Yang, executive director rick Spence said in an interview
ment,” said Mark Natkin, man- When the business, now a locked out of China, Google miliar with the matter. at Blue Lotus Capital Advisors. Thursday that he had to spend
aging director of industry re- unit of Alphabet Inc., left maintains a sizable presence in Mr. Cavender noted other “They are facing a different en- much of the past week educat-
search firm Marbridge China in 2010, company co- the country. It runs three of- American tech companies such vironment,” he said. “The coming investors about the busi-
Consulting. “I’d imagine getting founder Sergey Brin attacked fices of about 700 employees in as Facebook have been court- petition is fierce.” ness model and how the com-
such a search permit would be Beijing’s policies on censorship Beijing, Shanghai and Shen- ing China with little to show —Christopher Cameron pany could be valued. “Because
difficult, if not impossible for and human rights—and the zhen, and continues to test new for it so far. At the same time, in Hong Kong we’re so unique, I don’t have
the company.” government isn’t likely to have programs and expand its in- Google’s Android smartphone contributed to this article. anything to compare it to,” he
said, adding that some inves-
tors were skittish after losing
‘Smart City’ Project Sparks Data-Privacy Debate money on other consumer-

hardware stocks. Both GoPro
Inc. and Fitbit Inc. are down
more than 70% from their 2014
BY VIPAL MONGA key personnel. On Tuesday, ter when working with tual-property ownership and open to other tech companies, and 2015 respective IPO prices.
AND JACQUIE MCNISH the two concerns behind it— municipal agencies. digital privacy rights based on it could allow Alphabet to in- Sonos’s offering raised
Alphabet’s subsidiary Sidewalk Sidewalk remains positive a set of “guiding principles” corporate some early ideas it $208 million and gave the
TORONTO—An Alphabet Labs LLC and Waterfront To- about the waterfront plan and emphasizing people’s control gleaned from developing company a valuation of $1.8
Inc. project aimed at creating ronto, a Canadian government its relationship with Toronto. over their own information. things like driverless cars, billion on a fully diluted basis
a “smart city” on Toronto’s entity—said they expect to re- “We have had the privilege of Privacy watchdogs have connected thermostats and seat its initial price.
waterfront is facing resistance lease a final development plan working with public servants questioned who will control curity cameras. Sonos has been a pioneer in
from local officials who are by next spring. Meanwhile, the at all three levels of govern- sensitive information as resi- Last month, the CEO of Wa- high-end wireless speakers,
worried about the develop- chief executive of Waterfront ment, and on the staff and dents are tracked by sensors terfront Toronto, Will Fleissig, building a loyal customer base
ment’s direction and residents’ Toronto, a supporter of Side- board of Waterfront Toronto, that may be embedded in such resigned after clashes with the that drove sales to nearly $1 bil-
personal data. walk, resigned in July, and a to create a groundbreaking infrastructure as traffic lights board. On Monday, board mem- lion in the year ended Sept. 30.
The local friction has raised real-estate developer left Wa- plan for Toronto’s waterfront,” and garbage-disposal units. ber Julie Di Lorenzo resigned. The company’s speakers sup-
doubts about Alphabet’s inau- terfront’s board this week be- the company said in an email. Also at issue are ownership Toronto Mayor John Tory port streaming services such as
gural attempt to use urban de- cause she was uncomfortable Under the terms of a nego- rights over products or tech- played down Waterfront’s Spotify and Apple Music.
sign and technology to tackle with Alphabet as a partner. tiating agreement issued on niques developed at the site. management changes and said The company had revenue
modern-day issues, such as ex- The early stumbles reflect Tuesday, Sidewalk laid out a The Toronto waterfront is the project remains on track. of $993 million in the latest
pensive housing and environ- the challenges of building new, plan to invest $50 million for Sidewalk’s first and only major Waterfront Toronto’s privacy fiscal year, compared with
mental sustainability. high-tech developments and il- the next planning stage of the project since the business was counsel, Chantal Bernier, said $844 million in 2015. It posted
The project is suffering lustrate the difficulties tech- deal. Waterfront Toronto launched in 2015. data privacy will be a major is- annual losses in its three most
from delays and the loss of nology companies can encoun- agreed to negotiate intellec- Though the project will be sue in the coming negotiations. recent fiscal years.
ADVERTISEMENT
Elon Musk According to Twitter
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
The founder of Tesla and SpaceX is one of the active tech CEOs on the social media network, using it for sharing his
views, rebutting critics—and causing controversy.
Musk’s recent tweets*
BOATING 40
30

20

10

0
2017 ’18
Musk tweets* by time of day, since 2010 Tweets responding to critics

300 400
250
300
200
! " # ""
200
# $ %#& #' #( ) *+, 150
%' #-'-#( %'-# 100 Response

100 to critics
50
.'/0 ! #'-#1( 21 3 # - /'1 #'-#1 # - -#1
0 0 Other
$'& ""4*.( 5 # 6 5 # 5-- )'/0 0 5-
%'-#1( ! "7 $'& 84""( $0- 1 # # '# 5# -#1 $'& Midnight 2 4 6 8 10 Noon 2 4 6 8 10 June Aug. Oct. Dec. Feb. April June
99#&9)& $' '!'- --'6 a.m. p.m. 2017 ’18

Source: WSJ analysis of tweets *Excluding retweets Note: As of July 12; times are Pacific THE WALL STREET JOURNAL.
" : + +: * *3 : * 7;7

<

:
Tesla CEO market, with about 34 million
shares—or about 20% of its to-
tal shares outstanding—sold
with short sellers they lose.”
Mr. Musk’s use of Twitter
surged in May when Tesla
based quantitative asset man-
agement firm, analyzed the
sentiment of Mr. Musk’s tweets
Takes On short. Mr. Musk’s use of Twit-

ter to fight them and others is
unparalleled among CEOs.
neared a deadline for produc-
tion of its Model 3 car, as he
engaged in more contentious
between May 2016 and July
2018 and built a trading model
based on the data.
ANNOUNCEMENTS

BUSINESS OPPORTUNITIES
www.earn11.com
Shorts As of mid-July, Mr. Musk
has tweeted 1,256 times this
year, or about six times a day,
exchanges with his critics in
the media and stock market.
Mr. Musk’s taunts of short
Quantopian found in general
that investors could make
money—albeit not much—by
Continued from page B1 on an array of topics, accord- sellers go back several years. buying shares when its com-

EARN 11% up to
INVESTING IN 1st MORTGAGES
Wednesday, before Tesla issued
its quarterly report, Mr. Musk
ing to an analysis by The Wall
Street Journal. The analysis
In 2017, Tesla shares were up
30% for the year when, on
puter model detected a shift
toward a positive tone in Mr.

Short Term, High Yield, Low LTV. poked fun at David Einhorn, found the number of his tweets April 3 of that year, Mr. Musk Musk’s tweets based on his
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Call 800-359-1111 this week told investors his 2014, making him the second- Shortville.” Tesla shares rose when the tone turned negative.

# hedge fund’s performance had most active technology-indus- $5 that day. Other companies have run
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liquidation resource for national boat builders.

! Strong internet sales with five star reviews. Huge tion. Mr. Einhorn also wrote he Unlike other CEOs, the bulk of about Mr. Musk’s tweets in his ton Chicken filed for bank-

( ) *+,+ inventory of surplus sails, hardware, and boating had let his lease end on his Mr. Musk’s tweets are re- reports, saying in April 2017 ruptcy in 1998 after battling
-. +/01 2 3 4

5 6" 4 # gear. Selling price includes the Minney’s name
7 4
8 5 and over 50 years of goodwill. $2 million. Model S and switched to a sponses to other users. that Tesla stock “seems to be criticisms from short sellers.
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# minneysyachtsurplus.com competing Jaguar. Some CEOs over the years more driven by ‘cult’ psychol- Last month, MiMedx Group

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In response to an article who have publicly battled ogy and the flow of tweets.” Inc. Chief Executive Parker

! about Mr. Einhorn’s comments, short sellers haven’t fared well. In September 2017, Mr. “Pete” Petit departed amid in-

# Mr. Musk tweeted he would Gene Munster, managing part- Johnson made a tongue-investigations into the skin-graft

THEMARKETPLACE send the hedge fund billionaire ner of investment and research cheek note of the idea of company’s financial practices,

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!
" (800) 366-3975
"" #
$%& '

( time.” Mr. Musk that he take a “Twit- sis as “the ultimate Tesla valu- pany’s stock.
© 2018 Dow Jones & Company, Inc.
All Rights Reserved. Tesla is among the most ter sabbatical,” adding: “When ation tool.” —Akane Otani
heavily shorted stocks on the companies aggressively engage Quantopian Inc., a Boston- contributed to this article.
THE WALL STREET JOURNAL. Friday, August 3, 2018 | B5
TECHNOLOGY
Buffett Leads Parade of Apple Winners

Apple Inc.’s rise above $1 $99.02 a share, according to with a strong brand. ple shares. Some of the biggest benefi- sold some shares but kept
trillion in stock-market value FactSet, or for less than half Plenty of other investors The ETF with the highest ciaries of Apple’s gains have most of them. When Mr. Jobs
has enriched billionaires and of what Apple trades for to- have gained with Apple, too, exposure is the $4.1 billion been early shareholders who returned, he began buying
everyday investors. day. given it is such a widespread iShares U.S. Technology ETF never lost faith in the com- more, adding so much that he
One of the biggest winners: Berkshire steadily increased holding among mutual funds with about 17% of its portfolio pany, even as it flirted with estimates about 60% of his net
its stake, investing more than and exchange-traded funds. invested in Apple, according failure in the mid-1990s. worth is in Apple stock.
By Nicole Friedman, $30 billion between the first U.S. mutual funds and ex- to ETF.com. Mark Coughlin, who worked After leading Apple from
Asjylyn Loder quarter of 2016 and the first change-traded funds own al- Meanwhile, index fund gi- for a company that sold Ap- 1983 to 1993, Mr. Sculley said
and Tripp Mickle quarter of 2018, according to most 1.1 billion shares of Ap- ants including Vanguard ple’s early computers, was he sold most of his shares.
FactSet and company filings. ple, about 21% of the Group, BlackRock Inc. and given about 1,000 initial However, about six years ago,
Warren Buffett. His Berkshire Apple was Berkshire’s largest company’s stock, according to State Street are among Apple’s shares in Apple in 1980 and he began buying Apple stock
Hathaway Inc. is the tech gi- equity holding, as of March 31 Morningstar. Those shares are biggest shareholders. Van- earned more shares in 1981 again, largely because of the
ant’s second largest share- filings, and would be worth worth almost $220 billion to- guard is the tech company’s through an incentive program. power of the iPhone and other
holder with a roughly 5% nearly $50 billion based on day. biggest shareholder, with more He said those shares, account- products Mr. Jobs developed
stake. Thursday’s price. The exchange-traded fund, than 342 million shares, ac- ing for splits over nearly four after returning as chief execu-
Berkshire first purchased Mr. Buffett has historically or ETF, with the most Apple cording to FactSet. The three decades, were valued around tive in 1997.
Apple shares in the first quar- shied away from investing in stock is State Street Corp.’s fund firms have a combined 51 cents a share. More recently, Mr. Sculley
ter of 2016. The company technology companies, but he $274 billion SPDR S&P 500 Apple stake of almost 16%, When former Chief Execu- says he has appreciated share
bought around $1 billion has said he likes Apple be- ETF, the biggest fund of its spread across dozens of mu- tive John Sculley ousted Steve buybacks initiated by current
worth of stock at a price of cause it is a retail business kind. It holds 55.8 million Ap- tual funds and ETFs. Jobs in 1985, Mr. Coughlin CEO Tim Cook.
Apple Hits day by day based on factors

like stock buybacks, but gener-
ally aren’t disclosed more than
Growth Spurts
While Apple hit a valuation benchmark, other tech companies have
It Isn’t Easy to Tell more quickly.
Companies also have
$1 Trillion a few times a year. seen bigger gains in their market caps.
When Market Cap slightly different share counts
Apple isn’t the world’s first
120%
Crossed the Line depending on whether shares
company to claim the $1 tril- are measured on an average
In Value
Amazon
lion title. In 2007, PetroChina basis for a fiscal quarter or
Co.’s market cap surpassed 100 Apple Inc.’s market value year, or as of the end of that
that level by some measures, hit $1 trillion. But when pre- period. Apple’s share count as
Continued from page B1 though the Chinese oil and gas 80 cisely did that happen? of June 30 was 4.842 billion,
factors that could undermine producer’s corporate structure That depends on how you lower than the 4.882 billion av-
the boom. This year, Apple kept most of its shares locked 60 Microsoft calculate market capitalization. erage for the quarter.
confronted investor pressure to up in government hands, mak- The number of shares is multi- In its most recent 10-Q
address the public health risks ing it difficult to determine the 40 Alphabet plied by share price to get mar- quarterly report to the Securi-
of youth smartphone addiction. firm’s actual value. Apple ket capitalization, or value. And ties and Exchange Commission,
Some money managers Outside of the public mar- Facebook when determining when a com- filed late Wednesday, Apple
20
worry that a few highflying kets, there is Saudi Arabian pany’s market value surpasses said it had 4.83 billion shares as
firms are powering the broader Oil Co., the state-owned oil a level like $1 trillion, it matters of July 20, nearly three weeks
market, leaving stocks suscep- company. It weighed an initial 0 which measure of shares out- after the end of its latest fiscal
tible to a painful downturn if public offering that could value standing you use. quarter. That is the count The
the business at as much as $2 –20 Companies have “basic” and Wall Street Journal used to de-
trillion. The plan has stalled 2017 ’18 “diluted” share counts. Basic termine Apple hit $1 trillion
however, and the actual value shares are those shares that a around midday Thursday.
The company has of the company, known as
Note: Data through end of July
Source: FactSet THE WALL STREET JOURNAL. company has actually issued; Based on Apple’s diluted
rebounded since Saudi Aramco, isn’t clear. fully diluted shares add in the share count, though, the com-
Apple’s ascent is especially the best-selling products in Its smartwatch, which debuted shares that would result if all pany’s market cap topped $1
losing $2 billion over remarkable since its survival as history, with more than 1.4 bil- in 2015, made Apple the of the company’s stock options, trillion earlier Thursday.
two years in the ’90s. a company was in doubt just lion devices sold. world’s largest watch company warrants and convertible secu- Ironically, many sophisti-
over two decades ago. It lost The iPhone also under- by sales but hasn’t delivered rities were converted to com- cated investors don’t even fo-
$2 billion over two years in the pinned Apple’s services sales, the same type of boost that mon shares cus on market cap. They use
mid-1990s, weighed a sale to which Mr. Cook set the goal of other hit products have. At Apple, the weighted-av- enterprise value, a more refined
the rally ends. Sun Microsystems, and doubling in four years to $50 “One of the things that has erage basic share count for the gauge of a company’s worth
Apple, founded as an up- churned through three CEOs in billion by 2020. On Tuesday, he always concerned us is the quarter that ended June that takes its debt and cash
start maker of personal com- four years before bringing back said Apple is on track to hit concentration in the iPhone,” 30 was 4.882 billion. But the into account. Enterprise value
puters in 1976, first took the Mr. Jobs. He revived the busi- that goal thanks to accelerating said Trip Miller, managing weighted-average diluted share is generally viewed as a com-
crown as the largest company ness by thinning Apple’s prod- subscription sales, growing partner at Gullane Capital Part- count was 4.926 billion. At Ap- pany’s market cap plus debt
in August 2011 when it edged uct lineup and spearheading a transactions on Apple Pay and ners, which owns the stock. ple’s current share price, that minus cash.
out Exxon Mobil Corp. trio of hits: the iPod, iPhone other factors. “But I don’t think there is a makes a difference of about $9 By that measure, Apple had
The calculation of Apple’s and iPad. In the longer term, investors risk that there is some gee- billion in market cap—so if you topped $1 trillion as of Wed-
market value is based on the Mr. Cook, who took over in worry about Apple’s ability to whiz product in the next 12 to use diluted shares to compute nesday, according to FactSet.
company’s share count as of 2011, broadened the iPhone’s launch another transforma- 24 months that is going to un- market cap, Apple gets there —Michael Rapoport
July 20. Share counts fluctuate reach, helping it become one of tional product like the iPhone. seat the iPhone as the king.”
I’m not ready for the future.

Find a financial advisor who gives you peace of mind.
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B6 | Friday, August 3, 2018 * *** THE WALL STREET JOURNAL.
BUSINESS NEWS
Customer Losses Hit Blue Apron Facebook

Gives
Meal-kit company
Subscriber Slowdown
wrestles with
logistical woes as
Blue Apron's total orders
per quarter Papers
competition heats up
SomeTips
4 million
BY HEATHER HADDON 3
BY LUKAS I. ALPERT
Blue Apron Holdings Inc.
disclosed increasing customer 2 A recently launched Face-
losses, as the meal-kit maker book Inc. program to help lo-
struggles to fix logistical prob- cal publishers gain subscribers
lems dogging its complex op- 1 is proving to be a rare bright
erations. spot in the social-media giant’s
Its shares fell more than often uneasy relationship with
RICHARD B. LEVINE/NEWSCOM/ZUMA PRESS
24% Thursday, the biggest per- 0 the news industry.

centage loss since the New 2015 ’16 ’17 ’18 Since March, Facebook has
York City-based company went Source: the company held training sessions with ex-
public last year. THE WALL STREET JOURNAL. ecutives from 14 midsize
The second biggest meal-kit newspapers from around the
company by revenue had the prior year, while adminis- U.S. to develop strategies for
717,000 customers at the end trative costs decreased 22%, bringing in more paying cus-
of June, a 24% drop from last the company said. Blue Apron tomers via Facebook and be-
year, the company said. Cus- had a round of layoffs last year. yond. It also gave each partici-
tomer count was down nearly For the second quarter, pating publisher $200,000 in
9% from the end of this March. Blue Apron reported a net loss grant money to put those strate-
Meal-kit startups are The meal-kit maker’s stock fell over 24%, the biggest percentage loss since it went public last year. of $32.8 million, or 17 cents a gies into play.
scrambling to become more share, compared with a loss of The program has been met
efficient and consistent in how sector when it began in 2011, on marketing and deals as it The company has since $31.6 million, or 47 cents a with praise from the execu-
they deliver boxes of prepor- saw its operations suffer when worked to move beyond ex- brought on executives with share, the previous year. The tives who have attended—a
tioned ingredients and recipes a new, automated facility failed pensive logistical problems. A more supply and management continued customer losses led contrast to some meetings
to customers. The sector is to ramp up as planned last lack of new selections has hurt experience. Costs have fallen revenue to fall 25%, to $179.6 with publishers that have de-
growing more competitive and year. Orders went out late and the company’s ability to con- and profit margins are improv- million. Analysts had expected volved into tense exchanges
investor pressure for startups without all of the promised in- vert those looking at its offering. Cost of goods sold during revenue of $205 million for over political balance and the
to turn profits has increased. gredients, and costs grew. ings online into subscribers, the most recent quarter fell to the period. Earnings per share spread of misinformation.
Blue Apron, a leader in the Blue Apron had scaled back officials said. 65% of net revenue from 69% were as projected. Publishers have long been
wary of Facebook’s outsize
role in news dissemination and
Sears its commanding presence in

the digital advertising market,
which has played a consider-
Franchises able role in disrupting the eco-

nomics of the news industry.
In January, Rupert Murdoch,
Catch executive chairman of News

Corp—which owns The Wall
Street Journal—said Facebook
A Chill should pay publishers fees

similar to those cable distribu-
tors pay to television channels.
BY PATRICK THOMAS Jim Friedlich, executive di-
rector of the nonprofit Lenfest
Chad Irving opened his Sears Institute for Journalism, which
carpet-cleaning and garage- helped develop the curriculum
door-repair franchises in 2014, and is administering the grants,
hoping to one day make it a said it is in Facebook’s interest
family business. to help publishers. Lenfest
He knew the retailer’s stores owns the Philadelphia Daily
weren’t doing well, but he News, Philly.com and the Phila-
wasn’t concerned. “Their initial delphia Inquirer. The Inquirer
numbers looked good,” said the was part of the pilot group.
34-year-old carpet-cleaning vet- “The truth is Facebook and
eran. Yet Mr. Irving struggled to local news organizations have a
turn a profit. He was out of highly co-dependent relation-
business by the end of last year. ship,” Mr. Friedlich said.
SETH WENIG/ASSOCIATED PRESS
His businesses in San Anto- The pilot group included the

nio were part of Sears Home & Seattle Times, the Boston
Business Franchises Inc., an arm Globe, the Omaha World-Herald
of Sears Holdings Corp. that and the Denver Post. The initial
franchises out maid services, program ran for 12 weeks.
carpet and air-duct cleaning ser- Sessions included develop-
vices, and garage-repair busi- ing strategies to boost reader
nesses. Dozens have closed in engagement through things like
the past year. The company provided a bullish outlook but said rising costs were squeezing margins. Its core U.S. cereal business continued to decline. targeted newsletters—whose
Some former and current recipients later get subscrip-
Pringles, Eggo Give Kellogg a Boost

franchisees blame the parent tion offers—and how to use big
company’s financial troubles. news events as marketing op-
Sears has closed hundreds of its portunities.
department stores and lost bil- “It really got everyone to
lions in sales since 2011. BY ANNIE GASPARRO struggling with Americans’ gle-serve products will allevi- otics. “Special K was a huge share their notes on how to
When the company in charge move away from processed, ate some margin pressure. leaky bucket,” Mr. Cahillane drive subscriber acquisition in
struggles, a franchisee often Kellogg Co. offered a bull- packaged food for fresher op- With Americans eating less said, and now, consumption of a smarter, faster and more effi-
struggles with it, said Keith ish outlook for its annual sales tions. At the same time, a truck cereal in recent years, Kellogg that cereal brand is rising. cient way,” said John Rockwell,
Miller, principal of Franchisee after several sluggish years, shortage has inflated costs for has had to rethink its strategy The company also doubled director of subscription sales
Advocacy Consulting, an indus- but it warned that higher food distribution industrywide, and diversify its brands with down on some of its indulgent and retention at the San Fran-
try group. “If you’re a handy- trucking costs and lower pinching profitability for big deals, including buying RX Bar, cereal brands, hoping a combi- cisco Chronicle.
man service, you can’t control prices for its products were food companies. Several of a protein bar made with sim- nation of nostalgia among mil- The publishers submitted
what the retail business has eating into profit margins. them, such as General Mills ple ingredients, last year for lennials and consumers still plans on how they would spend
done,” he said. The maker of Frosted Flakes Inc. and Hershey Co., have said $600 million. devoted to cereal as a dessert their grant money and what
Mr. Irving’s business was one and Pop-Tarts said Thursday they are raising prices to cover Mr. Cahillane said that the or snack would generate inter- goals they hoped to achieve by
of 66 franchises terminated in that in the second quarter, ris- the costs, but Kellogg said its cereal business in the U.S. is est in Chocolate Frosted the time the group reconvenes
2017, or 15% of the total, coming demand in emerging mar- prices were generally lower in stabilizing and that it is “on the Flakes and Froot Loops with in January.
pared with just 5% in 2016. In kets and strong brands like the latest quarter. right track.” Previous attempts marshmallows. Facebook said it planned to
2015, the number of franchises Pringles and Eggo waffles in Shares in Kellogg rose 0.7% to make its cereals appeal to a Overall, Kellogg’s revenue expand the program to include
increased 6.6%. the U.S. helped revenue. to $69.88 on Thursday. more health-oriented crowd rose 5.8% to $3.36 billion and a slate of nonprofit, member-
“Sears is deeply committed But its core U.S. cereal busi- Kellogg has been cutting were too focused on weight profit more than doubled to ship-based news sites.
to our franchise owners and ness continued to decline. costs to stave off the rising ex- loss rather than on the use of $599 million in the quarter “We went into this not really
their success,” said a Sears “Health and wellness contin- penses. However, its adjusted simple ingredients and benefi- ended June 30. Adjusted to ex- knowing what kind of results
spokesman, who added that the ues to be a very important operating profit margin dropped cial nutrients, executives said. clude the impact of foreign- we would get,” said Campbell
company gives them marketing, trend,” Chief Executive Steve to 14.2% from 15.1% the prior Lately, Kellogg has been currency translation and other Brown, Facebook’s head of
training and operational sup- Cahillane said in an interview. year. Mr. Cahillane said moving correcting that with new prod- one-time events, its profit rose news partnerships. “It turned
port. The spokesman said some Like its peers, Kellogg is the labor in-house for new sin- ucts like Special K with probi- 16% to $1.12 a share. out to be very collaborative.”
franchisees initially open multi-
ple concepts before choosing
one, resulting in some of the
2017 closures.
The investment required to
CBS Takes president, Shari Redstone, of
voting control of CBS, after
Mr. Moonves resisted her ef-
week, KNBC-TV Los Angeles
reported that a woman filed a
report with the Los Angeles
Times story.
National Amusements knew
nothing about the probe until
open a Sears franchise is
$50,000 to $110,000, according
to the retailer’s website.
No Queries forts to combine the company
with sister firm Viacom Inc.
That legal dispute is headed to
Police Department last No-
vember alleging that Mr.
Moonves had sexually as-
the KNBC report Tuesday
about the woman’s allegations,
according to people familiar
Mr. Irving estimated he lost
On Probe trial in a Delaware court this saulted her in 1986 and 1988 with the matter.
EVAN AGOSTINI/INVISION/ASSOCIATED PRESS
$5,000 to $10,000 each month fall. when he was a production ex- CBS’s handling of the mat-
in 2017. Some customers would CBS had a good story to ecutive. ter raises governance ques-
call him to double-check that he tell about its business. The The report was made in No- tions, including whether mate-
was still in business after hear- Continued from page B1 company reported better-than- vember 2017 and the Los An- rial information was withheld
ing about Sears’s overall strug- own brokerage firms to issue expected revenue of $3.47 bil- geles District Attorney’s Office from investors, according to
gles. positive research as a way to lion for the June quarter, up declined to pursue a case be- Jeffrey Sonnenfeld, professor
“As you saw problems with help secure access to top com- 6% from a year earlier. cause the statute of limita- of management and senior as-
Sears increase, you saw revenue pany executives, The Wall Affiliate and subscription tions for the complaints had sociate dean of leadership
decrease,” he said. Street Journal has reported. fee revenue grew by 17%, expired, according to its studies at the Yale School of
The franchise business isn’t a The allegations against Mr. pushed higher by a rise in car- Charge Evaluation Worksheet. Management.
big revenue generator for Sears, Moonves stem from a New riage fees for its TV stations Mr. Moonves was never in- Mark Spund, chairman of
with just $13.7 million collected Yorker report last week that and growth in digital initia- Shari Redstone, the president terviewed by police on this the employment law practice
from royalties and other fees in detailed claims from six tives like its direct-to-con- of National Amusements matter, an LAPD spokeswoman group at Davidoff Hutcher &
the 2017 fiscal year. But at the women that he sexually ha- sumer streaming services. said. Citron LLP said he didn’t be-
start of 2016, it stretched across rassed or sexually assaulted CBS said those services, million from $58 million a On Thursday, the Los Ange- lieve CBS was under any obli-
the U.S. and had 451 locations. them. The story also portrayed CBS All Access and Showtime year earlier. les Times reported that Mr. gation to disclose any previous
By the end of 2017, there were a broader culture that was OTT, are ahead of schedule in Shares of CBS fell 1.5% in Moonves had told a committee investigations into Mr.
378. hostile to women at CBS adding subscribers and are ex- after-hours trading. For the of the CBS board about the Moonves’s behavior if no evi-
Travis Trentham, 42, runs News. pected to have 16 million sub- year, the stock has fallen more LAPD probe several months dence of wrongdoing was
Sears cleaning services in San CBS’s board has hired two scribers by 2022, as they rap- than 10%, most of those losses ago, and that committee had found.
Diego and Phoenix, and has outside law firms to probe the idly become a meaningful part coming since last week’s re- hired an outside law firm to However, he said the whole
been operating Sears franchises matter and set up a subcom- of the broadcaster’s business. port of the harassment allega- investigate. board should have been made
since he was 22. “As the years mittee to oversee the investi- Content licensing and dis- tions. CBS spokesmen have previ- aware of any investigation like
went on, the stores would close gation. tribution revenue grew by 4% New details are emerging ously indicated that they the one related to the LAPD,
and have had their issues,” he Separately, Mr. Moonves while advertising sales were that could make the situation weren’t aware of any specific rather than certain members,
said. “That means we have to do and CBS are fighting to strip up 2%. even more complicated for probes and declined to com- as the Los Angeles Times re-
a better job and work harder.” National Amusements and its Profit increased to $400 CBS and its board. Earlier this ment on the Los Angeles ported.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
25326.16 t 7.66, or 0.03% Trailing P/E ratio 22.93 19.95 2827.22 s 13.86, or 0.49% Trailing P/E ratio * 24.13 23.94 7802.69 s 95.40, or 1.24% Trailing P/E ratio * 26.11 25.75
High, low, open and close for each P/E estimate * 16.59 18.42 High, low, open and close for each P/E estimate * 17.65 18.94 High, low, open and close for each P/E estimate * 21.43 21.45
trading day of the past three months. Dividend yield 2.13 2.28 trading day of the past three months. Dividend yield 1.82 1.97 trading day of the past three months. Dividend yield 0.96 1.10
All-time high 26616.71, 01/26/18 All-time high 2872.87, 01/26/18 All-time high: 7932.24, 07/25/18
Current divisor 0.14748071991788 Session high

26000 2850 7900
DOWN UP
t
Session open Close
Close Open 25500 2800 7725

t
Session low
25000 2750 7550
24500 2700 7375
24000 2650 7200
65-day moving average 65-day moving average

65-day moving average
7025
23500 2600
Bars measure the point change from session's open

6850
23000 2550
Apr. May June July
Apr. May June July Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 789,436,040 12,222,376
Industrial Average 25360.48 25120.07 25326.16 -7.66 -0.03 26616.71 21674.51 15.0 2.5 12.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 266,437,769 3,754,662
Transportation Avg 11075.35 10925.13 11055.21 72.18 0.66 11373.38 9021.12 20.1 4.2 9.6 Most-active issues in late trading Decl. volume* 517,925,426 8,001,125
Utility Average 723.36 713.14 721.94 4.14 0.58 774.47 647.90 -1.7 -0.2 7.3 Volume After Hours Issues traded 3,072 313
Company Symbol (000) Last Net chg % chg High Low Advances 1,112 147
Total Stock Market 29397.24 29044.27 29374.46 172.10 0.59 29630.47 25030.26 15.0 6.1 10.2
SPDR S&P 500 SPY 11,793.1 282.63 0.24 0.08 282.73 280.93 Declines 1,857 149
Barron's 400 759.41 748.44 759.15 6.94 0.92 761.84 629.56 17.0 6.8 10.4
Invesco QQQ Trust I QQQ 3,523.1 179.74 0.21 0.12 179.87 178.41 Unchanged 103 17
Nasdaq Stock Market Ford Motor F 3,188.9 9.92 ... unch. 9.95 9.91 New highs 74 7
Nasdaq Composite 7808.85 7659.52 7802.69 95.40 1.24 7932.24 6213.13 23.1 13.0 15.0 VISA Cl A V 3,132.7 139.10 0.18 0.13 139.25 138.71 New lows 56 9
7380.56 7221.35 99.26 7508.59 5786.54 15.3 Closing tick 20 1
Nasdaq 100 7372.15 1.36 25.1 17.1 iShares China Large-Cap FXI 2,746.7 42.11 ... unch. 42.12 41.90
Closing Arms† 1.12 1.82
VanEck Vectors Gold Miner GDX 2,629.9 20.93 -0.01 -0.05 20.96 20.89
S&P Block trades* 6,045 148
0.49
Vanguard Div Appreciation VIG 1,658.7 106.00 0.12 0.11 106.00 105.49
500 Index 2829.91 2796.34 2827.22 13.86 2872.87 2425.55 14.4 5.7 10.4 Nasdaq NYSE Arca
GoPro Inc. GPRO 1,651.1 6.22 0.23 3.84 6.60 5.70
MidCap 400 1996.80 1969.48 1994.93 16.68 0.84 2009.15 1691.67 14.2 5.0 9.9 Total volume*2,196,734,607 238,962,517
SmallCap 600 1058.68 1044.54 1058.15 9.66 0.92 1059.77 817.25 24.3 13.0 14.1 Percentage gainers… Adv. volume* 992,559,186 49,159,950
Decl. volume*1,166,821,919 171,453,105
Other Indexes Adamas Pharmaceuticals ADMS 87.5 28.55 3.66 14.70 29.50 24.89
Issues traded 3,114 1,318
Russell 2000 1682.30 1662.33 1682.10 12.84 0.77 1706.99 1356.90 19.7 9.5 10.7 Take-Two Interactive TTWO 555.1 127.00 13.76 12.15 127.33 112.57
Advances 1,433 349
NYSE Composite 12904.75 12803.90 12898.07 -4.32 -0.03 13637.02 11699.83 7.9 0.7 5.8 Acacia Communications ACIA 69.7 37.20 3.54 10.52 37.30 33.62 Declines 1,534 957
Value Line 580.14 574.13 579.93 2.92 0.51 589.69 503.24 11.1 3.1 5.7 Wingstop WING 144.2 54.60 4.29 8.53 54.95 48.00 Unchanged 147 12
NYSE Arca Biotech 5144.73 5046.66 5134.70 77.75 1.54 5134.70 3787.17 31.0 21.6 6.4
Babcock Wilcox Ents BW 64.7 2.23 0.15 7.21 2.23 2.08 New highs 68 5
l,
New lows 91 23
NYSE Arca Pharma 569.99 565.10 567.13 -2.17 -0.38 593.12 514.66 7.4 4.1 -2.1 ...And losers
Closing tick 265 48
KBW Bank 110.13 108.36 109.92 0.50 0.46 116.52 89.71 14.1 3.0 12.0 TESARO TSRO 363.0 31.00 -4.28 -12.13 36.05 30.60 1.10 1.10
na
Closing Arms†
PHLX§ Gold/Silver 75.90 75.13 75.39 -0.47 -0.63 93.26 75.39 -10.2 -11.6 16.6 SolarEdge Technologies SEDG 97.9 50.30 -6.01 -10.67 56.31 48.20 Block trades* 8,416 1,280
PHLX§ Oil Service 149.54 146.70 148.75 -0.14 -0.09 170.18 117.79 11.3 -0.5 -6.1 Symantec SYMC 604.8 19.00 -1.88 -9.00 21.65 18.17 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1380.68 1348.13 1378.83 13.72 1.00 1445.90 1060.02 27.8 10.0 28.7 Stericycle SRCL 53.2 66.30 -4.67 -6.58 71.03 58.24 †(TRIN) A comparison of the number of advancing and declining
14.53 12.17 -0.96 -7.30 37.32 9.14 10.4 issues with the volume of shares rising and falling. An
Cboe Volatility 12.19 16.8 0.2 American Intl Group AIG 139.1 52.25 -2.91 -5.28 55.34 51.80 Arms of less than 1 indicates buying demand; above 1
so
Nasdaq PHLX 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
er
World The Global Dow 3061.04 –20.20 –0.66 –0.8 Boingo Wireless WIFI 32.86 9.64 41.52 32.99 14.96 117.6 Cross Country Healthcare CCRN 8.11 -3.75 -31.62 14.65 7.41 -35.6
DJ Global Index 400.07 –1.11 –0.28 0.7 Sonos SONO 19.91 4.91 32.73 ... ... ... ION Geophysical IO 18.10 -7.80 -30.12 32.45 3.60 320.9
DJ Global ex U.S. 254.96 –3.05 –1.18 –4.4 DexCom DXCM 124.69 29.25 30.65 125.65 42.62 76.3 Nortech Systems NSYS 4.56 -1.78 -28.08 8.08 2.77 26.5
0.51 InterNAP INAP 12.62 2.67 26.83 22.36 8.88 -20.7 Triple-S Management Cl B GTS 26.16 -9.64 -26.93 44.01 15.16 71.3
rp
Americas DJ Americas 675.29 3.42 5.1

Brazil Sao Paulo Bovespa 79636.69 335.04 0.42 4.2 Fox Factory Holding FOXF 61.75 12.25 24.75 62.25 33.20 63.8 Blue Apron Cl A APRN 1.83 -0.59 -24.38 6.55 1.72 -70.6
Canada S&P/TSX Comp 16409.16 32.39 0.20 1.2 Habit Restaurants Cl A HABT 15.15 2.70 21.69 15.70 8.11 13.3 Epizyme Inc. EPZM 9.90 -3.10 -23.85 21.40 8.61 -20.5
Mexico S&P/BMV IPC 49056.04 –393.40 –0.80 –0.6 Staar Surgical STAA 38.75 6.85 21.47 43.15 10.25 265.6 Intrepid Potash IPI 3.26 -0.93 -22.20 5.31 3.12 -6.6
Chile Santiago IPSA 3987.29 –9.10 –0.23 –5.3 Gildan Activewear GIL 31.55 5.57 21.44 34.19 25.33 5.0 LSC Communications LKSD 12.03 -3.02 -20.07 19.34 11.58 -33.0
Electro Scientific Inds ESIO 21.43 3.63 20.39 27.72 9.25 124.6 Tredegar TG 20.60 -5.10 -19.84 26.50 15.35 21.9
EMEA Stoxx Europe 600 386.64 –3.20 –0.82 –0.7
Fo
Resolute Forest Products RFP 12.45 1.95 18.57 12.75 4.50 164.9 Veeco Instruments VECO 11.88 -2.88 -19.49 30.10 10.85 -58.8
Eurozone Euro Stoxx 384.69 –3.55 –0.91 –0.2
Belgium Bel-20 3862.26 –32.36 –0.83 –2.9 Gates Industrial GTES 17.99 2.76 18.12 20.00 14.60 ... Red Robin Gourmet Burgers RRGB 37.03 -8.83 -19.25 70.10 36.20 -34.1
Denmark OMX Copenhagen 934.57 –1.52 –0.16 0.8 Rubicon Project RUBI 3.28 0.50 17.99 4.25 1.48 -17.2 Dawson Geophysical DWSN 6.36 -1.47 -18.77 8.40 3.61 59.0
France CAC 40 5460.98 –37.39 –0.68 2.8 Senmiao Technology AIHS 4.53 0.66 17.05 8.91 3.75 ... Avenue Therapeutics ATXI 3.26 -0.68 -17.26 6.98 3.06 -53.3
Germany DAX 12546.33 –190.72 –1.50 –2.9 Tesla TSLA 349.54 48.70 16.19 389.61 244.59 0.7 Floor Decor Cl A FND 39.53 -8.18 -17.15 58.28 32.72 16.6
1578.00 –0.57 4.5 Health Ins Innovations A HIIQ 44.15 6.10 16.03 44.40 12.65 49.2 R.R. Donnelley Sons RRD 4.84 -1.00 -17.12 10.68 4.75 -51.2
Israel Tel Aviv –9.03
Italy FTSE MIB 21414.72 –376.73 –1.73 –2.0
Netherlands AEX 569.95 –2.93 –0.51 4.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1140.96 –19.13 –1.65 –1.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 56470.72 –928.81 –1.62 –5.1
Spain IBEX 35 9698.20 –101.10 –1.03 –3.4 Helios Matheson Analy HMNY 94,779 4707.3 0.10 -56.14 9714.38 0.10 Jamba JMBA 4,382 9785 12.95 15.83 13.00 7.01
Sweden OMX Stockholm 592.25 –4.37 –0.73 4.1 iShares MSCI Emg Markets EEM 67,577 -1.4 43.87 -1.33 52.08 42.15 Nortech Systems NSYS 2,302 8364 4.56 -28.08 8.08 2.77
Switzerland Swiss Market 9155.57 –18.76 –0.20 –2.4 Apple AAPL 61,767 149.3 207.39 2.92 208.38 149.16 Invsc CNY Dim Sum Bd DSUM 956 2644 21.96 -1.21 24.73 21.39
Turkey BIST 100 94543.27 –2667.30 –2.74 –18.0 Advanced Micro Devices AMD 52,325 -18.8 18.79 1.68 20.18 9.04 Hydrogenics HYGS 558 2122 6.00 -12.41 12.00 4.95
–1.5
SPDR S&P 500 SPY 51,594 -25.9 282.39 0.54 286.63 241.83 Alerian Engy Infr ENFR 157 1895 23.15 1.76 24.50 19.24
U.K. FTSE 100 7575.93 –76.98 –1.01
U.K. FTSE 250 20548.97 –252.50 –1.21 –0.9 Bank of America BAC 45,389 -29.4 31.28 0.10 33.05 22.75 SPDR Gender Diversity SHE 83 1358 74.72 0.25 75.63 66.74
Invesco QQQ Trust I QQQ 43,630 27.8 179.53 1.36 182.93 140.18 Del Frisco's Restaurant DFRG 4,601 1356 9.30 12.05 18.85 7.90
Asia-Pacific
Energy Transfer Partners ETP 41,473 724.5 24.18 14.00 24.20 15.06 Glbl X China Consumer CHIQ 2,576 1269 16.49 -1.55 19.98 15.14
Australia S&P/ASX 200 6240.90 –34.80 –0.55 2.9
MGM Resorts Intl MGM 41,171 328.2 28.97 1.61 38.41 26.85 Boingo Wireless WIFI 5,345 1115 32.86 41.52 32.99 14.96
China Shanghai Composite 2768.02 –56.51 –2.00 –16.3
Finl Select Sector SPDR XLF 37,826 -31.7 27.96 0.04 30.33 23.79 Reality Shares DIVS ETF DIVY 167 1101 26.79 0.03 28.89 25.52
Hong Kong Hang Seng 27714.56 –626.18 –2.21 –7.4
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 37165.16 –356.46 –0.95 9.1 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22512.53 –234.17 –1.03 –1.1
Singapore Straits Times 3286.32 –42.63 –1.28 –3.4 Track the Markets
South Korea Kospi 2270.20 –36.87 –1.60 –8.0 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10929.77 –168.36 –1.52 2.7 global stock indexes, bond ETFs,
Thailand SET 1708.28 –13.73 –0.80 –2.6
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: SIX Financial Information; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Europe
Argentina peso .0364 27.4428 47.5 Czech Rep. koruna .04513 22.156 4.1
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2667 3.7500 13.2 Denmark krone .1554 6.4330 3.7
U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7680 1.3022 3.6
.001550 645.30 4.8
Euro area euro
Hungary forint
1.1586 .8631 3.6
.003606 277.28 7.1
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch
Money market accounts Iceland krona .009371 106.71 3.1
A consumer rate against its Mexico peso .0536 18.6409 –5.2 Norway krone .1213 8.2420 0.4
benchmark over the past year 4.00% Uruguay peso .03269 30.5900 6.2 Poland zloty .2710 3.6898 6.1
Bankrate.com avg†: 0.49% 8% Venezuela b. fuerte .000006172485.0001 1667735.1 Russia ruble .01578 63.358 9.8
Ally Bank 1.75% Asia-Pacific Sweden krona .1125 8.8924 8.6
Federal-funds 1.60% 3.00 4 Euro
s
Midvale, UT 877-247-2559 Thursday Australian dollar .7361 1.3585 6.1 Switzerland franc 1.0045 .9955 2.2
target rate
t American Express National Bank 1.75% t China yuan .1461 6.8428 5.2 Turkey lira .1973 5.0676 33.5
1.20 2.00 0 Hong Kong dollar .1274 7.8496 0.5 Ukraine hryvnia .0370 27.0430 –3.9
New York, NY 866-215-8754
India rupee .01459 68.555 7.3 UK pound 1.3014 .7684 3.8
1.75%
t
Money market 0.80 Capital One 360 1.00 –4 s Indonesia rupiah .0000691 14475 7.3 Middle East/Africa
account yields s
Glen Allen, VA 877-464-0333 One year ago Yen WSJ Dollar index Japan yen .008956 111.65 –0.9
t Bahrain dinar 2.6480 .3776 0.1
0.40 0.00 Kazakhstan tenge .002854 350.37 5.3
Goldman Sachs Bank USA 1.80% –8 Macau pataca .1236 8.0882 0.5
Egypt pound .0559 17.8745 0.6
New York, NY 855-730-7283 1 3 6 1 2 3 5 710 30 Israel shekel .2709 3.6913 6.1
0.00 2017 2018 Malaysia ringgit .2457 4.0704 0.2
month(s) years Kuwait dinar 3.2998 .3031 0.5
CIBC Bank USA 1.90% New Zealand dollar .6736 1.4846 5.3
A S O N D J FMA M J J A Pakistan rupee .00814 122.925 11.1
Oman sul rial 2.5977 .3850 ...
Chicago, IL 844-704-7882 maturity Qatar rial .2741 3.649 0.01
2017 2018 Philippines peso .0188 53.191 6.5
Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data
Singapore dollar .7305 1.3689 2.4 Saudi Arabia riyal .2666 3.7511 0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Africa rand .0743 13.4526 8.8
South Korea won .0008864 1128.21 5.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0062621 159.69 4.0
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 1.75-2.00 1.75-2.00 1.00 l 1.75 1.75 Yield (%) 52-Week Total Return (%) Taiwan dollar .03255 30.720 3.5
Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03004 33.290 2.1 WSJ Dollar Index 88.82 0.40 0.46 3.30
Prime rate* 5.00 5.00 4.25 l 5.00 1.75
Vietnam dong .00004295 23283 2.5 Sources: Tullett Prebon, Dow Jones Market Data
Libor, 3-month 2.34 2.34 1.31 l 2.37 2.03 Treasury, Ryan ALM 1432.569 2.887 2.889 2.945 1.818 –2.152 0.568
Money market, annual yield 0.49 0.49 0.25 l 0.53 0.16 10-yr Treasury, Ryan ALM 1669.954 2.986 2.975 3.109 2.058 –4.210 –0.280
Five-year CD, annual yield 1.80 1.80 1.43 l 1.80 0.31 DJ Corporate 373.015 3.882 3.925 3.995 2.879 –1.492 3.091 Commodities Thursday 52-Week YTD
30-year mortgage, fixed† 4.62 4.57 3.73 l 4.69 0.68 Aggregate, Barclays Capital 1911.550 3.380 3.370 3.430 2.380 –1.107 1.456 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 4.07 4.02 2.99 l 4.14 0.94
High Yield 100, Merrill Lynch 2899.383 5.878 5.915 6.319 4.977 2.025 4.654 DJ Commodity 615.06 1.94 0.32 667.35 563.57 8.37 -1.65
Jumbo mortgages, $424,100-plus† 4.82 4.73 4.21 l 4.96 0.43
Fixed-Rate MBS, Barclays 1966.530 3.510 3.490 3.580 2.660 –0.594 1.191 TR/CC CRB Index 192.65 1.01 0.53 206.38 175.36 6.64 -0.63
Five-year adj mortgage (ARM)† 4.56 4.40 3.22 l 4.78 1.29
Muni Master, Merrill 522.035 2.476 2.434 2.653 1.736 0.275 2.264 Crude oil, $ per barrel 68.96 1.30 1.92 74.15 45.96 40.65 14.13
New-car loan, 48-month 3.87 3.89 2.85 l 4.28 0.81
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 777.495 6.580 6.459 6.822 5.279 –2.157 4.721 Natural gas, $/MMBtu 2.816 0.058 2.10 3.63 2.55 0.57 -4.64
banks.† Excludes closing costs. Gold, $ per troy oz. 1210.60 -7.30 -0.60 1362.40 1210.60 -4.51 -7.33
Sources: SIX Financial Information; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
COMMODITIES WSJ.com/commod
ures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Metal & Petroleum Futures April 2.569 2.615 2.568 2.605 .023 138,088 Nov 401.10 t 400.40
410.20 400.40 –15.00 867
Milk (CME)-200,000 lbs., cents per lb. Currency Futures
Contract Open 14.76 14.94 14.75 14.81 –.05 4,855
Open High hi lo Low Settle Chg interest Agriculture Futures Aug
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Oct 16.38 16.44 16.24 16.24 –.09 3,189
r-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. Cocoa (ICE-US)-10 metric tons; $ per ton. Aug .8967 .8983 .8956 .8959 –.0012
2.7300 2.7350 2.7080 2.7270 –0.0080 2,479 Sept 365.00 372.75 364.75 366.75 1.75 546,379 Sept 2,054 2,107 2,053 2,072 2 67,576 Sept .8977 .9010 .8975 .8979 –.0012 1
2.7475 2.7595 2.7075 2.7375 –0.0100 160,575 Dec 379.75 387.25 379.25 381.25 1.75 808,149 Dec 2,120 2,169 2,114 2,138 9 80,781
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oats (CBT)-5,000 bu.; cents per bu. Aug .7686 .7693 .7679 .7680 –.0019
CMX)-100 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept .7696 .7702 .7675 .7684 –.0019 1
1214.70 1219.30 t 1205.80 1210.60 –7.30 3,382 Sept 237.50 244.00 237.00 243.00 4.00 1,386 Sept 108.05 108.05 t 106.00 106.70 –1.35 153,656
1219.40 1224.90 t 1210.30 1214.90 –7.50 55,151 Dec 248.00 251.75 247.25 250.75 2.50 3,539 Dec 111.30 111.35 t 109.40 110.10 –1.20 97,304
British Pound (CME)-£62,500; $ per £
Soybeans (CBT)-5,000 bu.; cents per bu. Aug 1.3106 1.3115 1.3024 1.3029 –.0106
1224.70 1230.00 t 1215.30 1220.10 –7.50 339,616 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
886.75 886.75 875.00 882.50 –4.25 3,541 Sept 1.3146 1.3177 1.3036 1.3046 –.0107 1
1231.70 1234.20 t 1222.30 1225.80 –7.60 31,233 Aug Oct 10.57 10.80 t 10.37 10.59 .11 548,737
1243.10 1243.10 t 1234.20 1237.40 –7.70 6,927 Nov 897.50 903.50 885.50 897.50 –4.25 423,200
Swiss Franc (CME)-CHF 125,000; $ per CHF
March'19 11.38 11.59 t 11.19 11.39 .10 304,716 Sept 1.0118 1.0121 1.0079 1.0082 –.0041
1262.80 1263.40 t 1253.50 1256.50 –7.80 3,717 Soybean Meal (CBT)-100 tons; $ per ton. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
ium (NYM) - 50 troy oz.; $ per troy oz. Aug 335.50 336.30 331.80 332.80 –3.70 3,848 Sept 25.80 26.00 25.66 25.80 .19 1,031 Aug .7393 .7404 .7366 .7364 –.0038
913.40 919.40 902.20 915.50 3.60 18,160 Dec 334.50 335.70 331.00 332.60 –3.40 201,352 Nov 25.67 25.67 25.65 25.65 … 2,107 Sept .7407 .7413 .7356 .7364 –.0038 1
910.90 913.60 901.80 912.80 3.60 4,115 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct .7364 .7406 .7364 .7365 –.0038
um (NYM)-50 troy oz.; $ per troy oz. Aug 28.39 28.39 27.96 28.12 –.33 2,696 Oct 88.88 89.26 88.66 89.44 .38 188 Nov .7440 .7440 .7413 .7366 –.0039
820.70 828.70 815.00 826.20 10.70 34 Dec 29.00 29.10 28.39 28.61 –.34 250,048 Dec 88.20 88.88 87.70 88.83 .49 177,227 Dec .7415 .7415 .7361 .7368 –.0039
819.40 837.00 813.90 828.20 11.00 77,038 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March'19 .7381 .7381 .7378 .7374 –.0040
(CMX)-5,000 troy oz.; $ per troy oz. Sept 1187.00 1193.00 1153.00 1163.00 –24.50 6,698 Sept 169.50 169.50 166.65 167.75 –1.40 10,992 Mexican Peso (CME)-MXN 500,000; $ per MXN
15.375 15.375 15.260 15.329 –0.065 283 Nov 1181.00 1182.00 1146.00 1153.50 –41.50 1,708 Nov 170.00 170.00 167.65 168.45 –1.35 3,765 Sept .05340 .05345 .05293 .05324 –.00013 1
15.405 15.490 15.300 15.385 –0.067 155,426 Wheat (CBT)-5,000 bu.; cents per bu. Dec .05232 .05264 .05218 .05247 –.00013
Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 559.50 593.00 s 559.00 560.50 2.25 179,555 Interest Rate Futures Euro (CME)-€125,000; $ per €
67.88 69.36 66.92 68.96 1.30 405,238 Dec 579.75 613.00 s 579.50 582.75 4.00 183,175 Aug 1.1672 1.1673 1.1590 1.1594 –.0079
66.64 68.05 65.82 67.66 1.16 255,517 Wheat (KC)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 1.1697 1.1704 1.1618 1.1623 –.0079 4
65.85 67.17 65.16 66.79 1.01 289,412 Sept 564.00 597.25 s 563.50 569.25 5.50 111,423 Sept 142-060 142-250 142-020 142-140 7.0 841,702
65.68 66.79 64.89 66.45 0.99 169,601 Dec 591.50 624.25 s 591.25 596.75 5.50 110,210 Dec 141-150 142-010 141-110 141-210 6.0 1,376 Index Futures
63.80 64.94 63.35 64.64 0.83 162,502 Wheat (MPLS)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
62.27 63.13 61.79 62.78 0.60 212,395 Sept 606.75 635.00 606.75 610.50 2.50 26,003 Sept 119-055 119-120 119-035 119-105 5.0 3,753,015
Mini DJ Industrial Average (CBT)-$5 x index
rbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 625.50 652.50 624.50 627.75 1.75 23,380 Sept 25313 25330 25087 25305 16
Dec 118-300 119-045 118-300 119-030 4.5 13,065
2.0978 2.1387 2.0860 2.1318 .0344 127,431 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 25328 25332 s 25096 25311 15
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index
2.1046 2.1436 2.0924 2.1365 .0325 60,957 Aug 151.825 152.100 149.925 151.200 –.625 8,878 113-005 113-042 112-315 113-040 3.7 3,991,938
Sept Sept 2813.80 2830.50 2791.30 2828.40 17.60
ne-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 152.000 152.325 149.925 151.350 –.600 15,139
Dec 112-237 112-267 112-237 112-265 3.7 18,871 Mini S&P 500 (CME)-$50 x index
2.0448 2.0837 2.0226 2.0681 .0230 163,657 Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Aug 109.000 109.075 107.975 108.600 –.025 30,933 Sept 2814.00 2831.00 2791.00 2828.50 17.75 2,6
1.9276 1.9620 1.9067 1.9487 .0204 95,358
Sept 105-212 105-230 105-212 105-227 1.5 1,947,545 Dec 2817.50 2835.00 2795.50 2832.50 17.50
al Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Oct 110.625 110.775 s 109.300 109.950 –.325 127,661
2.744 2.828 2.740 2.816 .058 291,361 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 105-155 105-167 105-155 105-172 1.7 9,376 Mini S&P Midcap 400 (CME)-$100 x index
Aug 59.875 t 58.675
59.900 58.975 –1.275 19,112 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 1981.30 1999.00 1964.60 1996.50 15.80
2.755 2.833 2.751 2.822 .052 176,050
2.797 2.870 2.793 2.857 .046 142,260 Oct 50.300 t 49.600
50.450 49.650 –1.125 119,365 Aug 98.083 98.088 98.083 98.085 .002 254,864 Mini Nasdaq 100 (CME)-$20 x index
97.855 97.860 97.855 97.860 .005 309,834 Sept 7284.3 7395.3 s 7214.3 7385.8 108.8 2
2.990 3.058 2.987 3.043 .038 162,350 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Oct
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 7315.0 7418.0 s 7242.0 7410.0 108.8
2.853 2.915 2.851 2.903 .035 138,457 Sept 425.40 432.30 t 425.40 425.40 –15.00 3,786
Sept 94.750 94.813 94.719 94.766 .156 31,560
Mini Russell 2000 (CME)-$50 x index
Sept 1670.60 1685.70 1656.80 1684.80 16.70 5
1 Month Libor (CME)-$3,000,000; pts of 100% Mini Russell 1000 (CME)-$50 x index
Aug ... ... ... 97.9150 .0025 3,877
h Prices | WSJ.com/commodities Thursday, August 2, 2018 Eurodollar (CME)-$1,000,000; pts of 100%
Sept 1551.20 1569.40
U.S. Dollar Index (ICE-US)-$1,000 x index
1550.00 1568.00 8.70
Aug 97.6350 97.6475 97.6350 97.6450 .0075 190,804 Sept 94.45 95.02 94.42 94.99 .56
e prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Dec 97.3150 97.3300 97.3100 97.3250 .0100 1,802,912 Dec 94.04 94.58 93.99 94.57 .55
ate from the futures price on an exchange, which reflects what the commodity might be worth in future March'19 97.1600 97.1800 97.1550 97.1750 .0150 1,294,216
hs. Dec 96.9150 96.9400 96.9100 96.9350 .0200 1,801,659 Source: SIX Financial Info
Thursday Thursday Thursday
Energy
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
*15.4750
11353
SoybeanMeal,Cent IL,rail,ton48%-u
Soybeans,No.1 yllw IL-bp,u
343.30
8.5200
Bonds | WSJ.com/bonds
e,tet,Mont Belvieu-g 0.9379 Other metals Wheat,Spring14%-pro Mnpls-u 6.8300
normal,Mont Belvieu-g 1.1015 LBMA Platinum Price PM *825.0
Wheat,No.2 soft red,St.Louis-bp,u 5.6150 Tracking Bond Benchmarks
Gas,HenryHub-i 2.790 Wheat - Hard - KC (USDA) $ per bu-u 5.9925
Platinum,Engelhard industrial 826.0 Wheat,No.1soft white,Portld,OR-u 5.9400 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-wee
Gas,TranscoZone3-i 2.770 Platinum,Engelhard fabricated 926.0
Gas,TranscoZone6NY-i 2.880 highs and lows for different types of bonds
Palladium,Engelhard industrial 926.0 Food
Gas,PanhandleEast-i 2.450 Palladium,Engelhard fabricated 1026.0 Total Total
Gas,Opal-i 2.560 Aluminum, LME, $ per metric ton *2036.0 Beef,carcass equiv. index return YTD total Yield (%) return YTD total Yield (%
Gas,MarcellusNE PA-i 2.480 Copper,Comex spot 2.7270 choice 1-3,600-900 lbs.-u 179.73 close return (%) Index Latest Low High close return (%) Index Latest Low
Gas,HaynesvilleN.LA-i 2.730 Iron Ore, 62% Fe CFR China-s n.a. select 1-3,600-900 lbs.-u 172.16
1.0437 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Aplc.,12500Btu,1.2SO2-r,w 70.550 Shredded Scrap, US Midwest-s,m n.a. Broilers, National comp wghtd-u,w
drRvrBsn,8800Btu,0.8SO2-r,w 13.120 Steel, HRC USA, FOB Midwest Mill-s n.a. Butter,AA Chicago 2.3200 1966.53 -1.1 Mortgage-Backed 3.510 2.660
Cheddar cheese,bbl,Chicago 145.75 1911.55 -1.7 U.S. Aggregate 3.380 2.380 3.430
Metals Cheddar cheese,blk,Chicago 157.25 U.S. Corporate Indexes Bloomberg Barclays 1936.46 -0.9 Ginnie Mae (GNMA) 3.450 2.630
Fibers and Textiles Milk,Nonfat dry,Chicago lb. 83.25
per troy oz Cocoa,Ivory Coast-w n.a. 2725.80 -2.6 U.S. Corporate 4.000 3.030 4.070 1152.67 -1.2 Fannie mae (FNMA) 3.530 2.670
Burlap,10-oz,40-inch NY yd-n,w 0.5825
ard industrial 1219.72 Coffee,Brazilian,Comp 1.0914
ard fabricated 1311.20
Cotton,1 1/16 std lw-mdMphs-u 0.8794
Coffee,Colombian, NY 1.3270 2589.74 -1.2 Intermediate 3.710 2.530 3.760 1774.14 -1.3 Freddie Mac (FHLMC) 3.550 2.680
Cotlook 'A' Index-t *99.50
& Harman base 1215.45 Eggs,large white,Chicago-u 0.9700 522.04 -0.05 Muni Master 2.476 1.736
Hides,hvy native steers piece fob-u 54.500 3713.84 -5.7 Long term 4.640 3.990 4.750
& Harman fabricated 1349.15 Flour,hard winter KC 16.65
Wool,64s,staple,Terr del-u,w n.a.
Gold Price AM *1222.75 Hams,17-20 lbs,Mid-US fob-u 0.61 557.99 -1.8 Double-A-rated 3.450 2.470 3.500 363.71 -0.5 7-12 year 2.548 1.744
Gold Price PM *1219.00 Hogs,Iowa-So. Minnesota-u 65.28
and,wholesale-e 1260.12
Grains and Feeds Pork bellies,12-14 lb MidUS-u n.a. 704.06 -2.5 Triple-B-rated 4.290 3.340 4.370 410.03 -0.5 12-22 year 2.876 2.213
eaf-e 1272.23 Barley,top-quality Mnpls-u n.a. Pork loins,13-19 lb MidUS-u 0.9912 High Yield Bonds Merrill Lynch 397.52 -0.7 22-plus year 3.292 2.716
an Eagle-e 1272.23 Bran,wheat middlings, KC-u,w 72 Steers,Tex.-Okla. Choice-u n.a.
n peso-e 1468.89 Corn,No. 2 yellow,Cent IL-bp,u 3.3300 Steers,feeder,Okla. City-u,w 162.88 422.93 1.3 High Yield Constrained 6.332 5.373 6.619 Global Government J.P. Morgan†
crown-e 1190.66 Corn gluten feed,Midwest-u,w 106.8
phil-e 1272.23 Corn gluten meal,Midwest-u,w 441.3
Fats and Oils 439.78 4.7 Triple-C-rated 9.803 9.597 11.091 539.55 -0.8 Global Government 1.690 1.300
troy oz. Cottonseed meal-u,w 255 Corn oil,crude wet/dry mill-u,w 28.0000 2899.38 1.3 High Yield 100 5.878 4.977 6.319 752.40 -0.3 Canada 2.330 1.930
ard industrial 15.4100
Hominy feed,Cent IL-u,w 98 Grease,choice white,Chicago-h 0.2650
Meat-bonemeal,50% pro Mnpls-u,w 263 Lard,Chicago-u n.a. 380.20 0.3 Global High Yield Constrained 6.024 4.934 6.298 369.66 -0.2 EMU§ 1.283 0.956
ard fabricated 18.4920
& Harman base 15.4000
Oats,No.2 milling,Mnpls-u 2.8475 Soybean oil,crude;Centl IL-u 0.2700
Rice, Long Grain Milled, No. 2 AR-u,w 25.75 Tallow,bleach;Chicago-h 0.2800 305.99 -0.1 Europe High Yield Constrained 3.282 1.897 3.611 715.44 0.7 France 0.860 0.690
& Harman fabricated 19.2500
pot price *£11.7900
Sorghum,(Milo) No.2 Gulf-u 6.9550 Tallow,edible,Chicago-u 0.3200 U.S Agency Bloomberg Barclays 511.42 0.8 Germany 0.480 0.340
1625.66 -0.7 U.S Agency 2.920 1.690 2.930 288.00 -0.2 Japan 0.450 0.340
ODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
hly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 8/1 1459.31 -0.2 10-20 years 2.810 1.510 2.830 565.41 0.9 Netherlands 0.570 0.450
Source: Dow Jones Market Data 3263.33 -3.6 20-plus years 3.450 2.730 3.550 926.71 -0.4 U.K. 1.630 1.340
2420.20 -1.8 Yankee 3.740 2.610 3.760 777.49 -3.8 Emerging Markets ** 6.580 5.279
hange-Traded Portfolios | WSJ.com/ETFresearch *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zon
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Thursday, August 2, 2018 Closing Chg YTD SchwabUS SC SCHA 75.43 0.84 8.2
Global Government Bonds: Mapping Yields
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 253.10 –0.00 2.3
Closing Chg YTD
SPDR S&PMdCpTr MDY 362.93 0.84 5.1
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds i
Symbol Price (%) (%) iShMSCI EAFE SC SCZ 62.96 –0.52 –2.4
iShMSCIEmgMarkets EEM 43.87 –1.33 –6.9
SPDR S&P 500 SPY 282.39 0.54 5.8 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
MLPETF AMLP 11.16 2.29 3.4
SPDR S&P Div SDY 96.15 0.51 1.8
scSelSector XLY 111.48 0.69 13.0 iShMSCIEurozone EZU 41.92 –0.93 –3.4 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis poi
TechSelectSector XLK 72.46 1.26 13.3
eSelSector XLP 53.66 1.02 –5.7 iShMSCIJapan EWJ 58.58 –0.56 –2.3 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Y
UtilitiesSelSector XLU 52.71 0.50 0.1
iShNasdaqBiotech IBB 118.05 0.75 10.6
SectorSPDR XLE 75.63 –0.55 4.7
VanEckGoldMiner GDX 20.94 –0.81 –9.9 2.625 U.S. 2 2.657 t l 2.682 2.557 1.363
ctorSPDR XLF 27.96 0.04 0.2 iShNatlMuniBd MUB 108.68 0.10 –1.9
ernet FDN 138.36 1.43 25.9 iShRussell1000Gwth IWF 149.59 1.05 11.1
VangdInfoTech VGT 191.02 1.44 16.0 2.875 10 2.986 t l 3.006 2.869 2.271
VangdSC Val VBR 139.51 0.61 5.1
areSelSect XLV 89.28 0.37 8.0 iShRussell1000 IWB 157.24 0.56 5.8
VangdSC Grwth VBK 180.26 1.16 12.1
1.750 Australia 2 2.104 s l 2.094 1.966 1.809 -55.3 -58.8
ctorSPDR XLI 75.78 –0.13 0.1 iShRussell1000Val IWD 124.82 0.10 0.4
QI QQQ 179.53 1.36 15.3 iShRussell2000Gwth IWO 209.68 0.93 12.3
VangdDivApp VIG 105.88 0.26 3.8 2.250 10 2.741 s l 2.700 2.607 2.710 -24.6 -30.6
VangdFTSEDevMk VEA 43.40 –0.75 –3.3
iShRussell2000 166.97 0.73 9.5
P500EW RSP 104.79 0.40 3.7 IWM
VangdFTSE EM VWO 43.05 –1.15 –6.2 0.000 France 2 -0.381 t l -0.359 -0.573 -0.500 -303.8 -304.1 -1
oan BKLN 23.02 –0.04 –0.1 iShRussell2000Val IWN 134.05 0.42 6.6
TreasuryBd IEI 119.26 0.13 –2.4 iShRussell3000 IWV 167.83 0.58 6.1 VangdFTSE Europe VGK 57.14 –0.87 –3.4 0.750 10 0.782 t l 0.788 0.659 0.747 -220.4 -221.8 -1
iShRussellMid-Cap IWR 217.06 0.71 4.3 VangdFinls VFH 70.73 0.10 1.0
MSCIEAFE IEFA 64.21 –0.79 –2.8
VangdFTSEAWxUS VEU 52.64 –0.88 –3.8 0.000 Germany 2 -0.569 t l -0.554 -0.682 -0.689 -322.7 -323.6 -2
MSCIEmgMk IEMG 53.06 –1.28 –6.7 iShRussellMCValue IWS 90.07 0.36 1.0
MSCITotInt IXUS 60.78 –0.88 –3.6 iShS&PMC400Growth IJK 229.89 1.10 6.5 VangdGrowth VUG 155.34 0.88 10.4 0.250 10 0.462 t l 0.480 0.304 0.487 -252.5 -252.6 -1
S&P500 IVV 284.23 0.48 5.7 iShS&P500Growth IVW 170.11 0.81 11.4 VangdHiDiv VYM 86.01 0.13 0.4
iShS&P500Value 113.97 0.08 –0.2 VangdIntermBd BIV 80.56 0.07 –3.9 0.350 Italy 2 0.960 s l 0.765 0.669 -0.034 -169.8 -191.7 -1
S&P MC IJH 199.17 0.81 4.9 IVE
VangdIntrCorpBd VCIT 83.62 0.08 –4.3 2.000 10 2.917 s l 2.793 2.650 2.011 -21.3 -
S&P SC IJR 86.89 0.88 13.1 iShUSPfdStk PFF 37.37 0.05 –1.8 -6.9
otlUSStkMkt ITOT 64.93 0.59 6.2 iShShortCpBd IGSB 103.53 0.03 –1.0 VangdLC VV 129.82 0.53 5.9
USAggBd AGG 105.74 0.04 –3.3 iShShortTreaBd SHV 110.29 0.02 0.0 VangdMC VO 161.81 0.66 4.5 0.100 Japan 2 -0.101 t l -0.087 -0.128 -0.116 -275.9 -276.9 -1
111.16 0.05 –2.6 VangdMC Val VOE 113.30 0.34 1.6 0.100 10 0.119 t l 0.131 0.027 0.075 -287.5 -2
tDividend DVY 99.41 0.36 0.9 iShTIPSBondETF TIP -286.8
MSCIMinEAFE EFAV 72.49 –0.26 –0.7 iSh1-3YTreasuryBd SHY 83.11 0.06 –0.9 VangdRealEst VNQ 82.19 –0.40 –1.0
MSCIMinUSA USMV 54.98 0.38 4.2 iSh7-10YTreasuryBd IEF 101.46 0.12 –3.9 VangdS&P500 VOO 259.39 0.51 5.7 1.150 Spain 2 -0.272 s l -0.303 -0.245 -0.357 -292.9 -298.5 -1
VangdST Bond BSV 78.06 0.06 –1.3
MSCIUSAMom MTUM 113.02 1.04 9.6 iSh20+YTreasuryBd TLT 118.63 0.14 –6.5 1.400 10 1.454 s l 1.452 1.290 1.444 -153.2 -155.4 -
ngRateBd FLOT 50.93 ... 0.2 iShRussellMCGrowth IWP 130.60 1.25 8.3 VangdSTCpBd VCSH 78.03 0.01 –1.6
Tr IAU 11.59 –0.60 –7.4 PIMCOEnhShMaturity MINT 101.42 0.01 –0.1 VangdSC VB 159.91 0.85 8.2 2.000 U.K. 2 0.790 s l 0.789 0.705 0.290 -186.8 -189.3 -1
$InvGrCpBd LQD 115.15 0.12 –5.3 SPDR BlmBarcHYBd JNK 35.82 0.03 –2.5 VangdTotalBd BND 78.79 0.05 –3.4
4.250 10 1.379 t l 1.381 1.257 1.238 -160.8 -162.5 -1
$HYCpBd HYG 85.88 0.06 –1.6 SPDR Gold GLD 114.52 –0.54 –7.4 VangdTotIntlBd BNDX 54.48 –0.13 0.2
USDEmgBd EMB 108.07 –0.08 –6.9 SchwabIntEquity SCHF 33.52 –0.80 –1.6 VangdTotIntlStk VXUS 54.81 –0.76 –3.5 Source: Tullet
145.78 0.59 6.2
ETF
ACWI
MBB
ACWI
103.57
73.10
0.12
–0.05
–2.8
1.4
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD
68.52
51.34
0.56
0.47
6.2
0.3
VangdTotalStk
VangdTotlWrld
VTI
VT 75.22 0.01 1.3 Corporate Debt
EAFE EFA 68.08 –0.66 –3.2 SchwabUS LC SCHX 67.60 0.52 6.0 VangdValue VTV 108.38 0.22 1.9 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, mov
that same company’s share price.
rowing Benchmarks | WSJ.com/bonds Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Perform
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($)
ney Rates August 2, 2018 Alleghany Y 5.625 Sept. 15, ’20 65 –24 n.a. 629.66
Energy Transfer Partners ETP 6.000 June 15, ’48 241 –20 256 24.18
nnual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Xilinx XLNX 2.950 June 1, ’24 90 –19 103 71.72
to general levels but don’t always represent actual transactions. Viacom VIA 5.875 Feb. 28, ’57 327 –15 379 33.50
Simon Property SPG 3.300 Jan. 15, ’26 78 –11 n.a. 176.26
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low AerCap Ireland Capital Dac* AER 5.000 Oct. 1, ’21 110 –10 125 …
June index Chg From (%) Capital One Financial COF 4.750 July 15, ’21 68 –10 n.a. 95.77
Bid 1.8800 1.8800 1.9200 1.0600 Three month -0.359 -0.356 -0.349 -0.389
level May '18 June '17 Banque Federative du Credit Mutuel S.A. BFCM 2.750 Oct. 15, ’20 66 –8 n.a. ...
Offer 1.9100 1.9100 2.1500 1.0700 Six month -0.317 -0.321 -0.298 -0.339
onsumer price index
Treasury bill auction One year -0.231 -0.235 -0.189 -0.263 …And spreads that widened the most
s 251.989 0.16 2.9
4 weeks 1.910 1.880 1.910 0.940 UniCredit SpA UCGIM 5.861 June 19, ’32 450 10 439 ...
257.697 0.09 2.3 Euro interbank offered rate (Euribor)
13 weeks 2.000 1.970 2.000 1.000 Deutsche Bank AG DB 4.875 Dec. 1, ’32 365 9 380 12.54
International rates 26 weeks 2.160 2.140 2.160 1.115 One month -0.369 -0.369 -0.366 -0.374 Mitsui Sumitomo Insurance MSINS 7.000 March 15, ’72 122 8 n.a. ...
Three month -0.319 -0.320 -0.319 -0.331 Toronto–Dominion Bank TD 3.500 July 19, ’23 67 8 72 59.25
Week 52-Week Secondary market
Latest High Low Six month -0.269 -0.269 -0.267 -0.279 Apple AAPL 1.550 Aug. 4, ’21 22 7 22 207.39
ago Fannie Mae One year -0.176 -0.179 -0.151 -0.194 Australia And New Zealand Banking ANZ 2.300 June 1, ’21 64 6 65 ...
rates 30-year mortgage yields
Value 52-Week
Morgan Stanley MS 6.375 July 24, ’42 152 6 n.a. 49.81
5.00 5.00 5.00 4.25 30 days 4.242 4.235 4.344 3.253 Stryker SYK 3.375 Nov. 1, ’25 91 6 94 166.45
Latest Traded High Low
3.70 3.70 3.70 2.95 60 days 4.267 4.260 4.371 3.281
1.475 1.475 1.475 1.475
Other short-term rates
DTCC GCF Repo Index High-yield issues with the biggest price increases…
Treasury 1.967 21.420 2.233 1.022 Bond Price as % of face value Stock Perform
Rates Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($)
Week 52-Week MBS 2.013 79.320 2.321 1.038
ne 0.00 0.00 0.00 0.00 Latest ago high low
land 0.50 0.50 0.50 0.50 Open Implied
Energy Transfer Equity ETE 5.875 Jan. 15, ’24 106.750 2.38 104.000 18.95
0.75 0.50 0.75 0.25 Settle Change Interest Rate West WSTC 8.500 Oct. 15, ’25 90.000 2.25 88.250 ...
Call money
a 1.50 1.50 1.50 1.50 Frontier Communications FTR 11.000 Sept. 15, ’25 81.313 2.16 82.254 5.49
3.75 3.75 3.75 3.00 DTCC GCF Repo Index Futures CNO Financial CNO 5.250 May 30, ’25 100.000 2.00 98.072 22.26
ight repurchase Treasury Aug 98.000 -0.005 1404 2.000
Commercial paper (AA financial) Tesla TSLA 5.300 Aug. 15, ’25 90.500 2.00 89.750 349.54
1.92 1.98 2.18 1.01 Treasury Sep 97.950 0.010 1897 2.050
90 days 2.24 2.20 2.31 1.14
Alliance One International AOI 9.875 July 15, ’21 93.375 1.88 91.500 16.80
U.S. government rates Treasury Oct 97.760 -0.005 88 2.240 Halcon Resources HKUS 6.750 Feb. 15, ’25 93.625 1.38 92.625 ...
Libor
Weekly survey Nabors Industries NBR 5.750 Feb. 1, ’25 96.563 1.31 94.375 6.62
unt One month 2.08019 2.07163 2.10288 1.22667
2.50 2.50 2.50 1.75 Three month 2.34050 2.33888 2.36906 1.30911 Latest Week ago Year ago …And with the biggest price decreases
al funds Six month 2.53050 2.52863 2.53363 1.44767 Chobani CHBANI 7.500 April 15, ’25 88.500 –4.00 n.a. ...
One year 2.82775 2.81663 2.83213 1.69511
Freddie Mac
e rate 1.9300 1.9300 1.9500 1.0700 30-year fixed 4.60 4.54 3.93 Diebold Nixdorf DBD 8.500 April 15, ’24 78.750 –2.50 94.750 6.70
2.1500 2.1500 2.1500 1.3125 Euro Libor 15-year fixed 4.08 4.02 3.18 Blackboard BBBB 9.750 Oct. 15, ’21 78.500 –1.50 79.750 ...
1.8700 1.8700 1.9100 0.9800 One month -0.404 -0.401 -0.394 -0.420 Five-year ARM 3.93 3.87 3.15 Altice Luxembourg S.A. ATCNA 7.750 May 15, ’22 99.000 –1.38 99.500 ...
Altice Financing S.A. ALTICE 7.500 May 15, ’26 96.250 –1.25 97.655 ...
n data: Altice France S.A. SFRFP 7.375 May 1, ’26 98.219 –1.03 98.875 ...
me rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective June 14, 2018. Other prime rates Frontier Communications FTR 7.875 Jan. 15, ’27 57.500 –1.00 57.250 5.49
rectly comparable; lending practices vary widely by location; Discount rate is effective June 14, 2018. DTCC GCF Repo Index is Depository Trust &
Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon Titan Acquisition HUSKYI 7.750 April 15, ’26 89.000 –1.00 91.250 ...
of 5:30 p.m. ET. Futures on the DTCC GCF Repo Index are traded on NYSE Liffe US.
*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-s
: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
Note: Data are for the most active issue of bonds with maturities of two years or more
rebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Mark
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. ContinentalRscs CLR 63.62 0.87 Ferrari RACE 126.18 8.18 s IDEX IEX 152.79 0.14 MagellanMid MMP 71.05 -0.92 PVH PVH 150.79 0.62 ShawComm B SJR 20.58 -0.26 USG USG 43.15 ...
Market listed securities. Prices are composite dd-Indicates loss in the most recent Cooper COO 260.36 1.33 FiatChrysler FCAU 17.24 0.64 IllinoisToolWks ITW 139.03 -0.14 MagnaIntl MGA 58.74 -0.18 Paccar PCAR 63.29 -0.68 SherwinWilliams SHW 438.37 0.12 UbiquitiNetworks UBNT 84.31 1.05
quotations that include primary market trades four quarters. Copart CPRT 57.80 0.23 FibriaCelulose FBR 19.68 0.20 s Illumina ILMN 332.50 9.27 Manpower MAN 91.85 -0.98 PackagingCpAm PKG 110.79 -1.11 ShinhanFin SHG 37.55 -0.79 UltaBeauty ULTA 234.81 -3.19
as well as trades reported by Nasdaq BX FD-First day of trading. Corning GLW 32.79 -0.11 FidNatlFin FNF 40.77 0.28 ImperialOil IMO 33.09 -0.55 ManulifeFin MFC 18.26 -0.25 PacWestBancorp PACW 50.92 0.32 Shire SHPG 172.69 -2.92 UltSoftware ULTI 285.42 5.08
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CoStar CSGP 426.47 7.88 FidNatlInfo FIS 103.27 0.32 Incyte INCY 64.45 -1.14 MarathonOil MRO 20.83 0.52 t PagSeguroDig PAGS 26.35 -0.09 Shopify SHOP 143.92 7.56 UltraparPart UGP 11.44 0.85
Cboe, NYSE National and Nasdaq ISE. standards Costco COST 221.12 3.99 FifthThirdBncp FITB 30.01 0.23 Infosys INFY 20.38 0.03 MarathonPetrol MPC 79.73 -1.03 PaloAltoNtwks PANW 208.86 8.68 SignatureBank SBNY 111.00 0.73 UnderArmour A UAA 19.61 0.52
The list comprises the 1,000 largest lf-Late filing
Coty COTY 13.50 0.14 58.com WUBA 65.74 -0.26 Ingersoll-Rand IR 96.62 -0.80 Markel MKL 1178.91-24.65 s ParkHotels PK 32.58 0.61 s SimonProperty SPG 176.26 -1.49 UnderArmour C UA 18.17 0.40
companies based on market capitalization. q-Temporary exemption from Nasdaq
requirements. Credicorp BAP 226.25 -2.33 FirstAmerFin FAF 56.67 0.41 Ingredion INGR 97.79 1.49 MarketAxess MKTX 190.81 -2.72 ParkerHannifin PH 171.57 5.91 SiriusXM SIRI 6.96 0.10 Unilever UN 57.35 0.33
Underlined quotations are those stocks with s CreditAcceptance CACC446.71 19.72 FirstData FDC 23.99 Marriott MAR 129.13 1.26 ParsleyEnergy PE 31.61 0.47 Skyworks SWKS 95.62 0.98
large changes in volume compared with the t-NYSE bankruptcy 0.71 Intel INTC 49.48 0.67 Unilever UL 56.69 0.13
issue’s average trading volume. v-Trading halted on primary market. CreditSuisse CS 15.90 -0.12 FirstRepBank FRC 101.95 1.90 InteractiveBrkrs IBKR 60.28 -0.22 Marsh&McLen MMC 82.82 -0.23 Paychex PAYX 69.31 0.64 SmithAO AOS 58.76 0.09 UnionPacific UNP 149.94 1.57
vj-In bankruptcy or receivership or CrownCastle CCI 111.25 -0.29 FirstEnergy FE 36.42 -0.04 ICE ICE 72.89 -0.78 MartinMarietta MLM 204.76 3.11 s PaycomSoftware PAYC 135.03 9.09 Smith&Nephew SNN 35.59 0.27 UnitedContinental UAL 80.85 0.83
Boldfaced quotations highlight those issues being reorganized under the CrownHoldings CCK 44.40 -0.11 Fiserv FISV 75.19 0.45 InterContinentl IHG 61.10 -1.00 MarvellTech MRVL 21.57 0.37 PayPal PYPL 85.53 2.07 Smucker SJM 112.32 2.92 UnitedMicro UMC 2.76 -0.01
whose price changed by 5% or more if their Bankruptcy Code, or securities Ctrip.com CTRP 41.07 -0.40 Masco MAS 39.39 -0.58
FleetCorTech FLT 221.57 3.34 IBM IBM 142.96 -0.54 Pearson PSO 11.66 -0.14 Snap SNAP 12.70 0.32 UPS B UPS 118.60 -0.76
previous closing price was $2 or higher. assumed by such companies.
Cullen/Frost CFR 114.28 1.69 Flex FLEX 13.91 -0.10 IntlFlavors IFF 132.17 -0.21 Mastercard MA 202.01 0.81 PembinaPipeline PBA 35.92 0.08 SnapOn SNA 167.25 0.07 UnitedRentals URI 147.13 0.27
Cummins CMI 139.79 0.07 FlirSystems FLIR 58.77 -0.84 IntlPaper IP 52.03 -0.40 MatchGroup MTCH 38.05 1.08 Pentair PNR 43.34 0.14 SOQUIMICH SQM 48.18 0.68 US Bancorp USB 52.55 -0.06
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CypressSemi CY 17.80 0.17 Fluor FLR 51.70 0.61 Interpublic IPG 22.08 0.10 MaximIntProducts MXIM 62.22 1.50 People'sUtdFin PBCT 18.60 0.15 Sony SNE 55.28 0.28
changes in the closing prices from 4 p.m. the previous day. US Steel X 32.13 -3.68
CyrusOne CONE 63.34 0.63 FomentoEconMex FMX 97.32 -0.18 Intuit INTU 205.73 1.47 McCormickVtg MKC.V119.59 2.00 PepsiCo PEP 114.69 1.08 Southern SO 48.47 0.39 UnitedTech UTX 134.12 -0.78
FordMotor F 9.92 0.02 IntuitiveSurgical ISRG 521.90 5.61 McCormick MKC 119.63 2.17 s PerkinElmer PKI 86.55 6.65 SoCopper SCCO 46.88 -0.90 UnitedHealth UNH 256.08 2.71
Thursday, August 2, 2018 Net Net D E F ForestCIty A FCE.A 25.00 0.01 InvitatHomes INVH 23.22 0.06 McDonalds MCD 155.41 -1.51 Perrigo PRGO 78.27 -1.01 SouthwestAir LUV 56.69 0.17 UniversalHealthB UHS 122.61 1.19
Net Stock Sym Close Chg Stock Sym Close Chg
s DCP Midstream DCP 44.90 1.30 s Fortinet FTNT 73.76 9.16 iQIYI IQ 30.42 -1.67 McKesson MCK 123.99 -0.80 PetroChina PTR 73.00 -1.16 SpectraEnerPtrs SEP 36.95 0.23 t UnumGroup UNM 35.88 -3.02
Stock Sym Close Chg AquaAmerica WTR 36.70 0.42 s CF Industries CF 49.50 5.37 Fortis FTS 32.85 0.07 IronMountain IRM 35.58 0.28 Medtronic MDT 89.89 -0.35 PetroleoBrasil PBR 11.92 0.20 SpiritAeroSys SPR 86.37 -2.06
s DCT Industrial DCT 67.08 -0.25 VEREIT VER 7.71 0.06
Aramark ARMK 38.88 -1.17 CGI Group GIB 63.69 1.20 Fortive FTV 80.93 -0.01 s IsraelChemicals ICL MelcoResorts MLCO 23.97 -1.10 PetroleoBrasilA PBR.A 10.87 0.29 Splunk SPLK 102.93 3.82
A B C ArcelorMittal MT 31.80 -0.82 CH Robinson CHRW 95.43 0.05
DISH Network DISH 29.86 -0.63
FortBrandsHome FBHS 57.50 0.54 ItauUnibanco ITUB 12.14 0.04
5.31 0.24
MercadoLibre MELI 339.27 -6.87 Pfizer PFE 39.65 -0.28 Spotify SPOT 179.71 -0.41
VF VFC 92.10 0.80
DTE Energy DTE 108.70 0.86 VICI Prop VICI 19.65 -0.35
ABB ABB 22.57 -0.25 ArchCapital ACGL 30.04 -0.02 CIT Group CIT 53.47 0.05 Franco-Nevada FNV 72.55 -0.61 Merck MRK 65.22 -0.27 PhilipMorris PM 86.00 0.46 Sprint S 5.66 0.28 Visa V 138.92 0.67
DXC Tech DXC 86.10 0.21
ADT ADT 8.62 -0.33 ArcherDaniels ADM 49.34 1.23 CME Group CME 161.04 -0.39 Danaher DHR 101.45 -0.55 FranklinRscs BEN 31.81 -0.64 J K L MetLife MET 46.19 0.57 Phillips66 PSX 122.05 -0.96 Square SQ 72.65 5.79 VailResorts MTN 282.69 4.00
AES AES 13.55 0.21 Arconic ARNC 21.07 -0.28 CMS Energy CMS 47.83 0.33 FreeportMcM FCX 15.43 -0.15 MettlerToledo MTD 588.82 1.30 Pinduoduo PDD 19.66 -0.65 StanleyBlackDck SWK 143.83 -0.88 Vale VALE 14.04 -0.02
Darden DRI 108.77 2.24 JD.com JD 36.29 0.01
Aflac AFL 46.36 -0.37 AristaNetworks ANET 271.85 9.25 CNA Fin CNA 45.76 -1.80 FreseniusMed FMS 49.71 0.22 MichaelKors KORS 64.66 -1.10 PinnacleFoods PF 66.34 0.14 Starbucks SBUX 51.68 -0.25 ValeroEnergy VLO 115.33
DaVita DVA 74.10 3.76 JPMorganChase JPM 116.15 0.49 -1.45
AGNC Invt AGNC 19.16 0.23 ArrowElec ARW 77.58 1.92 CNH Indl CNHI 11.74 0.06 MicroFocus MFGP 15.83 0.36 PinnacleWest PNW 80.05 0.47 StarsGroup TSG 32.80 -0.55 VarianMed VAR 114.82 0.35
Deere DE 142.09 0.18
ANGI Homesvcs ANGI 15.82 0.52 AspenTech AZPN 99.26 2.15 CNOOC CEO 162.44 -1.70 DellTechs DVMT 93.04 0.32
G H I JackHenry JKHY 138.18 2.13
MicrochipTech MCHP 94.61 1.02 PioneerNatRscs PXD 188.58 0.92 s StarwoodProp STWD 22.86 -0.04 Vectren VVC 71.28 -0.04
AstraZeneca AZN 38.74 -0.01 JacobsEngg JEC 66.92 0.02
Ansys ANSS 173.15 2.80 CPFLEnergia CPL 11.57 ... DeltaAir DAL 53.91 0.32 MicronTech MU 53.40 1.11 PlainsAllAmPipe PAA 25.39 0.35 StateStreet STT 86.83 -0.44 Vedanta VEDL 12.49 -0.27
GGP GGP 21.39 0.22 JamesHardie JHX 16.67 0.42
ASML ASML 215.82 1.91 AthenaHealth ATHN 150.07 0.13 CRH CRH 32.92 -0.31 Microsoft MSFT 107.57 1.29 PlainsGP PAGP 24.73 0.14 SteelDynamics STLD 44.62 -1.20
DentsplySirona XRAY 47.24 0.07 Gallagher AJG 71.15 -0.19 JanusHenderson JHG 29.25 -0.73 VeevaSystems VEEV 80.50 2.00
AT&T T 31.85 -0.05 Athene ATH 45.77 -0.44 CSX CSX 71.09 0.47 MidAmApt MAA 99.91 -1.21 PolarisIndustries PII 107.16 1.18 Stericycle SRCL 70.97 0.35
DeutscheBank DB 12.54 -0.41 Gaming&Leisure GLPI 35.25 -0.18 JazzPharma JAZZ 174.65 2.48 Ventas VTR 56.49 -0.32
AbbottLabs ABT 64.58 -0.20 Atlassian TEAM 74.92 1.63 CVS Health CVS 63.78 -0.31 Middleby MIDD 102.85 1.58 Pool POOL 158.78 1.54 s Steris STE 116.40 1.39
DevonEnergy DVN 43.94 0.47 Gap GPS 30.07 0.86 JefferiesFin JEF 23.68 -0.19 VeriSign VRSN 150.98 2.92
AtmosEnergy ATO 91.59 0.60 CabotOil COG 23.08 -0.21 MitsubishiUFJ MUFG 6.33 0.05 Praxair PX 163.92 -1.56 STMicroelec STM 22.09 0.36
AbbVie ABBV 95.12 1.21 s DexCom DXCM 124.69 29.25 Garmin GRMN 64.53 0.03 J&J JNJ 131.25 -1.39 s VeriskAnalytics VRSK 114.67 -0.14
Abiomed ABMD 372.20 9.01 Autodesk ADSK 131.16 3.98 CadenceDesign CDNS 44.70 0.71 MizuhoFin MFG 3.56 0.02 PrincipalFin PFG 55.65 -0.61 Stryker SYK 166.45 1.45
Diageo DEO 146.63 -0.31 Gartner IT 134.81 3.92 JohnsonControls JCI 37.81 0.13 Verizon VZ 51.98 0.25
Accenture ACN 160.15 0.44 Autohome ATHM 95.10 0.16 CaesarsEnt CZR 9.70 0.07 MobileTeleSys MBT 8.43 -0.30 Procter&Gamble PG 82.00 1.35 SumitomoMits SMFG 8.18 0.03
DiamondbkEner FANG 134.49 1.61 GeneralDynamics GD 194.94 -1.07 JonesLang JLL 167.33 -2.88 VertxPharm VRTX 177.89 0.02
ActivisionBliz ATVI 74.06 0.98 Autoliv ALV 98.46 -0.49 CamdenProperty CPT 92.48 -0.81 MohawkInds MHK 186.42 -2.97 Progressive PGR 61.68 1.16 SunComms SUI 97.06 -0.60
DigitalRealty DLR 121.04 -0.49 GeneralElec GE 13.17 -0.07 JuniperNetworks JNPR 26.18 0.25 Viacom B VIAB 28.60 -0.10
AdobeSystems ADBE 252.22 4.21 ADP ADP 133.15 0.54 CampbellSoup CPB 41.71 0.28 s MolinaHealthcare MOH 128.35 6.41 Prologis PLD 65.85 -0.26 SunLifeFinancial SLF 40.43 -0.44
DiscoverFinSvcs DFS 71.85 0.34 GeneralMills GIS 45.74 0.66 KAR Auction KAR 59.03 -0.34 Viacom A VIA 33.50 0.30
AdvanceAuto AAP 143.26 3.51 AutoZone AZO 719.08 17.78 CanadaGoose GOOS 58.24 1.19 MolsonCoors B TAP 68.83 -0.50 PrudentialFin PRU 99.88 -0.63 SuncorEnergy SU 41.20 -0.58
DiscoveryA DISCA 26.56 0.34 GeneralMotors GM 36.62 -0.52 KB Fin KB 46.48 -1.26 Vipshop VIPS 9.41 -0.13
AdvMicroDevices AMD 18.79 0.31 Avalonbay AVB 178.50 0.29 CIBC CM 91.95 0.04 Momo MOMO 40.06 -0.98 t Prudential PUK 45.49 -1.38 SunTrustBanks STI 72.47 0.08
DiscoveryC DISCK 24.44 0.24 Gentex GNTX 23.08 0.40 KKR KKR 27.13 -0.26 VistraEnergy VST 22.56 -0.16
Aegon AEG 6.31 -0.22 Avangrid AGR 50.51 0.54 CanNtlRlwy CNI 88.86 0.31 Mondelez MDLZ 43.16 0.33 PublicServiceEnt PEG 51.20 0.66 Symantec SYMC 20.88 0.45
Disney DIS 112.75 -0.22 GenuineParts GPC 97.83 0.68 KLA Tencor KLAC 118.47 1.76 VMware VMW 148.07 3.49
s AerCap AER 57.27 0.37 AveryDennison AVY 112.37 -1.04 CanNaturalRes CNQ 35.69 -0.64 MonsterBev MNST 59.35 0.58 PublicStorage PSA 210.21 -7.27 SynchronyFin SYF 29.69 0.49
DocuSign DOCU 58.91 3.16 Gerdau GGB 4.41 0.09 KT KT 14.09 0.08 Vodafone VOD 24.00 -0.43
AxaltaCoating AXTA 30.17 -0.02 s CanPacRlwy CP 202.28 2.77 Moody's MCO 171.89 0.74 PulteGroup PHM 28.56 -0.21 Synopsys SNPS 90.66 0.91
Aetna AET 187.05 0.26 DolbyLab DLB 64.96 0.81 GileadSciences GILD 77.63 -0.27 KSCitySouthern KSU 115.51 0.49 VornadoRealty VNO 71.69 -0.54
BB&T BBT 51.32 0.21 Canon CAJ 32.11 0.05 MorganStanley MS 49.81 -0.37 Qiagen QGEN 37.96 0.34 Sysco SYY 68.04 0.97
AffiliatedMgrs AMG155.65 0.15 DollarGeneral DG 98.28 1.63 GSK GSK 40.59 -0.50 Kellogg VoyaFinancial VOYA 50.01 0.44
BCE BCE 41.65 -0.80 K 69.88 0.45 Mosaic MOS 30.09 0.56 Qorvo QRVO 84.41 2.23
AgilentTechs A 65.29 0.31 CapitalOne COF 95.77 0.58 DollarTree DLTR 90.66 0.77 s GlobalPayments GPN 119.18 7.28 KeurigDrPepper KDP 23.89 -0.31 VulcanMatls VMC 114.67 1.25
AgnicoEagle AEM 41.30 -0.06
BHPBilliton BHP 49.96 -1.26 CardinalHealth CAH 49.98 -0.06 DominionEner D 71.14 0.82 GoDaddy GDDY 76.55 1.55 KeyCorp MotorolaSol MSI 121.52 0.62 Qualcomm QCOM 64.77 0.42 T U V
BHPBilliton BBL 43.81 -1.17 KEY 21.33 0.24
AirProducts APD 159.99 -2.05
BOK Fin BOKF 98.92 0.43
Carlisle CSL 123.71 0.30 Domino's DPZ 276.75 6.41 Goldcorp GG 12.17 -0.16 KeysightTechs KEYS 59.69 0.95 Mylan MYL 36.52 -0.98 QuestDiag DGX 108.52 1.58
TAL Education TAL 32.98 0.04 W X Y Z
AkamaiTech AKAM 74.28 2.65 Carlyle CG 24.25 -0.45 Donaldson DCI 47.54 0.51 GoldmanSachs GS 233.99 -2.05 KilroyRealty KRC 73.01 -0.38 NICE NICE 111.20 0.84 QurateRetailA QRTEA 21.35 0.06
TD Ameritrade AMTD 56.58 -0.48
BP BP 43.77 -0.76 CarMax KMX 73.30 0.07 NRG Energy NRG 31.57 -0.33 WABCO WBC 123.30 -0.20
AlaskaAir ALK 61.60 0.52 DouglasEmmett DEI 39.24 -0.08 Graco GGG 46.30 0.29 KimberlyClark KMB 115.37 3.03 TE Connectivity TEL 92.51 -0.15
Albemarle ALB 92.02 1.01
BT Group BT 15.09 -0.07 Carnival CCL 58.85 0.23 Dover DOV 81.78 0.36 GrafTechIntl EAF 21.90 -0.47 KimcoRealty KIM 16.73 0.07 NVR NVR 2752.88 27.88 R S Telus TU 36.46 -0.21
WEC Energy WEC 65.67 0.13
BWX Tech BWXT 65.67 0.19 Carnival CUK 58.48 0.15 NXP Semi NXPI 95.60 0.20 WEX WEX 188.94 -1.86
Alcoa AA 42.48 0.44 DowDuPont DWDP 66.44 -1.52 Grainger GWW 341.01 -0.96 KinderMorgan KMI 17.68 0.15 RELX RENX 21.64 -0.04 Ternium TX 35.35 -0.79
Baidu BIDU 230.46 2.39 Carvana CVNA 43.42 -0.32 Nasdaq NDAQ 91.75 0.36 W.P.Carey WPC 65.59 -0.11
AlexandriaRlEst ARE 126.05 -2.12 Dropbox DBX 29.81 2.00 Grifols GRFS 21.35 0.12 Kohl's RELX RELX 21.76 -0.06 TIM Part TSU 16.61 -0.04
BakerHughes BHGE 33.94 -0.33 KSS 71.89 1.42 NationalGrid NGG 52.86 0.09 WPP WPP 76.60 -0.82
AlexionPharm ALXN 126.01 -6.98 Catalent CTLT 42.52 1.42 DukeEnergy DUK 80.45 -0.60 GrubHub GRUB 127.78 2.78 KoninklijkePhil PHG 43.73 -0.07 RPM RPM 63.98 0.14 TJX TJX 97.46 1.05
Ball BLL 40.53 1.20 Caterpillar CAT 138.01 -0.53 NatlOilwell NOV 47.38 -0.04 WPX Energy WPX 19.52 1.24
Alibaba BABA 182.60 -2.67 DukeRealty DRE 29.18 -0.13 t GpoAvalAcc AVAL 7.89 0.10 KoreaElcPwr KEP 14.00 -0.30 RalphLauren RL 130.50 1.65 T-MobileUS TMUS 62.18 2.82
AlignTech ALGN 367.92 14.22
BancoBilbaoViz BBVA 7.04 -0.15 CboeGlobalMkts CBOE 95.80 -0.56 NatlRetailProp NNN 44.99 0.45 s Wabtec WAB 112.05 1.43
BancodeChile BCH 92.86 -0.54 ENI E 37.77 -0.57 GrupoTelevisa TV 19.62 -0.28 KraftHeinz KHC 59.40 0.12 RandgoldRscs GOLD 72.00 -0.65 TRowePrice TROW 117.44 0.17
Alkermes ALKS 44.64 1.16 Celanese A CE 115.19 -1.98 NektarTherap NKTR 54.30 1.59 WalgreensBoots WBA 66.98 0.54
BcoSantChile BSAC 32.51 -0.01 EOG Rscs EOG 125.93 0.36 Guidewire GWRE 88.70 1.14 Kroger KR 29.74 1.05 RaymondJames RJF 90.97 -0.54 TableauSftwr DATA 110.16 4.02
Alleghany Y 629.66 1.52 Celgene CELG 90.55 0.36 NetApp NTAP 80.56 2.01 Walmart WMT 88.76 0.52
BcoSantMex BSMX 8.16 -0.25 EPAM Systems EPAM128.11 -3.42 HCA Healthcare HCA 125.28 0.70 LATAMAirlines LTM 10.92 -0.12 Raytheon RTN 197.17 -0.18 TaiwanSemi TSM 41.55 -0.16
Allegion ALLE 81.20 0.32 Cemex CX 7.38 -0.05 Netease NTES 255.03 -3.69 WasteConnections WCN 78.22 0.10
BancoSantander SAN 5.42 -0.10 EQT EQT 49.49 0.29 HCP HCP 26.04 0.04 L Brands LB 32.09 0.76 RealtyIncome O 56.91 0.93 TakeTwoSoftware TTWO 113.24 1.00
Allergan CenovusEnergy CVE 10.05 0.04 Netflix NFLX 344.50 6.12 WasteMgt WM 90.11 0.24
AGN 184.28 0.29
BanColombia CIB 45.41 -1.12 t EQT Midstream EQM 50.30 1.31 HDFC Bank HDB 104.20 0.53 LG Display LPL 9.62 -0.04 RedHat RHT 141.47 0.11 TallgrassEnergy TGE 23.68 -0.27
AllianceData ADS 225.09 -0.46 Centene CNC 135.10 2.30 s Neurocrine NBIX115.69 2.14 Waters WAT 194.92 0.08
BankofAmerica BAC 31.28 0.03 E*TRADE ETFC 60.38 0.18 HD Supply HDS 43.13 0.16 LINE LN 43.94 0.07 RegencyCtrs REG 63.60 -0.03 Tapestry TPR 46.53 0.06
AlliantEnergy LNT 42.47 0.10 CenterPointEner CNP 28.11 0.18 NewOrientalEduc EDU 84.28 -2.35 Watsco WSO 168.79 -0.01
BankofMontreal BMO 79.25 0.01 EXACT Sci EXAS 51.63 -7.49 HP HPQ 23.21 0.20 LKQ LKQ 33.22 ...
RegenPharm REGN 397.00 25.97 TargaResources TRGP 51.92 0.33
AllisonTransm ALSN 46.84 0.07 CentraisElBras EBR 4.53 -0.05 NewResidInvt NRZ 18.02 0.09 Wayfair W 115.32 8.09
BankNY Mellon BK 52.63 -0.65 EastWestBncp EWBC 65.94 0.49 HSBC HSBC 46.61 -0.80 LPL Financial LPLA 66.70 -0.37 RegionsFin RF 19.07 0.24 Target TGT 80.76 1.81
Allstate ALL 97.54 2.89 CenturyLink CTL 18.73 0.16 NewellBrands NWL 26.52 0.34 Weibo WB 79.99 -1.98
BkNovaScotia BNS 59.15 -0.14 EastmanChem EMN 100.03 -1.85 HUYA HUYA 33.44 -1.06
L3 Tech LLL 211.46 -0.24 ReinsGrp RGA 141.92 -0.43 TataMotors TTM 19.00 -0.04
AllyFinancial ALLY 26.36 -0.28 Cerner CERN 62.97 1.05 NewmontMin NEM 36.23 -0.21 s WellCareHealth WCG 278.48 8.11
Barclays BCS 9.98 -0.26 Eaton ETN 81.17 -0.54 Halliburton HAL 41.91 -0.15
LabCpAm LH 176.49 1.63 RelianceSteel RS 89.87 -0.14 TechnipFMC FTI 31.66 -0.60
AlnylamPharm ALNY 95.22 0.73 CharlesRiverLabs CRL 126.89 2.12 NewsCorp A NWSA 15.01 -0.06 s WellsFargo WFC 58.29 0.64
t BarrickGold ABX 10.94 -0.01 EatonVance EV 51.97 -0.36 Hanesbrands HBI 18.28 0.32
LamResearch LRCX 187.10 0.81 RepublicSvcs RSG 73.10 0.40 TeckRscsB TECK 24.84 -0.05
Alphabet C GOOG 1226.15 6.14 CharterComms CHTR 294.20 -7.23 NewsCorp B NWS 15.20 -0.05 Welltower WELL 63.17 0.21
BauschHealth BHC 22.37 0.50 eBay EBAY 33.22 0.13 HarleyDavidson HOG 42.96 0.30
LamarAdv LAMR 72.18 -1.07 ResMed RMD 108.61 1.63 TelecomArgentina TEO 19.99 -0.11
Alphabet A GOOGL 1241.13 8.14 CheckPoint CHKP 113.11 1.14 NextEraEnergy NEE 169.45 1.55 s WestPharmSvcs WST 113.89 2.78
BaxterIntl BAX 72.24 -0.51 Ecolab ECL 146.34 1.64 Harris HRS 163.44 -0.49
LambWeston LW 70.53 1.02 RestaurantBrands QSR 63.64 -0.27 TelecomItalia TI 7.42 -0.16
Altaba AABA 72.09 -1.09 Chemours CC 43.97 -0.88 HartfordFinl HIG 52.76 0.18 NielsenHoldings NLSN 22.57 -0.88 RingCentral RNG 79.05 2.60 TelecomItalia A TI.A 6.50 -0.21 WestAllianceBcp WAL 57.54 0.07
BectonDicknsn BDX 245.10 -4.90 Ecopetrol EC 21.68 0.11 LasVegasSands LVS 68.44 -0.57
CheniereEnergy LNG 63.32 0.51 Nike NKE 78.65 1.11 t WesternDigital WDC 68.52 -0.71
AlticeUSA ATUS 16.56 -0.47 BeiGene BGNE 178.14 -3.60 EdisonInt EIX 66.21 0.13 Hasbro HAS 98.66 -0.16 RioTinto RIO 51.85 -1.94 s TeledyneTech TDY 226.78 7.90
CheniereEnerPtrs CQP 38.33 0.23 Lazard LAZ 52.78 -0.69 NiSource NI 26.29 0.39 WesternGasEquity WGP 36.38 0.27
Altria MO 58.83 0.75 Berkley WRB 75.78 -0.06 EdwardsLife EW 145.04 2.26 Heico HEI 76.68 0.33 s RobertHalf RHI 77.67 1.23 Teleflex TFX 249.02-21.79
CheniereEnHldgs CQH 30.57 0.23 Lear LEA 177.27 2.07 NobleEnergy NBL 35.83 0.69 WesternGasPtrs WES 52.75 2.15
AlumofChina ACH 10.49 -0.59 BerkHathwy A BRK.A 301160-40.00 ElectronicArts EA 128.65 1.17 Heico A HEI.A 64.95 -0.15 Rockwell ROK 180.33 -4.06 Ericsson ERIC 7.86 -0.06
Chevron CVX 123.76 -1.63 Leidos LDOS 69.20 0.58 Nokia NOK 5.37 -0.06 WesternUnion WU 20.59 0.44
Amazon.com AMZN 1834.33 37.16 BerkHathwy B BRK.B 198.06 0.21 EmersonElec EMR 71.28 -0.02 Helm&Payne HP 61.10 -0.66
Lennar B LEN.B 41.99 -0.76 RockwellCollins COL 137.38 -0.74 t TelefonicaBras VIV 11.03 -0.07
Ambev ABEV 5.09 -0.07 ChinaEastrnAir CEA 29.75 -0.95 Enbridge ENB 35.45 0.19 HenrySchein HSIC 78.81 0.20 NomuraHoldings NMR 4.71 0.04
RogersComm B RCI 51.23 0.17 Telefonica TEF 8.87 -0.13 WestlakeChem WLK 98.84 -8.72
BerryGlobal BERY 48.11 -0.46 Lennar A LEN 50.81 -0.93 Nordson NDSN 132.88 0.28
Amdocs DOX 63.85 -2.13 t ChinaLifeIns LFC 12.12 -0.29 Encana ECA 14.21 0.19 s Herbalife HLF 57.74 6.66 s Rollins ROL 56.59 0.55 TelekmIndonesia TLK 23.75 -0.62 WestpacBanking WBK 21.53 -0.02
BestBuy BBY 75.92 1.04 LennoxIntl LII 217.24 3.28
Amerco UHAL 380.73 7.25 ChinaMobile CHL 44.21 -0.16 s EncompassHealth EHC 77.68 2.09 Hershey HSY 97.54 1.01 Nordstrom JWN 50.75 0.49
RoperTech ROP 296.55 -1.87 Tenaris TS 34.16 -2.69 t WestRock WRK 55.41 -1.71
Bio-Techne TECH 166.23 1.58 LibertyBroadbandA LBRDA 77.31 -0.68
Ameren AEE 61.77 0.41 ChinaPetrol SNP 94.50 -0.88 EnelAmericas ENIA 8.49 -0.16 Hess HES 65.82 1.02 NorfolkSouthern NSC 169.31 1.38 s Weyerhaeuser WY 34.08 0.01
Bio-RadLab A BIO 311.72 -0.01 RossStores ROST 89.46 3.03 Teradyne TER 43.57 0.28
LibertyBroadbandC LBRDK 77.60 -0.60 NorthernTrust NTRS 109.08 -0.18 WheatonPrecMet WPM 20.94 0.12
AmericaMovil AMX 16.79 -0.17 Biogen BIIB 347.93 3.87 ChinaSoAirlines ZNH 33.98 -0.70 EnelChile ENIC 5.23 0.04 HewlettPackard HPE 15.55 0.10 RoyalBkCanada RY 77.95 -0.36 Tesla TSLA 349.54 48.70
LibertyGlobal A LBTYA 28.57 -0.40 NorthropGrum NOC 298.69 -2.21 Whirlpool WHR 132.21 1.26
AmericaMovil A AMOV 16.66 -0.19 BioMarinPharm BMRN 102.05 1.08 ChinaTelecom CHA 46.37 -0.41 Energen EGN 74.15 -0.49 Hexcel HXL 68.99 0.28 RoyalBkScotland RBS 6.63 -0.11 TevaPharm TEVA 21.61 -2.26
LibertyGlobal C LBTYK 27.38 -0.43 NorwegCruise NCLH 49.68 0.46 Williams WMB 30.98 0.91
AmerAirlines AAL 37.93 -0.21 BlackKnight BKI 53.05 0.70 ChinaUnicom CHU 12.21 -0.22 EnergyTransferEq ETE 18.95 0.52 Hill-Rom HRC 94.69 1.31 RoyalCaribbean RCL 114.35 4.36 TexasInstruments TXN 112.21 1.21
LibertyFormOne C FWONK 34.78 -0.29 Novartis NVS 84.07 0.38 s WilliamsPartners WPZ 46.23 1.48
AEP AEP 70.49 0.19 BlackRock BLK 475.31 -4.14 Chipotle CMG 460.38 17.75 s EnergyTransfer ETP 24.18 2.97 Hilton HLT 78.44 -0.10 RoyalDutchA RDS.A 66.14 -1.38 TexasPacLand TPL 803.39 12.39
Chubb CB 137.64 -0.81 LibertyFormOne A FWONA 33.02 -0.33 NovoNordisk NVO 49.72 0.09 WillisTowers WLTW 145.73-13.42
AmerExpress AXP 99.73 0.28 Blackstone BX 34.72 -0.06 Entergy ETR 82.76 0.94 HollyFrontier HFC 68.91 -4.90 RoyalDutchB RDS.B 68.51 -1.64 Textron TXT 67.56 0.06
ChunghwaTel CHT 34.10 -0.34 LibertyBraves A BATRA 25.53 0.11 Nucor NUE 64.54 -1.15 Wipro WIT 5.07 0.01
AmericanFin AFG 113.64 0.93 bluebirdbio BLUE 156.60 1.10 EnterpriseProd EPD 29.20 -0.21 Hologic HOLX 42.12 0.69 t Ryanair RYAAY 100.47 -1.65 ThermoFisherSci TMO 233.17 -0.74
s Church&Dwight CHD 56.79 1.64 LibertyBraves C BATRK 25.48 0.10 Nutanix NTNX 50.78 1.44 WooriBank WF 45.02 -1.28
AmHomes4Rent AMH 22.38 0.04 Boeing BA 349.73 -3.03 Equifax EFX 125.78 0.56 HomeDepot HD 195.66 -0.64 SAP SAP 115.57 -0.38 ThomsonReuters TRI 41.13 -0.22
AIG AIG 55.16 0.17 Cigna CI 188.90 5.97 LibertySirius C LSXMK 47.00 0.66 s Nutrien NTR 57.68 3.30 Workday WDAY 130.78 4.40
BookingHldgs BKNG 2033.07 9.94 Equinix EQIX 447.89 2.76 HondaMotor HMC 30.11 -0.49 S&P Global SPGI 197.28 -0.45 3M MMM 205.53 -1.52
LibertySirius B LSXMB 48.22 -0.77 NVIDIA NVDA 250.62 4.15 WW Ent WWE 78.80 1.20
AmerTowerREIT AMT 148.21 -1.96 BoozAllen BAH 47.45 0.29 CimarexEnergy XEC 96.13 -0.32 Equinor EQNR 26.11 -0.25 Honeywell HON 155.90 -0.99 SBA Comm SBAC 157.20 -4.37 Tiffany TIF 136.89 0.87
CincinnatiFin CINF 75.25 ...
LibertySirius A LSXMA 46.97 0.60 Worldpay WP 83.61 1.87
AmerWaterWorks AWK 87.54 0.98 EquityLife ELS 90.95 -0.23 HormelFoods HRL 36.53 0.60 SEI Investments SEIC 59.32 0.18 Torchmark TMK 86.38 -0.83
Ameriprise AMP 140.23 -2.65
BorgWarner BWA 44.64 0.47
Cintas CTAS 208.18 2.21 EquityResdntl EQR 65.97 0.06 DR Horton DHI 43.78 -0.06
LibertyProperty LPT 43.20 -0.10 O P Q SINOPEC SHI 61.32 -0.30 Toro TTC 59.26 -0.07 WyndhamDest WYND 46.42 0.22
BostonProps BXP 128.90 -0.94 s EliLilly LLY 99.47 0.77
AmerisourceBrgn ABC 78.98 -0.51 BostonSci BSX 33.38 -0.01 CiscoSystems CSCO 42.53 0.67 s ErieIndemnity A ERIE 126.90 0.10 HostHotels HST 21.94 0.43 OGE Energy OGE 36.12 0.22 SK Telecom SKM 24.95 0.28 TorontoDomBk TD 59.25 -0.12 WyndhamHtls WH 61.16 1.60
Citigroup C 71.84 -0.09
LincolnElectric LECO 92.58 0.60 WynnResorts WYNN 149.54-10.45
Ametek AME 76.76 -0.06 Braskem BAK 28.83 -0.12 EssexProp ESS 234.18 -6.71 HuanengPower HNP 28.64 -0.59 ONEOK OKE 68.50 0.38 SLGreenRealty SLG 103.17 -0.57 Total TOT 63.80 -0.77
LincolnNational LNC 65.70 -1.96 XL Group XL 56.33 -0.05
Amgen AMGN 196.38 0.54 BrightHorizons BFAM 108.28 0.59 CitizensFin CFG 40.29 0.37 EsteeLauder EL 136.74 2.31 Huazhu HTHT 34.76 -4.02 s OReillyAuto ORLY 308.87 6.17 SS&C Tech SSNC 54.35 0.39 TotalSystem TSS 93.23 1.33
s LivaNova LIVN 123.55 1.95 XPO Logistics XPO 100.42 0.50
Amphenol APH 93.84 0.46 Bristol-Myers BMY 59.27 -0.35 CitrixSystems CTXS 109.83 -0.14 EverestRe RE 219.97 0.10 Hubbell HUBB 118.09 -1.79 OccidentalPetrol OXY 82.24 -0.40 SVB Fin SIVB 320.81 7.27 ToyotaMotor TM 131.05 -0.58
Clorox CLX 142.44 8.28 LiveNationEnt LYV 49.48 0.36 XcelEnergy XEL 46.60 0.21
AnadarkoPetrol APC 69.67 0.10 BritishAmTob BTI 54.25 -0.55 Evergy EVRG 55.82 0.22 Humana HUM 321.70 3.56 OldDomFreight ODFL 147.84 3.59 Sabre SABR 24.65 0.25 TractorSupply TSCO 78.65 1.86
Coca-Cola KO 46.18 -0.21 LloydsBanking LYG 3.31 -0.05 Xerox XRX 25.68 0.19
AnalogDevices ADI 96.19 0.15 Broadcom AVGO 216.35 -0.45 EversourceEner ES 60.00 0.26 JBHunt JBHT 122.41 3.20 OldRepublic ORI 21.57 0.11 SageTherap SAGE 149.40 1.42 TransCanada TRP 45.29 0.42
Coca-Cola Euro CCE 40.22 -0.50 LockheedMartin LMT 322.02 -2.91 Xilinx XLNX 71.72 0.58
Andeavor ANDV 148.45 -1.37 BroadridgeFinl BR 114.51 1.95 Exelixis EXEL 22.40 1.88 HuntingtonBcshs HBAN 15.72 0.23 OmegaHealthcare OHI 29.80 -0.01 Salesforce.com CRM 141.14 3.46 TransDigm TDG 367.67 -1.01
Coca-Cola Femsa KOF 61.60 -0.62 Loews L 50.97 -0.62 Xylem XYL 75.03 0.11
AndeavorLog ANDX 45.66 1.37 BrookfieldMgt BAM 41.83 0.07 Exelon EXC 42.29 0.29 HuntingIngalls HII 240.76 11.27 Omnicom OMC 67.34 -0.13 Sanofi SNY 43.51 -0.35 TransUnion TRU 73.92 0.73
Cognex CGNX 51.83 0.61 LogitechIntl LOGI 45.25 1.60 YPF YPF 15.99 -0.07
AB InBev BUD 100.43 -0.73 BrookfieldInfr BIP 40.84 -0.12 Expedia EXPE 132.85 -0.88 Huntsman HUN 32.25 -0.40 ON Semi ON 22.28 0.02 SantanderCons SC 19.97 0.26 Travelers TRV 128.33 -0.63
CognizantTech CTSH 76.86 -5.23 Lowe's LOW 97.44 -0.52 Yandex YNDX 35.95 0.22
AnnalyCap NLY 10.59 0.09 Brown&Brown BRO 29.19 0.21 ExpeditorsIntl EXPD 76.67 0.50 HyattHotels H 79.33 -0.08 OpenText OTEX 37.76 0.39 SareptaTherap SRPT 124.19 3.92 Trimble TRMB 40.65 5.41
lululemon LULU 124.39 3.84 YumBrands YUM 80.63 1.16
AnteroMidstream AM 33.89 1.24 Brown-Forman B BF.B 53.16 0.22 ColgatePalm CL 67.24 1.16 ExpressScripts ESRX 77.98 3.54 IAC/InterActive IAC 152.47 5.31 Oracle ORCL 47.90 0.55 Sasol SSL 38.54 -0.58 TripAdvisor TRIP 51.18 -6.47
LyondellBasell LYB 108.47 -1.64 YumChina YUMC 35.30 -0.34
AnteroResources AR 18.96 -1.05 Brown-Forman A BF.A 53.63 -0.01 ColumbiaSportswr COLM 87.80 0.63 ExtraSpaceSt EXR 90.95 -1.68 ICICI Bank IBN 8.77 ... Orange ORAN 16.91 -0.16 Schlumberger SLB 65.94 -0.72 TurkcellIletism TKC 6.12 -0.32
Anthem ANTM 256.53 4.26 Comcast A CMCSA 34.64 -0.76 ZTO Express ZTO 19.64 -0.18
Aon AON 141.40 -0.92
BuckeyePtrs BPL 35.38 0.59
Comerica CMA 98.39 0.77
ExxonMobil XOM 79.91 -0.48 ICU Medical ICUI 295.80 2.90
IdexxLab IDXX 240.80 4.65
M N Orix IX
OwensCorning OC 60.85
78.72 -0.16 SchwabC
Seagate
SCHW 50.13 -0.75 21stCenturyFoxA FOXA 45.03 0.03
STX 53.42 0.35 21stCenturyFoxB FOX 44.66 0.13 ZayoGroup ZAYO 37.36 0.16
Bunge BG 66.36 0.36 F5Networks FFIV 172.26 1.66 -0.40
Apache APA 44.41 -0.53 BurlingtonStrs BURL 155.66 4.58 CommerceBcshrs CBSH 68.70 1.06 FMC FMC 86.54 -1.73 IHSMarkit INFO 53.35 -0.10 M&T Bank MTB 174.65 1.09 PG&E PCG 42.31 -0.20 SealedAir SEE 42.93 -0.69 Twitter TWTR 32.82 0.91 ZebraTech ZBRA 142.04 3.21
ApartmtInv AIV 42.80 0.03 CA CA 44.03 -0.05 CommScope COMM 31.60 -0.28 Facebook FB 176.37 4.72 ING Groep ING 14.87 -0.28 t MGM Resorts MGM 28.97 0.46 PNC Fin PNC 145.14 0.12 SeattleGenetics SGEN 71.69 2.07 TylerTech TYL 228.05 1.27 s Zendesk ZEN 63.01 1.97
ApolloGlbMgmt APO 34.11 -0.97 CBRE Group CBRE 49.32 -0.54 ConagraBrands CAG 36.86 0.50 FactSet FDS 202.17 1.82 t Invesco IVZ 24.96 -0.86 MPLX MPLX 37.35 0.83 POSCO PKX 71.13 -2.80 SemicondctrMfg SMI 5.94 -0.11 TysonFoods TSN 57.55 -0.05 Zillow C Z 57.11 0.43
s Apple AAPL207.39 5.89 CBS A CBS.A 53.00 -0.02 ConchoRscs CXO 142.00 -1.14 FairIsaac FICO 209.13 3.58 IPG Photonics IPGP170.28 4.72 MSCI MSCI170.29 7.29 PPG Ind PPG 109.32 -0.41 SempraEnergy SRE 116.03 1.13 UBS Group UBS 16.13 -0.25 Zillow A ZG 57.93 0.54
ApplMaterials AMAT 48.11 0.14 CBS B CBS 52.72 0.17 ConocoPhillips COP 71.56 -0.25 Fastenal FAST 56.42 0.75 IQVIA IQV 124.36 2.30 Macerich MAC 59.88 0.42 PPL PPL 28.62 0.08 ServiceCorp SCI 39.32 0.60 UDR UDR 38.70 0.13 ZimmerBiomet ZBH 124.40 -1.02
Aptargroup ATR 102.98 0.55 CDK Global CDK 62.20 0.55 ConEd ED 78.19 0.41 FederalRealty FRT 126.04 1.06 IcahnEnterprises IEP 78.52 1.52 Macy's M 38.73 0.79 PRA HealthSci PRAH 105.05 0.23 ServiceMaster SERV 58.47 0.81 UGI UGI 52.43 -0.47 ZionsBancorp ZION 53.53 0.72
Aptiv APTV 96.77 0.88 CDW CDW 87.24 3.35 ConstBrands A STZ 207.94 -0.52 FedEx FDX 241.12 0.02 Icon ICLR 143.74 4.74 MadisonSquGarden MSG 312.97 3.42 PTC PTC 93.20 0.68 ServiceNow NOW 182.84 4.90 US Foods USFD 33.14 0.23 s Zoetis ZTS 91.43 5.41
New Highs and Lows | WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
Kforce KFRC 41.90 1.6 OReillyAuto ORLY 310.11 2.0 US PhysTherapy USPH 116.65 10.3 AvenueTherap ATXI 3.06 -17.3 EmeraldExpo EEX 15.90 -14.0 JELD-WEN JELD 25.77 3.1 ReShapeLifesci RSLS 0.50 -51.3
in the latest session. % CHG-Daily percentage change from the previous trading session.
LHC Group LHCG 93.97 4.0 O2MicroIntl OIIM 2.08 4.7 Unisys UIS 15.20 3.8 BarrickGold ABX 10.85 -0.1 EmpireResorts NYNY 12.55 -4.9 JMU JMU 1.16 -2.9 RockyMtnChoc RMCF 10.20 -1.0
LadderCapital LADR 16.70 0.5 OasisMidstream OMP 20.56 1.7 UnitedInsurance UIHC 22.23 1.6 BasicEnergySvcs BAS 7.43 -8.6 EncoreCapital ECPG 35.25 0.8 JounceTherap JNCE 6.56 0.7 RubiusTherap RUBY 19.78 2.2
Thursday, August 2, 2018 LancasterColony LANC 147.59 1.9 Oppenheimer A OPY 32.25 1.3 UnivInsurance UVE 45.90 2.5 BassettFurniture BSET 23.45 -3.3 EnPro NPO 63.73 -6.6 JPMorganPfdT JPMpB 25.74 0.4 Ryanair RYAAY 98.27 -1.6
52-Wk % 52-Wk % 52-Wk % LawsonProducts LAWS 28.20 1.3 PCM PCMI 24.05 0.9 UnivLogistics ULH 34.45 1.2 BioblastPharma ORPN 1.06 -8.5 Epizyme EPZM 8.61 -23.8 JumeiIntl JMEI 1.83 1.6 SellasLifeSci SLS 1.02 -6.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Libbey LBY 11.54 2.9 ParkHotels PK 33.14 1.9 VandaPharm VNDA 22.10 5.1 BlueknightEner BKEP 2.70 -3.3 EverQuote EVER 13.81 -5.4 KinrossGold KGC 3.40 -4.2 Sina SINA 78.71 -0.4
EliLilly LLY 100.39 0.8 PaycomSoftware PAYC 135.85 7.2 Veracyte VCYT 11.57 6.1 BrightSphere BSIG 12.36 -9.5 EvofemBiosci EVFM 1.79 -8.3 LSI Inds LYTS 4.64 -2.2 SAExploration SAEX 1.00 -12.1
Church&Dwight CHD 57.57 3.0 Glaukos GKOS 46.50 3.4 Limoneira LMNR 28.45 0.9 PerkinElmer PKI 86.96 8.3 VeriskAnalytics VRSK 115.13 -0.1 Bsquare BSQR 2.17 -2.2 EvolvingSystems EVOL 2.45 -5.8 LeggMason LM 31.40 -1.9 SallyBeauty SBH 13.72 -14.0
Highs ColonyCapPfdB CLNYpB
ColumbiaProperty CXP
25.82
23.38
0.4
-0.4
GlobalPtnrs GLP
GlobalPayments GPN
19.80
121.00
1.0
6.5
LiquiditySvcs LQDT 8.00 1.4 PhibroAnimal PAHC 49.10 0.7 Verso VRS 22.78 4.3 CBAK Energy CBAK 0.65 -12.0 FangHoldings SFUN 2.94 -2.3 LevelBrands LEVB 3.16 -1.5 Seaboard SEB 3525.00 0.4
LivaNova LIVN 124.29 1.6 QTSRealtyPfdB QTSpB 107.99 0.7 ViperEnergyPtrs VNOM 35.99 3.7 CSS Industries CSS 13.56 -10.3 Ferroglobe GSM 7.41 -2.5 Lightbridge LTBR 0.85 0.6 SigmaLabsWt SGLBW 0.11 -25.4
ASGN ASGN 93.80 2.5 Conmed CNMD 83.49 5.4 Greenbrier GBX 60.15 3.0 LivePerson LPSN 25.20 -0.4 RLI RLI 76.10 ... Wabtec WAB 112.40 1.3 CTI BioPharma CTIC 2.16 -1.8 FlexPharma FLKS 0.73 -7.4 MAG Silver MAG 9.14 1.2 SinclairBroadcast SBGI 25.13 0.2
Acushnet GOLF 25.73 5.4 ConstellatnAlpha CNAC 10.00 0.1 Greenhill GHL 33.45 0.5 Luminex LMNX 34.96 0.3 Replimune REPL 16.98 6.1 WattsWater WTS 88.85 2.7 Cango CANG 10.25 -2.3 FortressBiotech FBIO 2.05 -4.4 MGM Resorts MGM 26.85 1.6 Sparton SPA 13.93 -2.6
AddusHomeCare ADUS 69.80 1.5 ContainerStore TCS 10.15 4.6 HL Acqns HCCHU 10.43 0.1 LunaInnov LUNA 4.32 4.8 RepublicSvcs RSG 73.31 0.6 WellCareHealth WCG 278.85 3.0 CapitalSrLiving CSU 7.29 -2.6 FortressBioPfdA FBIOP 14.00 -18.3 Manning&Napier MN 2.91 -1.7 SyndaxPharm SNDX 6.28 -5.2
AdtalemGlbEduc ATGE 55.70 -0.1 Cooper-Standard CPS 144.98 1.9 HMS Holdings HMSY 25.19 3.0 Luxfer LXFR 20.43 7.2 ResoluteForest RFP 12.75 18.6 WesBanco WSBC 50.30 1.3 CastlightHealth CSLT 3.10 -3.1 FrontYardRes RESI 9.30 -1.9 Medigus MDGS 3.08 -2.7 SyntheticBiolog SYN 0.12 -34.3
AerCap AER 57.28 0.7 CorEnergyInfr CORR 39.46 1.6 HabitRestaurants HABT 15.70 21.7 MagnoliaOilWt MGY.WS 3.58 4.5 RobertHalf RHI 77.78 1.6 WestPharmSvcs WST 114.79 2.5 CatabasisPharm CATB 0.62 -3.8 GAMCO Investors GBL 23.42 4.2 MidatechPharma MTP 0.59 -1.7 TESARO TSRO 33.25 1.6
AkceaTherap AKCA 35.98 10.4 CreditAcceptance CACC 449.89 4.6 HanoverIns THG 127.68 -1.0 MagnoliaOil MGY 13.20 3.0 RockyBrands RCKY 33.45 -1.7 WestlakeChemPtrs WLKP 27.70 1.7 CedarFairRec FUN 51.25 -0.7 GastarExplnPfdA GSTpA 3.11 -14.9 Netlist NLST 0.12 -2.6 TasekoMines TGB 0.80 -8.0
AmeriServFin ASRV 4.45 1.1 CrineticsPharm CRNX 27.25 3.5 Harmonic HLIT 5.33 10.5 Majesco MJCO 9.27 14.9 Rollins ROL 57.21 1.0 WhiteMtnIns WTM 937.01 0.7 CelldexTherap CLDX 0.43 0.1 GastarExplnPfdB GSTpB 3.08 -16.5 NewFrontier NFC 9.58 -0.2 Teekay TK 6.69 4.2
ApolloComRlEst ARI 19.17 0.4 Cytosorbents CTSO 13.00 4.9 HealthInsInnov HIIQ 44.40 16.0 ManTechIntl MANT 64.90 4.3 RossStores ROST 89.86 3.5 WilliamsPartners WPZ 46.81 3.3 CellectBiotech APOP 5.06 -7.0 GencorIndustries GENC 13.15 -5.9 Newmark NMRK 13.02 -3.5 TelefonicaBras VIV 10.93 -0.6
AppFolio APPF 78.19 1.2 DCP Midstream DCP 44.91 3.0 HeartlandFinUSA HTLF 60.50 0.5 Masimo MASI 109.47 8.2 SM Energy SM 28.63 5.7 CemtrexPfd CETXP 3.95 -5.7 GpoAvalAcc AVAL 7.69 1.3 NobilisHealth HLTH 0.85 -17.4 The9 NCTY 0.83 3.2
Zendesk ZEN 63.09 3.2
Apple AAPL 208.38 2.9 DCPMidstrmPfdB DCPpB 25.94 1.2 Herbalife HLF 58.13 13.0 Materion MTRN 63.95 0.5 SafetyInsurance SAFT 95.20 1.6 CentrusEnergy LEU 3.00 -6.5 GuangshenRail GSH 24.20 -2.7 ObalonTherap OBLN 1.46 -0.6 ThunderBridgeAcqn TBRG 9.60 0.1
Zoetis ZTS 91.80 6.3
ArbutusBiopharma ABUS 12.60 4.2 DCT Industrial DCT 67.56 -0.4 Hillenbrand HI 52.80 5.0 MedTransPfdA MTBCP 27.99 -0.9 SelectiveIns SIGI 62.95 5.3 ChinaCommCredit GLG 0.51 -1.2 HLAcquisitions HCCH 9.51 -1.5 Oragenics OGEN 0.48 -9.4 TitanMedical TMDI 2.68 -1.0
ARCC 17.32 0.2
AresCapital
ArrowFinancial AROW 39.95 1.8
DexCom
ElPasoElectric EE
DXCM 125.65
63.00
30.6
-0.5
HomeTrustBcshs HTBI
HubGroup HUBG
29.85
56.60
0.3
8.7
MolinaHealthcare MOH
Monro MNRO
128.93 5.3
70.03 3.3
SeritageGrowth SRG
SimonProperty SPG
50.36
178.39
0.7
-0.8
Lows ChinaLifeIns
CitigroupPfdL CpL
LFC 11.98 -2.3
25.48 0.2
HeclaMining HL
Helios&Matheson HMNY
2.95 -3.2
0.10 -56.1
OriginBancorp OBNK
OsiskoGoldRoyal OR
20.28 -0.7
9.11 -2.8
Tronox
TurquoiseHill TRQ
TROX 16.54 -9.5
2.59 -0.8
AshlandGlobal ASH 85.98 1.3 EncompassHealth EHC 77.82 2.8 INTL FCStone INTL 56.70 3.7 NMI Holdings NMIH 22.50 6.9 SodaStream SODA 115.48 3.8 ARRIS Intl ARRS 22.33 -6.3 ClovisOncology CLVS 40.80 -10.6 HiltonGrandVac HGV 31.80 0.3 PC-Tel PCTI 5.11 -4.3 TwelveSeasWt TWLVW 0.31 0.9
AtriCure ATRC 33.01 8.7 Endava DAVA 26.41 4.2 IDEX IEX 154.24 0.1 NOW DNOW 17.18 14.4 StaarSurgical STAA 43.15 21.5 AduroBiotech ADRO 5.24 6.5 CoeurMining CDE 6.44 -4.4 HoughtonMifflin HMHC 5.60 -2.4 PHI PHII 8.09 -1.5 UnumGroup UNM 35.33 -7.8
AudioCodes AUDC 9.98 0.2 EnergyTransfer ETP 24.20 14.0 iKangHealthcare KANG 21.01 2.2 NV5Global NVEE 78.35 3.0 StarwoodProp STWD 23.04 -0.2 AgileTherap AGRX 0.26 -4.6 comScore SCOR 18.87 2.0 HowardBancorp HBMD 15.70 1.2 PagSeguroDig PAGS 24.57 -0.3 VSE VSEC 41.00 -2.6
BlackstoneMtg BXMT 33.41 1.1 EnerTransferPfC ETPpC 25.60 1.6 Illumina ILMN 332.92 2.9 NatlGeneral NGHC 28.11 0.5 Steris STE 117.11 1.2 AirMedia AMCN 0.45 -2.2 ConstellPharm CNST 9.84 -3.1 HudbayMinerals HBM 4.75 ... ParamountGoldNV PZG 1.11 0.9 VascularBiogenics VBLT 1.85 -3.9
BluegreenVac BXG 26.22 1.0 ErieIndemnity A ERIE 128.91 0.1 IntegerHoldings ITGR 76.85 2.0 NavigantConsult NCI 25.85 13.4 TTM Tech TTMI 19.91 11.1 AllianceMMA AMMA 0.15 0.1 CorbusPharm CRBP 4.75 ... Hydrogenics HYGS 4.95 -12.4 ParatekPharma PRTK 9.40 0.5 VerricaPharm VRCA 13.23 -12.4
BoingoWireless WIFI 32.99 41.5 FRP Holdings FRPH 67.70 4.3 IntegratedDevice IDTI 35.91 4.2 Neurocrine NBIX 117.91 1.9 TandemDiabetes TNDM 32.05 9.9 Allstate PfdE ALLpE 25.65 ... CoreMoldingTech CMT 13.00 -2.1 HysterYaleMatls HY 59.10 0.2 PershingGold PGLC 1.43 -2.6 VictoryCapital VCTR 8.91 -7.4
CAS MedSys CASM 2.29 4.8 FTI Consulting FCN 80.71 2.1 Intelsat I 22.44 5.6 NewFrontier NFC 9.87 -0.2 TeledyneTech TDY 230.98 3.6 AlmadenMinerals AAU 0.63 -1.8 CrossCtyHlthcr CCRN 7.41 -31.6 Invesco IVZ 24.76 -3.3 PilgrimPride PPC 16.30 -0.6 VolitionRX VNRX 1.44 -9.2
CF Industries CF 49.76 12.2 FarmersCapBk FFKT 57.75 1.4 InterParfums IPAR 61.25 2.1 NewFrontierWt NFC/WS 1.20 2.4 TetraTech TTEK 66.90 8.4 AltaMesaRscs AMR 5.86 1.9 CueBiopharma CUE 8.53 -9.1 IconixBrand ICON 0.49 2.7 ProventionBio PRVB 3.99 ... WestellTech WSTL 2.50 -1.1
CMFinNts2023 CMFNL 25.42 0.7 FirstFinBkshs FFIN 58.55 1.2 IntlBcshs IBOC 45.90 1.3 NewtekBusSvcs NEWT 21.31 1.0 Transcat TRNS 23.80 -0.2 AmericasSilver USAS 2.49 -2.7 DGSE DGSE 0.63 -4.3 Inpixon INPX 0.12 -0.6 Prudential PUK 45.11 -2.9 WesternDigital WDC 68.41 -1.0
CONSOL Coal CCR 16.95 4.0 FirstFinIN THFF 53.05 0.3 Intricon IIN 65.90 9.0 NortechSystems NSYS 8.08 -28.1 Trex TREX 80.19 1.5 AmtechSystems ASYS 5.39 -0.5 Deluxe DLX 57.06 -1.3 InspireMDWtB NSPR.WS.B 0.01 -11.5 Puxin NEW 15.86 -3.4 WestRock WRK 52.78 -3.0
Cambrex CBM 67.75 5.4 Fortinet FTNT 73.87 14.2 iRhythmTechs IRTC 90.40 11.5 NorthAmConstr NOA 7.50 -0.7 TurningPoint TPB 34.88 0.7 ApproachRscs AREX 2.16 2.7 DieboldNixdorf DBD 6.65 -5.0 IntecPharma NTEC 3.95 -2.4 Qudian QD 7.26 -3.8 WinsFinance WINS 35.55 -11.2
CanPacRlwy CP 202.60 1.4 FoxFactory FOXF 62.25 24.7 IridiumComm IRDM 19.30 1.6 NorwoodFin NWFL 39.97 1.3 TurtleBeach HEAR 31.43 10.4 ArcosDorados ARCO 6.70 ... DixieGroup DXYN 1.80 2.1 Intellipharm IPCI 0.31 -10.6 RR Donnelley RRD 4.75 -17.1 WintrustFinPfd WTFCM 26.58 -0.5
CasellaWaste CWST 28.37 0.4 G1Therapeutics GTHX 55.71 -5.5 IsraelChemicals ICL 5.32 4.7 Nutrien NTR 58.03 6.1 UFP Tech UFPT 35.10 5.0 AstecIndustries ASTE 45.30 -1.1 EQT Midstream EQM 48.91 2.7 IntersectENT XENT 25.15 3.5 RadiusHealth RDUS 22.25 -1.9 WisdomTreeInvs WETF 7.70 -0.9
ChickenSoupPfdA CSSEP 25.53 -0.7 Genesee&Wyoming GWR 88.32 2.7 Jamba JMBA 13.00 15.8 OFGBancorp OFG 17.18 0.6 US Ecology ECOL 70.50 0.6 AuroraMobile JG 6.36 1.0 EidosTherap EIDX 15.33 6.3 IntrepidPotash IPI 3.12 -22.2 RedRobin RRGB 36.20 -19.2 Yirendai YRD 15.25 0.6
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
GlbA
58.79 -0.16 -0.5 MFS Funds Instl PRIMECAP Odyssey Fds CapOpAdml r170.97 +2.02 11.3 STBondAdml 10.23 ... -0.3PrmcpCor 28.91 +0.14 7.5 DevMktsInxInst 21.84 -0.18 -1.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. FPA Funds IntlEq 25.72 -0.19 1.0 AggGrowth r 50.00 +0.53 12.8 EMAdmr 35.70 -0.43 -5.7 STIGradeAdml10.45 ... -0.2SelValu r 30.09 ... -3.8 ExtndInst 91.77 +0.95 9.0
FPACres 35.37 -0.09 2.6 Growth r 41.81 +0.46 12.2 EqIncAdml 79.07 +0.05 2.7 TotBdAdml 10.40 +0.01 -1.7STAR 27.38 +0.04 2.9 GrwthInst 79.96 +0.69 11.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e FrankTemp/Frank Adv N Stock r 33.46 +0.14 4.9 ExplrAdml 102.30 +1.43 15.7 TotIntBdIdxAdm
21.77 -0.01 0.9TgtRe2015 15.49 ... 1.0 InPrSeIn 10.25 ... -0.8
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IncomeAdv 2.31 ... 1.4 Nuveen Cl I ExtndAdml 91.77 +0.95 8.9 TotIntlAdmIdx r
29.39 -0.26 -2.4TgtRe2020 31.84 ... 1.5
Principal Investors InstIdx 257.99 +1.29 6.9
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r FrankTemp/Franklin A GNMAAdml 10.19 ... -0.9 TotStAdml 70.97 +0.42 7.3TgtRe2025 18.83 ... 1.8
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not HYMunBd 17.25 ... 1.9 DivIntlInst 13.56 -0.11 -2.4 InstPlus 258.01 +1.29 6.9
CA TF A p 7.27 -0.01 -0.6 GrwthAdml 79.96 +0.70 11.1 TxMIn r 13.96 -0.11 -1.5TgtRe2030 34.34 ... 2.1 InstTStPlus 63.09 +0.37 7.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; IncomeA p 2.33 ... 1.3 O S HlthCareAdml r 91.31 +0.29 8.0 ValAdml 42.28 +0.10 3.3TgtRe2035 21.19 ... 2.4 MidCpInst 44.27 +0.31 5.3
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. RisDv A p 63.62 +0.14 4.6 Oakmark Funds Invest HYCorAdml r 5.74 ... 0.1 WdsrllAdml 68.81 +0.10 3.5TgtRe2040 36.75 ... 2.7
Schwab Funds MidCpIstPl 218.34 +1.52 5.3
FrankTemp/Franklin C InfProAd 25.17 +0.01 -0.7 WellsIAdml 64.14 +0.03 -0.3TgtRe2045 23.15 ... 2.9 SmCapInst 76.62 +0.67
EqtyInc r 32.49 +0.01 0.9 S&P Sel 44.02 +0.22 6.9 8.8
Thursday, August 2, 2018 Income C t 2.36 ... 0.9 Oakmark IntlGrAdml 100.06 -0.30 4.7 WelltnAdml 73.06 +0.01 2.0TgtRe2050 37.26 ... 2.9 SmCapIstPl 221.16 +1.94 8.9
87.58 +0.39 3.9
Net YTD Net YTD Net YTD
FrankTemp/Temp A OakmrkInt 26.46 -0.50 -7.4 T ITBondAdml 10.92 +0.01 -2.3 WndsrAdml 80.45 +0.08 2.7TgtRetInc 13.51 ... 0.6 STIGradeInst 10.45 ... -0.1
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Growth A p 27.06 -0.28 -0.7 Old Westbury Fds
ITIGradeAdml 9.39 +0.01 -1.9 VANGUARD FDS TotIntBdIxInv 10.89 ... 1.0
TotBdInst 10.40 +0.01 -1.7
TIAA/CREF Funds
FrankTemp/Temp Adv LTGradeAdml 9.76 +0.01 -5.7 DivdGro 27.54 +0.01 5.7 WellsI 26.48 +0.02 -0.3
ExtMktIdxPrem r 67.53 +0.71 8.9 GlBondAdv p 11.83 +0.02 2.3 LrgCpStr 15.02 -0.01 3.9 BdIdxInst 10.47 +0.01 -1.7 TotBdInst2 10.36 ... -1.8
A D IntlIdxPrem r 42.56 -0.40 -1.3 Oppenheimer Y EqIdxInst 21.06 +0.13 7.2
MidCpAdml 200.41 +1.40
MorgAdml 101.91 +1.02
5.3 INSTTRF2020 22.86 ... 1.5 Welltn 42.31 +0.01 2.0
TotBdInstPl 10.40 +0.01 -1.7
12.3 INSTTRF2025 23.28 ... 1.8 WndsrII 38.78 +0.05 3.5
American Century Inv SAIUSLgCpIndxFd 15.27 +0.08 6.9 DevMktY
H 42.03 -0.51 -2.1 IntlEqIdxInst 19.96 -0.16 -1.0 MuHYAdml 11.22 ... 0.3 INSTTRF2030 23.61 ... 2.1 VANGUARD INDEX FDS TotIntBdIdxInst 32.67 -0.01 1.0
Del Invest Instl
Ultra 50.38 +0.76 16.0 Value IntGrowY 42.62 -0.23 -2.3 Tweedy Browne Fds TotIntlInstIdx r117.55 -1.03 -2.4
22.36 +0.08 5.0 TMktIdxF r 81.61 +0.49 7.2 Harbor Funds MuIntAdml 13.88 ... -0.1 INSTTRF2035 23.94 -0.01 2.4 500 261.33 +1.31 6.8
American Funds Cl A TMktIdxPrem 81.60 +0.49 7.2 CapApInst 79.07 +0.92 13.9 GblValue 28.96 -0.20 1.6 MuLTAdml 11.39 ... -0.4 INSTTRF2040 24.27 -0.01 2.8 SmValAdml 59.93 +0.37 5.9 TotItlInstPlId r117.57 -1.03 -2.3
AmcpA p
Dimensional Fds
34.04 +0.24 10.8 5GlbFxdInc 10.90 +0.01 0.3 USBdIdxInstPrem 11.21 +0.01 -1.8 IntlInst r
P MuLtdAdml 10.86 ... 0.8 INSTTRF2045 24.50 ... 2.9 TotBd2 10.36 ... -1.9 TotStInst 70.98 +0.42 7.3
AMutlA p 41.99 +0.10 3.9 EmgMktVa 29.87 -0.34 -4.3 Fidelity Advisor I
66.70 -0.63 -1.2 PGIM Funds Cl Z V MuShtAdml 15.73 ... 1.0 INSTTRF2050 24.52 ... 2.9 TotIntl 17.57 -0.16 -2.4 ValueInst 42.28 +0.11 3.3
Harding Loevner
BalA p 27.66 +0.03 2.8 EmMktCorEq 21.58 -0.24 -6.6 NwInsghtI 34.79 +0.30 11.0 IntlEq TotalReturnBond NA ... NA VANGUARD ADMIRAL PrmcpAdml r148.33 +0.90 11.0 IntlVal 38.88 -0.33 -2.5 TotSt 70.94 +0.42 7.2
BondA p 12.52 +0.01 -1.6 IntlCoreEq 14.07 -0.11 -2.0 Fidelity Freedom
NA ... NA PIMCO Fds Instl
500Adml 261.35 +1.31 6.9 RealEstatAdml116.44 -0.41 0.9 LifeCon 19.93 ... 0.8 VANGUARD INSTL FDS W
CapIBA p 60.74 -0.21 -1.7 IntlVal 19.53 -0.20 -2.9 FF2020 16.38 ... 1.3 AllAsset
I 11.79 -0.05 -1.7 BalAdml 35.63 +0.14 3.7 SmCapAdml 76.62 +0.67 8.8 LifeGro 34.19 ... 2.5 BalInst 35.64 +0.14 3.7 Western Asset
CapWGrA 51.43 -0.26 1.7 IntSmCo 20.75 -0.16 -2.2 FF2025 14.30 +0.01 1.6 ShortT NA ... NA CAITAdml 11.61 ... 0.1 SmGthAdml 63.41 +0.75 12.4 LifeMod 27.33 ... 1.7 DevMktsIndInst 13.98 -0.11 -1.5 CorePlusBdI 11.33 +0.01 -2.0
Invesco Funds A TotRt 9.97 +0.01 -1.5
EupacA p 53.91 -0.62 -1.3 IntSmVa 21.80 -0.20 -5.1 FF2030 17.96 +0.01 2.1
EqIncA 11.02 -0.01 1.3 PIMCO Funds A
FdInvA p 64.23 +0.06 4.6 TAUSCoreEq2 19.08 +0.11 5.8 Freedom2020 K 16.37 +0.01 1.4
55.30 +0.37 11.6 US CoreEq1 24.18 +0.15 6.8 Freedom2025 K 14.28 +0.01 1.6 IncomeFd 12.00 ... -0.4
GwthA p J
HI TrA p
ICAA p
10.22 -0.01 2.0 US CoreEq2 22.67 +0.13 5.7 Freedom2030 K 17.94 +0.01 2.2
41.44 +0.10 4.8 US Small 38.74 +0.31 8.2 Freedom2035 K 15.22 +0.01 2.8 John Hancock Class 1
PIMCO Funds I2
Income 12.00 ... -0.2
Dividend Changes
IncoA p 23.12 -0.07 0.4 US SmCpVal 40.61 +0.25 7.3 Freedom2040 K 10.69 ... 2.8 LSGwth 16.47 +0.01 2.4 PIMCO Funds Instl
US TgdVal 26.26 +0.14 5.9 Fidelity Invest John Hancock Instl IncomeFd 12.00 ... -0.1 Dividend announcements from August 2.
N PerA p 46.27 +0.09 7.2
NEcoA p 48.77 +0.11 9.3 USLgVa 39.37 +0.04 1.6 Balanc 24.90 +0.08 5.7 DispValMCI 23.74 +0.06 1.8 Price Funds Amount Payable / Amount Payable /
Dodge & Cox BluCh 101.64 +1.46 15.8 JPMorgan Funds BlChip 110.83 +0.82 15.1
NwWrldA 65.61 -0.59 -2.0 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
SmCpA p 59.29 +0.15 6.3
Balanced 107.67 +0.12 2.8 Contra 136.36 +1.31 13.1 MdCpVal L 41.30 +0.17 2.5 EqInc 33.89 +0.04 2.6
GblStock 13.89 -0.08 0.2 ContraK 136.35 +1.31 13.1 JPMorgan R Class EqIndex 75.93 +0.38 6.8 Banco Santander Pfd. 6 SANpB 4.3 .25556 Q Sep05 /Aug21
TxExA p 12.79 -0.01 -0.3
Income 13.42 ... -0.9 CpInc r CoreBond 11.23 +0.01 -1.5 Increased
10.07 ... 1.5 Growth 70.65 +0.68 12.8
WshA p 45.72 -0.01 4.3 Intl Stk Cboe Global Markets CBOE 1.3 .31 /.27 Q Sep14 /Aug31 Brookfield Property Ptrs BPY 6.3 .315 Q Sep28 /Aug31
44.52 -0.47 -3.9 DivIntl 39.35 -0.30 -1.7 CorePlusBd 8.03 +0.01 -1.3 HelSci 79.90 +0.58 13.6
Stock 210.49 +0.45 5.3 GroCo InstlCapG Enviva Partners EVA 8.5 .63 /.625 Q Aug29 /Aug15 North Amer Construction NOA 0.9 .01532 Q Oct05 /Aug31
B DoubleLine Funds
205.51 +3.15 15.0
GrowCoK 205.57 +3.15 15.1
L
IntlStk
42.78 +0.43
18.56 -0.09
15.9
-0.6 Kforce KFRC 1.7 .18 /.12 Q Sep21 /Sep07
Baird Funds Pearson ADR PSO 1.2 .07216 SA Sep19 /Aug17
CoreFxdIncmI NA ... NA InvGB 7.69 +0.01 -1.6 Lazard Instl IntlValEq 14.61 -0.13 -3.4 Littelfuse LFUS 0.8 .43 /.37 Q Sep06 /Aug23
AggBdInst 10.51 +0.01 -1.8 TotRetBdI NA ... NA InvGrBd 10.92 +0.01 -1.3 EmgMktEq 17.83 -0.29-10.9 MCapVal 31.95 +0.10 5.1 STRATS Sers 2006-1 P&G GJR 3.1 .0576 /.05443 M Aug15 /Aug14 Restaurant Brands Intl QSR 2.8 .45 Q Oct01 /Sep07
CorBdInst 10.86 +0.01 -1.6 LowP r 55.37 +0.03 1.6 Lord Abbett F MidCap 94.90 +0.58 9.1 STRATS Tr Allstate 2006-3 GJT 3.4 .0591 /.057 M Sep04 /Aug31 Rio Tinto ADR RIO 4.9 1.27096 SA Sep20 /Aug10
BlackRock Funds A E MagIn 109.39 +0.75 9.6 ShtDurIncm 4.17 ... 0.4 N Inc 9.17 +0.01 -1.7 Viper Energy Partners Un VNOM 6.7 .60 /.48 Q Aug20 /Aug13
GlblAlloc p 19.62 ... -0.1 Edgewood Growth Instituti OTC 12.82 +0.22 16.7 NHoriz 62.32 +0.79 18.5 Signet Jewelers SIG 2.5 .37 Q Aug31 /Aug03
BlackRock Funds Inst EdgewoodGrInst 34.77 +0.17 17.6 Puritn 24.61 +0.12 5.8 MOverS SF r 11.24 -0.09 -0.6 Reduced
EqtyDivd 23.46 +0.02 3.9 SrsEmrgMkt 19.92 -0.27 -7.0 Metropolitan West R2020 22.98 +0.02 2.0 Special
GlblAlloc 19.74 ... 0.1 F Carlyle Group CG 3.6 .22 /.27 Q Aug17 /Aug13
SrsGroCoRetail 19.24 +0.30 15.7 TotRetBd 10.35 +0.01 -1.6 R2025 18.00 +0.02 2.3 Natural Health Trends NHTC 2.3 .25 Aug24 /Aug14
StratIncOpptyIns 9.76 ... -0.1 Fidelity SrsIntlGrw 16.26 -0.07 0.7 TotRetBdI 10.35 +0.01 -1.4 R2030 26.62 +0.03 2.7 R.R. Donnelley & Sons RRD 2.5 .03 /.14 Q Sep04 /Aug15
Bridge Builder Trust 500IdxInst 98.89 +0.50 6.9 SrsIntlVal 10.42 -0.09 -2.5 TRBdPlan 9.74 +0.01 -1.4 R2035 19.54 +0.02 3.0
CoreBond 9.84 ... -1.4 500IdxInstPrem 98.89 +0.50 6.9 TotalBond 10.35 +0.01 -1.2 MFS Funds Class I R2040 28.13 +0.04 3.3
Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
CorePlusBond 9.79 ... -1.2 500IdxPrem 98.88 +0.49 6.9 First Eagle Funds ValueI 40.60 -0.03 0.5 Value 37.35 +0.03 0.1 Avianca Holdings ADR AVH 1.1 .06811 Sep10 /Aug24 S2:1: stock split and ratio; SO: spin-off.
B10 | Friday, August 3, 2018 * * THE WALL STREET JOURNAL.
BANKING & FINANCE
Investors Sour on Dubai Authority AIG Profit

Slides as
City’s policing ability
attracts focus after
private-equity firm
Business
Abraaj melts down Unit Slips
BY NICOLAS PARASIE BY LESLIE SCISM
DUBAI—Investors are ques- American International

tioning whether Dubai’s young Group Inc. posted a 17% de-
financial center can police it- cline in second-quarter net in-
self as the meltdown of its come, weighed down by a
marquee private-equity firm $200 million pretax restruc-
highlights broader concerns turing charge, lower invest-
about placing money in the re- ment income and another
gion. weak showing for its big busi-
This emirate’s top regulator, ness of selling property-casu-
the Dubai Financial Services alty policies to corporate cli-
Authority, has been close to si- ents.
lent since allegations emerged AIG’s overall net profit sank
that Abraaj Group misused to $937 million as the turn-
hundreds of millions of dollars around effort of Chief Execu-
CHRISTOPHER PIKE/BLOOMBERG NEWS
in investors’ money, including tive Brian Duperreault passed

that of the Bill and Melinda the one-year mark. AIG, which
Gates Foundation and the has about 50,000 employees,
World Bank. It has issued two said the restructuring charge
short statements, seized some is related to efficiency initia-
laptops from Abraaj, and is in tives, without elaborating fur-
talks with at least one of the ther.
firm’s auditors. Since his arrival, Mr. Duper-
Investors and executives reault has talked about the
here say the authority’s re- need to reduce expenses as
sponse has made them ner- The Dubai skyline. Investors and executives say regulators’ response to Abraaj’s problems are making them nervous. part of a broader turnaround
vous about the regulatory en- program. Adding to cost pres-
vironment in Dubai, which global banks, the finance world tration of power within most wrongdoing and said all miss- sures has been a wave of hir-
built a financial district of often resembles a small club- companies,” said Alissa Amico, ing money had been returned Building Up ing of experienced industry
gleaming skyscrapers from house of members who look a Paris-based former executive to investors. Abraaj’s provi- Number of member firms in managers in recent months, as
scratch more than a decade the other way at wrongdoing, at the Organization for Eco- sional liquidator didn’t re- the Dubai International Mr. Duperreault seeks to im-
ago. Dubai was supposed to be say lawyers who work here. nomic Cooperation and Devel- spond to a request to com- Financial Center prove basics such as selecting
a rules-based haven in the “Governments and regula- opment, who now runs her ment. 2,000 firms
insurance risks that can be
Middle East’s opaque financial tors need to step up support to own advisory firm, Govern. The Dubai International Fi- properly priced to turn a
world, but fears about corpo- encourage the industry’s de- Unlike in the West, where cor- nancial Center boasts its own profit.
rate governance and conflicts velopment so that investors porate executives are often English common-law court At the same time, the
of interest are rising. can regain trust,” said Tarek held accountable by supervi- separate from the rest of the 1,500 global company faces a com-
The region suffers from a Fadlallah, chief executive of sory boards, “there are no United Arab Emirates, where petitive pricing environment
shortage of independent direc- Nomura Middle East, the re- checks and balances in the Islamic law is observed. Its for property-casualty insur-
tors on corporate boards, ac- gional asset-management arm Middle East,” she said. regulator is the DFSA, which 1,000 ance that limits price in-
cording to ratings firm Stan- of the Asian investment bank. The Dubai Financial Ser- oversees about 629 companies creases.
dard & Poor’s. Some Standard & Poor’s said Per- vices Authority declined to and whose enforcement arm is AIG posted a 34% decline in
companies have headquarters sian Gulf companies’ Achilles’ comment. In its statements led by a former U.K. investiga- its closely watched adjusted
500
in Dubai but are legally based heel is a lack of governance about the Abraaj case, the tor who probed Libor miscon- operating results, which strip
in offshore havens like the standards. With better prac- DFSA has said it was aware of duct. The DIFC also declined to out realized capital gains and
Cayman Islands, creating un- tices, companies could im- “various matters involving comment. losses in insurers’ big invest-
certainty about which jurisdic- prove access to capital mar- Abraaj Group” and it will work The DFSA has never faced 0 ment portfolios and other
tion’s laws matter. Even in a kets and reduce debt costs, toward “safeguarding the in- the demise of a firm as big as 2004 ’10 ’15 ’18 items judged nonrecurring,
city that hosts the regional S&P said in a report last year. terests of investors.” Abraaj, which once controlled Source: DIFC such as the restructuring
headquarters of most major “The problem is the concen- Abraaj has denied any up to $14 billion. THE WALL STREET JOURNAL. charge.
Analysts monitor such ad-
justed results as a measure of
Barclays Returns to Profit, Cites Trading

the health of continuing oper-
ations.
AIG’s adjusted profit of
$961 million, or $1.05 a share,
BY MAX COLCHESTER Insiders said the market’s missed analysts’ consensus
reaction would gauge whether forecast of $1.19 a share, as
LONDON—Barclays PLC shareholders were buying the surveyed by Zack’s Investment
swung to a first-half profit on growth vision Mr. Staley has Research, and was down from
a pickup in trading revenue presented or continue to value $1.53 a share in the year-ear-
and lower bad-loan losses, as the bank on its past perfor- lier period.
the British bank continues a mance. Much of the decline came
grinding march to win inves- On Thursday, Mr. Staley from AIG’s globe-straddling
tors on its business model. said he “was looking forward General Insurance unit, which
Barclays management trum- to meeting” Sherborne’s focuses primarily on insuring
peted Thursday’s figures, founder, Edward Bramson, business clients. It posted a
which for the first time in adding that the bank hasn’t 46% decline in adjusted pretax
years weren’t marred by a big “changed the model at all” to profit to $568 million.
financial impairment, as a vi- pre-empt the activist inves- AIG also has a large life-in-
sion of what it can achieve. tor’s demands. surance and retirement-prod-
Under pressure from activist “We don’t believe that you
JASON ALDEN/BLOOMBERG NEWS
investor Sherborne Investors, can take slices of a business

Chief Executive Jes Staley is and get out of them without
battling to show that the significantly impacting the
Adjusted pretax
lender’s diversified business— whole,” he said. profit in AIG’s
which stretches from credit Barclays will look at share
cards to bond trading—can de- buybacks toward the end of
General Insurance
liver strong returns. the year, he added. unit declined 46%.
Mr. Staley on Thursday ap- To some extent, Mr. Staley’s
pealed to investors to leave Jes Staley is striving to show that Barclays diversified business can deliver strong returns. fate isn’t in his hands. The
the bank’s strategy alone. Brexit vote has sparked inves-
“Now just let this bank run for months was roughly flat at investors worry that capital alysts. tor worries that the U.K. econ- ucts unit. It produced another
a while and let shareholders £10.9 billion. deployed there could be put to However, Barclays warned omy could suffer and drag quarter of solid results with a
get the returns they expect,” Barclays shares fell 2.7% in better use elsewhere. that market volatility was low Barclays’s sizable retail busi- modest increase in premiums
he said. London amid worries over Barclays said its trading in July and that impairments ness with it. and fees, though its pretax
Barclays said its return on higher-than-expected costs business recorded growth over could pick up due to account- Analysts have fretted that profit slipped 3% to $962 mil-
equity, a measure of profitabil- and that revenue was helped the first half. ing-rule changes. Barclays’s red-hot growth in lion.
ity, was 11.8% in the past three by one-time gains. Barclays Fixed-income trading reve- Barclays executives pointed U.S. credit cards could hurt “In the second quarter, we
months, ahead of its 2020 tar- said its capital buffers fell nue in dollar terms was up 1%, to the results as key for the the bank if the economic cycle continued to take actions
get of 10%. The bank recorded slightly as it took on extra risk while equities-trading revenue bank, which has struggled cools. across General Insurance to
a first-half net profit of £468 in its investment-banking divi- rose 37%. This compared with with years of lackluster share One lever he can pull is on establish a culture of under-
million ($614 million), up from sion. increases of 8% and 14%, re- performance and faced pres- costs, which were down 3% writing excellence and added
a £1.2 billion loss a year ear- The lender’s investment spectively, at U.S. banks, ac- sure since Sherborne acquired year over year, excluding the stellar talent,” Mr. Duperreault
lier. Revenue in the first six bank is being scrutinized as cording to Berenberg Bank an- a stake. effect of litigation charges. said in the earnings release.
“Our efforts are taking hold
and we remain committed to
Apollo Earnings Miss GAM Blocks Fund Redemptions achieving an underwriting

profit as we exit 2018.”
For the quarter, AIG cited a
Wall Street Estimates BY LAURENCE FLETCHER manager Tim Haywood, who

ran the funds, after an internal
completed, and we do not an-
ticipate any further conduct
12% decline in investment in-
come to $3.1 billion. This was
primarily driven by lower in-
BY MIRIAM GOTTFRIED On a call with analysts, The plunge in GAM Holding probe found flaws in his risk- issues to arise. The investiga- come from hedge funds, pri-
AND ALLISON PRANG Apollo executives said the firm AG shares deepened Thursday management and record-keep- tion did not conclude that vate-equity holdings and other
had to mark down the value of as the Swiss money manager ing procedures. Mr. Haywood there has been any departure so-called alternative invest-
Apollo Global Management a retail holding and a Canadian blocked investors from pulling was suspended on Monday from a legitimate investment ments that are made with a
LLC reported earnings below natural-gas investment during out cash from some of the night following a decision strategy.” slice of the premium it de-
analysts’ forecasts, as the in- the quarter, weighing on its company’s funds following the taken by the board. GAM said Thursday that al- ploys into capital markets un-
vestment firm posted slower overall portfolio value. suspension of a star bond-fund Mr. Haywood ran 11 billion though its funds have the li- til needed to pay claims.
growth in the value of its pri- Apollo’s investment in in- manager. Swiss francs in the firm’s ab- quidity to meet demands by AIG attributed an increase
vate-equity portfolio. surer Athene Holding Ltd. GAM shares closed down solute-return bond strategy, investors to withdraw their in its year-over-year expense
Apollo said the value of its also hit earnings. Athene 14.9% at 8.54 francs ($8.60). which includes both funds and money, it didn’t want to disad- ratio to a change in business
private-equity funds climbed shares are down 5.6% over the After Tuesday’s 13% drop and individual client accounts. The vantage remaining investors mix that included higher com-
1.7% in the second quarter, past three months. a fall mid-July following news strategy had an average man- as the redemptions would dis- missions as well as “strategic
beating the 2.7% drop it posted Apollo’s net income de- that profit would be hit by a agement-fee margin of 0.62%. proportionately change the initiatives” to improve under-
in the first quarter but slower clined 31% to $63.6 million, or write-off, the firm’s shares are Funds’ boards of directors makeup of the funds. That is writing results and simplify
than the 1.9% gain logged in 25 cents a share. Fee-related now down around 44% this typically have to decide because more liquid bonds are the company’s organization.
the year-ago quarter. The re- earnings, a bright spot, grew year. whether to halt dealings in a typically sold first to meet cli- AIG’s turnaround has been
sult fell short of the 2.9% in- by 40% to $185.7 million, pri- The firm said Thursday that fund if it gets more than 10% ent withdrawals, which can under way since the company
crease in the S&P 500 during marily driven by the transition all withdrawals from its abso- withdrawal requests over a leave remaining investors with in 2012 wrapped up repaying
the period. to its new fund. lute-return bond funds had short period. The funds af- less liquid bonds. its 2008 federal-government
The New York firm’s eco- Distributable earnings, a been suspended as of Tues- fected had 7.3 billion Swiss It will stop charging man- financial-crisis rescue package,
nomic net income, a closely measure of cash profits avail- day “following high level of re- francs in assets as of Tuesday. agement fees on the funds which ultimately topped $182
watched measure of unrealized able for payout to sharehold- demptions.” The firm said it is “No other employees are while they are suspended or if billion.
investment gains, fell 41% year ers, fell to 53 cents a share now looking at all options, in- being investigated by GAM in they go into liquidation. That is when investors be-
over year to $108.5 million, or from 60 cents. cluding potentially liquidating relation to these matters,” London-based investment gan pressing management to
27 cents a share. Analysts Apollo said it would pay a the funds. Chief Executive Alexander director Mr. Haywood is one of eliminate the gap between
polled by Thomson Reuters ex- dividend of 43 cents a share, The firm said Tuesday it Friedman told The Wall Street GAM’s highest-profile fund AIG’s results and the higher
pected economic net income of down from 52 cents a year ear- had taken the unusual step of Journal. “The forensic part of managers. He didn’t respond profit margins that many ri-
54 cents a share. lier. suspending top hedge-fund the investigation is largely to a request for comment. vals routinely report.
THE WALL STREET JOURNAL. * * * * Friday, August 3, 2018 | B11
MARKETS
Turkey Needs Foreign Investors to Stay

BY CHRISTOPHER WHITTALL
Up and Away
Turkey’s embattled finan- Turkey has a large stock of external debt for an
cial system needs foreign in- emerging economy. This year, local-currency
vestors. Its plunging currency 22%
government bonds have also come under pressure.
shows only the bravest are
choosing to stick around. External debt as a percentage of GDP Thursday
Turkey has one of the big- at the end of 2017 20.9% 20
gest piles of foreign-denomi- Turkey 53%
nated debt in the developing South Africa 50
18
world, much of which comes Mexico 38
due in the next year, and a Argentina 37
ERDEM SAHIN/EPA/SHUTTERSTOCK
currency whose drastic decline Russia 34
16
makes it ever more expensive Brazil 33
to pay off. India 20
The lira has lost a quarter China 14
14
of its value this year against
the dollar and took another Yields on Turkish lira bonds
leg down Wednesday and maturing in November 2019
12
Thursday after the Trump ad-
ministration sanctioned two Jan. Feb. March April May June July
Turkish officials following An- Sources: IMF, World Bank (debt); Thomson Reuters (yields) THE WALL STREET JOURNAL. Turkey’s lira has lost a quarter of its value against the dollar this year. A currency office in Istanbul.
kara’s refusal to free an Amer-
ican pastor. Even so, the high yield from according to Thomson Reuters. years. Investors have ques- the Group of 20 leading econ- hugely reliant on foreign debt.
Bond yields have exploded owning Turkish bonds means Turkey’s woes come against tioned the central bank’s ability omies. But a good part of that If that debt can’t be rolled
higher amid very high infla- investors are highly compen- a backdrop of wider pressure to tame inflation as President growth was fueled by credit over, central-bank reserves
tion, and stocks have fallen. sated for taking the risk. “The on emerging markets, which Recep Tayyip Erdogan tightens partly guaranteed by the state. aren’t big enough to cover
For those foreign investors bar for us to give up on Tur- have been hit this year amid a his grip over the economy. The That program, known as the that shortfall as well as Tur-
still left in Turkey the ques- key would be fairly high sim- stronger dollar, higher U.S. in- lira slid sharply in July after he Credit Guarantee Fund, ex- key’s current-account deficit,
tion is: Are the heady yields ply because” of that, he said. terest rates and an escalating made his son-in-law finance panded 10-fold in 2017 to said Viktor Szabo, a senior in-
the country’s markets offer Mr. Upadhyay isn’t alone is trade conflict between the U.S. minister and received powers around 7% of GDP, according vestment manager at Aber-
worth the volatile ride? staying in Turkey, but he is in- and China. Argentina asked for letting him appoint central to the IMF. deen Standard Investments.
On Tuesday, Nishant Upad- creasingly in the minority. a $50 billion credit line from bank governors. That debt was channeled Mr. Szabo has an under-
hyay, woke at 3 a.m. in New Many foreign funds have al- the International Monetary Another big concern is the through local banks, and now weight position on Turkey but
York to read Turkey’s latest ready pulled back and Turkish Fund earlier this year. amount of debt Turkey owes problem loans are rising. Tur- still holds three-year local-cur-
sky-high inflation figures. He markets reflect the exodus. But Turkey also has a long in other currencies, which the key’s six largest banks notched rency bonds that yield over
didn’t need an alarm. “It’s not The lira has plunged and the list of domestic troubles. IMF says stood at 53% of gross a “significant” annual rise in 20%. The value of lira-denomi-
like I can sleep easy with Tur- yield on dollar-denominated The IMF forecasts the coun- domestic product at the end of nonperforming loans in the nated assets have taken a sub-
key—I can’t,” said Mr. Upad- government debt maturing in try’s current-account deficit 2017. Over a third of that first quarter, according to S&P stantial hit with the currency’s
hyay, who oversees more than 2028 has moved from 5.2% in will be over 5% of gross domes- comes due within a year, while Global Market Intelligence, slide this year. Investors buy-
$18 billion in assets as head of January to 7.5% now, accord- tic product in 2018, the widest 40% is in floating-rate debt, which warned those lenders ing the bonds now would have
emerging-market debt at ing to Tradeweb. Yields on among emerging economies in making it more expensive to are at risk of a further deteri- to see a 20% decline in the
HSBC Global Asset Manage- Turkish lira bonds that mature the Group of 20 nations. Infla- pay off as interest rates rise. oration in asset quality. currency over coming months
ment, in an interview before in November 2019 have risen tion spiraled to 15.4% in June, In 2017, Turkey’s economy Turkey’s banks, like many for their returns to be wiped
the sanctions announcement. from 13% to more than 20%, its highest annual rate in 15 expanded at the fastest rate in of its companies, are also out entirely, he said.
Options Tech Stocks Push Up S&P 500

spokeswoman that the clear-
inghouse functioned properly
and that the firm expects
Clearing some breaches “when there

are extraordinary events.”
Ms. McCormick said there
BY MICHAEL WURSTHORN
Scrutinized were no disruptions to clearing.

This isn’t the first time the
entity has attracted regula-
Shares of technology com-
panies rallied to lift the S&P
500, even as investors grap-
tors’ attention. pled with the Trump adminis-
Continued from page B1 The SEC in 2013 cited Op- tration’s threat to deepen its
enough collateral on hand to tions Clearing for a dozen de- trade spat with China.
protect trader defaults from ficiencies related to inade- Tech stocks continued to
rippling through markets and quate risk-management flex their muscles after sev-
causing widespread losses. systems, corporate gover- eral more companies, includ-
The SEC and CFTC investi- nance and compliance during ing car maker Tesla and soft-
gations place new scrutiny on regulatory exams conducted ware company Global
an institution that U.S. regu- from 2011 to 2013. Payments, reported upbeat
STEVE DIETL/NETFLIX/ASSOCIATED PRESS
lators labeled “systemically The new enforcement results. The gains spilled over
important” in 2012, subject- probes by the SEC and CFTC to the broader tech sector,
ing it to stricter standards. began after the jump in mar- while a postearnings bounce
Clearinghouses are supposed ket volatility during the first helped push
quarter of 2018, the people THURSDAY’S Apple’s mar-
said. SEC and CFTC examin- MARKETS ket value
ers became frustrated about above $1 tril-
Clearinghouses aim the clearinghouse’s models lion, the first
to reduce systemwide and referred their findings to U.S. company ever to surpass
their respective enforcement that mark.
risk by guaranteeing divisions, said people familiar The strong earnings helped Netflix and Facebook’s weak earnings had hurt the tech sector. On the set of Netflix’s ‘Mudbound.’
market trades. with the matter. reinvigorate a corner of the
The regulators are now stock market that has been have topped earnings expecta-
looking into the clearing- struggling in recent days. Earnings Effect tions and 59% have seen stock
house’s risk-management Weak earnings from popular Shares of consumer-staples and technology companies gained prices rise, according to Fact-
to help reduce systemwide models and databases to de- stocks such as Facebook and on upbeat earnings, pulling the S&P 500 into positive territory. Set.
risk by guaranteeing trades termine if there are any viola- Netflix caused the S&P 500’s Global Payments rose 7.28,
between buyers and sellers. tions of rules governing how tech sector to contract 2.2% 1.5% or 6.5%, to 119.18 after it re-
Their operations and finan- Options Clearing calculates over the eight trading ses- Technology ported profit and sales ahead
sector
cial health are considered margin levels, stress tests its sions through Wednesday. The of analysts’ expectations, as
critical to smooth market members’ trading positions sector’s 1.4% rise Thursday, 1.0 Consumer- well as the acquisition of soft-
staples
functioning. and maintains its own critical the most of the S&P 500’s 11 sector ware provider AdvancedMD.
A spokesman for Options computer systems, the people sectors, was enough to swing Household-product makers
Clearing declined to comment said. tech stocks back into positive 0.5 Clorox and Church & Dwight
S&P 500
on the investigations. territory for the week. reported better-than-expected
The Chicago-based clear- The strong results among results, lifting the broader
inghouse reported that the Sizable Spike tech companies, as well as 0 consumer-staples sector. Clo-
average size of traders’ mar- A jolt of volatility this year some consumer-staples firms, rox rose 8.28, or 6.2%, to
gin breaches in the first quar- exposed problems with how helped offset the latest con- 142.44 to cut its loss for the
–0.5
ter was $61.4 million, up from Options Clearing manages risk. cerns of a protracted trade year to 4.2%. Church &
$26,355 at the end of 2017, dispute between the two big- Dwight added 1.64, or 3%, to
and a multiyear high. CBOE Volatilty Index gest economies in the world. 56.79.
–1.0
Options Clearing conducts 40 Feb. 5, 2018 The tech-heavy Nasdaq The Stoxx Europe 600 fell
backtesting to gauge the Composite rose 95.40 points, 9:30 10 11 noon 1 2 3 4 0.8%, while the Shanghai
Largest one-day jump
quality of its models. A mar- or 1.2%, to 7802.69, while the Source: SIX THE WALL STREET JOURNAL. Composite and Hong Kong’s
gin breach occurs when the 30 broader S&P 500 added 13.86 Hang Seng each shed at least
actual amount posted as mar- points, or 0.5%, to 2827.22. an impressive pace, some weeks, helping investors to 2% after U.S. officials threat-
gin is less than what the vola- The Dow Jones Industrial Av- money managers said. S&P look past any trade issues,” ened to more than double
tility in markets indicates 20 erage declined 7.66 points, or 500 tech stocks are on pace to said Tom Stringfellow, chief proposed tariffs on $200 bil-
was needed. Options Clearing less than 0.1%, to 25326.16. increase earnings 32% from a investment officer at Frost In- lion of Chinese goods. Early
recently won approval to Investors are realizing that year earlier, topping the rosy vestment Advisors. “Those Friday, both indexes were flat,
change its margin model and 10 despite some apparent weak- estimates analysts had pegged that are reporting good re- while Japan’s Nikkei was up
plans to make the shift in Oc- ness in pockets of the tech- to the sector last month, ac- sults are being rewarded.” 0.3% after falling 1% on
tober. nology industry, companies cording to FactSet. With nearly 400 companies Thursday.
Amy McCormick, first vice 0 throughout the sector are in- “Earnings have been ratch- in the S&P 500 having re- —Ben St. Clair
president of financial risk J F M A M J J A creasing profits and sales at eting higher the past few ported results, about 73% contributed to this article.
management at Options Source: SIX
Clearing, said through a THE WALL STREET JOURNAL.
Oil Rebounds, Partly on Technical Reasons

Treasury Sets Sales for $174 Billion in Debt BY BENJAMIN PARKIN rels last week to 409 million Some analysts suggested ers such as Russia to begin
The U.S. Treasury Depart- three-year notes, dated Aug. 15, AND CHRISTOPHER ALESSI barrels. Traders and analysts any recovery could be short- ramping up crude production
ment will auction $174 billion in 2018, maturing Aug. 15, 2021. surveyed by The Wall Street lived, given the EIA data and after more than a year of hold-
securities next week, comprising Cusip number: 9128284W7. Oil prices rose, reversing Journal had predicted an aver- other indications that global ing back output. The move
$123 billion in new debt and $51 Noncompetitive tenders course after falling to the low- age weekly decline of 2.2 mil- supplies were growing. came in response to surging
billion in previously sold debt. must be received by noon Tues- est point in six weeks over- lion barrels. Tamas Varga, an analyst at prices this spring—buoyed by
Details (all with minimum de- day, and competitive tenders, by night. Part of the recovery was brokerage PVM Oil Associates, geopolitical risk to supply in
nominations of $100): 1 p.m. West Texas Intermediate driven by traders reacting to said total U.S. commercial oil Iran—that saw Brent tempo-
Monday: $51 billion in 13- Wednesday: $26 billion in futures rose chart patterns, said Kyle Coo- inventories, including refined rarily breach $80 a barrel.
week bills, a reopening of an is- 10-year notes, dated Aug. 15, COMMODITIES 1.9% to per, a consultant for ION En- products, increased by more Analysts at consultancy JBC
sue first sold on Nov. 9, 2017, 2018, maturing Aug. 15, 2028. $68.96 a ergy. U.S. futures fell to their than 10 million barrels last Energy estimate that OPEC
maturing Nov. 8, 2018. Cusip Cusip number: 9128284V9. Non- barrel at 100-day moving average of week. “They are still well be- production rose 300,000 bar-
number: 912796PD5. competitive tenders must be re- the New York Mercantile Ex- around $67.90 a barrel before low the historical norm but rels a day month-on-month in
Also, $45 billion in 26-week ceived by noon Wednesday; change, while Brent crude, the rebounding. “After you broke the jump of this magnitude July, with Saudi Arabia the
bills, dated Aug. 9, 2018, matur- competitive tenders, by 1 p.m. global benchmark, rose 1.5% to through the 100-day moving av- does not bode well for oil “primary driver behind this
ing Feb. 7, 2019. Cusip number: Thursday: $18 billion in 30- $73.45 a barrel. erage, there was every opportu- bulls,” he said. growth.”
912796QW2. year bonds, dated Aug. 15, 2018, Prices had tumbled after nity for a lot of the longs to liq- Prices also have come un- Russian energy officials
Noncompetitive tenders for maturing Aug. 15, 2048. Cusip the U.S. Energy Information uidate,” he said. “That didn’t der pressure in recent weeks also have reported production
both issues must be received by number: 912810SD1. Noncompet- Administration late Wednes- happen,” helping to spark re- following a decision in late for last month rose, averaging
11 a.m. EDT Monday and com- itive tenders must be received day said U.S. crude-oil inven- newed buying interest. Inves- June by the Organization of 11.21 million barrels a day,
petitive tenders, by 11:30 a.m. by noon Thursday; competitive tories rose unexpectedly. They tors who buy a long position the Petroleum Exporting compared with 11.07 million
Tuesday: $34 billion in tenders, by 1 p.m. increased by 3.8 million bar- expect an asset to rise in value. Countries and partner produc- barrels a day in June.
B12 | Friday, August 3, 2018 THE WALL STREET JOURNAL.
MARKETS
Upbeat Earnings Give Shares a Boost
BY CHELSEY DULANEY tions. Before the report, the
Average share-price gain for companies
stock had fallen roughly 20%
Investors are rewarding that beat or missed earnings and this year.
4%
companies that beat Wall revenue expectations Meanwhile, strong earnings
Street’s earnings expectations reports from tech giants such
with the largest share-price as Apple, Alphabet Inc. and
gains in years, helping to un- Beat Amazon.com Inc. helped ease
derpin a U.S. stock-market Miss concerns that regulation and
rally rattled by this year’s market saturation will drag
trade tensions and rising in- 2 down the broader sector.
terest rates. Earnings for S&P Apple’s shares surged 5.9%
500 companies are expected to on Wednesday to a record af-
log a rise of 24% for the sec- ter it beat Wall Street expecta-
ond quarter, according to Fact- tions, helping propel the
Set estimates. That would iPhone maker to a $1 trillion
rank as the second-largest in- 0 market valuation Thursday.
crease since 2010 and extend a Earnings for the S&P’s infor-
streak of double-digit profit mation-technology sector are
growth for U.S. companies expected to post a rise of 32%
that had in previous quarters for the quarter, according to
failed to impress investors. FactSet.
In recent weeks, upbeat re- The strength of the tech sec-
sults from tech giants like Ap- –2 tor has been a key driver of the
ple Inc. and manufacturers broader market in recent years.
like Caterpillar Inc. have Analysts say recent earnings
helped to reassure investors suggest its influence over the
that the corporate profit re- broader market isn’t yet under
covery remains on solid threat despite disappointing
ground. Going into this earn- –4 2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’18 results from Facebook Inc. and
ings season, many investors Quarterly Netflix Inc. that sparked steep
had feared trade tensions, ris- declines in their stocks.
ing interest rates and higher Disappointing earnings tend
costs for things like labor and S&P 500 sectors second-quarter earnings growth, change from a year earlier to drive larger market reac-
commodities would drag down tions: Shares of companies
earnings and share prices. Energy 124.9% that have missed second-quar-
“This is a market that is Materials 53.5 ter earnings and revenue ex-
proving the skeptics wrong,” pectations have slid by 3.6%,
said Jack Ablin, chief invest- Technology 31.6 according to Bank of America
ment officer of Cresset Wealth S&P 500 S&P 500 quarterly earnings growth data.
Telecom 31.0 2900 60%
Advisors. “There is a fair Investors remain on alert
amount of resilience in corpo- Financials 20.2 2850 50 Change from a year earlier for signs that the first half of
rate America and that’s a good Consumer 2800 40
this year represented a peak in
18.5 earnings growth, which could
thing for equities.” discretionary
Shares of companies that 2750 30 pose a threat to the rally.
Industrials 16.8
posted better-than-expected 2700 20 Earnings growth is expected
earnings and revenue in the Health care 16.2 to slow in the quarters ahead
2650 10
second quarter have risen by Utilities 10.3 as the effects of last year’s tax
an average of 1.5% after their 2600 0 overhaul begin to fade.
Consumer
reports, according to Bank of 9.6 John Lynch, chief invest-
staples 2550 –10
America Merrill Lynch. That is ment strategist at LPL Finan-
Real estate 7.8 J F M A M J J A 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18
the largest gain since 2016 and cial, says that the strength of
is far higher than the 0.4% rise Sources: Bank of America (share-price gain); FactSet (S&P 500 earnings growth); Dow Jones Market Data (index) THE WALL STREET JOURNAL. the U.S. economy should help
for the first quarter. offset the impact of an earn-
Strong earnings helped companies such as United particularly exposed to the tit- 7.3% last month, the strongest pillar also raised its profit out- ings slowdown. U.S. gross do-
send the S&P 500 up 3.6% in Technologies Corp., Boeing for-tat tariff spat between the gain for any of the index’s 11 look last month as demand for mestic product rose 4.1% in
July, when companies began Co. and Honeywell Interna- U.S. and trade partners includ- groups. its machinery remains strong. the second quarter, the stron-
to report for the quarter, the tional Inc. as a reason to re- ing China and Europe. Aviation giant Boeing, Shares of Harley-Davidson gest rate of growth since 2014.
best monthly gain since Janu- main optimistic about the path Industrial companies in the whose shares tumbled earlier Inc., which has said it will “Though earnings growth
ary. The index is now less than for U.S. stocks despite intensi- S&P 500 are on track to de- in the year on tariff concerns, move production overseas to may be slowing, we believe
2% from a record. fying trade frictions. Those liver earnings growth of 17% in raised its revenue outlook for avoid tariffs, rallied 7.7% after the economic expansion has a
Investors point to strong firms, which have large over- the second quarter, according the year, citing strong global its earnings report as the com- good amount of runway left,”
results from large industrial seas businesses, were seen as to FactSet. The sector rose demand for its planes. Cater- pany beat analysts’ expecta- said Mr. Lynch.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
U.S. Edge on China Won’t Last OVERHEARD Blue Apron’s

Recipe Isn’t
Right now U.S. leverage ing push. It is a surprisingly common
Trickle Down
over China on trade looks
strong, but the advantage
might not last long.
Chinese short-term bond repurchase rates
Banks also are receiving
informal guidance from the
People’s Bank of China to
nightmare: You find yourself
at school or work but sud-
denly realize that you’re
Appetizing
President Trump is con- 5.0% step up corporate lending. standing there in your tighty Shares of Blue Apron, the
sidering much higher tariffs 4.5 The central bank has report- whities. meal-kit company that had
on Chinese imports than pre- edly eased capital-adequacy Portfolio managers are dif- its initial public offering last
viously outlined—25% on the 4.0 requirements for certain ferent, though, instead having year, have sunk 40% this year
next $200 billion tranche of banks, which will make it nightmares about losing through Wednesday.
goods, rather than 10%. This 3.5 easier to boost loan growth. money when some stock re- Its second-quarter earn-
reflects confidence in the 3.0
On the U.S. side, salad ports awful news and ings report on Thursday
U.S. negotiating position fol- days of 4% growth and 2% plunges. didn’t do anything to restore
lowing news that the U.S. 2.5 7-day inflation look hard to sus- Wednesday saw the two investors’ confidence in the
economy is growing briskly 14-day tain. The Labor Department’s nightmares merge for Chief- company. The stock fell a
while China’s is weakening. 2.0 quarterly survey showed that tain Capital Management further 24% on missed expec-
1-day
Mr. Trump also reached a de- civilian workers got their when underwear maker tations.
1.5
tente with Europe in last biggest pay increase in close Hanesbrands plunged by Getting perishable ingredi-
week’s meeting with Euro- 2016 ’17 ’18 to a decade over the year nearly 20% at one point. The ents to customers has proven
pean Commission President Source: Thomson Reuters THE WALL STREET JOURNAL. through June. Consumer- company announced that it to be a logistical nightmare.
Jean-Claude Juncker, isolat- price inflation, already hov- wouldn’t be renewing a con- On top of that, Blue Apron
ing China. To see how quickly the ers worry that expensive ering around the Federal Re- tract with Target to sell a has struggled to retain cus-
This could be as good as it policy picture is evolving in bank funding is crimping serve’s target of 2%, may not line of activewear exclusive to tomers. In the second quar-
gets for the White House. China, look at money-market small-business lending, be far behind. And the next the retailer, allowing it to ex- ter, net customers decreased
Chinese policy makers are rates. Weaning small banks which smaller banks domi- tranche of threatened tariffs pire in a year and a half. 24% year over year to
moving more aggressively off their dangerous depen- nate. Weighted average will hit industries that China Hanesbrands is Chieftain’s 717,000—below analysts’ ex-
than expected to stimulate dence on short-term inter- bond-backed one-day bor- dominates, meaning finding largest position and, accord- pectations of 783,000.
borrowing and spending. bank borrowing was a key rowing rates, which were av- alternative suppliers to alle- ing to FactSet is some 16.4% The company reported a
Given the usual lag of two to goal of China’s recent push eraging 2.5% in June, closed viate an upward squeeze on of its portfolio. It is down loss of 17 cents a share, com-
three quarters before that to deleverage the economy. below 2% on Wednesday. prices will be tougher. some 13.6% on its average pared with 47 cents a year
shows up in growth num- From mid-2016 to mid-2017, One-day bond repo volumes President Trump’s window estimated cost for a position ago, and revenue of $179.6
bers, any breakthroughs that overnight borrowing rates have skyrocketed, notching a for a favorable deal with it has been building since million, a 25% fall from reve-
could favor U.S. companies rose by nearly a percentage new monthly high in July fol- China is a narrow one. Inves- 2013. nue of $238 million last year.
may skitter away if they point. lowing steep falls in late tors should look for break- Talk about getting caught Blue Apron claims to be
aren’t nailed down in the Now those rates are drop- 2016 and early 2017 during throughs by early 2019—or with your pants down. turning things around. Chief
next nine months. ping rapidly, as policy mak- the height of the deleverag- not at all. —Nathaniel Taplin Executive Brad Dickerson
emphasized that the com-
pany is focused on strength-
Carl Icahn Is Correct About Cigna and Express Scripts ening its fulfillment-center
operations, expanding its
product portfolio and en-
Activist investor Carl their plan to lower prescrip- why it even needs a risky only health-care giant pursu- hancing the overall customer
Icahn has an uphill battle to Bumpy Ride tion-drug prices. and pricey acquisition in the ing a vertical integration experience. Yet subscribers
upend Cigna’s planned ac- Express Scripts share price While the deal will face first place. Second-quarter strategy. CVS Health plans still fell 9% just from the pre-
quisition of pharmacy-bene- careful regulatory scrutiny, revenue of $11.5 billion and to acquire Aetna for $69 bil- vious quarter.
fit manager Express Scripts. $80 convincing shareholders to adjusted earnings of $3.89 a lion. But acquiring Aetna Investors have every rea-
The health insurer’s second- join the activist will be a share blew past analyst esti- would help protect CVS from son to be skeptical. Blue
quarter results suggest he 78 tough task. Mr. Icahn’s stake mates. unwelcome regulatory Apron’s run as a public com-
has a point. is less than 5% of total The company’s profit fore- changes and diversify away pany has been rocky from
The hedge-fund billionaire 76 shares outstanding while cast was equally strong. For from flagging retail opera- the very beginning: Its
has accumulated a sizable other top Cigna shareholders the full year, Cigna expects tions. Cigna, by contrast, shares lost two-thirds of
stake in Cigna stock and 74 15-minute intervals are mainly passive investors. sales growth of 8% and ad- would increase its potential their value at the IPO.
plans to vote against the 27 30 31 1 2 And Chief Executive David justed year-over-year per- regulatory risk by buying the It is hard to believe that
deal. July August Cordani reaffirmed his confi- share earnings growth of largest stand-alone PBM. customers are going to fi-
Mr. Icahn reportedly be- Source: SIX dence in the deal on a Thurs- 30% to 33%. More impressive What becomes of the nally start sticking with the
lieves that Cigna is overpay- THE WALL STREET JOURNAL. day morning conference call. still, that growth comes Trump administration’s plan kits. Between groceries, res-
ing for Express Scripts, Mr. Cordani said that ac- while Cigna has paused stock to lower drug prices is still taurants, and ordering out,
which helps employers and deal to backfire. Since the quiring Express Scripts will buybacks, which help boost anyone’s guess. Mr. Icahn’s they have plenty of other op-
insurers manage prescrip- deal was agreed to in March, “further accelerate” value earnings per share. That appearance gives Cigna an- tions. The company has said
tion-drug spending, and that the Trump administration creation for Cigna sharehold- backdrop hardly suggests the other opportunity to inocu- it aims to break even this
potential changes to how has signaled repeatedly that ers, but the continued strong need for drastic changes to late itself against any poten- year. Check the sell-by date
drug rebates are regulated it plans to focus on phar- performance of Cigna’s core the corporate strategy. tial negative side effects. carefully on Blue Apron’s
could cause the proposed macy-benefit managers in business calls into question Granted, Cigna isn’t the —Charley Grant pledges. —Elizabeth Winkler
Jay-Z and Beyonce’s

onetime rental sells
for $50 million M8
HOMES | MARKETS | PEOPLE
© 2018 Dow Jones & Company. All Rights Reserved.

|
MANSION
UPKEEP | VALUES | NEIGHBORHOODS
THE WALL STREET JOURNAL.
| REDOS |
‘The test of a man isn’t what you
think he’ll do. It’s what he actually
does.’ —Frank Herbert, ‘Dune’
SALES | FIXTURES
Friday, August 3, 2018 | M1
| BROKERS
JASON HENRY FOR THE WALL STREET JOURNAL (3)

SLICE OF LIFE The Mountainside at Northstar development in ‘ROUGHING IT’ The cabins are walking distance to a lodge with
Luxe Resorts
Truckee, Calif., built these ‘rendezvous cabins’ for temporary stays. fitness center, below left, and an outdoor yoga studio, below.
Tell Buyers:
Try Us Out!
High-end developers are offering
shoppers short stays in fancy
tents and cabins ‘on the house.’
Although the Four Seasons Caye Chapel Re- tents—they have every luxury: air-conditioning,
BY AMY GAMERMAN
sort and Residences in Belize doesn’t officially a teak-floor shower with all these beautiful lo-
open for three more years, the island property tions, an espresso maker,” said Sara Cady, a 48-
SOME OF THE world’s most luxurious resorts are has created four tricked-out beach tents to host year-old Austin, Texas, resident whose family
borrowing a pitch from the Costco aisle: They are mini-getaways for potential buyers. has visited the island resort property twice. “We
offering bite-size samples to shoppers. “I love going down there and staying in the Please turn to page M4
HOUSE CALL | MARIO ANDRETTI INSIDE
COMING TO AMERICA—IN THE FAST LANE

The champion driver spent his childhood in an Italian refugee camp dreaming of racing cars
ON TRACK
Mario Andretti,
right, in his
Nazareth, Pa.,
home with $11 MILLION
Gonzo, his yel- Quirky, curvy home in
low-nape Ama- Washington lists M2
zon parrot, and,
left, in a 1960s
auto race.
FROM LEFT: GETTY IMAGES; AXEL DUPEUX FOR THE WALL STREET JOURNAL
Mario Andretti, 78, is one trian peninsula.

of the most successful drivers My father, Gigi, was the
in racing history and the only administrator of seven farms
driver to win the Indianapo- on 2,100 acres. He owned
lis 500, the Daytona 500 and and managed the land with
KETTAL STUDIO
the Formula One World his uncle. My mother, Rina,

Championship. He spoke with helped out at her parents’
Marc Myers. restaurant in their small ho-
tel at the base of the hill. GO AL FRESCO
I was 6 when I first felt There was no refrigeration Outdoor pavilions for
the thrill of acceleration. A then, so my mother had to wining and dining M3
carpenter had built a small walk down 1,000 stone stairs
cart for my brother, Aldo, and back up several times a
and me. We’d pull it up a hill day to bring fresh food to the
in front of our house in Italy restaurant from Montona’s
and ride down together. stores.
One day, in 1946, we came Fortunately, the town was
down too fast and scared never bombed during World
some old ladies. They com- War II. After the war in 1945,
plained to my father’s uncle, the Istrian peninsula was our essentials and were mother’s parents and Uncle there for two weeks. Condi-
who was a priest. He took given to Communist Yugosla- promised restitution at a Priest. As we left, I watched tions were squalid. Then we
our side. via. Italy was on the losing later date for our house, land our town disappear from were put on a cattle train and
Aldo and I are fraternal side of the war. and belongings left behind. view. relocated to a refugee camp in
twins. We were born in Mon- In 1948, my family had My brother and sister, Our first stop was the main Lucca, in Tuscany. EXPLAIN YOURSELF
tona, a medieval town on top enough and decided to leave. Anna Maria, and I sat in the displacement camp in Udine, The refugee camp was When lenders ask you
of an imposing hill on the Is- We were given a truck for back of the truck with my in northeast Italy. We were Please turn to page M10 to write a letter M6
M2 | Friday, August 3, 2018 NY THE WALL STREET JOURNAL.
MANSION
PRIVATE PROPERTIES | KATHERINE CLARKE ONETIME WASHINGTON, D.C., ESTATE OF
Seattle Home Seeks $11 Million TED KENNEDY ASKS $22 MILLION
A sprawling Georgetown estate bringing the home to around
that was once home to Sen. Ted 10,000 square feet. More recently,
Kennedy is coming on the market a previous owner renovated the
for $22 million. home to better blend the older
Mr. Kennedy and his first wife, portion with the addition. The in-
Joan Kennedy, rented the prop- terior of the home was taken
erty some time after his election down to the studs, while new
to the Senate in the 1960s, ac- structural support, plumbing and
cording to the Historical Society electric wiring were installed.
of Washington, D.C., and re- Ms. Brentzel said she has
ports from the time. hosted numerous events
The home was once at the home, including
part of the neigh- the wedding of a
boring Evermay friend that was pre-
Estate, a historic sided over by Su-
Georgetown prop- preme Court Justice
erty that sold for Sonia Sotomayor.
$22 million in 2011 The home has nine
to biotech execu- bedrooms and 10
tives Sachiko Kuno bathrooms. The main
and Ryuji Ueno. entrance opens onto a re-
MORRISON HOUSE SOTHEBY’S INTERNATIONAL REALTY
The current owner of the ception hall with marble flooring

estate is Cathy Brentzel, a former and a wrought-iron and mahog-
securities attorney, who bought any staircase. There are wood-
the home with her family in 2008 paneled walls, walnut parquet
for $11.8 million, property records flooring and an octagonal study
show. Ms. Brentzel said she is with bookshelves. There are two
selling the property, which has garages and a media room.
been shopped off-market several Mr. Kennedy, brother of Presi-
times in the past few years, to be dent John F. Kennedy, was a Mas-
closer to her 15-year-old daughter, sachusetts Democrat who served
who is attending boarding school 47 years in the U.S. Senate. He
in Switzerland. died in 2009.
The original Edwardian-style Daniel Heider of TTR Sotheby’s
home dates back to 1887, but an International Realty has the list-
An heiress to the De Beers dia- heaters and a solar hot-water also a greenhouse and a chicken addition was added in the 1950s, ing.
mond fortune is listing her boiler system. coop. There is also a saltwater
“Guggenheim Museum-meets- The seller is Rebecca Oppen- pool, a heliport and a barn with
spaceship”-inspired Washington heimer, whose grandfather, Harry three bedrooms for guests.
state home for $11 million. Oppenheimer, was the chairman When it came to the landscap-
The home is the most expen- of De Beers Consolidated Mines. ing, Ms. Oppenheimer said she
sive residence ever listed in She bought the site in 2003, and was inspired by the Garden of
FROM TOP: MARK REINSTEIN/ZUMA PRESS; CESAR A. OLIVARES

Pierce, Mason and Thurston coun- her South African architect man- Cosmic Speculation, a sculpture
ties, which are near Seattle, ac- aged to design the home without garden in west Scotland that was
cording to listing agent Michael ever setting foot on the site. based on modern cosmology.
Morrison of Morrison House So- The Guggenheim-meets-space Pathways throughout the grounds
theby’s International Realty. style was her idea: “I wanted it to are cut in swirling patterns.
The house sits on about 80 be cutting edge with smooth Ms. Oppenheimer said she is
acres and is roughly 6,500 square lines—nothing usual,” Ms. Oppen- selling the property because she
feet with four bedrooms. Highly heimer said. “I had always been has relocated back to South Af-
modern and circular, the house enamored with curves.” Construc- rica, where she grew up, and no
somewhat resembles a UFO. tion took about three years and longer spends much time in the
Its interior is contemporary, was completed around 2006. U.S.
with curved fixtures and plush Ms. Oppenheimer said she She said she has invented a rain-
rounded furniture. It was also de- made the home as self-sustaining harvesting vertical garden system,
signed to be environmentally as possible. A beekeeper looks af- which she plans to introduce in
friendly with geothermal water ter the honey bees, and there is low-income areas of South Africa.
KATHARINE GRAHAM’S SUMMER ESTATE FOR $39.5 MILLION

A large portion of a Martha’s in the 2017 movie “The Post.” Ms. several limited companies linked
Vineyard estate formerly owned by Graham bought the property in the to trustees and executors for Mr.
Washington Post publisher Katha- early 1970s in a bid to keep it out Graham’s estate, and the proceeds
rine Graham is coming on the mar- of the hands of developers, accord- of the sale will be donated to char-
ket for $39.5 million. ing to LandVest. ity, according to the listing agents.
The sprawling 186-acre beach- In her memoir, “To the New The house on the property is
front property overlooks James Owners,” journalist and author roughly 5,000 square feet with
Pond, Buzzards Bay and the Eliza- Madeleine Blais said the property eight bedrooms. It has a large cov-
beth Islands. There are meadows, “felt like the set of a Katharine ered deck for dining with views of
stone walls and a brook that runs Hepburn movie, one in which the the ocean and a large kitchen for
through the land, according to list- heroine shows verbal spunk and entertaining.
ing agents Gerret C. Conover and athletic grace in equal measure.” The property also includes a
Thomas E. LeClair of LandVest, an Ms. Graham died in 2001, after three-car garage with an apart-
affiliate of Christie’s International which a large part of the original ment, a two-story caretaker’s
Real Estate. property was passed down to her home and barn and a one-bedroom
Ms. Graham led the Washington son William, a lawyer and philan- private beach house. The home
Post through the Watergate scan- thropist, according to the listing where Ms. Graham lived, named
LANDVEST
dal and the 1971 publishing of the agents. Mr. Graham died last year. Mohu, is on a separate parcel and
Pentagon Papers, a period depicted The property is now owned by isn’t included in the sale.
A REAL CLIFFHANGER: THE RAZOR HOUSE ASKS $30 MILLION

In La Jolla, Calif., the Ra-
zor House—an ultramodern
PlatinumLuxuryAuctions.com | 800.262.5132 home hugging a steep, jagged
bluff overlooking the ocean—
Whether it’s a “smart-home” in Connecticut or a showroom-caliber is listing for $30 million.
Texas estate, we’re confident you’ll find something special within our A local landmark, the canti-
current collection of luxury real estate offerings. After all, Luxury levered home is 10,653 square
Real Estate Deserves a Luxury Auction®. feet with four bedrooms, ac-
cording to owner Donald
Burns. There is a circular liv-
ing room, a screening room
with acoustically treated walls
and ceiling, a family room and
a library. There are two in-
door kitchens, one for enter-
taining and another restau-
rant-grade service kitchen.
Other amenities include a
P R E V I O U S LY
PR E V IOUSLY NOW... black-tiled vanishing-edge
RIDGEFIELD, CT
AUG 4
$4m No Reserve!
heated pool and a rooftop en-
tertaining level with a stain-
less-steel spa and an outdoor
kitchen. There is also a 1,301-
square-foot, two-bedroom de-
tached guesthouse. The home
has been featured in televi-
sion commercials, including
one for Visa Black Card, Mr.
Burns said.
Mr. Burns said he bought
SAM CHEN
the home for about $14.1 mil-

lion in 2011, after the origi-
PR E V IOUSLY NOW... nal owner filed for bank-
THE WOODLANDS, TX
AUG 18
$6.75m No Reserve! ruptcy in the late 2000s. Mr.
Burns said it took almost
the home’s position on a
steep cliff near an area
ily based in Florida, is the
former chief executive of
much time there.
Laleh and Niloo Monshiza-
three years and “a substan- known as Razor Point. It was magicJack, a device that deh of Coldwell Banker Resi-
Upcoming Luxury
BASKING RIDGE, NJ | SEPT 22 tial sum of money” to finish difficult to transport heavy plugs into a port on a user’s dential Brokerage have the
Auction®
CT property listed and offered for sale by Neumann Real Estate (REB.0757378). Listing Agent Harry “Chip” Neumann, Jr. (RES.0496077). TX
construction of the property, construction equipment to computer to allow them to listing.
property listed and offered for sale by Beth Ferester & Company (Lic#9005076). Listing Agent Elizabeth “Beth” Hilton Ferester (Lic#0430812). Bid
calling by Texas auctioneer Colette Clift Mayers (TX Lic#16972). NJ property listed and offered for sale by Kienlen Lattmann Sotheby’s International which was habitable but had the cliffside, and to secure make local and long-distance
Realty (Lic#0903100). Listing Agent Michael Lattman (Lic#1539382). Platinum Luxury Auctions LLC is a licensed Foreign LLC with the states of CT
(ID#1263399), TX (ID#32065580063) & NJ (ID#0450234983) performing auction and auction-marketing services as part of these transactions, no staircase between the approvals from the California phone calls. He said he is Beyoncé and Jay-Z’s one-
and is not performing any real estate brokerage services where prohibited. Sotheby’s International Realty, the Sotheby’s International Realty logo
and affiliate logos are registered (or unregistered) service marks used with permission. Neither Sotheby’s, Sotheby’s International Realty Affiliates
LLC, nor any of their affiliated companies is providing any product or service in connection with this event other than as required by applicable law.
first and second floors. Con- Coastal Commission, he said. selling the property because time Malibu home sells. M8
struction was complicated by Mr. Burns, who is primar- he hasn’t been able to spend
THE WALL STREET JOURNAL. NY / NE Friday, August 3, 2018 | M2A
Centre Island, NY – 19+ Waterfront Acres Lattingtown, NY – Summer at “La Bastide”

A Masterpiece Collection Listing. SD #6. A Masterpiece Collection Listing. SD #3.
MLS# 3021051 and 3021007. $6,000,000. MLS# 3009714. $2,995,000.
Vera J. Wiedenhaefer, 516.922.9155, c.516.662.2500 Suzi Chase, 516.759.4800 ext.107
Barbara Candee, 516.759.4800, c.516.456.0330 c.516.606.5151
Carol Cotton, 516.759.4800, c.516.359.7946
Brookville, NY Mill Neck, NY – Enjoy Summer Here Northport, NY – Waterfront New Construction
Situated on over 6 acres of perfectly manicured property and located on one of the most prestigious SD #3. MLS# 3026854. $1,825,000. SD #4. MLS# 3040557. $2,650,000.
streets on the Gold Coast of Long Island, this 14,000+ sq. ft. custom-built Estate simply embodies Christina F. (Christy) Porter, 516.759.4800 Dee Donovan, 631.754.3400 ext.210
perfection. SD #15. MLS# 2977360. $15,000,000. c.516.835.5512 c.516.527.9070
Jason Friedman, 516.466.4036, c.516.236.6226
Sarah (Rudi) Friedman, 516.466.4036, c.516.643.0630
Quogue, NY – Spectacular Oceanfront Remsenburg, NY – “Water’s Edge”

SD #2. MLS# 2986283. $8,950,000. SD #1. MLS# 3040586. $5,900,000.
Victoria Reynolds, 631.288.1050 Christopher Foglia, 631.288.1050
c.631.834.3440 c.631.831.2515
Smithtown, NY – Custom-Built Post Modern West Islip, NY – Waterfront Cutchogue, NY – Beebe Pointe
SD #1. MLS# 3025768. $2,100,000. SD #9. MLS# 3044068. $2,699,000. In the heart of The North Fork; 10-acre lot at the head of East Creek in Cutchogue, along the route to
Dee Donovan, 631.754.3400 ext.210 Edie Esposito, 516.627.4440, c.516.946.8082 prestigious Nassau Point. SD #9. MLS# 2986139. $925,000.
c.516.527.9070 Matthew Gillies, 631.734.5439, c.516.779.0551
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Offering a lifestyle totally unique to Long Island, The Beacon comprises 167 picturesque one,
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M2B | Friday, August 3, 2018 NY / NE THE WALL STREET JOURNAL.
STAND UP
FOR US ALL
Clinical trials bring us closer to the day when
all cancer patients can become survivors.
Clinical trials are an essential path to progress and the
brightest torch researchers have to light their way to better
treatments. That’s because clinical trials allow researchers
to test cutting-edge and potentially life-saving treatments
while giving participants access to the best options available.
If you’re interested in exploring new treatment options

that may also light the path to better treatments for other
patients, a clinical trial may be the right option for you.
Speak with your doctor and visit
StandUpToCancer.org/ClinicalTrials
to learn more.
Sonequa Martin-Green,
SU2C Ambassador
Photo Credit: Matt Sayles

Stand Up To Cancer is a division of the Entertainment Industry Foundation,
a 501(c)(3) charitable organization.
THE WALL STREET JOURNAL. NY Friday, August 3, 2018 | M3
MANSION
POOLSIDE
Amantea Architects,
based in Toronto, de-
signed a modern
Douglas fir-and-steel
pavilion for a family’s
CLOCKWISE FROM TOP LEFT: TOM ARBAN; ALEX HAYDEN; JACKIE MEIRING; KETTAL STUDIO
backyard that features

a pool and a pool
house. It has a con-
crete wall that holds a
fire pit, planter, bar
area, wood-burning
pizza oven and grill,
plus extra seating.
The area is illumi-
nated by six linear
LED lights that are 8
feet long and dimma-
ble. “The owners can
see it from their
house, reminding
them of the summer
during the middle of
the winter,” says prin-
cipal architect Michael
Amantea.
Price: About $61,000
ELEMENTS
THEY’VE GOT YOU COVERED

Pavilions are often added to a landscaped outdoor area to provide a place
to entertain, to dine or to get some fresh air—even in the pouring rain
Pavilions—also known as sum- air structures are focal points in concrete, was meant to fool the
merhouses, gazebos or belve- the landscape, a place to enter- eye of partying visitors, with its
deres—are architects’ more free- tain, enjoy outdoor dining or just scaled-down size and 5-foot-4-
spirited counterpoints to a to take in warm nights. inch ceiling.
house. “Pavilions are more about Some of these structures have The pavilions shown here are
pure structure rather than hav- a reputation of their own. perfect places for a picnic, and
ing to focus on the technical de- Thomas Jefferson’s Garden Pavil- can be loaded with amenities.
tails of a house,” says Steve Hoe- ion at Monticello was his favorite Whether simple or more elab-
demaker of Seattle-based place for reading and reflection. orate, the goal is the same: a way
Hoedemaker Pfeiffer. Philip Johnson’s Pavilion in the to shelter while in the outdoors.
For homeowners, these open- Pond, made of pre-fabricated —Karen Bruno
GIVING SHELTER
“We wanted to evoke a public park shelter or forest service shelter,” says Steve
Hoedemaker of Hoedemaker Pfeiffer in Seattle, “something with both a sense
of design and permanence.” On Washington’s San Juan Islands, this pavilion is
built from fir trees felled on site during construction of the main house. It has a
zinc standing-seam roof and is made of Montana Ledge stone and Huckleberry
basalt, with a poured concrete floor.
Price: $270,000 for the pavilion, including a shower and sink
SAILBOAT MEETS HUT

The owners of this off-the-grid pavil-
ion on Great Barrier Island, New Zea-
land, wanted a place for socializing
away from their beach house. Inspired
by an African boma, or hut, architects
Lance and Nicola Herbst used polycar-
bonate panels and a rigging system
adapted from sailboats that raises and
lowers the windows for changing
weather conditions. The pine frame is
topped with manuka sticks and poly-
CUSTOM FIT carbonate sheets. North and south
The PH1 pavilion by Spain-based Kettal Studio can be customized, in part for transparency and wind resistance. Its walls feature Cedartech panels—band-
powder-coated aluminum frame comes in 30 colors, from gunmetal black to lilac. A hidden control panel adjusts sawn gaboon, a tropical hardwood,
lighting and can open and close one of the eight ceiling options. Some 16 different side panels allow for roller shades, pressed onto radiata ply. The walls can
curtains, slats, shelves or siding glass doors. One back wall choice is white marble. A kitchen unit is sold separately. slide open.
Price: Starting at $100,000, including installation Price: $27,000 to $34,000
If life is but a dream ,

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Located at the center of what is arguably the most beautiful beach along the Southern California coastline, this is a once in a lifetime opportunity to own on
the private beachfront of Emerald Bay, a treasured enclave of seaside homes nestled between the blue waters of the Pacific Ocean and the hillsides of the
Laguna Coast Wilderness Park. K i aw a h i s l a n d . c o m • 8 6 6 . 31 2 . 17 8 0
Obtain the Property Report required by Federal Law and read it before signing anything. No
CELESTE GILLES TOM ISOLA Federal or State agency has endorsed or judged the merits of value, if any, of this property. This
949 466 3176 LEE & ASSOCIATES is not intended to be an offer to sell nor a solicitation of offer to buy real estate in any jurisdiction
where prohibited by law. This offer is made pursuant to the New York State Department of Law’s
cgilles@villarealestate.com 310 899 2709 Simplified Procedure for Homeowners Associations with a De Minimis Cooperative Interest
celestegilles.com tisola@leewestla.com (CPS-7).The CPS-7 application (File No. HO16-0007) and related documents may be obtained
from the sponsor. This project is registered with the State of New Jersey Department of Banking
DRE No. 01209187 DRE No. 01974024 and Insurance Real Estate Commission. Obtain and read the NJ Public Offering Statement
before signing anything (NJ Reg#16-15-0012). AN AFFILIATE OF KIAWAH PARTNERS.
M4 | Friday, August 3, 2018 THE WALL STREET JOURNAL.
MANSION
Resorts Say
‘Try Me Out’
Continued from page M1
did everything from temple-ruin
tours to scuba diving, to fishing, to
sunset cruises, to jet-skiing.”
The price of admission: a re-
fundable $10,000 deposit, which
Ms. Cady, a Gyrotonic studio
owner, and her husband Steve, a
retired sales executive, paid last
June. The deposit also secured a
spot on Caye Chapel’s Founders
List, giving them dibs on one of its
first-available oceanfront home-
sites. There are 15 homesites cur-
rently for sale, ranging in price
from $2.1 million to $4 million. So
far, the resort has hosted 33 visits,
and taken deposits from 37 buyers.
High-end resorts still in the
build-out stage are offering no-
JASON HENRY FOR THE WALL STREET JOURNAL (2)
strings-attached stays in hand-

somely appointed cabanas, tiny
houses and glamping tents designed
to lure prescreened prospective buy-
ers. Visits—which can range any-
where from one night to three or
four—are carefully curated, with
staff on hand to serve meals, or to
arrange a day of skeet-shooting,
mountain biking or shark-watching.
Although the Cadys covered their
own travel costs to Belize City, the
resort developers paid for almost TRY BEFORE YOU BUY A home at Mountainside at Northstar, top and above. Those interested in buying in the Truckee, Calif. development, where prices for
everything else: transport to the is- homes start at $1.75 million, can stay there for a free weekend, provided they qualify via financial statement and commit to a tour of the community.
land, cocktails and meals, massages,
snorkeling, paddleboarding and boat
excursions. Once the development’s
50 oceanfront homesites have sold,
the tents may be moved to a nature
preserve on the 280-acre island, to
serve as a glamping destination for
residents and guests.
Developers say the try-before-
you-buy approach works better
than a glossy sales brochure, giv-
ing prescreened prospects a chance
to experience the place and some
of its amenities before a resort is
fully developed—which can trans-
late into more sales.
While Caye Chapel relies on its
sales staff to vet potential buyers—
some of whom have been courted at
private lunches and dinners—other
resort developers require an online
application or a financial statement MINI-BREAK At Snake River Sport-
before rolling out the welcome mat. ing Club in Jackson, Wyo., visitors can
“We limit this to only qualified stay in one of four tiny homes for a
prospective owners…who appreci- high-season fee of $325 a night. Paul
ate what we are creating,” said Strong, seated below right with wife
Ron Barnes, a senior partner in the Sandy Strong, spent over $2 million
Mountainside at Northstar devel- on a house in the community after
opment, a new resort community several visits there.
in Truckee, Calif., that has invested
$500,000 in three glass-walled
“rendezvous cabins” for temporary
stays.
The 400-square-foot tiny
houses—which have floor-to-ceiling
GREG VON DOERSTEN FOR THE WALL STREET JOURNAL (4)
windows, rough-hewed pine floors

and showers with river-rock floors—
sit within walking distance of a yoga
studio and a central lodge and fit-
ness center. Resident concierges,
dubbed “outfitters,” are on hand to
plan day hikes, book heli-skiing out-
ings and make dinner reservations.
Those interested in buying at
Mountainside—where prices for
homes start at $1.75 million—can
book a weekend in one of the cab-
ins, provided they qualify via a fi-
nancial statement and commit to a
THE WALL STREET JOURNAL. Friday, August 3, 2018 | M5
MANSION
tour of the community. There is no
charge for the stay, other than a
nominal cleaning fee.
Resorts with extensive amenities
already in place are more likely to
charge prospective home buyers for
a trial visit. Whitetail Club, a 1,300-
acre private club and community in
McCall, Idaho, charges $295 in high
season for a night in one of its five
Discovery Cottages: 750-square-
foot homes with pitched roofs,
white oak floors and fieldstone fire-
places that are reserved for owners
and prospective buyers. The cot-
tages have the same exterior and
interior finishes as larger homes
now being built across the street—
called Shore Lodge Cottages—that
are priced between $739,000 and
$949,000.
Snake River Sporting Club—an
FANCY FREEBIE The Four Seasons Caye Chapel Resort and Residences in Belize has created four beach tents to host mini-getaways for potential buyers. Sara 800-acre resort about 20 miles
Cady, above left with husband Steve and children Jaxon and Sofia, has visited the property twice; the beach, above right. south of Jackson, Wyo., where 62
homes sites cost between $695,000
and $3.2 million—unveiled its “dis-
covery village” of four tiny homes,
kitted out with Restoration Hard-
ware furnishings and homey touches
like vintage Scrabble boards. (The
houses, like the ones at Mountain-
side, were built by Wheelhaus, a
Jackson-based firm, and will eventu-
ally be removed.) Guests are wel-
comed with a handwritten note from
the club’s professional angler and a
set of hand-tied flies. Visitors pay a
Visits are carefully curated,

with staff on hand to serve
meals, or to arrange a day
of skeet-shooting,
mountain biking or shark-
watching.
high-season fee of $325 per night,

plus a $50 daily club fee.
Paul Strong, a 60-year-old North
Carolina resident who is retired
from the oil industry, spent over $2
million on a house at Snake River
Sporting Club last August after sev-
eral visits there—the first for a golf
tournament in 2016. “Two of my
friends were visiting with me to
play in the golf tournament, and
each of us had a tiny house. We
would have dinner at the club, and
then go back and smoke a cigar and
have a glass of wine at the fire pit,”
Mr. Strong said.
Real-life glitches can disrupt
even the most painstakingly staged
trial vacation. Visitors who try out
Snake River Sporting Club’s Discov-
ery Village this summer may be in
for a less tranquil experience, due
to construction at the club—a fact
reflected in the sharp reduction of
fees from last summer’s peak rate
of $500 per night.
Noisy earthmovers aren’t the
only liability encountered by ad-
venturesome resort beta-testers.
Ms. Cady’s most recent trip to
Caye Chapel in April was marred
by a storm with high winds.
“We had to vacate our tents
early in the morning,” she said.
“Our tent was flooded and torn in
COMING SOON The oceanfront homesites for sale range in price from $2.1 million to $4 million; the resort has hosted 33 visits so far. A rendering of a view from spots—but the staff took care of it
a private estate, top; a view from one of the guest tents, above left; exterior of a tent, above right; rendering of the finished development, below. as if nothing had happened.”
CLOCKWISE FROM TOP LEFT: CADY FAMILY; ALEXIA FODERE FOR THE WALL STREET JOURNAL; CGVERON (RENDERING); ALEXIA FODERE FOR THE WALL STREET JOURNAL (2); CGVERON (RENDERING)
MANSION
JUMBO JUNGLE | ROBYN A. FRIEDMAN
BUT FIRST, LET ME EXPLAIN

Borrowers may be asked to write letters to their lenders to clarify questions about income, employment and other matters
IN APPLYING consider if your lender re-

for a mort- quests a letter of explanation:
gage, few
home-buyers Don’t panic
expect to be- Letters of explanation are a
come pen common part of the mort-
pals with their lender. But gage-application process. If
when the underwriting de- you’re asked to provide one,
partment has specific ques- it doesn’t mean there’s a
tions that aren’t answered problem with your applica-
by asset, credit or employ- tion or that your loan will be
ment documentation already denied. In fact, a request for
in the file, borrowers may be an explanation simply means
asked to write a letter of ex- that the underwriter is try-
planation, sometimes called ing to clear up open ques-
a “comfort letter.” tions in an effort to get your
“We try to connect the application approved.
dots using data, and we
think that makes the applica- Address the issue
tion process more robust,” Make sure you understand
says Bill Banfield, executive the underwriter’s concern—
vice president of capital and then provide the infor-
markets for Quicken Loans in mation he or she needs to
Detroit. “But when you need approve your loan. The let-
a little help from the client ter should be concise, accu-
to connect those dots, letters rate and to the point. Don’t
of explanation are a way to forget to date and sign it
help an underwriter inter- and include any necessary
pret something.” receipts or canceled checks
For example, a borrower that support your explana-
planning to purchase a new tion. And, if the letter re-
home far away from his cur- quested is related to a nega-
rent place of employment tive event, such as a late
may be asked to explain if he payment on your credit re-
has a new job or intends to port, consider not only ex-
telecommute. This assures plaining why it happened
the lender that the appli- but detailing what changes
CHRIS GASH
cant’s income will continue you’ve made to ensure it
after the move. doesn’t happen again.
Another time a borrower
letter may be required is an What’s not allowed
unusually large deposit that employment can also call for help lenders cover them- tion later turns out to be in- torney James W. Brody, While it’s perfectly OK for
shows up on bank statements. a letter. “It could be as sim- selves if a mortgage applica- accurate. chairman of the mortgage- lenders to ask for explana-
While the explanation may ple as somebody had a child, tion is ever audited, either “It’s all about the bor- banking practice group at tions related to an applica-
simply be that the borrower and they left the workplace by internal bank auditors or rower’s intent at the time of Johnston Thomas in Santa tion, there are certain top-
deposited wedding gifts or for a period of time,” Mr. federal examiners, who peri- underwriting,” says Allen Rosa, Calif. “I don’t see any- ics they can’t broach. “By
sold her car, the underwriter Banfield says. “What the un- odically audit mortgage files White, senior vice president thing enforceable about these law, we cannot ask our bor-
needs to understand the derwriter is trying to get at to ensure that the lender did of mortgage lending at South letters,” he says. “Certainly rowers anything that is pro-
source of the money to en- is the stability and continu- its due diligence during the State Bank in Seneca, S.C. there is a need to provide hibited bias, such as medi-
sure it wasn’t a loan the bor- ity of the income they’re us- application process. But ex- “It’s not something we trace honest and truthful informa- cal privacy, gender, age,
rower received to help pay for ing to qualify the client to perts say the epistles are back.” tion, but you can’t guarantee religious or racial discrimi-
the house that the borrower ensure that they can actually generally not enforceable The letters are just a way you’re going to remain em- nation,” Mr. White says.
couldn’t otherwise afford. afford the payments.” and that the letter-writer for lenders to “tighten up ployed, for example.” Steer clear of those ques-
A gap in the borrower’s Letters of explanation can’t be sued if the explana- their underwriting,” says at- Here are some things to tions if presented.
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THE WALL STREET JOURNAL. NY Friday, August 3, 2018 | M7
Old Greenwich, cT | $14,950,000 newpOrT, ri | $14,500,000 wesTerly, ri | $12,500,000 newpOrT, ri | $9,500,000 nOrTh palm Beach, Fl | $8,975,000
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©2018 Luxury Portfolio International.® Equal Housing Opportunity. Offering is subject to errors, omissions, change of price, or withdrawal without notice. All information considered reliable; however, it has been supplied by third parties and should not be relied on as accurate or complete.
Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, protected veteran status or disabled status.
MANSION
PRIVATE PROPERTIES | KATHERINE CLARKE
Beyoncé and Jay-Z’s Onetime Malibu Estate Sells

An elaborate Malibu, Calif., Weintraub, records show. The
compound once rented by enter- buyer is a company linked to Beh-
tainment power couple Beyoncé dad Eghbali, a partner at a private
and Jay-Z has sold for roughly $50 investment firm based in Santa
million, according to people famil- Monica, Calif.
iar with the deal. Beyoncé and Jay-Z rented the
The property had been asking property last year following the
$54.5 million last year, people fa- birth of their twins, according to
miliar with the transaction people familiar with that
said. It wasn’t formally deal. It couldn’t be deter-
on the market at the mined what the couple
time of the deal. paid; the monthly
The gated prop- rent was most re-
erty, known as La cently advertised to
Villa Contenta, sits be as high as
on roughly 6.3 acres $400,000 a month
and has landscaped during the peak sum-
FROM LEFT: SIMON BERLYN; KEVIN MAZUR/GETTY IMAGES
gardens overlooking mer season, according

the ocean. The main to the listing. A spokes-
villa has hand-laid mosaic person for the couple
floors, carved limestone ceilings wasn’t immediately available for
and a 2,500-year-old lion’s head comment.
sculpture found at the base of Aaron Kirman and Maya Hazen
Mount Vesuvius, according to the Manshel of Pacific Union and Chris
listing from last year. Cortazzo of Coldwell Banker Resi-
There is also a guesthouse and dential Brokerage brokered the
a ballroom on site. A pool pavilion deal.
constructed the from carved mar-
ble has changing rooms paneled in See more photos of notable
onyx and decorated with shells. homes at WSJ.com/Mansion.
The seller is investor Richard Email: privateproperties@wsj.com
ADVERTISEMENT
Distinctive Properties
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
ILLINOIS MASSACHUSETTS
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Publish Date: 9/21 | Close Date: 8/16 | Section: Mansion

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© 2018 Dow Jones & Company, Inc.

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THE WALL STREET JOURNAL. Friday, August 3, 2018 | M9

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M10 | Friday, August 3, 2018 NY THE WALL STREET JOURNAL.
MANSION
AXEL DUPEUX FOR THE WALL STREET JOURNAL (TOP RIGHT); ANDRETTI FAMILY (3)
NEW HOME Aldo and Mario Andretti, above, 4th and 5th from left, building a
stock car with friends in Nazareth, Pa., in 1959. Mr. Andretti, right, in one of two
garages at the home he and his late wife, Dee Ann, built in the same area.
Andretti’s races, including the 1954 Italian

Grand Prix at Monza and the 1955
Mille Miglia. As the cars flew past,
Fast Lane we were electrified.

The visas came through in 1955,
when I was 15. That June, we
To America sailed for New York aboard the
Conte Biancamano. When we
passed the Statue of Liberty, Anna
Continued from page M1 Maria tried to sing “The Star-Span-
crowded. For seven years, we were gled Banner.”
housed in an old college dormitory. In Nazareth, we stayed at my
For the first four, we shared a uncle’s two-story house. It was
room with nine families. Each fam- tight. Two weeks later, my father
ily’s space was separated by hang- took a job at the cement plant and
ing blankets. rented a duplex on South Whitfield
Then my uncle pulled strings to Street. Eventually, he bought a
get us two rooms in the class- house and a ‘57 Chevy with the
rooms above. Even though we were help of our restitution check.
in a refugee camp, my brother and One night, after dinner at my
sister and I still went to school. My uncle’s house, my brother and I
father worked hard landing odd were outside and saw bright lights
jobs to make ends meet. in the distance. Then we heard the STARTING POSITION The Andretti
While living in the camp, my roaring explosion of car engines. family home, center left, in what is
brother and I spotted a parking ga- Aldo and I look at each other. today Motovun, Croatia. They fled in
rage across the square. We be- We ran about a mile toward the 1948 and lived in a refugee camp in
friended the owners and hung out lights. It was a racetrack. We Lucca, Italy, for years. Above, Mario
there after school. When we were looked through the fence and saw and his twin, Aldo, on right, in their
12, we learned to drive by offering modified stock cars. They weren’t village, then known as Montona, Italy.
to help them park cars in the garage. Formula 1 cars, like in Italy. But we
An uncle on my mother’s side agreed they were pretty doable. Italian racing uniforms that the the bank by June. Those were my Lamborghini and a Corvette.
who had settled in America years We set to work with four bud- owners of the Lucca parking ga- first professional races. I’m the honorary mayor of Mon-
earlier invited us to live with his dies building a stock car. It took us rage sent us. Today, I live in Nazareth in a tona, which is now Motovun, Croa-
family in Nazareth, Pa. He was a two years. In March 1959, when we Aldo drove the first race and house that looks like a beautiful tia. I still dream about my child-
foreman at a cement factory and arrived at the track with our car won. I drove next and finished first. Mediterranean villa. My late wife, hood there.
said he had a job for my father. for the first time, we fibbed like We won $150, which we used to pay Dee Ann, and I built it in 1998 on 27 When we left, I took only my ro-
My father applied for visas in crazy. We said we were 21, even down our $500 bank loan needed to acres. I love spending time in the sary made of brown beads. I still
1952. While we waited, the garage though we were 19. We also said build the car and buy a racing en- garages on either side of our house. have it, along with our ship tickets.
owners took Aldo and me to auto we had raced in Italy. We wore gine. We kept winning and paid off I have nine cars in all, including a The beads are faded orange now.
Westchester &
Fairfield Homes
Our bracelet sizzles with
10 carats of sparkle
With 10 glittering carats of perfectly

matched CZs, our tennis bracelet
delivers all the white-hot radiance of its
traditional diamond counterpart—at a
mere fraction of the price.
Reach an affluent audience of real estate buyers looking for luxury

properties in your area. The Wall Street Journal’s upcoming special
advertising feature will highlight the local communities, neighborhood
amenities and other factors that drive sales in your market.
The section, distributed to our New York audience, provides a

targeted opportunity to reach serious local buyers within engaging
and relevant content.
Issue Date: 9/14 | Close Date: 8/10 | Section: Mansion

$
95
Plus Free Shipping For advertising opportunities, please contact:
10.00 Carat t.w. CZ Tennis Bracelet Liam Jerome at 212.416.3711 | liam.jerome@dowjones.com
Sterling silver setting. 40 round CZ stones (CZ weights
are diamond equivalents). 7" length. Box clasp.
Shown larger for detail.
Ross-Simons Item #828944

To receive this special offer, use offer code: TENNIS160
© 2018 Dow Jones & Company, Inc. All Rights Reserved.
1.800.556.7376 or visit www.ross-simons.com/TENNIS

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