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Biden
What’s
News To Cancel
Business & Finance
Student
Debt for
C entral bankers worry
that the recent surge in
inflation may represent not a
temporary phenomenon but
a transition to a new, lasting
Millions
reality with attendant chal- Plan to forgive up to
lenges for policy makers. A1 $20,000 in loans, after
 Twitter’s legal battle a long internal debate,
with Musk has gotten more
complicated after a whis- could face legal hurdles
tleblower complaint by the
social-media platform’s for-
BY ANDREW RESTUCCIA
mer head of security. B1, B2
AND GABRIEL T. RUBIN
 Amazon.com is closing its
Amazon Care service as the President Biden plans to
company looks to retool its forgive as much as $20,000 in
VALENTYN OGIRENKO/REUTERS

healthcare offerings follow- federal student loan debt for

ing the purchase of a line tens of millions of people, a
of primary-care clinics. B1 move that would provide un-
precedented relief for borrow-
 China unveiled tens of bil-
ers while also drawing politi-
lions of dollars of economic
cal pushback and potential
support for its power and ag-
legal challenges.
ricultural industries, which
Following more than a year
have been grappling with a
A family viewed charred Russian armored vehicles in Kyiv on Wednesday as Ukraine marked its 31st Independence Day. The of internal debate, the presi-
heat wave and drought. A7
U.S. pledged $3 billion in new military aid, as a train station in the east sustained the deadliest attack on civilians in weeks. dent said Wednesday that he
 Investors’ appetite for will cancel $10,000 in federal

Attack Kills Ukraine Civilians,

junk bonds is cooling ahead of student loan debt for borrow-
a critical stretch for economic ers making under $125,000 a
data and Fed policy, stalling a year or couples making less
summer rally in the debt. B1 than $250,000 a year. Those
who received federal Pell

U.S. Pledges $3 Billion in Aid

 Emerging markets are
Grants and make less than
burning through foreign cur-
$125,000 a year would be eligi-
rency reserves at the fastest
ble for total forgiveness of
rate since 2008, raising the
$20,000, Mr. Biden said. Pell
risk of a wave of defaults. B1
Grants are a form of federal fi-
 U.S. stocks edged higher, KYIV, Ukraine—Russian mis- muted defiance. of its lands from Russian occu- ensky said. He stood amid nancial aid awarded to students
with the S&P 500, Nasdaq siles hit a train station and In the afternoon, Russian pation. He said the country charred Russian armored vehi- from low-income households.
and Dow gaining 0.3%, 0.4% house in eastern Ukraine and missiles hit a house in the had been reborn and is fight- cles on Kyiv’s main boulevard, “An entire generation is
and 0.2%, respectively. B11 killed at least 22 people, Presi- town, killing an 11-year-old boy, ing valiantly for a future inde- where in previous years parades now saddled with unsustain-
Ukrainian officials said. Missiles pendent from Moscow, its involving the military have cele- able debt,” Mr. Biden, a Demo-
 GameStop plans to re-
ward thousands of employ- By James Marson, later struck the train station, longtime overlord. brated Ukraine’s declaration of crat, said at the White House,
ees with stock and pay raises, Isabel Coles setting five passenger train cars The president’s address independence from the crum- adding that he wouldn’t apolo-
returning focus to its bricks- and Nancy A. Youssef alight, killing 21 people and in- channeled the pain of the loss bling Soviet Union in 1991. gize for what he characterized
juring 22, officials said. of thousands of soldiers and Mr. Zelensky’s address as help for the middle class.
and-mortar business as it
dent Volodymyr Zelensky said, Russia, which didn’t com- civilians in the war, but also came as the White House un- GOP lawmakers quickly
looks to become profitable. B1
as the U.S. pledged a further $3 ment on the strike, has said it fresh optimism that Ukrainian veiled its biggest weapons-as- criticized the idea, with the
 Bed Bath & Beyond and as- billion to support the Ukrainian doesn’t target civilians, even forces have retaken the initia- sistance package from the U.S. Republican National Commit-
set manager Sixth Street were military in the months ahead. as Russian missiles have hit tive. Wednesday also marked to the country yet. tee calling the plan “Biden’s
nearing final terms for a loan of The strike in the small town cities far from the front lines. the six-month anniversary of The $3 billion more in secu- bailout for the wealthy.”
close to $400 million to shore of Chaplyne was the deadliest Earlier, in a prerecorded Russia’s invasion of Ukraine. rity aid to Ukraine will include Please turn to page A4
up the retailer’s liquidity. B3 to hit civilians in weeks and video delivered to mark Inde- “What is the end of the war air-defense systems, artillery
came as Ukraine marked its pendence Day, Mr. Zelensky for us? We used to say: peace. systems and munitions, coun-  How the loan-forgiveness
World-Wide 31st Independence Day in said Ukraine would liberate all Now we say: victory,” Mr. Zel- Please turn to page A8 plan would work...................... A4

Central Bankers Worry

 Biden plans to forgive as
much as $20,000 in federal
student loan debt for tens
Laid-Off Employees
of millions of Americans, a
move that would provide
unprecedented relief for
Quickly Find New Jobs Inflation Pressures Will Stick
borrowers while also draw-
ing legal challenges and BY SARAH CHANEY CAMBON Unemployment by duration,
political pushback. A1, A4 share of total unemployment
When Suki Lanh was laid
 Russian missiles hit a
off from a fintech insurance
100% Outlook dims for return to era when rates, price growth were low
train station and house in 27 weeks or longer
eastern Ukraine and killed startup in early July, she wor-
ried it could take months to BY NICK TIMIRAOS mer Bank of Canada and Bank of England gov-
at least 22 people, Zelensky 80
said, as the U.S. pledged a find a new job. ernor, in a speech at an economics conference
further $3 billion to sup- “I was definitely nervous Central bankers worry that the recent in March. “The long era of low inflation, sup-
port the Ukrainian military seeing the amount of startups surge in inflation may represent not a tem- pressed volatility and easy financial conditions
in the months ahead. A1 that were laying off folks,” the 60 porary phenomenon but a transition to a is ending.”
30-year-old said. “I just new, lasting reality. This new era would mark an abrupt about-
 A federal judge blocked thought generally it was going 15 to 26 weeks To counter the impact of a decline in global face after a decade in which central bankers
Idaho from enforcing its to be really difficult to get an- commerce and persistent shortages of labor, worried more about the prospects of anemic
near-total abortion ban in other job for a while.” 40 commodities and energy, central bankers economic growth and too-low inflation, and
certain emergency situa- Ms. Lanh posted a video 5 to 14 weeks might lift interest rates higher and for longer used monetary policy to spur expansions. It
tions, an early victory for about her job loss on LinkedIn than in recent decades—which could result in also would be a reversal for investors accus-
the Justice Department in a two days after she was let go 20 weaker economic growth, higher unemploy- tomed to low interest rates.
case it filed this month. A3 amid broader cuts at a New ment and more frequent recessions. The challenges for policy makers will take
 The Uvalde, Texas, school York City-based startup. Re- Less than 5 weeks The Federal Reserve’s current round of in- center stage from Thursday to Saturday when
board fired district Police cruiter messages started flood- 0
terest-rate increases, which economists say they gather for the Kansas City Fed’s annual
Please turn to page A6 have pushed the U.S. to the brink of a reces- retreat in Jackson Hole, Wyo., being held in
Chief Pete Arredondo, who May 2020 ’21 ’22
oversaw the response to sion, could be a taste of this new environment. person for the first time since 2019.
the deadly mass shooting at
 GameStop boosts pay, Note: Seasonally adjusted “The global economy is undergoing a series The Fed could still succeed at curbing infla-
refocuses on stores................ B1 Source: Labor Department of major transitions,” said Mark Carney, for- Please turn to page A8
Robb Elementary School. A3
 The Justice Department
made public a 2019 legal
memo recommending that
The Slow Death of the INSIDE Leisure-Time Spending
Trump not be prosecuted for
Traditional Business Card
obstruction of justice in
connection with Mueller’s
Russia investigation. A5
i i i Feels Pinch in China
 Facebook parent Meta In its place are QR codes, jewelry with
BY ERICH SCHWARTZEL industries range from repeti-
and Twitter have removed
accounts that pushed pro- your business details or implanted chips AND ANNE STEELE tive Covid lockdowns to cen-
sorship and political head-
Western content to audiences
U.S. entertainment and lei- winds, all slowing the chance
in the Middle East and Rus-
sian-speaking Central Asia, BY ALEX HARRING uses near-field communication sure industries are facing an to capture leisure time of
according to a report. A6
AND EMILY GLAZER technology, can be scanned. SPORTS unsettling reality: China’s wal- China’s 1.4 billion citizens. For
And some phones’ NFC read- PGA Tour launches let is getting harder to access. the past several months, Bei-
 The Biden administration Derek Peterson’s business ers aren’t mighty enough to Hollywood studio execu- jing’s “zero Covid” policy,
said it would transform the card is, truly, always in his detect the chip unless placed
major overhauls, tives charged with projecting which its government said is
Deferred Action for Childhood hand. directly on top of his hand. including a boost in global box-office revenues are necessary to save lives, has
Arrivals program into a federal The technology chief at “I was some kind of cy- prize money. A12 putting $0 in the China col- kept millions of Chinese resi-
regulation to strengthen it Boingo Wireless Inc. had a borg,” he said of one recent umn. Baccarat tables in Macau dents inside their homes for
against legal challenges. A3 chip inserted, be- interaction, which sit empty. Singers skip Shang- weeks at a time.
tween his left led to a crowd tak- hai concert halls on tour. “The Chinese consumer is
CONTENTS Opinion.............. A13-15 thumb and index ing photos. “It’s kind The movie, concert and ca- nervous, and so discretionary
Arts in Review.... A11 Personal Journal A9-10
Business News.. B3,6 Sports........................ A12 finger, that carries of funny.” sino businesses, which have spending is down,” said Craig
Capital Account.... A2 Technology............... B4 his contact infor- Traditional busi- resumed activity in much of Allen, president of the U.S.-
Crossword.............. A12 U.S. News............. A2-6 mation. New ac- ness cards—drop- the world after Covid-19 shut- China Business Council. “A lot
Heard on Street. B12 Weather................... A12
Markets..................... B11 World News...... A7,16
quaintances can use ping off for years— downs, are among the hardest- of it has to do with sentiment,
their phones to might finally be hit by the continued limited and sentiment is not good.”
download the de- Call me maybe folding given the access to China’s middle class. For Hollywood studios, hun-
> tails. Covid-19 pandemic, BUSINESS & FINANCE Companies that once saw dreds of millions of dollars in
The rub: His attempts to as many professionals worked Twitter whistleblower China as a vital growth market box-office receipts have dried
transmit often draw looks of from home, switched jobs and stand to lose out on billions of up. In 2019, seven Hollywood
confusion, then disbelief, then attended conferences and
is famed ex-hacker and dollars in $100 concert tickets, Please turn to page A7
gawking. He finds some meetings virtually. Even now, system security $12 matinee stubs and $5 bets.
s 2022 Dow Jones & Company, Inc.
All Rights Reserved phones need an app down- with in-person schmoozing on sleuth. B2 The factors in China putting  Beijing unveils aid for power,
loaded before his chip, which Please turn to page A6 pressure on the U.S.’s pastime agricultural industries........... A7
 .

A2 | Thursday, August 25, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Climate Law’s Real Impact a Decade Away

It’s called lyzing a virtuous cycle of The Power of the Learning Curve more slowly in wind power. ogies that are younger than
the Inflation higher demand that leads to Costs should continue to solar, wind and batteries,”
Reduction Act more innovation, learning- $640 edge lower for both. Wind said Mr. Naam.
but President by-doing and economies of U.S. Solar power costs fell farms could migrate from He cites hydrogen, in par-
Biden and the scale that lower costs and 2009 steadily with each onshore to offshore and from ticular. When burned, it pro-
law’s other further boost demand. Global doubling of installed fixed to floating bases, ex- duces water instead of car-
supporters treat it as the “They’re a nudge: they kick- 320 2012 capacity. ploiting greater size and bon dioxide so it can in
“Emissions Reduction Act.” start a much larger process more reliable wind. Greg theory replace natural gas
The law, which Mr. Biden of innovation,” said Jessika Nemet, an expert on energy for making cement, steel and
signed last week, is supposed Trancik, who studies the cost systems at the University of fertilizer. Right now, though,
PRICE PER MEGAWATT–HOUR 160
to leave climate-warming and performance of energy Wisconsin-Madison, thinks most hydrogen is “gray”: it’s
greenhouse gases around 40% systems at the Massachu- solar installation could be- produced using natural gas
lower by 2030 from 2005 lev- setts Institute of Technology. come much more efficient, as and therefore adds to emis-
els, mainly through subsidies has already happened in Aus- sions. “Green” hydrogen is
80

I
that shift utilities and house- n solar power, the results tralia. Mr. Nemet also pre- made by using renewable
holds to renewable electricity have been spectacular. dicts the current shortage of electricity to split water into
and electric vehicles. Between 1980 and 2012, 2020 key minerals such as lithium oxygen and hydrogen, but it’s
That is symbolically im- the cost of a photovoltaic will ease as investment in uneconomic. Mr. Naam said
portant, since it moves the module made from crystal- 40 new supply ramps up. the IRA’s incentives, mainly a
U.S. closer to its interna- line silicon fell 96%, accord- AXIS 2019 tax credit of up to $3 per ki-

Y
tional commitment, but it’s ing to a 2018 paper by Ms. DOUBLES* et the law’s greater logram, make green hydro-
not the bill’s most significant Trancik and two co-authors. potential lies in repli- gen instantly competitive
impact. After all, the U.S. They attributed roughly 30 20 cating the experience with gray hydrogen. He pre-
was already on track to re- percentage points of this to 20,000 40,000 80,000 160,000 320,000 640,000 of solar in other technologies dicts the resulting boost to
duce emissions. The incre- public and private research CUMULATIVE GLOBAL SOLAR INSTALLATIONS (MEGAWATTS) that are currently too costly demand will vastly increase
mental reduction in emis- and development, which *Chart uses logarithmic scales on both axes. Each gridline represents a doubling in value. for widespread adoption. output and, following
sions from the IRA is 6% to among other things, led to Source: Ramez Naam’s analysis of International Energy Agency (Global) and Lazard (U.S.) data Emission reductions in the Wright’s Law, drive down the
10%, according to the re- more efficient modules and coming decade are the low price of green hydrogen dra-
search firm Rhodium Group, larger, thinner silicon wafers. vestment in photovoltaic fac- the future cost of technology hanging fruit, achievable matically.
or 15%, according to Prince- Another 60 points came tory capacity. that we know of,” said with technologies such as Ben King of Rhodium
ton University’s Zero Lab. from “learning-by-doing”— Similar, though less dra- Ramez Naam, an author and wind, solar and batteries Group is less optimistic
This translates to roughly 1% improvements to the manu- matic, dynamics have been investor in early-stage green that are already competitive about green hydrogen, but
to 3% of expected global facturing process, such as at work in wind power and energy companies. or nearly so with fossil fuels. bullish on direct air capture
emissions in 2030: a start, less waste, that came with battery storage. They all One implication is that as Getting the rest of the way and carbon capture and stor-
but not enough to move the experience—and economies hewed to “Wright’s Law,” a technology matures, pro- to net zero depends on hard- age where “we are at the
needle on temperature. of scale: the average plant named for the 1930s aero- duction takes longer to dou- to-decarbonize sectors such very beginning stages of the
Where the law could be capacity grew roughly 200- nautical engineer Theodore ble and so costs fall more as aviation, industrial pro- learning curve.”
truly consequential is in fold. Wright, according to which slowly. Sure enough, the cost cesses and agriculture for These advances will be a
planting the seeds for tech- These advances were each doubling of production of solar-generated power has which commercially viable relatively small part of the
nology adoption that drives spurred by the promise of is accompanied by a roughly fallen an average of 6% annu- technology to eliminate IRA’s impact in the coming
emissions lower beyond demand that government in- constant percentage decline ally from 2018 through 2021, emissions doesn’t yet exist. decade. Thereafter, though,
2030. Recent history shows centives made possible. For in cost, known as the learn- compared with 21% in the “The biggest wins, the the benefit could be huge.
that climate policies such as example, generous German ing rate. “Over the long term previous nine years, accord- biggest price changes and And, Mr. King notes, the ben-
taxes, subsidies and man- payments for solar power these learning rates appear ing to Lazard, an investment the greatest induced innova- efits will accrue to the whole
dates matter most by cata- spurred China’s massive in- to be the best way to predict bank. Costs are also falling tion will be in those technol- world, not just the U.S.

Dinosaur Tracks Revealed in Texas as Water Levels Fall Biden Names New
Secret Service Director
BY ALEXA CORSE as assistant director of protec-
tive operations. Ms. Cheatle
WASHINGTON—President will be the second female Se-
Biden said he has chosen Kim- cret Service director, after
berly Cheatle as the next di- President Barack Obama ap-
rector of the Secret Service, pointed Julia Pierson to the
naming her to take over after role in 2013.
a turbulent few months in Mr. Biden said he and first
which the agency best known lady Jill Biden got to know Ms.
for protecting presidents has Cheatle while she served on
DINOSAUR VALLEY STATE PARK/AGENCE FRANCE-PRESSE/GETTY IMAGES

faced controversies related to his security detail when he

the Jan. 6, 2021, attack on the was vice president. “She has
U.S. Capitol. my complete trust, and I look
Ms. Cheatle will replace forward to working with her,”
James Murray, who served as Mr. Biden said in a statement
director since 2019 and tempo- Wednesday.
rarily delayed a planned re- Ms. Cheatle is currently a
tirement as the agency faced senior director at PepsiCo
Jan. 6-related controversies North America overseeing fa-
including its handling of phone cilities, personnel and busi-
records. The Secret Service di- ness continuity.
rector is appointed by the Mr. Murray last month said
president and doesn’t require he had postponed his retire-
Senate confirmation. A White ment, which had previously
House official said Ms. Cheatle been announced effective July
is expected to start her new 30.
role in early September. The Secret Service has
Ms. Cheatle, whose appoint- faced several inquiries into its
BIG FOOTSTEPS: The receding Paluxy River has revealed dinosaur footprints left 113 million years ago. The tracks in Dinosaur Valley ment Mr. Biden announced handling of records, including
State Park were made by an Acrocanthosaurus, a 15-foot-tall, 7-ton beast, the Texas Parks and Wildlife Department said Wednesday. Wednesday, is a 27-year vet- from the Department of
eran of the Secret Service and Homeland Security inspector
was the first woman to serve general.

U.S. WATCH
ECONOMY through July. due to the long-term effects of cohol use disorder for at least
The figures reflect continued Covid-19, according to a new eight months, researchers said in
Durable-Goods Orders demand from businesses and Brookings Institution report re- a study published Wednesday in
Were Flat Last Month consumers—and rising prices. leased Wednesday. the journal JAMA Psychiatry.
Orders figures aren’t adjusted The inability to work trans- Nearly half of the study partic-
Businesses pulled back on or- for inflation, which ran near a lates to roughly $170 billion a ipants who got psilocybin stopped
ders for long-lasting goods in four-decade high last month. year in lost wages, the report drinking entirely, an effect that in
July, reflecting a cooling in de- A closely watched proxy for estimates. It follows a January some cases lasted years, accord-
mand amid other signs of a business investment—new or- Brookings Institution report that ing to the researchers and inter-
slowing U.S. economy. ders for nondefense capital estimated long Covid was poten- views with study participants.
New orders for durable goods excluding aircraft—rose tially causing 15% of the coun- “That means that it’s not that
goods—products meant to last 0.4% to $74.5 billion in July com- try’s labor shortage. we’re masking symptoms” of the
at least three years—were un- pared with the previous month, —Sumathi Reddy disorder, said Michael Bogen-
changed at a seasonally ad- the Commerce Department said schutz, director of the Center for
justed $273.5 billion in July com- Wednesday. HEALTH Psychedelic Medicine at NYU Lan-
pared with the prior month, the —Bryan Mena gone and the study’s lead author.
Commerce Department said Drug Found Effective “It means that people have really
Wednesday. Excluding defense, ECONOMY In Curbing Drinking changed in some way.”
new orders were up 1.2%. The study adds to a growing
Overall orders for durable Millions Not Working Psilocybin—the active ingredi- body of clinical research showing

Edition 50
goods—which include factory Due to Long Covid ent in so-called psychedelic or that psychedelics paired with
equipment, computers and magic mushrooms—given in therapy can be an effective treat-
U.S. Exclusive washing machines—increased in Between two million and four combination with psychotherapy ment for alcohol use disorder.
Based on the award nine of the past 12 months million Americans aren’t working curbed drinking in adults with al- —Daniela Hernandez
winning Perigraph
Scan for
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THE WALL STREET JOURNAL. * * * * Thursday, August 25, 2022 | A3

U.S. NEWS

Idaho
Abortion
Uvalde School Board Fires Police Chief
Pete Arredondo had
been faulted for
Ban Is delays in response
to mass shooting
Curbed BY ELIZABETH FINDELL

By Judge The school board in Uvalde,

Texas, voted unanimously
BY LAURA KUSISTO Wednesday night to fire district

JORDAN VONDERHAAR/GETTY IMAGES

Police Chief Pete Arredondo,
A federal judge blocked exactly three months after he
Idaho from enforcing its near- oversaw the response to a mass
total abortion ban in certain shooting in which 19 fourth-
emergency situations, an early graders and two teachers died.
victory for the Justice Depart- The move came after
ment in a case it filed this months of calls to remove Mr.
month. Arredondo, whom state offi-
U.S. District Judge B. Lynn cials blamed for failing as
Winmill on Wednesday issued commander of the law-en-
a preliminary injunction that forcement response to the Members of the school board in Uvalde, Texas, met Wednesday night and voted to fire school district Police Chief Pete Arredondo.
prevents the state from en- shooting. Hundreds of police
forcing its ban in emergency and other law-enforcement of- dondo’s contract immediately. was discharged in a manner Texas Department of Public silent about his actions at
circumstances where doctors ficers waited outside the doors They didn’t provide further de- that harms his reputation. Safety, which had nearly 100 May’s mass shooting.
and hospitals deem an abor- of a Robb Elementary School tails on their reasoning. Audi- The statement said the state troopers present at the The statement said the
tion is necessary to avoid plac- classroom for more than an ence members at the school chief did the right thing in shooting, was shifting the school district didn’t follow
ing the health of a pregnant hour while teachers and stu- board meeting cheered and holding off engaging the gun- blame entirely onto his client. the correct process by provid-
patient in serious jeopardy. dents bled to death inside. yelled: “Dereliction of duty!” man and that he didn’t know “Out of all the officers that ing a written complaint with
The judge, an appointee of Mr. Arredondo didn’t attend In a statement released half children were in the class- were there, from all sorts of its accusation that Mr. Arre-
former President Bill Clinton, a school board meeting an hour before the meeting room. It said he genuinely be- agencies and departments, not dondo failed in his duties to
said Idaho’s criminal abortion Wednesday at which his termi- began, Mr. Arredondo’s lawyer, lieved he didn’t have the tools even one came to him with set up a command post. It ar-
statute conflicted with a fed- nation was on the agenda. He George Hyde, described his cli- to breach the classroom door. even a suggestion that he gued the board’s request to
eral law that requires hospi- issued a statement criticizing ent’s conduct during the mass An investigative report pro- should take a different ap- have Mr. Arredondo’s testi-
tals to provide certain basic officials and defending his shooting as “outstanding” and duced by a Texas House of proach,” he said. mony submitted in advance of
levels of emergency care. own actions. accused the district of block- Representatives committee A representative for Texas the termination meeting was
Judge Winmill wrote that After emerging from a ing his ability to clear his found that no one tried the DPS didn’t respond to a re- unconstitutional.
medicine is meant to treat closed-door discussion, school name. Mr. Hyde threatened to classroom door, which was quest for comment. A spokeswoman for the
problems before they become board members said good cause seek monetary damages from most likely not locked. Before Wednesday, Mr. board didn’t respond to a re-
life-threatening emergencies. existed to terminate Mr. Arre- the district if Mr. Arredondo Mr. Hyde also said that the Arredondo had stayed largely quest for comment.
“The Idaho law requires doc-
tors to do the opposite—to

New Rule Seeks to Secure

wait until abortion is neces-
sary to prevent the patient’s
death,” he wrote.

Program Helping Dreamers

The ruling was one of two
initial tests for Biden adminis-
tration efforts to require abor-
tion access for emergencies in
states that have moved to
heavily restrict the procedure. BY MICHELLE HACKMAN led states, and it could issue its administration such broad-
A separate ruling from Texas, decision upholding or striking based power to give an entire
issued late Tuesday, went WASHINGTON—The Biden down the program anytime. class of immigrants in the
against the administration. administration said it would Last summer, a federal dis- country illegally deportation
In that case, a federal judge transform the Deferred Action trict judge in Texas ruled the relief.
in Lubbock ruled that hospi- for Childhood Arrivals pro- program was illegal and barred President Biden has made
tals and doctors for now aren’t gram, which provides deporta- the federal government from bringing stability to the pro-
required to abide by the ad- tion protections to more than accepting new applicants, gram a priority, directing DHS
ministration’s guidance requir- 600,000 young immigrants though he permitted existing to find ways to “preserve and
ing emergency abortion care. known as Dreamers who are in DACA recipients to continue re- fortify” DACA in an executive
The Justice Department’s the country illegally, into a fed- lying on its protections. action on his first day in office.
Idaho suit alleged the state’s eral regulation to strengthen it U.S. District Judge Andrew “I will do everything within
abortion restrictions unlawfully against legal challenges. my power to protect Dreamers,
conflict with a federal law that The new rule, published by but congressional Republicans
requires hospitals accepting the Department of Homeland should stop blocking a bill that
Medicare to provide emergency Security on Wednesday, is set
DACA, which shields provides a pathway to citizen-
treatments, which can some- to take effect on Oct. 31, and 600,000 people from ship for Dreamers,’’ Mr. Biden
times include abortion. It was will replace a memo issued in said Wednesday.
the Biden administration’s first 2012 by then-Homeland Secu-
deportation, is made Many congressional Republi-
legal challenge over abortion rity Secretary Janet Napolitano into a regulation. cans have expressed support
access since the Supreme Court that governed the program for for extending a path to citizen-
in June overturned Roe v. Wade a decade. ship to DACA recipients,
and eliminated federal constitu- “Today, we are taking an- though they disagree with
tional protections for abortion. other step to do everything in Hanen, of the Southern District Democrats over how many
Attorney General Merrick our power to preserve and for- of Texas, argued, in part, that Dreamers to make eligible for
Garland said the Justice De- tify DACA, an extraordinary the program wasn’t properly such a program. Republicans
partment “will continue to use program that has transformed implemented because the gov- have said such a measure must
every tool at its disposal to the lives of so many Dreamers,” ernment didn’t elicit feedback be coupled with new border se-
defend the reproductive rights DHS Secretary Alejandro May- from the public or adequately curity policies that Democrats
protected by federal law.” orkas said. consider the effects of its cre- oppose.
Megan Blanksma, chair of The program has been at the ation on states, which would, The new DACA program
the Idaho House Republican center of a yearslong legal bat- for instance, be required to is- would operate largely the same
Caucus, said, “The death of tle focused in part on whether sue driver’s licenses to DACA as the original created by the
even one preborn child in it was properly created. recipients. The new regulation Obama administration in 2012.
these circumstances is a trag- In July, a federal appeals was created to alleviate that The program would carry the
edy, yet such deaths are the court in New Orleans heard ar- concern, though it likely same eligibility criteria, which
purpose and consequence of guments on the legality of the wouldn’t address Judge require that an immigrant in
the current federal adminis- program in a lawsuit brought Hanen’s additional argument the country illegally arrived by
tration’s case against Idaho.” by Texas and other Republican- that Congress never gave the June 2007 and before age 16.
 .

A4 | Thursday, August 25, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

Democrats’ House Win

Lifts Midterm Hopes
Abortion access was creasingly confident of taking tisan Cook Political Report
control of the House, pointing downgraded its outlook for
key issue in New York, to voters’ worries about the the size of a GOP majority af-
as Republicans press state of the economy and infla- ter the midterm elections and
tion, as well as tendency of the said it couldn’t rule out the
on other voter concerns party that controls the White possibility that Democrats

MARY ALTAFFER/ASSOCIATED PRESS

House to lose seats in the mid- maintain their majority, citing
BY JOSHUA JAMERSON terms. But Mr. Ryan’s win, fol- elevated Democratic turnout.
lowing a victory for abortion- President Biden had a slight
A win by Democrat Pat Ryan access supporters in Kansas, edge in the Hudson Valley dis-
to fill an open U.S. House seat sparked new optimism among trict over former President
in New York’s Hudson Valley Democrats who had been brac- Donald Trump in 2020. With
gave his party a jolt of good ing for a midterm wipeout. Mr. Biden’s approval rating
news as it tries to hang on to The New York result “sends around 40%, the seat seemed
the chamber, highlighting the a clear message that voters are poised to flip to the Republi-
potential importance of abor- fighting back against Republi- cans, as polls had shown Mr. New York Democrat Pat Ryan, shown Monday with Gov. Kathy Hochul, won his House race Tuesday.
tion in the midterm elections cans’ extreme attacks on abor- Molinaro with a lead. But Mr.
and prompting election watch- tion rights,” said Rep. Sean Pat- Ryan kept the seat in Demo- control of Congress. An NBC with gas. I just don’t think there is room for surprise in
ers to downgrade their expecta- rick Maloney of New York, head cratic hands, the Associated News poll this month showed that the abortion issue is any- November. Democrats have
tions for a Republican wave. of the Democratic Congressio- Press projected, holding a lead 45% of respondents preferred thing that is going to deter- noted that since the Supreme
Mr. Ryan, who is the execu- nal Campaign Committee, of roughly 2 percentage points Democratic control of Con- mine the midterms.” Court decision, several states
tive, or top elected official, in which works to elect House with most of the votes counted. gress, compared with 47% who Sarah Chamberlain, head of have seen more women regis-
Ulster County, defeated Re- Democrats. “Republicans can The surprise result came af- wanted Republicans in charge. Republican Main Street Part- tering to vote than men. For ex-
publican Marc Molinaro, who say goodbye to their ‘Red ter both parties were caught off Republican strategists and nership, a group that backs ample, state election records
holds the same position in Wave’ because voters are guard this month when 60% of nonpartisan analysts said they some GOP centrists in tight show that women accounted
neighboring Dutchess County, clearly coming out in force to voters in a Kansas referendum felt the national mood favored races this fall, was watching for 70% of Kansans who regis-
in a special election for the elect a pro-choice majority to rejected a proposal that would a GOP takeover in the House Republican turnout in other tered to vote after the Supreme
seat. After the Supreme Court Congress this November.” have explicitly stated there is and that the economy and ris- New York races Tuesday. She Court’s abortion ruling, accord-
this summer overturned the Michael McAdams, commu- no right to abortion in the ing prices rivaled abortion ac- said GOP voters stayed ing to Tom Bonier, a Demo-
landmark Roe v. Wade deci- nications director of the Na- state’s constitution. Sen. Lind- cess as a midterm issue. home. “It was down all over,” cratic voter-data analyst.
sion that established a consti- tional Republican Congressio- sey Graham (R., S.C.) called the “I don’t view this race in she said, cautioning that special Dave Wasserman, the U.S.
tutional right to an abortion, nal Committee, the Republican Kansas outcome “a wake-up New York as a bellwether with election turnout doesn’t always House editor for the Cook Po-
Mr. Ryan centered his candi- counterpart of the DCCC, said: call” for the Republican Party, how the midterms are going to mirror general election voting. litical Report, said after Tues-
dacy on a fight for nationwide “Majorities are won in Novem- which favored overturning Roe. turn out,” said Julianne “I don’t think this really means day night’s results that Demo-
abortion access. Mr. Molinaro ber, not August. We look for- According to an aggregate of Thompson, a Republican strat- anything for November yet.” crats were more engaged after
backed the court’s opinion, ward to prosecuting the case recent polls compiled by Five- egist in Georgia working on Some Democratic strategists the Supreme Court decision
which held that abortion was against Democrats’ failed one- ThirtyEight, Democrats and Re- races there. “People care said even though it remains to but also that Republican voters
an issue for the states, and party rule that’s left American publicans are neck and neck about the kitchen-table issues. be seen how elevated Demo- appeared less energetic, a dual
personally opposes abortion. families worse off.” when voters are asked which They care about whether or cratic turnout will be, signs like dynamic that helped explain
Republicans had grown in- On Wednesday, the nonpar- party they would rather see in not they can fill their car up the New York primary showed Tuesday night’s outcome.

Student year. Loan payments were set

to resume for millions of bor-
rowers after Aug. 31.
of student debt, according to
the White House.
The announcement brings
the legal limits of the federal
government’s authority to can-
cel student debt. Its success

Debt to Be The plan was welcomed by

advocacy groups and Demo-
crats who have long pushed
to a close a fierce debate
within the administration over
how to approach student
could depend on how courts
would interpret the education
secretary’s powers under the

Canceled for loan forgiveness, though

some previously called for a
much broader program to
loans. The president had long
been skeptical of using his ex-
ecutive authority to forgive
1965 Higher Education Act,
which allows the secretary to
“consent to modification” of
erase more debt. debt. He raised concerns in in- loans, and “compromise,
Continued from Page One Republican lawmakers ternal meetings that the mea- waive, or release” unspecified
Independent estimates sug- quickly criticized the idea. sure could benefit wealthy amounts of student debt.
gest the plan will cost more “Who will have to pay for Bi- people and instructed his staff Advocates for broad cancel-
than $300 billion over 10 den’s debt transfer scam? Hard- to impose an income cap so lation said the lack of explicit
LEAH MILLIS/REUTERS

years. The action will add to working Americans who already the benefits didn’t flow to constraints in the law is delib-
the federal deficit over time paid off their debts or never people making lucrative sala- erate, giving the executive
since borrowers will repay took on student loan debt in the ries, according to administra- branch flexibility with its
less, or none, of their loans to first place,” Rep. Kevin McCar- tion officials and others famil- “compromise authority” to
the federal government, but it thy of California, the House iar with the discussions. manage its relationship with
doesn’t involve the immediate GOP leader, wrote on Twitter. The president started borrowers. They note that
outlay of federal funds. Jaime Harrison, the Demo- President Biden, shown Wednesday, had raised questions about warming to the prospect of us- presidents of both parties
The forgiveness applies to cratic National Committee whether he could take executive action to cancel student debt. ing his authority to forgive have used the law to forgive
students with federal loans chairman, wrote on Twitter some debt in recent months as debt on a more-limited scale.
from undergraduate and grad- that he was amazed Republi- Secretary Larry Summers and borrowers who make under senior aides, including White Mr. Biden has previously
uate programs, as well as Par- cans would criticize the plan former Obama administration $125,000 a year or around House chief of staff Ron Klain, raised questions about
ent Plus loans, White House when they “practically trip economist Jason Furman, have double that for married cou- made the case that it would be whether he has the power to
officials said. While debt for- over themselves to provide tax criticized the cost of potential ples would include most of the popular with young voters. take executive action to cancel
giveness is often treated as in- cuts & incentives to the richest student debt cancellation and 40 million people with student Other Biden advisers argued student debt on a large scale.
come for tax purposes, the corporations & Americans.” warn that it could force future debt. that the move would help mi- “I don’t think I have the au-
canceled student debt will be Economists said that a tai- spending cuts or tax increases. Around 6 in 10 borrowers nority and low-income bor- thority to do it by signing with
exempt, like some other fed- lored debt cancellation plan is A Biden administration offi- with any federal loans also re- rowers and be a legacy-defin- a pen,” Mr. Biden said during a
eral student debt forgiveness unlikely to exacerbate short- cial said Wednesday that the ceived Pell Grants. Including ing moment for the president. CNN town hall last year.
programs. The White House term inflationary pressures but White House believes the pack- an income cap and increased Polling has shown that peo- —Ken Thomas
said borrowers who took out could add to them in the long age won’t result in higher in- benefits for Pell recipients ple are divided on the issue of contributed to this article.
federal loans by June 30 of term, especially if universities flation, arguing that the com- could serve to shield the ad- debt forgiveness, with support
this year are eligible for for- continue to raise tuition because bination of restarting loan ministration from criticism fluctuating depending on the
giveness. Loans taken out af- students might expect their payments and providing debt that debt cancellation is re- details of the proposal. An Watch a Video
ter that date won’t be eligible. loans to eventually be canceled. relief would either have no net gressive and primarily bene- NPR/Ipsos poll released in Scan this code
Mr. Biden also announced Even some economists usu- impact or would decrease in- fits high-income and well-edu- June found 55% support for to see a video
an extension of the pandemic ally aligned with the White flation slightly over time. cated people. The combined the idea of forgiving up to on the plan to
pause on student loan pay- House, including former Clin- The plan to forgive around actions could render as many $10,000 in student loan debt. forgive some
ments through the end of this ton administration Treasury $10,000 of student debt for as 20 million borrowers free Mr. Biden’s plan will test student debt.

How Loan-Forgiveness Plan Would Work

BY JULIA CARPENTER borrowers and servicers alike: ceive a notification from your extended through year-end.
AND GABRIEL T. RUBIN Who qualifies for forgiveness loan servicer, Mr. Buchanan Interest accrual and collec-
and for how much? Here are said. tions remain on pause as well.
President Biden’s student- answers to some of the key Beware of any friendly-
loan plan will reduce or wipe questions based on the an- sounding phone calls or suspi- u Are Parent Plus loans eligi-
out the debt of millions of nouncement. cious-looking emails from ad- ble?
borrowers. dresses you don’t recognize. Yes. An individual student
The plan eliminates as much u Who is eligible? “It’s a very complicated is limited in how much money
as $10,000 in federal-loan debt Borrowers with federal stu- process and it’s going to take they can take out in federal
for individual borrowers with dent-loan debt are eligible for months to effectuate,” he said. loans, but through the Parent
It’s not just about coloring a page... annual incomes of under up to $10,000 in relief if they “Don’t do anything until you Plus and Grad Plus Programs,
It’s about showing your true colors. $125,000 or couples who earn earn less than $125,000 a year, see something happen to your families can borrow the total
less than $250,000. Many bor- or under $250,000 a year for account.” cost of attendance, including
rowers will be eligible for total couples. Meanwhile, double-check room and board and other ex-
forgiveness of as much as People who received federal the information you’ve already penses. This forgiveness ap-
$20,000 if they received Pell Pell Grants in college will also shared with your loan servicer plies to federal loans for both
Grants, a form of federal finan- be eligible for up to $20,000 in and the studentaid.gov web- undergraduate and graduate
cial aid awarded to students forgiveness. Around 6 in 10 site. If you’ve recently moved programs, as well as to Parent
from low-income households. borrowers with any federal or changed any contact infor- Plus loans, White House offi-
The plan is expected to bene- loans also received a Pell mation, you’re going to want cials said.
fit the majority of the more Grant, according to the White to make sure that they have
than 43 million people in the House, and Pell Grant recipient the most up-to-date addresses, u Is my debt forgiveness tax-
U.S. who hold a total of $1.6 tril- graduates hold about $4,500 said Mark Kantrowitz, a stu- exempt?
lion in student-loan debt. more in debt than other gradu- dent loan expert. Debt forgiveness is often
“We’re in unprecedented ates, according to a 2020 anal- treated as income on taxes.
territory,” said Scott Bu- ysis of federal data by the In- u What if I have private stu- But fortunately for borrowers,
chanan, executive director of stitute for College Access and dent loans? this canceled student debt is
the Student Loan Servicing Al- Success, an advocacy group. Only federal debt is eligible. federally tax-exempt, as seen
A place to become... An artist, a business leader, a liance. “This has never been Most student loan borrow- in other federal student debt
teacher. If kids and teens can dream it, Boys & Girls Clubs done before.” ers owe less than $25,000 on u What if the amount I owe is forgiveness programs.
can help them become it. Because at our Clubs, it’s not In addition to the loan for- their loans as of May 2022, ac- under $10,000?
magic that makes dreams come true, it’s the people. Like our giveness, the president will cording to the Federal Reserve. If you owe less than $10,000 u What if I’ve paid off my
Youth Development Professionals who ensure our youth have also be extending the pan- on your loan (or $20,000 for loans?
a place to feel physically and emotionally safe. A place to demic-era student-loan pause u When will the plan take ef- those who received Pell As of the end of last year,
belong. A place to have fun. A place to learn and grow on their on payments and interest fect? Grants), you’ll now be student less than 1.2% of borrowers
path to a Great Future. through the end of the year. The timing remains uncer- debt-free. Mr. Biden’s plan will continued making payments on
The measure began in March tain, but the Education Depart- wipe out the debt of around 15 their student loans, Mr. Kan-
2020 and has been repeatedly ment has promised more details million borrowers. trowitz said. But some of the
extended since. The Federal in weeks ahead, at minimum borrowers took advantage of
Reserve Bank of New York es- before student loan payments u Is the pause on student-loan the two-plus years of optional,
timates the pause spared bor- resume in January 2023. payments extended? interest-free payments to wipe
rowers nearly $200 billion in Before the announcement, out their debt entirely.
payments during this period. u Do I need to take action to loan payments were expected This measure won’t apply
GreatFutures.org
Mr. Biden’s announcement receive debt relief? to resume on Aug. 31. Now, to balances that have already
brings a host of questions for Not yet. Wait until you re- borrowers will see the pause been paid off.
 .

THE WALL STREET JOURNAL. Thursday, August 25, 2022 | A5

U.S. NEWS

Perry Sues
To Block
Fight Over Documents Heads to Court
More than two weeks after

Review of the FBI’s search of Donald

Trump’s Mar-a-Lago home, in-
vestigators are still seeking to

Cellphone understand why the former

president sought to hold on to
the documents they seized.
BY JAN WOLFE
By Alex Leary,
Rep. Scott Perry, a Republi- Sadie Gurman
can ally of former President and Vivian Salama
Donald Trump, has sued the
Justice Department for taking FBI agents on Aug. 8 re-
his cellphone, seeking a court moved more than two-dozen

GIORGIO VIERA/AGENCE FRANCE-PRESSE/GETTY IMAGES

order blocking prosecutors boxes from the premises, in-
from reviewing its contents. cluding 11 sets of classified
In a lawsuit filed on Aug. 18 documents, some marked top
and unsealed Tuesday night, secret. Commingled with that
Mr. Perry’s lawyers said mes- highly sensitive information
sages on the phone are pro- was other material, including
tected by the Constitution’s the note former President Ba-
Speech or Debate Clause, which rack Obama left for his succes-
shields lawmakers from ques- sor in the Oval Office and
tioning about legislative acts. some of Mr. Trump’s expired
The seizure of Mr. Perry’s passports, which the Justice
phone on Aug. 9 marked an es- Department has since said
calation of a Justice Depart- would be returned to him.
ment investigation into efforts The former president as-
by several close allies of Mr. serted early on, in a months- Law enforcement in front of former President Donald Trump’s Mar-a-Lago home in Florida on Aug. 9, a day after the FBI search.
Trump to overturn the 2020 long back-and-forth with Na-
election. A department spokes- tional Archives officials affidavit detailing the evidence The Federal Bureau of In- ily concerned about recovering she wrote, would allow offi-
man declined to comment seeking to recover the mate- that led to the search. vestigation decided to search the documents rather than es- cials to “conduct an assess-
Wednesday. rial, that it was his property The Justice Department has Mr. Trump’s Florida resort in tablishing any specific in- ment of the potential damage
According to Mr. Perry’s and destined for his presiden- said releasing the unredacted part because of concerns that stances of their being shown resulting from the apparent
lawsuit, FBI agents seized his tial library, said a person fa- affidavit would “compromise classified information re- to people, according to people manner in which these materi-
phone, created a forensic copy miliar with the matter. future investigative steps” and mained at the club after sev- familiar with the search. als were stored and trans-
of it, and then returned the de- “He has said, ‘People put “likely chill future cooperation eral attempts to retrieve it As Mr. Trump prepared to ported and take any necessary
vice to him the same day. this stuff in their library. How by witnesses whose assistance through less intrusive means, leave office, the White House remedial steps.”
The agents were executing a can they put it in their library may be sought as this investi- including months of negotia- Counsel’s Office discussed Mr. Trump’s security proce-
search warrant approved by a if it has to go back to the Ar- gation progresses.” tions and a subpoena, people with Mr. Trump’s chief of dures for handling sensitive
federal judge in Mr. Perry’s chives? I don’t understand It isn’t clear when U.S. familiar with the matter have staff, Mark Meadows, that ma- documents were lax, former
home state of Pennsylvania. why I can’t have these Magistrate Judge Bruce Rein- terials in the presidential resi- senior administration officials
According to the lawsuit, the things,’ ” the person recalled. hart will decide how much of dence needed to be sent to the said, particularly during the fi-
Justice Department hasn’t yet All papers, records and his- the document to make public National Archives, as per fed- nal weeks of his presidency.
accessed messages that were torical materials generated by or to what extent it will shed
The U.S. has said an eral law, according to people The chaotic exit from the
on the phone and is in the pro- a presidential administration light on what motivated the unredacted affidavit familiar with the matter. A White House is now at the
cess of obtaining a second are supposed to be handed search. representative of Mr. Mead- center of a federal investiga-
search warrant that would over to the National Archives, Mr. Trump, meanwhile, has
would ‘compromise’ ows declined to comment. tion into Mr. Trump’s handling
guide that process. which administers the presi- sought to freeze any further investigative steps. Boxes recovered from the of classified documents and
Late in Mr. Trump’s presi- dential libraries. The archives investigation into the material home in January contained other presidential material af-
dency, Mr. Perry played a role consult with the Justice De- seized until a special master is more than 700 pages of classi- ter leaving office.
in efforts to install Jeffrey partment and other agencies appointed to determine fied material, including docu- Mr. Trump, like most presi-
Clark, an assistant attorney to ensure that any classified whether issues of executive said. ments marked as extremely dents, would bring documents
general, as attorney general, in- information is secured and un- and lawyer-client privilege put When agents began collect- sensitive, according to corre- from the Oval Office into his
cluding arranging for Mr. Clark available to those not autho- parts of it out of bounds. His ing the documents on Aug. 8, spondence between the Na- White House residence at
to meet with Mr. Trump at the rized to see it. lawsuit, to be handled in the the people said, they con- tional Archives and the former night. The former president
White House, according to tes- Issues of national security same South Florida court- firmed what at least one per- president’s legal team made has said he issued a “standing
timony from a former Justice and presidential authority house, was assigned to Judge son familiar with the location public Tuesday. order” that those materials
Department official. Mr. Clark raised by the Aug. 8 search are Aileen Cannon, who on Tues- of the documents at the com- “The question in this case were deemed declassified, but
had expressed a willingness to now moving into the court- day set a deadline of Friday plex had told them: that highly is not a close one,” the acting several former White House
use the department’s power to room, beginning with the Jus- for Mr. Trump’s lawyers to sensitive and classified docu- director of the archives, Debra officials say they never heard
help Mr. Trump pursue unsub- tice Department’s requests, clarify “the precise relief ments were lying in unsecure Steidel Wall, wrote in May of of such an order.
stantiated claims of election due before a federal judge on sought” and “the asserted ba- places in several areas of the her decision to let the FBI ex- —Jan Wolfe
fraud, according to several top Thursday, regarding what sis for the exercise of this resort. amine the documents recov- and Aruna Viswanatha
Justice Department officials. should be kept secret from the Court’s jurisdiction.” Investigators were primar- ered in that instance. That, contributed to this article.

New Details Released of DOJ

Memo on Russia Interference
BY SADIE GURMAN

WASHINGTON—The Justice
Department has made public a
2019 legal memo recommend-
ing that former President Don-
ald Trump not be prosecuted
for obstruction of justice in
connection with the special
counsel’s investigation into
Russian interference in the
2016 presidential election, af-
ter a federal appeals court
DIFFERENT NATIONAL ORIGINS.
JULIA NIKHINSON/ASSOCIATED PRESS

said the agency could no lon-

ger keep it secret.
In the nine-page document
dated March 24, 2019, two se-
nior Justice Department offi-
cials during the Trump admin-
istration said they had
evaluated special counsel Rob- SAME FAIR HOUSING RIGHTS.
ert Mueller’s report and con-
cluded that the evidence The memo offers new glimpses into how senior officials arrived
wasn’t sufficient to establish at their conclusion that Mr. Trump didn’t break the law.
that Mr. Trump had obstructed
justice. The officials concluded memo was written, citing it in the probe.
that the former president’s ac- saying that he had found that On the firing of Mr. Comey,
tions, including firing former Mr. Trump’s actions didn’t for example, the officials said
FBI Director James Comey as amount to a crime. evidence showed Mr. Trump
the Russia investigation inten- “The review of the docu- made the move because the
sified in 2017, didn’t rise to the ment reveals that the Attorney then-director of the Federal
level of a crime. General was not then engaged Bureau of Investigation re- It is illegal for landlords and real estate agents to deny you housing
Mr. Mueller’s report “is not, in making a decision about fused to make a public state-
opportunities because of your ethnicity. The Fair Housing Act prohibits
in our judgment, sufficient to whether the President should ment saying the president
support a conclusion beyond a be charged with obstruction of wasn’t under investigation, as housing discrimination based on national origin. If you believe you
reasonable doubt that the justice; the fact that he would Mr. Comey had told him pri- have experienced a violation of your rights, file a complaint.
President violated the obstruc- not be prosecuted was a vately.
tion-of-justice statutes,” wrote given,” Judge Jackson wrote in “The President repeatedly
Steven Engel, the then-head of her 2021 decision. demonstrated his belief that
the Justice Department’s Of- Mr. Mueller’s investigation the Russia investigation had
fice of Legal Counsel, and Ed- found repeated contacts be- cast a cloud on his nascent
ward O’Callaghan, who was tween Russia-linked entities Administration and that it was Go to hud.gov/fairhousing or call 1-800-669-9777
principal associate deputy at- and Trump campaign officials being exploited, if not outright Federal Relay Service 1-800-877-8339
torney general. Addressing that coincided with those ef- conducted, by his political op-
then-Attorney General William forts before the election, but ponents to frustrate his efforts
Barr, they recommended “that didn’t establish that anyone to implement his agenda,”
you decline to commence such affiliated with his campaign Messrs. Engel and O’Callaghan
a prosecution.” knowingly conspired with wrote in the memo.
The March 2019 memo was those efforts. The officials said Mr.
the focus of a long-running The investigation laid out in Trump’s efforts to fire Mr.
lawsuit by a nonprofit watch- detail what it says were at- Mueller and pressure officials
dog group, which argued the tempts by Mr. Trump to con- to narrow the investigation’s
Justice Department had mis- trol the Russia investigation scope represented conduct
represented it as having in- and blunt its fallout. that fell under Mr. Trump’s
formed a decision the depart- The newly public memo, presidential responsibility to
ment had already made. U.S. which follows the release of a supervise the executive branch.
District Judge Amy Berman heavily redacted version, of- “The evidence does not es-
Jackson agreed in 2021, and an fers new glimpses into how se- tablish that the President took
appeals court last week af- nior department officials ar- any of these actions because FAIR HOUSING: THE LAW IS ON YOUR SIDE.
firmed the judge’s decision and rived at their conclusion that he sought to prevent the in-
ordered the memo released. Mr. Trump didn’t break the vestigation of an underlying A public service message from the U.S. Department of Housing and Urban Development
The Justice Department law. The memo addresses a criminal offense,” the memo in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits
made it public on its website. number of episodes that Mr. said. discrimination because of race, color, religion, national origin, sex, familial status or disability.
Mr. Barr sent a letter to Mueller’s investigation repre- —Jan Wolfe
Congress on the same day the sented as attempts to obstruct contributed to this article.
 .

A6 | Thursday, August 25, 2022 THE WALL STREET JOURNAL.

U.S. NEWS

Meta, Twitter Remove Pro-Western Accounts

BY DUSTIN VOLZ as the “country of origin,” while the company had no additional within its borders of Muslim possible involvement of the policies in recent years to guard
Twitter said the U.S. and the information to share and re- minorities, particularly the Uy- U.S. government or a govern- their platforms against ac-
Facebook parent Meta Plat- U.K. were the “presumptive ferred to previous discussions ghurs in Xinjiang province. ment contractor. Twitter counts with fake identities or
forms Inc. and Twitter Inc. countries of origin,” the re- from security executives on the More recently, posts— shared a data set with re- that send out spam messages in
have removed accounts that searchers said. The researchers difficulty of linking networks of sometimes hundreds a day— searchers of about 300,000 coordination with other ac-
pushed pro-Western content to also observed evidence suggest- fake accounts to specific groups criticized Russia’s decision to tweets from 146 accounts from counts, even if the content itself
audiences in the Middle East ing possible connections to the or governments. The removals invade Ukraine, highlighting March 2012 to February 2022. isn’t outright disinformation.
and Russian-speaking Central U.S. military. took place in July and August. alleged atrocities committed The researchers linked some of Such efforts received substan-
Asia, including posts critical of “This activity represents A Twitter spokeswoman said by Russian troops. The social- the accounts to an overt tial investment following Rus-
Russia’s invasion of Ukraine, ac- the most extensive case of a the report was independent media accounts shared news Obama-era U.S. government sia’s interference in the 2016
cording to a report released covert influence operation ad- from the company and that data articles from media outlets messaging campaign that was U.S. presidential election, which
Wednesday. vancing pro-Western narra- is shared with outside research- funded by the U.S. govern- run by the U.S. military but was in part relied on troll farms that
The takedowns mark some of tives that has been publicly ers to support external analysis ment, including Voice of widely seen as ineffective and created fake accounts to inject
the first instances of a covert documented to date,” said to inform the public. America and Radio Free Eu- was later stripped of funding divisive political content into
online propaganda campaign Jack Stubbs, vice president of “We will look into and assess rope, and links to websites by Congress. Other accounts American voters’ social-media
that promoted Western ideas, intelligence at Graphika, an in- any information that Facebook backed by the U.S. military. appeared to be part of a covert feeds. Russia has denied inter-
rather than past efforts linked formation research firm that or Twitter provides,” Pentagon Meta and Twitter often share campaign of unclear origin. fering in U.S. elections.
to authoritarian governments produced the report along spokesman Air Force Brig. Gen. information with private-sector The researchers focused The newly disclosed cam-
seeking to undermine the U.S. with Stanford University’s In- Pat Ryder said. researchers concerning poten- solely on the covert campaign, paigns appeared to have a mini-
and its allies. ternet Observatory. “It shows The posts, which appeared tial abuse of its platforms, but but noted “some low-level mal impact. Just 19% of the co-
It wasn’t clear who was be- that beyond well-known actors on Facebook, Instagram, Twit- typically refrain from sharing open-source connections be- vert accounts attracted more
hind the accounts, which Meta linked to Russia, China and ter and other social-media plat- granular technical data and tween the overt and covert ac- than 1,000 followers, the report
removed for violating its rules Iran, other groups with differ- forms, included anti-extremism didn’t do so this time. That lim- tivity in the combined Twitter said. The vast majority of posts
against “coordinated inauthen- ent motivations are using the messaging and sought to advo- ited researchers’ ability to attri- and Meta data” that included and tweets received only a
tic behavior” and Twitter took same deceptive tactics in their cate for Western foreign policy, bute the activity to a specific content sharing between the handful of likes or retweets,
down under its policies against attempts to infiltrate and sway the report found. At other times government or group, the re- overt and covert groups. which “illustrates the limita-
platform manipulation and online communities.” the focus of some accounts was searchers said. Social-media companies tions of using these inauthentic
spam. Meta identified the U.S. A Meta spokeswoman said to highlight China’s treatment Some clues pointed to the have developed a patchwork of tactics,” Mr. Stubbs said.

Laid-Off Revised Data Point

To Stronger Payrolls
ble the percentage experiencing
long-term joblessness.
Joel Flores of Highlands

Workers Ranch, Colo., said he never

had to worry about filing for
unemployment benefits be-

Find Jobs The U.S. labor market

pumped out more jobs in its
recovery from the pandemic
cause he found work so fast.
The job-search process was
much shorter than the 29-
than previously thought. year-old initially expected
Continued from Page One Employers added about when he was laid off from an
ing her inbox. 462,000 more jobs in the accounting job at a landscap-
“I was honestly surprised at year through March than the ing company in late July.
ZACK WITTMAN FOR THE WALL STREET JOURNAL

how many places were hiring or Labor Department originally “I was scared, first off, for
looking for someone,” she said. estimated, the agency said the future of my family and
Within 2½ weeks, the Wednesday as part of routine what we were going to do,”
Tampa, Fla., resident had ad- annual revisions. Mr. Flores said. “You hear in
vanced to final-stage inter- Companies have added the news the country is in a
views with seven companies jobs at a rapid pace over the recession, and I was afraid
and scored job offers from two past two years, seeking to fill that was really going to affect
of them. She accepted a re- roles to meet strengthening me finding a job.”
mote copywriting job at Wal- demand after steep cutbacks He started talking with mul-
greens in late July with a sal- at the onset of the pandemic. tiple companies, speeding
ary about 50% higher than in Wednesday’s updated fig- through interviews. Two weeks
her previous job. ures on job gains came from after his layoff, he had four job
Companies in a broadening Suki Lanh of Tampa, Fla., found a new job—paying lots more—in less than a month after she was an annual report known as a offers in hand. Mr. Flores chose
array of industries are an- laid off. ‘I was honestly surprised at how many places were hiring or looking for someone,’ she said. “benchmark revision.” Each to take a role as an operational
nouncing layoffs as they strug- month, the Labor Department accountant for a commercial-
gle with declining business ac- Job-openings rates across industries are higher than before the pandemic. publishes estimates on how construction company. “Know-
tivity, rising interest rates, high many jobs employers added ing that the demand was still
inflation and shifting con- Job-openings rate, February 2020 vs. June 2022 in the prior month, based on out there for my skill set was
sumer-spending habits. Ford a survey of employers. But really relieving,” he said.
Motor Co. confirmed Monday it Selected industries where each year, the agency offers Employers had 10.7 million
is laying off about 3,000 white- companies are reporting layoffs a more precise estimate of unfilled jobs in June, down
Feb. 2020 June 2022
collar and contract employees, recent job growth based on from a record of 11.9 million in
and furniture company Wayfair more detailed data from March, but still well above the
Inc. recently said it was laying
HEALTHCARE AND SOCIAL ASSISTANCE 5.2% 9.1% state unemployment tax re- 7 million job openings in Febru-
off 5% of its global workforce. ACCOMMODATION AND FOOD SERVICES 5.4 8.9 cords. ary 2020 ahead of the pan-
But one characteristic of to- A final benchmark revision demic, when the labor market
day’s economy is that job cuts PROFESSIONAL AND BUSINESS SERVICES 5.7 8.3 will be issued in February was also booming.
at small startups and large 2023. Job-openings rates across
companies have yet to dent INFORMATION 4.6 7.9 —Sarah Chaney Cambon industries are much higher
the overall labor market. La- than before the pandemic hit,
bor demand is still historically TRANSPORTATION, WAREHOUSING AND UTILITIES 4.4 6.8 suggesting companies still
strong, offering only faint an offer letter, with an annual need workers even in sectors
signs of cooling.
DURABLE-GOODS MANUFACTURING 3.0 6.0 salary of $115,000, well above where company layoffs have
There are nearly two job ARTS, ENTERTAINMENT AND RECREATION 5.3 6.0 his previous pay of $60,000, he been pronounced, such as
openings for every unem- said. He signed it immediately. technology, real estate, finance
ployed person seeking work. FINANCE AND INSURANCE 4.6 5.7 Mr. Pearson said he is excited and insurance.
That means many workers to share his energy with col- Longer periods of unem-
who are losing their jobs are NONDURABLE-GOODS MANUFACTURING 3.0 5.5 leagues in his new Charlotte, ployment can allow job seek-
quickly landing jobs. Some are N.C., workplace. He also is help- ers more time to search for
even weighing multiple offers REAL ESTATE AND RENTAL AND LEASING 4.2 5.3 ing recruit about 20 to 30 sales roles that match their skill
and accepting positions that agents by October for the divi- sets, some economists said.
pay more and better align
MINING AND LOGGING 3.4 5.2 sion he oversees. But with job opportunities so
with their skills. RETAIL TRADE 4.4 5.1 The typical unemployed abundant, many unemployed
“With unemployment so worker had been off the job for workers are finding jobs that
low, job openings so high and EDUCATIONAL SERVICES 3.1 5.0 8.5 weeks in July, down from suit them within a matter of
the quits rate so high, we’re 14.4 weeks a year earlier, ac- weeks or even days.
finding that the balance of WHOLESALE TRADE 3.0 4.7 cording to the Labor Depart- Jordan Max lost his job at
power is still with the job ment. Shorter episodes of job- the end of June as a software
seeker,” said Paul McDonald, CONSTRUCTION 3.8 4.2 lessness defy economists’ engineer at a home-fitness
Note: Seasonally adjusted. The job-openings
senior executive director at rate is unfilled jobs as a percentage of total concerns earlier in the pan- startup. “I had an ideal role
staffing firm Robert Half. Source: Labor Department employment and openings. demic that workers would suf- pictured out when I first found
Initial jobless claims, the fer from long-term spells of un- out I got laid off, and I was
number of applications for jobless benefits, have increased morning Zoom call earlier this day, a recruiter for Baldwin employment of 27 weeks or thinking about what kind of
state unemployment benefits, at a much slower rate. Con- month that he was losing his Risk called Mr. Pearson with a more like they did after the job I wanted,” he said. Mr.
have risen this summer after tinuing claims were about 1.4 management job as part of job offer in sales management. 2007-09 recession. Max wanted to lead a team
hitting a half-century low in the million in the week ended Aug. broader layoffs at a health-in- The recruiter told Mr. Pearson The share of all jobless peo- and develop a product from
spring. In the week ended Aug. 6, below their 2019 average of surance broker. Though he had that this was the first time he ple unemployed for less than the ground up.
13, a seasonally adjusted 1.7 million. Relatively low and been discussing a new job op- had made a job offer to some- five weeks surpassed the share A little over a month later
250,000 workers filed for bene- stable continuing claims could portunity for several weeks one the same day they had of those out of work for at least the 32-year-old accepted a job
fits, above the 2019 prepan- indicate workers are leaving with insurance company Bald- also gotten laid off. 27 weeks in January, according offer for a software-engineering
demic average of 218,000 and a unemployment rolls quickly as win Risk Partners, nothing was “I went from being lost and to the Labor Department. The position at Feastables, a snack
sign that layoffs have ticked up. they regain employment, some concrete. The 42-year-old confused to being happy and gap has since widened. By July, company. “It was just a good
Meanwhile, continuing economists said. thought it could take a month excited and like, ‘man, this is a nearly 37% of unemployed match,” Mr. Max said. “I was
claims, a proxy for the number Reggie Pearson, of Colum- to secure a new job. blessing,’ ” Mr. Pearson said. workers had been out of work definitely surprised, in a good
of people claiming ongoing bia, S.C., said he found out in a Around 1 p.m. ET that same By 2 p.m., he had received less than five weeks, about dou- way, of how fast it took.”

Business man implant technology com-

pany whose chip can be in-
serted with a syringe—the
contact information, the pri-
vate-equity billionaire fur-
nished a white plastic card
privacy remains a concern for
some.
Mr. Joseph said he also
number in an average month
in 2021.
VistaPrint, a marketing ser-
just give me your cellphone
number.’ ”
Some people aren’t ready to

Cards Get company suggests body pierc-

ers and other pros for the
task. Mr. Peterson asked a
with a gold QR code printed
on it. She held her phone
above the card to scan it.
runs up against people, mostly
older, who don’t have security
worries but just don’t “vibe to
vices company owned by Ci-
mpress PLC, added QR codes
to business-card templates in
abandon cardstock. Ross Fish-
man, CEO of Fishman Market-
ing Inc., finds paper cards par-

Updates neighbor with a medical de-

gree. If, say, a phone number
changes, the chip can be up-
Nothing happened.
For the next minute or so,
she positioned her phone at
it.” For them, Mr. Joseph has
his contact info written on the
back of the card. The ones he
November 2020. LinkedIn
added a feature for users to
create a QR code back in 2018.
ticularly useful when meeting
many attendees at confer-
ences. He jots notes on the
dated online. various distances from the hands out are plastic, which Rob Krugman, Broadridge back of cards, on how he
Continued from Page One But the post-paper world is card while Mr. Smith, the chief he said he likes for the “ele- Financial Solution Inc.’s chief knows the contact and what
the rise, many networkers are hardly friction-free. executive of Vista Equity Part- ment of surprise.” digital officer, recently offered was discussed.
in no mood to return to what Atlas Vernier rejected paper ners, tried different grips and Nicole Bishop, chief execu- his LinkedIn QR code to guests His system, Mr. Fishman
they see as the germ-swap- business cards in favor of angles. When that didn’t work, tive of a health-technology at a dinner gathering and high- says, is easier than trying to
ping, environmentally un- wearing an NFC ring with a Mr. Smith pulled out a differ- startup, put a QR code on her lights the QR code on Power- remember someone’s name
friendly and laborious tradi- chip inside. Once scanned, the ent card with a black QR code. cellphone’s home screen. The Points when giving speeches. long enough to find it in his
tion of exchanging physical 21-year-old’s information pops Success. code carries an online card “We don’t need to call them phone or from his list of 7,000
cards, only to manually input up in the recipient’s phone. Mr. Smith was unbowed. “I made by HiHello Inc. that al- QR codes; it’s like a scary LinkedIn connections after an
the fine print into phones Mx. Vernier, who uses gen- appreciate good sense tech so- lows those who scan it to digi- word,” he said. “If it’s connect- event. “They’re buried.”
later. der-neutral pronouns, de- lutions,” he said in a written tally send their contact infor- ing a physical experience to a His firm helps law offices
Instead, they are turning to scribed often having to statement later. “I don’t miss mation back to her device. digital experience, this should redesign paper business cards
hybrid or fully virtual solu- slightly move the ring around paper cards at all.” Ms. Bishop said she always be—the word I would use— and use them effectively. He
tions: physical cards with QR in search of the “sweet spot” Ayomide Joseph, a content has two phone chargers with magic.” said he won’t get rid of his pa-
codes, scannable digital cards of a phone’s NFC reader. marketer, tried to use a QR her, since a dead battery can Bad cell service or a weak per cards, but even he is inch-
or chips embedded in physical “That’s the way technology code to share his details with be a deal breaker. Wi-Fi connection can sap the ing toward what he sees as the
items that allow people to works—it always works until cybersecurity experts, but HiHello tracks how many magic. “You try again and then hybrid future. He said he
share contact details with a someone’s looking.” they refused. The FBI had is- times its digital business cards eventually you give up if you might add a QR code to the
tap. When an attendee at a re- sued a warning about cyber- are opened. CEO Manu Kumar can’t get it to work,” Mr. Krug- card, just to make it quicker
Mr. Peterson got his card cent racial-equity conference criminals who redirect codes said that was 700,000 times in man said. “That’s where I for people who like scanning
from Dangerous Things, a hu- asked Robert F. Smith for his to fraudulent websites. And June, almost three times the maybe say, ‘You know what, them.
 .

THE WALL STREET JOURNAL. Thursday, August 25, 2022 | A7

WORLD NEWS
Beijing Rolls Out Aid to Bolster Economy
Billions of dollars set The financial support for The heat wave is the worst of more than 80 million, is es- The hit to industrial output and businesses, although econ-
China’s power sector is un- to hit China in six decades. pecially vulnerable to is the latest challenge to omists said those measures
for energy, agricultural likely to do much in the near Areas of central and south- droughts, with hydropower ac- China’s economy, which has were unlikely to do much in
sectors hammered by term to alleviate power short- west China have seen temper- counting for more than 80% of been beset by a number of terms of stimulating growth.
ages that have hit the province atures as high as 110 degrees its electricity generation last growing issues. The efforts to shore up the
record heat, drought of Sichuan and the sprawling Fahrenheit. Water levels in year. The fact that it is hap- Others have arisen from its economy are happening
metropolis of Chongqing in parts of the Yangtze River—a pening during what ordinarily strict enforcement of Covid-19 shortly before a twice-a-de-
BY BRIAN SPEGELE
central China, among other ar- crucial source of water for would be the region’s rainy measures, which have included cade party congress, at which
eas. But they show how closely hydropower and artery for confining tens of millions of President Xi Jinping will seek
BEIJING–China’s govern- the central government is transportation—have been at people temporarily to their to break with recent tradition

$29B
ment unveiled tens of billions monitoring the matter ahead their lowest since recordings homes, with broad economic and secure a third term. While
of dollars of economic support of a sensitive Communist began, the government has consequences. Mr. Xi is widely expected to
for its power and agricultural Party meeting set to take said. A slump in the property stay in power, his handling of
industries, which have been place later this year. In response, the govern- sector has added to concerns China’s economy has been a
grappling with a record heat The drought has dented hy- ment has forced many facto- Approved in new debt for the of risk in the Chinese financial source of criticism.
wave and drought that have dropower output in Sichuan, ries to curtail operations, in- country’s power generators system. China implicitly dropped the
cut into industrial production. which accounts for much of cluding large manufacturers Data released last week annual growth target of 5.5% in
The State Council, which the province’s electricity, such as Foxconn Technology showed the scale of the chal- a meeting late last month, after
serves as China’s cabinet, ap- some of which also is shipped Group, a major supplier to Ap- lenges facing the economy, the world’s second-largest
proved 200 billion yuan ($29 to other parts of the country. ple Inc. Meanwhile, Tesla Inc. season means that it could with factory output, consumer economy reported a 2.5% ex-
billion) in new debt for the The lack of rainfall has co- has also sought government take months for reservoir lev- spending, investment and pansion in the first half of the
country’s power generators incided with a heat wave that help to ensure its suppliers in els to return to normal, indi- youth hiring all slumping. year, effectively putting the tar-
and an additional 20 billion has caused power demand to Sichuan will have a sufficient cating that the power short- China’s central bank on Mon- get out of reach.
yuan fighting the drought and rise as households use more electricity supply. ages may persist for some day cut benchmark interest —Grace Zhu
aiding the nation’s rice harvest. air conditioning to stay cool. Sichuan, with a population time. rates on loans to households contributed to this article.

In Angola, Voters Cast Ballots Amid Soaring Debt

BY GABRIELE STEINHAUSER The International Monetary to pay the fees. Ms. Abílio said
AND ISRAEL CAMPOS Fund predicts that record-high she is voting for change. “If
oil prices will drive up An- the same party continues in
LUANDA, Angola—A moun- gola’s economic output, when power, the country will not do
tain of debt, nearly two-thirds measured in dollars, by about well,” she said.
of it owed to China, is eating 40% this year. But for many of The turn in the MPLA’s for-
up the gains of Angola’s bur- Angola’s 14 million registered tunes has raised concerns that
geoning oil boom and could voters—about half of whom the ruling party might not ac-
upend nearly five decades of are under the age of 36—the cept a defeat. Civil-society or-

JOHN WESSELS/AGENCE FRANCE-PRESSE/GETTY IMAGES

one-party rule in Wednesday’s sudden influx of petrodollars ganizations have complained
general election. is doing little to make up for about the limited airtime the
The Popular Movement for six years of economic crisis, opposition was given on state
the Liberation of Angola has during which dollar-denomi- media during the campaign,
been in power since indepen- nated output crashed by more while human-right group’s
dence from Portugal in 1975, than 60% from its 2014 peak. point to the government’s re-
through a 27-year civil war The MPLA’s decline in pop- cord of stamping out protests.
that killed about a million peo- ularity mirrors that of other When asked whether the
ple and a peacetime expansion former liberation movements MPLA would hand over power to
that made the country sub-Sa- in southern Africa, which have the opposition, spokesman Rui
haran Africa’s second-largest failed to deliver on a more just Falcão said the ruling party was
oil producer after Nigeria. distribution of resources. confident it would win. Neither
But as Angolans lined up to In the coming years, about the U.S. nor the European Union
vote in the fifth national elec- 70% of Angolan government has sent full observation mis-
tion, some polls suggest that revenues will go to servicing sions to publicly assess the vote.
the National Union for the Total the country’s $73 billion debt, At stake is the stability of
Independence of Angola, or according to IMF data. During An election official holds up a ballot as votes are counted at a polling station in Luanda on Wednesday. one of sub-Saharan Africa’s
Unita, which has joined forces the past decade, the govern- largest economies that has one
with two other popular opposi- ment has borrowed heavily government of President João “Now it’s the worst I can to make sure her five children of the region’s most powerful
tion groups, could gain the most from China, and to a lesser ex- Lourenço says, ended up in the remember,” said 35-year-old don’t go hungry. armies and acts as a mediator
seats in parliament. Others see tent from international bond- pockets of former senior offi- Maria Luísa Abílio, who said Their home has no running in an escalating conflict in
the MPLA winning by its slim- holders, to finance roads, hous- cials in the previous govern- she was laid off from her job water, and her oldest son has eastern Congo.
mest margin yet. Results aren’t ing and other infrastructure. ment of the late President in an upscale supermarket in been out of school for three —Cláudio Silva
expected for several days. Some of that money, the José Eduardo dos Santos. 2018 and regularly skips meals years because she can’t afford contributed to this article.

Companies executives said, they wait to

see if a movie will be accepted
for release and treat the ticket
China isn’t part of the Asian
legs of any tours due to con-
tinuing Covid restrictions, ex-

Miss Out sales as found money.

Lin Ziyi, a 24-year-old con-
sultant in Beijing, said her
ecutives said.
Beyond Covid-19 lockdowns,
a question mark also hangs

In China movie attendance has fallen

since Covid-19 to a handful of
outings a year. Only two re-
over the future of artists’
touring in Hong Kong, which
has been more open to West-
cent Hollywood releases—“The ern acts as mainland China got
Continued from Page One Batman” and “Fantastic more restrictive. Executives
imports had collected more Beasts: The Secrets of Dumb- said they wonder whether a
than $100 million at the Chi- ledore”—were among those recent national security law
nese box office by mid-August. she watched recently. and Beijing’s tightened control
So far this year, only one has. Within China, youth unem- over the region signal that a
Foot traffic to the casino hub ployment is rising and citizens new set of rules is coming for
of Macau plummeted more overall are saving more than entertainment.
than 80% in the same period. before, said Mr. Allen, whose In the gambling enclave of
And in music, the market is U.S.-China Business Council is Macau, the Covid-19 policies
too unpredictable to book live a nonpartisan organization of have caused a reversal from
performances. more than 270 U.S. companies prepandemic times, when the
“We’re not booking any- that do business in China. territory’s casinos were a cash
thing in China because we “We had been used to a cow for U.S. gambling compa-
don’t want to book things that Chinese economy that was nies as millions of people vis-
will get canceled,” one music ited from mainland China,
executive said. where gambling is illegal.
The U.S. entertainment in- U.S.-based casino giants Las
dustry has been in China for a
Studios have Vegas Sands Corp., Wynn Re-
relatively brief time, with mov- stopped accounting sorts Ltd. and MGM Resorts
ies starting to flow into the
country in the 1990s. Concerts
and gambling in Macau fol-
for any box-office
revenue out of China.
International opened towering
gambling resorts there starting
in the 2000s. Wynn derived
I Am Not
lowed in the 2000s. The expan-
sion of all three exemplified the
globalized market envisioned
about 70% of revenue from the
region in 2019, while Las Vegas
Sands reported about 64% of
a Ring
by U.S. and Chinese leaders growing at 6% or 8% for the its revenue from Macau.
when China joined the World last decade,” he said. “Those In 2019, Macau recorded
Trade Organization, a develop- days are over.” more than 39 million visitor I slept on sun-kissed sands in Mallorca
ment that introduced its grow- Following a period of rub- arrivals—a record high—and
ing middle class to Western ber-stamping concert tour re- about $36 billion in gambling I partied with Beatniks in the West Village
businesses eager to grow. quests from Western acts, for revenue. Last year, Macau had
The Chinese government the past decade Chinese lead- 7.7 million arrivals and gener- I spent the night in a Parisian jail
has rejected several Hollywood ers have increasingly cracked ated about $10.8 billion in rev-
blockbusters this year, includ- down on lyrics, demanding enue. I sipped Bordeaux as I trekked across Bhutan
ing the last six releases from they be submitted for approval Still, some executives ap-
Walt Disney Co.’s hugely suc- before any show is held, music pear to have faith for the fu-
My next adventure awaits...
cessful Marvel Studios, accord- industry executives said. ture. This week, the Chinese
ing to people familiar with the Business executives said unit of MGM Resorts said it
matter. The only movie to see Beijing also appears to be plans to invest $600 million in
sizable success in the market tightening the spigot of West- its Macau casino operator.
this year is “Jurassic World ern influence ahead of the —Katherine Sayre
Dominion,” at $158 million, ac- Communist Party’s 20th Na- and Rachel Liang
cording to box-office data. tional Congress later this year, contributed to this article.
For Comcast Corp.’s NBC- a gathering of the political
Universal, which released “Ju- elite at which paramount
rassic World Dominion,” the leader Xi Jinping is expected
news has been mixed. The to be named to a third term as Find me at ross-simons.com/estate
company’s animated film party chief.
“Minions: The Rise of Gru,” Covid-related challenges
800-835-1340
was approved for release in might not last forever, but
China, and its Universal Bei- they are affecting touring
jing Resort opened last fall but plans for some of the world’s
then closed for several weeks most popular musical artists
in May, as the Covid-19 out- today. In 2019, global stars
break worsened in the capital. such as the Backstreet Boys,
Studios such as Comcast’s Shawn Mendes, Kacey Mus-
Universal Pictures and Warner graves, Ed Sheeran and Ma-
Bros. Discovery have stopped roon 5 made stops in China Follow us on Instagram
accounting for any box-office during their world tours be- @RareLuxuries
revenue out of China when ap- fore the Covid-19 pandemic
proving certain movies for pro- started there.
duction, according to people fa- This year, even as big acts
miliar with the matter. Instead, start to return to the road,
 .

A8 | Thursday, August 25, 2022 * **** THE WALL STREET JOURNAL.

FROM PAGE ONE

Deadly ter Boris Johnson visited Kyiv

on Wednesday to underscore
his country’s “unwavering,
officials said. On Wednesday,
Ukraine again struck a bridge
in Nova Kakhovka, according

Strike Mars long-term support,” his office

said. He announced a new mil-
itary-aid package for Ukraine
to a local official, part of a
strategy aimed at cutting off
Russian forces on the western

Anniversary of 2,000 surveillance and at-

tack drones worth the equiva-
lent of around $64 million.
bank of the Dnipro River.
Ukrainian special forces and
partisans have also been hit-
The streets of Kyiv were ting targets in occupied terri-
Continued from Page One emptier than usual Wednes- tories. Ivan Sushko, the Russia-
ter-unmanned aerial systems day, and many businesses installed leader of the town of
and radar, the White House were closed as a precaution. Mykhailivka in the Zaporizh-
said. It also includes funding No mass events were planned zhia region, was killed after
to train Ukrainian forces for amid warnings from Western his car exploded, a fellow col-
months on how to use West- and Ukrainian officials that laborator called Vladimir

DMYTRO SMOLIENKO/REUTERS
ern weapons, U.S. defense offi- Russia could escalate attacks. Rogov wrote on social media
cials said. Hundreds of people defied Wednesday. Mr. Rogov blamed
“Today and every day, we concerns that Russia would Ukraine for the killing. Ukraine
stand with the Ukrainian peo- target the capital to look at didn’t comment.
ple to proclaim that the dark- the Russian vehicles. Also Wednesday, Russian
ness that drives autocracy is Viktoria Skovroska ex- authorities detained Yevgeny
no match for the flame of lib- pressed satisfaction at the Roizman, one of the last
erty that lights the souls of sight. “We are not afraid be- prominent Kremlin critics who
free people everywhere,” Pres- An 11-year-old boy died when Russian missiles struck a house in Chaplyne, Ukrainian officials said. cause we have complete faith hadn’t fled Russia or been
ident Biden said in announcing in our defenders, the armed jailed. Russian state news
the package and marking including ammunition and fuel itself have come from North den administration plans to forces of Ukraine,” Ms. Skov- agencies said the former
Ukraine’s Independence Day. depots. Atlantic Treaty Organization name its military mission sup- roska said. “Our soldiers have mayor of the city of Yekaterin-
The announcement marked The latest security assis- member states. porting Ukraine and appoint a done everything so we can feel burg was detained for discred-
the 19th aid package since tance package is designed to “What does the future force general officer to lead the protected and free.” iting the armed forces.
Russia invaded Ukraine exactly help Ukraine build its military of Ukraine look like? It’s sus- training and assistance effort, In his address, Mr. Zelensky “The whole point of this is
six months ago, packages that in the long term, the Pentagon tainable,” Colin Kahl, the under- U.S. officials said. The naming said Ukraine wouldn’t negoti- that I called a war a war,
total nearly $11 billion. said Wednesday, and stream- secretary of defense for policy, of the operation formally rec- ate with Russia and would that’s all,” Mr. Roizman said as
Among the most conse- line the dozens of systems pro- said during a Pentagon briefing ognizes the U.S. effort within fight to regain all of the coun- he was taken from his apart-
quential weapons the U.S. has vided by allies since the Feb. Wednesday. “We’re very fo- the military, akin to how the try “without any concessions ment by law-enforcement offi-
sent to the Ukrainians are at 24 invasion. Before the war, the cused here on helping Ukraine Pentagon dubbed the missions or compromises.” cers, according to Russian
least 16 long-range rocket sys- Ukrainian military largely con- try to plan out what is kind of a in Iraq and Afghanistan Opera- Ukrainian forces also struck state news agency RIA No-
tems known as Himars, which sisted of Soviet-era systems. In rational force of the future, and tion Iraqi Freedom, Operation an ammunition dump in Rus- vosti.
have enabled Ukrainian troops the past six months, much of I would anticipate a lot of Enduring Freedom and Opera- sian-occupied Tokmak, a —Mauro Orru, Tarini Parti
to strike Russian targets from the weapons and munitions de- NATO-standard” weapons. tion Freedom’s Sentinel. transport hub in the southern and Gordon Lubold
farther behind the front lines, livered to help Ukraine defend In the coming weeks the Bi- Outgoing U.K. Prime Minis- Zaporizhzhia region, Ukrainian contributed to this article.

Officials of goods, such as used cars. By

the end of the year, however,
higher inflation had become in-

Fear Sticky creasingly broad-based.

“This is looking like the
1990s turned on its head,” said

Inflation Stephen Cecchetti, a Brandeis

University economics professor.
“Every forecaster back then un-
derestimated growth and over-

PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES

Continued from Page One estimated inflation systemically
tion by raising interest rates. for almost the whole decade.
Postpandemic headwinds might Now, it looks like we’re in for
abate or fail to materialize if the reverse of this, which will
protectionism and geopolitical be very, very unpleasant be-
risks recede, labor productivity cause it means we’re suddenly
improves, a slowdown in China’s going to hit trade-offs.”
economy reduces demand for The low-inflation environ-
global commodities, or new ment of the past 30 years
technologies reduce the costs of caused consumers and busi-
developing new energy sources. nesses to not think much about
“Since the pandemic, we’ve price increases. Fed officials
been living in a world where now worry that even if prices
the economy is being driven by rise temporarily, consumers and
very different forces,” Fed businesses could come to ex-
Chairman Jerome Powell said pect higher inflation to persist.
on a June panel discussion in changes will be, he added. Consumer prices, change from a year earlier* “The risk is that because of
Portugal. “What we don’t know • Labor markets: In an Au- a multiplicity of shocks, you
U.S. EUROZONE U.K.
is whether we will be going gust 2020 book, “The Great De- 8% start to transition to a higher-
back to something that looks mographic Reversal,” former inflation regime,’’ Mr. Powell
more like, or a little bit like, British central banker Charles 6 said on the June panel. “Our
Target rate for
what we had before.” Goodhart and economist Manoj many central banks job is literally to prevent that
European Central Bank Pres- Pradhan argued that the low in- 4 from happening. And we will
ident Christine Lagarde on the flation since the 1990s had less prevent that from happening.”
panel offered a more pessimis- to do with central-bank policies 2 Last year, Mr. Powell sug-
tic appraisal: “I don’t think that and more with the addition of gested he was skeptical of the
we are going to go back to that hundreds of millions of low- 0 idea that the forces underpin-
environment of low inflation.” wage Asian and Eastern Euro- ning globalization would shift
The new environment reflects pean workers, which held down -2 overnight, as Mr. Goodhart sug-
the stalling or potential reversal labor costs and prices of manu- gested. He has given more at-
2000 ’10 ’20 2000 ’10 ’20 2000 ’10 ’20
of three forces that pushed infla- factured goods exported to tention to the idea in the after-
tion down in recent decades. richer countries. math of the Ukraine war, which
• Globalization: Increased Mr. Goodhart wrote that International trade as a share U.S. labor-force level and alternate projections starting in has highlighted the potential
flows of trade, money, people global labor glut was giving way of global GDP March 2020† for economic and financial fall-
and ideas flourished with the to an era of worker shortages, 30% 170 million out from geopolitical conflicts.
Cold War’s end and China’s en- and hence higher inflation. By sending inflation, and es-
try into the international trad- Meanwhile, the U.S. labor Growth at pecially energy prices, to such
Dotted lines are estimates 2015-19 pace
ing system in the 1990s. Multi- force has roughly 2.5 million elevated levels, the war could
25
national companies using new fewer workers since the pan- Without impacts serve as a trigger “to make peo-
165 of aging labor
technologies constructed global demic began, compared with ple realize that inflation—and
supply chains focused on driv- what it would have if the pre- force and quite high inflation—is a real
ing down costs by finding the pandemic trend in workforce 20 declining
possibility,” said Mr. Goodhart.
population
cheapest place and workers to participation had continued growth In turn, that could weaken the
produce products. Worldwide and after accounting for the ag- 160 public’s confidence that “every-
ing of the population, according 15 Without impacts thing will go back to normal.”
to an analysis by Didem Tüze- of declining The Fed’s aggressive interest-
Labor-force level population
men, an economist at the Kan- rate increases this year could be
‘I don’t think that we sas City Fed. Its growth had al- 10 155
growth
the first example of what hap-
are going to go back ready slowed before Covid-19, 1970 ’80 ’90 2000 ’10 ’20 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 pens with U.S. monetary policy
reflecting an aging population, in this new environment. Faster
to that environment declining birthrates and less *U.S. inflation refers to the PCE index and is through June 2022. Eurozone and U.K. data is through July 2022. and bigger rate rises create
of low inflation.’ immigration. The slower †Population adjustments assume the U.S. population grew at its 2015–19 pace after February 2020. Aging adjustments assume the population shares
of different demographic groups did not change from February 2020 levels.
greater risks of recession and
growth rate of the U.S. work- Sources: Commerce Department (U.S. consumer prices); Eurostat (Eurozone consumer prices); Office for National Statistics (U.K. consumer prices); could upend popular investment
force could force wages higher, World Bank (trade); Federal Reserve Bank of Kansas City analysis of Census Bureau data (labor-force level) strategies by leading to more
feeding inflation. frequent losses for the two main
competition drove prices lower Roughly a million people flation, it cut rates to near zero components of traditional asset
for many goods. moved to the U.S. annually in and promised to keep providing portfolios—stocks and long-
This helped keep U.S. infla- the years after the 2007-09 re- stimulus even after the White term U.S. Treasury bonds.
tion stable. Over the 20 years cession. That pace began to ta- House and Congress aggres- Fed officials have raised the
that ended in 2019, U.S. goods per during the Trump adminis- sively boosted federal spending. fed-funds rate by a cumulative
prices rose an average of 0.4% a tration and turned into a trickle Rather than reducing eco- 2.25 percentage points this
year, while services prices grew after the pandemic started. The nomic demand, the forces that year, the fastest pace since they
2.6% annually, leaving “core in- slowdown left the U.S. with 1.8 emerged during the pandemic began using the rate as their
BRENDAN MCDERMID/REUTERS

flation”—which excludes vola- million fewer immigrants of were what economists call “sup- primary policy-setting tool in
tile food and energy prices— working age—about 0.9% of the ply shocks”—events that curtail the early 1990s. The rate influ-
around 1.7%. working-age population—than the economy’s ability to provide ences other borrowing costs
After the pandemic and the if pre-2019 immigration trends goods and services, which in throughout the economy.
Ukraine war disrupted supply had continued, according to re- turn hurt growth and spurred The Fed began with a quar-
chains, many business leaders search by Giovanni Peri, a labor inflation. Covid-19 lockdowns ter-point increase in March, fol-
adopted new processes to in- economist at the University of and stronger demand for goods lowed by a half-point rise in
crease reliability even if they California, Davis. disrupted supply chains, as did May and increases of 0.75 point
cost more, such as by moving Mr. Powell in a May inter- Top, a farmworker in Ventura County, Calif., in 2021, the kind of Russia’s Ukraine invasion and each in June and in July. At
production closer to home or view pointed to the potential for labor in short supply. That’s pressuring Fed Chairman Jerome the West’s financial counteras- their meeting last month, offi-
buying from multiple suppliers. reduced immigration to create a Powell, seen above onscreen at the New York Stock Exchange. sault. Labor shortages emerged cials debated how and when to
And tensions between Western “persistent imbalance” in labor across the U.S. dial back the pace of those in-
democracies and Russia and supply and demand.” He added: these three factors, the Fed nomic activity, held them there With supply shocks, the Fed creases, according to minutes
China raise concerns about a “If you have a slower growing could raise rates at a leisurely until 2015, then raised them at faces a harder trade-off be- of the meeting released Aug. 17.
possible further retreat from labor market, you’re going to pace and could pursue policies a glacial pace by historical tween growth and inflation, be- Several former Fed officials
globalization and rise of pro- have a smaller economy.” that simultaneously kept unem- standards. The unemployment cause attacking inflation invari- who have worked with Mr. Pow-
tectionism, which would raise • Energy, commodity prices: ployment and inflation low, rate fell below 4% in 2018, and ably means damping growth ell say he is likely to err on the
production costs. Energy and commodity firms something economists later inflation stayed at or just below and employment. In such an en- side of raising rates too much,
“If you had all of your supply haven’t heavily invested in new dubbed the “divine coincidence.” the central bank’s 2% target. vironment, “there is no divine rather than too little, because
chain in just one country, you production over the past decade, That was possible when the After raising the fed-funds rate coincidence anymore,” said tolerating excessive inflation
have to question why take that creating risks of more persistent main threats to the economy to around 2.4% at the end of Jean Boivin, a former Bank of would represent a greater insti-
risk in a world where pandemics shortages when global demand were “demand shocks”—pull- 2018, Mr. Powell cut rates Canada official who heads the tutional failure for the central
could hit or country relations is growing. When the Fed broke backs in hiring, consumer slightly following a growth BlackRock Investment Institute. bank. Mr. Powell has hammered
could deteriorate or wars could the back of high inflation in the spending and business invest- scare in 2019. The Fed and most other cen- home the primacy of lowering
happen between countries,” said early 1980s, then-Chairman Paul ment—which slow both infla- Those experiences heavily tral banks initially misread the inflation to the Fed’s 2% target.
Richmond Fed President Tom Volcker enjoyed some helpful tion and growth, as in the re- shaped the Fed’s initial re- economy because, in early 2021, “We can’t fail on this,” Mr.
Barkin, a former McKinsey & tailwinds in the form of decade- cessions of 2001 and 2007-09. sponse to the pandemic in price increases could be traced Powell told lawmakers on June
Co. executive. It is difficult to long investments in oil. The Fed cut rates to near 2020. Fearing another decade of clearly to the effects of the pan- 23, describing the Fed’s com-
predict just how durable such Before the emergence of zero in 2008 to stimulate eco- sluggish growth and too-low in- demic, affecting a small number mitment as “unconditional.”
 .

PERSONAL JOURNAL.
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, August 25, 2022 | A9

ILLUSTRATION BY MICHAEL GLENWOOD

Some Americans Skip
flation-driven dropouts thanks to declined to comment.
wait lists that have amassed In its second-quarter earnings
throughout the pandemic. Practi- report, the company described a
tioners who use a sliding scale for decline in the yield from its adver-

Therapy to Save Money

payments have flexibility in how tising as “an indication of belt-
much they charge for sessions. tightening among consumers.” The
Amy Morin, a licensed psycho- company reported a net loss of
therapist who is now editor in about $3.1 billion in the second
chief of Verywell Mind, says she quarter of 2022 compared with a
has received more emails recently loss of $133.8 million a year ago.
More counselors now won’t accept Medicare or private insurance plans asking for mental- In the spring, Nina
health resources Dippon, a marriage
BY ALEX JANIN

W
them altogether. Her business has historically outside of therapy, The average and family therapist
Nearly a third of American boomed during periods of eco- such as recommen- out-of-pocket in Colorado Springs,
hen Katie Dunn adults in therapy say they have nomic uncertainty, including the dations for books, cost of therapy Colo., decided to start
skipped a therapy had to cancel a session because 2008 financial crisis, she says. She podcasts and apps a month in the accepting private in-
session in June, they couldn’t afford it and nearly expects to see the same now. to use. U.S. is surance, a decision

$178
she didn’t think half say they would have to quit if “People are experiencing more “I’m hearing peo- that has required her
much of it. their out-of-pocket costs in- stress, there’s an exacerbation of ple say, ‘I can’t af- to take on more cli-
Prices had creased, according to a survey chronic illness, they are having ford to go to therapy ents to earn the same
gone up at her local grocery store from the mental-health resource sleeplessness, they’re using more every week,’ ” she amount of money. She
and her rent went up by more than website Verywell Mind. The survey substances,” she says. says, “whether it’s according to a also must go through
$300 a month. She saved $85 by was conducted in the spring, with Casey Balchunas, who works for because they have a monthslong creden-
survey.
skipping the session. Within a few respondents’ median age of 36. a health-insurance company near high out-of-pocket tialing process.
weeks, a procedure at the dermatol- The average out-of-pocket cost Boston, quit therapy in May. She costs or because She estimates the
ogist added more costs and she a month in the U.S. is $178, ac- says she quit because her insur- they’re paying for change has helped
canceled therapy again. She can- cording to the survey. It can soar ance provider stopped covering child care or just the some of her existing
celed for a third time a few weeks to $300 or more a session in ma- teletherapy, which would require gas prices these clients be able to con-
later and quit altogether in July. jor cities. In recent years, more her to pay more than $130 out of days.” tinue treatment. She
“I was having to choose be- therapists say they have moved pocket a session. Brenna Laverty, Consumer- made the decision af-
tween going to the doctor and tak- away from accepting Medicare and She had two options: Wait until 23, a mental-health spending data ter hearing more pa-
ing care of my mental health,” she private insurance plans, citing low January to change her insurance technician in Albu- showed health- tients ask for dis-
says. and flat reimbursement rates. plan, or find a new in-person ther- querque, N.M., quit counted rates.
care spending
U.S. inflation has been rising at Consumer-spending data from apist. She tried the latter and was her subscription to Roughly nine or 10
was down
the fastest rate in four decades. Deloitte showed that healthcare met with a nine-month waiting the online therapy clients asked to space
Consumers are responding by cut-
ting back on spending for every-
thing from flights and gasoline to
makeup and shampoo. While infla-
spending was down 7% in July
from September of the year prior.
Rosalind Dorlen, who has an in-
dependent practice in Summit,
period.
“I just have to make it to Jan.
1,” says Ms. Balchunas, 30. “But
it’s disheartening to go from hav-
app BetterHelp after
it started costing
$70 to fill up her
car’s gas tank in-
7%
in July from
out their sessions and
several quit alto-
gether, she says.
“I just got a text
tion eased slightly in July, some N.J., and doesn’t accept private in- ing therapy every other week to stead of her usual September yesterday that said, ‘I
Americans continue to cut back in surance, says she recently offered not having that extra support.” $36. 2021. have to cancel,’ ” re-
different ways, with many putting a lower rate to a student who Many therapy providers say Teladoc Health, calls Ms. Dippon, “‘it’s
off therapy sessions or forgoing couldn’t afford to pay her full rate. they are largely unaffected by in- owner of BetterHelp, not payday yet.’”

‘Quiet Quitting’ Gets give 100% when I’m working, and “For people who are like me, the “You’re not coasting,” he says.
these are my boundaries.’ That’s only other option is leaving,” she “You are doing precisely the right
very different from, ‘I do the bare says. Ms. Hancock now runs a com- amount of work.”

A Booming Backlash
minimum to get by,’ ” she says. munications startup and is her own Who has the political leverage in
While some bosses push back boss, a setup she says allows her to the office to quietly quit is also up
against quiet quitting, saying that go- reap the full rewards of her work. for debate. Mercedes Swan, a hu-
ing above and beyond is the best way Others say those who embrace man-resources manager and career
to get noticed, get raises and climb quiet quitting could be selling them- coach, says the strategy may not
BY KATHRYN DILL horrible approach to building a career: the corporate ladder, many workers selves short. What some quiet quit- work for a lot of people of color.
AND ANGELA YANG “You have to go beyond because you are heaping scorn on the term itself, ters call doing the bare minimum Thanks to negative stereotypes,

P
want to. That’s how you achieve suc- calling out the irony of doing a 9-to-5 actually means giving full attention Black women especially could expe-
eople have serious opinions cess,” he says in a CNBC video essay. job and calling it quitting. to their work, then having a life out- rience backlash if they decide to
about not taking your job too How quiet quitting’s advocates step back or set firmer boundaries.
seriously. and critics react depends on what “It’s going to look like we’re doing
The viral term “quiet quitting” they think the phrase means—and less work over time when, actually,
isn’t really about quitting, nor is interpretations vary wildly. Some we are just performing at a level that
there anything quiet about the de- professionals argue the concept is everyone else typically is,” she says,
bate it has unleashed about careers saying no to extra work without ex- adding that from a performance
and coasting this summer. What tra pay and work stress, not neces- standpoint, people of color can also
started as a quiet movement sarily calling it in. Some detractors experience stronger penalties.
among office workers looking to Some critics say they fear quiet
PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL, GETTY IMAGES; SHUTTERSTOCK

draw firmer work-life boundaries af- quitting is corrosive to workplace

ter two years of pandemic overtime cultures—and the bottom line—be-
has grown into a rallying cry.
Some detractors say the cause it’s demoralizing to efficient
Of course, every generation of mind-set fosters workers to see others phoning it in
workers has had its anti-work philos- without penalty.
ophies and many managers and striv-
laziness and hurts “It’s not about the quiet quitters.
ing colleagues have always taken is- performance on the job. It’s about everybody else and the
sue with them. Cue the quiet-quitting unfairness that occurs there,” says
backlash: The concept has sparked a Amy Mosher, chief people officer at
flood of vehement commentary from human-resources software company
business leaders, career coaches and say the quiet quitting mind-set fos- isolved. If quiet quitting leads to
other professionals lamenting what ters laziness and hurts perfor- performance issues, she says, those
the shift away from hustle culture mance, even if baseline job expecta- workers should be let go to find
means for Americans’ commitment tions are being met. jobs that truly engage them.
to their jobs, while some young pro- Quiet quitters may think they’re Jay McDonald, an Atlanta-based
fessionals are praising it. preventing or curing burnout by do- executive coach, says the onus is on
“Quiet quitting isn’t just about ing less work, but better options ex- Kristin Hancock, an Indianapolis- side work hours, says Brian Gray, business leaders to set clear perfor-
quitting on a job, it’s a step toward ist, Ms. Huffington says in an inter- based communications professional, who works in web development. mance expectations. If employees
quitting on life,” writes Arianna Huff- view. Coasting through your career says that for her, quiet quitting is a After receiving a “meets expecta- are meeting them, that’s what mat-
ington, founder of health and well- instead of finding truly engaging futile pursuit. There have been tions” score on a performance review ters, not when or how long they
ness startup Thrive Global, in a work is a missed opportunity, espe- times in her career when she was at a past job—at which he regularly work, he says.
LinkedIn post that has garnered cially when you could find more dissatisfied with a job and wanted accepted last-minute requests to stay “You have a responsibility to
thousands of reactions in recent meaningful work in today’s hot job to coast, but she found herself un- late at work and offered to take on have good metrics and measure-
days. Kevin O’Leary, co-star on ABC’s market, she added. able to do so. Doing less felt frus- extra tasks—Mr. Gray says he decided ments for knowing whether some-
“Shark Tank” and chairman of “As an employer, I really love trating, and made her work feel to stop chasing validation from his body’s getting the job done or not,”
O’Shares ETFs, calls quiet quitting a when people in interviews say, ‘I even less meaningful. bosses by going above and beyond. he says.
 .

A10 | Thursday, August 25, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Using a Phone as a Key

Benjamin Weiss, vice president
CARRY ON of product management at Hyatt,
DAWN says a crucial difference between
GILBERTSON using the digital key in the Apple

Hangs Up Hotel Guests

Wallet versus the hotel app is fewer
steps to activate it. He cited guest

T
frustration with elevator access as
Las Vegas a key impetus for the switch.
he email from Aria Re- “We needed to make the pro-
sort & Casino touted a cess of actually using the key re-
seamless start to my stay. ally, crazy fast,” he says.
“Check in now and The key in the Apple Wallet is
zoom to your room,” the activated simply by flashing the
pitch for the luxury ho- phone or Apple Watch near the
tel’s mobile app began. There was reader in the elevator or outside
even a video on how to do it. I had the room as long as the devices
used mobile check-in at countless are in express mode. That reduces
hotels but had never tried using the time to access the room to one
my phone as a digital key like Aria to two seconds, down from about
was offering. So I bit. 15 seconds, he says.
Zoom I did upon arrival, head-
ing straight to the elevator bank.
Whisked to my room, I was not.
Aria requires a room key to punch
in your floor number. Before I
could unlock my phone, log into
the hotel Wi-Fi, open the app and
17%
U.S. hotels that allow use of a mobile
hold the phone to the key reader to phone as a room key, as of 2018
light up the 39th floor, the elevator
took off and bypassed my floor.
Jumping on the elevator unpre-
pared was a rookie mistake. So Mr. Weiss wouldn’t divulge sta-
was forgetting my phone-turned- tistics on the guest use of room
room-key in a rush out the door keys in the Apple Wallet, but says
one morning, forcing a trip to the the chain has seen “significant
front desk for keys. growth.” An update will enable
But my high-tech hiccups un- travelers to share their digital key
derscore the challenge hotels face so other members in the party
as they try to nudge travelers to don’t need to get physical keys. He
embrace digital room keys like says advances like this will help
they’ve embraced mobile boarding digital keys become the norm in
passes on planes. Doling out fewer the hotel industry, as mobile
keycards saves hotels money, cuts boarding passes are for airlines.
down on plastic use, helps with “The truth is there’s a lot of in-
staffing shortages and, when used ertia behind old ways of doing
properly, saves travelers time. things, whether it’s a plastic key
But travelers need room keys or a physical key,” he says.
much more frequently than they Frequent traveler Jim Raffel,
need access to airline boarding who stays in hotels about 180
passes, an estimated 15 to 20 times sultant, uses mobile boarding again,” she says. finger expecting miraculously the nights a year to visit clients of the
a stay by one estimate from Hyatt passes on every flight but has The mobile keys can even be- door to open, and then, shockingly, Milwaukee-area printing company
Hotels & Resorts. That’s a lot of sworn off digital keys in hotel fuddle senior hotel executives. it didn’t,” she says. he co-owns, was skeptical when
chances for things to go wrong, apps after too many issues. Jane Mackie, a senior vice presi- Digital keys are offered as an digital keys were introduced. He
which has slowed adoption by trav- Mrs. Puzziferro lists the chal- dent of marketing for hotel giant option at Aria and 11 other MGM recalls staying at a new hotel in
elers. Another factor: It is pricey to lenges she’s run into: troubles get- InterContinental Hotels Group, also Resorts International properties in Phoenix before the pandemic. His
install lock systems that work with ting the hotel room door open if a used a digital room key for the first Las Vegas as an option for travel- mobile key didn’t work the entire
the technology behind digital keys. phone case is too thick; being time at Aria during Virtuoso Travel ers, a spokeswoman says. Mobile week he was there.
Just 17% of U.S. hotels allowed locked out of a room after too Week, a luxury-travel conference. key usage is highest among busi- Today, he’s a big fan of using
using a mobile device as a key as many tries with a digital key; She hesitated trying it, given the ness travelers, she says. the digital key as a timesaver. He
ILLUSTRATION BY FEDERICO GASTALDI

of 2018, according to a survey the problems accessing the elevator; size of the hotel and the time it Hyatt Hotels Corp. and Apple skipped the check-in line on a one-
American Hotel & Lodging Associ- and, in one recent case in Denver, would take to get a physical key at Inc. think they have the answer to night stay at the Westin Detroit
ation and hotel analytics firm STR getting double billed for a room the front desk if it didn’t work. making digital keys easier to use. Metropolitan Airport this summer
released in early 2019. More-re- after checking in on the mobile The mobile app directed Ms. Late last year, the two companies and says it’s the only reason he was
cent figures aren’t available due to app and requesting a digital key Mackie to tap the back of the paired up to allow guests at six on time for a late-night Zoom call.
the pandemic, the association says. followed by a regular key. phone to activate the key. She U.S. Hyatt hotels to add room keys “I literally never went to the
Jennifer Puzziferro, a New Jer- “If they could show me some didn’t realize that meant tapping to the wallet on their iPhone or front desk, never talked to an em-
sey resident who travels four evidence about why there’s a bene- the phone to the lock. Apple Watch. It has since ex- ployee,” he says. “It was a beauti-
times a month as a nurse and con- fit, I might consider using it “So I was tapping it with my panded to 79 hotels and resorts. ful experience.”

IRS Waives $1.2 Billion in Late Fees

Relief will lead to refunds for about 1.6 million taxpayers
BY ASHLEA EBELING to a separate failure-to-pay sonable cause and the other

T
penalty that applies if you by calling the IRS to ask for
he Internal Revenue may or may not have filed a first-time penalty abate-
Service said it was on time, but didn’t pay on ment, according to the IRS.
waiving late-filing pen- time. There is no failure-to- Timalyn Bowens, a tax
alties and issuing refunds to file penalty if the taxpayer preparer in Louisville, Ky.,
1.6 million taxpayers who is due a refund. who is authorized to repre-
missed extended filing Those who haven’t yet sent taxpayers at all levels
deadlines for tax year 2019 filed returns for tax years of the IRS, said she has
and 2020 federal income- 2019 and 2020 have until several clients with pending
tax returns. Sept. 30 to file to avoid the requests for penalty relief
The automatic refunds of late filing penalties. who will benefit from the
penalties and interest to in- “While we are encour- IRS decision.
dividual and
business tax-
payers will to-
tal $1.2 billion.
That works out
to an average
refund of
about $750.
Tax prepar-
ers said
Wednesday’s
decision was a
PATRICK SEMANSKY/ASSOCIATED PRESS

rare step from

the agency. It
has tradition-
ally kept dead-
lines in place
and even ex-
tended the two
years’ tax-filing
deadlines. In
the end, the
IRS said Refunds will be offered to those who missed 2019 and 2020 deadlines.
Covid-19 pan-
demic strug-
gles, both for taxpayers and aged by this step the IRS is In one case, she helped
the agency, were the reason taking to offer penalty relief children who filed a late
for the decision. to taxpayers, we continue 2019 tax year return for
The penalty for missing to urge the IRS to broaden their widowed mother put
deadlines adds up. For indi- their relief efforts,” said Jan in a standard reasonable
vidual taxpayers, the IRS Lewis, chairwoman of the cause request to waive pen-
assesses a failure-to-file Tax Executive Committee alties and interest of
penalty typically assessed for the American Institute $3,900. In another case, a
at 5% of the unpaid taxes man who mistakenly
for each month, with a cap thought that last year’s
of 25% of the total unpaid Covid tax season May 17 fil-
taxes. For businesses, the
The agency said ing extension went through
penalty runs higher. pandemic struggles October is trying to get
“The penalty relief issued $7,800 in penalties waived.
today is yet another way
prompted the “He’s going to be ec-
the agency is supporting agency’s rare step. static,” she says.
people during this unprece- The penalty relief doesn’t
dented time,” IRS Commis- extend to this year’s tax-fil-
sioner Chuck Rettig said. ing season. Tax returns and
The IRS said the step of Certified Public Accoun- payments for tax year 2021
was designed to allow the tants. The professional as- were due on April 18 for
IRS to focus its resources on sociation said it has been most taxpayers; returns for
processing backlogged tax asking the IRS for blanket those who requested an ex-
returns and taxpayer corre- relief since July 2020. tension are due Oct. 17.
spondence to help return to Normally, there are two This year, the IRS says,
normal operations for the ways to request penalty re- 19 million individual taxpay-
2023 tax-filing season. lief, one by sending in Form ers have requested an ex-
The relief doesn’t apply 843 and a letter citing rea- tension.
 .

THE WALL STREET JOURNAL. Thursday, August 25, 2022 | A11

ARTS IN REVIEW
Inside, left, and outside, below left,
of the new ‘Gateway: The Deep
Space Launch Complex’

ture space travel: “Gateway: The

Deep Space Launch Complex.” Fu-
ture sensations are imagined in
four different 41/2 -minute space
“rides” that are supposedly taking
off from a spaceport, each with
tilting and vibrating seats and all-
engulfing videos—working some-
what like nearby Disney’s Epcot
“ride” “Soarin’ Around the World.”
That’s fine, but the main gallery
mixes mock-ups with real equip-
ment; models of spacecraft now
being used or yet to be used or
possibly put to use. It is difficult to
get a coherent understanding of
recent developments in spacecraft
or of different strategies for the
future. And no effort is made to
explain why NASA, often belea-
guered by delays and cost over-
runs, is getting more closely in-
volved with private space
companies like SpaceX (which has
some artifacts exhibited here):
Such companies are lowering
costs, and a longtime effort to in-
crease their involvement is the
subject of a new book by Lori
Garver, a former NASA deputy ad-
ministrator.
The haphazard perspective of
KSCVC (2)

“Gateway,” unfortunately, is one of

the first you now encounter here.
But far more useful than “soarin’”
EXHIBITION REVIEW through space is taking a tour bus

Big Rocket Booster

to see a classic part of the com-
plex: the building devoted to
Apollo missions and the Saturn V
rocket. The rocket’s three stages
are suspended above end-to-end,
surrounded by exhibits and ac-
A new building devoted to near-future space travel is just the latest of NASA’s visitor offerings counts of moon landings. The
rocket is 363 feet tall, contains
BY EDWARD ROTHSTEIN newly designed rocket— the most three million parts. NASA has said

G
powerful NASA has ever built—will it was worked on by more than
Merritt Island, Fla. propel a crewless Orion spacecraft 400,000 people. In itself, it is an
limpses of deep space— into orbit around the moon before object of wonder. Then we see on
like those images of un- it returns in October. Future mis- its far end (the top of this 36-
imaginably distant and sions will land a crew on the moon story-high rocket) an 11-foot-long
stupefyingly ancient gal- and, more than a decade hence, on appendage that might even be
axies beamed down from Mars. missed: a minuscule command
the new James Webb For those who purchased the module designed to hold the astro-
telescope this summer—inspire a now-sold-out tickets to the launch, nauts, which only increases the
sense of awe that is only partly the controlled explosions of lift-off, wonder.
due to the immense mystery of the producing millions of pounds of The science-fiction writer Ar-
cosmos. thrust, with body-quaking forces thur C. Clarke famously declared
As you begin to discover at the felt miles away, will make their that any sufficiently advanced
Kennedy Space Center—NASA’s own sensational claims on atten- technology is indistinguishable
primary launch facility for human tion. For less intense but more ex- from magic: It accomplishes some-
exploration of space—another pansive visions, we must look to thing remarkable, without our be-
source of awe is the human enter- the Space Center’s Visitor Com- ing able to see how or why. But
prise that makes such visions pos- plex. with the Saturn V, I feel just the
sible. The project of space explora- Beginning in 1967 with bus opposite. While its ultimate accom-
tion has been so gargantuan in tours and displays of hardware, the plishment may seem magical, the
cost, so monumental in its cre- Visitor Complex, now run for rocket did not use sleight of hand.
ations, so ambitious in its manage- NASA by Delaware North, a “hospi- demic, officials reported more than a mission, in 2011—suspended mid- In takeoff, it displayed brute force.
ment of talent and so unpredict- tality company,” means to cultivate 1.5 million annual visitors. Costs air in a building devoted to that This will be even more true of
able in its outcomes that when it amazement at the work nearby. are completely covered by tickets program and its accomplishments. the coming Artemis launch of a
succeeds we feel awe at what has Retired rockets and missiles are and fees (a day’s admission can But celebration should, at times, more powerful rocket. It will af-
been created. erected in an outdoor garden; cost more than $80; the astronaut be tempered: We are not told that firm humanity’s taming of those
That feeling may become even sound-and-light shows celebrate training costs an additional $175). the program never achieved its brutish forces, at least temporarily,
more palpable on Aug. 29 (barring astronauts’ heroism; varied inter- But the vision offered is not a original goals of bringing down but only after great care and cost,
weather delays) as 100,000 specta- active displays (with varied effec- sober assessment of NASA. The space-flight costs while increasing inventiveness and training. Awe is
tors gather here for the first tiveness) abound; and accounts of Visitor Complex, of course, is not their frequency to 40 or 50 times a to be expected—inspired both by
launch in the Artemis program. dangers, tragedies and triumphs reticent in its efforts to proselytize year (the program averaged five). what we have made and by where
Named after Apollo’s twin sister, are recounted. An add-on feature and promote. Some of that celebra- Surprisingly, the least successful we might be going.
Artemis promises to pick up where is a five-hour simulacrum of astro- tion is also justified. There is gran- offering is the newest, which
the Apollo program left off a half- naut training, using virtual and deur to be found in seeing the At- opened in June: a 50,000-square- Mr. Rothstein is the Journal’s
century ago. In this launch, a mechanical simulators. Pre-pan- lantis—the last space shuttle to fly foot building devoted to near-fu- Critic at Large.

EXHIBITION REVIEW Installation

view of

The Other Side ‘Regeneration:

Black Cinema
1898-1971’

Of the Silver Screen are compel-

lingly docu-
mented in
BY DAVID MERMELSTEIN in the wake of the civil-rights nearby clips.
movement, when major studios From these
Los Angeles began releasing pictures directed heights, the ex-
MOVIES’ ABILITY to transport by black men like Gordon Parks, hibit, which
audiences from their regular lives Melvin Van Peebles and Ossie Da- runs more or
to someplace entirely different re- vis. less chronolog-
mains for many the form’s chief But getting there was a long, ically, loses
appeal. It’s also central to the often painful, process. This ex- some energy,
mission of the Academy Museum hibit, five years in the making and and it really
of Motion Pictures. Now, in its spread across seven galleries, en- thins out fol-
first major new exhibit since gages with much, if by necessity lowing Poitier’s
opening last September, the mu- not all, of that history, focusing 1960s triumphs
seum is building on that premise largely on the so-called race pic- (“A Raisin in
by giving patrons an opportunity tures that were developed by the Sun,” “In
to enter a parallel universe. “Re- small production companies (the the Heat of the
generation: Black Cinema bulk based in coastal states, but Night,” etc.).
1898-1971” immerses visitors in also in Missouri, Illinois and But this show
an experience at least part of Michigan) expressly for black au- made two years earlier. But by gown from “Stormy Weather” is never entirely without sur-
which will be alien to most pres- diences during the first half of the next gallery, the mood shifts, (1943), Davis’s natty tweed suit prises—witness the candid photo-
ent-day film lovers. Yet those very the 20th century, as well as Holly- first with outsize silhouettes by from “Porgy and Bess” (1959), and graph of Poitier, Harry Belafonte
aspects were familiar to African- the artist Kara Walker that grimly Armstrong’s engraved Selmer B- and Charlton Heston at the Lin-
American moviegoers of past gen- satirize Harriet Beecher Stowe’s flat trumpet, circa 1930. (Inevita- coln Memorial during the March
erations—before Hollywood began novel “Uncle Tom’s Cabin,” widely bly, fans will grouse that this or on Washington in 1963.
slowly, imperfectly, dissolving the
A show in Los Angeles adapted in the early 20th century, that favorite entertainer has been The sheer density of the exhibi-
color line separating mainstream celebrates black film and then with ephemera relating slighted; for me, there isn’t nearly tion’s contents ensures that even
(read: white) pictures from the to “The Birth of a Nation” (1915), enough of Ethel Waters.) repeated visits won’t exhaust its
far less lavish, but equally aspira-
before Hollywood D.W. Griffith’s technically ground- Of course Sidney Poitier’s pres- merits and instructive power. On
tional, productions enjoyed by dissolved the color line. breaking but notoriously racist ence is palpable, with his best-ac- display at the Academy Museum
black Americans for well over 50 Civil War epic. Notably, no clips tor Oscar for “Lilies of the Field” through April 9, 2023, and sched-
years. or stills of Griffith’s film are dis- (1963) prominently on display. But uled for the Detroit Institute of
Curated by the film scholars played, though they are easy the absence of an Oscar can have Arts in 2024, “Regeneration”
JOSHUA WHITE/ACADEMY MUSEUM OF MOTION PICTURES

Doris Berger and Rhea L. Combs wood fare from the 1930s and enough to find elsewhere. A tin of even greater power, at least in the stands as a potent corrective to
(based in Los Angeles and Wash- ’40s in which black performers Max Factor “Black (Minstrel)” case of Hattie McDaniel, who in our notions of American film his-
ington, respectively), “Regenera- assumed roles, typically musical pancake makeup from the 1940s 1940 became the first black per- tory, amplifying our understand-
tion”—the name a nod to an es- ones, beyond the frequently de- provides further context. son to win an Academy Award. ing and appreciation of black per-
sentially lost work from 1923 meaning stock figures, like do- From there, the emphasis shifts Her best-supporting-actress statu- formers and filmmakers, both in
directed by Richard E. Norman— mestic servants or other low- to more ennobling, and some- ette, for “Gone With the Wind” and out of Hollywood.
assembles a host of movie clips, wage workers, they were normally times even empowering, images (1939), went missing after her
posters, lobby cards, photographs, assigned. of black achievement. Clips and death, but newsreel footage of her Regeneration: Black Cinema
documents of various kinds, and The exhibit opens joyously, stills abound of Josephine Baker, acceptance speech lands an hon- 1898-1971
assorted objects, 234 in all. The with “Something Good—Negro Lena Horne, Dorothy Dandridge, ored place. (Good luck not chok- Academy Museum of Motion
result is a kaleidoscopic portrait Kiss,” 30 seconds of footage from Paul Robeson, Duke Ellington, ing up while watching it.) Equally Pictures, through April 9, 2023
of the African-American experi- 1898 depicting a black man and Louis Armstrong, Sammy Davis powerful are the empty tap shoes
ence in cinema—from its pre-his- woman kissing—very likely a Jr., etc. More arresting are the once worn by the Nicholas Broth- Mr. Mermelstein writes for the
tory in minstrelsy and vaudeville knowing racial riposte to “The objects associated with the clips, ers, Fayard and Harold, whose Journal on film and classical
through its uneasy coming-of-age Kiss,” the seminal Edison film including Horne’s sparkly silk gravity-defying accomplishments music.
 .

A12 | Thursday, August 25, 2022 THE WALL STREET JOURNAL.

SPORTS
PGA Tour Launches Major Overhauls
BY ANDREW BEATON
AND LOUISE RADNOFSKY

T
he PGA Tour unveiled
some of the most drastic
changes in its history,
overhauling its tourna- The changes include additional money and commitments from top stars to play in more events
ment structure, increas-
ing prize money and ensuring the
regular participation of its top play- was a consensus among those in at-
ers in a bid to rebut the threat it tendance about how they should
faces from the new Saudi-backed proceed. While he declined to get
LIV Golf circuit. into details at the time, he spoke to
The changes represent a funda- the essence of what needed to be
mental shift in how the Tour oper- changed.
ates. The moves pump more money “We need to get the top guys to-
into players’ pockets and essentially gether more often than we do,”
create an elite collection of events McIlroy said after the meeting at
built around and for the most rec- last week’s BMW Championship. On
ognizable players. Wednesday, he said that announc-
Beginning next year, there will be ing the changes might allow players
12 elevated events with average wavering about joining LIV “to
purses of $20 million—and top make a decision that is completely
players will play in all of them. informed.”
Those players also committed a Monahan first detailed some of
new 20-event minimum, putting the this back in June, when the Tour
game’s stars together on the course said the purses at eight events
more often. A relatively new fund would increase to an average of $20
that rewards the game’s most popu- million, a total jump of over $50
lar players will also double in value million. But the developments on
to $100 million annually. Wednesday can be seen as com-
PGA Tour commissioner Jay Mo- pletely altering the norms on Tour.

ERIK S LESSER/EPA/SHUTTERSTOCK
nahan outlined the sweeping Now, the best players have commit-
changes Wednesday ahead of the ted to playing in those 12 elevated
Tour Championship, the prestigious events in addition to eight others.
finale to the tour’s season and play- That includes the four majors, the
offs, and after top players led by Ti- Players Championship and three
ger Woods held a rare players-only FedEx Cup events of the players
meeting last week. choosing.
“Our top players are firmly be- It addresses a longstanding con-
hind the Tour,” Monahan said. “This cern with the grind of the PGA
is an extraordinary and unprece- Adam Scott hits a shot during a Tour Championship practice round. The PGA Tour outlined sweeping changes for next year. Tour’s calendar. Events are spread
dented commitment.” across a long season, and it can be
Shortly after Monahan spoke, a changes supercharged a series of ries that’s backed by Saudi Arabia’s Justice Department antitrust inves- difficult for fans to know who might
new venture led by Woods and Rory smaller moves it has made over the sovereign-wealth fund. LIV used its tigation and a lawsuit from a num- be participating in most of them.
McIlroy—two of the PGA Tour’s course of the past few years. Last financial might—offering lucrative ber of LIV players over their sus- The new approach locks in a large
staunchest defenders—also an- year, it launched the Player Impact appearance fees and record-break- pensions from the Tour after number of tournaments at which
nounced a new league in partner- Program, a lucrative prize fund to ing prize money—to lure in some of joining LIV. In the meantime, the the top players will go against one
ship with the Tour. The TGL, begin- reward popular players. Earlier this the biggest names in golf. The likes Tour has had to rethink how it op- another—making for better compe-
ning in 2024, will feature “tech- year, the Tour started upping its of Dustin Johnson, Phil Mickelson, erates and find a way to keep the tition and television.
infused” matches of six teams of prize money and creating a new el- Bryson DeChambeau and Brooks players who have remained loyal. “When I tune into a Tampa Bay
three PGA Tour players. Woods and evated tier of events. Those changes Koepka have signed on. More are The overhauls came after 23 of Buccaneers game, I expect to see
McIlroy are committed to playing in are now bigger and bolder—and the expected to do so after the conclu- the best and highest-profile players, Tom Brady throw a football,” McIl-
the matches that will take place on timing isn’t a coincidence. sion of the Tour’s playoffs. led by Woods, met to discuss the roy said Wednesday. “We’ve all
virtual courses, in prime time, on All of this follows a year when LIV’s incursion sparked a number new structure. McIlroy, a four-time made a commitment to get together
Monday nights. the PGA Tour was rocked by the of problems for golf’s premier body. major champion, said last week that more often to make the product
For the Tour, the dramatic launch of LIV Golf, the upstart se- The PGA Tour now faces both a what emerged from the meeting more compelling.”

consideration, my fam- joined by Ohtani, the spectacular

The Angels Are for Sale ily and I have ulti-
mately come to the
two-way talent who was American
League MVP in 2021. Ohtani is

After Spending Spree Fails conclusion that now is

the time,” Moreno said
in a statement.
again among the best players in the
league and is again toiling for a
team rendered irrelevant by its
He offers a fixer up- many shortcomings. Due to become
BY TIM BROWN $1 billion into free agents in barely per for something like a free agent after the 2023 season,
more than the past decade alone, $2 billion, and proba- Ohtani, 28, is likely to be traded be-
IF THIS IS THE END of Arte Mo- offered perhaps as much to free bly more. A fan base fore then, a decision—and public re-
reno’s baseball stewardship in Ana- agents who signed elsewhere, that showed up 3 mil- lations storm—Moreno could leave
heim—when there is no more time signed the league’s best player— lion strong from 2003, to the next owner.
for promises or room for hopeful Mike Trout—to the game’s richest his first year as an Moreno in recent seasons
press conferences—there will only contract and committed to top-10 owner, through 2019, seemed to much prefer the shad-
be the results. And for a man who payrolls year after year after year. the season before the ows. As the team recently tore
bought a team from Walt Disney The Angels didn’t return to the pandemic. A roster through four managers in five sea-
Co., it isn’t a storybook ending. The World Series under Moreno. Other Moreno is exploring an Angels sale. with Trout, Anthony sons and four general managers in
Angels—the team he insisted on teams sold their fans on long-term Rendon, little in the way of pitch- 12, he appeared to grow sensitive
calling “Los Angeles” despite being rebuilds that traded on their fans’ postseason appearance and a 13th ing, and, for now, Shohei Ohtani. A when the blame had nowhere to go
an hour or so south of L.A.—are, by blind—and economic—devotion. consecutive season without winning bottom-five farm system. The An- but to him. He hasn’t addressed the
now, terrible. Moreno persisted. The league a playoff game. gels also have a ballpark that is media outside of introductory news
MARK J. TERRILL/ASSOCIATED PRESS

Nearly 20 years earlier, Moreno around him emptied its payrolls, The Angels, with Moreno as their lovely in spots, merely playable in conferences in about two years. The
had purchased a World Series chased draft picks and wrote off owner, did less with more than any others and fraying on the edges— memories of five playoff teams in
champion. On Tuesday, Moreno, at seasons. Moreno didn’t. He kept team in baseball, again and again, the remnants of a deal with the city his first seven years as owner, capa-
76 years old, announced he would spending, and the Angels kept los- until a Tuesday in the summer of that would have allowed him to ble teams led by Mike Scioscia and
explore a sale of the franchise he ing. Trout’s 31st birthday, when Moreno build around the park, but failed. powered by Vladimir Guerrero,
bought from Disney for $183.5 mil- And by the end, he is enduring decided to cash out. That Moreno and the Angels Jered Weaver, John Lackey and
lion and could sell for 10 or 12 what will almost certainly be a sev- “Although this difficult decision squandered much of Trout’s prime Mike Napoli, lost their meaning
times more. enth consecutive losing season, an was entirely our choice and de- grew particularly galling over the when down seasons became the
In between, he poured more than eighth consecutive season without a served a great deal of thoughtful past five seasons, when Trout was norm.

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.
Edmonton 80s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 Down 26 Rejuvenating
70s 50s 50s
90s 1 Best Picture retreats
Vancouver 0s 14 15 16
Calgary 60s winner set in
70s 60s 60s 10s 27 Hammett
Seattle
Winnipeg
70s
17 18 19 Gloucester heroine
50s 20s
Portland 70s 70s 2 Its national 28 “Gotta run!”
Helena Montreal 30s 20 21 22
80s
70s Bismarck Ottawa anthem is
80s Augusta 40s 23 24 25 30 More
Eugene 80s Billings “Salute to the
70s Mpls./St. Paul Toronto Albany Boston 50s reasonable
90s Boise 60s Pierre
26 27 28 29 30 31 32
Sultan”
100s Sioux Falls Milwaukee Buffalo Hartford 31 Charger’s need
60s
80s Detroit
w York
3 Device offering
Salt Lake City Des Moines Cleveland 90s New
Chicago 70s 33 34 35 36 37 32 Sporty Toyota
80s Reno Cheyenne
Philadelphia
TrickPlay
Omaha
Sacramento Indianapolis Pittsburgh 80s
60s Denver Springfield Washington D.C. 38 39 40 41 42 4 Provoke 36 Ring bearers, at
San Francisco 90s Topeka St. Louis Charleston 80s Richmond 90s times
Las 80s
Vegas 70s Colorado Kansas 90s Louisville 100+
43 44 45 46 5 Hardest to
70s 60s Springs City Raleigh see through, 37 Mark indelibly
70s Wichita 47 48 49
Los Angeles
100s Phoenix Santa Fe Memphis Nashville Charlotte
70s Columbia perhaps 39 Doc Brown’s
Albuquerque Oklahoma City Birmingham Atlanta 50 51 52 time machine
San Diego Little Rock
Warm Rain
6 Studi of
90s Tucson El Paso 80s Dallas
53 54 55 56 57 58 59 60 61 “Dances With 41 Patronizing for
Ft. Worth 80s
90s Jackson Jacksonville Cold Wolves” a meal
Mobile
T-storms
Austin 62 63 64
Orlando
7 Gore’s time in 44 Overcharge
San Antonio New Orleans Stationary
70s 80s Houston Tampa Snow 65 66 67 the Senate?
50s 90s 48 Dries, in a way
60s Honolulu Miami 8 River past
Anchorage 100s Showers Flurries 68 69 70 49 Unforeseen
60s 70s Memphis
setback
9 Park pavilion
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Ice
JUMP CUTS | By Mike Shenk 52 Acapulco article
10 Islets of
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City
Today Tomorrow
Hi Lo W Hi Lo W
Across 26 Cut 47 Tree with creamy Langerhans
53 Took turns
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Evacuation 29 Night vision white blossoms setting 54 Folded food
Omaha 86 65 pc 86 69 c Frankfurt 90 68 s 89 67 c
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 93 77 t 91 75 t Geneva 88 62 pc 82 61 c center supply devices 49 Cut 55 He performed
Today Tomorrow 11 Charles Lamb
Philadelphia 92 74 s 92 73 t Havana 91 74 t 91 73 t 5 Batting coach’s before Joan at
City Hi Lo W Hi Lo W Phoenix 100 84 t 103 82 t Hong Kong 88 81 r 88 82 t 33 Fluffy toy, for 50 Crew’s control pen name
Anchorage 61 54 c 60 54 sh Pittsburgh 85 66 s 82 63 t Istanbul 81 72 t 82 73 t
concern short Woodstock
51 Money holder 12 Rudiments
Atlanta 80 70 t 84 71 t Portland, Maine 82 63 t 75 62 t Jakarta 91 76 pc 91 77 c 10 Ring 56 Procedure part
Austin 92 72 pc 92 71 t Portland, Ore. 93 63 s 80 63 c Jerusalem 89 66 s 87 65 s 34 Reach great 53 Bumble Bee rival 13 School setting,
Baltimore 92 71 s 92 70 t Sacramento 91 59 s 93 59 s Johannesburg 70 49 s 73 50 s 14 Strike out heights perhaps 57 Pitchfork part
Boise 96 67 s 94 65 s St. Louis 91 72 s 88 71 pc London 71 57 r 74 59 pc 58 Executed
Boston 85 69 s 83 68 t Salt Lake City 96 72 s 96 73 s Madrid 95 69 s 91 66 pc 15 Some is social 35 Do some fast perfectly 18 Dojo degree 59 1988 Masters
Burlington 78 63 t 77 60 t San Francisco 73 59 pc 72 58 pc Manila 92 79 t 89 79 t 16 Jessica of “Sin frying champ Sandy
Charlotte 86 68 t 88 69 t Santa Fe 80 57 t 78 54 t Melbourne 59 48 sh 59 46 c 62 Cut 22 Fist bumps, in
City” 38 Four-time slang 60 Zing
Chicago 81 67 t 78 64 pc Seattle 88 59 s 73 58 c Mexico City 73 56 pc 73 56 sh 63 Development
Cleveland 85 67 pc 80 62 t Sioux Falls 80 60 pc 81 69 t Milan 89 68 pc 90 70 pc 17 Oscar-winning recipient of the 61 GOP foes
Dallas 91 75 pc 92 75 s Wash., D.C. 91 74 s 92 74 t Moscow 88 63 s 88 63 pc Hank Aaron influencer 24 Group that
producer of plays around 64 Tours turndown
Denver 90 62 s 85 61 t Mumbai 85 78 sh 85 78 c Award, familiarly 65 Sch. near Sunset
“Gone With the
Detroit
Honolulu
85 67 t
88 76 pc 87 77 sh
81 59 pc
International Paris
Rio de Janeiro
89 65 pc 79 60 pc
78 68 s 79 69 s Wind” 40 Ready for playing Blvd.
Previous Puzzle’s Solution
Houston 89 74 t 90 75 t Today Tomorrow Riyadh 107 89 s 107 85 pc
City Hi Lo W Hi Lo W 19 Cut 42 Pickle 66 Medieval A P A C H E P O M P V A T
Indianapolis 85 68 pc 82 67 t Rome 86 69 pc 87 72 s D I S H E D A C E R E V E
maritime power
Kansas City 92 68 t 89 70 c Amsterdam 85 66 c 73 59 t San Juan 88 79 sh 89 78 pc 20 Arctic outerwear 43 They may be
S P H E R E N A N O T O E
Las Vegas 93 79 t 99 82 s Athens 82 72 t 83 72 t Seoul 82 67 c 83 66 pc W O N H A N D S D O W N
cracked 67 Chatterbox’s
Little Rock 87 71 pc 89 71 s Baghdad 109 84 pc 110 82 pc Shanghai 92 79 t 85 77 r 21 Bur, e.g. D I D I N E R A S E R
opposite E R I E G R A D O U R
Los Angeles 87 66 pc 84 66 s Bangkok 93 80 t 89 78 t Singapore 86 80 t 87 79 r 45 Foot treatment, C O N T O O B A
D S O S A D
23 Police car, in
Miami 92 82 t 92 80 t Beijing 88 61 pc 84 57 pc Sydney 65 53 s 63 53 c
cop-talk informally 68 Day divider A N E M I A A U P A I R
Milwaukee 78 66 t 73 64 s Berlin 82 66 t 84 66 t Taipei City 95 82 c 97 82 pc F O R A L L I C A R E B S A
Minneapolis 76 60 c 79 65 pc Brussels 88 64 pc 74 59 t Tokyo 82 78 r 87 80 t 25 Manhattan 46 Camcorder 69 Wiped out N O R L O C K S L I M
S C A L A R O P E N S
Nashville 88 71 pc 89 71 t Buenos Aires 68 58 pc 66 59 pc Toronto 77 66 t 78 60 t A T E H U M B L E P I E
New Orleans 83 75 t 84 76 t Dubai 110 89 pc 109 86 pc Vancouver 78 62 s 73 60 pc setting button label 70 Coop group P A D E P I C O L D A G E
New York City 90 74 s 88 72 t Dublin 68 54 pc 65 48 c Warsaw 88 65 pc 88 65 pc P I G U L T A D U B L I N
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 93 68 s 93 68 pc Edinburgh 66 51 pc 64 51 c Zurich 83 57 s 82 60 c S L Y P E E R S P Y I N G

 .

THE WALL STREET JOURNAL. Thursday, August 25, 2022 | A13

OPINION
Nadler Wins in East Germany BOOKSHELF | By Michael S. Roth

New Yorkers
spent Tuesday
e v e n i n g
Tweedledum run against
Tweedledee.
The campaign was some-
of his attacker, “We want
him behind bars and to do
time—not like five years,
Strong Nations,
switching
channels from
the “subway
series” be-
thing out of Monty Python,
with Ms. Maloney pushing
her pro-abortion creden-
tials by saying “you cannot
more than that.”
Again, small chance. The
district attorney knows that
Gov. Hochul’s intervention
Strong Education
WONDER
tween the send a man to do a was cynical and meaning-
LAND
Yankees and woman’s job.” Mr. Nadler less, an attempt to offset
Empires of Ideas

JOHN MINCHILLO/ASSOCIATED PRESS

By Daniel
the Mets and ran as Donald Trump’s im- criticism by her Republican By William C. Kirby
Henninger
the “limou- peachment tormenter. gubernatorial challenger, (Belknap/Harvard, 492 pages, $37.95)

B
sine liberal se- Adding to the entertain- Rep. Lee Zeldin of Long Is-
ries” between Reps. Jerry Na- ment, Mr. Trump himself land. Gov. Hochul has the au- efore the 19th century, post-secondary education was
dler and Carolyn Maloney to belly-slammed into the cam- thority to fire these district dedicated to training professionals and passing along
win New York’s 12th Congres- paign in its final week. Tak- attorneys but won’t, for fear a cultural canon, but there was no expectation that
sional District. ing time away from the FBI’s the progressives who carried universities would make efforts to discover new things.
By the time the Yankees invasion of his Mar-a-Lago the city Tuesday would This changed in 19th-century Germany. A program of
completed their two-game estate, Mr. Trump posted a abandon her in November education in the service of the nation began in German-
sweep of the Mets, it was clear sham endorsement of Ms. against Mr. Zeldin. speaking Europe after Napoleon’s armies conquered it.
Mr. Nadler had retired Ms. Ma- Maloney and mock praise for routine. The news was that the The following day, Aug. 13, a Wilhelm von Humboldt, a man of letters and civil servant,
loney from politics with a sur- Mr. Nadler. Jerry Nadler, Mr. head of the Metropolitan Ghanaian taxi driver who created a powerful design for education at all levels.
prisingly easy win. Tuesday’s Trump said, is “high energy, Transportation Authority, chased five people fleeing At the Humboldtian university, students and teachers
vote and events of the past sharp, quick-witted, and Janno Lieber, and the subway their fare in Queens was would all be pursuing Wissenschaft, science in the broad
two weeks have revealed a lot bright,” but “Carolyn Maloney workers’ union felt compelled beaten to death. He was the fa- sense of organized knowledge, including the humanities.
about the political realities of is the better man.” Carolyn, he to convene a press conference, ther of four. This crime also The pursuit entailed the development of what we have
New York City. wrote, “has my Complete and pleading with the Bronx dis- was caught on video for New come to call “academic freedom,” the ability to follow
Total Endorsement.” trict attorney to enforce a law Yorkers to see on the evening inquiry wherever it might lead. For Humboldt, advanced
New Yorkers could use a that would ban the attacker news. Another press confer- study was founded in liberal learning. Students needed to
New York City is a laugh. The grim East German from the subways for three ence was held, this one led by be free to choose a course of study. Research might
analogy isn’t so far-fetched. years. The injured worker’s the head of the taxi drivers’ demand specialization, but everyone should begin with
socialist one-party New York City is now a far- sister said she hopes the at- union, who said, “Stop consid- broad exposure to disciplines across the arts and sciences.
state, where crime left, one-party state if mea- tacker gets “the max.” He ering the rights of the crimi- In “Empires of Ideas” William C. Kirby approaches the
sured by election outcomes. won’t. The minimum is pro- nals above the rights of the history of the research university by focusing on three
ravages minorities. Though a city of more than gressivism’s goal. victims.” settings: 19th-century Germany, 20th-century America and
eight million (and that number The next day, video near a In all these public outpour- 21st-century China, providing
is falling), almost no one both- restaurant caught a muscular ings, with the exception of the case studies of institutions
For 30 years, Mr. Nadler has ers to vote. Turnout Tuesday man sucker-punching another MTA chief, the members of the within each. Mr. Kirby is a
represented Manhattan’s West was about 8%. That is why four man, leaving him in a coma. victim’s families or the repre- distinguished Harvard historian
Side, which a friend of mine Democratic Socialists in the Initially, the man was charged sentatives of the unions and of China with a long record of
once likened to living in East city won their primaries for with attempted murder, but organizations speaking for facilitating international co-
Germany. Ms. Maloney, also a the state’s Senate. progressive Bronx prosecutors them are black or Hispanic. operation in higher education,
30-year fixture, represented the In a burst of hope over po- downgraded the charge to They want “the max.” and in this timely book he
real limousine liberals in the litical reality last year, the New misdemeanor assault and ha- Their pain has no reso- makes a powerful argument
co-op canyon neighborhoods of Yorkers who live in the city’s rassment. The alleged perpe- nance. Progressive criminal- about what it takes to be a
the Upper East Side. poorest neighborhoods got trator walked free without justice theory has become an leading university dedicated to
The state’s Democrats made law-and-order candidate Eric bail. ideology of sudden death for the creation of new knowledge.
an over-the-top try earlier this Adams elected mayor. But a se- After the New York Post minorities at their jobs or By the last quarter of the
year to gerrymander the ries of recent crimes are a case publicized this travesty, Gov. walking on a street. The cycle 19th century, scholars from all
state’s political map to all but study in the perils of one-party Kathy Hochul—who has of crime, fear and tears grinds over Europe and the United
obliterate New York’s Republi- rule, especially when that mocked calls by Mayor Adams the city down daily. States had been drawn to German
can congressional delegation. party represents progressiv- to reform the state’s no-bail Mayor Adams has been universities. The model of research
But a judge tossed it out and ism’s see-no-evil ideology. laws as a “political slogan”— complaining about the bus- seminars or experimental labs building on broad intellectual
the map redrawn by a court- On Aug. 11, a subway claimed she intervened with loads of migrants Texas Gov. foundations became the standard for universities eager to
appointed specialist hilariously cleaner was brutally beaten af- the Bronx district attorney to Greg Abbott is sending to New make new discoveries—from astronomy and chemistry to
forced Mr. Nadler and Ms. Ma- ter he intervened against a reinstate more-serious York, a “sanctuary city.” Sanc- sociology and history. Mr. Kirby shows how German universities
loney to compete for the 12th man harassing women. That’s charges. The victim’s niece, tuary? From what? were disrupted by political events in the first half of the 20th
District. It was like making not news. Subway assaults are Daisy Gomez, said to the Post Write henninger@wsj.com. century, and how they were nearly destroyed during the Nazi
period. He is particularly insightful about how the University
of Berlin’s trajectory intersected with major world events—

Democrats Plan to Audit the Middle Class from the creation of communist East Germany to the fall of
the Berlin Wall and reunification. Mr. Kirby describes as well
how, in recent years, the national government has tried to
By Karl Rove levels” (emphasis added). The than $75,000 income. Less an additional 1.2 million audits make German higher education a world leader again.

I
commissioner wrote senators than 5% have been performed a year over the coming decade, American institutions began emulating their German
t sounded like an ironclad on Aug. 4 promising that the on returns of those with of which 710,000 each year will counterparts by the early 20th century, starting at Balti-
promise when Jared Bern- IRS would design “the invest- $200,000 or more in income. hit those making less than more’s Johns Hopkins University. This meant investing in
stein of President Biden’s ment of enforcement re- This pattern has been rela- $75,000. research-intensive graduate programs and recruiting and
Council of Economic Advisers sources” around Ms. Yellen’s tively stable for a long time However the actual numbers retaining faculty whose publications (and inventions) would
told Fox News’s Neil Cavuto on “directive that audit rates will because of the way the IRS break down, it’s clear that most have effects and influence beyond the campus. Big money
Aug. 16 that the $45.6 billion not rise relative to recent picks returns for audits. Some normal Americans will face an went to big schools with strong graduate programs, par-
in the Inflation Reduction Act years for households making audits are randomly assigned, increased likelihood of being ticularly in the sciences. Government funding aligned with
to expand Internal Revenue under $400,000.” others triggered by algorithms audited, and based on Ms. Yel- industry and philanthropy to support basic research that
Service compliance efforts These officials couched it in that flag discrepancies. Still len’s and Mr. Rettig’s comments, often had substantial practical applications. Mr. Kirby says
“will not be spent on increas- confusing language, but it’s others are the result of secre- the administration knows this— little about the ramifications of this emphasis on elite
ing audits of anybody” making clear what the administration tive processes the IRS doesn’t Mr. Bernstein’s protestations graduate studies for American education more generally,
less than $400,000 a year. was saying: More households aside. The IRS’s annual enforce- and he says nothing about how research universities’ quest
“IRS enforcement is going of all incomes will be audited ment budget was $5.4 billion for higher rankings is related to their dependence on part-
to target those well above by the IRS with its new com- Team Biden spun the this year, and it’s getting $45.6 time, underpaid instructors to teach undergraduates.
$400,000,” Mr. Bernstein pliance funding, with each in- billion more this decade from Magazine rankings are remarkably unproblematic for
pledged. “There’s no targeting come group’s share of audits new IRS funding as the new law. Of course more Mr. Kirby. He is confident that they show which research
of the middle class!” remaining roughly what it has well as they could, people of all income levels will universities are “world-class” or dominant. “Everything from
Mr. Cavuto seemed skepti- been. get audited. fine wine to hotels to dishwashers is given grades or ranks,”
cal, asking the White House So what share of audits but the truth is clear. Congressional Democrats he writes. “Why not universities?” Even when the University
adviser if he meant everyone have typically been of Ameri- even had an opportunity to of Hong Kong jumps 15 spots in one year, his confidence in a
under $400,000 in income cans making under $400,000? protect Americans making less simple hierarchy of institutions is unshaken, and throughout
“will not be . . . scrutinized Well, most of them. In 2018, reveal. But it’s obvious from than $400,000 from these au- the book we learn little about why schools advance or decline.
more by the IRS, their deduc- the last year for which the IRS these data that the bulk of the dits and chose not to. Sen. We learn nothing from “Empire of Ideas” about how the
tions examined more by the has released complete data, new audits funded by the In- Mike Crapo (R., Idaho) pro- pursuit of high rankings might change a school’s research
IRS.” Mr. Bernstein replied there were 367,369 audits of flation Reduction Act are going posed an amendment to the and teaching, or its employment practices.
forcefully: “They will not be individual returns. Of these, to hit households making less Inflation Reduction Act to pro-
scrutinized more.” 3.8% of the total were of re- than $200,000 a year. If the hibit the use of any new IRS
Mr. Bernstein was shading turns reporting no positive in- IRS honors its promise to hold compliance funds for audits of A three-century history of the university—in
the truth. Other Team Biden come. Households reporting the share of audits to histori- companies or individuals with Germany, the U.S. and China—traces the link
members got in on this obfus- between $1 and $25,000 in in- cal levels, that’ll be 95% of the incomes below $400,000.
cation effort, but if you read come received 52.9%, and new audits. All 50 Democratic senators between elite education and world leadership.
between their weasel words those earning up to $50,000 an How many more audits are voted “no” on Aug. 7, killing
you can tell that they knew the additional 19.9%. Those above coming in total? It’s hard to the amendment. This all means
number of audits on those $50,000 and under $75,000 re- say. The IRS won’t predict that the debate on the IRS be- We do, however, learn a great deal about how Chinese
making less than $400,000 ceived 7.3% and households what taxpayers are in store for. tween now and November will universities have come to educate an extraordinary number
would increase. In an Aug. 10 making $75,000 to $100,000 The Congressional Budget Of- be not on “taxing the rich” but of students and produce cutting-edge research, especially
letter to IRS Commissioner were hit by 4.2%. Households fice won’t estimate, though it on badgering the middle class. in STEM fields. At the end of the Cultural Revolution in
Charles Rettig, Treasury Sec- with $100,000 to $200,000 in did say that the number of au- That’s an argument Democrats the late 1970s, universities in China enrolled fewer than
retary Janet Yellen wrote, “I income were subject to 7.3% of dits will “rise for all taxpay- will lose every time. 900,000 students; by 2020, there were 40 million. The
direct that any additional re- audits. ers” to levels the IRS had in revitalization of Chinese universities, combined with the
sources” the IRS receives from Add it up, and more than 2010, when a greater percent- Mr. Rove helped organize presence of American university campuses in China, has
the act “shall not be used to 95% of all audits of individual age of returns were audited. the political-action committee made for momentous changes. Strong research universities
increase the share of small returns have historically been Drawing on that year’s data, a American Crossroads and is go hand in hand with a developing economy and a national
business or households below of households with less than Republican House Ways and author of “The Triumph of Wil- culture that plays a role on the international stage. This
the $400,000 threshold that $200,000 in income and more Means Committee staff analy- liam McKinley” (Simon & was true for Germany in the 19th century and has also
are audited relative to historic than 75% of those with less sis predicts that there will be Schuster, 2015). been the case for America and China. Mr. Kirby wonders
whether this correlation will continue.
“The greatest challenge confronting Chinese universities

The Last Jew From Saudi Arabia today,” Mr. Kirby writes, “is not the competition they face
abroad but the obstruction they encounter at home.” Ideo-
logical uniformity enforced by government censors and an
By David Shuker Najran became part of like me. I was born in 1944. Saudi Arabia. These changes effort to turn to the Silk Road instead of Western university
Saudi Arabia under the 1934 Our families’ belongings were have triggered great hopes for partners seems, to Mr. Kirby, to be placing Chinese uni-

I
Bnei Ayish, Israel Ta’if Agreement, under which loaded onto the camels and the future of the kingdom. versities on a road to ruin. Forcing students to study the
am the last survivor of Saudi troops took control before sunset we began walk- In that spirit of hope for thought of Communist Party chief Xi Jinping provides “thin
the Jewish community from Yemeni forces. In the ing toward the Yemeni border. the future, I beg His Majesty gruel indeed.” Chinese educational institutions have great
that lived near the years that followed, the Jews As my 80th birthday ap- King Salman bin Abdul Aziz potential, he indicates, but the government might squander it.
southern Saudi Arabian city lived under the protection of proaches, I long to return, to and His Highness Crown Mr. Kirby is not sanguine about the future of American
of Najran. the king and felt secure. see my parents’ home and Prince Muhammed bin Salman universities, either. Surprisingly, he says nothing about the
Around sixty Jewish fami- pray at the graves of my an- to allow me to visit Najran dangers of state-sponsored censorship in the United States,
lies once lived in Najran and cestors. I am eager to refresh while I am still strong enough nor about the myriad threats to academic freedom on U.S.
the small villages around it. The land of my birth the memories of my happy to travel. I yearn to get there campuses. What he does provide is a sobering account of the
Some worked for King Abd-al- childhood, to taste once again with all my soul. I don’t know defunding of the University of California system, which he
Aziz Ibn Saud in the 1930s still bans me from the sweet dates, and to see how long God will permit me sees as a parlous precedent. Mr. Kirby’s fine study ends with
and 1940s, maintaining his entering. I’m almost the “Qasr al-Yahud,” Castle of to live and my dream is to bid a warning: “There is no greater threat to the leading position
soldiers’ weapons. Others the Jews, in a city that has ex- farewell to my beloved birth- of American higher education than America’s growing parsi-
were employed as locksmiths, 80 and want to visit. panded and developed dra- place. Please grant me this mony in the support of public higher education.”
carpenters and tanners. Con- matically since we left. It was wish. Universities are not actually like fine wines or dishwashers,
trary to the rule in neighbor- painful to learn about the mis- but they are crucial to the public good. Mr. Kirby’s book
ing Yemen, the Jews of Najran After the State of Israel siles launched by the Houthis Mr. Shuker was head of the shows how catalytic is the combination of strong nations
were allowed to carry the tra- was established in 1948, the against Najran in the last few Bnei Ayish municipal council and universities that advance knowledge and foster critical
ditional dagger, the jambiya, Jews were called by the king’s years, and I’m glad to know and chairman of the Public and creative thinking. Now more, perhaps, than ever.
on their belts. To this day, I representatives to gather in that most of the damage has Committee to Save Yemen’s
remember the king’s soldiers the main square. A convoy of been repaired. Jews. This article was trans- Mr. Roth is the president of Wesleyan University.
spoiling me with sweets and camels was waiting there for In recent years, the world lated from Hebrew by Ehud Among his recent books is “Beyond the University: Why Liberal
patting my curly hair. 260 people, mostly children has seen profound changes in Yaari. Education Matters.”
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A14 | Thursday, August 25, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Half-Trillion-Dollar Executive Coup Why Do We Send Teachers for Re-Education?

W
ell, he did it. Waving his baronial grant addition could increase this by as much as Daniel Buck is right: Schools of edu- classroom. Gov. Ron DeSantis re-
wand, President Biden on Wednesday $270 billion. The four-month freeze on pay- cation have long suffered from aca- cently began allowing veterans and
demic mediocrity (“Woke Activism Is active service members to hold tem-
canceled student debt for some 40 ments will cost $20 billion on top of the roughly
Flooding American Classrooms,” Cross porary teaching certificates. More
million borrowers on no au- $115 billion it already has. Country, Aug. 20). Research demon- states should follow Florida’s lead.
thority but his own. This is eas- Biden’s student-loan The payment plan revisions strates little if any connection between Ending licensure requirements would
ily the worst domestic decision write-off is an illegal could eventually add hun- teacher certification conferred by col- address purported teacher shortages,
of his Presidency and makes dreds of billions of dollars leges of education and a teacher’s ef- with the added benefit of weakening
chumps of Congress and every abuse of power. more. An analysis commis- fect on student academic outcomes. the power of ineffective and woke
American who repaid loans or sioned by the Trump Educa- Yet states maintain teacher-certifi- colleges of education.
didn’t go to college. tion Department estimated cation requirements. In so doing, they LINDSEY BURKE, PH.D.
The President who never says no to the left that taxpayers would lose $435 billion on fed- push aspiring teachers into colleges Heritage Foundation
did their bidding again with this act of executive eral student loans, largely because borrowers of education that are captive to the Washington
law-making, er, breaking. The government will in these payment plans on average were ex- Marxist tenets of critical theory, fre-
quently assigning Paulo Freire’s “Ped- I cannot overstate how spot on Mr.
cancel $10,000 for borrowers making less than pected to repay only half of their balances. Now
agogy of the Oppressed,” while lec- Buck is. For the first two years of my
$125,000 a year and $20,000 for those who re- they will repay even less. turing about postcolonial theory, teaching, I attended courses in the
ceived Pell grants. The Administration estimates Worse than the cost is the moral hazard and queer theory, “QuantCrit” and inter- evening for a masters of education. It
that about 27 million will be eligible for up to awful precedent this sets. Those who will pay for sectionality, rather than foundational became clear that I was going to learn
$20,000 in forgiveness, and some 20 million will this write-off are the tens of millions of Ameri- pedagogical concepts, lesson-plan de- nothing that would help me teach the
see their balances erased. cans who didn’t go to college, or repaid their sign and classroom management. unruly children I dealt with on a daily
But there’s much more. Mr. Biden is also ex- debt, or skimped and saved to pay for college, As the American Enterprise Insti- basis. There was next to no practical
tending loan forbearance for another four or chose lower-cost schools to avoid a debt trap. tute’s Rick Hess and I recently found, instruction on how kids learn, how
months even as unemployment among college This is a college graduate bailout paid for by among the colleges of education that best to engage a classroom, strategies
grads is at a near record low 2%. Congress’s plumbers and FedEx drivers. produce the most teachers, an esti- for getting a lesson going while also
mated 40% of faculty list diversity as taking roll call and dealing with other
Cares Act deferred payments and waived inter- Colleges will also capitalize by raising tuition
a research interest. Between a quar- administrative tasks.
est through September 2020, but Donald Trump to capture the write-off windfall. A White House ter and a third of the faculty who Instead we learned how different
and Joe Biden have extended the pause for what fact sheet hilariously says that colleges will study race do so as critical theorists. texts affect a child’s feelings, how
will now be nearly three years. “have an obligation to keep prices reasonable Rather than make sure graduates emphasis on memorization and know-
The Administration is claiming, again, that and ensure borrowers get value for their invest- are well-grounded in teaching meth- ing facts could accentuate disparities
this will be the last extension and is needed to ments, not debt they cannot afford.” Only a fool ods, colleges of education mold so- and various inanities about ways to
help borrowers prepare to resume payments. could believe colleges will do this. cial-justice warriors, sending them read texts through the lens of un-
But even if the Administration lets the forbear- i i i into K-12 schools where they’ll be equal power dynamics and the like. I
ance end in December, about half of borrowers It’s important to appreciate that there has greeted by a chief diversity officer. was so turned off by the program
won’t have to make payments since their debt never been an executive action of this costly States should end teacher-certifica- that I quit with only three courses
will be canceled. magnitude in peacetime. Not Mr. Obama’s immi- tion requirements and allow profes- left to go.
sionals with content-matter expertise PAUL MYLER
Most of the rest will only make de minimis pay- gration amnesties, not his Clean Power Plan, not
to put their skills to work in the Marietta, Ga.
ments because Mr. Biden is also sweetening the Mr. Trump’s border-wall fund diversion. Nothing
income-based repayment plans that Barack comes close to this half-trillion-dollar or more
Obama expanded by fiat. Borrowers currently pay executive coup.
only up to 10% of discretionary income each month Congress authorized none of Mr. Biden’s
and can discharge their remaining debt after 20 loan relief and appropriated no funds for it.
Is Funding the Problem, or Does It Go Deeper?
years (10 if they work in “public service”). Progressives say the Higher Education Act of Your editorial “This Is Your IRS at move cases along. The IRS doesn’t
Democrats said these plans would reduce de- 1965 lets the Education Secretary “compro- Work” (Aug. 20) misses the mark. have adequate customer-service or
faults. They haven’t. Federal student debt has mise” (i.e., modify) student debt. But the Fed- You point out that phones aren’t an- taxpayer-advocate staffing.
ballooned because many borrowers don’t make eral Claims Collection Act of 1966 sets very lim- swered, returns aren’t processed and E. MARTIN DAVIDOFF
enough to cover interest and principal pay- ited terms and strict procedures for such people are cheating on tax credits. Hightstown, N.J.
This is because Congress has starved
ments, so their balances expand. Student debt “compromise.”
the Internal Revenue Service for The IRS’s mismanagement of efforts
has nearly doubled since 2011 to $1.6 trillion, Even Mr. Biden said in December 2020 it was funds. Underfunded businesses don’t to modernize its information systems
though the number of borrowers has increased “pretty questionable” whether he had authority provide great customer service. over the past 35 years is instructive.
by only 18%. to cancel debt this way. The Supreme Court re- Yet the IRS collects 96% of U.S. an- The documented mismanagement in-
Now Mr. Biden is cutting undergrad payments cently underscored in West Virginia v. EPA that nual gross revenue, about $4.1 tril- cludes poor planning, blown deadlines,
to a mere 5% of discretionary income. The gov- Congress must provide clear authorization to lion. It does so with a budget of $12.6 substantial cost overruns and insuffi-
ernment will also cover unpaid monthly interest agencies taking action on major questions. Can- billion. The cost to collect a dollar cient contract oversight. The result is
for borrowers so their balances won’t grow even celing so much debt is beyond major to a mega- has been three-tenths of a penny. billions of dollars wasted and, except
if they aren’t paying a penny. This will mask the ultra-super question. Quite efficient! for marginal improvements, still-anti-
cost to taxpayers of the Administration's rolling With the cancellation precedent, progressives From 2010 to 2017, the audit rate quated information systems incapable
went from 1% to 0.5%, while the audit of efficiently performing basic IRS
loan write-off. Student-loan debt won’t appear will return to this vote-buying exercise every elec-
rate of those with the highest in- functions such as processing hard-
to swell even as it does. What a fabulous ac- tion year. The only antidote will be if Democrats comes went from 21.5% to 5.8%. Even copy tax returns.
counting trick. conclude this gambit boomeranged politically by a doubling of compliance dollars will Given this history of mismanage-
The Penn Wharton Budget Model estimates mobilizing an opposition coalition of Americans merely bring the IRS back to its pre- ment, why should we have any confi-
that canceling $10,000 for borrowers earning up who are tired of being played for saps by progres- vious levels. dence that handing the IRS additional
to $125,000 will cost about $300 billion. The Pell sives. The test arrives in November. As a C.P.A. and tax attorney, I bat- billions will produce results different
tle the IRS daily. As Congress has from those of prior expenditures?
choked the IRS budget over the past GREGORY J. ZIOMBRA
A School Board Revolt in Florida decade, I find it more difficult to Silver Spring, Md.

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uesday’s elections highlighted Republi- widely criticized in the national press.
can midterm weaknesses (see nearby), The Governor last year expanded the state’s Big Institutions Lost Our Trust for a Reason
but one exception was school board voucher program to add tens of thousands of Distrust in institutions isn’t an ar- violations. Special Counsel Robert
races in Florida. Conservatives flipped control additional low-income students. Mr. DeSantis tifact of a lemming-like following of Mueller had Roger Stone “perp-
of at least two big districts that had put unions put these ideas to the voter test on Tuesday, Donald Trump (Letters, Aug. 23). walked” (with CNN cameras ready)
ahead of children. working with Republicans and the 1776 Project Once-apolitical institutions have in- and SWAT teams on hand, too.
Twenty-five of the 30 school board members PAC to raise money for reform candidates, and flicted mortal wounds to their own The FBI participated in the Russia
endorsed by Gov. Ron DeSantis won or ad- turning the school elections into the most com- credibility. The IRS targeted Tea hoax, and FBI lawyer Kevin Cline-
vanced in their races, campaigning on parental petitive in memory. Party groups under President Obama. smith pleaded guilty to falsifying doc-
rights, transparency, school choice and safety. Florida’s results follow parental revolts in (President Nixon had tried this and uments to spy on Carter Page. The
GOP-backed candidates won three elections in school-board elections from San Francisco to the IRS commissioner refused to go FBI is now slow-walking the Hunter
Sarasota County, creating a new 4-1 majority. Texas. Glenn Youngkin used education to win along.) The FBI exonerated Hillary Biden laptop investigation. White
Clinton despite her email and server House spokeswoman Jen Psaki is on
They also scored two big wins in Miami-Dade. Virginia’s top job last year, and Iowa Gov. Kim
video saying the Office of Surgeon
Both school boards last year voted to mandate Reynolds has used primary endorsements to General is flagging online posts and
that students keep wearing masks, defying par- oust state House Republicans who blocked her The Politics of the SALT passing them along to censors at
ents and Florida law. school-choice agenda. Facebook. People’s principles haven’t
The wins are a coup for Mr. DeSantis, who Covid restrictions awakened parents to the Deduction Isn’t Red vs. Blue changed. Our institutions’ principles
is turning parental control and educational failings of too many public schools and their en- Rep. Tom Suozzi’s defense of uncap- have changed.
choice into a GOP advantage. The elections are trenched union control. If Republicans want a ping the $10,000 state-and-local-tax BILL DEMIS
political vindication for his parental bill of positive message for the midterms, this is a deduction is all wrong (Letters, Aug. Cypress, Texas
rights bill that became law this spring that was good and popular one. 22). It’s not an issue of red states ver-
sus blue states. The cap applies to up-
per-income Americans everywhere. Chasing Liberty With Law
The GOP’s Abortion Problem Lifting the cap would burden the
lower-income by effectively subsidizing
Upon reading the letters to the edi-
tor regarding freedom of speech legis-

R
the SALT deduction for the wealthy.
epublicans in Congress pondering who November, when a voter swing of 12 points lation in Florida (Aug. 20), I found my-
CHARLES OVERLY
will paint their committee Chair por- from 2020 helped the GOP take the governor- self bemused that we must pass more
Houston
traits might want to hold off. The long- ship in Virginia and come close in New Jersey. laws to produce greater freedom.
CRAIG ELLIS
predicted GOP “wave” election may be crashing Democrats are clearly more eager to vote than I moved from California to Tennes-
Applegate, Mich.
on an offshore reef, as abortion and Donald a year ago. see—which New York Rep. Suozzi re-
Trump energize Democrats. One reason is the reaction to the Supreme fers to in his letter as a low-tax,
That’s the message Tuesday from New York Court’s Dobbs decision that overturned Roe v. “low-service” state. Yet here our local
public schools are good, we wait 10
CORRECTION
state, where the GOP lost a special election for Wade. That’s about all Mr. Ryan ran on in the
minutes for service at the DMV, a po-
Congress in a district where they were favored, Hudson Valley. Mr. Molinaro isn’t extreme on
liceman on night patrol knocked on U.S. federal debt held by the public
continuing a trend of recent underperformance. abortion, as he made clear he’s personally pro- our door one evening to inform us we stood at $23.9 trillion in the second
Republicans may still retake the House in No- life but opposes a national ban on abortion. He had left our car trunk open, and the quarter of 2022. This was misstated in
vember, but another term for Nancy Pelosi as wants states to decide the issue. But Democrats homeless have a place to sleep other “Good Government or Big Govern-
Speaker can’t be ruled out. will fan fears of a national ban from here to No- than the local park or my front yard. ment?” (op-ed, Aug. 23).
Republican Marc Molinaro was a strong can- vember. My guess is that Mr. Suozzi has no
didate in New York’s 19th Congressional dis- Republicans are on the backfoot because idea how good the services can be in
trict. He’s the executive of Dutchess County, a they’re talking about abortion as if Roe were “low-service” states. Pepper ...
large part of the district in the Hudson Valley still the law, when it was easy to favor a total ROBERT NORTON
Nashville, Tenn.
And Salt
north of New York City. But Democrat Pat Ryan ban because it didn’t matter. Now the policy
THE WALL STREET JOURNAL
won the special election with about 51% of the stakes are real, and Republicans will have to
vote by making abortion rights his main issue. make clear what specific abortion limits they
Democratic turnout exceeded expectations for favor and why. The chance of abortion law
You Need a Degree for That
a mid-August election. changing in New York state is nil, but the GOP A judge found a way to rationalize
Democrats also came closer than expected is still losing on the issue. a law requiring daycare providers to
hitting abortion in a special election in New If Republicans shrink from engaging on abor- have an associate degree in childhood
development (“The High Price of
York’s 23rd district, coming within about 6.5 tion, then Democrats will define the debate. Re-
Great Books Daycare,” Review & Out-
percentage points of Republican Joseph Sempo- publicans can also go on offense by pointing out look, Aug. 23). Will we next require a
linski. This is a solidly GOP seat that should that many Democrats are extreme in supporting degree for a woman to have a baby?
have been an easy GOP win. no limits at all on abortion. JAMES W. BENEFIEL
These results are the fourth warning signal Voter turnout will be higher in November Dunedin, Fla.
in recent weeks for the GOP. The Kansas abor- than in August, and the natural rhythm of a
tion referendum lost in a rout, and while the midterm election may assert itself, which tends
Letters intended for publication should
GOP won special elections in districts in Minne- to favor the party out of power. But after Dobbs, be emailed to wsj.ltrs@wsj.com. Please
sota and Nebraska, they did six percentage and with Mr. Trump back at the center of public include your city, state and telephone
points worse than the party did in the 2020 debate, Democrats have a chance to overcome number. All letters are subject to
presidential race in the districts. President Biden’s low popularity. GOP candi- editing, and unpublished letters cannot “This is Giselle, our bichon frise—
be acknowledged.
This isn’t the same political climate as last dates have been warned. and Fred, our legacy pet.”
 .

THE WALL STREET JOURNAL. Thursday, August 25, 2022 | A15

OPINION

Student Loan Putin’s Gas Threat Is a Bluff

Reform Is By Paul Roderick Gregory deliveries to the EU. The cutbacks
And Ramanan Krishnamoorti likely won’t damage the pipeline it-
Now Urgent
V
self, although steel can corrode and
ladimir Putin relishes black- leaks could form. Rather, the accesso-
mailing an apprehensive and ries that regulate the gas flowing into
By Preston Cooper intimidated Europe with ac- the pipeline could be damaged by op-

P
cess to natural gas. His erating at a low capacity. Most of the
resident Biden has announced game: threatening that Rus- compressors that pressurize the gas,
a plan to forgive between sia will deliver only 40%, 20%, maybe as well as valves and meters, tend to
$10,000 and $20,000 in federal even zero if you don’t do what he operate best at high capacity.
student loans for tens of millions of wants. Governments hang on his Lower pressure and diminished
borrowers. The scheme will cost words without asking whether his throughput can compromise ancil-
more than $300 billion and benefit threats are credible. The Interna- lary equipment.
mostly college-educated households tional Energy Association warns But we have yet to examine
that don’t need the help. But its most that Mr. Putin might cut off gas to Mr. Putin’s most extreme option:
pernicious consequence is the prece- the European Union entirely. But stopping all gas deliveries to the
dent it sets. Colleges are sure to ex- that would require a complete shut- EU, shutting in entire fields and
ploit the promise of repeated cancel- down of the Nord Stream 1 pipeline, idling Nord Stream not for days
lations by hiking tuition and opening and every petroleum engineer knows or weeks but months. Such a shut-
new degree programs of question- the consequences for Mr. Putin would down during the winter would re-
able value. be dire. We don’t yet know how much its tanks already are nearly full in quire a complete overhaul of Nord

DAVID GOTHARD
The federal government is on In gas markets, a gathering sys- pipeline capacity will be used in preparation for winter. Stream’s ancillary equipment, and no
track to disburse $1 trillion in new tem transports gas from fields. This 2022, but, in late July Nord Stream Producers can’t increase or reduce one could know what damage the
student loans over the coming de- system connects to a pipeline, which operated around 40% capacity. After output according to pipeline demand, pipeline and related infrastructure
cade. The Committee for a Responsi- transports gas to customers. Trans- a return to service, following so- so Gazprom would seem to have no would incur.
ble Federal Budget estimates that it actions between buyers and sellers called routine maintenance in July, choice but to shut in a substantial Mr. Putin can threaten to cut off
will take less than a decade for the are usually governed by long-term flow fell to 20% of capacity. Gaz- number of Northern gas wells. It can gas, but he can’t act unless he is
outstanding stock of student loans contracts that promise sufficient prom’s threat of further stoppages do so without losing lucrative oil pro- willing to risk one of his crown
to climb back to its current level. revenue for construction, operating materialized as it again shut down duction, because these fields are jewels. So who has whom over the
Candidates in the next Democratic costs and profits to satisfy demand deliveries for three days at the end “dry,” primarily gas wells, not a mix barrel? As he becomes more bellig-
presidential primary will try to one- at the other end of the pipeline. of August for maintenance. of oil and gas. Gas production for the erent, the EU is booking substitutes
up each other with new promises of That Gazprom, Russia’s state-run whole of Russia declined more than for Russian gas from Qatar, Algeria,
forgiveness. gas company, isn’t an investor- 10% in the first half of 2022 compared Azerbaijan and others, returning to
owned for-profit enterprise compli- Russia’s reputation and with the previous six months as wells coal and nuclear power, and ex-
cates conventional economic analy- began to be shut in. panding its liquefied-natural-gas
Biden has set in motion a sis. Gazprom serves as an economy both depend on Shut-in wells are always challeng- infrastructure.
cycle of escalating costs, instrument of Russian foreign policy. keeping the Nord Stream ing when dealing with hundreds of The threat to Russia’s gas infra-
Its Nord Stream pipeline transports wells across different geological for- structure from Mr. Putin is trivial
more worthless degrees, gas to the EU through its northern pipeline operational. mations. As time passes, shut-in compared with his sacrifice of Rus-
route. The pipeline draws its gas wells can experience fluid buildups sia’s reputation as a reliable sup-
and repeated forgiveness. from fields in Russia’s remote Arctic that threaten the underlying reser- plier, which the Soviets began culti-
areas, including Yamalo-Nenets. This If the pipeline operates at 20% of voir structure, keeping some from vating decades ago. As he jerks his
gas enters the pipeline at Vyborg, capacity for the rest of the year, returning to full production. That EU customers around with threats,
Already, progressives are express- close to the Finnish border. It then Gazprom would transmit about 19 can be avoided with good field man- small concessions and more threats,
ing their discontent with the suppos- flows under the North Sea to Greif- billion cubic meters of gas to the EU agement. But Gazprom must now do he risks losing his best EU custom-
edly moderate scope of the loan-can- swald, Germany, and enters the EU via Nord Stream in 2022. This gas without Halliburton, Baker Hughes ers for good. Who will benefit? Mr.
cellation scheme. One activist distribution system. A parallel un- will be drawn from fields that in the and Schlumberger, international ser- Putin’s enemy No. 1—the U.S. and
described Mr. Biden’s plans as a dersea pipeline, Nord Stream 2, has preceding three years produced vice companies with expertise in its burgeoning LNG behemoth.
“bucket of ice water on a forest fire.” yet to enter into service. about 55 billion cubic meters a year. well management that are winding
It’s more like a can of gasoline. Nord Stream’s capacity is 62 bil- Unlike crude oil, which could be down their business in Russia. As a Mr. Gregory is a professor emeri-
The moral-hazard effects of the lion cubic meters a year. From diverted to other markets by tank- last resort, Gazprom could flare the tus of economics at the University of
decision will be profound. Students 2019-21, Gazprom shipped annually ers, Gazprom can’t send its excess excess gas, causing environmental Houston and a research fellow at
will gladly take out larger loans some 55 billion cubic meters of gas northern gas elsewhere. That would damage and effectively burning Stanford’s Hoover Institution. Mr.
when colleges can credibly wink and through Nord Stream, and it oper- require massive new pipeline sys- money. Krishnamoorti is a professor of pe-
whisper that higher tuition rates are ated at this rate—near capacity—up tems, taking years to build. Gazprom The excess-gas problem is only one troleum engineering at the University
no big deal since the loans will be to the Feb. 24 invasion of Ukraine. could divert some gas to storage, but potential cost of dramatic cutbacks in of Houston.
forgiven anyway. To capitalize on
previous expansions of federal stu-
dent-loan programs, universities
have added more than 9,000 new
master’s degree programs over the
Nobody Knows How Interest Rates Affect Inflation
past decade. More are sure to come, By John H. Cochrane This newer view is reflected in most Why should an inflation spiral break windshield, even a dirty windshield,

A
even though research shows that economic models of recent decades. out now? the car tends to get back on the road.
nearly half of master’s degrees don’t grand economic experiment is It accounts for the Fed’s projections In both theories, expected inflation Economists don’t know for sure
provide a positive return on invest- under way. Can the Federal Re- and explains the Fed’s sluggish re- matters: If people expect higher infla- whether the economy is stable or un-
ment. Taxpayers should ready them- serve contain inflation without sponse. Stock and bond markets also tion next year, they buy or raise prices stable, whether inflation can fade
selves to subsidize more worthless raising interest rates much higher foresee inflation fading away without today. The central assumption behind away without interest rates substan-
degrees at higher prices. than they are now? large interest-rate rises. the unstable inflation-spiral theory is tially above inflation. In that light,
Now that Mr. Biden has opened Conventional wisdom says that as So which view is correct? In nor- that people expect next year’s infla- the Fed’s actions make some sense. If
the debt-cancellation floodgates, long as interest rates are below the mal times, it’s hard to tell. Whether tion to be pretty much the same as you really don’t know how interest
reining in the federal student-loan rate of inflation, inflation will rise. seal or pendulum, inflation and in- rates affect inflation, it’s natural to
program is the only way to stop Inflation in July was 8.5%, measured terest rates move up or down to- raise rates slowly. Inflation may sub-
this madness. Yet the administra- as the one-year change in the con- gether in the long run, and they jig- It depends on a question side on its own. If not, you can keep
tion has proposed no serious plan sumer price index. The Fed has raised gle around each other in the short raising rates.
to reduce new student-loan volume, the federal funds rate only from run. about which economists If inflation fades, the conventional
even as it argues that past loans are 0.08% in March to 2.33% in August. Advocates for the conventional disagree: Is the economy view will be seriously undermined. If
burdensome enough to warrant According to the conventional view, view argue that the Fed raised inter- it spirals, absent other shocks, the
cancellation. that isn’t nearly enough. Higher rates est rates too little in response to in- fundamentally stable? new view is in trouble. But a good ex-
Should Republicans retake Con- are needed, now. flationary shocks in the 1970s. Only periment requires everyone to leave
gress this fall, they should put stu- This conventional view holds that when the Fed raised interest rates the test tube alone. Unfortunately, we
dent-loan reform at the top of the the economy is inherently unstable. substantially above inflation for sev- last year’s inflation—what economists are likely to see some new shock: a
agenda. Already GOP lawmakers have The Fed is like a seal, balancing a ball eral years in the early 1980s, provok- call “adaptive expectations.” A driver virus, a war, a financial crisis or a fis-
introduced a House bill explicitly re- (inflation) on its nose (interest rates). ing two deep recessions, did inflation who looks in the rearview mirror to cal blowout. Inflation will then rise
voking the Education Department’s To keep the ball from falling, the seal finally subside. The sooner we get to judge where the road is will quickly or fall for reasons having nothing to
ability to cancel student loans by ex- must quickly move its nose. it, they say, the better. veer off to one side or another. do with spirals, stability and interest
ecutive fiat. The bill would also pro- In a newer view, the economy is Advocates for the stable view The central assumption behind the rates.
hibit the department from forgiving stable, like a pendulum. Even if the point to recent decades of steady in- stable theory is that people think
more debt through modifications to Fed does nothing, so long as there are flation at zero interest rates in the more broadly about future inflation. Mr. Cochrane is a senior fellow at
repayment plans and cap new loans no more shocks, inflation will eventu- U.S., Europe and Japan. When defla- They’re not clairvoyant, but they Stanford University’s Hoover Institu-
to graduate students at $25,000 a ally peter out. The Fed can reduce in- tion appeared and central banks don’t ignore useful information and tion and an adjunct scholar of the
year. flation by raising interest rates, but couldn’t move rates much below zero, aren’t much worse at forecasting in- Cato Institute. His book “The Fiscal
The bill is a good start but could interest rates need not exceed infla- conventional analysts warned of a flation than, say, Fed economists are. Theory of the Price Level” is out in
go further. To pop the bubble in low- tion to prevent an inflationary spiral. “deflation spiral.” It never happened. If a driver looks forward through the January.
quality master’s degrees, Republi-
cans should eliminate federal loans
to graduate students entirely and re-
turn the graduate-student lending
market to the private sector. At the
An Administrative Power Grab at the EEOC
undergraduate level, Congress should By Janet Dhillon Although these agencies have dif- access, the agency’s publication is- we restored the power, oversight
make colleges financially responsible And Keith Sonderling ferent missions, they have one thing sued decrees on all those questions. and accountability Congress wrote

Y
for a portion of unpaid federal loans. in common: the requirement of a ma- All this without a vote of the commis- into law.
That would create an incentive for ou’ve heard a lot in recent jority vote. That should leave no sion. Several lawsuits were filed, and But staffers at the EEOC seek to
colleges to reduce tuition and to en- years about the administrative room for political or bureaucratic in- in July a federal judge in Tennessee thwart the law. On numerous occa-
sure that students find gainful em- state—government agencies fluence. But those who are impatient enjoined enforcement of the “techni- sions, when a majority of the com-
ployment after graduation. that are hard to hold accountable be- to further their policies have devel- cal assistance” document in a case missioners have voted down a pro-
Too often, Republicans have cause Congress delegates them enor- oped workarounds. At the Federal brought on behalf of 20 state attor- posed lawsuit, instead of formally
placed higher-education issues on mous power, judges give them great Trade Commission, there is contro- neys general. closing the matter due to the major-
the back burner. But Mr. Biden’s deference, and in some cases they are versy over “zombie” or “ghost” votes, ity’s formal decision, they apply
debt-cancellation order makes com- formally independent of the presi- in which departing commissioners EEOC voting procedures inconsis-
mon-sense reform to federal student dent. Many of these—among them vote on matters not yet finalized Rogue commissioners and tently to undermine the majority’s
loans urgent. Without it, Mr. Biden’s the Federal Communications Commis- when their term ends. At the Federal disapproval power. The result is that
loan-forgiveness announcement is sion, the Federal Election Commission Deposit Insurance Corp., the chair- staffers seize authority a proposed case is simply “with-
only an opening bid. and the Securities and Exchange man resigned after other members that legally belongs to the drawn” administratively. The vote
Commission—are led by bipartisan conducted a vote without her. isn’t publicly reported—it’s as if it
Preston Cooper is a senior fellow groups of Senate-confirmed commis- The agency where we serve as commission majority. never happened. The statute doesn’t
in higher education policy at the sioners who exercise their collective commissioners, the Equal Employ- authorize or even envision such an
Foundation for Research on Equal authority by voting on matters that ment Opportunity Commission, ad- administrative veto.
Opportunity. come before them. ministers federal civil-rights laws ap- The EEOC’s voting procedures on We have no doubt that those pro-
plicable in the workplace. Republican litigation are similarly being under- posed lawsuits will reappear and
commissioners still hold a majority. mined. When Congress created the quickly be approved for filing when
According to agency rules, when the commission in 1964, it declined to give the commission shifts to a Demo-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY commission opines on a new policy, it it authority to sue; that power rested cratic majority with the appointment
Rupert Murdoch Robert Thomson must be approved through a majority solely with the Justice Department. In of a successor to Ms. Dhillon. We also
Executive Chairman, News Corp Chief Executive Officer, News Corp vote of the commissioners. 1972 Congress gave the EEOC power expect the new majority to redelegate
Matt Murray Almar Latour Last year, in defiance of these to file suit in some circumstances, but its statutory power to authorize liti-
Editor in Chief Chief Executive Officer and Publisher
rules, the Democratic chairman uni- only on the initiative of the Senate-ap- gation back to the administrative
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: laterally issued a “technical assis- proved commissioners. state.
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; tance” document purporting merely In 1995 the commissioners voted This trickery violates the rule of
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
to interpret and assist employers and to delegate a substantial amount of law, circumvents congressional intent
Thorold Barker, Europe; Elena Cherney, Coverage; employees in understanding their ob- the authority for commencing litiga- and harms the public. The administra-
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business ligations and rights under the Su- tion to the general counsel, whose tive state is alive and well at commis-
Writing; Michael W. Miller, Features & Weekend; Information & Services, Operations; Robert Hayes, preme Court’s decision in Bostock v. statutory role is limited to “conduct- sions like ours. It’s an open question
Emma Moody, Standards; Shazna Nessa, Visuals; Chief Business Officer, New Ventures; Clayton County (2020), which ex- ing” it. The general counsel subse- how best to rein in administrative em-
Elizabeth O’Melia, Chief Financial Officer;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
panded the definition of “sex dis- quently redelegated much of that ployees who enjoy extensive legal
Investigations
WSJ | Barron’s Group; Jennifer Thurman, Chief crimination” to include sexual orien- power—which belongs to the com- protection from removal. The Su-
Paul A. Gigot Communications Officer tation and gender identity. missioners as a matter of law—to preme Court may eventually have to
Editor of the Editorial Page Notwithstanding clear language in subordinates. During the Trump ad- weigh in.
Gerard Baker, Editor at Large EDITORIAL AND CORPORATE
HEADQUARTERS:
the Bostock decision reserving judg- ministration, the commissioners, by
1211 Avenue of the Americas, New York, N.Y., 10036 ment on hot-topic issues such as a majority vote, revoked our prede- Ms. Dhillon and Mr. Sonderling are
Telephone 1-800-DOWJONES dress codes, pronouns and bathroom cessors’ 1995 delegation. In doing so, EEOC commissioners.
 .

A16 | Thursday, August 25, 2022 THE WALL STREET JOURNAL.

WORLD NEWS

Thai Leader Suspended; Term Limit Weighed

Court is deciding suing economic malaise, while court on Monday, asking it to to respect the court’s decision ers started questioning the
whether the prime a pro-democracy protest undertake a legal review and and avoid any criticism on the wealth and influence of the
movement calling for his decide whether Mr. Prayuth court’s duty,” Mr. Anucha said. Thai monarchy. This was seen
minister has reached ouster gathered momentum. could remain in office beyond Democracy advocates have as a red line by the govern-
the end of his tenure The spat over Mr. Prayuth’s Wednesday. challenged Mr. Prayuth’s legiti- ment, which responded by
term limit revolves around On Wednesday, the nine- macy from the start. After over- banning gatherings. That trig-

SAKCHAI LALIT/ASSOCIATED PRESS

BY FELIZ SOLOMON whether he reached the end of member court said it unani- throwing the elected govern- gered larger demonstrations,
his constitutionally allowed mously accepted the petition ment, he was appointed prime and the government walked its
Thailand’s prime minister, term on Wednesday—eight and voted 5 to 4 in favor of minister later that year by an ban back. Protests eventually
Prayuth Chan-ocha, was sus- years after he became prime suspending Mr. Prayuth until interim legislature handpicked lost steam after the govern-
pended from duty by the coun- minister in 2014. it reaches a decision. The by his junta. He won elections ment accelerated arrests of ac-
try’s constitutional court as it His supporters say his term court didn’t say how long the in 2019 under rules that critics tivists on charges that could
rules on whether he has ex- started later, with some con- review might take. said favored the military. carry harsh prison sentences.
ceeded his term limit, the lat- tending it should be counted Government spokesman It has been a turbulent few Authorities braced for more
est test of the former army from 2017 when a new mili- Anucha Burapachaisri said Mr. years for Mr. Prayuth’s gov- protests this week as debate in-
chief’s increasingly strained tary-drafted constitution limit- Prayuth would cease his duties ernment. Pro-democracy pro- Prayuth Chan-ocha became tensified over the legality of Mr.
grip on power. ing the term to eight years as prime minister immediately. tests began in early 2020 after prime minister in 2014. Prayuth’s tenure. Small demon-
The past two years have took effect, and others main- Deputy Prime Minister Prawit a popular new opposition strations were held Tuesday in
heaped pressure on Mr. Prayuth, taining it should be 2019 after Wongsuwan, also a former party was dissolved, but fiz- was an erosion of democratic the capital, but Mr. Prayuth’s
who became prime minister af- he won the vote and was army chief, will assume those zled as pandemic lockdowns freedoms, protests resumed suspension on Wednesday ap-
ter leading a military coup in sworn in under the new rules. responsibilities. Mr. Prayuth took effect. and snowballed in size. peared to have staved off a
2014. His government faced Opposition parties, which would continue to serve as Later that year, as frustra- They also grew in scope. planned resumption.
criticism for its handling of have argued his term should be minister of defense, he said. tion grew over a slowing econ- After beginning with antigov- Elections are expected to be
the Covid-19 pandemic and en- up, submitted a petition to the “Gen. Prayuth asked people omy and what activists said ernment rallies, some protest- held before the end of 2023.

Rift Looms Over Olympic-Massacre Ceremony Nuclear

Germany and the families of
Israeli athletes killed in a terror-
Israeli Foreign Ministry de-
clined to comment. Mr. Stein-
Accord
ist attack at the 1972 Olympic
Games in Munich have been un-
able to reach an agreement on
meier’s office didn’t respond
to a request to comment.
Israeli officials have long
Would
compensation, putting the fami-
lies’ participation in a 50-year
anniversary ceremony in doubt.
faulted Germany for not doing
enough to prevent the attack
or save the kidnapped ath-
Boost Iran,
By Eliza Collins
in Munich and Aaron
letes.
“[German authorities]
didn’t take even a minimal risk
Israel Says
Boxerman in Jerusalem to save them,” Zvi Zamir—who BY DOV LIEBER
led the Mossad, Israel’s for- AND LAURENCE NORMAN
Germany will commemorate eign-intelligence service, and
the tragedy at a Sept. 5 event observed the botched rescue As Washington and Tehran
in the Bavarian capital but rel- operation at the time—told a edge closer to restoring the
atives of the victims said they gathering of senior officials nuclear deal, Israeli Prime
wouldn’t attend unless the after his return to Israel. Minister Yair Lapid on
country agrees to pay the fam- The families of the victims Wednesday slammed the
WOLFGANG RATTAY/REUTERS

ilies what they believe they have also accused German au- agreement being negotiated,
are owed for the German au- thorities of covering up their saying it wouldn’t stop Iran
thorities’ mishandling of the own mishandling of the inci- from developing a nuclear
attack and its aftermath. dent. Documents published in weapon and would hand Teh-
The attack by Palestinian the German press showed that ran a financial boon.
militants ended with the deaths German intelligence had Talks toward an accord,
of 11 Israeli hostages after un- warned of a potential attack which lifted most international
prepared and poorly equipped A stonecutter renovates a memorial for 11 Israeli victims of a terror attack at the 1972 Munich Games. but had done little to protect sanctions on Iran in exchange
German police failed in their the Israeli athletes. for tight but temporary restric-
attempt to rescue them. An Is- band Yossef, a champion spokesman said. armed, according to historians. “Now is the time for Ger- tions on its nuclear program,
raeli boycott of the ceremony weightlifter, was killed by the Ankie Spitzer, whose hus- But the Games turned many to take responsibility, to appeared close to collapse in
to remember the victims five terrorists when he fought band Andre was killed in the deadly after members of the uncover their own failures, recent months but U.S., Iranian
decades later would reopen one back, called the German gov- Munich attacks, said the apol- Palestinian group Black Sep- and to pay appropriate com- and European officials say a
of the most fraught issues in ernment’s offer “a joke.” ogy and the commission were tember entered the Olympic pensation,” said Ms. Romano. pact looks possible.
the history of Israeli-German “We will stand by our deci- both positive steps, “But re- Village, killed two Israeli ath- Since the end of World War Mr. Lapid has until recently
relations after the Holocaust. sion to boycott unless there is sponsibility comes with a price.” letes and took nine others hos- II, Germany has used compen- taken a careful approach in
The families are seeking be- a change,” said Ms. Romano. The compensation offered tage. The captors demanded sation as a way to attempt to public comments about the
tween 3.5 million euros and 22 The interior ministry jointly by the federal, state the release of more than 200 move forward from the de- deal and pledged not to lobby
million euros per victim, spokesman said the payments— and local governments is in prisoners. The attempted res- struction caused by Hitler’s the U.S. against its revival. But
equivalent to $3.5 million to offered jointly by the German line with payments offered to cue by German police failed Nazi regime. Between 1945 in his strongest public com-
$21.9 million, in line with in- and Bavarian governments and victims of terrorist attacks and ended with all hostages and 2018 Germany paid nearly ments against the accord since
ternational terrorism compen- by the City of Munich—are part over the past decade in Ger- killed, along with a German $90 billion to Holocaust vic- coming to office in July, he ac-
sation standards, according to of a comprehensive response many, according to a survey of policeman and five terrorists. tims and their heirs, accord- cused the U.S. and its Euro-
the law office Knoops’ Advo- intended to recognize the mas- recent payouts. However, the Ms. Romano said Israeli ing to the U.S. State Depart- pean allies of shifting their ne-
caten, which represents the sacre. The package includes Israelis believe the compensa- President Isaac Herzog and ment. gotiating red lines to prevent
relatives. Even at the lowest setting up a commission of Is- tion should match higher in- German Federal President James Bindenagel, the for- the talks from collapsing.
end of that request, the Ger- raeli and German historians to ternational standards. Frank-Walter Steinmeier had mer U.S. ambassador and spe- “Israel is not against any
man government’s offer analyze the event. The 1972 Olympic Games both unsuccessfully sought to cial envoy for Holocaust issues agreement. We are against this
doesn’t come close. The German government is hosted by West Germany were mediate between the families who has negotiated compensa- agreement, because it is a bad
The families’ lawyers said “striving to confront, reap- intended to be seen as a con- and the German government. tion agreements, said finan- one,” Mr. Lapid said. “In our
the government had offered praise and appropriately rec- trast to the Nazi-organized Mr. Herzog is scheduled to cials are a part, but not all of eyes, it does not meet the stan-
them €5.4 million. A spokes- ognize this dark chapter in the 1936 Games in Berlin, which be in Germany for a state visit government reconciliation. dards set by President Biden
man for the Federal Ministry shared history of Germany and were presided over by Adolf during the Sept. 5 ceremony. “To me what’s missing in himself: preventing Iran from
of the Interior, Building and Israel,” the spokesman said. Hitler. In an attempt to project The families say Mr. Herzog this debate is the responsibil- becoming a nuclear state.”
Community declined to com- No agreement had been an unthreatening image, Ger- has privately committed to ity of the Bavarians and the The U.S., Iran and other par-
ment on the specific figures of reached on the compensation man authorities spent less them not to attend the event federal government about ticipants in the 2015 deal are
the negotiation. but the government wanted to than $2 million on security for unless they do. what actually happened,” he seeking to agree on the steps
Ilana Romano, whose hus- continue discussions, the the Games and left guards un- Mr. Herzog’s office and the said. that Tehran and Washington
would take to return to compli-

WORLD WATCH
ance. The U.S. withdrew from
the pact in 2018, and Tehran
started to expand its nuclear
program a year later. Iran says
JAPAN its nuclear activity is purely
for civilian purposes, and the
Leader Seeks Study Biden administration has set
Of New Nuclear Plants restoring the agreement as a
key foreign-policy goal.
Japan’s leader said he wants Talks to do so have dragged
a government committee to con- on for nearly 17 months, and
sider whether it should recom- neared collapse at several
mend building new nuclear- points. But since negotiations in
power plants, after a decade in Vienna early this month, West-
which power-plant operators ern and Iranian officials have
largely have been unable to re- said some of the final obstacles
open existing facilities. have been removed. Officials in
Prime Minister Fumio Kishida Tehran and Washington have
cited the war in Ukraine, the un- started to sell the benefits of
certain global-energy market and the deal to domestic audiences.
the need for carbon-free energy in Israel remains opposed,
calling on the committee to take saying nuclear weapons in the
a closer look at nuclear plants. hands of its longtime foe Iran
WALDO SWIEGERS/BLOOMBERG NEWS

“Renewable energy and nu- would be an existential threat.

clear power are essential sources With the window closing for
of decarbonized energy as we Israel to influence the U.S. de-
pursue a green transformation,” cision, Israeli national security
Mr. Kishida said. The committee adviser Eyal Hulata met with
consists of government minis- his U.S. counterpart, Jake Sul-
ters and outside advisers, and is livan, on Tuesday. Israeli De-
set to issue a report this year. fense Minister Benny Gantz is
The prime minister didn’t give slated to meet with senior U.S.
details of how a program for officials later this week.
new nuclear plants might pro- DEMANDING CHANGE: Demonstrators marching Wednesday during a national-strike day organized by the Congress of South African Mr. Lapid, who faces elec-
ceed, apart from suggesting that Trade Unions in Tshwane. They were protesting the rising cost of living, including record-high fuel prices and increased food costs. tions in November, said
they should use new safety Wednesday the agreement
mechanisms. He didn’t give a MALAYSIA massive looting of the 1Malaysia ISRAEL Lt. Gen. Aviv Kohavi, the would be worth $100 billion
target date for building them. Development Bhd. state fund. His army chief of staff, said the “se- annually to the Iranian govern-
On Aug. 9, the Ministry of Supporters Rally for incarceration comes four years af- Soldiers Who Beat vere” and “repugnant” incident ment, which could use the
Economy, Trade and Industry, Pardon for Ex-Premier ter his election ouster over the Palestinians Ousted violates the army’s values. money to fund its militant
the strongest advocate of nu- scandal and was celebrated by The soldiers were members of proxies in the region, threaten-
clear power within the govern- Supporters of Malaysian ex- many citizens as justice served. The Israeli military said Netzah Yehuda, a special unit for ing both Israeli and U.S. sites.
ment, presented a road map for Prime Minister Najib Razak ral- Parliament House Speaker Wednesday it has discharged ultra-Orthodox Jewish soldiers On Tuesday, the U.S. mili-
nuclear power that said newly lied Wednesday outside the na- Azhar Azizan Harun reportedly four soldiers for attacking Pales- whose members have been impli- tary said it hit ammunition
built large-scale plants could be tional palace to seek royal said Wednesday that Mr. Najib tinians without cause, after video cated in past abuses, including and logistics bunkers in north-
in operation by the latter half of pardon a day after he began a must apply for a royal pardon circulated on social media show- the death of a 78-year-old Pales- east Syria used by groups af-
the 2030s. It said smaller plants 12-year jail term, while oppo- within 14 days or lose his seat ing them beating two detainees. tinian-American who died at a filiated with the Islamic Revo-
using new technology could be nents launched an online peti- in Parliament. The soldiers stopped a Pales- checkpoint in January. The Israeli lutionary Guard Corps in
in operation by the early 2040s. tion against such a move. There was no word from Mr. tinian vehicle north of the West military reprimanded a senior offi- retaliation for attacks U.S. mil-
Electricity demand has declined The 69-year-old was jailed Najib’s camp if he will seek a Bank city of Ramallah two weeks cer and removed two others from itary officials have blamed on
along with the falling population. Tuesday after losing the final ap- royal pardon. ago and forced the driver and the leadership roles over that incident. Iran-backed groups. Iran de-
—Peter Landers peal in a graft case linked to the —Associated Press passenger out, the military said. —Associated Press nied links to the sites.
 .

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Whistleblower Complicates Case Amazon

Allegations may open
new legal pathways in
deal.
The complaint is separate
liberate attempt by Twitter ex-
ecutives to misrepresent or
The whistleblower complaint
was submitted last month to
A representative for Twitter
declined to comment Wednes-
To Close
from the merger dispute in Del- omit information about the
Musk’s effort to
abandon Twitter deal
aware but could be wielded to
request more discovery, add
fresh claims and provide new
data, the observers say.
Twitter sued Mr. Musk on
July 12 in Delaware Court of
the Securities and Exchange
Commission by Peiter Zatko,
who was fired by Twitter this
year. A Twitter spokeswoman
day on how the whistleblower
complaint would affect its law-
suit in Delaware. A representa-
tive for Mr. Musk didn’t re-
Health
BY ERIN MULVANEY
information about whether Mr.
Musk had accurate details
when he agreed to buy the
Chancery to try to force him to
go through with his takeover
bid after he said in a July 8 se-
said Tuesday that Mr. Zatko’s
complaint “is riddled with in-
consistencies and inaccuracies
spond to a request for
comment, but his attorney pre-
viously said he sent a subpoena
Service
Twitter Inc.’s legal battle company, according to legal curities filing that he planned and lacks important context.” to Mr. Zatko, and found his exit
with Elon Musk to enforce his scholars, litigators and lawyers to walk away. Mr. Musk said he According to a securities fil- curious. BY SEBASTIAN HERRERA
stalled $44 billion takeover has following the case. wanted out because the com- ing Wednesday, Twitter re- “It adds more fuel to the fire
gotten more complicated. Still, notable differences ex- pany hadn’t provided the nec- sponded in June to questions for [Mr.] Musk,” Brian Quinn, a Amazon.com Inc. is closing
In a whistleblower complaint ist between the complaint and essary data and information he from the SEC staff about how it professor at Boston College of a telehealth service it built in-
made public Tuesday, the so- Mr. Musk’s lawsuit, and it isn’t needed to assess the prevalence calculates bots and whether an Law who focuses on corporate house for employees and busi-
cial-media platform’s former clear how much impact the of fake or spam accounts on its error in how it tallies monetiz- law and mergers and acquisi- nesses as the company looks
head of security accused Twit- whistleblower’s allegations will platform. Mr. Musk later coun- able daily active users, or tions, said of the whistleblower to retool its healthcare offer-
ter of making misleading regu- have on the trial or offer tersued, accusing Twitter of MDAUs, revealed problems in complaint. ings following the purchase
latory disclosures about spam grounds to terminate the deal, fraud for misrepresenting the its financial reporting. Twitter Please turn to page B2 last month of a line of pri-
and fake accounts, an issue at legal academics and attorneys condition of its business and said the error wasn’t signifi- mary-care clinics.
the center of Mr. Musk’s stated say. Mr. Musk’s legal team key metrics about the users on cant and didn’t affect its earn-  Whistleblower is famed The technology company
reasons for abandoning the likely would have to show a de- its platform. ings or other financial results. computer security sleuth.... B2 Wednesday said it decided to
shut down the business by
year-end because it didn’t

Investors Aren’t Buying the Oil Bulls’ Message

meet the needs of potential
business customers Amazon is
targeting. The unit has oper-
ated primarily as a telehealth
BY ANNA HIRTENSTEIN Prices for gasoline and oil have come down since earlier this summer, and oil options trading has declined. service used by Amazon work-
ers that in some areas could
Saudi Arabia and Goldman National average price Benchmark crude-oil futures Number of outstanding contracts, dispatch medical providers to
Sachs agree: Investors have for regular gasoline price performance year to date in Nymex-traded oil futures patient homes.
the oil market all wrong. “This decision wasn’t made
$5.00 a gallon 70% 2.5 million contracts
Money managers bracing lightly and only became clear
Brent
for a global slowdown have after many months of careful
60 WTI
pulled back from bets on oil 2.0 consideration,” Neil Lindsay,
and other commodities, help- 4.50 senior vice president of Ama-
50
ing push prices lower. But zon Health Services, said in a
their focus on potentially wan- 40
1.5 memo to employees shared
ing demand isn’t shared with 4.00
with The Wall Street Journal.
Wednesday Aug. 22
some of the most powerful fig- 30 Online news outlets Fierce
ures in the industry, or with $3.88 1.0 1.57M Healthcare and Geekwire ear-
a gallon contracts
investment banks, who point 20 lier reported on Amazon’s
to a host of other reasons why 3.50 plans to shut Amazon Care.
0.5
prices should be higher. 10 The move shows the diffi-
This week, Saudi Prince culty tech companies face as
Abdulaziz bin Salman said the 3.00 0 Most active contract 0 Monthly they seek to disrupt the
oil futures market has become healthcare industry. Amazon
Jan. 2022 Aug. Jan. 2022 Aug. 2010 ’15 ’20 ’22
increasingly disconnected Please turn to page B6
from supply and demand for Sources: AAA (gasoline price); FactSet (performance); CME Group (outstanding contracts)
energy. Saudi Arabia is con-
sidering cuts to OPEC+ pro-
duction to try to balance this,
a move that other members of
vestor participation in this
space is dwindling, this is
what gives us the confidence
GameStop
the oil cartel said they may
also support.
This suggestion drove oil
to say this is investor-led,”
said Jeff Currie, the bank’s
head of commodities research,
Boosts Pay,
prices higher, with Brent
crude jumping nearly 4%
Tuesday and extending the
referring to the recent price
declines.
Still, Mr. Currie said prices
Refocuses
rise Wednesday.
The median forecast among
22 Wall Street analysts sur-
could rebound in the fall as
markets get tighter. Goldman
Sachs recently trimmed its
On Stores
veyed by FactSet is for Brent fourth-quarter forecast for BY SARAH E. NEEDLEMAN
crude oil, the global bench- Brent prices to $125 from $130.
mark, to finish September at Numerous industry execu- GameStop Corp. plans to
$115 a barrel. That contrasts tives, including the chief exec- reward thousands of employ-
ROBIN RAYNE/ZUMA PRESS

with Wednesday’s $101.77 a utives of Chevron Corp. and ees with stock and pay raises,
barrel. The most actively Shell PLC, have said recently returning focus to its bricks-
traded Brent crude futures are that they expect the market to and-mortar business as the
down about 2.6% in August, re- remain tight. company looks to become
gaining some ground after Oil-price bulls point to lim- profitable under new leader-
trading as low as around $92 a ited investment in new oil ship.
barrel earlier this month. fields due to the pandemic and The videogame retailer,
The market is irrational environmental pressures. That One survey of Wall Street analysts sees Brent crude oil rising to finish September at $115 a barrel. which had pivoted last year to
and the combination of de- has already led to a supply increasing online sales, is try-
cent demand, falling invento- crunch, which should mean have some exposure but this growth slowdown.” sumer spending. ing to do more to motivate
ries and tight supply should higher prices, they say. has really decreased,” said Data from China this month One important signal comes and retain the employees at its
be pushing prices up, Gold- Some investors aren’t per- Shaniel Ramjee, a multiasset added to concerns about global from exchange-traded funds stores, according to a Wednes-
man Sachs analysts said in an suaded. fund manager at Pictet Asset economic health, revealing a and similar products that are day memo to employees re-
Aug. 12 report. “We’ve reduced our com- Management. “It’s about ex- sharp slowdown in areas such often used by investors as an viewed by The Wall Street
“Almost any measure of in- modities allocation—we still pectations about a global as factory output and con- Please turn to page B10 Please turn to page B2

INSIDE Emerging Markets Emerging-market reserve drawdowns,

on a three-month rolling basis*
How many months of imports a
country’s foreign reserves would cover†

Face Dollar Crunch

$150 billion
China 13.4 months

100 Brazil 13.0

TAIDGH BARRON/ZUMA PRESS

India 7.9
BY CHELSEY DULANEY downs since 2008, according to 50
JPMorgan Chase & Co. Czech Republic 7.3
Emerging markets are burn- Central banks around the 0
ing through stockpiles of U.S. world are using reserves to de- Ghana 4.0
dollars and other foreign cur- fend their currencies against
rency at the fastest rate since the rallying U.S. dollar and to –50 Egypt 3.4
2008, raising the risk of a wave cover higher import bills for
of defaults across the world’s food and fuel. While larger
Hungary 2.4
–100
RETAILING most fragile economies. emerging markets such as Sri Lanka 1.4
*Excludes China
and Gulf countries
Bed Bath & Beyond Emerging and developing China, India and Brazil are well- †Data through June 2022
nations’ foreign reserves have positioned to ride out the storm –150
and Sixth Street near Pakistan 1.4 Sources: JPMorgan Chase & Co.
shrunk by $379 billion this year with huge stockpiles of foreign 2008 ’10 ’15 ’20 ’22 (drawdowns); CEIC (imports)
deal for $400 million in through June, according to data currency, others countries are
financing. B3 from the International Mone- on the cusp of running out. shortage is also on display in port Association. countries,” said Brad Setser, a
tary Fund. Excluding the effects Sri Lanka, which defaulted Nigeria, where the central Pakistan, Egypt, Turkey and senior fellow at the Council on
of exchange-rate fluctuations on its overseas bonds in May, bank has blocked foreign air- Ghana are similarly at risk of a Foreign Relations and former
and the large foreign-exchange is essentially out of U.S. dol- lines from repatriating $464 currency crisis, economists adviser to the U.S. Trade Rep-
holdings of China and Gulf oil lars that it needs to pay for million in an effort to con- warn. resentative in the Biden ad-
DAVID ‘DEE’ DELGADO/BLOOMBERG NEWS

exporters, emerging markets fuel and other basic imports. serve U.S. dollars, according to “There’s an immediate risk ministration. “These are coun-
are seeing the biggest draw- An acute foreign-currency the International Air Trans- in a couple of fairly significant Please turn to page B10

Junk-Bond Rally Loses Steam Amid Fed Tightening

BY MATT GROSSMAN pullback from riskier assets against rising prices. with higher credit ratings, Mr. Through Monday’s trading,
and shows traders continue to “Over the past week or so, Lee said, as well as those with junk bonds were offering a
Investors’ appetite for junk fret that Federal Reserve rate there seems to be some ques- shorter maturities, which face 4.49-percentage-point yield
BUSINESS NEWS bonds is cooling ahead of a increases could eventually tioning of the broader narra- less pain if the Fed raises premium over U.S. government
Sephora is penalized critical stretch for economic sting companies that have tive that the Fed might be on rates. debt, up from 4.08 percentage
data and Fed policy, stalling a large debt loads. Tough talk pause come sometime in After falling for most of the points a week and a half ago,
by California over summertime rally that had from Fed officials is dimming 2023,” said Chris Lee, a bond summer, the premiums inves- according to Bloomberg index
violations of a data- boosted low-rated corporate investors’ hopes that the cen- portfolio manager at Allspring tors get when buying junk data. That reversed a steady
privacy law. B6 debt. tral bank might soon relent Global Investments. Allspring bonds are climbing again, re- slide in these premiums since
The slowdown is part of a from its aggressive stance has been favoring junk bonds flecting more perceived risk. Please turn to page B11
 .

B2 | Thursday, August 25, 2022 * *** 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
Advance Auto Parts.B12
J
Jet’s America..............B6 Red Queen Dynamics
R Twitter Whistleblower Is Famed
Allspring Global
Investments..............B1
Apple...........................B4
B
KeyBanc Capital
K

Markets.....................B3
Kohl's.........................B12
.....................................B2
S
Seagen.......................B12
Seazen Group............B10
Ex-Hacker, System Security Sleuth
Bed Bath & Beyond....B3 L Sephora.......................B6 BY ROBERT MCMILLAN
BJ’s Restaurants.........B6 Longfor Group...........B10 Shell ............................ B1
Bluebell Capital LVMH Moet Hennessy Sino-Ocean Group.....B10 In November 2020, Twitter
Partners....................B3 Louis Vuitton............B6 Stripe...........................B2 Inc. co-founder Jack Dorsey
C M Symphony Global........B3 picked a famed ex-hacker,
Chevron ....................... B1 T Peiter Zatko, to solve some of
McDonald’s..................B6
Chewy..........................B2 his social-media company’s
Merck.........................B12 Texas Instruments ... B11
CIFI Holdings (Group) most pernicious problems:
Meta Platforms..........A6 T-Mobile USA............B11
...................................B10
protecting user privacy and
N Twitter..............A6,B1,B2 the security of its computer
Country Garden Services
Neiman Marcus...........B3 U systems.

MATT MCCLAIN/THE WASHINGTON POST/GETTY IMAGES

...................................B10
Nvidia..........................B4 UnitedHealth...............B6 His choice was a man with
F NXP Semiconductors..B4 near-legendary status in the
V
Farfetch.......................B3 O industry who had been finding
Financière Richemont Van Cleef & Arpels.....B3 flaws and ways to correct
O'Reilly Automotive
.....................................B3 W them for nearly 30 years. Mr.
...................................B12 Zatko, known as “Mudge,” is
Foxconn Technology ... A7 Wedbush Securities ... B3
P-Q now alleging widespread dys-
G-I Wells Fargo.................B6
Petco Health and function and flaws in the de-
GameStop....................B1 Y partment he oversaw and was
Wellness ................... B4
Gemdale.................... B10 Pictet Asset Yandex.........................A2 hired to fix.
Goldman Sachs...........B1 Management.............B1 Yoox Net-a-Porter Group He emerged this week as a
Intel.............................B4 Qualcomm...................B4 .....................................B3 whistleblower after filing a
complaint with federal regula-
tors arguing that Twitter had,
INDEX TO PEOPLE among other things, failed to
protect the privacy of its users
Peiter Zatko alleges widespread dysfunction and flaws in the department he was hired to fix.

and misled the public about its group, who told Congress in when Mr. Zatko was hired. pany’s other top security exec-
A H Rex, John .................... B6 problems with spam and what 1998 that they could effec- Smaller than rivals such as utive, Chief Information Secu-
Agrawal, Parag............B2 Huang, Jensen............B4 Rupert, Johann...........B3 are known as bot accounts. tively shut down the internet Google or Facebook, the com- rity Officer Rinki Sethi,
Arevalo, Alejandro....B10 K S Twitter has broadly denied the in as little as 30 minutes. pany had a reputation in the according to people familiar
allegations. In the 1990s, Mr. Zatko and industry for dysfunction, secu- with the issue.
B Kempczinski, Chris ..... B6 Sethi, Rinki.................B2
Spam accounts are at the the L0pht group hunted for rity executives said. Though Mr. Zatko identified
Basham, Seth ............. B3 Kress, Colette.............B4 Snyder, Kim.................B6
heart of a continuing dispute bugs in software and then The company was facing a the biggest security threats
L Spiro, Alex .................. B2
Bonta, Rob..................B6 between the company and worked with the software $150 million fine for violating facing Twitter, he struggled to
Squali, Youssef...........B4 Elon Musk, whom the com- makers to fix the problems. a 2011 consent decree requir- manage his organization and
C Lee, Chris....................B1
Stroll, Jeffrey............B11 pany sued in July to enforce Sometimes companies ing it to protect user data. failed to get others to buy into
Chen, Nicholas..........B10 Levin, Greg..................B6
Lind, Joseph..............B11 T his $44 billion takeover deal. wouldn’t fix the code until Mr. Just months earlier, a Florida the initiatives he wanted to
Cook, Tim....................B4
Thomas, Bradley.........B3 Mr. Musk has alleged Twitter Zatko and his colleagues ap- teenager had broken into give priority, one of the people
Cornils, Kevin..............B4 M misrepresented its business, plied pressure by making the Twitter’s corporate network said.
Coughlin, Ronald.........B6 McDonald, Paul...........A6 W particularly as it relates to the bugs public—a practice that and gained access to a host of John Tye, founder of Whis-
Currie, Jeff..................B1 Musk, Elon.............B1,B2 Wheeler, Tara..............B2 level of spam or bot accounts, was controversial 25 years ago high-profile Twitter accounts tleblower Aid, an organization
D N Y which Twitter denies. but is now widely accepted in by telephoning and tricking a that helped file the whistle-
Dorsey, Jack................B2
Twitter Chief Executive the software industry. company employee into grant- blower claims, said Mr. Zatko
Nilsson, Aaron............B6 Yao, Yu ...................... B10
Parag Agrawal, in an all-hands “Mudge is respected in the ing access to its systems. stands by his disclosure. “He
F R Z staff meeting Wednesday, dou- policy community for bringing At Twitter, Mr. Zatko was in made progress on some im-
Furlong, Matt..............B1 Regan, Paul.................B2 Zatko, Peiter..........B1,B2 bled-down on the company’s clear explanations of what charge of the digital defense portant security issues and the
defense against the accusa- matters in tech to policy mak- of an 11,000-person company. disclosure lays out in detail
tions made by its former head ers,” said Tarah Wheeler, His portfolio included protect- the challenges he faced as he

GameStop strengthening our assortment,

infrastructure and tech capabil-
ities, we’re now focused on
of security, according to peo-
ple familiar with the com-
ments. Mr. Zatko’s allegations
chief executive of Red Queen
Dynamics Inc., a security and
compliance company. “He’s
ing the security of Twitter’s
computers, the privacy of us-
ers and the physical safety of
tried to do more. He very
much views the whistleblow-
ing process as the next step in

To Raise achieving profitability, launch-

ing proprietary products, lever-
aging our brand in new ways
were “technically and histori-
cally inaccurate,” Mr. Agrawal
told employees, adding the
ethical, careful and sees the
bigger picture.”
Some former Twitter em-
staff, according to Mr. Zatko’s
whistleblower complaint. He
was responsible for the com-
his work to increase safety
and security,” Mr. Tye said.
In his complaint, Mr. Zatko

Salaries and investing in our stores,”

Mr. Furlong said in the memo.
“While we continue evolving
company had never made ma-
terial misstatements, the peo-
ple said.
ployees questioned Mr. Zatko’s
leadership, saying he failed to
address many of the com-
pany’s information-technology
systems, Twitter’s content
moderation and cutting down
describes Mr. Dorsey as an un-
engaged chief executive who
attended meetings “sporadi-
our e-commerce and digital as- On Wednesday, Sens. Dick pany’s security challenges. on spam and misuse of its net- cally,” the complaint states.
Continued from page B1 set offerings, our store fleet Durbin and Chuck Grassley an- Nearly a decade ago—after work by automated bot soft- “In some meetings—even after
Journal. will remain critical to nounced plans to hold a hear- a stint at the Defense Depart- ware. he was briefed on complex
The company plans to GameStop’s value proposition.” ing on the allegations Sept. 13, ment’s Defense Advanced Re- Mr. Zatko identified a host corporate issues—Dorsey did
award stock to all of its U.S. The company is investing with Mr. Zatko scheduled to search Projects Agency, where of security problems, many of not speak a word.”
store leaders and give raises between $45 million to $50 testify. “If these claims are ac- he helped fund cutting-edge which are outlined in his com- Mr. Zatko was fired on Jan.
to some senior store staff. million in the new employee- curate, they may show danger- research projects—Mr. Zatko plaint. More than 50% of Twit- 19, 2022, for what a Twitter
Store leaders will receive as compensation initiative, ac- ous data privacy and security arrived in Silicon Valley. Ini- ter’s workforce was still able spokeswoman said was “inef-
much as $21,000 in stock, cording to a person familiar risks for Twitter users around tially, he worked on an in- to access user information, fective leadership and poor
which will vest over three an- with the matter. It applies the world,” Sens. Durbin and house research-and-develop- much of the company’s soft- performance.”
nual installments. only to staff at the company’s Grassley said. ment program at Alphabet ware was out of date and com- Attorneys for Mr. Zatko
The financial awards will more than 3,000 locations in Over the decades, Mr. Zatko Inc.’s Google, called the Ad- pany executives were conceal- said Twitter’s claim about the
start next month, Chief Execu- the U.S., this person said. transformed himself from a vanced Technology and Proj- ing the true state of the reason for his termination was
tive Matt Furlong said in the Last year, GameStop was at hacker into a respected com- ects group. In 2017, he was re- problems from Twitter’s false. Ms. Sethi stepped down
memo. Mr. Furlong didn’t the center of a monthslong, puter-security expert with a cruited by payments company board, the complaint states. around the same time. She
specify what amount of time social-media-fueled trading deep understanding of the way Stripe Inc., where he worked But despite the broad au- didn’t respond to requests for
employees would need to have frenzy. Chewy Inc. co-founder computer networks could be as head of security until tak- thority granted him by Mr. comment.
worked at the company to Ryan Cohen pushed for new attacked. He was part of a ing the job at Twitter. Dorsey, Mr. Zatko was unable —Salvador Rodriguez
qualify for the raises. leadership in hopes of turning seven-person group of hack- Twitter had been without a to fix these problems on his and Sarah E. Needleman
“After spending a year its fortunes around. ers, known as the L0pht security chief for nearly a year own. He clashed with the com- contributed to this article.

Informer ments over requests by Mr.

Musk for documents. Lawyers
for Mr. Musk and Twitter have
Lawyers Battle Over
Complicates been bickering over the terms
User Data in Court
CONSTANZA HEVIA H. FOR THE WALL STREET JOURNAL

of discovery in the Delaware

lawsuit since the judge granted

Lawsuit Twitter’s request for an expe-

dited schedule. A five-day non-
jury trial is scheduled for Octo-
BY ERIN MULVANEY attorney wouldn’t be material
to the legal question surround-
ber in Delaware Chancery Lawyers for Twitter Inc. and ing the termination agreement
Continued from page B1 Court. Elon Musk argued Wednesday and that the legal team already
Mr. Musk and Mr. Zatko Mr. Musk alleges that Twit- over Mr. Musk’s requests for had access to much of the infor-
each say Twitter is misrepre- ter undercounts the percentage some data around the social- mation needed for the case. He
senting various ways of mea- of MDAUs that are spam or media platform’s calculation of also argued there were privacy
suring its users but offer differ- fake accounts, thus misleading monetizable daily active users, concerns about some of the
ent explanations for what they advertisers and regulators. In or MDAUs, with Twitter saying proprietary information that
think is wrong with Twitter’s his countersuit in Delaware, he it has cooperated as required Mr. Musk’s attorneys were re-
math and why it matters. alleges that the number of and Mr. Musk saying he needs questing.
It is those differences as Twitter users who see ads is Twitter sued Elon Musk on July 12 in Delaware Court of Chancery. more information. “They provide no explana-
outlined by Mr. Zatko that far lower than what Twitter In a hearing in Wilmington, tion of why that data is legally
could end up becoming supple- says. ate professor at the Delaware prove that the board intention- Del., Alex Spiro, a lawyer for relevant in the case. It’s an in-
mentary claims for Mr. Musk, In the whistleblower com- University Law School. His obli- ally failed to disclose the secu- Mr. Musk, argued that Twitter herently subjective process to
lawyers and legal scholars said, plaint, Mr. Zatko doesn’t take gation to close the deal is ex- rity vulnerabilities of the plat- cherry-picked documents and determine if something is or
even if the details from Mr. issue with how the company pressly conditioned on Twit- form, Boston College’s Mr. misled the public about the isn’t spam,” Mr. Wilson said. “If
Zatko don’t directly align with measures MDAUs. He alleges ter’s representations being Quinn said, and that he relied data it presented investors on two people reach a different
the existing arguments from that Twitter executives are mo- accurate, including the filings on those disclosures when pen- spam and fake accounts, and he conclusion it doesn’t mean
Mr. Musk. tivated to avoid counting spam to the SEC. ning the deal. asked the court to require the Twitter was wrong, or mislead-
“Musk’s attorneys have sent and fake accounts and thus Mr. Regan said Mr. Zatko It is rare for a whistleblower company to hand over more ing for relying on that opinion.”
out a lot of subpoenas for in- avoid removing them, though represents a third voice in the case to affect the outcome of a data and communications. The judge didn’t make a de-
formation about what metrics they affect users’ experience on Delaware litigation without a merger deal, Mr. Quinn said, Mr. Spiro also pointed to a cision Wednesday on the re-
Twitter paid attention to,” said the platform. stake in the outcome, and that but it has happened. In an ac- whistleblower’s complaint made quest for more data.
Ann Lipton, a professor at Tu- Senior executives earned bo- could carry more weight in quisition dispute between ge- public this week to bolster his Last week, Chancellor Katha-
lane University and a former nuses for increasing MDAUs, “what otherwise is a battle of nerics drug manufacturer argument accusing Twitter of leen St. Jude McCormick
corporate lawyer. “They want not for cutting spam and fake experts.” Akorn and Fresenius SE, also in misleading shareholders with granted Mr. Musk’s request for
to show that the company accounts, Mr. Zatko said in the Mr. Musk is likely to update Delaware court, a complaint re- information Mr. Musk relied on a hearing over its requests to
omitted required information, complaint. Mr. “Musk appears his counterclaims to reflect the vealed allegations that, if true, when agreeing to the terms of compel Twitter to produce doc-
and show a violation of” SEC to be asking a valid and intui- latest accusations about Twit- would have significant conse- the merger. uments as part of its discovery
rules. tive question, what percent of ter’s handling of bot and spam quences. Akorn didn’t respond “Twitter has misled inves- requests.
Hurdles still exist using Mr. accounts encountered by the accounts, said Adam C. Prit- to a request for comment. A tors, stonewalled us about data Twitter sued Mr. Musk on
Zatko’s complaint, she said. Al- median user are actually bots?” chard, a securities and corpo- Fresenius spokesman declined and information, and has eco- July 12 in the Delaware Court of
though he threw doubt on the Mr. Zatko said in the complaint. rate law professor at the Uni- to comment. In that case, Mr. nomic incentives to mislead,” Chancery to try to force him to
methodology that Twitter uses Mr. Musk’s attorneys would versity of Michigan. His Quinn said, the disclosures Mr. Spiro said. proceed with his takeover bid
to determine how many fake have to prove that Mr. Zatko’s attorneys are also likely to seek were considered by the court to He pointed to the MDAU after he said in a July 8 securi-
accounts are on the platform, allegations are significant an extension of the period to be potentially material to the metric as the key way that ties filing that he planned to
Ms. Lipton said from a legal enough to constitute a material conduct discovery and a new business. The deal crumbled. Twitter tells investors about walk away from the deal.
perspective that allegation adverse effect on the platform’s trial date beyond October, Mr. —Sarah E. Needleman how many users see advertise- Mr. Musk said he wanted out
alone won’t prove Mr. Musk’s business, which could be Pritchard said. and Dave Michaels ments, as well as how its execu- because the company hadn’t
claims, but rather it opens grounds to terminate the Mr. Musk waived due dili- contributed to this article. tives dole out bonuses. He ar- provided the necessary data
pathways for his attorneys to agreement. gence before agreeing to ac- gued data, metrics, and and information he needed to
argue that he was misled by in- If there were material mis- quire Twitter in April, but that communications are needed to assess the prevalence of fake or
formation available at the time representations or omissions may be irrelevant if he can ar- Listen to a Podcast capture what the company spam accounts on its platform.
of the merger. from reports to regulators be- gue that Twitter misrepre- Scan this code knows about spam or fake ac- Mr. Musk later countersued, ac-
A hearing in the lawsuit over fore the merger agreement was sented its fake and spam ac- for a podcast on counts. cusing Twitter of fraud for mis-
the stalled takeover is sched- signed, that would allow Mr. counts in regulatory filings, Mr. the Twitter Bradley Wilson, an attorney representing the condition of its
uled for Wednesday in Wil- Musk to terminate the agree- Pritchard said. whistleblower’s for Twitter, told the court that business and key metrics about
mington, Del., for oral argu- ment, said Paul Regan, associ- Mr. Musk would have to claims. the requests from Mr. Musk’s the users on its platform.
 .

THE WALL STREET JOURNAL. * * Thursday, August 25, 2022 | B3

BUSINESS NEWS

Luxury Platform Bed Bath, Sixth Street Near

Farfetch to Acquire $400 Million Financing Deal
Stake in Rival Firm Bed Bath & Beyond Inc. se-
BY TREFOR MOSS New York-listed Farfetch op- lected asset manager Sixth
erates an online marketplace Street Partners to supply new
Online luxury marketplace where hundreds of luxury financing, according to people
Farfetch Ltd. agreed to take a brands sell products to consum- familiar with the matter, as
significant stake in rival e-com- ers. Farfetch takes a commis- doubts remain among vendors
merce platform Yoox Net-a- sion on each sale. Its revenue and some investors about the
Porter Group SpA, consolidat- grew by over a third last year company’s turnaround pros-
ing a lead it has built in digital to $2.3 billion, though its pects.
luxury sales. shares have performed poorly
Farfetch said it agreed to over the past two years, shed- By Alexander Saeedy,
buy 47.5% of YNAP from Cie. Fi- ding almost 90% of their value. Jodi Xu Klein and
nancière Richemont SA, the The company hasn’t increased Soma Biswas
owner of luxury jewelry lines sales volumes as rapidly as in-

DAVID PAUL MORRIS/BLOOMBERG NEWS

such as Cartier, with an option vestors would have liked, ac- The exclusive talks with
to buy the remainder of Riche- cording to analysts. Its move Sixth Street are nearing final
mont’s stake. As part of the into physical retail through a terms for a loan of close to
deal, Richemont said it had also $200 million investment in Nei- $400 million to shore up the
sold a 3.2% stake in YNAP to man Marcus Group earlier this troubled retailer’s liquidity, ac-
Symphony Global LLC, an Emir- year also drew a negative reac- cording to people familiar with
ati investment company. tion from some investors. the matter. Negotiations to fi-
Under Wednesday’s deal, Even so, Farfetch’s market- nalize the loan documents are
which is expected to be com- place model was profitable ongoing, one of the people said.
pleted by the end of next year, last year, in contrast with the The company told prospec-
Richemont and YNAP said they money-losing YNAP, whose tive lenders it had selected a Some vendors have been pulling credit to the company amid doubts that it could pay them back.
would adopt Farfetch technol- websites—which include net-a- proposal for an asset-based
ogy as they seek to increase on- porter.com—use a more tradi- loan, The Wall Street Journal DSW Inc. Bed Bath & Beyond’s shares. “We’re surprised that
line sales. tional wholesale model, typi- reported Tuesday citing people The loan is part of a broader share price, past two days the company didn’t try to issue
Farfetch’s shares closed up cally acquiring stock from familiar with the matter. Bed plan by the company to shore shares,” said Bradley Thomas,
$11.50
21% at $9.51 Wednesday. brands and selling it on to Bath & Beyond stock closed up up its finances. Bed Bath & Be- analyst at KeyBanc Capital Mar-
The online market for luxury consumers. It launched a Far- 18% at $10.36 on Wednesday. yond indicated earlier this kets. “It would have been silly
goods is relatively undeveloped fetch-style marketplace earlier A loan deal, if completed, month that it is in talks with 11.00 not to at least consider it given
compared with e-commerce in this year. would help refill the company’s lenders and its professional ad- where the stock was trading.”
general, although it is growing Richemont acquired YNAP in coffers and give confidence to visers to strengthen its balance 10.50 The company has been clos-
rapidly. The share of luxury re- 2018, three years after its for- vendors that Bed Bath & Be- sheet and would provide a com- ing stores, reducing corporate
tail sales occurring online in- mation through the merger of yond can pay its bills. The busi- prehensive update later in Au- 10.00 overhead and renegotiating
creased from around 12% in luxury platforms Yoox and Net- ness has sought to stretch pay- gust. But given its high cash contracts with vendors as it
2019 to 22% last year, according a-Porter. At that time it valued ments to some vendors, which burn in the second quarter, the looks to cut costs, but its cash
9.50
to consulting firm Bain & Co. YNAP at around 5 billion euros, have been pulling credit to the company will likely need to se- burn has deepened in recent
equivalent to about $5 billion. company in recent weeks amid cure more support from inves- months as sales have fallen. Un-
Farfetch’s share price, Wednesday’s deal valued it at mounting doubts that it could tors to give it runway to exe- 9.00 secured bonds backed by the
past two days closer to €1 billion. pay them back and a shortage cute its restructuring plan. company trade between 15 and
Richemont, whose core of credit insurance, according to “The loan would provide a 8.50 30 cents on the dollar, a sign
$10.00
business centers around high- people familiar with the matter. couple more quarters of time to that investors doubt they’ll be
end jewelry brands such as At least one firm that fi- show improvement operation- 8.00 paid back in full.
9.50 Cartier and Van Cleef & Ar- nances suppliers has stopped ally and appease vendors,” said A loan may abate some of
Tuesday Wednesday
pels, struggled to stem losses providing credit on shipments Seth Basham, analyst at Wed- those concerns. Bond traders at
at YNAP, creating friction be- to Bed Bath & Beyond, the Jour- bush Securities. “While we’re Source: FactSet Goldman Sachs Group quoted
9.00 tween Richemont’s chairman nal has reported. skeptical of their ability to gen- Bed Bath & Beyond’s bonds be-
and controlling stakeholder The loan is structured as a erate cash in the short term, if els, indicating that any new tween five and 10 points higher
Johann Rupert and some first-in-last-out facility, mean- they can show that they can im- debt issued by the company Wednesday, people familiar
8.50 Richemont investors. ing it is backed by collateral but prove their margins and free may be prohibitively costly with with the matter said.
Earlier this month, Mr. Ru- will only be paid out after other cash flow through the holidays, effective yields above 25%. Bed Bath & Beyond’s shares
pert wrote to Richemont share- secured debt in the event of that could be a path to regain The Union, N.J., retailer does have been on a roller-coaster
8.00
holders urging them to reject a bankruptcy, the people said. investor confidence.” have a path to issue millions of ride, more than quadrupling
proposal by activist fund man- Sixth Street Partners man- Traditional debt markets new shares, potentially helping this month through Wednesday.
7.50 ager Bluebell Capital Partners ages $60 billion in assets, and may not be a viable route for the company secure an addi- The stock dropped after activist
Ltd. to appoint a former LVMH has a retail lending practice the retailer to raise new capital. tional lifeline. Bed Bath & Be- investor Ryan Cohen sold all of
Tuesday Wednesday
Moët Hennessy Louis Vuitton that has made loans to retailers Bed Bath & Beyond’s bonds are yond hasn’t indicated yet his stake, but it is still up 80%
Source: FactSet SE executive to its board. such as J.C. Penney Co. and trading at deeply distressed lev- whether it expects to issue new this month.

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B4 | Thursday, August 25, 2022 * * THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Nvidia Forecasts Softer Sales Apple Sets

Sept. 7 for
Estimate lower than Nvidia quarterly revenue
what analysts were
expecting comes as
2Q FY2023
$6.7 billion Product
$8 billion
gaming revenue falls Unveilings

LONG WEI/COSTFOTO/FUTURE PUBLISHING/GETTY IMAGES

BY ASA FITCH 6 BY TALAL ANSARI

Nvidia Corp. gave a muted Apple Inc. on Wednesday

outlook for its current quar- sent invites for a Sept. 7
ter, two weeks after warning 4 launch event, where the tech
investors that its videogam- giant is expected to unveil new
ing business was hit by a iPhones.
downturn in demand. 2 The in-person event is set
The company on Wednes- to take place at the Steve Jobs
day said it is expecting sales Theater at the company’s
of about $5.9 billion for the headquarters in Cupertino, Ca-
0
current quarter, below the lif. Previous events had been
$6.9 billion analysts expected 2Q 2021 ’22 ’23 held virtually in recent years
in a FactSet survey and well Note: For fiscal years that end in January due to the Covid-19 pandemic.
below the $8.4 billion Wall A Nvidia demonstration of face-animation design using AI at a conference in Hangzhou, China. Source: the company “Far out,” the company
Street expected before the wrote in the invitation. As
sales warning. The projected downward from an earlier The company posted a sur- Companies such as auto-chip fected by a falloff in crypto- usual, details were sparse.
sales figure represents a de- projection of $8.1 billion in prise loss for its second quar- supplier NXP Semiconductors currency mining that relies Since 2013, Apple has typi-
cline of 17% compared with sales. ter and cut its full-year out- NV and analog-chip giant on the computational power cally rolled out new iPhone
the same period last year. “We are navigating our look, citing a weaker-than- Texas Instruments Inc. re- of its graphics chips. Digital models in September, although
Nvidia has been among the supply chain transitions in a expected market for PCs that ported better-than-expected currencies fell sharply this it was delayed until October in
chip companies hardest hit by challenging macro environ- its chips go into. Mobile- second-quarter results last year, making mining unprofit- 2020 due to pandemic-related
consumers curtailing spend- ment,” Chief Executive Jensen phone chip maker Qualcomm month. able. production challenges. Last
ing in response to high infla- Huang said. Inc. revised its forecast for 5G For Nvidia, the gaming Sales in the data-center year, the company unveiled
tion and rising interest rates. The company’s stock rose smartphone shipments down- segment has been the main business, which focuses on the iPhone 13 and iPhone 13
About a third of Nvidia’s sales slightly to $172.22 on ward last month to between source of trouble in recent using Nvidia’s chips to power Pro, as well as the Apple
come from videogamers who Wednesday, but slipped after 650 million and 700 million months, with revenue there artificial-intelligence calcula- Watch Series 7, a new iPad
covet cutting-edge graphics hours. It has fallen 41% this units this year, reflecting falling 33% to $2.04 billion in tions, rose 61% in its latest Mini and iPad.
performance and whose buy- year amid a selloff in semi- weaker demand for phones. its latest fiscal quarter. Com- quarter to $3.81 billion, al- This year’s event is sched-
ing decisions waver with their conductor stocks, but it re- Other chip-making peers panies that market Nvidia’s though they fell short of what uled at an earlier date than
spending power. mains the U.S.’s biggest chip haven’t fared as poorly, espe- chips to consumers have seen the company initially ex- previous iPhone presentations
For its previous quarter, company by market value. cially those that target the in- lower sales, and Nvidia ad- pected. Supply-chain disrup- in September, and some ana-
which ended in July, the com- Intel Corp., the U.S.’s larg- dustrial and automotive sec- justed prices to challenging tions limited growth there, lysts have said this would allow
pany reported sales of $6.7 est chip maker by sales, also tors, which are in the throes market conditions that it ex- Ms. Kress said. the company to capture more
billion, up 3% from the previ- has been hit by the souring of a shortage of chips that pects to persist in the current With demand for cars still sales in the July-to-September
ous year. The result was in economy, compounded by de- crimped car sales and made quarter, financial chief Co- healthy, Nvidia’s auto-indus- quarter. Apple reported an 11%
line with the company’s fore- lays in bringing some of its many appliances and medical lette Kress said. try sales climbed 45% in the decline in profit from April to
cast after it revised figures latest products to market. devices hard to come by. The company also was af- quarter to $220 million. June compared with a year ear-
lier, although iPhone sales re-
mained resilient despite eco-

Peloton Starts Selling Its Gear on Amazon

nomic challenges.
Other hardware and smart-
phone companies have seen
sales slip this year as consum-
BY ALYSSA LUKPAT Amazon had been speaking to ers where they are, and they “quickly expand the Peloton that some customers waited ers reduce spending in the
advisers about a potential deal are shopping on Amazon,” said brand to Amazon’s massive months for their bikes to be face of high inflation and
Peloton Interactive Inc. to acquire Peloton, people fa- Kevin Cornils, Peloton’s chief customer base.” delivered, complete with a other economic challenges.
said it started selling its fit- miliar with the matter said at commercial officer. And if it proves successful, screen that shows subscrip- Apple Chief Executive Tim
ness equipment and apparel the time. Shares of Peloton jumped he suggested it could pave the tion workout classes. Cook said in July that the
on Amazon.com Inc., a move Peloton’s stationary bike, 20% on Wednesday, the big- way for other offerings, in- But the company has strug- company isn’t seeing evidence
intended to increase distribu- which sells for as low as gest one-day gain since Febru- cluding potentially making gled in recent months as peo- in its data of a macroeconomic
tion of its products as the $1,445 on its website, is now ary. The stock is still down Peloton’s connected content ple have returned to gyms and effect on iPhone sales.
company struggles with weak available on Amazon. The more than 90% from its Janu- available through Amazon pandemic restrictions eased, For the iPhone 14 line, ana-
demand and a sagging stock company is also selling other ary 2021 high. Prime. lessening demand for the lysts are expecting upgrades
price. products on Amazon, includ- Youssef Squali, an analyst Peloton’s stationary bike bikes. The company has had related to battery life and pro-
Wednesday’s announcement ing its cycling shoes, dumb- at Truist Securities, applauded was a home-fitness darling layoffs amid efforts to cut cessing capabilities, and the
comes months after The Wall bells and water bottles. the announcement, saying the early in the Covid-19 pan- costs and reduce its operating company may also upgrade
Street Journal reported that “We want to meet consum- partnership could help demic. Demand was so high footprint. the Apple Watch.

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THE WALL STREET JOURNAL. Thursday, August 25, 2022 | B5

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los Ghosn—a remarkable story of continues to make provocative and —James Patterson —James Patterson required reading.”
innovation, hubris, alleged crimes, surprising arguments about just Gabriel Allon is back in this high- —Heather Morris, bestselling
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B6 | Thursday, August 25, 2022 * * THE WALL STREET JOURNAL.

BUSINESS NEWS

Lawsuit Alleges CFO

At UnitedHealth Hurt
401(k) Participants
BY JENNIFER WILLIAMS-ALVAREZ plan participants lost over
$100 million in retirement
UnitedHealth Group Inc.’s savings, according to the law-
finance chief allegedly put suit.
business interests first and ig- UnitedHealth on Wednesday
nored information that the pushed back on the claims
company’s 401(k) plan was against Mr. Rex. “Enterprising
filled with low-performing tar- lawyers may choose to pursue
get-date funds, hurting plan baseless claims, but nothing in
participants, according to an the law supports using hind-
amended class-action com- sight and apples-to-oranges

RACHEL WISNIEWSKI/REUTERS
plaint filed Wednesday. comparisons to question good
Chief Financial Officer John faith investment decisions
Rex gave priority to the made in the best interests of
healthcare company’s relation- retirement plan participants,”
ship with Wells Fargo & Co., the company said. “There is no
which managed the funds in basis for adding our CFO as an
question through its asset- individual defendant, and the
management arm, according allegations against him are
to the lawsuit filed by Kim completely without merit.” The cosmetics retailer was accused of failing to disclose the collection of customer data, and of not processing opt-out requests.
Snyder, who worked as a nurse Wells Fargo declined to

California Penalizes Sephora

for the company. Wells Fargo comment.
serves as a banking partner The lawsuit claims Mr. Rex,
for UnitedHealth, according to who has been UnitedHealth’s
data provider Refinitiv. CFO since 2016, overruled a
The Minnetonka, Minn., plan to remove the Wells
company’s 401(k) plan covers
around 200,000 current and
former employees and their
beneficiaries, according to
court records. Ms. Snyder first
Fargo target funds, despite
recommendations from an in-
dependent investment consul-
tant and the company’s invest-
ment committee to do so. The
Over Data-Privacy Violations
submitted the class-action suit investment committee, follow- BY KIM S. NASH to personalize the shopping he said. is a scenario where protec-
in April 2021 on behalf of her- ing a nearly two-year analysis, experience and tailor ads, Sep- Sephora, after being noti- tions in federal legislation are
self and other plan partici- ranked the Wells Fargo target Cosmetics retailer Sephora hora said in a statement. The fied by Bonta’s office of CCPA weaker than protections cur-
pants against the company, its funds as lower than all alter- agreed to pay $1.2 million in agreement “does not consti- violations, didn’t make correc- rently in place in California,”
natives that were under con- penalties to California for alleg- tute an admission of liability tions within the 30-day cure Mr. Bonta said.
sideration then, according to edly failing to comply with the or fault by Sephora,” said the period allowed by the law, he An investigation of Sephora
The suit claims the the complaint.
Mr. Rex became part of the
state’s consumer privacy law.
Sephora failed to disclose
company, which is owned by
French luxury products com-
said. The CCPA came into ef-
fect in 2020 after state legisla-
by Mr. Bonta’s office found
that the company didn’t pro-
CFO gave priority to company’s investment com- to consumers that it was col- pany LVMH Moët Hennessy tors passed the bill in 2018. cess online data opt-out re-
the relationship mittee in early 2017, according
to the amended complaint.
lecting and selling their per-
sonal information and failed to
Louis Vuitton SE.
“Sephora’s practices are al-
States including Maine, Ne-
vada and Virginia have en-
quests from consumers who
used the so-called Global Pri-
with Wells Fargo. The plan to remove the target process opt-out requests made ready in compliance with the acted internet privacy laws as vacy Control tool.
funds was abandoned after he by individuals through soft- CCPA,” a spokeswoman said, a federal effort stalls in Con- Sephora continued for a pe-
joined the committee, the suit ware or a web browser tool, adding the company has “al- gress. At the national level, riod of time to share details
alleged. Attorney General Rob Bonta ways cooperated fully” with Republican lawmakers have about web visitors’ behavior
board and members of the Wells Fargo in February said Wednesday. the attorney general. taken issue with attempts to and their personal information
company’s investment com- 2021 said it agreed to sell its The California Consumer The agreement, which a include a provision allowing with third parties, Mr. Bonta
mittee, which is tasked with Wells Fargo Asset Manage- Privacy Act’s definition of California judge must approve, individuals to sue organiza- said.
reviewing investment options ment unit to private-equity “data sales” includes the shar- is the first enforcement action tions over data privacy. States, As of last November, the
under the plan. firms GTCR LLC and Rever- ing of information with third of the CCPA, Mr. Bonta said. meanwhile, are concerned that company processed Global Pri-
The individuals breached ence Capital Partners LP for parties regardless of whether The move shows companies a watered-down federal pri- vacy Control requests as well
their fiduciary duties under $2.1 billion. UnitedHealth af- money is exchanged. Sephora they must “protect consumer vacy law would pre-empt as direct requests made at its
the Employee Retirement In- terward removed the target shared data with others data,. honor their privacy stronger state laws. website, the Sephora spokes-
come Security Act—a federal funds from its retirement plan, through cookies on its website rights. It’s really quite simple,” “What we’re trying to avoid woman said.
law establishing minimum re- according to the amended
quirements for retirement complaint.
plans—by continuing to offer Wells Fargo has served as a Petco’s quarterly
target-date funds managed by bookrunner on 10 of United- net profit/loss
Wells Fargo Asset Manage- Health’s 18 corporate bond of-
$80 million 2Q 2022
ment, Ms. Snyder alleges. ferings since 2011, according
UnitedHealth designated these to Refinitiv. It has additionally $13.5M
target-date funds as the de- been a joint lead arranger, 60
fault option for participants of joint bookrunner, syndication
the plan, the lawsuit said. agent and documentation 40
The funds, Ms. Snyder agent on various credit facili-
claimed, underperformed six ties, Refinitiv said.
ANGUS MORDANT/BLOOMBERG NEWS

20
different benchmarks, includ- UnitedHealth said in June
ing corresponding funds at 2021 court filings that its
Vanguard Group, State Street 401(k) plan increased retire- 0
Corp. and Fidelity Invest- ment savings by billions of
ments, over the course of an dollars over the period in –20
11-year period that ended in question and that the plan’s fi-
2021. duciaries scrutinized the tar- –40
From 2011 through 2015, get-date strategy. 2020 ’21 ’22

People are buying more pet food, but less supplies, following a pandemic boom, the retailer said. Source: the company

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Petco Lowers Its Yearly Outlook
NOTICE OF SALE BUSINESS OPPORTUNITIES As Discretionary Spending Slows
BY DEAN SEAL the retailer went public in cast of $6.15 billion to $6.25 and there continues to be more
NOTICE OF SALE
PLEASE TAKE NOTICE, that in accordance with
NICHE MEDICAL CLINIC early 2021. On Wednesday, billion. It also lowered its per- adoptions versus prepandemic
applicable provisions of the Uniform Commercial Code Doctor seeks non-doctor partner to operate Petco Health and Wellness Petco reported second-quarter share profit view to between into this year,” Chief Executive
as enacted in New York, by virtue of certain Events small office in your city staffed by local
of Default under those certain Pledge and Security physician we provide. Net $3,600 per year Co. is selling plenty of pet sales growth of just 3%, decel- 77 cents and 81 cents from as Ronald Coughlin said.
Agreements dated as of September 8, 2017 (the off each patient, all cash, no insurance. 15-yr.
“Pledge Agreements”), executed and delivered by FPG food but not as many supplies erating from 4.3% in the first high as $1, as freight costs Petco said vendors have
track record, proven product, life-changing
CH Holding Mezz LLC (the “Pledgor”) and by virtue of
those certain UCC-1 Filing Statements made in favor of testimonials, no competition, state-of-the-art and pets. quarter, after double-digit in- continue to weigh on the bot- been scaling up to meet those
Pacific Hicks 2 LLC (“Secured Party”) in accordance with marketing tools. $100,000 req. Must have The pet-products retailer creases in each quarter since tom line. demand pressures, and inven-
Article 9 of the Uniform Commercial Code of the State impeccable references. (800) 540-4779
of New York Code, Secured Party will offer for sale, at said sales of supplies and its initial public offering. It cut Petco has had a boom in tory levels have improved
public auction, all of Pledgor’s right, title, and interest “companion animals”—its its outlook for the year follow- customers in the last two-plus from earlier in the year.
in and to: (i) 100% of the limited liability membership
interest in (i) FPG CH 350 Hicks, LLC and (ii) FPG CH Credible SaaS video-conferencing catchall term for birds, fish, ing the results. years. The American Society While discretionary spend-
91 Pacific, LLC (collectively, the “Pledged Entity”), and software company run by seasoned
(ii) certain related rights and property relating thereto entrepreneurs, looking to raise reptiles and other small ani- Like other retailers, Petco is for the Prevention of Cruelty ing on pets has weakened, Mr.
(collectively, (i) and (ii) are the “Collateral”). Secured
Party’s understanding is that the principal asset of $6 million to finance our next phase mals it sells—fell 9% in the suffering from a drop in to Animals estimates that Coughlin said consumers
the Pledged Entity is that certain fee interest in real of growth. If you are in the business second quarter. Meanwhile, spending in discretionary cat- more than 23 million house- aren’t cutting back on groom-
property commonly known as 91-95 Pacific Street of assisting companies like ours,
a/k/a 355 Hicks Street, Brooklyn, NY 11201 (“Pacific
please contact us at
sales of consumables like pet egories, which generally gen- holds got a pet during the ing or vet visits. They are also
Property”) and 350-352 Hicks Street, Brooklyn, NY
11201 (“Hicks Property”, and together with Pacific food and cat litter, as well as erate a higher margin, com- pandemic. shifting toward healthier,
Property, collectively, the “Property”). jackochs13@gmail.com
Mannion Auctions, LLC (“Mannion”), under the grooming and other services, pared with non-discretionary That explosion has created more premium pet food op-
direction of Matthew D. Mannion, licensed auctioneer continued to rise at double- categories, as the highest in- problems, as demand has con- tions, part of a decadelong
(DCA #1434494) (the “Auctioneer”), will conduct a
public sale consisting of the Collateral (as set forth in
- BUSINESS OPPORTUNITY- digit percentage rates, boosted flation in more than four de- sistently outpaced supply and trend the company calls “hu-
Schedule A below), via online bidding, on September Long-term highly profitable Building and
29, 2022 at 11:00am, in satisfaction of an indebtedness Supply Company located in beautiful by the millions of new pets cades damps spending. some products are hard to manization” that has been
in the approximate amount of $47,007,462.62, including COLORADO for sale, includes Real Estate. added to homes during the Petco now expects revenue stock on shelves. “There is not particularly prevalent among
principal, interest on principal, and reasonable fees and
costs, plus default interest through September 29, 2022, Owner seeks retirement. pandemic. between $5.98 billion and one of our vendors that younger generations.
subject to open charges and all additional costs, fees and
disbursements permitted by law. The Secured Party NO AGENTS, NO BROKERS The trends are resulting in $6.05 billion for the year, planned for the millions of new Petco shares fell 8.8% on
reserves the right to credit bid. Contact Andy at (719) 304-9940
Online bidding will be made available via Cisco WebEx Serious inquiries only
the slowest sales growth since down from its previous fore- pets that happened in 2021, Wednesday.
Remote Meeting, Meeting link: https://bit.ly/FPGMezz
Access Code: 2558 372 6563, Password: MezzUCC
(6399822 from phones and video systems), Call-in

Amazon
number 1-415-655-0001. — FARM WITH US —
The Collateral will be sold to the highest qualified Red River Valley Farmer also among bidders for health- UnitedHealth owns the largest who have used Amazon Care
bidder; provided, however, that Secured Party reserves
the right to cancel the sale in its entirety, or to adjourn Long term investment in a finite resource with care company Signify Health U.S. health insurer and has could begin in an app with a
stable returns. Seeking parties interested in Inc., The Wall Street Journal
the sale to a future date. Interested parties who intend built-in relationships with em- chat, continue with a virtual

To Close
to bid on the Collateral must contact Secured Party’s investing in North Dakota farmland. Returns
counsel, Jerold C. Feuerstein, Esq., at Kriss & Feuerstein gained through cash rent or sharecrop lease. has reported. ployers and a trove of health- visit with a healthcare profes-
LLP, 360 Lexington Avenue, New York, New York 10158, 1031 Exchange options available.
(212) 661-2900, jfeuerstein@kandfllp.com to receive the For additional information see: One Medical will provide care data. CVS has upgraded sional and include a home visit
Terms and Conditions of Sale and bidding instructions www.sproulefarms.com Amazon with more than 180 stores to provide more health- within an hour. The service

Care Unit
by September 23, 2022 by 4:00pm. Upon execution of a paul@pdsproule.com
standard confidentiality and non-disclosure agreement, clinics with employed physi- care services and aims to cre- also has offered delivery of
additional documentation and information will be
available. Interested parties who do not contact the cians across roughly two ate a physician-staffed pri- prescription medicine to a pa-
Secured Party’s counsel and qualify prior to the sale will
not be permitted to enter a bid. dozen U.S. markets. One Medi- mary-care practice. tient’s home. In Seattle,
SCHEDULE A cal Chief Executive Amir Dan Amazon Care launched in roughly 30% to 40% of em-
Pledged Interest
Continued from page B1
THE
PLEDGOR: FPG CH Holding Mezz LLC, a Delaware limited
Rubin is expected to remain 2019 and expanded from a ser- ployees used the service in a
liability company didn’t disclose any changes for as CEO once the deal closes. vice offered to employees in meaningful way, the Journal
ISSUER: FPG CH 91 Pacific, LLC, a Delaware limited
liability company
INTERESTS PLEDGED: 100% membership interest
MARKETPLACE its other healthcare units, in-
cluding pharmacies.
The company is likely to
face added challenges as it
Washington state to a tele-
health service offered
previously reported.
Mr. Lindsay said he be-
The UCC1 was filed on September 8, 2017, with the
Delaware Department of State under the Filing No. ADVERTISE TODAY Amazon has otherwise seeks to grow. By purchasing throughout the U.S. Amazon lieves the healthcare industry
#20175978405. shown ambition in the health- One Medical, Amazon is up signed several agreements remains ripe for innovation.
Pledged Interest
PLEDGOR: FPG CH Holding Mezz LLC, a Delaware limited
care industry, which Chief Ex- against established companies with companies to offer the “As we take our learnings
liability company (800) 366-3975 ecutive Andy Jassy has ear- that include UnitedHealth service to their employees, in- from Amazon Care, we will
ISSUER: FPG CH 350 Hicks, LLC, a Delaware limited
marked as a priority. The Group Inc.’s Optum health-ser- cluding Hilton Worldwide continue to invent, learn from
liability company
INTERESTS PLEDGED: 100% membership interest
For more information visit: company last month an- vices arm and CVS Health Holdings Inc. and semiconduc- our customers and industry
The UCC1 was filed on September 8, 2017, with the wsj.com/classifieds nounced plans to buy 1Life Corp., in addition to hospital tor maker Silicon Laboratories partners, and hold ourselves
Delaware Department of State under the Filing No.
#20175978207. Healthcare Inc. for $3.9 billion. systems that increasingly em- Inc., although the list re- to the highest standards as we
KRISS & FEUERSTEIN LLP, Attn: Jerold C. Feuerstein,
Esq., Attorneys for Secured Party 1Life operates a line of pri- ploy physicians. mained short despite the com- further help reimagine the fu-
360 Lexington Avenue, Suite 1200, New York, New York © 2022 Dow Jones & Company, Inc.
10017, (212) 661-2900 mary-care clinics under the Those rivals have a signifi- pany’s desires to grow quickly. ture of health care,” Mr. Lind-
All Rights Reserved.
name One Medical. Amazon is cant head start on Amazon. In some cities, employees say wrote.
 .

THE WALL STREET JOURNAL. Thursday, August 25, 2022 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32969.23 s 59.64, or 0.18% Trailing P/E ratio 19.37 23.82 4140.77 s 12.04, or 0.29% Trailing P/E ratio * 23.18 31.20 12431.53 s 50.23, or 0.41% Trailing P/E ratio *† 27.21 34.91
High, low, open and close for each P/E estimate * 18.05 19.04 High, low, open and close for each P/E estimate * 18.38 21.97 High, low, open and close for each P/E estimate *† 24.36 28.65
trading day of the past three months. Dividend yield 2.13 1.78 trading day of the past three months. Dividend yield * 1.54 1.34 trading day of the past three months. Dividend yield *† 0.82 0.68
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384 65-day moving average

34500 4300 65-day moving average 12900

65-day moving average

33550 4175 12500

32600 4050 12100

31650 3925 11700

Session high
DOWN UP
30700 3800 11300
t

Session open Close

Close Open
t

29750 3675 10900

Session low
Bars measure the point change from session's open
28800 3550 10500
May June July Aug. May June July Aug. May June July Aug.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 723,414,271 14,850,638
Industrial Average 33095.50 32828.56 32969.23 59.64 0.18 36799.65 29888.78 -6.9 -9.3 8.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 506,005,698 12,464,397
Transportation Avg 14779.82 14630.50 14703.11 68.90 0.47 17039.38 12868.60 -0.8 -10.8 14.7 Most-active issues in late trading Decl. volume* 207,638,268 2,380,443
Utility Average 1038.52 1030.14 1037.73 3.56 0.34 1071.75 869.74 11.1 5.8 7.6 Volume After Hours Issues traded 3,397 285
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41886.01 41482.98 41723.20 158.62 0.38 48929.18 36759.60 -10.5 -14.2 12.6 Advances 2,037 172
SPDR S&P 500 SPY 7,320.2 414.05 0.38 0.09 419.99 413.46
Barron's 400 971.49 963.22 968.22 2.30 0.24 1127.20 852.16 -7.0 -12.5 14.8 Declines 1,193 101
NVIDIA NVDA 5,726.9 163.65 -8.57 -4.98 173.15 163.00
Unchanged 167 12
Nasdaq Stock Market ETFMG U.S. Alt Harvest MJUS 4,500.0 2.88 0.13 4.73 2.88 2.75 New highs 38 3
Nasdaq Composite 12504.33 12350.16 12431.53 50.23 0.41 16057.44 10646.10 -17.4 -20.5 17.1 Chindata Group ADR CD 3,351.1 8.24 0.23 2.87 8.24 8.01 New lows 75 10
Nasdaq-100 12995.14 12843.58 12917.86 36.07 0.28 16573.34 11127.57 -15.9 -20.8 20.1 Snowflake SNOW 2,977.7 188.00 28.51 17.88 189.95 158.60 Closing Arms† 0.60 0.41
SPDR S&P Glbl Nat Rscs GNR 2,890.9 56.17 -0.18 -0.32 56.17 56.17 Block trades* 3,938 145
S&P
0.29
ACM Research Cl A ACMR 2,476.5 16.83 0.06 0.36 16.83 16.48
500 Index 4156.56 4119.97 4140.77 12.04 4796.56 3666.77 -7.9 -13.1 13.3 Nasdaq NYSE Arca
Invesco QQQ Trust I QQQ 1,942.7 315.12 0.11 0.03 315.73 312.37
MidCap 400 2542.05 2516.10 2534.47 12.70 0.50 2910.70 2200.75 -7.5 -10.8 11.3 Total volume*3,889,382,861 190,473,703
SmallCap 600 1246.75 1234.51 1242.20 3.87 0.31 1466.02 1087.48 -8.1 -11.4 11.5 Percentage gainers… Adv. volume*2,950,663,375 137,445,346
Snowflake SNOW 2,977.7 188.00 28.51 17.88 189.95 158.60 Decl. volume* 875,944,901 52,293,051
Other Indexes
FREYR Battery FREY 50.6 11.45 0.88 8.33 11.73 10.45 Issues traded 4,907 1,692
Russell 2000 1941.15 1916.58 1935.29 16.14 0.84 2442.74 1649.84 -13.6 -13.8 9.9
Advances 2,814 1,173
NYSE Composite 15433.43 15298.00 15392.06 53.90 0.35 17353.76 14097.05 -8.5 -10.3 7.4 Minerva Neurosciences NERV 1,216.4 8.09 0.58 7.66 8.21 7.26
Declines 1,807 497
Value Line 576.18 570.23 574.29 3.12 0.55 696.40 510.18 -13.8 -14.5 5.3 Autodesk ADSK 103.1 227.95 13.52 6.31 231.36 214.34
Unchanged 286 22
NYSE Arca Biotech 4898.73 4791.66 4872.68 73.61 1.53 6019.57 4208.43 -17.9 -11.7 3.5
GoodRx Holdings GDRX 223.4 6.55 0.37 5.99 6.84 6.10
New highs 54 5
NYSE Arca Pharma 792.08 785.46 789.27 1.30 0.16 887.27 732.23 -0.6 -4.6 11.3 ...And losers New lows 144 16
KBW Bank 110.01 108.57 109.50 0.18 0.17 147.56 98.36 -16.1 -17.2 6.9 Splunk SPLK 457.9 99.47 -10.89 -9.87 119.00 95.64 Closing Arms† 0.46 1.13
PHLX§ Gold/Silver 107.79 104.96 107.77 1.55 1.46 167.76 100.65 -17.0 -18.6 3.3 Victoria's Secret VSCO 310.7 35.51 -2.84 -7.41 39.85 32.72 Block trades* 21,524 813
PHLX§ Oil Service 73.31 71.36 73.06 1.76 2.47 88.37 49.14 38.0 38.6 6.6 Salesforce CRM 1,791.6 167.45 -12.56 -6.98 186.00 167.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2875.30 2833.60 2866.18 1.87 0.07 4039.51 2458.46 -15.0 -27.4 25.6 OGE Energy OGE 62.0 39.39 -2.45 -5.87 41.84 39.39 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 24.86 22.73 22.82 -1.29 -5.35 36.45 15.01 35.9 32.5 4.7 NVIDIA NVDA 5,726.9 163.65 -8.57 -4.98 173.15 163.00 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 634.97 0.86 0.14 –15.9 Minerva Neurosciences NERV 7.51 3.00 66.52 16.80 2.51 -50.9 Starbox Group Holdings STBX 9.83 -5.57 -36.17 46.21 9.31 ...
MSCI ACWI ex-USA 280.27 –0.52 –0.19 –18.6 Riverview Acqn Cl A RVAC 13.85 3.58 34.86 14.40 9.64 ... WeTrade Group WETG 2.55 -0.67 -20.81 50.50 1.50 -32.9
MSCI World 2736.01 5.66 0.21 –15.3 Turquoise Hill Resources TRQ 28.86 5.54 23.76 31.05 9.75 98.6 Nordstrom JWN 18.57 -4.63 -19.96 36.43 18.54 -40.4
MSCI Emerging Markets 985.13 –4.41 –0.45 –20.0 Golden Sun Education GSUN 27.01 5.02 22.83 95.00 13.41 ... Citi Trends CTRN 24.82 -5.75 -18.81 97.46 20.42 -71.0
Americas MSCI AC Americas 1577.28 4.69 0.30 –13.7 Farfetch Cl A FTCH 9.51 1.67 21.30 47.30 6.52 -77.8 Genius Group GNS 2.92 -0.67 -18.66 36.75 2.71 ...
Canada S&P/TSX Comp 20021.38 36.03 0.18 –5.7 Energy Fuels UUUU 7.30 1.24 20.46 11.39 4.69 47.8 ScanSource SCSC 28.40 -5.75 -16.84 41.01 27.00 -19.8
Latin Amer. MSCI EM Latin America 2230.01 –4.48 –0.20 4.7 Peloton Interactive PTON 13.48 2.28 20.36 120.62 8.22 -88.4 FlexShopper FPAY 2.31 -0.45 -16.30 3.82 0.83 -8.3
Brazil BOVESPA 112897.84 40.74 0.04 7.7 Four Seasons Educ ADR FEDU 16.48 2.77 20.20 29.40 6.41 26.7 Yield10 Bioscience YTEN 2.86 -0.53 -15.63 8.76 1.91 -57.7
Chile S&P IPSA 3335.80 23.39 0.71 18.9 Absolute Software ABST 12.23 2.01 19.67 12.62 6.79 6.2 Caleres CAL 25.16 -4.63 -15.54 31.13 17.82 2.3
Mexico S&P/BMV IPC 47449.73 –524.30 –1.09 –10.9 ATRenew ADR RERE 3.41 0.55 19.23 10.60 2.20 -62.9 Fresh Vine Wine VINE 2.60 -0.46 -15.03 9.75 1.44 ...
EMEA STOXX Europe 600 432.05 0.70 0.16 –11.4 InnSuites Hospitality IHT 2.76 0.44 18.97 5.12 1.98 -27.7 Janux Therapeutics JANX 12.68 -1.91 -13.09 35.73 9.39 -57.0
Eurozone Euro STOXX 404.34 1.32 0.33 –15.6 TDCX ADR TDCX 8.33 1.28 18.16 30.00 6.52 ... CI&T CINT 9.01 -1.32 -12.78 22.50 8.99 ...
Belgium Bel-20 3732.37 28.99 0.78 –13.4 Bed Bath Beyond BBBY 10.36 1.58 18.00 30.14 4.38 -64.0 Revlon Cl A REV 6.80 -0.89 -11.57 17.65 1.08 -41.7
Denmark OMX Copenhagen 20 1746.34 29.17 1.70 –6.3 Uranium Energy UEC 4.26 0.59 16.08 6.60 2.24 87.7 GreenLight Biosciences GRNA 3.47 -0.45 -11.48 15.80 1.91 -64.7
6386.76 0.39 –10.7 Cano Health CANO 7.00 0.96 15.89 15.58 3.81 -41.2 FGI Industries FGI 2.96 -0.37 -11.11 6.25 2.00 ...
France CAC 40 24.74
Germany DAX 13220.06 25.83 0.20 –16.8
Israel Tel Aviv 2067.23 27.37 1.34 4.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 22431.47 51.41 0.23 –18.0 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
Netherlands AEX 713.81 2.94 0.41 –10.5
Russia RTS Index 1182.39 –7.77 –0.65 –25.9 Bright Minds Biosciences DRUG 118,458 3365.9 1.98 48.87 8.95 0.75 Integrated Rail Rscs A IRRX 401 7520 10.04 0.10 10.04 9.80
South Africa FTSE/JSE All-Share 69808.71 36.44 0.05 –5.3 Bed Bath Beyond BBBY 114,141 239.7 10.36 18.00 30.14 4.38 Western Acqn Ventures WAVS 798 6558 9.95 -0.50 10.00 9.87
Spain IBEX 35 8199.40 –26.90 –0.33 –5.9 SoFi Technologies SOFI 112,947 197.3 6.45 4.54 24.65 4.82 Pyrophyte Acquisition PHYT 551 3953 10.07 0.10 10.48 9.85
0.06 ProShares UltraPro QQQ TQQQ 92,817 -42.4 32.71 0.77 91.68 21.32 Tufin Software Techs TUFN 15,958 3070 12.94 2.54 13.00 7.59
Sweden OMX Stockholm 785.57 0.48 –24.3
0.73 –14.5
Peloton Interactive PTON 83,173 593.0 13.48 20.36 120.62 8.22 Murphy Canyon Acqn Cl A MURF 634 2994 10.06 0.10 10.50 9.93
Switzerland Swiss Market 11012.87 79.81
Turkey BIST 100 3060.30 –61.22 –1.96 64.7 Minerva Neurosciences NERV 81,045 7754.0 7.51 66.52 16.80 2.51 PROOF Acquisition I Cl A PACI 1,056 2938 9.97 0.00 10.05 9.79
U.K. FTSE 100 7471.51 –16.60 –0.22 1.2 ProSh UltraPro Shrt QQQ SQQQ 79,662 -29.2 39.34 -0.86 67.69 28.15 Broad Capital Acqn BRAC 635 2822 9.97 0.00 10.13 9.82
U.K. FTSE 250 19305.23 –1.66 –0.01 –17.8 SuperCom SPCB 70,692 16870.0 0.42 62.36 1.30 0.26 New Providence II Cl A NPAB 501 2734 9.98 -0.30 10.74 9.55
SciSparc SPRC 66,544 5295.0 1.12 19.89 8.50 0.00 Games Esports Exp A GEEX 496 2379 10.10 0.10 12.73 9.80
Asia-Pacific MSCI AC Asia Pacific 157.87 –0.86 –0.54 –18.3
Mullen Automotive MULN 66,047 2.4 0.70 2.87 15.90 0.52 Warburg Pincus I-A Cl A WPCA 1,000 2346 9.86 0.00 10.79 9.66
Australia S&P/ASX 200 6998.10 36.29 0.52 –6.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3215.20 –61.02 –1.86 –11.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19268.74 –234.51 –1.20 –17.6
59085.43 0.09 1.4
Scan this code
India S&P BSE Sensex 54.13
Japan NIKKEI 225 28313.47 –139.28 –0.49 –1.7 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3233.48 –12.72 –0.39 3.5 and track most-active stocks,
South Korea KOSPI 2447.45 12.11 0.50 –17.8 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15069.19 –26.70 –0.18 –17.3 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1631.55 –2.02 –0.12 –1.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004266 23440 2.6
CREDIT MARKETS Argentina peso .0073137.1393 33.6 Europe
Brazil real .1957 5.1105 –8.3 Czech Rep. koruna .04041 24.747 13.1
Canada dollar .7709 1.2972 2.6 Denmark krone .1340 7.4631 14.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001086 920.95 8.1 Euro area euro 0.9967 1.0034 14.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000228 4392.33 8.0 Hungary forint .002433 410.96 26.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007104 140.77 8.5
A consumer rate against its Money Market/Savings Accts Mexico peso .0503 19.8954 –3.0 Norway krone .1032 9.6912 10.0
.02476 40.3950 –9.7 .2089 4.7869 18.8
t Uruguay peso Poland zloty
benchmark over the past year 3.00%
Bankrate.com avg†: 0.16% 24% Asia-Pacific Russia ruble .01672 59.825 –20.0
Tradeweb ICE
Colorado Federal Savings Bank 1.45% Wednesday Close 2.40 Sweden krona .0942 10.6163 17.3
Australian dollar .6909 1.4474 5.2
2.25% Greenwood Village, CO 877-484-2372 12 WSJ Dollar Index Switzerland franc 1.0343 .9668 6.0
China yuan .1458 6.8596 7.9
.0551 18.1514 36.3
s
Federal-funds 1.80 Turkey lira
t

First Internet Bank of Indiana 1.71% Hong Kong dollar .1274 7.8469 0.6
target rate 1.50 One year ago 0 Ukraine hryvnia .0271 36.8500 34.7
.01253 79.790 7.1
t

India rupee
Indianapolis, IN 888-873-3424 1.20 UK pound 1.1795 .8478 14.7
Euro
s Indonesia rupiah .0000673 14848 4.2
Money market 0.75 TAB Bank 1.92% 0.60 –12 Japan yen .007292 137.13 19.1 Middle East/Africa
account yields Ogden, UT 800-355-3063 Yen Kazakhstan tenge .002154 464.25 6.7 Bahrain dinar 2.6525 .3770 0.01
s

t .1237 8.0860 0.6 .0521 19.1975 22.2

0.00 UFB Direct 2.21% 0.00 –24 Macau pataca Egypt pound
Malaysia ringgit .2229 4.4855 7.7 Israel shekel .3056 3.2720 5.2
San Diego, CA 877-472-9200 1 3 6 1 2 3 5 7 10 20 30 2021 2022
–0.75 New Zealand dollar .6188 1.6160 10.5 Kuwait dinar 3.2485 .3078 1.7
CFG Community Bank 2.55% month(s) years
S O N D J F MA M J J A Pakistan rupee .00456 219.500 24.6 Oman sul rial 2.5974 .3850 ...
Baltimore, MD 888-205-8388 maturity Philippines peso .0178 56.050 9.9 Qatar rial .2746 3.641 –0.02
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7176 1.3936 3.3 Saudi Arabia riyal .2660 3.7589 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007457 1340.96 12.8 South Africa rand .0590 16.9391 6.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027816 359.50 77.2
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 2.25-2.50 2.25-2.50 0.00 l 2.50 0.25 Taiwan dollar .03306 30.249 9.1
Yield (%) 52-Week Total Return (%) Thailand baht .02770 36.100 8.6 WSJ Dollar Index 99.78 0.16 0.16 11.42
Prime rate* 5.50 5.50 3.25 l 5.50 0.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 3.01 2.98 0.11 l 3.01 0.87 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2153.510 3.350 3.200 3.550 0.850 –10.659 –2.131
Money market, annual yield 0.16 0.15 0.07 l 0.16 -0.56
Five-year CD, annual yield 1.88 1.83 0.41 l 1.88 0.13 U.S. Treasury Long, Bloomberg 3437.430 3.500 3.320 3.630 1.720 –23.186 –6.662 Commodities
30-year mortgage, fixed† 5.92 5.55 3.04 l 6.11 2.16 Aggregate, Bloomberg 2009.590 3.860 3.690 4.140 1.400 –11.126 –1.806 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 5.13 4.95 2.32 l 5.39 1.87 Fixed-Rate MBS, Bloomberg 2008.650 3.800 3.620 4.240 1.670 –9.233 –1.730
Jumbo mortgages, $647,200-plus† 5.95 5.57 3.06 l 6.11 1.65 DJ Commodity 1102.86 5.34 0.49 1264.48 887.56 24.08 16.55
High Yield 100, ICE BofA 3140.534 7.478 7.012 8.427 3.210 –8.794 0.560 Refinitiv/CC CRB Index 298.86 2.55 0.86 329.59 216.37 37.91 28.61
Five-year adj mortgage (ARM)† 4.38 4.24 2.82 l 4.38 0.23
Muni Master, ICE BofA 557.867 2.918 2.739 3.191 0.766 –7.387 –0.445 Crude oil, $ per barrel 94.89 1.15 1.23 123.70 65.57 38.81 26.17
New-car loan, 48-month 5.10 5.07 3.41 l 5.10 0.46
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 769.783 7.394 7.261 8.085 4.516 –17.505 –3.747 Natural gas, $/MMBtu 9.330 0.137 1.49 9.680 3.561 139.41 150.13
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1747.80 1.00 0.06 2040.10 1699.50 -2.26 -4.36
 .

B8 | Thursday, August 25, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Bonds | wsj.com/market-data/bonds/benchmarks
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct 17.93 18.24 17.90 18.04 .15 297,326
Tracking Bond Benchmarks
Contract Open Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
March'23 17.90 18.16 17.86 17.96 .12 204,118
Open High hi lo Low Settle Chg interest
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. highs and lows for different types of bonds
Copper-High (CMX)-25,000 lbs.; $ per lb. Nov 36.24 –.06 1,836
Aug 3.6550 3.6600 3.6550 3.6605 –0.0440 764 Total Total
Jan'23 36.10 .10 2,571 YTD total return YTD total
Dec 3.6825 3.6945 3.6250 3.6480 –0.0435 90,586 return Yield (%) Yield (%)
Cotton (ICE-US)-50,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
Gold (CMX)-100 troy oz.; $ per troy oz. Oct 117.06 117.93 116.73 117.57 1.31 121
Aug 1745.00 1748.20 1743.60 1747.80 1.00 538 Dec 112.57 114.75 111.21 114.07 1.84 111,648 Mortgage-Backed Bloomberg Fixed Income Indices
Sept 1746.00 1755.20 1742.00 1747.80 0.50 3,058 Broad Market Bloomberg Fixed Income Indices
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Oct 1752.20 1759.70 1745.40 1752.00 0.50 40,425 Sept 169.80 170.35 166.90 168.60 –1.35 1,905 2009.59 -10.4 U.S. Aggregate 3.860 1.400 4.140 2008.65 -8.6 Mortgage-Backed 3.800 1.670 4.240
Dec 1761.30 1769.50 1754.80 1761.50 0.30 377,527 Nov 167.40 167.75 164.50 165.55 –1.95 7,049
Feb'23 1771.80 1782.00 1767.80 1774.40 0.50 22,547 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1979.62 -7.4 Ginnie Mae (GNMA) 3.800 1.700 4.250
April 1784.00 1792.80 1780.80 1787.00 0.90 7,151 -8.8
Interest Rate Futures 2941.50 -13.7 U.S. Corporate 4.710 1.960 4.990 1181.75 Fannie mae (FNMA) 3.810 1.660 4.240
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Aug 2024.10 52.70 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2819.84 -8.2 Intermediate 4.500 1.340 4.820 1811.02 -9.1 Freddie Mac (FHLMC) 3.800 1.660 4.240
Dec 1985.00 2058.50 1975.50 2042.60 53.30 4,717 Sept 149-190 150-090 147-240 147-300 –1-28.0 1,107,176
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 149-130 150-010 147-170 147-230 –1-28.0 279,392 3976.97 -22.1 Long term 5.100 2.900 5.310 557.87 -7.4 Muni Master 2.918 0.766 3.191
Aug 872.00 874.50 865.20 866.30 –9.00 3 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Sept 137-150 137-280 136-050 136-140 –1-02.0 1,058,473 579.19 -14.2 Double-A-rated 4.100 1.710 4.370 396.24 -6.8 7-12 year 2.756 0.771 3.237
Oct 875.00 879.10 858.20 866.80 –9.60 55,706
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 136-300 137-090 135-190 135-280 –1-02.0 143,847 444.73 -9.6 12-22 year 3.414 1.111 3.753
775.83 -14.2 Triple-B-rated 5.030 2.170 5.320
Aug 18.835 19.040 18.820 18.895 –0.117 98 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 19.105 19.180 18.900 18.974 –0.147 94,186 Sept 117-220 117-290 117-035 117-080 –12.0 2,935,086 High Yield Bonds ICE BofA 421.48 -13.2 22-plus year 4.065 1.596 4.342
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 117-250 118-005 117-060 117-110 –12.5 664,759
472.08 -9.5 High Yield Constrained 8.017 3.830 8.931 Global Government J.P. Morgan†
Oct 93.78 95.40 92.79 94.89 1.15 251,792 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Nov 93.23 94.92 92.36 94.40 1.15 137,888 Sept 111-135 111-187 111-017 111-052 –6.7 3,357,404 445.87 -11.5 Triple-C-rated 13.539 6.893 15.197 543.63 -9.3 Global Government 2.410 0.770 2.560
Dec 92.55 94.19 91.71 93.65 1.12 200,202 Dec 111-162 111-205 111-032 111-065 –7.5 768,475
Jan'23 91.62 93.26 90.87 92.72 1.04 79,244 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 3140.53 -9.6 High Yield 100 7.478 3.210 8.427 766.26 -8.6 Canada 3.150 1.280 3.500
June 87.33 88.18 86.50 87.92 0.51 120,843 Sept 104-180 104-212 104-135 104-146 –3.6 1,855,824
Dec 104-142 104-173 104-091 104-105 –3.7 307,004 408.85 -11.2 Global High Yield Constrained 8.170 4.019 9.062 357.38 -11.9 EMU§ 2.182 0.236 2.562
Dec 83.12 83.80 82.35 83.36 0.15 136,032
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 310.28 -11.1 Europe High Yield Constrained 6.592 2.304 7.457 669.01 -12.0 France 1.970 0.150 2.330
Sept 3.8392 4.0381 3.8101 4.0132 .1713 26,668 Aug 97.6700 97.6700 97.6675 97.6675 .0000 472,266
Oct 3.7996 3.9825 3.7739 3.9649 .1604 74,567 Oct 97.0400 97.0500 97.0100 97.0150 –.0200 284,775 U.S Agency Bloomberg Fixed Income Indices 480.72 -10.5 Germany 1.320 -0.370 1.740
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Sept 92-020 92-135 91-205 91-300 –13.5 16,244 1718.13 -6.4 U.S Agency 3.590 0.680 3.670 287.15 -2.5 Japan 0.630 0.280 0.710
Sept 2.9257 2.9493 2.7600 2.8007 –.1323 32,549
Oct 2.7391 2.7672 2.5992 2.6470 –.0993 80,948 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 1515.17 -5.4 10-20 years 3.550 0.570 3.630 520.18 -12.7 Netherlands 1.660 -0.210 2.030
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 98.0575 98.0575 98.0550 98.0550 –.0025 707,453
Sept 9.250 9.455 9.100 9.330 .137 22,694 March'23 96.2800 96.3200 96.2150 96.2300 –.0400 1,001,614 3442.98 -17.8 20-plus years 4.060 1.950 4.190 851.27 -18.0 U.K. 2.850 0.720 2.850
Oct 9.196 9.408 9.063 9.300 .145 122,056 Eurodollar (CME)-$1,000,000; pts of 100%
Nov 9.262 9.473 9.131 9.369 .144 122,053 Sept 96.6425 96.6575 96.6200 96.6275 –.0100 1,120,561 2576.12 -10.7 Yankee 4.420 1.560 4.610 769.78 -16.3 Emerging Markets ** 7.394 4.516 8.085
Jan'23 9.485 9.664 9.336 9.570 .152 85,271 Dec 96.0250 96.0650 95.9900 95.9950 –.0300 1,717,072 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
April 5.730 5.800 5.665 5.740 .050 72,209 March'23 95.9800 96.0250 95.9450 95.9550 –.0300 1,055,207
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
May 5.538 5.613 5.487 5.551 .035 73,655 Dec 96.4150 96.4800 96.3450 96.3700 –.0500 960,063

Agriculture Futures Currency Futures Global Government Bonds: Mapping Yields

Corn (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Sept .7329 .7357 .7299 .7308 –.0012 236,636 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Sept 659.75 675.50 655.75 665.75 5.75 123,266
Dec 655.50 671.00 650.25 657.25 2.00 710,927 Dec .7392 .7423 .7366 .7374 –.0012 3,061 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Oats (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Sept 418.75 424.50 418.75 424.00 11.25 188 Sept .7715 .7718 .7679 .7705 –.0006 139,433 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Dec .7710 .7715 .7678 .7704 –.0006 12,093 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Dec 408.75 419.75 405.25 418.25 10.25 2,605
Soybeans (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ 3.250 U.S. 2 3.384 s l 3.304 2.989 0.224
Sept 1.1837 1.1843 1.1760 1.1792 –.0030 239,758
Sept 1568.75 1596.00 1553.25 1560.75 –6.00 23,429
Dec 1.1861 1.1862 1.1781 1.1813 –.0029 7,351 2.750 10 3.105 s l 3.053 2.781 1.289
Nov 1461.50 1484.50 1447.50 1457.00 –4.00 313,884
Swiss Franc (CME)-CHF 125,000; $ per CHF 2.750 Australia 2 3.076 s l 3.076 2.751 0.018 -29.5 -20.9 -21.2
Soybean Meal (CBT)-100 tons; $ per ton. Sept 1.0391 1.0428 1.0342 1.0360 –.0026 41,688
Sept 468.50 480.40 s 465.50 467.70 –.80 42,419 Dec 1.0457 1.0510 1.0428 1.0445 –.0027 626 1.250 10 3.638 s l 3.590 3.449 1.162 52.4 54.1 -13.3
Dec 426.90 436.60 424.00 429.30 2.10 193,074 Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 0.000 France 2 0.772 s l 0.709 0.418 -0.731 -260.0 -257.5 -96.1
Sept .6932 .6933 .6881 .6906 –.0015 167,181
Sept 69.64 70.45 68.12 68.77 –.82 38,019 Dec .6931 .6939 .6889 .6913 –.0014 1,878 2.000 10 1.980 s l 1.917 1.610 -0.129 -113.5 -113.2 -142.4
Dec 66.93 67.73 65.42 65.98 –.94 143,696 Mexican Peso (CME)-MXN 500,000; $ per MXN
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept .04975 .05004 .04972 .04995 .00020 204,930
0.400 Germany 2 0.933 s l 0.854 0.427 -0.736 -243.8 -243.1 -96.7
Sept 17.19 17.48 17.19 17.25 –.04 2,922 Dec .04890 .04915 .04885 .04906 .00019 645 1.700 10 1.372 s l 1.320 1.027 -0.474 -172.9 -176.9
-174.2
Nov 17.59 17.82 17.55 17.61 –.01 5,302 Euro (CME)-€125,000; $ per €
Wheat (CBT)-5,000 bu.; cents per bu. Sept .9984 1.0017 .9926 .9979 .0001 691,788 0.000 Italy 2 1.917 s l 1.891 1.678 -0.508 -145.4 -139.4 -73.9
Sept 782.25 799.75 775.00 795.00 12.25 47,466 Dec 1.0055 1.0083 .9994 1.0046 .0001 10,719 2.500 10 3.674 s l 3.638 3.329 0.576 56.0 58.9 -72.0
Dec 800.50 817.75 792.25 813.25 12.75 160,874
Wheat (KC)-5,000 bu.; cents per bu. Index Futures 0.005 Japan 2 -0.085 t l -0.083 -0.082 -0.135 -345.6 -336.8 -36.6
Sept 882.00 906.00 880.50 896.25 13.75 17,374
Mini DJ Industrial Average (CBT)-$5 x index 0.200 10 0.224 s l 0.222 0.214 0.020 -289.0 -282.7 -127.5
Dec 879.00 899.00 874.50 893.25 14.25 88,839
Sept 32901 33084 32753 32958 57 79,839
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Dec 32973 33170 32849 33054 59 920
0.000 Spain 2 1.143 s l 1.091 0.793 -0.607 -222.8 -219.4 -83.8
Aug 180.600 181.650 180.500 181.225 .325 2,548
Oct 183.825 185.800 183.625 184.450 … 16,375
Mini S&P 500 (CME)-$50 x index 2.550 10 2.571 s l 2.525 2.242 0.241 -54.3 -52.4 -105.4
Sept 4128.25 4158.50 4110.75 4142.75 12.25 2,253,172
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 4147.50 4175.50 4128.50 4160.50 12.50 65,008 0.125 U.K. 2 2.929 s l 2.711 1.839 0.129 -44.2 -57.4 -10.2
Aug 141.625 141.625 141.200 141.325 –.300 1,190
Mini S&P Midcap 400 (CME)-$100 x index 4.250 10 2.701 s l 2.580 1.941 0.539 -41.3 -46.9 -75.7
Oct 144.450 144.875 143.700 143.775 –.825 117,224
Sept 2521.00 2542.80 2510.90 2534.60 12.20 49,105
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 2540.90 11.40 5 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Oct 91.975 92.500 90.250 90.375 –2.525 85,267 Mini Nasdaq 100 (CME)-$20 x index
Dec 83.425 84.100 82.050 82.175 –2.050 70,148 Sept 12892.00 13011.25 12825.75 12929.75 33.25 257,169
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Sept 522.00 529.40 490.00 495.40 –20.60 997
Dec 12958.75 13085.25 12903.50 13005.75 33.50 4,851 Corporate Debt
Mini Russell 2000 (CME)-$50 x index
Nov 501.60 505.10 t 469.00 470.40 –20.80 1,246 Sept 1918.50 1944.30 1909.70 1935.20 14.60 514,304
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Milk (CME)-200,000 lbs., cents per lb. Dec 1926.70 1949.90 1916.70 1941.80 14.70 5,286 expectations
Aug 20.07 20.09 20.06 20.06 –.02 4,071 March'23 1945.00 1945.00 1945.00 1953.20 15.50 3
Sept 20.51 20.54 19.80 19.99 –.21 5,536 Mini Russell 1000 (CME)-$50 x index Investment-grade spreads that tightened the most…
Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 2277.90 2287.10 2266.90 2277.90 7.30 13,477
Spread*, in basis points
Sept 2,321 2,410 2,288 2,402 102 5,156 U.S. Dollar Index (ICE-US)-$1,000 x index Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Dec 2,348 2,402 2,325 2,398 80 151,015 Sept 108.49 109.06 108.30 108.62 .06 56,376
Lloyds Banking LLOYDS 4.582 4.77 Dec. 10, ’25 138 –40 173
Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 108.24 108.79 108.01 108.33 .07 1,186
Sept 234.35 242.35 234.35 242.95 12.30 1,604 Intesa Sanpaolo ISPIM 4.000 6.04 Sept. 23, ’29 293 –28 n.a.
Dec 228.10 240.00 228.00 239.00 10.75 100,542 Source: FactSet
Bank of Montreal BMO 1.500 3.89 Jan. 10, ’25 50 –13 n.a.
Bank of America BAC 3.875 3.75 Aug. 1, ’25 36 –12 37
Macro & Market Economics Citigroup C 4.400 4.33 June 10, ’25 94 –11 91
5.179 5.18 Nov. 19, ’25 178 –11 177
Watching the Gauges: U.S. Supply and Demand Banco Santander SANTAN

HSBC Holdings HSBC 4.950 5.19 March 31, ’30 208 –8 204
Inventories, imports and demand for the week ended August 19. Current figures are in thousands of barrels or
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Jackson National Life Global Funding … 1.750 4.49 Jan. 12, ’25 111 –7 112
and demand data are available monthly only.
…And spreads that widened the most
Inventories, 000s barrels Imports, 000s barrels per day Goldman Sachs GS 4.250 4.51 Oct. 21, ’25 114 27 82
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Barclays BACR 3.650 4.87 March 16, ’25 150 20 120
Current change week ago avg avg Current change week ago avg avg
HSBC Holdings HSBC 4.250 4.84 Aug. 18, ’25 146 17 131
Crude oil and 17
Cooperatieve Rabobank RABOBK 4.375 4.99 Aug. 4, ’25 162 137
petroleum prod 1,214,131 ... 1,213 1,257 1,214 1,300 8,465 ... 7,979 8,986 8,507 8,816
Crude oil Credit Suisse CS 4.550 5.68 April 17, ’26 246 12 223
excluding SPR 421,672 -500 425 433 426 442 6,171 ... 6,132 6,157 6,454 6,588 12
Royal Bank of Canada RY 1.050 3.91 Sept. 14, ’26 68 68
Gasoline 215,647 ... 216 226 219 231 615 ... 714 1,076 633 779
Finished gasoline 16,953 -1,100 16 18 17 23 48 ... 91 70 92 106 Telefonica Emisiones TELEFO 4.103 4.65 March 8, ’27 142 12 n.a.
Reformulated 33 ... 0 0 0 0 0 ... 0 0 0 0 Citigroup C 4.600 4.53 March 9, ’26 130 11 n.a.
Conventional 16,920 ... 16 18 17 23 48 ... 91 70 92 106
Blend. components 198,694 ... 200 208 202 208 567 ... 623 1,006 541 673 High-yield issues with the biggest price increases…
Natural gas (bcf) 2,519 ... 3 3 2 3 ... ... ... ... ... ... Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Kerosene-type
jet fuel 39,650 ... 40 44 41 41 1 ... 88 275 72 138 FirstEnergy FE 7.375 4.89 Nov. 15, ’31 118.250 1.28 119.888
Distillates 111,594 800 112 138 111 146 173 ... 164 288 194 210 0.75
Dish DBS … 5.875 9.84 Nov. 15, ’24 92.250 93.576
Heating oil 8,035 ... 7 8 7 9 0 ... 0 0 1 15
Diesel 103,559 ... 105 130 104 68 173 ... 164 288 193 195 Teva Pharmaceutical Finance Netherlands … 2.800 5.39 July 21, ’23 97.745 0.75 97.124
Residual fuel oil 28,387 ... 27 30 28 31 90 ... 211 109 182 149 Navient NAVI 6.750 7.43 June 25, ’25 98.282 0.58 n.a.
Other oils 305,362 ... 301 296 299 306 1,346 ... 591 1,001 870 817
Ford Motor Credit … 4.134 5.77 Aug. 4, ’25 95.625 0.47 97.198
Net crude, petroleum
products, incl. SPR 1,667,196 ... 1,674 1,879 1,677 1,950 -2,611 ... -2,730 1,047 -1,566 2,386 Hughes Satellite Systems SATS 6.625 7.71 Aug. 1, ’26 96.385 0.39 98.410
Telecom Italia TITIM 5.303 6.75 May 30, ’24 97.625 0.38 98.780
Weekly Demand, 000s barrels per day Natural gas storage 0.29
American Airlines AAL 11.750 7.42 July 15, ’25 111.038 112.094
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg …And with the biggest price decreases
Total petroleum Toledo Hospital TOLHOS 5.325 14.40 Nov. 15, ’28 63.500 –6.50 77.500
4250
product 19,339 ... 21,221 21,817 19,996 20,616 6.700 7.02 May 1, ’34 97.500 –1.25
XPO Logistics XPO n.a.
Finished Five-year average 3250 Occidental Petroleum OXY 6.450 5.42 Sept. 15, ’36 110.000 –0.75 109.204
t for each week
motor gasoline 8,434 ... 9,348 9,572 8,862 9,346 t Sprint Capital … 8.750 5.48 March 15, ’32 124.089 –0.60 126.653
Natural gas, 2250
Kerosene-type lower 48 states Ball BALL 5.250 5.32 July 1, ’25 99.806 –0.44 100.573
jet fuel 1,603 ... 1,604 1,399 1,607 1,610
1250 CSC Holdings CSCHLD 5.250 6.28 June 1, ’24 98.292 –0.42 99.500
Distillates 3,888 ... 3,925 4,104 3,854 4,159
Barclays BACR 5.200 5.24 May 12, ’26 99.872 –0.41 101.000
Residual fuel oil 141 ... 502 221 328 373 250
Propane/propylene 763 ... 965 1,085 770 ... Telecom Italia Capital TITIM 7.200 9.28 July 18, ’36 83.955 –0.38 87.619
S O N D J F M A M J J A
Other oils 4,510 ... 4,876 5,435 4,575 ... 2021 2022 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Source: MarketAxess

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
GblStock 13.71 +0.06 -5.1 BluCh 134.80 +0.86-26.6 CapApInst 73.94 +0.39-26.6 LrgCpStr 15.28 +0.04 NA 500Adml 383.04 +1.12-12.3 TotStAdml 101.09 +0.38-13.4 MdCpVlAdml 73.10 +0.33 -5.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Income 12.66 -0.02 -8.9 Contra 14.56 +0.06-21.4 Harding Loevner Parnassus Fds BalAdml 42.55 +0.05-12.1 TxMCapAdml214.19 +0.75-13.0 SmValAdml 71.51 +0.27 -6.1
Intl Stk 42.70 +0.08 -9.7 ContraK 14.62 +0.06-21.3 IntlEq 23.36 +0.03 NA ParnEqFd 54.59 +0.12-13.8 CAITAdml 11.20 -0.02 -6.9 TxMIn r 13.41 +0.01-17.2 TotBd2 9.74 -0.03-10.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Stock 227.96 +0.74 -5.8 CpInc 9.46 +0.01 -8.8 Invesco Funds A PGIM Funds Cl Z CapOpAdml r166.10 +1.08-14.2 USGroAdml 118.97 +0.73-29.4 TotIntlInstIdx r112.44 +0.05-16.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DoubleLine Funds GroCo 27.84 +0.17-23.7 EqIncA 10.52 +0.03 -6.6 HighYield 4.79 ... NA DivAppIdxAdm 41.80 +0.06 -9.5 ValAdml 54.62 +0.16 -3.7 TotItlInstPlId r112.47 +0.05-16.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI InvGrBd TotSt
9.30 -0.02 -8.8 10.27 -0.02-10.1 Invesco Funds Y TotalReturnBond 12.42 -0.03 NA EMAdmr 34.47 -0.03-15.1 WdsrllAdml 72.90 +0.24-10.2 101.06 +0.38-13.5
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Edgewood Growth Instituti LowP 49.87 +0.09 -7.3 DevMktY 35.43 -0.08-24.6 EqIncAdml 89.53 +0.20 -1.6 VANGUARD INSTL FDS
available due to incomplete price, performance or cost data. NE-Not released by Lipper; PIMCO Fds Instl WellsIAdml 63.67 -0.04 -7.9
EdgewoodGrInst 39.54 +0.34-34.6 Magin 12.06 +0.04-18.4 JHF III DispVal AllAsset 11.35 ... NA ExplrAdml 98.42 +0.83-17.3 WelltnAdml 73.41 +0.04-11.5 BalInst 42.56 +0.06-12.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Fidelity NASDAQ 157.31 +0.65-20.1 DispValMCI 25.85 +0.09 -6.6 ExtndAdml 112.16 +0.97-18.9 DevMktsIndInst 13.43 +0.02-17.2
TotRt 8.95 -0.03-11.4 WndsrAdml 78.90 +0.25 -2.5
500IdxInstPrem144.02 +0.43-12.2 OTC 14.88 +0.07-24.1 John Hancock PIMCO Funds A GNMAAdml 9.63 -0.03 -7.5 VANGUARD FDS DevMktsInxInst 20.99 +0.02-17.2
Wednesday, August 24, 2022 Contrafund K6 18.34 +0.07-21.1 Puritn 23.46 +0.06-13.1 BondR6 13.96 -0.04-11.6 IncomeFd 10.82 +0.01 -6.9 GrwthAdml 129.77 +0.45-21.2 DivdGro 35.93 +0.08 -5.5 ExtndInst 112.15 +0.97-18.9
Net YTD Net YTD Net YTD ExtMktIdxInstPre 70.43 +0.62-18.9 SAIUSQtyIdx 16.39 ...-13.5 JPMorgan I Class PIMCO Funds I2 HlthCareAdml r 87.23 +0.55 -5.7 IntlVal 35.65 +0.02-14.3 GrwthInst 129.78 +0.45-21.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret FidSerToMarket 13.78 +0.05-13.4 SrsEmrgMkt 16.38 +0.06-22.1 CoreBond 10.54 -0.02 NA Income 10.82 +0.01 -6.7 HYCorAdml r 5.29 ... -8.3 LifeCon 20.15 -0.02-11.9 InPrSeIn 10.49 ... -6.2
GrowthCompanyK6 17.42 +0.13-23.9 SrsGlobal 12.55 ...-16.7 EqInc 23.00 +0.05 NA PIMCO Funds Instl InfProAd 25.75 +0.01 -6.2 LifeGro 37.96 +0.06-13.8 InstIdx 351.51 +1.02-12.3
American Century Inv WshA 53.58 +0.14 -8.1 MunicipalBond 9.84 -0.02 -7.3 InflPrBdIndInsPr 10.44 ... -6.5 SrsGroCoRetail 15.69 +0.11-23.1 LgCpGwth 50.54 +0.08 NA IntlGrAdml 99.41 +1.04-28.6 InstPlus 351.52 +1.03-12.3
Ultra 68.89 +0.28-21.4 Artisan Funds Calamos Funds IncomeFd 10.82 +0.01 -6.7 LifeMod 28.98 +0.01-12.8
IntlIdxInstPrem 40.68 +0.02-17.5 SrsIntlGrw 14.75 -0.01-22.9 JPMorgan R Class Price Funds ITBondAdml 10.50 -0.03-10.5 InstTStPlus 73.56 +0.28-13.4
American Funds Cl A IntlVal Inst 36.90 -0.03-12.9 MktNeutI 13.92 +0.01 -4.0 PrmcpCor 29.97 +0.14-10.9
MidCpInxInstPrem 27.63 +0.17-12.9 SrsIntlVal 9.64 ...-13.7 CoreBond 10.56 -0.02 NA
BlChip 130.97 +0.51-26.3 ITIGradeAdml 8.63 -0.02-11.7 MidCpInst 59.78 +0.37-13.7
AmcpA 32.57 +0.17-22.9 Baird Funds Columbia Class I CorePlusBd 7.46 -0.02 NA STAR 27.10 +0.06-14.6
SAIUSLgCpIndxFd 19.95 +0.06-12.3 TotalBond 9.74 -0.02-10.4
DivGro 67.43 +0.21 -8.5 LarCapAd 95.56 +0.31-13.5 MidCpIstPl 294.80 +1.81-13.7
AMutlA 50.59 +0.10 -4.0 AggBdInst 9.96 -0.03-11.1 DivIncom I 29.45 +0.04 -6.0 TgtRe2020 27.58 ...-11.1
SeriesBondFd 9.23 -0.03-10.3 Fidelity SAI Lord Abbett A LTGradeAdml 8.40 -0.03-21.2 RealEstaInstl 21.20 +0.13-15.6
BalA 29.72 +0.04-10.0 CorBdInst 10.22 -0.02-10.9 Dimensional Fds Growth 75.71 +0.39-28.8 TgtRe2025 17.81 ...-12.4
SeriesOverseas 10.91 +0.02-24.2 TotalBd 9.23 -0.02-10.0 ShtDurIncmA p 3.92 ... -4.1 MidCpAdml 270.59 +1.66-13.7 SmCapInst 94.87 +0.71-11.9
BondA 11.84 -0.03-10.0 BlackRock Funds 5GlbFxdInc 10.05 -0.01 -6.1 HelSci 91.65 +0.82-11.9 TgtRe2030 33.40 +0.02-13.1
SerLTTreBdIdx 6.47 -0.05-22.9 U.S.TreBdIdx 8.99 -0.02 -9.8 Lord Abbett I MuHYAdml 10.57 -0.03-10.1 SmCapIstPl 273.85 +2.06-11.9
CapIBA 63.93 +0.04 -7.7 HiYldBd Inst 6.90 +0.01 -9.0 EmgMktVa 27.87 +0.01 -9.5 ShtDurInc p 3.92 LgCapGow I 55.07 +0.30-25.1 TgtRe2035 20.65 +0.02-13.4
SmCpIdxInstPrem 23.99 +0.20-13.0 First Eagle Funds ... -3.7 MuIntAdml 13.48 -0.03 -6.9 STIGradeInst 10.10 -0.01 -5.1
CapWGrA 52.05 +0.07-17.4 BlackRock Funds A EmMktCorEq 21.16 -0.02-14.7 TMktIdxInstPrem115.74 +0.44-13.4 GlbA Metropolitan West MidCap 95.74 +0.55-18.4 TgtRe2040 36.26 +0.06-13.7
59.42 +0.21 -7.9 MuLTAdml 10.75 -0.03 -9.8 STIPSIxins 25.14 +0.04 -0.1
EupacA 49.54 +0.13-23.1 GlblAlloc 17.02 ...-13.2 IntlCoreEq 13.36 ...-15.8 TotalMarketIndex 14.58 +0.06-13.1 FPA Funds TotRetBdI 9.53 -0.02-11.4 NHoriz 55.84 +0.67-27.3
MuLtdAdml 10.72 -0.01 -3.1 TgtRe2045 24.39 +0.05-14.1 TotBdInst 9.86 -0.03-10.5
FdInvA 63.61 +0.26-14.1 BlackRock Funds III IntSmCo 17.55 +0.06-18.9 USBdIdxInstPrem 10.60 -0.03-10.3 NwInc 9.63 ... -2.6 TRBdPlan 8.94 -0.02-11.3 R2020 19.63 +0.02-11.6
MuShtAdml 15.60 ... -1.2 TgtRe2050 40.25 +0.08-14.2 TotBdInst2 9.74 -0.03-10.6
GwthA 57.54 +0.32-22.6 iShS&P500IdxK486.72 +1.42-12.5 IntSmVa 18.30 +0.06-13.8 Fidelity Freedom Franklin A1 MFS Funds R2025 17.07 +0.02-12.6 PrmcpAdml r148.66 +0.70-12.3 TgtRe2060 41.22 +0.08-14.2 TotBdInstPl 9.86 -0.03-10.5
HI TrA 9.40 ... -7.8 BlackRock Funds Inst LgCo 29.52 +0.09-12.3 FF2020 13.72 +0.01-12.9 IncomeA1 2.34 ... -4.1 IIE 27.61 +0.14-17.5 R2030 25.44 +0.05-13.7 RealEstatAdml136.96 +0.82-15.6 TgtRet2055 44.81 +0.09-14.2 TotIntBdIdxInst 29.81 -0.06 -9.4
ICAA 43.79 +0.15-13.7 EqtyDivd 19.26 +0.06 -3.8 US CoreEq1 32.38 +0.11-10.5 FF2025 12.60 +0.01-13.5 FrankTemp/Frank Adv MFS Funds Class I R2040 27.71 +0.08-15.4 SmCapAdml 94.88 +0.72-11.9 TgtRetInc 12.94 ... -9.8 TotStInst 101.11 +0.39-13.4
IncoA 23.88 +0.03 -6.3 StratIncOpptyIns 9.53 -0.01 -4.4 US CoreEq2 29.39 +0.09-10.4 FF2030 15.72 +0.02-13.9 IncomeAdv 2.31 ... -4.4 GrowthI 150.48 +0.29-22.6 Schwab Funds SmGthAdml 79.24 +1.03-19.9 WellsI 26.28 -0.02 -8.0 ValueInst 54.62 +0.16 -3.7
IntBdA 12.82 -0.02 -5.4 Bridge Builder Trust US Small 42.34 +0.15 -9.6 FF2035 13.50 +0.02-14.9 FrankTemp/Franklin A ValueI 50.54 +0.14 -6.7 1000 Inv r 89.70 +0.32 NA STBondAdml 10.02 -0.02 -4.7 Welltn 42.51 +0.02-11.6 WCM Focus Funds
N PerA 51.92 +0.21-21.8 CoreBond 9.19 -0.02-10.5 US SmCpVal 42.45 +0.12 -1.9 FF2040 9.55 +0.02-15.4 Growth A 122.32 +0.72-18.7 Northern Funds S&P Sel 64.01 +0.19 NA STIGradeAdml 10.10 -0.01 -5.1 WndsrII 41.09 +0.13-10.3 WCMFocIntlGrwIns 20.28 +0.09 NA
NEcoA 46.46 +0.24-24.9 CorePlusBond 9.12 -0.02-10.7 US TgdVal 29.25 +0.10 -2.6 Freedom2030 K 15.71 +0.02-13.9 RisDv A 86.25 +0.20-10.6 StkIdx 45.47 +0.13-12.3 TSM Sel r 71.28 +0.27 NA STIPSIxAdm 25.12 +0.03 -0.1 VANGUARD INDEX FDS Western Asset
NwWrldA 68.31 +0.13-20.6 Intl Eq 10.73 ...-19.8 USLgVa 42.85 +0.17 -6.0 Idx2030InsPre 17.87 +0.01-13.4 Guggenheim Funds Tru Nuveen Cl I TIAA/CREF Funds TotBdAdml 9.86 -0.03-10.6 ExtndIstPl 276.78 +2.40-18.9 CoreBondI 11.14 -0.03-13.5
SmCpA 58.92 +0.39-26.4 LargeCapGrowth 18.88 +0.09-19.7 Dodge & Cox Fidelity Invest TotRtnBdFdClInst 24.45 -0.07-12.4 HYMunBd 15.93 -0.07-10.9 EqIdxInst 29.73 +0.12-13.0 TotIntBdIdxAdm 19.87 -0.04 -9.4 IdxIntl 16.81 +0.01-16.8 CorePlusBdI 9.91 -0.03-15.3
TxExA 12.24 -0.03 -8.5 LargeCapValue 16.22 +0.05 -5.4 Balanced 100.70 +0.14 -6.4 Balanc 26.32 +0.05-12.9 Harbor Funds Old Westbury Fds VANGUARD ADMIRAL TotIntlAdmIdx r 28.12 +0.02-16.7 MdCpGrAdml 85.41 +0.68-21.8 CorePlusBdIS 9.90 -0.04-15.4
 .

THE WALL STREET JOURNAL. Thursday, August 25, 2022 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. IntuitiveSurgical ISRG 220.47 3.66 MonsterBev MNST 90.43 0.27 RaymondJames RJF 107.16 0.66 ThomsonReuters TRI 113.30 -0.29 UnitedHealth UNH 536.46 0.66 Welltower WELL 77.51 0.36
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. InvitatHomes INVH 37.68 0.19 Moody's MCO 298.85 0.25 RaytheonTech RTX 93.31 0.88 3M MMM 141.04 -0.71 UnitySoftware U 45.76 0.84 WestFraserTimber WFG 91.08 -0.68
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four IronMountain IRM 54.45 1.22 MorganStanley MS 88.60 0.30 RealtyIncome O 70.64 0.03 Toast TOST 19.65 1.21 UnumGroup UNM 39.34 0.28 WestPharmSvcs WST 310.58 0.87
that include primary market trades as well as quarters. ItauUnibanco ITUB 5.14 0.02 Morningstar MORN 235.41 -0.54 RegalRexnord RRX 144.90 0.33 Toro TTC 87.14 0.16 VF VFC 43.42 0.01 WestAllianceBcp WAL 81.14 ...
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Mosaic MOS 60.69 3.44 RegencyCtrs REG 63.20 0.20 TorontoDomBk TD 65.85 -0.37 VICI Prop VICI 33.99 0.30 WesternDigital WDC 46.21 0.36
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing J K L MotorolaSol MSI 248.63 2.46 RegenPharm REGN 602.79 0.26 TotalEnergies TTE 53.65 -1.08 VailResorts MTN 235.18 0.59 WesternMidstrm WES 28.59 0.05
Nasdaq ISE. standards MurphyUSA MUSA 297.03 -0.54 RegionsFin RF 22.12 0.07 ToyotaMotor TM 154.50 1.02 Vale VALE 13.31 -0.45 Westlake WLK 104.99 -1.48
The list comprises the 1,000 largest companies lf-Late filing JD.com JD 59.44 2.24 NICE NICE 219.71 2.26 ReinsGrp RGA 128.10 0.28 TractorSupply TSCO 198.97 -1.06 ValeroEnergy VLO 122.12 0.01 WestRock WRK 41.19 -0.25
based on market capitalization. q-Temporary exemption from Nasdaq JPMorganChase JPM 115.80 0.28 NIO NIO 18.87 0.58 RelianceSteel RS 189.98 -0.06 TradeDesk TTD 63.90 0.51 VeevaSystems VEEV 213.87 2.34 Weyerhaeuser WY 36.01 0.50
Underlined quotations are those stocks with requirements. Jabil JBL 62.11 0.05 VTR 48.24 0.08
NOV NOV 18.81 0.46 Repligen RGEN 229.86 5.85 Tradeweb TW 72.37 0.88 Ventas WheatonPrecMet WPM 32.82 0.30
large changes in volume compared with the t-NYSE bankruptcy JackHenry JKHY 200.59 -0.34 VRSN 193.38 -0.80
NRG Energy NRG 41.95 0.06 RepublicSvcs RSG 146.68 0.94 TraneTech TT 158.06 0.20 VeriSign Whirlpool WHR 165.22 0.15
issue’s average trading volume. v-Trading halted on primary market. JacobsEngg J 131.52 0.50 NVR NVR 4289.01 88.10 ResMed RMD 223.72 -0.96 TransDigm TDG 643.04 4.27 VeriskAnalytics VRSK 194.68 0.22 Williams WMB 35.58 0.46
JamesHardie JHX 23.63 -0.04
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being NXP Semi NXPI 173.01 -0.93 RestaurantBrands QSR 60.11 1.40 TransUnion TRU 80.01 1.07 t Verizon VZ 43.55 0.08 Williams-Sonoma WSM 162.44 -2.00
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, JazzPharm JAZZ 161.18 4.37 Nasdaq NDAQ 186.22 1.90 RexfordIndlRealty REXR 65.17 1.11 Travelers TRV 168.49 0.20 VertexPharm VRTX 291.03 4.78 WillisTowers WTW 209.74 0.80
previous closing price was $2 or higher. or securities assumed by such companies. JefferiesFin JEF 33.29 0.17 NationalGrid NGG 68.68 -0.59 RioTinto RIO 59.12 -1.98 Viatris VTRS 10.16 0.01 WillScotMobile WSC 41.62 0.77
Trimble TRMB 68.17 1.21
J&J JNJ 165.58 -0.55 206.67 -0.13
NatlRetailProp NNN 46.04 0.23 RitchieBros RBA 70.37 -0.50 Trip.com TCOM 27.86 0.97 Visa V Wipro WIT 5.18 -0.01
JohnsonControls JCI 55.47 0.25 NatWest NWG 6.18 -0.07 Rivian RIVN 32.56 0.35 Vistra VST 25.19 0.72
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and TruistFinl TFC 49.11 -0.16 Wolfspeed WOLF 115.83 3.83
JonesLang JLL 176.73 1.05 VMW 118.95 0.69
changes in the closing prices from 4 p.m. the previous day. NetApp NTAP 72.82 -0.46 RobertHalf RHI 78.56 0.39 Twilio TWLO 72.91 0.07 VMware WoodsideEnergy WDS 24.23 0.07
JuniperNetworks JNPR 28.99 -0.03 NetEase NTES 88.19 0.64 Robinhood HOOD 9.32 0.14 Twitter TWTR 40.79 0.93 t Vodafone VOD 13.76 -0.14 Workday WDAY 160.38 2.72
KB Financial KB 37.80 0.60 Netflix NFLX 229.61 5.06 Roblox RBLX 41.18 0.11 TylerTech TYL 387.33 0.05 VulcanMatls VMC 171.14 -0.01 WynnResorts WYNN 62.82 1.33
Wednesday, August 24, 2022 Net Net KBR KBR 51.00 0.21 Neurocrine NBIX 106.59 0.97 RocketCos. RKT 9.11 -0.25 TysonFoods TSN 79.53 -0.30 XP XP 22.43 0.81
Net Stock Sym Close Chg Stock Sym Close Chg KE Holdings BEKE 17.35 0.52 NewFortressEner NFE 61.66 2.10 Rockwell ROK 243.14 -0.28 UBS Group UBS 15.74 -0.12
W X Y Z XcelEnergy XEL 75.41 0.06
Stock Sym Close Chg KKR KKR 53.16 0.33 NewellBrands NWL 20.06 -0.71 RogersComm B RCI 44.61 -0.38 XPEV 19.08 0.35
Brown-Forman B BF.B 77.33 0.77 ElancoAnimal ELAN 16.13 -0.08 KLA
UDR UDR 47.20 0.55 WEC Energy WEC 105.87 -0.08 XPeng
KLAC 362.67 0.22 Newmont NEM 44.80 0.25 Roku ROKU 69.01 0.16 XYL 96.13 -0.02
Bruker BRKR 59.61 0.41 Elastic ESTC 83.12 2.37 Kanzhun
UGI UGI 40.26 -0.19 WEX WEX 167.44 3.79 Xylem
BZ 22.77 0.94
A B C BuildersFirst BLDR 64.44 0.24 ElbitSystems ESLT 211.72 6.71 KarunaTherap KRTX 267.67 -1.84
NewsCorp A NWSA 17.48
NewsCorp B NWS 17.82
0.17 Rollins
0.16 RoperTech
ROL 35.59 -0.22 US Foods USFD 31.81 0.55 W.P.Carey WPC 85.86 -0.27 YumBrands YUM 114.67 -0.04
ROP 418.62 1.89 Uber UBER 28.71 0.90 t WPP WPP 44.97 -0.52 YumChina YUMC 48.09 -0.62
ABB ABB 28.49 -0.05 Bunge BG 101.33 -0.58 ElectronicArts EA 125.61 -1.12 Kellogg K 76.10 -0.09 NexstarMedia NXST 192.43 -1.15 RossStores ROST 90.56 2.60
0.17 KeurigDrPepper KDP 39.61 Ubiquiti UI 315.88 -1.44 Wabtec WAB 91.88 0.58 ZTO Express ZTO 24.32 -2.44
ADT ADT 7.66 -0.03 BurlingtonStrs BURL 163.73 4.93 ElevanceHealth ELV 493.40 0.12 NextEraEnergy NEE 88.71 0.73 RoyalBkCanada RY 95.01 -2.51 UiPath PATH 17.24 0.37 WalgreensBoots WBA 36.77 -0.67 ZebraTech ZBRA 319.34 2.35
AECOM ACM 76.24 0.68 CBRE Group CBRE 81.39 0.18 EmersonElec EMR 86.94 0.21 KeyCorp KEY 18.75 -0.02 NielsenHoldings NLSN 27.80 0.02 RoyalCaribbean RCL 41.94 2.98 UltaBeauty ULTA 412.02 10.71 Walmart WMT 134.97 0.97 Zendesk ZEN 76.48 0.01
AES AES 25.57 0.76 CDW CDW 184.40 0.03 Enbridge ENB 44.11 0.39 KeysightTechs KEYS 170.89 0.66 Nike NKE 111.41 0.73 RoyaltyPharma RPRX 43.45 ... Unilever UL 46.94 0.35 WarnerBrosA WBD 13.52 0.73 Zillow C Z 34.39 0.96
Aflac AFL 61.55 -0.04 CF Industries CF 112.50 3.45 Endeavor EDR 22.93 0.14 KilroyRealty KRC 50.33 -0.37 NiSource NI 30.94 0.17 RyanSpecialty RYAN 44.68 -0.13 UnionPacific UNP 238.29 0.65 WarnerMusic WMG 28.02 -0.37 Zillow A ZG 34.56 0.97
CGI GIB 81.93 -0.52 s EnergyTransfer ET 12.29 0.11 KimberlyClark KMB 133.69 -0.55 Nokia NOK 4.95 0.01 Ryanair
AGCO AGCO 112.53 1.84 RYAAY 73.07 0.72 UnitedAirlines UAL 37.39 0.48 WasteConnections WCN 141.41 0.48 ZimmerBiomet ZBH 109.70 0.40
s EnphaseEnergy ENPH 293.09 7.68 KimcoRealty KIM 22.10
AMTD Digital HKD 171.90 -8.20 CH Robinson CHRW 118.91 1.89 0.12 NomuraHoldings NMR 3.68 -0.04 SAP SAP 87.42 0.05 UnitedMicro UMC 6.73 ... WasteMgt WM 173.48 0.05 ZionsBancorp ZION 56.28 0.09
Ansys ANSS 260.46 1.10 CME Group CME 198.90 1.22 Entegris ENTG 100.93 -0.16 KinderMorgan KMI 19.20 0.31 Nordson NDSN 239.80 0.63 S&P Global SPGI 375.71 2.91
ETR 119.27 -0.23 Knight-Swift KNX 53.68 UPS B UPS 203.04 -2.23 Waters WAT 316.88 2.05 Zoetis ZTS 162.63 0.21
APA APA 40.31 1.52 CMS Energy CMS 69.34 -0.01 Entergy -0.36 NorfolkSouthern NSC 259.82 1.52 SBA Comm SBAC 332.97 -0.07 UnitedRentals URI 308.00 0.99 Watsco WSO 287.39 2.56 ZoomVideo ZM 83.61 2.29
5.87 -0.05 CNA Fin CNA 40.01 -0.28 EnterpriseProd EPD 27.07 0.12 t KoninklijkePhil PHG 17.75 -0.04 NorthernTrust NTRS 98.15 0.01 SEI Investments SEIC 55.92
ASETech ASX 0.05 US Bancorp USB 47.19 -0.22 WebsterFin WBS 47.86 -0.18 ZoomInfoTech ZI 47.13 -2.29
ASML ASML 525.44 -0.31 CNH Indl CNHI 12.59 0.04 Equifax EFX 205.87 1.35 t KoreaElcPwr KEP 7.50 -0.23 NorthropGrum NOC 488.89 6.01 SK Telecom SKM 21.15 -0.04
CRH 37.40 -0.61 Equinix EQIX 671.47 3.69 KraftHeinz UnitedTherap UTHR 222.49 -4.02 WellsFargo WFC 44.64 0.27 Zscaler ZS 165.65 0.30
AT&T T 18.01 -0.05 CRH KHC 38.91 0.19 NortonLifeLock NLOK 23.12 -0.10 SS&C Tech SSNC 58.31 -0.44
CSX 33.62 -0.01 s Equinor EQNR 41.94 1.02 Kroger
AbbottLabs ABT 105.44 -0.57 CSX KR 49.66 0.06 Novartis NVS 83.61 0.13 StoreCapital STOR 27.60 0.01
AbbVie ABBV 137.91 -1.11 CVS Health CVS 101.28 0.15 Equitable EQH 30.22 -0.09 LKQ LKQ 54.48 0.10 NovoNordisk NVO 110.02 3.45 SVB Fin SIVB 429.50 6.99
Abiomed ABMD 268.04 5.81 CableOne CABO1213.72 -36.28 EquityLife ELS 73.16 0.50 LPL Financial LPLA 225.26 2.47 Novocure NVCR 84.40 5.83 Salesforce CRM 180.01 4.01
AcadiaHealthcare ACHC 84.07 1.05
Accenture
CadenceDesign CDNS
ACN 306.26 -0.44 CaesarsEnt CZR 45.99 0.32
182.99 -0.26 EquityResdntl EQR 76.70
ErieIndemnity A ERIE 215.63
1.37 L3HarrisTech LHX 233.08
1.52 LabCorp.ofAmerica LH 232.80
0.94
-6.05
NuHoldings NU
Nucor
4.95
NUE 138.13
0.39 Samsara
0.67 t Sanofi
IOT 15.64
SNY 40.58
0.33
-0.14
Cash Prices Wednesday, August 24, 2022
CamdenProperty CPT 136.72 0.68 EssentialUtil WTRG 50.95 0.29 LamResearch LRCX 463.01 -0.96
ActivisionBliz ATVI 79.28 -0.06
CCJ 27.01 3.47 EssexProp ESS 280.28 2.59 LamarAdv
Nutrien NTR 98.48 2.14 s SareptaTherap SRPT 114.75 5.66 These prices reflect buying and selling of a variety of actual or “physical”
Adobe ADBE 405.65 -4.76 Cameco LAMR 98.56 0.76 NVIDIA NVDA 172.22 0.41 Sasol SSL 20.69 0.80
AdvanceAuto AAP 179.91 -19.14 CampbellSoup CPB 51.55 0.39 EsteeLauder EL 265.43 -0.13 LambWeston LW 82.40 0.81 Schlumberger SLB 39.91 0.55 commodities in the marketplace—separate from the futures price on an
AdvDrainageSys WMS 142.69 1.34 CIBC CM 50.49 -0.93 Etsy ETSY 105.90 2.16 LasVegasSands LVS 37.87 0.99 O P Q SchwabC SCHW 73.32 0.53 exchange, which reflects what the commodity might be worth in future
CanNtlRlwy CNI 124.99 0.45 EverestRe RE 273.71 1.04 LatticeSemi LSCC 59.36 -0.25
AdvMicroDevices AMD 92.73 0.24 -0.13 Sea SE 64.64 1.26
Aegon AEG 4.55 0.01 CanNaturalRes CNQ 56.60 0.47
Evergy EVRG 70.12 0.10 Lear LEA 139.78 1.71 OGE Energy OGE 41.84 STX 76.07 0.51 months.
80.56 0.28 EversourceEner ES 92.03 0.27 LegendBiotech LEGN 47.96 1.90 ONEOK OKE 66.11 1.31 Seagate
AerCap AER 46.36 -0.34 CanPacRlwy CP Seagen SGEN 164.12 0.56
AffirmHldgs AFRM 30.23 0.91 Canon CAJ 25.07 -0.04 Exelon EXC 45.49 0.42 Leidos LDOS 99.58 -0.67 OReillyAuto ORLY 711.21 -8.88
SEE 56.71 0.44 Wednesday Wednesday
CapitalOne COF 110.36 0.55 Expedia EXPE 106.80 0.83 Lennar A LEN 83.80 1.69 s OccidentalPetrol OXY 74.91 1.12 SealedAir
AgilentTechs A 133.67 1.03 OKTA 96.63 3.12 Sempra SRE 168.43 0.13
agilon health AGL 22.05 0.64 Capri CPRI 50.76 0.27 ExpeditorsIntl EXPD 106.40 0.11 Lennar B LEN.B 66.68 1.17 Okta 28.40 0.62 Energy Grains and Feeds
CardinalHealth CAH 68.75 0.77 ExtraSpaceSt EXR 207.68 2.04 LennoxIntl LII 250.04 3.82 Olaplex OLPX 14.96 0.15 SentinelOne S
AgnicoEagle AEM 45.71 0.76 ServiceCorp SCI 65.26 -0.19
AirProducts APD 262.72 1.40 Carlisle CSL 309.44 1.96 ExxonMobil XOM 98.58 0.58 LeviStrauss LEVI 18.54 0.05 OldDomFreight ODFL 291.37 -0.58 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 187.150 Barley,top-quality Mnpls-u n.a.
Carlyle CG 33.49 0.16 F5 FFIV 164.82 -0.97 LiAuto LI 29.70 0.34 OldRepublic ORI 24.12 -0.12 ServiceNow NOW 457.52 -2.47
Airbnb ABNB 114.51 2.91 OLN 56.07 -0.20 ShawComm B SJR 26.66 -0.24 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 16.250 Bran,wheat middlings, KC-u 210
AkamaiTech AKAM 93.51 0.15 CarMax KMX 90.92 0.58 FMC FMC 114.68 1.39 LibertyBroadbandC LBRDK 107.23 -1.36 Olin SHEL 54.44 -0.61
FactSet FDS 441.93 2.93 LibertyBroadbandA LBRDA 107.18 OmegaHealthcare OHI 32.52 0.03 Shell Corn,No. 2 yellow,Cent IL-bp,u 6.9900
Albemarle ALB 287.88 6.85 Carnival CCL 10.05 0.51 -1.17
OMC 69.59 -0.12 SherwinWilliams SHW 239.53 1.45 Metals 196.7
Albertsons ACI 28.34 0.05 Carnival CUK 9.00 0.41 FairIsaac FICO 478.72 2.59 LibertyGlobal C LBTYK 21.78 0.06 Omnicom SHG 26.98 0.42
Corn gluten feed,Midwest-u,w
Fastenal FAST 53.01 0.22 LibertyGlobal A LBTYA 20.51 0.06 ON Semi ON 72.03 0.78 ShinhanFin 664.1
Alcoa AA 54.43 1.34 CarrierGlobal CARR 41.66 0.20 OpenText OTEX 37.24 -0.10 s ShockwaveMed SWAV 301.78 2.59 Gold, per troy oz Corn gluten meal,Midwest-u,w
FederalRealty FRT 106.20 0.08 LibertyFormOne C FWONK 68.29
Alcon ALC 69.33 1.58 CaseysGenStores CASY 218.56 1.42 0.63
Oracle ORCL 76.17 -0.24 Shopify SHOP 33.29 0.82 Engelhard industrial 1745.00 Cottonseed meal-u,w 410
CTLT 102.69 0.18 FedEx FDX 226.06 0.80 LibertyFormOne A FWONA 61.95
AlexandriaRlEst ARE 159.35 1.67 Catalent 0.48
Orange ORAN 10.10 -0.16 SignatureBank SBNY 186.87 0.79 Handy & Harman base 1745.65 Hominy feed,Cent IL-u,w 192
CAT 194.16 -3.05 Ferguson FERG 120.36 0.03 LibertyBraves A BATRA 29.16
Alibaba BABA 92.52 2.69 Caterpillar 0.43
0.14 SimonProperty SPG 106.68 -0.16
ALGN 261.70 9.47 Celanese CE 116.39 0.39 Ferrari RACE 203.60 1.70 LibertyBraves C BATRK 28.10 0.32
Organon OGN 30.06 Handy & Harman fabricated 1937.67 Meat-bonemeal,50% pro Mnpls-u,w 408
AlignTech Orix IX 83.30 0.74 SiriusXM SIRI 6.24 -0.04
Alleghany 841.10 -0.23
s CelsiusHldg CELH 113.54 0.50 FidNatlFin FNF 39.39 -0.33 LibertySirius C LSXMK 42.25 0.01 SWKS 104.49 0.63 LBMA Gold Price AM *1739.45 Oats,No.2 milling,Mnpls-u 4.4850
Y
CenovusEnergy CVE 19.48 0.37 FidNatlInfo FIS 95.03 -0.53 LibertySirius A LSXMA 42.50 OtisWorldwide OTIS 77.37 0.47 Skyworks
Allegion ALLE 101.87 -0.05 0.18
Ovintiv OVV 53.67 1.22 SmithAO AOS 60.96 0.21 LBMA Gold Price PM *1746.55 Rice, Long Grain Milled, No. 2 AR-u,w 33.75
Centene CNC 95.62 0.51 FifthThirdBncp FITB 35.62 ... LifeStorage LSI 134.38 1.30
AlliantEnergy LNT 62.72 -0.08
CenterPointEner CNP 32.27 0.36 FirstCitizBcshA FCNCA 829.21 7.54 EliLilly OwensCorning OC 87.42 0.57 t Smith&Nephew SNN 24.39 0.12 Krugerrand,wholesale-e 1828.23 Sorghum,(Milo) No.2 Gulf-u n.a.
Allstate ALL 126.96 1.46 LLY 318.87 3.77 SJM 144.13 1.78
CentraisElBras EBR 9.38 0.03 FirstHorizon FHN 22.87 0.06 LincolnElectric LECO 143.71 PG&E PCG 12.00 0.28 Smucker Maple Leaf-e 1871.97 SoybeanMeal,Cent IL,rail,ton48%-u,w 507.20
AllyFinancial ALLY 34.76 0.40 0.09 SNAP 10.86 0.26
CeridianHCM CDAY 63.26 0.92 FirstIndRlty FR 52.43 0.24 LincolnNational LNC 48.43 PNC Fin PNC 167.40 0.91 Snap American Eagle-e 1871.97 Soybeans,No.1 yllw IL-bp,u 16.0900
AlnylamPharm ALNY 221.00 4.11 0.27 SNA 223.95 0.85
24.79 ... FirstRepBank FRC 159.72 0.51 Linde POSCO PKX 45.71 -0.84 SnapOn
Alphabet C GOOG 114.70 -0.07 ChangeHlthcr CHNG LIN 293.13 -1.05
PPG Ind PPG 128.01 0.36 Snowflake SNOW 159.49 6.42 Mexican peso-e 2257.03 Wheat,Spring14%-pro Mnpls-u 10.8775
FirstSolar FSLR 118.44 4.02 LithiaMotors LAD 274.00
Alphabet A GOOGL 113.69 -0.17 CharlesRiverLabs CRL 209.74 -1.07 4.64
PPL PPL 30.22 -0.01 SOQUIMICH SQM 101.94 2.82 Austria crown-e 1717.86 Wheat,No.2 soft red,St.Louis-u 8.0750
ChartIndustries GTLS 202.95 2.95 FirstEnergy FE 40.60 0.12 LiveNationEnt LYV 93.69 0.88
Altria MO 45.80 0.27 PTC PTC 115.71 1.04 SolarEdgeTech SEDG 294.61 6.15 Austria phil-e 1836.98 Wheat - Hard - KC (USDA) $ per bu-u 9.7325
Fiserv FISV 106.18 0.17 LloydsBanking LYG
AlumofChina ACH 9.23 -0.01 CharterComms CHTR 429.18 -2.88 2.05 -0.02
Paccar PCAR 91.49 0.86 Sony SONY 84.16 0.14
Amazon.com AMZN 133.80 0.18 CheckPoint CHKP 122.28 0.34
FiveBelow FIVE 132.06 0.34 LockheedMartin LMT 433.71 0.59 78.87 0.08 Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 8.7000
CHE 477.93 -4.45 Five9 FIVN 102.53 -0.26 Loews PackagingCpAm PKG 139.96 -1.17 Southern SO
Ambev ABEV 3.04 0.06 Chemed L 57.19 0.19
PagayaTech PGY 14.36 -1.30 SoCopper SCCO 49.23 -0.15 Engelhard industrial 19.1000
Food
s FleetCorTech FLT 229.41 1.14 LogitechIntl LOGI 52.60
Amcor AMCR 12.67 0.09 CheniereEnergy LNG 171.68 0.66 0.16
PalantirTech PLTR 8.10 0.09 SouthwestAir LUV 37.80 0.33 Handy & Harman base 19.1350
CheniereEnerPtrs CQP 55.88 1.85 Flex FLEX 18.16 -0.01 Lowe's LOW 208.41 0.94
Amdocs DOX 87.74 -0.08 PaloAltoNtwks PANW 564.81 -4.70 SouthwesternEner SWN 7.81 0.06 Handy & Harman fabricated 23.9190 Beef,carcass equiv. index
Floor&Decor FND 88.86 0.24 Lucid
Amerco UHAL 565.00 -1.82 ChesapeakeEner CHK 103.75 3.38 LCID 16.44 0.46
ParamountB PARA 25.01 0.51 Splunk SPLK 110.36 2.12
AEE 95.74 0.40 Chevron CVX 163.19 1.20 FomentoEconMex FMX 65.54 -0.46 LufaxHolding LU 4.27 0.16 SPOT 110.05 2.02
LBMA spot price *£16.1400 choice 1-3,600-900 lbs.-u 233.86
Ameren
15.52 0.20 lululemon ParamountA PARAA 28.25 0.70 Spotify
AmericaMovil A AMOV 18.27 -0.37 ChewyA CHWY 40.25 -1.01 FordMotor F LULU 317.84 1.91 ParkerHannifin PH (U.S.$ equivalent) *18.9900 select 1-3,600-900 lbs.-u 208.85
ChinaEastrnAir CEA 17.57 -0.09 Fortinet FTNT 50.16 -0.43 LumenTech LUMN 10.91 285.40 -0.16 t StanleyBlackDck SWK 93.54 1.21
AmericaMovil AMX 18.69 -0.12 0.03 Paychex PAYX 135.08 0.08 Starbucks SBUX 86.05 1.36 Coins,wholesale $1,000 face-a 18750 Broilers, National comp wtd. avg.-u,w 1.2917
7.07 0.07 Fortis FTS 45.92 -0.11 LyondellBasell LYB
AmerAirlines AAL 13.99 0.17 ChinaLifeIns LFC 88.25 -1.96 PaycomSoftware PAYC 371.45 2.76 StarwoodProp STWD 23.47 -0.02 Other metals Butter,AA Chicago-d 3.0000
Fortive FTV 65.94 0.15
AEP AEP 102.66 -0.04 ChinaPetrol SNP 46.57 -0.34 PCTY 246.96 -0.03 StateStreet STT 70.53 -0.24
ChinaSoAirlines ZNH 27.07 -0.04 FortBrandsHome FBHS 65.68 0.57 M N Paylocity
0.36
LBMA Platinum Price PM *868.0 Cheddar cheese,bbl,Chicago-d 187.50
AmerExpress AXP 159.13 1.80 FOXA 34.78 0.27 PayPal PYPL 93.76 0.56 SteelDynamics STLD 81.39
AmericanFin AFG 131.47 0.32 Chipotle CMG 1643.13 12.98 FoxA
Pearson PSO 10.24 -0.01 Stellantis STLA 14.07 0.06 Platinum,Engelhard industrial 879.0 Cheddar cheese,blk,Chicago-d 176.00
Chubb CB 196.41 -0.32 FoxB FOX 32.08 0.26 M&T Bank MTB 184.34 0.04
AmHomes4Rent AMH 36.61 0.29 Franco-Nevada FNV 132.50 1.21 MGM Resorts MGM 34.67 0.37 PembinaPipeline PBA 37.96 0.32 Steris STE 205.53 2.74 Palladium,Engelhard industrial 2030.0 Milk,Nonfat dry,Chicago lb.-d 154.00
AIG AIG 54.32 0.05 ChunghwaTel CHT 40.48 -0.22 FranklinRscs BEN 27.07 0.04 MKS Instrum MKSI 105.98 0.04 PenskeAuto PAG 120.22 1.44 STMicroelec STM 35.71 0.18 Aluminum, LME, $ per metric ton *2438.5 Coffee,Brazilian,Comp-y 2.3108
AmerTowerREIT AMT 264.48 -0.75 Church&Dwight CHD 86.76 0.13 FreeportMcM FCX 31.32 -0.47 MPLX MPLX 33.12 0.18 Pentair PNR 47.84 -0.03 Stryker SYK 212.50 3.36 Copper,Comex spot 3.6605 Coffee,Colombian, NY-y 3.0391
AmerWaterWorks AWK 154.53 1.73 ChurchillDowns CHDN 210.26 1.60 t FreseniusMed FMS 17.71 -0.31 PepsiCo PEP 179.26 0.89 SumitomoMits SMFG 6.13 0.05
AmericoldRealty COLD 30.56 -0.21 Ciena CIEN 54.02 -0.10 MSCI MSCI 467.89 0.39 Iron Ore, 62% Fe CFR China-s 102.5 Eggs,large white,Chicago-u 1.9950
288.76 2.43 FullTruck YMM 7.00 0.10 MagellanMid MMP 52.45 0.25 PerformanceFood PFGC 51.03 1.04 SunComms SUI 159.83 -0.08
Ameriprise AMP 277.74 0.40 Cigna CI
PerkinElmer PKI 141.39 0.24 SunLifeFinancial SLF 45.67 -0.23 Shredded Scrap, US Midwest-s,m n.a. Flour,hard winter KC-p 22.70
CincinnatiFin CINF 101.30 0.14 MagnaIntl MGA 59.67 0.55
AmerisourceBrgn ABC 148.23 0.21 G H I ManhattanAssoc MANH 145.68 1.20 PetroChina PTR 45.95 0.76 SuncorEnergy SU 34.61 0.29 Steel, HRC USA, FOB Midwest Mill-s 770 Hams,17-20 lbs,Mid-US fob-u 0.99
AME 126.57 0.19 Cintas CTAS 429.12 1.11 9.35 -0.36
Ametek ManulifeFin MFC 17.89 -0.07 PetroleoBrasil PBR 14.69 0.07 Suzano SUZ Battery/EV metals Hogs,Iowa-So. Minnesota-u 111.08
Amgen AMGN 244.49 0.02 CiscoSystems CSCO 47.07 -0.34 GFLEnvironmental GFL 28.88 0.76 MarathonOil MRO 26.29 0.04 Switch SWCH 33.99 0.02
51.01 0.06 0.58 PetroleoBrasilA PBR.A 13.14 BMI Lithium Carbonate, EXW China, =99.2%-v,w 70375 Pork bellies,12-14 lb MidUS-u n.a.
Amphenol APH 77.04 -0.46 Citigroup C t GSK GSK 33.53 -0.20 MarathonPetrol MPC 104.78 Pfizer PFE 47.43 -0.58 SynchronyFin SYF 34.33 0.33
1.29 1.4001
AnalogDevices ADI 163.65 -0.76 CitizensFin CFG 37.98 -0.11 Gallagher AJG 187.96 1.61 Markel 97.64 -0.16 Synopsys SNPS 358.75 -0.25 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 69050 Pork loins,13-19 lb MidUS-u
MKL 1218.04 4.03 PhilipMorris PM
AB InBev BUD 51.99 0.45 CitrixSystems CTXS 102.68 -0.31 GameStop GME 32.50 -1.03 MarketAxess MKTX 254.03 Phillips66 PSX 92.37 0.96 Sysco SYY 86.05 0.77 BMI Cobalt sulphate, EXW China, >20.5% -v,m 9909 Steers,Tex.-Okla. Choice-u 142.07
CLVT 12.25 0.10 2.28
AnnalyCap NLY 6.63 0.08 Clarivate Gaming&Leisure GLPI 51.01 -0.02 Marriott 5364 195.75
MAR 159.93 1.29 PilgrimPride PPC 29.58 0.02 BMI Nickel Sulphate, EXW China, >22%-v,m Steers,feeder,Okla. City-u,w
AnteroResources AR 43.09 0.86 ClearwayEnergyC CWEN 38.75 0.03
ClearwayEnergyA CWEN.A 36.01 0.03
Garmin GRMN 93.90 0.07 Marsh&McLen MMC 168.27 1.38 Pinduoduo PDD 53.21 2.70 T U V BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 795
Aon AON 287.32 0.63 Gartner IT 301.07 -0.98
MartinMarietta MLM 355.08 -0.65 PinnacleWest PNW 75.98 -0.27 TC Energy TRP 51.22 0.41
Fats and Oils
ApellisPharm APLS 61.12 -5.27 Cleveland-Cliffs CLF 18.24 0.36 Generac GNRC 243.95 0.65 PINS 21.04 0.47 TD Synnex Fibers and Textiles
Clorox CLX 147.98 -0.12 MarvellTech MRVL 52.24 0.66 Pinterest SNX 101.09 -0.86
ApolloGlbMgmt APO 58.96 0.87 GeneralDynamics GD 234.49 0.49 Degummed corn oil, crude wtd. avg.-u,w 65.7500
NET 66.15 0.89 Masco MAS 52.53 0.17 PioneerNatRscs PXD 256.82 5.05 TE Connectivity TEL 129.12 -1.24
Apple AAPL 167.53 0.30 Cloudflare GeneralElec GE 76.74 0.64 PlainsAllAmPipe PAA 12.27 0.10 Telus Burlap,10-oz,40-inch NY yd-n,w 0.7725 Grease,choice white,Chicago-h 0.7400
64.36 0.09 Masimo MASI 153.02 3.35 23.23 ...
ApplMaterials AMAT 101.48 -0.19 Coca-Cola KO s TU
-1.18 s PlainsGP
GeneralMills GIS 78.45 0.58 PAGP 12.86 0.28 TelusIntl n.a.
Applovin APP 26.40 0.36 Coca-ColaEuro CCEP 52.07 -0.34 GeneralMotors GM 39.25 0.69
Mastercard MA 339.71 TIXT 30.34 0.48 Cotton,1 1/16 std lw-mdMphs-u 1.2657 Lard,Chicago-u
PlanetFitness PLNT 76.82 0.61
Aptargroup ATR 107.45 0.56 Cognex CGNX 43.80 0.78
Genmab GMAB 36.59 1.39
MatadorRscs MTDR 62.68 1.26 TFI Intl TFII 104.82 1.29 Cotlook 'A' Index-t *132.50 Soybean oil,crude;Centl IL-u,w 0.7098
MatchGroup MTCH 57.73 -0.02 PlugPower PLUG 27.52 1.40 TJX TJX 64.37 0.48
Aptiv APTV 97.50 1.47 CognizantTech CTSH 65.98 -0.04 Genpact G 47.34 -0.06 Polaris PII 119.19 0.56 T-MobileUS TMUS 145.33 Hides,hvy native steers piece fob-u n.a. Tallow,bleach;Chicago-h 0.8100
CoinbaseGlbl COIN 71.48 0.30 Mattel MAT 23.58 0.06 1.47
Aramark ARMK 36.51 0.33
ColgatePalm CL 81.00 0.04
GenuineParts GPC 157.27 -0.47
McCormick MKC 88.82 -0.21 Pool POOL 363.78 3.15 TPG TPG 31.59 0.33
Wool,64s,staple,Terr del-u,w n.a. Tallow,edible,Chicago-u n.a.
ArcelorMittal MT 23.39 -0.38 Gerdau GGB 4.79 -0.07
Comcast A CMCSA 37.11 -0.13 McCormickVtg MKC.V 88.50 -0.44 PrincipalFin PFG 76.99 0.89 TRowePrice TROW 124.82 0.37
ArchCapital ACGL 46.68 0.19 GettyImages GETY 29.05 1.52 McDonald's MCD 260.86
CMA 81.61 -0.45 0.32 ProcoreTech PCOR 56.10 0.06 TaiwanSemi TSM 85.56 -0.47
ArcherDaniels ADM 88.64 0.59 Comerica GileadSciences GILD 63.62 -0.06 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &
CommerceBcshrs CBSH 70.50 -0.30 McKesson MCK 363.22 -0.80 Procter&Gamble PG 145.82 -0.63 TakeTwoSoftware TTWO 123.30 -1.06 Brookes; H=American Commodities Brokerage Co;
AresMgmt ARES 75.74 0.23 GTLB 63.56 1.50
0.17 Progressive PGR 125.48 1.08 TakedaPharm TAK 13.91
GitLab MedicalProp MPW 15.21 -0.01
arGEN-X ARGX 391.36 8.58 ConagraBrands CAG 35.55 0.36 GlobalPayments GPN 128.00 -0.74 PLD 131.12 2.66 Tapestry K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
Confluent CFLT 28.87 1.12 Medtronic MDT 89.28 -0.94 Prologis TPR 36.03 -0.21
AristaNetworks ANET 125.63 -1.33 GlobalFoundries GFS 60.40 0.54
MercadoLibre MELI 898.00 10.96 PrudentialFin PRU 99.50 0.17 S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International
TargaResources TRGP 71.26 1.55
ArrowElec ARW 108.36 -1.28 ConocoPhillips COP 110.52 2.07 Globant GLOB 227.28 3.69 t Prudential PUK 21.99 -0.57 Coffee Organization; Z=not quoted. *Data as of 8/23
98.88 0.12 Merck MRK 90.01 -0.19 Target TGT 163.13 1.16
AspenTech AZPN 218.48 3.45 ConEd ED
GlobeLife GL 100.62 0.33 PublicServiceEnt PEG 67.24 -0.14 Source: Dow Jones Market Data
MetaPlatforms META 163.26 2.15 TataMotors TTM 29.24 0.35
Assurant AIZ 164.50 0.53 ConstBrands A STZ 257.46 3.28 GlobusMedical GMED 61.65 1.13 PublicStorage PSA 343.01 1.92
ConstellationEner CEG 80.37 0.62 MetLife MET 66.04 0.37 TeckRscsB TECK 35.59 -0.48
AstraZeneca AZN 67.64 1.21 GoDaddy GDDY 79.91 0.52 PulteGroup PHM 42.09 0.94
MettlerToledo MTD 1296.76 13.93 TeledyneTech TDY 386.63 3.05
Atlassian TEAM 258.66 0.38 ContinentalRscs CLR 71.80 1.00 GoldFields GFI 8.83 0.08 PureStorage PSTG 29.72 0.04 t
AtmosEnergy ATO 116.72 0.50
Autodesk
Cooper
ADSK 214.43 0.80 Copart
COO 309.81 -1.51
CPRT 124.63 0.36
GoldmanSachs GS 341.94
Grab GRAB 3.60
1.76
0.13
MicrochipTech MCHP 68.52
MicronTech MU 58.31
-0.60
0.45
Qiagen
Qorvo
QGEN 47.20
QRVO 98.06
0.75
-0.66
Teleflex
Ericsson
TFX 229.98
ERIC 7.30
0.29
... Borrowing Benchmarks
GLW 34.98 -0.06 Microsoft MSFT 275.79 -0.65 TelefonicaBras VIV 8.56 -0.14
Autoliv ALV 79.84 0.50 Corning Graco GGG 67.65 -0.06 Qualcomm QCOM 141.31 0.59 wsj.com/market-data/bonds/benchmarks
CTVA 61.90 0.13 MidAmApt MAA 176.96 1.26 Telefonica TEF 4.15 -0.07
ADP ADP 256.14 0.37 Corteva Grainger GWW 579.04 2.30 QualtricsIntl XM 12.53 0.28
Cosan CSAN 16.30 0.17 Middleby MIDD 150.56 1.01 TelekmIndonesia TLK 31.63 0.55
AutoNation AN 126.08 1.26 GraphicPkg GPK 23.28 -0.06 QuantaServices PWR 145.11 3.89
AutoZone
Avalara
AZO 2231.81 -59.68
AVLR 92.00 0.10
CoStar
Costco
CSGP 71.05 -0.39
COST 543.22 1.15
t Grifols GRFS 8.07
GpoAeroportuar PAC 147.47
-0.09
0.35
MitsubishiUFJ MUFG 5.28
MizuhoFin MFG 2.34 0.03
0.01
QuestDiag DGX 128.74 -1.31
Tenaris TS
TencentMusic TME 4.73
27.88 0.36
0.33 Money Rates August 24, 2022
CoterraEnergy CTRA 31.27 0.96 Moderna MRNA 141.43 -2.35 R S Teradyne TER 92.57 -0.41
Avalonbay AVB 209.97 3.30 HCA Healthcare HCA 210.42 0.17
Avangrid AGR 50.09 0.34
Coupang CPNG 17.25 -0.11
HDFC Bank HDB 62.85 0.65
t MohawkInds MHK 113.11 0.14 Tesla TSLA 891.29 1.93 Key annual interest rates paid to borrow or lend money in U.S. and
Credicorp BAP 130.35 -1.69 MolinaHealthcare MOH 323.93 1.94 RBC Bearings ROLL 249.70 1.92 TetraTech TTEK 143.29 1.35
Avantor AVTR 26.01 -0.03
AveryDennison AVY 193.72 0.23
CreditAcceptance CACC 575.63 -1.26
HF Sinclair
HP
DINO 53.55
HPQ 33.22
0.21
-0.18
MolsonCoorsA TAP.A 63.79 1.72 RELX RELX 28.04 ... TevaPharm TEVA 10.03 -0.03 international markets. Rates below are a guide to general levels but
CreditSuisse CS 5.29 0.01 MolsonCoorsB TAP 56.62 0.74 RH RH 292.77 -0.02 TexasInstruments TXN 172.19 -0.33 don’t always represent actual transactions.
AvisBudget CAR 178.21 5.06 HSBC HSBC 30.85 -0.56
CrowdStrike CRWD 194.62 2.26 Mondelez MDLZ 64.60 0.88 R1 RCM RCM 23.95 0.01 TexasPacLand TPL 1814.32 42.01
AxonEnterprise AXON 123.38 1.52 H World HTHT 38.91 ...
CrownCastle CCI 174.84 1.73 MongoDB MDB 338.60 12.34 RPM RPM 92.65 0.30 Textron TXT 65.31 0.53
BCE BCE 50.11 -0.20 Haleon HLN 6.31 -0.07 Week —52-WEEK—
BHP Group BHP 58.15 -0.64
CrownHoldings CCK 97.73 1.43
Halliburton HAL 31.66 0.44
MonolithicPower MPWR 497.11 -0.40 RangeResources RRC 34.75 0.77 ThermoFisherSci TMO 573.15 0.18 Inflation Latest ago High Low
CubeSmart CUBE 48.82 0.57
BJ'sWholesale BJ 71.72 -0.50 HartfordFinl HIG 67.04 -0.13 July index Chg From (%)
Cullen/Frost CFR 134.30 -0.76
BP BP 32.29 -0.26 Hasbro HAS 83.08 0.75 level June '22 July '21 Federal funds
CMI 225.29 0.27
Baidu BIDU 138.90 4.83
Cummins
HashiCorp HCP 39.24 1.33 IPO Scorecard Effective rate 2.3300 2.3300 2.3400 0.0700
BakerHughes BKR 26.47 0.37 HealthcareRealty HR 25.82 0.07
Ball BALL 61.30 0.24
D E F HealthpeakProp PEAK 27.09 0.16 Performance of IPOs, most-recent listed first U.S. consumer price index High 2.4500 2.4500 2.4500 0.0900
BancoBilbaoViz BBVA 4.51 -0.02 DCP Midstream DCP 38.24 -0.63 Heico HEI 160.39 0.23 % Chg From % Chg From All items 296.276 –0.01 8.5
BancoBradesco BBDO 3.12 -0.01 DISH Network DISH 17.50 0.10 Heico A HEI.A 128.66 -1.34 Low 2.3000 2.3100 2.3200 0.0200
Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Core 295.646 0.33 5.9
BancodeChile BCH 18.75 0.21 DTE Energy DTE 134.26 0.38 HenrySchein HSIC 74.17 -0.48 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Bid 2.3300 2.3300 2.3300 0.0500
BancSanBrasil BSBR 5.84 -0.01 Danaher DHR 284.94 0.90 s Hershey HSY 233.38 0.82 Offer 2.3500 2.3400 2.3700 0.0600
BcoSantChile BSAC 15.37 0.04 Darden DRI 127.68 0.71 HertzGlobal HTZ 19.21 -0.24 Starbox Grp Hldgs 9.83 145.8 –36.2 Reborn Coffee 3.32 –33.6 –30.8 International rates
BancoSantander SAN 2.47 -0.01 DarlingIngred DAR 77.42 2.59 Hess HES 123.13 2.99 STBX Aug. 23/$4.00 REBN Aug. 12/$5.00
BanColombia CIB 29.91 -0.17 Datadog DDOG 105.30 2.31 HessMidstream HESM 30.60 -0.16 Week 52-Week
Treasury bill auction
BankofAmerica BAC 34.52 0.11 DaVita DVA 91.23 -1.06 HewlettPackard HPE 14.36 -0.05 GigaCloud Technology 29.82 143.4 90.1 Hainan Manaslu Acquisition 10.03 0.3 0.3 Latest High Low 4 weeks 2.150 2.150 2.150 0.020
ago
BankofMontreal BMO 99.69 -1.58 DeckersOutdoor DECK 324.25 -2.18 Hilton HLT 133.30 1.02 GCT Aug. 18/$12.25 HMACU Aug. 11/$10.00
HOLX 69.67 0.23
13 weeks 2.740 2.610 2.740 0.035
BankNY Mellon BK 42.98 0.01 Deere DE 381.38 6.50 Hologic
BkNovaScotia BNS 57.86 -1.23 DellTechC HomeDepot HD 308.11 1.21
Innovative Eyewear 3.48 –53.6 –37.2 Treasure Global 4.88 22.0 –72.6 Prime rates 26 weeks 3.110 3.020 3.110 0.045
DELL 46.62 -0.32
Barclays BCS 7.81 -0.05 DeltaAir DAL 33.31 0.44 HondaMotor HMC 26.93 0.30 LUCY Aug. 16/$7.50 TGL Aug. 11/$4.00 U.S. 5.50 5.50 5.50 3.25
BarrickGold GOLD 16.35 0.14 DentsplySirona XRAY 34.36 0.06 Honeywell HON 197.79 0.24 CorpHousing Grp 2.56 –36.0 –30.8 Embrace Change Acquisition 10.06 0.5 0.2 Canada 4.70 4.70 4.70 2.45 Secondary market
Bath&BodyWks BBWI 36.96 0.33 DeutscheBank DB 8.31 -0.01 HorizonTherap HZNP 61.31 0.18
HormelFoods HRL 51.45 0.18
CHG Aug. 12/$4.00 EMCGU Aug. 10/$10.00 Japan 1.475 1.475 1.475 1.475
BaxterIntl BAX 58.71 0.05 DevonEnergy DVN 72.45 1.57 Fannie Mae
BectonDicknsn BDX 258.35 0.95 DexCom DXCM 85.92 2.29 DR Horton DHI 74.68 1.82
BeiGene BGNE 176.21 3.19 Diageo DEO 185.01 0.18 HostHotels HST 18.70 0.24 Forza X1 4.59 –8.2 –38.7 Magic Empire Global 10.60 165.0 –89.1 Policy Rates 30-year mortgage yields
BentleySystems BSY 38.52 0.43 DiamondbkEner FANG 136.65 1.53 HowmetAerospace HWM 37.03 0.35 FRZA Aug. 12/$5.00 MEGL Aug. 5/$4.00
Euro zone 0.50 0.50 0.50 0.00 30 days 5.137 4.868 5.434 2.337
Berkley WRB 66.31 0.82 Dick's DKS 108.06 -3.08 Hubbell HUBB 217.40 -1.18
BerkHathwy A BRK.A 4422106480.00 DigitalRealty DLR 125.64 0.44 HubSpot HUBS 349.73 7.69 Sources: Dow Jones Market Data; FactSet
Switzerland 0.25 0.25 0.25 0.00 60 days 5.187 4.922 5.526 2.371
BerkHathwy B BRK.B 293.52 3.87 DiscoverFinSvcs DFS 104.39 0.34 Humana HUM 495.64 2.45 Britain 1.75 1.75 1.75 0.10
BerryGlobal BERY 57.62 -0.24 Disney DIS 116.41 1.55 JBHunt JBHT 188.70 -0.14 Australia 1.85 1.85 1.85 0.10 Other short-term rates
BestBuy BBY 77.63 -1.21 dLocal DLO 26.73 1.22 HuntingtonBcshs HBAN 13.74 0.02
Bilibili BILI 24.41 0.67 DocuSign DOCU 60.95 -0.09 s HuntingIngalls HII 239.33 3.19
Bill.com BILL 172.13 8.23 DolbyLab DLB 75.62 0.29
Bio-Techne TECH 346.98 4.85 DollarGeneral DG 247.45 -0.15
HyattHotels H
ICICI Bank
93.54
IBN 21.93
1.87
0.24
Dividend Changes Overnight repurchase
U.S. 2.28 2.29 2.31 0.01
Latest
Week
ago
52-Week
high low
Bio-RadLab A BIO 499.09 4.47 DollarTree DLTR 165.98 -0.13 ICL Group ICL 10.53 0.29
Biogen BIIB 201.78 -1.03 DominionEner D 84.31 0.38 IdexxLab IDXX 360.55 3.64 Amount Payable / Call money
BiohavenPharm BHVN 148.42 0.38 Domino's DPZ 396.96 4.50 II-VI IIVI 54.88 -0.76 Company Symbol Yld % New/Old Frq Record U.S. government rates
4.25 4.25 4.25 2.00
BioMarinPharm BMRN 92.90 1.31 DoorDash DASH 64.12 0.50 ING Groep ING 9.03 0.04
BioNTech BNTX 146.24 -1.01 Dover DOV 132.98 -0.16 Invesco IVZ 17.70 0.05 Increased Discount
67.16 0.26 Dow DOW 54.24 -1.38 IQVIA IQV 231.83 2.59 2.50 2.50 2.50 0.25
Commercial paper (AA financial)
BlackKnight BKI Atrion ATRI 1.4 2.15 /1.95 Q Sep30 /Sep15
BlackRock BLK 700.42 3.45 DrReddy'sLab RDY 53.11 0.40 IcahnEnterprises IEP 51.14 -0.23 90 days 2.86 2.74 2.88 0.08
Blackstone BX 102.76 0.41 DraftKings DKNG 17.45 0.39 Icon ICLR 227.33 2.41 Stocks
IDEX IEX 211.43 ... Notes on data:
BlockHR HRB 46.46 -0.24 Dropbox DBX 22.62 -0.04 Cheetah Mobile ADR CMCM 1:5 /Sep02 Libor
Block SQ 72.62 1.68 DukeEnergy DUK 110.93 -0.10 IllinoisToolWks ITW 205.62 0.22 U.S. prime rate is the base rate on corporate
BlueOwlCapital OWL 12.12 0.17 DukeRealty DRE 61.95 1.22 Illumina ILMN 210.75 15.91 Palo Alto Networks PANW 3:1 /Sep14 loans posted by at least 70% of the 10 largest One month 2.45486 2.36557 2.45486 0.07525
Boeing BA 163.60 3.53 DuPont DD 59.34 -0.03 ImperialOil IMO 50.43 0.31 U.S. banks, and is effective July 28, 2022. Other Three month 3.01000 2.97657 3.01000 0.11413
BookingHldgs BKNG 1990.96 -1.87 Dynatrace DT 38.60 -0.05 Incyte INCY 72.97 -0.02 Foreign Six month 3.49343 3.50771 3.56886 0.14663
prime rates aren’t directly comparable; lending
s BoozAllen BAH 98.49 0.65 ENI E 24.52 -0.39 Informatica INFA 22.42 0.15 Bank Of Nova Scotia BNS 5.5 .7897 Q Oct27 /Oct04
BorgWarner BWA 37.54 0.40 EOG Rscs EOG 123.90 2.12 Infosys INFY 19.25 ...
practices vary widely by location; Discount rate One year 4.07914 3.99557 4.09114 0.21950
Dole DOLE 3.7 .08 Q Oct07 /Sep16 is effective July 28, 2022. Secured Overnight
t BostonProps BXP 82.67 -0.74 EPAM Systems EPAM 434.58 -0.12 IngersollRand IR 49.66 0.23
BostonSci BSX 41.15 0.29 EQT EQT 49.69 1.85 Insulet PODD 273.70 13.82
Telefonica Brasil ADR VIV 7.8 .02957 Sep01 / Financing Rate is as of August 23, 2022. DTCC Secured Overnight Financing Rate
BristolMyers BMY 72.42 -0.35 EastWestBncp EWBC 74.42 0.06 t Intel INTC 33.86 -0.09 GCF Repo Index is Depository Trust & Clearing 2.27 2.29 2.30 0.03
BritishAmTob BTI 40.79 -0.11 EastGroup EGP 169.30 1.07 InteractiveBrkrs IBKR 62.59 0.60
Special Corp.'s weighted average for overnight trades in
Broadcom AVGO 530.84 1.06 EastmanChem EMN 96.62 -0.35 ICE ICE 106.92 0.47 Cryo-Cell International CCEL ... .90 Sep09 /Sep02 applicable CUSIPs. Value traded is in billions of Value 52-Week
BroadridgeFinl BR 174.49 0.83 Eaton ETN 145.52 -0.79 InterContinentl IHG 59.43 ... DallasNews DALN 80.0 1.50 Sep30 /Sep09 U.S. dollars. Federal-funds rates are Tullett Latest Traded High Low
BrookfieldMgt BAM 51.03 -0.06 eBay EBAY 45.53 0.10 IBM IBM 133.23 -1.51 Prebon rates as of 5:30 p.m. ET.
BrookfieldInfr BIP 43.16 0.20 Ecolab ECL 168.91 1.39 IntlFlavors IFF 117.05 1.50 Sources: FactSet; Dow Jones Market Data
Sources: Federal Reserve; Bureau of Labor DTCC GCF Repo Index
BrookfieldRenew BEPC 40.20 -0.11 Ecopetrol EC 11.21 0.08 IntlPaper IP 42.61 -0.17
Brown&Brown BRO 65.35 0.30 EdisonInt EIX 69.16 -0.20 Interpublic IPG 28.79 -0.01 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Statistics; DTCC; FactSet; Treasury 2.276 26.400 2.315 0.015
Brown-Forman A BF.A 75.15 0.81 EdwardsLife EW 94.96 0.81 Intuit INTU 465.77 16.21 spin-off. Tullett Prebon Information, Ltd. MBS 2.323 21.200 2.342 0.018

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
PrimeImpactI A PIAI 10.02 0.1 Athersys ATHX 0.17 ... EdifyAcqn EACPU 9.57 -0.1 HarborCustom HCDI 1.16 -5.6 LendingTree TREE 33.06 -1.7 PROS PRO 21.47 1.8 StanleyBlackDck SWK 91.48 1.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE PriviaHealth PRVA 44.64 3.6 AtlCoastalWt ACAHW 0.03 -20.4 EducDev EDUC 3.07 -0.6 HarborCustomPfdA HCDIP 12.61 -0.9 LionheartIII Wt LIONW 0.05 -11.5 PalatinTech PTN 0.21 -8.0 StanleyB&D Un SWT 58.25 1.4
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low PrometheusBio RXDX 52.74 4.8 Audacy AUD 0.54 -5.5 ElancoAnimalUn ELAT 26.24 ... HighTide HITI 1.35 2.9 LoyaltyVentures LYLT 2.17 -6.0 ParamountGoldNV PZG 0.34 -3.4 Starbox STBX 9.31 -36.2
Qualys QLYS 157.76 1.9 BTBrandsWt BTBDW 0.15 55.4 ElevateCredit ELVT 1.49 -9.1 HighwoodsProp HIW 31.84 -1.2 LumiraDxWt LMDXW 0.15 -14.2 PegasusDigWt PGSS.WS 0.24 ... SturmRuger RGR 54.26 0.2
in the latest session. % CHG-Daily percentage change from the previous trading session. RelmadaTherap RLMD 32.49 2.8 BankofSC BKSC 16.11 1.1 EmergentBiosol EBS 26.79 -1.1 HomePlateAcqn HPLTU 9.70 -0.3 LytusTech LYT 2.29 -3.3 Pegasystems PEGA 36.01 1.0 SuRoCapNts2026 SSSSL 24.30 -0.1
RiverviewAcqnUn RVACU 15.47 45.1 BannixAcqnWt BNIXW 0.05 -4.2 EnphysAcqn NFYS.U 9.66 -0.1 HudsonPacProp HPP 13.69 -1.7 Magnachip MX 11.89 1.1 Perficient PRFT 79.85 -1.3 TTEC TTEC 53.47 -1.3
Wednesday, August 24, 2022 RiverviewAcqnWt RVACW 1.87 18.9 BaudaxBio BXRX 0.59 -5.6 EuroDry EDRY 14.62 -1.3 IAC IAC 64.69 2.9 mCloudTech MCLD 2.00 -1.9 PetIQ PETQ 11.52 -3.2 Taoping TAOP 0.76 -7.0
RiverviewAcqnA RVAC 14.40 34.9 BeasleyBroadcast BBGI 1.21 -1.6 ExelaTech XELA 1.10 4.5 IHS Holding IHS 6.95 -2.2 MesaLab MLAB 164.90 -3.3 Pharvaris PHVS 10.00 -8.3 TaskUs TASK 13.60 1.4
52-Wk % 52-Wk % 52-Wk %
SareptaTherap SRPT 116.63 5.2 BigBear.aiWt BBAI.WS 0.10 0.5 FastAcqnWt FST.WS 0.00 -89.9 IX Acqn IXAQU 9.57 -0.2 MobileGlbEsports MGAM 2.69 2.7 PhibroAnimal PAHC 16.87 0.9 TekkorpDigital TEKKU 9.85 ...
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BBAI 1.37 -0.7 FAMI 0.98 ... ILPT 8.12 -1.1 ModelPerformRt MPACR 0.09 -10.3 PiedmontOfficeA PDM 12.37 -1.0 TFX 227.31 0.1
ShockwaveMed SWAV 311.55 0.9 BigBear.ai Farmmi IndLogistics Teleflex
EngGr-Cmg CIG 2.62 -0.8 Hershey HSY 234.56 0.4 SierraWireless SWIR 30.97 0.2 BitBrother BTB 0.23 -14.2 Fastly FSLY 9.37 0.5 InMedPharm INM 0.25 -21.0 MohawkInds MHK 111.36 0.1 PitneyBowes PBI 3.04 -2.2 TerraPropNts2026 TPTA 21.60 -1.1
Highs ConsldWater CWCO
CrossTimbers CRT
16.37
22.47
-0.1
0.6
HoeghLNG Ptrs HMLP
HuntingIngalls HII
9.24
239.87
0.1
1.4
SigmaLithium SGML 25.25
TransMedics TMDX 53.73
6.9
5.8
BlueRiverWt
BostonProps
BLUA.WS
BXP
0.06 ...
82.60 -0.9
FinanceofAm FOA
ForafricGlobalWt AFRIW
1.38 ...
0.20 -7.7
Innodata INOD
InnovativeEyewr LUCY
3.69 -6.3
3.40 -5.7
MonumentCirWt MONCW
MotusGI MOTS
0.03 -29.2
3.59 0.3
Playstudios MYPS
PostHldgsPtr PSPC.U
3.33 4.6
9.70 -1.0
ThunderBridgeIV THCPU
TortoiseEcofinIII TRTL.U
9.73 -0.2
9.67 -0.1
ADMA Biologics ADMA 2.76 3.8 DelekLogistics DKL 61.80 -1.2 Immunocore IMCR 56.90 3.4 Tricida TCDA 13.85 0.2 BoxedWt BOXD.WS 0.10 -17.6 Forestar FOR 12.51 ... Innoviva INVA 13.37 -0.4 MountainI Wt MCAAW 0.08 -16.7 PropSolnsII PSAGU 9.70 -0.3 TransCodeTherap RNAZ 1.10 0.9
AxiosSustGrwA AXAC 10.10 0.1 DycomInds DY 120.45 4.3 IndustrsBachoco IBA 48.44 0.5 Vaxcyte PCVX 27.69 2.1 Boxed BOXD 1.15 -0.8 ForgeGlobal FRGE 3.24 -3.0 InsightAcqn INAQ.U 9.80 ... MultiPlanWt MPLN.WS 0.59 -3.3 Prudential PUK 21.81 -2.5 Trex TREX 48.08 1.1
AhrenAcqnA AHRN 10.05 0.5 elfBeauty ELF 38.52 1.7 Infr&EnerAltern IEA 14.48 0.8 VermilionEnergy VET 28.73 3.6 BrandywineRealty BDN 8.13 -2.3 ForzaX1 FRZA 4.45 -6.9 IntegraLifeSci IART 49.20 -3.4 NanoLabs NA 5.23 -3.1 PulseBiosciences PLSE 1.27 -3.2 TRxADEHEALTH MEDS 1.10 -12.9
AltimarAcqnIIIA ATAQ 9.91 0.5 EnergyTransfer ET 12.49 0.9 IntegratedRailA IRRX 10.04 0.1 WhiteMtnIns WTM 1373.99 0.2 CenterraGold CGAU 4.50 1.6 FreseniusMed FMS 17.01 -1.7 IntegraResources ITRG 0.63 2.5 NavideaBiopharm NAVB 0.36 -1.9 QualigenTherap QLGN 0.38 -3.0 TutorPerini TPC 6.86 0.1
Altimmune ALT 19.62 4.7 Equinor EQNR 42.10 2.5 IntegratedWellA WEL 10.08 0.2 WorldwideWebbA WWAC 9.95 0.1 ClarusTherapWt CRXTW 0.02 17.6 FulgentGenetics FLGT 46.50 ... Intel INTC 33.60 -0.3 Neogen NEOG 20.20 -0.8 QuanergySysWt QNGY.WS 0.02 -27.3 uCloudlink UCL 0.54 ...
AmericanRscs AREC 2.86 8.5 EquityDistrA EQD 10.00 -0.1 Inter INTR 4.45 9.2 CodeChainNew CCNC 0.22 4.4 GSK GSK 33.17 -0.6 Intercure INCR 5.20 -3.6 Nephros NEPH 1.39 -3.5 QuotientTech QUOT 1.98 -1.0 UnicoAmerican UNAM 1.58 -2.1
AmicusTherap FOLD
AvantiAcqnA AVAN
12.87
10.00
5.5
0.1
Euronav
FTACEmeraldA EMLD
EURN 17.00
9.87
3.4
0.3
IsleworthHlth ISLE
KairousAcqn KACL
10.05
10.03
0.4
0.1
Lows Cohbar CWBR
ConsiliumAcqnI CSLMU
0.17 ...
9.82 -1.5
GSRIIMeteoraWt GSRMW
Gannett GCI
0.07 -31.0
2.18 0.5
InterDigital IDCC
InterPrivateIII IPVF.U
52.99 0.3
9.79 0.2
Network1Techs NTIP
NewAge NBEV
2.17 -0.9
0.21 1.5
RackspaceTech RXT
RebornCoffee REBN
5.14 -1.5
2.92 -2.6
UniqueFabricating UFAB
Unisys UIS
0.95 -5.9
9.12 2.6
AxsomeTherap AXSM 68.39 -0.5 FeutuneLightA FLFV 9.98 ... MammothEnergy TUSK 4.92 10.9 AxiosSustGrwWt AXAC.WS 0.06 -1.2 CorbusPharm CRBP 0.21 1.7 GauchoGroup VINO 0.26 0.2 IsleworthHlthWt ISLEW 0.01 -1.4 NexPointResidentl NXRT 57.36 -1.3 RelianceGlobal RELI 0.72 -7.7 UnivElectro UEIC 23.10 -1.3
BoozAllen BAH 99.32 0.7 FinStrategiesA FXCO 10.03 -0.2 MontaukRenew MNTK 18.95 4.7 AchieveLifeSci ACHV 4.49 2.5 Corphousing CHG 2.35 2.4 GeniusGroup GNS 2.71 -18.7 JELD-WEN JELD 12.06 -0.7 NightDragon NDACU 9.73 0.1 RelianceGlobalWt RELIW 0.22 ... UpHealth UPH 0.44 -2.6
CH Robinson CHRW 119.26 1.6 FlexLNG FLNG 36.99 6.2 MontereyCapRt MCACR 0.22 -6.5 AfricanGoldWt AGAC.WS 0.05 53.7 Crawford A CRD.A 6.72 -0.6 Glatfelter GLT 4.88 -5.8 JoffFintechWt JOFFW 0.07 12.4 9F JFU 0.37 -28.3 RetractableTechs RVP 2.81 -3.1 urban-gro UGRO 3.60 -2.1
CECO Env CECE 10.72 3.3 FortuneRiseA FRLA 10.15 0.2 NocturneAcqnA MBTC 10.29 0.1 AgileTherap AGRX 0.44 1.0 CrownPropWt CPTK.WS 0.02 -51.6 GlenfarneMergerWt GGMCW 0.10 -2.0 JaguarHealth JAGX 0.22 -2.9 Nordstrom JWN 18.54 -20.0 RockleyPhotonics RKLY 1.31 -10.1 Usio USIO 1.37 -4.8
CelsiusHldg CELH 117.13 0.4 ForumEnergyTech FET 28.46 5.2 NuScalePowerWt SMR.WS 4.28 19.1 Agora API 3.80 4.9 CustomersBncpNt34 CUBB 22.00 0.4 GlbBlockchainWt GBBKW 0.05 -22.4 JowellGlobal JWEL 0.96 12.6 NuvveHolding NVVE 3.10 -2.4 RothCHAcqnIVWt ROCGW 0.10 -33.3 VenusConcept VERO 0.36 1.1
CheniereEnergy LNG 172.25 0.4 FreedomI A FACT 9.93 -0.1 OccidentalPetrol OXY 75.69 1.5 Agrify AGFY 0.83 -0.7 DilaCapitalWt DILAW 0.02 -16.7 GoalAcqnsWt PUCKW 0.06 -2.7 KaleraWt KALWW 0.08 -20.5 Offerpad OPAD 1.60 -1.2 SAB Biotherap SABS 0.75 -2.6 Verizon VZ 43.22 0.2
ChesapeakeWtC CHKEL 84.61 5.3 GEE Group JOB 0.68 6.2 OccidentalPetrolWt OXY.WS 53.65 2.0 Akili AKLI 5.02 -9.6 DIRTT Envl DRTT 0.65 0.1 Gorman-Rupp GRC 25.73 1.6 Kalera KAL 2.13 -10.4 OfficePropIncm OPI 18.55 -1.7 Sanofi SNY 40.20 -0.3 VintageWineEstates VWE 6.04 1.5
ChesapeakeWtB CHKEZ 87.74 4.7 GeneralMills GIS 78.54 0.7 OverseasShip OSG 2.98 0.7 AllegiantTravel ALGT 96.30 0.6 DeltaApparel DLA 19.62 -2.2 GreenDot GDOT 20.65 -1.1 KoninklijkePhil PHG 17.52 -0.2 OnyxAcqnIWt ONYXW 0.08 -16.3 ScanSource SCSC 27.00 -16.8 ViraxBiolabs VRAX 4.21 -1.3
ChesapeakeWtA CHKEW 91.63 4.0 GettyImagesWt GETY.WS 1.75 36.5 OxfordLanePfd OXLCN 25.03 0.3 AmericanAssets AAT 28.35 0.1 DigitalAlly DGLY 0.71 -3.2 Greenlane GNLN 2.68 1.1 KoreaElcPwr KEP 7.48 -3.0 OportunFin OPRT 6.05 -2.1 SeanergyMaritime SHIP 0.59 -4.7 Vodafone VOD 13.73 -1.0
ChinaAutoSys CAAS 5.12 -6.7 GolarLNG GLNG 29.81 4.8 PBF Logistics PBFX 19.65 -0.8 AmericanPubEdu APEI 10.50 -0.3 Dogness DOGZ 1.50 -3.2 Grifols GRFS 7.93 -1.1 KukeMusic KUKE 1.10 4.5 OrionOffice ONL 10.02 -0.5 Shineco SISI 0.73 2.4 WPP WPP 44.58 -1.1
ChinookTherap KDNY 23.00 0.9 GoresTechA GTPA 10.30 0.1 PampaEnergia PAM 26.33 4.8 AmpioPharm AMPE 0.08 7.8 DouglasEmmett DEI 20.31 -0.6 GuardforceAIWt GFAIW 0.10 -8.2 LFCapAcqnIIWt LFACW 0.08 -8.9 Ouster OUST 1.45 2.7 Smith&Nephew SNN 23.99 0.5 WW Intl WW 5.65 3.0
CitizensFinlSvc CZFS 88.00 -1.4 GossamerBio GOSS 15.08 1.8 PatriaLatAmWt PLAOW 0.49 91.1 Aravive ARAV 0.64 2.9 DuckCreekTech DCT 12.02 -1.3 HCI Group HCI 49.87 -0.4 LakelandInd LAKE 14.52 -2.7 Outbrain OB 4.26 6.1 SoftwareAcqnIII SWAG 9.64 -1.2 WheelerREITPfdB WHLRP 3.96 -21.0
CleanHarbors CLH 122.82 4.2 Haemonetic HAE 77.60 1.7 Pharming PHAR 12.37 1.7 AriszAcqnWt ARIZW 0.04 -14.0 EG Acqn EGGF.U 9.58 0.1 HallmarkFin HALL 1.24 -0.8 Leafly LFLY 1.80 ... OxbridgeAcqnWt OXACW 0.04 -2.9 Sonos SONO 15.52 -2.0 ZionsBncpPfdA ZIONP 18.87 3.5
Clearfield CLFD 128.86 1.6 HealthcareAIAcqn HAIAU 10.11 0.6 PlainsGP PAGP 12.90 2.2 AstraSpace ASTR 0.91 -11.6 EastsideDistilling EAST 0.48 -11.3 Hanesbrands HBI 9.13 -1.1 LefterisAcqnWt LFTRW 0.04 -16.7 PMV Consumer Wt PMVC.WS 0.04 -6.1 SpringBig SBIG 1.35 -2.0 Zovio ZVO 0.26 6.3
 .

B10 | Thursday, August 25, 2022 THE WALL STREET JOURNAL.

BANKING & FINANCE

China Developers Lean on Texas Pension

Raises Weighting
Beijing Bond Guarantees
BY REBECCA FENG Domestic yuan bond issuance Share-price performance over the past year
Of Private Equity
by Chinese real-estate firms*
Chinese regulators are at- BY LUIS GARCIA them in line with allocation
700 billion yuan 20%
tempting to revive a sagging targets, according to industry
property market with new bond The Employees Retirement consultants. Such sales during
600
guarantees for a select group of 0 System of Texas expanded its past market slumps have jeop-
developers. Investors think it capital allocation target for ardized long-term returns af-
500
will take a lot more to pull the Private private equity to avoid having ter markets rebounded, the
real-estate sector out of its developers –20 to pare down too much of its consultants said.
400
deepest slump in years. private-assets portfolio to The increase in the Texas
Many of the country’s real- maintain balance amid de- pension’s private-equity allo-
300
estate companies are strug- –40 clines in public equities. cation target is part of a re-
gling. More than 30 have de- At a meeting Wednesday, balancing aimed partly at
200 Longfor
faulted on their dollar- trustees of the $33 billion lowering the system’s invest-
denominated bonds, and even –60 CIFI state pension system raised its ment risk and increasing li-
100 Seazen
the strongest private-sector de- State-owned developers target for private-equity as- quidity, Mr. Veal said. Other
velopers have faced challenges Country Garden sets to 16% of the total from proposed changes included an
0 –80
selling new debt as their bond 13%, acting on a recommenda- increase in cash holdings to
prices have tumbled and yields 2017 ’18 ’19 ’20 ’21 ’22 Sept. 2021 ’22 tion from its professional staff. 2% from 1% of total assets, as
have soared. In recent days, a *100 billion yuan=$14.6 billion; 2022 data is through August 19. Sources: Wind (bond issuance); FactSet (performance) Private-equity returns topped well as a reduction to 35%
flurry of large and small Chi- all other asset classes over from 37% in the allocation to
nese developers have put out private-sector developers raise their lives.” as higher-quality—and so more three, five and 10 years, ac- public equities.
profit warnings. money domestically, and limit The Chinese government has likely to survive the industry cording to documents pre- “[Liquidity] is something
The Chinese government contagion from those that have made several attempts to sup- downturn—is likely meant to pared for the meeting. that we watch carefully be-
plans to help at least six devel- defaulted. Many investors have port the property market this help them endure the crisis, The staff urged the trustees cause the most important
opers raise money by offering avoided the real-estate sector year. These policies have mainly said Mr. Chen. But developers to raise the limit to “reduce thing we do is pay benefits
full guarantees on their domes- since late last year, and private been introduced at the local in deeper distress, including the need to drastically scale month-to-month,” he said of
tic yuan-denominated bond companies’ borrowing costs for government level, including those that have defaulted, are back that well-performing pro- the system’s operations. “The
sales, according to people famil- longer-duration bonds have lowering housing down-pay- instead receiving support fo- gram,” the documents show.
iar with the matter. The guaran- broadly risen since June. ments, cutting mortgage rates cused more on helping them David Veal, the system’s
tees won’t apply to dollar debt. Private developers have is- and easing some home-pur- complete unfinished homes. chief investment officer, indi-
Longfor Group Holdings sued the equivalent of $3.1 bil- chasing restrictions. In the cen- The selection of six so-called cated that it might still need
The retirement
Ltd., the first company to take lion in domestic bonds in the tral city of Zhengzhou, where “model developers” also risks to sell private-equity assets to system increased its
advantage of the new backstop, year to date, Wind data shows. people who bought apartments sending a signal to investors bring its overall investment
on Tuesday launched a bond That is just 17% of the amount have banded together and about those not included, even mix into balance with alloca-
target to 16% of
sale to raise up to 1.5 billion they had raised over the same threatened to stop paying mort- when excluded companies ha- tion targets. assets from 13%.
yuan, equivalent to $219 mil- period in 2021. State-owned de- gages, the city government has ven’t defaulted. “There is of The pension system for
lion, according to the deal’s pro- velopers, in contrast, are on set up a property relief fund to course the possibility that in- government workers in Texas
spectus. The Beijing-based de- pace to raise roughly the same help developers finish their sus- vestors are going to think that finished June with 19.7% of its
veloper, founded in 1993, said it amount as last year, as inves- pended housing projects. there is a blacklist now that assets, or $6.51 billion, in pri- mix shift toward private mar-
plans to use the money for proj- tors have more confidence they Three months ago, Chinese you’ve outlined a whitelist,” vate-equity funds, above its kets has made the allocation
ect construction and to pay will repay their debt. regulators also attempted a said Mr. Yao of YY Rating. 13% long-term target and 18% less liquid over time.”
down its domestic and interna- Access to bond-market fi- more complex financial solu- Besides Longfor, Country upper limit, the documents Private equity and other
tional debt. Coupon rates on its nancing, however, isn’t the big- tion, offering credit-default Garden and Sino-Ocean, the show. A drop in publicly private-markets investment
new medium-term notes will gest problem facing private de- swaps on bonds sold by a group new bond guarantee program traded stocks this year has vehicles often lock in capital
range from 3% to 4.3%. velopers. The contracted sales of developers to allow investors also covers CIFI Holdings magnified the weight of pri- for years at a time, making it
News of the guarantees, of the six developers picked out to insure against default risk. (Group) Co., Seazen Group vate assets in the ERS portfo- difficult for investors to cash
which will be provided by China by regulators—like those of Five developers, including Ltd., and Gemdale Corp. Coun- lio, reflecting the so-called de- out ahead of a preset invest-
Bond Insurance Co., a state- their peers—have plunged in re- Longfor and Country Garden, try Garden and Sino-Ocean are nominator effect. ment term. Many private-eq-
owned company, last week cent months. Fitch Ratings and issued bonds with such credit planning to follow Longfor to Mr. Veal said during the uity funds hold investor assets
lifted several developers’ dollar- Moody’s Investors Service re- protection, raising 3.5 billion the market, according to peo- meeting: “19.7 down to 13 for five years or more.
bond prices—but most still re- cently cut the international yuan, equivalent to $512 mil- ple familiar with the matter. over the next five years would The system posted a net in-
main at deeply distressed lev- credit ratings of Country Gar- lion, between them. The latest Longfor, which has high-end be a pretty dramatic cut. It’s vestment loss of $1.81 billion
els. The average yield of an ICE den Holdings Co. and Sino- guarantee plan has raised other residential and commercial prudent to actually think for the second quarter, with
BofA index of dollar bonds from Ocean Group Holding Ltd. to difficult questions, pointing to housing projects across the about a less-steep glide path the overall 5.2% decline driven
junk-rated Chinese companies junk from investment grade. an apparent divergence in the country, recently reported a for [the private-equity] pro- by a 14.3% drop in global pub-
stood at 26.6% on Tuesday. “For private developers, regulators’ attitudes toward dif- 58% year-over-year decline in gram.” lic equities, while its global
Goldman Sachs research ana- gaining access to funding is ferent developers, said Nicholas contracted sales in the first Imbalances created by cra- credit holdings lost 7.3%, pen-
lysts noted in a report on Mon- like being put on life support,” Chen, an analyst at debt-re- seven months of 2022, to the tering stock markets and de- sion documents show. Private-
day that while the initiative said Yao Yu, founder of YY search firm CreditSights. equivalent of about $10 billion. clines in bond prices have equity assets owned by ERS
could be helpful, “the scale is Rating, a Chinese independent The bond guarantees being Sales at Country Garden, forced other pension systems returned 2.9% in the period
too small.” The pilot program is credit-research firm. “But only provided to those developers Gemdale, CIFI and Seazen fell to shed private assets to rebal- and its infrastructure holdings
designed to help the country’s improving sales can truly save deemed by Chinese regulators between 38% and 50%. ance their holdings and bring notched a 1.1% gain.

Emerging Oil Bulls,

Markets in Investors
Dollar Woe At Odds
Continued from page B1 Continued from page B1
tries which didn’t have enough easy way to trade in and out of
reserves to begin with. They markets for raw materials. Ex-
are drawing on their reserves change-traded products linked
because they’ve lost access to to commodities recorded their
financing and they have to pay biggest outflow ever in July as
for food and energy imports, investors pulled a net $11.2 bil-
and are fairly obviously at risk lion out of the funds, accord-
JONATHAN WIJAYARATNE/BLOOMBERG NEW

of currency or debt crisis if ing to BlackRock.

this continues much longer.” The statistics date to 2012,
Investors have stressed and contrast with a total
throughout this year’s historic $280 billion in commodity-
rout in emerging-market as- linked exchange-traded vehi-
sets that they saw little risk of cles. Oil is a key holding for
a widespread crisis, with many of these vehicles, as are
stress contained in a few precious metals. Investors
countries with long-running have withdrawn another $3.4
political and economic prob- billion in August.
lems. But pressure appears to In another sign of fading in-
be spreading outside of those Sri Lanka has essentially run out of U.S. dollars that it needs to pay for fuel and other imports. A grains stall in the capital, Colombo. vestor appetite, open interest,
well-known weak links. or the number of outstanding
Among them: the Czech Re- want to boost the value of their over the past year, but that banks facing difficult choices for a second time this year. contracts, in Nymex-traded oil
public, which has burned own currencies, or use them to hasn’t stopped the exodus of about how to use their re- Economists say Egypt’s central futures declined to the lowest
through 15% of its reserves help local companies pay for foreign cash and pressure on maining reserves. bank is managing the value of level since December 2014 last
this year, and Hungary, where imports or make bond pay- their currencies. Meanwhile, “Countries like Egypt and the pound instead of letting it week, according to CME Group.
reserves have declined by 19%, ments to overseas investors. many developing nations have Pakistan aren’t in as dire of a float freely, an arrangement Similarly, bets on rising oil
according to CEIC, a data pro- This year has brought a been effectively frozen out of position as Sri Lanka, but that has become increasingly prices made by investors that
vider. Both have been hard hit “perfect storm” for many global bond markets. both…have been using their costly as the U.S. dollar rises. use borrowed money, such as
by Russia’s invasion of Ukraine emerging-market nations, said “Sub-Saharan African coun- limited remaining reserves to The government is in negotia- hedge funds, have fallen away.
and Moscow’s throttling back Alejandro Arevalo, head of tries are the biggest risk, be- pay for food and fuel imports,” tions with the International Net long positions held by lev-
of gas supplies to Europe. emerging-markets debt at Ju- cause many of these countries said Mr. Setser. Monetary Fund for a loan. eraged funds in both Brent
Hungary’s currency has piter Asset Management. did rely on low rates,” said Mr. Egypt’s foreign reserves The Egyptian Ministry of crude oil and in West Texas
dropped by nearly 30% against The U.S. dollar has soared to Arevalo, who added that once- have fallen 26% this year to Finance didn’t respond to a re- Intermediate, the U.S. oil
the dollar this year. a 20-year high, forcing central strong demand from foreign $24 billion at the end of July, quest for comment. benchmark, have shrunk to
Central banks keep stashes banks to drain reserves in an investors for riskier emerging- according to CEIC data. That Pakistan and Ghana are ne- their lowest level since Janu-
of U.S. dollars, euros, Japanese attempt to stem depreciation market debt has dried up. is enough to cover just over gotiating rescue packages with ary 2016, according to re-
yen and other currencies as a of their currencies. Emerging- High commodity prices three months of import bills. the IMF, having seen reserves search by bank SEB.
financial safety net. They can market central banks have also have exacerbated pain in The country is under pres- decline 33% and 29% this year, Oil’s turbulence is helping
sell those reserves when they been raising rates aggressively poorer nations and left central sure to devalue its currency respectively, according to CEIC. push money managers to re-
duce their holdings, according
to Luc Filip, head of invest-
Exchange-Traded Portfolios | WSJ.com/ETFresearch ments at SYZ Private Banking.
Closing Chg YTD Closing Chg YTD Closing Chg YTD The portfolios Mr. Filip helps
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) manage have budgets for over-
Wednesday, August 24, 2022 Closing Chg YTD iShRussell1000Gwth IWF 246.07 0.26 –19.5 SchwabIntEquity SCHF 32.14 0.12 –17.3 VangdGrowth VUG 252.12 0.31 –21.4 all volatility, a large part
ETF Symbol Price (%) (%) iShRussell1000Val IWD 155.75 0.44 –7.3 SchwabUS BrdMkt SCHB 48.63 0.35 –13.9 VangdHlthCr VHT 240.91 0.34 –9.6
Closing Chg YTD
iShRussell2000 IWM 192.41 0.76 –13.5 SchwabUS Div SCHD 75.68 0.04 –6.4 VangdHiDiv VYM 107.76 0.15 –3.9 which has been eaten up by
ETF Symbol Price (%) (%) 92.15 0.38 –13.9
iShCoreS&PTotUS ITOT
iShRussellMid-Cap IWR 71.78 0.64 –13.5 SchwabUS LC SCHX 49.01 0.37 –13.9 VangdIntrCorpBd VCIT 80.57 –0.22 –13.1 the oil-price fluctuations.
CnsmrDiscSelSector XLY 164.04 0.43 –19.8 iShCoreTotalUSDBd IUSB 46.77 –0.23 –11.6 VangdLC VV 189.24 0.31 –14.4
CnsStapleSelSector XLP 75.99 0.25 –1.5 iShCoreUSAggBd AGG 101.24 –0.27 –11.3
iShRussellMCValue IWS 111.29 0.57 –9.1 SchwabUS LC Grw SCHG 65.46 0.37 –20.0
VangdMC VO 218.50 0.62 –14.2
Brent has swung between
iShRussell1000 IWB 228.43 0.39 –13.6 SchwabUS SC SCHA 44.06 0.64 –13.9
DimenUSCoreEq2 DFAC 25.63 0.39 –11.5 iShSelectDividend DVY 124.71 –0.03 1.7
iShS&P500Growth IVW 67.96 0.30 –18.8 Schwab US TIPs SCHP 56.54 ... –10.1 VangdMC Val VOE 141.08 0.39 –6.2 $92.34 and $127.98 in the last
iShESGAwareUSA ESGU 92.33 0.34 –14.4
EnSelSectorSPDR XLE 83.18 1.23 49.9
iShEdgeMSCIMinUSA USMV 74.35 0.13 –8.1
iShS&P500Value IVE 146.90 0.36 –6.2 SPDR DJIA Tr DIA 329.86 0.23 –9.2 VangdMBS VMBS 47.73 –0.44 –9.7 six months.
FinSelSectorSPDR XLF 34.23 0.53 –12.3 VangdRealEst VNQ 96.65 0.57 –16.7
HealthCareSelSect XLV 129.51 0.12 –8.1
iShEdgeMSCIUSAQual QUAL 121.53 0.31 –16.5
iShShortTreaBd SHV 110.09 –0.01 –0.3 SPDR S&PMdCpTr MDY 462.75 0.50 –10.6
VangdS&P500ETF VOO 380.19 0.30 –12.9 “Look at the oil price. Look
iShTIPSBondETF TIP 115.39 –0.02 –10.7 SPDR S&P 500 SPY 413.67 0.32 –12.9
IndSelSectorSPDR XLI 97.46 0.33 –7.9
iShGoldTr IAU 33.27 0.27 –4.4
iSh1-3YTreasuryBd SHY 82.37 –0.11 –3.7 SPDR S&P Div SDY 128.11 0.16 –0.8
VangdST Bond BSV 76.48 –0.14 –5.4 at general commodity indexes.
iShiBoxx$HYCpBd HYG 76.36 0.12 –12.2 VangdSTCpBd VCSH 76.39 –0.10 –6.0
InvscQQQI QQQ 315.01 0.29 –20.8
iShiBoxx$InvGrCpBd LQD 110.64 –0.30 –16.5 iSh7-10YTreaBd IEF 101.44 –0.33 –11.8 TechSelectSector XLK 143.69 0.06 –17.4
VangdShtTmInfltn VTIP 50.11 0.12 –2.5
They went through the roof,
InvscS&P500EW RSP 146.67 0.50 –9.9
iShJPMUSDEmgBd EMB 86.99 –0.09 –20.2 iSh20+YTreasuryBd TLT 111.22 –0.73 –24.9 UtilitiesSelSector XLU 76.42 0.32 6.8
VangdShortTrea VGSH 58.60 –0.12 –3.7 basically at the start of the
iSh0-5YTIPSBd STIP 101.43 0.12 –4.2 97.17 –9.6 iShUSTreasuryBd GOVT 23.65 –0.27 –11.4 VangdInfoTech VGT 370.21 0.16 –19.2
iShMBSETF MBB –0.41
iShCoreDivGrowth DGRO 50.92 0.08 –8.4 JPM UltShtIncm JPST 50.20 0.01 –0.5 VangdSC Val VBR 166.47 0.40 –6.9
VangdSC VB 197.97 0.72 –12.4 war in Ukraine. Then they
iShMSCI ACWI ACWI 89.28 0.26 –15.6 VangdTaxExemptBd VTEB 50.08 –0.24 –8.8
iShCoreMSCIEAFE IEFA 60.13 0.17 –19.4 iShMSCI EAFE EFA 63.70 0.13 –19.0 ProShUltPrQQQ TQQQ 32.71 0.77 –60.7 VangdExtMkt VXF 147.76 0.80 –19.2 VangdTotalBd BND 74.93 –0.25 –11.6 went down and then up again.
iShCoreMSCIEM IEMG 48.98 0.18 –18.2 iShMSCIEmgMarkets EEM 39.75 –0.03 –18.6 SPDRBlm1-3MTB BIL 91.51 0.03 0.1 VangdDivApp VIG 154.05 0.14 –10.3 VangdTotIntlBd BNDX 49.60 –0.40 –10.1 There is so much uncertainty
iShCoreMSCITotInt IXUS 58.03 0.17 –18.2 iShMSCIEAFEValue EFV 43.41 –0.18 –13.9 SPDR Gold GLD 163.25 0.29 –4.5 VangdFTSEDevMk VEA 41.77 0.12 –18.2 VangdTotIntlStk VXUS 52.42 0.19 –17.5
iShCoreS&P500 IVV 415.83 0.31 –12.8 iShNatlMuniBd MUB 106.30 –0.19 –8.6 SPDRS&P500Value SPYV 39.36 0.38 –6.3 VangdFTSE EM VWO 41.56 0.07 –16.0 VangdTotalStk VTI 207.74 0.42 –14.0
and volatility,” Mr. Filip said.
iShCoreS&P MC IJH 253.24 0.47 –10.5 iSh1-5YIGCorpBd IGSB 50.57 –0.14 –6.1 SPDRPtfS&P500 SPLG 48.64 0.31 –12.9 VangdFTSE Europe VGK 53.16 0.21 –22.1 VangdTotWrldStk VT 90.98 0.33 –15.3 He recently halved his portfo-
iShCoreS&P SC IJR 101.94 0.28 –11.0 iShPfd&Incm PFF 33.61 0.33 –14.8 SPDRS&P500Growth SPYG 58.86 0.26 –18.8 VangdFTSEAWxUS VEU 50.65 0.12 –17.3 VangdValue VTV 140.03 0.29 –4.8 lios’ commodities holdings.
 .

THE WALL STREET JOURNAL. * * * * * Thursday, August 25, 2022 | B11

MARKETS

Energy Sector Helps Stocks Halt Decline

Intuit shares rise 3.6% Index performance Wednesday

after reporting better- 1.0%

Nasdaq Composite
than-expected results; S&P 500
Nordstrom falls 0.8 Dow Jones
Industrial Average
BY JUSTIN BAER 0.6
AND ANNA HIRTENSTEIN

Stocks edged higher, ted by 0.4

energy shares, to snap a three-

RICHARD B. LEVINE/ZUMA PRESS

day losing streak that was fueled
by worries about the path for- 0.2
ward for interest rates.
The S&P 500 rose 12.04
points, or 0.3%, to 4140.77, 0
while the Dow
WEDNESDAY’S Jones Indus-
MARKETS trial Average –0.2
climbed 59.64 Nordstrom shares fell 20%, after the clothing retailer lowered its financial goals for the year. 10 a.m. 11 noon 1 p.m. 2 3 4
points, or 0.2%, to 32969.23.
The Nasdaq Composite added officials have signaled that in- APA, Apache’s parent, rose day, extending a three-day climb. Source: FactSet
50.23 points, or 0.4%, to terest rates are likely to con- $1.52, or 3.9%, to $40.31. Co- The yield curve continues to be
12431.53. tinue increasing. terra Energy climbed 96 cents, inverted, flashing a recessionary sumed trading on Wednesday. AUCTION RESULTS
Here are the results of Wednesday's Treasury
“The market is in this ‘tread- “We still have the same prob- or 3.2%, to $31.27. signal, with the two-year yield at “There’s a lot of pessimism re- auctions. All bids are awarded at a single price at the
ing water’ phase right now,” said lems we need to solve: shortages A data release showed dura- 3.384%. garding the housing market in market-clearing yield. Rates are determined by the
difference between that price and the face value.
Brian Price, head of investment of labor, shortages of energy and ble-goods orders in July were Intuit rose $16.21, or 3.6%, to China, it looks really ugly with ONE-YEAR, 11-MONTH FRNs
management at Commonwealth other commodities, and the flat, coming in below econo- $465.77 after the tax-prep soft- the mortgage repayment Applications $56,598,821,500
Financial Network. “It’s hovering headwinds of a tightening cycle,” mists’ forecasts. ware company reported better- strikes,” said Olivier Marciot, in- Accepted bids $22,000,011,500
" noncompetitively $39,821,500
near flat in anticipation of [Fed- said Giorgio Caputo, a senior “Growth is falling quite pre- than-expected earnings, autho- vestment manager at Unigestion. Spread 0.037%
eral Reserve Chairman Jerome] portfolio manager at J O Hambro cipitously everywhere. We’ve rized a share buyback and lifted “The investment community is Bids at clearing yield accepted 32.98%
Cusip number 91282CFD8
Powell’s speech.” Capital Management. had a pretty big signal of weak- its dividend. looking for signs that things are
The floating-rate notes, dated Aug. 26, 2022, mature
The central bank begins its Oil prices climbed for a sec- ening economic conditions,” Nordstrom tumbled $4.63, or stabilizing on that front in China, on July 31, 2024.
annual economic policy sympo- ond day after Saudi Arabia and said Fahad Kamal, chief invest- 20%, to $18.57 after the clothing which we haven’t got at the mo- FIVE-YEAR NOTES
sium in Jackson Hole, Wyo., on some of its OPEC+ allies sug- ment officer of Kleinwort Ham- retailer lowered its financial ment.” Applications $109,237,000,200
Thursday and Mr. Powell is set gested a cut to output, citing bros. “But I think we’ll see goals for the year, citing risks of The pan-continental Stoxx Accepted bids $50,858,640,200
" noncompetitively $97,952,400
to speak Friday. high volatility. Global crude Powell stick to his hawkish a steeper economic downturn Europe 600 rose 0.2%. " foreign noncompetitively $3,000,000
Stocks came under pressure benchmark Brent rose 1% to tone; he has to keep talking and a slowdown in consumer Early Thursday, Japan’s Nik- Auction price (rate) 99.518772
(3.230%)
in recent days from a series of $101.22 a barrel. tough on inflation.” spending. kei 225 was up 0.5%. The Hong Interest rate 3.125%
data releases that showed con- Energy stocks in the S&P The yield on the benchmark Chinese real-estate developer Kong Stock Exchange delayed Bids at clearing yield accepted 74.56%
Cusip number 91282CFH9
tractions in the manufacturing 500 paced the benchmark’s 10-year Treasury note edged up Logan Group declined more its opening due to a typhoon. The notes, dated Aug. 31, 2022, mature on Aug. 31,
and services sectors. Also, Fed gains, rising 1.7%. to 3.105% from 3.053% on Tues- than 50% after its shares re- S&P 500 futures rose 0.3%. 2027.

7.5% this month. Despite an anxious under- was pricing in too many de- Healthcare Inc., out of junk-
Junk-bond yield premiums
Option-adjusted spreads to Treasurys

6.0 pct. pts.

High-Yield Now, though, investors are
stepping away from junk bonds
current, some investors are op-
timistic that junk bonds could
faults when spreads got as
wide as they did,” said Joseph
bond status, further thinning
the pool of high-yield debt that
again. They are bracing for hold up well in a recession. Lind, co-head of U.S. high-yield traders can buy.
5.5 Debt four weeks they worry could
bring growing momentum to-
When rates were low last
year, many businesses refi-
investing at Neuberger Ber-
man.
Meanwhile, investors appre-
hensive about rising interest

5.0 Retreats ward higher interest rates, cul-

minating with the Fed’s next
policy decision on Sept. 21.
nanced their debt to take ad-
vantage of cheap borrowing
conditions.
Since the market reached
maximum pessimism in early
July, he noted, shifts in supply
rates had been holding more of
their funds in cash, which
primed them to jump back into
4.5 Many investors expect Fed That pushed out into the trends and rising demand from the market as optimism for an
Continued from page B1 Chairman Jerome Powell to mid-2020s the dates when bond investors both contrib- economic soft landing built,
early July, when they peaked use a speech in Jackson, Wyo., many companies will have to uted to the recent rally. said Jeffrey Stroll, chief invest-
4.0 at nearly 6 percentage points. Friday to reassert the Fed’s sell fresh bonds, giving them Year-to-date junk-bond issu- ment officer at Post Advisory
Junk bonds’ total yields, commitment to wrestling infla- more breathing room. ance is down about 80% from Group.
3.5 which rise when their prices tion under control. August la- In general, leveraged com- 2021, sending more investors “We were hearing anecdot-
fall, reached as high as 8.9% bor-market data coming Sept. panies are also in relatively chasing fewer new-debt sales. ally that investors were sitting
3.0 this summer. That was before 2 and fresh inflation figures on healthy financial shape: More Credit-rating firms have at 4% to 5% cash,” Mr. Stroll
hopes of a swift end to persis- Sept. 13 might also augur junk-bond issuers have higher also upgraded some big com- said. “The average level, when
May 2022 June July Aug.
tent inflation fueled a rally higher rates if the readings are credit ratings than normal.. panies, such as T-Mobile USA we ask that question, is more
Note: Data as of Tuesday Source: Bloomberg that pulled yields back down to hotter than expected. “We felt that the market Inc. and hospital operator HCA like 1% to 2%.”
 .

B12 | Thursday, August 25, 2022 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Merck Won’t Need Seagen to Look Good

While investors are eagerly awaiting news on a tie-up, the drugmaker offers upside even if the deal doesn’t materialize

In the next few weeks, we will ing at a discount to its peers. patents through changes to the orig- ecutive officer, said in an emailed ing prices for some top-selling
likely find out if one of the largest Acquiring cancer-drug developer inal formulation. For one, Merck is comment that the company contin- drugs that lack generic competition.
deals of the year is moving forward. Seagen, which has four approved testing whether Keytruda could be ues “to see strong demand for our While Merck’s Keytruda might not
For months now, speculation has drugs and a rich pipeline of other delivered as a subcutaneous injec- de-risked, innovative portfolio, and be immediately affected by the bill
been rife that Merck will acquire potential therapies, would replace tion rather than intravenously, our early- and late-stage pipeline because it will be going off patent,
biotechnology firm Seagen for about some of that lost revenue, so inves- thereby extending its patent protec- continues to progress across on- Mr. Davis warned it will be “highly
$40 billion. That would rank among tors should cheer a potential deal. tion. It is also conducting various cology, cardiovascular, vaccines chilling on future innovation.”
the top six transactions of the year, But Merck has other things going studies looking at Keytruda combi- But the impact might not be as
according to data from Dealogic. for it that investors might not be nations with other therapies, includ- big as feared, at least for now. To
If it falls through, Seagen shares, giving it enough credit for. Its hu- ing three late-stage trials that could make up for the lost revenue toward
which are up 28% over the past six
months on deal talk, will tank.
Merck, on the other hand, looks
relatively undervalued despite an
man-papillomavirus vaccine, Garda-
sil, is growing sales at an impressive
clip, bringing in over $3 billion in
the first half of this year alone.
help preserve at least part of the
drug’s sales, says Daina Graybosch,
an analyst at SVB Securities.
“In the long run, Merck really
18%
Increase in Merck shares over the
the end of a drug’s life cycle, phar-
maceutical companies are likely to
price drugs at a higher launching
point, damping the effect of the leg-
18% gain during that period. Keytruda, meanwhile, continues to needs combinations like these to past six months islation, says Evan Seigerman, an an-
No doubt, there is an urgent hole exceed analyst expectations. And the work, because they’ll extend the alyst at BMO Capital Markets.
to fill at Merck. Its top drug, company has some promising pipe- life cycle of the drug,” says Dr. In the short-to-medium term,
Keytruda, is going off patent in line assets, including a late-stage Graybosch, an expert in oncology. with a broader economic slow-
2028, at which point it is expected pulmonary arterial hypertension The Keytruda concern means and other disease areas.” He added down still posing a significant
to have generated north of $30 bil- drug it got from its $11.5 billion Ac- Merck is trading at a discount that Merck “continues to deliver threat to the stock market, Merck
lion in sales, amounting to about celeron acquisition last year that both to the drug industry and to value on behalf of shareholders, is a good defensive play because
50% of the company’s forecast reve- should deliver results by year-end. the broader market, at roughly 12 patients and all our stakeholders.” demand for its key products isn’t
nue. The loss of the drug’s exclusiv- Perhaps most important, the com- times the next 12 months’ earn- One thing working against all likely to be affected.
ity—meaning it will face competition pany is employing a tried-and-true ings, compared with 16.5 times for drug companies right now is the If some of its shots on goal
from a new generic drugs known as drug-industry formula, used anytime the S&P 500 and 13.9 for the NYSE newly passed Inflation Reduction work, Merck shareholders might
biosimilars—will be a hit to Merck’s a blockbuster drug goes off patent: Arca Pharmaceutical Index. Act, which will require Medicare be relieved about its long-term
revenue and explains why it is trad- doing all it can to extend the drug’s Robert Davis, Merck’s chief ex- later this decade to start negotiat- prospects as well. —David Wainer

Henry Schein Will Shine With Dental Visits EV Startup

If you are one of those people Arrival
Is Losing
who skipped getting your teeth
cleaned during the pandemic, the
reminder card from your dentist

Charge
that you ignored might have come
from Henry Schein.
If you did go, the tools the hy-
gienist used, the plastic cup you
reached for when told to rinse, and
the loupe the dentist used to peer This column is part of the Sixth
into your mouth all might have Annual Heard on the Street stock-
come from Henry Schein, too. picking contest.
The Long Island-based distribu- Electric-vehicle startup Arrival
tor counts 90% of U.S. dental prac- wants to reinvent not just delivery
tices as its customers, and says vans but also the entire business of
that it accounts for between 35% manufacturing. It might prove too
and 40% of the North American much for its dwindling resources.
market for dental supplies. Arrival is one of the many early
Its dental business also has a stage EV companies that went pub-
significant presence in Europe, lic in 2021 via a merger with a spe-
OLIVIER DOULIERY/AGENCE FRANCE-PRESSE/GETTY IMAGES

Australia and New Zealand. Its cial-purpose acquisition company.

smaller, but still substantial, medi- The stock, which debuted at $10, is
cal-supply business draws orders now worth $1.21, implying a mar-
from an estimated 60% of U.S. ket value of just $772 million.
physician practices. That might seem cheap for a
The pandemic has been bad for company that finished June with
dentists’ business, and for many, $513 million of cash and equiva-
business isn’t back to normal. lents, but Arrival is about to em-
Some patients are still resisting bark on the notoriously difficult
going to the dentist because of process of ramping up production.
Covid-19 concerns and many more All that cash, and more that it
probably just got out of the habit. hopes to get by selling shares at
Each wave of infection has led to prevailing prices in a so-called at
staffing problems and canceled ap- the market offering, will be needed
pointments. Inflation-adjusted to tide it through the coming year
spending on dental services in The Long Island-based distributor Henry Schein counts 90% of U.S. dental practices as its customers. or so. The odds are stacked against
June was 11% below its February it arriving at the point of positive
2020 level, according to the Com- to beset the overall market. As much lower 17%. tional items, such as dentist chairs, cash flows without a bigger influx
merce Department. Covid-19 concerns keep fading, Dentists’ optimism is showing up and higher tech offerings, such as of capital that would likely leave
The pandemic hasn’t been very more people will start regularly at Henry Schein. Early this month, intraoral scanners, was up by 8.1% minority shareholders in the dust.
good for Henry Schein’s stock, ei- visiting the dentist again, with the company said overall sales rose in the second quarter from a year Arrival isn’t as well known as
ther. At $74.17 it is just a bit above some unfortunately (for them) re- by just 2.1% in the second quarter earlier. The company also said that other struggling EV startups such
its February 2020 closing high, quiring extra dental work. from a year earlier, but much of its backlog of equipment orders as Lordstown Motors and Canoo.
and trades at less than 15 times Dentists themselves are feeling that can be chalked up to a decline continues to grow—an indication Though listed in the U.S., it was
expected earnings, which is about optimistic: In a July survey con- in sales of low-margin personal that dentists are putting money in founded in 2015 by Russian entre-
as cheap as it has gotten over the ducted by the American Dental protection equipment—particularly their practices. preneur Denis Sverdlov, whose
past decade. The S&P 500 has Association, 61% of respondents gloves, the prices of which shot up Most people don’t particularly Luxembourg investment fund still
risen about 22% over the same pe- said they were either very or in the early stages of the pandemic like going to the dentist. For those owns 69% of the company, accord-
riod. somewhat confident in the recov- through the second quarter of last who have been putting it off, an in- ing to FactSet. Arrival is also
But in the months ahead, Henry ery of their dental practices. The year, and have since declined. vestment in Henry Schein could based in Luxembourg, but its first
Schein shares could sparkle even if share who were confident in the North American sales of dental help numb the pain. factory will be in the U.K.
worries over the economy continue recovery of the economy was a equipment, which includes tradi- —Justin Lahart That factory, which is getting
ready for the start of production, is
smaller than a conventional car
plant. Mr. Sverdlov’s innovation is
capital-light “microfactories,” where
Auto-Parts Retail Set for Only Mild Deceleration a vehicle is built within a box rather
than along a production line. Any
initiative to reduce capital intensity
in the auto industry is welcome, but
Auto parts are turning out to be Change in prices compared year earlier. Reasonable in-stock cording to data from the U.S. Bu- the idea remains unproven. Tesla
a reliable corner of retail with with January 2021 levels throughout the industry have reau of Labor Statistics. That took the opposite tack with its su-
steady demand, reasonable inven- meant more pricing power than in means inflation-squeezed consum- perscaled “gigafactories.”
40%
tory levels and decent margins. other corners of retail—notably ap- ers are still more likely to opt for Arrival is focused on delivery
Advance Auto Parts, which re- parel—that are going through car repair than replacement. vans rather than passenger cars.
leased its quarterly results Tues- waves of clearances and sales. Business also could end up being This is a solid bet: Businesses tend
day afternoon, said comparable- Used cars Kohl’s, for example, said its inven- better than expected if more con- to use their fleets intensively,
30
store sales declined 0.6% in its and trucks tory swelled 48% in the latest sumers resume commuting and meaning that the low running
quarter ended July 16 compared quarter compared year over year. traveling. With average retail gaso- costs of an EV will more easily jus-
with a year earlier, a disappoint- O’Reilly said in its most recent line prices down 23% since mid- tify the higher initial expense. Ar-
ment compared with the 2.2% 20
earnings call that it managed to June, according to GasBuddy, more rival has an order of 10,000 vehi-
growth Wall Street expected. pass through a roughly 10% year- consumers could be inclined to get cles from United Parcel Service.
O’Reilly Automotive, a larger auto over-year price increase on its back on the road. Scot Ciccarelli, But the market for EVs isn’t in
parts retail chain, recorded a products. As a result, auto-parts re- equity analyst at Truist Securities, much doubt these days. The real
healthier comparable-store sales 10 tailers are experiencing far less noted in a research report that question for startups is whether
increase of 4.3% in its second Motor-vehicle shock on the bottom line than auto parts sales actually acceler- they can make them at a competi-
quarter. Advance Auto Parts stock parts and other retailers, some of which saw ated during the 2007-09 recession tive cost within a time frame that
closed down 9.6% Wednesday after equipment their operating margins halved. Ad- triggered by the financial crisis. capital markets find acceptable.
its earnings call in the morning, 0 vance Auto Parts’ adjusted operat- Auto parts’ defensive character- Arrival’s falling share price reflects
while O’Reilly shares have gained ing margins increased 0.3 percent- istics haven’t gone unnoticed, with growing doubts that it can.
2021 ’22
3.2% since it reported last month. age point in the latest quarter from both Advance Auto Parts and This month the company said it
Even though auto-parts retail is Source: U.S. Bureau of Labor Statistics via St. Louis Fed a year earlier, while O’Reilly’s mar- O’Reilly shares outperforming the would deliver only about 20 vans
more necessity-based than discre- gins shrank 1.2 percentage points. broader retail index in the year to this year, down from forecasts of
tionary, high inflation in the latest ries included failure-related parts Both Advance Auto Parts and date. But both of their stocks are 400 to 600 in May and more than
quarter caused more consumers to such as brakes and batteries that O’Reilly downgraded their full-year trading at a discount to prepan- 10,000 at the time of its SPAC deal.
defer maintenance. Demand from motorists have no option but to re- guidance, but prospects still look demic levels as a multiple of for- Arrival’s big production ramp is
do-it-yourself customers, many of place, Advance Auto Parts noted on decent for the industry. Prices of ward earnings. Advance Auto Parts slated to begin next year. The pat-
whom work on their own vehicles its earnings call. The worst-selling used cars have continued to rise at and O’Reilly are 30% and 5% tern of other EV startups, from
out of economic necessity, softened products included appearance a headier pace than that of auto cheaper on that metric, respec- Tesla to Rivian and Lucid, is that
at both Advance Auto Parts and chemicals and accessories. parts. As of July, used cars cost tively, compared with year-end this phase causes unexpected prob-
O’Reilly. By contrast, demand Inventory at Advance Auto Parts roughly 38% more than in January 2019. That is a reasonable price to lems and costs. Arrival is running
stayed robust from professional and O’Reilly was up by 9.1% and 2021, while replacing parts had pay for a recession hedge. out of charge even before it hits
customers. Top-performing catego- 9.8%, respectively, compared with a gotten 18% more expensive, ac- —Jinjoo Lee the hills. —Stephen Wilmot